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Stephan Livera Podcast

Author: Stephan Livera

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Join Stephan as he interviews the sharpest economic and technical minds in Bitcoin & Austrian Economics to help you understand how money is changing and evolving. Leading names in the world of Bitcoin join the show to share their insights, whether they are developers, CEOs, economists, authors, analysts and more.
583 Episodes
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The bitcoin ‘ossification’ debate continues with a discussion on the key considerations. What makes Bitcoin special? What improvements are necessary to retain sufficient decentralisation, if any?  Vijay Boyapati and Brandon Black (aka reardencode) rejoin me for a special episode to discuss:  What makes Bitcoin special?  Defining ‘ossification’ How many users is ‘enough’?  Unknown unknowns Addressing centralising MEV concerns Soft forks and hard forks Economic nodes and who holds the power Where to from here Timestamps: (00:00) - Intro (01:54) - What makes Bitcoin Special? ft. Vijay (09:37) - Verifiability & decentralisation of Bitcoin ft. Brandon (14:31) - When do we stop ‘changing’ bitcoin? (15:17) - Revisiting the blocksize wars & importance of self sovereignty (20:45) - Libertarian principles of Bitcoin (23:48) - ‘Sufficiently decentralised’ Bitcoin (26:42) - Defining ‘Ossification’ of Bitcoin (30:56) - Sponsors (34:11) - Economic interests in upgrading Bitcoin nodes (43:40) - Bitcoin is a Trojan horse (47:15) - Can we rule out ‘Unknown unknowns'? (50:49) - Concerns over centralising MEV (1:00:17) - Whose chain is it anyway? (1:05:14) - Resisting soft forks and hard forks (1:16:49) - Closing Thoughts Links: X: @real_vijay Bullish Case for Bitcoin: Swan.com/bullish X: @reardencode Prior episodes: Rusty - Great Script Restoration Brandon Black - Are Covenants necessary for Bitcoin TXHASH Steven Roose Matt Corallo and Steve Lee Great Consensus Cleanup Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
NVK of Coinkite rejoins me to talk about attitudes on Bitcoin development and consensus changes. We discuss how “ossification” is commonly thrown around as a term, but maybe there is a better term. “Extreme conservatism”? We talk: What is ossification?  What about bug fixes?  What changes would NVK be interested in?  How many people will use Bitcoin?  What the market is focused on It’s not your chain Links: X: @nvk Bitcoinsecurity.guide coinkite.com Unleashed.chat  Timestamps: (00:00) - Intro  (00:52) - Ossification and gardening  (06:06) - Where are the ossifiers?  (09:03) - Fixing bugs on the Bitcoin protocol  (17:13) - Assessing BIPs & change proposals (23:53) - NVK on Bitcoin as SOV and/or MOE (31:47) - Sponsors (34:58) - “USD is the best shitcoin” (37:32) - The fate of other blockchains (45:41) - Putting Bitcoin on a pedestal? (49:32) - Gresham’s Law in context of Bitcoin (51:34) - Future path for Bitcoin (57:27) - Outro Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
I recently spoke at Bitcoin Seoul 2024 and here are some interviews with some of the speakers: Calvin Kim on utreexo Gloria Zhao on Bitcoin Core and mempool Laolu on Taproot Assets and covenants Saifedean on Central Banking and tax cattle Obi Nwosu on Fedi Jimmy Song on Bitcoin in Korea Timestamps: (00:00) - Calvin Kim on importance of Bitcoin conferences (01:51) - Simplifying Utreexo (03:31) - What is Utreexod? (04:51) - Will node providers support Utreexo? (06:38) - Gloria Zhao on BIP431 (Truc) (08:15) - Implications of Truc (12:26) - What is mempool cluster? (14:08) - P2P encryption on Bitcoin core V27.0 (15:22) - Upcoming developments on Bitcoin core (18:04) - Sponsors(20:13) - Laolu (Roasbeef) on Taproot assets (25:29) - LSP Challenges on issuing stablecoins (28:21) - Views on covenants (31:51) - Ensuring protocol safety while enabling Opcodes (34:33) - Saifedean’s views on Bitcoin Seoul 2024 (34:44) - Central Bank behaving like a private organisation (40:21) - ‘The Keynesian Voodoo’  (46:35) - All roads lead to Bitcoin (48:26) - Sponsors (50:45) - Latest developments at Fedi with Obi Nwosu (52:23) - Role of the Fedimint Guardians (54:40) - Fees on Fedi (56:18) - Fedi’s Social backup and recovery model (58:26) - Risks of getting rugged (1:01:23) - Fedi is trust-reduced (1:03:11) - Jimmy Song’s views on Bitcoin Seoul 2024 (1:04:18) - Views on Bitcoin’s Technical developments (1:05:46) - Savings culture among Koreans & role of Bitcoin (1:09:16) - Outro Links: X: x.com/saifedean Saifedean episode: https://saifedean.com/podcast/222-central-banking-works X: x.com/glozow Bitcoin review club:  https://bitcoincore.reviews/ BIP 431: https://github.com/bitcoin/bips/blob/master/bip-0431.mediawiki X: x.com/obi  Fedi: https://www.fedi.xyz/ X: x.com/roasbeef Lightning Labs: https://lightning.engineering/ X: https://x.com/kcalvinalvinn Utreexod beta release: https://groups.google.com/g/bitcoindev/c/5GyV9af9lv4?pli=1  X: x.com/jimmysong Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Nomadcapitalist.com/apply Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Walt Smith of cyber.fund joins me to discuss thoughts on MEV and where it may be going on Bitcoin.  We discuss: Defining MEV 10 minute block time? Does it centralise Bitcoin? Suffering from success The approach on shitcoins and spam Timestamps: (00:00) - Intro  (02:02) - Defining MEV (06:02) - Replace-by-fee (RBF) (11:01) - Concern regarding miner centralisation  (18:56) - Growth of private mempool flow & MEV potential? (24:55) - Are mining pools transparent with fee payouts? (27:01) - Expressivity on Bitcoin  (31:21) - Sponsors (35:24) - Does the 10 minute block time mitigate MEV? (40:27) - Is Bitcoin more than ‘money’? (46:05) - Fake L2's on Bitcoin (51:24) - Does MEV lead to miner centralisation?  (56:15) - Closing thoughts on MEV Links: X: @waltjsmith X: @cyberFund_ Site: cyber.fund Article: The Spectre of MEV on Bitcoin Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Silent Payments is a new approach to improving privacy and useability of Bitcoin. Imagine not needing to manually create new addresses? Josibake and Ruben Somsen join me to discuss some of the ins and outs of Silent Payments. We discuss: Silent Payments overview Contrast with other techniques such as BIP47  Light client support Stopping address re use Base layer privacy discussion Links: X: @josibake X: @SomsenRuben BIP: Silent Payments Tracking progress in Bitcoin Core/libsecp256k1 Informational website from sethforprivacy : Privacy-preserving static addresses for Bitcoin Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack Timestamps: (00:00) - Intro (01:01) - Overview of Silent Payments (SP) (03:15) - History of the SP idea & contrast with other methods Add more (14:36) - Current status of SP development & adoption (17:49) - Testing light clients for SP (21:50) - The Silent Payment Experience (26:31) - Light client support (31:20) - What is a light client? (38:05) - Sponsors (41:16) - Spend Key & Scan Key  (42:37) - XPUB vs. Silent Payments (44:42) - Reducing address re-use with SP (49:29) - Labeling with Silent Payments (53:14) - Ease of use and compatibility with Lightning  (57:03) - Overcoming the ‘silver bullet’ mindset (01:10:50) - Composability with Silent Payments (01:12:46) - Silent Payments summary (01:14:06) - Closing Thoughts
Skot joins me to talk about his project to bring affordable, energy efficient, open source mining to home miners. We discuss: The current state of open source in bitcoin mining Bitaxe overview Why do people do this? Price and how to set one up Mining pools Decentralisation Links: X: @skot9000 Site: Bitaxe.org Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Nomadcapitalist.com/apply Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Rusty Russell rejoins me on the show to talk about a new idea for a bitcoin soft fork that hopefully avoids some of the ‘horse trading’ dynamic that existed amongst other proposals. Listen in to learn more about the different paradigm that Rusty introduces here, so that developers can build more functionality and efficiency in, hopefully so that more people can use Bitcoin in self-custody.  