In this episode, Stephan sits down with Arbedout to explore one of the most debated technical topics in Bitcoin today: covenants, vaults, and the future of Bitcoin custody infrastructure.

They discuss why many people may be misunderstanding where the real demand for covenants comes from, and how covenant-related features could improve Bitcoin self-custody through vaults, spending limits, recovery mechanisms, and more secure long-term storage setups.

The conversation also explores Bitcoin adoption, conviction, long-term store of value dynamics, and the psychological challenges of holding Bitcoin through volatility.

Timestamp:

(00:00) – The privacy problem with co-signing today

(03:25) – What does Sigbash allow us to do?

(08:15) – What is Oblivious Signing? 

(12:20) – Privacy, Regulation, and Reducing Multisig Honeypot Risks

(15:10) - What does Sigbash use look like in practice? Inheritance, Vaults, and Multisig

(19:50) - Can the server grief the user?

(21:10) – Mobile Wallets, Assisted Self-Custody, and NeoBank Possibilities

(25:50) - Sigbash project and product

(28:29) – Sigbash vs PIPES vs BinoHash Explained

(33:01) – Covenant Demand, Bitcoin Security, and the Future of Self-Custody

(36:33) – Closing Thoughts

Links: 

• https://sigbash.com/

• https://x.com/arbedout

Stephan Livera links:

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In this episode, Sanjay Mavinkurve and Chase Palmieri join me to discuss Sovana, a groundbreaking product that allows property owners to leverage their real estate equity to gain Bitcoin exposure without traditional debt. They explore the product's mechanics, target audience, market timing, and future potential, providing insights into how real estate and Bitcoin markets intersect.

Timestamps:

(00:00) - Introduction

(02:50) - The Problem with Home Equity and Bitcoin

(06:38) - How Sovana Works

(11:10) - What if Bitcoin is down in 5 years?

(14:55) - Is this only for people who are already HODLers?

(17:25) - Why TradFi can’t ignore Bitcoin anymore

(19:17) - Would a 10 year period be possible in future?

(26:35) - Comparing Sovana to Traditional Financing

(29:05) - What about Capital Gains taxes?

(32:55) - Real Estate vs. Bitcoin Performance

(39:37) - Bridging the Gap: Conviction and Capital

(47:55) - Closing Thoughts

Links: 

• https://x.com/SovanaHQ

• https://x.com/sgmavinkurve

• https://x.com/chasepalmieri

• https://www.sovana.io/

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this episode, we explore the latest in Bitcoin security with NVK, including the new MK5 device, firmware updates, and the impact of AI and quantum computing on crypto security. We discuss practical tools, philosophical debates on self-custody, and future tech trends.

Timestamps:

(00:00) - Intro 

(00:21) - What’s new with @COLDCARDwallet?

(04:05) - Miniscript support in Coldcard

(09:48) - Thoughts on Bitkey

(17:49) - @bisq_network protocol exploit

(23:17) - Debunking the quantum FUD

(29:51) - nvk on AI & LLMs

(37:54) - llm-wiki

(45:38) - Practical guides for using AI agents

(52:03) - Closing thoughts 

Links: 

• https://x.com/nvk 

• https://bitcoinquantum.space 

• https://learntoprompt.org/   

• https://llm-wiki.net/ 

Stephan Livera links:

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In this episode, Pavlenex joins Stephan to discuss the strategic importance of funding open source in the Bitcoin ecosystem. They explore how open source support benefits companies, the stages of open source project development, and recent updates on Stratum V2 and BTCPay Server.

Timestamps:

(00:00) - Intro

(01:09) - Open source is not philanthropy

(05:07) - Reaction to MARA Foundation’s initiative

(06:40) - Stages of open source projects

(11:51) - The necessity of economic incentives

(16:42) - AI's impact on open source contributions

(19:48) - “Upstream decisions, downstream impact”

(24:33) - Open source as a complement to R&D

(28:46) - Navigating corporate funding & control

(31:14) - Identifying & supporting the right projects

(35:56) - Directed grants vs Open grants

(39:55) - The importance of supporting open source

(42:41) - Updates on Stratum V2

(47:02) - Updates on BTCPay Server

(48:47) - What is the Samrock protocol for BTCPay?

Links: 

• https://x.com/pavlenex 

• https://x.com/pavlenex/status/2049122238033531339 

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this episode Stephan speaks with Matyas Kuchar, co-founder of BTC Prague, about the upcoming Bitcoin conference in Prague. They discuss the conference's focus on Bitcoin and its intersection with other technologies like AI, the regulatory landscape in Europe, and the community divides within the Bitcoin space. 

Matyas shares insights on the importance of self-custody, the challenges posed by CBDCs, and the need for a united front in the Bitcoin community. The discussion also touches on the influence of institutional investments on Bitcoin adoption and the value of self-custody. 

