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“Bitcoin mining is everything you don’t understand about energy, combined with everything you don’t understand about Bitcoin.”— Brandon QuittemBrandon Quittem is a writer and Communications Director for Swan Bitcoin. In this interview, we discuss his latest article: ‘Bitcoin is a Pioneer Species’, where he compares Bitcoin miners to species that settle and populate barren landscapes triggering the development of more advanced ecosystems. - - - - The acceptance of Bitcoin is an acceptance of the need for continuous education and receptivity. This past year has shown why: Bitcoin mining has been transformed from being a critical but specific cog in the often misunderstood Proof of Work protocol to a tool with the potential to transform the global energy industry. Nobody foresaw this. Going down the rabbit hole now involves gaining knowledge of energy systems: production methods, grids, distribution networks, batteries, energy economics etc. This knowledge is both a blessing and a curse. A blessing in that the veil of ignorance is lifted on this vital industry showing politicians are driving blind with their policy decisions. A curse in that those sceptical that Bitcoin can change finance, are now incredulous when we state it can transform energy too.But the logic is clear. Bitcoin can harness electrical energy anywhere in the world. In doing so it can facilitate and thereby fast-track the build-out of energy in isolated environments, becoming a bridge for costly downstream investment needed to connect such sources to a grid. All of this without any need for a state subsidy, or international coordination. Bitcoin can therefore revitalise existing populations: currently, a billion people don’t have access to electricity. Imagine what benefits could be brought by integrating these people into the digital economy. Bitcoin mining can also be the pioneer species for previously uninhabited areas of the planet. It can take barren areas and provide the economic basis from which further development can grow. Contemplating that should make it clear: we’re still so very early!- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD591 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“The story I want to be true about mining is that it strengthens grids, it lowers electrical rates for citizens for ordinary ratepayers, and it helps us green the grid, helps us mitigate methane…those stories were wrong during the bull run because everybody’s just plugging in, now those stories are coming true.”— Troy CrossTroy Cross is a Professor of Philosopher and Fellow at the Bitcoin Policy Institute. In this interview, we discuss the changing narrative around Bitcoin mining: is it finding its real utility in a bear market as the ultimate auxiliary tool, and how early are we in discovering its range of uses as a tool?- - - - The trajectory of Bitcoin mining’s narrative has been breathtaking. Over the last year, it has gone from being singularly promoted for its principal role in securing the Bitcoin network, to having a whole host of other uses identified and championed: subsidising stranded energy, stabilising energy grids, mitigating methane emissions, and providing heat for a range of activities. Policymakers are struggling to keep up. The tired old FUD of Bitcoin’s energy use and carbon footprint are still being used as attack vectors by supposed reputable institutions such as the ECB. It also feeds into the narratives picked up by policymakers such as the White House, who’s commissioned report on Bitcoin mining’s climate impacts was affected by mainstream ignorance. But, the White House report also included recognition of some of Bitcoin mining’s emerging benefits, as well as correcting some misrepresentations of its impacts. This shows that, whilst we are far from getting widespread acceptance of the importance of Bitcoin mining, the effort spent on education and advocacy by the Bitcoin community is having a vital real-world impact. Promoting Bitcoin mining’s evolving narrative is critical. This is because we’re on the cusp of some far-reaching regulation in the wake of recent crypto scams. Regulators could see this as an opportunity to constrain Bitcoin mining; politicians never let a good crisis go to waste.Yet, we are still early in understanding the scope of Bitcoin mining’s value. New uses are being researched and developed all the time: OTEC, water desalination and carbon capture are recent examples. Bitcoin mining is emerging as perhaps an engineer's ultimate auxiliary tool. The mission is therefore to not only continue to convey Bitcoin mining’s importance, but provide the widest possible frame for its significance.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD590 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“We can’t just let these people die…I came up with the best plan that I could possibly do and that’s to bring them as much energy as possible in the least damaging way because if you have unlimited energy you can solve unlimited problems.”— Nate HarmonNate Harmon is CEO and cofounder of OceanBit; Steve Barbour is CEO and founder of Upstream Data; both are Bitcoiners. In this interview, we debate climate change: the reliability of climate models, climate change mitigation, adaptation and the forecast inequality of climate change impacts.- - - - What Bitcoin Did has discussed both sides of the climate change debate with a number of esteemed guests. The reasoning is two-fold: firstly, one of Bitcoin’s major attack vectors is energy use and associated climate change impacts; secondly, it is one of the major issues of our time, arguably the most pressing issue. These shows have either expressed one side or another, until now.Bitcoiners are a broad church. That is an inherent strength. But is also brings its own internal pressures. Whilst there is broad consensus on Bitcoin’s mission, there are divergent opinions on a host of other issues that this new form of money affects. None more so than climate change. Many believe in the need for fossil fuels to enable humans to continue to flourish; others argue that we need to rapidly pivot from fossil fuel reliance if we’re to avoid an existential crisis. However, the debate is not open-ended. There is a strong argument that the framing of the current discussion falls within agreed boundaries. It doesn’t feel contentious to state both sides of the debate within the Bitcoin community agree that abundant energy is needed and that the climate is warming. The disagreement is focused on the rate of climate change and the approach to mitigation.Obviously, whilst there is agreement that narrows the parameters of any debate, the outstanding issues are complex, contentious and critical. The stakes on both sides are high; discussion and compromise are vital. Can we within the community find common ground? Is it possible to attenuate the growing animosity around this subject? Can Bitcoiners lead the way in being open-minded, receptive and malleable to different ideas? Let’s start engaging and find out.