Stephan Livera Podcast

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 thoughtsIncludes Paid PartnershipsLinks: https://x.com/shoneansteyhttps://x.com/LQWDTechhttps://lqwdtech.com/Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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: https://x.com/keidunm http://x.com/debificom https://x.com/hodlhodl Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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: https://x.com/callebtc https://x.com/CashuBTC https://github.com/callebtc https://wallet.cashu.me/welcome Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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://simplicity-lang.org/https://blog.blockstream.com/simplicity-launches-on-liquid-mainnet/https://github.com/BlockstreamResearch/SimplicityHL/tree/master/examples https://github.com/BlockstreamResearch/SimplicityHL Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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: https://x.com/kcalvinalvinn Bitcoin Social Layer: https://exciting-cheek-5fa.notion.site/itcoin-Social-Layer-17267469618f80e78b4ec91ae055ec06  https://x.com/btcsociallayer https://eprint.iacr.org/2019/611.pdf BIP Drafts: https://github.com/bitcoin/bips/pull/1923 BIPAccumulator - https://github.com/utreexo/biptreexo/blob/main/utreexo-accumulator-bip.md Validation https://github.com/utreexo/biptreexo/blob/main/utreexo-validation-bip.md P2p https://github.com/utreexo/biptreexo/blob/main/utreexo-p2p-bip.md 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 Utreexo: https://bitcoinops.org/en/topics/utreexo/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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: https://x.com/bitkite https://x.com/bitcoinpark_ 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 https://x.com/bitcoinpark_/status/1952733239623463320 https://x.com/ARKInvest/status/1951017348485489057 https://www.linkedin.com/posts/bitcoinpark_imagine-if-is-a-summit-at-the-convergence-activity-7356755285408956421-0Ez1/ https://primal.net/e/nevent1qvzqqqqqqypzqh0jr68vz83pu7m3ptradj2yyaq84e57jwnleuxs50hzltz0mjztqyxhwumn8ghj7cnjvghxjme0qyt8wumn8ghj7etyv4hzumn0wd68ytnvv9hxgtcppemhxue69uhkummn9ekx7mp0qqs9gk9ngdyfw4w556d6n92v8rfgf5hr79gwswgdfex422e98sumyrqxf4ly0 Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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!#SatHunterzLinks: https://x.com/kotasjn https://x.com/Hacking_Lives https://x.com/BTCParaguay Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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: https://kanemcgukin.substack.com/ https://x.com/kanemcgukinSponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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++ talksHashpool - 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:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this conversation, Albert Buu, founder and CEO of Neutron, discusses the evolution of Bitcoin and financial services in Vietnam. He highlights the changing regulatory landscape, the increasing acceptance of Bitcoin and stablecoins, and the innovative offerings of Neutron, including lending products and APIs for businesses. The discussion also touches on the challenges of KYC regulations and the future potential of Bitcoin in Vietnam's economy.Takeaways🔸Neutron has evolved from a payment service to a comprehensive financial platform.🔸Vietnam's regulatory landscape for Bitcoin is changing positively.🔸Stablecoins are widely used in Vietnam for transactions and remittances.🔸The younger population in Vietnam is driving the adoption of Bitcoin and digital finance.🔸Neutron's API allows businesses to integrate Bitcoin payments easily.🔸Lending products are becoming popular among users looking to leverage their Bitcoin holdings.🔸KYC regulations are becoming stricter, impacting remittance services.🔸The Vietnamese market is seeing a rise in Bitcoin usage due to capital flight restrictions.🔸Neutron aims to provide both custodial and non-custodial options for users.🔸The future of Bitcoin in Vietnam looks promising with increasing acceptance and usage.Timestamps:(00:00) - Intro(00:51) - What is Neutron pay?(02:05) - How does Vietnam view Bitcoin?