In this episode, Kevin Hurley, CTO and co-founder of Lightspark, discusses the Layer 2 solution called Spark, which aims to enhance Bitcoin's scalability and user experience. He shares insights from his journey transitioning from the Libra project to building on Bitcoin, addressing challenges faced with the Lightning Network, and the unique features of Spark, including its architecture, user experience, and future developments. The conversation also touches on trust, privacy, tokenization, and the importance of community engagement in the Spark ecosystem.
Takeaways:
🔸Spark aims to provide a scalable and user-friendly Layer 2 solution for Bitcoin.
🔸The transition from Libra to Bitcoin was driven by the need for a decentralized settlement layer.
🔸Challenges with the Lightning Network include inbound liquidity and complexity for users.
🔸Spark simplifies the user experience by abstracting away complexities of the Lightning Network.
🔸Unilateral exits in Spark allow users to retrieve funds without operator involvement.
🔸The architecture of Spark is designed to support high transaction throughput and scalability.
🔸Privacy features are being developed to enhance user confidentiality in Spark transactions.
🔸Tokenization on Spark allows for the creation and transfer of assets efficiently.
🔸The Spark ecosystem encourages community involvement and developer contributions.
🔸Future developments will focus on programmability and advanced financial functionalities.
Timestamps:
(00:00) - Intro
(01:01) - Kevin’s journey from Libra to Bitcoin
(04:28) - Why the need for another L2?
(07:49) - What is @spark?; How is it beneficial for the end user?
(12:09) - Spark's technical framework
(20:40) - Cooperative exits vs. Unilateral exits
(26:17) - Sponsor
(27:10) - Trust & privacy considerations in Spark
(29:16) - Enhancing privacy in transactions
(34:48) - Developer experience & tooling
(36:37) - What is Spark’s token protocol (BTKN)?
(39:11) - Stablecoin support on BTKN?
(41:13) - Kevin’s views on programmability with Spark
(43:35) - How is Spark different from other Layer 2 solutions?
(46:06) - What are Universal Money Addresses?; UMA for Cross-border transactions
(49:14) - Corporate chains vs. Neutral settlement layers
(52:15) - Can an individual spin up their own Spark operator?
(53:24) - Could 100 million people be using Spark?
(55:00) - How can one contribute to Spark?
Links:
https://www.lightspark.com/news/lightspark/lightspark-acquires-striga
https://www.lightspark.com/news/lightspark/introducing-lightspark-grid
https://bitcoinmagazine.com/technical/spark-and-ark-a-look-at-our-newest-bitcoin-layer-twos
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Stephan Livera and Matt McClintock delve into the complexities of wealth management in the context of Bitcoin, exploring the concept of the Sovereignty Paradox. They discuss the nuances of sovereignty, the importance of preparing the next generation for wealth, and the role of philanthropy. The conversation also covers tax implications, strategies for managing Bitcoin wealth, and the risks associated with custodianship. Matt emphasizes the need for diversification and the evolving landscape of Bitcoin custody and regulation, while also addressing common pitfalls in wealth management.
Takeaways:
🔸Sovereignty is a spectrum, not a binary choice.
🔸Wealth management requires ongoing attention and strategy.
🔸Philanthropy can be a meaningful way to manage excess wealth.
🔸Tax implications are significant for high net worth individuals.
🔸Diversification is key in managing Bitcoin and other assets.
🔸Custodianship carries centralization risks that need to be managed.
🔸Investment strategies should align with personal values and goals.
🔸Miniscript can enhance Bitcoin management strategies.
🔸Engaging the next generation in wealth discussions is crucial.
🔸Planning around gift and estate taxes can save significant amounts.
Timestamps:
(00:00) - Intro
(01:35) - What is the sovereignty paradox?
(09:00) - What do UHNW Bitcoiners do when their wealth is beyond their level of consumption?
(16:36) - Sponsors
(18:11) - Bitcoiner’s perception of money
(20:57) - What does NgU do to the mindset of a UHNW client?
(24:33) - Strategies for custodying one’s Bitcoin
(31:22) - Managing centralization risks
(37:08) - Evaluating Bitcoin exposure through Bitcoin ETFs, BTCTCs, BTC mining stocks etc.
(46:04) - How does Miniscript help with Bitcoin inheritance?
(46:27) - Tax planning for UHNW Bitcoin investors
(57:26) - What are some of the pitfalls to avoid?
(1:00:26) - Closing thoughts
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
On Day 2 of Plan B Lugano, I sat down with Jack Mallers to discuss the rapid growth in the market for bitcoin collateralized loans, and with Chris Pavlovski on freedom technology and the state of free speech in the West with Rumble.
Timestamps:
(00:00) - Intro
(00:49) - Jack Maller’s journey with Strike
(02:49) - How does Strike lending work?; Liquidation levels
(13:12) - Should people fear borrowing against their Bitcoin?
(19:22) - Does Strike rehypothecate user funds?
(26:36) - What’s the latest with Rumble wallet? Chris Pavlovski explains…(30:01) - What is the state of free speech in the west?
(34:08) - Leveraging AI and Rumble's partnership with Perplexity; Comet browser
(36:53) - Chris’ view on Freedom tech; Rumble Cloud
(41:07) - The importance of competition in tech
(44:05) - What’s next for Rumble?
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
Join me as I interview some of the leading voices that are building on Bitcoin - Philip Walton Bringing affordable energy to Africa, Value transfer over payments & Time2Build by Roy and how Arkade is enhancing Bitcoin’s layer 2 with Tiero.
