Then They Fight You? - Parker Lewis SLP570 Stephan Livera 2024-10-21 | Then They Fight You? - Parker Lewis SLP570
Fractional Reserve Banking, Islamic Finance & Bitcoin with Harris Irfan SLP610 Stephan Livera 2024-10-18 | Official Podcast Episode: stephanlivera.com/610Harris 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. SummaryIn 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.TakeawaysHarris 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(16:04) - Sponsors(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?(38:11) - Sponsor(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) - OutroLinks: https://x.com/harris_irfan ccmkts.comSponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Bitcoin Mining: The Most Flexible Energy Buyer with Kenji Tateiwa SLP609 Stephan Livera 2024-10-14 | Official Podcast Episode: stephanlivera.com/609SummaryIn 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.TakeawaysKenji 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 XLinks: agileenergyx.co.jp/en Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
The Next Big Print Sends Bitcoin to $350K with Lawrence Lepard SLP608 Stephan Livera 2024-10-05 | Official Podcast Episode: stephanlivera.com/608Lawrence 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. SummaryIn 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.TakeawaysThe 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/LawrenceLepardema2.com Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioNomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Bitcoin: The Great Absorber of Liquidity with Dr. Jeff Ross SLP606 Stephan Livera 2024-09-29 | Official Podcast Episode: stephanlivera.com/606After 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!SummaryIn 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.TakeawaysLiquidity 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:(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 thoughtsLinks: drjeff@nostrplebs.com primal.net/p/npub1k7vkcxp7qdkly7qzj3dcpw7u3v9lt9cmvcs6s6ln26wrxggh7p7su3c04l Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Bitcoin: On the Way to $400K? with Andy Edstrom SLP605 Stephan Livera 2024-09-23 | Official Podcast Episode: stephanlivera.com/605Andy 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!SummaryIn 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.TakeawaysBitcoin'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 thoughtsLinks: https://x.com/edstromandrew amazon.com/Books-Andy-Edstrom/s?rh=n%3A283155%2Cp_27%3AAndy+Edstrom https://x.com/OnrampBitcoin/status/1836029421922263074 Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioNomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Bitcoin Custody & Proof of Reserves with Alexander Leishman SLP604 Stephan Livera 2024-09-19 | Official Podcast Episode: stephanlivera.com/604With 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.SummaryIn 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.TakeawaysCoinbase 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:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
The Power of Political Decentralization with Ryan McMaken SLP603 Stephan Livera 2024-09-13 | Official Podcast Episode: stephanlivera.com/603Secession 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. SummaryIn 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.TakeawaysRadical 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: mises.org/profile/ryan-mcmakenmises.org/library/book/breaking-away-case-secession-radical-decentralization-and-smaller-polities https://x.com/ryanmcmakenSponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Bitcoin Product Market Fit For Savings with Pierre Rochard SLP602 Stephan Livera 2024-09-11 | Official Podcast Episode: stephanlivera.com/602My friend Pierre Rochard (VP Research at Riot Platforms) rejoins me on the show to discuss some of his latest views on - long-term savings in Bitcoin and its product-market fit, Business on a bitcoin standard, the role of passive index equity investing under hyperbitcoinization, cultural changes on a bitcoin standard and more.SummaryIn 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.TakeawaysBitcoin 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 AdoptionLinks: https://x.com/BitcoinPierre Pierre’s analysis: https://x.com/BitcoinPierre/status/1831163386182164937 Hoppe article mentioned: mises.org/mises-daily/yield-money-held-reconsidered Blocktime Podcast by Riot: blocktimebyriot.com Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Bold Bitcoin getbold.ioNomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Can Lightning Liquidity Be Solved with Liquid? With Tankred Hase SLP601 Stephan Livera 2024-09-09 | Official Podcast Episode: stephanlivera.com/601Tankred 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.SummaryTankred 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?