Back on the Chain
Back on the Chain

Back on the Chain

Fundamentals, Jason

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Episodes

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A podcast that explores the deep connections between Phish's lyrics and the creation of Bitcoin, based on the blog posts of Fundamentals Fundamentals Blog Post https://risk-fundamentals.ghost.io/phish-and-bitcoin-a-continuum-of-genius-network-effects-and-unintentional-foreshadowing/ Fundamentals X: @Fundamentals21m nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g Jason nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w

Recent Episodes

BotC26: The 2026 PhishCoin Conference in Vegas
DEC 3, 2025
BotC26: The 2026 PhishCoin Conference in Vegas
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^<br /><br />Intro: Back on the Train - Phish 09/13/25 Birmingham, AL<br />Alternate HD Video 04-18-24 <a href="https://www.youtube.com/watch?v=7cySKvPB62k" target="_blank">https://www.youtube.com/watch?v=7cySKvPB62k</a><br /><br />Backing Track and Outro: Phish Set 2 + Encore 12-01-25 Hershey, PA <a href="https://youtu.be/c-oM3nw4iNw?si=Q091CubXZ7-pVyhx&amp;t=4332" target="_blank">https://youtu.be/c-oM3nw4iNw?si=Q091CubXZ7-pVyhx&amp;t=4332</a>&nbsp; <br /><br />Other Mentions: <br />High Hash Rate Podcast: Golgi Apparatus with Fundamentals - HHR056&nbsp; <a href="https://fountain.fm/episode/oP1HkfvAU5ULcj8BcElp" target="_blank">https://fountain.fm/episode/oP1HkfvAU5ULcj8BcElp</a>&nbsp;<br /><br />In this emergency-level episode, we process a whirlwind 24–48 hours in Bitcoin and Phish world—and how they just physically converged. From Vanguard’s “capitulation” on Bitcoin ETFs to MicroStrategy chatter and a shifting market mood, we pivot to the bombshell: Phish announced a nine-show Sphere run that perfectly bookends the Bitcoin 2025 Conference in Las Vegas. We talk implications, logistics, and why this feels like the vision of Phish x Bitcoin finally materializing. I share the backstory of our show’s thesis—that Phish culture and Bitcoin have been intertwined since the beginning—and make the case for bringing Phish’s community-building lessons to Bitcoin’s sometimes overactive immune system. We also speak a new dream into existence: get Trey and Tom on a Bitcoin Conference panel to explore lyrical and cultural overlaps. We celebrate the 30-year anniversary of 12/01/1995 Hershey (the “mystical land of chocolate”)—a snowy, intimate night where a friend finally “got” Phish mid-Mike’s Groove and never looked back. We reminisce about ‘95 vs. ’97 contrasts, Ghost/Tweezer evolution, and Phish’s unparalleled refusal to “sell out”—how they beat the money printer and what Bitcoiners can learn from that integrity. With the Sphere dates now surrounding the conference, we’re calling for a Phish-themed event in Vegas and rallying the community to help make it happen. If we build it, maybe they will come.</p>
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79 MIN
BotC25: Hash Rate High and Back on the Train
NOV 26, 2025
BotC25: Hash Rate High and Back on the Train
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^ <br /><br /> Intro: Back on the Train - Phish 09/13/25 Birmingham, AL<br />Alternate HD Video 04-18-24 <a href="https://www.youtube.com/watch?v=7cySKvPB62k" target="_blank">https://www.youtube.com/watch?v=7cySKvPB62k</a><br />Outro: Roses are Free (Ween cover) - Phish 04/03/98 <a href="https://www.youtube.com/watch?v=SkHjnoex2gU" target="_blank">https://www.youtube.com/watch?v=SkHjnoex2gU</a><br /><br />Backing Track: String Cheese Incident 07-23-10 Red Rocks, CO <a href="https://www.youtube.com/playlist?list=PL3FF7BFB0275FCD64" target="_blank">https://www.youtube.com/playlist?list=PL3FF7BFB0275FCD64</a><br /><br />Other Mentions:<br />Christmas - Blues Traveler, A Very Special Christmas 3 <a href="https://www.youtube.com/watch?v=bBGiQBLLuiE" target="_blank">https://www.youtube.com/watch?v=bBGiQBLLuiE</a><br /><br />In this episode, we welcome Dan from High Hash Rate for his first podcast appearance in a year, and we waste no time diving into why the