Adam Sullivan, CEO of Core Scientific joins me today as we chat about: Going through bankruptcy as a Bitcoin minerDebt financingRole of capital structure in miningWhat makes Core Scientific different?Centralisation of mining poolsFee dynamics going forward2025 outlook on Mining Links: X: @_Adam_Sullivan1Core Scientific: Corescientific.com Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe 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.comSite: Nakamotoportfolio.comNakamoto Gauntlet: The Nakamoto Portfolio Gauntlet  Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe 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 proposalsWhat has shifted now in thinkingThe promise of Great Script RestorationCould 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: @stephanliveraSubscribe to the podcastSubscribe to Substack

Miljan from Primal joins me to talk about why Bitcoiners should not sleep on Nostr. We chat: Why he’s bullish on nostrWhat the experience is like nowadaysNetwork effects for creators and devsDealing with spam and sybilWhy Openness is the killer feature Links: X: @mbraticevicSite: Primal.netMiljan’s Nostr npub: npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvrMiljan’s Nostr: miljan@primal.net  Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.spaceNomadcapitalist.com/apply Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe 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 JapanJapanese government debtThe global JPY carry tradeThe impact on the US financial system Links: X: @peruvian_bullNostr: npub1xwmyzp64xx03kw9ecd7fzsj3e9dgwah6an0rdng0cc6ux4dswwjs28pyycNewsletter: https://substack.com/@peruvianbull Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe 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 EffectZapriteGetting Bitcoin Payment Rails ReadyGradually, Then SuddenlyWhy hope should not be lost Links: X: @parkeralewisSite: 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: @stephanliveraSubscribe to the podcastSubscribe 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: @stephanliveraSubscribe to the podcastSubscribe 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 bitcoinThe system you give energy to“Staying and fighting” in Canada vs supporting alternatives e.g. Madeira‘Coincidental’ attack on Bitcoin?  Links: X: @JeffBoothnostr: npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyheSite: Ego Death Capital Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.spaceNomadcapitalist.com/live Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe 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 companiesMicrostrategy and other public companiesVC and early stage investmentRealistic investment hurdle ratesTechnical realities as bitcoin grows Links: X: @PrestonPyshTIP: theinvestorspodcast.comnostr: npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.spaceNomadcapitalist.com/live Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe 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 talkBitcoin compared with other industriesRealistic hardware wallet attack typesThe cost of attacking a hardware deviceBackups and Shamir’s Secret Sharing Links: X: @nedosLinkedIn: Dmitry NedospasovSite: Keylabs.io Telegram: https://t.me/nedoswallet.fail talk: https://www.youtube.com/watch?v=Y1OBIGslgGMRecoverylabs.io Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe 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: @moneyballX: @TheBlueMatt BlueMatt's Blog: Stop Calling It MEVBIP Proposal: The Great Consensus CleanupDelving post on Great Consensus Clean up RevivalSteve’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: @stephanliveraSubscribe to the podcastSubscribe 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.spaceNomadcapitalist.com/live Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Kevin Loaec of wizardsardine joins me to talk about bitcoin security and vaults. We get into a discussion about:  Vaults and what’s possible today Timelocking and using them as part of self custodyInheritance scenariosBusiness use casesCovenant soft forks Links: X: @KLoaecX: @WizardsardineX: @revaultdevSite: Wizardsardine   Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack Chapters: 00:00 - Intro02:07 - Revault08:07 - Liana14:48 - Overview of Liana and Supported Hardware Wallets25:17 - Managing Time Locks in Liana: Rotating Coins and Duration29:47 - Coinkite.com30:47 - Swan.com32:09 - Mempool.space33:10 - Self-Custody with Liana37:26 - Understanding Revault and Liana44:56 - Exploring Decaying and Expanding Multi-Signature49:15 - RBF and CPFP in Liana Transactions56:07 - Transaction Size in Liana01:00:42 - The Debate on Covenants01:05:37 - Enhancing Organization Security with Cosigners01:09:30 - The Future of Self-Custody