(20:55) - Advancing Bitcoin as MoE(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 NetworkLinks: https://x.com/tankredhase blog.onionmill.com/p/introducing-stashpay-a-bitcoin-wallet Sponsors:Bold Bitcoin getbold.ioCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Full Reserve vs Real Bills with Philipp Bagus - SLP600 Stephan Livera 2024-08-29 | 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 ArgentinaSummary: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 mises.org/profile/philipp-bagus mises.org/library/book/full-reserve-banking-versus-real-bills-doctrine Sponsors:Bold Bitcoin getbold.ioCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Bitcoin Hardware Security Panel - NVK, Craig Raw, Rearden, Salvatoshi, AddBTC - SLP599 Stephan Livera 2024-08-21 | 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 walletsSummaryThe 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 thoughtsLinks: https://x.com/add_BTChttps://x.com/nvkhttps://x.com/craigrawhttps://x.com/reardencode https://x.com/salvatoshi Blog post: ledger.com/blog/towards-a-trustless-bitcoin-wallet-with-miniscript Prior episode on Dark Skippy: stephanlivera.com/episode/597Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Nomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
‘Getting on Zero’ with Sahil - SLP598 Stephan Livera 2024-08-18 | Official Podcast Episode: stephanlivera.com/598Sahil 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 SummarySahil 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) - OutroLinks: https://x.com/SahilC0 medium.com/@SahilC0/rethinking-the-function-of-fiat-currency-6263465aa2ff tftc.io/author/sahil Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Dark Skippy: A New Attack on Bitcoin Hardware Wallets? With Nick, Lloyd and Robin SLP597 Stephan Livera 2024-08-14 | Official Podcast Episode: stephanlivera.com/597Dark 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 allDark Skippy in context with other attacksSecurity while signing transactions, and security while generating keysRFC6979 Deterministic nonce generationUpdating PSBT to help mitigate this attackSummaryThe 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 thoughtsLinks: darkskippy.com 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) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Lightning is the common language of Bitcoin with Roy from Breez SLP596 Stephan Livera 2024-08-09 | Official Podcast Episode: stephanlivera.com/596 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) - OutroLinks: medium.com/breez-technology/lightning-is-the-common-language-of-the-bitcoin-economy-eb8515341c11 https://x.com/Breez_TechSponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Nomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
A New Way to Invest in Bitcoin Startups? Mike Jarmuz of Thunder Funder SLP595 Stephan Livera 2024-08-06 | Official Podcast Episode: stephanlivera.com/595 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 FunderLinks: https://x.com/MikeJarmuz https://x.com/r0ckstardev https://x.com/ltngventures https://x.com/ThunderFunderCF thunderfunder.com Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
SLP594 Antoine Poinsot on Bitcoin Core Development & Great Consensus clean up Stephan Livera 2024-07-29 | Official Podcast Episode: stephanlivera.com/594Joining 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 timewarp?(19:08) - Sponsors(21:08) - What is Block Validation (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 thoughtsLinks: https://x.com/darosior wizardsardine.com/liana delvingbitcoin.org/t/great-consensus-cleanup-revival/710 bitcoincore.org/en/2024/07/03/disclose-bip70-crash Sponsors:CoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
