The Peter McCormack Show

Firas Modad is a political analyst and geopolitical strategist, specializing in the intersection of power, governance, and societal change. His work explores how oligarchs, elites, and state institutions shape policy, influence public perception, and manipulate global narratives. In this interview, we explore the real power behind governments, the rise of populist uprisings, and why Western democracy may be failing. Modad explains how oligarchs exert control over elected officials, how free speech is being systematically dismantled, and why welfare policies can often corrupt rather than support society. We also dive into Trump’s political genius, Putin’s grip on Russia, and the collapse of Western values, offering a raw and unfiltered discussion on the forces reshaping the world today.

Shanker Singham is a leading trade economist, competition lawyer, and policy expert, known for advising governments on free markets, regulatory reform, and trade policy, and playing a key role in shaping post-Brexit economic strategies for the UK. In this interview, we discuss the government decisions over the past 25 years have crippled growth, increased debt, and left everyday people struggling. Singham discusses GDP per capita decline, regulatory capture, taxation failures, and why the UK is falling behind the US and even Poland. We also discuss how entrenched elites manipulate policies for their own gain, how over-regulation kills competition, and how Brexit’s economic potential is being squandered.

Lois Perry is a political activist, media commentator, and Executive Director of Heartland Institute UK & EU, known for her fierce opposition to Net Zero policies, government overreach, and media bias, advocating for free speech, energy independence, and political reform. In this interview, we discuss how the UK government is using climate hysteria to justify skyrocketing energy costs, oppressive taxation, and economic destruction. Lois explains why British energy prices are the highest in Europe, how taxpayers are funding massive green subsidies, and how the political elite are exploiting the climate agenda to maintain control. Perry, a well-known campaigner against government overreach, has taken on climate scientists, exposed the hypocrisy of politicians like Ed Miliband, and argued against the ideological push behind net zero.

Noel Willcox is a campaigner and whistleblower exposing the corruption and financial abuse within the Child Maintenance Service, highlighting how government enforcement policies have pushed parents into debt, financial ruin, and even suicide. In this interview we discuss the reality of the Child Maintenance Service (CMS), a system that has financially ruined parents, destroyed families, and even driven some to suicide. With inflated debts, aggressive enforcement tactics, and no accountability, thousands of parents are left destitute by a government-backed scheme that claims to support children. Willcox also breaks down how CMS weaponises the legal system, the financial fraud happening behind closed doors, and why this scandal remains ignored by the mainstream media.

Charlotte Gill is a journalist, investigator, and the driving force behind UK Doge, a movement dedicated to exposing government waste, corruption, and misallocated taxpayer money. In this interview, we discuss the biggest government scandal you’ve never heard of—how vast amounts of public money is funnelled into ideological vanity projects, bloated quangos, and politically motivated initiatives, all while essential public services struggle. Gill exposes the deep state networks, shadowy funding structures, and NGOs that operate behind the scenes to reshape British politics without voter consent. We also discuss the Left’s strategic control over institutions, the rise of UK Doge, and why politicians refuse to tackle wasteful spending.

Steve Baker is a Conservative MP, former Brexit minister, and outspoken advocate for free markets, sound money, and limited government. James Van Straten is a macro analyst and Bitcoin advocate, focused on exposing economic mismanagement and the failures of central banking. In this episode, we discussthe UK’s economic crisis, government waste, political failures, and how reckless borrowing, high taxation, and a bloated state have pushed Britain towards financial ruin. We also discuss the failures of Conservative leadership, the rise of Reform, and whether figures like Kemi Badenoch or Nigel Farage can fix the system.

Eric Kaufmann is a political scientist, professor, and author specialising in cultural politics, demographics, and the rise of woke ideology, advocating for post-progressivism and free speech in academia and society. In this interview we discuss how woke ideology, cultural overreach, and progressive dominance have reshaped the Western world. From the suppression of free speech to the radical transformation of institutions, Kaufmann reveals how an elite ruling class has manipulated the system to silence dissent and enforce ideological conformity. He also explains how the education system has become a breeding ground for ideological indoctrination, manufacturing an entire generation that sees dissent as dangerous rather than necessary.

Mike McCulloch is a physicist and researcher known for his Quantized Inertia theory, which challenges mainstream physics by offering an alternative to dark matter and proposing revolutionary propulsion concepts like the EM Drive. In this interview, we discuss everything that is known about space, gravity, and physics itself. Mike reveals why dark matter and dark energy may be complete fabrications, how Einstein’s theories are deeply flawed, and why mainstream science is ignoring the biggest discoveries of our time. We also discuss his radical theory—Quantised Inertia—which could rewrite the laws of physics, eliminate the need for dark matter, and even unlock new ways of space travel.

MP Mike Tapp is an ex-military intelligence officer and now Labour for Dover. In this show we discuss British values, national security, and the political failures shaping modern Britain. We also cover immigration, terrorism, economic decline, and the collapse of public services under consecutive governments. Does Labour truly represent working-class Britain? Why is crime spiralling out of control? And is free speech under threat? As a former intelligence officer who has fought against terrorism and crime, Mike Tapp offers a unique insider’s perspective on what’s really happening behind the scenes.

Rupert Lowe is a businessman, the former Southampton FC chairman, and a Reform Party MP, known for his outspoken views on politics, free markets, and the need for radical change in the UK government. In this episode, we discuss the corruption and incompetence plaguing Westminster, the consequences of mass migration, crippling taxation, and the failures of weak leadership. Rupert also discusses the reality of Britain’s uniparty system and the broken machinery of government that is failing its citizens. With the Reform Party surging in the polls, he explains why this could be the country’s final chance to reclaim its future.

Daniel Priestley is a serial entrepreneur, author, and business strategist, known for helping startups and scale-ups navigate the digital economy and adapt to the rapidly changing world of AI and technology. In this episode we discuss AI, the death of the industrial age, the rise of digital business, and the future of entrepreneurship. We also discuss how AI will reshape industries, whether governments can keep up, and if we’re heading into a new era of digital feudalism where a few will own everything. Priestley argues that those who fail to adapt to AI will be left behind. Will technology liberate us or enslave us?

Jake Hanrahan is an independent journalist, war reporter, and founder of Popular Front, known for his raw, unfiltered coverage of conflicts, crime, and underground movements around the world. In this episode we discuss conflict, corruption, media manipulation, and the creeping authoritarianism gripping the West. With years of frontline reporting from Ukraine, Syria, Iraq, and beyond, Jake shares his perspective on global conflicts, why the mainstream media is failing us, and how governments use fear and control to shape public perception. We also discuss the reality of modern warfare, the rise of state control, the failure of politicians, and the real consequences of unchecked power.

Will Storr is an acclaimed author, journalist, and storyteller, specializing in exploring human psychology, status dynamics, and the power of narratives to shape our lives and societies. In this interview we discuss the dynamics of status, storytelling, and human psychology. Learn why we chase status, how stories shape societies, and the dangers of ego in modern life. In this thought-provoking episode, Will explores the biological, cultural, and psychological factors that drive human behaviour. Discover the hidden truths behind social media, cancel culture, and why status games dominate our lives.

Steve Parish is a British businessman and the Chairman of Crystal Palace Football Club, known for his role in revitalising the club and his outspoken views on football and business. In this interview, we discuss challenges of leading a Premier League club. From the impact of big data and AI in football to navigating financial pressures and planning for the club’s future. We also cover the hidden strategies behind the scenes of the Premier League and the balancing act required to maintain success in one of the world’s most competitive leagues.

James Fishback is the founder of Incubate Debate, a free speech advocate, and a debate champion, committed to fostering critical thinking and open dialogue among students across the U.S. In this interview we discuss how political bias and censorship are infiltrating high school debate competitions. They explore the decline of free speech, the impact on young minds, and what it means for the future of education and democracy. This eye-opening conversation delves into the controversial practices shaping today’s debates and why restoring free speech is more critical than ever.

Alex Phillips is a former Brexit Party MEP, journalist, and political commentator known for her outspoken views on cultural decline, women’s safety, and the future of British politics. In this interview, we discuss the unraveling of British society. From the crushing taxes and housing crisis to cultural decay and economic mismanagement, Phillips explains why many young Brits are leaving the UK. Discover her controversial take on mass migration, political failure, and the erosion of traditional British values—and what must happen to turn things around.

William Clouston is the leader of the Social Democratic Party (SDP), advocating for a patriotic, pragmatic, and socially conservative vision for Britain's future. In this interview we discuss the UK’s pressing challenges. From immigration and housing to free trade and privatisation. Clouston unpacks the policies that have left Britain in crisis. Discover the SDP’s vision for economic reform, border control, and a renewed focus on working-class issues to rebuild trust in UK politics.

Liz Truss is a British politician who served as the UK's Prime Minister and Leader of the Conservative Party, known for her advocacy of free markets, economic reform, and her candid critique of the political establishment. In this interview we discuss the UK’s broken political system, the rise of unaccountable bureaucracy, and the fight for free speech. Truss also reveals the challenges she faced in government, the hidden forces behind Britain’s failures, and the critical reforms needed to turn the country around. From immigration and economic policies to media bias and free speech, we dive into the deep issues shaping the UK’s future.

Paul M. Sutter is an astrophysicist, author, and science communicator known for making complex cosmic concepts accessible and engaging through his books, podcasts, and media appearances. In this interview we discuss the mind-bending world of black holes, space-time, and quantum physics. From Einstein’s theory of relativity to the mysteries of black holes and the paradox of quantum entanglement, Sutter explains how our understanding of the universe is evolving. We also discuss the nature of time, the fabric of reality, and whether we’re living in a simulation.

Former Head of the UK Border Force, Tony Smith, pulls back the curtain on the hidden complexities of immigration and border control. In this interview, Tony explains how policy, security, and global trends shape the UK’s borders. From asylum seekers and illegal immigration to the economic and social impact of migration, we dive into the challenges of managing a modern border. Tony also shares insights into controversial policies like the Rwanda Plan and the UK’s approach to human rights and deportations.

David Halpern is President and Founding Director of The Behavioural Insights Team and a leading pioneer in applying behavioural science to improve public policy and everyday decision-making worldwide. In this interview he reveals the fascinating ways behavioural science influences government policy and everyday decisions. From pensions to education and even tax collection, we explore how “nudges” are changing the way we interact with public services. We also discuss the ethics of government intervention, the efficiency of markets, and the future of policymaking in a data-driven world.

George Galloway is a British politician, broadcaster, and author renowned for his decades-long career as a champion of working-class politics and his fierce critiques of Western foreign policy and neoliberalism. In this interview, George delivers a powerful critique of the Labour Party’s transformation from a working-class movement to a middle-class elite institution. Drawing on his unique experiences in politics and broadcasting, Galloway discusses the erosion of Labour’s connection to the British working class, the Californication of its policies, and the broader state of the left in the UK. This wide-ranging conversation dives into Labour’s ideological identity crisis, the rise of populism, and the systemic failures of Britain’s political class, offering insights that challenge both the left and the right.

Matt Goodwin is a British political scientist, author, and commentator known for his work on populism, political realignment, and the cultural and economic challenges facing modern Britain. In this interview, Matt delivers a scathing critique of Britain’s failing political class. Known for his sharp insights into populism and British politics via his SubStack, Goodwin exposes the hidden truths about mass immigration, elite mismanagement, and the collapse of trust in UK institutions. This conversation explores how populism is reshaping Western democracies, the failures of Labour and the Conservatives, and whether Reform UK can save Britain from its downward spiral.

Konstantin Kisin is a comedian, podcaster, and political commentator known for his sharp insights on free speech, culture wars, and societal issues, and as the co-host of the popular show Triggernometry. In this interview we discuss Britain’s struggle with identity, the erosion of free speech, and the consequences of class contempt. From Brexit divisions to cultural battles over British values, we explore why the UK feels stuck in decline. Is there hope for a turnaround, or are we heading toward irreversible cultural and economic challenges?

Dr. Aseem Malhotra is a cardiologist and public health advocate. He has been at the forefront of exposing the influence of Big Pharma on global healthcare systems and calling for a revolution in evidence-based medicine. From critiquing flawed dietary guidelines to challenging the widespread use of mRNA vaccines, Dr. Malhotra has consistently pushed back against corporate interests that prioritise profits over public health. In this interview, we discuss corporate capture of healthcare, the ethical failures of Big Pharma, and the dangerous consequences of systemic corruption. Dr. Malhotra shares his insights on the pandemic response, vaccine controversies, and how profit-driven medicine has eroded trust in public health. We also discuss solutions for reclaiming healthcare, the power of grassroots advocacy, and the urgent need for transparency and accountability in a system built on exploitation.

Mauricio Di Bartolomeo, co-founder and CEO of Ledn, a Bitcoin and digital asset financial services platform, fled Venezuela to escape persecution by the regime and the devastating effects of economic collapse and hyperinflation. Can Bitcoin be the answer to managed decline and inflation? In this interview we discuss the lessons from Venezuela’s economic collapse and how Bitcoin offers a pathway to financial freedom. We also cover the challenges of big government, the hidden costs of free services, and why decentralisation through Bitcoin could revolutionise economies like the UK.

Mark Littlewood, a prominent libertarian commentator and Director General of the Institute of Economic Affairs, is renowned for his advocacy of free-market policies and individual freedoms. As the Conservative Party grapples with a crisis of identity and waning public trust, with voters increasingly turning to Reform UK for solutions, we dive into the deep challenges facing Britain today. From the country’s fractured political landscape to the rise of populist conservatism, we examine how bloated government and relentless bureaucracy are stifling progress. Mark presents a vision for the future, offering bold proposals such as institutional reform, addressing the nation’s spiralling public debt, and reigniting the core principles of conservatism.

Richard Tice is a British businessman and politician. He has been serving as the Member of Parliament (MP) for Boston and Skegness since July 2024 and is the Deputy Leader of Reform UK. In this interview we discuss why Britain feels broken and how Reform UK aims to fix it. Richard explains the flaws in net zero policies and addresses immigration, NHS inefficiencies, and economic stagnation, laying out bold plans for a better future. We also discuss why the establishment fears Reform UK, what’s driving cultural and financial decline, and how real change can be achieved.

Dan Wootton is a British journalist and broadcaster known for his outspoken commentary and coverage of celebrity and political issues. In this interview we discuss the growing influence of cancel culture, government censorship, and the woke takeover of mainstream media in the UK. Dan reveals insider insights from his time in mainstream media, how independent platforms are reshaping public discourse, and why the fight for free speech is more critical than ever. We also get into why independent media is gaining traction, how cancel culture silences dissent, and the chilling impact of advertising boycotts on journalism.

Alan Miller is a passionate advocate for civil liberties, co-founder of the Together Declaration, and a cultural entrepreneur who transitioned from shaping London's nightlife to leading a national movement defending rights and freedoms. In this interview we discuss the growing influence of technocrats, the consequences of lockdowns, and the flaws in Net Zero policies. We also get into free speech, censorship, and the economic impact of overreach by governments. Alan also gives actionable insights on protecting freedom, empowering citizens, and creating a dynamic, prosperous society.

Tony Sewell is a British educational consultant, author, and former chair of the Commission on Race and Ethnic Disparities, known for his work on education reform and his controversial report on racial inequality in the UK. In this interview we discuss why Britain’s racial and social inequality debates are more about class than race. He unpacks the misconceptions surrounding racism, the flaws in the education system, and how family structure impacts outcomes. In this eye-opening conversation, Tony explains how nuanced, data-driven policies can better address inequality and improve opportunities for all.

Freddie New is general counsel at The Little Car Company, Head of Policy at Bitcoin Policy UK and a CoFounder of ICDEF. In this interview we discuss the hidden mechanics of our failing economy, exposing how private equity, government policies, and currency debasement are undermining the middle class. Discover how modern financial systems are structured to favour the elite at the expense of everyday citizens. Freddie also shares insights on inflation, debt, and the steps individuals can take to protect themselves.

Gareth Wyn Jones is a Welsh hill farmer, television presenter, and social media personality known for advocating sustainable agriculture and raising awareness about farming challenges. In this interview, we discuss the harsh realities facing British farmers. From inheritance tax burdens to supermarket domination, he explains why the farming industry is at breaking point. We also discuss the impact of government policies on food security, rural communities, and mental health and I learn about the challenges of sustainable farming and the global food supply chain. Gareth also shines a light on the fight to save British agriculture and protect local, seasonal food for future generations.

Ben Habib is a businessman, former MEP for the Brexit Party, and outspoken advocate for Brexit, national sovereignty, and immigration reform. In this episode we unpack the political and economic challenges facing the UK. From Brexit’s broken promises to the Reform Party’s potential to disrupt the status quo. Habib shares his insights on sovereignty, democracy, and the looming sovereign debt crisis. We also discuss government inefficiencies, the burden on small businesses, and how the UK can reclaim its future.

Thomas Hogg is an entrepreneur, author, and business leader with a wealth of experience in building companies from the ground up. Thomas Hogg reveals how complex tax codes and government inefficiencies harm small businesses and taxpayers. From urban design and healthcare reform to creating walkable cities, Thomas shares solutions for improving public policy and building a stronger economy. Discover the unexpected links between urban planning, public health, and economic growth. Learn how policy decisions shape our daily lives and explore practical ways to foster innovation and fairness.

Michael Dunworth is an Australian entrepreneur was one of the co-founders of Wyre, a Bitcoin payments and infrastructure provider established in 2013. In this episode we discuss the societal challenges of our times: mental health, the economic burden of modern life, and the revolutionary role of Bitcoin. From Australia’s housing crisis to the psychology of dopamine-driven tech addiction, this conversation explores the realities of capitalism, critical thinking, and purpose. Learn how millennials and Gen Z are navigating a broken system and why Bitcoin is the antidote to financial lies.

Steve Baker is a former Conservative Member of Parliament (MP) for Wycombe, serving from 2010 until 2024. In this episode, we discuss pressing economic and political issues such as the challenges of government debt, inflation, and the often overlooked consequences of central bank policies. With a focus on the impact of taxation and government spending on individual freedoms and economic productivity. We also discuss the structural inefficiencies in politics and examine the growing disconnect between politicians and economic realities. Reflecting on his experience in Parliament, Steve emphasises the need for public education on economic fundamentals, a paradigm shift in policy-making, and personal financial resilience, exploring how Bitcoin and free-market principles could offer solutions to a system he believes is deeply flawed.

Dr. Tarik Sammour is a colorectal surgeon specialising in advanced bowel cancer and has worked across various healthcare systems, including in Australia, New Zealand, and the US. In this episode, we explore the complexities of modern healthcare systems and the impact of healthcare inflation on patient outcomes and accessibility. We get into the differences between public and private healthcare models, discussing the benefits and drawbacks of hybrid systems and the unique challenges of funding healthcare sustainably. Tarik shares his experiences with administrative burdens, rising costs, and the ethical dilemmas posed by pharmaceutical influence. We also discuss the broader societal issues, from obesity trends to the role of sound money, and the potential for a more balanced approach to healthcare.

Joseph Robertson is a political commentator and advocate focused on free-market economics and personal sovereignty. In this episode, we discuss the shifting political landscape in the UK, examining the impact of recent budgets on various social classes and the ideological shift from conservatism to socialism. Joseph and I explore the role of debt, inflation, and economic illiteracy among voters in shaping current policies, as well as the influence of career politicians who lack real-world experience. We also discuss the potential for Bitcoin as a hedge against financial overreach and the implications of regulation on self-sovereignty.

Peter St Onge is an Economist at the Heritage Foundation and a Fellow at the Mises Institute. In this episode, we discuss the challenges posed by government overreach, and the intricacies of the bureaucracy-politician dynamic. We get into how historical developments have influenced current political structures and the role of debt and its impact on economic growth. Peter also shares his thoughts on the possibility of reforming the current system, from central banking to taxation, and the path to a more efficient government.

Mike Brock is a political commentator, writer, and former executive. In this episode, we explore the dynamics of power politics versus distributive politics, the transformation of the Republican Party under Trump, and the struggle to uphold liberal values in a rapidly changing political climate. We dive into the role of economic incentives in shaping political actions, examine government corruption, and analyze the escalating U.S.-China economic rivalry. Additionally, we discuss how media influences public perception and why Mike sees the centre-left as perhaps the last hope for sustaining capitalism.

Jarrett Adams is a defense attorney, author, and founder of Life After Justice, a nonprofit focused on fighting wrongful convictions and supporting reintegration for exonerated individuals. In this episode, we get into his story of being wrongfully convicted at 17, the realities of navigating the criminal justice system, and the harsh conditions inside a supermax prison. We discuss the systemic issues that lead to wrongful convictions, including overburdened public defenders, incentivized witnesses, and racial bias in jury selection. We also explore the prison industrial complex, its economic incentives, and how it profits from incarcerated individuals.  

Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation and a leading advocate for Bitcoin's role in promoting freedom. In this episode, we discuss his work empowering activists under authoritarian regimes, the structural issues facing human rights funding, and how technology like Bitcoin are transforming the fight for liberty. We also get into the impact of peer-to-peer networks like Nostr, the evolution of Ecash, and the digital arms race between oppressive governments and freedom technologies. We cover forgotten global conflicts, the role of Western democracies, and how Bitcoin helps people survive hyperinflation and financial oppression.

Winston Marshall is a musician, cultural commentator, and former member of the band Mumford & Sons. In this episode, we discuss his journey from rock star to cultural commentator, the challenges of holding conservative opinions in the entertainment industry, and his exit from Mumford & Sons. We also get into the failures of corporate media, the rise of alternative media through podcasts, and the impact of political realignment in the U.S. and the UK. We also cover the ongoing struggle for free speech, the role of populism, and the future of liberty in a world increasingly dominated by censorship and ideological conformity.

David Zell is the Executive Director of the Bitcoin Policy Institute, a think tank focused on the public policy implications of Bitcoin. In this episode, we discuss the political landscape surrounding Bitcoin, its role as an insurance policy for both individuals and nation-states, how Bitcoin competes against traditional currencies, the global demand for stable money, and its implications for U.S. geopolitical strategy, especially in contrast to authoritarian regimes like China. We also discuss the politicisation of Bitcoin, potential regulatory threats, and how Bitcoin's existence challenges traditional financial systems.  

Izabella is the Senior Finance Editor at Politico and the founder editor of The Blind Spot. In this episode, we discuss the rapid advancement of AI, including how tools like ChatGPT are transforming journalism, the ethics of AI, its role in uncovering hidden information, and whether full transparency will lead to societal improvements or chaos. We also discuss economic stagnation, the collapse of the middle class, and the impact of inflation on daily life. We also get into the over-regulation in Europe, how it’s falling behind in technological innovation, and the parallels between modern challenges and historical examples of power structures and corruption.

Ben Arc is an open-source developer and an advocate in the Bitcoin and Nostr ecosystems. In this episode, we discuss the shift from centralised platforms like Twitter to decentralized systems, discussing how Nostr allows users to control their data and build communities without corporate interference. We get into Bitcoin’s evolution, synthesizing libertarian and socialist ideologies, the future of soft currencies, and the role of CBDCs in global economies. We also talk about the cultural significance of local currencies like the Welsh pound, the importance of free speech in a digital age, and how AI is transforming both daily life.  

Ian Birrell is a renowned British journalist, columnist, and foreign correspondent, known for his work on global conflicts, social justice, and political reform. In this episode, we discuss the failures of the prison system, whether it's true purpose is punishment or rehabilitation, and how countries like Norway and Texas are tackling recidivism with innovative approaches. We also get into Bitcoin’s role in empowering activists, the impact of social media on political tribalism, and Elon Musk’s controversial approach to free speech as well as the rise of political extremism, the decline of critical thinking, and the challenges of addressing the war on drugs and reforming criminal justice systems.  

Fernando Nikolić, Director of Marketing and Communications at Blockstream and a passionate Bitcoin advocate, offers a unique perspective on Argentina's economic turmoil and the libertarian revolution unfolding today. In this episode, we discuss the history of Argentina, exploring the impact of hyperinflation, political corruption, and the rise of populism. Fernando shares his thoughts on the impact of Juan Perón’s legacy, the devastation caused by decades of mismanagement, and the cultural factors that shaped the country’s economic collapse. We also discuss the rise of Javier Milei, the new libertarian leader, his drastic reforms, and the potential for Argentina to become a global libertarian test case.

Maajid Nawaz is a prominent counter-extremism activist, author, and former Islamist who has dedicated his life to combating radicalization.  In this episode, we discuss the complexities of modern Britain, the rise of extremism, the impact of divisive rhetoric, and the urgent need to rebuild societal trust. Maajid shares his insights on the weaponization of free speech, the failures of political leadership, and the challenges of integration and identity in a rapidly changing UK. We also get into his personal journey from radicalism to reform, the importance of shared values, and his vision for a new Britain.  

Dominic Frisby is a financial writer, comedian, and commentator known for his takes on economics, tax reform, and freedom. Dominic is a vocal advocate for liberty, self-governance, and the importance of sound money. In this episode, we dive into the state of personal freedom in the modern world and the battle for free speech. We explore the realities of high taxes, the lessons from Argentina’s economic chaos, and how libertarianism offers a path forward. We also look at the erosion of freedoms, the dangers of big government, and why taking control of your own life has never been more critical.  

Silkie Carlo is the Director of Big Brother Watch, where she leads efforts to defend civil liberties and protect privacy rights against state surveillance. She is at the forefront of challenging the UK's invasive surveillance laws and advocating for the protection of free speech and personal freedoms.  In this episode, we dive into the growing government panopticon, the implications of mass surveillance on privacy and democracy, and the battles being fought to protect individual rights in a digital age. We explore the expansion of state power, the impact of technologies like facial recognition, and the threats posed by new laws, as Silkie provides an eye-opening account of the fight against a surveillance state determined to monitor and control.  

Allen Farrington is a writer and investor. He co-wrote Bitcoin Is Venice and he’s a co-founder of Axiom, a Bitcoin-focused venture firm. In this episode, we discuss the distortions caused by fiat money, the consequences of misallocated capital, and the philosophical underpinnings of a Bitcoin standard. We get into how these issues impact both individuals and economies, dissect the flaws of modern capitalism, and discuss how Bitcoin offers a path toward financial sovereignty and a more equitable economic future, as Allen provides a compelling case for why the current system is unsustainable and what can be done to change it.

Anna Chekhovich serves as the Financial Director at Navalny's Anti-Corruption Foundation, where she plays a key role in exposing corruption within Putin's regime and promoting transparency and justice in Russia. She also works as the Nonprofit Bitcoin Adoption Lead at The Human Rights Foundation. In this episode, we discuss the challenges of fighting corruption inside Russia, the personal risks faced by opposition activists, and the state of civil liberties under Putin's rule. We explore Navalny’s impact, the internal dynamics of Russian politics, and the ongoing struggle for freedom, as Anna offers a first-hand account of life inside a system designed to suppress dissent and maintain control.

Gavin Sathianathan is the CEO of Research Smart and an advocate for medical cannabis and alternative therapies. In this episode, we dive into the role of cannabis as a treatment for various health conditions, exploring the therapeutic potential of drugs in modern medicine. We discuss the challenges facing patients and practitioners in the current healthcare system and examine how alternative therapies are pushing the boundaries of conventional treatment.

Matthew Pines is the Director of Intelligence at SentinelOne and a National Security Fellow at the Bitcoin Policy Institute. In this episode, we explore UAPs, simulation theory, remote viewing, and human consciousness. We discuss the potential implications of knowing that aliens are real and what this could mean for humanity - exploring the nature of reality and challenging our understanding of existence, as we discuss the intersection of advanced phenomena and human perception.

That’s a wrap! What Bitcoin Did is over, and what better way to close out the podcast than an episode with three of our favourite Bitcoiners, Jack Mallers, Matt Odell and Harry Sudock. In this one we did a little bit of reminiscing, discussed Bitcoin as hope, how the space is evolving and why we decided to end the podcast. – Show notes: https://www.whatbitcoindid.com/podcast/what-bitcoin-did This episode’s sponsors:  IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Troy Cross is a Professor of Philosophy and Humanities at Reed College & Chief Editor at The Nakamoto Project. In this interview, we discuss Democratic corruption & conspiracy, how Bitcoin transcends politics, Bitcoin’s morality & perception, and how we reach the next level of adoption. – Show notes:  https://www.whatbitcoindid.com/podcast/who-owns-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Jack Mallers is the CEO of Strike. In this interview, we discuss debt as time travel, how Jack would run the US, the broken fiat system, why society is crumbling, proof of work & why the world needs Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/jack-mallers-on-why-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Colin Harper is the editor-in-chief at Blockspace Media. In this interview, we discuss Bitcoin conferences and journalism, the evolution of Bitcoin culture, ossification, Nostr and the degradation of political discourse. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-evolution This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Harry Sudock is the Chief Strategy Officer at Griid. In this interview, we discuss Bitcoin mining in the US, how the mining industry has been on easy mode, what changed after the recent halving and businesses now have to adapt and level up to survive. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-level-2 This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Will Reeves is the CEO and a co-founder of Fold. In this interview, we discuss the phase shift that’s happening in Bitcoin right now, the importance of businesses creating satsflow, Fold going public and how Bitcoin is changing the world.  – Show notes: https://www.whatbitcoindid.com/podcast/all-in-on-bitcoin-will-reeves This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Dylan LeClair is the Director of Bitcoin Strategy at MetaPlanet and Senior Market Analyst at Bitcoin Magazine Pro. In this interview, we discuss Michael Saylor’s Bitcoin strategy, and how they are implementing this at Metaplanet.  – Show notes: https://www.whatbitcoindid.com/podcast/microstrategy-metaplanet-real-bedford This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Jameson Lopp is the co-founder & CTO of Casa. In this interview, we discuss politicians coming to Bitcoin, how Jameson was swatted, how to think about your Bitcoin security and the rise of physical attacks on Bitcoiners.  – Show notes: https://www.whatbitcoindid.com/podcast/protecting-your-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

American HODL is an OG Bitcoin investor and Erik Cason is a cypherpunk and author of Cryptosovereignty: The Encrypted Political Philosophy of Bitcoin. In this interview, we discuss the transcendent orange political movement, re-forging the American meritocracy, and Bitcoin reformation vs revolution. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-reformation-or-revolution This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Mauricio Di Bartolomeo is a Founder & the Chief Strategy Officer of Ledn. In this interview, we discuss mining Bitcoin in Maduro’s Venezuela, the mining crackdown, escaping hyperinflation, shorting fiat, and how the world will come to Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/escaping-hyperinflation This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin Ledn - Save. Borrow. Trade.

Lyn Alden is a macroeconomist, investment strategist and General Partner at Ego Death Capital. In this interview, we discuss the unwinding of the Japan carry trade, the Fed cutting interest rates, how broken money leads to social unrest and what all of this means for Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/lyn-alden-on-japans-unwinding-us-recession-social-unrest This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin

Andrew Bailey, is a Professor of Philosophy at Yale-NUS College, Bradley Rettler is a Professor of Philosophy at the University of Wyoming and Craig Warmke is a Professor of Philosophy at Northern Illinois University. In this episode we discuss their book Resistance Money and the global net-benefits of Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/resistance-money This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26 XAPO Bank - The only way to bank your Bitcoin

Eric Yakes is the Managing Partner at Epoch and the Author of The 7th Property: Bitcoin and the Monetary Revolution. In this interview, we discuss the economic theory of marginalism, how this translates to Bitcoin, Bitcoin adoption cycles and the challenges of investing in Bitcoin companies. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-marginalism This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Vivek Ramaswamy is an American entrepreneur. In this interview, we discuss fears about America’s current path, burgeoning state power, regulatory capture, dismantling the administrative state, restoring America's prosperity, and why American ideals are fundamentally aligned with Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/will-trump-be-the-first-bitcoin-president This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Luke Gromen is the Founder and President of Forest for the Trees and Preston Pysh is a founder of The Investor Podcast Network. In this interview, we discuss the desperate global debt problem, American decline & global monetary strategies, Bitcoin vs dollar milkshake scenarios, and how the US could back treasuries with Bitcoin to alleviate its looming debt burden. – Show notes: https://www.whatbitcoindid.com/podcast/the-us-government-needs-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Matthew Pines is the Director of Intelligence at SentinelOne and a National Security Fellow at the Bitcoin Policy Institute. In this interview, we discuss geopolitical flashpoints of destabilisation, global nuclear-threat game theory, the implications of extraterrestrial technology, and the nation-state Bitcoin race. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-war-games This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Rob Hamilton is a co-founder and the CEO of AnchorWatch. In this interview, we discuss polarisation in geopolitical vs Bitcoin spheres, American ethos and the Bitcoin-Trump alliance, the bitcoin-dollar games being played, Bitcoin leverage attacking the dollar, and Bitcoin’s adoption inflection point. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-inflection-point This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Christian Keroles is the Director of Financial Freedom at the Human Rights Foundation. In this interview, we discuss the virality and volatility of the adoption chasm, mental models for hyperbitcoinisation, and the rewards of Bitcoin repricing the world. – Show notes: https://www.whatbitcoindid.com/podcast/a-mental-framework-for-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Brandon Quittem is the VP of Revenue at Swan Bitcoin. In this interview, we discuss The Fourth Turning, how the cycles play out and what they mean, the clear signs we’re in a fourth turning, the possibility of total war and how Bitcoin can be instrumental in the proceeding first turning. – Show notes: https://www.whatbitcoindid.com/podcast/the-fourth-turning-is-here This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Whitney Webb is an independent investigative journalist and founder of Unlimited Hangout & Mark Goodwin is the author of The Bitcoin Dollar. In this interview, we discuss the Bitcoin dollar system, corruption & compromised elites and proliferating the US dollar hegemony. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-us-dollar-hegemony This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Whitney Webb is an independent investigative journalist and founder of Unlimited Hangout & Mark Goodwin is the author of The Bitcoin Dollar. In this interview, we discuss the bitcoin-dollar system, financial terrorism, and how intelligence agencies have captured elites, global finance firms, and tech giants to control a new monetary system. – Show notes: https://www.whatbitcoindid.com/podcast/whitney-webb-mark-goodwin-on-how-intelligence-agencies-capture-everything This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

NVK is the founder of Coinkite and a board member at OpenSats. In this interview, we discuss the threat of centralised AI, building a decentralised alternative with Bitcoin, and the power of open source in resisting a surveillance technocracy.  – Show notes: https://www.whatbitcoindid.com/podcast/resisting-a-surveillance-technocracy This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Charles Guillemet is the Chief Technology Officer at Ledger & Ian Rogers is Chief Experience Officer at Ledger. In this interview, we discuss vulnerabilities and the foundations of secure Bitcoin wallet design, exploits and grey markets, secure silicon vs opensource, and building tools for the future of digital freedom. – Show notes: https://www.whatbitcoindid.com/podcast/the-coming-digital-dystopia This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

Matthew Mežinskis is the creator of the Crypto Voices podcast and Porkopolis Economics. In this interview we discuss the history of central bank debt and crises, money destruction & printing, hyperinflation, and Bitcoin’s base money update and price models.  – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-v-the-us-debt-bomb This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth CheatCode - Sydney, Australia Oct 25–26

The Rational Root is a Bitcoin on-chain & cycle analyst. In this interview, we discuss the Bitcoin ETF flows and how this cycle compares to previous ones, where we are on Root’s spiral chart, the supply dynamics at play and how liquid supply is dropping rapidly. – Show notes: https://www.whatbitcoindid.com/podcast/is-the-bitcoin-cycle-broken This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Marshall Long is the Head of Architecture for Rhodium Enterprises. In this interview, we discuss the risks of mining centralisation from both the miner & pool perspective and how we can mitigate these and the geopolitical arms race for Bitcoin mining. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-mining-arms-race This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Aleks Svetski is an entrepreneur, author and Bitcoin advocate. In this interview, we discuss his upcoming book “The Bushido of Bitcoin,” governance & power vacuums, monarchy vs democracy, CEO-kings, and virtues for a Bitcoin world. – Show notes: https://www.whatbitcoindid.com/podcast/a-bitcoin-society This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Checkmate is an on-chain analyst and founder of checkonchain. In this interview, we discuss the Mt.Gox coins that are about to hit the market, where we are in this cycle, ETF flows and the futures cash and carry trade and if Checkmate’s $250k price prediction is still in play. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-coiled-spring-with-checkmate This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Michael Goldstein is the co-host of the Noded Podcast and President of the Nakamoto Institute. In this interview, we discuss the re-launch of the Satoshi Nakamoto Institute, ending the fed, libertarianism, monetary economics, and preserving generational Bitcoin values. – Show notes: https://www.whatbitcoindid.com/podcast/why-bitcoin-takes-all This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Michael Malice is an anarchist, author, and podcaster. In this interview, we discuss US & UK elections, Warren’s corruption, Trump’s legal case and whether Texas will secede from the United States. – Show notes: https://www.whatbitcoindid.com/podcast/the-dysfunctional-state This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

niftynei is a CoreLN contributor and a Bitcoin educator. In this interview, we discuss Bitcoin education, Lightning development, sovereignty, ecash, ossification, covenants, time-locks, tokens, and zero-knowledge tech. – Show notes: https://www.whatbitcoindid.com/podcast/the-truth-about-bitcoin-scaling This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the role of the Fed and central banks, fractional reserve vs free banking, how bitcoin could change these dynamics and if we should actually end the Federal Reserve System. – Show notes:  https://www.whatbitcoindid.com/podcast/will-bitcoin-end-central-banking-lyn-alden This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Casey Rodarmor is a bitcoin developer and the creator of the ordinals, inscriptions, and runes protocols. In this interview, we discuss ordinal theory & inscriptions, the purpose of runes and why these projects have received so much backlash. – Show notes: https://www.whatbitcoindid.com/podcast/breaking-bitcoin-with-casey-rodarmor This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Marty Bent is a Venture Partner at Ten31 and founder of the Bitcoin-focused media company TFTC.io. In this interview, we discuss the state of corporate media, how the deep state is fighting bitcoin and the game theory of Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-white-pill This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Erik Voorhees is the founder of Satoshi Dice, ShapeShift & Venice.ai. In this interview, we discuss the size and role of government, the growth of Bitcoin & how it can help restrain the power of the state as well as Venice AI and the future of artificial intelligence. – Show notes: https://www.whatbitcoindid.com/podcast/erik-voorhees-on-bitcoin-ai This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Natalie Smolenski founded and leads the Texas Bitcoin Foundation. In this interview, we discuss AI and its progression towards artificial general intelligence, the implications of AI in warfare, issues of censorship and governance, and the potential for misuse of AI in the future.  – Show notes: https://www.whatbitcoindid.com/podcast/the-ai-threat-to-freedom This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Derrick Broze is an investigative journalist, author, documentary filmmaker, and activist. In this interview, we discuss Trump & Bitcoin, the Ross Ulbricht case, the rise of the technocratic state, surveillance & privacy and the AI digital arms race. – Show notes: https://www.whatbitcoindid.com/podcast/the-technocratic-state This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Tuur Demeester is a Bitcoin investor and economist. In this interview, we discuss government corruption and the spending spiral, the creep of communism, the need to embrace volatility, if we can salvage democracy in a humble revolution, and why 2024 is the year of Bitcoin mass adoption. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-powered-revolution This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Zack Voell is the Director of Marketing and Communications at Botanix Labs and Willem Schroe is Co-Founder and CEO at Botanix Labs and the Inventor of the Spiderchain. In this interview, we discuss how and why Botanix are bringing an Ethereum Virtual Machine to Bitcoin, the culture clash and building on Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/everything-is-coming-to-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Parker Lewis is a Bitcoin writer and educator and Head of Business Development at Zaprite. In this interview, we discuss scaling self-sovereignty vs sound money, code-changes, covenants, and risks in the regulatory, ETF, mining, and social layers. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-economic-incentives This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Oslo Freedom Forum - June 3-5

Avik Roy is president of the Foundation for Research on Equal Opportunity think tank and a policy Editor at Forbes. In this interview, we discuss why Trump is supporting Bitcoin & crypto, the power of the growing Bitcoin voter base, and the coming fight with regulators. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-back-on-the-ballot This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Oslo Freedom Forum - June 3-5

Ben Carman is a co-founder of The Bitcoin Company and contributes to many projects in Bitcoin, and Tony Giorgio is the co-founder and CEO of Mutiny Wallet. In this interview, we discuss the regulatory pressures on bitcoin developers, fighting for inalienable rights, sovereignty and building a robust ecash future. – Show notes: https://www.whatbitcoindid.com/podcast/the-fight-for-bitcoin-carman-and-giorgio This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Oslo Freedom Forum - June 3-5

Michael Saylor is the CEO of MicroStrategy. In this interview, we discuss ossification, user rights, sovereignty, funding Bitcoin development, the political war over digital asset regulation, and the sly roundabout revolution. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-is-forever-money This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Oslo Freedom Forum - June 3-5

Matt Corallo is a Bitcoin Core developer and ​​open-source engineer at Block/Spiral. In this interview, we discuss wallet software, money laundering, and government, decentralisation and privacy, Bitcoin’s big design challenges, and the path forward. – Show notes: https://www.whatbitcoindid.com/podcast/an-existential-threat-to-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Oslo Freedom Forum - June 3-5

Junseth is an OG Bitcoiner and the former co-host of Bitcoin Uncensored. In this show we dissect what started as a scam phishing call to Junseth and turned into an interview of the scammer, how people are vulnerable to scams, and how to protect yourself. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-scammer-uncensored This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Daniel Roberts is the co-founder of IREN. In this interview, we discuss surging demand vs power scarcity chokepoints, balance sheet strategies, changing AI & Bitcoin energy use narratives, mining in a bull-run and a multi-decade outlook. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-ai-power-scarcity This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Macro Alf is the founder of The Macro Compass, an investment strategy firm. In this interview, we discuss QE & debt in Japan, instability from artificial stability, if a recession is imminent, and the globally managed fiat decline. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-vs-the-fiat-decline This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

NVK is the founder of Coinkite and a board member at OpenSats. In this interview, we discuss new incentives with increasing attacks on privacy, oppressive vs small government, market stoicism, and how entrepreneurs change the world. – Show notes: https://www.whatbitcoindid.com/podcast/how-bitcoin-changes-the-world-with-nvk This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Lawrence Lepard is an Investment Manager and Austrian Economist and Quoth The Raven is an independent financial researcher. In this interview, we discuss how the dollar could fall, signals in the bond market, what central banks can do, and the debt spiral unwinding. – Show notes: https://www.whatbitcoindid.com/podcast/the-fiat-apocalypse This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Gloria Zhao is a Bitcoin Core maintainer. In this interview, we discuss upgrading Bitcoin vs ossifying the protocol, ordinals and mempool “spam”, and the theory & ‘power’ of core developers. – Show notes: https://www.whatbitcoindid.com/podcast/the-power-of-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Jack Mallers is the Founder & CEO of Strike, American HODL is a Bitcoin Educator, Alex Thorn is the Head of Firmwide Research at Galaxy and Calle is a Bitcoin developer working on Cashu. In this interview, we discuss why no one understands Bitcoin, ETFs & centralisation threats and the importance of funding development. – Show notes: https://www.whatbitcoindid.com/podcast/nobody-understands-bitcoin-mallers-hodl-thorn-calle This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Harry Sudock is the Chief Strategy Officer at Griid, Will Roberts is the Co-CEO at IREN, Erik Hersman is the CEO of Gridless, Thomas Pacchia is a Board Member of Stronghold, & Dennis Porter is the CEO of Satoshi Action Fund. In this interview, they discuss bitcoin mining sustainability, accessing stranded energy and the halving. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-a-paradigm-shift-in-energy This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Consensus - Use code WBD20 to get 20% off your pass

Seth for Privacy is a privacy advocate and Head of Strategy and Marketing at Foundation and Bitcoin Q+A is a Bitcoin educator and Head of Customer Experience at Foundation. In this interview, we discuss the recent indictment against the founders of Samourai Wallet. – Show notes: https://www.whatbitcoindid.com/podcast/first-they-came-for-samourai This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Consensus - Use code WBD20 to get 20% off your pass

Andrew Bailey, Bradley Rettler and Craig Warmke are all professors of Philosophy, Allen Farrington is an investor and author of Bitcoin is Venice. In this interview, they discuss Bitcoin in academia, the Resistance Money thesis and the philosophy of money and Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-is-resistance-money This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Consensus - Use code WBD20 to get 20% off your pass

Lyn Alden is a macroeconomist, Natalie Brunell is the host of the Coin Stories Podcast, Alex Thorn is the Head of Firmwide Research at Galaxy, Thomas Pacchia is co-owner of Pubkey, and Christopher Gordon from Bridge2Bitcoin. In this interview, they discuss how Bitcoin wins, and the CheatCode for business. – Show notes: https://www.whatbitcoindid.com/podcast/how-bitcoin-wins This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth Consensus - Use code WBD20 to get 20% off your pass

Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation and Natalie Smolenski founded and leads the Texas Bitcoin Foundation. In this interview, they discuss how Bitcoin is a cheat code for human rights, privacy, sovereignty and the reciprocal loss of trust. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-human-rights This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Lyn Alden is a macroeconomist, Preston Pysh is a founder of The Investor Podcast Network, Allen Farrington is the author of Bitcoin Is Venice & Max Hillebrand is an economist & entrepreneur. In this interview, they discuss Bitcoin vs fiat, inflation and why Bitcoin is the best money. – Show notes: https://www.whatbitcoindid.com/podcast/the-economics-of-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

In this episode, we have a panel from the recent CheatCode conference. This panel was titled A CheatCode for Payments, and was hosted by Natalie Brunell, with Calle (Cashu), Obi Nwosu (Fedi) & Ben Arc (LNBits). They discussed the past & present of Ecash, the power of lightning and the future of payments.  – Show notes: https://www.whatbitcoindid.com/podcast/a-cheatcode-for-payments This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

In this interview, American HODL, Preston Pysh, Harry Sudock and Jeff Booth join us from the recent CheatCode conference. We discuss why bitcoin matters, the paradigm shift in money and the transition to a new system. – Show notes: https://www.whatbitcoindid.com/podcast/a-paradigm-shift-in-money This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Oscar Merry is the Founder of Fountain podcasts. In this interview, we discuss how the subscription model on the internet is changing and the power of value for value Bitcoin payments. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-value-for-value-thesis This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Freddie New is the Head of Policy at Bitcoin Policy UK. In this interview, we discuss current and proposed legislation affecting Bitcoin and why it often backfires, changing minds on Bitcoin, UK Bitcoin allies and how we win. – Show notes: https://www.whatbitcoindid.com/podcast/defeating-the-regulators This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Casa - Take control of your digital wealth

Nicholas Bowick is a systems engineer in the aerospace industry. In this interview, we discuss emergent behaviors in complex systems, positive and negative feedback loops and chaos vs systemic antifragility. – Show notes: https://www.whatbitcoindid.com/podcast/why-bitcoins-design-fixes-money This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation. In this interview, we discuss the ultimate bitcoin use cases. How it is used in commerce, for freedom and how it fundamentally changes energy systems. – Show notes: https://www.whatbitcoindid.com/podcast/the-ultimate-bitcoin-use-cases This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

James Lavish is a macro analyst, and Eric Yakes is the author of The 7th Property. In this interview, we discuss Wall Street’s arrival into Bitcoin, why TradFi struggles to understand it and how Bitcoin is a new paradigm for investors. – Show notes: https://www.whatbitcoindid.com/podcast/wall-street-embraces-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

American HODL is an OG Bitcoin investor. In this interview, we discuss ordinals & ‘spam’, why bitcoin makes for a better world, if Wall Street will attempt to change Bitcoin and why we are still so, so early. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-were-still-early This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

Vortex is a developer and OG Bitcoin podcaster. In this interview, we look back at the blocksize wars, talk about the challenges upgrading Bitcoin, the dangers of ossification and get into covenants and LNHance. – Show notes: https://www.whatbitcoindid.com/podcast/why-we-must-upgrade-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

Mark Moss is a serial entrepreneur, author, speaker and host of The Mark Moss Show. In this interview, we discuss how to play the game of money, using debt and inflation to your advantage and how to retire off Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/how-to-play-the-money-game This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

Bitcoin Mechanic is a Bitcoin educator and Chief Boiling Officer at OCEAN. In this interview, we discuss the issues with arbitrary data on the Bitcoin blockchain, if filters can work as well as OCEAN mining pool and the need for greater decentralisation in mining.  – Show notes: https://www.whatbitcoindid.com/podcast/the-battle-for-bitcoin-with-bitcoin-mechanic This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

Andy Edstrom is a financial advisor, and the author of Why Buy Bitcoin.Bitcoin. In this interview, we discuss Michael Saylor’s Bitcoin strategy, Bitcoin vs gold & real estate as well as demand, adoption and the four year cycle.  – Show notes: https://www.whatbitcoindid.com/podcast/michael-saylors-bitcoin-moonshot-revisited This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

David Seroy is a ZK rollup researcher. In this interview, we discuss the tradeoffs when scaling Bitcoin, the reality of ZK rollups in theory vs in practice as well as, the fee market and MEV on Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/the-challenge-of-scaling-bitcoin This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth

Nik Bhatia is the founder of ‘The Bitcoin Layer’ & author of ‘Layered Money’. In this interview, we discuss Bitcoin as an optimal base layer for the financial system, how the largest economic actors may be allocating to Bitcoin, and where the price could go. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-etfs-have-changed-the-game This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth Bitcoin Policy Summit - Washington, D.C - April 9th, 2024

Grant McCarty is the Co-Executive Director of the Bitcoin Policy Institute. In this interview, we discuss evangelism and the Bitcoin revolution, why BPI is a crucial resource, flawed incentives in the education system, journalism and the shifting perception of Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/the-maturing-bitcoin-narrative This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth Bitcoin Policy Summit - Washington, D.C - April 9th, 2024

Raphael Zagury is a CIO at Swan Bitcoin. In this interview, we discuss Bitcoin adoption, how the ETFs changed everything, Bitcoin vs real estate and Bitcoin portfolio allocation.   – Show notes: https://www.whatbitcoindid.com/podcast/the-perfect-bitcoin-allocation This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth Bitcoin Policy Summit - Washington, D.C - April 9th, 2024

Dhruv Bansal is a co-founder of Unchained Capital. In this interview, we discuss how Satoshi approached creating Bitcoin, Bitcoin’s deep relationship with time, how markets drive decentralisation, and scaling vs ossification. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-satoshis-vision This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13 Casa - Take control of your digital wealth Bitcoin Policy Summit - Washington, D.C - April 9th, 2024

Samson Mow is the CEO at JAN3, the developer of Aqua Bitcoin, architect of Bitcoin Bonds and CEO at PixelMatic. In this interview, we discuss orange pilling nation states, scaling bitcoin to billions with Liquid and AQUA, and why he thinks Bitcoin could reach $1 million by 2025. – Show notes: https://www.whatbitcoindid.com/podcast/the-case-for-1-million-bitcoin This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13

The Rational Root is a Bitcoin on-chain & cycle analyst. In this interview, we discuss the pace of the current bull market, the impact of spot ETFs, what we can expect post-halving, and changing dynamics in the market. – Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-biggest-bull-run This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13

Checkmate is Glassnode’s Lead On-chain Analyst and creator of checkonchain. In this interview, we discuss the validity of on-chain data, the different phases of the market, the impact of spot Bitcoin ETFs & how Wall St are coming for your Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/the-wall-street-bull-market This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13

Grant Gilliam is the co-founder and Managing Partner at Ten31. In this interview, we discuss the state of venture capital in Bitcoin, the importance of sats flow, and Bitcoin treasury strategies. – Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-strategy This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13

Doomberg is an anonymous collective producing the world’s most popular financial substack. In this interview, we discuss why 2024 could be bullish for gold, global monetary warfare, the role of Bitcoin and the chaos of the election year. – Show notes: https://www.whatbitcoindid.com/podcast/the-year-of-sound-money-with-doomberg This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here OpenSats - Support free and open source contributors CheatCode - Bedford, UK - April 12-13 PlebLab - Startup Day - March 14 2023

John Light is a bitcoin researcher working on product at Sovryn and previously the ZK-Rollup Research Fellow at the Human Rights Foundation. In this interview, we discuss rollups on Bitcoin, privacy & scaling and scaling bitcoin in a self sovereign way. - Show notes: https://www.whatbitcoindid.com/podcast/scaling-bitcoin-privately This episode’s sponsors: Iren - Bitcoin Mining. Done Sustainably. Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here OpenSats - Support free and open source contributors CheatCode - Bedford, UK - April 12-13 PlebLab - Startup Day - March 14 2024

John Arnold is a Principal at Ten31. In this interview, we compare tradfi to bitcoin, discuss Bitcoin’s total addressable market, why bitcoin is a paradigm shift for businesses and how Bitcoin is eating the world.   - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-is-eating-the-world This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here OpenSats - Support free and open source contributors CheatCode - Bedford, UK - April 12-13

Dennis Porter is the CEO & co-founder of the Satoshi Action Fund. In this interview, we discuss Satoshi Action Fund’s mission, the importance of self custody, working with regulators and the challenges of pushing pro-bitcoin regulation. - Show notes: https://www.whatbitcoindid.com/podcast/the-right-to-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here OpenSats - Support free and open source contributors CheatCode - Bedford, UK - April 12-13

Macro Alf is the founder of The Macro Compass, an investment strategy firm. In this interview, we discuss government spending, debt & deficits as well as the death of the dollar and the role of Bitcoin in the macroeconomic environment. - Show notes: https://www.whatbitcoindid.com/podcast/will-the-dollar-implode This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here OpenSats - Support free and open source contributors CheatCode - Bedford, UK - April 12-13

Shinobi is a pseudonymous Bitcoin educator and the technical editor at Bitcoin Magazine. In this interview, we discuss scaling bitcoin in a self-sovereign way, covenants, OP_CAT and Bitcoin development culture & risks. - Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-scaling-dilemma This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here OpenSats - Support free and open source contributors CheatCode - Bedford, UK - April 12-13

Quoth The Raven is an independent financial researcher. In this interview, we discuss why he was sceptical about Bitcoin, his distrust in the traditional system, inflation & quantitative easing and what led to him changing his mind on Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-revolution This episode’s sponsors: IREN - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13

Whitney Webb is an independent investigative journalist and founder of Unlimited Hangout & Mark Goodwin is Editor in Chief at Bitcoin Magazine. In this interview, we discuss the BlackRock ETF, their plans for a new financial system, media psy-ops & tokenizing everything. - Show notes: https://www.whatbitcoindid.com/podcast/why-we-shouldnt-trust-blackrock This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13

Seb Bunney is the co-founder of Looking Glass Education and author of The Hidden Cost of Money. In this interview, we discuss what money is, the effect that broken money has on society, fiat incentives and how Bitcoin fixes this. - Show notes: https://www.whatbitcoindid.com/podcast/the-hidden-cost-of-money This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here CheatCode - Bedford, UK - April 12-13

Colin Harper is Head of Research and Content at Luxor Technology. In this interview, we discuss Bitcoin adoption, media FUD, the impact of the halving on miners and we look back at the mining industry in 2023. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-adoption-the-halving-mining This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here

Sam Callahan is the Senior Analyst at Swan Bitcoin and host of Swan Signal. In this interview, we discuss hyperbitcoinisation, the Bank for International Settlement, and the threat of central bank digital currencies. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-cbdc-shadow This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Braiins - Bitcoin Mining Company

Carla Kirk-Cohen is a software engineer working on the Lightning Network at Chaincode Labs & a Board Member at Btrust. In this interview, we discuss bitcoin development & how it is currently funded, development culture & the state of the Lightning Network. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-dev-culture This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Swan Bitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Braiins - Bitcoin Mining Company

Harry Sudock is the Chief Strategy Officer at Griid. In this interview, we discuss the importance of Bitcoin third places, censorship, ETFs & adoption, bitcoin mining and whether Bitcoin has just crossed the Chasm. - Show notes: https://www.whatbitcoindid.com/podcast/is-bitcoin-crossing-the-chasm-with-harry-sudock This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably SwanBitcoin - Invest in Bitcoin with Swan Ledger - State of the art Bitcoin hardware wallet Bitcasino - The Future of Gaming is here Braiins - Bitcoin Mining Company

Preston Pysh is a co-founder of The Investor Podcast Network and Nico Lechuga is a General Partner at Ego Death Capital. In this interview, we discuss Bitcoin’s compound growth, how to gauge bitcoin adoption and how bitcoin is repricing the world. - Show notes: https://www.whatbitcoindid.com/podcast/repricing-the-world-in-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet SwanBitcoin - Invest in Bitcoin with Swan Braiins - Bitcoin Mining Company

Sam Abbassi is the founder and CEO of Hoseki  and Xander Carpousis is Chief Revenue Officer at Hoseki. In this interview, we discuss the launch of the Bitcoin ETFs and the importance of transparency, proof of reserves and gold vs Bitcoin. – Show notes: https://www.whatbitcoindid.com/podcast/avoiding-the-bitcoin-etf-rug-pull This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Marty Bent is a Venture Partner at Ten31 and founder of the Bitcoin-focused media company TFTC.io, Harry Sudock is Chief Strategy Officer at Griid and Parker Lewis is a Bitcoin writer and educator and Head of Business Development at Zaprite. In this interview, we discussed bitcoin mining, regulations, ETFs and Bitcoin culture wars. - Show notes: https://www.whatbitcoindid.com/podcast/live-in-nashville-bent-sudock-lewis This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Dylan LeClair is a Bitcoin and macro analyst working for Bitcoin Magazine. In this interview, we discuss the pros and cons of spot ETFs, Bitcoin accelerationism and the culture war around ordinals and inscriptions. - Show notes: https://www.whatbitcoindid.com/podcast/accelerate-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably itcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Pete Rizzo is the editor of Bitcoin Magazine, and one of Bitcoin’s leading journalists. In this interview, we discuss the role of Ordinals, Inscriptions and BRC20 tokens, whether they are a positive or negative for Bitcoin and the growing divide in Bitcoin culture. - Show notes: https://www.whatbitcoindid.com/podcast/the-bullish-case-for-ordinals This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Dave Smith is a comedian and host of ‘Part Of The Problem Podcast’. In this interview, we discuss libertarianism, government responses to COVID and the political climate in the UK and US. We also reflect on economic challenges facing individuals, particularly the younger generation's struggle with housing affordability, whilst critiquing government control over money and how Bitcoin limits this power. The episode also covers the role of comedians in defending free speech. - - - - In this episode, I had the privilege of sitting down with the legend that is Dave Smith, comedian, political commentator, and libertarian activist, to explore a myriad of topics that are shaping our world today. From the nuances of libertarianism to the transformative potential of Bitcoin, our conversation delved into the heart of current societal and economic challenges. We covered the government's response to the pandemic, the influence of experts and politicians, and the pressing need to counter propaganda. The conversation progressed to the role of libertarianism in politics and the common misconceptions that cloud its true essence. We then discussed the societal impacts of social media, the Israel-Palestine conflict, and the rise of feminism. Economic issues are at the heart of a lot of societies' pivotal problems, such as the growing wealth divide and the impact of inflation on everyday life. We shared stories of individuals struggling to afford housing and basic necessities, despite their hard work. These stories speak to the erosion of the middle class and the direction of society as the concept of money loses its value and the government's control over the money supply is shown to be a charade. The rising cost of living and its effects led us to the topic of Bitcoin. Dave articulated his support for it as a tool to challenge government control over money, underscoring its potential to prevent wars and promote peace. Our conversation ended with us celebrating the crucial role of comedians in safeguarding freedom of expression, underscoring the importance of challenging authority and advocating for liberty in an ever-changing world. - Show notes: https://www.whatbitcoindid.com/podcast/the-orange-pill This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Hunter Horsley is the Co-founder and CEO of Bitwise. In this interview, we discuss the launch of the Bitcoin ETFs, including the impact on investors and the investment market, and the broader implications for the monetary system and the future of Bitcoin. We talk about regulatory challenges and the importance of educating financial advisors on Bitcoin. The conversation also covers the mechanics of ETFs, the role of authorized participants and the services Bitwise provide. - - - - The approval of the Bitcoin ETFs marks a historic moment, akin to the launch of the first gold ETF in 2003, and sets the stage for future developments in the ETF space. However, the road to launching a Bitcoin ETF has been fraught with regulatory hurdles and challenges. Hunter Horsley sheds light on the arduous process Bitwise underwent to obtain approval for their ETF. One of the most significant advantages of a Bitcoin ETF is providing a regulated and disciplined investment option for Bitcoin. Hunter highlights how ETFs offer investors peace of mind and protection against risks, which is particularly beneficial for retirement accounts like IRAs. The introduction of the ETF has also led to a substantial reduction in fees, making Bitcoin investment more accessible and cost-effective. We discuss how the introduction of Bitcoin ETFs has changed the landscape for financial advisors. Historically, advisors were reluctant to recommend Bitcoin due to its volatility and perceived risks. However, the ETF provides a more secure and familiar investment vehicle, which is shifting attitudes in the market. Hunter stresses the need for education and resources to help advisors incorporate Bitcoin into their clients' portfolios. Hunter foresees a future where most investment portfolios will include some allocation towards Bitcoin. This shift could introduce a significant new buyer into the market. With the macroeconomic backdrop, potential rate cuts, and the upcoming halving, there is optimism about the setup and potential benefits for investors. There is now real potential for Bitcoin to become a relevant asset for long-term-oriented investors. - Show notes: https://www.whatbitcoindid.com/podcast/orange-pilling-wall-street This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the challenges of promoting Bitcoin and its growing acceptance in mainstream media and finance. We delve into Bitcoin scaling, the trade-offs between self-sovereignty and convenience, and the need for education to onboard new users. The episode also covers Bitcoin's role in countries with economic challenges, the empowerment it offers individuals and its transformative potential in society. - - - - Promoting Bitcoin is no walk in the park. We, as advocates, face resistance from various entities. The scepticism isn't surprising, given the disruptive nature of Bitcoin, but it underscores the need for persistent education to change perceptions and address the biases that often cloud the true potential of this technology. In this latest podcast with Lyn Alden, we dissect the multifaceted nature of Bitcoin, its challenges, and its profound impact on the global stage. We discuss the marked shift in how Bitcoin is being portrayed in the media, which could signal a move towards hyperbitcoinization – the point where Bitcoin becomes the predominant form of money globally. We also touched on the impact of ETFs on Bitcoin, which could potentially bring more mainstream acceptance and investment into the cryptocurrency space. I questioned Lyn regarding one of the most contentious topics surrounding Bitcoin i.e. its environmental impact. The energy consumption narrative has been a sticking point for critics, yet Bitcoin mining can incentivize renewable energy development and provide a use case for excess energy that would otherwise go to waste. Moreover, the positive effects of Bitcoin projects in Africa, where access to energy can be a challenge, demonstrate the nuanced relationship between Bitcoin and the environment. A significant part of our discussion revolved around the scaling of Bitcoin and the concept of self-sovereignty. As Bitcoin grows, the base chain becomes more expensive to use, raising questions about the trade-offs between self-sovereignty and convenience. We talk about the role of the Lightning Network and the importance of education in onboarding new users. We also cover the concept of "mints", which could revolutionize the way Bitcoin is managed and distributed. - Show notes: https://www.whatbitcoindid.com/podcast/the-economics-of-bitcoin-scaling This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

James Seyffart is an analyst for Bloomberg Intelligence covering ETFs, and Alex Thorn is the Head of Firmwide Research at Galaxy. In this interview, we explore the implications of the recently launched Bitcoin ETFs. We delve into the mechanics of ETF trading, analyse how ETFs might reduce Bitcoin's volatility, and speculate on the future introduction of Ethereum ETFs and their potential effects. - - - - There’s an old joke about waiting ages for a bus only for three to finally arrive at once. Well, after a decade of submissions, arguments and delays, 11 Bitcoin spot ETFs were given the green light by the SEC on Wednesday 10th January, then launched onto the market on Thursday 11th January where they attracted $4.6 billion in investment. This broke records for ETF investment. I have had the chance to speak to Alex Thorn and James Seyffart about this seismic event. But what exactly are Bitcoin ETFs, and how do they function? In essence, these financial instruments allow investors to buy and sell shares that represent a certain amount of Bitcoin, so individuals can invest in Bitcoin without the complexities of directly buying, storing, and securing the asset. The value of each share is pegged to a fraction of a Bitcoin, making it more accessible to retail traders and opening the door for a broader audience to participate in the Bitcoin market. One of the most intriguing aspects of Bitcoin ETFs is their potential to dampen the volatility of Bitcoin's spot market. A substantial portion of Bitcoin will now be held in advisor accounts, which are not prone to frequent trading. This shift could lead to more stability in the market, as Bitcoin is placed in "stronger hands." Bitcoin ETFs might also alter the pattern of surges in altcoin prices, as Bitcoin becomes less readily available for quick trades into other cryptocurrencies. The revolutionary nature of Bitcoin and its potential to empower individuals cannot be overstated. We reflected on the need for broader support from institutions and investors to unlock Bitcoin's full potential. Regulatory challenges, such as proposed AML legislation, pose significant hurdles that could impact competitiveness, market growth and restrictions on Bitcoin's use. It's crucial therefore for ETF issuers to promote the true value of Bitcoin and oppose restrictive legislation. - Show notes: https://www.whatbitcoindid.com/podcast/the-arrival-of-bitcoin-etfs This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Aaron Van Wirdum is a Bitcoin journalist and author of ‘The Genesis Book’. In this interview, we discuss the history of Bitcoin, including the importance of consensus algorithms and public key cryptography, early scepticism towards Bitcoin from cypherpunks, Satoshi's decision to remain anonymous, and its fixed monetary policy. We also talk about the influence of Austrian economics on Bitcoin's foundation, and the significance of privacy in digital transactions. - - - - The esteemed journalist Aaron Van Wirdum has authored a new book on the origins of Bitcoin called ‘The Genesis Book’. Our discussion naturally focuses on the influence of Austrian economics: Aaron explains how Hayek's ideas about money supply were instrumental in shaping Bitcoin’s principles, and how the cypherpunk movement of the 90s aspired to create technologies beyond government control - echoing Hayek's vision of market-driven money. We examine the reasons behind the failure of early digital cash projects and the lessons learned that paved the way for Bitcoin's success. Hashcash and its Proof of Work (PoW) concept, developed by Adam Back, was a key innovation contributing to the creation of Bitcoin. Equally important was the role of cypherpunks in exploring electronic scarcity and the transferability of digital cash, particularly Nick Szabo’s efforts in addressing the double spend problem. Aaron explains how Bitcoin emerged, and the significance of its white paper in introducing a novel approach that integrated currency creation technology and consensus algorithms through PoW. Reflecting on the early days of Bitcoin, we discussed the initial reaction towards Bitcoin's proposal from the cypherpunk movement and the importance of the mailing list. We also touch upon the significance of Satoshi’s anonymity and the timing of Bitcoin's launch. This episode is a deep dive into the confluence of history, economics, and cryptography that has shaped the world of Bitcoin and digital currency. As we explored the origins, challenges, and innovations that have led us to this point, including the critical Blocksize wars. The journey of Bitcoin is as much about the past as it is about the future. And, it's a narrative that continues to unfold. - Show notes: https://www.whatbitcoindid.com/podcast/the-genesis-of-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Giacomo Zucco is a Bitcoin educator, John Carvalho is CEO of Synonym, and Matt Corallo is a Bitcoin Core developer and open-source engineer at Block/Spiral. In this interview, we discuss how to scale Bitcoin while maintaining self-sovereignty. - - - - The best way to scale Bitcoin has been a hot topic since its inception. Whether it be through Bitcoin-backed banks as Hal Finney suggested back in 2010, increasing the throughput on the Bitcoin blockchain, layer 2 solutions like the Lightning Network, or federated custodian options like Fedimints. Over the past year, the surge in Bitcoin transaction fees, largely attributed to the emergence of BRC20 tokens, ordinals, and inscriptions, has once again brought the topic of scaling Bitcoin to the forefront of conversation. High fees have priced smaller transactions out of the market, and the Lightning Network, hailed as a potential solution to scalability challenges, has faced some initial hurdles. The different scaling solutions all have different trade-offs. Trustlessness and trust minimization are key tenets of Bitcoin, ensuring that users do not need to trust any central authority or third party. The Lightning Network aligns with these principles as it enables trustless, peer-to-peer transactions, reducing the need for custodial services and enhancing individual control over funds. While Bitcoin's primary focus is on decentralization and self-sovereignty, some developments, such as the concept of the "Wallet of Satoshi" or Bitcoin ETFs, aim to make Bitcoin more accessible and user-friendly to a broader audience. Wallet of Satoshi is a custodial Lightning wallet designed to simplify the user experience, while Bitcoin ETFs provide a means for traditional investors to gain exposure to Bitcoin without directly holding the asset. These developments have the potential to expand Bitcoin's adoption, but may raise concerns about centralization and counterparty risk. - Show notes: https://www.whatbitcoindid.com/podcast/scaling-bitcoin-with-zucco-carvalho-corallo This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your Bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Rachel Geyer is Head of Education at Terahash, co-founder of Les Femmes Orange and Vice-Chair of the European Bitcoin Energy Association. In this interview, we delve into Bitcoin's role in addressing energy challenges and fostering sustainable mining practices in Europe. We also discuss the formation of the EBEA, the importance of engaging with policymakers to prevent the banning of PoW and the growth of Bitcoin communities in Europe. - - - - Rachel Geyer’s story is a testament to the transformative power of Bitcoin. Initially sceptical, her son's enthusiasm for the digital currency in 2017 piqued her interest. Rachel's growing fascination with Bitcoin spurred her to seek opportunities within the industry in her homeland of Germany. Her conviction that individuals should invest their talents domestically, especially in the context of Bitcoin, resonates with the idea that innovation can flourish anywhere. We discussed the intricacies of Bitcoin within the energy sector. Rachel stressed how individuals within companies could influence decision-makers by showcasing the benefits of Bitcoin mining. She shared Terahash’s approach to showing how Bitcoin mining tackles energy challenges, including working with landfill companies and miners to create long-term, eco-friendly projects; a strategy that could have far-reaching implications for Europe's energy landscape. Contrary to the perception that Europe lags behind the US in Bitcoin adoption, Rachel provided a compelling argument for Europe's burgeoning Bitcoin scene. She pointed to the growth of meetups and projects in Germany, Austria, and Switzerland, and the development of Bitcoin innovations across the continent. These innovations are crucial for driving adoption and showcasing Europe's unique contributions to the Bitcoin ecosystem. Rachel also explained how Terahash is building a hash rate market for European investors, and the details behind them helping to establish the European Bitcoin Energy Association to promote the benefits of Bitcoin mining and defend Proof of Work. Collaboration is key, and Rachel emphasised the importance of engaging with policymakers, miners, and energy institutions to develop sustainable solutions. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-in-europe This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Allen Farrington is the co-author of ‘Bitcoin Is Venice’ and Eric Yakes is the author of ‘The 7th Property’. In this interview, we do a deep dive into the future of the Bitcoin-centric financial system, focusing on self-sovereignty, scalability, and the future of banking. We also explore the potential of Bitcoin to serve as a superior form of money addressing issues of custody and sovereignty, and the separation of money from state influence. - - - - The development of Bitcoin’s ecosystem is a balancing act: making Bitcoin scale whilst ensuring it maintains its offer as a medium for self-sovereignty. In this podcast, we discuss the current trade offs being debated within the community, focusing on the impact of high transaction costs, whether the Lightning Network equates to true self-sovereignty, a growing concern that UTXO ownership might become a privilege, and the role of covenants. The underlying issue is the potential for the community to develop a neutral financial system directed by market participants. We discuss the potential for Bitcoin to serve as a better form of money, particularly in terms of its scarcity, its speed and cost of movement benefits, and the potential for shared custody models. We address the risks and trade-offs associated with moving into a Bitcoin-centric financial system, particularly in terms of custody and sovereignty. Eric and Alan explore the idea of reducing information asymmetry and constraints within economies, and the implications for fractional reserve systems. They emphasize the importance of creating systems that increase information transparency and reduce the likelihood of fraudulent activities. The guests also discuss the proposal for “Ark”, its prospective role in a Bitcoin financial system and its potential to address Lightning liquidity issues. As we move forward, it's clear that the Bitcoin ecosystem is at a crossroads, with emerging technologies offering both solutions and new challenges. The path to a Bitcoin-centric financial system is fraught with technical, economic, and philosophical questions that require our collective attention and ingenuity. This podcast is a chance to hear how two of the community’s leading thinkers are collaborating to consider these complex issues. - Show notes: https://www.whatbitcoindid.com/podcast/banking-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the success of Lyn's book before delving into the complexities of the current economic landscape, including the correlation between global liquidity and asset prices, notably Bitcoin. The conversation covers the bond market, inflation measures, bank insolvency issues, and the impact of fiscal policies on the economy. Lyn also shares insights on Bitcoin's price cycles. - - - - Lyn Alden provides a comprehensive overview of the fiscal and monetary forces shaping 2023 in this podcast. She details how the Federal Reserve's tightening measures were counterbalanced by the Treasury's actions, leading to a stabilization in global liquidity measures. This balance is crucial for understanding asset price movements, with Bitcoin's sensitivity to liquidity dynamics serving as a prime example. We evaluated the Federal Reserve's performance, monetized fiscal deficits and the state of the bond market. Lyn acknowledged the central bank's challenges and the limitations of their tools in addressing fiscal deficits, a primary inflation driver. Despite relying on potentially outdated models and theories, the Fed has shown adaptability in adjusting policies to the economic climate. Albeit, the level of public debt and deficits may limit the central bank's control. Lyn posits that inflation, driven by unresolved fiscal issues and energy dynamics, could define the next decade. She discussed the historical context of high inflation and the role of gold and Bitcoin as hedges against currency crises, noting the increasing institutional interest in these alternative assets. We covered the outlook for Bitcoin in 2024, with Lyn underscoring the importance of viewing its price in logarithmic form, revealing a pattern of resilience and potential normalization among institutions. We also discussed the need for scaling solutions in Bitcoin to make interactions with the asset easier, cheaper, and more efficient. Lyn mentioned the possibility of soft forks and covenants, aiming to empower hubs in the Bitcoin network and improve the user experience. - Show notes: https://www.whatbitcoindid.com/podcast/2024-the-year-of-the-bitcoin-bull This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence Bitcoin Atlantis - A Bitcoin conference in the Atlantic SwanBitcoin - Invest in Bitcoin with Swan

Fran Finney is the widow of the legendary Hal Finney, who received the first Bitcoin transaction. In this interview, we discuss her husband's impact, their life together, and his battle with ALS. We also talk about the importance of Bitcoin, the challenges Hal and her faced due to harassment, and the concept of cryopreservation. The conversation also touches on the significance of fundraising for ALS research and how the Bitcoin community can contribute to this cause. - - - - Hal Finney was not only the first person to receive a Bitcoin transaction (Satoshi sent him 10 Bitcoins in January 2009 as a test), he was also the first person after Satoshi to download and run Bitcoin software. Hal came across the Bitcoin whitepaper through a Cypherpunks mailing list. As a champion of personal privacy, he saw the potential for Bitcoin to provide for censorship-resistant transactions. Driven by his concerns about government overreach in the digital age, Hal became a pioneer in the world of cryptography, gaining recognition for his part in the development of PGP. He was also part of a band of cypherpunks trying to develop a new form of money providing personal sovereignty. Hal co-authored the first paper detailing the concept of reusable cryptographic proofs of work, which would later be adapted in Bitcoin. Hal famously walked away from Bitcoin for a full year. During that time he was diagnosed with amyotrophic lateral sclerosis (ALS). Despite the debilitating nature of the disease, Finney continued to work tirelessly on Bitcoin's development until his passing on August 28, 2014. His untimely death left behind a legacy of innovation and a lasting impact on the foundation of the digital currency landscape. Despite his personal struggles, Hal Finney's intellect and relentless pursuit of knowledge cemented his place as a legendary figure in the world of cryptography and Bitcoin. In this podcast, I talk to Fran Finney, who is tirelessly committed to honouring his memory by raising funds for ALS victims and advocating for increased understanding of the disease. - ALS Golden West Running Bitcoin Challenge Join the WBD Team - ALS Golden West Running Bitcoin Challenge Show notes: https://www.whatbitcoindid.com/podcast/running-bitcoin-with-fran-finney This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Peter Van Valkenburgh is director of research at Coin Center. In this interview, we discuss Coin Center's role in educating lawmakers, analysing policy proposals, and advocating for reasonable regulations. Peter talks about their current lawsuits against the US Treasury and IRS, challenging the misapplication of tax and sanctions regulations. We also cover the changing dynamics of political support for Bitcoin and the challenges posed by figures like Senator Elizabeth Warren. - - - - Coin Center has been at the forefront of cryptocurrency policy issues since it launched in 2014. Initially, their work was focused on educating lawmakers about Bitcoin and blockchain technology. They addressed concerns about money laundering, emphasised the importance of privacy and speech rights, and explained the technology's potential. However, over time, Coin Center's work has expanded to include policy research and analysis. The non-profit group now examines how existing laws apply to crypto, and they promote reasonable regulations that protect innovation and constitutional rights. They also engage in lobbying efforts, presenting Congress with preferred solutions to policy problems. When these efforts are unsuccessful, they resort to lawsuits. Currently, they have two lawsuits against the US Treasury and IRS, challenging tax regulations and sanctions that harm privacy rights. In this podcast, we discussed the split opinions regarding crypto in US politics. Peter explained that the narrative around digital assets has shifted, partly due to influential figures like Senator Elizabeth Warren taking an anti-crypto stance, and partly due to the reputation damage caused by various actors in the space. We also discussed the emerging regulatory threats such as the use of the Bank Secrecy Act to impose strict regulations on core infrastructure providers. All of this work obviously has to be paid for. While Coin Center is financially stable, donations are still crucial as there will be more lawsuits and lobbying efforts in the future: for example, Coin Center may raise a future lawsuit challenging legislation that classifies Bitcoin miners as regulated entities. And, you can sign up for Coin Center’s newsletter to find out the other ways you can help them play a crucial role in shaping a robust future for digital assets. - Show notes: https://www.whatbitcoindid.com/podcast/the-unconstitutional-attack-on-privacy-with-peter-van-valkenburgh This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Whitney Webb is an independent investigative journalist who founded Unlimited Hangout, which covers intelligence, tech, surveillance and civil liberties. In this interview, we discuss the importance of independent journalism, the challenges of media manipulation and the rise of tyranny. We also talk about the risks of AI, the influence of powerful figures like Elon Musk and the need for public scrutiny, and the potential co-opting of Bitcoin by powerful institutions. - - - - Whitney Webb left mainstream media to pursue independent investigative journalism, a decision driven by her commitment to sharing accurate information and encouraging readers to do their own research. In this interview, she highlighted the lack of coverage on certain topics by both mainstream and independent media. Whitney also emphasized the need to question the actions of those in power who have never been held accountable. We discussed the current state of the world, including the potential for global conflict and the rise of tyranny. Many people questioned the motives behind certain decisions made during the pandemic and raised concerns about the manipulation of information and the control exerted by those in power. We delved into the potential dangers of AI controlling and curating online content, as well as the cognitive impact of relying too heavily on AI. Our conversation shifted to the topic of Elon Musk and his mixed reputation. We questioned his true motivations and the extent of his influence, raising concerns about his ties to the government and his involvement in censorship on Twitter. Whitney highlighted the need to scrutinize the actions of powerful figures like Musk and not blindly trust their words. Finally, we talked about the potential co-opting of Bitcoin by powerful institutions and the need for people in the Bitcoin space to be aware of this. Whitney focused on the importance of personal responsibility and being aware of the push to regulate the internet and the destruction of the existing financial system. Powerful interests take advantage of events to grab more power, but their power grab can only succeed if we consent and give in to fear and panic. - Show notes: https://www.whatbitcoindid.com/podcast/the-end-of-the-world-as-we-know-it This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Jeff Booth is the Author of The Price of Tomorrow & General Partner at Ego Death Capital and Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation. In this interview, we discuss the devastating effects of currency devaluation, the systemic issues of exploitation, debt, and inequality, and the potential of Bitcoin to provide economic hope and empowerment. - - - - In mid-November, the Malawian government announced a sharp devaluation of its currency, which resulted in instant price increases for commodities such as fuel and electricity of 40%. This has devastating effects on people already struggling to make ends meet. To add further insult, there is a serious lack of transparency in the process. The injustice of the situation is glaring, with no one held accountable for the harm caused by the devaluation. Our conversation touched on the hidden nature of modern-day slavery disguised as economics. We highlighted how the West's living standards are based on stealing resources and exploiting cheap labour from countries like Malawi. The International Monetary Fund (IMF) plays a role in ensuring cheap goods for the West, but their public statements focus on stabilising the world and reducing poverty. We also discussed the issue of wages in sub-Saharan African countries, which have not recovered from their peak in the 1970s. The impact of debt and interest payments on these countries' budgets is ruinous, with a significant percentage of their annual budget going towards paying off debt. The entire global economic system is based on theft, and the uncomfortable truth is that the rate of theft influences economic conditions in the West. Bitcoin, as a decentralised system, reveals the truth about what is happening in the world. Bitcoin allows individuals to protect themselves from devaluation and move into a system that doesn't constantly steal their wages. We were fortunate to see how Bitcoin can bring positive change to countries like Malawi, where Bitcoin mining is enabling a remote village to utilise hydro energy to power the village and generate income. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-a-30000ft-view This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Perianne Boring is the Founder and CEO of the Chamber of Digital Commerce. In this interview, we discuss Senator Elizabeth Warren's stance on crypto, her proposed anti-crypto legislation and the status of Bitcoin ETFs. We talk about the political system, the influence of special interest groups and the need for reform. Perinanne explains why engagement with policymakers is critical, and how she is fighting for the future of Bitcoin and the digital asset industry. - - - - Senator Warren has made a name for herself as a progressive Democrat who champions consumer protection. Following the Great Financial Crisis, but before entering the Senate, Warren proposed and established the Consumer Financial Protection Bureau, and then served as President Obama’s special advisor for the Bureau. Since being elected as a Senator for Massachusetts, she has been a prominent critic of the banking sector. More recently, Warren has arguably become the staunchest anti-crypto politician, a shift that has left many confused. In this podcast, Perianne Boring uses her knowledge of the system in DC to try and understand Warren’s stance. The working assumption is that some of her motivation is driven by the incentive to generate news coverage, attention and political donations. The result is retrograde proposals such as the ‘Digital Asset Anti-Money Laundering Legislation’. Organisations such as the Chamber of Digital Commerce, have made great efforts to educate Warren and her office about the industry's efforts to combat illicit finance. However, Senator Warren seemingly lacks an understanding of the technology behind Bitcoin and crypto. The organisations involved are left with the impression that there hasn't been a good-faith effort on Warren’s part to understand the facts and technology. My discussion with Perianne covered the more fundamental issue of a broken political system and the subsequent negative impact on voter trust in the political process. We discussed the challenges faced by third-party candidates in the current system and the emergence of new political groups. We also cover the mechanisms, such as impeachment or recall, to hold politicians accountable for their actions, and why these aren’t seen as being effective. Finally, we discussed the vital work being undertaken on the ground in Washington. They are fighting for the future of Bitcoin and the digital asset industry in part by lobbying against policies that could hinder the growth of Bitcoin and blockchain technology in the US. Perianne emphasized the importance of the Bitcoin community having a voice in Washington, as the industry is still relatively small compared to more established legacy industries. - Show notes: https://www.whatbitcoindid.com/podcast/elizabeth-warrens-anti-bitcoin-agenda This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Erik Hersman is a co-founder of Gridless. In this interview, we discuss Africa, focusing on economic issues like inflation, devaluation and people’s struggles to make a living. We talk about Bitcoin’s potential to create economic opportunities in Africa, the importance of building products that meet the needs of people and provide real value, and the use of mobile money. Finally, we cover Bitcoin mining in Africa and its impact on energy infrastructure. - - - - On previous podcasts, we’ve had the pleasure of interviewing Erik Hersman to better understand how his company, Gridless, is partnering with East African communities in need of energy to provide subsidised power using Bitcoin mining. Last week we had the incredible honour of being invited to visit one of Gridless’s operational sites in Malawi. This will be included in a forthcoming film we will release in 2024. But, we used the opportunity to record another interview with Erik. Being here, in person, allowed us to gain a better understanding of the context and ask relevant questions. We were not just discussing abstract concepts; we were seeing them first-hand and interviewing people on the ground. As per our previous podcast with Femi Longe, this interview has provided us with valuable insights into the Bitcoin story in Africa. We delved into the challenges and complexities of addressing the historical and current inequalities between Western countries and Africa, and why such inequalities are being allowed to perpetuate. Erik and I talk about why there is a belief in the potential of Bitcoin to create economic opportunities in Africa. We covered the challenges of implementing Bitcoin-focused initiatives, the need for a comprehensive plan and how Bitcoin adoption in Africa. Erik emphasized the importance of building products that meet the needs of people and provide value in their lives, rather than creating products based on assumptions or fantasies. We consider some of the plenty of examples of unique innovations utilising Bitcoin across Africa that address real needs. We also cover the concerns of government surveillance of mobile money that Bitcoin could help address. Finally, Erik explained how Gridless has helped communities in Kenya and Malawi increase their usage of hydropower. This has led to financial and energy sustainability for such communities, but more fundamentally, it has also provided families with electricity for the first time. Erik emphasised the amazing potential for Bitcoin mining to bootstrap renewable energy infrastructure in Africa. As he stated “There's nothing to fight against here. It's good for everyone.” - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-vs-economic-imperialism This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Femi Longe is program director for Btrust Builders, which educates developers in Africa about Bitcoin. In this interview, we discuss societal issues faced by people in different parts of the world, the economic imperialism hampering emerging economies, and the challenges Africans face in accessing the global financial system. We also talk about the impact of external powers on Africa and the potential of Bitcoin to change the global financial conversation. - - - - Femi Longe has extensive experience in promoting transformative innovation across Africa to drive social change. It was perhaps inevitable that he would end up working within the Bitcoin ecosystem. Currently, through his work for Btrust Builders, Femi is helping to build a critical mass of Bitcoin and Lightning engineers from the Global South starting with Africa. This podcast explores how the global system is designed in a way that prevents emerging economies from thriving. The conversation shines a light on the damaging effects of economic imperialism upon the Global South, best expressed in Alex Gladstein's work. External powers, such as the World Bank and IMF, often prioritise their interests over the well-being of African people. Femi and I also discussed the numerous practical challenges faced by Africans in accessing global commerce. Companies like Western Union and MoneyGram take a significant cut from remittance transactions (with the US government even requesting information on transactions from these platforms), and there are significant limitations placed on Africans trying to access financial services such as PayPal across borders. Africa’s problems are compounded by the influence of outside powers: the historical fragmentation of Africa by European powers has made it difficult for African countries to come together and collaborate effectively; latterly, international aid to Africa has distorted local markets and influenced government spending, often to benefit Western businesses at the expense of African countries. Femi sees Bitcoin as an opportunity for Africans to change the conversation and have a stake in the global financial system, as it cannot be controlled by external powers. He aims to empower Africans to engage with Bitcoin as producers, rather than just consumers, by training developers and connecting them to open-source projects. That way Bitcoin can be integrated into real-life scenarios that are important to people. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-in-africa This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Marty Bent is a Venture Partner at Ten31 and founder of the Bitcoin-focused media company TFTC.io, Thomas Pacchia is a Bitcoin entrepreneur and co-owner of the NY Bitcoin bar Pubkey, and James McAvity is the founder and CEO of the Bitcoin Mining company Cormint. In this interview, we discuss Bitcoin’s potential future, its interaction with financial institutions, the challenges and risks of the Bitcoin mining industry, and why Texas is favourable for Bitcoin. - - - - It is no surprise that a podcast with three eminent Bitcoiners will cover a lot of ground, and yet, the discussions on this show cover a myriad of fascinating topics that are the subject of fervent debate within the community. The initial debate focused on whether users will continue to pay high fees, the operational constraints and cash flow concerns of a growing network, and the issues affecting the adoption of Lightning and Liquid. We talked about the profitability and health of the mining ecosystem, exploring the idea of miners cooperating to reduce electricity consumption while maintaining the same revenue. We also touched on the possibility of chip manufacturers restricting supply and the potential commodification of ASICs. Our speakers provided their opinions on the future of Bitcoin and its scalability. We explored the concept of self-sovereignty with Bitcoin, the potential need for multi-institution custody solutions, the importance of maintaining the 21 million supply cap and ensuring mining is sufficiently distributed. We discussed the potential future of Bitcoin and its interaction with financial institutions, speculating that the institutions offering the best monetary utility, such as fast settlement and low costs, will likely win the battle for user trust. The conversation raised the prospect that Bitcoin exchanges will need exposure to mining in order to provide liquidity to their users. The impact of the Chinese hashrate and the centralised market for mining hardware and software on the mining industry was covered. Our guests explained the challenges and risks associated with entering the mining industry, specifically, the effect of the upcoming Bitcoin halving, volatile power prices and weather conditions upon Bitcoin mining. We also discussed why Texas is viewed as a favourable environment for the Bitcoin industry.  - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-game-theory This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Bob Burnett is the Chairman and CEO of Barefoot Mining. In this interview, we discuss his transition from the PC industry to Bitcoin and his passion for Bitcoin mining. Bob explains the complexities of mining, its potential future and the role of fees in sustaining the industry. We also talk about the scarcity of block space in the Bitcoin network, the importance of the Lightning Network, the early years of Bitcoin and the public’s current perception of Bitcoin. - - - - Bob Burnett shared his fascinating journey, from his work on developing one of the world's first laptop computers to his current involvement in the Bitcoin industry. Bob drew parallels between the personal computer and Bitcoin, emphasizing the role of technologists like Satoshi Nakamoto in pushing society forward and ushering in new eras, and the different motivations of technologists and capitalists. Bob initially designed Ethereum mining servers but eventually pivoted towards Bitcoin due to his dissatisfaction with Ethereum. He expressed his admiration for the technological brilliance of Bitcoin and the ongoing process of uncovering its layers. Bob shared his passion for Bitcoin mining, and his mission as a technologist and systems “guy” who wants to contribute to building a monetary system that will last for a thousand years. We discussed the intricacies of the Bitcoin mining industry. Bob explained the mining trilemma, i.e. the challenge of combining the three fundamental factors that need to come together to build a mining site: a consistent and competitive source of energy, mining equipment, and money. We also discussed the impact of changes to Bitcoin’s price on the mining industry, the importance of collaboration, the need for diversity and the dangers of monopolies. The podcast delved into the scarcity of block space in the Bitcoin network and its implications. Current block space is limited and cannot accommodate everyone who wants to transact on the base layer. This poses a challenge for individuals who want to store their Bitcoin securely and be self-sovereign. We covered the importance of Lightning Network as a solution to allow more people to access and use Bitcoin. Finally, we reflected on the early years of Bitcoin and the upcoming changes in fees. We also talked about the perception of Bitcoin among those who are unfamiliar with it, and the challenge of bridging the gap between what people think about Bitcoin and the reality. However, in terms of the famous saying “show, don’t tell”, it’s the efforts of people like Bob, working to serve people around the world, that will go a long way to enlightening people on the value of Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/the-bitcoin-mining-trilemma This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Gary Leland is the founder of the BitBlockBoom Bitcoin conference. In this interview, we discuss the importance of Bitcoin conferences, how to organise, market and run Bitcoin events, and Gary’s path to Bitcoin. We also talk about approaches to Bitcoin investment and spending, our entrepreneurial journeys, travel experiences and approaches to parenting. The conversation concludes with a discussion about football and the offside rule! - - - - Gary Leland is a seasoned entrepreneur, Bitcoin enthusiast and podcaster with whom I have a lot in common: we have shared experiences, insights, and lessons learned, and we are now both Bitcoin conference organisers! Albeit, I have a long way to go to match Gary’s impact, given the BitBlockBoom event in Texas next year will be his 7th consecutive conference. The positive influence such conferences have on the Bitcoin community can not be understated. Gary's journey into Bitcoin began at the Texas Bitcoin Conference, which sparked his interest in the concept of Bitcoin as an internet protocol for money. This led him to invest in Bitcoin and become a staunch advocate. We discussed the importance of Bitcoin in relation to our upcoming events. While the price of Bitcoin can influence ticket sales, we agreed that it alone won't determine the success of the conference. We shared our experiences of selling tickets with Bitcoin and how it has impacted our sales. Gary mentioned that he had more Bitcoin sales for his previous conference, even when the price was down. Concerning Bitcoin investment and spending, Gary compared his approach to holding onto his Bitcoin to being like a "crack addict," not wanting to dip into his stack unless absolutely necessary! He believes in using Bitcoin for things he couldn't afford otherwise, like gifts for others or a house for himself. Gary shared his entrepreneurial journey to where he is now, which is a testament to resilience and learning from failures. Gary reflected on how running his Bitcoin event, BitBlockBoom, has given him a different perspective on Bitcoin. He believes that being involved with the event has allowed him to connect with a larger network of people than the average person. It has also connected him to me and allowed me to explain football’s offside rule, so, every silver lining… - Show notes: https://www.whatbitcoindid.com/podcast/driving-bitcoin-forward This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

