The Peter McCormack Show

In this episode, we are joined by Steve Lee, the Lead at Spiral, Haley Berkoe, PM at Spiral and… Bitcoin. We discuss whether Bitcoin has a branding issue, and how we can step outside of our little bubble and reach the next wave of bitcoiners. - - - - Understanding Bitcoin takes proof-of-work. It's a paradigm shift in conceptualizing money - a fundamental rethinking of what constitutes value, security, and freedom. It challenges the status quo, urging a questioning of the trust we place in institutions and the way we perceive economic power structures. Bitcoiners can be an intimidating group of people. They represent a necessary defense mechanism; guarding the sanctity of the protocol, protecting it from dilution or corruption. This resilience forms a crucible that forges steadfastness against external pressures, preserving the revolutionary aspects of Bitcoin against all attempts to co-opt or unduly influence them. However, while the guardianship of this culture is paramount, there lies an equally crucial need to open the gates to broader understanding and adoption. To truly realize its revolutionary potential, Bitcoin must be demystified and made accessible to the masses. This is exactly what Spiral's "Who Is Bitcoin," aims to achieve. They have adopted a lighter, more humorous approach to educational content. By meeting people where they are at and, hopefully, ushering in a new wave of bitcoiners. - Show notes: https://www.whatbitcoindid.com/podcast/here-comes-bitcoin This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Today we have two representatives of the Bitcoin mining firm Luxor Technologies: Nick Hansen, CEO, and Matthew Williams, Head of Derivatives. In this interview, we discuss derivative trading, the potential impact of the BlackRock ETF on the market, the challenges Bitcoin miners face, the political and economic situation in Argentina, and the importance of hedging in business operations. - - - - Bitcoin's price has been relatively stable for well over a year. Whilst prices have recovered from the cycle lows seen in November 2022, the rapid price swings, which have been a feature of the market since its launch, have subsided. Nevertheless, a series of events are aligning that raise the prospect of a renewed period of volatility in the near future: the approval of a spot ETF, the Bitcoin halving, and further macro shocks. The issue for capital investment in the Bitcoin mining space is that such volatility distorts and stresses normal business management practices. There have been numerous mining companies that have suffered existential crises because they have over-extended at the wrong time, or, they have had ineffective hedging strategies. Luxor aims to help improve the cost of capital for Bitcoin miners through the introduction of new derivative products. Luxor's strategy is predicated on hashrate being treated as an asset class; miners are able to sell their hashrate forward, guaranteeing a return. The contracts are determined by an agreed hashprice, which is a function of various variables: the block subsidy, transaction fees, network difficulty, and bitcoin price. These contracts are then tradable as derivatives, which enables investors to gain exposure to Bitcoin mining without needing to be physically involved. Luxor is also working on additional financial products, including what will be a controversial yield instrument. There is still significant hesitancy in the community around such markets, and it will take time to build liquidity. Perhaps a new approach can renew demand for lending. And, if anyone can pull this off, who better than a diversified company that weathered a brutal bear market that aggressively showed who was naked when the tide went out? - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-adapt-or-die This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Preston Pysh is a co-founder of The Investor Podcast Network and James Lavish is a macro analyst. In this interview, we discuss the US's increasing debt and its impact on the economy, as well as the cycle of debt and inflation that many people find themselves trapped in. We also talk about the challenges of promoting Bitcoin adoption in economically unstable countries and the need for stable currencies in those countries. - - - - US national debt has increased over 80 times in the last 100 years, rising from $404bn in 1923 to $33.17tn in 2023. In the 1920's the US was paying off debt used to finance the country's involvement in WW1 that had resulted in its debt to GDP ratio surging to 33% by 1919; by 1923 this ratio had been reduced to around 25%. Today, debt to GDP is over 120%, higher than after WW2. The current issue is a result of two main structural economic problems that have manifested since the 1970s. Firstly, debt increased rapidly, from just under $3tn in 1971, to over $10tn in 2000, and to $20tn in 2010. However, GDP grew at a much slower rate over this period. Central Banks have therefore had to let inflation rise to cover the gap, with interest rates being the tool they use to control inflationary pressures. Inflation is effectively a tax that disproportionately affects the poorest people in society. As vining costs rise, personal debt climbs: people struggle to keep up with their expenses due to inflation and resort to using credit cards. Increasing interest rates only worsens their financial situation. As their credit deteriorates, they are offered even higher interest rates, creating a vicious cycle that often leads to bankruptcy. Many people are trapped. The real problem is that the national debt, believed by many to have reached unsustainable levels, doesn't look set to be reduced anytime soon. For example, there has been a staggering increase in the national debt over the past two weeks amounting to $500bn. This debt is used to pay for government activities and funding numerous programs. But increasingly, it is needed to also pay the interest on that debt that is expected to be $663bn this year and $1.4tn by 2033. Credible people on Wall Street are discussing the debt spiral. Corporate earnings are expected to decrease due to the lagging effect of the Fed raising rates. Private investors are also starting to wake up to the fact that debt and inflation will have an increasingly erosive impact on wealth. Owning assets like gold, silver, and Bitcoin can help protect against it. It is more important than ever to understand the situation that is evolving. - Show notes: https://www.whatbitcoindid.com/podcast/the-debt-spiral This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

David Marcus is CEO & co-founder of Lightspark, a Lightning Network payments protocol. In this interview, we discuss his career in the payments industry and former role as head of Facebook's Libra project, his frustration with the current financial system, how Lightspark is focusing on addressing the challenges of the Lightning Network, the potential impact of real-time payment systems and the scalability of Bitcoin. - - - - David Marcus' journey into the payments industry began at the age of 23 when he started his first company after working at a bank. He built a successful telco company in Switzerland and later started another company focused on mobile payments. His journey took him to Silicon Valley, where his company was eventually acquired by PayPal. Despite his success, Marcus feels frustrated with the state of payments and the lack of an open and interoperable protocol for money on the internet. He believes that money is an important aspect of people's lives and how they measure success. He sees a lot of injustice in the current financial system and feels passionate about improving it. Our conversation covers David's role in heading Facebook's involvement in the payments space, particularly with the development of Libra, a payment system designed to reach billions of people. We talked about the challenges and pushback the project faced, and how the Libra project was a significant part of Marcus' journey in building his current company, Lightspark. David has come to the conviction that Bitcoin is the only form of neutral internet money, which stems from his experience trying to build a technology that could scale and provide a stable form of digital money. He believes that a real-time global payment systems, similar to sending an email or text message, combined with the decentralization and liquidity of Bitcoin, can unleash a significant increase in global GDP. Scaling issues will be a major challenge as adoption increases. Lightspark seeks to help address these limitations by focusing on the usability and operational challenges of the Lightning network, such as liquidity management and route finding. They have developed technology to simplify Lightning's channel-based system, making it easier to spin up and maintain Lightning Network nodes, allowing for faster and cheaper bitcoin movement. There are also other potential innovations that could greatly enhance Bitcoin's use as a payments rail. - Show notes: https://www.whatbitcoindid.com/podcast/building-the-global-financial-system This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Joseph Wang is a former senior treasury trader at the Fed who now runs Fedguy.com, a research blog on financial markets. In this interview, we discuss his experience working on the Fed's treasury trading desk, the role of central banks and how this has expanded over time, the relationship between the Fed and the Treasury, quantitative easing, deficit spending, the growing national debt, and the benefits of decentralisation. - - - - The Federal Reserve is the United States Central Bank. Established in 1913 after a series of banking panics, its primary purpose was to provide a more stable and reliable banking system by regulating financial institutions, providing banking services to the government, and promoting financial stability. However, the Fed's role has expanded over time to encompass market interventions in response to economic fluctuations and financial crises. One crucial aspect of the Fed's remit is the implementation of monetary policy. Through tools such as open market operations, reserve requirements, and interest rate adjustments, the Fed seeks to control inflation, stabilise prices, and promote maximum employment. As the economy has become more complex, so has the Fed's toolkit to address emerging challenges to include extreme actions such as becoming the lender of last resort and quantitative easing. A popular criticism is that the Fed's actions have materially affected the state's increasing and unsustainable deficit and debt growth. Whilst the Fed does not have the power to directly increase or decrease deficits, it can indirectly contribute to deficits through its monetary policy actions. Regarding the national debt, the Fed currently owns significant amounts of U.S. government bonds, resulting from its efforts to stabilise the economy during times of crisis. A more fundamental issue is the Fed's potential role as the centralised authority in the control of money. CBDCs provide for the complete digitisation of money and the disintermediation of retail banks, which would provide the Fed with even more capacity to affect monetary policy. Despite the risks to personal sovereignty, such power would be too tempting for central bankers to forgo. Essentially, decentralisation is needed to keep the Fed in check. All roads lead to Bitcoin! - Show notes: https://www.whatbitcoindid.com/podcast/how-the-federal-reserve-works This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

William Casarin is a Bitcoin Core, Lightning Network and Nostr developer. In this wide-ranging interview, we discuss the current debate over Canadian state control over media and the disillusionment of its citizens, the advantages of using Bitcoin in the context of current banking constraints, the potential of decentralized social media platforms such as Nostr, and the benefits and challenges of AI. - - - - William Casarin is one of the band of amazing developers within our community who ensure the cogs of Bitcoin-related machines keep working. Our conversation began with a discussion about the current situation in Canada amid concerns about state control of the media. We also touched on the decline of Canada and the disillusionment of its citizens, especially after a trucker protest revealed the true nature of the politicians. We then shifted our conversation to our experiences with banks, which can be invasive and unreliable, and the advantages of using Bitcoin. Banks today restrict financial liberty: there are serious questions regarding their overreach in implementing KYC and AML checks. Whilst running businesses on a Bitcoin standard has advantages, there are real challenges as most businesses still require access to fiat currency and associated payment channels. William then shared his vision of creating a level playing field for free speech online and mentioned the progress being made in decentralised social media platforms such as Nostr. He highlighted the complementarity between Bitcoin and free speech, as both are protocols that promote freedom and autonomy. We also discussed the use of AI in various fields. AI can be used to accelerate intelligence and make tasks more efficient, such as generating assets for video games. However, there are serious concerns about overreliance on AI and the potential dangers it may pose. Cryptography will be an important tool in dealing with the security risks associated with AI, despite states such as the UK seeking to ban end-to-end encryption. - Show notes: https://www.whatbitcoindid.com/podcast/decentralise-everything This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Steven Lubka is Managing Director of Private Client Services at Swan Bitcoin. In this interview, they