Storyline
The Swan Bitcoin Scandal Machine
Swan Bitcoin is the compliant Bitcoin brokerage the Bugleverse cannot stop talking about, and Cory Klippsten is the man the Bugleverse cannot stop talking about talking about. Across two years of Bugle Weekly the company travels the full arc of an institution: from the model status symbol every other Bitcoin outfit ought to copy, through mass layoffs, a trade-secrets lawsuit, a sex cult, a bigotry named after it, and finally into the condition Richard Greaser is grateful for — irrelevance. The hosts are not neutral about any of this and have never claimed to be. They are, however, credentialed.
Who’s in it: Swan Bitcoin · Cory Klippsten · Brady Swenson · Steven Lubka · Tether · Pledditor · Teddy Bitcoins · Junseth · Hodl Magoo · Udi Wertheimer · Rod Palmer · Richard Greaser
The compliant ideal (2024)
Swan enters the record not as a villain but as a benchmark. Its uniform is held up to PODCONF as the thing to copy — “The the Swan jumpsuits, the Swan,”1 — with the dog tag glossed by Greaser as symbolism of how much Swan as a product has helped individuals. The compliance is the feature, not the flaw. Know-your-customer is reframed as intimacy: “you’re stacking $25 a week on Swan. That, like, pretty much secures you a tweet reply from him”2 — the distinction being that Klippsten answers, where Brian Armstrong merely collects. A month later the pun is finished off entirely: “They know the best way to build the best product is to know your customer. They know their customer. They know them well.”3 Swan’s team lives in California because they appreciate the high taxes.
The influencer bench is the other asset. Swan’s marketer is credited — hedged here, because the show is not a reliable narrator on this point — with having “created Stackchain” single-handedly, earning a place on the Mount Rushmore of Stackchain when that finally gets erected.4 Its couples are the envy of the industry: “Swan really struck gold with Sam Callahan and Natalie. What what a power couple. Huge.”5 Bitcoin Magazine’s real problem, the hosts conclude, is that it lacks the influencer romantic dynamics. By the time PODCONF’s ad copy lists its blessed shows, “the Swan News Happy Hour” is on it.6 The Bugle’s own outro, meanwhile, files the company under rivals — “Swan with a dollar sign.”7
The oldest grievance predates all of it. In episode 2, Rod Palmer relays a spaces-sourced rumour that Swan sued Guy Swann in 2019 and forced the extra letter: “You’re saying that Corey made Guy Swann and his brother CoinJoin their last names?”8 A destroyed family lineage is treated as the natural output of podcast-industrial incentives.
The layoffs and the diaspora (mid-2024)
The turn arrives as ordinary business news. “Swan just laid off all the influencers, a big portion of their company,”9 folded into a litany of custodial collapse to argue that the podcast economy was a dependency rather than a business. Greaser had already classified Swan’s mining posture as fiat rather than grassroots — Tether was funding the hash rate, which made the relationship “the intellectual Amazon,”10 the compliant inverse of the Intellectual Silk Road.
The Silk Road promptly recruits the wreckage: the laid-off “are likely going to defect from PodConv”11 because they tried to comply and compliance failed them. Not every departure was clean. Mike left Swan with his YouTube channel attached to his Swan email address, and the whole channel was nuked — which Rod lands as the entire arc in one sentence: “Swan Swan did to high hash rate what they are accusing”12 Tether of doing to them.
Swan’s screening doctrine is meanwhile stated on the record by Steven Lubka, who tells the show that when clients come into Swan he asks who their favourite influencer is, and if the answer is non-compliant, they don’t serve them.13 Greaser’s counter-demand is reciprocal KYC — he will verify himself when the exchange’s staff send him their own IDs — and Swan is named the first refusenik: “And I’ve yet to find an institution. Like, I don’t think Swan will do that.”14
The Swan song: the Tether lawsuit (2024–2026)
The lawsuit is the arc’s spine. Greaser opens the segment with the flex that CEOs across the space DM’d him for the full copy, “which I, of course, did. Yeah. Because I’m a credentialed journalist.”15 The theory of the case, as the show builds it, is that Tether ran the podcast-mining playbook on Klippsten: “Heather stole the secrets by listening to all these podcasts.”16 The ASR renders Tether as “Heather”; the referent is unambiguous from the surrounding passage.