(06:39) - Greenlight by the Vietnamese government to provide Bitcoin-related services(09:53) - Who is using Bitcoin in Vietnam?(12:10) - The role of stablecoins; General use case of Bitcoin & stablecoins among Vietnamese HNIs (16:11) - What does the Neutron Pay API offer?; Who is the end user?(24:30) - Will stablecoins transact on the Bitcoin blockchain?(26:44) - Sponsors(29:00) - Lending products & services on Neutron (LTV, liquidation scenarios, tradeoffs etc.)(39:52) - Finding capital partners for loans(43:19) - Who is the lending service for?(48:40) - Open finance vs. Closed finance; The use case of Bitcoin for remittances (51:58) - The noose of excessive regulation(55:17) - Closing thoughtsLinks: https://x.com/subnetmask https://x.com/Neutron__me https://x.com/neutronpay Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this episode, Stephan Livera and Jad Mubaslat discuss the emerging trend of Bitcoin treasury companies, exploring the potential risks and rewards associated with investing in these entities. Jad expresses skepticism about the sustainability of these companies, particularly regarding their cash flow and financial engineering strategies. The conversation delves into the implications of convertible notes versus preferred shares, tax considerations, and the historical context of financial bubbles. Ultimately, both acknowledge the importance of self-custodying Bitcoin while considering the role of treasury companies in the evolving financial landscape.Takeaways🔸Jad Mubaslat expresses skepticism about Bitcoin treasury companies.🔸The lack of cash flow in many treasury companies raises concerns.🔸Convertible notes and preferred shares have different implications for investors.🔸Tax implications can affect the market value of treasury companies.🔸Market dynamics may lead to a winner-takes-most scenario in different jurisdictions.🔸Historical financial trends provide context for current treasury company dynamics.🔸Regulatory changes could impact the future of Bitcoin treasury companies.🔸Investors should be cautious about the risks associated with treasury companies.🔸Self-custodying Bitcoin is emphasized as a priority for investors.🔸The conversation highlights the importance of understanding financial structures. Timestamps:(00:00) - Intro(01:08) - Who is Jad Mubaslat?(03:30) - Jad’s skepticism towards Bitcoin Treasury Companies(08:39) - Who gets rekt?; mNAV compression(13:02) - Sponsors (14:55) - Convertible notes vs Preferred shares; Tax implications for investors(21:42) - Strategy’s preferred share offerings; Risk-adjusted investment scenarios(31:54) - Will BTCTCs continue to exist?(34:24) - Will regulatory frameworks make it easier for BTCTCs to thrive?(38:48) - What does the future look like for BTCTCs?(43:23) - ‘Winner takes most’ & the end game for BTCTCs(49:22) - Comparing Bitcoin Treasury Companies with the stock bubble of 1920s(1:00:04) - Closing thoughts Links: https://x.com/champbronc2 https://x.com/BitQuickco https://x.com/Synota_ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this episode, Stephan Livera interviews Pascal Eberle, Chief of Staff at Sygnum Bank, discussing the bank's unique offerings in the Bitcoin and digital assets space. They explore the growing interest in Bitcoin as a corporate treasury asset, common misconceptions about Bitcoin, and the evolving landscape of lending against Bitcoin. Pascal shares insights on Sygnum's custody solutions, interest rates, and the future of lending products that integrate Bitcoin. The conversation highlights the importance of understanding both Bitcoin and corporate finance for successful adoption.Takeaways🔸Sygnum Bank is a fully licensed Swiss bank focused on digital assets.🔸The bank serves high net worth individuals and institutional clients.🔸Bitcoin is seen as a digital capital and a better form of money than fiat.🔸Corporate treasury companies are gaining traction in Bitcoin adoption.🔸Common misconceptions about Bitcoin include volatility and lack of cash flow.🔸Lending against Bitcoin is becoming more popular and regulated.🔸Interest rates for loans at Sygnum range from 5.5% to 9.5%.🔸Sygnum offers flexible loan terms and a unique margin call procedure.