The Last Trade: The Death of Fiat Denominated Venture Capital
September 18, 2025
On this episode of The Last Trade, a show from Onramp Media hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis, the group discusses the launch of Early Riders and Stables, building a base camp for bitcoin entrepreneurs, how they judge the commercial viability of bitcoin ideas, and where bitcoin intersects with e-cash and AI. The views are the participants' own and are not investment advice from Onramp.
The Last Trade hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis discuss the launch of Early Riders and Stables, and what building a base camp for bitcoin entrepreneurs looks like in practice: lessons carried over from Silicon Valley community building, the foundational business principles the group thinks still apply, how to judge commercial viability for bitcoin ideas, the role of constraints, and where bitcoin meets e-cash and AI. The Last Trade is editorial commentary from Onramp Media and is not investment advice.
Chapters
00:00 - Introduction to The Last Trade Podcast 03:45 - Launching EarlyRiders and Stables 07:14 - Building a Base Camp for Entrepreneurs 10:14 - Insights from Silicon Valley and Community Building 13:15 - Navigating the Bitcoin Landscape 16:15 - The Importance of Foundational Business Principles 19:07 - Identifying Viable Business Opportunities 22:08 - Commercializing Bitcoin Ideas 25:07 - The Role of Constraints in Business Success 30:36 - The Future of Private Equity and Bitcoin 32:49 - Commercial Viability of Bitcoin Innovations 35:49 - Navigating the E-Cash Landscape 39:55 - The Role of Bitcoin in Traditional Finance 44:00 - Exploring Bitcoin as a Store of Value 46:52 - The Intersection of Bitcoin and AI 51:14 - Building the Future of Bitcoin Investments
Full transcript
Frequently Asked Questions
What are Early Riders and Stables?
The episode covers the launch of Early Riders and Stables (03:45) and the idea of building a base camp for entrepreneurs (07:14). The episode description links The Stables page, a manifesto, and a form for getting involved.
What does the episode say about building bitcoin businesses?
Segments cover foundational business principles the group thinks still apply (16:15), identifying viable business opportunities (19:07), commercialising bitcoin ideas (22:08), and the role of constraints in business success (25:07). These are the participants' views, not investment advice from Onramp.
What does the episode cover on private equity and traditional finance?
One segment looks at the future of private equity and bitcoin (30:36) and another at the role of bitcoin in traditional finance (39:55), alongside commercial viability of bitcoin innovations (32:49). This is the show's framing, not investment advice from Onramp.
Does the episode discuss bitcoin and AI?
Yes. A segment covers the intersection of bitcoin and AI (46:52), followed by a closing discussion on building the future of bitcoin investments (51:14) and navigating the e-cash landscape (35:49).
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.