Stephan Livera Podcast

Fabian Jahr and Gloria Zhao rejoin me to discuss whether big projects can be done inside Bitcoin core. We delve into AssumeUTXO, ASMap, developer funding, and meritocracy in the developer community.

Summary

In this episode, Stephan discusses the upcoming Bitcoin Core version 28, its new features, and the ongoing development efforts with Fabian and Gloria. They delve into the pace of change within Bitcoin Core, the importance of communication and collaboration in software development, and the challenges faced by developers in getting projects approved. The conversation also covers the AssumeUTXO project, its implications for node operation, and the significance of funding and competing implementations in the Bitcoin ecosystem. The episode concludes with insights into future projects and the collaborative nature of Bitcoin development.

Takeaways

• Bitcoin Core version 28 introduces exciting new features.

• The development process involves both small bug fixes and significant changes.

• Communication and collaboration are essential for project success.

• AssumeUTXO allows for quicker node synchronization.

• The decentralized nature of Bitcoin development presents unique challenges.

• Funding can influence project focus but should not dictate it.

• Competing implementations can complicate backward compatibility.

• Iterative development is crucial for large projects.

• Engaging the community early can lead to better outcomes.

• Future projects like ASMap and Cluster Mempool are on the horizon.

Timestamps:

(00:00) - Intro

(00:32) - What to expect from Bitcoin Core V28.0?

(05:10) - What should be the pace of change for Bitcoin Core?

(11:15) - How does one decide which is a worthwhile project to work on?

(14:15) - Why did it take so long for AssumeUTXO to go live?

(20:38) - AssumeUTXO explained

(22:04) - Sponsors

(25:40) - BtcpayServer ‘s Fast Sync 

(27:36) - Developer funding landscape in Bitcoin; Working on FOSS 

(31:27) - What are the effects of having various implementations of Bitcoin Core?

(35:05) - What does it take to successfully merge a PR?

(37:31) - What is the ASMap project?

(48:34) - Sponsor

(49:58) - Importance of soft skills & meritocracy in Bitcoin’s developer community

(1:00:13) - Upcoming projects; Closing thoughts 

Previous Episodes: 

`

• SLP214 Pierre Rochard & Fabian Jahr – Where Are All The Bitcoins?:  https://youtu.be/PQWy_UR9PzY 

• SLP216 Gloria Zhao Learning Bitcoin Core Contribution & Hosting PR Review Club: https://youtu.be/O-Q-SmuXjS4 

• SLP404 Gloria Zhao - What Do Bitcoin Core Maintainers Do?: https://youtu.be/a61lUwlOF80 

• v3 Transactions and Package Relay with Glozow (SLP511): https://youtu.be/H1o7TgTCMjk 

Links: 

• Bitcoin Core v28.0: https://bitcoincore.org/en/download/

• ASMap: https://delvingbitcoin.org/t/asmap-creation-process/548

• AssumeUTXO tracking: https://github.com/bitcoin/bitcoin/issues/29616

• https://bitcoinops.org/en/topics/assumeutxo/ 

• TRUC / v3 topic: https://bitcoinops.org/en/topics/version-3-transaction-relay/

• Package relay topic: https://bitcoinops.org/en/topics/package-relay/

• Package relay tracking: https://github.com/bitcoin/bitcoin/issues/27463

• https://brink.dev

• Testnet 4 PR: https://github.com/bitcoin/bitcoin/pull/29775

• BIP94: https://github.com/bitcoin/bips/pull/1601

• CISA website: https://cisaresearch.org

• CISA fellowship: https://x.com/ck_SNARKs/status/1817928417184203162 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Summary

In this conversation, Keith Gardner from Branta, discusses the importance of security in Bitcoin transactions. Keith shares his background in engineering and how he became involved in Bitcoin after recognizing the complexities and risks associated with traditional finance. 

The discussion covers common phishing and address replacement attacks, the innovative solutions offered by Branta to enhance transaction security, and the future of Bitcoin in relation to mobile integration and privacy concerns. Keith emphasizes the need for user-friendly tools that can help prevent scams and ensure safe transactions in the evolving landscape of cryptocurrency. 

The discussion also covers long-term strategies for Bitcoin custody, innovations in software security, and key takeaways for individuals to safeguard their investments.

Takeaways

• Keith Gardner transitioned from engineering to Bitcoin due to complexities in traditional finance.

• Branta was created to address the fear of losing Bitcoin through phishing attacks.

• Phishing and man-in-the-middle attacks are significant threats in Bitcoin transactions.

• Branta aims to provide a solution that verifies Bitcoin addresses before transactions.

• Mobile integration is a future goal for Branta, focusing on QR code technology.

• Branta operates as an invisible layer alongside existing wallets to enhance security.

• Privacy is a critical concern, and Branta ensures user data is protected.

• The software does not handle private keys or expose user Xpubs.

• Branta's future developments will include support for the Lightning Network.

• The goal is to make Bitcoin transactions safer and more user-friendly. Ensure secure transactions by verifying addresses before sending funds.

• Phishing attacks are prevalent; always guard your inbox.

• Education on security practices is crucial for crypto users.

• Creating friction in transactions can prevent impulsive decisions.

• Long-term strategies for Bitcoin custody are essential for security.

• Utilize multi-sig and cold storage for larger amounts of Bitcoin.

• Be cautious of urgency in requests for sensitive information.

• Nostra's web of trust can enhance security in transactions.

• Regularly check the authenticity of software before downloading.

• Treat your Bitcoin as if it were worth significantly more.

Timestamps:

(00:00) - Intro

(00:36) - Keith’s background; What is Branta?

(03:10) - Recent attack vectors on Bitcoin (Phishing and Address Replacement)

(08:13) - Is Branta mobile friendly? 

(12:12) - Is Branta for personal use or businesses?

(17:09) - Integrating Lightning & other Layer 2 solutions 

(18:24) - Sponsors

(26:01) - Privacy concerns and User Data Protection

(31:36) - Guarding against Phishing & Spoofing attacks

(34:37) - Why is friction important in financial transactions?

(38:50) - Bitcoin custody is a long-term responsibility 

(39:15) - Sponsors

(44:45) - What are the possible risks with Branta?

(53:14) - Key takeaways for protecting your Bitcoin

Links: 

• https://x.com/unfakekeith 

• https://x.com/BrantaOps 

• https://www.branta.pro/ 

• https://github.com/BrantaOps 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Harris Irfan, CEO Cordoba Capital Markets & Advisor at @OnrampMENA joins me to discuss challenges and opportunities within Islamic finance, ethics of finance in business and the intersection of Islamic finance and Bitcoin. Harris highlights building a financial system focused on real economy transactions, sharing insights on finance, custody, and Bitcoin investment. 

Summary

In this conversation, Harris Irfan discusses his journey from conventional finance to Islamic finance and Bitcoin. He explores the challenges and opportunities within Islamic finance, particularly in relation to ethical finance and risk-sharing principles. The discussion delves into the intersection of Islamic finance and Bitcoin, highlighting the potential for Bitcoin to serve as a sound monetary system that aligns with Islamic principles. Harris emphasizes the importance of creating a financial system that prioritizes real economy transactions over speculative practices, and he shares insights on the future of finance, custody, and investment decisions in a Bitcoin standard.

Takeaways

• Harris Irfan transitioned from conventional finance to Islamic finance and Bitcoin.

• Islamic finance emphasizes ethical finance and risk-sharing principles.

• Bitcoin is viewed as a modern form of sound money, potentially more Islamic than gold.

• The challenges of Islamic finance are exacerbated by the fiat banking system.

• Custody solutions for Bitcoin are evolving, with a focus on self-custody.

• Cultural perspectives on money influence the adoption of Bitcoin in Muslim communities.

• Trade finance can be structured to align incentives between investors and businesses.

• The VC industry may need to adapt to a sound money standard.

• Hurdle rates for investments will change in a Bitcoin economy.

• Optimism about the future of Bitcoin is essential for its growth.

Timestamps:

(00:00) - Intro 

(01:04) - Harris’s background with finance & Islamic banking

(07:44) - Comparing Fiat banking with Islamic finance 

(12:06) - The intersection of Islamic finance and Bitcoin

(18:21) - Custodying Bitcoin - Individuals vs. Trusted custodians

(25:51) - What are misconceptions about Bitcoin among muslims?

(30:20) - What are the cultural differences when operating on a Fiat Standard vs Sound Money Standard?

(33:27) - What does it mean to share risk in finance?

(39:12) - The viability of different financial models

(45:35) - What would finance look like in a Full Reserve Bitcoin banking world?

(54:17) - How does one navigate with morality & ethics in the current Fiat world?

(59:00) - Bitcoin compared to hurdle rates in investment decisions

(1:02:11) - Outro

Includes Paid Partnerships

(16:04) - Sponsors

(38:11) - Sponsor

Links: 

• https://x.com/harris_irfan 

• https://www.ccmkts.com/

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Summary

In this episode, Kenji Tateiwa, CEO of Agile Energy X, discusses his extensive background in nuclear engineering and the impact of the Fukushima disaster on public perception of nuclear energy. He explains the innovative concept behind Agile Energy X, which leverages wasted renewable energy through Bitcoin mining to address curtailment and grid congestion issues in Japan. Kenji elaborates on the unique flexibility of Bitcoin mining as an energy buyer and its potential role in the future energy landscape, including the integration of circular economy principles. The conversation also touches on the challenges and opportunities in Japan's energy production, particularly regarding nuclear energy and the need for a diverse energy portfolio.

Takeaways

• Kenji Tateiwa has a strong background in nuclear engineering.

• The Fukushima disaster significantly impacted public perception of nuclear energy.

• Agile Energy X aims to utilize wasted renewable energy through Bitcoin mining.

• Bitcoin mining can help solve curtailment and grid congestion issues.

• The concept of 'Megawatt to MegaHash' connects energy production to Bitcoin mining.

• Bitcoin mining is flexible and can be turned on and off as needed.

• AI data centers are less flexible compared to Bitcoin mining.

• Agile Energy X has a two-pronged strategy to hedge against market fluctuations.

• The circular economy can be integrated into energy solutions.

• Japan's energy future requires a diverse mix of energy sources.

Timestamps:

(00:00) - Intro

(00:50) - Who is Kenji Tateiwa and what is TEPCO?

(05:34) - What are the various components of energy markets?

(06:30) - Fukushima and the perception of nuclear energy 

(09:42) - What is Agile Energy X & why was it created?

(14:15) - Convincing TEPCO to mine Bitcoin; Solving the energy issue

(16:14) - Understanding Curtailment and Grid Congestion

(20:06) - Sponsors

(23:10) - Megawatt to MegaHash: Bridging Energy and Bitcoin

(25:42) - Bitcoin Mining vs. AI Data Centers

(29:02) - The competitive landscape of Bitcoin mining

(33:26) - Sponsors 

(37:58) - Challenges and opportunities in Nuclear Energy

(42:12) - Curtailment of renewable energy could reach 42% in Japan by 2050?

(45:41) - Scaling Bitcoin mining in Japan

(47:02) - What is “The Ultimate Circular Economy”?

(51:28) - The future of Japanese energy production

(53:44) - The future of Agile Energy X

Links: 

• https://agileenergyx.co.jp/en/  

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Lawrence Lepard, Managing Partner, Equity Management Associates, joins me to discuss the national debt crisis, inflation, possible price suppression of hard assets and the contrasting roles of gold and Bitcoin as sound money. 

Summary

In this conversation, Stephan Livera and Lawrence Lepard delve into pressing economic issues, including the national debt crisis, inflation, and the contrasting roles of gold and Bitcoin as sound money. They discuss the implications of the upcoming US election on economic policies and the market dynamics of gold and Bitcoin. The conversation also touches on the potential for economic suppression and the future predictions for both gold and Bitcoin in light of current financial trends.

Takeaways

• The national debt is accelerating and poses a significant risk.

• Inflation is likely to rise again due to government policies.

• Gold is currently viewed as a safe haven, but Bitcoin is seen as the future of sound money.

• The upcoming US election could have major implications for Bitcoin and economic policies.

• Gold ETFs have been shrinking while Bitcoin ETFs are growing, indicating a generational shift in investment.

• The suppression of gold prices has been a long-standing issue, but Bitcoin may not face the same challenges yet.

• Future predictions suggest Bitcoin could reach $300,000 and gold could hit $5,000 in the next economic crisis.

• The need for sound money is becoming increasingly urgent as the dollar loses value.

• A monetary reset may be necessary to address the current economic challenges.

• Investors should consider diversifying into sound money assets like Bitcoin and gold.

Timestamps:

(00:00) - Intro

(01:09) - US Govt. debt spiraling out of control

(07:17) - Gold’s reaction to crisis

(10:14) - Is inflation inevitable?; Managing interest rates

(18:24) - CPI & asset inflation; Overvaluation of assets

(24:18) - Sponsors

(26:34) - Who is buying the Gold?; Gold vs. Bitcoin 

(31:10) - Sponsors

(33:12) - What does the US election mean for Bitcoin?

(40:10) - What would cutting the size of the state look like?