discuss recent developments in the legal disputes between Peter and Craig Wright. Then, in the build-up to the Pacific Bitcoin Festival, they talk about various topics such as Bitcoin's community, the importance of financial stability, the cultural revolution brought about by Bitcoin, and the need for a positive vision of the future. - - - - Ahead of the Pacific Bitcoin Festival, the podcast was a great opportunity to catch up with one of the show's favourite guests, the peripatetic Bitcoiner Steven Lubka! In light of recent developments, the conversation kicked off with an update on Peter's ongoing litigation involving Craig Wright. This litigation is still live, and in time Peter will be able to tell the full story, but, it seems like we're definitely a lot closer to the end given the events of the past week. The conversation then shifted to our experiences within the Bitcoin community. We have both felt a strong sense of unity and passion within this community, a stark contrast to other industries. Bitcoiners tend to have multiple interests and go deep into various fields. Further, the community remained unfazed by the volatility, focusing more on the cultural revolution brought about by Bitcoin rather than its monetary value. As we delved deeper into the conversation, we reflected on the concept of time and its scarcity. We also discussed the importance of financial stability and its impact on one's ability to make meaningful choices in life. Financial constraints can limit one's ability to reevaluate their life and make different choices. We acknowledged the devastating effects of financial instability, citing examples from countries like Argentina and Lebanon. Towards the end of our conversation, we touched on how the mechanics and structure of a monetary system can shape human culture and emphasized the need for meaning and hope in society and the dangers of nihilism. We also discussed the possibility and impact of Bitcoin ending and our confidence that the community assembled around Bitcoin will continue to change the world regardless of the outcome of Bitcoin itself. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-cultural-revolution This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Mike Brock is the lead at TBD, the Bitcoin-focused subsidiary of Block. In this interview, we discuss Bitcoin's limitations in solving complex societal problems, counter-arguments to the narrative that monetary flexibility leads to falling living standards and wasteful investments, the complexities and risks of Bitcoin's widespread adoption, and why, despite certain limitations, Bitcoin still has the potential to be the most important monetary asset in human history. - - - - The Bitcoin community has had to harden itself against attacks from outside, by those either too ignorant or too invested in the incumbent system to allow themselves to understand the brilliance of the innovation. However, not all of those who raise issues counter to mainstream Bitcoin opinion are either attacking the innovation or the community. Some opinions are manifestly good faith attempts to sharpen the arguments needed to help wider Bitcoin adoption. Mike Brock is someone who sits in this camp: he is an unapologetic advocate for Bitcoin but doesn't necessarily agree with what could be framed as Bitcoin orthodoxy. In this podcast, we discuss in more detail the concerns around groupthink on certain issues, which is in turn leading to a branding issue that seems to be affecting wider adoption. Specifically, is there a misconception in the Bitcoin community that Bitcoin has already won and will replace the US dollar? Has loose monetary policy since 1971 actually resulted in reduced living standards and significantly poor corporate investment behaviour? Are inflationary metrics providing a real understanding of consumer experiences? And, will a strict monetary policy have a net positive or negative influence on economies and societies? Consideration of the arguments for and against deflationary or inflationary currencies enables Bitcoin's true potential to be honed. However, even if Bitcoin has a long way to go before challenging the dominance of the US dollar, it has the potential to immediately help lift millions of people out of poverty by providing open, effective and cheap financial infrastructure. This means Bitcoin has a compelling narrative even within mainstream economic and political assumptions. - Show notes: https://www.whatbitcoindid.com/podcast/hyperbitcoinisation-cant-happen This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Peter St Onge is an Economist at the Heritage Foundation and a Fellow at the Mises Institute. In this interview, we discuss the burden of excessive government control, corruption & the erosion of trust in institutions, the influence of activists on government decisions, & reducing the size of government. Using examples from Argentina & Lebanon, we talk about the resilience of normal people in the face of a collapsing state, & the challenges of scaling anarchic systems. - - - - What Bitcoin Did makes films, which are published on YouTube under the banner "Follow the Money". Through the experiences of everyday people, and through the lens of new kinds of currency like Bitcoin, these films explore what money is, who controls it — and how new forms of it could help create a better, more equitable future for us all. So far, 3 films have been released, covering Bitcoin's legalisation in El Salvador, inflation in the UK and Bitcoin mining in Texas. There are currently 2 further films in post-production: a film about the impact of triple-digit inflation on Argentinians, and a film about the impact of the economic crisis on the Lebanese. These films have had a profound effect on me, providing me with a unique perspective on the role of government. Making these films has spotlighted obvious negative issues emanating from bloated & corrupt states being allowed to thrive. But there are also unexpected positive experiences showing normal people's capacity to show agency & develop innovative methods of self-reliance in the face of a collapsing state. I was eager to share my experiences with Peter St Onge, who I knew could understand and contextualise my observations and insights. We delved into our philosophical beliefs on the size of government and the potential of Bitcoin. Initially, I dismissed libertarian ideas, but my experiences in these countries have challenged this thinking. We discussed the difficulties and potential risks of eliminating the state, acknowledging the natural tendency for people to organise and create rules. We also touched on the role of democracy and the potential problems that arise when the political unit becomes too large. In both countries, I observed the effects of severe economic strain on different social classes. The poor are obviously massively disadvantaged in these situations, and I was witness to many heartbreaking stories. However, the incredibly inspiring stories of resilience and organisation in the face of adversity reinforced my belief in the potential of people when they are not burdened by excessive government control. - Show notes: https://www.whatbitcoindid.com/podcast/the-free-market-for-money This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Jeff Booth is the Author of The Price of Tomorrow & CEO/Chairman of Ego Death Capital. George Gammon is an investor, macroeconomics expert & host of The Rebel Capitalist Show. We discuss Bitcoin's role in the world: its role as a hedge against the tradfi system, its disruptive potential & ability to reprice everything, & the challenges & consequences of a Bitcoin-dominated world. - - - - Jeff Booth, an entrepreneur, technologist, & author of the book 'The Price of Tomorrow', is a visionary in the Bitcoin field & a regular guest on this show. But, it's been nearly 3 years since I interviewed the amazing George Gammon, renowned for his 'The Rebel Capitalist Show' podcast. This conversation was born out of a Twitter exchange, and it quickly became apparent that they share more common ground than many might have initially assumed. Many believe that George is anti-Bitcoin, but that's not the case. His stance on Bitcoin is pragmatic. George believes in the importance of owning Bitcoin for purchasing power outside of the traditional system, especially with the rise of central bank digital currencies. And yet, he emphasizes the importance of probabilities and trade-offs in discussions about Bitcoin and he doesn't necessarily see it as a guaranteed path to wealth. Jeff's views align with George's on many fronts: they both expressed their belief in the potential of Bitcoin. The differences between the 2 guests lie in the perceived probabilities of hyperbitcoinisation. Jeff sees Bitcoin's potential to reprice the existing system if it remains decentralized and secure. In this event, one needs to imagine a world where value is priced in Bitcoin, not where Bitcoin is priced in dollars. Jeff promotes a future where prices will fall forever against a fixed number of units of currency, a stark contrast to the current system. This will affect the appreciation of Bitcoin in different economic scenarios. While Bitcoin may currently be seen as a high-risk asset with the potential for significant returns, in a world where goods and services experience deflation, Bitcoin's appreciation may be less pronounced. This show was another inspirational war cry for Bitcoin from two esteemed guests. Jeff couldn't imagine putting his time & money anywhere else due to the high returns he expects. George believes that even if Bitcoin doesn't become a global currency or faces challenges like fractional reserve usage and inflation, there is still massive value in its ability to enable transactions outside of the existing system. It highlights that everyone should consider the potential benefits of Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-debate This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Daniel Batten is an author, analyst, environmental campaigner and investor in ClimateTech. In this interview, we discuss the challenges of convincing people about climate change, the importance of trust in government, and the potential positive impact of Bitcoin mining on the environment. We also talk about Daniel's focus on accelerating Bitcoin mining's use in reducing global landfill methane emissions. - - - - Bitcoin mining requires powerful computer hardware and consumes a considerable amount of electricity. In some locations, this energy is primarily sourced from fossil fuels. Critics claim that this leads to excessive carbon emissions and contributes to climate change. This is obviously a simplistic and false narrative; the true situation may at first seem counterintuitive, but Bitcoin is actually a powerful tool in the fight against climate change. Bitcoin mining incentivizes the use of renewable energy sources. Miners often seek areas with abundant cheap electricity, which lends itself to seeking out renewable sources of energy. This results in mining subsidising the build-out of renewable energy sources, which in turn facilitates the development of reliable and sustainable energy grids. But, perhaps the most exciting application of Bitcoin mining is in the use of waste methane. Around 30% of the rise in global temperatures is estimated to be due to methane emissions, and methane has 80 times more warming power than carbon dioxide in the atmosphere. Further, 11% of global methane emissions come from landfill sites. The World Bank estimates that landfill emissions will grow 70% by 2050. As we heard in our podcast last year with Vespene Energy's Adam Wright, waste methane is an amazing energy source for Bitcoin mining. The waste output is carbon dioxide, which is 80 times less potent than the methane input. Daniel Batten is seeking to accelerate the build-out of such technology. The aim is to generate 32 megawatts of power from landfills, offsetting the equivalent of 4 million tonnes of carbon dioxide. That's 10% of Bitcoin's carbon footprint! In this podcast, Daniel explains the opportunities and challenges behind scaling up Bitcoin mining's carbon-offsetting potential. The fund he co-founded, CH4 Capital, has a mission to offset 2% of global greenhouse emissions with a $500 million investment. The exciting thing for Bitcoiners is that using methane emissions from landfills is obviously just one of a number of sustainable applications. It's just a matter of time before Greenpeace gets orange-pilled! Show notes: https://www.whatbitcoindid.com/podcast/making-bitcoin-carbon-negative This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Nik Bhatia is the founder of 'The Bitcoin Layer' & author of 'Layered Money'. This interview delves into Nik's work in the Bitcoin industry and his background in trading interest rates. We discuss the impact of low-interest rates on the economy, the relationship between inflation and interest rates, and the impact of central bank actions on markets. The conversation expands to include global recessions, the Chinese economy, and the future of Bitcoin. - - - - The unprecedented period of low-interest rates that followed the 2008-09 financial crisis was deemed a golden opportunity for those leveraging debt. However, this environment hid many significant dangers. Chief among them was the encouragement of irrational investments. The problem comes, as we have seen, when this period of low interest ends. A reasonable cost of capital provides a check on such behaviour. Interest rates are influenced by both the market and central banks, with central banks often lagging behind market movements. When the central bank raises rates, they are adjusting the target rates for various lending markets. There is therefore an interplay between central bank actions and market forces