WhatBitcoinDid

SHOW NOTES: https://www.whatbitcoindid.com/podcast/the-fight-for-bitcoin-against-cbdcs Mark Moss is a serial entrepreneur, author, speaker and host of The Mark Moss Show. In this interview, we discuss Bitcoin, the challenges of building in a bear market, the convergence of political, financial, and tech cycles, the concept of generational theory, the current political landscape, and the influence of tech on society. We also talk about the impact of AI on business and jobs, the relationship between religion and morality, and the future of global currencies. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Converging cycle theory 00:09:02 1900s: New Deal & centralisation 00:16:54 Technology shapes society 00:35:54 Impacts of AI 00:46:54 God vs the machine 01:04:06 Bitcoin vs gold/CBDCs/BRICs WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “I think this is the goal that they’re going to... so control your movement, but then really control your money, because at the end of the day without the freedom to transact, there’s no freedom.” — Mark Moss Mark Moss is a serial entrepreneur, author, speaker and host of The Mark Moss Show. In this interview, we discuss Bitcoin, the challenges of building in a bear market, the convergence of political, financial, and tech cycles, the concept of generational theory, the current political landscape, and the influence of tech on society. We also talk about the impact of AI on business and jobs, the relationship between religion and morality, and the future of global currencies. - - - - Mark Moss is a regular and popular guest, and we had an engaging conversation that spanned a variety of topics. We started by discussing a subject Mark is well known for focusing on - the concept of cycles. Political, financial, and technological revolutions have converged at pivotal moments in human history. Mark believes that we’re living through such a convergence now and that by understanding these cycles we can better comprehend the state of the world. We discussed the concept of generational theory and how it relates to human nature, referencing a book called "The Pendulum" that explores the idea of swings between centralization and decentralization through history. We also delved into the current political climate and the potential for a material ‘regime change’, in the context of a continuing growth in scale and capacity of the administrative state where non-elected officials hold significant power. The discussion covered how technology has changed the way people communicate and organize. We mentioned that the current form of government is no longer compatible with the world we are entering, as it was designed to manage large corporations and treat people as collectives rather than as individuals. Today, information is being liberated through technology; this resultant access to information is problematic for authority figures. Mark explained his perspective on the impact of technology, specifically AI, on business, industry, and jobs. He mentioned his experience in internet businesses in witnessing the evolution of technology. Mark believes that AI is a continuation of the technological revolution that started with the internet, which democratized and commoditized technical workers, leading to the availability of skilled workers from different countries at lower costs. Finally, we discussed the potential future of global currencies. In particular, the growing influence of BRICS nations and the expectation they will launch a new gold-backed currency. And, we discussed the potential impact of CBDCs on global trade and control. On the flip side, stablecoins are growing in popularity and allow countries like Argentina to access the dollar market. We discussed stablecoins' potential impact and the control that comes with them.