(45:58) - The significance of Bitcoin advocacy

(48:43) - Gold & Bitcoin price suppression? 

(55:00) - Possible Executive order on Bitcoin in the future?

(57:07) - Will ‘The Next Big Print’ send Bitcoin to $350K?

Links: 

• https://x.com/LawrenceLepard

• https://ema2.com/  

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

After a long and choppy bull-crab market, Dr. Ross notes that the bull market is here!

Dr. Jeff Ross, founder, Vailshire Capital Management, joins me to discuss the ongoing sentiment in the markets, global liquidity, pitfalls and opportunities of this bull cycle, holistic living and more!

Summary

In this conversation, Dr. Jeff Ross discusses his transition from a bearish to a bullish outlook on Bitcoin and the broader market, emphasizing the importance of liquidity and central bank policies. He explains how liquidity flows impact asset prices, particularly Bitcoin, and outlines his predictions for economic growth and market behavior in the coming years. The discussion also touches on wealth inequality, the role of Bitcoin in addressing economic disparities, and strategies for investors, including the controversial 8% withdrawal rate for Bitcoin holders.

Takeaways

• Liquidity is the key driver of asset prices.

• The transition from bear to bull markets is influenced by liquidity flows.

• Central banks play a significant role in market dynamics.

• Bitcoin is seen as a solution to wealth inequality.

• The US dollar remains the strongest currency despite global challenges.

• High liquidity environments lead to increased risk-taking behavior.

• Investors should consider Bitcoin as a significant part of their portfolio.

• Timing the market can be beneficial for fund managers but not for regular investors.

• The 8% withdrawal rate is reasonable for Bitcoin holders.

• Future economic growth may surprise - to the upside.

Timestamps:

Timestamps:

(00:00) - Intro

(00:48) - Why is Dr. Jeff bullish?; Shift from bull-crab to bull

(03:29) - The significance of M2 Money Supply & Global Liquidity

(07:44) - Will the Fed rate cut increase asset prices?

(10:38) - Liquidity into 2025?

(16:09) - Recession fear overblown?

(22:05) - Ever-increasing US Govt. debt and currency collapse across the world

(30:07) - “Easy money begets stupid & risky behavior”

(37:35) - Detachment of Bitcoin halving cycles from other major cycles

(40:10) - Bhutan on a Bitcoin stacking spree; Changing world-order

(44:01) - How do Gold & Bitcoin perform in a high liquidity environment?

(47:23) - Asset allocation wrt Bitcoin for Institutional investors

(53:23) - $475K Bitcoin target in play?

(57:12) - Caution to take during a bull cycle

(1:00:47) - Financial independence & 8% Withdrawal Rate?

(1:07:24) - Closing thoughts

Links: 

• [email protected] 

• https://primal.net/p/npub1k7vkcxp7qdkly7qzj3dcpw7u3v9lt9cmvcs6s6ln26wrxggh7p7su3c04l 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Andy Edstrom, Head of Managed Wealth at Onramp Bitcoin rejoins me to discuss the govt. debt levels, retirement planning on Bitcoin, price modeling, risks of leverage yield on Bitcoin and more!

Summary

In this episode, Andy Edstrom returns to discuss the evolution of Bitcoin since their last conversation, touching on price modeling, the risks of leverage, and the future of Bitcoin loans. They explore the implications of government debt, the role of gold, and the potential for yield in a Bitcoin standard. The conversation emphasizes the importance of understanding market dynamics and preparing for various economic scenarios.

Takeaways

• Bitcoin's evolution has led to increased participation and conversation on the world stage.

• Price modeling in Bitcoin is fraught with challenges and often fails to predict future movements.

• Leverage in Bitcoin can lead to significant losses, as seen in past market downturns.

• The future of Bitcoin loans is uncertain, with a need for better credit analysis and terms.

• Retirement planning in a Bitcoin world requires careful consideration of inflation and spending habits.

• Government debt is at an all-time high, raising concerns about future economic stability.

• Gold still plays a role in the financial landscape, but Bitcoin is seen as the future.

• Yield may still exist under a Bitcoin standard, but it will differ from current fiat systems.

• The importance of maintaining on-ramps and off-ramps for Bitcoin in the future cannot be overstated.

• Expect wild times ahead as economic conditions continue to evolve.

Timestamps:

(00:00) - Intro

(01:14) - How has Bitcoin changed since 2019?

(04:12) - How significant are Bitcoin Price Models?

(11:28) - Preparing for all possible scenarios when Bitcoin price appreciates

(14:27) - Should you time the market?; Volatility, Retirement and Tax events to consider.

(22:01) - How has the market for leverage on Bitcoin evolved? (27:45) - Sponsors

(30:40) - The case for loans with Bitcoin as a collateral 

(38:04) - Retirement planning and achieving FIRE with Bitcoin?

(43:20) - Bitcoin on its way to $400K?

(50:14) - The instability of the growing US Govt. Debt - what happens next?

(55:25) - Sponsors

(57:47) - The Haves and the Have Nots; Overvaluation of property markets

(1:01:57) - What does yield look like on a Bitcoin Standard? 

(1:13:22) - Closing thoughts

Links: 

• https://x.com/edstromandrew 

• https://www.amazon.com/Books-Andy-Edstrom/s?rh=n%3A283155%2Cp_27%3AAndy+Edstrom 

• https://x.com/OnrampBitcoin/status/1836029421922263074 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

With growing institutional adoption of Bitcoin through custodians, investors will demand transparency through ‘Proof of Reserves’. Alexander Leishman, CEO & CTO, River joins me to discuss more of the institutional adoption of Bitcoin, Coinbase’s hesitation towards Proof of Reserves, US Govt. debt and more.

Summary

In this episode of the Stephan Livera podcast, host Stephan speaks with Alex Leishman, CEO and CTO of River, about various topics surrounding Bitcoin, including the current state of exchanges like Coinbase, the importance of proof of reserves, and the growing adoption of Bitcoin among businesses. They discuss the implications of stablecoins, the comparison between Bitcoin and gold, and the future of Bitcoin technology. Alex emphasizes the need for transparency in the industry and the importance of maintaining a solid foundation for Bitcoin's development.

Takeaways

• Coinbase likely has the coins they claim, but proof is needed.

• Proof of reserves should include liabilities for full transparency.

• Bitcoin adoption is growing among businesses of all sizes.

• Stablecoins serve as a necessary tool for many users.

• The future of Bitcoin as a store of value is promising.

• Gold's historical significance may not hold against Bitcoin's advantages.

• Self-custody remains a challenge for many Bitcoin users.

• Bitcoin technology is evolving, focusing on reliability and security.

• The political landscape may influence Bitcoin's regulatory environment.

• Community education is crucial for fostering trust in custodians.

Timestamps:

(00:00) - Intro

(00:34) - Does Coinbase hold all the Bitcoin they claim to?

(02:33) - What happens when liabilities are more than assets?

(06:44) - @River ‘s Proof of Reserves - Explained

(10:32) - How does Proof of Reserves mitigate the risk of ‘Paper Bitcoin’?

(12:07) - Sponsors

(14:22) - Why Proof of Reserves could be difficult to implement for Coinbase?

(17:56) - Why Business Bitcoin adoption grew by 30% in 1 year

(21:30) - The increasing US Govt. debt & the role of Bitcoin

(23:08) - Gold vs Bitcoin 

(26:32) - Risks of centralization of Bitcoin custody through ETFs

(30:45) - Sponsor

(34:15) - Bitcoin’s role in commerce - Store of Value of Medium of Exchange?

(38:00) - Does Bitcoin need an upgrade?

(41:24) - Are stablecoins a hindrance to Bitcoin adoption?

(47:20) - US Presidential election affecting Bitcoin

(52:56) - Way forward with Bitcoin Development

(56:45) - Closing thoughts 

Links: 

• https://x.com/Leishman 

• https://x.com/River/status/1831374555530830304 

• https://x.com/Leishman/status/1836406012405772568 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Secession may seem like a dirty word, but it has happened many times in history and it’s worth understanding the political and economic benefits it can yield. Ryan McMaken, Executive Editor and Economist at the Mises Institute joins me to discuss his book, Breaking Away. 

Summary

In this conversation, Stephan and Ryan McMaken discuss the topic of secession and its advantages. They explore the historical and theoretical context of secession, highlighting the benefits of radical decentralization and the success of small, economically prosperous states. 

They also examine the conditions that enable breakaway states, including economic factors, military power, and ethnic or nationalistic identity. The conversation emphasizes the need for people to come to terms with the reality that the federal government cannot offer long-term economic prosperity and that unity does not necessarily mean shared values or interests. 

The conversation explores the challenges and potential solutions related to secession and breakaway movements. It discusses the negotiation process for exiting a larger government entity, the impact on national debt and pension obligations, and the historical examples of successful secession. 

The conversation also touches on the Brexit movement and the potential for secession movements in the United States. It emphasizes the importance of developing competing elites at the state level and gradually asserting more local control over policies and resources.

Takeaways

• Radical decentralization and the success of small, economically prosperous states are key advantages of secession.

• Breakaway states often emerge when the benefits of political unity no longer outweigh the benefits of separation.

• Conditions that enable secession include economic factors, military power, and ethnic or nationalistic identity.

• The federal government cannot guarantee long-term economic prosperity, and unity does not necessarily mean shared values or interests. Secession and breakaway movements require careful negotiation, especially regarding national debt and pension obligations.

• Historical examples show that debt write-downs and negotiations are common in secession processes.

• Brexit can be seen as a failure or a missed opportunity, depending on one's perspective.

• Competing elites at the state level can challenge the entrenched interests of the federal government.

• Gradual steps, such as asserting control over border policy and creating state-level institutions, can pave the way for secession.

• Developing local revenue sources is crucial to reduce reliance on federal funds and assert more autonomy.

Timestamps:

(00:00) - Intro

(01:00) - What is Secession and why care about it?(05:25) - Why has the number of countries tripled since WW2?(09:00) - Why be Pro-secession?

(14:45) - Pros & Cons of a ‘Large’ State; Political Decentralization 

(19:28) - Sponsors

(21:45) - Advantages of smaller countries

(27:30) - Conditions that enable the pathway to Secession 

(33:11) - Sponsors

(41:07) - Dealing with Government Debt & obligations in a Secession

(46:23) - Was Brexit a failure?

(56:28) - Secession in the USA: A distant dream?

(1:02:42) - Elites vs. Counter-elites

(1:06:58) - Secession movements in the USA

(1:15:39) - Closing thoughts 

Links: 

• https://mises.org/profile/ryan-mcmaken

• https://mises.org/library/book/breaking-away-case-secession-radical-decentralization-and-smaller-polities 

• https://x.com/ryanmcmaken

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

My friend Pierre Rochard (VP Research at Riot Platforms) rejoins me on the show to discuss some of his latest views.

Summary

In this conversation, Stephan and Pierre discuss the concept of long-term savings in Bitcoin and its product-market fit. Pierre introduces a metric for measuring long-term savings by looking at the age of UTXOs (unspent transaction outputs). They also explore the idea of rebalancing and the importance of aligning financial decisions with personal goals. The conversation then shifts to the challenges of running a profitable business in a Bitcoin standard and the role of passive index equity investing in a hyper Bitcoinized world. Further, Pierre and Stephan discuss the implications of individuals and governments holding Bitcoin. They explore the idea of investing time in Bitcoin rather than just money, and how businesses can leverage Bitcoin without large capital investments. They also touch on the moral implications of educating others about Bitcoin and the potential cultural changes that may occur on a Bitcoin standard. The conversation concludes with a discussion on government adoption of Bitcoin and the impact it may have on society.

Takeaways

• Bitcoin has found product-market fit in the area of long-term savings, as evidenced by the increasing number of UTXOs that have not moved in more than a year.

• The age of Bitcoin UTXOs can provide insights into the behavior of hodlers and the overall health of the Bitcoin network.

• Rebalancing should be driven by personal goals and values, rather than trying to time the market or follow others' advice.

• In a Bitcoin standard, it may be challenging for businesses to outperform Bitcoin in terms of returns, but there may still be a role for active investing and supporting entrepreneurial ventures.

• Passive index equity investing may become less prevalent in a hyper Bitcoinized world, as individuals prioritize holding Bitcoin and investing in businesses they are actively involved in. Investing time in Bitcoin can be just as valuable as investing money.

• Businesses can leverage Bitcoin without large capital investments.

• Educating others about Bitcoin is important, but it's not necessary to force people onto the Bitcoin journey.

• Cultural changes on a Bitcoin standard may include a shift towards lower time preference and more focus on family and spirituality.

• Government adoption of Bitcoin can move them away from being a state and towards a more decentralized entity.

• The amount of Bitcoin a government holds should be based on their immediate needs and the uncertainty of the future.

• Government adoption of Bitcoin can accelerate Bitcoin adoption among individuals.

• The moral implications of the government holding Bitcoin depend on whether it leads to the violation of the non-aggression principle.

• Taxation with Bitcoin becomes more difficult, which may lead to a reduction in government spending.

• Advocating for a strategic reserve of Bitcoin can lead to more conversations and ultimately more Bitcoin adoption.