How Do You Retire on Bitcoin? With Morgen Rochard SLP593 Stephan Livera 2024-07-22 | Official Podcast Episode: stephanlivera.com/593Can 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 itBeing conservative in your planningCPI inflation being hard to predictDo 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 CAGRLinks: bitcoinfinancialadvisorsnetwork.com/does-bitcoin-make-retirement-planning-obsolete https://x.com/MorgenRochard originwa.com Sponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Nomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
The Fertility Crisis and Cultural Answers to it with Daniel Hess SLP592 Stephan Livera 2024-07-19 | Official Podcast Episode: stephanlivera.com/592The 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) - OutroLinks:X.com/@morebirthsSponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Stable Channels with Tony Klausing (SLP591) Stephan Livera 2024-07-15 | Official Podcast Episode: stephanlivera.com/591Even 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) - OutroLinks:https://x.com/tonklaus stablechannels.com Sponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
SLP590 The Bushido of Bitcoin with Aleksandar Svetski Stephan Livera 2024-07-10 | Official Podcast Episode: stephanlivera.com/590Aleksandar Svetski (@SvetskiWrites) rejoins me to talk about his newest book, The Bushido of Bitcoin. We get into a discussion about: Anti-egalitarianismVirtuesWhy Bitcoiners should ‘stop being plebs’The ascend & descend of civilisationsImbibing warrior culture in BitcoinThe masses and the remnantTimestamps:(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) - OutroLinks:https://x.com/SvetskiWrites bushidoofbitcoin.comSponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Nomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Abundance, Generosity, and the State with Guido Hulsmann SLP589 Stephan Livera 2024-07-07 | Official Podcast Episode: stephanlivera.com/589Jörg 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. Timestamps:(00:00) - Intro(00:58) - Inspiration behind ‘Abundance, Generosity and the State’(05:10) - What is a gratuitous good?(09:48) - Virtues and the necessity of sacrifice(11:50) - ‘Tit for tat’ exchange(13:22) - Gratuitous benefits that are part of a free market economy(18:30) - Sponsors(19:38) - Positive externalities of capital accumulation in a free market(22:42) - Taxation & regulation of gifts (especially inheritances) slows down capital accumulation(30:34) - Distinction between private charity & welfare state (40:46) - Sharing economy doesn't necessarily increase social integration (44:53) - Sponsors(47:29) - Govt. intervention in the role of families(55:21) - Economics of more females in the workforce(1:00:27) - Are we really less wealthy?(1:04:13) - Progress comes in spurts(1:07:46) - Closing thoughtsLinks:mises.org/library/book/abundance-generosity-and-state-inquiry-economic-principles Site: guidohulsmann.com Sponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
SLP588 Why are Empty Blocks Happening with OrangeSurf from mempool.space Stephan Livera 2024-07-03 | Official Podcast Episode: stephanlivera.com/588Why 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 poolsFirmware and config differencesTimestamps:(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 mining(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) - OutroLinks:Empty Block Report: https://research.mempool.space/empty-block-report/ Pool Reserve: https://orange.surf/pool-reserves/Enterprise: mempool.space/enterpriseCommunity Sponsors: mempool.space/sponsor Sponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
SLP587 Setting up Free Private Cities in South Asia with Art Finch Stephan Livera 2024-07-01 | Official Podcast Episode: stephanlivera.com/587Art 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(51:40) - Mitigating the risk of expropriation(58:00) - Managing taxes between host country and the FPC(1:01:47) - Closing thoughtsLinks:Article mentioned: forbes.com/sites/sarahemerson/2023/12/15/bhutan-futuristic-city-dragon-kingSite: https://yungdrung.city/Free Citadels profile: freecitadels.com/profile/art-finch Sponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Nomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Direct Held Bitcoin ETF with in kind redemption with Jeff Yew, CEO, Monochrome SLP586 Stephan Livera 2024-06-27 | Official Podcast Episode: stephanlivera.com/586While 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 USALinks:https://x.com/jeffyew_ https://x.com/Monochromeasset Sponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
