In this episode, Stephan speaks with Nick Slaney about the current state and future of the Lightning Network. They discuss the misconceptions surrounding Lightning adoption, the legal challenges faced by developers, and the opportunities for Lightning Service Providers (LSPs). 

Nick shares insights on hosted channels, liquidity management, and the user experience of Lightning, emphasizing the importance of understanding costs associated with using the network. The conversation highlights the potential for growth and innovation in the Lightning ecosystem as it continues to evolve. In this conversation, Stephan and Nick Slaney delve into the intricacies of the Lightning Network, Bitcoin fees, and the role of stablecoins in the crypto ecosystem. They discuss the real-world user experience with Bitcoin and Lightning, emphasizing the importance of understanding user needs and the misconceptions prevalent in online discussions. The conversation also touches on the implications of Taproot assets for the Lightning Network and the future of Bitcoin development, highlighting the need for better user experiences and broader adoption.

Takeaways

🔸Lightning has seen significant growth in volume over the past year.

🔸Misunderstandings about Lightning's functionality can lead to misconceptions.

🔸Legal challenges have created a chilling effect on Lightning adoption in the US.

🔸LSPs are a viable business model for facilitating Lightning transactions.

🔸Hosted channels can help onboard casual users to Lightning.

🔸User experience is crucial for the adoption of self-custodial wallets.

🔸Costs associated with using Lightning can vary based on user behavior.

🔸The Lightning Network is not free; users must consider on-chain fees.

🔸There is a need for better tools to facilitate movement between Lightning and on-chain Bitcoin.

🔸The future of Lightning looks promising with ongoing developments and innovations. 🔸Real-world users are often willing to pay higher fees for Bitcoin transactions.

🔸The fee structure for Lightning transactions can be misunderstood online.

🔸Stablecoins serve a purpose in regions where users cannot access dollars.

🔸Self-custody offers assurance and control over Bitcoin holdings.

🔸The Lightning Network needs to focus on user experience to drive adoption.

🔸There is a disconnect between online Bitcoin discussions and real-world user experiences.

🔸Taproot assets could change the dynamics of stablecoins on the Lightning Network.

🔸The future of Bitcoin may involve integrating fiat systems with Lightning payments.

🔸Building trust and brand recognition is crucial for crypto applications.

🔸The Bitcoin community should prioritize real-world applications and user needs.

Timestamps:

(00:00) - Intro

(01:14) - How has the Lightning network progressed with time? 

(04:06) - What are the tradeoffs with Lightning?

(07:15) - What are the current legal challenges and their impact on Lightning?

(10:16) - Opportunities for Lightning Service Providers (LSPs)

(13:11) - How does an LSP identify a profitable channel?; What is a Hosted channel? 

(16:13) - The challenge of UX and cost considerations in Lightning

(18:05) - Sponsors

(19:55) - “Graduated wallet approach” 

(22:12) - What is the actual number of people that can use Lightning? 

(27:00) - What are the individual costs of using self-custodial Lightning? 

(33:36) - Misconceptions about Lightning

(35:26) - Sponsors

(37:43) - Real-world user perspectives on Bitcoin and Lightning

(41:16) - What is the role of Stablecoins in the payment ecosystem?

(50:44) - Taproot Assets and their impact on Lightning Network

(58:09) - The future of Bitcoin & Lightning Development

Links: 

• https://sats.build/self-custody-lightning-2025/

• https://x.com/nick_slaney/status/1889679185313960320 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• Lana by Galoy

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

In this episode, Stephan Levera interviews Ethan from Bitaroo, discussing the current state of Bitcoin in Australia, regulatory challenges, the importance of self-custody, and the evolving landscape of cryptocurrency exchanges. 

They explore the implications of regulations like the FATF and AFSL, the role of banks in facilitating or hindering Bitcoin transactions, and the need for consumer protection and self-responsibility in the crypto space. The conversation also touches on proof of reserves and market trends influencing Bitcoin adoption.

Takeaways

🔸Bitaroo is a prominent Bitcoin-only exchange in Australia.

