Stephan Livera Podcast

Latest Episodes:

Dice Rolls, Entropy, and SeedSigner | Keith Mukai SLP766 Aug 22, 2026

Show notes

In this episode,Keith Mukai of SeedSigner joins to explain why 1.4 percent variance in cheap dice still delivers full 128-bit entropy and how to verify rolls across devices.

Timestamps:

03:10 — Cheap Dice Only 1.4% Unfair?

06:29 — Shake Multiple Dice in a Box

08:26 — Verify Dice Rolls Across Devices

11:02 — Verify Dice Seeds With Fake Rolls

13:50 — Multiple Test Rounds Foil Attackers

16:36 — 90% Users Choose Easy RNG Mode

19:08 — Jade's D&D Dice Method?

21:53 — Build Your Own: Avoid Mailing List Leak

24:48 — Stateless Device: Evil Maid Gets Nothing

26:45 — Hand-Drawn SeedQR: Skip Typing 24 Words

29:02 — SeedSigner: Built for Long-Term Cold Storage

31:30 — Evil Maid SD Card Swap Destroys Security

35:27 — Why Multisig Beats Single-Sig + Passphrase

37:14 — Scan Sparrow PDF QR to Load Multisig

42:16 — No One-Size-Fits-All Security

46:41 — Understand Dice Rolls Yourself

49:13 — Take Baby Steps to Multisig

Links:

Stephan Livera links:

Jade for Single-Sig or Multisig | Rich SLP765 Aug 19, 2026

Show notes

In this episode, Rich from the team at Blockstream explains Jade, offline dice entropy, blind oracle protection, multisig descriptor recovery and the new Blockstream Swaps beta.

Timestamps:

00:45 — AI Scans & Audits Secure Jade

03:21 — Jade Core $99, Plus Up to $169

05:51 — Roll Dice for Offline Seed Entropy

08:23 — Blind Oracle: Remote Secure Element Explained

11:15 — Seed QR: Hand-Draw Your Recovery Phrase

15:24 — Jade Sends Back Lost Multisig Descriptor

19:40 — People Choosing Multisig Over ETFs

25:03 — Blockstream Swaps Beta: Lightning to Liquid

Links:

blockstream.com/jade
https://x.com/blockstream
https://x.com/blockstreamjade

Stephan Livera links:

Wavelength Delivers Ark-Based Lightning Without Node Overhead | Roasbeef & Michael Levin SLP764 Aug 14, 2026

Show notes

Lightning Labs built Wavelength to deliver self-custodial Lightning payments without forcing users to run nodes, manage channels, or handle liquidity.

Olaoluwa Osuntokun, CTO and co-founder of Lightning Labs, and Michael Levin, VP of Product, join me to detail the design choices behind their Ark implementation.

They explain why Ark was selected, how hop hints let every payment use ordinary Lightning invoices, and why the four-endpoint SDK targets AI agents and vibe coders. The conversation covers sub-dust vouchers, unilateral exits, offline payment delivery, and one-basis-point alpha pricing.

Wavelength shows that self-custodial Lightning can match the integration ease of custodial services while preserving Bitcoin sovereignty.

Timestamps

01:28 — Why Wavelength: Lightning Without Node Pain

03:00 — Why Ark?

05:28 — No New Addresses: Just Lightning Invoices

08:40 — Targeting Vibe Coders & AI Agents

13:06 — Lightning Beats Credit for LLM APIs

17:51 — Receive Sub-1k Sat Vouchers Seamlessly

19:32 — Normal User Spins Up Ark Wallet Fast

23:02 — Build Wallets with Just 4 Endpoints

24:46 — Telegram Self-Custodial Wallets Already Live

26:21 — Offline Payments Still Arrive Automatically

29:17 — Drop-In SDK for iOS and Android

31:26 — Can Servers Steal Your Funds?

33:36 — Wavelength Alpha: Just 1 Bip Fees

37:57 — AI Attacks Targeting Bitcoin Services?

44:05 — Bug Bounties Shift to Token Spending

48:36 — Self-Custody as Easy as Custodial

Links:

https://x.com/roasbee
https://x.com/MichaelLevin
Wavelength Announcement: https://x.com/lightning/status/2079620936567779707

Stephan Livera links:

Bitcoin Custody Rules Have Changed | Michael Tanguma SLP763 Aug 13, 2026

Show notes

Old self-custody approaches collapse once Bitcoin reaches six figures, physical threats rise, and AI tools proliferate. Single hardware wallets and mattress myths no longer match the scale or risks that large holders now face.