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD589 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“I am an enthusiastic fan of Bitcoin and I want to say to everyone here thank you for what you’re doing to drive the Texas economy, to drive the American economy, to modernise energy, to strengthen resiliency of the grid, to enhance economic freedom.”— Ted CruzTed Cruz is a serving US Senator for Texas. In this interview, we discuss the importance of Bitcoin for Texas and the United States, communicating the threat of CBDCs, the political and regulatory challenges, and Bitcoin’s symbiotic relationship with energy.- - - - Ted Cruz is one of the most consequential politicians of his generation. He is a strong advocate for liberty and the tools that support freedom within society. It is perhaps no surprise that he is therefore a fan of Bitcoin. But equally, it shows strength and courage as many of those in positions of power still cast aspersions about Bitcoin and its associated community.Yet, as with all firebrand politicians, Ted Cruz divides opinions. He is uncompromising in his approach to certain issues. He is also part of the modern political game whereby the opposition is deemed to be the enemy. There is an obvious political incentive to adopt such characteristics in terms of being able to clearly delineate your position where there is significant competition for attention.There are certainly strong critics of Bitcoin within the Democratic party. However, Bitcoin can not be allowed to become a political football. It is still a nascent technology, and its development in the US could still be derailed by damaging regulation. It is imperative therefore that those who back Bitcoin on both sides of the aisle not only work together, but they are seen to be working together (e.g. Lummis and Gillibrand).Ted Cruz acknowledges this. He knows that his voice has a limited reach within more progressive circles. He needs those who would otherwise be antithetical to his politics to join him, and vice versa, to ensure this technology and its community is not driven out of the US. The basis of the reasoning is sound: it is freedom money that has a symbiotic relationship with energy. Let’s work to ensure politicians can see the issues anew by discarding the broken lens of politics.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD588 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“You talk about the CIA and American foreign policy during the Cold War…that’s like level one. We’re on a second level here, the IMF and World Bank are operating on a meta-level, like we’re above Cold War politics, we’re at the level of timeless, strong countries abusing poor countries; this is way beyond the Cold War.”— Alex GladsteinAlex Gladstein is Chief Strategy Officer at the Human Rights Foundation. In this interview, we discuss the IMF and World Bank - two powerful multinational institutions that have shaped the post-war world for developed nations' benefit. Alex uncovers the exploitation hidden from view and the ongoing real-world costs for the developing world. - - - - The IMF and World Bank are two major multinational institutions that have perhaps shaped the workings of the global economy more than any other. The issue is that, over the course of the past few decades, the IMF’s and World Bank’s roles and impacts have largely been forgotten. Whilst casual observers are distrustful of the IMF and World Bank, in the main, people’s concern is vague, lacking facts or evidence. It’s hard to know why this is, but it’s worth noting that internally produced IMF and World Bank content dominates google search results at the expense of independent content.And yet, the impact of the IMF and World Bank has been catastrophic for many developing nations. Specifically, it has been problematic for those outside the gilded circles of power in such countries who have had to carry the burden of debt through significant assaults on public services, food security and other fundamental quality-of-life provisions. The reason? Neocolonialism. Extraction of resources from the periphery for the benefit of the centre. Indebtedness has been the tool used. A Ponzi scheme of debt relief to support debt servicing, designed to keep countries subservient to those controlling the IMF and World Bank. The cost is dictatorships, corruption, environmental degradation, and the destruction of potentially millions of lives. It is uncertain whether Bitcoin can fix this. But, it acts as a powerful disincentive and disruption by weakening the exorbitant privilege of the dollar and enabling the innocent people subjugated by the IMF and World Bank and their own elites, an opportunity to opt-out of this system. Our role within Bitcoin is to discuss this history and help free those still bound by its constraints.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD587 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“This is something that I heard from all the crypto funds back in 2017/2018…you can promise any blockchain crypto magic that you want, it can solve whatever problem you say it’s going to solve; and there’s no truth in advertising, no securities laws, no nothing governing the space, so it’s just literally the best magic scam machine in financial markets’ history.”— Cory KlippstenCory Klippsten is the founder and CEO of Swan Bitcoin. In this interview, we discuss the exploitation of retail markets by crypto VCs. Cory called out many of the crypto ventures that have recently collapsed, but he saves his biggest criticism for the firm that is still active within the industry: a16z. - - - - Cory Klippsten has a scent for malfeasance within the crypto industry. He explains this by the fact he doesn’t listen to what people say, he tracks their actions and determines motivations. This has enabled him to identify ahead of time some of the most notable scams that have unravelled this year. Cory called out FTX in April this year, Luna in March, and Celsius in Dec 2020. Yet, there is another VC company that has risen within the crypto industry that has in recent years been the subject of much discussion and criticism. Andreessen Horowitz (it’s also referred to as a16z), founded in 2009, quickly rose to become one of the most influential investors in Silicon Valley after a series of incredibly lucrative stakes in companies such as Skype, Facebook, Twitter, and Airbnb.In 2013, a16z started investing in crypto, most notably with Coinbase and Ripple. In 2018 they made a concerted effort to focus on crypto as a vertical: they started by raising $300m for the first of a number of dedicated crypto funds, and from 2021 they started to lead fundraising rounds for various altcoins and crypto ventures. Many within the industry saw them as serious and reputable players. Until patterns started to emerge.The issue is, as Cory highlighted in a recent Twitter thread, a16z have been involved in promoting numerous tokenised projects that have all had the same price pattern: early hype resulting in a massive short-term increase in the value, followed by an equally rapid fall in value and then stagnation. The pattern appears to resemble classic ”pump and dump”, followed by “rinse and repeat.” Critics have long complained that such VC companies have been able to “create their own weather”, exploiting a regulatory void to monetise off the back of their own hyped narratives that appear to lack credibility. A former analyst for the company actually referred to a16z as a “media company that monetizes through VC.” But many observers, including Cory, are now calling them out. The pressure is certainly building for more attention to be paid to a16z’s activities.