show mattered, why it paused, and how the culture has shifted under the weight of AI slop and performative internet discourse. We trace High Hash Rate’s origins as a stoned, idea-first antidote to price talk, the joy of making a cohost crack up, and the awkward frictions of creative goals versus commercial incentives. From Prague to Red Rocks to backstage at Blues Traveler, we wander the jam-band map—String Cheese, Panic, Umphrey’s, Ween—and connect it to Bitcoin’s meatspace ethos, the Sphere’s uncanny VR immersion during the halving, and why real experiences still surprise you. We talk TV-raised generations, trolling in the dial-up era, Zappa-to-Ween lineage, and how a culture of ubiquitous access turned everything into slop—unless you show up, contribute, and risk being vulnerable in person.<br /><br />On the Bitcoin front, we get practical and philosophical: UTXO scarcity, why ETF rails are effectively a layer two for casual users, proof-of-reserves tradeoffs, and how Bronta’s payment verification mirror helps prevent address-swaps and man-in-the-middle attacks. We unpack the current governance kerfuffles through Gamehendge, argue for better in-person debates, and admit that “it’s not fair” is a seductive but empty frame. Maybe the fourth turning’s throughline is simple: find the signal, build resilient culture, and keep showing up—at shows, at meetups, and in the conversations that matter. Also, a pro tip for festivals and life: don’t buy drugs from the only guy on the beach wearing tennis shoes.</p>
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129 MIN
BotC24: Gordian Knots
NOV 18, 2025
BotC24: Gordian Knots
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^&nbsp; <br /><br />Intro and Backing Music:&nbsp; Gamehendge - Phish 03/22/1993, Sacramento, CA <a href="https://www.youtube.com/watch?v=7norcHLFPmI" target="_blank">https://www.youtube.com/watch?v=7norcHLFPmI</a><br /> Outro:&nbsp; Possum - Phish 07/22/1993 Stowe, VT <a href="https://relisten.net/phish/1993/07/22/possum-7037?source=162641" target="_blank">https://relisten.net/phish/1993/07/22/possum-7037?source=162641</a><br /><br />*Gamehendge NYE 4K Video* - Phish 12/31/2023 <a href="https://www.youtube.com/watch?v=KSO6H7e-Gm0" target="_blank">https://www.youtube.com/watch?v=KSO6H7e-Gm0</a><br /><br />Other Mentions:<br />Fundamentals of Plebslop and Purity Tests - Magic Internet Math <a href="https://www.youtube.com/watch?v=gSB34273u2Y" target="_blank">https://www.youtube.com/watch?v=gSB34273u2Y</a><br />Back on the Chain Podcast - BotC02: Bitcoin Fixes Gamehendge&nbsp; <a href="https://fountain.fm/episode/cPeFzzYLBpLVJgXj7ozy" target="_blank">https://fountain.fm/episode/cPeFzzYLBpLVJgXj7ozy</a>&nbsp;<br /><br />In this episode, we riff on Phish lore, time warps, and the art of staying synced—onstage and in life. We open with a vivid retelling of Gamehendge, tracing Trey’s senior thesis tale from Tela and Colonel Forbin to Wilson, Icculus, and the Helping Phriendly Book, then connect those themes to present-day Bitcoin drama and network governance—through the lens of futile revolutions, purity tests, and signal vs narrative. We trade stories from Prague, jet lag battles, and UTC dreams, then dive deep on Rick Rubin’s new interview with Mike Gordon: factions in the band, Machine Gun Trey’s evolution, Page’s essential steadiness, in-ear monitor taboos, and why Mike might be the most fascinating voice we rarely hear. Along the way: Phil Jackson / Rick Rubin parallels, Wu-Tang love, MSG lore, and a remembrance of Coventry’s muddy purgatory—before closing on possums, honey badgers, and why betting markets might be the real mountain to Icculus.<br /><br />Whether you’re here for Phish history, Bitcoin meta, or just a good syncopated hang, this one blends story, music nerdery, and cultural critique—no sponsors, just vibes.</p>
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94 MIN
BotC 23: Musical Costumes and Cultural Crossovers: Phish Halloween x Bitcoin
NOV 7, 2025
BotC 23: Musical Costumes and Cultural Crossovers: Phish Halloween x Bitcoin