🔸The FATF regulations impact how financial institutions handle Bitcoin transactions.

🔸AFSL regulations may change the landscape for Bitcoin businesses in Australia.

🔸User experience may suffer due to increased compliance requirements.

🔸Self-custody is essential for Bitcoin users to maintain control over their assets.

🔸Banks are increasingly blocking transfers to Bitcoin exchanges, complicating access.

🔸Consumer protection should encourage self-responsibility rather than dependence on government.

🔸Proof of reserves could enhance trust in cryptocurrency exchanges.

🔸Market trends indicate a shift towards institutional investment in Bitcoin.

🔸Advocating against restrictive regulations is crucial for the Bitcoin community.

Timestamps:

(00:00) - Intro

(01:01) - How does the Bitcoin landscape look currently in Australia? 

(09:20) - What is AFSL?

(14:57) - Sponsors

(15:57) - What other Bitcoin-centric regulations can Australians expect? 

(18:29) - How is Bitaroo ensuring its users practice self-custody?

(23:14) - The dilemma b/w self custody vs. custodial solutions

(29:59) - Is it worthwhile to lobby for lesser regulations?

(36:42) - Libertarian perspective & the current situation in Australia 

(38:40) - Are some Australian banks blocking Bitcoin transactions?

(46:56) - Sponsors

(49:57) - Is Bitaroo KYC-free for merchants?

(55:25) - Will Proof of Reserves for exchanges be popularised in Australia? 

(1:02:14) - Future adoption of Bitcoin and Market trends

Links: 

• https://x.com/EthanBitcoin 

• https://x.com/BitarooExchange 

• https://x.com/AusBTCIndBody 

• https://bitcoinalive.io/ 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• Lana by Galoy

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Harsha & Stephan discuss the challenges Bitcoin businesses face regarding regulation, particularly the tightening KYC and AML requirements. Harsha highlights the implications of these regulations on the Bitcoin ecosystem and the role of custodians. The discussion also touches on the evolving regulatory landscape, the impact of political administrations on crypto regulation, and the future of stablecoins. 

Harsha emphasizes the need for clarity in regulations and the importance of maintaining a balance between compliance and the freedom that Bitcoin offers. The conversation also highlights the challenges developers face in creating tools that respect user privacy while navigating regulatory landscapes. They conclude by exploring the potential future of Bitcoin upgrades and the importance of lobbying for less restrictive regulations to foster industry growth.

Takeaways

🔸Bitcoin businesses face significant regulatory challenges.

🔸KYC and AML regulations are tightening around Bitcoin.

🔸The government controls the flow of money through conversion points.

🔸FinCEN guidance has evolved, impacting Bitcoin regulation.

🔸Political administrations influence the regulatory landscape for crypto.

🔸Stablecoins are seen as an extension of the fiat system.

🔸Surveillance exists in both traditional finance and crypto.

🔸Fraud is a major issue in the crypto space.

🔸The government is not effectively targeting crypto criminals.

🔸There is a need for clarity in crypto regulations. There are genuine concerns about KYC and AML regulations.

🔸Chain surveillance companies are influencing the perception of 'clean' and 'dirty' coins.

🔸Bitcoin's privacy needs are becoming increasingly critical.

🔸Upgrades like PayJoin can enhance Bitcoin's privacy.

🔸The government may not be able to stop Bitcoin upgrades if there's enough inertia.

🔸The current regulatory environment is costly and burdensome for businesses.

🔸Lobbying for less regulation is essential for the growth of the crypto industry.

🔸The effectiveness of AML regulations is highly questionable.

🔸Bitcoin's future may involve more privacy-focused upgrades.

🔸The crypto landscape is a long game, requiring sustained effort. 

Timestamps:

(00:00) - Intro

(01:27) - Who is Harsha Goli & what is Magnolia? 

(02:50) - The KYC/AML noose around Bitcoin is tightening 

(08:22) - What are the implications of the FinCEN guidance?

(12:46) - How does a change in political administration affect cryptocurrency regulations?

(15:39) - The aftermath of Samourai wallet hearing; Bank Secrecy Act

(17:32) - Sponsors

(20:38) - Does the existence of stablecoins help people stay away from the fiat system? 