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD586 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“This time last year, most profitable time to mine ever in Bitcoin; people shovelling money in as quickly as they can. Less than 12 months later, it’s the least profitable time to mine ever. It’s very difficult to make massive strategic pivots in that amount of time.”— Nick HansenNick Hansen is the CEO of Bitcoin mining software firm Luxor Technologies. In this interview, we discuss the distress within the Bitcoin mining industry caused by a perfect storm of leverage, stagnant value, huge growth in capacity, energy price shocks and wider headwinds affecting investment. This could become a national security issue.- - - - Exactly one year ago, US Bitcoin mining companies were posting record quarterly profits. A huge amount of investment followed China’s mining ban making North America the centre of global Bitcoin mining. It spurred the development of mega miners: companies developing industrial-scale operations. These companies started building out new sources of energy and developing unique relationships with grid operators. And Bitcoin’s price was at an ATH.Roll on one year, and the industry is facing a potential crisis. Bitcoin price is at 2-year lows, the hash rate is at an all-time high, investment is drying up due to a range of issues, rig prices have tanked, whilst a swath of companies are struggling to manage debt obligations. Add to this the wider fallout as a result of the FTX collapse. It really is a perfect storm. At the same time, companies are being buffeted by widespread disinformation, and polarised attacks predicated on energy usage concerns. Regulators seeking to acquiesce to those promoting FUD, have considered, recommended, and brought forward poorly designed rules. See the NY moratorium on PoW mining using fossil fuels just passed into law. This is more than a parochial issue for the Bitcoin community. Bitcoin mining provides an unprecedented opportunity for wider society. It’s the basis for an alternative to a broken economic system and the means with which to incentivise and support the energy transition at scale. It is the industry to help the US navigate a host of strategic problems. Bitcoin mining is, fundamentally, a national security issue. Its protection should be our primary focus.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD585 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“Theft in money will divide us all, and that theft in money will take us likely to war and maybe the end of human species… or it will concentrate all control in very few super overlords. And the rest of us, it’ll look like modern day slavery, it’ll look like China’s social credit system on steroids.”— Jeff BoothJeff Booth is the Author of The Price of Tomorrow and CEO/Chairman of Ego Death Capital. In this interview, we discuss how Bitcoin fundamentals (such as its approach to the blockchain trilemma, centring on truth, and its deflationary effects) run counter to current economic theories, making Bitcoin’s signal harder for some to find.- - - - A common refrain whilst we live through unprecedented global economic turmoil and massive failures within DeFi is “why aren’t people flocking to Bitcoin”. Obviously, Bitcoin’s signal is being lost: the fundamentals that are designed to better protect people against incompetent, corrupt and fraudulent behaviour aren’t readily apparent to many. Why is this?As Jeff Booth asserted in a recent article: “protocols create value in the form of a new foundation that emerges slowly & methodically”. However, capitalist societies have been conditioned to accept and expect rapid change: ‘work fast and break things’ has been taken as a given. Systems that run counter to this are viewed as being ripe for disruption. Bitcoin has widely been seen as slow. It’s development was famously the subject of a crisis centred on scaling arguments. The outcome was an affirmation of some core principles: Bitcoin would be predicated on decentralization and security. This spurned a tsunami of altcoins that proliferated on the pitch that they improved on Bitcoin by being able to scale. This meant many dismissed it. Bitcoin was old tech.But, as we have seen over the past few months, speed and scale come at a cost. A real-world cost counted in billions of dollars. The blockchain trilemma means that scale means making material tradeoffs in terms of decentralization and security. The result: hacks and fraud. If there is any silver lining to the FTX collapse is that the conflation of crypto and Bitcoin now has more than a theoretical critique. The importance of making the case for Bitcoin, of amplifying the signal, is that it offers a transition to a new system where we can benefit from deflation. A system that protects people. A system based on a layer of truth.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD584 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“I think we can’t lose sight of what we’re really fighting for here, which is all of those people to be included in the financial system, financial privacy, the separation of money and state; these things are way bigger than any centralised exchange.”— Jesse PowellJesse Powell is the co-founder and Chairman of Kraken. In this interview, we discuss the rising anger over the FTX collapse, parallels with Mt. Gox, FTX’s exploitation of regulatory arbitrage, odd mainstream media reactions, proof of reserves and the future of custodial services.- - - - FTX has caused untold damage. There could be over 1 million creditors, from large institutions to small retail investors. There are going to be numerous heartbreaking stories of people getting rekt. But, the most significant damage caused by this criminality could be ahead of us. There is a significant risk that a misreading of the causes of this crisis will lead to regulatory damage removing access to Satoshi’s innovation for future generations.There are many within the industry who were deeply sceptical of FTX and Sam-Bankman-Fried well before the event of the past few weeks played out. The pace of growth, the scale of revenue, and the huge expenditure. To those in the know, none of it made sense unless FTX was involved in nefarious activities. And yet, SBF was rubbing shoulders with DC politicians whilst shaping the laws to be applied to the industry.In short order, the whole facade has come crumbling down. Stories of drug taking, polyamory, and excess within the criminal empire have emerged, confessions have been made that the effective altruism promotion was a sham, and then SBF engaged in a bizarre media campaign via Twitter. FTX’s new CEO brought in to organise its bankruptcy process stated in his 40 years of restructuring companies (including Enron) he’s never seen anything as bad as this. So, in the face of this obvious narcissistic and incompetent criminality, why have there been a number of puff pieces in the media? Why did DC take the warnings that were made seriously? And how is it justified for politicians to threaten a sweeping global legal framework for Bitcoin and crypto? Strange things are happening, and forces are being aligned against all of us. And yet, we know the community is resilient. This could take years to play out.