In this episode, Rich from the team at Blockstream explains Jade, offline dice entropy, blind oracle protection, multisig descriptor recovery and the new Blockstream Swaps beta.

Timestamps:

00:45 — AI Scans & Audits Secure Jade

03:21 — Jade Core $99, Plus Up to $169

05:51 — Roll Dice for Offline Seed Entropy

08:23 — Blind Oracle: Remote Secure Element Explained

11:15 — Seed QR: Hand-Draw Your Recovery Phrase

15:24 — Jade Sends Back Lost Multisig Descriptor

19:40 — People Choosing Multisig Over ETFs

25:03 — Blockstream Swaps Beta: Lightning to Liquid

Links: 

• blockstream.com/jade 

• https://x.com/blockstream

• https://x.com/blockstreamjade

Stephan Livera links:

• Follow me on X: @stephanlivera

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Lightning Labs built Wavelength to deliver self-custodial Lightning payments without forcing users to run nodes, manage channels, or handle liquidity.

Olaoluwa Osuntokun, CTO and co-founder of Lightning Labs, and Michael Levin, VP of Product, join me to detail the design choices behind their Ark implementation.

They explain why Ark was selected, how hop hints let every payment use ordinary Lightning invoices, and why the four-endpoint SDK targets AI agents and vibe coders. The conversation covers sub-dust vouchers, unilateral exits, offline payment delivery, and one-basis-point alpha pricing.

Wavelength shows that self-custodial Lightning can match the integration ease of custodial services while preserving Bitcoin sovereignty.

Timestamps

01:28 — Why Wavelength: Lightning Without Node Pain

03:00 — Why Ark? 

05:28 — No New Addresses: Just Lightning Invoices

08:40 — Targeting Vibe Coders & AI Agents

13:06 — Lightning Beats Credit for LLM APIs

17:51 — Receive Sub-1k Sat Vouchers Seamlessly

19:32 — Normal User Spins Up Ark Wallet Fast

23:02 — Build Wallets with Just 4 Endpoints

24:46 — Telegram Self-Custodial Wallets Already Live

26:21 — Offline Payments Still Arrive Automatically

29:17 — Drop-In SDK for iOS and Android

31:26 — Can Servers Steal Your Funds?

33:36 — Wavelength Alpha: Just 1 Bip Fees

37:57 — AI Attacks Targeting Bitcoin Services?

44:05 — Bug Bounties Shift to Token Spending

48:36 — Self-Custody as Easy as Custodial

Links: 

• https://x.com/roasbee

• https://x.com/MichaelLevin

• Wavelength Announcement: https://x.com/lightning/status/2079620936567779707

Stephan Livera links:

• Follow me on X: @stephanlivera

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Old self-custody approaches collapse once Bitcoin reaches six figures, physical threats rise, and AI tools proliferate. Single hardware wallets and mattress myths no longer match the scale or risks that large holders now face.

Michael Tanguma, CEO and co-founder of Onramp, returns to examine how custody must adapt to family obligations, mortality, and market structure that turns concentrated holdings into targets.

The discussion covers why repeated exchange failures keep Bitcoin looking speculative to outsiders, how multi-institution setups reduce scam ROI, and the limits of adding more dice or vendors in an AI era. It also addresses custody pricing models and the practical question of whether any current setup survives a tenfold price increase.

Game theory now requires diversified institutional layers rather than pure self-reliance for serious stacks.

Timestamp:

03:43 — Bitcoin Custody Won't Work Like 2012

05:49 — Self-Custody Rules Changed With Your Life

07:19 — Why Bitcoiners Must Stop the Mattress Myth

09:01 — Bitcoin's Asset Layer Makes It Unstoppable

11:22 — Private Keys Are Like Firearms

15:40 — Custody Losses Keep Bitcoin Speculative

18:56 — AI Just Changed Self-Custody Forever

21:41 — Why Bitcoin Robberies Are Skyrocketing

25:41 — Multi-Institution Custody Kills Pig Butchering

27:57 — Bitcoin at $650K: Security Nightmare?