Bitcoin Script background GSR overview GSR benefits  What is varops  Contrast with APO or LNHANCE? Will it enable shitcoins and spam? Relevant previous episodes: SLP565 Great Consensus Clean up, MEVil and LN isn’t dead – Steve Lee and Matt Corallo SLP573 A Shift in Bitcoin Developer Thought? with Brandon Black (aka reardencode) Links: Rusty’s BTC plus plus talk on GSR https://x.com/rusty_twit  Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Dan Gould of the PayJoin Dev Kit (sponsored by Spiral and Opensats) joins me to discuss how Bitcoin privacy could be improved with more PayJoin adoption. What’s more, it might also benefit users in consolidating their wallets or potentially even fee savings. We discuss how this could be integrated into more bitcoin wallets.  What is a PayJoin? How it helps privacy Other benefits in efficiency Downsides and trade offs Changes with the v2 PayJoin protocol PayJoin Directory Payjoin Dev Kit Links: X: @bitgould  X: @payjoindevkit Site: PayjoinDevKit.org  Site: Payjoin.org  Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Adam Sullivan, CEO of Core Scientific joins me today as we chat about: Going through bankruptcy as a Bitcoin miner Debt financing Role of capital structure in mining What makes Core Scientific different? Centralisation of mining pools Fee dynamics going forward 2025 outlook on Mining Links: X: @_Adam_Sullivan1 Core Scientific: Corescientific.com Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Rapha Zagury, CIO of Swan and Head of Swan Mining rejoins me on the show to talk about a range of topics, from Brazil’s flooding, Bitcoin Mining, Capital Structure, as well as share some insights on speaking to TradFi professionals about Bitcoin.  Links: X: @alphaazeta  Site: Swan.com Site: Nakamotoportfolio.com Nakamoto Gauntlet: The Nakamoto Portfolio Gauntlet  Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
As you may know, at the recent Bitcoin++ conference, there was a ‘meeting of the minds’ and Brandon Black aka reardencode rejoins me on the show to discuss. We talk about:  The state of various covenant proposals What has shifted now in thinking The promise of Great Script Restoration Could it have bad side effects?  Doing good engineering Links: X: @reardencode  Bitcoin++: btcplusplus.dev  Rusty’s talk: https://www.youtube.com/watch?v=rSp8918HLnA Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Miljan from Primal joins me to talk about why Bitcoiners should not sleep on Nostr. We chat: Why he’s bullish on nostr What the experience is like nowadays Network effects for creators and devs Dealing with spam and sybil Why Openness is the killer feature Links: X: @mbraticevic Site: Primal.net Miljan’s Nostr npub: npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvr Miljan’s Nostr: miljan@primal.net  Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Nomadcapitalist.com/apply Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Peruvian Bull, a macro writer and commentator joins me to explain what’s happening with the Japanese economy and how it all ties in with the dollar end game. We discuss:  The impossible trinity for Japan Japanese government debt The global JPY carry trade The impact on the US financial system Links: X: @peruvian_bull Nostr: npub1xwmyzp64xx03kw9ecd7fzsj3e9dgwah6an0rdng0cc6ux4dswwjs28pyyc Newsletter: https://substack.com/@peruvianbull Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Parker Lewis of Zaprite rejoins me on the show to discuss recent updates in the space and what’s happening with Zaprite and merchant adoption.  “Then they fight you” ? Chilling Effect Zaprite Getting Bitcoin Payment Rails Ready Gradually, Then Suddenly Why hope should not be lost Links: X: @parkeralewis Site: Zaprite.com  Get Parker’s Book: thesifhouse.com  Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
A lot of people talk about Bitcoin Ossification. Today Steve Lee, Lead @ Spiral rejoins me to expand on why this is the wrong idea. We also talk about the recent situation with bitcoin mining  pool centralisation and what is driving it.  Links: X: @moneyball  AJ Town’s ‘Slow and Steady’ post mentioned:  Earlier episode also mentioned: SLP433 : v2 P2P Transport Protocol for Bitcoin (BIP324)  Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Jeff Booth, author, entrepreneur and founding partner of Ego Death Capital rejoins me on the show to talk about his bitcoin advocacy at various levels:  Speaking to politicians about bitcoin The system you give energy to “Staying and fighting” in Canada vs supporting alternatives e.g. Madeira ‘Coincidental’ attack on Bitcoin?  Links: X: @JeffBooth nostr: npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe Site: Ego Death Capital Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Nomadcapitalist.com/live Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
