The U.S. government forced the best AI on Earth offline three days after launch — so we spent a week mourning Fable. Meanwhile retail 100x leverage went legal, JPMorgan's Jamie Dimon went to war with Coinbase, and Chris reports live from a stablecoin conference in Mexico City. Oh, and Pico survived the mushrooms.Bitcoin, stablecoins, perps, and AI, from three guys earmarked for the permanent underclass. Not financial advice — our own opinions, not our employers'.GlossaryClaude — Anthropic's AI coding agent (CLI/desktop), how the guys "edit" the podFable — Anthropic's latest model; pulled from the market by government order (with "Mythos")Opus — Anthropic's prior model line, the one we're stuck on nowPerps (perpetual futures) — leveraged crypto bets with no expiry; a "funding rate" keeps the price honestStablecoin — a crypto token pegged to $1; the GENIUS Act is the US law regulating themRent-seeking — making money from a protected position rather than by creating value0:00 Cold open (teaser)0:29 Welcome - the empty chair moved (Chris is remote)2:53 Housekeeping: we heard you (Ep 1 fixes)5:42 The Pico update (he made it)10:58 The lottery tickets, revisited13:32 Boots on the ground: the stablecoin conference16:25 Jamie Dimon vs. the GENIUS Act (rent-seeking)24:56 Will we ever pay in stablecoins? (US vs. the world)35:07 Main event: perpetual futures54:08 Permanent-underclass update: Fable 5 yanked1:04:28 Outro + Ep 3 tease 1:05:48 End card / next timeSubscribe — Ep 3: Contrarian Corner, agentic payments for realOpen source repohttps://github.com/jacksoncook/permanent-underpod