100 Businesses Accepting Bitcoin in Roatan Stephan Livera 2024-06-24 | Official Podcast Episode: stephanlivera.com/585You 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 RoatanSetting up a businessChoose your own regulatory environmentZEDE law situationBitcoin as unit of accountLeaving CanadaStephan Livera links:Follow me on X: @stephanlivera twitter.com/stephanliveraSubscribe to the podcast plinkhq.com/i/1415720320Subscribe to Substack stephanlivera.substack.com
Set Your Business Up With Bitcoin Unit of Account with Luke Thibodeau, CFO of Prospera SLP585 Stephan Livera 2024-06-22 | Official Podcast Episode: stephanlivera.com/585You 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 RoatanSetting up a businessChoose your own regulatory environmentZEDE law situationBitcoin as unit of accountLeaving CanadaTimestamps:(00:00) - Intro(01:01) - The idea of ‘Free Private Cities’(03:32) - Life on Roatan(07:01) - Demographics of Prospera(08:50) - AmityAge spearheading Bitcoin adoption in Prospera(11:50) - Repricing Prospera in sats(14:36) - Setting up a business in Prospera(18:30) - Picking your own regulatory environment (24:57) - Sponsors(28:24) - Addressing controversies surrounding Prospera(30:34) - Taxes in Roatan(35:48) - Looking back at life in Canada(41:43) - Private & Sovereign Special Economic Zones (SEZ) (44:06) - Main role of Prospera; building a charter city and beyond(49:17) - ZEDE Law situation(55:05) - Population of Prospera(57:02) - Discovering Prospera and closing thoughtsmestamps:Links:https://prospera.hn/stephanlivera.com/episode/464 Sponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera twitter.com/stephanliveraSubscribe to the podcast plinkhq.com/i/1415720320Subscribe to Substack stephanlivera.substack.com
Updates on Ark with Tiero SLP584 Stephan Livera 2024-06-18 | Official Podcast Episode: stephanlivera.com/584Tiero of Ark Labs joins me on the show to discuss the latest with Ark. We get into: How Ark has changed since initial proposalclARK - covenant-less ARKTrade offs to make clARK happenWhich covenants would help vs what is ideal for ArkArk on Liquid Capital requirements and costsFiatcoinsNostrTimestamps:(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?(01:02:39) - NIP46 & building Nostr Connect(01:06:40) - Summary & closing thoughts Links:twitter.com/tierotieroarklabs.toSponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Nomadcapitalist.com/apply nomadcapitalist.com/applyStephan Livera links:Follow me on X: @stephanlivera twitter.com/stephanliveraSubscribe to the podcast plinkhq.com/i/1415720320Subscribe to Substack stephanlivera.substack.com
Bitcoin Ossification Debate with Vijay Boyapati and Reardencode SLP583 Stephan Livera 2024-06-12 | Official Podcast Episode: stephanlivera.com/583The 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 unknownsAddressing centralising MEV concernsSoft forks and hard forksEconomic nodes and who holds the powerWhere to from hereTimestamps:(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 ThoughtsLinks:X: @real_vijay https://x.com/real_vijayBullish Case for Bitcoin: Swan.com/bullish X: @reardencode https://x.com/reardencodePrior episodes:Rusty - Great Script Restoration SLP577 youtu.be/gQBId8ZiZfw?si=7ttN_Sdlvde1Ih_yBrandon Black - Are Covenants necessary for Bitcoin SLP537 youtu.be/XVXaXLCd1mU?si=iYewjuDB4YbavYs6TXHASH Steven Roose SLP541: youtu.be/bo-quy3VzUM?si=cMblnWlIkyuxStGZMatt Corallo and Steve Lee Great Consensus Cleanup SLP565: youtu.be/u4sIrue9k4c?si=LO-d1rZ3NqsqWsV2Sponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/Stephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
XPUB vs Silent Payments Stephan Livera 2024-06-08 | #Bitcoin #BitcoinPodcast #BitcoinNews #BitcoinInterviews #BitcoinTechnology #BitcoinExperts #BitcoinExplained #BitcoinforBeginners #BitcoinFuture #BitcoinEconomy #BitcoinSecurity #BitcoinEvents #BitcoinInvestmentStrategies #UnderstandingBitcoin #BitcoinCommunity #BitcoinInnovations #BitcoinRegulations #BitcoinTrends #BitcoinsImpact #BitcoinExpertsDiscussion #BitcoinandtheFutureofMoney #BitcoinKnowledge #BitcoinQ&A #BitcoinUseCases