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD583 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“There are five institutions that control $30 trillion of assets in this world. You’ve got Fidelity Vanguard, BlackRock, State Street, and UBS, that control $30 trillion. So when they get in, and they actually put it in their portfolios, it becomes a no-brainer for other asset managers to do it as well.”— James LavishJames Lavish is a Bitcoin advocate and writer, & Greg Foss is a Bitcoin strategist, and they’re both co-founders of Looking Glass education. In this interview, we discuss FTXs lack of checks and balances, how fiat is struggling to find yield, zombie countries and the the debt spiral, and how Bitcoin is the best asymmetric bet of our lifetime.- - - - We live in strange times. Central bankers tell us up is down. Politicians peddle myths. And the seeming robustness of capital, institutions and the state is turning out to be a facade. And yet, the economic machine needs to keep running. Finance needs to generate a return. In this environment, where the economy has turned from being an engine of sound principles into a casino, it’s no wonder charlatans like SBF can turn into powerful entities in the blink of an eye.Checks and balances are empty words spoken by people in suits in meetings. A lack of resources, a revolving door, well-financed lobbying, and sheer complexity have all but neutered any meaningful oversight of crypto. On the ground, the reality is bluff and bluster are as effective as following the law. Perhaps such tactics are more effective: after all, FTX nearly achieved regulatory capture. What is the fundamental issue? Arguably it is that the whole framework of state-organised economic control is falling apart. The impacts are manifold. Price and value have no real meaning. Reasonable returns on investment are evaporating. Financial opportunities are being drowned by risk. The real concern is that confidence is rapidly ebbing away.The fiat economy is fundamentally a confidence engine. Trust has replaced hard assets. When trust goes nothing is left. We now live in a world where disillusioned experts are telling us the game is up. State debt is unmanageable, and governments have no obvious solutions. This is why many such people are turning their attention to Bitcoin. When we’re facing QE infinity by zombie countries it is wise to go back to first principals: sound money.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultBCB Group - Global digital financial Services-----WBD582 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“When you look at prices as they’re trying to destroy demand, the thing that people aren’t talking about is are they destroying supply faster; and if they are, prices aren’t coming down, they might actually keep going up.”— Preston PyshPreston Pysh is a co-founder of The Investor Podcast Network. In this interview, we discuss the ongoing trauma following FTX’s unprecedented fall from grace, the implications for Bitcoin, and the ever-worsening macro situation where central banks are losing the battle to protect society from excessive government spending.- - - - The FTX drama is still being played out, and it will continue to do so for the weeks, months and years ahead. It feels as though we’re still in the shock stage, trying to wrap our heads around not only what happened, but how such a seemingly fragile situation was allowed to get so out of control. Fingers are being pointed, defences prepared, and, even whilst we’re still very early in this process, histories are already being rewritten.And yet, the broader economic picture remains the same: a conveyer belt of crises continue to buffet the global economy. Stagnation, growing inflation, mountainous debt, extreme stress in the bond markets, globalisation, and currencies under strain; there is a wall of mounting issues that are building into what seems to be an existential situation for the fiat system. The fundamental issue at hand is that nobody can tell what is up or down in relation to our economy. Price and value have been artificially inflated that they lack any purposeful meaning. Cheap money has enabled massive consolidation making the business environment top-heavy. And inflation has directed citizens to engage in rampant consumption, which results in a myriad of adverse downstream consequences. Both situations, i.e. the imploding of cryptocurrency and the mess of the global economy, have the same mitigation. Reaffirmation of the Bitcoin ideology will enable those with true convictions to begin repairing the damage caused by FTX. Bitcoin will also help the economies to align with reality, thereby facilitating better decisions. Whilst Bitcoin doesn’t necessarily fix everything, it is the path to creating a better world.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD581 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“We appear to have actual fraud, various types of fraud, essentially a Ponzi scheme, and that’s different from even just a normal casino… you can have a crypto casino, and it just makes money from fees, and most traders get rekt; but this is like a casino built on top of a Ponzi.”— Lyn AldenLyn Alden is a macroeconomist and investment strategist. In this interview we discuss rampant fraud that led to the FTX bankruptcy, the implications for other businesses and legal precedent, and Lyn’s current outlook on markets.- - - - FTX’s empire at the beginning of this year was valued at $32 billion. The whole facade has become a bankrupt mess in a little over a week. Every hour of the past 7 days has seen a new claim of malfeasance that exceeds the depravity of the last. This crescendo has seemingly peaked today as SBF posted cryptic tweets suggesting he’s struggling to comprehend what has happened.Sam Bankman-Fried was lauded as a financial genius and social revolutionary leading the ‘effective altruism’ movement. He was on the front cover of Forbes in October 2021. A glowing Bloomberg profile in April this year recounted his interactions with prominent politicians, investors and celebrities. He openly discussed having his attention drawn to dealing with existential issues affecting humanity. SBF had former Presidents and Prime Ministers in his palm. However, Bankman-Fried was a Svengali and a fraud. Some Bitcoin maxi’s tried to sound the alarm, but too many people ignored the warning signs and believed the hype. In just 3 short years the 30-year-old managed to beguile not just the industry but also traditional finance. He got a $100 investment from a Canadian pension fund, which one would assume would lead the world in discharging fiduciary duties.In the aftermath, it all seems so obvious. FTX was essentially run by dysfunctional kids. So, how did this happen? It’s still very early, and revelations keep dropping as we speak. The truth behind what occurred will take years to piece together. Nevertheless, there are some important lessons that the Bitcoin community rapidly needs to discern and absorb. A political response is inevitable, and many will try to ensnare Bitcoin in this mess.