Timestamps:
(00:00) - Intro
(2:37) - Philip’s background and the genesis of Gridless
(4:20) - Why build Gridless in Africa?
(06:09) - Difference between Energy generation & distribution
(10:24) - Communities affected by Bitcoin mining
(12:45) - Operational challenges for Gridless
(17:23) - Costs for operating Bitcoin mining machines
(21:23) - Mini grids
(23:00) - Regulatory risks
(25:07) - Global macro trends that impact Gridless
(27:31) - “Payments are a fiat mindset” Roy Sheinfeld
(30:40) - Value transfers are permissionless & provide optionality
(32:48) - Time2Build by Breez
(39:40) - What are the different forms of Nodeless?; Concerns with Spark transactions
(48:09) - What are the fees associated with Breez?
(51:30) - What is Arkade? Tiero explains…
(57:00) - How does batching transactions work?; Unilateral exit costs
(1:01:48) - What is Arkade script?
(1:10:00) - Use cases of Arkade and Arkade Script
(1:21:04) - Future of Arkade
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this episode, Stephan Livera discusses the latest developments in Bitcoin Core with The Charlatan, focusing on the significant updates in version 30, including the removal of the legacy wallet, preparations for the Great Consensus Cleanup, and the introduction of the Bitcoin Kernel project.
The conversation also covers the implications of alternative implementations, the ongoing data carrier size controversy, evolving fee rate policies, and improvements in initial block download times. Additionally, they touch on the future of the Bitcoin Core GUI and the importance of competition in the Bitcoin ecosystem.
Takeaways:
🔸Bitcoin Core version 30 introduces significant updates, including a new mining IPC interface.
🔸The legacy wallet is being removed to reduce technical debt and improve code maintenance.
🔸Preparations for the Great Consensus Cleanup are underway to address long-standing bugs.
🔸The Bitcoin Kernel project aims to separate consensus code for better modularity.
🔸Alternative implementations of Bitcoin are encouraged to foster competition and innovation.
🔸The data carrier size controversy highlights the balance between spam prevention and network performance.
🔸Fee rate policies are evolving in response to market dynamics and miner behavior.
🔸Improvements in initial block download times are ongoing, enhancing user experience.
🔸Address indexing features are being considered to improve wallet usability.
🔸The Bitcoin Core GUI is undergoing updates to better serve user needs.
Timestamps:
(00:00) - Intro
(01:30) - Major updates in Bitcoin Core version 30.0
(04:58) - Why is the legacy wallet being removed?
(09:07) - The preparation for the Great Consensus Cleanup
(13:25) - What is the libbitcoinkernel project?
(17:36) - Alternate Bitcoin node implementations
(23:46) - Sponsors
(25:09) - What is the future of competing Bitcoin clients?
(31:56) - Charlatan’s views on controversies surrounding Data carrier size
(37:50) - Is Bitcoin Core serving the interests of few?
(45:45) - What is the impact of Fee Rate Policies?
(53:00) - Dust limits & DOS concerns
(54:45) - What are the enhancements for Lightning Network transactions?
(57:16) - How bad could mining centralization get if left unchecked?; Libre relay and Transaction filtering
(1:03:00) - What are the concerns of illegal content in Bitcoin?
(1:05:45) - What is the most underappreciated aspect of Bitcoin development?
(1:11:10) - Reducing dependencies in Bitcoin Core
(1:14:00) - What are the possible future developments in Bitcoin Core?
(1:22:42) - What will be the role of competition in Bitcoin implementations?
(1:26:00) - Address indexing & Wallet improvements
(1:30:08) - Closing thoughts
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, André Loja discusses the Free Madeira project, which aims to promote Bitcoin adoption through education and community engagement. He highlights the success of merchant adoption on the island, the impact of Bitcoin conferences, and the development of the Basalto Fund, which allows investors to gain residency in Portugal while investing in Bitcoin.
The conversation also touches on the future of Madeira as a hub for Bitcoin and related technologies, emphasizing the importance of community and collaboration.
Takeaways:
🔸Free Madeira is focused on Bitcoin education and adoption.
🔸The project has successfully onboarded numerous merchants accepting Bitcoin.
🔸Community engagement is key to sustaining Bitcoin adoption.
🔸Conferences have significantly raised awareness and interest in Madeira.
🔸Sovereign Engineering aims to foster open-source freedom tech projects.
🔸The Baselto Fund allows investment in Bitcoin while gaining residency in Portugal.
🔸Madeira offers a unique blend of autonomy and EU regulations.
🔸Quality of life in Madeira is high, attracting Bitcoiners and expats.
🔸The island's infrastructure supports a growing Bitcoin community.
🔸Future plans include establishing a physical hub for Bitcoin projects.
Timestamps:
(00:00) - Intro
(01:54) - What is Free Madeira?
(08:11) - Has Bitcoin adoption attracted people to visit Madeira?
(15:07) - The experience of earning & spending Bitcoin on the island
(17:43) - What is Sovereign Engineering?
(24:08) - André’s business ventures in Madeira
(27:34) - Sponsors
(28:36) - HODL only or Spend & Replace Bitcoin?
(35:32) - What is the Basalto Fund?