John Carvalho is CEO of Synonym, a Bitcoin and Lightning Network service provider. In this interview, we discuss the potential impact of ETFs, the culture of Bitcoin developers, and the risks associated with AI technology. We also talk about the importance of understanding and investing in the Bitcoin protocol, the inefficiency in how relays are handled in the Bitcoin community, and the vision of Synonym for a post-Bitcoin digital economy. - - - - John Carvalho is one of the Bitcoin industry’s best advocates because of his unwavering commitment to its ideology and his high standards regarding its treatment and development. The last time I interviewed him was over three and a half years ago, so it was an honour to have him back on the podcast to ask him about a variety of current issues important to the Bitcoin community. The first topic of discussion was Bitcoin ETFs, which John sees this as a corrupting force within the Bitcoin community; he criticises Bitcoiners who only support things they think will increase the value of their holdings. John also fears ETFs could be used by the state or major banks to manipulate the price of Bitcoin. Instead of buying ETFs, he believes people should educate themselves about holding the underlying asset themselves. John also raises concerns about the increasing fragmentation within the Bitcoin community and how it may be dangerous for the base ethos of Bitcoin. He mentions that the culture of the Bitcoin mailing list has changed, with newer members constantly pushing for complexity and change. He explains that engineers are focused on solving their own problems rather than addressing the needs of Bitcoin users. We discuss the cultural issues among Bitcoin developers. John suggests some experienced developers may be tired after years of battling and facing criticism. Also, younger developers may be trying to make a name for themselves and leave their mark on Bitcoin, which could contribute to the cultural problem. John acknowledges that not all core developers exhibit this behaviour, but he has had private conversations with some who confirm his observations. John then brings up his interest in AI development, particularly in using ChatGPT and Midjourney. He mentions seeing both opportunities and fears in the fast-moving AI field. John also explains the concept of the atomic economy, which is Synonym's vision for a post-Bitcoin digital economy. He emphasises that it's not just about hyper-bitcoinization, but about creating a mental model for what replaces big tech, big banks, and big state. - Show notes: https://www.whatbitcoindid.com/podcast/the-road-to-digital-serfdom This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan

Caitlin Long is the Founder and CEO of Custodia bank. In this interview, we discuss the financial system's instability, the impact of COVID-19, and the role of the Federal Reserve. We talk about the different types of banks, the stability of the banking system, the history of debt reduction by US presidents and the role of interest rates. The podcast also covers the power of federal bank regulators, the divide among Americans on various social issues and the potential of Bitcoin. - - - - The COVID-19 pandemic has undeniably shaken the financial world. The Federal Reserve played a crucial role in stabilizing the banking system during this period. As with many other central banks, the Fed printed large amounts of money. However, we are still dealing with the serious consequences of the measures taken: high inflation has been generated, long-term treasuries have seen historic sell-offs, and there are concerns over the impact on the US Dollar. In this podcast with the Wall Street veteran Caitlin Long, we discuss the banking system in the wake of the unprecedented economic events that occurred as a result of the pandemic. We cover the significance of the separation of banking and commerce, and the differentiation between community banks, regional banks, and global systemically important banks. Caitlin explains the interplay between counterparty credit risk, bank runs and banking insolvency. We discuss the price of borrowing money, which Caitlin views as being the most important price in the economy. It determines how capital is allocated across time and industries. However, A good price of capital is hard to determine, and this price is often manipulated. Further, there has been a recent shift in focus from making money to wealth preservation in light of the devastating effects of inflation on people's lives, which materially affects capital markets. We also cover Caitlin’s firm Custodia Bank and their Bitcoin custody platform. Despite concerns about the banking system, Caitlin explains that she is building a bank because she believes traditional finance and Bitcoin need to coexist. She discusses the need for a bridge between the two systems to ensure they don't harm each other, whilst marrying their respective attributes: the strong customer protections that come from being a bank with the best form of money. - Show notes: https://www.whatbitcoindid.com/podcast/the-debt-tsunami This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Steve Barbour is the president of the Bitcoin mining infrastructure company Upstream Data. In this interview, we discuss the intricacies of Bitcoin mining, the potential of off-grid Bitcoin mining for oil companies and the growing economic importance of Bitcoin mining. We also talk about the potential of integrating Bitcoin mining with power generation, the geopolitical implications of the shift in Bitcoin mining dominance from China to the US and the future of this sector. - - - - As the President of Upstream Data, Steve Barbour’s company specialises in building off-grid Bitcoin mining operations for the oil and gas industry looking to utilise otherwise flared or vented methane emissions. The company started by mining Bitcoin itself, but they have now shifted its focus to selling equipment and services to other companies and individuals interested in self-mining. The podcast covers a wide range of topics, beginning with the intricacies of Bitcoin mining economics. Steve explains the importance of the swings in hash rate and the hash price and the importance of forecasting for making sound business decisions. We also delve into the ongoing battle between two subsets of the Bitcoin economy: merchants and miners. While merchants prefer low fees to avoid congestion, miners favour high fees for increased revenue. The role of custodians in the Bitcoin ecosystem is also a critical topic: the importance of self-custody and holding your own keys is clear, but it is also recognized that not everyone will be able to achieve this. We discussed the importance of building a good reputation in the international mining industry. Upstream Data is also concerned about domestic issues as a Canadian company. We therefore talked about the challenges and frustrations faced by Canada, a resource-rich country that should be wealthy but isn't due to various factors. Steve set out his thoughts on the potential for change within the country. Finally, Steve set out his view on the future of Bitcoin mining and the important voice miners have in the Bitcoin community. There are potential technology advancements that could impact Bitcoin mining, including material science improvements for semiconductors, which could lead to improved efficiency and new applications. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-mining-economics This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Robert F. Kennedy Jr. is a 2024 US presidential candidate. In this interview, we discuss his decision to run independently, his plans to unify the country, and his concerns about the media's role in fueling division. Kennedy discusses the fairness doctrine, the chronic disease epidemic, and the state of the country. We also talk about concerns regarding CBDCs and the potential dangers of AI technologies. - - - - The Kennedy’s are one of the most significant political families in the history of the United States. Robert F. Kennedy Jr. is the latest in a long line of influential public figures coming from this unique dynasty. Following in the footsteps of his father and uncles, RFK Jr. aspires to run for high office. The podcast starts by discussing his decision to run as an independent presidential candidate, which he feels has enabled him to engage with a broader range of constituents. RFK Jr. set out his plans to unify the country by addressing the pervasive dishonesty by institutions that were once trustworthy. RFK Jr. shares the concerns of his father that the country has become a military-industrial complex, eroding democracy and leading to a corrupt merger of state and corporate power. RFK Jr. evokes his father's success in uniting people during a similarly divided time in the late 1960s by focusing on common values. Our conversation also covers the influence of the media, particularly in the context of the repeal of the fairness doctrine in the late 1980’s. RKF Jr. believes that this event had a detrimental impact on the state of the country and the media's role in it: the doctrine was put in place to ensure a well-educated public and prevent the control of media by a single entity; its repeal led to media consolidation and the loss of impartial news reporting. This conversation with RFK Jr. was a deep dive into the mind of a man who is not afraid to challenge the status quo and speak his truth. His commitment to honesty, unity, and the preservation of freedom is a refreshing perspective in today's political landscape. - Show notes: https://www.whatbitcoindid.com/podcast/rfk-jr-on-media-us-debt-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Vivek Ramaswamy is a 2024 US presidential candidate. In this interview, we discuss Vivek’s decision to run for president, his experiences in the corporate world and his belief in American ideals like free speech and meritocracy. Vivek outlines his plans to reduce government size, address national debt and protect individual wealth. We also talk about the importance of constitutional principles and why he may be the most pro-Bitcoin candidate in American history. - - - - Vivek Ramaswamy has had a massive impact on the Republican primaries. A relative novice in a field of candidates dominated by Republican big hitters like DeSantis, Haley, Christie and Pence, Vivek has rapidly taken his place amongst the leading contenders for the Republican presidential nomination with a largely self-funded campaign. In some polls, Vivek has placed second behind Trump. A former biotech CEO, Vivek has decided to enter politics as a means to drive change. He states this decision came after witnessing a suffocating environment in corporate America. Vivek's journey into politics is not a conventional one. He is not a career politician, nor does he come from a high-profile business background. Instead, he believes he is an outsider with a unique set of attributes who can offer a viable alternative to the status quo. We discuss his belief that a strand of progressivism has been weaponized as a deflection tool by those in power to avoid accountability for their failures. Vivek emphasises that his critique of “woke” ideology is not specifically directed at the left, but is based on a reaction to the dangers posed by the merger of state, corporate, and institutional power. All the while, the critical issues being faced by the country, such as drug addiction and the neglect of cities, continue to exacerbate. Vivek outlines his plan to reduce the size of the federal government by 75% and suggests that the US president has the power to do so on day one. He believes in zero-based budgeting and illustrates the need to reassess the necessity of each budget item from the ground up. He also criticises the trillions of dollars spent on foreign wars and proposes a policy of not providing foreign aid to countries with lower national debt per capita than the United States. We also discuss the importance of protecting individual wealth and Vivek’s advocacy for Bitcoin. His comprehensive crypto policy includes restoring constitutional principles such as protecting the freedom to code, financial self-reliance and the freedom to innovate. And, for a community where signal is everything, it’s important to note that he’s the first Republican politician to enable Bitcoin lightning donations, and he could also be the first-ever presidential candidate to own Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-on-the-ballot This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Stephan Livera is the host of the Stephan Livera Podcast, and head of education at Swan Bitcoin. In this interview, we discuss Argentina’s newly elected Libertarian President, Javier Milei. We talk about his policies, dollarisation, abolition of the central bank and whether he can truly tame Argentina's inflation problem. - - - - A few days ago Javier Milei became the world's first anarcho-capitalist leader after his success in Argentina's recent elections. The win signals a big shift in the country's political ideology and economic ambition. His campaign promised to bring libertarian principles for a nation tired of economic troubles & ready for change. Milei ran his campaign on defunding and dismantling government bureaucracies, abolition of the central bank, and a mass privatisation of state enterprises and dollarization, in an attempt to stabilise Argentina's chronic high-inflation. While these are radical changes, radical may be exactly what Argentina needs and he struck a chord with voters desperate for a departure from perpetual economic crises. As perhaps the most well-known libertarian politician since Ron Paul, all eyes will be on Milei over the next four years. Can he bring economic stability to Argentina? Will he be able to navigate the political structures without becoming corrupted? Will he really follow through on dismantling the government? And, will this usher in a new wave of Libertarian politicians across the world? - Show notes: https://www.whatbitcoindid.com/podcast/mileis-argentine-revolution This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Steven McClurg is a Co-Founder of Valkyrie Investments. In this interview, we discuss the North American Bitcoin Summit, speculation about SEC approval of Bitcoin ETFs, and the potential advantages of having the first approved ETF. The conversation also covers the US government's debt and its effect on the economy, the concept of inflation and its potential impact, the influence of BlackRock and state involvement in Bitcoin, and future Bitcoin adoption. - - - - One of the hot topics at the North American Bitcoin Summit was the speculation surrounding the approval of Bitcoin ETFs by the SEC. I was fortunate to be able to have a new interview with Valkyrie Investments CIO Steven McClurg, who provided insight into the SEC's decision-making process, how the SEC will likely batch the approval of ETFs, the role of BlackRock in changing the SEC's stance, and the impact of the speculation on Bitcoin’s price. Our conversation moved on to cover the US government's debt and its impact on the economy. The elephant in the room is the increasing pressure debt servicing applies to the US government finances, particularly in the wake of interest rate rises. Steve focused on the concern that the government seems to have little political incentives to solve the debt problem, as politicians are focused on getting reelected rather than addressing long-term issues. We discussed the compounding effect of inflation, and how even a small increase in inflation can have significant consequences over time. The rising costs of groceries, fuel, and housing, are materially affecting people's ability to invest and save. Whilst we are veterans of believing Bitcoin provides financial protection, it seems like prominent financiers such as Larry Fink, BlackRock’s CEO, are also considering Bitcoin as a solution to the current economic situation. The podcast concluded with a discussion on the potential for government investment in Bitcoin. We speculated on the amount of Bitcoin owned by El Salvador and its potential value. We touched on the seizure of Bitcoin by US police and how the government has dealt with these seizures. Finally, Steve and I talked about whether other countries are likely to be acquiring Bitcoin. It may be very soon that all countries realise that they don’t have enough! - Show notes: https://www.whatbitcoindid.com/podcast/macro-fed-pivot-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Parker Lewis is a Bitcoin writer and educator and Head of Business Development at Zaprite. In this interview, we discuss the 2023 North American Blockchain Summit in Fort Worth, the benefits and challenges of Bitcoin payments, and the potential of Bitcoin becoming a critical rail for global payments. We also talk about the risks of the traditional banking system, the urgency needed to fix the current monetary system, and how Bitcoin's fixed supply could potentially help. - - - - This is another podcast I have made in the shadow of the impressive North American Blockchain Summit 2023 in Fort Worth, Texas. It’s a great opportunity to catch up with some of the best minds within Bitcoin such as the amazing Parker Lewis! We got quickly into the weeds of Bitcoin payments and the challenges of managing multiple lightning wallets for different purposes. Parker set out how the product he’s helping develop, Zaprite, aims to resolve this problem by providing a seamless payment experience, allowing funds to be directed to different lightning wallets or accounts. We also touched on the importance of creating a unified experience between fiat and Bitcoin payments to encourage adoption. Our discussion delved into the risks and challenges associated with traditional banking systems and the importance of Bitcoin as a solution. The system needs resilience, which Bitcoin provides. Further, the speed and simplicity of Bitcoin stands in stark contrast to the inefficiencies and delays involved in traditional banking. Parker explained that Bitcoin also serves as insurance at an individual level for currency failure and as an insurance policy for businesses. We explored the concept of the 21 million fixed supply of Bitcoin, and that by understanding why Bitcoin solves the problem of purchasing power, people can then understand how it can also solve other problems, such as the risk of banks failing, the fragility of the legacy payment system and providing an actual solution to inflation. Parker believes there is an urgent need to fix the current monetary system, comparing it to a flood requiring immediate attention. He believes that those who understand Bitcoin should prioritise working on it rather than other projects. This podcast is therefore a call to arms for those who value the importance of Bitcoin in today's digital age. Bitcoin has the potential to not only revolutionise traditional banking but to save the monetary system as a whole. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-for-banking-failures This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Lee Bratcher is the President of the Texas Blockchain Council. In this interview, we discuss Bitcoin mining in Texas, the North American Blockchain Summit 2023 and the regulatory challenges miners face. We also talk about the potential impact of politicians embracing Bitcoin, the importance of mainstream media presence at the upcoming conference, and efforts to attract professionals to Bitcoin events. - - - - This podcast was made before the start of the Texas Bitcoin Summit in Fort Worth, which started yesterday and runs through until Friday. The summit is expected to be the biggest one yet, with over a thousand attendees and a focus on mining. And this year the Texas Blockchain Council has excelled at attracting some major political figures, including RFK, Vivek Ramaswamy, Ted Cruz, Cynthia Lummis, Andrew Yang and Warren Davidson. Texas seems to understand Bitcoin better than other states, which is attributable in part to the independent thinking and educational efforts in the state. The Texas Bitcoin mining industry is a catalyst for Bitcoin mining across the world, leading the way in developing use cases such as demand response grid balancing services and the incentivisation for the build-out of renewable energy. However, the path to wider acceptance of mining in Texas has not been foregone, and the future is still uncertain. The challenges the industry has faced have been significant. For example, Senate Bill 1751 in Texas sought to ban miners from the very same ancillary services that have benefitted ERCOT’s grid balancing objectives. These efforts have been pushed by traditional legacy industries in Texas aided by their strategy of regulatory capture. Traditional industries such as steel mills and petrochemical refineries have been frustrated by Bitcoin miners bidding down the price for demand response services (which in turn has benefits consumers). The bill passed unanimously in the Senate. The fact the bill was ultimately killed in the House was thanks in large part to the efforts of the Texas Blockchain Council under Lee Bratcher’s presidency. The issue highlights the problem of getting a political consensus on Bitcoin. Elizabeth Warren, for one, makes it difficult for Democrats to openly support Bitcoin. However, a few Democrats are showing a more practical and nuanced understanding. And, being anti-Bitcoin will become a risky position to take in the future due to generational-led shifts in opinions. Until then, it’s up to bodies like the Texas Blockchain Council to continue to fight for Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/ensuring-bitcoin-wins This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Robert Breedlove is a philosopher and podcaster within the Bitcoin space. In this interview, we discuss the Alliance for Responsible Citizenship (ARC) conference, the anti-woke movement, cultural Marxism, and the origins of certain ideologies. We also delve into the impact of COVID-19, the role of politics in societal change, the influence of taxation and inflation on the economy, and the potential of Bitcoin as a solution to many of these issues. - - - - Normative behaviour in society at any one time may be codified such that it appears to be a natural law: behaviour, dress, language, and demeanour are perceived to be as fixed as biological traits. However, culture is merely a template for expectations in a social group. Acceptable conduct is malleable. The history of civilisation is full of profound shifts in cultural social behaviour and societal norms. It is not uncommon for marginal groups within society to test the paradigm. However, we do appear to be at a rare inflection point. Society is split between two equally powerful ideologies, both of which lay claim to the cultural elite mantle. Wokeism, whilst being criticised by some as being a lazy pejorative for a wide range of progressive liberal opinions, does have roots in an understandable backlash against the promotion of identity politics and cancel culture. Robert Breedlove however views wokeism as another form of cultural Marxism funded by the state. In this podcast, he suggested that it is a divide-and-conquer strategy to create a demand for stronger governance. We discussed whether the development of these ideologies is organic or intentional. Robert leaned towards the latter, comparing it to the romantic lies told throughout history to justify theft. Robert explained his perspective on the influence of Marxism on the social institutions of the West. He believes that Marxism seeks to abolish private property, which he sees as the foundation of civilization and justice. He also connects the rise of cultural Marxism with the increasing violation of private property rights. When asked about the solution to these issues, Robert proposed that making property harder to violate is crucial. He sees Bitcoin as a potential solution, as it provides inviolable private property rights. With a Bitcoin standard, the state's ability to print money would be limited, reducing their revenue source and potentially leading to a more peaceful and prosperous world by creating less incentive for people to politic and more incentive for them to produce. - Show notes: https://www.whatbitcoindid.com/podcast/life-liberty-the-pursuit-of-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Alex Thorn is the Head of Firmwide Research at Galaxy. In this interview, we discuss a range of topics including Galaxy’s sponsorship of Real Bedford FC, the growing trend of Bitcoin sponsorship in sports and the current state of the hip-hop music industry. We also talk about Bitcoin, including factors influencing its price, the potential approval of a Bitcoin spot price ETF(s), the importance of Bitcoin ownership and its role as a medium of exchange. - - - - Full disclosure, Galaxy became the first official sponsor of Real Bedford Ladies FC in the summer, allowing them to have professional coaching and for players to get paid for the first time. This has boosted the team: they are currently top of their league having won all their matches, and this Sunday they play in the first round of the world-famous FA Cup. I talked about this and the growing trend of Bitcoin sponsorship in sports with Alex Thorn. We also talked about Bitcoin and the potential factors influencing its price action: for example, there is a correlation between Bitcoin price and US economic policy. We discussed the impact of the upcoming halving event, for which there is growing anticipation. And we pondered the question of when to sell Bitcoin in the context of other investment opportunities; now might not be the right time to sell Bitcoin due to its potential for growth. The podcast covered the recent SEC amendments regarding Bitcoin spot price ETFs, involving additional risk disclosures for investors, possibly indicating a shift in SEC behaviour towards Bitcoin. We touched on the potential impact of a Bitcoin spot price ETF, with increased adoption and price growth tempered by concerns about institutionalization. We also considered the impact on Grayscale's business model, noting that lower fees in ETFs could affect their profitability. Finally, the discussion emphasized the importance of educating others about Bitcoin's value and fundamental features. Widespread understanding and adoption of the underlying principles of Bitcoin are crucial for its long-term success. Alex encourages Bitcoin enthusiasts to continue spreading awareness and discussing its values with friends, family, and potential investors. - Show notes: https://www.whatbitcoindid.com/podcast/is-the-bull-market-back This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Jesse Myers is co-founder and COO of Onramp Bitcoin. In this interview, we discuss Bitcoin’s potential growth, adoption and valuation, and the implications of Bitcoin’s price accelerating. We also talk about the risks associated with bonds, the concept of money, and the hurdle of convincing people to buy Bitcoin. Jesse also introduces ‘Onramp’, a Bitcoin asset management platform built on multi-institution custody. - - - - Many investors are still bullish on Bitcoin's transparent and rigid monetary policy: its increasing scarcity will attract more value to it, potentially making it a better store of value than gold. Some are expecting a transfer of wealth out of bonds into Bitcoin, as Bitcoin slowly becomes considered a lower-risk asset; this is in the context of bonds continuing to show significant signs of stress due to burgeoning sovereign debt and inflationary headwinds. It is in the context of this expected inflow of capital into Bitcoin by individuals and organisations that aren’t prepared or willing to secure private keys, that Jesse Myers co-founded Onramp Bitcoin, a trust-minimized form of custody. Their multi-institution custody eliminates counterparty risk without requiring individuals to hold their own keys. In the podcast, Jesse explained the multiplier effect of capital inflows into Bitcoin and how it could impact its valuation, whilst emphasizing the importance of remaining grounded in the total global asset landscape and not assuming unrealistic valuations for Bitcoin. We also discussed how Bitcoin can shift value back to ‘good money’, and further how it starts to become a dominant form of currency. We discussed how the path of Bitcoin adoption will manifest i.e. whether its growth is likely to be gradual or exponential. We discussed the implications in the interim period of governments continuing to print money to pay off debt, and the potential redistribution of wealth to Bitcoiners who have planned differently. We also considered the possibility and implications of fiat currencies failing and the world finally turning to Bitcoin as a solution. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoins-full-potential-value This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Luke Gromen is the Founder and President of Forest for the Trees (FFTT). In this interview, we discuss the state of the economy, government borrowing and the bond market. We explore the implications of increased US government borrowing and spending on debt and taxes. We also talk about cycles of quantitative easing, a comparison of the economies of Argentina and the US, the impacts of inflation on different groups and investment strategies during a recession. - - - - Luke Gromen has been praised by former clients and colleagues as having a "unique ability to connect the dots". Well, there are lots of dots at the moment, and none of them are static. The economy still seems like it’s in a perilous state with debt levels seemingly out of control. We discussed whether there is a limit to how much money the Treasury can borrow, and how the bond market might be signalling that the Fed needs to restrict borrowing. We talked about how debt has ballooned as a result of the reliance on quantitative easing (QE) as a means to bring down interest rates. As Luke explained, this tool results in inflation, the need to raise interest rates again, then rinse and repeat. This cycle has been ongoing since 2014 when global central banks stopped growing their holdings of reserves. The issue is who will buy the US’s burgeoning debt? Many expect the US to follow Japan’s model if the Fed starts buying bonds. However, Luke stated that the US risks mirroring Argentina’s economic situation as US government debt is financed mostly by foreign entities. This significantly hinders the US government's flexibility: it constrains money printing, adds upside risk to bond rates and makes containing a spiralling debt burden much more difficult. The economic system's evolution over the past 30 years has contributed to growing wealth inequality and unrest. We discussed how these issues are manifesting in the US, suggesting that it is likely to be due to the hollowing out of the middle and working classes by successive governments from both sides of the aisle. The result is a more comprehensive welfare budget, which increases the tax burden. But, given that GDP growth lags behind inflation and consumer spending is down, increased government spending requires more debt. Money printing for entitlements only adds more fuel to the inflationary fire. It is little surprise that Luke remains bullish on Bitcoin. - Show notes: https://www.whatbitcoindid.com/podcast/bitcoin-vs-the-infinite-money-printer This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

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/the-fight-for-bitcoin-against-cbdcs This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

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/how-bitcoin-fights-tyranny This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

Daniel 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-economics-of-ai-bitcoin-mining This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

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/the-economic-impact-of-ai This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

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/bitcoin-financial-advice This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

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/scaling-bitcoin This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

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/are-central-banks-losing-control This episode’s sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Erik Hersman is the co-founder of Gridless, & Marshall Long is the Head of Architecture for Rhodium Enterprises. In this interview, we discuss Bitcoin in Africa: the need, the use and the support the wider community can give. We also talk about energy poverty in Africa, Bitcoin’s role in supporting mini-grids, and how Gridless’s business model & Marshall’s financing plan accelerate this process. - - - - There are around 800 million people in the world without access to electricity. Around 75`% of those live in Sub-Saharan Africa. Given populations are distributed over vast areas in Africa, and governments have limited access to capital, grid connections can be economically unviable. But mini-grids are also challenging because of the difficulty of getting a return on the high initial investment costs: demand in these poor communities takes time to build. To date, the only option has been well-meaning but unsustainable charitable ventures that can have unintended negative second-order effects. But then Bitcoin mining showed how curtailed energy can be monetised, and a problem has suddenly become an opportunity. It is estimated Africa could produce 2.5 million terawatt hours of wind and solar energy per year (the US uses around 4,000 terawatt hours of energy per year). The business opportunity is huge. In the fascinating interview, Eric Hesman of Gridless discusses how his company is partnering with communities in need of energy to provide subsidised power. Marshall Long sets out how his family office is helping with much-needed finance for energy projects in Africa that utilise Bitcoin mining. Together they set out the transformational impact such initiatives could have for the continent.

Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation & Natalie Smolenski is an Executive Director of the Texas Bitcoin Foundation. In this interview, we discuss Alex’s new book: ‘Hidden Repression: How the IMF and World Bank Sell Exploitation as Development’. We talk about debt traps, western support for dictators, US and UK culpability, and what freedom means. - - - - The IMF and World Bank were originally created to stabilize exchange rates and fund infrastructure in war-torn countries. Alex Gladstein’s work found that there was a pivot in this mission in the late 1960s. The new mission was to target and exploit poor countries for the benefit of the West, neocolonialism replacing colonialism, debt replacing the sword. These institutions have been incredibly harmful to poor countries, but also incredibly beneficial for the West through interest payments, extraction of resources and labour, and control of markets. This has been done with only a limited need for military intervention and subjugation through physical means. The wheels of this process have been oiled by the co-option of dictactors in on the steal. Bitcoin is a way out and may bring some justice. However, there must also be a reckoning with the damage done to poor countries by these exploitative policies. The IMF and World Bank have repeatedly prevented free markets from working normally in such countries forcing them deeper into debt. And when the country has inevitably defaulted, damaging structural adjustments have been imposed limiting government expenditure and hurting the most vulnerable. As Alex Gladstein asserts, changing the monetary paradigm, with the growth of Bitcoin, could break the current system and give hope for a more sustainable future. But in that process, we have to be clear about what we need to repair. As Natalie Smolenski states, without a programme of debt cancellation then we could enter a period of significant geopolitical stress.

Allen Farrington is a professional investor and the co-author of Bitcoin Is Venice. In this interview, we discuss the problems with fiat, or as Allen characterizes it “fiat fuckery”. We talk about how money printing leads to inflation and a misallocation of capital, the complexity of the fiat system hiding the resultant theft of capital, the slow demise of pension funds, and the confusion around what growth is and isn’t. - - - - Fiat currency experiments started centuries ago often resulting in catastrophic failure; since fiat has been ubiquitously assimilated into national economies. Whilst Bitcoiners are well versed in the inherent weaknesses of fiat currencies, there is a general ignorance of the long-lasting consequences for economies and citizens of maintaining an unbending faith in fiat money. Reducing this ignorance is perhaps the best way to grow Bitcoin’s adoption. The obvious problem with fiat currency is the tendency for governments to print money to tackle economic exigencies. The impact of this money printing is often inflation, in which prices rise faster than wages and the purchasing power of money is reduced. Eventually, the currency can be debased, causing individuals to lose money without even realising it. There is cruelty at the heart of this process: the complex nature of the fiat economic system means individuals can easily lose money without even knowing it. Many investors make decisions that are far too complicated for them to understand, and so it is easy to get caught up in financial schemes that value money to the detriment of the individual. But, it is the second-order effect of this inflationary impact that is most pernicious. Businesses and investors are seeking to add value, and the inflation rate is the baseline for any return. When inflation increases, this puts pressure on those seeking investments to match or exceed it. The result is investments made in increasingly more speculative projects. This is the misallocation of capital, which starves more productive uses of capital. The obvious topic of conversation following this is how Bitcoin mitigates these problems. This is a question to be debated with Allen Farrington for a future episode. However, understanding what Allen calls “fiat fuckery” is a sound basis for building the why of Bitcoin.

The Rational Root is a Bitcoin on-chain & cycle analyst. In this interview, 9 months on from our last interview, we look into the various Bitcoin price models Root has developed. We again review his Bitcoin Spiral Models, Bitcoin Hodl price models and Bitcoin halving & cycle charts. We discuss the growing evidence of Bitcoin scarcity, and bullish cases as we approach the next halving. - - - - In his first interview on What Bitcoin Did last August, the Rational Root made prescient predictions about Bitcoin bear market lows that occurred a few months later. The caveat is that he also stated “You always have to be a bit sceptical about models that predict the future, they can be wrong.” Nevertheless, the models Rational Root has developed have some conspicuous patterns that are worth consideration. The Bitcoin Spiral chart Rational Root uses is incredibly powerful. It clearly shows a correlation between Bitcoin's price and the halving events. Extrapolating this pattern forward suggests we could be on the cusp of a new bullish price triggered by next year's halving. This phase is predicted to see a material price appreciation between $100,000 and $1 million in the next cycle. We also debate whether Bitcoin is now correlated with other more significant asset markets, in particular the S&P 500. In essence, is there a correlation between Bitcoin’s price and risk appetite in the investment market? If such a link has been established, and a rescission occurs, this could lead to a deviation from the Bitcoin halving cycle patterns. But perhaps the most bullish analysis Rational Root has undertaken involves the assessment of demand and supply indicators, such as his "Hodl Model", which predicts the growth rate of illiquid supply in Bitcoin. It’s simple economics that price is affected by the relationship between demand and supply, and, as Rational Root states “Bitcoin is becoming more scarce, and this data is not being paid attention to by many people."

Matt Corallo is a Bitcoin Core developer and open-source engineer at Block/Spiral. In this interview, we discuss the nexus of ordinals, mining rewards & decentralisation risks. We also talk about the impact of a permanent high fee environment on digital transactions, the challenges faced by Bitcoin wallet developers, and the new wave of talent working on Bitcoin Core. - - - - Bitcoin has come a long way since its inception, but it continues to evolve. The past few months have seen significant discussion regarding the recent development of ordinals, mining rewards, and the challenges of maintaining mining decentralization. In essence, there is a continual battle to ensure Bitcoin’s infrastructure is fit for purpose in enabling an uncensorable, trustless settlement of transactions. These challenges are an inevitable part of the development of innovation. Each issue requires a solution, which in turn, leads to new issues. For example, the impact of a high fee environment has been to highlight limitations and risks with the Lightning Network. Then there are the UX issues associated with wallets and issues in relation to compatibility across different protocols. Whilst each of these technical issues requires discussion and understanding, the wider perspective is that there is a perpetual need to improve Bitcoin's infrastructure and continue to maintain its security and decentralisation. Therefore, we need the right environment for developers to learn, collaborate and deliver. And, the wider community needs to be supportive and nurture this talent, protecting them from toxic attacks and iniquitous litigation. There are certainly a number of big organizations out there who understand this and are modestly and diligently working to support people like Matt and others, to allow them in turn to support Bitcoin and the needs of the whole community. And it is certainly encouraging to hear that there is a new wave of developing talent being brought into the Bitcoin Core “team”. Whilst this interview reinforces the fact that we can never take the huge efforts being applied for granted, it is still amazing to see the strides being made in the world’s most successful open-source project. That we can collaborate voluntarily across the internet to change the world of money, in the face of massive challenges, should leave us all in awe.

Peter St Onge is an Economist at the Heritage Foundation and a Fellow at the Mises Institute. In this interview, we discuss the differences between Keynesian and Austrian economics, the role of marketing in shaping public opinion, and the potential of Bitcoin to displace central banks and cut off one of the main channels that governments use to seize people's resources. - - - - Keynesian economics developed in the wake of the Great Depression of the 1930s. Its aim was to stabilise the volatility caused by market forces through the application of government and central bank resources. Its critics state it has opened up a range of tools that governments have exploited for short-term gain, whilst building up ever greater problems for future generations. Keynes was mocked by major contemporary figures. Winston Churchill, who didn’t believe that state borrowing and expenditure could provide permanent additional employment, famously once said “If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions.” And yet, governments, on both sides of the political debate, seem to be currently addicted to greater monetary and fiscal interventions in the economy than at any time since the 1930s. Such actions started in 2008, but have continued apace since. They are a major factor in why global debt now stands at an eye-watering $305 trillion. Hayek, the famous Austrian economist, foresaw the coming crisis, concluding that monetary policy only does harm to an economy. In 1976 he called for the denationalisation of money. In a famous 1984 interview, he stated “I don't believe that we should ever have a good money again before we take the thing out of the hands of government… all we can do is by some sly or roundabout way introduce something they can't stop.” Hayek essentially foresaw Bitcoin. Unsurprisingly, Bitcoin’s trajectory, as an incorruptible digital hard money, started as the deflated global economy was patched up with Keynesian policies in 2009. Over 14 years later, as these policies become ever more unsustainable, it seems like we’re on the cusp of a swing of mainstream opinion away from Keynesian policies, to policies predicated on Austrian economic principles. And Bitcoin could be the centre of this new paradigm.

Jeff Snider is Head of Global Research at Atlas Financial Advisors and Lyn Alden is a macroeconomist and investment strategist. In this interview, they debate whether QE is money printing, if the Treasury market broke in early 2020, dollar shortages, whether there’s an ideal form of money, the importance of Bitcoin, and the problems with central and commercial banks. - - - - Lyn Alden and Jeff Snyder are two of the popular economic experts in the Bitcoin space at the moment. They bring much-needed clarity to discussions on economic and financial systems that are lacking in mainstream media. They do, however, disagree on some fundamental issues. This show is a fascinating discourse between two heavyweights who are at the top of their game. The discussion starts with a debate on the mechanics and implications of quantitative easing (QE), and the role of central banks and commercial banks in money circulation. Lyn and Jeff explore whether QE constitutes money printing, the impact of fiscal deficits on inflation, and the liquidity problems in the treasury market. The discussion then focuses on the emergence and acceptance of different currencies in the global market (including Bitcoin), the role of central banks, the importance of a currency's availability and infrastructure in its acceptance, and the challenges of achieving a self-contained monetary system without central banks or authorities. Lyn and Jeff cover the relationship between debt and economic growth, the concept of a "bail-in," and the need for a sensical monetary structure with the right rules and parameters. They also consider whether there is an ideal money, or, whether the monetary system needs to be dynamic such that it can evolve and adapt to a changing world where new demands arise.

Troy Cross is a Professor of Philosopher and Fellow at BPI, and Harry Sudock is Chief Strategy Officer at Griid. This interview was a live recording made at the Bitcoin 2023 Conference in Miami, where we discussed Bitcoin mining: the industry’s rapid evolution, how it’s optimising other markets, and why its relentless search for cheap energy will facilitate human flourishing. - - - - Bitcoin mining has been the subject of much controversy and debate in mainstream media. The infamous New York Times (NYT) article in April still casts a shadow over the industry: the piece characterised Bitcoin mining as an exploitative parasite feeding off cheap energy at the expense of local users and the environment. And yet, Bitcoin mining is the exact opposite. As Troy Cross states in this live interview, when people get to hear the truth about Bitcoin mining's impact on energy systems it “blows their minds!” Harry Sudock adds more colour by explaining how Bitcoin mining is a black hole that sucks in economic utility and spits it out in its most efficient form, making it a revolutionary tool for human flourishing. Both speakers criticize the media for pushing a biased agenda and cherry-picking data to fit a preconceived narrative. They argue that the truth about Bitcoin mining's impact on energy systems is more complex than the media portrays, but, this doesn’t provide the clickbait media outlets are after. The irony is that the NYT’s mission is “to seek the truth and help people understand the world.” However, we are optimistic that the tide will soon turn. With this show, both Harry and Troy have been on What Bitcoin Did now a combined 13 times (lucky for us!), and they continue to blow our minds with their tales of the possible worlds opened up by the race for cheap and abundant energy. The other side just doesn’t have the calibre of persuasive, authentic and enthusiastic voices we have.

Jason Maier is a teacher and the author of ‘A Progressive’s Case for Bitcoin’. In this interview, we discuss the importance of teaching money and Bitcoin in schools, the future of education in the shadow of AI, and the challenges of having a public persona. We also talk about the feedback Jason has received since publishing his book and Bitcoin’s potential to bring people together. - - - - It is a common feature of any orange pilling exercise that most people are blissfully ignorant of the inherent weakness and structurally unjust nature of the monetary system. And yet, school curriculums are shockingly devoid of requiring schools to provide even rudimentary information on how economies, money and individuals interact. We are a financially illiterate generation. Then there is the impact of technological changes on students. AI is rapidly changing the world in ways forecasters are struggling to predict. It is obvious that most schools aren’t equipping students to enter a world of constant technological revolution. A world in which Bitcoin may play a significant role. Therefore, as the world continues to evolve, the need for education that prepares students for the future is becoming increasingly essential. Students are generally receptive to new ideas and have the agility in being able to develop the skills required to exploit new opportunities opened up by technology. The issue is with the conservative nature of the education system, which in turn is heavily influenced by biases and misconceptions. In this podcast, Jason Maeir shares his experiences in educating students about Bitcoin, and the influence of the emerging properties of AI upon education. There is a fundamental need to change educational principles away from rote learning (i.e. knowing stuff) to developing more holistic skills such as critical thinking, problem-solving and creativity. These have been traditionally seen as ‘soft skills’, but they are in fact the bridge between technology and humans. The goal is to improve productivity and intelligence in a society that is more equal and fair. And it all starts with improving our education.

Nic Carter is a Partner at Castle Island Ventures and co-founder and Chairman of Coin Metrics. In this interview, we discuss Real Bedford, ordinals, the Bitcoin fee market, Bitcoin culture wars, layer 2 innovations, Chokepoint 2.0 and the 2022 banking crisis, and how people can stand up for Bitcoin against the current US administration. - - - - In categorising a covert attempt by the executive branch to restrict access to Bitcoin and crypto as a modern iteration of Operation Chokepoint, Nic Carter has brought much-needed attention to an otherwise nebulous sense of unease. Nic has clarified the meaning behind a series of different events, tying together inconsistent messages and suspicious decisions. His explicit analysis has even garnered the attention of a presidential candidate, Robert F Kennedy Jnr. At face value, Chokepoint 2.0 is about the government's hostility towards the crypto industry in the wake of FTX. That Bitcoin will be ensnared in this dragnet is of obvious concern. An innovation that could revolutionise and democratise money and energy could be restricted within the world's leading economy. However, there is a bigger issue here: the circumvention of democratic norms. These restrictions are occurring without debate or scrutiny. Then, to add import on top of import, there is the underlying rationale for these restrictions. In a week when the debt ceiling is again the subject of political horse-trading to allow sovereign debt to continue to grow to evermore eye-watering levels, these restrictions are an implicit imposition of soft capital controls on the American people. So, we have unprecedented restrictions on people’s freedoms to protect stores of value being done behind closed doors. Put bluntly, the US government's attempts to restrict the growth of the crypto industry by leaning on private banks are unconstitutional and violate due process. The social contract is being broken. Nic has suggested that injured parties should join efforts to sue the government to enable legal oversight of these decisions. In his opinion, this is a lawsuit that can be won.

John D'Agostino is the Institutional Lead for Advisory and Strategic Partnerships at Coinbase. In this interview, we discuss his background working for the New York Mercantile Exchange, seeking out enjoyment, and the flip side of getting kidnapped. We also talk about the maturity of the Bitcoin market, covering both the regulatory threats and institutional appetite.  - - - -  John D'Agostino is certainly a unique character. He was the subject of a best-selling book back in 2007 after he set out to open up the first oil exchange in the Middle East, which acted as a catalyst for capital markets in the region. However, his life has produced enough for more than a single book: he is the first person I have spoken to who has been kidnapped.    As someone who seeks out new exciting opportunities, it’s not a surprise that John landed a prominent position within the digital assets industry. As a senior advisor to Coinbase, he’s well-positioned to reflect on the state of the industry as it navigates a period of uncertainty. Post FTX, what is the direction of government regulation in the US and abroad? Furthermore, what are institutional investors waiting to do? John sets out what he sees as a huge gap between the US and the rest of the world in terms of digital asset regulation. And yet, not least because of the popular support for digital assets among the electorate, he views this as being a temporary situation which provides international players with a headstart over the US.  John is strongly optimistic about the future of Bitcoin and other digital assets, particularly because of the potential to unlock value through programmable and immutable instruments. He’s also seeing the backed-up demand from institutional investors, just waiting for regulatory clarity. He’s been part of shaping change in the financial world once already. Who’d bet against him doing it again?

James Seyffart is an analyst for Bloomberg Intelligence covering ETFs. In this interview, we discuss the how and why of ETFs, Grayscale’s legal battle with the SEC over the approval of a Bitcoin ETF, and the complexities of Grayscale implementing a redemption program for GBTC. We also talk about the role of the SEC in regulating Bitcoin and Gary Gensler’s political ambitions. - - - -  In two months' time, it will be the 10-year anniversary of the Winklevoss Twins making the first submission to the SEC for a Bitcoin spot ETF. When the SEC rejected this in 2017, it seemed as though it was a temporary blip, and that a US Bitcoin spot ETF would inevitably be approved. And yet, the SEC has rejected a raft of subsequent applications, and many more sit in Gary Gensler’s inbox awaiting a decision.  Grayscale has decided to test the SEC's stance in court. Whilst there are various opinions as to the underlying motivation for Grayscale taking on this case, there is no doubt that this is the best test of the SEC's current intransigence in relation to a Bitcoin spot ETF.  Bloomberg Intelligence’s James Seyffart, an ETF expert, provides his informed opinion on the current status of Grayscale’s case, the likelihood of the SEC losing the case, and whether this will affect the SEC's position of a Bitcoin spot ETF. He also sets out why the SEC is so reluctant to approve what many in the community believe would open up Bitcoin to a new massive wave of adoption.   

Arthur Hayes is an entrepreneur and the former CEO of BitMEX. In my first interview with Arthur, we discuss the state of the world at the moment: what happened with FTX, money printing, the coming collapse, debt jubilees, the need to acquire assets outside the system like Bitcoin, good and bad AI scenarios, and a powder keg of issues that’ll hit the markets this fall.  - - - -  Arthur Hayes was the co-founder and former CEO of BitMEX, which was one of the largest crypto exchanges and derivatives platforms. In 2021, its average daily trading volume was over $2 billion. Hayes was famously charged in the southern district of New York for violating the Bank Secrecy Act. He got 2 years probation and a $10 million fine.  But Hayes remains an authoritative voice within the crypto and Bitcoin communities. Nic Carter called him “One of the good guys of crypto.” He now has a mission to help spread financial literacy and educate investors, which he does through regular medium posts, columns in leading journals and interviews with podcasters. And, he has a knack for calling the market. In this short interview, we pack in a surprising number of issues: Hayes's investment strategy, and views on crypto and Bitcoin; opinions on the FTX scandal; fragility in the banking sector; historical currency debasements and the inevitability of a coming collapse; the use of debt jubilees to right society; investing in assets that can weather the coming storm; the impacts of AI; and the debt ceiling.

    Tor Ekeland & Mike Hassard are defence attorneys representing a Swedish-Russian national, Roman Sterlingov, arrested in early 2021 by the IRS at LAX. He was accused of creating and operating the Bitcoin Fog mixing service to launder over $300 million. He had his assets seized and was incarcerated. He’s awaiting trial. Tor and Mike are still trying to find corroborating evidence. But they’ve uncovered conflicts of interest within the DoJ.  - - - -  Roman Sterlingov has been accused of running Bitcoin Fog, a Bitcoin mixer, and laundering $334 million. On a prima facie basis it seems like a case of the state acting to crack down on nefarious darknet activities. But, delve deeper, as Roman’s lawyers Tor Ekeland & Mike Hassard have done, and it raises serious questions about what the DoJ and various companies are willing to do for selfish motives.  Firstly, there is a distinct lack of evidence against Roman. 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. But as yet this evidence is not open to scrutiny, and, such evidence has never been challenged in court.  Secondly, the case highlights numerous material conflicts of interest within the DoJ and Chainalysis. A revolving door between the DoJ and Big Tech is a well-known issue. Then there’s the use of cases such as Roman’s to help build the reputation of Chainalysis, helping it to gain a multi billion dollar valuation. The profit incentive has and does skew criminal prosecutions in the US.  And lastly, there’s the overreach of the DoJ, and the tactics it is employing to arrest and prosecute individuals. Roman’s case is a high-stakes situation for both Roman, the Bitcoin community and the wider public. If Roman loses, he could face 50 years to life in prison. If unchallenged, it could also set a dangerous precedent and allow the government to expand its jurisdiction globally through the internet.

Pascal Gauthier is the CEO of Ledger, NVK is the founder of Coinkite, Matt Odell is a podcaster and Bitcoin educator and Harry Sudock is Cheif Strategy Officer at Griid. In this interview, we host a group discussion, regarding Ledger’s Recover firmware update. We talk about the questions this update has raised about the trade-offs between mitigating seed recovery risk over state seizure risks.  - - - -  Full disclosure, Ledger is a sponsor of the What Bitcoin Did Podcast.  Just under a week ago, Ledger launched a seed recovery service called Ledger Recover. There was an immediate backlash on Twitter, with various prominent voices raising concerns about the security implications. Fundamentally, does this feature open up users to hacking or state seizure risks? Or, is this a useful service that will support efforts to get more users to self-custody?  The purpose of this show was to enable Pascal Gauthier, the CEO of Ledger, to explain the aims of Ledger’s seed recovery service, and the methods employed to protect users. The show then enabled trusted independent and prominent voices within the community (including a Ledger competitor) to set out their concerns and discuss them openly with Pascal.  Should security for Bitcoin be provided using open or closed-source software? Given the challenges in providing robust security, are there any acceptable trade-offs? Can we afford anything less than full transparency from commercial companies involved in Bitcoin security?  The rudimentary issue is whether Bitcoin security should be regarded as a binary choice. Should we as a community should aim for a minimum expectation of security? Or, should we take the world as it is and pragmatically make incremental improvements to people’s security? Can we afford as a community to have the majority of people custody on exchanges? Or, do we strive for higher ideals than seeing self-custody as an end in itself?

Jason Lowery is a Major in the US Space Force and author of Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin. In this interview, we discuss how he is building the case within the US Department of Defence that Bitcoin represents a new form of digital warfare that the US government needs to embrace to secure its power projection in cyberspace. - - - -  Jason Lowery burst onto the Bitcoin scene in August 2021. When a senior member of the US Space Force enters the Bitcoin debate it tends to turn heads! But, it was his novel projections of what value Bitcoin presents to society that generated interest and controversy. Bitcoiners have long espoused Bitcoin as a peaceful revolution. Jason thinks Bitcoin can be used as a tool of warfare.  In Softwar, Jason’s recently released book on the national strategic significance of Bitcoin, he explains the background of modern warfare, tracing its roots back to the struggle for survival in all forms of life. From single-cell organisms upwards, all of life is involved in a fight for control over resources and territory. Competition has resulted in an ecological arms race manifested through evolutionary cycles of improvements in physical power and the projection of that power. Softwar explains that humans are just another life form involved in this competition for survival.  Humans, however, have become increasingly efficient at power projection techniques, from wielding fire to using nuclear weapons. Now, as we accelerate through the digital age, humans need to develop and harness new and innovative methods to maintain their advantages over adversaries.  In his role within Space Force, which is developing the means to project power beyond our planet, Jason has been contemplating what other tools will be required as another arena for competition opens up: cyberspace. Jason argues that Bitcoin has the potential to be a revolutionary cybersecurity system. Proof of Work is an innovation that moves the fight to the enemy, imposing a cost on those wishing to undertake an attack.  Softwar is a call to action for the US Department of Defence to adopt Bitcoin as a tool of warfare in the new cyberspace battlefield. Whilst designed to secure money, PoW can in theory be used to secure other forms of data. Whether you agree with this assertion or not, Jason is making progress within the DoD in arguing Bitcoin’s utility makes it too important for the Department of Treasury and Federal Reserve jurisdiction. And who would bet against the DoD in a fight!