in determining interest rates. In addition, there is feedback as investors anticipate interest rate hikes and adjust their investments accordingly. As we have seen, central banks have used interest rates to temper inflation. This is a crude tool and can risk tipping economies into recession. Purchasing Managers' Indexes (PMIs) can be used to analyse economic activity at the nation-state level; the PMIs in Europe are all in contractionary territory, indicating a deteriorating economy. The issue is, that in our globalised economy, such problems leak into other economies, such as China. The underlying issue in such a situation is the significant risks associated with the traditional financial instruments of the fiat economy. Financial institutions' liabilities are approaching concerning levels. The problem is that such liabilities are essentially infinite. This is why Bitcoin's value tends to rise when central banks implement easing measures, as many can see the eventual unwinding of the fiat system. The question is how close are we to this unwinding? - Show notes: https://www.whatbitcoindid.com/podcast/the-breaking-of-the-global-economy This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Checkmate is Glassnode's Lead On-chain Analyst and creator of checkonchain. In this interview, we discuss Bitcoin investing and market analysis, Bitcoin as a hedge against inflation and housing market bubbles, the current economic situation, the potential future role of Bitcoin as a settlement currency for nation-states, and the power and unstoppable nature of Bitcoin. - - - - Checkmate is one of the best on-chain analysts, leading Glassnode's on-chain research and data analysis, and also creating checkonchain to provide a suite of Bitcoin on-chain charts. This show's discussion therefore focused on the Bitcoin market and trends, including the impacts of Luna and FTX on market sentiment. We also delved into the concept of profit and how it can be measured, and the importance of understanding market indicators and making informed decisions. Our conversation also took in the macroeconomic situation. We discussed the housing market and the potential risks involved in buying a house. We discussed the high ratio of median house prices to median income in Australia, Canada, and New Zealand, referring to it as a "Ponzi scheme." We also considered the current economic situation: its challenges and the need for individuals to be aware of how the system works. Specifically, people need to be aware of the impact of inflation and taxes on their finances. Whilst Bitcoin is a hedge for some, others feel the need to speculate and gamble on markets in the fiat system. Argentina is a valuable example in this context, as Argentinians need to manage their money in the face of triple-digit inflation. As people's wealth can rapidly evaporate in such circumstances, it brings into sharp relief the concept of money as a proxy for time. Towards the end of our conversation, we talked about the power and unstoppable nature of Bitcoin: Bitcoin's design assumes human greed and self-interest, which makes it a powerful and unstoppable organism. Checkmate also provided his opinion on the potential future role of Bitcoin as a settlement currency for nation-states, speculating that nation-states may start testing Bitcoin as a liquid layer on top of their gold reserves, driven by the involvement of oil producers. Show notes: https://www.whatbitcoindid.com/podcast/all-roads-lead-to-bitcoin This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

On September 9th What Bitcoin Did hosted a live show in Sydney. In this second of two podcasts, the guests were the founder of The Bitcoin Layer & Author of Layered Money Nik Bhatia, & and Bitcoin analyst & partner at Crest Willy Woo. Across these interviews, we discussed various topics related to Bitcoin, including its Bitcoin's volatility, its potential as a global currency and the prospects for Bitcoin's global adoption. The show includes the Q&A from the event. - - - - This is the second of two podcasts sharing interviews from What Bitcoin Did's first Australian live show that was recorded in Sydney. However, this show is with 2 regular guests of the podcast who always bring unique and invaluable insights into Bitcoin's evolution: Nik Bhatia and Willy Woo. Nik is an adjunct Professor of Finance at the University of Southern California. We talk about how he has introduced Bitcoin into the curriculum following the success of his book "Layered Money". Nik's course covers the technical aspects of Bitcoin, starting with the white paper and delving into topics like blockchain, mining, and cryptography. He also contextualizes Bitcoin within the broader financial world and discusses its valuation and differences from other cryptocurrencies. Nik also highlights his divergent opinions about Bitcoin. He doesn't think it is a magic bullet: Nik believes it will take mass adoption for it to start fixing things in the economic system. And yet, Nik is passionate about Bitcoin's incredible potential, particularly in non-US and non-western countries. The discovery of Bitcoin as a tool for financial empowerment in these regions is arguably the most exciting thing about Satoshi's innovation. Willy has long provided great analysis of Bitcoin's price performance. In this show, he discusses the volatility of Bitcoin returns. Willy explains that Bitcoin has historically had high volatility but is now converging with other macro assets in terms of trading range. He attributes this to the financialization of Bitcoin, with the introduction of futures and other paper markets. However, he expresses concern about the control these paper markets have over the price of Bitcoin. The conversation with Willy then shifts to Bitcoin's potential as a global currency. While lower volatility may be desirable for stability, it may not be ideal for Bitcoin's growth and adoption as a global currency. We discuss the current state of the fiat system and the potential collapse of traditional currencies, which could further drive the adoption of Bitcoin. Then, the floor was open to a Q&A with all five of my live show guests, which made clear there's always plenty to discuss! Show notes: https://www.whatbitcoindid.com/podcast/macroeconomics-on-chain-data-with-nik-bhatia-willy-woo-wbd-live-in-sydney This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

On September 9th What Bitcoin Did hosted a live show in Sydney. In this first of two podcasts, the guests were the Co-Founder & Co-CEO of Iris Energy Daniel Roberts, Glassnode's Lead On-chain Analyst Checkmate, & the Open Software & Lightning Network developer Rusty Russell. Across these interviews, we discussed various topics related to Bitcoin, including its meaning, its impact on people's thinking, and its potential to reshape the financial system. - - - - What Bitcoin Did's live events are a growing part of our work. We've been incredibly fortunate to host shows across the US and in the UK. Now, we've had the huge honour of hosting a show in Sydney Australia. It is important to extend our reach into new geographies, as the number of talented people working in Bitcoin obviously extends to all corners of the world. But importantly, each geography has invaluable perspectives. This show, as with all the live shows, covered a huge amount of ground. The conversation commenced with Checkmate providing his views on the meaning of Bitcoin. He described money as time and saw Bitcoin as a source of hope and an opportunity to think differently. Further, Checkmate believes that Bitcoin can reshape our understanding of money and its role in society. Rusty Russell, a civil engineer turned Bitcoin advocate, shared his journey from scepticism about finance to working in the field. He explained that as an engineer, he views the world from a problem-solving perspective, which differs from the traditional economic viewpoint. He believes that Bitcoin defies logic for traditional economists because it is too simple and elegant for them to understand. Daniel Roberts and I talked about Iris Energy, a Bitcoin mining company that supports What Bitcoin Did. Daniel explained Bitcoin mining's opportunity in the context of the energy market, and how Bitcoin mining acts as a demand-side battery allowing miners to adjust their energy consumption based on market pricing. We addressed the misconception that Bitcoin miners are exploiting the energy grid, emphasising that they are part of a functioning market and contribute to grid stability. The show also covered many other important topics, including the value of data to trading Bitcoin, patterns of behaviour in the Bitcoin market, the Potential of next-generation computing and AI for Bitcoin mining, the different stages of Bitcoin's development, and the potential risks and uncertainties associated with stablecoins. Watch out for the second show which has the discussion with the equally awesome pairing of Nik Bhatia and Willy Woo. Show notes: https://www.whatbitcoindid.com/podcast/wbd-live-in-sydney-pt-1 This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Orange Pill App - Stack Friends Who Stack Sats

Steven Nelkovski is the CEO of Perth Heat and Patrick O'Sullivan is the Chief Bitcoin Officer. In this interview, we discuss sports teams adopting a Bitcoin standard, why it's important to meet people where they are at and how Bitcoin changes the economics of sport. - - - - Perth Heat is a professional baseball team based in Perth, Western Australia. It is a foundation member of the Australian Baseball League, and is the most successful team in ABL history, having won 15 Claxton Shields championships. In November 2021, the Perth Heat became the first team in world sport to operate on a Bitcoin Standard. They pay their players and staff in Bitcoin, accept Bitcoin payments for sponsorships, merchandise, and ballpark concessions and of course holds Bitcoin on its balance sheet. Bitcoin will disrupt every industry, and sports is no different. Being early not only puts your team on the map to the global bitcoin audience, but the economic incentives are clear, teams like Perth Heat and Real Bedford have first mover advantages and are front-running the bigger clubs that will inevitably adopt Bitcoin. Show notes: https://www.whatbitcoindid.com/podcast/orange-pilling-through-sport This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Michael Dunworth is the co-founder of Wyre Payments. In this interview, we discuss Bitcoin, private keys and the role of technology in advancing human understanding. We also talk about the significance of security, identity, and the evolving nature of society in the digital age, when the challenges of distinguishing real from fake is becoming increasingly difficult. - - - - The internet has been transformative. But, could its benefits soon be outweighed by its disbenefits? Whilst it has enabled people to connect across the world in real-time, ironically, digital technology has had a significant negative impact on human connection and community. People are increasingly finding meaningful connections with disparate online communities at the expense of developing connections with people in their immediate surroundings. Then there are the technical challenges. Technology has made it easier for impersonation and deepfake scams such that distinguishing real content from fake content has become increasingly difficult. There are plenty of examples of fake conversations involving well-known figures like Steve Jobs and Mark Zuckerberg, which can deceive people into believing false information. The nature of identity in the digital age is therefore evolving quickly. There is a need for identity verification. Potential solutions are being developed. A worrying number of these involve centralised control of the verification process. There are obviously huge second-order risks of this approach. Could public key cryptography be part of the solution to verify the authenticity of digital content without harming privacy? Could Bitcoin secure more than just monetary value? But, how do we combat the atomisation of society caused by the internet? Will people regain a valuation in the importance of local communities, human connection and hard work, or, will technology continue to inflict damage on individuals, communities and the nation-state? Technology advances human understanding. But, it's also swallowing humanity. Show notes: https://www.whatbitcoindid.com/podcast/solving-the-unsolvable-problems This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Peter Dunworth runs a multi-family office for high-net-worth families. In this interview, we discuss Bitcoin in Australia, and the reluctance of banks to embrace it despite it being the world's most undervalued collateral. We also talk about the negative impact of state expenditure and taxation on inflation and the economy, and how markets are going to form around Bitcoin. - - - - Australia should be a natural home for Bitcoin. Back in 2013, the governor of the Reserve Bank of Australia (Australia's central bank) stated "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There's no law against that, so we do have competing currencies." This sentiment provides content for the mild approach the Australian government has historically employed to Bitcoin regulation. As Bitcoin and digital assets mature there are demands for legislation from some prominent Australian politicians. However, as in the US, regulators are struggling to determine how to deal with Bitcoin in comparison to other digital assets. The Australian Securities and Investments Commission, the Australian version of the SEC, does not currently deem Bitcoin to be a financial product. This lack of regulatory clarity is why Bitcoin is yet to be fully embraced by mainstream banking in Australia. Whilst Bitcoin transactions are allowed, there are increasingly onerous banking limitations on transacting with exchanges. Essentially, banks don't want money leaking out of their control as this reduces their ability to increase the flow of money through fractional reserve banking. It is Peter Dunworth's opinion though that we could be at a tipping point. Bitcoin, according to Peter, is the world's most undervalued collateral. Banks will eventually lean into this as they will be able to add it to their balance sheets and solve their current capital adequacy problems. They will then be able to leverage it as any other balance sheet asset for loans. This is why Peter believes that, in terms of the future, Bitcoin is chronically undervalued. Show notes: https://www.whatbitcoindid.com/podcast/valuing-bitcoin This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