Address reuse hurts everyone’s privacy Stephan Livera 2024-06-07 | #Bitcoin #BitcoinPodcast #BitcoinNews #BitcoinInterviews #BitcoinTechnology #BitcoinExperts #BitcoinExplained #BitcoinforBeginners #BitcoinFuture #BitcoinEconomy #BitcoinSecurity #BitcoinEvents #BitcoinInvestmentStrategies #UnderstandingBitcoin #BitcoinCommunity #BitcoinInnovations #BitcoinRegulations #BitcoinTrends #BitcoinsImpact #BitcoinExpertsDiscussion #BitcoinandtheFutureofMoney #BitcoinKnowledge #BitcoinQ&A #BitcoinUseCases
NVK on Bitcoin Ossification and Changes SLP582 Stephan Livera 2024-06-07 | Official Podcast Episode: stephanlivera.com/582NVK 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 onIt’s not your chainLinks:X: @nvk https://x.com/nvkBitcoinsecurity.guide: https://bitcoinsecurity.guide/Coinkite: http://coinkite.comUnleashed.chat: https://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) - OutroSponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/Stephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Bitcoin Seoul 2024 Interviews with Saifedean, Jimmy Song, Laolu, Obi, glozow and Calvin SLP581 Stephan Livera 2024-06-04 | Official Podcast Episode: stephanlivera.com/581I recently spoke at Bitcoin Seoul 2024 and here are some interviews with some of the speakers:Calvin Kim on utreexoGloria Zhao on Bitcoin Core and mempoolLaolu on Taproot Assets and covenantsSaifedean on Central Banking and tax cattleObi Nwosu on FediJimmy Song on Bitcoin in KoreaTimestamps:(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 Interview(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) - OutroLinks:X: x.com/saifedeanSaifedean episode: saifedean.com/podcast/222-central-banking-worksX: x.com/glozowBitcoin review club: https://bitcoincore.reviews/BIP 431: github.com/bitcoin/bips/blob/master/bip-0431.mediawikiX: x.com/obi Fedi: https://www.fedi.xyz/X: x.com/roasbeefLightning Labs: https://lightning.engineering/X: https://x.com/kcalvinalvinnUtreexod beta release: groups.google.com/g/bitcoindev/c/5GyV9af9lv4?pli=1 X: x.com/jimmysongSponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/- Nomadcapitalist.com/apply : nomadcapitalist.com/applyStephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Bitcoin and MEV with Walt Smith SLP580 Stephan Livera 2024-06-02 | Official Podcast Episode: stephanlivera.com/580Walt Smith of cyber.fund joins me to discuss thoughts on MEV and where it may be going on Bitcoin. We discuss:Defining MEV10 minute block time?Does it centralise Bitcoin?Suffering from successThe approach on shitcoins and spamTimestamps:00:00 - Intro 02:02 - Defining MEV06:02 - Replace-by-fee RBF11:01 - 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 - Sponsors35:24 - Does the 10 minute block time mitigate MEV?40:27 - Is Bitcoin more than ‘money’?46:05 - Fake L2's on Bitcoin51:24 - Does MEV lead to miner centralisation? 56:15 - Closing thoughts on MEVLinks:X: @waltjsmith https://x.com/waltjsmithX: @cyberFund_ https://x.com/cyberfund_Site: cyber.fund https://t.co/pyUUMohVqrArticle: The Spectre of MEV on Bitcoin https://cyber.fund/content/the-spectre-of-mev-on-bitcoinSponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Importance of Capital in Bitcoin mining Stephan Livera 2024-06-02 | #Bitcoin #BitcoinPodcast #BitcoinNews #BitcoinInterviews #BitcoinTechnology #BitcoinExperts #BitcoinExplained #BitcoinforBeginners #BitcoinFuture #BitcoinEconomy #BitcoinSecurity #BitcoinEvents #BitcoinInvestmentStrategies #UnderstandingBitcoin #BitcoinCommunity #BitcoinInnovations #BitcoinRegulations #BitcoinTrends #BitcoinsImpact #BitcoinExpertsDiscussion #BitcoinandtheFutureofMoney #BitcoinKnowledge #BitcoinQ&A #BitcoinUseCases
Centralisation of mining pools Stephan Livera 2024-05-29 | #Bitcoin #BitcoinPodcast #BitcoinNews #BitcoinInterviews #BitcoinTechnology #BitcoinExperts #BitcoinExplained #BitcoinforBeginners #BitcoinFuture #BitcoinEconomy #BitcoinSecurity #BitcoinEvents #BitcoinInvestmentStrategies #UnderstandingBitcoin #BitcoinCommunity #BitcoinInnovations #BitcoinRegulations #BitcoinTrends #BitcoinsImpact #BitcoinExpertsDiscussion #BitcoinandtheFutureofMoney #BitcoinKnowledge #BitcoinQ&A #BitcoinUseCases