29:30 — Game Theory Demands Multi-Custody Bitcoin

32:03 — Centralized Custody: The Honeypot Risk

37:56 — Why Custody Fees Should Be Zero

39:51 — Full Bitcoin Custody for $100/Month

42:51 — Would Your Setup Survive 10x Bitcoin?

Links:

• https://x.com/mtanguma

• https://x.com/OnrampBitcoin

Stephan Livera links:

• Follow me on X: @stephanlivera

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#Bitcoin #SelfCustody #Custody #OnrampBitcoin #StephanLivera #StephanLiveraPodcast #BitcoinSecurity #MultiSig

Roy Sheinfeld of Breez returns to walk through Glow, the team's new reference wallet built using Spark. It’s designed so non-custodial Bitcoin feels simple: send, receive, and go.

Glow uses passkey onboarding (no seed phrase to write down), automatic backup via the passkey provider, and a single-balance UX so users can pay Lightning, on-chain, and stablecoin destinations without wrestling settings.

They also cover client-side swaps (Flashnet, multi-vendor architecture after Boltz), AI-driven attacks on swap providers, where Lightning volume actually comes from, Spark unilateral exits, and how AI plus the Breez SDK lets non-developers ship Bitcoin apps from a prompt.

Timestamps

04:21 — Bitcoin Wallet Onboard with One Passkey

08:05 — Stables on Lightning: Overhyped?

09:59 — Swaps Needed Even With Lightning Stables

11:48 — AI Attacks: Cheaper to Attack Than Defend

15:07 — Why Small Teams Get Hacked First

17:15 — Swaps Going Private to Survive?

19:17 — Backends Drive Most Lightning Volume

21:32 — 80/20 Rule: B2B Drives Lightning Volume

25:13 — Making Unilateral Exit Economically Viable

29:48 — Spark Public Mode

31:38 — One Prompt Builds a Bitcoin App

33:13 — Non-Technical Users Now Ship Bitcoin Apps

Links: 

• https://x.com/roy_breez

• https://x.com/breez_tech

• https://breez.technology/glow/

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this episode, Nick Neuman of Casa argues that it’s not the end of self-custody. Instead, it highlights why multisig with multiple vendors provides stronger protection without the hidden complexity of passphrases or dice rolling for single sig setups.

Timestamps:

03:12 — Not the End of Self-Custody

06:14 — Single Sig Is Actually More Complex

08:45 — Multisig Simpler Than Secure Single Sig

15:37 — $1K Single Sig, $10K Multisig?

17:32 — Casa's $250 2-of-3 Multisig Plan

20:01 — Private Clients Get Dedicated Advisors

22:21 — Bitkey vs Casa

27:36 — Going Closed Source Versus AI Attacks

30:23 — AI Code Audits Now Cost $1K

33:04 — Auto-Rejecting Unknown Callers Saves You

34:35 — Guardian Mode Requires Video Verification

Links: 

• https://x.com/Nneuman

• https://x.com/CasaHODL

• https://casa.io/

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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Kruw (@kruwed) runs one of the highest-volume WabiSabi coordinators, giving him direct insight into how the protocol handles liquidity, Sybil resistance, and real-world usage.

Timestamps:

00:42 — Wasabi 2.8 Privacy Features 

02:45 — Taproot As Wasabi's Default Address

07:25 — Pay Inside CoinJoin Saves 40 Minutes

10:26 — Auto CoinJoin 

12:21 — WabiSabi Blocks Whale Sybil Attacks

14:31 — Payjoins

16:37 — ClusterMempool Wins for CoinJoins

20:00 — Upcoming forks

21:14 — CoinJoin: Free Replay Protection Hack

22:53 — CoinJoin Ban Myth Debunked

25:41 — Black Hole: Earn While Mixing

Links: 

• https://x.com/wasabiwallet

• https://x.com/Kruwed

• https://wasabiwallet.io/

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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In this episode, Mike Schmidt executive director of Brink, and volunteer coordinator for the consortium, explains how the group formed, autonomy over funding, and how it plans to avoid repeating earlier centralized roadmap fights.