(41:07) - Understanding Portugal’s Golden visa process
(46:14) - Basalto Fund - Fees and Performance
(51:03) - How autonomous is Madeira?; Services and opportunities
(56:58) - Future plans and Community development
(1:00:37) - Closing thoughts
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this episode, NVK, CEO of CoinKite, discusses the advancements in Bitcoin self-custody solutions, particularly focusing on the Coldcard wallet and its new spending policies. The conversation explores the challenges businesses face in self-custody, the complexities of accounting for Bitcoin transactions, and the growing trend of Bitcoin treasuries among corporations. NVK emphasizes the importance of self-custody, the future of Bitcoin custody solutions, and the evolving landscape of Bitcoin adoption in the financial markets. The discussion also touches on the ongoing debates within the Bitcoin community regarding the Bitcoin Core development and the implications of debt in treasury companies.
Takeaways:
🔸Spending policies enhance operational security for Bitcoin transactions.
🔸Self-custody is crucial for businesses to manage Bitcoin effectively.
🔸Accounting complexities hinder Bitcoin adoption for companies.
🔸Bitcoin treasuries are becoming a popular choice for corporate investments.
🔸The market for Bitcoin collateralized loans is expected to grow.
🔸There is a need for more diverse Bitcoin custody solutions.
🔸The Bitcoin community is divided on the future of Bitcoin Core.
🔸Debt can be a useful tool for Bitcoin treasury companies.
🔸The demand for Bitcoin will continue to drive its value up.
🔸The evolution of Bitcoin will impact societal structures and power dynamics.
Timestamps:
(00:00) - Intro
(00:41) - What are Coldcard spending policies? How is it useful?
(05:19) - Why do companies not prefer self-custody?
(07:58) - Operational difficulties in accounting & taxation of Bitcoin
(10:29) - Why do BTCTCs not prefer self-custody?; Role of custodians in Bitcoin treasury management
(15:51) - How many BTCTCs will we have by EOY?
(17:11) - The Bitcoin Leaderboard ft. @BTCtreasuries
(20:46) - ‘Winner takes all’ scenarios for BTCTCs?
(22:55) - Sponsors
(24:39) - The future of financial engineering in Bitcoin
(28:11) - Any demand is good for Bitcoin
(29:56) - Is Bitcoin being co-opted?; Bitcoin’s power-shift - Economic & Political influence
(35:40) - BTCTCs using ‘cheap fiat’ to stack Bitcoin
(39:50) - Mindset shifts among Bitcoin OGs; Does everybody care about Bitcoin price?
(44:33) - NVK’s thoughts on Core
(46:48) - NVK’s thoughts on Knots
(51:09) - Should there be multiple Bitcoin implementations?
(54:50) - Closing thoughts
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
Stephan Livera interviews Prashanth, the CEO and founder of Bringin, a startup focused on providing seamless Bitcoin solutions for users in the Eurozone. Prashanth shares his journey into the Bitcoin space, the pain points he identified regarding Bitcoin liquidity, and how Bringin addresses these challenges through innovative products like virtual IBAN accounts and debit cards. The conversation also touches on user feedback, regulatory impacts, and future developments for Bringin.
Takeaways:
🔸Prashanth's introduction to Bitcoin began in 2017.
🔸The main pain point was the inability to liquidate Bitcoin easily.
🔸Bringin offers a virtual IBAN account for seamless transactions.
🔸The platform aims to provide a reliable off-ramping solution for Bitcoiners.
🔸User experience is optimized for both small and large transactions.
🔸The debit card allows users to spend Bitcoin easily.
🔸Feedback from users highlights the speed and reliability of the service.
🔸Bringin charges a flat fee of 1% for transactions.
🔸EU regulations are tightening, impacting compliance for crypto businesses.
🔸The Bringin wallet integrates self-custody with easy off-ramping capabilities.
Timestamps:
(00:00) - Intro
(00:52) - When did Prashanth discover Bitcoin?
(02:21) - What is Bringin trying to solve?
(06:47) - What does Bringin offer and who does it cater to?
(10:03) - Building the bridge between self-custody Bitcoin and TradFi Banks; Virtual IBANs
(13:26) - How does the Bringin Debit card work?
(15:37) - What has been the user feedback?; Fees & Costs for off ramps
(18:25) - How are EU regulations impacting Bringin?
(20:13) - Sponsors
(24:10) - Bringin’s self-custodial Bitcoin wallet
(30:18) - Future plans for Bringin
(32:39) - Closing thoughts
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Stephan Livera discusses the RGB protocol with Anant and Federico, exploring its significance in the Bitcoin ecosystem. They explore how RGB enables smart contracts on Bitcoin, the role of stablecoins, user experience, and the efficiency of transactions.
The discussion also covers the process of creating and managing assets on RGB, comparisons with other Bitcoin protocols, and the future of the RGB ecosystem. The importance of user adoption and the potential for real-world asset integration, while addressing risks associated with asset issuers is also discussed.
Takeaways:
🔸RGB allows for smart contracts on Bitcoin without side chains.
🔸Stablecoins like USDT are crucial for Bitcoin's ecosystem.
🔸User experience is key for adoption of RGB assets.
🔸RGB transactions are efficient and scalable compared to other protocols.
🔸Creating assets on RGB is a straightforward process.
🔸RGB offers a peer-to-peer solution without trust trade-offs.
🔸The RGB ecosystem includes various wallets and applications.
🔸RGB is more efficient than Liquid and Taproot assets.
🔸User adoption will depend on the value provided by RGB solutions.
🔸The future of RGB looks promising with potential for real-world asset integration.