Have you wondered about the role design and UX plays in Bitcoin apps? Christoph and Mogashni join me from the Bitcoin Design Community to share insights on: What most people are getting wrong about designHow you can leverage design principles in your bitcoin productBitcoin specific design challengesTypes of userTools available by the Bitcoin Design community Links: Site: Bitcoin.designSite: bitcoindesignfoundation.orgX: @MogashniNaidooX: @GBKS  Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack Chapters: 00:00 - Introduction and Background03:31 - The Importance of Design in Bitcoin Applications10:10 - The Bitcoin Design Community12:34 - Common Mistakes in Bitcoin App Design20:10 - Mempool.space20:56 - Coinkite.com25:14 - Embracing Creativity and Unique Design in Bitcoin29:28 - Introduction to User Experience Design in Bitcoin33:34 - Working with Bitcoin Apps and Projects38:56 - Swan.com39:14 - Simplifying the User Experience in Bitcoin43:26 - Designing for Complexity in Bitcoin45:09 - Navigating Competing Standards in Bitcoin Design46:29 - The Value of UX Research in Bitcoin49:48 - Practical Advice for Builders and Developers in Bitcoin Design54:57 - Find Out More 56:40 - Closing Thoughts

Peter St Onge rejoins me on the show to share some insight into how bad the US government fiscal situation is getting. We talk: How much debt there is and what’s next hereThe impact on the peopleJapanese interest rates risingJapanese economic impactsAI and where the jobs will come fromBitcoin outlook Links: X: @profstongeSite: Profstonge.com  Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.spaceNomadcapitalist.com Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Thomas Fahrer, co-founder of Apollo joins me to talk about the Bitcoin ETFs. We talk:  Analysing the Bitcoin ETFsWhat further institutional adoption looks likeHow much capital could flow into BitcoinThe Bitcoin FOMO scenarioDisagreements on the power law modelMSTR and Bitcoin Links: X: @thomas_fahrer Site: Heyapollo.com  Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack Chapters: 00:00 - Introduction and Background03:02 - The Significance of Bitcoin ETFs13:33 - Rebalancing and Volatility21:19 - Grayscale's Declining Bitcoin Holdings25:41 - Swan.com27:00 - Mempool.space27:45 - Coinkite.com33:35 - Possible Motivations for Grayscale's Actions34:03 - Successful ETF Launch and Consistent Demand37:23 - Bitcoin Price Rise and Demand - Supply Dynamics39:44 - Volatility and Orderly Transition41:07 - Bitcoin's Historical Price Patterns44:05 - Flaws in Power Law Model45:05 - Bitcoin's Potential to Replace Traditional Assets46:41 - Flaws in Power Law Model and Fiat Currencies50:11 - Importance of Fundamental Analysis51:38 - Bitcoin's Bullish Case and Fundamental Properties58:51 - Closing Thoughts

My friend Vijay Boyapati (Author of the Bullish Case for Bitcoin, and part of the Swan team) rejoins me on the show to talk about HODLing, share his analysis on things, and offer some tips on how to HODL. We talk: What phase of the cycle we’re inHODLer psychologyDoes Bitcoin get captured? Is Bitcoin for Everyone?Self custody techGBTC and BankruptciesCommon traps and how to avoid them Links: X: @real_vijayGenesis thread https://twitter.com/real_vijay/status/1744454450138526162  Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.spaceNomadcapitalist.com Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack Chapters: 00:00 - Introduction and Overview03:01 - The Excitement of Bull Markets05:54 - The Slow Build-Up and Parabolic Moves08:46 - Hodling Through Adversity13:07 - The Nature of Bitcoin Cycles16:02 - The Reachability of Bitcoin Participants19:45 - Coinkite.com21:00 - NomadCapitalist.com22:08 - The Challenges of Self-Custody30:00 - The Feasibility of Self-Custody for All34:14 - Bitcoin as a Superior Monetary Base35:10 - Concerns about Concentration Risk38:07 - Mempool.space39:16 - Swan.com40:12 - Government Influence on Bitcoin ETFs43:32 - Multipolar World and Bitcoin Adoption44:01 - US Favorability towards Bitcoin46:51 - Genesis Bankruptcy and Grayscale's Future50:11 - Common Traps in a Bull Cycle59:54 - Dealing with Corrections in a Bull Cycle