🔸The bank employs a multi-custody strategy for asset security.🔸Future lending products may integrate Bitcoin as a de-risking factor.Timestamps:(00:00) - Intro(00:49) - Who is Pascal Eberle?(01:52) - What is Sygnum Bank and what does it offer?  (04:28) - Why are Bitcoin Treasury Companies so alluring?; Bitcoinization of Finance(06:27) - Are Sygnum’s clients adopting Bitcoin for their corporate treasuries? (08:11) - What are some of the common misconceptions about Bitcoin among clients? (11:04) - Bitcoin self custody ethos vs. BTCTCs (‘Paper Bitcoin Summer’)(15:01) - Are large institutions considering borrowing against their Bitcoin stack?; Opportunities and Risks(17:07) - Sponsors(19:15) - Sygnum’s interest rates & loan terms for Bitcoin Lending(25:14) - What is the future of On-Chain lending vs. Traditional lending? (29:43) - Understanding Sygnum’s loan rates, fees & custody parameters(33:52) - Legal requirements for custodying digital assets with Sygnum; EU regulations and licensing (MICA) (37:49) - Sygnum’s client demographics(39:23) - Bankruptcy and asset protection in swiss banking(41:50) - How will the Bitcoin lending products evolve?(46:55) - Client thresholds and Onboarding at Sygnum(49:19) - Closing thoughts Links: ⁠https://x.com/sygnumofficial⁠ Sponsors:⁠Bold Bitcoin⁠⁠CoinKite.com⁠ (code LIVERA)Stephan Livera links:Follow me on X:⁠ @stephanlivera⁠⁠Subscribe to the podcast⁠⁠Subscribe to Substack⁠

Stephan and Cory discuss the current trends in Bitcoin and cryptocurrency, focusing on the dynamics of altcoins, the emergence of treasury companies, and the implications of regulatory changes. They explore the long-term outlook for Bitcoin, the role of mining companies, and the potential for institutional adoption. The discussion emphasizes the importance of understanding the market landscape and the various strategies for investing in Bitcoin and related assets.Takeaways🔸Altcoins generally trend down against Bitcoin over time.🔸Treasury companies are gaining attention for their potential returns.🔸Bitcoin remains the safest long-term store of value.🔸Leverage in Bitcoin equities can enhance returns but comes with risks.🔸Mining companies face challenges in capital markets compared to Bitcoin equities.🔸Regulatory changes may impact the landscape for Bitcoin and crypto.🔸Institutional adoption is crucial for the future of Bitcoin.🔸Understanding the market dynamics is essential for investors.🔸Not all companies will achieve institutional scale in Bitcoin investment.🔸Every business can benefit from holding Bitcoin on their balance sheet.Timestamps:(00:00) - Intro(01:51) - Is it a season of altcoins or Leveraged Bitcoin Equities (LBEs)? (04:27) - Bitcoin’s dominance & reducing volatility vs LBEs(10:54) - Can Strategy use MSTR to pay for the obligations of preferred share offerings? (13:30) - The role of Convertible Debt and Preferred Shares(18:43) - Are LBEs sustainable? (21:56) - Sponsors(23:46) - What are the jurisdictional advantages of various LBEs?(28:56) - What is the future of Bitcoin accumulation strategies?(34:07) - Bitcoin mining companies vs. LBEs(38:40) - Sponsors(39:39) - Competition among the Bitcoin accumulators ( $NAKA, $SQNS etc.) (43:09) - The speculative attack arbitrage of LBEs(51:41) - Cory’s perspective on the recent crypto laws passed in DC(57:50) - Will the CLARITY act help the open source devs? (1:01:01) - Closing thoughtsLinks: https://x.com/coryklippsten Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Praveen discusses the user experience of setting up a Bitcoin wallet, emphasizing the need for improved onboarding for new users. He explains the flow for both hardware and hot wallets, highlighting the importance of personal responsibility in Bitcoin custody. The discussion also covers the concept of graduated wallets, the role of layer 2 solutions, and the ongoing debate about filters and mining centralization. Praveen shares his vision for Cove wallet, including future features and the importance of catering to users who prioritize self-sovereignty in their Bitcoin journey.Takeaways🔸The wallet setup process can be overwhelming for new users.🔸Improving onboarding flows is essential for user retention.🔸Personal responsibility is a core principle in Bitcoin custody.