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD580 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“Imagine the Lightning Network being very similar to the energy system itself and how it moves money, where every physical node now has its own node in the Lightning Network. And when energy moves in one direction, money moves in the other, basically what we’re creating is a system where money can move as fast as energy.”— Austin MitchellAustin Mitchell is the Co-Founder and CEO of Synota. In this interview, we discuss his plan to use the Lightning Network to settle transactions in the energy industry, and how this should bring greater equality to the energy market whilst also enabling the whole energy economy to move to the Lightning Network.- - - - Bitcoin is prospectively the best version of money, worldwide instant payments rail, market-based accelerant for energy production, and energy grid stabiliser. It’s infuriating that more people aren’t waking up to its potential. Perhaps it’s the FUD, the passive damage caused by dysfunction in the crypto industry, or the ignorance of there being bitcoin the money and Bitcoin the network. But Bitcoin’s story is still being written; as many keep saying - it’s still early. We all know that there are nascent layer 2 innovations that are taking Bitcoin in new directions. But even hardened advocates continue to be amazed at the use cases being developed using Bitcoin’s various characteristics. Take the Lightning Network: the game-changing payment protocol. It is the layer that enables Bitcoin to scale. But what does that actually mean? Well, quite a lot. Bitcoin is fast becoming an integral part of the energy industry. In addition to the known functions comes a new one: the Lightning Network’s instant settlement facility and distributed payment network is set to transform energy finance. The current system is predicated on old analogue payment processes, full of inefficiencies that unnecessarily bloat costs for producers and consumers. The prize is a real-time payment system that simplifies energy finance whilst enabling greater functionality. It could make the market more flexible, dynamic and equitable. The result could be that it draws the whole energy economy onto the Lightning Network.It’s a lightbulb moment given how big that industry is: $4.5 trillion is spent on energy a year. There are additional services that could be included. The lightbulb fuses when you think about what other industries could find similar utility. The lightbulb explodes when you remember Lightning is just one of many layer 2 innovations. We’re still so very very early.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD579 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“I think these policy fights for Bitcoin, this is the fight of my generation; and I think it’s absolutely important that we as Bitcoiners, and people who care about this technology, understand these political fights, these legal fights because if we get the policy wrong, it can totally skew our future.”— Perianne BoringPerianne Boring is the Founder and CEO of the Chamber of Digital Commerce. In this interview, we discuss the history of Bitcoin spot ETF proposals, the numerous rejections and changing conditions for approval, and why the SEC won’t approve a Bitcoin spot ETF. - - - - The first application for a Bitcoin spot ETF in the US was made by the Winklevoss brothers back in 2013. The SEC rejected this proposal in 2017. Since then the SEC has rejected applications from at least 16 different companies, some of whom have made multiple applications. The last rejection was in early October. It’s not that the SEC dislikes ETFs. There are over 2,500 ETFs in the US market with over $7.2 trillion AUM. Further, there is also strong demand in the market: over 99% of the 11,400 letters sent to the SEC in relation to Grayscale’s ETC application were in support. In the meantime, Bitcoin spot ETFs are being approved across the world, most notably across the border in Canada.The Chamber of Digital Commerce, the blockchain trade association, has assessed the history of Bitcoin spot ETF applications accounted for in a report. This outlines major inconsistencies in the way the SEC treats applications: denials have conditions applied for subsequent applications; these conditions are met, the new applications are denied; rinse and repeat.In addition, in 2021 the SEC approved the first US Bitcoin futures ETF. Whilst the performance of the Bitcoin futures ETF has tracked the Bitcoin price reasonably closely, futures markets are by their very nature volatile as futures contracts can be unpredictable. So, it is potentially a less safe vehicle for investment. The obvious question is, therefore: why won’t the SEC approve a Bitcoin spot ETF? Perianne Boring, the CEO of the Chamber of Digital Commerce, is of the opinion the decision is political in nature. There is a wave of money waiting to invest in such an ETF, which would accelerate the adoption of Bitcoin. This is something many decision-makers are resistant to. What’s clear is that with Grayscale suing the SEC the issue is coming to a head.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD578 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“Society is formed through humans cooperating and… the whole is greater than the sum of the parts; when people get together and collaborate and cooperate, we produce something that is way more impressive and better than any single individual can produce.”— Phil GeigerPhil Geiger is the Managing Director of Concierge Services at Unchained Capital. In this interview, we discuss how a robust protocol and monetary policy, a vital utility for energy producers and a committed community of hodlers, makes Bitcoin an extremely low-risk investment.- - - - No other scalable commodity, currency or asset has as robust a fixed supply issuance as Bitcoin. 