(23:50) - Surveillance in TradFi vs. Crypto

(29:48) - Travel Rule compliance and Fraud in crypto transactions

(35:22) - Privacy needs in Bitcoin: A developer's perspective

(39:34) - What are the possible privacy enhancements in Bitcoin?

(42:08) - Can Bitcoin be upgraded for better privacy?

(42:39) - Sponsors

(53:27) - Lobbying for lesser regulation

Links: 

• https://x.com/_arshbot/

• https://x.com/joinMagnolia 

• https://magnolia.financial/ 

• https://blockspace.media/insight/the-boring-banal-way-big-brother-can-shackle-bitcoin/ 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• Lana by Galoy

Stephan Livera links:

• Follow me on X:@stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Will Foxley, co-founder of BlockSpace Media and host of the Mining Pod chats with Stephan about the need for a dedicated Bitcoin media publication, the upcoming OP NEXT conference focused on scaling Bitcoin, and the importance of fostering conversations among Bitcoin developers, miners, and institutions. Will shares insights on the ossification debate within the Bitcoin community and the role of public Bitcoin miners in shaping the future of Bitcoin. The conversation also emphasizes the need for collaboration and open dialogue to address scaling challenges and the evolving landscape of Bitcoin. Stephan and Will also deep dive into the evolving landscape of Bitcoin mining, highlighting the impact of the China mining ban, the professionalization of the industry, and the relationship between miners and developers. The diverse perspectives on transaction fees, the challenges faced by public and private miners, and the importance of custodians in securing Bitcoin are some of the other key points that are raised as well. 

Takeaways

🔸BlockSpace Media aims to fill the gap in Bitcoin media.

🔸OP NEXT is a revival of the scaling Bitcoin conference.

🔸Scaling Bitcoin is not an urgent issue at the moment.

🔸The conference focuses on bringing together developers and miners.

🔸Institutions play a crucial role in Bitcoin's future.

🔸The ossification debate is about necessary changes versus bug fixes.

🔸Public Bitcoin miners are becoming more involved in development discussions.

🔸The future of Bitcoin may involve more custodial solutions.

🔸Conversations around scaling Bitcoin need to be inclusive.

🔸The importance of self-custody in the Bitcoin ecosystem. The Bitcoin mining ecosystem has dramatically changed post-China mining ban.

🔸Miners are increasingly professionalized and financially robust.

🔸There is a growing need for collaboration between miners and developers.

🔸Transaction fee dynamics reveal diverse miner perspectives.

🔸Public miners leverage capital differently than private miners.

🔸Diversification strategies are emerging among Bitcoin miners.

🔸The halving event significantly impacts miner survival rates.

🔸Custodians play a crucial role in Bitcoin security and wealth protection.

🔸Self-custody remains a viable option for many Bitcoiners.

🔸Engaging ossifiers can enrich the Bitcoin discourse.

Timestamps:

(00:00) - Intro

(01:05) - What is BlockSpace Media?

(04:15) - Is Scaling Bitcoin a pressing issue right now?

(10:01) - How is OP Next different from other Bitcoin conferences?

(14:00) - What is Will’s view on the ossification debate?

(17:15) - Hosting OP Next at Strategy offices

(19:53) - Sponsors

(21:09) - Who will be at OP Next?

(25:23) - How do people perceive Bitcoin?

(30:50) - How has the Bitcoin mining ecosystem evolved over the years?; Impact of the China mining ban on hashrate distribution

(35:24) - The relationship between Miners and Developers

(36:24) - Sponsors

(39:00) - What are the different perspectives on Bitcoin’s transaction fees?

(44:31) - Public vs. Private miners: Efficiency and Capital Access

(50:39) - Survival of the fittest Bitcoin miners

(54:09) - What is the commercial feasibility of Bitcoin soft fork upgrades? 