Timestamps:
(00:00) - Intro
(00:55) - What is RGB?; RGB's functionality and updates
(04:25) - Why do we need non-bitcoin assets?
(07:45) - What does RGB look like for the end user?; UX of using RGB Tether
(09:50) - RGB Lightning
(12:09) - What is it like building an RGB wallet?
(16:54) - How does one create and transfer an RGB asset?
(19:36) - Efficiency of RGB compared to other protocols
(23:04) - Is RGB only for stablecoins?; Scope of having Real World Assets on RGB
(27:39) - Overview of the RGB ecosystem
(29:48) - RGB vs. other Bitcoin solutions (Taproot assets, Liquid, Spark etc.)
(34:25) - Sponsors
(35:23) - Will there be RGB payment processors in the future?
(41:15) - How does RGB compare with altcoins (other Layer 1s)?
(43:06) - Risks and Trust in asset issuance
(48:24) - Why should users care?; Market fit and adoption
(52:40) - Closing thoughts
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Stephan Livera and Jesse Myers discuss the current state and future of Bitcoin treasury companies, focusing on Smarter Web Company's strategies and performance. They explore the implications of PIPE deals, the importance of a solid track record in delivering Bitcoin yield, and the regulatory environment's impact on investment strategies.
The discussion highlights successful examples like Metaplanet and the potential for Bitcoin treasury companies to accumulate a significant portion of Bitcoin in the coming years. They also address the challenges investors face, including understanding mNAV and justifying premiums in Bitcoin investments.
Jesse also introduces the P-Bid ratio as a new metric for evaluating these companies, emphasizing the need for a strong retail investor base and the significance of operational businesses in sustaining value. The discussion concludes with reflections on the future of Bitcoin treasury companies and their role in the broader financial landscape.
Takeaways:
🔸Smarter Web Company has over 2500 Bitcoin and a mNAV of about 1.6.
🔸The current Bitcoin yield for Smarter Web Company is 278%, significantly higher than market expectations.
🔸Many Bitcoin treasury companies have struggled to deliver consistent Bitcoin yield.
🔸PIPE deals can create headwinds for Bitcoin treasury companies due to misaligned investor interests.
🔸Successful Bitcoin treasury companies have a track record of delivering Bitcoin yield over time.
🔸Metaplanet is highlighted as a successful example of a Bitcoin treasury company.
🔸The regulatory environment in different countries affects the success of Bitcoin treasury companies.
🔸There is potential for Bitcoin treasury companies to accumulate a significant portion of Bitcoin in the future.
🔸Public companies have more capital market tools available than individual investors.
🔸Understanding mNAV is crucial for valuing Bitcoin treasury companies.
🔸Bitcoin yield is a key factor in assessing company performance.
🔸The P-Bid ratio helps unify mNAV and Bitcoin yield metrics.
🔸Retail investors play a vital role in the success of treasury companies.
🔸Many Bitcoin treasury companies struggle to deliver consistent yield.
🔸M&A activity is expected as companies trade below 1X mNAV.
🔸The fundamentals of Bitcoin treasury companies are real and promising.
🔸There is a significant opportunity for growth in this sector.
🔸The Bitcoin treasury industry is in its early stages of development.
🔸Investors should focus on well-run companies to maximize gains.
Timestamps:
(00:00) - Intro
(01:05) - What’s new at @smarterwebuk?
(03:07) - Evaluating the recent Bitcoin Treasury lull
(05:03) - Jesse's issues with PIPEs for Bitcoin TCs
(10:45) - What counts as a successful Bitcoin TC?
(15:36) - Regulatory environment supporting the rise of Bitcoin TCs
(19:19) - How real is the Bitcoin Treasury fad?; Building Capital markets on Bitcoin
(26:53) - Sponsors
(29:03) - Why choose BTCTC over spot Bitcoin?
(34:42) - BTC-denominated convertible notes
(41:10) - What justifies the mNAV premium of BTCTCs?; mNAV & BTC Yield
(46:36) - The P-BYD ratio is the P/E ratio for Bitcoin treasury companies
(52:10) - What are the challenges in delivering a high Bitcoin yield?
(56:48) - The role of retail investors in Bitcoin TCs
(1:00:02) - Is M&A the way forward for Bitcoin TCs with mNAV below 1?
(1:09:12) - How will TCs mature over time?
Links:
SWC analytics dashboard: https://investors.smarterwebcompany.co.uk/analytics/
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Jungly discusses his work on P2Pool V2, a decentralized mining pool aimed at improving upon the limitations of the original P2Pool. He emphasizes the importance of decentralization in Bitcoin mining and explains the technical innovations that P2Pool V2 introduces, such as sharechains and atomic swaps for non-custodial payouts. Jungly also highlights the need for community involvement and developer engagement to ensure the project's success, and he shares his vision for a more accessible and efficient mining ecosystem.
Takeaways:
🔸Decentralization of mining is crucial for Bitcoin's future.
🔸P2Pool V2 aims to improve upon the original P2Pool's limitations.
🔸The sharechain concept allows for better scalability and efficiency.
🔸Atomic swaps enable non-custodial payouts for miners.
🔸Community involvement is essential for the success of P2Pool V2.
🔸Technical innovations like uncle blocks enhance the mining process.
🔸The goal is to create a decentralized mining pool that is accessible to all.
🔸Testing and developer engagement are key to building trust in the software.
🔸P2Pool V2 can support a large number of miners without centralization.
🔸The project is actively seeking developers and testers to contribute.