21 million coins. That’s it. The rough consensus governance process, miners’ financial incentives, and a highly decentralized node verification process combine to make this digital scarcity rigid. No altcoin can compete. “Digital scarcity is a one-time phenomenon” - Phil Geiger, April 2020.There are those that have been pushing the edges of this assumed commitment. They are motivated by different concerns, chiefly that a declining supply will impact security: how can a 51% attack be avoided when the volume of Bitcoin issued becomes significantly low and eventually finishes? Can transaction fees alone secure the network?But it is the fixed supply schedule that supports Bitcoin’s value, from which all other considerations follow. According to Phil Geiger, these 21 million coins already exist. Both in terms of the supply schedule and the fixed limit. This is what underpins the huge investment by miners: a transparent monetary policy, and scarcity that supports the price. Changes to this could seriously damage minings assimilation into energy production.This is what makes, in Phil’s view, Bitcoin an extremely low-risk investment compared to other assets (both digital and physical). The proof is in the hodling behaviour. Using Bitcoin is vital for the transition of Bitcoin from a defensive store of value to a productive medium of exchange, the fact that those hodling Bitcoin for more than a year is at an ATH shows investors still remain extremely confident in its long-term success.So, what about long-term security? Decreasing block rewards will incentivise miners to maximise the use of block space. Combined with more users this should drive up Bitcoin transaction prices, thereby supporting the transition to a post-block reward world. The issue is whether there are enough incentives to ensure miners don’t game the system. This needs to be debated. But, making Bitcoin inflationary isn’t the answer, because this is the essence of Bitcoin.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD577 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“The only way for that system to subsist into the future is for them to print more and more money, and in either scenario, whether they print money or they don’t, the economic engine collapses.”— Parker LewisParker Lewis is Head of Business Development at Unchained Capital. In this interview, we discuss the failure of currencies, the collapse of the economic engine and Bitcoin being the largest tidal wave that's ever existed. - - - - In the nearly 14 years since Bitcoin was launched the global order has continued to shudder in the wake of a rolling set of crises. Front and centre is the unwinding of the global economic order. Fiat currencies are straining, inflation is rising, and central banks are using ever more extreme and counter-productive measures to keep the economy afloat.We’re in the final throes of the long-term debt cycle. Everyone can see it. And yet governments and central banks are refusing to accept the inevitable. Money printing continues, in part to deal with the second-order effects of the previous round of money printing. Bitcoin rose sharply at the beginning of this period, but it has stalled in the shadow of Covid as the world struggles to repair economies whilst dealing with growing geopolitical tensions. Throughout this turmoil, as Parker Lewis states in our interview, Bitcoin’s value proposition has remained the same. Why is it then that Bitcoin has been in a bear market?The protocol has proven itself to be a solid basis for a new form of money. Yet, its volatility in the wake of rising inflation has resulted in a wave of commentators dismissing its value. This has an effect. We all know people who still think Bitcoin is a crazy fad. This issue, as Parker Lewis contends, is that you need to do the work to understand Bitcoin’s vital importance. Bitcoin adoption is a function of knowledge distribution. Those of us who are in the know must therefore keep spreading the word, educating, advocating, orange pilling. If we do that then Bitcoin can’t lose.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD576 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“You could describe Proof of Stake in two words: shareholders vote. And guess what, that is how the world works already… I want to build a system that at least has the potential to be democratising, and move towards decentralisation, censorship resistance, these properties that we care so much about; and I think Proof of Stake is a huge step in the wrong direction.”— Lane RettigNic Carter is a Partner at Castle Island Ventures & Lane Rettig is a core developer for Spacemesh. In this interview, we discuss the Ethereum merge specifically addressing the issue around increasing censorship of Ethereum transactions, the chilling state attacks on privacy and what Bitcoiners could learn. - - - - In November 2013 Vitalik Buterin produced the Ethereum White Paper, which set out that Ethereum was to utilise the Proof of Work mechanism to facilitate participation in the transaction validation process. Eight months later, hidden away in the announcement about the Ether ICO, Vitalik stated that “We may choose later on to adopt alternative consensus strategies, such as hybrid proof of stake…”. Ethereum’s merge in the first 2 weeks of September has been the biggest event in crypto this year. Part of the reason is that it has been a very long time coming. Further, it has been a huge engineering challenge: transitioning from Proof of Work to Proof of Stake in a live blockchain for the second-largest digital currency. Many predicted that it would result in technical issues. They were wrong. The merge was a success.And yet, in the months that have followed, events have shown that just as Ethereum has sought to resolve some issues, it has caused others. Yes, Ethereum now uses significantly less energy, albeit a smaller drop in energy consumption than they would have many believe. But, evidence of a concerning concentration of staked ETH indicates that not only is the consensus becoming centralised, but it is becoming dominated by entities who are censoring transactions.The result is a very clear distinction between Bitcoin and Ethereum. The issue at hand for Bitcoiners is that the battle to win the argument with political decision-makers over the importance of Bitcoin’s energy usage is still yet to be won. But, more importantly, there are downstream centralisation and capture risks for Bitcoin. Forewarned is forearmed.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is hereFidelity - Careers in cryptoLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD575 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“If everyone uses a 12-inch ruler to build a house, and then one day, the government wakes up, and they change out all the rulers for an 11-inch ruler, but they don’t tell anybody…that distorts everything in the system because you’re using that as a measure, and the same thing happens with money.”