Timestamps:

00:55 — Quantum Risk and the Consortium Pledge

03:10 — The Nine Consortium Members

11:40 — Publishing Quantum Research Publicly

13:39 — Brink Role and Funding Concerns

16:20 — Defining Early Success Metrics

19:00 — Informing the Public on Quantum Progress

21:17 — Institutional Influence and Protocol Concerns

25:13 — Research First on Quantum Signatures

29:25 — Expanding Quantum Expertise

33:14 — Scope Beyond Quantum Security

35:31 — Why Quantum Motivates Corporate Involvement

37:43 — Debates Over Development Funding

40:30 — No Protocol Roadmap From the Consortium

42:57 — Three-Year Goal: Mature Proposals

Links: 

• Press release: https://www.strategy.com/press/leading-financial-institutions-bitcoin-companies-launch-the-bitcoin-security-consortium_07-23-2026

• Mike’s thread: https://x.com/bitschmidty/status/2080263159152091455

• Consortium X: https://x.com/BTCconsortium 

Stephan Livera links:

• Follow me on X: @stephanlivera

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Buchner, known for his work on decentralized identity at Proof, brings a technical and game-theoretic lens to the debate over Bitcoin's monetary focus versus attempts to restrict arbitrary data.

The conversation covers narrative shifts driving spam to Bitcoin, the limits of relay policy versus consensus rules, why the house analogy fails, economic node power over basement operators, and the lack of miner or buyer support that dooms the proposal.

Timestamps:

01:31 — Locusts Flock to Bitcoin's Last Pasture

03:32 — Core Policy Tweaks Aren't Consensus Rules

08:44 — Spam Hides in Any Public Key or Hash

11:12 — Spammers Adapt in a Day, Consensus Can't

14:59 — BIP110 Debate Exposes Major Inconsistency

20:44 — Why the House Analogy Totally Fails

25:25 — Nodes Get Cheaper Even With Max Spam

28:08 — Set Tolerances Assuming Worst Case

30:35 — No Legal Liability for Bad Chain Data

33:04 — Filter Regime Creates Government Backdoor

35:13 — BIP 110 Risks Centralizing Devs Around Luke

37:33 — Economic Incentives Trump 'Good Guy' Miners

39:03 — Economic Nodes Outweigh Basement Node Runners

43:49 — BIP 110 Has Near-Zero Economic Support

48:43 — Why Game Theory Kills BIP 110

55:52 — BIP 110 Fork Dies With a Whimper

Links: 

• https://x.com/csuwildcat

Stephan Livera links:

• Follow me on X: @stephanlivera

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Lyn Alden warns that BIP 110 is unlikely to curb spam and instead mostly rearranges non-monetary data, raising the risk of a minority fork attempt that could split the Bitcoin chain.

Lyn Alden is a leading macro analyst and Bitcoiner who examines how fiscal dominance now overrides traditional monetary policy tools.

She breaks down why high debt-to-GDP ratios prevent rate hikes from taming inflation, how broad money supply still expands 5-8 percent annually, the limits of semiconductor and AI valuations, and the structure of a new Bitcoin-backed permanent capital vehicle for acquiring cash-flowing businesses.

Timestamps:

02:14 — BIP 110 Won't Stop Spam

04:56 — Bitcoin Faces August Chain Split Risk

12:12 — Bitcoin in Bottom Decile of Cycle

15:37 — Nothing Stops This Fiscal Train

18:04 — Why Volcker Can't Work Today

22:02 — Higher Rates Won't Break the System

24:44 — Net Issuance Matters, Not Gross Refi

27:34 — Fed Balance Sheet Stays Flattish

32:56 — Broad Money Grows Despite Flat Fed

36:05 — US Money Supply Growth Hits 5-8%

38:51 — Fiscal Dominance: Who Wins the Money?

41:50 — Why Semiconductors Print Money

45:13 — Software Stocks: Value Trap or Opportunity?