🔸Graduated wallets can help users transition from simple to advanced features.🔸Layer 2 solutions are still in a wait-and-see phase.🔸Miniscript and advanced features may become more popular in the future.🔸Filters in Bitcoin can lead to mining centralization issues.🔸Multiple implementations of Bitcoin software can enhance decentralization.🔸User feedback is crucial for developing wallet features.🔸Cove aims to be the best wallet for new users across all platforms.Timestamps:(00:00) - Intro(01:19) - Why did Praveen create Cove wallet?(05:59) - Comparing Cove wallet with other Bitcoin wallets(09:44) - Cove wallet’s business model (13:47) - Seeking feedback from users to improve the wallet (16:55) - Cove wallet setup flow(20:14) - Sponsors(26:54) - Should a user start with a graduated wallet? (30:07) - Differing views on Bitcoin custody; Self-sovereign approach to custody(39:04) - Are Layer 2 solutions fuelling the MoE qualities of Bitcoin?(47:11) - Bitcoin Treasury Companies (BTCTCs) (49:39) - Sponsors(51:08) - Praveen’s view on Bitcoin Core Vs Bitcoin Knots debate; The impact of filters on Bitcoin’s future (1:04:24) - Will there be alternative implementations of Bitcoin?(1:13:48) - Closing thoughts Links: https://x.com/covewallet https://x.com/praveenperera https://covebitcoinwallet.com/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this conversation, Stephan Livera and Fernando Nikolic discuss the evolving narratives surrounding Bitcoin, the fragmentation of its community, and the role of media in shaping public perception. They explore the differences between institutional and retail adoption, the importance of cultural moments, and Blockstream's innovations in the Bitcoin space. The discussion highlights the challenges and opportunities for Bitcoin as it continues to grow and adapt in a rapidly changing landscape.Takeaways🔸Bitcoin adoption is now more about narrative convergence than mass conversion.🔸The Bitcoin community is becoming increasingly fragmented into subcultures.🔸Media coverage of Bitcoin is shifting, with some outlets pivoting to more positive narratives.🔸Cultural moments are crucial for Bitcoin's mainstream acceptance but are currently lacking.🔸Institutional adoption is growing, but retail participation is not as vibrant as before.🔸Bitcoin's future may depend on the ability to create new cultural moments.🔸Liquid is gaining traction as a useful layer for Bitcoin transactions.🔸The importance of memes in driving Bitcoin's cultural relevance cannot be underestimated.🔸Different ideologies within Bitcoin can coexist and contribute to its growth.🔸Blockstream is focusing on making Bitcoin more accessible to consumers.Timestamps:(00:00) - Intro(01:27) - The evolving narrative around Bitcoin(11:12) - Is Bitcoin winning?; Institutional vs Retail Adoption(17:30) - Cultural moments in Bitcoin over the years(27:00) - What is BTC Perception and why was it made?(31:44) - Are MSM & TradFi learning more about Bitcoin through Bitcoiners?(36:02) - Which media outlets are most hostile towards Bitcoin?; Q2 Bitcoin Perception report (45:45) - When is retail going to show up?; Will memes take us higher? (54:17) - What’s new with Blockstream?(58:05) - Is Liquid gaining traction in terms of adoption?(1:06:50) - Closing thoughts Links: https://x.com/basedlayerhttps://x.com/BTCPerceptionhttps://x.com/BlockstreamSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this conversation, Stephan Livera and Marty Kendall explore the dynamics of Bitcoin treasury companies, focusing on power laws, market dynamics, and investment strategies. They discuss the sustainability of mNAV greater than one, the lifecycle of these companies, and the importance of community engagement. The conversation emphasizes the need for risk management and the potential for significant opportunities in the Bitcoin equity space.Takeaways🔸Marty Kendall discusses the intersection of Bitcoin and treasury companies.🔸Power laws can help predict Bitcoin's growth trajectory.🔸The ballistic acceleration model offers insights into Bitcoin and MicroStrategy's performance.🔸Market dynamics influence the premium of mNAV over one.🔸Sustainability of mNAV greater than one is a key concern for investors.