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^<br /><br />Intro:&nbsp; Turtle in the Clouds - Phish, 10/31/18&nbsp; Las Vegas, NV <a href="https://www.youtube.com/watch?v=-jNGnAcNj5I" target="_blank">https://www.youtube.com/watch?v=-jNGnAcNj5I</a><br />Outro:&nbsp; While My Guitar Gently Weeps - Phish, 10/31/94&nbsp; Glen Falls, NY <a href="https://www.youtube.com/watch?v=3alrPKnKZ14" target="_blank">https://www.youtube.com/watch?v=3alrPKnKZ14</a><br /><br />In this special Halloween episode (recorded Oct 31), we dive deep into why 10/31 is sacred to both Phish and Bitcoin culture—and how those worlds have overlapped in surprising ways. I share first‑person memories from the early Internet days on rec.music.phish, the electricity of Fall ’94, and waking up on 11/1/94 to discover Phish had played the Beatles’ White Album in full at Glens Falls. From there, we trace the evolution of the “musical costume” tradition—its peaks, lulls, and reinventions—through Quadrophenia, Remain in Light, Loaded (and my infamous Vegas misadventure), the long hiatus, Exile on Main St., the polarizing Wingsuit set, the triumphant Chilling, Thrilling Sounds of the Haunted House, the transcendent Ziggy Stardust, the masterminded Kasvot Växt troll, and the futuristic Sci‑Fi Soldier—with the samples, memes, and new staples each era left behind.<br /><br />Along the way, we compare the cultural arcs of Phish Halloween and Bitcoin milestones (White Album vs. White Paper), unpack how online communities shape peak moments, and talk candidly about personal inflection points—how a first Phish trip flipped a switch in life and career, and how 2008’s market chaos felt from inside the machine. We close by wondering whether Halloween may be retired… or merely waiting for Phish to find Bitcoin before the next great costume emerges.</p>
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77 MIN
BotC22: Signal, Suffering, and Subversion
OCT 25, 2025
BotC22: Signal, Suffering, and Subversion
<p><strong>Fundamentals</strong><br />X: @Fundamentals21m<br />nostr: npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g<br />READ THE BOOK: <a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br /><strong>Jason</strong><br />nostr: npub19l2muzvelq07kfx8glfqmpf8jdcj2xp733rhjfc05t2g2mt9krjqrae40w<br />READ THE FCKING BOOK!!^^<br /><br />Intro and Outro:&nbsp; Sample in a Jar - Phish 08/17/1996, Clifford Ball Festival, Limestone, ME <a href="https://www.youtube.com/watch?v=MH3UpIJPnnc" target="_blank">https://www.youtube.com/watch?v=MH3UpIJPnnc</a><br />Doc Ellis No-No Story <a href="https://www.youtube.com/watch?v=_vUhSYLRw14" target="_blank">https://www.youtube.com/watch?v=_vUhSYLRw14</a><br /><br />Other Mentions:<br />Phish - The "Hoist" Tracking Sessions [1994] (Includes studio footage of Allison Krauss and Bela Fleck)&nbsp;&nbsp;<a href="https://www.youtube.com/watch?v=zgOEoW7gqUk" target="_blank">https://www.youtube.com/watch?v=zgOEoW7gqUk</a><br /><br />In this episode, we riff on subversion in sports, music, and modern culture—from John Daly’s “grip it and rip it” ethos to Doc Ellis’ legendary LSD no-hitter storytelling, and why those anti-establishment moments resonate so deeply. We draw parallels to Phish’s enduring, proudly off-kilter path: their refusal to chase a radio hit, the wonderfully weird choices on Hoist (hello, Riker’s Mailbox), and how playful defiance, secret language, and fan connection can outlast trends. Along the way, we debate calling your shot versus quiet competence, Dunning–Kruger in the influencer era, Buddhism’s lens on suffering and self-importance, and whether telling the truth is today’s most subversive act. We also hit Bitcoin culture—scarcity mindsets, circular economies, paying in sats, and why real scenes need real art—asking: where’s the music for the moment, and what makes it truly subversive?<br /><br />Plus: memories of hard-to-get shows like Phish at The Met, the strange magic of scarcity, Fishman’s political detour, Bernie-era populism, and the improbable ways conviction carries creative projects through.</p>
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73 MIN