The counter-discovery is Swan’s own HR. The company allegedly records a podcast with each prospective employee — “you know, a swan hires different people, you know, HR actually records a podcast”17 — for Brady Swenson to review, a practice the show’s AI recap restates as harvesting: “And that Swan’s HR was recording job interviews to steal ideas.”18 That recap also floats the nickname, sourced to nobody in particular: “You mean what some are calling the Swan song?”19 HR’s reach is measured elsewhere by what it forbids — employees cannot say whether Lyn Alden is hot “because they’re afraid that HR will, you know, have some sort of retribution.”20
Rod closes the episode by stating the Bugle’s inverse ethos in a boost read: “We want you to steal our ideas. We want you to build on our ideas. We want you to iterate.”21
The case then metabolises into doctrine. Frank Corva and Greaser collapse Klippsten’s famous anti-Tether crusade into a scheduling error — the mistake “that Corey Klipsch did made Mhmm. In working with Tether”22 was partnering before Tether was on Lightning: timing, not principle. Rod’s version is blunter. Klippsten got rugged, and his response was retreat: “I’m gonna step back and just dominate YouTube.”23 Two years on, the suit is a betting line — a Predyx market on the likelihood of Swan winning against Tether, last seen trading in the low twenties.24 Charlie Spears, asked about the coverage as a press-ethics matter, says Swan is trying to squeeze people for intellectual property that everyone in Bitcoin mining knows is bullshit.25
The sex cult
The Swan sex cult is treated throughout as a settled institution requiring only disambiguation. Greaser issues the formal distinction: don’t confuse “the intellectual Silk Road with the Swan sex cult because those are two different things”26 — one is a marketplace for ideas, the other a marketplace for young influencers, though there might be some overlap here and there. Its rank in the hierarchy is fixed later: “It’s like the AAA baseball for ditty parties. It’d be the swan sex cult.”27 Same lube, less star power.
It has a balance sheet, too. Ten31 wrote off $2.5m on a beef tallow lubricant startup whose entire go-to-market was Diddy parties, Bitcoin conferences and Swan sex cult parties — the “plan was to partner with Diddy and to sell the beef towel to Diddy for Diddy parties,”28 and then Diddy was arrested. When Piez boosts in with four emoji, Greaser’s exegesis reads the mushroom as the sex cult and the strong-arm as Lubka at the gym: “beers clinking, mushroom, strong-arm, cigarette. I, it’s interesting because I I think there’s some sort of secret code”29
Swan Private’s own mid-roll runs the register straight — “Hi. My name is Steven Lupka. I’m the head of private clients and family offices at Swan Bitcoin,”30 selling concierge protection from family courts, sometimes paid in lightning. Rod’s inside-sources scoop that autumn: with Natalie gone, Sam Callahan gone and Swenson too old, Swan wanted Ross Ulbricht to front its flagship podcast — “they’re looking at Ross Ulbricht because they’re trying to use Ross Ulbricht to, you know, it would kind of heal their reputation.”31
Antiswanitism
The bigotry named for the company is the arc’s most durable export and has its own page (memes/antiswantism). Rod dates his own arrival at the Bugle to Q4 2023 and names it as the beat he was hired into: “and we were writing about anti swanitism, just off ordinals.”32 Greaser’s defence of the swanfluencers is the show’s central Swan argument, delivered without flinching: they “are kind of like Jews. Like, I I think our audience is agreement. We want the Jews in our society”33 — there would be no Rocky IV without them.
Junseth blesses the coinage as “the best word I’ve seen in a long time, anti swannitic,”34 then, after a full minute of straight-faced praise for Swan’s media control, coins the antonym: “Like, there’s just a lot of you might call me Filoswanitic.”35 The charge is prosecutable. BTCKaz, introduced by his Swan credential, is cross-examined 44 minutes later — “People thought maybe you might yeah. People think you might have, like, some anti Swanitism or something”36 — on the evidence that he retweets Swan’s tormentors, and beats it on the technicality that Hodl Magoo is blocked. Greaser eventually puts the question to a working journalist: “But in the institution of journalism, is there a place for anti swanitism?”37 He concludes there is not. The swans are our greatest allies.
Its practitioners are named. “when you think of anti Swanitism, you think of people like Stoney Bitzen and Udi,”38 being mean to Corey unnecessarily — Greaser’s stipulation being that there are a lot of reasons to be mean to Corey, but those are the wrong ones. The term is also turned on the show’s own side: during the Prime Trust-era dogpile, when “People like Hottle Magoo were really having a field day. Udi was just dunking, on him left and right, looking like LeBron James,”39 Greaser rules that “You’re you’re turning the the swan dunking into anti swanitism.”40 He maintains he has been one of Klippsten’s biggest defenders, “trying to encourage people to stop slinging anti swanitism at him,”41 and that Swan has never lost customer funds. The sympathy expires inside the same segment.
Rod’s structural version is the sharpest. “Influencer” only became a Bitcoin pejorative at all because of the swanfluencers Swan bought in 2021–22, which makes the entire semantic fight a late artifact “rooted in anti Swanatism.”42
The ordinals war
Erin Redwing supplies a motive the show otherwise treats as temperament: “the fact that ordinals was driving up fees was a direct threat to Swan’s business model, which tries to prioritize low fee transactions”43 — the spam narrative pushed through the Swan media conglomerate for business reasons rather than technical ones, after Klippsten had been friendly to her and Casey early on. Rod’s escalation a week later alleges PODCONF’s sudden anti-ordinals turn was bought outright, and names the likely payer: “Probably Corey, that’s Swan, maybe Master Creator, one of those two.”44 That one is an on-air guess and the record does not carry it further.
Maxi Madness and the crash-outs (2025)
The tournament is where Swan’s C-suite is documented losing composure. Rod’s defence of the Maxi Madness selection committee’s Fred Krueger pick is that a photograph sufficed: “I figured if he was at a swan salon with Corey that he was a Bitcoin maximalist. I was wrong apparently.”45 Asked for words of comfort for the aggrieved Swan C-suite, Swan’s own alumnus offers none: “I’d say touch grass. Get off the Internet, like, if you’re getting your feelings hurt about a a meme bracket.”46 Swan’s HR was reportedly advising the entire C-suite to take a mental health day.
Teddy Bitcoins wins, and is crowned “the champion of Maxi Madness, the the well deserving champion who also is, Swan Bitcoin’s biggest enemy at the moment.”47 A year later the crash-out is canon: the C-suite “was losing their minds crashing out because Teddy Bitcoin’s Jester Max and Maxi Madness,”48 and Greaser adds that Klippsten and Swenson “were crashing out constantly in my DMs, the whole Maxi Madness,”49 after Klippsten refused to compete and lost in round one to Teddy anyway. That, Greaser says, was the year Swan didn’t matter anymore.
Klippsten himself is by then diagnosed and re-diagnosed. Rod crowns him “the alpha Karen, of Bitcoin Twitter,”50 and reads his absence as the reason scammers now run free; Greaser calls it an absolute shame he is not living up to his Bitcoin trading card — “Slayer of shit coins? Yeah. This this that Bitcoin trading card came out”51 two days after Klippsten took credit for FTX collapsing. At the Vegas conference he takes Greaser’s advice to diversify his targets and reports he’ll spend it “standing outside the slot machines”52 harassing gamblers into buying Bitcoin on Swan.
Decline (2025–2026)
By late 2025 Swan is the unit of zero innovation — buying Bitcoin on Cash App “puts you on the same level of swan, meaning that you have created no innovation whatsoever.”53 Rod’s wager to a Swan alumnus the previous spring had made the same point earlier: will a bootstrapped podcast app ship “lightning in your app before Swan does?”54
The content operation gets it worst. Greaser’s charge is that Swan’s entire four-year Twitter strategy was theft from Pledditor — is there really no better “Twitter marketing model than just copying Pleditor’s tweets?”55 The ASR gives “Pleditor” and “Pledger”; he is the X purity-tester, not Matt Odell, who is not in that episode at all. The company’s educational legacy is filed under children’s television: “In many ways, Swan was like the Sesame Street of, Bitcoin education. Corey is Elmo.”56 The same episode’s outro song delivers the verdict — “Kokori and the swans, acting all high and mighty”57 — over a chorus about Brady sitting in spaces all day acting upset while the company’s own back end is a game of roulette.