Timestamps:

(00:00) - Intro

(00:57) - Bitcoin’s Product-Market Fit for Long-Term Savings

(02:12) - Measuring Long-Term Savings with UTXO Age

(10:56) - Should you Rebalance your UTXOs?; Financial Decision-Making through Rebalancing(21:17) - Sponsors

(23:57) - Is Running a Business on a Bitcoin Standard Profitable?

(33:22) - Passive Index Equity Investing in a Hyper Bitcoinized World

(39:43) - Trading your Time & Expertise for Bitcoin

(44:32) - Educating Others about Bitcoin

(48:35) - Societal & Cultural Changes on a Bitcoin Standard

(53:07) - Sponsors

(1:02:00) - Should the State Hold Bitcoin?; Neutrality vs Central Planning 

(1:13:41) - Advocating for a Strategic Reserve of Bitcoin; Accelerating Bitcoin Adoption

Links: 

• https://x.com/BitcoinPierre 

• Pierre’s analysis: https://x.com/BitcoinPierre/status/1831163386182164937 

• Hoppe article mentioned: https://mises.org/mises-daily/yield-money-held-reconsidered 

• Blocktime Podcast by Riot: https://www.blocktimebyriot.com/ 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Tankred Hase has experience working with various Bitcoin and Lightning companies such as Lightning Labs and Swan previously. He joins me to talk about Bitcoin, Lightning and Liquid. We discuss some of the real world challenges and trade offs that builders and developers face, as well as the likely path forward from here.

Summary

Tankred discusses the current state of Bitcoin, Lightning, and Liquid development. He highlights the progress made in terms of user experience and liquidity. However, he also acknowledges the challenges that still need to be addressed, such as capital gains taxes, technical hurdles, and the need for more user-friendly solutions. Tankred emphasizes the importance of having multiple options for using Bitcoin as money, including custodial solutions, Liquid, and trust-minimized solutions like Fedimint. He also discusses the trade-offs involved in designing user-friendly Bitcoin and Lightning apps. Tankred and Stephan discuss the different trade-offs and options available in the Bitcoin ecosystem, particularly in the context of Lightning Network and Liquid. They highlight that while some Bitcoin enthusiasts prioritize non-custodial and pure Bitcoin solutions, many users, especially in regions like Dubai, Turkey, and South America, opt for custodial exchanges like Binance for their convenience.

Tankred introduces StashPay, a solution that leverages the Breeze SDK and Liquid to offer lower fees for receiving payments. They also discuss the future of Lightning, including broader adoption of Bolt 12, asynchronous payments, and improved privacy for receivers.

Takeaways

• Bitcoin and Lightning have made significant progress in terms of user experience and liquidity.

• There are still challenges to be addressed, such as capital gains taxes and technical hurdles.

• Having multiple options for using Bitcoin as money, including custodial solutions, Liquid, and trust-minimized solutions, is important for broader adoption.

• Designing user-friendly Bitcoin and Lightning apps requires making trade-offs and understanding the needs of different user populations. Users in the Bitcoin ecosystem have different preferences and priorities when it comes to trade-offs and options.

• Custodial exchanges like Binance are popular for their convenience, even among Bitcoin enthusiasts.

• StashPay, using the Breeze SDK and Liquid, offers a solution with lower fees for receiving payments.

• The future of Lightning includes broader adoption of Bolt 12, asynchronous payments, and improved privacy for receivers.

Timestamps:

(00:00) - Intro

(00:43) - Current state of Bitcoin, Lightning, Liquid development

(02:10) - Does the market support Bitcoin as a Medium of Exchange yet?

(05:20) - What stops people spending/earning now?(18:42) - Sponsors

(20:55) - Advancing Bitcoin as MoE

(29:49) - Sponsors 

(30:45) - Using Liquid and navigating skepticism around it

(35:29) - What is StashPay?; Leveraging Breez SDK

(43:00) - How does it compare with BtcpayServer

(47:51) - Leveraging the economic density of Lightning Network

Links: 

• https://x.com/tankredhase 

• https://blog.onionmill.com/p/introducing-stashpay-a-bitcoin-wallet 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Philipp Bagus rejoins me to discuss his newest book, ‘Full Reserve Banking versus The Real Bills Doctrine’. This is his response to Juan Ramón Rallo, and in it we discuss:

🔸 The currency school and the banking school

🔸The problem of ‘double availability’ 

🔸Why the creation of fiduciary media is a problem

🔸The correct categorization of goods and money

🔸Full Reserve in a Bitcoin world? 

🔸Milei’s work in Argentina

Summary:

In this conversation, Stephan interviews Dr. Philipp Bagus about the full reserve banking versus the real bills doctrine. They discuss: 

• The importance of the fractional reserve banking system and its impact on the monetary system and society as a whole. 

• The historical context of the currency school versus the banking school debate in the 19th century. 

• The concept of double availability and its implications for the stability of the money supply.

• The real bills doctrine and its justification for fractional reserve banking.

• The categorization issues surrounding money and financial assets. 

In this conversation, Philipp Bagus discusses the flaws of fractional reserve banking and the importance of understanding the distinction between stock and flow of savings. He explains that holding fiduciary media, such as government bonds, does not count as real savings because it involves credit transactions and does not free up consumer goods. Bagus also explores the potential for banking systems to evolve on top of Bitcoin, highlighting the need for full reserves and the importance of legal enforcement to prevent fraud. He concludes by discussing the economic and political challenges faced by Argentina's President Javier Milei.

Takeaways:

• Fractional reserve banking, where banks create new money out of thin air, is a major problem in the monetary system and has far-reaching ramifications.

• The debate between full reserve banking and fractional reserve banking has historical roots and has been a topic of discussion among Austrian economists.

• The concept of double availability is crucial in understanding the distinction between loans and deposits, and the potential for credit expansion and business cycles.

• The real bills doctrine, which justifies fractional reserve banking, is based on the idea that banks can issue short-term loans backed by goods, but it fails to address the inherent problems of credit expansion.

• Money is not a financial asset, but a present good that facilitates exchange and reduces uncertainty. It is distinct from financial assets and should be categorized separately. Understanding the distinction between stock and flow of savings is crucial in evaluating the flaws of fractional reserve banking.

• Holding fiduciary media, such as government bonds, does not count as real savings because it involves credit transactions and does not free up consumer goods.

• The evolution of banking systems on top of Bitcoin should prioritize full reserves and legal enforcement to prevent fraud.

• President Javier Milei of Argentina faces economic and political challenges in his efforts to reform the country's monetary system.

Timestamps:

(00:00) - Intro

(01:05) - Why care about full reserve banking?

(03:18) - Currency school vs the Banking school and the role of Mises

(09:15) - Free banking vs Fractional Reserve banking - the issue of double availability

(17:17) - What is the Real Bills Doctrine?

(31:50) - Sponsors

(34:27) - The issue with the desire for a ‘stable money’

(41:20) - “Everything is either a real asset or a financial asset.” - J.R. Rallo; monetary substitutes

(46:42) - Is money a financial asset?; Cash holdings (Stock) vs Savings (Flow)

(55:21) - Sponsor

(56:51) - Why does holding fiduciary media not count as ‘real savings’? 

(1:00:30) - Summarizing the critique 

(1:03:56) - Bitcoin substitutes - Ecash, Ark, L-BTC, Custodial bitcoin

(1:13:27) - Potential for Bitcoin to evolve as a Full Reserve banking system

(1:18:45) - Positive & negative assessment of Javier Milei 

(1:26:07) - Implication of stablecoin use in Argentina 

Links: 

• https://x.com/PhilippBagus 

• https://mises.org/profile/philipp-bagus 

• https://mises.org/library/book/full-reserve-banking-versus-real-bills-doctrine 

Sponsors:

• Bold Bitcoin

• mempool.space/accelerator 

• CoinKite.com (code LIVERA)

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Bitcoin security, especially during the upcoming bull run, is extremely important. In this high powered hardware security panel episode featuring NVK, Craig Raw, Rearden, Salvatoshi, AddBTC, we discuss the key trade offs of bitcoin hardware security.

🔸What are the implications of Dark Skippy? 🔸What are some of the most common ways people lose their coins? 

🔸Risks of USB in hardware wallets

🔸Standardization & inspection of wallets

Summary

The panel discusses the recent Dark Skippy attack and its implications for Bitcoin security. They emphasize the importance of considering the entire threat model and the various ways in which users can lose their coins. The conversation touches on topics such as bad backups, social attacks, exchanges, and computer and phone vulnerabilities. 

They highlight the trade-offs involved in hardware security and the need for a balance between security, privacy, and user experience. The conversation explores the security considerations and trade-offs in hardware wallets for Bitcoin. The participants discuss the risks associated with USB connections, the vulnerabilities of counterfeit devices, the importance of trust on first use, and the role of social security in the Bitcoin ecosystem. 

They also touch on the need for standardized protocols, the challenges of inspectability, and the importance of a holistic approach to security. The conversation concludes with a reminder to not panic and to choose a hardware wallet that suits individual needs and preferences.

Takeaways

• Consider the entire threat model when evaluating Bitcoin security.

• There are multiple ways users can lose their coins, including bad backups, social attacks, and vulnerabilities in computers and phones.

• Entropy plays a crucial role in key generation and signing.

• USB connections pose significant risks and may not be adequately secure.

• Hardware security involves trade-offs between security, privacy, and user experience. USB connections pose security risks due to the potential for exfiltration of sensitive information.

• Counterfeit devices, such as counterfeit FTDI UART to USB converters, can introduce vulnerabilities.

• Trust on first use is crucial in hardware wallets, as it establishes a secure foundation for subsequent operations.

• The Bitcoin ecosystem relies on a combination of technical security measures and social security practices.

• Standardized protocols and open standards are important for interoperability and reducing vendor dependence.

• Inspectability of software updates and communication processes is essential for maintaining security.

• A holistic approach to security considers factors such as usability, privacy, and user experience.

• Multisignature and Miniscript are practical solutions for enhancing security in hardware wallets.

• The best hardware security device for Bitcoin is the one that is used regularly and suits individual needs and preferences.

Timestamps:

(00:00) - Intro

(01:03) - Panel’s reaction on ‘Dark Skippy’

(14:33) - Most common ways people lose their coins

(22:57) - Entropy in key generation and signing

(28:04) - Sponsors

(30:41) - Risks of using hardware wallets with USB

(47:54) - Sponsor

(49:02) - Standardization of hardware wallets; synchronous communication between external devices

(55:16) - Community review and safety

(1:05:10) - Closing thoughts

Links: 

• https://x.com/add_BTC

• https://x.com/nvk

• https://x.com/craigraw

• https://x.com/reardencode 

• https://x.com/salvatoshi 

• Blog post: https://www.ledger.com/blog/towards-a-trustless-bitcoin-wallet-with-miniscript 

• Prior episode on Dark Skippy: https://stephanlivera.com/episode/597/ 

Sponsors:

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Sahil Chaturvedi, Designer at Foundry joins me to share his experience of getting on zero fiat and fully embracing Bitcoin as a unit of account. We discuss: 

🔸#GetOnZero fiat  

🔸Tools required to crossover 

🔸Tax implications

🔸Weathering volatility

🔸Using intermediaries to live on a Bitcoin Standard 

Summary

Sahil discusses the concept of 'Get On Zero' and the reasons behind it. The conversation explores the concept of 'get on zero,' which means minimizing fiat currency holdings and maximizing Bitcoin holdings. He explains that the idea originated from a Twitter space conversation and grew into a community discussing tactics and strategies for minimizing the amount of fiat currency held. Sahil emphasizes the importance of rethinking the function of fiat currency and considering it as a payment rail to move Bitcoin rather than an asset to hold. He also addresses objections related to fiat-denominated obligations, volatility, and the perception of being a hardcore Bitcoiner. 

Sahil highlights the need for specific tooling, including interfaces with the legacy system, instant conversions between fiat and Bitcoin, fiat cards that auto-convert Bitcoin balances, and tax automation. Sahil explains that he personally holds 100% Bitcoin and sees it as a simple and beautiful way to manage his finances. He addresses the tax implications of using Bitcoin as a currency, emphasizing that capital gains tax is only applicable when there is a gain compared to holding fiat currency. Sahil also discusses the challenges and considerations for individuals, families, and businesses in adopting the 'get on zero' approach.

Takeaways

• ‘Get On Zero’ is the concept of minimizing the amount of fiat currency held and rethinking the function of fiat as a payment rail to move Bitcoin.

• Objections related to fiat-denominated obligations can be addressed by considering the function of fiat currency and converting at the last millisecond.

• Volatility is a consideration, and building up a balance of savings is important to weather volatility.

• Specific tooling, such as interfaces with the legacy system, instant conversions, fiat cards, and tax automation, is necessary to achieve #GetOnZero. The 'get on zero' approach involves minimizing fiat currency holdings and maximizing Bitcoin holdings.

• Using Bitcoin as a currency can simplify financial management and eliminate the need to constantly buy and sell assets.

• Capital gains tax is only applicable when there is a gain compared to holding fiat currency.

• Tooling and technology play a crucial role in enabling individuals and businesses to adopt the 'get on zero' approach.