Timestamps:

(00:00) - Intro

(01:18) - What to expect from BTC Prague?

(06:10) - The Intersection of AI & Bitcoin

(10:41) - Rise of surveillance state & importance of Bitcoin

(16:07) - CBDCs in Europe and regulatory challenges

(19:30) - Community divides in Bitcoin

(25:59) - The different types of conference attendees at BTC Prague

(29:58) - The value of in-person connections

(34:40) - Strategy’s influence on Bitcoin adoption

(40:20) - Why attend BTC Prague?

Links: 

• https://x.com/Matyas44Cook 

• https://x.com/btcprague 

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this conversation, Giovanni Santostasi discusses his new book 'The Physics of Bitcoin' and the application of power law analysis to understand Bitcoin's growth, value, and long-term behavior. The conversation covers the scientific basis of Bitcoin's patterns, the significance of power laws in natural and social systems, and how this framework challenges common narratives about exponential growth.

Timestamps:

(00:00) - Intro

(02:14) - Why write 'The Physics of Bitcoin'?

(06:18) - The significance of Bitcoin’s Power Law 

(10:28) - Bitcoin's growth: Power law vs Exponential models

(21:41) - The nature of Bitcoin as a network effect

(29:46) - How would bitcoin’s power law be falsified?

(37:30) - Bitcoin’s price floor

(41:35) - Can it break to the upside?

(43:14) - Will Bitcoin hit a saturation point?

(52:51) - Sustainable nature of Bitcoin's growth

Links: 

• https://x.com/Giovann35084111

• http://thephysicsofbitcoin.com 

• https://scientificbitcoininstitute.org/ 

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this episode, Stephan Livera chats with James Van Straten, senior analyst at CoinDesk, to explore the current state of Bitcoin and macro markets. They discuss the nature of bear markets, cycle theories, technical indicators, institutional behavior, and macroeconomic influences affecting Bitcoin’s price and sentiment. 

Takeaways:

🔸James shares his perspective on Bitcoin's bear market versus previous cycles

🔸Debunking the four-year cycle hypothesis and its implications

🔸The significance of institutional demand and holder behavior in market bottoms

🔸Technical analysis tools like realised price and 200-week moving average support

🔸The impact of macro events, such as geopolitical conflicts and macroeconomic trends

🔸The role of options markets, liquidity, and sentiment indicators during downturns

🔸The importance of dollar-cost averaging through bear markets for long-term gains

🔸Insights into emerging Bitcoin treasury strategies and product offerings like STRC

🔸How industry players are raising capital even in challenging market conditions

🔸The potential for demand recovery and signs of green shoots in the current environment

Timestamps:

(00:00) - Intro

(00:40) - Is this bear market different?

(02:48) - Does James believe in the 4-year cycle?

(07:32) - Realised BTC price & 200WMA

(13:13) - Total BTC supply in profit

(17:22) - Long-term holder supply 

(19:20) - UTXO Realized Price Distribution (URPD)

(25:00) - Bitcoin’s performance during the US-Iran war

(29:49) - Strategy’s massive BTC purchase using STRC

(36:31) - Rise of Bitcoin treasury companies

(39:04) - DCA during bear cycles

(41:09) - Closing thoughts 

Links: 

• https://x.com/btcjvs 

Stephan Livera links:

• Follow me on X: @stephanlivera

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Stephan Livera and Pieter Wuille discuss Cluster Mempool for Bitcoin Core, its motivations, and its implications for Bitcoin users and miners. Where does the current mempool design have issues? Why is it important to maintain a transparent and reliable open mempool? 

Pieter Wuille also explains the complexities of transaction clustering and how the new framework improves efficiency and helps keep bitcoin mining open. 

Timestamps:

(00:00) - Intro

(01:05) - What is Cluster Mempool?

(03:05) - What is its impact on everyday Bitcoin users?

(06:21) - How does the mempool work today?

(11:52) - Current mempool heuristics and issues

(16:37) - Censorship resistance and economic demand

(22:56) - Practical implications for exchanges & miners

(26:12) - How does cluster mempool work?

(29:29) - Transaction clusters & mempool dynamics

(37:27) - Should mempools align across the node network?

(43:47) - What about other implementations of Bitcoin?

(48:17) - Other interesting areas for bitcoin development

(52:11) - Closing thoughts

Links: 

• https://github.com/bitcoin/bitcoin/pull/33629 

• https://bitcoinmagazine.com/print/the-core-issue-cluster-mempool-problems-are-easier-in-chunks 

• https://delvingbitcoin.org/t/an-overview-of-the-cluster-mempool-proposal/393 

• https://delvingbitcoin.org/t/mempool-incentive-compatibility/553 

Stephan Livera links:

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In this conversation, Stephan Livera interviews Bitcoin developer Martin Habovstiak about his website Knotslies and the controversies surrounding data contiguity in Bitcoin transactions. They discuss the legal implications of data storage on the blockchain, the effectiveness of filtering illegal content, and various methods of spamming the Bitcoin chain. 