(57:29) - Engaging with the Ossifiers / Bitcoin conservatives

Links: 

• https://opnext.dev/ 

• https://x.com/blockspacepod 

• https://x.com/theminingpod 

• https://x.com/wsfoxley 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• Lana by Galoy

Stephan Livera links:

• Follow me on X:@stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Stephan and Pierre discuss the evolving landscape of Bitcoin, focusing on the dichotomy between securitization and tokenization. They explore the regulatory environment, the challenges of Bitcoin adoption, and the implications of volatility on investor behavior. The discussion also touches upon the financialization of Bitcoin and the misconceptions surrounding tokenization of real-world assets, ultimately questioning the value created through such processes.

They also discuss the risks associated with traditional financial systems, the importance of self-custody, the psychological barriers to Bitcoin adoption, is stablecoin a gateway to Bitcoin and the challenges of privacy and surveillance in financial transactions. 

Takeaways

🔸Regulatory uncertainty was historically the biggest concern for Bitcoin.

🔸The current primary concern for Bitcoin adoption is price volatility.

🔸Bitcoin's community often lacks empathy towards those wary of volatility.

🔸Financialization of Bitcoin has accelerated with the introduction of ETFs.

🔸There is a significant demand for products that cater to different risk appetites.

🔸Tokenization of assets does not create new value; it merely changes the form.

🔸The crypto space often misidentifies problems that need solving.

🔸Investors are more interested in securitized products than decentralized solutions.

🔸The narrative around tokenization is often misleading and oversold.

🔸Real-world applications of blockchain technology can sometimes complicate rather than simplify transactions. Bitcoin's financialization is a key trend for the future.

🔸Investors need to understand the risks of traditional finance.

🔸Securitization of Bitcoin will drive institutional interest.

🔸Regulatory changes are creating new opportunities for Bitcoin.

🔸Self-custody is essential for Bitcoin holders.

🔸Stablecoins can serve as a bridge to Bitcoin investment.

🔸The psychological aspect of investing in Bitcoin is significant.

🔸Privacy concerns in finance are becoming more pronounced.

🔸Bitcoin's volatility is a barrier for some investors.

🔸The future of finance may involve a blend of Bitcoin and traditional assets.

Timestamps:

(00:00) - Intro

(00:55) - What are the primary objections that people have with Bitcoin?  

(07:20) - Technology vs. Number-Go-Up

(15:08) - Which pathway brings more people into Bitcoin?

(22:45) - $MSTR leveraging trad-fi to drive its bitcoin treasury strategy

(26:30) - The dubious narrative of ‘tokenization of real-world assets’

(32:06) - Sponsors

(39:12) - What is the role of Bitcoin in financial strategies?

(48:11) - What will be the impact of regulatory changes on Bitcoin?

(52:34) - The important concerns over centralization and state capture of Bitcoin

(52:22) - Sponsors

(58:38) - What are the psychological barriers to Bitcoin adoption?

(1:02:22) - Are stablecoins a gateway to Bitcoin?

(1:04:24) - The role of surveillance and privacy in financial systems

(1:12:00) - Closing thoughts

Links: 

• https://x.com/BitcoinPierre 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• Lana by Galoy

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

The episode focuses on the evolving narrative of Bitcoin, emphasizing its role as a medium of exchange rather than just a store of value. Dan & Danny explore the advancements in the Lightning Network, the challenges of user adoption, and the importance of awareness in driving Bitcoin's integration into both crypto and fiat worlds. The discussion highlights the potential for Lightning to facilitate peer-to-peer transactions and the future of Bitcoin swaps with stablecoins. 

Dan & Danny also discuss the improvements in user experience and accessibility, the challenges of mainstream integration, and the technical simplicity that encourages developer adoption. 

Takeaways

🔸Bitcoin is evolving beyond being just digital gold.

🔸The Lightning Network has matured significantly since its inception.

🔸User experience for Lightning payments has improved dramatically.

🔸Awareness of Lightning's capabilities is still a major hurdle.

🔸Many users are still unaware of the benefits of Lightning.

🔸Integration with fiat systems is crucial for broader adoption.

🔸The number of people who can access Lightning is growing.

🔸Peer-to-peer payments are becoming more feasible with Lightning.