• Considerations for families and businesses include tooling, income vs. expenses, and the need for a cash balance for stability.

• Using intermediary companies and physical cash can be alternative ways to spend Bitcoin while minimizing fiat currency usage.

• The 'get on zero' approach may not be suitable for those who are strictly anti-KYC or uncomfortable with Bitcoin's volatility.

Timestamps:

(00:00) - Intro

(02:23) - Managing the USD obligations & rethinking function of fiat currencies

(04:43) - Should ‘Get on Zero’ be considered as a ‘purity’ test?

(07:46) - Navigating the volatility of Bitcoin 

(13:20) - Tools & services required to ‘Get on Zero’

(19:35) - Sponsor

(20:53) - Tools & services required to ‘Get on Zero’ contd.

(27:21) - Balancing cash and Bitcoin 

(30:04) - Tax implications of ‘Get on Zero’ lifestyle

(35:51) - Sponsor

(37:05) - Sahil’s personal experience of getting on zero fiat

(42:16) - Is it practical for families & businesses to ‘Get on Zero’?

(49:40) - Using intermediaries to live on a Bitcoin standard

(51:40) - Managing physical cash, Spending Bitcoin instead of ‘Selling’ Bitcoin

(55:16) - Outro

Links: 

• https://x.com/SahilC0 

• https://medium.com/@SahilC0/rethinking-the-function-of-fiat-currency-6263465aa2ff 

• https://www.tftc.io/author/sahil/ 

Sponsors:

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

Dark Skippy is a new attack that in theory, makes it much easier for a malicious person to steal your coins. Listen in to learn about some of the ins and outs here, as well as mitigation and the path forward for the industry from @utxoclub , @LLFOURN & @robin_linus . 

• Why air gapping is not the be all end all

• Dark Skippy in context with other attacks

• Security while signing transactions, and security while generating keys

• RFC6979 Deterministic nonce generation

• Updating PSBT to help mitigate this attack

Summary

The conversation discusses the ‘Dark Skippy’ attack, a new method for leaking secret keys from a malicious signing device. The attack takes advantage of the nonces used in the Schnorr and ECDSA signature schemes. The new attack vector can potentially extract private keys and seed words from hardware wallets. The attack targets the nonce generation process during key generation and signing. The previous versions of this attack were inefficient, but Dark Skippy improves upon them. The contributors explain how the attack came about and its implications for hardware wallet security. They also discuss the RFC6979 deterministic nonce generation and the concept of anti-klepto signing protocols as mitigations against the attack. 

While Dark Skippy is a sophisticated attack, it requires a high level of expertise and is not currently seen in the wild. The discussion highlights the importance of secure boot, upgrading the Partially Signed Bitcoin Transaction (PSBT) process, and improving the randomness of upfront key generation as potential mitigations. 

However, it is emphasized that current reputable hardware wallets still provide a high level of security, and there is no immediate action required for users.

Takeaways

• Dark Skippy is a new attack that leaks secret keys from a malicious signing device.

• The attack exploits the nonces used in the Schnorr and ECDSA signature schemes.

• Previous versions of this attack were inefficient, but Dark Skippy improves upon them.

• Mitigations against the attack include the RFC6979 deterministic nonce generation and anti-klepto signing protocols. Dark Skippy is a sophisticated attack that targets the nonce generation process during key generation and signing.

• Mitigations for Dark Skippy include implementing secure boot, upgrading the PSBT process, and improving the randomness of upfront key generation.

• Reputable hardware wallets currently provide a high level of security, and there is no immediate action required for users.

• The discussion highlights the importance of ongoing research and development to enhance the security of hardware wallets and protect against potential future attacks.

Timestamps:

(00:00) - Intro

(00:45) - What is ‘Dark Skippy’?

(04:39) - Is it an old attack vector? Bitcoin’s security evolving with time

(12:41) - Sponsor

(15:22) - What is a nonce?, RFC6979 Deterministic nonce generation

(22:55) - Common ways of people losing their Bitcoin

(31:08) - Sponsor

(32:07) - Anti-klepto signing protocols; ways to mitigate risks of losing coins

(39:51) - Updating PSBT to help mitigate this attack

(43:26) - The role of Multisig in preventing the attack

(49:57) - Other attack vectors in malicious actor’s toolkit

(56:49) - Summarizing the steps to improve the ecosystem security

(1:00:18) - Closing thoughts

Links: 

• https://darkskippy.com/ 

• https://frostsnap.com/ 

• https://x.com/LLFOURN 

• https://x.com/robin_linus 

• https://x.com/utxoclub 

• https://x.com/utxoclub/status/1820520960476561825 

Sponsors:

• CoinKite.com (code LIVERA)

• mempool.space/accelerator 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Just like how English is the international language of business, Bitcoin’s lightning network is how various layers and apps and products will ‘talk’ to each other. Roy Sheinfeld, founder and CEO of Breez (@Breez_Tech) rejoins me to talk about updates in lightning and what’s new with Breez SDK. 

We discuss the various layers and ways of interacting with Bitcoin and lightning, using Liquid (@Liquid_BTC) with swaps, and Bitcoin as a medium of exchange. 

Summary:

In this conversation, Stephan and Roy discuss the current state of Bitcoin and Lightning. They explore the contrasting narratives of Lightning startups shutting down and new partnerships being formed. Roy emphasizes that Lightning is a manifestation of the payments use case of Bitcoin and that the majority of Bitcoin usage is still for trading and as an asset. He believes that the value proposition of Bitcoin lies in its potential as peer-to-peer electronic cash. They also discuss the role of custodial and non-custodial solutions, the regulatory landscape, and the control exerted by governments and private companies. 

Roy argues that Lightning is the common language of the Bitcoin economy, enabling interoperability between different subnetworks and protocols. He highlights the importance of Lightning as a rail for communication and the incentives for moving Bitcoin within the Lightning network. Breez is working on integrating Lightning Network into existing applications to make Bitcoin more accessible and usable. They have developed the Breez SDK, which allows developers to easily integrate Lightning functionality into their apps. 

Breez offers two implementations: Greenlight, which is a pure Lightning implementation, and Liquid, which is a nodeless implementation of Lightning using the Liquid sidechain. The goal is to provide a seamless user experience for Lightning transactions and make Bitcoin a common language for payments. Breez is also exploring hybrid solutions and partnerships to expand the adoption of Lightning.

Key Takeaways:

• The majority of Bitcoin usage is currently for trading and as an asset, but the value proposition lies in its potential as peer-to-peer electronic cash.

• Lightning is the common language of the Bitcoin economy, enabling interoperability between different subnetworks and protocols.

• There is a need for both custodial and non-custodial solutions, with a growing focus on self-custodial options.

• The regulatory landscape and control exerted by governments and private companies pose challenges to the use of Bitcoin as a medium of exchange.

• Incentives within the Lightning network encourage the movement of Bitcoin and the use of Lightning as a rail for communication. Breez is focused on integrating Lightning Network into existing applications to make Bitcoin more accessible and usable.

• They have developed the Breez SDK, which allows developers to easily integrate Lightning functionality into their apps.

• Breez offers 2 implementations: Greenlight, which is a pure Lightning implementation, and Liquid, which is a nodeless implementation of Lightning using the Liquid sidechain.

• The goal is to provide a seamless user experience for Lightning transactions and make Bitcoin a common language for payments.

• Breez is exploring hybrid solutions and partnerships to expand the adoption of Lightning.

Timestamps:

(00:00) - Intro

(00:56) - The current state of Bitcoin & Lightning network

(03:17) - Mutiny wallet’s contributions to Bitcoin

(04:54) - Regulatory landscape, Dollarisation of Bitcoin & Importance of non-custodial solutions

(14:43) - Sponsor

(16:07) - HODLing vs Spending Bitcoin

(18:55) - Lightning is the common language of the Bitcoin economy

(22:50) - Lightning: Bitcoin’s interoperability protocol

(29:42) - Liquid network - overview

(31:27) - Existing frictions with the Lightning network; Greenlight implementation, Liquid implementation 

(36:55) - Sponsors

(38:57) - Boltz.exchange ( @Boltzhq ) X Breez

(40:33) - Differences b/w Greenlight & Liquid implementation

(49:00) - Lightning on Liquid soon?

(52:25) - Possible future integrations & way forward for Breez

(57:25) - Outro

Links: 

• https://medium.com/breez-technology/lightning-is-the-common-language-of-the-bitcoin-economy-eb8515341c11 

• https://x.com/Breez_Tech 

Sponsors:

• CoinKite.com (code LIVERA)

• Mempool.space

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Thunder Funder is a new funding portal by Mike Jarmuz (CEO) and Rockstar Dev (CTO). This will be a new way to allow retail investors to participate in bitcoin company equity rounds. Muzz and I discuss the ins and outs of what this means, as well as what it could mean for bitcoin and open source companies.   

Timestamps:

(00:00) - Intro

(00:55) - Overview of Lightning Ventures & Thunder Funder

(12:15) - Sponsor

(13:50) - Pros and cons of investing in Bitcoin startups

(19:28) - Liquidity, secondary transactions, Reg CF & overview of investing process

(26:39) - Sponsor

(27:30) - The etiquettes of information rights

(32:02) - Carried interest 

(35:25) - Getting involved in the bitcoin startup ecosystem

(39:17) - Open source funding opportunities

(42:14) - Way forward for Thunder Funder

Links: 

• https://x.com/MikeJarmuz 

• https://x.com/r0ckstardev 

• https://x.com/ltngventures 

• https://x.com/ThunderFunderCF 

• https://thunderfunder.com/ 

Sponsors:

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

Joining me is Antoine (@darosior), to discuss the latest developments around Liana and the growing importance of inheritance planning. We also delve into The Great Consensus clean up, important bug fixes and disclosure of Bitcoin core vulnerabilities. 

Timestamps:

(00:00) - Intro

(00:40) - The latest developments with Liana

(02:16) - Inheritance planning with Liana

(05:59) - What is The Great Consensus Clean up?

(07:30) - What is the Timewarp bug?

(15:51) - What would it take to fix the bug?

(19:08) - Sponsors

(21:08) - The Block Validation Problem

(28:46) - The way forward with the fixes

(31:23) - Sponsors

(32:34) - Bitcoin core vulnerabilities

(44:10) - Lesson from disclosures of Bitcoin core vulnerabilities

(47:28) - Closing thoughts 

Links: 

• https://x.com/darosior 

• https://wizardsardine.com/liana/ 

• https://delvingbitcoin.org/t/great-consensus-cleanup-revival/710 

• https://bitcoincore.org/en/2024/07/03/disclose-bip70-crash/ 

Sponsors:

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Can you retire on Bitcoin savings? What do the numbers look like? Morgen Rochard, Founder and Lead Financial Planner of Origin Wealth Advisers joins me to explain: 

• The 4% rule and how to modify it

• Being conservative in your planning

• CPI inflation being hard to predict

• Do you rebalance? 

Timestamps:

(00:00) - Intro

(01:03) - 4% rule, Bitcoin & FIRE

(04:41) - HODLers vs TradFi allocation

(12:34) - Why you should be conservative with Bitcoin retirement

(20:16) - What if you retire during a Bitcoin bull run?

(22:24) - Sponsors

(24:55) - Should you borrow against your Bitcoin stack?

(31:41) - Where are the fiat financial planners going wrong?

(37:34) - Separating Bitcoin from ‘Crypto’

(40:55) - The shift in sentiment about HODLing Bitcoin

(42:39) - Sponsors

(44:51) - Should you rebalance your Bitcoin allocation?

(49:40) - Estimating currency debasement 

(56:12) - Bitcoin’s CAGR

Links: 

• https://bitcoinfinancialadvisorsnetwork.com/does-bitcoin-make-retirement-planning-obsolete/ 

• https://x.com/MorgenRochard 

• https://www.originwa.com/ 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

The global fertility crisis is on with many western and developed nations below replacement fertility. Joining me to discuss this problem is Daniel Hess (aka @MoreBirths on X). 

Timestamps:

(00:00) - Intro 

(00:54) - How bad is the global fertility crisis?

(04:50) - Implications of low birth rate for future generations

(09:54) - Causes for declining global rate of fertility

(11:53) - Marriages affecting birth rate

(15:38) - Religion affecting birth rate

(17:36) - Fertility rate in the East

(21:28) - The impact of government policies on fertility rate

(25:47) - Sponsors

(27:43) - Urban planning & fertility rates

(32:40) - The impact of welfare state on fertility rates

(36:00) - Taking cues from the fall of Roman empire

(41:16) - Insights from the population curve of South Korea

(45:05) - Sponsors

(47:30) - The ‘3 Child Norm’

(52:57) - The lessons from ‘Baby Boomers’

(55:38) - Recalibrating expectations

(59:13) - The importance of low time preference 

(1:04:00) - Deregulating childcare

(1:14:20) - Outro

Links:

• X.com/@morebirths 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Even as bitcoiners, we can’t deny that there is demand for ‘stablecoins’ or some kind of stable value feature. Tony Klausing, bitcoin and lightning developer joins me to talk about Stable Channels. This approach to stable value is self custodial, P2P, and bitcoin-native. We talk about the benefits, trade offs and who this would be suitable for. 

Timestamps:

(00:00) - Intro 

(00:51) - Tony’s background 

(03:28) - Opportunity of Stable Channels

(05:46) - Fiat-backed stablecoins Vs. Crypto-backed stablecoins(10:23) - Overview of Stable Channels

(14:17) - Difference between DLCs & Stable Channels

(18:02) - Stable Channels during varying BTC price scenarios

(21:34) - Sponsors

(23:49) - Who are Stable Channels for?

(30:50) - Dual funding & splicing on Stable Channels

(32:24) - How do participants of Stable Channels find each other?

(38:22) - Addressing concerns around Stable Channels 

(41:12) - Sponsors

(42:33) - Possible challenges for Stable Channels

(46:43) - Payments on Stable Channels

(52:07) - Is Stable Channels a ‘Quasi-decentralized exchange’?

(53:57) - Lightning payment vs legacy financial payment

(58:03) - Usability challenges

(1:00:09) - Outro

Links:

• https://x.com/tonklaus 

• https://stablechannels.com/ 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Aleksandar Svetski (@SvetskiWrites) rejoins me to talk about his newest book, The Bushido of Bitcoin. We get into a discussion about:

Anti-egalitarianism Virtues Why Bitcoiners should ‘stop being plebs’ The ascend & descend of civilisations Imbibing warrior culture in Bitcoin The masses and the remnant Timestamps: (00:00) - Intro (00:41) - Who is ‘The Bushido of Bitcoin’ for? (11:13) - The role of legitimate hierarchy (18:14) - The cyclical nature of civilisations (22:21) - Sponsors (25:20) - Choosing to opt out of a nation (30:29) - The pleb culture of Bitcoin (39:00) - Upholding virtues on a Bitcoin standard (42:53) - Sponsors (45:05) - Shaming as a morality check (49:17) - Retaining customs & norms in a new world on Bitcoin (53:17) - The masses and the remnant (59:35) - Natural elites in a free market (1:03:00) - Satlantis - travel & community social network (1:05:54) - Outro Links: https://x.com/SvetskiWrites https://www.bushidoofbitcoin.com/ Sponsors: Swan.com (code LIVERA) http://swan.com/livera CoinKite.com (code LIVERA) http://coinkite.com/ Mempool.space https://mempool.space/ Nomadcapitalist.com/apply https://nomadcapitalist.com/apply Stephan Livera links: Follow me on X: @stephanlivera https://x.com/stephanlivera Subscribe to the podcast: https://plinkhq.com/i/1415720320 Subscribe to Substack: https://stephanlivera.substack.com/

Jörg Guido Hülsmann is a Senior Fellow of the Mises Institute, and he rejoins me to discuss his latest book on Abundance, Generosity and the State. Bitcoiners like to spell out a lot of the social and cultural problems in the world today, and Dr Hülsmann is one of the leading lights in showing how fiat currency and government intervention have caused negative outcomes. 

We discuss the way gratuitous benefits come to us in a free market capitalist society, and the many ways government intervention can interrupt this process. Instead of having strong families, communities and private clubs that assist in making our lives better, the state disrupts this process and makes society poorer. 

Links:

• https://mises.org/library/book/abundance-generosity-and-state-inquiry-economic-principles 

• Site: https://guidohulsmann.com/ 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Why are some bitcoin blocks empty? Orange Surf from the mempool.space team joins me to explain his recent research report on this topic. We discuss:

• Why do empty blocks happen? 

• Comparing empty block rates across mining pools

• Firmware and config differences

Timestamps:

(00:00) - Intro

(00:44) - Orange Surf’s research report on empty blocks

(02:02) - Block interval data sets 

(06:25) - What is an empty block?

(08:09) - What causes an empty block to occur?

(11:35) - Nuances of a working of a miner; switching from empty to full block templates

(14:05) - Differences in the empty block performance

(19:01) - Antpool’s internal miner firmware  

(21:30) - Sponsors

(25:00) - Effective management of block templates by mining pools

(34:54) - Ocean's empty blocks

(36:08) - Mining decentralisation and proxy pools

(41:07) - Sponsors

(42:14) - Mining templates & pool payouts

(44:57) - Upcoming mempool features

(49:06) - Outro

Links:

• Empty Block Report: https://research.mempool.space/empty-block-report/ 

• Pool Reserve: https://orange.surf/pool-reserves/

• Enterprise: mempool.space/enterprise

• Community Sponsors: mempool.space/sponsor 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Art Finch is a South African-American Entrepreneur. Art has experience across South Asia and is interested in setting up Free Private Cities or Charter Cities. In this episode he shares his experiences in Bhutan and shares his theories on how Bitcoin and Free Private Cities can work together. 

Timestamps:

(00:00) - Intro

(01:28) - Art’s background & his interest in building a Free Private City (FPC)

(10:50) - The need for a Free Private City

(13:11) - A look at Shenzhen as an SEZ

(16:20) - Education in an FPC context

(20:08) - Sponsors

(22:22) - Education in an FPC context (contd.)

(26:11) - Setting up an FPC in Bhutan

(33:56) - Bhutan’s leadership views on the FPC 

(41:41) - Sponsors

(44:00) - Art’s insights on Bhutan & Bitcoin mining

(46:08) - Potential FPCs in the future

X clips:

07:18 - biggest risk to FPC

08:47 - 10:01 - Bhutan FPC in a nutshell

10:57 - 12:40 - need for FPC

18:08 - 20:08 -  learning/self education, role of schools, start with one node and grow from there - similar to bitcoin

44:08 - 45:59 - Bitcoin progress in Bhutan - mining ops,  

Links:

• Article mentioned: https://www.forbes.com/sites/sarahemerson/2023/12/15/bhutan-futuristic-city-dragon-king/

• Site: https://yungdrung.city/

• Free Citadels profile: https://freecitadels.com/profile/art-finch/ 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

While many debate the pros and cons of Bitcoin ETFs, joining us for this episode is Jeff Yew, CEO of Monochrome, doing a directly held Bitcoin ETF in Australia. We chat about the fees, the custody, the ethos, being able to contribute bitcoin or redeem bitcoin, institutional adoption and Bitcoin in Australia. 

Timestamps:

(00:00) - Intro

(00:53) - Monochrome’s role in bringing Bitcoin ETFs to Australia

(02:48) - Timeline of different Bitcoin ETFs in Australia

(03:58) - Influence of US Spot Bitcoin ETFs on the Australian Bitcoin ETFs

(06:15) - Different types of Australian Bitcoin ETFs and implications for investors

(13:32) - Fee structure of Monochrome (IBTC) Bitcoin ETF 

(19:00) - In-kind vs. Cash-create 

(24:55) - Loans against Bitcoin ETFs in the future?

(29:05) - Buying Bitcoin on an exchange vs buying Bitcoin ETFs

(31:48) - How does Monochrome store its Bitcoin?

(33:37) - Sponsors

(36:49) - Are institutions good for Bitcoin?

(43:07) - Safety in numbers

(46:53) - Bitcoin adoption in Australia compared to USA

Links:

• https://x.com/jeffyew_ 

• https://x.com/Monochromeasset 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

You might have seen my earlier episode with Erick Brimen, CEO of Prospera, here’s the CFO of Prospera discussing the ability to use Bitcoin as a unit of account. We discuss: 

• Life on Roatan

• Setting up a business

• Choose your own regulatory environment

• ZEDE law situation

• Bitcoin as unit of account

• Leaving Canada

Timestamps:

Links:

• https://prospera.hn/

• https://stephanlivera.com/episode/464/ 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Tiero of Ark Labs joins me on the show to discuss the latest with Ark. We get into: 

• How Ark has changed since initial proposal

• clARK - covenant-less ARK

• Trade offs to make clARK happen

• Which covenants would help vs what is ideal for Ark

• Ark on Liquid 

• Capital requirements and costs

• Fiatcoins

• Nostr

Timestamps:

(00:00) - Intro

(01:37) - What is Ark? ELI5 version

(05:42) - Tradeoffs of scaling payments

(07:41) - Interchangeably using LN & Ark under the hood

(10:52) - Updates on Ark 

(13:57) - What are out-of-round payments?

(17:48) - Trade Offs of out-of-round payments

(19:45) - The fee structure in Ark

(21:39) - Sponsors

(24:15) - Who runs the ASPs?

(28:55) - ‘Congestion control’ with Ark

(33:06) - The role of covenants with Ark

(39:44) - Ark on Liquid

(41:20) - Sponsors

(43:49) - The ideal covenant & its impact on Ark

(48:00) - Thoughts on extreme conservatism on Bitcoin

(52:55) - Way forward with Ark Labs

(56:18) - Opportunities & threats of stablecoins on Ark?

(1:02:39) - NIP46 & building Nostr Connect

(1:06:40) - Summary & closing thoughts 

Links:

• https://twitter.com/tierotiero

• https://arklabs.to/

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

The bitcoin ‘ossification’ debate continues with a discussion on the key considerations. What makes Bitcoin special? What improvements are necessary to retain sufficient decentralisation, if any? 

Vijay Boyapati and Brandon Black (aka reardencode) rejoin me for a special episode to discuss: 

• What makes Bitcoin special? 

• Defining ‘ossification’

• How many users is ‘enough’? 

• Unknown unknowns

• Addressing centralising MEV concerns

• Soft forks and hard forks

• Economic nodes and who holds the power

• Where to from here

Timestamps:

(00:00) - Intro

(01:54) - What makes Bitcoin Special? ft. Vijay

(09:37) - Verifiability & decentralisation of Bitcoin ft. Brandon

(14:31) - When do we stop ‘changing’ bitcoin?

(15:17) - Revisiting the blocksize wars & importance of self sovereignty

(20:45) - Libertarian principles of Bitcoin

(23:48) - ‘Sufficiently decentralised’ Bitcoin

(26:42) - Defining ‘Ossification’ of Bitcoin

(30:56) - Sponsors

(34:11) - Economic interests in upgrading Bitcoin nodes

(43:40) - Bitcoin is a Trojan horse

(47:15) - Can we rule out ‘Unknown unknowns'?

(50:49) - Concerns over centralising MEV

(1:00:17) - Whose chain is it anyway?

(1:05:14) - Resisting soft forks and hard forks

(1:16:49) - Closing Thoughts

Links:

• X: @real_vijay

• Bullish Case for Bitcoin: Swan.com/bullish

• X: @reardencode

Prior episodes:

• Rusty - Great Script Restoration

• Brandon Black - Are Covenants necessary for Bitcoin

• TXHASH Steven Roose

• Matt Corallo and Steve Lee Great Consensus Cleanup

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

NVK of Coinkite rejoins me to talk about attitudes on Bitcoin development and consensus changes. We discuss how “ossification” is commonly thrown around as a term, but maybe there is a better term. “Extreme conservatism”? We talk:

• What is ossification? 

• What about bug fixes? 

• What changes would NVK be interested in? 

• How many people will use Bitcoin? 

• What the market is focused on

• It’s not your chain

Links:

• X: @nvk

• Bitcoinsecurity.guide

• coinkite.com

• Unleashed.chat 

Timestamps:

(00:00) - Intro 

(00:52) - Ossification and gardening 

(06:06) - Where are the ossifiers? 

(09:03) - Fixing bugs on the Bitcoin protocol 

(17:13) - Assessing BIPs & change proposals

(23:53) - NVK on Bitcoin as SOV and/or MOE

(31:47) - Sponsors

(34:58) - “USD is the best shitcoin”

(37:32) - The fate of other blockchains

(45:41) - Putting Bitcoin on a pedestal?

(49:32) - Gresham’s Law in context of Bitcoin

(51:34) - Future path for Bitcoin

(57:27) - Outro

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

I recently spoke at Bitcoin Seoul 2024 and here are some interviews with some of the speakers:

• Calvin Kim on utreexo

• Gloria Zhao on Bitcoin Core and mempool

• Laolu on Taproot Assets and covenants

• Saifedean on Central Banking and tax cattle

• Obi Nwosu on Fedi

• Jimmy Song on Bitcoin in Korea

Timestamps:

(00:00) - Calvin Kim on importance of Bitcoin conferences

(01:51) - Simplifying Utreexo

(03:31) - What is Utreexod?

(04:51) - Will node providers support Utreexo?

(06:38) - Gloria Zhao on BIP431 (Truc)

(08:15) - Implications of Truc

(12:26) - What is mempool cluster?