SHOW NOTES: https://www.whatbitcoindid.com/podcast/how-bitcoin-fights-tyranny Erik Cason is a cypherpunk and author of Cryptosovereignty: The Encrypted Political Philosophy of Bitcoin. In this interview, we discuss his book, philosophy, censorship in academia, and Erik's personal journey from socialism to anarchism. We also talk about technology’s use for state control and violence, the potential of Bitcoin to decentralize power, the philosophical implications of Bitcoin, the potential of living in a virtual world and the nature of consciousness. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:10:42 Communism to cryptosovreignty 00:22:43 Fiat & infinity wars 00:29:10 Tumbling down rabbit holes 00:39:09 Technology, freedom, & tyranny 00:46:07 Crypto-identity; evil; choice 00:58:35 Truth, language, & cryptography 01:13:13 Bitcoin; metaphysics & [virtual] reality WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “If I’m not wrong about Bitcoin, then I believe this is the most radical apparatus that has ever put its hands in humanity that is the only thing that can save us from the potential annihilation of total war that we are eeking towards closer and closer every day.” — Erik Cason Erik Cason is a cypherpunk and author of Cryptosovereignty: The Encrypted Political Philosophy of Bitcoin. In this interview, we discuss his book, philosophy, censorship in academia, and Erik's personal journey from socialism to anarchism. We also talk about technology’s use for state control and violence, the potential of Bitcoin to decentralize power, the philosophical implications of Bitcoin, the potential of living in a virtual world and the nature of consciousness. - - - - Erik Cason is a philosopher, cypherpunk, crypto-anarchist, educator and author. He has just published a book exploring the intersection of Bitcoin, sovereignty, and cryptography in the 21st century. The book’s basis was a series of essays Eric has produced over the years that have focused on the philosophical and sociological aspects of cryptography and Bitcoin. Eric shared his journey from the Occupy Wall Street movement to discovering Bitcoin and embracing anarchism. His experience of being beaten by the police during a protest led to his realization that the state cannot be relied upon for help. We also discussed the accountability of police officers when they use their firearms, comparing the UK to the US. Our discussion touched on the dangers of a monopoly on violence by the state, mentioning historical genocides and the efficiency of the current Chinese Uighur genocide in eradicating a people's culture. We talked about the normalization of weapons of mass destruction and the potential for a nuclear holocaust. We debated whether Bitcoin can end wars versus the concept of an "infinity war" perpetuated by the state. Eric suggested that Bitcoin represents a return to truth in a world that has become nihilistic and devoid of values. He talked about how through advanced mathematics and cryptography, Bitcoin allows for a monetary system that enables true accountability. Bitcoin is a radical way of regaining control over money and limiting the overbearing nature of governments, allowing individuals to make ethical choices even in the face of destruction. Eric fundamentally believes that Satoshi Nakamoto opened up a new frontier for warfare on the internet and provided a space for rebellion movements to operate against oppressive states. That tool still relies on humans who believe in freedom, taking agency: it is vitally important for everyone to take responsibility for addressing societal issues to ensure a better future for our children.

SHOW NOTES: https://www.whatbitcoindid.com/podcast/the-economics-of-ai-bitcoin-mining Daniel Roberts is the co-founder of Iris Energy. In this interview, we discuss misconceptions about energy consumption in Bitcoin mining and the resultant impact on the value and perception of Bitcoin. We also talk about Iris Energy's commitment to using 100% renewable energy, Bitcoin mining stabilizing the energy grid in Texas, the downside protection of low-cost Bitcoin mining, the challenges of scaling Bitcoin mining, and the correlation between Bitcoin mining and AI. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:08:47 Renewables & the grid 00:17:22 Bitcoin fixes grids? 00:24:45 Mining centralisation; hashrate 00:31:58 Mining free markets 00:38:27 Navigating halving economics 00:46:11 AI, ASICs, & energy 00:57:45 Evolution & future hash & AI WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “If you want to keep pushing more renewables onto the grid in the absence of a price signal, in the absence of underlying demand, there’s only one group that pays for that, it’s the taxpayer.” — Daniel Roberts Daniel Roberts is the co-founder of Iris Energy. In this interview, we discuss misconceptions about energy consumption in Bitcoin mining and the resultant impact on the value and perception of Bitcoin. We also talk about Iris Energy's commitment to using 100% renewable energy, Bitcoin mining stabilizing the energy grid in Texas, the downside protection of low-cost Bitcoin mining, the challenges of scaling Bitcoin mining, and the correlation between Bitcoin mining and AI. - - - - Iris Energy is Australia’s largest homegrown Bitcoin miner, and full disclosure, the lead sponsor of What Bitcoin Did. It is an unabashed advocate of decarbonisation, with a commitment to power its operations using 100% renewable energy. It is one of the market leaders in targeting under-utilised renewable energy sources. And, whilst its core business is Bitcoin mining, the company is expanding its next-generation data centres to target the generative AI market. Despite the proven positive contribution to supporting energy grids, mitigating climate change and supporting communities with well-paying professional jobs, Bitcoin mining FUD is still affecting the perception of the industry within influential groups. With Iris Energy’s co-founder Daniel Roberts, we discuss the common misconceptions of Bitcoin mining’s energy consumption, and why these misunderstandings still gain traction in the media. We talked about the challenges of scaling Bitcoin mining: mining companies like Iris have to manage the physical limitations of increasing power consumption and the difficulty of developing large-scale energy infrastructure. They also have to hedge against price volatility. However, Daniel explains how low-cost miners have a unique downside protection that further incentivises the drive to exploit cheap energy sources. The podcast also covers Iris’s expansion into supporting demand for AI computation. Daniel explains the correlation between the needs for Bitcoin mining and AI, and how their approach is not solely focused on Bitcoin mining but rather on building power-dense data centres optimized for various digital demand drivers. This means the competitive advantage in the industry has shifted from chip manufacturers to those who can build large-scale infrastructure businesses.

SHOW NOTES: https://www.whatbitcoindid.com/podcast/the-economic-impact-of-ai Matthew Pines is the Director of Intelligence at Krebs Stamos Group and a Fellow at Bitcoin Policy Institute. Chester Ney is IT Director for environmental consulting firm ALL4. In this interview, we discuss the disruptive impact of AI technology on various industries, the potential risks it poses and the geopolitical implications of AI development. We also talk about the use of AI in cybersecurity and its potential use as a tool to communicate with non-human intelligence. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 AI replacing software devs 00:15:21 Security with & from AI 00:28:41 AI progress & geopolitics 00:48:39 Runaway AI development? 00:59:54 AI & VR dystopia? 01:15:03 Robot revolution; AI biothreat 01:22:39 Bitcoin & AI future economics 01:35:26 Aliens!? WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “The worst case scenario is short timelines, fast takeoff, meaning very soon we’re going to hit some non-linear inflection point and it’s going to be…game over.” — Matthew Pines Matthew Pines is the Director of Intelligence at Krebs Stamos Group and a Fellow at Bitcoin Policy Institute. Chester Ney is IT Director for environmental consulting firm ALL4. In this interview, we discuss the disruptive impact of AI technology on various industries, the potential risks it poses and the geopolitical implications of AI development. We also talk about the use of AI in cybersecurity and its potential use as a tool to communicate with non-human intelligence. - - - - ChatGPT, the AI chatbot built on top of OpenAI's developing large language models (LLMs), was launched in November 2022. It was a realisation of a theoretical advancement that some had imagined would forever remain elusively out of reach. The software was debatedly the most explicit illustration of Arthur C Clarke’s famous quote that “Any sufficiently advanced technology is indistinguishable from magic.” The response to the launch went inevitably viral. However, the awe and wonder were quickly replaced by concerns about the real-world impacts. In terms of coding, ChatGPT could automate and improve on numerous human-based coding tasks. With the upcoming release of the GPT-5 LLM, and competitor products, there is the potential that human software developers could be replaced entirely. And this is just the impact on coding. In reality, AI is and will increasingly have massively disruptive impacts on all jobs. Job roles in the future may still have the same titles, but the day-to-day tasks involved in their fulfilment are likely to be radically different. AI will enable a tighter feedback loop between ideation, testing, and generation, such that development cycles will see rapid acceleration with huge resultant gains in productivity. Jobs may shift towards designing products and user interfaces. Plus, there will be new jobs involved in curating and securing AI systems. The jury is out on whether AI may not pose a world-ending risk. It is more probable that AI will lead to problematic socioeconomic and cybersecurity issues. It will undoubtedly increase volatility in the labour market, and, improve tools for malign actors in the digital space. Nevertheless, it is hard to predict the impact of the expected advance of AI systems becoming capable of self-improvement. This could lead to a utopian takeoff or an existential crisis. Then there are the known unknowns: it is inevitable that AI will enable civilisation to do incredible things in the future and at increasingly rapid speed. This will then lead to the unknown unknowns: the unimaginable impacts of the race towards a singularity. What will the impact be on society? Will AI intersect with a disclosure of non-human intelligence? Will AI enable us to communicate with such entities? Will AI fundamentally change what it is to be human? Sleep well!!!

SHOW NOTES: https://www.whatbitcoindid.com/podcast/bitcoin-financial-advice Pierre Rochard is a VP of Research at Riot Platforms and Morgen Rochard is the founder and lead financial planner of Origin Wealth Advisers LLC. In this interview, we discuss the potential of Bitcoin, its growing legitimacy, the importance of using it responsibly and the misconceptions surrounding it. We also discuss the potential impact of a Bitcoin ETF, the role of stablecoins, and the state of the global economy. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:07:45 Bitcoin security incentives 00:13:46 Ordinals; freedom; blocksize 00:19:36 Bitcoin financial advice? 00:30:00 Politicians & Bitcoin 00:45:06 Adoption waves 01:04:24 Stablecoins 01:12:16 Macro; multisig; mining vs AI WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “In order to match inflation, to meet long term goals, and to do all the things people want to do in their lives, they’re being forced beyond their risk tolerance…in my mind, Bitcoin even though it’s a volatile asset, you’re actually not being forced beyond your risk tolerance because it’s a savings vehicle.” — Morgen Rochard Pierre Rochard is a VP of Research at Riot Platforms and Morgen Rochard is the founder and lead financial planner of Origin Wealth Advisers LLC. In this interview, we discuss the potential of Bitcoin, its growing legitimacy, the importance of using it responsibly and the misconceptions surrounding it. We also discuss the potential impact of a Bitcoin ETF, the role of stablecoins, and the state of the global economy. - - - - Pierre & Morgen Rochard have expertise across both the technical and financial aspects of Bitcoin. It was therefore an opportune moment to take a deep dive into where we currently are in relation to Bitcoin’s purpose, its security and susceptibility to attack, its role as part of an investment portfolio, and its fundamental role as a new form of money. We discussed Pierre’s evolved perspective on the interaction of transaction fees, energy use and security. Fundamentally, does the brilliance of Bitcoin’s original design and the game theory behind a 51% attack, mean that it is unlikely to be attacked? Therefore, is the effort in trying to ensure transaction fees are high enough to increase security becomes moot? Further, we talk about the importance of using Bitcoin responsibly and in a way that can make the world a better place. Should the freedom provided by Bitcoin be used to make positive choices and improve the world, rather than for non-essential purposes like putting jpegs on the blockchain? If blockspace is a scarce and valuable commodity, should there be a moral consensus on how it is used? Morgan shared her perspective on investing in Bitcoin and the general advice to consider it as a long-term savings asset. Morgan advises against using leverage and suggests a 30-50% allocation as being appropriate for most people. We also discussed the topic of adoption and whether it needs to be at a slow pace to enable the rebalancing of portfolios. This is important as people realize that Bitcoin is a backup plan in case the fiat economy fails. We discussed the growing legitimacy of Bitcoin within important groups. This reinforces the importance of investing in education and public policy to fight misconceptions and ensure that the truth about Bitcoin is being shared. We also touched on the potential impact of a Bitcoin ETF, highlighting the limitations of ETFs, and the importance of encouraging individuals to own Bitcoin outright and holding their own keys.

SHOW NOTES: https://www.whatbitcoindid.com/podcast/scaling-bitcoin Christian Decker is a researcher and developer at Blockstream. In this interview, we discuss the evolution of the Lightning Network and the challenges of making it more user-friendly. Decker introduces Blockstream’s new service, Greenlight, which simplifies the management and security of running a Lightning node. We also discuss the concept of covenants in Bitcoin and how they can be used to restrict the spending of funds. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:06:02 Lightning UX challenges 00:18:38 Why Greenlight? 00:25:52 Decentralisation; wen Greenlight? 00:36:42 Scalability vs sovereignty 00:45:10 Multiparty LN; covenants 00:53:20 The state of Greenlight WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “How much of the management burden, how much of the security burden can we take away from users while they are learning, while they are reaping the benefits of using bitcoin?…Maybe they only become interested once you’ve seen the upside.” — Christian Decker Christian Decker is a researcher and developer at Blockstream. In this interview, we discuss the evolution of the Lightning Network and the challenges of making it more user-friendly. Decker introduces Blockstream’s new service, Greenlight, which simplifies the management and security of running a Lightning node. We also discuss the concept of covenants in Bitcoin and how they can be used to restrict the spending of funds. - - - - I first interviewed Christian Decker about the Lightning Network in April 2019. Over the past four and a half years, the Lightning Network has made significant strides in terms of its technical development, to the satisfaction of many of those working on it. However, the challenge of making the Lightning Network more accessible to non-technical users remains as the potential means to accelerate wider adoption. The current situation is that users require a deep understanding of Bitcoin and Lightning, which can obviously be off-putting for many. This led to the development by Christian of Blockstream’s new product, Greenlight, which aims to simplify the management and security burdens of running a Lightning node. It aims to provide a non-custodial Lightning-as-a-service, predicated on Blockstream's commitment to transparency and user empowerment. Greenlight was born out of the need to bridge the gap between custodial and non-custodial solutions. It provides a user-friendly onboarding experience, allowing users to have their own Lightning node while Blockstream's servers handle the operational processes. The keys remain on the user's device, ensuring security. It has been designed as a tool for all users: from end users who need assistance with managing their funds and channels on the Lightning Network, to app developers who struggle with integrating Lightning into their applications. However, whilst Greenlight makes the Lightning Network more accessible, it doesn't necessarily make it more decentralized. There is still a level of centralisation in infrastructure and traffic monitoring. The goal is to educate users and empower them to run their own nodes, thus increasing their self-sovereignty on the Lightning Network. Our conversation was a deep dive into the evolution of Bitcoin and the Lightning Network and the exciting future that lies ahead with services like Greenlight. As the community continues to explore and innovate, the goal remains the same: to make these technologies more accessible and empower users to take control of their financial future.

SHOW NOTES: https://www.whatbitcoindid.com/podcast/are-central-banks-losing-control Lyn Alden is a macroeconomist and investment strategist, and Natalie Smolenski founded and leads the Texas Bitcoin Foundation. In this interview, we discuss the impact of digital currencies on government control, the breakdown of the US system of checks and balances, and the increasing influence of central governments. We also talk about the complexity of the monetary system, the current state of the financial system, and the future of Bitcoin. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:03:52 Narrow corridor of liberty 00:14:08 Monetary political spiral 00:24:33 Central banks losing control? 00:32:42 Any political solutions? 00:46:51 When societies break down WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “Those that don’t want issues focused on the money divide people to focus on other things…they don’t really care about any of these views, what they’re trying to do is sew chaos.” — Lyn Alden Lyn Alden is a macroeconomist and investment strategist, and Natalie Smolenski founded and leads the Texas Bitcoin Foundation. In this interview, we discuss the impact of digital currencies on government control, the breakdown of the US system of checks and balances, and the increasing influence of central governments. We also talk about the complexity of the monetary system, the current state of the financial system, and the future of Bitcoin. - - - - Lyn Alden and Natalue Smolenski are both acclaimed as peer leaders within their respective fields. I feel this is because they can provide engaging clarity to complex issues. However, I also feel that it is their ability to be authoritative, honest and calm, within an industry full of noise, miss truths and hidden agendas, that has led to them developing loyal followings. It was an honour to have these two heavyweights of the community coming together on the show. Our conversation began with a discussion on the concept called the "narrow corridor of liberty," which Natalie explained as a theory describing the balance between the state and society in terms of technological advancements, and the race for liberty to stay ahead of tyranny. We then talked about how this applies to the race between Bitcoin and Central Bank Digital Currencies (CBDCs). The conversation took a turn towards the challenges of explaining the upcoming financial challenges to friends and family, in the context of the need to rethink governance in a digital world to prevent excessive government control. The system of checks and balances in the United States has broken down, with laws now being made through federal agencies instead of Congress. These agencies are often not accountable to the American people. Lyn talked about the correlation between the breakdown of the financial system and Increased government control. She emphasized the complexity and opacity of the money system, which fuels political polarization and distracts people from focusing on the real issues. Those in power may want to divert attention from the money system, whilst corporate interests have an undue influence on government decisions. The need for reforms is readily apparent e.g. lobbyists' influence, Congress members trading stocks and the lack of term limits. But, the fundamental issue is the risks resulting from a concentration of power. Decentralisation is a bedrock of Bitcoin’s development, so there is real excitement that those pushing for change finally have a powerful tool with which to enact real and meaningful change. That is why Bitcoin has people of the calibre of Lyn and Natalie.

SHOW NOTES: https://www.whatbitcoindid.com/podcast/here-comes-bitcoin 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:08:55 Orange-pilling the masses WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “People think I’m here to make them money, I’m just here to make money better” — Bitcoin 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/bitcoin-mining-adapt-or-die 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:06:30 Mining: adapt or die 00:22:58 New miner hedging tools 00:39:20 Where’s hash headed? 00:59:52 Hash-derivative yield 01:15:27 Risk & maturing markets WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “The reason this is actually different is because there is actual proof-of-work, there is demonstrable economic activity happening…you’re just giving up some of the yield, or some of the margin that you would produce from that mining yield to somebody that financed your operation.” — Nick Hansen 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?

In the heart of South America, Argentina is gripped by an endless economic crisis. A prolonged history of hyperinflation, currency devaluation, and fiscal mismanagement has created enormous inflationary pressures and destroyed confidence in the Argentine peso. The country has grappled with unsustainable public debt levels, political instability, and an over reliance on external borrowing. These factors, combined with a lack of consistent economic policies, have led to a series of financial crises, eroding the population's purchasing power and causing significant social and economic hardship. The crisis has been further exacerbated by challenges such as income inequality, corruption, and a lack of trust in the financial system, making it a complex and enduring issue for Argentina. In Part 4 of Follow the Money, I travel to Buenos Aires to understand Argentina's history of inflation, the damage it has caused the country and the tools people have to survive a collapsing currency. With an upcoming presidential election, I also meet the people who believe that the solution is a new Libertarian candidate and his radical reforms of economic policy and government. - - - - - Thanks to my sponsor Iris Energy, irisenergy.co, who financed this film. Iris Energy is the largest NASDAQ listed Bitcoin miner using 100% renewable energy. Find out more about Iris Energy here - https://irisenergy.co. - - - - - THE TEAM: → Directors: Curt Taylor & Peter McCormack → Producer: Peter McCormack → Director of Photography: Curt Taylor → Camera Operator: Aiden Bryan → Editor: Michael Kenny → Production Co-ordinator: Neil McCormack → Colour Grade: Curt Taylor → Sound Design & Mix: James Hall (Obodo) → Fixer: Juan Llauró - - - - - WHERE TO FOLLOW ME: → Twitter: https://twitter.com/petermccormack/ → Twitter: https://twitter.com/whatbitcoindid/ → Instagram: http://instagram.com/mccormack555/ → Instagram: http://instagram.com/whatbitcoindid/ → TikTok: https://www.tiktok.com/@whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → Website: https://www.whatbitcoindid.com/ WHERE TO FIND THE SHOW: → Website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr #finance #economics #bitcoin #argentina #inflation #milei

SHOW NOTES: https://www.whatbitcoindid.com/podcast/the-debt-spiral 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Debt Spiral 00:16:56 Creating recessions 00:24:53 Short everything? 00:32:46 USD shortage; BTC; stablecoins 00:42:02 Orange party revolution? 00:52:06 Rates; stagflation; Bitcoin WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “It’s not just some random Bitcoiner and some guy from Cincinnati talking about this debt spiral anymore, it’s everybody on Wall Street, it’s very credible people…the math isn’t working anymore and this is looking like we’re crossing the event horizon and there’s no return.” — Preston Pysh - - - - 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/building-the-global-financial-system 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:05:45 Lessons from Libra 00:16:34 Senate testimony; Why Bitcoin 00:29:36 Building Lightspark 00:40:41 Bitcoin vs CBDCs reality 00:50:28 Institutional Bitcoin future 01:03:22 Scaling to Billions; volatility 01:10:48 BTC Treasury strategy WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “You can theorise a lot about the experience we’ve had, but having lived it has changed my worldview and my appreciation in such a way that now I have this unshakeable conviction that Bitcoin is the only form of neutral internet money there will ever be.” — David Marcus 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/how-the-federal-reserve-works 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Why Central Banks? 00:09:02 Central bank 101 00:16:29 QE, inflation, treasury market 00:29:00 Crisis coming?; political corruption 00:39:11 US centralisation; Bitcoin 00:47:26 End the Fed?; CBDCs 00:56:31 What will Powell do? WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “When you have more political centralised control, there’s a lot more vulnerability to things like corruption and mismanagement and I think that’s where we’re headed; so, I’m actually quite pessimistic for the global economy for the next decade.” — Joseph Wang 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/decentralise-everything 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Canada; economic decline 00:11:27 Bank fails 00:23:09 Journey to Nostr 00:31:17 Power of Zaps & Nostr 00:40:54 Beating centralisation 00:54:14 AI innovation 01:04:59 Fighting AI; govt vs encryption WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “How can protocols improve humanity?…it’s just computer code, it’s just a way for computers to talk to each other, it’s a protocol; and somehow that simple idea is having huge impacts on the world.” — William Casarin 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/bitcoins-cultural-revolution 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:09:46 PAC Bitcoin; ‘crypto’ 00:23:27 Bitcoin culture revolution 00:38:13 Fiat culture decay 00:48:30 Adoption, AI, & the future WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “As we contemplate this, what may be a phase-change in industrial society, what are the questions we need to be asking?” — Steven Lubka 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/hyperbitcoinisation-cant-happen 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:09:21 Contrarian bitcoiner 00:18:51 Bitcoin narratives 00:35:55 Inflation & Real estate 00:53:52 Trade; living standards; oil 01:14:42 Bitcoin’s real potential WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “Even if you come in with normie assumptions about economics and normie assumptions about politics and normie assumptions about the world, I think you can come up with a really really powerful bull case for Bitcoin… There’s so many good reasons to believe that this is going to be, maybe over time, the most important monetary asset in human history.” — Mike Brock 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/the-breaking-of-the-global-economy 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:05:16 Interest rate key driver 00:15:11 Central bank vs markets 00:28:59 Recessions; Repo market 00:43:03 Bitcoin macro layer; BRICS 00:50:17 China; why Bitcoin matters WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “You can imagine a world in which people actually have more power than institutions and governments...Bitcoin has the ultimate power in making the world a better place for people.” — Nik Bhatia 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-free-market-for-money 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Exploring anarcho-capitalism 00:09:03 Practical anarchy? 00:22:29 Scaling anarchy 00:30:51 Libertarian revival? 00:42:17 Freedom market money WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “The value proposition of Bitcoin, how it can change the world, it’s to a certain degree abstract… when you actually spend time in these countries where currency collapse is a reality, it opens your eyes as a Bitcoiner.” — Peter St Onge - - - - 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/macroeconomics-on-chain-data-with-nik-bhatia-willy-woo-wbd-live-in-sydney 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 EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Nik Bhatia on teaching Bitcoin 00:16:18 Layered Money; macro 00:32:00 Willy Woo on trading Bitcoin 00:47:27 The future of Bitcoin 01:01:14 Q&A 1 Deflation; ‘paper’ bitcoin; LN 01:14:43 Q&A 2 Binance; what is bitcoin? WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “We know from history that increased trade reduces the likelihood of armed conflict…so what if Bitcoin can contribute to world peace?” — Nik Bhatia - - - - 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/wbd-live-in-sydney-pt-1 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ Orange Pill App - https://www.theorangepillapp.