Uploaded July 2025 | Updated September 2026, 1 week ago
In this special interview live from Permissionless IV, Rizzo sits down with Bitcoin OG & Core developer Jeff Garzik to reflect on Bitcoin’s early days, the culture shift from experimentation to ossification, and his belief that Bitcoin’s social and monetary network would have emerged regardless of specific developers. Garzik critiques Lightning as a failed detour, champions Layer 2s like Hemi for bringing programmability to Bitcoin, and stresses that Ethereum remains vital due to its developer traction and audit maturity. Enjoy!
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Follow Jeff: https://x.com/jgarzik
Follow Rizzo: https://x.com/pete_rizzo_
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Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx
Supply Shock Newsletter: blockworks.co/newsletter/supplyshock
Supply Shock Survey: bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6
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Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.
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Timestamps:
00:00 Introduction
01:47 Building the Bitcoin Market
08:16 Ledger Ad
09:42 Bitcoin Then vs Today
11:55 Bitcoin Ossification
13:39 Was Bitcoin Inevitable?
18:38 Who Controls Bitcoin?
21:37 Bitcoin Forks & Lightning Network
25:01 Crypto is the Beta Test for Bitcoin
25:34 Ledger Ad
26:19 Crypto is the Beta Test for Bitcoin
31:08 What Did Ethereum Achieve?
36:46 EVMs, BitVM & L2s
41:24 Unleashing Bitcoin Upgrades
49:25 Identifying the Problems
57:46 Why Work on Bitcoin Today?
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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
#Bitcoin #Crypto #SupplyShock
In this special interview live from Permissionless IV, Rizzo sits down with Bitcoin OG & Core developer Jeff Garzik to reflect on Bitcoin’s early days, the culture shift from experimentation to ossification, and his belief that Bitcoin’s social and monetary network would have emerged regardless of specific developers. Garzik critiques Lightning as a failed detour, champions Layer 2s like Hemi for bringing programmability to Bitcoin, and stresses that Ethereum remains vital due to its developer traction and audit maturity. Enjoy!
—
Follow Jeff: https://x.com/jgarzik
Follow Rizzo: https://x.com/pete_rizzo_
Follow Supply Shock: twitter.com/SupplyShockBW
Follow Blockworks: twitter.com/Blockworks_
Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx
Supply Shock Newsletter: blockworks.co/newsletter/supplyshock
Supply Shock Survey: bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6
—
Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.
—
Timestamps:
00:00 Introduction
01:47 Building the Bitcoin Market
08:16 Ledger Ad
09:42 Bitcoin Then vs Today
11:55 Bitcoin Ossification
13:39 Was Bitcoin Inevitable?
18:38 Who Controls Bitcoin?
21:37 Bitcoin Forks & Lightning Network
25:01 Crypto is the Beta Test for Bitcoin
25:34 Ledger Ad
26:19 Crypto is the Beta Test for Bitcoin
31:08 What Did Ethereum Achieve?
36:46 EVMs, BitVM & L2s
41:24 Unleashing Bitcoin Upgrades
49:25 Identifying the Problems
57:46 Why Work on Bitcoin Today?
—
Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
#Bitcoin #Crypto #SupplyShock
