Perp of Fortune, week two: Chris pointed Fable 5.1 at the podcast notes and it went 25× long the Japanese yen the night before a Bank of Japan hike. Ten minutes in: R-E-K-T. (Chris asked for max leverage; the AI talked him down from 50×.) Then the week in AI: Dario Amodei's letter asking the frontier labs to pace themselves, Altman and Musk piling on, Trump discovering the EAs, and Tyler's Occam's razor — the people closest to this are already deca-billionaires, so take them at face value. Chris's "cousin," the ex-Anthropic researcher whose quit-and-warn interview went viral, gets his moment. Then the money: Erebor, the bank with the Lord of the Rings names, offered free 1:1 stablecoin conversions and Wintermute vacuumed up the basis for what Chris guesses was eight figures. Liquid still wants its last 15% back. Anthropic's threat report alleges DeepSeek and Moonshot were quietly routing user queries to Claude — so a Russian intelligence agency's sensitive work ended up in China AND America. Finale: Meta's new assistant Muse bought Chris's sneakers, ships as a plain Docker container, and Chris explains what a secure-enclave attestation would actually prove. The yen came back a little: −$13 → −$11.

The infinite money glitch is at 22:30. Chapters: Cold open (0:00) · Chris is wearing a white shirt (0:40) · Perp of Fortune: long the yen at 25× (1:22) · R-E-K-T (3:53) · Why do the labs want to slow down? (5:20) · Trump vs the EAs (9:38) · The Church of Phase One Big (12:43) · Take them at face value (13:38) · "3/3 in the bio? They'll rug you." (16:27) · Chris's doomer cousin (18:43) · The infinite money glitch: Erebor met Wintermute (22:30) · The Underpod executive consultancy (27:49) · Liquid update (31:27) · Anthropic's threat report (36:08) · OpenRouter's ZDR toggle (43:50) · Perp check and the Shibuya tour (45:09) · Muse + secure enclaves (47:18) · What an attestation proves (52:55) · Stripe Link and agentic checkout (56:22) · Wrap: the yen came back (59:59)

Recorded fully remote — three cameras, one live perp dashboard, one very British cousin. Our opinions are our own, not our employers'. NOT financial advice; Perp of Fortune is a small real-money account we run for entertainment. Glossary: Perp of Fortune = our tiny real-money perpetual-futures account, an AI picks the trade each week (this week: long JPY, 25×). Yen carry trade = borrow cheap yen, buy dollars and Treasuries; a BoJ hike can unwind it. Pace the frontier = Dario Amodei's proposal that US labs slow down together via embedded auditors, an industry body and an international deal. EAs = effective altruists. Redemption desk = where big holders swap a stablecoin back for dollars minus a fee, which is why USDT trades a hair below $1. Erebor = a new bank for crypto and hard-tech companies that guaranteed 1:1 stablecoin conversions; Wintermute, the market maker, bought USDT at 99.99¢ and redeemed at $1 on repeat. Liquid = Blockstream's federated Bitcoin sidechain, exploited for ~$300M, 85% returned. Distillation-by-proxy = Anthropic alleges DeepSeek and Moonshot forwarded real user traffic to Claude to harvest training data. ZDR = zero data retention, OpenRouter's toggle asking providers not to log prompts; a promise, not a guarantee. Muse = Meta's new AI assistant; hired Moxie Marlinspike, shipped a VM. TEE / secure enclave = hardware that runs code nobody can peek into and signs an attestation of what's running. Stripe Link = Stripe's one-click checkout, now the rails for Muse's purchases.

Subscribe for next week: does the yen finish the job, Perp of Fortune week three, and the secure-enclave deep dive Chris keeps promising.