(14:08) - P2P encryption on Bitcoin core V27.0

(15:22) - Upcoming developments on Bitcoin core

(18:04) - Sponsors(20:13) - Laolu (Roasbeef) on Taproot assets

(25:29) - LSP Challenges on issuing stablecoins

(28:21) - Views on covenants

(31:51) - Ensuring protocol safety while enabling Opcodes

(34:33) - Saifedean’s views on Bitcoin Seoul 2024

(34:44) - Central Bank behaving like a private organisation

(40:21) - ‘The Keynesian Voodoo’ 

(46:35) - All roads lead to Bitcoin

(48:26) - Sponsors

(50:45) - Latest developments at Fedi with Obi Nwosu

(52:23) - Role of the Fedimint Guardians

(54:40) - Fees on Fedi

(56:18) - Fedi’s Social backup and recovery model

(58:26) - Risks of getting rugged

(1:01:23) - Fedi is trust-reduced

(1:03:11) - Jimmy Song’s views on Bitcoin Seoul 2024

(1:04:18) - Views on Bitcoin’s Technical developments

(1:05:46) - Savings culture among Koreans & role of Bitcoin

(1:09:16) - Outro

Links:

• X: x.com/saifedean

• Saifedean episode: https://saifedean.com/podcast/222-central-banking-works

• X: x.com/glozow

• Bitcoin review club:  https://bitcoincore.reviews/

• BIP 431: https://github.com/bitcoin/bips/blob/master/bip-0431.mediawiki

• X: x.com/obi 

• Fedi: https://www.fedi.xyz/

• X: x.com/roasbeef

• Lightning Labs: https://lightning.engineering/

• X: https://x.com/kcalvinalvinn

• Utreexod beta release: https://groups.google.com/g/bitcoindev/c/5GyV9af9lv4?pli=1 

• X: x.com/jimmysong

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Walt Smith of cyber.fund joins me to discuss thoughts on MEV and where it may be going on Bitcoin. 

We discuss:

• Defining MEV

• 10 minute block time?

• Does it centralise Bitcoin?

• Suffering from success

• The approach on shitcoins and spam

Timestamps:

(00:00) - Intro 

(02:02) - Defining MEV

(06:02) - Replace-by-fee (RBF)

(11:01) - Concern regarding miner centralisation 

(18:56) - Growth of private mempool flow & MEV potential?

(24:55) - Are mining pools transparent with fee payouts?

(27:01) - Expressivity on Bitcoin 

(31:21) - Sponsors

(35:24) - Does the 10 minute block time mitigate MEV?

(40:27) - Is Bitcoin more than ‘money’?

(46:05) - Fake L2's on Bitcoin

(51:24) - Does MEV lead to miner centralisation? 

(56:15) - Closing thoughts on MEV

Links:

• X: @waltjsmith

• X: @cyberFund_

• Site: cyber.fund

• Article: The Spectre of MEV on Bitcoin

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Silent Payments is a new approach to improving privacy and useability of Bitcoin. Imagine not needing to manually create new addresses? Josibake and Ruben Somsen join me to discuss some of the ins and outs of Silent Payments. We discuss:

• Silent Payments overview

• Contrast with other techniques such as BIP47 

• Light client support

• Stopping address re use

• Base layer privacy discussion

Links:

• X: @josibake

• X: @SomsenRuben

• BIP: Silent Payments

• Tracking progress in Bitcoin Core/libsecp256k1

• Informational website from sethforprivacy : Privacy-preserving static addresses for Bitcoin

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Timestamps:

(00:00) - Intro

(01:01) - Overview of Silent Payments (SP)

(03:15) - History of the SP idea & contrast with other methods

Add more

(14:36) - Current status of SP development & adoption

(17:49) - Testing light clients for SP

(21:50) - The Silent Payment Experience

(26:31) - Light client support

(31:20) - What is a light client?

(38:05) - Sponsors

(41:16) - Spend Key & Scan Key 

(42:37) - XPUB vs. Silent Payments

(44:42) - Reducing address re-use with SP

(49:29) - Labeling with Silent Payments

(53:14) - Ease of use and compatibility with Lightning 

(57:03) - Overcoming the ‘silver bullet’ mindset

(01:10:50) - Composability with Silent Payments

(01:12:46) - Silent Payments summary

(01:14:06) - Closing Thoughts

Skot joins me to talk about his project to bring affordable, energy efficient, open source mining to home miners. We discuss:

• The current state of open source in bitcoin mining

• Bitaxe overview

• Why do people do this?

• Price and how to set one up

• Mining pools

• Decentralisation

Links:

• X: @skot9000

• Site: Bitaxe.org

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

Rusty Russell rejoins me on the show to talk about a new idea for a bitcoin soft fork that hopefully avoids some of the ‘horse trading’ dynamic that existed amongst other proposals. Listen in to learn more about the different paradigm that Rusty introduces here, so that developers can build more functionality and efficiency in, hopefully so that more people can use Bitcoin in self-custody. 

• Bitcoin Script background

• GSR overview

• GSR benefits 

• What is varops 

• Contrast with APO or LNHANCE?

• Will it enable shitcoins and spam?

Relevant previous episodes:

• SLP565 Great Consensus Clean up, MEVil and LN isn’t dead – Steve Lee and Matt Corallo

• SLP573 A Shift in Bitcoin Developer Thought? with Brandon Black (aka reardencode)

Links:

• Rusty’s BTC plus plus talk on GSR

• https://x.com/rusty_twit 

Sponsors:

• Swan.com (code LIVERA)

• CoinKite.com (code LIVERA)

• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

Dan Gould of the PayJoin Dev Kit (sponsored by Spiral and Opensats) joins me to discuss how Bitcoin privacy could be improved with more PayJoin adoption. What’s more, it might also benefit users in consolidating their wallets or potentially even fee savings. We discuss how this could be integrated into more bitcoin wallets. 

• What is a PayJoin?
• How it helps privacy
• Other benefits in efficiency
• Downsides and trade offs
• Changes with the v2 PayJoin protocol
• PayJoin Directory
• Payjoin Dev Kit

Links:

• X: @bitgould 
• X: @payjoindevkit
• Site: PayjoinDevKit.org 
• Site: Payjoin.org 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Adam Sullivan, CEO of Core Scientific joins me today as we chat about:

• Going through bankruptcy as a Bitcoin miner
• Debt financing
• Role of capital structure in mining
• What makes Core Scientific different?
• Centralisation of mining pools
• Fee dynamics going forward
• 2025 outlook on Mining

Links:

• X: @_Adam_Sullivan1
• Core Scientific: Corescientific.com

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Rapha Zagury, CIO of Swan and Head of Swan Mining rejoins me on the show to talk about a range of topics, from Brazil’s flooding, Bitcoin Mining, Capital Structure, as well as share some insights on speaking to TradFi professionals about Bitcoin. 

Links:

• X: @alphaazeta 
• Site: Swan.com
• Site: Nakamotoportfolio.com
• Nakamoto Gauntlet: The Nakamoto Portfolio Gauntlet 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

As you may know, at the recent Bitcoin++ conference, there was a ‘meeting of the minds’ and Brandon Black aka reardencode rejoins me on the show to discuss. We talk about: 

• The state of various covenant proposals
• What has shifted now in thinking
• The promise of Great Script Restoration
• Could it have bad side effects? 
• Doing good engineering

Links:

• X: @reardencode 
• Bitcoin++: btcplusplus.dev 
• Rusty’s talk: https://www.youtube.com/watch?v=rSp8918HLnA

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Miljan from Primal joins me to talk about why Bitcoiners should not sleep on Nostr. We chat:

• Why he’s bullish on nostr
• What the experience is like nowadays
• Network effects for creators and devs
• Dealing with spam and sybil
• Why Openness is the killer feature

Links:

• X: @mbraticevic
• Site: Primal.net
• Miljan’s Nostr npub: npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvr
• Miljan’s Nostr: [email protected] 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Peruvian Bull, a macro writer and commentator joins me to explain what’s happening with the Japanese economy and how it all ties in with the dollar end game. We discuss: 

• The impossible trinity for Japan
• Japanese government debt
• The global JPY carry trade
• The impact on the US financial system

Links:

• X: @peruvian_bull
• Nostr: npub1xwmyzp64xx03kw9ecd7fzsj3e9dgwah6an0rdng0cc6ux4dswwjs28pyyc
• Newsletter: https://substack.com/@peruvianbull

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Parker Lewis of Zaprite rejoins me on the show to discuss recent updates in the space and what’s happening with Zaprite and merchant adoption. 

• “Then they fight you” ?
• Chilling Effect
• Zaprite
• Getting Bitcoin Payment Rails Ready
• Gradually, Then Suddenly
• Why hope should not be lost

Links:

• X: @parkeralewis
• Site: Zaprite.com 
• Get Parker’s Book: thesifhouse.com 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

A lot of people talk about Bitcoin Ossification. Today Steve Lee, Lead @ Spiral rejoins me to expand on why this is the wrong idea. We also talk about the recent situation with bitcoin mining  pool centralisation and what is driving it. 

Links:

• X: @moneyball 
• AJ Town’s ‘Slow and Steady’ post mentioned: 
• Earlier episode also mentioned: SLP433 : v2 P2P Transport Protocol for Bitcoin (BIP324) 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Jeff Booth, author, entrepreneur and founding partner of Ego Death Capital rejoins me on the show to talk about his bitcoin advocacy at various levels: 

• Speaking to politicians about bitcoin
• The system you give energy to
• “Staying and fighting” in Canada vs supporting alternatives e.g. Madeira
• ‘Coincidental’ attack on Bitcoin? 

Links:

• X: @JeffBooth
• nostr: npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe
• Site: Ego Death Capital

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com/live

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

How do you think about investing as a bitcoiner? Preston Pysh of TIP rejoins me on the show to talk about a range of related ideas: 

• HODL vs invest in companies
• Microstrategy and other public companies
• VC and early stage investment
• Realistic investment hurdle rates
• Technical realities as bitcoin grows

Links:

• X: @PrestonPysh
• TIP: theinvestorspodcast.com
• nostr: npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com/live

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Dmitry Nedospasov is a PhD in Chip Security, also known for his hardware wallet exploits in 2018 with the wallet.fail talk. Dmitry joins me to talk about hardware security in the world of bitcoin and how it compares with hardware chip security in other domains. We discuss:

• The 2018 wallet.fail talk
• Bitcoin compared with other industries
• Realistic hardware wallet attack types
• The cost of attacking a hardware device
• Backups and Shamir’s Secret Sharing

Links:

• X: @nedos
• LinkedIn: Dmitry Nedospasov
• Site: Keylabs.io 
• Telegram: https://t.me/nedos
• wallet.fail talk: https://www.youtube.com/watch?v=Y1OBIGslgGM
• Recoverylabs.io

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Steve Lee and Matt Corallo of Spiral rejoin me on the show to talk about a range of topics. Firstly we discuss the Great Consensus Clean Up which relates to fixing some long standing bugs in Bitcoin. Secondly we talk about MEV and why it’s the wrong term, instead we should be talking about MEVil and the implications for Bitcoin miner centralisation. Finally we address the rumours of Lightning Network being dead or not useful. 

Links: 

• X: @moneyball
• X: @TheBlueMatt 
• BlueMatt's Blog: Stop Calling It MEV
• BIP Proposal: The Great Consensus Cleanup
• Delving post on Great Consensus Clean up Revival
• Steve’s X thread on GCC: https://twitter.com/moneyball/status/1760839436617875485

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Andrew Henderson rejoins me to discuss his story renouncing US citizenship, and whether the price was worth it. We discuss whether you should “stay and fight” as well as considerations relevant for Bitcoiners on pursuing their options in other countries. We also discuss Nomad Capitalist Live 2024, coming in KL Malaysia. Listen in to learn and stay up to date on global tax, investing and lifestyle strategies.  Links: 

• X: @nomadcapitalist

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com/live

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Kevin Loaec of wizardsardine joins me to talk about bitcoin security and vaults. We get into a discussion about: 

• Vaults and what’s possible today 
• Timelocking and using them as part of self custody
• Inheritance scenarios
• Business use cases
• Covenant soft forks

Links:

• X: @KLoaec
• X: @Wizardsardine
• X: @revaultdev
• Site: Wizardsardine  

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Chapters:

• 00:00 - Intro
• 02:07 - Revault
• 08:07 - Liana
• 14:48 - Overview of Liana and Supported Hardware Wallets
• 25:17 - Managing Time Locks in Liana: Rotating Coins and Duration
• 29:47 - Coinkite.com
• 30:47 - Swan.com
• 32:09 - Mempool.space
• 33:10 - Self-Custody with Liana
• 37:26 - Understanding Revault and Liana
• 44:56 - Exploring Decaying and Expanding Multi-Signature
• 49:15 - RBF and CPFP in Liana Transactions
• 56:07 - Transaction Size in Liana
• 01:00:42 - The Debate on Covenants
• 01:05:37 - Enhancing Organization Security with Cosigners
• 01:09:30 - The Future of Self-Custody

Have you wondered about the role design and UX plays in Bitcoin apps? Christoph and Mogashni join me from the Bitcoin Design Community to share insights on:

• What most people are getting wrong about design
• How you can leverage design principles in your bitcoin product
• Bitcoin specific design challenges
• Types of user
• Tools available by the Bitcoin Design community

Links:

• Site: Bitcoin.design
• Site: bitcoindesignfoundation.org
• X: @MogashniNaidoo
• X: @GBKS 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Chapters:

