The Bitcoin Frontier - Unchained Capital, Inc

Latest Episodes:

How to hold bitcoin for 1,000+ years with Matt McClintock May 14, 2024

Show notes

In this episode, Matt McClintock shares his expertise on managing thousands of bitcoins for ultra-wealthy clients. He discusses the differences between early bitcoin pioneers from 2010 and existing ultra-high-net-worth individuals (UHNWIs) buying bitcoin, the burning questions ultra high net worth bitcoin holders ask, and how bitcoin is transforming wealth inheritance. Matt dives into trust durations, jurisdictions, and tax strategies, revealing whether these UHNWIs are still buying bitcoin or diversifying and shifting to “ethical” investments. We also look at bitcoin's future in the US, the timing of ETF approvals, its total addressable market, and the surprising number of early ultra-wealthy adopters.

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TIMESTAMPS:

00:00:00 Introduction

00:01:30 Matt’s background: Helping people hold thousands of bitcoins

00:04:55 Early bitcoiners vs. existing UHNWIs

00:09:47 Key questions from ultra-wealthy bitcoiners

00:12:58 Inheriting traditional assets vs. bitcoin

00:19:22 Trust duration and jurisdictions

00:25:06 Trust endings and tax implications

00:29:30 Do ultra-wealthy bitcoiners still buy bitcoin?

00:34:44 Wealthy investing in moral good vs. returns

00:38:49 How will the US and bitcoin evolve together?

00:43:25 Timing of ETF approvals

00:47:00 Bitcoin’s total addressable market

00:50:40 Surprised by ultra-wealthy early adopters?

00:53:50 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Matt McClintock’s Twitter: https://twitter.com/mcclintock_m

Connect with Matt McClintock and The Bespoke Group:
→ Website: https://bespokegroup.io/
→ Matt’s X: [https://x.com/mcclintock_m
→ Company X: https://x.com/BespokeGroupCO
→ Matt’s LinkedIn: https://www.linkedin.com/in/mattmcclintock/
→ Company LinkedIn: https://www.linkedin.com/company/bespoke-service-company-llc/

Exponential growth, power laws, and bitcoin portfolio management with Dr. Jeff Ross May 07, 2024

Show notes

In this episode, Dr. Jeff Ross shares insights on current macroeconomic trends, including the Federal Reserve's reconsideration of rate cuts, increased market volatility over the past month, and unexpectedly high inflation rates. He discusses the power law model, drawing comparisons with patterns observed during his medical career as a physician and radiologist. Dr. Jeff also explores strategies for constructing the optimal portfolio in 2024 and in the future under a bitcoin standard.

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TIMESTAMPS:

00:00:00 Intro

00:01:33 Macro—fed walking back rate cuts, VIX high, hot inflation

00:06:55 S2F and power law—where will bitcoin go this cycle?

00:17:49 Best performing hedge fund of 2024

00:20:57 Bitcoin, MSTR, miners, and options?

00:26:53 Changing the geopolitical world order

00:33:00 What’s the optimal bitcoin allocation?

00:37:36 Is there anyone that should not buy bitcoin?

00:39:13 Will investment management get less or more important?

00:40:32 ETF, exchange, or self custody?

00:42:41 Will financial advisors play a role in private key management?

00:45:32 Future of bitcoin custody

00:48:28 Are passive index funds useful on a bitcoin standard?

00:51:37 Optimal portfolio allocation on a bitcoin standard

00:53:15 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Dr. Jeff Ross’s Twitter: https://twitter.com/VailshireCap

Bitcoin skepticism with Micah Warren Apr 30, 2024

Show notes

In this episode, we explore bitcoin skepticism, focusing on topics such as hashrate volatility, potential miner attacks, and Michael Saylor's perspective on bitcoin. Micah provides insights from his bitcoin textbook and uses a chalkboard to clearly illustrate his views on the future of the bitcoin mining industry. We dive into significant issues like transaction censoring and miner collusion, and discuss the potential future risks to bitcoin's cryptographic security.

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TIMESTAMPS:

00:00:00 Intro

00:01:15 Who are you and when did you start thinking about bitcoin?

00:14:30 What do people think about your bitcoin textbook?

00:15:45 Do you own bitcoin?

00:16:38 Do you want bitcoin to succeed?

00:19:55 Is saving bad?

00:20:44 Rent seeking?

00:21:45 Could bitcoin’s hashrate be highly volatile?

00:27:38 What’s the tipping point of hashrate volatility?

00:30:17 Is this hashrate volatility a problem?

00:31:20 Attacking bitcoin

00:35:20 What are the attacks miners might do?