🔸Yield and market sentiment play crucial roles in investment decisions.🔸The lifecycle of Bitcoin treasury companies affects their long-term viability.🔸Investment strategies should consider risk management and market conditions.🔸Operational businesses may provide stability compared to pure Bitcoin plays.🔸Community engagement can significantly impact a company's market perception.Timestamps:(00:00) - Intro(01:33) - The correlation between Power Laws & Bitcoin Treasury Companies (BTCTC)(08:19) - How do you evaluate mNAV premium?; Sustainability of mNAV > 1 (16:48) - What are the indicators of a successful Bitcoin Treasury Company?; Market dynamics (19:00) - Sponsors(26:59) - The risks of mNAV erosion(35:00) - Lifecycle of Bitcoin Treasury Companies; Construction of a BTCTC portfolio(41:26) - Days to Cover mNAV explained(45:31) - The role of Bitcoin in banks of the future; survival of the fittest in BTCTCs(48:31) - Sponsors(50:18) - Operational Business vs. Bitcoin Accumulation; Long-term BTCTC strategies(59:29) - When will $MSTR moon?; Market perception & Bitcoin value(1:01:52) - Self custody Bitcoin vs BTCTCs(1:06:39) - Evaluating risks and opportunities in Bitcoin investmentsLinks: https://x.com/martykendall2https://microstrategist.com/Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Becca Rubenfeld, COO and co-founder of Anchor Watch, discusses the evolution of Bitcoin insurance and custody. She shares her personal journey to Bitcoin, insights on the economic implications of national debt, and how Anchor Watch addresses the need for insurance in the Bitcoin space. The conversation covers the technical aspects of Bitcoin custody, the claims process, and the costs associated with insurance policies. Becca also highlights the importance of custom solutions for companies and the future of Bitcoin insurance in corporate adoption.Takeaways🔸Becca's childhood curiosity about national debt led her to Bitcoin.🔸Bitcoin insurance is essential for self-custody holders.🔸The evolution of custody technology is linked to the lack of insurance.🔸Anchor Watch aims to fill the insurance gap in Bitcoin.🔸Insurance policies are underwritten by Lloyds of London.🔸The claims process is separate from bankruptcy claims like Mt. Gox.🔸Time locks in Bitcoin custody enhance security.🔸Custom solutions are available for large companies.🔸Bitcoin insurance can help manage risks associated with volatility.🔸The future of Bitcoin insurance is tied to corporate adoption.Timestamps:(00:00) - Intro(01:16) - What drew Becca to Bitcoin?(06:40) - How has the Bitcoin custody landscape evolved over the years? (13:28) - Understanding Bitcoin Insurance & its challenges(17:44) - How does the claims process work?(21:50) - What scenarios does Bitcoin insurance cover?(24:22) - Sponsors (26:23) - What is the role of Miniscript & Timelocks in @AnchorWatch?(31:22) - Typical recovery layers in Anchor Watch (37:57) - What's the cost of bitcoin custody insurance?(39:24) - Bitcoin insurance for companies vs. individuals(43:06) - Transaction verification & Customer relationships(46:37) - What are the supported hardware wallets?; Recovery options (47:46) - Sponsors(52:56) - The challenges of Bitcoin-denominated insurance(59:32) - Bitcoin insurance for Bitcoin Treasury Companies (BTCTC)(1:07:15) - Who should use Anchor Watch?Links: https://x.com/BeccaAmileehttps://x.com/AnchorWatchhttps://www.anchorwatch.com/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this episode, Hunter Beast discusses the potential threats posed by quantum computing to Bitcoin and the proposed solutions, including BIP 360, which aims to introduce quantum-resistant hashes. The conversation delves into the technical aspects of Bitcoin's cryptography, the vulnerabilities associated with address reuse, and the importance of community feedback in developing effective solutions. Hunter emphasizes the urgency of preparing for quantum threats and the need for a collaborative approach to ensure Bitcoin's security in the future.Takeaways🔸Quantum computing poses a real threat to Bitcoin's security.🔸BIP 360 aims to introduce quantum-resistant hashes to Bitcoin.🔸Address reuse increases vulnerability to quantum attacks.🔸The community must work together to prepare for quantum threats.