🔸Stablecoins may play a key role in Bitcoin's future.

🔸The community's grassroots efforts are driving Bitcoin adoption. Lightning technology has matured significantly over the past few years.

🔸User experience improvements are crucial for wider adoption of Bitcoin payments.

🔸Mainstream applications integrating Bitcoin will drive significant adoption.

🔸Technical implementation of Lightning is now simpler than ever for developers.

🔸Bitcoin's utility as a currency is becoming more recognized.

🔸Cultural perceptions of Bitcoin need to evolve for broader acceptance.

🔸The cost of using Bitcoin for payments is significantly lower than traditional methods.

🔸Lightning enables microtransactions that were previously impossible with fiat systems.

🔸The importance of awareness and education in the Bitcoin ecosystem cannot be overstated.

🔸Bitcoin's potential as an everyday currency is being realized globally.

Timestamps:

(00:00) - Intro

(00:50) - Why make a ‘Bitcoin Payments’ report? 

(03:18) - Bitcoin NOT just ‘Digital Gold’

(08:17) - How many people can access the Lightning Network? 

(12:37) - What are the challenges in awareness & adoption of using Lightning Network?

(15:01) - The argument of ‘Peer-to-Peer’ vs. ‘Bank-to-Bank’ transactions

(16:53) - Sponsors

(19:12) - What are the hurdles for fiat & crypto folks to adopt Lightning?

(25:49) - What is the future of Bitcoin swaps & Lightning?

(28:34) - The drivers of Lightning Network adoption

(33:09) - Sponsors

(34:07) - Increased UX & accessibility improvements

(39:56) - Mainstream integration & adoption challenges

(41:57) - How long does it take to implement Breez?

(50:02) - Bitcoin is an everyday currency

Links: 

• https://x.com/danoprey

• https://x.com/dannystagg 

• https://x.com/1A1zBTC/status/1887940532783169954 

• https://x.com/Breez_Tech/status/1887518233432822182 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• Lana by Galoy

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Stephan and Nicolas discuss the evolution of Bitcoin banking, the role of Galoy, and the impact of regulatory changes on the Bitcoin ecosystem. They explore the differences between Bitcoin and fiat banking, the potential for local and global Bitcoin banks, and the future of Bitcoin custody and lending. 

The discussion also touches on the challenges posed by regulations and how recent changes may open up opportunities for banks to offer Bitcoin services. Nicolas also discusses Lana - a platform designed for banks and financial institutions to offer Bitcoin-backed loans. He explains the complexities of managing collateral and risk in Bitcoin lending, the importance of proof of reserves, and the role of custodians in the banking process. 

Takeaways

🔸Bitcoin banking can differ significantly from fiat banking.

🔸The Lightning Network has evolved towards a more centralized model.

🔸Bitcoin banks can operate without needing permission, unlike fiat banks.

🔸There is potential for a million Bitcoin banks globally.

🔸Regulatory challenges impact the adoption of Bitcoin by banks.

🔸Recent regulatory changes may encourage banks to offer Bitcoin services.

🔸Custody of Bitcoin is becoming a key focus for banks.

🔸Local Bitcoin banks may have advantages over global ones.

🔸The repeal of SAB121 is a significant step for Bitcoin banking.

🔸Bitcoin collateralized lending is an emerging opportunity. Lana is a landing platform for Bitcoin-backed loans.

🔸Managing collateral risk is crucial in Bitcoin lending.

🔸Proof of reserves should be a standard practice for Bitcoin banks.

🔸Banks can choose their custodians for Bitcoin management.

🔸Lana aims to expedite the market entry for banks.

🔸Traditional banking software may struggle with Bitcoin integration.

🔸Galoy is developing various Bitcoin banking products.

🔸The regulatory environment is influencing banks' Bitcoin strategies.

🔸El Salvador's legal tender law for Bitcoin has been repealed.

🔸Bitcoin adoption in El Salvador has led to increased tourism.

Timestamps:

(00:00) - Intro

(01:08) - How did Galoy start?