Michael Saylor is the CEO of MicroStrategy. In this interview, we discuss his 10 rules for lfie, the opportunities and threats of AI, the importance of Bitcoin in an automated world, the strength of ossification compared to accelerating change, and the criticality of Bitcoin miners to the Bitcoin network. We also talk about Michael’s navigation of the bear market. - - - - Chat GPT was released a little over 6 months ago. It is arguably the most significant tech innovation since the internet. People are now routinely using chatbots to interact with technology and access information tailored to very specific needs. Whilst the impacts of this are yet to be fully understood, it is widely accepted that we have entered a new exciting and equally frightening paradigm. The issue at hand is that the world is becoming increasingly automated. As a result, human beings are being viewed as a constraint on productivity, which AI technology can mitigate. Where does this leave humans? In a world predicated on code and efficiency and automation, what controls are in place to ensure these systems are secure such that they can not be centralised and exploited such that the general population suffers rather than flourishes? Michael Saylor is of the opinion we need an automated tool that is secure and outside of any centralised control. Bitcoin, in this scenario, is the tool that can compete with new digital advances, but, enable humans to retain some control of their lives. As such, it is imperative that we protect the integrity of the innovation such that its utility remains available for both existing and future generations. The question then becomes how do we best protect Bitcoin? Saylor argues that it is the Bitcoin miners that are Bitcoin’s “fortresses”: they provide brute force security, a cryptographic defence, and the means to marshall the means to advocate effectively for Bitcoin within the corridors of power. Bitcoin miners, therefore, need protection to ensure they continue to act as Bitcoin’s standing army. We do this by ensuring stability: ossifying Bitcoin’s base layer protocol.    

Rune Østgård is the Author of ‘Fraudcoin: 1000 Years with Inflation as a Policy’. In this interview, we discuss inflation’s historical introduction and use as an exploitative tool by elites and how, in various phases of history (most recently, the early 20th century), inflation was not viewed as a required economic phenomenon. To Rune, there is no more important subject to understand than inflation.  - - - -  In the 1700s, Scottish philosopher and economist Adam Smith was the first to use the term “inflation” in his book, “The Wealth of Nations.” Smith argued that inflation resulted from an increase in the amount of money in circulation, which caused goods and services to be more expensive.  But inflation is not a modern phenomenon. It has been in existence for centuries. And historical analysis shows that it has been used as an exploitative tool by elites throughout the ages. Rune Ostgard has traced the use of inflation back to its use in his home country of Norway in 1050 AD, its use by a tyrant King, and its role in the effective ending of the Viking era.  Rune states that it is this historical knowledge that shows firstly how ruinous inflation can be and, secondly, why it is not an inevitable or necessary feature of economic systems. Famously during the 19th century, there was a sustained period when deflationary growth occurred in the United States. And yet, for the past 100 years, we have been conditioned to accept inflation as an essential economic driver. Its insidious nature has been hidden by a period of low rates of inflation. Now, however, with inflation rising to double-digit levels across many parts of the world, its destructive compounding impacts are more apparent.  We are now, therefore, at a time when it is necessary to question inflations societal value and whether there are other ways of managing our economies. Whilst Bitcoiners have a viable future mapped out, Bitcoin is still viewed by many with suspicion. But, as the fiat system continues to unravel, the value of Bitcoin becomes ever more easy to explain.  

Obi Nwosu is a co-founder of Fedimint and a board member of Jack Dorsey’s and Jay-Z’s ₿trust. In this interview, we discuss the mission of Fedimint: empowering communities around the world by allowing them to take control of their money. We also talk about the importance of trust models in relation to storing Bitcoin in Fedimint. - - - - It’s hard to believe that Fedimint is only 2 years old. Its development is a regular topic of exciting conversation within the community. It is one of a number of important projects that are leading many to believe we’re on the cusp of a wave of innovation within Bitcoin: Blockstream Developer Neigut expects there will be a ‘Cambrian Explosion’ of Bitcoin Layer 2 Protocols in the future.  Obi Nwosu came back to provide some valuable demonstrations of how Fedimint will work in practice. Lightning transactions, encrypted chat and offline payments are just an example of the developments that the Fedi team have been working on bringing to the Fedimint protocol. All of these back and reinforce the Chaumian mint functionality and multisig custody solution on which Fedimint is predicated. It is now garnering interest from those looking to use it in anger, with a number of Beta applications being tested. Once officially launched, it has the potential to democratise access to financial systems for millions of communities, providing efficiencies and cost savings currently out of reach. Further, it can make the Lightning Network more efficient whilst opening up access to Bitcoin.

Bradley Rettler is an Associate Professor of Philosophy, and a member of the Resistance Money, a philosophy research collective focused on Bitcoin. In this interview, we discuss the potential ethical implications of AI, philosophical reflections on money creation and governance, the importance of financial literacy, and combating misinformation about Bitcoin.  - - - -  One of the important groups to emerge within the Bitcoin community over the past few years has been the philosophers studying Bitcoin, led by members of the Resistance Money collective: Andrew Bailey, Bradley Rettle and Craig Warmke (with Troy Cross as an honorary member). They have added academic weight to the consideration of the importance of Bitcoin in the context of fundamental questions regarding money’s role in society.  The Resistance Money collective has been examining Bitcoin from various angles. In the episode, Bradley discusses moral dilemmas posed by a material global transition to this new form of money: the transfer of wealth, energy consumption impacts, the acceptance of privacy for bad and good, and usage by enemies. In addition, considerations about the benefits provided by fiat currency that could be lost: e.g. is there a useful societal function provided by money printing?  But this is where philosophical tools are extremely useful. In a previous episode, Craig Warmke explained the usefulness of the ‘veil of ignorance’ thought experiment, where one assumes they have no knowledge of what position in society they would have, and, from this position, they then determine what monetary system would best serve society for the great good. It is this perspective that is used to establish the Resistence Money thesis on Bitcoin. In a scenario where you could fall into any position in society, it would obviously be better that Bitcoin existed. It is the philosophical equivalent of checking your privilege. Whilst Bitcoin’s potential impact on society is complex and uneven, it is far easier to understand how Bitcoin acts to mitigate global inequality and inequity when assuming a scenario where you need it and it doesn’t exist.

David Bailey is the co-founder & CEO of BTC Inc. In this interview, we discuss the upcoming Bitcoin Conference in Miami, the ongoing saga with Genesis, Grayscale & DCG, as well as the Redeem GBTC campaign that David has been spearheading. - - - -  Grayscale Bitcoin Trust (GBTC) is a trust product offered by Grayscale, a company owned by Digital Currency Group (DCG). GBTC allows investors to gain exposure to Bitcoin through more traditional investment channels, and currently, Grayscale manages approximately $18.1 billion across various funds. However, Grayscale is facing some significant issues. Since early 2021, GBTC has been trading below its net asset value (NAV) at a discount rate of around -36%. GBTC holders are unable to redeem their shares for the underlying asset and must accept this discount if they want to sell their shares on the open market. To address this, David Bailey has set up the Redeem GBTC campaign to push Grayscale to open withdrawals and allow GBTC holders to access the underlying Bitcoin with minimal impact on the Bitcoin market. Allowing redemptions could also potentially bring the heavy discount to NAV back closer to par.

Lawrence Lepard is an Investment Manager and Austrian Economist. In this interview, we discuss  gold and Bitcoin, comparing their relative benefits as assets over short and long time scales. We also discuss inflation, the potential threats to Bitcoin, inequality in society, and the challenges of finding credible leaders in politics.  - - - -  As the world grapples with an uncertain financial future, it's becoming increasingly important to diversify your investment portfolio. The two obvious assets designed to weather the coming economic storms are Bitcoin and gold. Whilst the relationship between gold bugs and Bitcoiners has been adversarial over the years, the two assets are two sides of the same coin. There are important differences between the two: Bitcoin is digital gold, which enables it to be used in ways beyond the capacity of gold; but gold has a 5,000-year head start on Bitcoin, and can therefore provide less volatility in the short to medium term. But, the primary demand for both as a store of value is predicated on the same thesis of limited supply. They both, therefore, serve as a hedge against inflation.  In essence, the investors in both assets are well aligned in terms of their concerns about the global economic system. Goldbugs and Bitcoiners understand the value in sound money, and the risks posed by the current fiat system. Rather than being suspicious of each other, there is much to be said about orange-pilling gold bugs, and similarly, Bitcoiners being open to investing in gold.   The big picture is that both gold and Bitcoin present a risk to the current economic system. It is likely that they will both be subject to attacks and controls by those seeking to reinforce the current system, as the cracks and fissures widen. Any meaningful divisions can and will be exploited: divide and conquer is a military tactic as old as politics and war. We, therefore, need alliances. Lawrence Lepard is one of those seeking to build a bridge between the two groups.

Freddie New is the Head of Policy at Bitcoin Policy UK. In this interview, we discuss how his childhood experiences living in Zimbabwe and Syria have shaped his understanding of Bitcoin’s unique properties. We also discuss his amazing efforts in setting up Bitcoin Policy UK, a new and much-needed advocacy group promoting Bitcoin to policymakers and the wider public in the United Kingdom. - - - - Danny and I have been very fortunate to travel to a vast array of countries in making this show. In the process, I have been exposed to ideas and experiences that reinforce the importance of Bitcoin. But what strikes me the hardest is coming back to the UK. There is a general lack of interest and consideration for this innovation. It’s an attitude that borders on outright suspicion and derision on occasions. Freddie New is one of the main people behind a new advocacy group: Bitcoin Policy UK. It is a lobbying and educational non-profit that the UK has been in desperate need of. This speaks to the difficulties of getting funding for such initiatives more than anything else. But, as the Bitcoin Policy Institute and Coin Centre attest, it’s about getting the right people to work in such organisations. Freddie is such a person. Whilst he speaks like a typical London professional (which can open many doors in the UK!), his experiences in growing up and escaping Zimbabwe were anything like the typical insular upbringing of many in the UK. At an early age, Freddie was forced to acquire valuable education on the importance of the properties that Bitcoin provides. It is a story that makes you catch your breath. Bitcoin advocacy is about looking beyond the investment potential of the Bitcoin asset and expressing its value as a technology that can protect people. Advocacy needs to be authoritative and tell powerful stories to persuade people who are blind to the economic transition coming down the road. Having someone who can eloquently attest to the need to have means to protect sovereign wealth could be the lightning rod for Bitcoin advocacy in the UK.

On the 14th of April What Bitcoin Did hosted a live show in Bedford. The guests were the founder of LNBits Ben Arc, CEO/Chairman of Ego Death Capital Jeff Booth, Investment Manager Lawrence Lepard and Macro analyst James Lavish. Across these interviews, we discussed Nostr, censorship-resistant marketplaces, hyperinflation, debt, deflationary economics, Bitcoin and AI. - - - - I have taken the What Bitcoin Did podcast all around the world: across the United States, South America and Europe. However, I have always dreamed of hosting a live event in my home town. Never would I have believed that I could have been lucky enough to have 4 of the best voices within the community come to the inaugural What Bitcoin Did Live in Bedford event. The show covered the main issues affecting not only the Bitcoin community at the moment, but the wider economic and social landscape. We discuss the development of the decentralized censorship-resistant social media network Nostr with one of it’s inventors, the amazing Ben Arc, and his work in expanding its application to develop censorship-resistant marketplaces. Lawrence Lepard and James Lavish set out their analysis of the macroeconomic environment in which the current sovereign debt and deficit situation could result in triple-digit inflation in Western economies within the next few years. We discuss balancing mitigating the resultant risk with investment strategies focused on both gold and Bitcoin. Finally, Jeff Booth explains his deflationary thesis, where an unmanipulated economic system allows technology and competition to provide productivity gains to flow through society, how Bitcoin is the only way to measure the productivity falling in a system with monetary inflation, and, the potential for AI to create a superintelligence that will be smarter than humans.

Jeff Booth is the Author of The Price of Tomorrow and CEO/Chairman of Ego Death Capital. In this interview, we discuss the effects of prices falling to the marginal cost of production, Bitcoin and its role in a deflationary economy, how inflation and debt distribute wealth unfairly, and the deflationary influence of AI and its impact on the future. - - - - It is the natural order for prices to fall to the marginal cost of production over time, and this principle applies to all industries. The fiat system works against this by artificially creating scarcity. And it has to work against deflation to maintain its dominance, through manipulation of the monetary system: debt, inflation and an ever more narrow concentration of wealth. As the fiat system falters, could the concept of a deflationary economy take hold? Whilst it involves a massive shift in economic value that is hard to comprehend, as innovation continues to push the boundaries of what is possible, and AI comes of age, a deflationary economy becomes very more likely. Jeff Booth argues that it makes logical sense as a system to enable society to continue to expand. The common narrative is that we need inflation, and deflation would harm living standards. However, Jeff argues that whilst prices will fall in a deflationary economy, wages are sticky: people are not willing to accept wage decreases as fast as prices are falling. This would result in a massive transfer of wealth back to productive members of society. Jeff also promotes Bitcoin as part of an investment strategy as we transition into a deflationary economy: its monetary policy is designed to weather the current inflationary system, it’s outside of anyone’s control and it has no counterparty risk. Further, in a new period of abundance, a reliable fixed currency will become a necessity. It will be the new measurement for productivity and progress.

James Lavish is a Bitcoin advocate and writer of the Informationist newsletter. In this interview, we discuss central banks' manipulation of the monetary system, the eye-melting bailouts to come, an inevitable credit event the Fed will be unable to rectify, why BRICS pressure doesn’t currently threaten the dollar, and how the US rejecting Bitcoin may lead to hyperbitcoinisation. - - - - Last month US Treasury yield curves witnessed their deepest inversion for over 40 years. This means holding bonds over the long term results in a lower return than shorter-duration contracts. It is a classic signal of a looming recession. It is the market expectation that future interest rates will be cut in order to stimulate an economy. Whilst there are historical precedents for this situation, what sets the current paradigm apart is the level of unsustainable government debt: increasingly, countries are having to deal with debt levels in excess of their respective GDP. Whilst high inflation provides a way for reducing these burdens, such levels of inflation are politically damaging, and further, risk damaging economies and thereby tax income. Moreover, they risk damaging critical banking infrastructure. Interest rates, as a result, will oscillate: they have accelerated to reduce rampant inflation, then, as is being forecast, they will need to be cut to stimulate a stagnant economy. All the while, commercial banks will be forced to search for yield. And some of these banks will get on the wrong side of the trade. Recent events have shown how quickly such situations can spiral out of control. But, for how long can governments keep bailing out the banks? James Lavish, a leading market analyst, predicts a precarious situation. For a variety of reasons, the US can’t afford to go into a deep recession. As a result, James predicts a “face-melting print” by the Fed to avoid this situation. But, then, at some point the music will stop, and there could be a watershed credit event where the Fed won’t or can’t step in. The real question is, what comes after this event?

Jason Brett is a former FDIC regulator who worked through the 2008 Global Financial Crisis. In this interview, we discuss the Restrict Act, a proposed piece of US legislation that could enable the Secretary of Commerce to shutter access to Bitcoin. We also talk about Operation Chokepoint 2.0, the banking crisis, and whether Bitcoin is a threat to the banks. - - - - Last month, a bipartisan group of United States senators introduced a bill called “Restricting the Emergence of Security Threats that Risk Information and Communications Technology Act”, which is being referred to as the RESTRICT Act. Principally aimed at mitigating foreign technology threats, the legislation would empower officials to police and restrict Americans' domestic access to a range of technologies, including Bitcoin. Whilst not principally aimed at cryptocurrencies (it has been drafted with the aim of banning companies like TikTok from the United States), the bill has been widely criticised for its broad language. It would enable the secretary of commerce to take action against any information and communication technology connected to a foreign adversary that posed “undue or unacceptable risk”. The US has recent experience of the original intent of laws being stretched to limit American citizens' rights: the 2001 Patriot Act has been used for increasingly pervasive monitoring and surveillance of Americans that included the implementation of bulk data collection programs by the NSA affecting millions of people. The issue at hand is that Bitcoin presents a real and present danger to the Fed: it is both a viable alternative to commercial banks, and Treasury debt as a global reserve asset. History shows decision makers will use any tool available to restrict what they view as an undue and unacceptable risk. Whilst Bitcoin is not the primary target of the Restrict Act, it is feasible that one day it may be used to stop access to Bitcoin for Americans. Prepare accordingly.

Lane Rettig is a core developer for Spacemesh. In this interview, we discuss the much-criticised New York Times article that attacked Bitcoin mining, specifically focusing on its strange attacks on demand response and the strange use of marginal emissions accounting. We also talk about the difficulties of finding truth in a world with misaligned incentives. - - - - On April 11th, The New York Times (NYT) published a piece of investigative journalism by Gabriel J.X. Dance entitled “The Real-World Costs of the Digital Race for Bitcoin”. The piece stated Bitcoin mines “cash in on electricity — by devouring it, selling it, even turning it off — and they cause immense pollution. In many cases, the public pays a price.” As Margot Paez stated in a brilliant review of the article for the Bitcoin Policy Institute, The NYT’s hit piece is “Absurd”. The article had been long expected as a number of prominent people within the community have been interviewed for it. What transpired was that any pro-Bitcoin information provided had been ignored. The flip side was the biased representation of Bitcoin mining using flawed analysis, false equivalences, wild extrapolations and incorrect deductions. It is an exemplar of confirmation bias writ large, where the conclusions preceded the investigation. That Gabriel Dance has no experience of Bitcoin or crypto in any of his previous work is neither here nor there. Any journalist worth their salt knows the basic tenets of reporting: a clinical gathering of evidence, cold interrogation of facts, and an unbiased and clear interpretation of the results. The NYT put’s it best in its mission statement: "seek the truth & help people understand the world". So, what has happened? A commissioning editor would have signed this off following a modicum of independent fact checking. That it has been published whilst being riven with distortions and mistruths suggests either a corruption of the journalistic practices at The NYT or that their internal systems have been stripped to the bone and the drive for clickbait trumps everything else. Either way, we have a problem, as mainstream fake information spreads like a virus.

Calle is a Bitcoin and Lightning developer contributing to LNBits and the Cashu ecash system. In this interview, we discuss Cashu’s mission and development, undertake a live demonstration of it in action, the importance of privacy, removing ideology from Bitcoin, and the future of AI and robots. - - - - “By providing a high degree of privacy in payments, cash helps to slow the growing information asymmetry between consumers and companies… between citizens and public authorities… privacy is crucial for individuals to safeguard their position when dealing with organisations which are more powerful than a single person.” Not the words of an anarcho-capitalist, but a prominent Deutsche Bank economist from 2019. It is a truism that privacy is the bedrock of democracy. The problem is we’re sleepwalking into a cashless society where digital payments are tracked, recorded and stored. You can learn everything about someone through their transactions. Privacy in other areas means nothing in this environment. The issue has been how to replicate the utility of cash in the digital world. David Chaum solved this problem in 1982: his dissertation “Computer Systems Established, Maintained and Trusted By Mutually Suspicious Groups” was the original blueprint for blockchains (excluding the proof of work consensus mechanism). His company Digicash launched ecash in 1995, predicated on Chaum’s blind signature innovation. For various reasons, ecash did not take root. Until now. Amongst a small number of initiatives aiming to revive ecash under the Bitcoin umbrella, is Cashu, which allows for private ecash payments over the Lightning Network. It is essentially digital cash, backed by Bitcoin. It requires no accounts or personal information, and everyone involved in the system is blind to other users' transactions. There are tradeoffs: it’s a custodial system where sats are deposited in ‘mints’ to create ecash. The creator Calle, a respected Bitcoin and Lightning Network developer, is working on technical solutions to overcome concerns. Even so, given how well the test version of Cashu is working, Cashu could be the go-to digital cash feature we’re all using very soon, and the feature that enables the next cycle of adoption.

Luke Gromen is the Founder and President of Forest for the Trees (FFTT). In this interview, we discuss how governments can navigate the first busting global debt bubble in 100 years. We talk about historical precedents: namely the Weimar Republic in the 1930s and Israel in the 1980s, and how governments may be forced to allow for a compressed period of triple-digit inflation. - - - - Israel in the mid-1980s faced an existential economic crisis. After a decade of stagnation and rising government expenditure fuelled by money printing, commercial banks started to buckle. Further, the inflation rate was skyrocketing. In 1979 it had reached 111%. By 1984 it had grown to 450%, with fears it could exceed 1,000% by the end of 1985. Despite the real risk that the sovereign debt bubble may soon burst leading to unprecedented levels of inflation, those in the west have become inured to a belief that very high rates of inflation only happen in developing countries. And yet, the experience of hyperinflation in an advanced democratic country was felt much more recently than most people think. It is important therefore to consider the lessons from Israel’s inflationary crisis of the 1980s. The policies enacted by Israel to mitigate the situation were socially bruising. Markets were liberalised, government spending was significantly cut, wages were controlled, the Shekel was sharply devalued, and interest rates were raised to punitive levels. The result was a recession in the 1990s with high unemployment. But inflation was tamed. And Israel did not fail as a state. Nevertheless, the taming of inflation in Israel benefited from various fortuitous factors: high levels of cheap immigrant labour, the technology boom, and the peace process opening up new markets. There aren’t any such obvious pressure-release valves for the west. Furthermore, will those in the West feel as culturally tied to their home nation to stick through such periods of pain? In essence, is Israel a useful case study, or a distracting aside? We may hope it's the former. Otherwise, we may be entering a period for which the precedent goes back to the 1920s Weimar Republic. Or, even more worryingly, we may experience a crisis for which there is no historical precedent. Prepare accordingly.

Matthew Mežinskis is the creator of the Crypto Voices podcast and Porkopolis Economics website. In this interview, we discuss why free banking has always failed due to central bank interference, and how Bitcoin changes the rules of the game. We also talk about how credit is a natural economic phenomenon, and why narrow banking is centralising in nature. - - - - The history of free banking goes back over 1,000 years and it has existed in over 60 countries. It was widespread in the 19th century, but from the early 20th century onwards it was supplanted by central banking in modern economies. However, despite some common narratives, it’s demise was more to do with pressure from governments to create monopolies for currency issuance, than inherent weaknesses in the free banking system. The idea of free banking is re-emerging as a response to the failures of central banks. It is well documented that monopolies often result in market failure due to their constraining of efficiency and innovation. Further, without competition, those running monopolies distort prices and capital through subjective and misaligned priorities. A sovereign debt spiral is a symptom of such centralising control. Matthew Mežinskis is able to bring colour to this issue through his peerless analysis of the different types of money flowing through the economy, and how these are currently out of kilter with the economic system they are intended to support. At the root of the problem is that central banks control both the base money (i.e. the money supply) and the credit supplied to the economy through commercial banks. These tools have been abused. Further, commercial banks have been allowed to get around the rules of the system for decades. As a result, bailouts for commercial banks are happening with alarming regularity. As Matthew asserts in the show: “In the last 100 years, the central bank, the premier banking institution in the United States, has gone to three extremes; [this] never ever has happened in recorded history.” Thank god we have Bitcoin.

Eric Wall is a researcher and investor, and in this interview, we discuss how Eric became a notable critical voice within the HEX community, his ongoing fight with prominent Bitcoin maximalists, and Taproot Wizards. - - - - What Bitcoin stands for and should be is a debate that has been raging since 2009. Bitcoin’s unique characteristics have drawn many people into its gravity. The realisation that its immaculate conception may never be replicated has resulted in many of those same people guarding Bitcoin’s development with uncompromising zeal. The result has been the rise of Bitcoin Maximalism. Maximalist ideology can be a fuzzy concept: there are no clearly agreed rules or principles; there have been various iterations with different priorities over time. However, it is clearly characterised by conservatism over the development of the protocol, and intolerance for those with differing attitudes. Nevertheless, that is not to say that Bitcoin development can forever remain in stasis. There are and have been pressures requiring upgrades both to the base layer, and in the development of additional layers. This means there is always a creative tension on what changes are required, and how quickly these need to be implemented. Further, as Bitcoin has no leader, it has engendered an ecosystem where advocates organically emerge, who can gain traction and have an outsized influence on the community. This creates further tensions as Bitcoin’s purpose is being proselytized using competing and sometimes muddied beliefs. Thus, it is important that Bitcoiners enable an open dialogue where all ideas are questioned, scrutinized and tested. And such debates should be open to all Bitcoiners, without fear or favour to any powerful interests. Is the question therefore how intolerant we should be of those with differing views? And, can we live without trolling, or is this a necessary defensive tool?

Ahmed Gatnash is an author, activist and co-founder of the Kawaakibi Foundation. In this interview, we discuss how the hope of the Arab Spring has been ruthlessly suppressed, meaning the middle east is further from democracy than ever. It’s a breathtaking story of brave activists fighting Twitter’s exploitation, Jamal Khashoggi’s murder and the blackmailing of Jeff Bezos. - - - - The history of the Middle East is a modern tragedy: the cradle of civilisation has been exploited by powerful Western interests that have enabled corrupt and cruel authoritarian rule to dominate the region. Democratic movements have long struggled to gain any traction. However, a wave of optimism spread through the region in 2011 as the Arab Spring saw numerous popular uprisings. The ruthless response indicated that the region's path to freedom will be a long one. Every action has an equal and opposite reaction. Except in the Middle East. The wave of protests predicated on the pent-up anger at decades of corruption and economic stagnation heralded an era of extreme brutality against citizens throughout the region. The cruel irony is that the Western social media technology that enabled the coordination of demonstrations, has now been effectively harnessed by those seeking to protect the established centres of power. The cruelty lies in the knowing actions of those directly involved in the violent repression of dissent. It also lies in the wanton ignorance of those living in the West. Those who marginalise a continent of people. Those who prioritise profit over other considerations. Those who talk of freedom but know nothing of those who are staking their lives for freedom in today’s world. This is a tale about brave activists fighting for the rights we in the West take for granted to be provided to their peers in the Middle East. It is a story of an outsized fight where those fighting for democracy are facing entrenched and ruthless authoritarians, self-interested Westerners and a largely indifferent media. It is an interview you need to hear. We all need to check our privilege.

Dan Tubb is a podcaster and former venture capitalist. In this interview, we discuss the problems with fixing the sovereign debt problem in the context of broken media, broken politics and broken international institutions. We talk about the general ignorance of the problems facing society, and how this compounds the difficulty of resolving the situation. - - - - The last show with Dan Tubb was extremely popular. Dan set out in clear terms why the current economic system is at a crossroads: continuation of the accumulation of debt without rebalancing fiscal commitments is unsustainable; equally, there are no easy solutions. But when debt payments become one of the main government expenditures it’s well past the time to act. In this follow-up show we discuss the causes, ramifications and potential mitigations with Dan. How did the boomer generation unintentionally fuel the current economic problems, and why are they reluctant to change tack? Why is government becoming increasingly dogmatic and coercive in their policy application? Can AI provide a source of growth for the economy that averts the debt spiral? Should we expect the government to resolve all these issues? These aren’t theoretical concerns; there is evidence abounds that society's relationship with the state is shifting: Macron’s difficulties in reigning in state spending in France; the growth in power of the Dutch farmers; Brexit. For too long those in government have taken the electorate for granted, whilst feathering their own nests. However, the issue is whether this break between the people and power will only exacerbate problems. The solution surely has to be in more direct engagement between decision-makers and citizens. States rights in the US have long served as a beacon of governance for other parts of the world: bottom up democracy that provides for competition and innovation. It’s not that we need less government, it's that we need more representative and localised government. Further, if we want a functioning democracy, we need to entice the best back into government.

Jan Čapek and Pavel Moravec are the co-founders of Braiins, a Bitcoin Mining company. In this interview, we discuss Braiins update to their updated Stratum V2 protocol software for pooled mining, how it helps solve Bitcoin mining’s centralisation problem, and why Braiins has given the Stratum software away to the community as open source. - - - - The development and growth in pooled Bitcoin mining has been a critical part of maintaining Bitcoin’s security. The synergies of scale were always going to affect Bitcoin as it transitioned into a more mature technology. However, centralisation is an existential threat to Bitcoin. Mining pools, started in 2010 by Jan and Pavel, therefore enabled small-scale miners to continue to gain value from limited hash power, which thereby strengthened the network's security. Nevertheless, just as the rise of the mega miners concentrated the hashrate, so did the rise of major mining pools. In February over 52% of the hashrate was controlled by just 2 mining pools (Foundry USA and Antpool). This is not to state that these mining pools have malevolent intentions. But Bitcoin must always guard against an attack through trustless mechanisms. Marathon’s flip-flopping over filtering non-OFAC-compliant transactions in 2021 was a warning. The solution to the problem lies in the communication protocol used to connect miners with mining pools. The existing protocol, Stratum V1, was developed and distributed as open-source software by Braiins in 2012. Whilst it has successfully supported Bitcoin mining pools since then, it was in need of an upgrade for a series of reasons. Such an upgrade enabled this centralisation issue to be tackled head-on. Stratum V2 transfers the power for writing new blocks from the pool operators and into the hands of individual miners. This is enabled by a sub-protocol within Stratum V2 called the “Job Negiotator”. The incentive for adoption is that the other updates enable faster (i.e. more profitable) and more secure communications. It is an elegant solution built with the same technical and community-facing ethos as Bitcoin’s open-source code. Děkuji Braiins!