Paul Sports generalises it: Swan and “the whole Bitcoin only prime trust cabal” are the worked example of attacking a villain instead of shipping a product, and Bitcoiners “fall for this trap over and over again.”58 Greaser locates the founding failure earlier still — pleb-glazing as a marketing strategy was invented “by individuals like Corey Clipston,”59 whose motive was to ride the plebs into a Swan Bitcoin ICO. It failed. Plebs, Rod adds, exist in order to be trafficked: “That is the point of a pleb is to be traffic.”60
Then the Prime Trust bankruptcy reaches the podcast layer. Clawbacks are aimed at Swan-era podcasters — “So I know that, you know, Prime Trust is trying to claw back podcasters”61 — and the filings produce the arc’s last allegation: “it sounded like Corey had a secret group chat. That’s what Prime Trust is, alleging,”62 inside information that let him withdraw all of his XRP just in the nick of time. Klippsten’s own pivot is by then a $200/month AI dashboard for high net worth families whose only apparent use is translating his own tweets, which prompts the Bugle’s clinical read: “Corey might have AI psychosis.”63 An earlier episode had already caught him feeding Mark Goodwin‘s entire body of work into an LLM and posting the output — “So, like, Corey Klipsen, for example, he’s been doing this recently. So he had this post”64 — proving he never read it. The Super Bowl ad is not coming: “I think they they blew all their budget on Tucker Carlson,”65 and the rest is going on Claude tokens.
Greaser’s Thanksgiving gratitude closes the arc more efficiently than any of it: “You know, fortunately, nobody really knows what swan is anymore.”66 A year earlier, wearing Swan attire to dinner had been a provocation. The last word to date is Rod’s, on whether a new subsidy might save the company — it may be their last best chance to extend the runway and “get the exit liquidity Corey’s been promising investors for years.”67
Disputed
Who coined Antiswanitism. Late Stage Hodl boosts in to claim the term and the credit: “used without credit. My favorite Bitcoin power couple is Rod and Dick, and they are still they’re not giving me credit for coining that term.”68 Greaser’s rebuttal in the same segment is that “we we coined the term. We did we didn’t coin the behavior,” and Rod dates the Bugle’s use to late 2023 — consistent with his own Q4 2023 account.32 Rod promises receipts on air and does not produce them. Eleven days later he reports having confronted Late Stage Hodl in person at Lake Satoshi over “anti Swanatism from him and he backs down,”69 which the show treats as settled in its favour. No receipts exist in the record. The claim was withdrawn, not disproven.
The seeded record. This page previously carried a breadth-sweep narrative dated 2023-01 to 2025-04, assembled from bugle.news headlines and two episode descriptions. The beat index does not support it as written. Three corrections of substance:
- The lawsuit at the centre of the arc is Swan against Tether, over trade secrets, running from September 2024 to a live prediction market in May 2026.1624 The seeded page described a ”‘$wan’ suit against former mining employees” and gave the Tether case no place at all.
- The Ripple money story is BlockSpace’s, published and then retracted: “So BlockSpace put out an article about Swan, suggesting that Ripple had given them investment money.”70 Ripple’s grievance — that it would never invest in Swan — is the complaint about that story, not a storyline in its own right. Greaser’s ruling on the retraction is the formula “our facts were incorrect, but our opinions weren’t.”71
- The Terrence Yang bathroom story is Rod’s, told on air in April 2025, and concerns ordinals dealing stall-to-stall at a conference — “He was caught in the men’s bathroom”72 — not a whistleblower’s embezzlement disclosure. It arrives attached to Junseth’s account of his own excommunication by Yang, who told him he “was bad for Bitcoin and bad for Swan. He told me I was a transphobe.”73
The pre-2024 bugle.news events in the seeded list are not contradicted by the beats; they simply sit outside the podcast record, which begins in April 2024. They are dropped here rather than disproved, and a news replay may restore them.