(04:24) - LN and Bitcoin wallet evolution over time

(08:12) - Bitcoin banking vs. Fiat banking

(12:15) - Local vs. Global Bitcoin banking models

(17:09) - Sponsors

(18:42) - What is the future of Bitcoin custody and lending?

(22:14) - Why are traditional banks hostile towards Bitcoin?

(28:15) - How does repealing SAB121 help Bitcoin?

(30:19) - What is Lana?

(34:54) - The importance of Proof-of-Reserves in Bitcoin lending products

(40:57) - How market-ready is Lana?

(42:08) - Sponsors

(43:07) - How is Lana different from Traditional banking software?

(45:08) - Building Galoy: Bitcoin’s banking infrastructure

(48:12) - What is the future of Bitcoin in traditional banking?

(50:08) - Insight on the repeal of El Salvador’s Bitcoin legal tender law

(55:05) - What is the impact of Bitcoin on El Salvador’s economy?

Links: 

• https://x.com/nicolasburtey 

• https://x.com/galoymoney

• https://x.com/GaloyMoney/status/1887496202591052194  

• https://www.galoy.io/lana-bitcoin-loans-platform 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Mason Carter, co-founder of Acropolis, chats about the adoption of Bitcoin in corporate treasury management. Stephan & Mason discuss the challenges faced by businesses in managing their treasury, the role of Bitcoin as a potential solution, and the importance of custody and regulatory considerations. 

Mason also shares insights on how companies can get started with Bitcoin, the impact of recent accounting changes, and the future of Bitcoin in banking. They then conclude the conversation with a case study involving eBay and the broader market potential of Bitcoin as a store of value.

Takeaways

🔸Bitcoin can help businesses combat inflation and preserve purchasing power.

🔸Not every company should adopt a Bitcoin treasury strategy.

🔸Custody of Bitcoin is a critical concern for corporations.

🔸FASB changes have made it easier for companies to account for Bitcoin.

🔸The future of banking will likely involve specialized Bitcoin services.

🔸20% allocation to Bitcoin is a reasonable starting point for corporations.

🔸Bitcoin is a more efficient store of value compared to traditional assets.

🔸The legitimacy of Bitcoin is increasing among traditional finance leaders.

🔸Education is key for businesses to understand Bitcoin's value.

🔸Counterparty risk is a primary concern for corporate treasurers.

Timestamps:

(00:00) - Intro

(00:48) - What are Early Riders & Acropolis?

(02:25) - What are the challenges faced by corporations in treasury management?

(04:35) - Should every company with access to public markets adopt Bitcoin acquiring strategies?

(06:58) - Getting started with Bitcoin for Corporations

(12:20) - What are some of the custody considerations for corporate Bitcoin holdings?

(15:19) - Sponsors

(17:00) - Regulatory & accounting challenges in Bitcoin adoption

(20:42) - What is the impact of FASB changes on corporate Bitcoin accounting?

(26:09) - Case study: eBay's Potential Bitcoin Strategy

(27:24) - Sponsors

(34:24) - Bitcoin's market potential compared to other assets

(36:23) - What are the social aspects of Bitcoin adoption?

(39:11) - Why should a corporation consider a 20% allocation of Bitcoin for its treasury? 

Links: 

• https://x.com/AcropolisBTC 

• https://www.acropolistreasury.com/ 

• https://x.com/onchaincowboy 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack

Julian and Peruvian Bull join Stephan to discuss the origins of the Federal Reserve - its creation in 1913 and its implications on the economy. They explore the recent awakening of public awareness regarding economic disparities exacerbated by COVID-19 and the role of central banking in these issues. 

The discussion contrasts the historical significance of 1913 with the events of 1971, emphasizing the Federal Reserve's influence on monetary policy and the illusion of free markets. 

They also talk about the flaws of traditional investment strategies, particularly the reliance on government bonds and the 60-40 portfolio model. The implications of government debt on financial markets and the role of the Federal Reserve as a central bank not just for the U.S. but for the world is another key point which is stressed upon. The conversation also explores the historical evolution of central banking, the challenges of ending the Federal Reserve, and the potential of Bitcoin and alternative economies to provide solutions to current financial issues.