Michael Tanguma, CEO and co-founder of Onramp, returns to examine how custody must adapt to family obligations, mortality, and market structure that turns concentrated holdings into targets.

The discussion covers why repeated exchange failures keep Bitcoin looking speculative to outsiders, how multi-institution setups reduce scam ROI, and the limits of adding more dice or vendors in an AI era. It also addresses custody pricing models and the practical question of whether any current setup survives a tenfold price increase.

Game theory now requires diversified institutional layers rather than pure self-reliance for serious stacks.

Timestamp:

03:43 — Bitcoin Custody Won't Work Like 2012

05:49 — Self-Custody Rules Changed With Your Life

07:19 — Why Bitcoiners Must Stop the Mattress Myth

09:01 — Bitcoin's Asset Layer Makes It Unstoppable

11:22 — Private Keys Are Like Firearms

15:40 — Custody Losses Keep Bitcoin Speculative

18:56 — AI Just Changed Self-Custody Forever

21:41 — Why Bitcoin Robberies Are Skyrocketing

25:41 — Multi-Institution Custody Kills Pig Butchering

27:57 — Bitcoin at $650K: Security Nightmare?

29:30 — Game Theory Demands Multi-Custody Bitcoin

32:03 — Centralized Custody: The Honeypot Risk

37:56 — Why Custody Fees Should Be Zero

39:51 — Full Bitcoin Custody for $100/Month

42:51 — Would Your Setup Survive 10x Bitcoin?

Links:

Stephan Livera links:

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Breez Ships Glow — A Super Simple Bitcoin Wallet | Roy Sheinfeld SLP762 Aug 12, 2026

Show notes

Roy Sheinfeld of Breez returns to walk through Glow, the team's new reference wallet built using Spark. It’s designed so non-custodial Bitcoin feels simple: send, receive, and go.

Glow uses passkey onboarding (no seed phrase to write down), automatic backup via the passkey provider, and a single-balance UX so users can pay Lightning, on-chain, and stablecoin destinations without wrestling settings.

They also cover client-side swaps (Flashnet, multi-vendor architecture after Boltz), AI-driven attacks on swap providers, where Lightning volume actually comes from, Spark unilateral exits, and how AI plus the Breez SDK lets non-developers ship Bitcoin apps from a prompt.

Timestamps

04:21 — Bitcoin Wallet Onboard with One Passkey

08:05 — Stables on Lightning: Overhyped?

09:59 — Swaps Needed Even With Lightning Stables

11:48 — AI Attacks: Cheaper to Attack Than Defend

15:07 — Why Small Teams Get Hacked First

17:15 — Swaps Going Private to Survive?

19:17 — Backends Drive Most Lightning Volume

21:32 — 80/20 Rule: B2B Drives Lightning Volume

25:13 — Making Unilateral Exit Economically Viable

29:48 — Spark Public Mode

31:38 — One Prompt Builds a Bitcoin App

33:13 — Non-Technical Users Now Ship Bitcoin Apps

Links:

https://x.com/roy_breez
https://x.com/breez_tech
https://breez.technology/glow/

Stephan Livera links:

Bitcoin Multi Sig vs Secure Single Sig with Nick Neuman | SLP761 Aug 07, 2026

Show notes

In this episode, Nick Neuman of Casa argues that it’s not the end of self-custody. Instead, it highlights why multisig with multiple vendors provides stronger protection without the hidden complexity of passphrases or dice rolling for single sig setups.

Timestamps:

03:12 — Not the End of Self-Custody

06:14 — Single Sig Is Actually More Complex

08:45 — Multisig Simpler Than Secure Single Sig

15:37 — $1K Single Sig, $10K Multisig?

17:32 — Casa's $250 2-of-3 Multisig Plan

20:01 — Private Clients Get Dedicated Advisors

22:21 — Bitkey vs Casa

27:36 — Going Closed Source Versus AI Attacks

30:23 — AI Code Audits Now Cost $1K

33:04 — Auto-Rejecting Unknown Callers Saves You

34:35 — Guardian Mode Requires Video Verification

Links:

Stephan Livera links:

Kruw on Wasabi 2.8 and Upcoming Forks | SLP760 Aug 06, 2026

Show notes

Kruw (@kruwed) runs one of the highest-volume WabiSabi coordinators, giving him direct insight into how the protocol handles liquidity, Sybil resistance, and real-world usage.