L0la L33tz is a privacy advocate and writer. In this interview, we discuss her recent article about flaws in Chainalysis blockchain analysis software. They discuss the impact of such issues in the case against Roman Sterlingoff, who has been held in jail based on Chainalysis' evidence, the need for regulation in the blockchain surveillance industry, and Coindesk's subsequent hesitance over L0la's worthy article amid a conflict of interest. - - - - Roman Sterlingov has been in jail for 2 years. He has been accused of running Bitcoin Fog, a Bitcoin mixer, and laundering $334 million. No evidence has been found on any computer, thumb drive or server that links Roman to the crimes he's accused of. The evidence that does exist has been produced by the blockchain forensics company Chainanalysis. The DoJ's case against Roman is progressing. As part of a court hearing on the admissibility of expert testimony, Chainalysis's head of investigation testified that there was no scientific evidence for the accuracy of their software. This is obviously a significant revelation that tests law enforcement's belief that such analysis can be used to censor transactions and imprison people. Chainalysis has thus far failed to provide key validating data and peer-reviewed studies. There are also significant doubts about the heuristics used by Chainalysis, such as the co-spend heuristic, which assumes that all inputs in a transaction belong to the same person. This heuristic fails when technologies like coin joins are used, where multiple people contribute inputs to a transaction. An underlying problem is the complete lack of regulation in the blockchain surveillance industry. There should be open-source transparency as such analysis is being used to deny people their liberty and seize their assets. But, the companies involved are driven by profit and they seek to protect their intellectual property. This has bled into the reporting on the case. CoinDesk, whose parent company is an investor in Chainalysis, initially retracted an article on this case by L0la L33tz without informing her. They later republished it. But, it calls into question some of the material conflicts of interest within the industry. To avoid a powerful nexus of special interests, it is vital that independent journalists like L0la L33tz are supported in their efforts to shine a light on such systems. Show notes: https://www.whatbitcoindid.com/podcast/is-chainalysis-prosecuting-innocent-people This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Lyn Alden is a macroeconomist and investment strategist. This interview is the final of three shows where we discuss Lyn's amazing new book: Broken Money. In this show, we recap the flaws in the modern financial system, and then we discuss the potential of Bitcoin as a decentralised solution with its ability to allow hard asset money to move globally at speed. - - - - It is becoming increasingly clear, even to people without expertise in monetary or fiscal matters, that the current economic system is in need of urgent reform. The money supply continues to inflate, rewarding large, well-connected entities at the expense of smaller ones, with liabilities shifting from the private to the public sector. At the state level, many countries are facing serious challenges in accumulating capital and making global payments. In short, money is broken. At a more fundamental level, there are serious technical limitations with current forms of money. Humans have been trying to make gold and silver easier to use for thousands of years, leading to the development of various banking tools. However, the increasing level of abstraction in these tools has caused major issues, especially with the rise of telecommunications. This has led to the current system where physical money is too slow for the modern global economy. Bitcoin is a potential solution to all these issues. It is different from previous monetary innovations as it allows hard asset money to move globally at the speed of digital communications, which could revolutionise the financial system. It is unsurprising that it has emerged at the end of the long-term debt cycle, as an innovation that unified various technical concepts developed over previous decades, with the aim of creating a form of money suitable for the digital age. But perhaps more important than the technical aspects of Bitcoin is the rigid and predictable monetary policy, which consists of two simple rules: a fixed limit of 21 million coins and a halving of the inflation rate every 210,000 blocks (approximately every four years). Its decentralised nature protects this monetary policy from being corrupted. This simplicity contrasts starkly with the complex and convoluted monetary policies of central banks and governments. Bitcoin therefore offers a global, decentralised ledger that allows for easy cross-border transactions and protects against debasement. Whilst its advantages are more immediately obvious to the people and governments in developing countries, Bitcoin's importance extends to all people and all countries. There are always risks to Bitcoin that the community needs to be prepared for, so it is vital to educate people about Bitcoin and its long-term potential. Show notes: https://www.whatbitcoindid.com/podcast/how-bitcoin-fixes-money This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Lyn Alden is a macroeconomist and investment strategist. This interview is the second of three shows where we discuss Lyn's amazing new book: Broken Money. In this show, we explore the concept of hard money, the ascendancy of paper money and the transition from gold-backed currency to fiat currency. We talk about the birth of banks, fractional reserve lending, central banks, the flaws of the Bretton Woods system, and the impact of the petrodollar. - - - - Historically, hard money like gold has been considered the ideal form of money due to its scarcity & durability. However, another aspect to consider is utility. Paper money, despite not being as hard as gold, became dominant because of its convenience and speed. Speed is perhaps one of the most important functions people demand in money: throughout history, humans have sought to make money more portable and efficient. At the same time as money was evolving, so were the institutions associated with managing money. Banks can be traced back hundreds of years with the provision of credit and the increased portability of money. The modern form of banks emerged in Europe over the past few centuries; the importance of banking to the functions of the state led to the development of central banks that financed governments, particularly during times of war. The demand for speed opened the door for the introduction of fiat currency, which offered faster and more convenient transactions. Government legal tender laws and taxes on non-monetary assets further solidified the dominance of fiat currency. But, this also opened up the distortion of money as a result of greed and abuse. The speed arbitrage provided by fiat currency has allowed for more manipulation and corruption. The evolution of fiat currency led to the emergence of the petrodollar: the United States sought to replace gold with the dollar and maintain its economic and military dominance by enabling the dollar to become the global reserve currency. However, this has negatively impacted countries outside of the US, and it's also now affecting the US. The future of money needs a reboot. The development of a decentralized alternative will be the focus of the final show of this series. Show notes: https://www.whatbitcoindid.com/podcast/how-money-broke This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss Lyn's amazing new book: Broken Money. This show, the first in a series of three shows, delves into the history of money: the concept of money as a ledger, its different forms throughout history, as well as the properties that make a commodity suitable for use as money. - - - - One of the key concepts Lyn explores is the idea of money as a ledger, of which there are three main forms: commodity money, governed by the specific properties of the physical commodity being used as money; bank money, which is a ledger governed by nation states and managed by central banks; and, open-source money like Bitcoin, where the ledger is governed by the users, who create and maintain the rules of the system. But how did money develop? Money emerged as an innovation to solve the problems of barter, where the limitations of the double coincidence of wants and lack of trust between traders made transactions difficult. Money emerged as a liquid accounting system making transactions more efficient. Different cultures used various commodities as forms of money throughout history, including shell beads, cocoa, salt, and furs. Each type of commodity used as money had unique properties that made them suitable, such as divisibility and the ability for them to be recombined. As technology advanced, people were able to produce more of these commodities, which led to their devaluation. However, two commodities that were difficult to devalue were silver and gold. These precious metals were rarer and had a natural difficulty adjustment, making them more suitable as money. As important as the technology of money was the evolution of the theory of money. Two competing theories of money emerged: commodity theory and credit theory. Commodity theorists believed that barter was the precursor to money. However, credit as a form of money has been found in modern hunter-gatherer societies and used as an effective way of circumventing the need for commodities as money. The current paradigm is seeing bank money and credit theory coming under significant strain. Every system controlled by human administrators degrades over time, with most currencies experiencing high inflation or even hyperinflation within a human lifetime. However, despite attempts to find alternatives like the dollar or Bitcoin, nothing quite fills the void left by the local currency. How money broke will be the focus of the next show. Show notes: https://www.whatbitcoindid.com/podcast/the-emergence-of-money This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Matthew Mežinskis is the creator of the Crypto Voices podcast and Porkopolis Economics website. In this interview, we discuss the concept of base money, a comparison of global currency valuations (including Bitcoin), COVID-19's impact on the monetary base, limitations of the current monetary system, government debt, inflation, political problems, and the need for change. - - - - There are quite rightly real concerns over the societal implications of Central Bank Digital Currencies particularly in relation to the capacity it will give governments to erode democratic principles. However, there are already serious concerns regarding the existing system. The transmission of monetary policy, that is, the impact of central bank policy decisions on the economy, is significant. And yet, these policy decisions are done behind closed doors. Around two-thirds of the United States' monetary base is digital: equating to 20 trillion dollars. Central banks add and remove trillions of dollars from the monetary system through keystrokes and computer strokes, increasing and reducing the bank reserves by increasingly eye-watering amounts. The latest changes have removed material liquidity from the banking system. This has caused interest rates to rise, which has resulted in banking collapses and a cost of living crisis. Some are calling for central banks to be abolished, such as Javier Milei, the libertarian candidate leading Argentinia's presidential polls. However, central banks are closely entwined to the global economy; there is no easy way to surgically remove them without causing collateral damage to the real economy. Yet, if central banks continue on their current path there will be more currency collapses and a concentration of value in a narrowing set of global currencies. The monetary system is therefore becoming a cartel controlled by a small elite who are benefiting from this situation whilst the majority suffer. There is growing dissatisfaction with this situation and a desire for change among the general population. Bitcoin can play a role in such a change: it both offers a more efficient and less restrictive alternative, but also, educates people as to the nature of the problem with a centralized monetary system. Show notes: https://www.whatbitcoindid.com/podcast/how-central-banks-broke-money This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Konstantin Kisin is a Russian-British satirist, podcaster, author and political commentator. In this interview, we discuss politics, freedom of expression, and the influence of American discourse on the UK. We also talk about the importance of rational and reasonable discussions, the challenges of self-censorship and the connection between economic issues and "wokeism". - - - - Cancel culture, the practice of