Mi Primer Bitcoin (My First Bitcoin) has grown since I last spoke with them on the show. John from the team rejoins me to talk about how things have developed. The team has now taught over 25,000 students in El Salvador and they are now expanding internationally.  Links: X: @jdennehy_writesSite: Miprimerbitcoin.ioSLP381 John Dennehy & Gloriana Solano – Bitcoin Diploma in El Salvador Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack Chapters: 00:00 - Introduction and Background01:16 - Bitcoin Diploma and Infrastructure03:37 - International Expansion and Node Network Governance05:27 - Course Format and Duration08:16 - Teaching Bitcoin in Public Schools09:14 - Collaboration with Ministry of Education12:37 - Different Approaches to Teaching Bitcoin15:27 - Continued Education and Advanced Courses17:55 - Coinkite.com19:06 - Swan.com20:18 - Mempool.space21:13 - Bitcoin Education for Different Age Groups23:48 - Format and Agenda of Bitcoin Education Conferences26:15 - Collaboration with Governments and Universities29:37 - Localization and Modification of Curriculum32:31 - Focus on International Expansion34:26 - Challenges of Education for the Masses36:48 - Adapting Curriculum to Rising Fees39:17 - Empowerment and Independence in Bitcoin Education40:40 - Call for Support and Contributions

How do we interact with Bitcoin in a multi layer world? What cost savings and trade offs are necessary here? What even counts as a layer? Kilian from boltz.exchange joins me to talk about swapping across Bitcoin on-chain, Lightning and Liquid. We discuss: How swapping worksWhat makes it atomic and non-custodialWhat counts as layer 2Fee savings and trade offs Links: X: @kilrauSite: boltz.exchangeX: @boltzhqTaproot feature blog post: Introducing Taproot Swaps: Putting the "Fun" Back into Refunds!  Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.spaceNomadcapitalist.com Stephan Livera links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack Chapters/Timestamps: 00:00 - Introduction and Background03:07 - Boltz.exchange: Moving Between Bitcoin Layers05:35 - Use Cases for Lightning Service Providers09:45 - Enhancing Wallet Functionality13:20 - Non-Custodial Atomic Swaps21:43 - Coinkite.com23:07 - NomadCapitalist.com24:25 - Fees and Fee Savings29:35 - Trust Model of Liquid32:40 - Regulatory Risks for Liquid37:10 - Transaction Limits on Liquid38:58 - Mempool.space39:59 - Swan.com41:02 - Scalability of Liquid44:15 - Integration of Liquid with Other Services and Wallets51:22 - Pragmatism in Bitcoin Adoption55:45 - Operating in a High-Fee Environment57:45 - Closing Thoughts

Patrick van der Meijde, founder of BitKassa and co founder Arnhem Bitcoin City joins me to talk about his experience with co-founding one of the earliest Bitcoin ‘circular economy’ communities in 2014.  How he got startedTaking payments pre-lightningAre there enough people spending?Resurgence in circular economiesAdopting Bitcoin Arnhem City Links:  X: @PatrickvdMeijdeSite: adoptingbitcoinarnhem.comSite: arnhembitcoinstad.nl Cofounder @BitKassaNLCofounder Arnhem Bitcoin City @BitcoinstadYoutube: 10 years of merchants accepting bitcoin in Arnhem   Sponsors: Swan.com (code LIVERA)CoinKite.com (code LIVERA)Mempool.space Stephan Livera Links: Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack Chapters/Timestamps: 00:00 - Introduction and Background01:55 - Bitcoin Narratives in 201404:45 - Transaction Fees and Challenges08:46 - Arnhem Bitcoin City and its Evolution09:55 - Context of Arnhem City in the Netherlands11:45 - Capital Gains Tax in the Netherlands12:33 - Impact of AML Regulations14:13 - Merchants Keeping Bitcoin15:00 - Swan.com16:14 - Mempool.space17:11 - Coinkite.com18:40 - Merchant Churn and Turnover23:35 - Importance of Local Community28:55 - Adopting Bitcoin Conference in Arnhem31:32 - Transition to Lightning Network35:45 - Success Rates of Lightning Network Payments36:30 - Improvement of Lightning Network37:53 - Conclusion and Event Details