Takeaways

🔸The Federal Reserve was created in 1913 as a response to financial panics.

🔸COVID-19 has led to a mass awakening regarding economic disparities.

🔸Inflation disproportionately affects lower-income individuals.

🔸The Federal Reserve's policies often benefit the wealthy.

🔸Historical events like the Great Depression highlight the Fed's failures.

🔸The concept of a free market is often misunderstood.

🔸Statistics used by the government can be manipulated to serve narratives.

🔸Recessions can be beneficial for economic correction.

🔸The Federal Reserve operates as a private entity with public implications.

🔸Central banking creates an illusion of stability while fostering fragility. CEOs should be held accountable for poor practices.

🔸Pension funds are making detrimental long-term financial decisions.

🔸The traditional 60-40 investment strategy is outdated and ineffective.

🔸The Federal Reserve's influence has expanded globally over time.

🔸The Eurodollar market is larger than the domestic dollar market.

🔸Ending the Federal Reserve requires significant public support and consensus.

🔸Bitcoin offers a potential alternative to central banking.

🔸There is a growing interest in creating independent economies using Bitcoin.

🔸The financial system is heavily influenced by government regulations and propaganda.

🔸The future of finance may involve decentralized and alternative economic systems.

Timestamps:

(00:00) - Intro

(00:48) - Why do we need to know about the Federal Reserve's origins? 

(02:50) - Why are people reawakening now?; Role of rising economic disparity

(07:38) - WTF happened in 1913?

(11:47) - Is the CPI number flawed? 

(15:40) - Is the Federal Reserve a private entity?

(21:18) - The illusion of free markets and central banking

(25:44) - Sponsors

(28:52) - Is the ‘60-40’ investment strategy still applicable?

(34:08) - The impact of government debt on financial markets

(37:55) - Stablecoins and its role in infiltrating weak economies

(39:08) - Sponsors

(41:29) - The Federal Reserve's role in global economics

(46:51) - The evolution of central banking; challenges of ending the Federal Reserve

(51:15) - The future of alternative economies and Bitcoin

Links: 

• https://x.com/kinetic_finance

• https://x.com/getbasedtv/status/1871607675995537519 

• https://x.com/peruvian_bull 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

• Nomadcapitalist.com/apply

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack
  

In this conversation, Ben Kaufman discusses the evolving relationship between Bitcoin and government, the implications of political engagement for Bitcoiners, and the advancements in self-custody technology. 

He introduces Miniscript, a programming language for Bitcoin that enhances the flexibility of spending conditions, and explores innovative use cases, particularly in inheritance planning.

The discussion also emphasizes the evolving landscape of Bitcoin self-custody, focusing on the security provided by Miniscript, the importance of emergency keys, and the role of Keeper in enhancing user experience. 

Stephan and Ben also explore the challenges of self-custody, the need for education, and the catalysts that could drive more users towards self-custody solutions. The balance between security and usability is key, highlighting the advancements in technology that make self-custody more accessible to the average user.

Takeaways

🔸The Bitcoin community's relationship with government is evolving.

🔸There is a tension between wanting less government and engaging politically.

🔸Miniscript offers a flexible way to define spending conditions in Bitcoin.

🔸User experience in self-custody has significantly improved over the years.

🔸Innovative use cases for Bitcoin technology are emerging, especially in inheritance planning.

🔸Time locks can be managed through absolute and relative methods in Bitcoin.

🔸The setup process for advanced spending conditions is similar to multisig wallets.

🔸Miniscript allows for complex configurations that enhance security.

🔸The importance of backing up wallet configurations cannot be overstated.

🔸Understanding the protocol level of Bitcoin is crucial for security.  Miniscript enhances the security of self-custody.

🔸Emergency keys provide a safety net for users.

🔸Redundancy is crucial in recovery solutions.

🔸User verification is essential for security.

🔸Keeper offers flexible options for emergency keys.

🔸Self-custody requires taking full responsibility.

🔸Education is key to increasing self-custody adoption.

🔸The landscape of self-custody is improving rapidly.