Timestamps:
(00:00) - Intro; Why is P2Pool V2 important?
(02:31) - The evolution of P2Pool
(04:40) - What is the custodial payout model?
(06:17) - Limitations with P2Pool
(12:51) - Comparing P2Pool V2 with Stratum SV2 & DATUM
(16:19) - What is required to run P2Pool V2?
(18:15) - What is a sharechain?; What is an uncle block?
(22:04) - Sponsors
(23:14) - Payout mechanisms in P2Pool V2
(27:50) - How can a decentralized mining pool scale?
(32:09) - Can there be multiple instances of P2Pool V2?
(35:50) - How does atomic swap work for payouts?
(43:08) - Current progress of P2Pool V2
(50:25) - Closing thoughts
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Shone Anstey, CEO of LQWD, discusses the evolution of his company from a Lightning Network service provider to a Bitcoin treasury company. He shares insights on the current state of the Bitcoin market, the importance of the Lightning Network, and the strategies LQWD employs to accumulate Bitcoin and generate yield. The discussion also touches on the unique aspects of the Canadian market, the significance of mNAV and Sats per share, and the potential future of Bitcoin and Lightning in the global economy.
Takeaways:
🔸Bitcoin is a trust protocol first and foremost.
🔸LQWD started as a Lightning Network service provider and evolved into a treasury company.
🔸The Lightning Network is crucial for fast and secure Bitcoin transactions.
🔸Accumulating Bitcoin is a key strategy for LQWD’s business model.
🔸The Canadian market offers unique opportunities for junior companies.
🔸Understanding mNAV and Sats per share is essential for assessing treasury companies.
🔸The Lightning Network is becoming the payment layer of the internet.
🔸Yield generation through Lightning Network is sustainable even in bear markets.
🔸Bitcoin has the potential to fix global economic issues.
🔸Transparency and operational efficiency are vital for public companies in the crypto space.
Timestamps:
(00:00) - Intro
(01:01) - What was different about @BitcoinConfAsia?
(02:29) - What is LQWD?; Evolution of LQWD
(07:07) - Transition from a Lightning Network service provider to a BTCTC
(10:44) - Is the BTC on Lightning Network or cold storage?
(12:42) - What is LQWD’s BTC accumulation strategy?
(18:44) - Is the Canadian market BTCTC-friendly?
(21:05) - The importance of Sats per Share; LQWD’s BTC Yield
(23:39) - Lightning Network 101; AI will use Bitcoin
(29:23) - What is Lightning Network Yield?; Competitive edge in Lightning routing
(33:31) - Has Lightning Network failed? - Flow vs. Stock
(38:19) - Sponsors
(41:48) - Is the growth of LQWD sustainable?
(44:10) - The future of Layer 2 solutions
(46:55) - Bitcoin’s role in global economic stability
(52:54) - Why are some companies not rewarded with an mNAV premium?
(57:00) - Closing thoughts
Includes Paid Partnerships
Links:
Sponsor:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this episode, Stephan Livera and Max K discuss the recent Baltic Honey Badger conference, highlighting the shift in focus from institutional adoption to innovative projects like Ark. They explore the workings of Debifi, a Bitcoin-backed lending platform, explaining its marketplace model, loan structures, and interest rates.
The discussion revolves around the evolving landscape of Bitcoin lending, focusing on the differences between custodial and non-custodial lending, the future growth of the market, and the implications for borrowers and lenders.
Max highlights the trade-offs between security and convenience, the increasing demand for non-custodial solutions, and the potential for lower interest rates as the market matures. The importance of understanding the risks involved in borrowing against Bitcoin and the need for responsible lending practice is emphasized as well.
Takeaways
🔸The Baltic Honey Badger conference shifted focus from institutional adoption to innovative projects.
🔸Ark was a significant revelation, showcasing seamless Lightning payments.
🔸Debifi operates as a marketplace connecting institutional lenders with Bitcoin borrowers.
🔸The platform uses multi-sig technology for secure Bitcoin-backed loans.
🔸Interest rates in Bitcoin lending average around 12%, with potential for lower rates as liquidity increases.
🔸Self-custody remains a challenge for many institutional lenders entering the Bitcoin space.
🔸Bitcoin-backed lending offers a unique opportunity for portfolio diversification.
🔸The market is gradually recognizing the value of Bitcoin as collateral for loans.
🔸Debifi aims to simplify the self-custody process for institutional lenders.
🔸The future of Bitcoin lending looks promising with increasing institutional interest. Many users prefer non-custodial lending for security reasons.
🔸The demand for Bitcoin-backed loans is expected to grow significantly.
🔸Borrowing against Bitcoin can help avoid capital gains taxes.
🔸Non-custodial lending offers more control over collateral management.
🔸Market predictions suggest lower interest rates in the future.
🔸The Bitcoin lending market is seen as a perfect storm for growth.
🔸Users are willing to pay more for non-custodial services.
🔸The importance of understanding LTV and liquidation processes is crucial.
🔸Multisig solutions can provide a seamless borrowing experience.
🔸The evolution of Bitcoin lending is driven by increasing market awareness.
Timestamps:
(00:00) - Intro
(00:55) - Key highlights of Baltic Honey Badger 2025
(04:51) - Ark & Layer 2 solutions; Impact on Bitcoin payments
(08:37) - What is Debifi?
(11:54) - Minimum loan thresholds and micro loans; Loan terms & duration
(14:43) - What are the interest rates?; Current Bitcoin lending market landscape
(18:05) - Sponsors
(19:52) - What is the value proposition of Bitcoin-backed lending?
