What Bitcoin Did with Peter McCormack

Why Progressives Need Bitcoin with Trey Walsh Mar 22, 2023

“We’ve politicised everything. Problems aren’t problems anymore. For the left: what is their approach? For the right: what is their approach? And it’s because the political system is broken. And obviously, most of the listeners and we know it’s also the financial system is completely broken.”
— Trey Walsh

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.”

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD635 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin’s Operation Chokepoint with Doomberg Mar 20, 2023

“Ejection from the banking system can be random. Happens for political reasons in the US all the time. It’s rarely reported about. And, in a way, it’s more devastating than being on probation for having been convicted for something, because not being able to bank in 2023 is akin to not being able to function in society.”
— Doomberg

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD634 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bank Runs, Bailouts & Bitcoin with Caitlin Long Mar 17, 2023

“The Fed’s going to end up having to expand its balance sheet again, to proverbially print money, in order to provide the extra cash for the banks to be able to meet the demand deposit withdrawal; the banks should have been sitting on that cash all along.”
— Caitlin Long

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD633 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Beginners Guide Part 3/3 - How to Buy & Hold Bitcoin with Dan Held Mar 15, 2023

“With Bitcoin, we’re finally free. We’re finally free with our money to do whatever we’d like with it…so if a government becomes onerous, and they start to crack down on transactions or crack down on different types of races, religions, etc., you can take your money and you can leave. And that ability, that freedom, is truly what it means to be a human, it’s truly to be financially free.”
— Dan Held

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD632 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Beginners Guide Part 2/3 - What is Bitcoin? With Harry Sudock Mar 14, 2023

“Bitcoin is beautifully simple: from a mind-virus perspective there are only 21 million, what you own, you own, it’s yours, you’re in control. It puts the burden and the responsibility back on the individual, and therefore the opportunity rests on the individual, and so Bitcoin is money for people who are ready to take responsibility for their lives.”
— Harry Sudock

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD631 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Beginners Guide Part 1/3 - Why Bitcoin? With American HODL Mar 13, 2023

“The way in which you think about it will not be the way in which you think about it in 10 years time, but you are involved in something here that is going to be one of the defining things you do in your life; this will be the thing that your grandchildren ask you about.”
— American HODL

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD630 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Building a Bitcoin Community with Thomas Pacchia Mar 10, 2023

“It’s a special thing when somebody comes in and they pay in Bitcoin. And they go through sort of the ritual of getting out the separate POS and it’s the Zeus wallet, which has an awesome user interface. And you’ll have people a couple of barstools down just sort of looking over, like ‘What the fuck is that?’”
— Thomas Pacchia

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD629 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

What Does Bitcoin Actually Fix with George Kaloudis Mar 08, 2023

“I think money is an instrument for change, but it’s not the change itself. And it’s a very powerful tool, and it depends on who wields it and what kind of change gets implemented. If a bad person has good money to make change, they’re going to make bad changes. Throwing good money at bad doesn’t do a damn thing.”
— George Kaloudis

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD628 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How the Fed “Went Broke” with Lyn Alden Mar 06, 2023

“What they did back in 2008…they said, ‘Well, we’re going to create a tonne of new base money, we’re going to buy some of those assets to reliquefy the system.’ And so, it’s not an exaggeration to say it’s essentially like a Ponzi scheme, it’s something that has to keep growing in order to function.”
— Lyn Alden

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD627 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

WBD Live - NYC: Junseth on Ordinals with Junseth Mar 03, 2023

“Bitcoin for the first time gives you the sovereign and particular right to your finances to spend, to trade, and that’s something we didn’t know that the government couldn’t take away from you. Bitcoin is the manifestation of the God-given right to have your value.”
— Junseth

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD626 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Future of Bitcoin Banking with Eric Yakes Mar 01, 2023

“The whole point is that we have enough self-custody to where the system remains permissionless so that we don’t turn into digital gold 2.0. That’s the whole point. Maybe that’s 20% of all Bitcoin, maybe that’s 30%. I have no idea. But it needs to be as much as we could possibly make it based on the consumer utility trade-offs.”
— Eric Yakes

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
Fortris - Digital asset treasury operations
Wasabi Wallet - Privacy by default
-----

WBD625 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Do Ordinals Make Bitcoin Better or Worse Money? With Rob Hamilton Feb 27, 2023

“Bitcoin exists. Any sort of moralistic lens of perspectives of what it should be doing is a conversation, but Bitcoin works as this anarchic system where there’s no one in control, and everyone gets to use it however they want; and if people can’t do that the project fails.”
— Rob Hamilton

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD624 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Grayscale, the SEC & Genesis with Michael Sonnenshein Feb 24, 2023

“A lot of regulators all around the world are looking to see how US regulators treat Bitcoin…I would say that anybody who is broadly involved in the crypto space, you want to see Grayscale win this lawsuit.”
— Michael Sonnenshein

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD623 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Scaling Bitcoin Culture with Amanda Cavaleri Feb 22, 2023

“If I were a decision maker in the US I would probably want to figure out how to embrace Bitcoin to make the US dollar stronger. I think that’s a pretty smart move. We’ll see if that happens.”
— Amanda Cavaleri

SHOW DESCRIPTION

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD622 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Economics in One Podcast with Ben Prentice Feb 20, 2023

“It’s the idea that you use logic to come to the wrong conclusion, and because you are using logic, you think you came to the right conclusion…what Henry Hazlitt argues in this book, Economics in One Lesson, is that there’s this network of logical fallacies that mutually support each other and obscure the truth.”
— Ben Prentice

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD621 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Frontier of Bitcoin Mining with Lee Bratcher Feb 17, 2023

“This industry has so much potential to be a demand side battery for any grid (but especially the Texas grid, because we have so much of it and we have so much stranded energy that because of transmission congestion) that it could be revolution — it could do for the Texas grid what batteries will do for grids in the Northeast or in Western Europe.”
— Lee Bratcher

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD620 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Mining & the Energy Grid Transition with Troy Cross & Shaun Connell Feb 15, 2023

“Bitcoin’s an intelligence test, but it’s also an epistemic humility test. You don’t have to know everything about Bitcoin, nobody knows everything about Bitcoin. The question is, do you pretend you know when you don’t? And if you do you’ll be exposed.”
— Troy Cross

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD619 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Future of Bitcoin Mining & Security with Sam Wouters Feb 13, 2023

“We honestly just don’t know how much we actually need to fend off all of these potential attacks…it’s kind of like with physical security: you could spend $100,000 every month on physical security and someone might still figure out a way to kill you. It’s just a tricky thing with security in general. This is absolutely not unique to Bitcoin. It’s just insanely difficult to model for.”
— Sam Wouters

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD618 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Responding to a Financial Crisis with Jason Brett Feb 10, 2023

“You may not care what the government’s doing and you may think what I’m doing is a total waste of time…but here’s the problem, they’re thinking about you…is Bitcoin going to work, are we going to see this revolution through and everything, I think any help we can get along the way is a positive help.”
— Jason Brett

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?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD617 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Evolution of Bitcoin Narratives with Harry Sudock Feb 08, 2023

“If you believe that there is a pending climate crisis and you do not believe in nuclear energy technology, you’re anti-human and I no longer know how to relate to you on the merits.”
— Harry Sudock

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD616 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Future of Nuclear Energy with Everett Redmond Feb 06, 2023

“You’re seeing a lot of support for nuclear now… I think the momentum behind nuclear is growing more and more with climate change… we’re in a very good path moving forward to build out a lot more nuclear to provide that zero carbon-emitting energy 24/7, 365.”
— Everett Redmond

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD615 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Truth About Nuclear Energy with Anthony Jared Feb 03, 2023

“I don’t like to call myself an environmentalist because that’s such a subjective term, but I’m very, very, very conscientious of the environment... I try extremely hard to make sure that my carbon footprint is very small, and I’m telling you, Nuclear is 100% the answer... there is nothing even comparable, not even in the ballpark by an order of magnitude.”
— Anthony Jared

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?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger- State of the art Bitcoin hardware wallet
Casa - The leading provider of Bitcoin multisig key security
Wasabi Wallet - Privacy by default
-----

WBD614 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

America’s Role in the New World Order with Natalie Smolenski Feb 01, 2023

“People have forgotten what a freedom to transact means…without having to involve a third party intermediary, without having to prove my identity to some panopticon, without having to demonstrate that I’m a good and loyal subject. No, the government is subject to me, I am the source of sovereignty, you are the source of sovereignty. So let’s take that back.”
— Natalie Smolenski

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.”