BTCKaz’s employment status. Rod introduces him in the present tense as working at Swan; Greaser cross-examines him in the past tense as a former employee. The episode does not resolve it.36
Related: memes/antiswantism · storylines/prime-trust-fallout · storylines/xrp-ripple-mockery · storylines/podconf-industrial-complex · storylines/guy-swann · storylines/ten31-portfolio · storylines/meme-gang-wars · storylines/ledger-image-rehab · bits/tweet-theft
Footnotes
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Bugle Weekly 3 @ 37:30. The ASR renders a nearby line as “Swan Wars”. ↩
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Bugle Weekly 6 @ 8:43. Quote spans cues t=520/523; Klippsten is ASR’d “Corey Clipston”. ↩
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Bugle Weekly 5 @ 12:05. Beat confidence is medium: the marketer’s name is ASR mush (“Swan had a Mila, Mila Captain”) and she has no page. ↩
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Bugle Weekly 7 @ 15:05. The three titles land across t=905, 907 and 910. ↩
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Bugle Weekly 7 @ 51:36. “Swan with a dollar sign” renders $wan. ↩
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Bugle Weekly 2 @ 43:23. The ASR gives “Corey” for Cory Klippsten, established at t=2509 as the Swan boss. ↩
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Bugle Weekly 18 @ 14:14. Quote spans t=854/857; Swan is rendered “Swaddler” later in the segment. ↩
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Bugle Weekly 15 @ 54:17. Quote straddles t=3257→3261; “hash rate” is ASR’d “ASHRAE” in Rod’s version of the bit. ↩
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Bugle Weekly 20 @ 18:04. “PodConv” is ASR for PODCONF. ↩
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Behind The Podcast 7 @ 1:30:26. The sentence completes in the next cue: “Tether of doing to them.” ↩
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Bugle Weekly 24 @ 33:39. The screening rule is at t=2100. ↩
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Bugle Weekly 27 @ 8:50. Escalates to Klippsten and River personally at t=537. ↩
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Bugle Weekly 28 @ 34:51. Beat confidence is medium: the ASR mangles “Tether” into “Heather”, resolved from t=2068 (“Well, that’s what Tether was doing”). ↩ ↩2
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Bugle Weekly 28 @ 33:00. Swenson is ASR’d “Brady Swanson” at t=2120. ↩
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Bugle Weekly 28 TLDR @ 3:08. Quote spans the cue boundary at 188.4. ↩
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Bugle Weekly 28 TLDR @ 2:53. Beat confidence is medium: “some are calling” is unsourced, the coinage appears in the AI recap and not the parent episode, and the recap may be inventing it. ↩
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Bugle Weekly 28 @ 31:37. ASR: “Lynn Alden”. ↩
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Bugle Weekly 28 @ 58:23. Said in a boost read. ↩
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Behind The Podcast 9 @ 40:33. ASR: “Corey Klipsch”. The Lightning-timing ruling runs t=2438–2451. ↩
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Bugle Weekly 47 @ 29:31. Rod is voicing Klippsten, not quoting him; “got rugged by Tether” is at t=1718. ↩
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Bugle Weekly 108 @ 1:00:20. The Predyx market on the Swan/Tether suit opens the segment at 57:33; “low twenties” at 57:47. ↩ ↩2
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BTP 19 @ 40:02. Spears’ substantive answer is at t=2439. ↩
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Bugle Weekly 33 @ 38:50. “ditty parties” is ASR for Diddy parties. ↩
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Bugle Weekly 31 @ 38:15. The ASR renders beef tallow as “beef towel” and, earlier, “beef to aloe”. ↩
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Behind The Podcast 7 @ 1:26:35. The decode runs t=5236–5278; the ASR renders Piez as “Pfizer” and “Pies”, and the sex cult as “swan sex cold”. ↩
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Bugle Weekly 34 @ 33:59. Quote spans t=2039/2041; “Steven Lupka” is ASR for Steven Lubka. ↩
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Bugle Weekly 34 @ 42:18. Callahan is ASR’d “Sam Kawahan”; Ulbricht “Ross Alpert” at t=2547. ↩
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Bugle Weekly 42 @ 4:01. Quote spans t=241/243/244; “off ordinals” is ASR for “the ordinals [fight]”. ↩ ↩2
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Bugle Weekly 49 @ 37:00. The subject, “swanfluencers”, is its own cue at t=2219. ↩
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Behind the Podcast 13 @ 1:39:30. ASR variants in this episode include “anti swanism”, “anti Swanitic”, “anti somatic” and “Swan der Angmussen”. ↩
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Behind the Podcast 13 @ 1:42:05. The praise it caps runs t=6108–6120. ↩