🔸Feedback from the community is crucial for developing solutions.🔸Bitcoin's upgrade process is notoriously difficult and slow.🔸The economic model of Bitcoin relies on its value stability.🔸Hunter emphasizes the importance of being proactive rather than reactive.🔸The Hourglass concept aims to manage quantum vulnerable coins effectively.🔸Future advancements in quantum cryptography may influence Bitcoin's security strategies.Timestamps:(00:00) – Intro(03:10) – How has the quantum threat changed recently?(08:50) – Walking through the quantum threat(11:50) – Why address reuse is risky(14:55) – BIP360: A fix for quantum attacks(16:09) - Sponsors(17:55) – Signature types and security(20:55) – Walking through quantum resistant signature algorithms(23:50) – What a quantum-safe Bitcoin might look like(35:02) - Sponsors(37:50) – Impact on bitcoin block size(42:35) – Challenges with upgrading  and what else has to change?(50:27) – What about advancements on Post Quantum Cryptography?(53:00) - Hourglass - Rate limiting Quantum vulnerable coin spends(1:00:49) – How long does it take to transition to Quantum resistant?(01:03:30) – Closing thoughtsLinks: https://x.com/cryptoquick https://bip360.org/Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this episode, Stephan reconnects with Stephen Cole to discuss the evolving landscape of Bitcoin, particularly focusing on the rise of Bitcoin treasury companies and the launch of Castle, a new venture aimed at automating Bitcoin treasury management for small and medium businesses. They explore the implications of Bitcoin adoption for small businesses, the importance of hard tech, and the potential for Bitcoin to serve as a foundational asset for future innovations. The conversation emphasizes the need for businesses to adapt to sound money principles and the role of technology in facilitating this transition.Takeaways🔸Companies upgrading to sound money is a positive trend.🔸Castle aims to automate Bitcoin treasury management for SMBs.🔸Dynamic strategies for Bitcoin acquisition can adapt to revenue fluctuations.🔸Small businesses can benefit from Bitcoin as a savings asset.🔸The failure rates of small businesses highlight the need for better financial strategies.🔸Hard tech and sound money are interconnected for societal progress.🔸Bitcoin's supply predictability offers unprecedented security for wealth.🔸Investing in Bitcoin can empower small businesses against inflation.🔸The acceptance of Bitcoin as a balance sheet asset is increasing.🔸The future of venture capital may include Bitcoin-denominated contracts.Timestamps:(00:00) Intro(03:05) The Rise of Bitcoin Treasury Companies(04:30) Stephen’s background and introducing Castle(08:52) Castle's Unique Approach to Bitcoin Treasury Management(12:02) Automation and Integration for Small Businesses(15:04) Sponsors(20:00) Bitcoin adoption amongst Small Businesses(25:00) Business Failure Rates under the Fiat Standard(30:00) Ideology or Technology?(32:23) The Challenge of Outperforming Bitcoin(33:27) Sponsors(35:15) Bitcoin denominated investing(39:55) Should early stage start ups hold Bitcoin in Treasury?(45:20) Hard Tech and BitcoinLinks: https://x.com/sthenchttps://x.com/orqestraio https://savewithcastle.com/aboutSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Clara Shikhelman Head of Research at ChaincodeLabs and Anthony Milton join me to explain the quantum threat to Bitcoin and possible mitigations:Timestamps:(00:00) Intro(02:46) Understanding Quantum Computing and Bitcoin Security(05:42) The Impact on Bitcoin Private keys(08:34) Mining and Quantum Computing(10:50) How many coins are vulnerable? (14:00) Bitcoin script types(19:37) Sponsors(21:25) Immediate call to action - stop address re use(25:20) What do we do if a QC appears? Burn vs Steal(34:00) Short Range vs Long Range Quantum attacks(37:04) Sponsors(41:25) Mitigating Quantum Threats: CDR and QRAMP Schemes(47:09) Selecting Quantum Resistant Algorithms(53:18) The Dual Track Approach to Quantum Security(57:38) Summary and closing thoughtsLinks: Report: https://chaincode.com/bitcoin-post-quantum.pdf Site: https://pq-bitcoin.org/https://x.com/ozdeadmanhttps://x.com/ClaraShikSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack