Stephan Livera Podcast
- Episodios
- 789
- Se publica
- varias veces por semana
- Último episodio
- 13 Nov 2026
Sobre el podcast
In-depth Bitcoin interviews and education. Stephan Livera talks with the builders, developers, founders and thinkers shaping Bitcoin, covering self-custody, Lightning, payments, mining, markets and where Bitcoin goes next. Clear, practical conversations to help you understand Bitcoin and use it well.
Episodios 789
Robert Warren: Do Mining Pools Actually Threaten Bitcoin? | SLP789
Robert Warren, Head of Comms at Elektron Energy, says Bitcoin mining pools do centralize something, but it is mainly control of block templates, not the power to reorg the chain. He treats FPPS as an insurance …
Notas del episodio
Robert Warren, Head of Comms at Elektron Energy, says Bitcoin mining pools do centralize something, but it is mainly control of block templates, not the power to reorg the chain. He treats FPPS as an insurance product: pools take variance and charge a fee, and a miner who doesn't like the deal can switch to a fallback pool almost immediately.
Stephan and Rob also walk through AntPool white-labeling, why a run of Foundry or SpiderPool blocks is usually just variance, why listed miners are leasing sites to AI and HPC, and why Elektron is staying bitcoin-first. Rob argues network security barely changes as public hashrate rotates to private operators, and that hashrate is still going up and to the right.
Timestamps
00:00 Intro
00:31 Do Mining Pools Threaten Bitcoin?
04:20 On-Chain Data Hides Miner Incentives
06:40 Why Miners Wouldn't Follow BIP 110
08:06 Miners Don't Control Hashrate's Value
10:56 If a Few Pools Find Most Blocks?
12:51 FPPS Is an Insurance Product
17:14 AntPool, White Labels, and Censorship
21:36 Censorship and Other Risks
22:36 Why Selfish Mining Stays Theoretical
24:51 A Run of Blocks Isn't Centralization
29:01 Can Miners Fix Pool Centralization?
29:17 DATUM
33:13 MARA, Ocean, and DMND on Templates
34:08 Why Public Miners Are Pivoting to AI
35:45 Why Elektron Is Staying Bitcoin-First
37:50 What Happens to Hashrate and Security?
39:36 A Rotation to Private Miners?
42:47 Will Hashrate Be Higher in 10 Years?
44:47 Hashrate Heating and Home Miners
Show notes
Links:
Robert Warren on X: https://x.com/BikesandBitcoin
Elektron Energy on X: https://x.com/ElektronEnergy
Profit Maximization and Protocol Risk (Elektron thread): https://x.com/ElektronEnergy/status/2117293466338095389
Elektron Energy: https://elektronenergy.io
Joe Burnett: Your Wealth Is Melting in the Age of AI | SLP788
Joe Burnett, VP of Bitcoin Strategy at Strive, argues that wealth stored in dollars, gold, houses and even mega-cap stocks is melting: technology can produce more of those things, so they lose value when …
Notas del episodio
Joe Burnett, VP of Bitcoin Strategy at Strive, argues that wealth stored in dollars, gold, houses and even mega-cap stocks is melting: technology can produce more of those things, so they lose value when measured in bitcoin. He says AI speeds that process up by destroying moats, and that after the moats are gone, bitcoin is what's left.
Stephan and Joe also talk through whether a portfolio that is up in dollars can still leave you poorer, why Joe thinks Bitcoin's power law could break if fiat credit keeps expanding, and whether treasury companies and digital credit such as Strive's SATA and SATS take demand away from bitcoin itself.
Links
Joe Burnett on X: https://x.com/IIICapital
Strive: https://strive.com
Unchained, wealth melting: https://unchained.com/melting
Timestamps
00:00 — Intro
00:29 — Back to Bitcoin's Fundamentals
03:48 — What "Your Wealth Is Melting" Means
07:09 — Up in Dollars, Still Getting Poorer?
09:47 — Does AI Make Bitcoin Less Necessary?
12:55 — After Abundance, What's Left to Save In?
15:44 — Psychic Profit and the AI Trade
17:27 — Why AI Margins Get Competed Away
22:04 — Bitcoin as a Productivity Index
24:42 — Why the Power Law Might Break
30:07 — Gold Parity and a Faster Repricing?
31:55 — Does Bitcoin Need Money Printing?
36:12 — Are Treasury Cos Cannibalizing Demand?
38:53 — The MNAV Premium Objection
40:45 — SATA, SATS and Digital Credit
44:59 — Digital Credit in a Bear Market
47:30 — When Bitcoin Doesn't Stick
52:49 — Get Back to the Fundamentals
Why Heat-Reuse Mining Gets Stronger Every Halving | Alex Busarov SLP787
Alex Busarov, founder of Heatbit, argues that water heating, not space heating, makes home Bitcoin mining add up. His new Bitwater element replaces a water heater’s lower heating element, mines all year, and he …
Notas del episodio
Alex Busarov, founder of Heatbit, argues that water heating, not space heating, makes home Bitcoin mining add up. His new Bitwater element replaces a water heater’s lower heating element, mines all year, and he says it adds no extra energy cost because the heat is used anyway.
Stephan presses him on the two-to-three-year payback claim, the hashrate and price assumptions behind it, a plan to give devices away for free while Heatbit keeps the hashrate, decentralization risk, limescale and maintenance, the Bitair purifier, and why halvings strengthen the case for heat reuse.
00:00 — Intro
00:35 — From a Loud S9 to Heatbit
02:04 — ROI, Ideology or Gift?
04:03 — Bitair: $179 Purifier, Not ROI
05:31 — Solo Pool by Default, Noise Modes
07:04 — Bitwater Price and Plumbing Value
08:49 — The 2–3 Year Payback Claim
09:50 — Free Devices, Heatbit Keeps the Hash
12:18 — Assumptions: Flat Price, Flat Hashrate
13:52 — Element Lifetime and Limescale Failure
14:59 — B2B Installers and Unwitting Miners
17:01 — Water Heating vs the Mining Network
17:59 — Decentralization and Miners Who Hold
20:31 — Efficiency: BM1370 and “Zero Incremental”
22:11 — Maintenance, Leaks and Limescale
24:55 — Should Every Heating Element Mine?
26:29 — Becoming a Miner With No Power Bill
27:29 — Utilization: The Heat-Reuse Variable
30:08 — Maxi, Trio and Canvas Space Heaters
32:43 — Space Heaters Pay Back Slower
34:58 — Halvings as Heat Reuse’s Tailwind
Show links- Alex Busarov on X: https://x.com/alex_heatbit
- Heatbit on X: https://x.com/heatbit_com
- Heatbit: https://heatbit.com/
Paolo Ardoino: Stop Tokenizing Apple Shares | SLP786
Tokenizing Apple shares is not innovation. Paolo Ardoino of Bitfinex argues the Bitcoin way to securities is opening capital markets for companies that cannot raise like a Manhattan issuer — not wrapping …
Notas del episodio
Tokenizing Apple shares is not innovation. Paolo Ardoino of Bitfinex argues the Bitcoin way to securities is opening capital markets for companies that cannot raise like a Manhattan issuer — not wrapping megacap stocks everyone can already trade at a bank.We also cover exchange OPSEC after a large hack, why Lightning wins on physics for agentic payments, zero trading fees, the Liquid incident, and RGB as a transport layer.00:00 — Intro00:34 — Reaction to the Binance Hack02:10 — Do Hacks Scare People Off Bitcoin?02:27 — Custody and Self-Custody Both Look Fragile05:11 — Employee Laptops and LinkedIn Targeting07:53 — Multisig UX Still Fails Normies10:34 — Exchanges Are Not Banks11:36 — Why Shared-State Chains Cannot Scale Agents13:32 — Lightning Wins Because of Physics15:41 — Liquidity Gravity Around Big LN Nodes17:01 — Hub Risk Without Protocol Failure18:30 — Let Agents Invent Payment Protocols20:33 — Zero Fees Instead of Taxing Retail22:03 — Who Bitfinex Serves in 202623:21 — The Bitcoin Way to Securities25:44 — Microcredit, Bitcoin Treasuries, Liquid27:32 — Liquid Hack and the Near-Term AI Threat29:06 — Tokenize Farmland, Not Just Stocks32:40 — Inclusion on the Sell Side Too35:08 — RGB, Taproot Assets and Transport Layers37:32 — Fork Markets Put Money Where Mouth Is#Bitcoin #Lightning #Bitfinex #Tokenization #ExchangeSecurity #AgenticPayments #StephanLivera #StephanLiveraPodcast
Morgen Rochard: Holding Bitcoin Is Not a Financial Plan | SLP785
Holding Bitcoin is not a financial plan. That is the starting point of Morgen Rochard's new book, Bitcoin Personal Finance, and of her return to the show. Bitcoin can fix the money, but it does not fix …
Notas del episodio
Holding Bitcoin is not a financial plan. That is the starting point of Morgen Rochard's new book, Bitcoin Personal Finance, and of her return to the show. Bitcoin can fix the money, but it does not fix under-saving, spending habits or the money scripts people carry with them. Her book aims to help readers build a plan with Bitcoin as the core balance sheet asset rather than a token allocation.
Morgen is the founder of Origin Wealth Advisers and a financial planner who works with Bitcoin-holding clients. In her words, there are plenty of personal finance books and plenty of Bitcoin books, but none that combine the two to show people what to do once they own Bitcoin.
Stephan and Morgen discuss what Bitcoiners and the fiat world each get wrong, and matching assets to when the money is needed, using the example of a preschool fund put into Bitcoin near the top. They also cover how large a fiat emergency fund should be, and why forced selling tends to arrive with job losses and bear markets. She explains why most homes and renovations are consumption, why single rental properties often earn less than a REIT, and how leverage magnifies the damage when something goes wrong.
They also get into debt as a campfire that can become a wildfire, and the narrow case where a Bitcoin-backed loan makes sense. Morgen explains that borrowing to fund spending has sent some of her clients back to work. The conversation closes on spending-based retirement planning, tax planning versus tax preparation, charitable giving, trusts, and why she prefers educating children over restrictive trust rules.
Timestamps:
00:00 — Intro
00:21 — Why She Wrote Bitcoin Personal Finance
01:11 — Holding Bitcoin Isn't a Financial Plan
02:45 — What the Fiat World Gets Wrong
04:02 — Hot Trades vs Your Actual Goals
05:40 — Chasing Returns vs a 20% Savings Rate
08:23 — Match Assets to When You Need Them
11:31 — How Big a Fiat Emergency Fund?
15:52 — Is Your Home a Store of Value?
18:02 — Rentals vs REITs vs Bitcoin
19:31 — Leverage and Single-Property Risk
24:06 — Debt Is Like a Campfire
27:16 — When Bitcoin-Backed Loans Make Sense
30:05 — Spending-Based Retirement Planning
32:12 — Tax Planning Isn't Tax Preparation
35:09 — Trusts and Trusting Your Kids
36:58 — No One-Size-Fits-All Allocation
Links:
- Morgen Rochard on X: https://x.com/MorgenRochard
- Origin Wealth Advisers: https://www.originwa.com/
- Bitcoin Personal Finance (book site): https://bitcoinpersonalfinancebook.com/
- Bitcoin Personal Finance on Amazon: https://www.amazon.com/dp/1394394055
Debt, Oil, AI and Bitcoin: A Gradual Print Until It Isn't | James Lavish SLP784
James Lavish explains why he expects a gradual print to turn into a big one, what weak Treasury auctions signal, and what he got wrong about Bitcoin this cycle.Timestamps00:00 — Intro00:48 — Markets: Warsh, Oil …
Notas del episodio
James Lavish explains why he expects a gradual print to turn into a big one, what weak Treasury auctions signal, and what he got wrong about Bitcoin this cycle.
Timestamps
00:00 — Intro
00:48 — Markets: Warsh, Oil and a Narrow Rally
04:22 — How Much Debt Will AI Need?
08:41 — Outgrowing the Debt: A Polite Fiction
10:50 — Brent at $108, 10-Year at 5.13%
13:44 — Weak Auctions and Who Buys Treasuries
15:54 — Oil Shock: Supply, Not Demand
18:03 — If CoreWeave Trips: The Downside Case
19:56 — How the Fed and Treasury Would Respond
24:15 — The Base Case: Growth and Nominal Inflation
28:49 — Big Print or Gradual Print?
32:58 — Gradual Until All Bets Are Off
34:07 — Why Faith in the Dollar Breaks Slowly
38:11 — What James Got Wrong This Cycle
39:54 — Decentralization and Politics as Hurdles
41:59 — JPMorgan's Shift and Career Risk
43:45 — Why Bitcoin Over AI?
Plan Your Second Passport Before You Need It | Alex Recouso SLP783
Official Podcast Episode: https://stephanlivera.com/783Alex Recouso argues that Bitcoin solved capital mobility but not human mobility: you can move money across borders without permission, yet you still need …
Notas del episodio
Official Podcast Episode: https://stephanlivera.com/783
Alex Recouso argues that Bitcoin solved capital mobility but not human mobility: you can move money across borders without permission, yet you still need permission to move yourself. His answer is that everyone should think about a second passport before they need one, because, as he puts it, you can't buy insurance once the house is on fire.
Alex is co-founder and CEO of CitizenX. He says he discovered the idea of alternative citizenship at 14, and that understanding Bitcoin in 2020 convinced him it was the missing piece. CitizenX sells citizenship by investment programs and, by his account, advises governments, including El Salvador, so he is not a neutral observer.
He splits buyers in two: citizenship programs suit people with high liquidity and low mobility, while residency and naturalization suit people with high mobility and less capital. They cover the main tiers, from cheaper Plan B passports to Caribbean programs, Turkey, El Salvador and Argentina's newly announced program, and why he prefers donation routes to government-approved real estate.
The downsides get airtime too. Alex expects EU pressure to cost Caribbean programs their visa-free access or make them unattractive. He argues European rules can change overnight, citing Italy's flat tax and Spain's closed golden visa. And naturalization through residency is cheaper but never guaranteed. They close on AI's limits as an advisor, rising versus established countries, and compounding in a low-tax place.
Timestamps
00:00 — Intro
00:43 — Bitcoin Solved Capital, Not Human, Mobility
02:04 — Selling Citizenship: Countries Competing
05:14 — Buy or Earn: Liquidity vs Mobility
06:57 — Why Program Prices Rise and Fall
08:55 — Weak Passports vs Plan B Buyers
11:32 — Donation vs Real Estate Routes
13:35 — Three Tiers: Plan B, Caribbean, Outliers
17:06 — Argentina's Program: Costs and Country Risk
20:09 — EU Pressure and Schengen Risk
23:12 — What Countries Gain or Risk
25:52 — Beyond Visa-Free: Settlement Rights
28:43 — HENRYs, Urgency, and Sequencing
31:14 — Insurance Before the House Is on Fire
33:06 — Naturalization Is Cheaper but Not Guaranteed
37:00 — Changed Rules in Portugal, Italy, Spain
41:07 — UAE, Singapore and Citizenship Limits
42:49 — CitizenX vs Traditional Firms
47:08 — Can AI Replace Citizenship Advisors?
49:02 — Rising Countries: High Risk, High Reward
51:34 — Lower Taxes and Compounding
Links:
https://x.com/recouso
https://x.com/CitizenX
https://citizenx.com/
Stephan Livera links:
Follow me on X: @stephanlivera
Subscribe to the podcast
Subscribe to Substack
Debanking and Bitcoin Business Accounts in the EU | Prashanth Chandrashekar SLP782
Prashanth Chandrashekar argues that much of Europe's debanking comes down to how banks score transfers. Money arriving from a crypto exchange's account is treated as a higher-risk third-party payment, while a …
Notas del episodio
Prashanth Chandrashekar argues that much of Europe's debanking comes down to how banks score transfers. Money arriving from a crypto exchange's account is treated as a higher-risk third-party payment, while a transfer between two accounts in your own name passes with far fewer flags. Bringin's answer is a named virtual IBAN for each customer, which he says lowers the risk of being debanked rather than removing it.
Prashanth, who is from India, started Bringin after moving to Estonia holding Bitcoin and finding he couldn't easily spend it. He now runs the company's consumer app and its new business accounts.
They cover MiCA's licensing reset, which by his figures left only about 30% of earlier firms licensed but lets the survivors passport across the EU; accounts closed without explanation under tipping-off rules; and how named IBANs differ from the deposit IBANs exchanges hand out. On the consumer wallet, built on Spark, he is direct about the trade-offs: operators are mostly centralized and can see payments, though they cannot move funds alone.
On Bringin for Business, he describes pilot users such as mining-rig sellers paying suppliers abroad, plus stablecoin support and accounting exports. The custody model differs from the consumer app: keys sit in a hosted Turnkey enclave with spending policies, Bringin holds an extra key in multi-director setups, seed export is discouraged, and ownership changes run through Bringin's backend. Third-party euro payments were promised within days of recording, and corporate cards are not yet available.
Disclosure: Stephan is a small investor in and advisor to Bringin.
Timestamps:
00:00 — Intro
00:37 — MiCA: Costly but Passportable
03:28 — Debanking: Why Banks Block Exchange Flows
07:04 — Named vIBANs vs Exchange Deposit IBANs
11:25 — Spark Self-Custody and Its Trust Trade-offs
13:03 — Why Banks Are Harder on Businesses
15:22 — Who Joined the Business Pilot
18:08 — Beyond Debanking: Accounting Headaches
20:31 — Business Keys in Turnkey Enclaves
24:53 — Key Rotation Runs Through Bringin's Backend
26:24 — Roadmap: Third-Party Payments, No Cards Yet
30:45 — Next Customers: Stablecoins and Agents
33:31 — Regulation Outlook: DAC8 and Data Risk
34:39 — AI Agents, MCP, and Payments
Links:
https://bringin.app/business
Stephan Livera links:
Follow me on X: @stephanlivera
Seed Phrases vs Key Sharding: Multisig's UX Trade-offs | Setzeus SLP781
Setzeus argues that 90% of people will never properly use seed phrases and hardware wallets, and that services like Privy and Turnkey, which split a key behind an email or phone login, are a good-enough floor …
Notas del episodio
Setzeus argues that 90% of people will never properly use seed phrases and hardware wallets, and that services like Privy and Turnkey, which split a key behind an email or phone login, are a good-enough floor for self-custody. Stephan pushes back on what that gives up: verifiability, portability across devices, and a degree of vendor lock-in.
Setzeus (Jesus Najera) runs SetDev, a Bitcoin L2 and metaprotocol engineering and security shop whose biggest client has been Stacks. He built BitScript and founded Cofund, a cross-chain multisig web app aimed at families, fiduciaries, and founders.
The conversation opens on the recent run of hacks, including the Coldcard incident, and his view that the cryptography is not broken but AI has made attacks on everything around it cheaper. They cover Justin Drake's "bunker mode" post, why Bitcoin builders get nerd-sniped by technology over product, why multisig adoption remains small, and whether ETFs are better than nothing for people who won't self-custody.
On Cofund itself, Setzeus explains spending policies built from signer sets, thresholds, and rules on Taproot script paths. He is plain about the limits: on Bitcoin only the signer set is enforced on-chain, spend caps rely on the client without covenants, rotating a signer means moving funds to a new set, and the free tier charges a 1% transaction fee.
Timestamps:
00:00 — Intro
00:37 — From SetDev's L2 Work to Multisig
03:20 — After the Coldcard Hack: Why Self-Custody?
07:56 — Justin Drake's Bunker Mode and ECDSA
10:13 — Are Bitcoiners Bad at Building Products?
15:59 — Seed Phrases vs Privy-Style Key Sharding
20:25 — Trade-offs: Verifiability and Lock-In
25:35 — Recommending Self-Custody After Hacks
30:40 — Families, Fiduciaries, and Founders
34:25 — Spending Policies via Taproot Script Paths
37:24 — Limit: Bitcoin Spend Caps Not On-Chain
39:59 — Key Rotation Means Moving Funds
41:11 — Cofund Pricing and Fees
42:03 — Thesis: Multisig Becomes Joint Accounts
Links:
https://getcofund.com/
Stephan Livera links:
Follow me on X: @stephanlivera
Smarter Web's Capital Structure and MORE Preferred | Andrew Webley SLP780
Andrew Webley walks through Smarter Web's capital structure—ordinary shares as growth equity, a repaid short convert, Coinbase credit, and MORE as the income preferred.Webley is CEO of The Smarter Web Company …
Notas del episodio
Andrew Webley walks through Smarter Web's capital structure—ordinary shares as growth equity, a repaid short convert, Coinbase credit, and MORE as the income preferred.
Webley is CEO of The Smarter Web Company (LSE: SWC), the UK's largest publicly traded Bitcoin treasury. He traces the path from Hargreaves Lansdown to listing on Aquis, then the LSE Main Market, while building toward roughly 2,747 BTC on the balance sheet.
The conversation covers ordinary shares versus preferred equity, why SWC repaid its short convert, how the Coinbase credit facility fits a "buy leverage when cheap" playbook, and the launch of MORE—an income preferred designed alongside SWC growth equity. Webley contrasts treasury companies with ETFs and spot Bitcoin, stressing Bitcoin-per-share growth, liquidity for institutions, and GBP denomination without US dividend withholding.
He also flags the downsides: treasury structures amplify Bitcoin volatility, management can mess up capital allocation, and in a drawdown there is no guarantee that equity, credit, or preferreds will be available.
Timestamps:
00:00 — Intro
00:25 — Hargreaves Lansdown to Smarter Web
02:09 — Saylor Pivot Was His Bitcoin Moment
04:00 — Listing the UK Treasury Play
08:44 — Clean Balance Sheet Structure
11:25 — Coinbase Credit at the Bottom
14:32 — Debt vs NAV Reporting
19:45 — Bitcoin-per-Share vs Total Return
21:32 — How Institutions Actually Buy
25:02 — Treasury Co vs ETF vs Bitcoin
28:12 — MORE Preferred Equity Explained
30:17 — Amplification Cap at 35%
33:11 — Sterling Preferred Advantage
37:49 — Downside Risks: Volatility and Execution
40:27 — Drawdowns and Uncertain Capital Access
Links:
https://www.smarterwebcompany.co.uk/
Stephan Livera links:
Follow me on X: @stephanlivera
Lightning in x402 and Agent Payments | Ben Carman SLP779
Bitcoiners built L402 for a Lightning-native web. Crypto built x402 for agents — and early volume is mostly stables. Ben Carman helped get Lightning into the x402 standard, and argues the pragmatic move is to …
Notas del episodio
Bitcoiners built L402 for a Lightning-native web. Crypto built x402 for agents — and early volume is mostly stables. Ben Carman helped get Lightning into the x402 standard, and argues the pragmatic move is to meet that stack in the middle rather than wait for L402 alone.
Ben Carman of Spiral rejoin me to unpack HTTP 402 Payment Required, facilitators versus Coinbase Commerce, why agentic payments are still near zero today, and why AI agents may adopt Bitcoin faster than humans — because models already know sats, invoices, and QR codes.
Timestamps:
00:00 — Intro
00:50 — L402, x402, and MPP
01:09 — What HTTP 402 Actually Is
02:41 — Meet x402 in the Middle
03:44 — Facilitators and Coinbase Default
06:06 — x402 Standard vs Coinbase Commerce
07:26 — Stables Dominate Early Volume
08:03 — Agentic Payments Still Near Zero
08:55 — Agents Already Know Bitcoin
12:05 — Personal Agents vs B2B Agents
13:03 — Pay-Per-Query Agent Wallets
16:14 — Businesses on Bitcoin Are Easier
16:39 — AI Climb and Builder Craft
22:29 — Won't Fund OpenAI — Still Uses Them
25:38 — Cost Deflation = Human Freedom
28:57 — Best AI tools as of Oct 2
31:16 — Terminal Bench and Real Evals
32:25 — Bench Maxing vs Real Feel
34:59 — Four Years From ChatGPT
36:56 — Quantization Without the LARPs
39:51 — Mesh Alliance and Mesh LLM
42:37 — Goose, LDK, Think Big
Links:
https://x.com/spiral_xyz
Stephan Livera links:
Follow me on X: @stephanlivera
Subscribe to the podcast
Subscribe to Substack
Why Bitkey Ditched Seed Phrases | Clay Garrett SLP778
Bitkey ditched seed phrases for a recovery-focused 2-of-3 design: an app key, hardware key, and Block server key that use phones, hardware, and cloud access to help people retain control of their funds.Clay …
Notas del episodio
Bitkey ditched seed phrases for a recovery-focused 2-of-3 design: an app key, hardware key, and Block server key that use phones, hardware, and cloud access to help people retain control of their funds.
Clay Garrett, Bitkey lead at Block, joins Stephan Livera to explain the design trade-offs: safety as security plus recoverability, cloud backup that needs your hardware to decrypt, and why Bitkey does not treat vendor lock-in as its ethos.
They dig into recovery paths, multi-vendor trade-offs, transfer-without-hardware limits, Recovery Contacts and inheritance, a working FROST prototype, what covenants could move on-chain, chain code delegation, and privacy-conscious Electrum options.
Timestamps:
00:00 — Intro
00:19 — Clay Garrett Joins — Bitkey at Block
00:56 — Bitkey V2 and the 2-of-3 Model
03:03 — Safety Means Access and Recoverability
04:11 — App+Hardware Spends Without Block
07:09 — Cloud Backup and Instant Phone Swap
09:27 — Lost Hardware and the 7-Day Delay
12:14 — Vendor Lock Is Temporary, Not Ethos
15:44 — Multi-Vendor After Coldcard
21:20 — Which Wallet Fits Your Threat Model?
26:49 — $5 Wrench and Transfer Without Hardware
30:04 — Recovery Contacts and Inheritance
36:06 — FROST Prototype Already in the Repo
38:04 — On-Chain Looks Like Single-Sig
39:34 — Covenants Could Move Policy On-Chain
42:09 — Chain Code Delegation — BIP 89
46:10 — Electrum, Mempool, and Custom Servers
52:08 — Industry After Coldcard Changed
55:21 — Wallet Plus Free-for-Life Co-Signing
Links:
https://x.com/clay_garrett
https://bitkey.world/
Stephan Livera links:
Follow me on X: @stephanlivera
Bitcoin Savings vs Casino Exchanges | Julian Liniger SLP777
Most crypto exchanges are built like casinos: they chase the next hot token, prediction market, or trading product. Relai is building a different category—a savings brand for people who want to accumulate …
Notas del episodio
Most crypto exchanges are built like casinos: they chase the next hot token, prediction market, or trading product. Relai is building a different category—a savings brand for people who want to accumulate Bitcoin, hold it in self-custody, and build wealth over the long run. Julian Liniger explains why serving patient savers requires a different product, message, and business model.
The conversation also explores why rising living costs are pushing Europeans to rethink ordinary savings, and why the temptation to get rich quickly can drive people toward momentum trading and leverage. Julian makes the case for a longer time horizon: Bitcoin savings is less about chasing the next move and more about consistently building a position through changing market conditions.
Supporting context includes Relai's MiCA compliance journey, where regulatory overhead is costly but can also raise the bar for smaller competitors. Julian also discusses the company's self-custody model and reports more than 100,000 users holding over 20,000 BTC in their own wallets—not under Relai management. The episode covers how a Bitcoin-only company can earn revenue through services around long-term ownership while keeping the savings proposition at the center.
Timestamps:
00:01 — Europe's Cost of Living Squeeze
03:11 — Why Europeans Still Don't Get Bitcoin
07:37 — High Time Preference & Get-Rich-Quick
10:31 — Bitcoin Needs Patience Again
10:54 — AI Hype vs Bitcoin as Savings
14:58 — Bitcoin Is Where You Keep Your Winnings
21:42 — Leverage, Treasury Cos & Risk
23:46 — Relai Private Loans in Europe
29:03 — MiCA: Overhead and Moat
33:11 — Bitcoin Savings vs Casino Exchanges
35:26 — 100k Users, 20k+ BTC Self-Custody
37:49 — Retail App vs Relai Private
40:00 — Self-Custody Phone Wallet
42:58 — Seven-Figure Raise in a Bear Market
45:12 — AI for Building and Securing Relai
50:00 — Living Costs Drive Bitcoin Search
Links:
https://x.com/relai_app
Stephan Livera links:
Follow me on X: @stephanlivera
Bitcoin PIPEs v2 | Misha Komarov SLP776
Bitcoin soft-fork debates around CTV, CSFS, OP_CAT, and OP_VAULT keep stalling — and Misha Komarov of Allocinit argues you can emulate much of that covenant behavior with cryptography instead of changing …
Notas del episodio
Bitcoin soft-fork debates around CTV, CSFS, OP_CAT, and OP_VAULT keep stalling — and Misha Komarov of Allocinit argues you can emulate much of that covenant behavior with cryptography instead of changing consensus.
Misha joins Stephan to unpack Bitcoin PIPEs v2: a Witness Encryption design that locks a signing key under an NP statement so a valid zero-knowledge proof decrypts the key and produces an ordinary Schnorr spend. Bitcoin L1 only checks a normal signature.
They compare PIPEs v1 (Functional Encryption / richer post-covenants) with v2 (Witness Encryption / binary pre-covenants), ciphertext sizes from ~300 TB toward single-digit terabytes, DKG and 1-of-n setup assumptions, non-custodial vault and shared-pool use cases, contrasts with cosigner models like Sigbash, and how Allocinit’s Shielded Bitcoin design differs from Shielded CSV’s client-side validation approach — plus open cryptanalysis challenges and a path toward implementable code.
Timestamps:
00:00 — Intro: Misha & Bitcoin PIPEs v2
00:27 — Background: BitMessage to =nil;
01:31 — Soft-Fork Fatigue & Nice-to-Haves
03:24 — Emulate Opcodes Without Soft Forks
04:54 — Witness Encryption Unlocks Keys
06:01 — Witness Encryption vs Bitcoin Witness
09:00 — PIPEs v1 vs v2: FE to WE
11:39 — Ciphertext Size & Cost Trade-offs
15:28 — Vaults as the Unhappy Path
16:23 — PIPEs vs Sigbash Cosigner
18:05 — DKG Setup & 1-of-n Trust
21:11 — Shared Vaults & Lending Use Cases
23:24 — Beyond Canonical OP_VAULT
26:35 — Shielded Bitcoin vs Shielded CSV
32:17 — Self-Custody Peg-In and Peg-Out
37:14 — On-Chain Footprint Walkthrough
39:42 — Security Challenges & Code Roadmap
Links:
https://x.com/allocinitxyz
Stephan Livera links:
Follow me on X: @stephanlivera
rbitcoin: Bitcoin Full Node With Zero Human Code | reardencode SLP775
Almost every public Bitcoin node still runs Bitcoin Core. Brandon Black argues that client monoculture is a systemic risk — and that automation plus AI now make independent consensus implementations more …
Notas del episodio
Almost every public Bitcoin node still runs Bitcoin Core. Brandon Black argues that client monoculture is a systemic risk — and that automation plus AI now make independent consensus implementations more realistic than skeptics assume.
Brandon (aka reardencode) returns to Stephan Livera Podcast for the first episode in a mini-series on non-Core Bitcoin implementations. He is shipping rbitcoin, a Rust full node aimed at server-side wallet and Lightning backends, with Electrum served in-process.
They dig into why rbitcoin has no UTXO set and no Core-style dbcache, how build-time differential testing differs from satd’s in-process libbitcoinconsensus dual-eval, BIP324 v2-only P2P, archival storage tradeoffs, LibreRelay-inspired policy, and what “production-ready™” means when every first-party line was written by AI under his prompting.
Brandon is blunt about maturity: the project is still early, contributors are welcome at rbitcoin.org, and listeners should treat alt clients as high-scrutiny infrastructure — not a drop-in replacement for Core tomorrow.
Timestamps:
00:00 — Intro: Brandon Black & rbitcoin
00:34 — Why Build rbitcoin
03:46 — Alt Clients Mini-Series
04:39 — Consensus Divergence Risk
05:53 — satd vs rbitcoin Paths
06:51 — Automation Makes Diversity Possible
08:29 — Build-Time Differential Testing
09:20 — Why Consensus Bugs Matter
10:55 — Lessons from btcd Divergences
13:35 — Target User: Wallet Backends
15:29 — Miners Leave the Non-Goal List
16:47 — Kill the dbcache Model
20:50 — Electrum In-Process
22:23 — Silent Payments & Tor
23:01 — BIP324 v2-Only P2P
23:46 — AI-Coded: Zero Human Lines
25:04 — Grok Plus Multi-Model Review
27:01 — DoS Rules & LibreRelay
28:34 — Upgrade Hooks
29:34 — Archive-Only, No 'UTXO Set'
31:50 — AI as the New Compiler
33:52 — Context Limits & Dependencies
38:06 — rust-bitcoin Relationship
39:08 — Wallet Infra Opportunity
40:00 — Still 10% a Joke
41:35 — Future of Client Diversity
44:50 — Outro: rbitcoin.org
Links:
Stephan Livera links:
Follow me on X: @stephanlivera
Bitcoin Accelerator on Mirissa Beach | James of Ârc SLP774
Most Asian markets still make buying and saving Bitcoin painfully hard. James of Ârc argues the fix is not another protocol breakthrough — it is local founders shipping simple DCA and savings products market by …
Notas del episodio
Most Asian markets still make buying and saving Bitcoin painfully hard. James of Ârc argues the fix is not another protocol breakthrough — it is local founders shipping simple DCA and savings products market by market.
James joins me from Mirissa Beach, Sri Lanka, where Arc is partnering with Fulgur Ventures on a continuous Bitcoin accelerator. He is a former EY advisor and Playfair Capital investor who previously built with Alexander Mann (now Fulgur GP) and later sold Consequence, an early LLM-on-databases company.
The conversation covers why the program is continuous rather than a six- or twelve-week cohort, how to apply at arc.lk/Fulgur, why Sri Lanka ranks among his top-three country bets, the South Coast talent melting pot, funding DCA apps across Asia even where operators already exist, AI agents as Bitcoin users, and why Strike expanding should not scare local founders.
Timestamps:
00:00 — Intro: James of Ârc
00:35 — From Accenture to Venture Capital
02:13 — Building With Alex Singh
03:21 — Fed Up With Monkey JPEGs
05:10 — Ârc Fulgur Bitcoin Accelerator
06:35 — Continuous Program at Mirissa
07:34 — Two Paths Into Ârc Fulgur
10:13 — Why Sri Lanka?
12:02 — Top-Three Country Bet
12:23 — Whales, Leopards, Beach Hub
15:00 — South Coast Talent Melting Pot
18:36 — 34 Local Founders Already In
21:39 — Fund DCA Apps Across Asia
25:23 — AI Agents Will Use Bitcoin
28:18 — Room for Many Asian Operators
32:23 — Just Focus on Your Customer
32:39 — Apply Now
Links:
https://x.com/FulgurVentures
https://arc.lk/
Stephan Livera links:
Follow me on X: @stephanlivera
Institutional Custody, Multisig & the War on Cash | Mike Belshe SLP773
Mike Belshe, co-founder and CEO of BitGo, walks through how institutional Bitcoin custody actually works in 2026: qualified custody, self-custody co-signing, and why BitGo still centers a 2-of-3 model after …
Notas del episodio
Mike Belshe, co-founder and CEO of BitGo, walks through how institutional Bitcoin custody actually works in 2026: qualified custody, self-custody co-signing, and why BitGo still centers a 2-of-3 model after pioneering P2SH multisig in 2013.
BitGo now operates as a US-regulated qualified custodian and public company, while still offering the same wallet stack individuals can run in self-custody mode. The conversation covers what “institutional security” means in practice — HSM-backed co-signing, open-source recovery paths, multi-jurisdictional key storage (including how BitGo moved WBTC when US regulation looked hostile), and why on-chain multisig still beats vendor-locked MPC for cold ops.
They also dig into the political and operational risks around large Bitcoin holdings: KYC and PII as honeypots, France tying names to amounts, the war on cash reaching Bitcoin, and whether an EO 6102-style confiscation risk still belongs in the threat model. On the institutional side, Belshe pushes back on multi-custodian setups that add failure modes, explains insurance limits versus the size of the Bitcoin market, and why splitting wallets matters after events like Bybit.
Timestamps
00:00 — Intro: Mike Belshe of BitGo
00:59 — Don't Lose Self-Custody's Power
05:41 — Retail Deserves Institutional Security
07:16 — Humans Are Terrible at OpSec
09:56 — 2-of-3 Protects Theft and Loss
14:35 — Retail Pays 160 Basis Points
19:22 — Why People Drift Toward Banks
20:35 — Self-Custody Is Never Trustless
23:39 — Why BitGo Sticks to 2-of-3
30:31 — A Public CEO Holds Zero at Home
31:27 — KYC Leaks Are Government Honeypots
39:28 — France Doxed Bitcoin Holdings
41:30 — War on Cash Reaches Bitcoin
43:45 — Multi-Jurisdictional Key Storage
45:29 — Executive Order 6102 Could Return
47:43 — Quantum-Resistant Wallets Today
49:27 — Multisig Beats MPC
53:33 — Splitting Custodians Adds Failures
58:29 — 2-of-2 MPC Can't Recover Loss
01:00:57 — $5–7B Insurance vs $1.6T Bitcoin
01:03:35 — Bybit Lost 10x by Not Splitting
01:05:21 — Multi-Institution vs Qualified Custody
Links:
https://x.com/bitgo
Stephan Livera links:
Follow me on X: @stephanlivera
Trustless Swaps Across Bitcoin Layers | Walter Maffione SLP772
Walter Maffione, CEO and co-founder of KaleidoSwap, join me to explain how the project grew from an RGB Lightning DEX into a broader swap engine and LSP stack — Lightning as rails between Liquid, Arkade …
Notas del episodio
Walter Maffione, CEO and co-founder of KaleidoSwap, join me to explain how the project grew from an RGB Lightning DEX into a broader swap engine and LSP stack — Lightning as rails between Liquid, Arkade, Taproot Assets, Spark, and RGB — plus KaleidoSDK, desktop app, and browser Extension.
We dig into web app and SDK integrations for merchants and unified-balance wallets, how HTLC atomicity works across layers, BOLT 12 multi-asset offers and Nostr discovery for competing providers, Bitcoin-only scope with Flashnet and Utexo bridges for external stables, and a product lineup of desktop app, browser extension, and dual SDKs.
Walter also covers agentic payments via MCP plugins, self-sovereign local models with Tether’s QVAC, fee ranges around 0.5–1%, and a one-to-three-month mainnet launch path for the extension, swap provider, and web app.
Timestamp:
00:00 — Intro: Walter & KaleidoSwap
00:50 — From RGB to Multi-Layer Swaps
02:14 — LSP Plus Swap Provider Stack
03:42 — Merchants, Stables, Unified Balance
05:38 — Why Swap UX Took Over Wallets
06:42 — Liquidity Ops and Mainnet Path
07:58 — AI Attacks After Boltz Shutdown
10:23 — Defending Non-Custodial Swaps
12:18 — How Atomic Swaps Actually Work
13:36 — RGB, Liquid, Arkade, Spark
14:36 — Open Spec, BOLT 12, Nostr Discovery
18:23 — Pay Anything via the SDK
19:34 — Bitcoin Layers Only + Bridges
22:05 — Desktop, Extension, Dual SDKs
25:05 — UX That Adapts to the User
26:32 — Agentic Payments and QVAC
33:22 — MCP Plugins, Keep Your Own AI
35:11 — Fees Around 0.5–1%
35:57 — Launch Timeline: Next 1–3 Months
37:05 — Find KaleidoSwap Online
Links:
https://x.com/kaleidoswap
https://docs.kaleidoswap.com/whats-kaleidoswap/introduction
Stephan Livera links:
Follow me on X: @stephanlivera
Bitcoiners Must Remove Single Points of Failure | Dhruv Bansal SLP771
Recent attacks exposed how even large, educated Bitcoin holders remained exposed through single-vendor setups. The core lesson is that self-custody alone does not remove single points of failure; deliberate …
Notas del episodio
Recent attacks exposed how even large, educated Bitcoin holders remained exposed through single-vendor setups. The core lesson is that self-custody alone does not remove single points of failure; deliberate design is required.
Dhruv Bansal, co-founder and CISO of Unchained, joins to examine these incidents and the practical barriers that keep most hardware wallet users on single sig despite years of warnings.
The conversation covers the gap between theoretical multisig knowledge and actual adoption, the trade-offs between anonymity and regulated inheritance paths, why newer layers attract attacks first, and the need for human review of AI-generated code at Bitcoin firms.
Bansal argues that cryptographic hardware will become ordinary infrastructure for everyone in an AI-driven internet, not a niche Bitcoin tool, and that mature risk systems rely on fractal networks rather than centralized controls.
Timestamps:
01:42 — No Single Points of Failure Allowed
05:34 — Even Large Holders Skip Multisig?
09:14 — You Could Be Your Own Failure Point
13:35 — Anonymity vs KYC
16:27 — Don't Half-Ass Your Bitcoin Security
21:23 — One Wallet, True Multi-Vendor Security
24:24 — Single Sig Can Still Lose Everything
30:26 — Why Everyone Will Need Hardware Wallets
32:06 — Why Attackers Hit Bitcoin L2s First
36:32 — Bitcoin Firms Must Human-Review AI Code
40:05 — Bitcoin as Humanity's AI Defense System
42:59 — Remove Single Points of Failure Forever
45:25 — Hardware Wallets at Every Gas Station
47:34 — Bitcoiners and Key Entropy
Links:
https://www.unchained.com/
Stephan Livera links:
Follow me on X: @stephanlivera
Interviews at Origin Seoul 2026 | SLP770
00:00 - Interview with Gabriele Vernetti of Stratum V2 @gitgab1915:38 - Interview with Jimmy Kostro @jimmykostro29:30 - Interview with James Check of checkonchainLinks …
Notas del episodio
00:00 - Interview with Gabriele Vernetti of Stratum V2 @gitgab19
15:38 - Interview with Jimmy Kostro @jimmykostro
29:30 - Interview with James Check of checkonchain
Links: https://x.com/gitgab19
https://x.com/jimmykostro
https://x.com/_checkonchain
https://x.com/_checkmatey_
https://x.com/stratumv2
Bitcoinchiangmai.org
Bitcoin Asia (HK) 2026 Day 2 Interviews | SLP769
Interviews at Bitcoin Asia 2026 Day 200:00 - Piriya Sambandaraksa05:14 - Alexander Mann11:04 - Shone Anstey of LQWD17:03 -Liam Eagen from Ideal GroupLinks …
Notas del episodio
Interviews at Bitcoin Asia 2026 Day 2
00:00 - Piriya Sambandaraksa
05:14 - Alexander Mann
11:04 - Shone Anstey of LQWD
17:03 -Liam Eagen from Ideal Group
Links:
https://x.com/idealgroup
https://x.com/LQWDTech
https://x.com/shoneanstey
https://x.com/alex_singh_mann
Stephan Livera links:
Follow me on X: @stephanlivera
Bitcoin Asia (HK) 2026 Day 1 Interviews | SLP768
In this episode, I interviewed several people at Bitcoin Asia 2026.Timestamps:00:00 - Interview with Adam Poulton06:28 Interview with Giovanni Santostasi15:18 Interview Jeff Walton of Strive34:11 Interview with …
Notas del episodio
In this episode, I interviewed several people at Bitcoin Asia 2026.
Timestamps:
00:00 - Interview with Adam Poulton
06:28 Interview with Giovanni Santostasi
15:18 Interview Jeff Walton of Strive
34:11 Interview with Alex B from ArkLabs
Links:
http://x.com/Giovann35084111
http://x.com/arklabshq
http://x.com/punterjeff
http://x.com/strive
Stephan Livera links:
Follow me on X: @stephanlivera
Wallet Playground for learning Bitcoin self custody with Piers Macrae | SLP767
In this episode, Piers Macrae demonstrates Wallet Playground and explains why hardware wallets are signing devices, not wallets.Timestamps:01:10 — Teach Me vs Do It For Me03:23 — Test Any Wallet Free in …
Notas del episodio
In this episode, Piers Macrae demonstrates Wallet Playground and explains why hardware wallets are signing devices, not wallets.
Timestamps:
01:10 — Teach Me vs Do It For Me
03:23 — Test Any Wallet Free in Browser
09:09 — Coldcard Drama Forced Early Release
14:03 — Generate Seeds Using Your Webcam
17:52 — Hardware Wallets Aren't Real Wallets
21:52 — Only 1% Use Multisig for Life Savings
25:33 — Self-Custody Like Firearms Drilling?
27:30 — Only Tiny Percentage Will Self-Custody
Links:
X: @mineracks — https://x.com/mineracks
Wallet Playground: https://walletplayground.com/
mineracks: https://www.mineracks.com/
Stephan Livera links:
Follow me on X: @stephanlivera
Dice Rolls, Entropy, and SeedSigner | Keith Mukai SLP766
In this episode, Keith Mukai of SeedSigner joins to explain why 1.4 percent variance in cheap dice still delivers full 128-bit entropy and how to verify rolls across devices.Timestamps:03:10 — Cheap Dice Only …
Notas del episodio
In this episode, Keith Mukai of SeedSigner joins to explain why 1.4 percent variance in cheap dice still delivers full 128-bit entropy and how to verify rolls across devices.
Timestamps:
03:10 — Cheap Dice Only 1.4% Unfair?
06:29 — Shake Multiple Dice in a Box
08:26 — Verify Dice Rolls Across Devices
11:02 — Verify Dice Seeds With Fake Rolls
13:50 — Multiple Test Rounds Foil Attackers
16:36 — 90% Users Choose Easy RNG Mode
19:08 — Jade's D&D Dice Method?
21:53 — Build Your Own: Avoid Mailing List Leak
24:48 — Stateless Device: Evil Maid Gets Nothing
26:45 — Hand-Drawn SeedQR: Skip Typing 24 Words
29:02 — SeedSigner: Built for Long-Term Cold Storage
31:30 — Evil Maid SD Card Swap Destroys Security
35:27 — Why Multisig Beats Single-Sig + Passphrase
37:14 — Scan Sparrow PDF QR to Load Multisig
42:16 — No One-Size-Fits-All Security
46:41 — Understand Dice Rolls Yourself
49:13 — Take Baby Steps to Multisig
Links:
Stephan Livera links:
Follow me on X: @stephanlivera
Jade for Single-Sig or Multisig | Rich SLP765
In this episode, Rich from the team at Blockstream explains Jade, offline dice entropy, blind oracle protection, multisig descriptor recovery and the new Blockstream Swaps beta.Timestamps:00:45 — AI Scans & …
Notas del episodio
In this episode, Rich from the team at Blockstream explains Jade, offline dice entropy, blind oracle protection, multisig descriptor recovery and the new Blockstream Swaps beta.
Timestamps:
00:45 — AI Scans & Audits Secure Jade
03:21 — Jade Core $99, Plus Up to $169
05:51 — Roll Dice for Offline Seed Entropy
08:23 — Blind Oracle: Remote Secure Element Explained
11:15 — Seed QR: Hand-Draw Your Recovery Phrase
15:24 — Jade Sends Back Lost Multisig Descriptor
19:40 — People Choosing Multisig Over ETFs
25:03 — Blockstream Swaps Beta: Lightning to Liquid
Links:
https://x.com/blockstreamjade
Stephan Livera links:
Follow me on X: @stephanlivera
Wavelength Delivers Ark-Based Lightning Without Node Overhead | Roasbeef & Michael Levin SLP764
Lightning Labs built Wavelength to deliver self-custodial Lightning payments without forcing users to run nodes, manage channels, or handle liquidity.Olaoluwa Osuntokun, CTO and co-founder of Lightning Labs …
Notas del episodio
Lightning Labs built Wavelength to deliver self-custodial Lightning payments without forcing users to run nodes, manage channels, or handle liquidity.
Olaoluwa Osuntokun, CTO and co-founder of Lightning Labs, and Michael Levin, VP of Product, join me to detail the design choices behind their Ark implementation.
They explain why Ark was selected, how hop hints let every payment use ordinary Lightning invoices, and why the four-endpoint SDK targets AI agents and vibe coders. The conversation covers sub-dust vouchers, unilateral exits, offline payment delivery, and one-basis-point alpha pricing.
Wavelength shows that self-custodial Lightning can match the integration ease of custodial services while preserving Bitcoin sovereignty.
Timestamps
01:28 — Why Wavelength: Lightning Without Node Pain
03:00 — Why Ark?