Silent Payments: A Bitcoin username? With Josibake and Ruben Somsen SLP579 Stephan Livera 2024-05-27 | 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 overviewContrast with other techniques such as BIP47 Light client supportStopping address re useBase layer privacy discussionTimestamps:00:00 - Intro01:01 - Overview of Silent Payments SP03:15 - History of the SP idea & contrast with other methods14:36 - Current status of SP development & adoption17:49 - Testing light clients for SP21:50 - The Silent Payment Experience26:31 - Light client support31:20 - What is a light client?38:05 - Sponsors41:16 - Spend Key & Scan Key 42:37 - XPUB vs. Silent Payments44:42 - Reducing address re-use with SP49:29 - Labeling with Silent Payments53:14 - Ease of use and compatibility with Lightning 57:03 - Overcoming the ‘silver bullet’ mindset01:10:50 - Composability with Silent Payments01:12:46 - Silent Payments summary01:14:06 - Closing ThoughtsLinks:X: @josibake https://x.com/josibakeX: @SomsenRuben https://x.com/somsenrubenBIP: Silent Payments github.com/bitcoin/bips/blob/master/bip-0352.mediawikiTracking progress in Bitcoin Core/libsecp256k1 github.com/bitcoin/bitcoin/issues/28536Informational website from sethforprivacy : Privacy-preserving static addresses for Bitcoin: http://silentpayments.xyzSponsors:Swan.com (code LIVERA) http://swan.com/liveraCoinKite.com (code LIVERA) http://coinkite.comMempool.space https://mempool.space/Stephan Livera links:Follow me on X: @stephanlivera https://x.com/stephanliveraSubscribe to the podcast: plinkhq.com/i/1415720320Subscribe to Substack: stephanlivera.substack.com
Bitaxe: The Open Source Bitcoin Miner with Skot - SLP578 Stephan Livera 2024-05-24 | Official Podcast Episode: stephanlivera.com/578Skot 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 miningBitaxe overviewWhy do people do this?Price and how to set one upMining poolsDecentralisationTimestamps:00:00 - Intro00:50 - Skot’s Background & building his first radio station04:00 - Centralisation of mining pools07:20 - Balancing profitability and FOSS ethos11:35 - The market for Open Source Bitcoin miners13:18 - What is Bitaxe?15:07 - Reverse engineering ASIC mining boards17:15 - Is it profitable to run BitAxe?22:53 - Sponsors25:24 - Lottery mining27:21 - Setting up a BitAxe 33:03 - Bitaxe getting a grant by OpenSats 38:13 - Upcoming versions of BitAxe40:45 - What happens if home miners run BitAxe at scale?43:59 - Sponsors46:12 - Post-halving effects on home mining setups51:20 - Cost considerations - S21 vs. BitAxe Supra54:13 - Risks of Bitcoin mining centralisation58:07 - Thoughts on Stratum V201:02:07 - Empty blocks01:05:09 - OutroLinks:X: @skot9000 : https://x.com/skot9000Site: Bitaxe.org : http://Bitaxe.orgSponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/- Nomadcapitalist.com/apply : nomadcapitalist.com/applyStephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Great Script Restoration with Rusty Russell SLP577 Stephan Livera 2024-05-22 | Official Podcast Episode: stephanlivera.com/577Rusty 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 backgroundGSR overviewGSR benefits What is varops Contrast with APO or LNHANCE?Will it enable shitcoins and spam?Timestamps:00:00 - Intro01:20 - What are Bitcoin Scripts?02:43 - Why did Satoshi disable Opcodes in 2010?05:49 - Implications of not having scripts?07:39 - Great Script Restoration GSR overview09:53 - What does GSR enable?16:00 - Scaling through sharing UTXOs20:13 - Would GSR affect the existing scripts?23:29 - What is Varops?31:19 - Varops Summary33:40 - Feasibility of creating Varops budget?38:19 - Contrast with APO or LNHANCE?41:15 - Why do we need GSR?44:28 - GSR: Way forward48:25 - Efficiency with GSR51:09 - Will it enable shitcoins and spam?56:30 - Closing ThoughtsRelevant previous episodes:SLP565 Great Consensus Clean up, MEVil and LN isn’t dead – Steve Lee and Matt Corallo : stephanlivera.com/episode/565SLP573 A Shift in Bitcoin Developer Thought? with Brandon Black (aka reardencode) : stephanlivera.com/episode/573Links:- X: @rusty_twit : twitter.com/rusty_twit- Site: Rusty.ozlabs.org : rusty.ozlabs.org- Rusty’s BTC plus plus talk on GSR : youtube.com/watch?v=rSp8918HLnASponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/Stephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Payjoin Dev Kit for Bitcoin