(28:40) - The mental block for fiat investors; Self-custody of Bitcoin while lending
(33:42) - Custodial vs non-custodial models of Bitcoin lending
(43:54) - What are the use cases for the borrowers using Debifi?
(47:33) - LTVs & Liquidation percentages
(50:38) - Risk management with Debifi
(56:17) - What is the future of the Bitcoin lending market?
Links:
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Stephan Livera and Calle discuss the critical importance of privacy in financial systems, particularly in the context of Bitcoin and eCash. They explore the evolution of privacy technology, the challenges posed by current financial regulations, and the need for user-friendly privacy-preserving systems. Calle elaborates on the mechanics of eCash and the Cashu protocol, highlighting its potential for enabling microtransactions while maintaining user privacy. The discussion emphasizes the urgency of building a decentralized financial ecosystem that respects individual privacy rights.
Takeaways
🔸Privacy is essential for modern society and financial interactions.
🔸The fight for financial privacy is still in its infancy.
🔸Bitcoin serves as the foundational currency for the digital age.
🔸Technological advancements are crucial for enhancing privacy.
🔸Users should have control over their personal data.
🔸The current financial system often requires excessive data sharing.
🔸Privacy-preserving systems can be built using modern technology.
🔸Cashu offers a protocol for creating interoperable eCash wallets.
🔸Microtransactions are vital for a thriving internet economy.
🔸The future of financial systems must prioritize user privacy.
Timestamps:
(00:00) - Intro
(01:05) - What is Calle’s view on the current landscape of privacy & financial freedom?
(07:42) - What level of privacy is actually realistic?; Holding data ≠ Owning data
(15:16) - Building privacy-preserving systems on Bitcoin; Can privacy tech also be easy to use?
(21:09) - What is eCash & Cashu?; How does eCash work?
(30:15) - Why not just use Lightning?; eCash vs. Lightning Network & Ark
(37:43) - Will Lightning be the common language of future monetary transactions?
(40:46) - Cashu the protocol and eCash wallets
(43:00) - Who will be running the Cashu mints?
(43:26) - Sponsors
(49:39) - What are Stablenuts?
(53:20) - Can Cashu mints be rugged?
(55:59) - What’s next for Cashu and eCash?
(1:02:12) - Why is privacy necessary?
(1:06:35) - Closing thoughts
Links:
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Andrew Poelstra discusses the recent launch of Simplicity on Liquid, a federated sidechain of Bitcoin. He explains the technical aspects of Liquid, its advantages, and how Simplicity serves as a new scripting language that enhances expressivity and formal verification capabilities. The discussion covers potential use cases for Simplicity, including advanced covenant implementations, ZK verification, and its role in capital markets and asset issuance. The conversation also touches on the implications of stablecoins moving to their own chains and contrasts Liquid with other Layer 2 solutions like Lightning.
Takeaways
🔸Liquid is a federated sidechain of Bitcoin.
🔸Simplicity enhances Bitcoin's scripting capabilities.
🔸Formal verification improves security for developers.
🔸Simplicity allows for advanced covenant implementations.
🔸ZK verification can be done on Liquid.
🔸Liquid serves as a technology demo platform.
🔸Stablecoins are exploring their own chains.
🔸Liquid is not primarily a scaling solution for Bitcoin.
🔸Liquid supports multiple asset types.
🔸Simplicity can facilitate new financial products.
Timestamps:
(00:00) - Intro
(01:57) - What is Liquid?
(04:36) - What is Simplicity?; Enhanced expressivity on Bitcoin
(11:48) - Implications of ‘formal verification’ for developers building on Liquid and Bitcoin?
(17:00) - What does Simplicity enable people to build?
(18:59) - What is a Sighash flag?
(26:41) - Sponsors
(28:35) - Could Shielded CSV be built using simplicity?
(33:32) - Zero Knowledge proofs verification with Simplicity
(43:15) - Use cases of Simplicity: Limit orders and Algorithmic trading in DeFi
(51:18) - Liquid's role in asset issuance and capital markets
(56:55) - Liquid vs. Stablecoins issuing their own Layer 1 chains
(1:02:22) - Liquid vs. other Layer 2 solutions
(1:07:53) - Closing thoughts; Developer engagement with Simplicity
Links:
https://blog.blockstream.com/simplicity-launches-on-liquid-mainnet/
https://github.com/BlockstreamResearch/SimplicityHL/tree/master/examples
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this episode, Stephan Livera and Calvin talk about Utreexo. They discuss the latest updates, including the publication of three BIPs related to Utreexo, which aim to improve the efficiency of Bitcoin nodes. The conversation covers the mechanics of Utreexo, including its accumulator structure and the concept of a Merkle forest. They also explore different types of nodes, such as compact state nodes and bridge nodes, and how these innovations can enhance user experience and participation in Bitcoin. Additionally, they touch on the growing Bitcoin community in Korea and the potential for future developments in the Utreexo space.
Takeaways
🔸Utreexo aims to improve Bitcoin node efficiency.
🔸The accumulator structure allows for compact representation of UTXOs.
🔸Merkle forest enables better management of UTXO sets.
🔸Compact state nodes simplify Bitcoin participation for users.
🔸Bridge nodes serve as intermediaries between Utreexo and traditional nodes.
🔸P2P communication is essential for Utreexo nodes.