— Steven LubkaSteven Lubka is Managing Director of Private Client Services at Swan Bitcoin. In this interview, we discuss how the misallocation of money by central banks distorts money, destroys capital, and creates zombie companies. Steven calls for money to be left to find its natural state within a free market. - - - - Society has become accustomed to the intervention of central banks in the economy. The underlying narrative is that central banks have the power to direct the economy through the manipulation of money. A principle level is through the control of interest rates: artificial adjustments to the cost of borrowing money aimed at promoting or tempering growth.You don’t have to be an economics expert though to know that central banks' interventions seem to have become excessive. We have had a decade of near-zero interest rates. In addition to this, central banks have heavily lent on money printing to maintain economic stability: one-fifth of all US dollars were printed in 2020 alone. These significant adjustments to the money supply set in train damaging second-order impacts. Given rising debt levels and recessionary forces, governments are seeking ways to stimulate growth. However, the economy has not been allowed to function normally for an extended period. We may therefore be in a position where significant businesses aren’t able to operate with a more natural cost of money. Many businesses have developed in a period where the cost of money has been artificially low. This has created zombie companies, which need support to survive. This leads to a cascading series of issues: such companies divert resources from more efficient enterprises, but they are destined to fail, which destroys capital. It effectively hollows out parts of the economy.The misallocation of capital is therefore counterproductive: short-term stability is a mirage that hides long-term systemic vulnerability. Steven Lubka’s thesis is that Bitcoin is the answer. It is a real tangible asset with a fixed monetary policy that enables price to be reflective of reality. The result is a market that can make rational decisions, build robust companies, and allow order to emerge In short, Bitcoin fixes the money.- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is herePacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022Ledger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD574 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“Bitcoin isn’t like a new theory about what kinds of money are possible, it’s more like a bulldozer that says: you’re all wrong, you need more tools to think properly about money; here’s a totally new kind of money that is kind of like fiat, kind of like gold and kind of like neither.”— Andrew BaileyAndrew Bailey is a philosopher, professor, fellow at the Bitcoin Policy Institute, and co-founder of Resistance Money. In this interview, we discuss the philosophy of money in respect of what it is, what makes good money, the traps we can fall into with money, and why Bitcoin is a bulldozer that makes us rethink money anew. - - - - Economists, historians, philosophers, bankers and politicians have all contended with the concept of money. What it is, what it can be, what it’s not, what it’s useful for, how it should be used, how it can be misused: there are a myriad of questions that have spurned a myriad of theories. Consensus has formed around different ideas lasting for generations, only to be followed by sudden shifts as perceived universal truths are dissolved.Debates and evolving thinking around money have always been a feature of its existence, certainly within modern capitalist structures of the past few hundred years. And yet, we do seem to be in a rare period. Firstly, we are entering a new paradigm of money, when established norms are suddenly being uprooted. Secondly, laypeople are joining the ranks of the so-called specialists in the debate around money.This change has been spurned by the failures of fiat money. Suddenly, people realise that the assumed solid ground is shifting beneath them. Within a short space of time, we have experienced a flurry of unprecedented events: bank runs, money printing on a vast scale, massive stimulus packages, huge volatility in the markets, systemic inflation, and currency collapses. The debate has also been spurned by the revolutionary innovation of Bitcoin. A totally new form of money has enabled a reevaluation of the principles and qualities of what we use to store value and what we use to exchange value. This process is being undertaken at all levels: if Bitcoin can continue to flourish, it will serve as a check on those in power. It could for the first time enable money to become pluralistic. All this means we are living in a time when the debate around money is live and fluid in which we all get a say. Buying Bitcoin, developing Bitcoin and orange pilling are all positive actions that force us to consider these fundamental questions. And, in this process, we’ll find we are asking the most fundamental questions of all - what is the essence of a good life and how does money help to achieve that end?- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is herePacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022Ledger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD573 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
“The rates have been locked at 1, 2, or 3%...that’s completely distorted the way that people allocate capital; whether it’s human capital or it’s physical capital, they’ve gone ahead and done things specifically because the money is essentially free, rather than pursuing them because they’ll provide a real economic value.”— Joe ConsortiJoe Consorti is a Market Analyst at The Bitcoin Layer. In this interview, we discuss Austrian economics, Credit Suisse & the risk of large scale defaults, price distortions and how Bitcoin fixes this.- - - - When faced with economic turmoil, central banks have a few tools they can turn to, one of which is interest rates. Since interest rates are the price to borrow money, and prices are emergent, manipulating rates is an intentional distortion analogous to fixing prices. Rates instead should be a factor of the supply and demand of credit, risk of default, and a reflection of opportunity cost.However, during the financial crisis in 2007/2008, the US federal reserve had little option but to step in and repeatedly cut rates. They did this in an attempt to prevent complete collapse and to restart the credit-seized economy. Rates went to basically zero (and even negative in some countries), and since 2008, we have been in an era of cheap credit.Now, we are potentially in the midst of another financial crisis. Countries across the globe are battling with inflation issues for a raft of reasons, including supply-side constraints, excessive money printing during covid, and war in Europe causing energy shortages. To battle this, central banks are raising rates in an attempt to regain control.So does cheap access to credit really boost the economy and stimulate growth, or has it prolonged an artificial bull market in equities, over-financialised assets, incentivised mal-investment, added to the growing wealth divide and played a key role in near double-digit inflation?- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is herePacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022Ledger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultTexas Blockchain Summit - Nov 17-18, 2022 | Austin, TexasBCB Group - Global digital financial Services-----WBD572 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
Comments (45)