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Checkmate on economics 00:15:45 Onchain & Macro 00:25:44 Dan Roberts on Mining 00:35:10 ASICS, AI, & the future 00:52:31 Rusty Russell on Bitcoin 01:07:32 Upgrades vs ossification WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “People understand what they own now, why they own it; you don’t step in front of the FTX train without knowing why the hell you’re here, that takes serious guts and conviction.” — Checkmate - - - - 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, emphasizing 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/solving-the-unsolvable-problems 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 BTC treasure map; self-transformation 00:27:36 We’re all just numbers; AI 00:49:56 Proving wormholes with BTC 01:10:18 Bitcoin is key to the universe 01:27:02 Quantum Transitivity WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “Bitcoin’s going to be the key ingredient to humanity going the next level, to something like the unified field theory, which is basically where we know how to control every particle in the universe; and, that’s not that far away.” — Michael Dunworth 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/valuing-bitcoin 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:11:04 Why banks fear Bitcoin 00:16:53 Bank surveillance & social credit 00:29:04 Government creep 00:39:19 Fixing government incentives? 00:51:06 Bitcoin valuation framework 01:08:07 Bitcoin to the masses; inheritance WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “The first valuation framework is simple in that there’s $6.3 trillion of global trade that happens on a daily basis and if you divide $6.3 trillion by the 900 BTC that are minted on the day, you get to $7 billion a coin.” — Peter Dunworth 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/is-chainalysis-prosecuting-innocent-people 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. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:03:52 Chain analysis injustice 00:10:53 Reporting on injustice 00:18:54 Can Chain analysis catch crime? 00:25:42 State of journalism & media WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “This software is being used to imprison people, it’s being used for compliance reasons, to censor transactions. So, if this thing is inaccurate we’re just randomly pointing fingers at people. This is neither just nor democratic.” — L0la L33tz 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/how-bitcoin-fixes-money 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 decentralized solution with its ability to allow hard asset money to move globally at speed. THIS EPISODE’S SPONSORS: Iris Energy - https://irisenergy.co/ Wasabi - https://www.wasabiwallet.io/ Ledger - https://www.ledger.com/ Unchained - https://unchained.com/ SUPPORT THE SHOW: → Become a Patron: https://www.patreon.com/whatbitcoindid/ → Subscribe on iTunes → Leave a review on iTunes → Share the show out with your friends and family on social media → Drop me a line on hello@whatbitcoindid.com → https://www.whatbitcoindid.com/sponsorship/ TIMESTAMPS: 00:00:00 Introduction 00:02:44 Bitcoin Fixes This 00:12:35 Broken money effects 00:19:06 The Pillars of Bitcoin 00:30:20 Bitcoin’s long-term impacts 00:40:02 Risks to Bitcoin; CBDCs WHERE TO FIND THE SHOW: → My website: https://www.whatbitcoindid.com/podcast/ → iTunes: https://apple.co/2OOlzVV → Spotify: https://spoti.fi/2ygc4W1 → Stitcher: https://bit.ly/2IQO8fX → SoundCloud: https://bit.ly/2CGSVQR → YouTube: https://bit.ly/3nyi9Ez → TuneIn: https://bit.ly/2ywystr LISTEN TO OLD EPISODES: → By guest: https://www.whatbitcoindid.com/guests/ → By topic: https://www.whatbitcoindid.com/topics/ → Transcriptions: https://www.whatbitcoindid.com/transcriptions/ WHERE TO FOLLOW ME: → Twitter: https://twitter.com/whatbitcoindid/ → Medium: https://medium.com/@whatbitcoindid/ → Instagram: http://instagram.com/whatbitcoindid/ → Facebook: https://www.facebook.com/whatbitcoindid/ → YouTube: https://www.youtube.com/whatbitcoindidpodcast → Website: https://www.whatbitcoindid.com/ → Email list: https://www.whatbitcoindid.com/subscribe/ LEARN ABOUT BITCOIN: → Step by Step Guide: https://www.whatbitcoindid.com/learn-bitcoin → Training: https://www.whatbitcoindid.com/training/ → Resources: https://www.whatbitcoindid.com/resources/ #Bitcoin #Finance #Economics **** “As the first time where hard asset, bearer asset money can move at the speed of telecommunications globally…it’s one of the first technologies in money that can improve it that's not centralising, it’s arguably decentralising, and that’s what makes it different from than the past 200 years of monetary innovations.” — Lyn Alden - - - - 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.