🔸Floresta is a practical implementation of Utreexo concepts.
🔸UtreexoD serves as a reference implementation for developers.
🔸Community engagement is crucial for Utreexo's adoption.
🔸The Bitcoin community in Korea is rapidly growing.
Timestamps:
(00:00) - Intro
(00:50) - What is Utreexo?; Latest developments with Utreexo
(04:44) - Trust assumptions in Utreexo
(06:35) - Bridge nodes vs. Compact state nodes
(10:58) - What is the Utreexo accumulator?
(12:58) - What is a Merkle Forest?
(14:18) - Consensus operations in Utreexo; Utreexo validation
(18:02) - How does P2P communication work with Utreexo?
(19:15) - Sponsors
(23:22) - What is the Bridge node and why is it needed?
(25:27) - How do the Utreexo nodes find each other?; The future of Bridge nodes
(30:31) - What is Floresta?
(32:05) - What is UtreexoD?; Comparing it with Floresta
(34:45) - Community engagement with Utreexod & BTCD
(37:35) - What’s new with Bitcoin in Seoul, Korea?
Links:
Bitcoin Social Layer: https://exciting-cheek-5fa.notion.site/itcoin-Social-Layer-17267469618f80e78b4ec91ae055ec06
BIP Drafts: https://github.com/bitcoin/bips/pull/1923
BIP
Mail list post:https://groups.google.com/g/bitcoindev/c/W1lxBraKG_E?pli=1
Swiftsync: https://bitcoinops.org/en/newsletters/2025/04/11/#swiftsync-speedup-for-initial-block-download
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
Stephan & Rod Roudi discuss the importance of building Bitcoin communities, the evolution of Bitcoin narratives, and the future of Bitcoin custody and treasury strategies. They explore the role of local meetups in fostering Bitcoin adoption, the significance of educating the next generation of Bitcoiners, and the impact of events on the Bitcoin ecosystem. Rod shares insights on upcoming events, including the Custody and Treasury Summit and the Imagine IF Summit, emphasizing the need for high-signal Bitcoin information and community engagement.
Takeaways
🔸Building Bitcoin communities is essential for fostering connections.
🔸Local meetups can significantly impact Bitcoin adoption.
🔸Education is key to helping newcomers understand Bitcoin.
🔸The narrative around Bitcoin has evolved over time.
🔸Custody and treasury strategies are crucial for Bitcoin holders.
🔸The future of Bitcoin security involves innovative solutions.
🔸Raising the next generation of Bitcoiners requires engagement and education.
🔸Events play a vital role in Bitcoin advocacy and education.
🔸Community organizers are becoming influential in the Bitcoin space.
🔸More Bitcoin signal is needed to counteract misinformation.
Timestamps:
(00:00) - Intro
(02:39) - How has the Bitcoin community evolved?
(07:30) - Is Bitcoin winning despite the narrative change?
(12:36) - The hard talk of BTCTCs custodying their Bitcoin
(21:00) - Will the future generations really inherit Bitcoin?
(25:38) - What is @bitcoinpark_?
(30:00) - Sponsors
(31:58) - Should you care about freedom of speech & freedom tech?
(36:26) - Local Bitcoin meetups are priceless!
(42:09) - Today’s ‘bitcoin plebs’ are tomorrow’s decision makers
(47:00) - What are the implications of stablecoins launching their own chains?
(52:50) - USPs of Bitcoin events
(1:00:41) - 3 currencies of life
(1:02:14) - Closing thoughts; Bitcoin Custody & Treasury Summit & Imagine IF
Links:
Learn more about Bitcoin Park: https://bitcoinpark.com
Bitcoin Custody & Treasury Summit Sept 17-18 at Bitcoin Park Nashville: https://bitcoinpark.com/custody-treasury
Imagine IF, a summit of summits at the convergence of Bitcoin, AI, Energy, and Freedom Tech Sept 19-20 at the Fisher Center in Nashville, TN, walking distance from Bitcoin Park: https://bitcoinpark.com/imagineif
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this episode, Jan Kotas discusses the growing Bitcoin community in Paraguay, the benefits of living there for digital nomads, and the tax advantages of Paraguayan residency. He shares insights on the local infrastructure, safety, and the vibrant expat community. Jan also explains how to structure income through US LLCs for tax efficiency and the regulatory environment surrounding cryptocurrency in Paraguay. The conversation highlights the importance of community and education in promoting Bitcoin adoption, culminating in the announcement of the upcoming Accelerating Bitcoin Conference.
Takeaways
🔸Paraguay offers a favorable tax system for residents.
🔸The digital nomad community in Paraguay is rapidly growing.
🔸Safety in Asuncion varies by neighborhood.
🔸US LLCs can provide tax efficiency for non-US citizens.
🔸Paraguay does not require proof of income for residency.
🔸The local banking system is not very crypto-friendly.
🔸Bitcoin Paraguay is focused on education and community building.
🔸The Accelerating Bitcoin Conference will showcase Paraguay's opportunities.
🔸Many expats are seeking a Plan B in Paraguay.
🔸The Bitcoin community is crucial for freedom seekers.
Timestamps:
(00:00) - Intro
(00:51) - Who is Jan Kotas?
(01:58) - Why is Paraguay a haven for digital nomads?
(03:49) - Community, infrastructure and safety in Asuncion
(08:14) - What are the tax benefits & residency requirements in Paraguay?