Peter B

A massive fan of your Podcasts Peter. Listen to them regularly on my evening walk. Your one of my favourite presenters, great Job. From Australia

Jun 18th
Reply

Gabriel Hart

I have been using https://coinspaid.com/ for quite some time now in my coffee shop to accept payments, and so far, I have not had any major issues with their platform. It is easy to use, works quite efficiently, and ensures fast funds transfer.

Jun 10th
Reply

Gabriel Hart

I have been using https://coinspaid.com/ for quite some time now in my coffee shop to accept payments, and so far, I have not had any major issues with their platform. It is easy to use, works quite efficiently, and ensures fast funds transfer.

Jun 10th
Reply

Kenny Gross

Marty has outstanding thoughts and cogent arguments. It is a shame that his "vocal fry" is as pleasant as rusty nails on a blackboard. It is most often young educated females who think that their ideas are more brilliant if delivered with raspy vocal noises imitating someone in the final stages of throat cancer. Marty Bent has compelling arguments...would be nice if he could talk without the overly contrived vocal fry that is obnoxious to listen to.

Mar 26th
Reply

r J

this guy's insane he thinks San Francisco will be cured if google ran the place?? bet he doesn't/wouldn't work at Google/amazon and he doesn't live in a third world country one that he thinks is so much more amazing good grief if his beliefs about the planet being doomed are honestly held dunno why he has children? seems a strange contradiction

Feb 13th
Reply

Alen Lubiszenko

The U.S. Treasury Secretary Janet Yellen says that she has not made up her mind about whether the Fed should issue a central bank digital currency (CBDC). “There are some benefits” to a digital dollar, Yellen said, but noted that “there are also meaningful costs.” https://bitcoin-tidings.com/us-treasury-secretary-yellen-says-shes-undecided-whether-the-fed-should-issue-digital-currency

Jan 27th
Reply

Sharokh Koussari

The interview with Lynn was very interesting apart from where she talks about BTC being decentralised and POS being equity, the problem with these types of argument is that they essentially take it’s read that the only real proof of stake platform is Ethereum, that’s simply not the case , Ethereum is still a mix of POS and POW , to see POS at work one should look at Cardano and Algorand they are decentralised to the extent possible, far more than BTC with its uneven ownership

Jan 3rd
Reply

Sharokh Koussari

Why complicate things so much 1. Your Ethereum guest seems to think Ethereum is the only proof of stake project. How about Cardano which is more decentralised than all the others , peer reviews and tested for security and highly scalable and rapidly developing an incredible echo system, Algorand likewise 2. You both seem to think that it should be taken as read that Bitcoin is the most decentralised project. That’s not the case if you look at the way in which mining is carried out , now many are public ally traded companies , how can you even argue it’s not centralised ? The reality is there are degrees of decentralisation , and Bit Lon has moved from being very decentralised towards centralisation 3. When your guest talks about proof of stake he should acknowledge that unlike Ethereum many other crypto projects do not have a lock up time and intricate rules around receding rewards , you stake your coins , you chose a staking pool you get the coins airdropped bingo T4. Enough of the maxi nonsense

Dec 27th
Reply

Kenny Gross

Sad that many intelligent women feel vocal fry makes them sound smarter. These 2 ladies have compelling info to share...but painful to have to listen to their gravelly vocal fry.

Dec 25th
Reply

Jonathan Petherbridge

Pretty sure this guy is a snake in the grass.

Dec 10th
Reply

Steve McAtee

great pod cast

Nov 17th
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Nic _

jeezis. a how did I not know about this girl. and b Peter deserves an Oscar for this interview sheesh she is difficult. making us Jews look bad haha - that's a loomerism for ya

Nov 11th
Reply

Alexander Schröder

Rehypothecation starts at 46:33

Oct 18th
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mujtaba shanan

I am new to bitcoin, and I always had been put off with community and the gatekeeping, I think that a more rational way of discussion would been more appealing to me and to other people entering into crypto. I think that Bitcoin is great invention and that people should be motivated by it is potentials but in the same time they should be more articulate in there interaction with the newcomers and the other people in the crypto ecosystem.

Aug 20th
Reply

Navjot Singh

the president of a country was on this podcast! Is there any better recommendation that I could give it? 6 stars out of 5 💯

Aug 5th
Reply

mujtaba shanan

enjoyable podcast, I really loved the technical episodes. I am looking for more episodes on the lightning network.

Jul 22nd
Reply

Fabrice Manzo

Awesome #btc #lnd #mynodebtc

Jul 12th
Reply

Rachael

This guy is an arrogant arsehole.

May 15th
Reply

Patrick Reynolds

Best Bitcoin Show

Apr 17th
Reply

badlands75@hotmail.com

ben should have his own show

Mar 26th
Reply
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