Timestamps:

00:42 — Wasabi 2.8 Privacy Features

02:45 — Taproot As Wasabi's Default Address

07:25 — Pay Inside CoinJoin Saves 40 Minutes

10:26 — Auto CoinJoin

12:21 — WabiSabi Blocks Whale Sybil Attacks

14:31 — Payjoins

16:37 — ClusterMempool Wins for CoinJoins

20:00 — Upcoming forks

21:14 — CoinJoin: Free Replay Protection Hack

22:53 — CoinJoin Ban Myth Debunked

25:41 — Black Hole: Earn While Mixing

Links:

Stephan Livera links:

Bitcoin Security Consortium with Mike Schmidt | SLP759 Jul 28, 2026

Show notes

In this episode, Mike Schmidt executive director of Brink, and volunteer coordinator for the consortium, explains how the group formed, autonomy over funding, and how it plans to avoid repeating earlier centralized roadmap fights.

Timestamps:

00:55 — Quantum Risk and the Consortium Pledge

03:10 — The Nine Consortium Members

11:40 — Publishing Quantum Research Publicly

13:39 — Brink Role and Funding Concerns

16:20 — Defining Early Success Metrics

19:00 — Informing the Public on Quantum Progress

21:17 — Institutional Influence and Protocol Concerns

25:13 — Research First on Quantum Signatures

29:25 — Expanding Quantum Expertise

33:14 — Scope Beyond Quantum Security

35:31 — Why Quantum Motivates Corporate Involvement

37:43 — Debates Over Development Funding

40:30 — No Protocol Roadmap From the Consortium

42:57 — Three-Year Goal: Mature Proposals

Links:

Press release: https://www.strategy.com/press/leading-financial-institutions-bitcoin-companies-launch-the-bitcoin-security-consortium_07-23-2026
Mike’s thread: https://x.com/bitschmidty/status/2080263159152091455
Consortium X: https://x.com/BTCconsortium

Stephan Livera links:

Daniel Buchner: Why BIP 110 Cannot Stop Bitcoin Spam | SLP758 Jul 23, 2026

Show notes

Buchner, known for his work on decentralized identity at Proof, brings a technical and game-theoretic lens to the debate over Bitcoin's monetary focus versus attempts to restrict arbitrary data.

The conversation covers narrative shifts driving spam to Bitcoin, the limits of relay policy versus consensus rules, why the house analogy fails, economic node power over basement operators, and the lack of miner or buyer support that dooms the proposal.

Timestamps:

01:31 — Locusts Flock to Bitcoin's Last Pasture

03:32 — Core Policy Tweaks Aren't Consensus Rules

08:44 — Spam Hides in Any Public Key or Hash

11:12 — Spammers Adapt in a Day, Consensus Can't

14:59 — BIP110 Debate Exposes Major Inconsistency

20:44 — Why the House Analogy Totally Fails

25:25 — Nodes Get Cheaper Even With Max Spam

28:08 — Set Tolerances Assuming Worst Case

30:35 — No Legal Liability for Bad Chain Data

33:04 — Filter Regime Creates Government Backdoor

35:13 — BIP 110 Risks Centralizing Devs Around Luke

37:33 — Economic Incentives Trump 'Good Guy' Miners

39:03 — Economic Nodes Outweigh Basement Node Runners

43:49 — BIP 110 Has Near-Zero Economic Support

48:43 — Why Game Theory Kills BIP 110

55:52 — BIP 110 Fork Dies With a Whimper

Links:

https://x.com/csuwildcat

Stephan Livera links:

Lyn Alden: BIP 110 Could Trigger August Bitcoin Chain Split | SLP757 Jul 22, 2026

Show notes

Lyn Alden warns that BIP 110 is unlikely to curb spam and instead mostly rearranges non-monetary data, raising the risk of a minority fork attempt that could split the Bitcoin chain.

Lyn Alden is a leading macro analyst and Bitcoiner who examines how fiscal dominance now overrides traditional monetary policy tools.

She breaks down why high debt-to-GDP ratios prevent rate hikes from taming inflation, how broad money supply still expands 5-8 percent annually, the limits of semiconductor and AI valuations, and the structure of a new Bitcoin-backed permanent capital vehicle for acquiring cash-flowing businesses.

Timestamps:

02:14 — BIP 110 Won't Stop Spam

04:56 — Bitcoin Faces August Chain Split Risk

12:12 — Bitcoin in Bottom Decile of Cycle

15:37 — Nothing Stops This Fiscal Train

18:04 — Why Volcker Can't Work Today

22:02 — Higher Rates Won't Break the System

24:44 — Net Issuance Matters, Not Gross Refi

27:34 — Fed Balance Sheet Stays Flattish

32:56 — Broad Money Grows Despite Flat Fed

36:05 — US Money Supply Growth Hits 5-8%

38:51 — Fiscal Dominance: Who Wins the Money?