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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
-----

WBD613 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Rise & Fall of the Russian Empire with Michael Malice Jan 30, 2023

“Many of these organisations that were carrying the water for this nightmare regime are still in place today…the New York Times, which did everything in its power to obscure Stalin’s starvation of millions of Ukrainians, is still the paper of record. It’s the Atlantic, it’s the New Republic; this isn’t metaphors or analogies, it’s literally the same organisations.”
— Michael Malice

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD612 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

From Paralysis to Bitcoin with Kale Hyder Jan 27, 2023

“When we made that drive home, we got home, we got in the driveway. And when we were in the driveway I was crying because it was a realisation that, at that point, I didn’t accomplish what I wanted to accomplish in those six weeks where I thought I was just going to walk out.”
— Kale Hyder

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD611 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Great Uprising with Vivek Ramaswamy Jan 25, 2023

“Every species that becomes sentient and develops “When you tell people they cannot speak, that is when they scream. But when you tell people they cannot scream, that is when they tear things down.”
— Vivek Ramaswamy

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD610 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Security + the Future of AI with Jameson Lopp Jan 23, 2023

“Every species that becomes sentient and develops technology that is sufficient to start creating signals that propagate through the universe, eventually also hits this inflexion point, which we may be close to, wherein the power of the technology becomes uncontrollable, and they destroy themselves for one of a million different reasons.”
— Jameson Lopp

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?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD609 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Trapped Inside The Collapse of FTX with Travis Kling Jan 20, 2023

“The bad guys are kicking the shit out of the good guys. Look at what just happened, this shit is in shambles right now. The space has this attack vector from intelligent sociopaths, and they’ve done so much damage at this point.”
— Travis Kling

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD608 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How Bitcoin Can Expand the Grid in Africa with Erik Hersman Jan 18, 2023

“There’s 600 million people in Africa that don’t have access to electricity. That’s a lot. That’s two-thirds of the world’s total that don’t have access to electricity that’s here. And so what we all should be trying to do is focus on how can we help electricity proliferate across this continent. Bitcoin mining just happens to be the missing link.”
— Erik Hersman

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.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD607 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

What Do Economists Get Wrong About Bitcoin with Josh Hendrickson Jan 16, 2023

“There’s this weird thing with economists: we always talk about ‘monopoly is bad, competition is good,’ but then when it comes to money, we’re like: ‘oh, no, just the Federal Reserve can do the money.’”
— Josh Hendrickson

Dr. Josh Hendrickson is an associate professor of economics and chair of the Economics Department at the University of Mississippi. In this interview, we discuss how Bitcoin has influenced his economic teaching, the importance of Bitcoin in the current unprecedented global debt bubble, and why people continue to dismiss Bitcoin.

- - - -

“Bitcoin and the entire process that led up to it was motivated by the desire to make the world a better place and internet commerce more private. It was a true technological innovation. The market will decide what that innovation is worth.” We’re used to hearing such statements from ardent Bitcoiners. But this statement was made by Dr Josh Hendrickson, an economics professor who chairs a University Economics Department at one of the US’s top public universities.

Bitcoin is still dismissed by a significant number of well-placed people within society. We hear from many people who are passionate about Bitcoin but feel unable to discuss this within their work networks for fear of ridicule that could harm their career paths. This is why having esteemed individuals from traditional academic backgrounds advocating for Bitcoin is so critical.

A professorship is a hard-won title. It takes years of graft. The history of academia is littered with stories of people being ostracised for taking left-field positions. Therefore, academics, particularly professors and department chairs, are not ones for throwing weight behind ideas that are not inherently sound or principled. So, as with the growing list of people BPI has been attracting, these academics provide the solid rationalisation of Bitcoin’s thesis.

This is not to state that there is a consensus within these groups regarding Bitcoin’s path over the coming years and decades. We live in tumultuous times. The world’s economic and political landscape is at the mercy of an almost limitless number of changing variables. But, there is a growing consensus that Bitcoin is a unique innovation, a new form of money with the potential to protect those who need it most. All other debates to justify Bitcoin should fall by the wayside.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD606 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bear Market Analysis with Dylan LeClair Jan 13, 2023

“Even if bitcoin has all of this native adoption and organic use, the real driver of all of this, globally, is the 100 trillion dollars of a forced buying of dollars; because you’re short dollars, it’s dollar liabilities.”
— Dylan LeClair

Dylan LeClair is a Bitcoin and macro analyst working for Bitcoin Magazine. In this interview, we discuss the carnage in crypto in 2022 that’s bleeding into 2023. We talk about the clear signs of Ponzi schemes, the lost fortunes of crypto billionaires, and how Bitcoin regains its footing in the market.

- - - -

It has been 14 years since Bernie Madoff pleaded guilty to running the biggest Ponzi scheme in history. It should have been a defining moment, and yet, we’re now witnessing a tsunami of similar tragedies unfolding in crypto; a period Dylan LeClair is calling “a golden age of fraud”. The cruel irony is that the industry was inspired by Bitcoin, formulated in part as a technical correction to such scams. How did this happen?