00:39:35 When do you think this type of attack may occur?

00:43:24 MARA transaction censoring failed

00:44:24 What’s the tipping point for miner collusion?

00:45:55 We’ve already seen miner capitulation

00:47:30 Bitcoin price vs value?

00:48:00 Will the price of bitcoin keep going up?

00:48:16 Thoughts on Michael Saylor?

00:50:13 Any risk of cryptography breaking?

00:51:40 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Micah Warren’s Twitter: https://twitter.com/AchimWar

Reimagining bitcoin hardware wallets with SeedSigner Apr 23, 2024

Show notes

In this episode, we compare common hardware wallets with SeedSigner, a DIY bitcoin hardware wallet. We explore the reasons behind building SeedSigner, the process of securely generating seeds, and the considerations for holding a private key on hot devices like an iPhone or cold devices like a Trezor, Ledger, or Coldcard. We also discuss the evolution of bitcoin custody over the last decade, the risks associated with using common hardware like Raspberry Pi, and the advantages of multisig versus singlesig setups.

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TIMESTAMPS:

00:00:00 Intro

00:01:25 What is SeedSigner?

00:02:05 Why build SeedSigner?

00:05:44 Holding a private key on an iPhone?

00:06:33 Building a SeedSigner device

00:08:16 Why call it a “signing device?”

00:10:45 Generating seeds securely

00:12:33 Good security vs extreme paranoia

00:17:05 How has bitcoin custody evolved over the last 10 years?

00:25:42 How to securely buy hardware?

00:30:45 Are there risks to using a raspberry pi for bitcoin private keys?

00:32:58 Multisig vs singlesig

00:39:10 DIY multisig vs collaborative custody multisig

00:40:53 Using different hardware devices for different seeds

00:44:54 Future of bitcoin custody in 10-20 years

00:50:00 New SeedSigner features?

00:52:41 New to multisig and using SeedSigner?

00:56:30 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ SeedSigner’s Twitter: https://twitter.com/SeedSigner

Modeling the price of bitcoin with Fred Krueger Apr 16, 2024

Show notes

In this episode, Fred Krueger reflects on his initial experience of purchasing bitcoin on Mt. Gox and subsequently selling it on Mt. Gox. He dives into detailed explanations of both the Stock-to-Flow (S2F) and power law models, offering his insights on whether the bitcoin power law model should be regarded as a mathematical law or just a pattern. Finally, he discusses potential factors that could disrupt the power law model and addresses the notion proposed by Michael Saylor that all models are broken.

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TIMESTAMPS:

00:00:00 Intro

00:01:20 Fred’s background preparing him for bitcoin

00:04:17 Fred buying bitcoin on Mt. Gox

00:06:37 Bitcoin as a pet rock with no cash flow

00:10:57 S2F and Power law models

00:23:03 ETH trending to 0

00:25:17 Power law—mathematical law or pattern?

00:40:16 Extreme bear markets

00:41:50 Using bitcoin and bitcoin custody

00:47:50 How would the power law model break?

01:01:09 Will all the models break?

01:07:01 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Fred Krueger’s Twitter: https://twitter.com/dotkrueger

Investigating the Ethereum Foundation with Bryan Jacoutot Apr 09, 2024

Show notes

In this episode, Bryan Jacoutot dives into the process leading to the approval of a bitcoin ETF, comparing this journey with the potential pathway for an Ethereum ETF to receive approval. He touches on the Ethereum Foundation investigation, what would happen if ethereum is declared an unregistered security, and how ethereum’s proof of stake consensus mechanism may play a role in the approval process. Last, he suggests what may be the biggest threat to bitcoin and how the United States and bitcoin may evolve together.

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→ Send us an email podcast@unchained.com

TIMESTAMPS:

00:00:00 Intro

00:01:04 Bitcoin ETF approval vs Ethereum ETF approval

00:08:27 Reasonable concerns for not approving the bitcoin ETF for years?

00:13:56 What happens if ETH is declared an unregistered security?

00:18:24 Proof of Work vs Proof of Stake—commodity vs security

00:26:40 Was ETH not declared an unregistered security because it went up so much?

00:31:50 Security vs commodity? Truly binary?

00:36:36 Slashing in PoS and ETFs

00:38:38 Forks and ETFs

00:40:34 Biggest threat to bitcoin?

00:46:00 Bitcoin’s role in presidential and local elections

00:49:00 Will bitcoin bear markets eventually cause financial system instability?