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the recent run of bank failures: the causes, the impacts on the banking sector, federal support and exposure, and the likelihood of continued stress in the system. We also discuss a coming decade of recurring inflation and the emergence of reserve currency competition in a multi-polar world. - - - - “The vast majority of commercial banks that have ever operated in the U.S. have disappeared… the slow and steady decline in bank numbers continues.” This 2021 analysis by a St Louis Federal Reserve economist is as applicable now as then. Whilst the dramatic decline in bank numbers (from over 30,000 in 1921 to circa 4,000 now) mostly occurred in the 1930s, the past 3 decades have been characterized by a continued contraction that shows no sign of stopping. There are obviously inherent risks in banking centralization. As we have seen in recent years, governments are delegating more regulatory authority to private banks, bypassing democratic norms in the process. As banks require central bank permission to operate, they have no incentive to resist such demands. Nevertheless, banking centralisation is a symptom of a more fundamental issue: a fiscal spiral that’s creating an increasingly volatile economic environment. Unsustainable levels of debt are hampering central banks' ability to address growing inflation. Restraining economic growth decreases the ability of governments to reduce deficits. Further, the political cycle results in difficult but necessary policy decisions around fiscal constraints being deferred. The result is a yo-yo-ing of rate rises and bailouts. This increases the risk for all types of investment, even traditional safe havens. Banks struggle, and depositors run. A situation that begins with investors seeking safer banks, if not resolved, can lead to investors seeking to divest themselves of sovereign currencies. This is where capital controls kick in. The fundamental issue is that governments will seek to protect the system, not the individual. The denial of licences for narrow banks is part of the same toolbox that includes gold seizures and potential restrictions on Bitcoin. Prepare accordingly.

Aleks Svetski is an entrepreneur, author and Bitcoin advocate. In this interview, we discuss his upcoming book “The Bushido of Bitcoin”. We cover the negative impacts of wealth, how Bitcoiners can mitigate such negative influences by becoming virtuous and disciplined, and why famous warrior classes are examples to follow. - - - - It seems like we’re entering another bull run. If it is sustained and we enter another cycle, Bitcoin’s price appreciation will be matched by reappraisals of the hyperbitcoinisation thesis. Can it replace the role of stores of value? Can it become a new global monetary reserve? Will it become a prevalent medium of exchange? Whilst all these questions are important, there one area of discussion doesn’t get adequately debated: what do Bitcoiners do if and when their place within society becomes elevated? Material personal benefits will be offset by newfound responsibilities. If they are to be the flag bearers of the change Bitcoin promises, how should Bitcoiners behave? Aleks Svetski tackles this issue in his soon-to-be-released book ‘The Bushido of Bitcoin”. Bushido is the samurai moral code. The word literally means “warrior way”. The samurai were Japanese nobility, and Bushido adhered them to follow various virtues (honour, honesty, self-control, loyalty, compassion, respect, righteousness and courage). It has had a lasting impact on Japanese culture. The importance of Bushido in the modern context is that elites now operate outside of any moral code. Post war liberal society has developed a system of norms, where expected behaviours have not been codified into law. Increasingly, elites have exploited these norms: if it isn’t illegal, then it’s okay. The roots of societal decay can be extrapolated from this situation. What is needed is a new moral code. It could be argued that Bitcoin maximalists have been developing such a moral framework for Bitcoiners. But, it is important to take a step back and understand the tenets of a moral code first before defining which actions should be encouraged or discouraged. In essence, what should the Bushido of Bitcoin be?

Izabella Kaminska is a journalist and founder and editor of The Blind Spot. In this interview, we discuss the failure of current mainstream journalism to cover subjects properly, why the destruction of the middle class is dangerous for democracy, the endemic problem of corruption in politics, and the need for an honest economic orthodoxy. - - - - In a lot of ways, we are in a gold age of media. There have never been so many different ways to consume news and opinion. This has been triggered by many factors: deregulation, technology and the atomisation of modern society. But, this also creates a significant number of problems. Principally, whilst there is more freely accessible information, it is now harder to discern fact from fake. The commercialisation of news has resulted in a race for clickbait: polarising reporting, increasing sensationalism, and relegating in-depth examination. Conversely, those organisations seeking to remain impartial such as the BBC, end up getting lost in a sea of conflicting missions. This has resulted in the BBC failing in its main mission to inform, educate and entertain. This is why new media brands are becoming important promulgators of information, increasingly at the expense of traditional media organisations. Amongst all the noise, people are looking for honest and relatable brokers of news. Further, people are craving more intellectually curious, nuanced and detailed analysis. This is the demand Izabella Kaminska’s The Blind Spot media venture is seeking to fill. A demand that mainstream media is unwilling or unable to satisfy. It’s hard: building a new brand takes time. But, without such content, groups on both the left and right will continue to mischaracterize issues that require understanding, trade-offs and proportionality. This will exacerbate the problems of polarisation and the veiled promotion of corporate interests. We need more journalists like Isabella willing to report the truth.

Sergej Kotliar is the founder and CEO of Bitrefill. In this interview, we discuss enabling Bitcoin circular economies, the mission of Bitrefill to be a financial empowerment company, the risks and rewards of using zero-confs for processing transactions, and the many different cultures and communities Bitcoin has spawned. - - - - Bitrefill is the largest crypto e-commerce platform in the world. It aims to facilitate the development of crypto circular economies. Whilst Bitcoin makes up a significant portion of their business, they are not a Bitcoin-only company. The mission is aimed at empowering people to undertake transactions on the internet that would otherwise not be possible for them. To that end, they pragmatically enable the use of Bitcoin, stablecoins, and a limited number of altcoins. The argument in favour of their strategy is compelling. Not everyone will respond to ideological arguments in favour of Bitcoin. Whilst there are many who will get drawn in by Bitcoin’s compelling theoretical roots, there are many others who are more concerned with prosaic day-to-day concerns. To maximise efforts to increase adoption we, therefore, need to appeal to a range of visions for Bitcoin. One important vision is focused on Bitcoin’s dry technical utilities. In our discussion, Sergej refers to the increase in the use of the internet and other technologies such as VPN. The widespread growth in the use of such technologies occurs as a result of a practical benefit being provided to users, not because adopters are seeking to mitigate a certain political or ethical concern. That’s not to say that selling Bitcoin as freedom money isn’t critical. Rather, we need to augment it with other strategies.

Max Hillebrand is an economist and open-source entrepreneur who runs Agora Towards Liberty. In this interview, we discuss fiat money’s fundamental weaknesses, the teachings of Austrian Economics, the importance of privacy, and how nano cameras mean privacy technology will need to keep evolving. - - - - Whilst the Bitcoin innovation was primarily predicated on the technical needs for enabling permissionless and uncensorable digital peer-to-peer transactions, its development was heavily influenced by the Austrian school of economics. At its root, Bitcoin is tied to the ethics of money production, where money production should be decentralized and not subject to the whims of a central authority. The long-held fear of Austrian economists was that centralized control of money production would result in monetary inflation: governments would be unable to resist the temptation to print money as quick fixes to crises. This obviously impacts the value of the money being inflated, violating one of the core principles of money to be a reliable store of value. The problem for governments, as we’re seeing, is that the power to print money becomes an uncontrollable force. Despite the inevitable fragility of fiat currencies, an alternative sound monetary system can hasten the collapse of fiat currencies during periods of loose monetary policy. This incentivises governments to constrain or ban access to such alternatives. See Executive Order 6102. This means that privacy for such alternatives is paramount. This is why Bitcoin privacy is vital. Because, when fiat currencies collapse, governments will come for people’s Bitcoin.

Trey Walsh is a nonprofit director and progressive Bitcoiner. In this interview, we discuss the problems facing Gen Z: climate change, high education and housing costs, wider economic problems constraining opportunities, the erosion of democracy, and social media-induced mental health challenges. We talk about why Bitcoin could provide hope to this hopeless generation. - - - - Gen Z is suffering. They have been excluded from the growth in asset prices over the past few decades, but are facing the dire consequences of spiralling debt on the provision of public services. They are being excluded from discussions about climate change, yet they will be expected to front the response in the coming decades. They are being told they are too woke, ignorant and lazy by those under whose watch democracy has been allowed to crumble. And whilst there is a dearth of ethical and inspiring leaders charting a path for this disillusioned generation, there is a significant amount of vitriolic noise in the media, exploiting the fear in return for eyeballs, clicks and likes. Gen Z’s hopelessness is manifesting itself in a mental health crisis: compared to other generations Gen Z has lower feelings of emotional well-being. The response of older generations is that Gen Z-ers are snowflakes - they need to toughen up. This is cruelly counterproductive as Gen Z is least likely to seek help: they are 3 times more likely to consider suicide than other generations. Into this void of despair comes Bitcoin. There has been a timely reappraisal of the “Bitcoin fixes this” meme over the past year. Obviously, Bitcoin is not a panacea for all of the world's ills. But, it is a technology that is providing hope to those developing material mitigations to some of the most deep-rooted problems in our society. Trey Walsh strongly believes that Bitcoin provides hope for the environment, for a more socially-just economic system and for democracy. It offers this as politicians and decision-makers continue to peddle obvious self-serving fantasies. As Trey asserts, “Gen Z deserves the opportunity to be presented with the stories of hope in Bitcoin.” This is why we should be working for Bitcoin: it provides “hope for a generation found hopeless.”

Doomberg is an anonymous collective producing the world’s most popular financial substack. In this interview, we discuss coordinated action against the crypto industry being undertaken with limited congressional approval or oversight. We talk about historical precedents, what this could mean for Bitcoin and Bitcoiners, and why we need a financial bill of rights. - - - - Mark Twain once said that “History never repeats itself, but it does often rhyme.” Therefore, Bitcoiners should be extremely wary of the recent precedents of a ruling US administration being willing to de-bank business verticals antithetical to certain political beliefs. In 2011, the Obama administration targeted selected online poker businesses. In 2013, the same administration used the DoJ to lean on banks doing business with firearm dealers and payday lenders. The problem is simple: a legitimate business and/or technology is kneecapped by a ruling body for subjective political reasons. Public-private institutions, such as banks, are lent on to hamper the functioning of businesses earmarked as being problematic. The fundamental issue is the methods applied are anti-democratic. There is no open debate or examination. A decision is made behind closed doors, and people, institutions and businesses are pressured to comply. We are currently witnessing coordinated illiberal action against crypto-aligned companies. The intent is clear. Yet, there has been no debate. And whilst Bitcoiners may gain comfort from the actions being taken against crypto, the problem is politicians haven’t revealed their full intentions yet. It is highly likely that Bitcoin is also in their crosshairs. As Doomberg asserts “eventually they'll come for your Bitcoin too.” What this lays bare is the willingness of those in control to de-bank perceived enemies. De-banking at face value may seem like an annoyance, but it actually strips an individual of agency. A person without access to the financial system is effectively neutered. It is a malevolent, silent and effective means of control. And, the methods applied a decade ago are being reapplied to control first crypto, and then Bitcoin. Be aware, be prepared, and raise hell.

Caitlin Long is the Founder and CEO of Custodia bank. In this interview, we discuss the events that have led to three banking failures within a week, one of which saw the biggest bank run on record. We talk about anti-crypto coordination involving the US government, the inherent instability of the traditional finance system and how this is another signal that the game is up. - - - - As the saying goes, to lose one bank may be regarded as a misfortune, to lose two banks looks like carelessness. How should we regard the loss of three banks within a week? To the uninitiated, this may look like a contagion, but it’s the impacts of two different systemic problems affecting two different markets: crypto and fiat. What it lays bare is the hypocrisy and instability of the traditional financial system. The failures of Silvergate and Signature are rooted in the 2022 implosion in crypto. Precipitated by the collapse of Luna, we all know what followed: a nest of over-leveraged, hypothecated and fraudulent investments that fell like a house of cards. Who knows when it will end. Regardless, more recent failures seem to have been expedited by coordinated government action. The obvious signal from the levers of power is that crypto is bad, and traditional finance is good. But what should have been an opportunity for the government to present the perceived weaknesses within digital asset markets, was significantly undercut by the biggest bank run in history: Silicon Valley Bank’s customers were withdrawing more than $1 million per second for 10 hours straight a little over a week ago. The sorry mess is actually a clear vindication of Bitcoiners' assertions that both crypto and fiat are both fundamentally unstable. The search for yield is endemic. The management of risk is too often criminally deficient. The argument is that narrow banking (full reserve banking) will suck deposits from risky banks, making risky banks even riskier, increasing systemic risk. However, the system is becoming increasingly dysfunctional. Moral hazard seems endemic. Increasingly large bailouts are being used to keep the game going. The aim is to maintain the illusion that the financial system is stable. It is anything but, and everyone knows it. We’re entering a period on unknown risks. The time to change the rules of the game has long passed.

    Dan Held is a Bitcoin educator and marketing advisor at Trust Machines. In this interview, we discuss how to get involved with Bitcoin: how to buy and store Bitcoin, how to spend Bitcoin, how to avoid scams, how to engage with the community, and the best Bitcoin-related books, podcasts and Twitter feeds to follow. - - - - This is the third in a series of special What Bitcoin Did shows aimed at opening people up to Bitcoin. In the first episode, we learnt that Bitcoin is a new form of money. In the second episode, were learnt what Bitcoin is and its technical features. In this episode, we discuss how to buy and hold Bitcoin. To those new to Bitcoin it can feel overwhelming. Its ideological and technical basis can seem impenetrable. Actually acquiring Bitcoin is another hurdle that requires an appreciation of new concepts and implementing disciplines distinct from other types of investment. But, the technical skills and behaviours required are actually well within the capabilities of the majority of people. To invest one must first learn about changing your time preference. Bitcoin is about discipline over a longer time frame. Volatility exists, but Bitcoin is volatile to the upside. In contrast, other over-hyped digital assets advertised as offering better returns hide extreme downside risks. Those who stay humble, hold (referred to as hodl) Bitcoin and avoid the human desire for quick returns, are best placed to benefit over the long term. Then one must appreciate the risks associated with custody. Most people are overly confident in third parties keeping their assets. But, in both traditional finance and cryptocurrencies, there are many examples of such trust being broken. There is a famous Bitcoin mantra: “not your keys, not your coins”. In essence, if you don’t hold your Bitcoin, you don’t own the Bitcoin. Taking ownership of your Bitcoin means having to be disciplined in how you secure that Bitcoin. But again, these are new behaviours to attain, not difficult skills to learn. And they are reinforcing. Self-reliance is what Bitcoin ideology is predicated on. It is part and parcel of becoming a good Bitcoiner. Further, these habits will naturally bleed into other aspects of your life. Becoming a better Bitcoiner is synonymous with becoming a better person.

Harry Sudock is Chief Strategy Officer at Griid. In this interview, we discuss what Bitcoin is: specifically, on what ideological foundation was it developed, what problem was it designed to solve, how it solves that problem, and why is it the best technical solution for solving that problem. It’s a tl;dr of the basic technical features underpinning Bitcoin. - - - - This is the second in a series of special What Bitcoin Did shows aimed at opening people up to Bitcoin. In the first episode, we learnt that Bitcoin is a new form of money. In this episode, we discuss what functions Bitcoin performs, which differentiates it from other forms of money. We then discuss the technical innovations that enable it to achieve these functions. In essence, this show focuses on what Bitcoin is. Bitcoin is rooted in the cypherpunk movement that developed in the late 1980s centred on the US. As digital technology started to proliferate, its capacity to track and record digital activity became readily apparent. Concerned computer scientists, mathematicians and cryptographers acted to develop systems aimed at protecting individual privacy, despite a concerted government that sought to control the development of privacy-providing technology. The cypherpunks movement included extensive work by many to develop anonymous digital cash. But, despite some incredible breakthroughs, none of these efforts had any material success. It was not until the pseudonymous Satoshi Nakamoto brought numerous strands of all this work together that a viable anonymous and uncensorable digital currency was born. The innovation centres on four key pillars: a clear and immutable monetary policy ensuing both scarcity and transparency; a proof of work consensus mechanism that provides decentralised security to the system; a difficulty adjustment, which ensures the issuance rate is highly predictable; and finally, its design considerations aimed at prioritising decentralisation. To the uninitiated, these four key pillars may seem as merely interesting innovations. But, once comprehended, the effectiveness and elegance of Bitcoin’s design is truly breathtaking. The software has worked, day in and day out, for over 14 years, without being hacked. And, it’s all without a leader, or a clearing house, or a central committee dictating policy. Quick, uncensorable and private global settlement. By open-source code. Satoshi Nakamoto is the genius of our times.

American HODL is a Bitcoiner who has been promoting the innovation for over 8 years. In this interview, we discuss why is Bitcoin important: what makes it an improved version of money, why society needs it, how it improves inclusion and thereby the world, the proof we have that Bitcoin can work, and how the world will look in the future with and without Bitcoin. - - - - This is the first in a series of special What Bitcoin Did shows aimed at opening people to the basic principles that underpin Satoshi Nakamoto’s innovation. Bitcoin has been in existence for 14 years. Whilst the adoption rate is tracking other paradigm-shifting technologies like the internet, we are still very early. Most people still don’t own Bitcoin. And, for those that do, a lot are still to fully properly grasp its properties and potential, and therefore understand why it’s important. The majority of people are yet to comprehend Bitcoin’s capacity to better individuals and the world for a number of reasons. It is an innovation rivalling the disruptive power of any technology that has come before it. Those who grasp it are still in awe of its elegant and revolutionary design. But, because it risks upending the balance of power between individuals and the state, it rarely gets a fair representation in the mainstream media. Further, Bitcoin touches on many fundamental tenets of modern society. Firstly, it is a new form of money, purposefully outside of the scope of centralized control. So, to understand Bitcoin, one must understand the principles of money and trade. Secondly, it has been developed to account for the manifest risks of increased surveillance of individuals in the electronic age. So, to understand Bitcoin, one must understand why privacy is the bedrock of democracy. Bitcoin also requires an appreciation of cryptography, the internet, game theory, economics, politics, philosophy, and energy. It’s the analogy of peeling an onion, where awareness at one level enables the next layer to be peeled away revealing hidden characteristics. Someone on this journey of discovery is said to be going down the Bitcoin rabbit hole. It takes time and effort. Those embedded within the Bitcoin community know that understanding Bitcoin is a process. But further, they know the profound awakening that comes to those who open themselves to it. The period of time before you properly understood Bitcoin will be manifestly distinct from the period of time after. This is when the hyperbole from those advocating for Bitcoin suddenly seems understated. Asking why Bitcoin is important is the start of that journey.

Thomas Pacchia is a Bitcoin entrepreneur and the co-owner of Pubkey, a Bitcoin bar in New York City. In this interview, we discuss how a desire to revive a local bar after Covid inspired the establishment of Pubkey, its importance as a focal point for Bitcoin in New York City, and how its success could inspire more Pubkeys in more cities. - - - - The leisure industry has taken a battering during Covid, and many businesses have fallen by the wayside. These places are hugely undervalued: bars in particular are relaxed locations that can cement neighbourhoods, providing spaces for people to interact outside of the pressures of work and family. And once they’re gone, that’s usually it. However, bars don’t only work for localised communities, they can act as a haven for disparate communities bonded by a shared passion, heritage or sexual orientation. Heavy metal bars, sports bars, Irish bars, gay bars: these can be vital meeting places for those seeking like-minded people, particularly in an atomised international city. Well, now you can add Bitcoin bar to the list. Whilst many of us were slowly trying to make sense of the post-Covid world, Thomas and his wife decided to be the change they wanted to see. They saw a chance to take on a local dive bar and create a haven for Bitcoiners in New York. In a few short months, they have turned that pipe dream into a reality. It is now the go-to venue for Bitcoiners in the Big Apple. Built from the principle that it must first and foremost win its reputation for service, food and ambience, it has also forged a strong and unique Bitcoin-centred character. It hosts regular BitDevs, mining and Lightning meetups. It also hosts events such as live podcast shows! As a result, it has become a very popular haunt. And there are plans for other Pubkeys in other cities. So, what’s the secret sauce? As a regular punter put it in a recent Bloomberg article about Pubkey “I like drinking and I like Bitcoin”. Simples.

George Kaloudis is a senior research analyst and columnist for CoinDesk. In this interview, we discuss the validity of Bitcoin ideology. Can it replace governments? Does it promote individualism? Is Bitcoin’s distribution fair? Can Bitcoin fix the world? We unpick popular Bitcoin maxims to sift genuine slogans of change from the hyperbolic froth. - - - - Bitcoin maxims are powerful, persuasive and effective: “vires in numeris”, “don’t trust, verify”, “not your keys, not your coins”. These slogans have been the maximalist rallying cries used to champion and defend sound investment principles through many cycles. They have been, are, and will continue to be the bedrock supporting Bitcoin’s ongoing resilience. Meme theory works. However, there are some maximalist mantras that are counterproductive. The “Bitcoin fixes this” slogan is perhaps the one that is more lazily applied than any other. Bitcoiners know that the genius of its design is that it can rectify long-standing weaknesses within the current fiat system. It can make banking fairer for all. Bitcoin, therefore, has the power to fix a lot within our society. But, it does not fix everything. Far from it. The problem is that “Bitcoin fixes this” has been applied to all manner of issues, which are manifestly not fixed by the presence of Bitcoin. This causes the power of the original slogan to wane, and, calls people to question the validity of other maximalist propositions. Rather than act as an effective rallying cry, this slogan has become a signpost of hyperbolic froth. It is therefore productive to go back to first principles and query what it is that Bitcoin actually fixes, or, helps to fix. And then, question the other assumptions that people make about Bitcoin. Whilst Bitcoin has tremendous potential to help create a new and fairer system, real change still requires human agency. Bitcoin will fix very little unless we all learn to work, interact and collaborate in new and sustainable ways. Bitcoin helps us fix this.

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss her latest article: How the Fed “Went Broke”. Lyn explains how for the first time in modern history the Federal Reserve is operating at a loss. We talk about the ramifications in terms of continuing high inflation, the bankruptcy of government agencies, and the impacts on the Fed’s independence. - - - - Bitcoin was born when the global economic machine was showing signs of a terminal illness. Since then, governments around the world are trying to keep the system alive, using measures that will in fact hasten its demise. Due to misaligned political incentives, greed and ignorance, the world’s economy is now entering an unprecedented period of serious economic trauma. Government bailouts are not new. Alexander Hamilton in 1792 used federal funds to prevent the collapse of the securities market. However, it was the use of Quantitative Easing (QE) to prop up the financial system during the Global Financial Crisis (GFC) when the Rubicon was crossed. The Fed bought over $2 trillion of commercial bank assets in 2008/9, paid for through an increase in the monetary base. The main problem with the GFC was governments became tolerant of the new drug of choice: QE leading to an erosion of market discipline. QE3 started in late 2012, was nicknamed “QE infinity”. It result in $4.5 trillion of commercial bank assets being bought by the Fed. QE4, in response to the Covid pandemic, resulted in the Fed purchasing another $2 trillion of assets. Since 2008, the monetary base in the US has increased by 750%. The inevitable result is inflation. The response by central banks is to increase interest rates, a tool that doesn't apply to the problem at hand: unsustainable levels of debt. Higher interest affects the cost of their liabilities, such that they are now, for the first time ever, in negative equity. They are “broke”. What the markets know but politicians aren’t willing to accept is that this is a new paradigm. The UK Prime Minister Liz Truss was ousted after only 49 days when markets decided unfunded tax cuts with debt to GDP over 100% were irresponsible. The growing realisation is that budget deficits need to be cut. Smaller governments are likely whether people want them or not.

Junseth is an OG Bitcoiner and the former co-host of Bitcoin Uncensored. In this live interview, recorded at Pubkey in New York, we discuss the latest Bitcoin phenomenon - ordinals. We also talk about the philosophy of Bitcoin: what it’s for, what it can be, and how it’s still the only blockchain that adds value to society. - - - - This was the second ever live What Bitcoin Did show, hosted at the excellent Pubkey in New York City. And, for a live show, we needed a combination of an OG Bitcoiner, with strong opinions, who could sing…luckily Junseth was available! Junseth is obviously a Bitcoiner who’s happy to tackle hot topics. So we began by discussing the good and the bad of ordinals: it has certainly strengthened Bitcoin in terms of node usage and transaction fees, but are inscriptions the best use of the blockchain? And, as Junseth espouses, should we get too concerned about tests of Bitcoin’s anti-fragility? Further, we talked about what, for an OG, Bitcoin represents both today and in the future. Can Bitcoin fix everything? If not, what is Bitcoin’s lane or lanes? How early are we? Why people need to shitcoin before finding Bitcoin is the only blockchain. How it strengthens American democracy. And what it will take for Bitcoin to change the world. Finally, Junseth took some excellent questions from the crowd. He covered economic degeneracy, Bitcoin’s limitations, how Bitcoin supports democracy and American values, and whether we should be hodling or spending Bitcoin. He would have given us golden material on every subject under the sun if we’d had the time! We were very grateful to have a sell-out and supportive crowd, and thanks again to our amazing hosts Pubkey! It’s been a long time since we did a live event, but there will definitely be more to come this year. In fact, we have 2 shows scheduled: in Bedford on April 14th and in Miami on May 17th. 

Eric Yakes is the author of ‘The 7th Property’. In this interview, we discuss how a Bitcoin native banking system could evolve, predicated on a practical vision where not everyone will be able or willing to self-custody. Eric has theorised how Fedimints may form the basis for a new digital age of free banking, and the risks and opportunities this would present. - - - - As Bitcoin is a new form of money, then it stands to reason that it could become the basis for a new global monetary system. Yet, it is not a certainty that this will happen. And how it may manifest is far from settled. Eric Yakes is one of the leading thinkers on this topic. His ideas around how Bitcoin banking may develop are evolving to respect the central tenets of Bitcoin’s ideology, whilst making pragmatic allowances for real-world constraints. The principal issue for Bitcoin banking is the provision of custody. 2022 gave everyone clear grounds to promote cold storage. However, with widescale adoption, there will still be significant demand for third-party custody solutions. Therefore, one must consider which custody solutions maximise trust. Fedimint provides such an alternative where trust is federated, with the intention that this federation is a known community. Fedimint is not only a custody solution, it is also a means for issuing value. A Fedimint can issue Ecash against the held Bitcoin. This Ecash acts as a bearer instrument that can be stored on mobile phones, with the privacy characteristics of physical cash. Ecash could also be transferred via the Lightning Network. This opens up the possibility of a quantum of decentralized federations developing and operating akin to the free banking era of the 19th century. There are issues. Third-party custody in any form involves risk. There will be occasions when trust is broken, Bitcoin is lost and innocent people are affected. There are also risks associated with a rise in fractional reserve banking, and questions over the issuance of credit through such systems. However, as Eric Yakes asserts, if Bitcoin is to be more than Gold 2.0 and become the basis for a global monetary system, then these are risks that need to be faced.

Rob Hamilton is a co-founder and the CEO of AnchorWatch. In this interview, we discuss ordinals and ordinal inscriptions: what they are, how they work, what risks and benefits do they present to Bitcoin, how would we mitigate negative impacts, and how the rest of the ecosystem is responding. - - - - Bitcoin’s use cases grow every year. A new version of money. An international payments rail. A tool to build out stranded energy, mitigate methane emissions and stabilise energy grids. And now, a decentralized immutable repository for images, audio, video and code. Ordinal inscriptions have been popularised as Bitcoin’s answer to NFTs, but that framing significantly underplays the opportunities and threats of this burgeoning functionality. Ordinal inscriptions have been made possible via a series of Bitcoin upgrades going back to SegWit, and additional software, the Ordinal protocol, developed by Bitcoiner Casey Rodarmor. Rodarmor’s motivation was to make Bitcoin fun. But it has sparked a fierce debate about the nature and purpose of Bitcoin. In short, if Bitcoin is the new version of money, should all other uses that impact this primary use case be excised? Philosophically, can a decentralized anarchic system without a fixed mission statement have rules of use beyond what is technically possible? Or, does the hard-won trajectory for Bitcoin that emerged from the blocksize wars set a clear enough ideology of what Bitcoin is and isn’t? Whilst technically, what can actually be done to counter the ordinal impact? Will this require another fork, or are there softer mitigations? And what will be the cost to the network of such changes? The flip side to this debate is the positive impact ordinal inscriptions are having on Bitcoin transactions. Miners are at last seeing a use case that is, at last, bringing value to transaction verification. Whilst it is leading to questions about the blockchain being bloated is this actually a good thing in that it accelerates the market determination of true transaction value on the base layer? Whatever the outcome will be, such discourse is a natural consequence of having a decentralized network without any rulers. Vigorous and healthy debates have galvanised and strengthened the Bitcoin protocol since its inception. Long may it continue.