Just 2 months after Bitcoin’s release in January 2009, Bernie Madoff stated at his plea hearing: “When I began my Ponzi scheme I believed it would end shortly and I would be able to extricate myself and my clients from the scheme.” This may be the fundamental psychology of those involved in Ponzi schemes: it is a short-term workaround that can be resolved, and investors will be made good.

We may never know the true intentions of anyone involved in 3AC, Luna, Celsius, FTX and other companies currently in the spotlight, but it’s hard to believe that anyone sane could think they could run a perpetual Ponzi. They must all have had an exit strategy in mind. A strategy where they and investors made good. But, time and time again, Ponzi schemes, bound by the realities of the market, fail.

So, what did we miss? In an industry that was built on the mantra of “don’t trust, verify”, how were so many people fooled? We can all in hindsight question FTX’s pitch of 15% returns with no risk. But, how many of us assumed the huge customer bases and political endorsements and A-list celebrity advertising had merit because we were not the smartest guys in the room?

Maybe it takes the cold logic of a fresh analyst, unencumbered by industry groupthink, to see the warning signs. Dylan LeClair has made a number of successful calls and trades on both sides of the market. He can sense BS, has the strength to call it out, and, as a result, he has witnessed a well-deserved meteoric rise. What’s his trick? Simple: don’t trust, verify.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD605 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin: A Year in Review with Matt Odell Jan 11, 2023

“I’m not trying to single out you. There are many, many content creators in the space, event planners in the space, that give rosier coverage to sponsors. And then when the sponsor rugs all of their audience they say ‘no one could have seen it coming, it wasn’t my responsibility.’ But meanwhile, there’s plenty of us that didn’t do that.”
— Matt Odell

Matt Odell is host of the Citadel Dispatch, co-host of Rabbit Hole Recap, venture partner at Ten31 and co-founder of Bitcoin Park. In this interview, we review 2022: the attacks on privacy, the reaffirmation of self-custody, how people who were treated like gods rekted the market, and the responsibility of Bitcoin podcasters in doing right by the audience.

- - - -

2022 has been brutal. First, tough lessons were learnt in trying to use Bitcoin for warranted privacy needs within North America. Then, we had our industry's very own global financial crisis when the tide went out and we saw how many of the supposed titans were swimming naked. So many people have been damaged, so many have been rekt.

The collateral damage to Bitcoin is unknown, but material. So much of that damage has come from malign and selfish actions by people who knew better. They have exploited a new form of money, which was meant to circumvent systemic centralized greed and corruption, to put into practice new more brutal forms of extraction than anything we witnessed in TradFi.

But, there are also those, whose actions have been made in good faith, who need to reflect on the events of the past year. We know where blame is centred, but how far does blame extend? Explicitly, what responsibilities do Bitcoin podcasters in general, and this Bitcoin podcaster in particular, have in regard to protecting and educating their audience?

2022 has been personally brutal for a whole range of reasons. But, it is now time for reflection. It is right therefore that, as a show that assesses and comments on the industry, the tables are turned and a light is shone on this show’s decision-making. There is nobody better than Odell to shine that light.

Fundamentally, it is the audience who will decide. I look forward to reading any comments listeners may have following one of the toughest podcasts I have hosted.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD604 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

GBTC Leverage Death Rattle? With Steven McClurg Jan 09, 2023

“Bitcoin goes in four-year cycles based on halving, and I’m sure two years from now when everything is fine again, and prices go up again, people are going to get excited, they’re going to get greedy, and they’re going to pump things up on leverage. And I hope people remember this point in time and say, okay, stop, cut it out…leverage isn’t bad, over leverage is bad.”
— Steven McClurg

Steven McClurg is a Co-Founder of Valkyrie Investments. In this interview, we discuss the causes of the crypto crash of 2022 and the effects seeping into 2023. We talk about Genesis, GBTC and Valkyrie's proposal; how over-leverage and debt are leading to a breaking point; the positives of political chaos, and how Bitcoin could have bottomed out.

- - - -

“In a risk-off environment, Bitcoin definitely goes down, there's no doubt about it.” That was Steve McClurg being interviewed on What Bitcoin Did in October 2021. Since then we’ve witnessed the biggest players in the market going bankrupt one after another in the biggest domino toppling event the ecosystem has ever seen.

It is therefore more than timely to unpick what happened with one of those who foresaw problems and who manages one of the investment vehicles not having to charter chapter 11 proceedings. Steve himself admits to being surprised at the scale of the events that have occurred in 2022. The extent of recklessness, greed and criminality has shocked us all. But, there were warning signs.