00:50:52 United States and bitcoin—freedom values

00:54:15 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Bryan Jacoutot’s Twitter: https://twitter.com/BryanJacoutot

Prosperity without inflation with Allen Farrington Apr 02, 2024

Show notes

In this episode, Allen Farrington breaks down the “deflation is bad” narrative in economics. He explains why the deflation paranoia is wrong and what growth may look like under a bitcoin standard. Allen also thinks about how an index like the S&P 500 may perform under a bitcoin standard and he explains his DLCVM paper on bitcoin scaling in detail.

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TIMESTAMPS:

00:00:00 Intro

00:01:04 Is deflation a bad thing?

00:11:04 Is there malintent behind “deflation = bad”?

00:17:10 Deflation worries are wrong

00:23:10 Growth under a bitcoin standard?

00:25:46 Your wealth is melting in BTC

00:28:32 S&P 500 under a bitcoin standard

00:32:52 Company lifecycle under a bitcoin standard

00:37:36 Building decentralized markets on bitcoin

00:42:53 DLCVM - perfectly scaling bitcoin

00:52:14 Are you a technical, political, or economic thinker?

00:54:27 Allen Farrington podcast?

00:56:53 What’s something you believe that most bitcoiners disagree with?

01:01:12 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Allen Farrington’s Twitter: https://twitter.com/allenf32

The future of Fold and bitcoin with Will Reeves Mar 26, 2024

Show notes

In this episode, we sit down with Will Reeves to discuss his perspective on what bitcoin scaling will look like in 2026, how there may be future unknown scaling solutions we cannot even comprehend today, the risks to bitcoin failing to scale further, altcoin speculation and unit bias, and the future of Fold in 5 years.

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TIMESTAMPS:

00:00:00 Intro

00:01:22 Scaling bitcoin in 2026?

00:06:49 Unknown futuristic scaling solutions?

00:08:32 Failure to scale scenario?

00:10:30 Risk that people get comfortable with centralized custodians?

00:13:40 BlackRock bitcoin fork

00:16:09 It was good an ETF was not approved in 2013

00:16:40 Will altcoins ever die?

00:22:45 Unit bias—bitcoin vs altcoins

00:24:51 Treating sats rewards differently?

00:28:44 Sat flows vs HODL’d bitcoin

00:32:32 Future of fiat payments companies?

00:34:27 Unstoppable payments

00:39:09 Where is Fold in 5 years?

00:41:52 Why are so many people passionate about Fold?

00:43:16 Rapid fire Fold questions from the audience

00:47:47 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Will’s Twitter: https://twitter.com/wlrvs

The science behind $1,000,000 bitcoin with Giovanni Santostasi Mar 19, 2024

Show notes

In this episode, we sit down with Giovanni Santostasi who created the bitcoin power law model. Giovanni explains what power laws are and why they are common in physics and nature. He then expounds on his bitcoin power law model in detail, why there are cycles within the model, and how the model could potentially break in the future.

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TIMESTAMPS:

00:00:00 Intro

00:01:15 Physics and bitcoin

00:25:35 Power law model

00:38:23 Bubbles and cycles in the model

01:08:35 How would the model break?

01:16:29 Will the market front run the power law model?

01:26:49 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Giovanni’s Twitter: https://twitter.com/Giovann35084111

→ Giovanni's Patreon: https://www.patreon.com/ScaleInvariant

→ Bitposeidon: https://bitposeidon.com/

Bitcoin ASIC breakthroughs and semiconductor physics with Haris Basit Mar 12, 2024

Show notes

In this episode, we sit down with Haris Basit, Chief Strategy Officer at Bitdeer (NASDAQ: BTDR) to talk about a massive potential Bitcoin ASIC breakthrough that could severely disrupt the entire bitcoin mining industry. Haris has been involved with bitcoin ASIC development since 2014, and he has a deep background in semiconductor physics.

SUPPORT THE PODCAST:

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→ Send us an email podcast@unchained.com

TIMESTAMPS:

00:00:00 Intro

00:01:09 Background in semiconductor industry

00:03:12 Semiconductor physics

00:07:13 Developing bitcoin ASICs in 2014

00:08:14 Bitcoin ASICs vs other chips

00:11:36 Ordering wafers from TSMC

00:13:32 Chip fabs around the world

00:16:30 Bitdeer vs Bitmain?

00:17:40 Designing and simulating chips

00:20:35 Bitdeer and Jihan Wu

00:24:44 Designing the most efficient bitcoin ASIC

00:26:40 Future ASIC breakthroughs?

00:32:02 Hurdles to building more chip fabs?

00:37:24 Mega bitcoin mining farms?

00:38:31 AI and bitcoin mining interacting

00:41:04 2024 halving

00:43:55 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

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