47:31 — AI Is the New Dot-Com Bubble

52:00 — Orange Juice: Bitcoin-Backed Business Buyer

57:57 — Permanent Capital Vehicle, Not a Fund

59:39 — Founders Keep Equity Upside After Sale

Links: 

•  X: https://x.com/LynAldenContact

• Website: https://www.lynalden.com/0

• BIP 110 debate ("motte-and-bailey" critique): https://x.com/LynAldenContact/status/2078599151043162159 

Stephan Livera links:

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Bitcoin desire sentiment has fallen to an eight-year low, a contrarian signal that historically aligns with market bottoms rather than tops.

Michael Sullivan, an engineer and author, applies machine learning to individual X accounts to track granular Bitcoin emotions and moods over time.

He examines how entry eras shape lasting narratives, why pro-BIP 110 cohorts show strikingly low conviction, how individual tracking avoids bot pollution, and why boredom plus infighting often mark optimal accumulation zones.

Timestamps:

01:44 — Conviction Isn't Bullish or Bearish

07:05 — Why Individual X Tracking Beats Bots

09:53 — Desire Peaks Flag Bull Market Tops

11:49 — Bitcoin Desire Hits 8-Year Low

16:27 — New Bitcoiners Angriest Right Now

21:00 — Bitcoin Entry Era Shapes Your Views Forever?

22:48 — BIP 110 Backers Show Strikingly Low Conviction

25:33 — Pro-BIP 110 Group Lives in Its Own Bubble

28:39 — BIP110 Brigading Creates Fake Consensus

31:57 — OGs Optimistic, Plebs Stay Angry

37:13 — X Algo Shift Sparks Bitcoin Optimism

39:57 — Why Sentiment Metrics Fail for Trading

41:55 — Boredom and Infighting Signal Bitcoin Bottom

Links: 

• Michael's X: https://x.com/SullyMichaelvan

• Bitcoin Sentiment Weekly on Substack: https://sentimentsully.substack.com

• Michael’s novel, Blood of the Bourgeoisie: https://www.amazon.com/Blood-Bourgeoisie-Michael-R-Sullivan-ebook/dp/B0FRZTM49Y

Stephan Livera links:

• Follow me on X: @stephanlivera

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Even as ETFs and MicroStrategy sell into weakness, natural spot demand has kept Bitcoin from collapsing in what may be the shallowest bear market on record. The real test now is time pain, the grinding boredom that forces out remaining weak hands after the initial price capitulation.

James Check, founder of Checkonchain.com, joins me to break down the current cycle through on-chain data and market psychology. His framework distinguishes price pain from the subsequent time pain that historically marks the true bottom.

Checkmate examines why short-term holders flipped into high-conviction buyers, why 53K realized price now acts as a floor, the Pareto distribution among Bitcoin treasury companies, and why most copycat strategies will fail in the months ahead.

Timestamps:

00:56 — Last Day of Bear Feels Worst

03:26 — Time Pain Grinds Out Weak Hands

05:53 — Shallowest Bear Market Ever Seen

08:53 — Spot Buyers Saving Bitcoin From Zero

11:14 — Short-Term Holders Are Now Smart Money

15:28 — July Bear Bottom: 8-Method Average

18:50 — 53K Realized Price Now the Floor

23:00 — Buy Bottom 15% and Just DCA

28:30 — The AI Trade

30:46 — Bitcoin and Gold Share a Rare Moat

35:23 — Will Most Bitcoin Treasuries Fail?

37:37 — MSTR's Sale of Bitcoin

41:28 — Bitcoin Treasuries Follow Harsh Pareto Rule

47:30 — Bitcoin Treasuries Next Cycle

49:05 — High-Yield Trap?

Links: 

• https://x.com/_Checkmatey_

• https://x.com/_checkonchain

• checkonchain.com

• https://charts.checkonchain.com

• http://newsletter.checkonchain.com/

Stephan Livera links:

• Follow me on X: @stephanlivera

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#StephanLivera #StephanLiveraPodcast #Bitcoin #BearMarket #OnChain #Checkmate #TimePain #RealizedPrice #BitcoinTreasury #MarketCycles