Privacy - Dan Gould SLP576 Stephan Livera 2024-05-21 | Official Podcast Episode: stephanlivera.com/576Dan 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 KitTimestamps:00:00 - Intro & broader privacy overview03:22 - What is a PayJoin?05:51 - Privacy heuristics08:54 - What % of PayJoin changes things?11:23 - “No Silver Bullets”14:46 - Pitfalls of PayJoin19:12 - The lag in PayJoin adoption22:18 - PayJoin Dev Kit and how it works23:50 - PayJoin Directories25:36 - Sponsors28:48 - Time sensitivity in asynchronous PayJoin30:41 - Who runs a PayJoin directory?34:50 - PayJoin V2 vs. V137:09 - PayJoin use case - settlement or payments?42:40 - Wallets supporting PayJoin Dev Kit44:50 - Reason to implement PayJoin48:28 - The PayJoin experience 53:18 - Privacy enhancing ideas59:45 - Conclusion Links:- X: @bitgould https://x.com/bitgould- X: @payjoindevkit https://x.com/payjoindevkit - Site: PayjoinDevKit.org payjoindevkit.org- Site: Payjoin.org payjoin.orgSponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/Stephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Core Scientific Exits Bankruptcy with Adam Sullivan SLP575 Stephan Livera 2024-05-17 | Official Podcast Episode: stephanlivera.com/575Adam 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 MiningTImestamp:00:00 - Introduction and Background02:39 - Reviving Core Scientific 07:35 - 'Growth at all costs' narrative of 202114:35 - Capital Structures in Bitcoin Mining20:21 - Coinkite.com21:37 - Mempool.space22:54 - The Future of Bitcoin Mining25:18 - Infrastructure and Supply Chain Challenges28:14 - Preparing for the Next Bull Market31:58 - Intertwining of Bitcoin mining with data centers and AI40:42 - Swan.com41:46 - NomadCapitalist.com43:30 - The Importance of Decentralization and Censorship Resistance49:32 - Understanding Fee Dynamics and Hash Price Volatility57:13 - Closing ThoughtsLinks: - X: @_Adam_Sullivan1 : twitter.com/_Adam_Sullivan1- X: @Core_Scientific : twitter.com/Core_Scientific- Core Scientific: Corescientific.com : corescientific.comSponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/- Nomadcapitalist.com/apply : nomadcapitalist.com/applyStephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Bitcoin Mining and Capital Structure with Rapha Zagury SLP574 Stephan Livera 2024-05-14 | Official Podcast Episode: stephanlivera.com/57Rapha 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. Timestamps:00:00 - Intro01:08 - The current situation in Brazil & why we Bitcoin12:10 - Swan Mining Developments & Scope of Bitcoin Mining 21:28 - Large-scale Bitcoin Mining 23:42 - Swan’s goal of increasing Bitcoin adoption29:47 - Sponsors34:02 - Selecting the optimal Bitcoin mining pool47:37 - Current mining pool models50:45 - FPPS Vs PPLNS 54:54 - Bitcoin mining converging into energy sector57:31 - Mining is a capital allocation game1:02:55 - Shorting fiat for Bitcoin1:05:26 - Parallels with previous Bull cycles1:13:21 - The Nakamoto Portfolio and Investors POV on Bitcoin1:19:01 - Re-allocating into Bitcoin from real-estate/gold1:28:57 - OutroLinks: - X: @alphaazeta: twitter.com/alphaazeta- Site: Swan.com : swanbitcoin.com- Site: Nakamotoportfolio.com : nakamotoportfolio.com- Nakamoto Gauntlet: The Nakamoto Portfolio Gauntlet : nakamotoportfolio.com/apps/nakamoto_gauntletSponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/Stephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Bitcoin is repricing the world Stephan Livera 2024-05-10 | #Bitcoin #BitcoinPodcast #BitcoinNews #BitcoinInterviews #BitcoinTechnology #BitcoinExperts #BitcoinExplained #BitcoinforBeginners #BitcoinFuture #BitcoinEconomy #BitcoinSecurity #BitcoinEvents #BitcoinInvestmentStrategies #UnderstandingBitcoin #BitcoinCommunity #BitcoinInnovations #BitcoinRegulations #BitcoinTrends #BitcoinsImpact #BitcoinExpertsDiscussion #BitcoinandtheFutureofMoney #BitcoinKnowledge #BitcoinQ&A #BitcoinUseCases