• 00:00 - Introduction and Background
• 03:31 - The Importance of Design in Bitcoin Applications
• 10:10 - The Bitcoin Design Community
• 12:34 - Common Mistakes in Bitcoin App Design
• 20:10 - Mempool.space
• 20:56 - Coinkite.com
• 25:14 - Embracing Creativity and Unique Design in Bitcoin
• 29:28 - Introduction to User Experience Design in Bitcoin
• 33:34 - Working with Bitcoin Apps and Projects
• 38:56 - Swan.com
• 39:14 - Simplifying the User Experience in Bitcoin
• 43:26 - Designing for Complexity in Bitcoin
• 45:09 - Navigating Competing Standards in Bitcoin Design
• 46:29 - The Value of UX Research in Bitcoin
• 49:48 - Practical Advice for Builders and Developers in Bitcoin Design
• 54:57 - Find Out More
• 56:40 - Closing Thoughts

Peter St Onge rejoins me on the show to share some insight into how bad the US government fiscal situation is getting. We talk:

• How much debt there is and what’s next here
• The impact on the people
• Japanese interest rates rising
• Japanese economic impacts
• AI and where the jobs will come from
• Bitcoin outlook

Links:

• X: @profstonge
• Site: Profstonge.com 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Thomas Fahrer, co-founder of Apollo joins me to talk about the Bitcoin ETFs. We talk: 

• Analysing the Bitcoin ETFs
• What further institutional adoption looks like
• How much capital could flow into Bitcoin
• The Bitcoin FOMO scenario
• Disagreements on the power law model
• MSTR and Bitcoin

Links:

• X: @thomas_fahrer 
• Site: Heyapollo.com 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Chapters:

• 00:00 - Introduction and Background
• 03:02 - The Significance of Bitcoin ETFs
• 13:33 - Rebalancing and Volatility
• 21:19 - Grayscale's Declining Bitcoin Holdings
• 25:41 - Swan.com
• 27:00 - Mempool.space
• 27:45 - Coinkite.com
• 33:35 - Possible Motivations for Grayscale's Actions
• 34:03 - Successful ETF Launch and Consistent Demand
• 37:23 - Bitcoin Price Rise and Demand - Supply Dynamics
• 39:44 - Volatility and Orderly Transition
• 41:07 - Bitcoin's Historical Price Patterns
• 44:05 - Flaws in Power Law Model
• 45:05 - Bitcoin's Potential to Replace Traditional Assets
• 46:41 - Flaws in Power Law Model and Fiat Currencies
• 50:11 - Importance of Fundamental Analysis
• 51:38 - Bitcoin's Bullish Case and Fundamental Properties
• 58:51 - Closing Thoughts

My friend Vijay Boyapati (Author of the Bullish Case for Bitcoin, and part of the Swan team) rejoins me on the show to talk about HODLing, share his analysis on things, and offer some tips on how to HODL. We talk:

• What phase of the cycle we’re in
• HODLer psychology
• Does Bitcoin get captured? 
• Is Bitcoin for Everyone?
• Self custody tech
• GBTC and Bankruptcies
• Common traps and how to avoid them

Links:

• X: @real_vijay
• Genesis thread https://twitter.com/real_vijay/status/1744454450138526162 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Chapters:

• 00:00 - Introduction and Overview
• 03:01 - The Excitement of Bull Markets
• 05:54 - The Slow Build-Up and Parabolic Moves
• 08:46 - Hodling Through Adversity
• 13:07 - The Nature of Bitcoin Cycles
• 16:02 - The Reachability of Bitcoin Participants
• 19:45 - Coinkite.com
• 21:00 - NomadCapitalist.com
• 22:08 - The Challenges of Self-Custody
• 30:00 - The Feasibility of Self-Custody for All
• 34:14 - Bitcoin as a Superior Monetary Base
• 35:10 - Concerns about Concentration Risk
• 38:07 - Mempool.space
• 39:16 - Swan.com
• 40:12 - Government Influence on Bitcoin ETFs
• 43:32 - Multipolar World and Bitcoin Adoption
• 44:01 - US Favorability towards Bitcoin
• 46:51 - Genesis Bankruptcy and Grayscale's Future
• 50:11 - Common Traps in a Bull Cycle
• 59:54 - Dealing with Corrections in a Bull Cycle

Mi Primer Bitcoin (My First Bitcoin) has grown since I last spoke with them on the show. John from the team rejoins me to talk about how things have developed. The team has now taught over 25,000 students in El Salvador and they are now expanding internationally. 

Links:

• X: @jdennehy_writes
• Site: Miprimerbitcoin.io
• SLP381 John Dennehy & Gloriana Solano – Bitcoin Diploma in El Salvador

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Chapters:

• 00:00 - Introduction and Background
• 01:16 - Bitcoin Diploma and Infrastructure
• 03:37 - International Expansion and Node Network Governance
• 05:27 - Course Format and Duration
• 08:16 - Teaching Bitcoin in Public Schools
• 09:14 - Collaboration with Ministry of Education
• 12:37 - Different Approaches to Teaching Bitcoin
• 15:27 - Continued Education and Advanced Courses
• 17:55 - Coinkite.com
• 19:06 - Swan.com
• 20:18 - Mempool.space
• 21:13 - Bitcoin Education for Different Age Groups
• 23:48 - Format and Agenda of Bitcoin Education Conferences
• 26:15 - Collaboration with Governments and Universities
• 29:37 - Localization and Modification of Curriculum
• 32:31 - Focus on International Expansion
• 34:26 - Challenges of Education for the Masses
• 36:48 - Adapting Curriculum to Rising Fees
• 39:17 - Empowerment and Independence in Bitcoin Education
• 40:40 - Call for Support and Contributions

How do we interact with Bitcoin in a multi layer world? What cost savings and trade offs are necessary here? What even counts as a layer? Kilian from boltz.exchange joins me to talk about swapping across Bitcoin on-chain, Lightning and Liquid. We discuss:

• How swapping works
• What makes it atomic and non-custodial
• What counts as layer 2
• Fee savings and trade offs

Links:

• X: @kilrau
• Site: boltz.exchange
• X: @boltzhq
• Taproot feature blog post: Introducing Taproot Swaps: Putting the "Fun" Back into Refunds! 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Chapters/Timestamps:

• 00:00 - Introduction and Background
• 03:07 - Boltz.exchange: Moving Between Bitcoin Layers
• 05:35 - Use Cases for Lightning Service Providers
• 09:45 - Enhancing Wallet Functionality
• 13:20 - Non-Custodial Atomic Swaps
• 21:43 - Coinkite.com
• 23:07 - NomadCapitalist.com
• 24:25 - Fees and Fee Savings
• 29:35 - Trust Model of Liquid
• 32:40 - Regulatory Risks for Liquid
• 37:10 - Transaction Limits on Liquid
• 38:58 - Mempool.space
• 39:59 - Swan.com
• 41:02 - Scalability of Liquid
• 44:15 - Integration of Liquid with Other Services and Wallets
• 51:22 - Pragmatism in Bitcoin Adoption
• 55:45 - Operating in a High-Fee Environment
• 57:45 - Closing Thoughts

Patrick van der Meijde, founder of BitKassa and co founder Arnhem Bitcoin City joins me to talk about his experience with co-founding one of the earliest Bitcoin ‘circular economy’ communities in 2014. 

• How he got started
• Taking payments pre-lightning
• Are there enough people spending?
• Resurgence in circular economies
• Adopting Bitcoin Arnhem City

Links:

•  X: @PatrickvdMeijde
• Site: adoptingbitcoinarnhem.com
• Site: arnhembitcoinstad.nl 
• Cofounder @BitKassaNL
• Cofounder Arnhem Bitcoin City @Bitcoinstad
• Youtube: 10 years of merchants accepting bitcoin in Arnhem  

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera Links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Chapters/Timestamps:

• 00:00 - Introduction and Background
• 01:55 - Bitcoin Narratives in 2014
• 04:45 - Transaction Fees and Challenges
• 08:46 - Arnhem Bitcoin City and its Evolution
• 09:55 - Context of Arnhem City in the Netherlands
• 11:45 - Capital Gains Tax in the Netherlands
• 12:33 - Impact of AML Regulations
• 14:13 - Merchants Keeping Bitcoin
• 15:00 - Swan.com
• 16:14 - Mempool.space
• 17:11 - Coinkite.com
• 18:40 - Merchant Churn and Turnover
• 23:35 - Importance of Local Community
• 28:55 - Adopting Bitcoin Conference in Arnhem
• 31:32 - Transition to Lightning Network
• 35:45 - Success Rates of Lightning Network Payments
• 36:30 - Improvement of Lightning Network
• 37:53 - Conclusion and Event Details

While in Madeira for Bitcoin Atlantis, I did some interviews on a range of topics with Lyn Alden, James Lavish, Tomer Strolight, Francis Pouliot, Steven Roose and Peter Todd. We discussed:

• is Macro mid curve? 
• USG debt
• Using analogies to teach bitcoin
• librerelay
• MEV concerns
• Self custodial and scaling

Links:

• Lyn Alden X: @LynAldenContact
• Site: lynalden.com 

• James Lavish X: @jameslavish
• Site: jameslavish.substack.com 
• Site: bitcoinopportunity.fund 

• Tomer Strolight X: @TomerStrolight
• Bitcoin is Generational Wealth - A Short Film by Matt Hornick and Tomer Strolight
• Swan Signal Bitcoin Blog

• Francis Pouliot X: @francispouliot_
• Site: BullBitcoin.com

• Steven Roose X: @stevenroose3
• GitHub: github.com/stevenroose 

• Peter Todd X: @peterktodd 
• Site: Petertodd.org

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

What applications exist for Bitcoin self custodial finance? Philipp Hoenisch, founder of 10101 (pronounced ten-ten-one) joins me on the show to talk about bitcoin trading without counterparty risk. We discuss:

• DLC overview and basics
• DLC channels and lightning
• 10101 walkthrough
• “Funding rate”
• Synthetic stablecoins
• For individuals or business?
• Risks and things can break down

Prior Episodes:

• SLP349 Chris Stewart Bitcoin DLCs & Stablechannels
• SLP219 Nadav Kohen – What You Should Know About Bitcoin DLCs
• SLP519 Self Custodial Bitcoin Finance with Matthew Black of Atomic Finance

Links:

• X: @bonomat
• X: @get10101 
• Site: 10101.finance

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamps/Chapters:

• 00:00 - Introduction and Background
• 05:58 - The Concept of Discrete Log Contracts (DLCs)
• 10:28 - Non-Custodial Trading and DLC Channels
• 12:46 - Using the 10101 App
• 21:32 - Expiry and Funding Rates
• 26:01 - NomadCapitalist.com
• 27:47 - Coinkite.com
• 28:57 - Market Makers and Trade Sizing
• 32:05 - Limits and Future Plans
• 35:55 - Security and Hardware Wallets
• 37:41 - Non-Degen Uses for 10101
• 38:50 - Comparison of Stable Coin Concepts
• 41:58 - High Interest Rates and Risks
• 48:33 - Swan.com
• 49:42 - Mempool.space
• 50:44 - Comparison of Stable Value Options
• 56:49 - Technical Complexity and Education
• 58:43 - Future of the 10101 App
• 01:00:45 - Reasons for Lack of Non-Custodial Finance Adoption
• 01:03:56 - Closing Thoughts

Eric Yakes, author of The 7th Property, joins me to talk about the future of Bitcoin Banking, LN and ecash. We discuss:

• Chaumian mints and ecash
• Interaction with LN
• Credit markets in the future
• How does the system remain Full Reserve? 
• Regulatory roadblocks
• Will there be a role for passive index funds? 

Links:

• X: @ericyakes 
• axiombtc.capital/bank 
• Site: Yakes.io

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamps:

• 00:00 - Introduction
• 08:23 - Bitcoin Banking
• 13:57 - Chaumian Mints
• 19:10 - How Do Chaumian Mints Work
• 24:04 - Use Cases for FediMints and CashewMints
• 31:09 - Coinkite.com
• 32:24 - Mempool.space
• 33:13 - Swan.com
• 35:08 - Bitcoin's Evolution and Adoption
• 38:20 - Regulatory Roadblocks for Commercial Mints
• 40:31 - Mitigating Risk of Token Debasement
• 46:59 - Fractional Reserve Banking and Trust
• 56:45 - Passive Index Funds and Stock Indexes
• 01:01:56 - Accounting Valuation and Global Wealth
• 01:06:02 - Closing Thoughts on Banks Without Bankers

Brian Morgenstern, Head of Public Policy of Riot Platforms joins me to talk about the latest attack on Bitcoin miners: 

• Is Bitcoin mining a partisan issue? 
• The EIA “Survey”
• Falsehoods on grid stability and emissions
• False Emergency
• What to do about it

Links:

• X: @MorgensternNJ 
• Thread https://twitter.com/MorgensternNJ/status/1754634147232977246
• X: @TXblockchain_ 
• Sen. Lummis declares the survey to be ‘absurd’
• Joint statement by the Chamber of Digital Commerce & Texas Blockchain Council opposing the survey: Industry Statement on EIA’s Emergency Survey  - Chamber of Digital Commerce (digitalchamber.org)

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamps/Chapters:

• 00:00 - Introduction and Background
• 02:26 - Is Bitcoin Support Partisan?
• 06:35 - The EIA Request for Information on Bitcoin Mining
• 13:18 - Motivations and Political Divide
• 18:42 - "Emergency" Collection of Data
• 20:14 - Swan.com
• 21:26 - Mempool.space
• 22:35 - Coinkite.com
• 23:52 - Competitive Information and Disclosure
• 31:50 - Potential Misinterpretation and Attacks
• 39:04 - Pushing Back and Taking Action
• 41:24 - The Importance of Speaking Up
• 42:16 - Closing Thoughts

Ben Carman of Mutiny Wallet rejoins me on the show to talk about what’s coming next for Bitcoin. We talk about scaling Bitcoin and contrast the different mindsets, discuss different soft fork proposals and directions Bitcoin could go. We also talk about what impact covenants will have and the latest with Mutiny Wallet. 