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Behind The Podcast 12 @ 45:33. Kaz’s Swan credential is introduced at t=108; Greaser’s past-tense framing is at t=2677, where the ASR drops the word “antiswanitism” itself each time. ↩ ↩2
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BTP 19 @ 40:02. Quote spans t=2402–2406; Greaser closes the bit at t=2510. ↩
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BTP 20 @ 1:04:52. “Stoney Bitzen” is ASR for Stoney. ↩
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Bugle Weekly 83 Part 2 @ 24:00. “Hottle Magoo” is ASR for Hodl Magoo. ↩
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Bugle Weekly 83 Part 2 @ 24:18. The sympathy expires at t=1486–1496. ↩
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Bugle Weekly 84 @ 54:57. Quote spans t=3297/3301; prompted by a 2,112-sat boost defending Swan. ↩
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Behind the Podcast 16 @ 25:29. “anti Swanatism” is the ASR’s rendering; the argument runs t=1529–1555. ↩
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Behind the Podcast 14 @ 24:38. ASR: “Corey Clipston”. ↩
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Behind the Podcast 15 @ 1:16:32. Beat confidence is medium: “Master Creator” is unresolved and the allegation is an unsupported live guess. ↩
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Bugle Weekly 52 @ 25:13. ASR: “Fred Kruder”. ↩
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Behind The Podcast 12 @ 6:32. The mental-health-day rumour is at t=400–406. ↩
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Bugle Weekly 53 @ 1:24. Quote spans t=84/89/91. ↩
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Bugle Weekly 99 @ 46:15. ASR: “Teddy Bitcoin’s Jester Max”, and “Patty Bitcoins” at t=2949. ↩
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Bugle Weekly 103 @ 26:45. “Swan didn’t matter anymore” is at t=1600. ↩
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Behind the Podcast 6 @ 44:08. Quote spans three short cues; ASR: “Corey Clipston”. ↩
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Behind the Podcast 6 @ 46:44. Rod dates the card to end of 2022; FTX’s Sam Bankman-Fried is ASR’d “SPF”. ↩
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Bugle Weekly 55 @ 1:00:41. Completes at t=3644. ↩
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Behind The Podcast 12 @ 29:27. The cue merges Rod’s question with the guest’s reply. ↩
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Bugle Weekly 83 Part 2 @ 27:59. See bits/tweet-theft; “Pledger” at t=1730 is the same person. ↩
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Bugle Weekly 84 @ 58:15. Quote spans t=3495/3500/3502; Rod counters with Big Bird at t=3504. ↩
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Bugle Weekly 83 Part 2 @ 42:31. Beat confidence is medium: “Kokori” is ASR for Cory, read from the passage, and the songwriter is unnamed in the episode. ↩
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BTP 27 @ 1:47:56. The quote completes across t=6480 (“Swan”) and t=6482. ↩
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Bugle Weekly 98 @ 15:47. ASR: “Corey Clipston”. The ICO motive is at t=961–983. ↩
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Bugle Weekly 103 @ 19:56. “the swans could traffic trinkets to them” is at t=1174; see sponsors/trinkets-for-plebs. ↩
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Bugle Weekly 110 @ 33:07. Beat confidence is medium: “from Swan.” lands in the following cue and several of the named podcasters are ASR mush left unresolved. ↩
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Bugle Weekly 110 @ 34:43. The XRP withdrawal detail is at 34:50. ↩
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BTP 29 @ 13:23. ASR: “Corey Klipsen”. ↩
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Bugle Weekly 96 @ 33:46. “clawed tokens” is ASR for Claude tokens; the Lutnick line runs t=2030–2040. ↩
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Bugle Weekly 86 @ 34:14. Setup at t=2042–2051. ↩
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BTP 20 @ 1:03:24. A 6,000-sat boost from “late stage Huddle”; the ASR spells the term four different ways within ninety seconds. ↩
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Bugle Weekly 71 @ 16:54. The claim itself is in the prior cue, t=1011. ↩
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Bugle Weekly 49 @ 33:01. Quote spans t=1981–1986; also ASR’d “BlobSpace” at t=2106. ↩
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Bugle Weekly 49 @ 33:33. Credited to the New York Times and used to give Will Foxley a pass, revoked at t=2912. ↩
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Behind the Podcast 13 @ 1:31:46. Rod claims prior Bugle coverage at t=5500; the rest of the bit is at t=5509 and t=5520. ↩
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Behind the Podcast 13 @ 1:31:17. “Terrence,” is the preceding cue at t=5475. ↩