publicly shaming or boycotting individuals or organizations deemed to have said or done something objectionable is a phenomenon that has gained prominence in recent years. The exact beginnings of cancel culture are hard to pinpoint, as public backlash and boycotts have occurred throughout history. However, the rise of social media platforms in the late 2000s and early 2010s significantly amplified cancel culture's influence. The problem is the impact cancel culture has in shaping societal discourse and accountability. Supporters view it as a way to hold people responsible for their actions, promote social justice, and challenge systemic issues. They argue that cancelling figures or entities who promote harmful ideas helps to create a more inclusive and equitable society. It can also serve as a form of empowerment for marginalized groups. And yet, cancel culture has faced strong and growing criticism in recent years for its significant negative impacts. The practice often lacks nuance or fairness, leading to disproportionate consequences for minor offences or misunderstandings without due process. Further, it fosters a culture of fear and self-censorship, as individuals may be afraid to express unpopular opinions or engage in critical discussions for fear of being cancelled. Perhaps the most minacious consequence is that cancel culture can lead to further polarization in society as people retreat into echo chambers and become more resistant to differing viewpoints. The effect is to critically hinder open dialogue and mutual understanding. Rather than engaging in constructive dialogue, people are being prevented the opportunity to engage in rational and reasonable debate. If we want to remain free we must be prepared to be offended. Show notes: https://www.whatbitcoindid.com/podcast/the-growing-culture-war This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Ben Arc is a free open-source software advocate and founder of LNbits. In this interview, we discuss a range of subjects covering poverty, politics, and technology. We talk about the value of hard work, the impact of Brexit, the potential of decentralized platforms like Nostr, privacy concerns, censorship on social media platforms, and the importance of freedom of speech. - - - - Ben Arc is one of the Bitcoin community's most unheralded heroes': there are numerous occasions when LNbits, which he co-founded, has been mentioned as a vital cog in the development of new Bitcoin software and hardware across the world, particularly in Africa. Then there is Ben's leading development in the censor-resistant social network Nostr. And, he was an OG Bitcoin progressive pushing against the dogma that Bitcoin was solely a libertarian tool. In this great podcast, we discuss a range of subjects close to Ben's heart that fall into the big buckets of politics and technology. Ben has a personal experience of poverty, which has shaped his political views. We talk about this and the most important political event to have affected the UK in our lifetimes, Brexit, which has dominated headlines for years and still continues to divide opinion. We then focus on Ben's opinions of the potential for decentralized platforms to resist censorship and government interference. Nostr was developed out of an LNbits proof of concept application for a decentralized peer-to-peer marketplace. It has morphed into a technology that's not only revolutionizing the way developers build applications but also facilitates a censorship-resistant global social network. In an era of increasing digital censorship, alternative platforms that prioritize freedom of speech are more important than ever. With the backing of influential figures like Jack Dorsey, Nostr could become a dominant platform in the tech world that disintermediates middlemen and tackles censorship. And it shows the potential of Bitcoin to continue to revolutionize industries. Show notes: https://www.whatbitcoindid.com/podcast/what-nostr-did This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Nigel Farage is a prominent British broadcaster and former politician. In this interview, in the wake of the controversial closure of Nigel's bank account that led to the resignation of the CEO of Natwest Bank, we discuss the importance of individual sovereignty and the control of money by the state. We also discuss the growing concern over CBDCs and the critical importance of cash. - - - - In June 2023, Nigel Farage had his Coutts UK bank account unexpectedly closed. He firmly believed that this action was a result of political persecution. This sparked a heated debate, with prominent politicians, such as the UK's Chancellor of the Exchequer Jeremy Hunt, expressing concerns about the denial of financial services to those who engage in lawful free speech. The BBC reported in early July that Farage's Coutts account had been shut down because he didn't meet the bank's minimum investment threshold. However, this version of events was untrue. Farage had obtained a document (through a subject access request to Coutts) revealing that the closure of his accounts was in fact due to his political views not aligning with the bank's values. The CEO of the NatWest Group, Dame Alison Rose, was the source for the BBC's initial incorrect story. Natwest, the owner of Coutts, is one of the major UK banks. The British Government bailed out the banking group during the Global Financial Crisis, and they still own 39% of the company. Responding to the mounting pressure, Dame Rose resigned on July 25, 2023. These unfolding events shed light on the challenges faced by individuals when financial institutions seemingly conflate personal beliefs with the provision of banking services. The situation underscores the importance of upholding freedom of speech and the need for transparency and accountability within the banking sector. Show notes: https://www.whatbitcoindid.com/podcast/the-debanking-of-nigel-farage This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Samantha De Waal is a 12-year-old lifetime Bitcoiner. In this interview, we discuss her experiences as a Bitcoiner, including her challenges in being taken seriously as a young advocate. We also talk about the importance of considering children's needs and perspectives in the Bitcoin community and more generally in society. - - - - According to the United Nations, in 2023, there are approximately 2.4 billion people aged 0-18 years worldwide. This represents around 30% of the total global population. As they represent a substantial proportion of humanity, it is imperative to consider their perspectives. And yet, children and young adults find it hard to be heard in any of the debates on the major issues the world currently faces; these issues we are expecting them to handle in the near future. Too often we all belittle the views of those under 18. Anyone who has forthright opinions is deemed to be parroting a mentor's opinions rather than their own. Whilst it is true that life experience counts for a lot in terms of developing wisdom, those younger than ourselves have significantly important views and ideas born of experiences unique to those older than themselves. Generation Z, or Zoomers, are digital natives. Being born into a society rooted in the advances of the internet means that they are incredibly more comfortable with the digital revolution than previous generations. Such confidence only improves over time: the current generation, Generation Alpha, will exceed the abilities of Zoomers. And each generation is less encumbered with the traditions of the past and more open to change. It is from such young people that the solutions to the coming crises will emerge, including the impending economic crisis. It is therefore imperative that they are included in the important conversations that are taking place, and that they are given time to express themselves. For the Bitcoin community, this means giving space for discussion in podcasts, conferences and articles. It also means accounting for their specific needs to help them embrace Bitcoin. Show notes: https://www.whatbitcoindid.com/podcast/orange-pilling-your-kids This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Doomberg is an anonymous collective producing the world's most popular financial substack. In this interview, we discuss the state of scientific research in the context of the potential game-changing implications that a room-temperature superconductor may have been developed. We talk about the framework for evaluating such claims, the importance of critical thinking, and a range of other current topics of debate. - - - - In the digital age, reducing the electrical resistance of conducting materials is one of the major problems scientists are working on; such resistance leads to energy loss in the form of heat, and thereby, the inefficient transmission of electricity and increased costs. The US energy grid loses about 5% of electricity through transmission lines due to such resistance, enough energy to power the whole of Central America 4 times over. The innovation that overcomes the resistance issue is superconductivity: the phenomenon where certain materials can conduct electric current with zero resistance so there is no energy loss due to resistance and no heat generation. Further, superconductors can carry electric current indefinitely without any degradation of the signal, making them incredibly efficient. Superconductivity's impact on technological progress is significant. It enables the development of more efficient electrical systems beyond power transmission: it has revolutionized fields such as medical imaging, particle accelerators and quantum computing. It could also lead to breakthroughs in fields like transportation, where superconducting materials could create highly efficient electric motors or levitation systems for maglev trains. However, traditional superconductors require extremely low temperatures, often near absolute zero, making their implementation and maintenance expensive and impractical. If superconductivity could be achieved at or close to room temperature, it could herald a new technology revolution. So, when South Korean researchers recently announced the discovery of a new room-temperature superconductor material called LK 99, 'X' (i.e. Twitter) went crazy. However, there is a massive gap between claims of scientific breakthrough and peer-reviewed validation. Unfortunately, in this case, other researchers are struggling to replicate the original work. As such, whilst the excitement around such news is obviously merited, we need all to remain rooted in the methodical scientific method, which is predicated on scepticism. As Carl Sagan stated, "extraordinary claims require extraordinary evidence". Show notes: https://www.whatbitcoindid.com/podcast/the-breakdown-of-trust-with-doomberg This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

In this interview with Parker Lewis, we discuss the book he is currently writing, the Bitcoin scenes in Austin and Nashville, the triggers for a significant shift in Bitcoin adoption, the potential effects of hyperinflation, and how governments may seek to regulate and tax Bitcoin. - - - - Everyone has their own Bitcoin journey. However, each journey takes a very similar route: cynical awareness, dabbling, investing, rabbit hole, awareness, getting burnt, realisation, all in, obsession. Gradually, then suddenly. The process explains the rationale behind hodling, but also, why adoption takes time. Bitcoin requires effort before the payoff can begin. Proof of work. Understanding Bitcoin also requires a fundamental change of perspective. Society long ago jettisoned the logic of adhering to a low-time preference; the modern consumerist fiat system is predicated on living for the now. The intellectual and moral hollowness of this approach is manifest in the multitude of major issues confronting our society today. We need a realignment with a more mature ideology best imagined by the famous Greek proverb 'Society grows when men plant trees that they know they will never sit under'. This realignment may result more from necessity rather than an awakening: the seeds of hyperinflation have been sown into the economic fabric of most nations, and we're starting to see the edifice crumble. Those who adopt Bitcoin first will be best placed to weather the coming storms. There is a flip side risk for those who hold Bitcoin. History is littered with examples of the state confiscating private wealth. This risk is obviously most acute when the state's coffers have run dry. The fact is that global debt is now at an all-time high; further, deficits keep increasing. Now, with rising interest rates, debt levels are becoming unmanageable. A reckoning is coming. Prepare accordingly. Show notes: https://www.whatbitcoindid.com/podcast/will-blackrock-be-bitcoins-suddenly-moment This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Tony Giorgio is the co-founder and CEO of Mutiny Wallet, a self-custodial lightning wallet. In this interview, we discuss the privacy implications of using Lightning Network, challenges faced by Mutiny, the concept of coin swaps, the web-based nature of Mutiny, the Lightning Service Provider (LSP) model, and the potential future developments of Mutiny. - - - - Just over three weeks ago Mutiny launched what it refers to as the "first self-custodial lightning wallet that runs on the web." Being web-based means that Mutiny can innovate without the restrictions that can and are placed on wallets distributed via app stores. In this fascinating podcast, Mutiny's co-founder and CEO Tony Giorgio sets out the background, challenges and future for Mutiny. Mutiny started as a hackathon project that the founders developed whilst working at Voltage, the Bitcoin-focused infrastructure provider. Voltage supported the founders by allowing them to develop Mutiny whilst also building the lightning service provider for Voltage, which now also powers Mutiny! Tony discusses the challenges faced with interoperability on lightning nodes, having intuitive payment functionality for non-technical users, and the difficulties of enabling automatic software updates. Tony also explains the concept of coin swaps, how Mutiny utilizes lightning as a contract layer for these transactions, and how this approach eliminates the need for a middleman and allows users to control their funds in new ways. Tony finally covers the advanced features of Mutiny wallet: integrating cold storage, social tipping, facilitating wallet connections, and other innovative features such as enabling people to manage subscriptions on top of Lightning. Then there are Mutiny's future plans like integrating e-cash and allowing users to easily transition from a custodial to a non-custodial lightning transaction. It's an exciting project, to say the least. Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-mutiny This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Macro Alf is the founder of The Macro Compass, an investment strategy firm. In this interview, we discuss different types of bank money, QE, deficits, money printing, and whether a debt spiral is looming. - - - - What constitutes 'money printing' is a hotly contested topic and something we have convered on the show numerous times. The debate among economists of what "money printing" is and its impact on the 'real economy' revolves around two key ideas: the definition of money printing and its actual influence on the economy. While some experts equate money printing with direct central bank action like quantitative easing, others take into account broader credit creation and the impact that has on the broader money supply and the economy. The delineation between the financial sector and the real economy is the crucial proponent and while some economists view money printing as primarily affecting asset prices and financial markets, with limited direct impact on the production of goods and services. Others stress that adding liquidity to the system is enough to create financial stability and increase confidence in the economy, therefore, affecting consumer and business decisions, and again, the 'real economy'. In this episode, we get to the bottom of money creation, how it impacts the economy and the role of central banks in managing an economy. Show notes: https://www.whatbitcoindid.com/podcast/money-printing-the-debt-spiral This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

American HODL is an OG Bitcoiner who has been promoting the innovation for over 8 years. In this interview, we discuss a whole range of topics from free speech, the idea of a Bitcoin citadel, scaling Bitcoin and the race to hyperbitcoinisation. - - - - Back in June, American HODL tweeted "If you're new, you may not know that [Balaji Srinivasan] offered up the concept of voice vs exit back in '15. Voice = interior reform. Exit = voting with feet. Since then exit has become the rallying cry for many. Balaji and other proponents have already left. Here's why I'm staying…" Is the concept of voting with your feet and leaving the city, state or country that is your home defeatist? Instead, should we be concentrating on staying, and reforming our own communities? The degree to which a distorted currency distorts reality is certainly underappreciated outside of Bitcoin, and the wide ranging implications of Bitcoin as a global monetary system are yet to be seen, but rather than exiting the system, by staying and cleaning it up we will see what Bitcoin can actually fix. Show notes: https://www.whatbitcoindid.com/podcast/what-does-bitcoin-fix This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your Bitcoin with confidence

Marty Bent is a Venture Partner at Ten31, founder of the Bitcoin-focused media company TFTC.io, and Director of Cathedra Bitcoin. In this interview, we discuss the potential implementation of a global financial system based on CBDCs and the role of the Bank of International Settlements (BIS). We also talk about the potential role of Bitcoin in fighting against state actors. - - - - CBDCs are the unwanted concomitants of Satoshi's innovation: the state's answer to the settlement improvements offered by Bitcoin, without any of the fundamental design features predicated on protecting individuals in the digital age. They represent everything Satoshi was working against: the chance for the state to fully capture and control people's use of money with all of the inherent dangers to democracy and individual liberty that this brings. Technological developments akin to CBDCs were always going to manifest, but, it is obviously not a coincidence that work on them accelerated in the shadow of Bitcoin. For over a century, governments, central banks and other centralising institutions have had an unfettered ability to control and manipulate money; money printing and inflation rigged the system in favour of the dealer. Bitcoin offers a chance for a new and fairer system. Whilst it is easier for those with knowledge to identify the extreme contrast between the two forms of money, it is also clear how and why people believe CBDCs are a good idea. The state has an asymmetric power in pushing narratives; promoting the benefits of having the utility of instant digital transactions that safeguards against paedophiles, terrorists and money launders, will certainly seem like an incontestable advancement. It's just that we know this isn't the purpose. The ring leader in this global effort to retain central authority over money is being led by the Bank of International Settlements. The BIS is behind a number of pilot projects that sound like they were devised by a megalomaniac James Bond villain (Project Rosalind, Project Polaris). Playing the role of Blofeld is Agustín Carstens. In 2022 Mr Carstens stated "the soul of money belongs neither to a big tech nor to an anonymous ledger. The soul of money is trust… central banks have been and continue to be the institutions best placed to provide trust in the digital age." Carstens believes that technology can't make trusted money. He is expecting us to ignore the evidence of history where institutions have repeatedly abused the trust bestowed on them. And he is asking us to ignore Bitcoin. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Tuur Demeester is a Bitcoin investor and economist. In this interview, we discuss the significance of Bitcoin as a sound and auditable form of money, the impact of BlackRock embracing Bitcoin, and the importance of understanding the financial system. Tuur shares his insights as an early adopter of Bitcoin and reflects on its progress over the years. We also discuss addiction treatment. - - - - Given that Bitcoin is now being promoted by the world's largest asset manager, it is easy to forget how nascent the innovation still is. In the early days of Bitcoin, just over a decade ago, understanding Bitcoin was a challenge. And yet, despite the uncertainties, such as how Bitcoin would scale and the potential attack vectors, the signal was clear - Bitcoin was driven by engineers, not money. The role of cypherpunks should not be underestimated: it was their diligent work in seeking to protect privacy and human rights in the digital space that provided the solid basis for Bitcoin. Fast forward to today, and we see increased adoption and improved understanding of Bitcoin's vulnerabilities. It's exciting to witness this combination of increased adoption and improved understanding. In this podcast, Tuur Demeester discusses the resistance and challenges that Bitcoin faces, especially from those who have built wealth and status within traditional financial systems. Further, we discuss Bitcoin's evolving narrative, particularly in relation to environmental concerns, and how the changing narrative will be assisted by BlackRock's endorsement of Bitcoin which could force mainstream media outlets to reconsider their negative stance. Tuur outlines the importance of asking simple questions to understand the financial system, such as where money comes from and what determines the price of money. Through this lens, one is better able to appreciate Bitcoin's role as an insurance policy. Tuur also discusses the threats to Bitcoin's expansion, highlighting the importance of not losing track of the principles and values that got us here. We also have a fascinating discussion about addiction treatment. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Marty Bent is a Venture Partner at Ten31, founder of the Bitcoin-focused media company TFTC.io, and Director of Cathedra Bitcoin, and Grant Gilliam is a co-founder and Managing Partner at Ten31. In this interview, we discuss investing in Bitcoin and Bitcoin-associated ventures, including the specifics of investing in Bitcoin mining. - - - - VC funds within the crypto space have developed a bad reputation over recent years. However, Ten31 is an investment fund with a major difference: it was formed by Bitcoiners dedicated to supporting Bitcoiners. Whilst obviously being business driven, it is also mission-driven in supporting companies that are building infrastructure and bringing utility to the Bitcoin network. It is therefore a unique source of investment for entrepreneurs as both sides of the table share the same vision i.e. Bitcoin is a paradigm-shifting technology that will be the basis of future economic value. The Bitcoin focus is an explicit feature of the company: the fund is named after the date of Satoshi's whitepaper, whilst the logo is a hat tip to the proof of work diagram within it. Since the fund's inception, Ten31 has directed more than $100 million in equity to companies building on Bitcoin and the Lightning Network. Grant Gilliam and Marty Bent set out their experience of investing in Bitcoin companies: the challenges, the benefit of valuing such companies in Bitcoin, and the importance of having Bitcoin on the balance sheet. The discussion also focuses on the investment opportunities within the Bitcoin mining industry. Mining has a low barrier to entry, making it an attractive business for many. Further opportunities are developing through the convergence of the energy sector and the bitcoin mining industry, which is happening in real-time. Ten31 believe that those Bitcoin mining companies with the right calibre of people will accrue significant value. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Car González is the co-founder of Pleb Lab, a Bitcoin accelerator in Austin. In this interview, we discuss the Bitcoin community in Austin, why he decided to start Pleb Lab, how to grow Bitcoin development and the importance of third spaces for Bitcoiners. - - - - Building businesses is hard. Many brilliant ideas often don't make it through the first year - it's not their concept or even their people that's the problem, they're just not robust enough to survive. This is where accelerators come in - providing support when companies often need it most. They play an important role for startups by providing expertise & resources to early-stage companies. These programs offer an environment where startups receive mentorship, gaining invaluable insights and guidance to navigate the challenges of business development. Businesses in Bitcoin are no different. The need for Bitcoin-specific spaces is critical, and in 2021, Pleb Lab was founded to address this market. They created a hacker space and accelerator that supports early-stage Bitcoin startups and developers. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your Bitcoin with confidence

Jeff Ross is the Founder & CEO of Vailshire Capital Management. In this interview, we discuss Jeff's twin expertise in finance and medicine, the impact of AI, and the importance of personal responsibility. We also talk about the state of the global economy, liquidity in the Bitcoin market, the benefits of the state having Bitcoin as a reserve asset, and the changing narrative around Bitcoin. - - - - One of the powerful libertarian ideas aligned with Bitcoin is personal sovereignty: the rights of the individual including the protection of property rights. Advocates of this belief espouse it has a vital corollary where sovereign individuals also accept personal responsibility, in showing agency to better themselves and being accountable for their actions. In modern society, there does seem to be an increasing problem of people relinquishing themselves of such responsibility, manifested in poor financial and health choices. Whilst it is true that a significant number of citizens can find themselves facing difficult life choices through no fault of their own, there equally needs to be an acceptance that too many are willing to throw caution to the wind and the states can't be expected to automatically pick up the pieces. The problem for society today is that the state could quite quickly become unable to provide the support citizens have until now taken for granted. Governments are struggling to manage their debt obligations with rampant inflation leading to rising interest rates. At the same time, we are in the midst of a global manufacturing crisis. One strategy Jeff Ross thinks governments could apply is the adoption of Bitcoin as a reserve asset. This could both strengthen economies, whilst also creating an honest unit of account. It is a rare option that provides a potential path to growth, the reduction of debt and protects future generations. But, such a transition is far from certain. Those unprepared therefore face significant risks. If governments can't be responsible, then it's the role of the individual to protect themselves. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Alex Leishman is a Founder, CEO, & CTO of River Financial. In this interview, we discuss the case of Prime Trust, a crypto infrastructure company, that's been placed into receivership following key management errors that resulted in it losing customer funds. We talk about the challenges of asset custody in the Bitcoin industry and the benefits and complexities of building a regulated business. - - - - Key management is the Achilles' heel for most Bitcoiners. We all know the importance of having a diligent process for safeguarding seed phrases, and yet, many people have experienced material loss as a result of losing access to keys. Currently, around 4 million Bitcoin, over 20% of the available supply, are estimated to have been lost. The concerning thing is that this isn't just a result of individuals making errors: there are businesses that are also culpable. Prime Trust is a crypto services company that provided APIs and plug and play widgets for digital asset companies seeking backend infrastructure. A court in Nevada has just placed it in receivership citing operational instability and insolvency risks. The root issue is that Prime Trust accidentally lost access to wallets containing tens of millions of dollars in assets. Not your keys not your coins for the millionth time. Custody is hard. But, it's the same old basic lessons that underpin sound custody solutions. Avoid complexity. Have robust processes. Think about the long term rather than taking expeditious shortcuts. Target self-custody. However, these are lessons that are somewhat alien to the fiat ideology of "move fast and break things". The community, therefore, needs to educate the new investor class that will be attracted to Bitcoin in the next bull market. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Alex Thorn is Head of Firmwide Research at Galaxy. In this interview, we discuss Bitcoin Park and others' efforts to promote Bitcoin, the impact of BlackRock's involvement in Bitcoin, and the legal battle between Coinbase and the SEC. We also talk about the need for education and inclusivity for Bitcoin, the importance of maintaining decentralization, and the impact of Bitcoin on the future. - - - - BlackRock is the world's largest asset manager, with AUM in excess of $9 trillion. So, the news that they were throwing their hat into the spot Bitcoin ETF ring has unsurprisingly caused excitement and concern within the Bitcoin community. If BlackRock is successful it will materially widen access to Bitcoin, and significantly increase the buying pressure. In terms of signal, this is perhaps the most important event in the validation of Bitcoin as an asset. Larry Fink, BlackRock's CEO, has changed tack and is now endorsing Bitcoin as digital gold. Such comments penetrate more than those of other commentators and provide unparalleled credence to Bitcoin amongst the professional investing class. The pressure on the SEC will only now increase as they review the latest batch of Bitcoin spot ETF applications. This is at a time when they are involved in a number of critical legal disputes, including their battle against Coinbase. The SEC's approach - failing to provide formal rulemaking for the crypto markets whilst operating a divide-and-rule approach to individual companies - is "extremely stifling" to say the least. That said, whilst increased engagement from traditional asset managers is welcomed, it also comes with material risks. There are rightfully severe concerns about their involvement's impact on efforts to promote self-custody and strengthen decentralisation. It is vital that those managing or advising new investments are educated on Bitcoin's unique characteristics in ways that appeal, and that they are welcomed into the Bitcoin community. Bitcoin needs to be understood and embraced by mainstream culture in order to achieve widespread adoption. The community, therefore, needs to make Bitcoin accessible to a diverse group of people, regardless of their backgrounds, experiences, geographies, and ideologies. At the same time, Bitcoin's core values need to be protected. Strong, principled voices like Marty Bent, Stephan Livera, and Matt Odell, need to continue educating and guiding the community. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Matthew Pines is the Director of Intelligence at the Krebs Stamos Group and a Fellow at the Bitcoin Policy Institute specializing in national security. In this interview, we discuss the growing sense that the US government may imminently disclose the existence of craft of non-human origin and that it actually possesses intact and partially intact examples of such craft. - - - - On July 26th, next Wednesday, the Republican-led House Oversight Committee will hold a hearing on unidentified anomalous phenomena (UAPs), a new term government agencies use for UFOs. Many believe that this change in nomenclature and the hearing is part of a process aimed at preparing the public for disclosure that the existence of non-human technology is real and that US government agencies and corporations may have retrieved craft of non-human origin. Until recently, UAPs/UFOs were considered a fringe topic. Those in political circles and mainstream media organisations would publicly avoid the subject: it was officially ridiculed, and those who engaged in it risked career suicide. Now, it has suddenly become acceptable to seriously discuss the matter. On Monday (17th July), the White House itself stated UAPs are a "real issue" having "an impact" on the United States Air Force. What changed? Matthew Pines take us through the mechanisms of government bureaucracy in terms of official secrets: who gets clearances and the 'need to know'. Matthew then takes us through the recent extraordinary whistleblower claims of a government coverup in relation to UAPs, why some within the government now feel enabled and compelled to come forward with extraordinary claims, and an effort to silence them. It's not hyperbolic to state that if such claims are publicly substantiated, it will be the biggest event in human history. It is telling that esteemed people who have close knowledge of this subject matter, including prominent politicians, high-ranking officials and qualified professionals, give credence to the UAP phenomenon. We wait with bated breath to see if these extraordinary claims are backed with extraordinary evidence. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Preston Pysh is a co-founder of The Investor Podcast Network, and Matt Odell is host of Citadel Dispatch, co-host of Rabbit Hole Recap, managing partner at Ten31 and co-founder of OpenSats and Bitcoin Park. In this interview, we discuss Bitcoin's impact on privacy, freedom, and the financial system. We also talk about the impact and risks of BlackRock's involvement in Bitcoin, the challenges faced by energy companies adopting Bitcoin, and Bitcoin's potential to massively reorganize wealth. - - - - This is another What Bitcoin Did live show, this time held in Bitcoin Park in Nashville, with two heavyweights of the Bitcoin community: Preston Pysh and Matt Odell. As ever for a live show, we used the opportunity to cover a range of topics. But, the show focused on two main issues: the perennial concern about whether enough users recognize the critical need for privacy to maintain freedom in the digital age; and a new concern regarding BlackRock's impact on Bitcoin. There are significant risks associated with centralized control and surveillance by governments and corporations, but, the iterative eroding of rights means that these systemic risks are often underappreciated. Most people prioritize convenience and are not actively seeking out privacy-oriented tools. To avoid a dystopian future with limited freedom people need to be empowered with both education and user-friendly tools. Further, the lead in promoting and facilitating privacy lies with individuals outside of established multinational tech platforms; grassroots adoption of freedom tech is key to the success of this mission. The oligarchs who control large tech platforms, whilst promoting principles predicated on freedom of expression, actually prioritize the massive collection of data and control. Having a trustless system means just that: we shouldn't need to rely on the word of any one person. The concern about BlackRock's proposed Bitcoin ETF also covers the concern regarding privacy and centralised control. In essence, will BlackRock's involvement increase adoption and strengthen Bitcoin, or, will the reliance on a centralised company to hold a large concentration of paper promises weaken Bitcoin? BlackRock's power will spread interest in Bitcoin, but will also certainly erode the ongoing push for self-custody. Further, are concerns about BlackRock dominating Bitcoin and forcing a hard fork overstated? Certainly, BlackRock could exert influence on Bitcoin, particularly from a regulatory standpoint. But, Bitcoin is resistant to change, and, there is already a significantly strong and cohesive community of hodlers. A major legacy financial institution trying to exert its influence on Bitcoin could yet be Bitcoin's biggest and most important battle. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Matt Odell is host of Citadel Dispatch, co-host of Rabbit Hole Recap, managing partner at Ten31 and co-founder of OpenSats and Bitcoin Park. In this interview, we discuss Bitcoin conferences and podcasts, the importance of decentralized tech, the implications of identity verification on social media, Nostr's potential as a censorship-resistant social network, and the involvement of BlackRock in Bitcoin. - - - - Matt Odell is the Bitcoiners Bitcoiner: mission-driven, innovative, generous and yet unyielding in his expectations of the community. Given he's a fellow podcaster and conference veteran, it was an invaluable opportunity to talk shop, but his wide-ranging expertise means we could again cover a plethora of current hot topics. Matt discussed his views on the surge in global Bitcoin conferences and the changing landscape of Bitcoin podcasts. The boom in events, catering to various niches within the Bitcoin community, is a testament to the growth and diversity of this space. Podcasts too need to stand out from the crowd, whilst taking on mainstream content providers in terms of interviewing adroitness and production quality. We discussed the pros and cons of having a blue checkmark on Twitter: whilst it can help users identify and connect with influential people, there are material concerns about the current identity verification system. The corollary to concerns about traditional social media companies is the potential to disintermediate these closed centralised systems with innovations like Nostr. Together with Bitcoin, Nostr could be a powerful tool for freedom movements. Matt covered the critical importance of educating people on the risks and benefits of decentralization. Individuals with platforms and audiences should explain these risks to lessen the impact and pain that people may experience in a dark dystopian future where censorship and control are prevalent. Finally, Matt provided his take on BlackRock's involvement in Bitcoin. Blackrock is the institution that Bitcoin was designed to resist. However, their involvement is a paradigm shift for Bitcoin's narrative. Nevertheless, there are risks tied to the proposed Blackrock Bitcoin ETF. It's essential to learn how to hold self-custody of your Bitcoin instead of buying a paper claim. And further, it's important Blackrock understand they can't control Bitcoin. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Dennis Porter is the CEO & co-founder of the Satoshi Action Fund. In this interview, we discuss the intersection of Bitcoin and politics, and how the Satoshi Action Fund is orange-pilling states. Dennis outlines the success the fund is having in changing policy towards Bitcoin mining across multiple jurisdictions by focusing on its clear and direct economic and energy benefits. - - - - Over the past few months, a number of states have been passing laws protecting the right to mine Bitcoin mining. As the success of the US experiment is predicated on the protection of reserved powers within the states, the passing of such laws has the power to determine the trajectory of Bitcoin mining within the US. A number of advocacy bodies are behind this movement. Front and centre is the Satoshi Action Fund. Dennis Porter, CEO and co-founder of the Fund describes his experience of orange pilling states. He discusses the importance of education. Bitcoin obviously takes time to learn and understand. This means advocates need to dedicate time and identify the right people to focus on. He sets out the strategy of finding and focusing on attractors who are open to learning and ignoring detractors who have already solidified an opinion. Dennis also sets out what Bitcoiners should expect in return from politicians. Bitcoiners are now a powerful voting block, so we need to demand more than mere lip service from politicians who claim to support Bitcoin. We should strive for a transition from empty promises to the introduction and passing of policies that truly benefit Bitcoin and its community. Dennis encourages all of us to participate in the political system: active participation is the best way of creating a better environment for Bitcoin. His inspiration is drawn from the founding fathers of the United States, who fought for independence through their political engagement. By getting involved, we can shape policy decisions that facilitate the growth and acceptance of Bitcoin. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Junseth is an OG Bitcoiner and the former co-host of Bitcoin Uncensored. In this wide ranging interview, we discuss Bitcoin volatility and it's repetitive cycles, the ossification of the Bitcoin protocol and the current state of development, Bitcoin anonymity and privacy, the profitability of mining, and Bitcoin's future as an alternative to traditional money in a world of global collapse. - - - - Bitcoin's development over the past 14 years has been both phenomenal and revelatory. Apart from Hal Finney, nobody saw its significant influence on the energy sector. Furthermore, nobody foresaw the impact of ordinals. That's why, as we contemplate the potential for Bitcoin to enter a new and significant bull market cycle, questions as to what Bitcoin is and will become are as fascinating as at any time since its launch in January 2009. The debates over the protocol's conservative development are as impassioned as ever. Questions over the persistence of Bitcoin's price cycles continue to produce significant amounts of content. The complex challenges of maintaining privacy, and the associated misconceptions of average users, endure. The resilient strength of the mining industry never ceases to amaze. However, the bigger picture is still focused on the singular issue of the basic right to transact. The traditional notion of currency control places the state as the arbiter of money. Yet, the past decade has witnessed central banks exerting ever greater control of financial systems and the weaponisation of money by the state. Bitcoin was designed as a vital alternative as trust in traditional processes erodes. Given its power to disintermediate powerful centralised institutions, the primary concern of Bitcoiners is whether governments will seek to control, limit or ban it. Bitcoiners believe that the state's regulation of money should be limited, allowing individuals to freely hold and transact any form of currency. Further, these rights should be codified into a Second Amendment right to hold Bitcoin. We're back to the cypherpunk philosophy: freedom to transact is freedom of speech. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Linda Parker is CEO and Maddison Clyne is an Associate Director for Women in Distress. In this interview, we discuss their work aiding survivors of domestic violence and their interest in Bitcoin as a means of financial empowerment. They talk about the rise in domestic violence during the pandemic, the challenges faced by survivors, and the importance of education. - - - - According to a CDC survey, around 41% of women and 26% of men in the U.S. have experienced sexual violence, physical violence, and/or stalking by an intimate partner. It affects millions or people every year. It is a significant public health issue that has devastating physical, emotional, and psychological effects on individuals and families. U.S. crime reports suggest that about 1 in 5 homicide victims are killed by an intimate partner. Having access to resources and support can can be life-changing for victims. However, there is a critical lack of provision. One organisation providing this much-needed support is Women In Distress of Broward County: it is a nonprofit organization dedicated to providing support and services to individuals experiencing domestic violence in Broward County, Florida. Their mission is to empower and advocate for victims while promoting a violence-free community. Women In Distress seeks to mitigate the cycle of abuse, power and control dynamics within relationships, societal stigma and shame surrounding domestic violence, and the huge barriers survivors can face when trying to leave an abusive relationship. By offering an array of services, education, and community collaboration, Women In Distress strives to create a society where domestic violence is not tolerated and survivors can rebuild their lives. The organization offers a range of comprehensive services to survivors of domestic violence, which include a 24-hour crisis hotline, counselling and therapy, support groups, legal advocacy, and assistance with obtaining restraining orders. Women In Distress also provides specialized programs for children who have witnessed or experienced domestic violence, as well as outreach and education initiatives to raise awareness. If you are able to donate please do so. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Robert Breedlove is a philosopher and podcaster within the Bitcoin space. In this wide-ranging interview, we discuss the consequences of the middle class getting destroyed, the hubris of central planning, games of mimetic desire, how Bitcoin is a high-trust environment, Bitcoin's enemies, fasting and living life beyond the ego. - - - - Robert Breedlove has cemented a role as one of the fiercest freedom maximalists within the Bitcoin space. He is a powerful advocate for decentralization, Bitcoin, and the principles of sound money. And, he is also a fellow podcaster, hosting the "What is Money?" podcast, which explores economics, technology, and financial philosophy from a sound money perspective. The interview delves into the impact of economic factors on culture and politics, and whether growing divisiveness in the US and other countries is a result of the destruction of the middle class and the erosion of property rights. We discuss the consequences of poor incentives, the misallocation of capital, taxation and government. We opine on the advantages and disadvantages of currency and the effects of money printing. The discussion considers the need for a hard reset or a wake-up call to address the flaws of our current economic paradigms, predicated on a "colossal hubris" of thinking the world is a compliant machine enabling the global economic systems to be planned in advance. Robert also explains the concept of mimetic desire and its impact on our work and personal lives. We explore the importance of staying true to oneself, and finding inspiration while avoiding becoming too similar to others. We finish on the benefits of fasting and living life beyond the ego. As I stated, this is a comprehensive show! This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Balaji Srinivasan is an angel investor, tech founder, and author of 'The Network State'. In this interview, we discuss the idea of starting new countries ("network states"), based on social networks built around a shared ideal that can monetize effectively. We also talk about how and why the media ignores major global news stories, and how to prepare for the coming collapse. - - - - In the past 14 years, we have seen a powerful global community built around a shared ideal. Bitcoin is obviously much more than a technical innovation: it is a vision of building a new economic paradigm from the bottom up, which shifts the centre of power from the state to the individual. Being open-sourced, leaderless and decentralised, it has proven that there are new ways for people to connect, contribute and collaborate to build new systems. Balaji Srinivasan's latest book takes this revolution one step further, and explores the idea of starting new countries, or what he calls "network states." These network states can be formed by a group of people connected through a social network, with their own income, real estate, and even their own ideological platforms. It's like a political party, but working outside of the limits of national boundaries. The measure of success for these network states lies in their ability to materialise their online presence into the physical world: "You do meetups and eventually you go from crowdfunding brunches to crowdfunding buildings." It challenges the traditional notion of what a country is and opens up possibilities for new forms of governance and community-building. As legacy nations resort to ever more authoritarian methods to protect the fiat system, the importance of allocation, location and organisation to individuals will become more apparent. But, this is more than a theory. Balaji is allocating a material amount of capital to funding startup 'Network State' communities. The aim is to create frontier societies, providing alternatives to failed states and attracting ambitious individuals seeking a new kind of society. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence

Aaron Daniel is an Appellate attorney and author of The Bitcoin Brief, a newsletter analysing Bitcoin's effect on law and society. In this interview, we discuss how justice in arbitration can be applied in a Hyperbitcoinised World. We talk about systemic issues with current legal systems, and how using Bitcoin tools like Fedimint can enable arbitration to become decentralised. - - - - Despite the limitations of our legal systems, at least there are established bodies recognised as intermediaries for dispute resolution, and methods for enforcing judgements on debtors. Aaron Daniels, an attorney and Bitcoiner, has been examining what happens in a hyperbitcoinised world that has circumvented centralised authorities undertaking enforcement action. Aaron has given serious consideration to the concept of anchoring dispute resolution systems into Bitcoin. He is looking at the tools being developed, such as Fedimint, and other systems using escrow agents, arbitration panels and oracles. The emerging ideas promise a new set of arbitration services that are transparent, efficient, affordable, inclusive and localised. This then turns the tables back on the current legal system and focuses on its limitations. It is a system that has become increasingly costly that reinforces societal inequalities. Lack of access to justice based on cost is one of society's more pernicious issues. It results in an asymmetric balance of power in favour of those who have resources against those that don't. Further, it is a system based on archaic centralised rules that don't work for many communities. So, we could be on the cusp of a new and evolving set of arbitration services, linked to Bitcoin, that provide individuals with a fair and transparent environment for dispute resolution. And, it is a sign of a mature system that people are putting serious time into working on these issues. This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Incogni - Personal Information Removal Service

Conor Okus is Product Manager at Spiral. In this interview, we discuss his journey from being a footballer to becoming a Bitcoiner, Real Bedford and the alignment of Bitcoin with a grassroots football club, his current role at Spiral managing the grant programme for developers, and his view on the benefits of open source development of Bitcoin. - - - - Bitcoin has been making waves in various industries, and sports is no exception. Conor Okus is a footballer [a.k.a. Soccer player!] who found Bitcoin. Peter is a Bitcoiner who came back to football. They met in the middle when Conor provided Pete with advice and support in establishing Real Bedford. Real Bedford is using Bitcoin in various ways, such as a treasury reserve asset and for educational efforts. They plan to incorporate it into football games by tipping players with QR codes. The grassroots movement of Bitcoin aligns with Real Bedford's grassroots approach to football, making it a perfect fit. Conor and Pete discuss a new wave of football and sports teams based on ideas that resonate with dispersed communities, and the challenges of setting up a new football club. They also talk about the downside of vested interests looking to exploit sport and fan bases for selfish means. Now Conor lives and works in the US as part of the Spiral team, managing an invaluable grant programme for developers. Conor then shares his experience and expertise in supporting open-source Bitcoin development, scaling Bitcoin transactions through lightning, the importance of the user experience in Bitcoin, and fostering an innovative open-source design community.

Margot Paez is a Bitcoin Mining consultant & Troy Cross is a Professor of Philosophy, and both are Fellows at BPI. In this interview, we discuss the fracturing of political movements (particularly the progressives), why the left is in favour of CBDCs, how Bitcoin is a political tool, the Bitcoin Policy Summit, Bitcoin's image problem, and the issues and strengths of higher education. - - - - On this episode, we welcome back two eminent friends of the show: Margot Paez and Troy Cross. At the start of 2022, What Bitcoin Did actively searched for progressive voices within the community. It was soon apparent that there was a huge untapped well of thoughtful and brilliant people who had identified the powerful impact Bitcoin could have in supporting progressive causes. However, it is apparent that there is now a shift happening within the left: a fracturing of beliefs and approaches. Some progressives within Bitcoin are starting to align themselves with a more holistic ideology predicated on financial fairness, which is open to debate and collaboration with those on the other side of the aisle. At the root of this conversion is the belief that the promotion and use of Bitcoin itself is a political act. As Margot states: "it's an act of defiance", but an act of defiance with teeth. Finally, activists have a tool that can take on the established centres of power. But, if we are to accelerate adoption and battle those who work against Bitcoin, education and advocacy still require a solid evidence base. Unfortunately, the FUD directed at Bitcoin has left an ingrained stain in the minds of many progressives. Margot, one of the main people within our community looking to bring academic rigour to support the claims being made about Bitcoin's societal benefits, has suffered directly as a result of this. She has effectively been kicked out of university because of her desire to study Bitcoin, by people with a progressive ideology. We must all do what we can to support people like Margot and Troy. They are the ones providing the Bitcoin movement with the analytical heft needed to protect it from institutional attacks. They do it quietly and diligently, pushing against stiff headwinds. We owe them a massive debt of gratitude.