• Bitcoin’s biggest challenges
• Taxonomy of Bitcoin development culture
• Soft forks and covenants
• What ‘counts’ as a Bitcoin L2? 
• What are the big benefits of covenants? 
• Mutiny Wallet - a new Hybrid era?
• Will people get priced out? 
• Fedimint support
• Synthetic USD or swaps? 
• Inscriptions and Spam

Links:

• Site: mutinywallet.com
• X: @benthecarman 
• nostr: npub1u8lnhlw5usp3t9vmpz60ejpyt649z33hu82wc2hpv6m5xdqmuxhs46turz 
• Inscriptions post: https://habla.news/a/naddr1qqxnzdesxgerxdp58yenyvejqgswrlemlh2wgqc4jkds3d8ueqj9a2j3gcm7r48v9tskdd6rxsd7rtcrqsqqqa28wdzn0j 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomadcapitalist.com

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamps/Chapters:

• 00:00 - Introduction
• 01:18 - Bitcoin's Challenges: Scaling and Social Consensus
• 08:50 - Different Perspectives on Bitcoin's Future
• 16:10 - The Importance of Unilateral Exit and Self-Custody
• 21:16 - The Potential of Covenants for Scaling Bitcoin
• 25:23 - Mempool.space
• 26:17 - Coinkite.com
• 27:37 - Bitcoin Ark - A Payment Pool
• 31:11 - Introduction to Mutiny Wallet
• 34:36 - Addressing Security Concerns
• 37:06 - Simplifying Onboarding and Social Features in Mutiny Wallet
• 41:50 - The Challenge of Scalability and Affordability
• 43:50 - Building a Hybrid Wallet with Fediment Support
• 45:50 - NomadCapitalist.com
• 47:50 - Swan.com
• 49:07 - Guardians and Discoverability in Mutiny Wallet
• 50:50 - Multiple Federation Support in Mutiny Wallet
• 55:25 - Stable Channels and Synthetic USD in Mutiny Wallet
• 01:00:20 - The Role of ETFs and Number Go Up in Bitcoin Adoption
• 01:04:40 - The Debate on Inscriptions and Shitcoins in Bitcoin
• 01:08:01 - Closing Thoughts

Do the lies about Bitcoin frustrate you? Join us in this episode as we discuss the ways to dispel and debunk some of the most egregious false climate narratives on Bitcoin with Daniel Batten, Managing Partner at CH4 Capital. We discuss:

• The biggest bitcoin climate myths
• Dishonest portrayal in the media
• “Per transaction” fake methodology
• Where Cambridge CCAF is wrong
• Bitcoin’s PoW and ‘ideological intransigence’
• ESMA submission
• How Bitcoiners can help

Links:

• X: @DSBatten
• Articles: https://batcoinz.com/submission-to-esma-on-bitcoin-mining/
• https://batcoinz.com/a-tale-of-two-articles/

Prior episodes referred to

• SLP487 Bitcoin Mining Energy Debate – Digiconomist and Ben Gagnon  
• SLP542 Defending Bitcoin PoW in the EU with Lyudmyla Kozlovska and Bota Jardemalie

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamps/Chapters:

• 00:00 - Introduction
• 01:51 - Daniel's Journey with Bitcoin
• 09:13 - Biggest Bitcoin Climate Myths
• 18:34 - Coinkite.com
• 19:37 - Mempool.space
• 20:34 - How Media Perceptions about Bitcoin Changed Over Time
• 36:20 - Cambridge Bitcoin Estimate
• 44:45 - Swan.com
• 45:54 - Acknowledging Other Paths To Sustainability
• 57:10 - Submission to ESMA and Correcting False Narratives
• 01:09:21 - Bitcoin's Environmental Benefits
• 01:12:40 - Closing Thoughts

We talk about monetary maximalism, and whether everything is good for bitcoin with Christian Keroles of HRF. We discuss:

• Monetary maximalism: descriptive or prescriptive
• Bitcoin Spam 
• Antifragility
• What bitcoiners are getting wrong on personal finance
• How 2023 played out with “ordinals”
• Not being used to winning

Links:

• X: @ck_SNARKs
• Site: HRF.org
• Site: https://cbdctracker.hrf.org/home

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamp/Chapters:

• 00:00 - Introduction
• 01:22 - Defining Monetary Maximalism
• 03:10 - Monetary Maximalism as an Observation
• 05:00 - Descriptive vs Prescriptive Monetary Maximalism
• 09:50 - The Debate on Ordinals and Spam
• 21:05 - The Nuisance Level of Spam
• 22:48 - What Are Most Bitcoiners Getting Wrong On Personal Finance
• 29:49 - The Emergence of Ordinals and Inscriptions
• 32:27 - Coinkite.com
• 33:28 - Swan.com
• 34:31 - Mempool.space
• 35:54 - The Umbrella Term of Ordinals
• 41:16 - The Fallout and Consequences of Bitcoin Developments
• 48:53 - The Strengthening of Bitcoin through Challenges
• 53:20 - The Debate on Filtering in Bitcoin
• 58:32 - The Emergence of Runes Protocol
• 01:02:13 - Bitcoin's Winning Streak
• 01:04:35 - Confusion and False Narratives
• 01:07:37 - The Base of Bitcoin: 21 Million Coins and HODL
• 01:08:37 - Closing Thoughts and Bitcoin Adoption

We’re trying something a little different this episode! While at Bitcoin Oasis 2024 in Dubai I captured some short interviews with some speakers at the conference. We covered a wide range of topics ranging from Bitcoin Spam, to nation state adoption and honestly grappling with bitcoin user adoption trade offs. The speakers interviewed are:

• Alejandro De La Torre of Demand Mining
• Luke Dashjr of Ocean Mining
• Prince Philip of Serbia, from JAN3
• Pete Rizzo of Bitcoin Magazine
• Giacomo Zucco of Plan B Network

Links:

• Alejandro De La Torre X: @bitentrepreneur 
•  Luke Dashjr X: @LukeDashjr  and https://ocean.xyz/
• Prince Philip of Serbia X: @PrincFilip1 and https://jan3.com/
• Pete Rizzo X: @pete_rizzo_ and Bitcoinmagazine.com
• Giacomo Zucco X: @giacomozucco and https://planb.network/

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• https://nomadcapitalist.com

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamps/Chapters:

• 00:00 - Introduction
• 01:44 - Alejandro De La Torre Interview
• 08:26 - Luke Dashjr Interview
• 21:10 - Swan.com
• 22:46 - Mempool.space
• 23:47 - Prince Philip of Serbia Interview
• 37:08 - Pete Rizzo Interview
• 54:29 - Coinkite.com
• 55:46 - NomadCapitalist.com
• 57:20 - Giacomo Zucco Interview
• 01:13:26 - Closing Thoughts

Mike Peterson from Bitcoin Beach El Zonte, El Salvador rejoins me on the show to give listeners some updates from El Salvador. Having a reduced crime rate and improved investment and tourism into the country has driven big changes! We talk:

• How things look a few years on from the Bitcoin Law
• Life on the ground in El Salvador
• How easy it is to move
• El Salvador $1M Citizenship Program
• Dealing with on chain fees
• Custodial vs Self Custodial and pragmatism
• ‘Circular Economies’ and insights from his networking around the world

Links:

• X: @Bitcoinbeach
• YT: @LiveFromBitcoinBeach 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Timestamps/Chapters:

00:00 - Introduction and Background

01:20 - Two and a Half Years After Bitcoin Adoption in El Salvador

05:21 - Financial Innovation in El Salvador

09:36 - Bottom-Up vs Top-Down Adoption of Bitcoin

11:00 - Ease of Setting Up in El Salvador

21:05 - Coinkite.com

22:13 - Mempool.space

22:56 - Swan.com

24:15 - Living on Bitcoin in El Salvador

31:48 - Bitcoin Meetups and Events in El Salvador

35:51 - Circular Economies and Bitcoin Adoption

40:55 - Insights from Other Circular Economies

50:05 - Custodial vs. Non-Custodial

54:21 - The Bitcoin Beach Podcast

56:16 - Closing thoughts

Get an overview of lightning wallets in this episode with Anita Posch. Anita walks through what she found in testing self custodial lightning wallets under conditions of poor internet connectivity. We also talk about themes that came up at the recent Adopting Bitcoin Cape Town South Africa. 

• On the ground insights
• Results of the self custodial wallet test
• Which LN apps came out best? 
• The situation with fees
• Where the test might not be suitable
• How things may change with a Liquid or Fedimint approach

Links:

• X: @AnitaPosch
• Site: bffbtc.org
• Bitcoin for Fairness - Anita Posch 
• (L)earn Bitcoin

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

What does Life Insurance look like when it’s all priced and done in Bitcoin? Zac Townsend (CEO and co-founder of Meanwhile) joins me on the show to talk about it. We discuss:

• Life insurance as a model
• Term or Whole life
• Bitcoin denomination
• Is it the next Celsius or BlockFi? 
• Does it work under a deflationary
• Private credit fund

Links:

• X: @ztownsend
•  X: @meanwhilelife
• Site: meanwhile.bm 

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Substack

Aaron van Wirdum rejoins me to talk about his exploration of how Bitcoin came to be. We talk about his new book, The Genesis Book. In this book, Aaron explores some of the technologies, and philosophies that led to the creation of Bitcoin. We discuss:

• What he learned in making this book
• Hayek and the Austrians
• Extropians
• Cryptography and the Cypherpunks
• Libertarians
• Precursor tech to Bitcoin

Links:

• X: @AaronvanW
• Site: http://thegenesisbook.com/
• Nostr #npub1art8cs66ffvnqns5zs5qa9fwlctmusj5lj38j94lv0ulw0j54wjqhpm0w5

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• https://nomadcapitalist.com/live/

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Stephan Livera Substack newsletter

Timestamp/Chapters:

00:00 - Introduction

01:07 - Motivation for Writing the Book

04:05 - Bitcoin's Origins and Evolution

08:21 - The Influence of Hayek and Austrian Economics

18:54 - The Connection Between FOSS and Bitcoin

25:49 - The Extropians and Their Vision

30:47 - The Cypherpunks and Their Ideology

32:28 - Swan.com

33:52 - Mempool.space

35:00 - Coinkite.com

39:30 - The Rise and Fall of DigiCash

51:20 - The Crypto Wars and Government Regulation

56:26 - Pre-cursor Electronic Cash Projects

01:01:20 - Satoshi's Clever Insight

01:03:00 - Closing thoughts

Sébastien Gouspillou is a French Bitcoin miner, entrepreneur, and speaker. He is the CEO of BBGS (Big Block Green Services) and he joins me to talk about Bitcoin mining in the Democratic Republic of the Congo, Oman and elsewhere around the world: 

• Bitcoin mining in the DRC
• Bitcoin mining in Oman
• Using various forms of energy 
• Working in different environments
• Narrative shifts in Bitcoin Mining and Proof of Work

Links:

• X: @SebGouspillou
• Site: bbgsmining.com

Sponsors:

• Swan.com (code LIVERA)
• CoinKite.com (code LIVERA)
• Mempool.space
• Nomad Capitalist LIVE

Stephan Livera links:

• Follow me on X: @stephanlivera
• Subscribe to the podcast
• Subscribe to Stephan Livera Substack newsletter

Timestamps/Chapters:

00:00 - Introduction and Background

02:34 - Challenges and Risks in the Congo

04:30 - Bitcoin Mining in Virunga National Park

09:28 - Performance and Investment in the DRC

14:10 - Economic Opportunities and Job Creation

23:31 - Bitcoin Mining in Oman

28:05 - Challenges of Solar-Powered Mining

31:38 - Bitcoin Mining in the Middle East

41:30 - Mining Potential in Africa

45:05 - Energy Sources

47:37 - The Environmental Impact of Bitcoin Mining

55:35 - Closing Thoughts

It seems that the EU is constantly coming out with bad new regulations that will impact Bitcoiners and Bitcoin miners. Joining me today is Lyudmyla Kozlovska and Bota Jardemalie from the Open Dialogue Foundation - Bitcoin and human rights advocates. We talk about:

• EU bureaucracy and ECB threat to Bitcoin
• Why engage with these people at all?
• Attacks on Bitcoin’s Proof of Work
• Threat to self custody and sovereignty - AML
• Bitcoin as bank of last resort
• How you can help with testimonials