05:28 — No New Addresses: Just Lightning Invoices
08:40 — Targeting Vibe Coders & AI Agents
13:06 — Lightning Beats Credit for LLM APIs
17:51 — Receive Sub-1k Sat Vouchers Seamlessly
19:32 — Normal User Spins Up Ark Wallet Fast
23:02 — Build Wallets with Just 4 Endpoints
24:46 — Telegram Self-Custodial Wallets Already Live
26:21 — Offline Payments Still Arrive Automatically
29:17 — Drop-In SDK for iOS and Android
31:26 — Can Servers Steal Your Funds?
33:36 — Wavelength Alpha: Just 1 Bip Fees
37:57 — AI Attacks Targeting Bitcoin Services?
44:05 — Bug Bounties Shift to Token Spending
48:36 — Self-Custody as Easy as Custodial
Links:
https://x.com/roasbee
Wavelength Announcement: https://x.com/lightning/status/2079620936567779707
Stephan Livera links:
Follow me on X: @stephanlivera
Bitcoin Custody Rules Have Changed | Michael Tanguma SLP763
Old self-custody approaches collapse once Bitcoin reaches six figures, physical threats rise, and AI tools proliferate. Single hardware wallets and mattress myths no longer match the scale or risks that large …
Notas del episodio
Old self-custody approaches collapse once Bitcoin reaches six figures, physical threats rise, and AI tools proliferate. Single hardware wallets and mattress myths no longer match the scale or risks that large holders now face.
Michael Tanguma, CEO and co-founder of Onramp, returns to examine how custody must adapt to family obligations, mortality, and market structure that turns concentrated holdings into targets.
The discussion covers why repeated exchange failures keep Bitcoin looking speculative to outsiders, how multi-institution setups reduce scam ROI, and the limits of adding more dice or vendors in an AI era. It also addresses custody pricing models and the practical question of whether any current setup survives a tenfold price increase.
Game theory now requires diversified institutional layers rather than pure self-reliance for serious stacks.
Timestamp:
03:43 — Bitcoin Custody Won't Work Like 2012
05:49 — Self-Custody Rules Changed With Your Life
07:19 — Why Bitcoiners Must Stop the Mattress Myth
09:01 — Bitcoin's Asset Layer Makes It Unstoppable
11:22 — Private Keys Are Like Firearms
15:40 — Custody Losses Keep Bitcoin Speculative
18:56 — AI Just Changed Self-Custody Forever
21:41 — Why Bitcoin Robberies Are Skyrocketing
25:41 — Multi-Institution Custody Kills Pig Butchering
27:57 — Bitcoin at $650K: Security Nightmare?
29:30 — Game Theory Demands Multi-Custody Bitcoin
32:03 — Centralized Custody: The Honeypot Risk
37:56 — Why Custody Fees Should Be Zero
39:51 — Full Bitcoin Custody for $100/Month
42:51 — Would Your Setup Survive 10x Bitcoin?
Links:
Stephan Livera links:
Follow me on X: @stephanlivera
Subscribe to the podcast
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#Bitcoin #SelfCustody #Custody #OnrampBitcoin #StephanLivera #StephanLiveraPodcast #BitcoinSecurity #MultiSig
Breez Ships Glow — A Super Simple Bitcoin Wallet | Roy Sheinfeld SLP762
Roy Sheinfeld of Breez returns to walk through Glow, the team's new reference wallet built using Spark. It’s designed so non-custodial Bitcoin feels simple: send, receive, and go.Glow uses passkey onboarding …
Notas del episodio
Roy Sheinfeld of Breez returns to walk through Glow, the team's new reference wallet built using Spark. It’s designed so non-custodial Bitcoin feels simple: send, receive, and go.
Glow uses passkey onboarding (no seed phrase to write down), automatic backup via the passkey provider, and a single-balance UX so users can pay Lightning, on-chain, and stablecoin destinations without wrestling settings.
They also cover client-side swaps (Flashnet, multi-vendor architecture after Boltz), AI-driven attacks on swap providers, where Lightning volume actually comes from, Spark unilateral exits, and how AI plus the Breez SDK lets non-developers ship Bitcoin apps from a prompt.
Timestamps
04:21 — Bitcoin Wallet Onboard with One Passkey
08:05 — Stables on Lightning: Overhyped?
09:59 — Swaps Needed Even With Lightning Stables
11:48 — AI Attacks: Cheaper to Attack Than Defend
15:07 — Why Small Teams Get Hacked First
17:15 — Swaps Going Private to Survive?
19:17 — Backends Drive Most Lightning Volume
21:32 — 80/20 Rule: B2B Drives Lightning Volume
25:13 — Making Unilateral Exit Economically Viable
29:48 — Spark Public Mode
31:38 — One Prompt Builds a Bitcoin App
33:13 — Non-Technical Users Now Ship Bitcoin Apps
Links:
https://breez.technology/glow/
Stephan Livera links:
Follow me on X: @stephanlivera
Bitcoin Multi Sig vs Secure Single Sig with Nick Neuman | SLP761
In this episode, Nick Neuman of Casa argues that it’s not the end of self-custody. Instead, it highlights why multisig with multiple vendors provides stronger protection without the hidden complexity of …
Notas del episodio
In this episode, Nick Neuman of Casa argues that it’s not the end of self-custody. Instead, it highlights why multisig with multiple vendors provides stronger protection without the hidden complexity of passphrases or dice rolling for single sig setups.
Timestamps:
03:12 — Not the End of Self-Custody
06:14 — Single Sig Is Actually More Complex
08:45 — Multisig Simpler Than Secure Single Sig
15:37 — $1K Single Sig, $10K Multisig?
17:32 — Casa's $250 2-of-3 Multisig Plan
20:01 — Private Clients Get Dedicated Advisors
22:21 — Bitkey vs Casa
27:36 — Going Closed Source Versus AI Attacks
30:23 — AI Code Audits Now Cost $1K
33:04 — Auto-Rejecting Unknown Callers Saves You
34:35 — Guardian Mode Requires Video Verification
Links:
https://casa.io/
Stephan Livera links:
Follow me on X: @stephanlivera
Kruw on Wasabi 2.8 and Upcoming Forks | SLP760
Kruw (@kruwed) runs one of the highest-volume WabiSabi coordinators, giving him direct insight into how the protocol handles liquidity, Sybil resistance, and real-world usage.Timestamps:00:42 — Wasabi 2.8 …
Notas del episodio
Kruw (@kruwed) runs one of the highest-volume WabiSabi coordinators, giving him direct insight into how the protocol handles liquidity, Sybil resistance, and real-world usage.
Timestamps:
00:42 — Wasabi 2.8 Privacy Features
02:45 — Taproot As Wasabi's Default Address
07:25 — Pay Inside CoinJoin Saves 40 Minutes
10:26 — Auto CoinJoin
12:21 — WabiSabi Blocks Whale Sybil Attacks
14:31 — Payjoins
16:37 — ClusterMempool Wins for CoinJoins
20:00 — Upcoming forks
21:14 — CoinJoin: Free Replay Protection Hack
22:53 — CoinJoin Ban Myth Debunked
25:41 — Black Hole: Earn While Mixing
Links:
Stephan Livera links:
Follow me on X: @stephanlivera
Aquí están los 40 episodios más recientes de 789. Los anteriores están en el feed del podcast.
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