🔸Standardized templates for self-custody may emerge.

🔸Technological advancements are making self-custody easier.

Timestamps:

(00:00) - Intro

(01:04) - Bitcoin’s relationship with the government

(04:15) - Should governments be convinced not to buy altcoins?

(08:09) - What is the current landscape of Bitcoin self custody technology?

(11:20) - What is Miniscript? 

(13:59) - What are some of the useful applications of Miniscript? 

(16:12) - Sponsors

(17:47) - What are Time Locks and how do they work? 

(23:42) - Setting up advanced spending conditions with Miniscript & Inheritance planning

(31:54) - Emergency keys & other Security models

(37:46) - Which devices support Miniscript?

(39:17) - What does Bitcoin Keeper offer?

(41:20) - The future of Miniscript adoption

(43:51) - Passphrases vs. Multisig

(45:31) - Sponsors

(49:13) - Why do normies avoid self-custody?

(1:01:15) - Catalysts for self-custody adoption

Links: 

https://x.com/_benkaufman 

https://x.com/bitcoinkeeper_ 

Sponsors:

Bold Bitcoin

CoinKite.com (code LIVERA)

Stephan Livera links:

Follow me on X: @stephanlivera

Subscribe to the podcast

Subscribe to Substack

Andrew Hohns discusses the maturation of Bitcoin collateralized finance, the unique characteristics that make Bitcoin an exceptional form of collateral, and the innovative financing model of Battery Finance.

In this conversation, Andrew also discusses the complexities of capital markets, the challenges posed by inflation for credit investors, and the potential of Bitcoin as a transformative tool in structured finance. 

He emphasizes the importance of understanding investor needs, managing risks associated with Bitcoin-backed financing, and the global implications of integrating Bitcoin into traditional financial structures. Hohns advocates for a long-term perspective in financial planning and highlights the evolving landscape of finance influenced by digital assets.

Takeaways

🔸Bitcoin collateralized finance is becoming more mature.

🔸Short-term borrowing facilities dominate the current market.

🔸High interest rates pose challenges for long-term financing.

🔸Bitcoin's finite nature makes it a powerful asset.

🔸Bitcoin's versatility allows for various applications.

🔸The future of Bitcoin borrowing depends on institutional involvement.

🔸Battery Finance offers a unique financing model.

🔸Borrowers can re-denominate equity into Bitcoin.

🔸Impact investing can be enhanced with Bitcoin.

🔸Lenders have new options with Bitcoin as collateral. Capital markets cater to diverse investor needs and time horizons.

🔸Credit investments are essential for institutions needing income.

🔸Inflation poses significant challenges for credit investors today.

🔸Real returns must be considered to understand investment performance.

🔸Bitcoin can provide a hedge against inflation for credit investors.

🔸Global adoption of Bitcoin is crucial for its integration into finance.

🔸Risk management is vital when incorporating Bitcoin into financing.

🔸Time preferences influence financial decision-making and investment strategies.

🔸Structured finance can benefit from the unique characteristics of Bitcoin.

🔸The future of finance will increasingly involve digital assets like Bitcoin.

Timestamps:

(00:00) - Intro

(00:55) - How does the market perceive Bitcoin?

(06:48) - Versatility of Bitcoin

(13:35) - Why is Bitcoin exceptional collateral?

(15:05) - Sponsors

(16:54) - Why have Bitcoin borrowing rates been high?

(19:37) - What is Battery Finance and how does it work?

(26:50) - Who are the target customers of Battery Finance?

(32:01) - Sponsors

(33:05) - Lender perspectives in Bitcoin financing

(35:54) - The challenge of inflation for credit investors

(42:32) - Global Perspectives on Bitcoin

(47:39) - How to manage risks in Bitcoin-backed financing?

(52:29) - Repealing SAB121 and implications of banks custodying Bitcoin

(58:05) - The future of Bitcoin in structured finance

Links: 

• https://www.newmarketcapital.com/about-us/ 

Sponsors:

• Bold Bitcoin

• CoinKite.com (code LIVERA)

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

• Subscribe to Substack