Michael Sonnenshein is the CEO of Grayscale. In this interview, we discuss Grayscale’s lawsuit with the SEC, Genesis’s lending practices and bankruptcy, GBTC and the intercompany relationships at DCG. - - - - The Grayscale Bitcoin Trust (GBTC) brought institutional investment into Bitcoin and helped Bitcoin to mature. Launched in 2013, as a subsidiary of the Digital Currency Group (DCG), it was devised as an official means of gaining exposure to Bitcoin for high-net-worth entities. Many, including Grayscale, have sought to provide a spot price ETF, but, in the absence of SEC approval, GBTC has served as an attractive alternative investment vehicle. In November 2021, GBTC had over $43 billion AUM. GBTC is one of many funds Grayscale provides covering a plethora of digital assets, including Ethereum, Solana, Zcash and Bitcoin Cash. However, GBTC is the most dominant: at this moment GBTC represents nearly 75% of Grayscale's total AUM. With its 2% annual fee based on Bitcoin’s spot price, GBTC is a valuable part of Grayscale and DCG's portfolio. At the current Bitcoin price, GBTC commands approximately $420m in fees. Grayscale is currently dealing with some major issues. Since early 2021 GBTC has been trading below its net asset value (NAV). This discount is currently hovering around all-time lows at 46%. GBTC holders cannot redeem their shares for the underlying asset. They have to sell their shares in an open market and shoulder this discount. Those not forced to sell feel effectively trapped. Grayscale is subject to a number of investor lawsuits, and an activist campaign seeking to unseat Grayscale as the manager of GBTC. Concurrently, Grayscale is suing the SEC over the latter's refusal to convert GBTC into an ETF. The mechanisms of an ETF allow for arbitrage trading keeping the share price aligned with NAV. This is Grayscale’s strategy for reducing the current GBTC discount. Grayscale has also been caught up in the bankruptcy of the crypto lending firm Genesis, another subsidiary of DCG. According to a Financial Times report, DCG is selling shares in Grayscale funds, “at a steep discount” to pay back Genesis creditors. There are more fundamental questions about the role of Genesis’s lending. According to Bitcoinist, the failed hedge fund Three Arrows Capital took a $2.36 billion loan from Genesis backed by 17 million GBTC shares.

Amanda Cavaleri is a Bitcoin entrepreneur and board member of the Bitcoin Today Coalition. In this wide-ranging interview, we discuss the upcoming Bitcoin Ski Summit Amanda is organizing, how Bitcoin can help the United States, whether Bitcoin should be radical or conservative, the importance of values in Bitcoin culture, and the promise of Nostr. - - - - Amanda Cavaleri is a long-time friend of the show, and one of the most genuine and hard-working people within Bitcoin. Amanda has numerous interests across Bitcoin, from investments to mining, from advocacy to education. As a veteran Bitcoiner, Amanda is able to have a wider perspective on the important value Bitcoin brings to society beyond its immediate investment potential. We discussed the unremitting importance of Bitcoin to privacy, and of privacy to democracy. With the rise of China, having a tool outside of the purview of the state is becoming increasingly important. Furthermore, Bitcoin has the potential to support global economic growth as we transition from the dollar as a reserve currency: Bitcoin has the potential to be neutral global money that can enable efficient cross-border payments in an increasingly multipolar world. We talked about despite Bitcoin being an apolitical tool, there is significant work required to get it to resonate within the Washington bubble. Amanda set out the educational work, network building and soft permeation of DC being undertaken by the Bitcoin Today Coalition. This is a slow but vital advocacy process needed to lessen the risk Bitcoin’s development within the United States is kneecapped by ignorant legislators. Finally, we covered the importance of Bitcoin’s culture. Whilst ‘number goes up’ worked to gain rapid interest over previous cycles, a values-based ideology is showing itself to be critical in both widening Bitcoin adoption and defending against attacks. But culture obviously affects the internal workings of Bitcoin as much as its presentation externally. Therefore, the current debate around how radical Bitcoin should be may perhaps become a significant area of debate in the next year.

Ben Prentice is a producer of What Bitcoin Did and co-creator of WTFhappenedin1971.com. In this interview, we discuss ‘Economics in One Lesson’, the seminal work by Henry Hazlitt. It’s as relevant today as it was when it was first published in 1946. We also talk through the disruptive force of AI, and, of course, we cover Bitcoin. - - - - Henry Hazlitt was an American journalist who reported on economics and business between 1913 and 1969 for publications such as the Wall Street Journal, Newsweek and the New York Times. He is credited with introducing the ideas of Austrian economics to the English speaking world. But his legacy was burnished through his 1946 book ‘Economics in One Lesson’. Hazlitt’s ideas have been acknowledged as being foundational in the development of neocolonialism in the United States. ‘Economics in One Lesson’ has been praised since its publication by numerous prominent economists opposing Keynesian economics. But it was it’s impact on decision makers such as Ronald Reagan that set it apart from other works. And it is still having an impact today. Hazlitt’s book has resonated with different audiences for over 75 years because it developed arguments that have remained timeless. Two central ideas have as much relevance today as they did in 1946: firstly, policymakers underestimate the cause and long-term effect of policy decisions; secondly, many economic beliefs are based on logical fallacies. It is a work that strips away the complexity of economics to explain it in clear and recognizable terms. The question should therefore be why we live in a world that seems to be making the same mistakes that formed the basis of Hazlitt’s original work. Part of this is because the underlying monetary system is inherently weak. But, it is also because decision-makers, either through ignorance or arrogance, believe that they can allocate capital better than the market. This is why Hazlitt’s work remains important: we must remember the past or be condemned to repeat it.

Lee Bratcher is President of the Texas Blockchain Council. In this interview, we discuss the important work of the Texas Blockchain Council in educating decision-makers and providing a link to Bitcoin businesses, which has helped Texas to become a global leader in Bitcoin. We also talk about the risks of introducing any form of CBDC. - - - - Texas has become the US’s home of Bitcoin, maybe the global home of Bitcoin. A state whose motto is friendship has extended its hand to those seeking to mine and develop Bitcoin. Why is this? Texans are independent, hard-working, freedom-loving people. As our guest Lee Bratcher states on the show: “The ethos of Texas just matches up with the ethos of Bitcoin.” But, there is a more pragmatic reason why this has happened: Texas’s economic history shows a state that embraces opportunity. And with Bitcoin mining, we are seeing perhaps one of the biggest opportunities to present itself to energy grids. Governments across the world are seeking to transition to more renewable and volatile energy sources. And, as we have seen, Bitcoin mining provides a range of tools to help grids in this transition. Texas’s grid operator, ERCOT, has embraced Bitcoin mining, and as such, it is reaping the benefits. Bitcoin mining is making the Texas grid more resilient to peak demands, it is facilitating the build-out of stranded energy sources, and could potentially help keep energy prices low. A welcoming regulatory landscape and collaborative approach to planning are resulting in Texas working towards being the home for 20-25% of the global hashrate. But, Texas has not woken up to the utility of Bitcoin mining on its own. The fact the state has a dedicated Bitcoin advocacy group is a critical factor in this story. The Texas Blockchain Council was set up to make Texas the jurisdiction of choice for Bitcoin. To that end, it educates lawmakers, acts as a conduit between the state and Bitcoin companies, and actively defends Bitcoin against attacks from senators in DC. It’s another inspiring and motivating Bitcoin story.

Troy Cross is a Professor of Philosopher and Fellow at BPI, & Shaun Connell is Executive VP of Power at Lancium & energy trading expert. In this interview, we discuss the evolution of the Bitcoin mining and energy debate: how Bitcoin mining has weathered the storm of FUD over its energy usage to become a tool that fixes an ever-increasing number of energy-related issues. - - - - Roy Sheinfeld, CEO of Breez, last week used the following analogy to highlight expanding knowledge of the Lightning Network’s application: "The first industrial use of steam engines was to pump water out of mines, but nobody talks about that because the engines were stationary and hidden in the dark. Three generations later, inventors started adding wheels to the engines. Setting that power free and bringing it into the light made everyone take notice, and that’s when steam changed everything." The same applies to the whole Bitcoin ecosystem, particularly in relation to Bitcoin mining. Since 2019, there has been a growing realisation that Bitcoin provides a multitude of benefits to producers, operators and consumers of energy. There are also an increasing number of ancillary applications being realised in other areas. So, is it time for Bitcoiners to become more emboldened in their advocacy of Bitcoin mining? There’s an available body of evidence showing the important role that Bitcoin mining is playing in supporting Texas’s energy grid. It is right to state that some of the resultant conclusions seem counterintuitive i.e. how can an energy user assist with energy supply? However, it merely takes an open mind, a willingness to question, and a capacity to learn, to realise that Bitcoin mining provides an important societal good. Paradigm shifts are always met with suspicion. The issue is we’re on the right side of history. Therefore, should we use someone's views on Bitcoin mining as a test of their intelligence and humility? Is it time to be more assertive in responding to those who refuse to believe their eyes and ears? After all, they are the ones who refuse to be humble.

Sam Wouters is a Research Analyst at River Financial. In this interview, we discuss Bitcoin’s hash rate: what it is, the factors affecting its growth, what this means for Bitcoin’s security budget, and what this means for Bitcoin’s energy needs. In short, there is a symbiotic relationship between expanding Bitcoin’s real-world utility and securing the blockchain. - - - - Proof of Work is Bitcoin’s central innovation: the development of a process that through game theory keep the network honest, and provides security from outside attack. It enabled a global store of value that does not need centralised armoured physical vaults for security. However, the process of hashing that enables PoW requires large amounts of power, and, with the halving mechanism, requires an increase in Bitcoin’s price, transaction fees, or both, to maintain equivalent network security spending. Bitcoin’s energy debate in 2022 was completely realigned: rather than being an attack vector for opponents, Bitcoin mining’s energy use has developed into a marketable attribute. Mega miners have sought new revenue streams and cheaper energy which has resulted in huge innovation in the industry. There is a growing realisation that Bitcoin’s utility is a powerful tool in supporting the energy transition and mitigating climate change. This means that we are potentially entering a paradigm, where knowledgeable decision-makers desire an increase in hash rate to satisfy other needs. But, there is a long list of variables affecting this: Bitcoin’s price, base layer transaction demand, ASIC supply chains, ASIC efficiency, and domestic and international political pressures. This means there is a range of possible forecasts. Irrespective of the potential future drivers that can influence Bitcoin’s hash rate, fundamentally the issue is that the hash rate must continue to grow. It is Bitcoin’s security budget that is of primary importance. All other demands fall away in this respect. Bitcoin’s adoption, use and price are all critical in relation to this. As are the efficiency gains in mining rigs. If people want to use Bitcoin mining for other purposes they need to be cognizant of these issues.

Jason Brett is a former FDIC regulator who worked through the 2008 Global Financial Crisis. In this interview, we discuss the events that led up to the 2008 GFC, the implosion of IndyMac & subsequent bank-run and what to expect from regulators following the crypto contagion of 2022. - - - - In 2008, the Global Financial Crisis brought the economic world to its knees. The crisis was triggered by a combination of factors, including the subprime mortgage crisis, the failure of large financial institutions, and some outright systemic corruption. One of the most notable events during the GFC was the bank run on IndyMac, an institution that failed due to a lack of confidence among its depositors. This event was a clear sign that the financial system was in trouble, leading to calls for greater banking industry regulation. In response to the GFC, governments around the world implemented a range of regulations. These included increased capital requirements, restrictions on risky lending practices, and increased scrutiny of financial institutions. These regulations aimed to make the financial system more robust and reduce the risk of another crisis. It's easy to draw parallels to the ‘crypto’ market in 2022. Luna, 3AC, Celcius and FTX all failed because of their lack of adequate risk management, sketchy lending practices, and some out-and-out fraud. Calling into question concerns about the stability and legitimacy of the crypto industry and, unfortunately, dragging bitcoin into this discussion. While we may see Bitcoin as totally separate to 'crypto', lawmakers and decision-makers do not, and in the fallout from the crypto contagion, we may see draconian regulations impact us going forwards. So what can we learn from the GFC in 2008, and the regulation that may affect us in 2023?

Harry Sudock is Chief Strategy Officer at Griid. In this interview, we discuss a range of narratives evolving in 2023: how Bitcoin’s value is to be explained to newbs, making sense of the general paranoia in society, the critical importance of nuclear energy, and making sense of 2022’s financial contagion within crypto. - - - - 2022 was a heck of a year, the impact of which is still being felt into the early part of 2023. However, as January turns to February, the focus is turning to what 2023 holds for Bitcoin and wider society. And who better to review the year to come than Harry Sudock. We discuss the evolving narratives used to explain and advocate for Bitcoin. As the fatigue of dealing with 2022 diminishes, how are re-energised Bitcoiners to educate those who are financially and/or technically literate but lack a grounding in Bitcoin? What are the best arguments to use to explain Bitcoin in the US, where there is a less immediate need for its utility? Further, how do we navigate the world around us? The social discourse is increasingly beset by paranoia and distrust. At the same time, there is a lot to distrust: lies and spin have become so ubiquitous and brazen that we are effectively being told to believe up is actually down. Is it any wonder that people see conspiracies where there are none? Beyond creating a noisy and chaotic public square, the real problem is we’re unable to properly address society's most pressing issues. Take energy for example. The last few podcasts have shone a light on the myths and realities of nuclear energy. It is quite clear the obvious path to providing sustainable and abundant energy lies in supporting the development of nuclear infrastructure. So, the path forward seems clear. 2023 needs an unrelenting focus on giving exposure to the truth, whilst calling out vested interests and virtue signalling. Nuance, pragmatism and veracity are the vital principles that have and will underpin all of What Bitcoin Did’s content. 2022 was about lies being exposed throughout crypto. Bitcoin in 2023 about its inherent truth.

Everett Redmond is a nuclear engineer working as the Senior Director of Fuel Affairs at Oklo. We discuss the enormous challenges and opportunities in renewing the US’s nuclear fleet over the next decade, Oklo’s development of fast nuclear reactors, and how such small modular nuclear reactors will soon become commonplace. - - - - Biden’s White House has embarked on an ambitious climate change policy: it plans to eliminate fossil fuels for energy production in the U.S. by 2035. But, as anyone who has knowledge of the energy grid knows, this can not be replaced by traditional renewable energy sources: wind and solar both have intermittency and geographic constraints, hydro is even more geographically limited, and biomass has a range of issues such as the scale of land required and emissions. Whatever technology is used to produce sustainable energy in the future, it needs to provide a minimum level of base power that can enable human life to flourish in any and every location. Nuclear, despite the widespread fears, presents that opportunity: it is an extremely dense, reliable and effective power source. And yet, political pressure has resulted in the industry flatlining over the past few decades. Nuclear provides 20% of the US’s energy needs. It has been like this for the past 20 years, over which time only 1 new reactor has been built. This lack of investment means the US nuclear fleet has an average age of over 41 years, the third oldest in the world. Experts realise nuclear needs to be central to Biden’s climate change ambitions. And yet, the renewal of the existing fleet represents a challenge in itself, before thinking about increasing capacity. But there is a path forward: a new generation of fast nuclear reactors provides an opportunity to have modular designs, streamlining the build and planning process, and reducing costs and development timescales. Such reactors are designed to be inherently safe and can support a range of energy needs beyond just electricity production. Further, such reactors can use spent fuel and significantly limit the amount of waste produced. We are on the cusp of a nuclear future.

Anthony Jared is a 30-year Navy veteran and who has operated nuclear reactors on both nuclear submarines & aircraft carriers. In this interview, we discuss the truth about nuclear energy, the safety concerns and why there has been such a prolific anti-nuclear movement. - - - - Nuclear energy is a contentious issue. And yet… In terms of death rates per unit of electricity production, accounting for accidents and conservative pollution assessments, nuclear energy is the second safest source of energy: solar has 0.02 deaths per TWh, nuclear 0.03, Oil 18.43, coal 24.62, and brown coal 32.72. This equates to someone dying prematurely as a result of nuclear every 33 years in a town of 150,000, whilst in the same town as a result of coal 25 people per year would die prematurely. Nuclear is the cleanest energy source. Per GWh, nuclear produces 3 tonnes of greenhouse gases, solar 5 tonnes, natural gas 490 tonnes, oil 720 tonnes, and coal 820 tonnes. Little nuclear waste is generated, particularly where waste is reprocessed: in France, less than 0.2 of the waste is high level. US Oak Ridge National Laboratory estimates coal-powered plants carry 100 times more radiation than nuclear power plants into the surrounding environment. Further, nuclear has the potential to be the cheapest energy source. A cost comparison is complex: for every analysis stating nuclear is the most economical energy source, there’s a report stating the opposite. However, nuclear investment has dropped considerably. In 1979 234 reactors were under construction around the world. In 2022 there were 59. Innovation and economies of scale haven’t benefited nuclear. Rather, it’s been beset by increasing regulatory costs. Why is nuclear energy a contentious issue and what is the truth?

Natalie Smolenski is an Executive Director of the Texas Bitcoin Foundation and a Fellow at the Bitcoin Policy Institute. In this interview, we discuss why America needs to be re-found. We talk about the self-destructive impacts of striving for supremacy, what the American project stands for, trying to build solidarity across the divide, and the importance of Bitcoin. - - - - The great irony of the twentieth century is that in winning the cold war America has lost its way. Far from the defeat of the Soviet Union being a stepping stone to cementing US hegemonic power, within a generation, we are seeing a fracturing of the global order and the decline of western liberal democracies. The importance of the American dream as a projection of soft power has waned. In the face of a multi-polar world and a wave of significant issues that need urgent action, politicians are losing confidence in trying to win the battle of ideas. The race seems to be about winning the battle of technology without going bankrupt. Optimism and hope have been replaced by cold strategic pragmatism. Endless wars have dulled Americans’ enthusiasm for being that shining city on the hill. But, is this myopic thinking? The long lens of history shows that the projection of America as a beacon of hope was through manifestations of the principles of liberty, equality and justice on which the country was founded. America became a magnet for the strivers of the world. Can it become so again? What is clear is that prior to renewing its confidence as a global power that champions freedom, America needs to heal the domestic divides. A nation needs to be united internally if it is to thwart external threats. This means finding new ways to engage and identifying new leaders to take ideas forward. It also means embracing again the old ways of thinking: that America’s “glory is not dominion, but liberty.”

Michael Malice is an anarchist, author, and podcaster. In this interview, we discuss his latest book, The White Pill: A Tale of Good and Evil. It charts the rise and fall of Russia, its insidious evilness, how western intellectuals supported and justified the communist state from afar, and why it is impossible for those in the west to comprehend how pervasive a totalitarian regime can be. - - - - Ask anyone to name the evilest empires in history and it is highly unlikely that the Soviet Union will be anyone’s first suggestion. And yet, the regime is estimated to have killed 61 million people during the 20th century, most of them by Stalin. It is called democide, the mass murder of citizens by their own government, and the Soviets are history’s worst. The killings of people throughout the Soviet empire took various forms but included executions, famine, forced labour, starvation, mass deportations and massacres. Human life was cheap, and nobody was immune from the wicked regime. And, in addition to the violence, the state employed an all-encompassing oppression of its citizens, involving surveillance, censorship, and fear. The reality of the Russian Communist State was maintained well beyond the moment it should have ceased functioning, chiefly because everyone had been brainwashed, from workers to the leaders. That this fairytale was a sham couldn’t be hidden forever, and once the facade started to give it didn’t take long for the whole edifice to crumble away to dust. So why has the evilness of the Soviet Union been downplayed in the west? There are many reasons, but an intellectual affinity for communist ideals is the root cause. Western intellectuals were often in favour of the Soviet Union and its goals of creating a socialist utopia, and many supported the idea of the state as a progressive force. This attitude was rife in the 1930s, but, it still has centres of support today. That a massive country can rapidly change its governance structure, inflicting violence and fear on millions and millions of people, and maintain its position for decades despite corruption, abuses and stagnation, is a salient tale for us all. Notably, as many of the cultural elites defended the regime from afar, and, that this story has been largely forgotten.

Kale Hyder works in an investment bank. In this interview, we discuss how his life 7 years ago changed on a dime: a rare spinal inflammation led an aspiring high school basketball player to have to deal with becoming quadriplegic. We talk about the physical and mental rehabilitation, and how, with the help of others, he’s found direction, purpose and happiness. - - - - Think about what you’re going to be doing next week. Are you working or studying? Will you be engaging in hobbies? Do you have any household chores that need completing? What social plans do you have? We all plan for the future and accept it as a given, but that’s not always the case. For Kale Hyder, all of his future plans were wiped away overnight. One week he was at high school, studying, playing basketball & planning for his future, the next, he was unable to move. Panic and disbelief led to a hospital visit and tests and a diagnosis: transverse myelitis. Spinal inflammation. And that was it, Kale was paralysed. Life changed. Forever. Cases like Kyle’s are rare, and the causes aren’t properly understood, but it results in irreparable damage to nerves in the body’s communication highway. The damage Kale was left with was made worse by where the inflammation was in his body. Kale’s spinal cord swelled at the base of his neck, and he became a quadriplegic, he could no longer move any of his limbs. In this fascinating discussion, we talk about the long process of treatment and rehabilitation, learning to redevelop basic skills, how the body adapts and reconfigures itself, and the need for mechanical aids to perform functions previously taken for granted. Kale also opens up about depression, frustration and resignation. It’s a story about acceptance and finding new paths. It’s a story of realisation and insight. Happiness and fulfilment found in unexpected places. It is uplifting to hear such wisdom from someone who’s had to face the worst that life has to offer. It is a story that ends up with Bitcoin, but it is not a Bitcoin story.

Vivek Ramaswamy is an entrepreneur and author. In this interview, we discuss his thesis that social and political struggles are rooted in the rise of a managerial class dominating society at the expense of everyday citizens. We also talk about the need to revive a binding national identity, and how the social justice movement may be causing more harm than good. - - - - Public choice theory influenced a generation of conservatives around the world in the 1970s and 80s. In essence, the theory applied economic thinking to political behaviour. It undermined the notion of public interest: it was a nebulous irrelevance in relation to public policy as all individuals, including politicians and bureaucrats, work in their own self-interest. What resulted was the development of a managerial class that would be incentivized to achieve specific aims through monetary rewards. This class has grown since the 1980s to now represent, in some people’s views, an oversized controlling force within society. However, their decision-making is increasingly outside of the purview and influence of ordinary citizens. Vivek Ramaswamy believes this friction between managers and everyday people is at the root of the current social and political struggles within society. Exacerbating these tensions are increasing incidents of managers being coopted by elites to do their bidding, undermining constitutional norms. Vivek believes that we are now at a defining moment when the defining principles of political organisation need to be reviewed. The ideals and principles of the United States, as laid out in the constitution, became a unifying force around which a vibrant national identity was developed. This, until very recently, facilitated and supported American hegemony. But, in short order, that binding sense of a united vision has been replaced by factionalised ideologies that threaten the viability of the American experiment. The fundamental issue is that the notion of Americanism has been allowed to wither. Vivek believes that to combat China and meet the other great challenges of our age, America must find again a shared national identity that eclipses current partisan divisions. In essence, the US must retrace its steps before venturing forward.

Jameson Lopp is the co-founder & CTO of Casa. In this interview, we discuss why Casa has extended custody support to Ethereum, important security lessons from the Luke Dashir hack, Bitcoin security & inheritance planning, and how AI came of age in 2022 with the release of ChatGPT. - - - - Last year provided the most brutal examples of why “not your keys, not your coin” should be the first thing anyone new to the ecosystem learns. Dave Portney’s infamous tweet questioning where his Bitcoin was after FTX blew up, showed how generally unaware people are of the risks associated with exchanges, and the importance of custody in relation to ownership. However, there are also those who quite reasonably need greater protection than that offered by a hardware wallet. There are many examples of people losing access to their Bitcoin held off-exchange. Further, the hacking of Luke Dashir’s security setup shows the risks of bespoke security solutions. This is where Casa comes in - providing multisig custody solutions for Bitcoin holders. Casa has now extended its service provision to Ethereum. For Bitcoin maximalists this may be viewed as a red line having been crossed. For those who hold Bitcoin and Ethereum, this may provide a practical one-stop shop solution that convinces them to take their holdings (including Bitcoin) off exchanges. There are merits to both sides of the pragmatism versus maximalism argument, which is sure to continue to be debated throughout 2023. And yet, history may relegate the significance of the collapses in crypto in 2022 behind last year's massive advances in AI technology. ChatGPT, in particular, has the potential to revolutionise the employment market: online customer services, copywriting, journalism, consulting, academia, computer programming… the disruption to white-collar workers could be unprecedented. Despite being less than 2 months old, ChatGPT has led to a pervading wave of excitement and hysteria. It is a wake-up call of how technology can rapidly interrupt the assumed order within society. The issue is that it will be followed not only by advances in its own capabilities, but other technologies will follow in biotechnology, VR, nanotechnology etc. etc. etc. Are we on the edge of the greatest revolution to impact humans?

Travis Kling is the Chief Investment Officer at Ikigai. In this interview, we discuss being on the frontline of the FTX collapse: Ikigai had a large majority of its investment funds in FTX when it stopped withdrawals; Travis had a majority of his liquid net worth also stuck in the bankrupt company. - - - - 2022 will be a defining moment for crypto. In November 2021, the total market valuation was approaching $3 trillion. By the middle of 2022 the market valuation was down to $800 million. UST had depegged in May and caused contagion to ripple through the market: in short order Celsius, 3AC and Voyager all filed for bankruptcy. And yet, the biggest shoe was yet to drop. In January 2022 FTX was valued at $32 billion. The August/September issue of Fortune magazine compared FTX’s founder and CEO Sam Bankman-Fried (SBF) to Warren Buffet. Commentators, investors and media outlets likened SBF to JP Morgan as he bailed out struggling competitors. He’d been hosted by congressional committees in DC to help shape legislation multiple times. SBF was seemingly untouchable. That all changed in November with a rapid fall. On November 2nd CoinDesk reported on concerning balance sheet issues at FTX’s sister company Alameda Research. On November 6th, Binance announced it would liquidate its entire holding of FTX’s FTT token. On November 7th a run on FTX began. On November 8th FTX halted withdrawals. Days later it filed for bankruptcy. SBF was orchestrating a years-long fraud of epic proportions. Some in the industry had raised concerns, but many believed the hype. What Bitcoin Did did not have a relationship with FTX, but there are scenarios where that could have been different. Others did have relationships with FTX. For example Travis Kling, who had a large majority of his investment funds and personal liquid net worth stuck in FTX. On November 14th Travis posted a Tweet thread: “I have some pretty bad news to share… I lost my investors’ money after they put faith in me to manage risk and I am truly sorry for that. I have publicly endorsed FTX many times and I am truly sorry for that. I was wrong.” This show goes through what happened and reflections on where we go from here. As this show goes live shortly after Genesis filed for bankruptcy, it’s obvious we’re still in the midst of this mess.

Erik Hersman is an entrepreneur and the co-founder of Gridless. In this interview, we discuss how half of all Africans are without access to electricity, the affordability issue affecting the rest who do have access, and how Gridless aims to alleviate this situation by helping to build out cheap sources of stranded renewable energy. - - - - Africa has an energy problem. It has been estimated that the continent has the potential to produce approximately 2.5 million terawatt hours of energy per year from solar and wind energy. To put that into context, the US uses around 4,000 terawatt hours of energy per year. And yet, approximately half of all Africans lack access to electricity. Furthermore, a large number of those with access struggle with the relatively high costs. There are a multitude of reasons why this situation has been allowed to develop. But, despite the focus of major NGOs and developed nations, the issue is getting worse: whilst access to electricity is increasing around the world, it is declining in sub-Saharan Africa. And, without access to energy, any plans to improve Africa’s economic future will always be constrained. While some have seen this as a tremendous challenge, others have recognised it as a tremendous opportunity. Whilst the issue of stranded renewable energy was being mitigated by Bitcoin mining, the costs for the associated equipment were prohibitively high. That was until last year when the problems that beset the mining industry in the US, opened the doors for those looking to harness the power of Bitcoin mining in Africa when the price of ASICs dropped sharply. The thesis is simple: Bitcoin miners help subsidise the build-out of mini-grids, providing electricity to dispersed and remote communities. As supply and demand find an economic equilibrium, the Bitcoin miners can be redeployed and the process starts in a new location. It is a market-driven solution that provides a return to all stakeholders. The aim is to catalyse the electrification of Africa. It may result in Africa becoming a new home to Bitcoin miners.