How do you think about investing as a bitcoiner? Preston Pysh of TIP rejoins me on the show to talk about a range of related ideas:  HODL vs invest in companies Microstrategy and other public companies VC and early stage investment Realistic investment hurdle rates Technical realities as bitcoin grows Links: X: @PrestonPysh TIP: theinvestorspodcast.com nostr: npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Nomadcapitalist.com/live Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Dmitry Nedospasov is a PhD in Chip Security, also known for his hardware wallet exploits in 2018 with the wallet.fail talk. Dmitry joins me to talk about hardware security in the world of bitcoin and how it compares with hardware chip security in other domains. We discuss: The 2018 wallet.fail talk Bitcoin compared with other industries Realistic hardware wallet attack types The cost of attacking a hardware device Backups and Shamir’s Secret Sharing Links: X: @nedos LinkedIn: Dmitry Nedospasov Site: Keylabs.io  Telegram: https://t.me/nedos wallet.fail talk: https://www.youtube.com/watch?v=Y1OBIGslgGM Recoverylabs.io Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Steve Lee and Matt Corallo of Spiral rejoin me on the show to talk about a range of topics. Firstly we discuss the Great Consensus Clean Up which relates to fixing some long standing bugs in Bitcoin. Secondly we talk about MEV and why it’s the wrong term, instead we should be talking about MEVil and the implications for Bitcoin miner centralisation. Finally we address the rumours of Lightning Network being dead or not useful.  Links:  X: @moneyball X: @TheBlueMatt  BlueMatt's Blog: Stop Calling It MEV BIP Proposal: The Great Consensus Cleanup Delving post on Great Consensus Clean up Revival Steve’s X thread on GCC: https://twitter.com/moneyball/status/1760839436617875485 Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
Andrew Henderson rejoins me to discuss his story renouncing US citizenship, and whether the price was worth it. We discuss whether you should “stay and fight” as well as considerations relevant for Bitcoiners on pursuing their options in other countries. We also discuss Nomad Capitalist Live 2024, coming in KL Malaysia. Listen in to learn and stay up to date on global tax, investing and lifestyle strategies.  Links:  X: @nomadcapitalist Sponsors: Swan.com (code LIVERA) CoinKite.com (code LIVERA) Mempool.space Nomadcapitalist.com/live Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
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Comments (5)

Cameron MacDonald

What a joke of an episode. Can't believe you'd have someone like this on such a great podcast. I still love your podcast but did this guess ever miss the mark. None of what he said was based on actual facts. Every single thing he said was an opinion which he played off as objective science based facts. I feel sorry he's been so brainwashed. He could have talked about how Bitcoin isn't actually harmful to the environment but he pretty much just denied climate change and said wind turbines don't actually make any electricity. Definitely lost a few brain cells with this one

Jun 5th
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𝙁𝘼𝘽𝙍𝙄𝘾𝙀 ⚡ ⱮαηɀΘ 🙃

That dashboard is amazing!

May 15th
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Sam Abtahi

I love the strategies he uses to explain. I think I was overwhelming the people who I tried to explain how to get started to.

Jan 16th
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Sam Abtahi

all I'm thinking all day is " Flex our monitoring muscles to weed out the bad actors" any one counted ??!

Dec 19th
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Camilo Jorajuría de León

Great guests! Is the interviewer a 🤖?

Feb 13th
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