A Shift in Bitcoin Developer Thought? with Brandon Black (aka reardencode) SLP573 Stephan Livera 2024-05-10 | 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 engineeringTimestamps:00:00 - Intro 01:43 - Disagreements regarding covenant proposals04:47 - Why does it matter which way hashrate escrow is enabled?06:58 - The promise of Great Script Restoration 14:02 - Conservative POV on Bitcoin scripts 16:20 - The urgency to push CTV20:38 - Why should the everyday Bitcoin HODLer care?23:30 - Why not just ecash?24:35 - Tangible benefits for end users31:03 - Sponsors35:21 - On-chain exits42:59 - Introspection and how it would work for Bitcoin45:45 - Implications of restrictions on scripting50:07 - Good engineering on Bitcoin52:34 - Don’t oversell Bitcoin 54:36 - OutroLinks:- X: @reardencode : twitter.com/reardencode- Bitcoin++: btcplusplus.dev : https://btcplusplus.dev/- Rusty’s talk: youtube.com/watch?v=rSp8918HLnA Sponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/Stephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Principled Lawmakers and Politicians Stephan Livera 2024-05-09 | Watch the entire podcast here: youtu.be/OoJ0jjYJSIs#shorts #parkerlewis #bitcoinpodcast #bitcoin #bitcoinnews #bitcoins #goviral #viral
Bitcoiners, Don’t Sleep on Nostr! - Miljan SLP572 Stephan Livera 2024-05-08 | Official Podcast Episode: stephanlivera.com/572Miljan 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 featureTimestamp:00:00 - Intro00:48 - Miljan’s Background04:55 - Why is Miljan bullish on nostr?11:51 - Basics of nostr & its 3 key concepts17:12 - How do relays work? Incentives for running a relay?24:48 - Coinkite26:51 - Nomad Capitalist 28:35 - Improvements with nostr since it was launched36:14 - Bitcoin/Lightning integration with nostr & its symbiotic nature46:10 - mempool.space 47:22 - Swan.com48:30 - The issue of spam in an open network like nostr53:15 - Self-hosting on nostr56:25 - Decentralised Identity (DID) Vs. nostr01:01:05 - Scaling applications on nostr and indexing01:05:44 - Miljan on nostr private messages01:08:00 - Developer ecosystem on nostr01:13:21 - Increasing adoption on nostr01:15:10 - OutroLinks:- X: @mbraticevic :twitter.com/mbraticevic- Site: Primal.net : primal.net- Miljan’s Nostr npub: npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvr- Miljan’s Nostr: miljan@primal.net Sponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/- Nomadcapitalist.com/apply : nomadcapitalist.com/applyStephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
Everybody accepting Bitcoin as payments Stephan Livera 2024-05-08 | Watch the entire podcast here: youtu.be/OoJ0jjYJSIs#shorts #parkerlewis #bitcoinpodcast #bitcoin #bitcoinnews #bitcoins #goviral #viral
Deflation: Natural State of Free-Market - Jeff Booth Stephan Livera 2024-05-07 | Official Podcast Episode: stephanlivera.com/568In this video, Jeff Booth, author, entrepreneur and founding partner of Ego Death Capital discusses how people are getting stolen from, gradually, over time. Stephan Livera links:- Follow me on X: @stephanlivera- Subscribe to the podcast- Subscribe to Substack
States Vs Fed govt on Bitcoin Stephan Livera 2024-05-07 | Watch the entire podcast here: youtu.be/OoJ0jjYJSIs#bitcoin
Rights of Bitcoin Holders Stephan Livera 2024-05-06 | Watch the entire podcast here: youtu.be/OoJ0jjYJSIs#shorts #parkerlewis #bitcoinpodcast #bitcoin #bitcoinnews #bitcoins #goviral #viral
What’s happening with JPY? - Peruvian Bull SLP571 Stephan Livera 2024-05-05 | Official Podcast Episode: stephanlivera.com/571Peruvian 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 systemTimestamp:00:00 - Introduction and the Potential of Bitcoin as a Global Reserve Currency02:18 - Challenges Faced by the Bank of Japan06:08 - The Impossible Trinity and Japan's Monetary Policy23:13 - Bitcoin as a Potential Global Reserve Currency26:18 - Coinkite.com28:16 - Mempool.space29:29 - (cont.)Bitcoin as a Potential Global Reserve Currency32:46 - Financial Repression and Central Bank Manipulation36:36 - The Role of Central Banks in Propping Up the Financial System43:24 - The Trend of De-Dollarization and the Rise of Gold as a Reserve Asset50:50 - Swan.com59:06 - Bitcoin's Potential to Solve Global Economic DilemmasLinks:- X: @peruvian_bull : twitter.com/peruvian_bull- Nostr: npub1xwmyzp64xx03kw9ecd7fzsj3e9dgwah6an0rdng0cc6ux4dswwjs28pyyc- Newsletter: substack.com/@peruvianbullSponsors:- Swan.com (code LIVERA): http://swan.com/livera- CoinKite.com (code LIVERA) : http://coinkite.com- Mempool.space : https://mempool.space/Stephan Livera links:- Follow me on X: @stephanlivera :twitter.com/stephanlivera- Subscribe to the podcast : plinkhq.com/i/1415720320- Subscribe to Substack : stephanlivera.substack.com