(09:55) - U.S. LLC tax efficiency for non-resident aliens
(14:55) - Reporting requirements for source of funds in Paraguay
(18:29) - The merging of TradFi with Bitcoin
(19:50) - Sponsors
(26:38) - Building the Bitcoin Community in Paraguay; Educational initiatives & workshops
(33:35) - Jan’s views on the excessive regulations in the EU
(39:41) - The pros and cons of being a Bitcoiner in Paraguay
(43:24) - Living in Asuncion vs. The Czech Republic; ‘Accelerating Bitcoin’ conference
Watch the episode to find the BIP39 seed word and stand a chance to win millions of sats!
#SatHunterz
Links:
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this conversation, Stephan Livera and Kane McGukin discuss the evolving landscape of Bitcoin treasury companies, exploring the risks, potential failures, and the role of Bitcoin in financial services. They explore the dynamics of equity versus preferred shares, the importance of education in Bitcoin investments, and the impact of market volatility on investor behavior. The discussion highlights the need for a deeper understanding of the financial instruments associated with Bitcoin and the potential for treasury companies to bridge the gap between traditional finance and the Bitcoin ecosystem.
Takeaways
🔸Kane expresses skepticism about the financial engineering of treasury companies.
🔸The risks associated with equity dilution in treasury companies are significant.
🔸Bitcoin's role in financial services is evolving, with treasury companies acting as a bridge.
🔸Investors need to understand the difference between equity and preferred shares in treasury companies.
🔸Market dynamics can lead to volatility in treasury company investments.
🔸Education is crucial for investors to navigate the complexities of Bitcoin and treasury companies.
🔸Timing and market conditions significantly impact investment outcomes in treasury companies.
🔸The future of Bitcoin and treasury companies is intertwined with regulatory developments.
🔸Investors should be cautious of the hype surrounding treasury companies.
🔸The conversation emphasizes the importance of understanding the underlying assets and their value.
Timestamps:
(00:00) - Intro
(02:16) - Kane’s skepticism around BTCTCs
(05:37) - What are the possible risks to consider for a BTCTC?
(09:53) - Strategy orange-pilled retail investors through the success of $MSTR
(12:13) - How do Auction Rate Securities work?; Comparing with Strategy's $STRC
(21:51) - What is your time horizon for Bitcoin & BTCTCs?
(23:38) - Sponsors
(29:10) - Does the retail crowd understand Bitcoin? Are BTCTCs a good route for Bitcoin exposure?
(41:31) - Understanding the risks in Bitcoin Treasury Companies
(46:14) - Long term perspectives on Bitcoin and BTCTCs; The importance of NgU
(51:14) - Bitcoin’s future ft. Power Law; Leveraging equity in Bitcoin investments
(1:00:12) - Innovations in Bitcoin Financial Products; The importance of Bitcoin education through BTCTCs
(1:13:16) - Closing thoughts
Links:
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
In this episode, Stephan Livera interviews Evan (VNPRC), the creator of HashPool, discussing the importance of decentralizing Bitcoin mining. They explore the current state of mining centralization, the risks it poses, and how HashPool aims to empower small miners through innovative technologies like eCash and e-Hash tokens. The conversation also explores the challenges of privacy, custodial risks, and the future of decentralized mining, emphasizing the need for regular payouts and sustainable practices.
Takeaways
🔸Decentralization of Bitcoin mining is essential to prevent systemic risks.
🔸Large mining pools currently control a significant portion of Bitcoin's block production.
🔸Censorship resistance is crucial for the integrity of Bitcoin transactions.
🔸Small miners require regular payouts to sustain their operations.
🔸eCash technology can enhance privacy for Bitcoin miners.
🔸e-Hash tokens represent a new model for mining payouts.
🔸Custodial risks are inherent in current mining pool structures.
🔸The future of mining may involve more decentralized protocols like CTV.
🔸Sustainability of projects like HashPool is vital for long-term success.
🔸Community-driven initiatives can foster greater decentralization in Bitcoin mining.
Timestamps:
(00:00) - Intro
(01:00) - Where are we headed with Bitcoin mining?
(03:55) - What is Block Template creation?; Empowering the small mining operations
(11:29) - What is eCash and how does it work?; Enhanced privacy with eCash
(18:33) - How do mining pools work and what is HashPool?; Trading eHash tokens
(27:49) - Creating decentralized marketplaces for trading eHash tokens; The ideal eHash trader
(34:23) - The challenges of non-custodial mining
(40:23) - How do you verify payouts?; Proof of Liabilities
(43:20) - Combining eCash and mining for transparency
(50:02) - Decentralization in mining payout models
(55:28) - What is the future of small-scale mining?
(1:01:08) - What is the technical architecture of HashPool?
(1:06:08) - Sustainability and ideological goals of HashPool
(1:08:37) - Closing thoughts
Links:
Hashpool Website: https://hashpool.dev/
Hashpool Twitter: https://twitter.com/btchashpool
vnprc nostr: https://njump.me/npub16vzjeglr653mrmyqvu0trwaq29az753wr9th3hyrm5p63kz2zu8qzumhgd
btc++ talks
Hashpool - A New Kind of Mining Pool Powered by Ecash: https://www.youtube.com/watch?v=SeydWRNjH_Y&list=PLZdV4KsJUf8dxXlrAHjaVUyra20zcIRbm
Proxy Pools - Harness the Free Market to Decentralize Bitcoin Mining: https://www.youtube.com/watch?app=desktop&v=F2p_V0svDTo&t=3h15m30s
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