Martin shares his insights on the technical aspects of Bitcoin transactions and the challenges of maintaining standards in the face of evolving practices.They also discuss the complexities of Bitcoin's transaction mechanisms, particularly focusing on the implications of spam, the role of UTXOs, and the potential effects of BIP 110. 

The conversation also highlights the importance of maintaining network integrity, the costs associated with spamming, and the necessity of mining in preserving Bitcoin's resistance to government influence.

Takeaways:

🔸Martin created Knotslies to address misconceptions about Bitcoin data.

🔸The argument about data contiguity in transactions is flawed.

🔸Splitting data does not make it legal or safe.

🔸Technical understanding is crucial for discussing Bitcoin's legal risks.

🔸Filters cannot effectively prevent illegal content on the blockchain.

🔸Spamming the Bitcoin chain can lead to larger transaction sizes.

🔸The cost of storing data on Bitcoin is significantly higher than cloud services.

🔸Different methods of spamming have varying costs and implications.

🔸The debate around standards in Bitcoin is ongoing and complex.

🔸People who are putting data in Bitcoin are doing it on purpose.

🔸The calculator simulates what an attacker would do to spam Bitcoin.

🔸Spammers will not be deterred by a 0.4% increase in costs.

🔸Lightning Network is crucial for reducing spam on the Bitcoin network.

🔸Changing Bitcoin due to government fear undermines its purpose.

Timestamps:

(00:00) - Intro

(01:10) - Why did Martin create Knotslies? 

(07:46) - Controversies around data contiguity in Bitcoin transactions

(12:04) - The standard way to interpret Bitcoin data?

(20:24) - Can filtering protect node operators from illegal content? 

(25:37) - Various methods of data spamming in Bitcoin

(33:01) - What is the Knotslies calculator? 

(40:20) - Analyzing spam costs

(48:28) - Alternative solutions instead of BIP 110

(54:25) - Role of Bitcoin mining in resistance to government influence

Links: 

• https://x.com/kixunil 

• https://knotslies.com/ 

• https://knotslies.com/calculator.html 

• https://github.com/djkazic/bpub 

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this episode, Calle introduces Numopay, an open-source Bitcoin payment terminal that enables tap-to-pay experiences similar to fiat systems. We explore its technical foundations, privacy features, future developments, and the broader ecosystem of Bitcoin payment solutions.

Takeaways:

🔸Numopay's open-source payment terminal

🔸Tap to pay Bitcoin using NFC and QR codes

🔸Privacy features of Cashu’s eCash system

🔸Auto withdrawal to Lightning addresses for security

🔸Future developments including BIP321 and integrations

Timestamps:

(00:00) - Intro

(00:38) - What is Numopay?

(03:29) - Numopay’s UX, tap-to-pay & offline NFC payments 

(08:30) - Unified QR codes (BIP 321)

(10:21) - Auto withdrawal to lightning address

(13:51) - Evolution of Bitcoin payment infrastructure

(20:08) - What is the future of Numopay?

(22:47) - The Cashu ecosystem in 2026

(27:34) - Where should people be using Cashu systems today? 

(30:48) - Privacy in Bitcoin

(34:34) - Future of Bitcoin development with AI

(42:06) - Closing thoughts

Links: 

• https://x.com/callebtc 

• https://x.com/NumoPayApp 

• https://x.com/NumoPayApp/status/2026334747991916634 

Stephan Livera links:

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In this episode, Stephan Livera interviews Trey Sellers about Bitcoin and FIRE (Financial Independence, Retire Early). They explore how Bitcoin can accelerate FIRE, different strategies for retirement, and practical tools like the FIRE BTC calculator. A must-listen for Bitcoiners interested in personal finance and early retirement strategies.

Takeaways:

🔸Bitcoin's role in FIRE and personal finance

🔸The FIRE BTC Compass and its features

🔸’Buy, Borrow, Die’ with Bitcoin

🔸Different levels of FIRE and lifestyle planning

Timestamps:

(00:00) - Intro

(01:15) - Bitcoin in FIRE community

(4:12) - TradFi FIRE vs Bitcoin FIRE

(07:31) - Can using Bitcoin accelerate financial independence?  

(10:35) - How to use FIRE BTC Compass

(14:35) - Different levels of FIRE

(19:23) - Strategies for retirement drawdown

(30:34) - Can you 'Buy, Borrow, Die' with Bitcoin?

(36:23) - Sovereignty aspect of Bitcoin

(38:19) - Dynamic life phases & intentional financial planning

(43:52) - Why is there no ‘Dave Ramsey of Bitcoin’ show?

Links: 

• https://x.com/ts_hodl 

• https://www.firebtc.io/ 

• https://calc.firebtc.io/ 

Stephan Livera links:

• Follow me on X: @stephanlivera

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