The amount of yield on offer was eye-watering, particularly in the context of a fiat monetary system when lending returns were negligible. This was the canary in the coal mine. The fact that there was no meaningful borrowing market on the other side of these trades seems obvious in hindsight. However, the scale of over-leverage and rehypothecation was able to hide problems until the moment systemic collapse had become all but inevitable.

The question is, therefore, what now? Are some of the large funds still locked into active investment vehicles, such as GBTC, still safe? What can we do to protect the industry from such malign actions in the future, or, are crashes like these inevitable? And what about Bitcoin? Has its price bottomed out? Can it yet return as an investment vehicle for the masses? It’s time to ask someone at the coal face.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
-----

WBD603 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

China & America’s Economic War with Matthew Pines Jan 07, 2023

“It’s not being looked at properly as a realistic scenario that, say, by 2030 you could have several countries that have meaningful holdings of bitcoin as part of this geo-economic arrangement, and this is a way for them to hedge.”
— Matthew Pines

Matthew Pines is a Managing Consultant at the Krebs Stamos Group and a Fellow at the Bitcoin Policy Institute specializing in national security. In this interview, we discuss the rapidly changing geopolitical order as China competes with the US for dominance, and how Bitcoin may become one of a number of alternative global reserve assets to US debt.

- - - -

There are moments when the world pivots when events change the course of world affairs. The Russian invasion of Ukraine was one such event. More to the point, it was the western sanctions imposed on Russia that will come to be seen as a paradigm shift. It was when the world went from working in an open Eurodollar system to a closed system involving alternative forms of money.

In the face of increasingly fraught geopolitics and a loss of faith in the US dollar, certain countries are seeking to diversify the reserve assets they hold. This will create problems for the USD-UST system, at the same time the US is facing significant headwinds: dealing with huge structural debt, ‘reshoring, restocking and rewiring’, and countering China’s rise.

What was once a theory is now turning into reality: China is on the cusp of being able to compete with the US, principally within the Asian geopolitical sphere. To this end, China has a strategic imperative to secure reliable commodity and energy sources, and will likely move towards a proto-petroyuan system, and coerce other countries and entities to follow.

In this context, Bitcoin is emerging as a viable alternative to fiat currencies and gold as a global reserve asset. It is a unique form of money: a digital commodity with global fungibility, limited counterparty risk, and large liquidity. But critically it is a politically neutral asset, an increasingly attractive attribute for countries seeking to hedge their exposure to increasing geopolitical risk.

In the US, the rise of Bitcoin companies, along with the Biden administration's Executive Order on Digital Assets and positive statements by officials, suggests the US could accept Bitcoin's gradual adoption and monetization. From a national security perspective, key decision-makers may realize that allowing Bitcoin to serve as a new global reserve would disproportionately benefit the US.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD602 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Defending Bitcoin in DC with David Zell Jan 06, 2023

“In much the same way that the internet changed the world, and changed how we interact with information, Bitcoin has changed how humanity interacts with value and money.”
— David Zell

David Zell is a co-founder of the Bitcoin Policy Institute and Director of Policy at BTC Inc. In this interview, we discuss how the Bitcoin Policy Institute engages to educate politicians in DC through combating FUD, distinguishing Bitcoin from crypto, and aligning Bitcoin with US National Security interests and American values.

- - - -

Bitcoin was developed on the shoulders of the cypherpunks building new forms of money outside of government control and oversight. Permission was not sought, as permission would not have been granted. Government actively disrupted the cypherpunk vision, seeking to destroy it. Bitcoin’s emergence was therefore antithetical to the concerns and endorsement of decision-makers.

But, some believe that the initial battle has been won. Bitcoin is now 14 years old. It has spread to all corners of the globe, and radically changed the mindset of those who have interacted with it. This includes some of those in the corridors of power, who have been won over by its ideology and technical resilience. The question now is how Bitcoin development continues.

Bitcoin could continue to evolve without seeking to engage with the levers of the state. Experience suggests that this would marginalise Bitcoin and Bitcoiners within the US. In the meantime, other protocols and blockchains would continue to curry favour with lawmakers and mould the regulatory framework to their needs. Who would win in this situation?

Or, through advocacy and education and cooperation with those in DC, Bitcoin could be allowed to develop openly within the United States. Much like the internet, the risks posed by this new innovation wouldn’t be allowed to throttle the huge benefits it has to offer both individuals and society.

In a grand scenario, Bitcoin could allow the United States to continue to compete for hegemonic power whilst continuing to champion individual freedom and sovereignty. This is a huge prize. Perhaps the biggest prize. This is why there are people willing to put in the hard graft to develop and nurture bodies like the Bitcoin Policy Institute. The future owes them gratitude.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD601 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

2023 Bitcoin & Macro Outlook with Lyn Alden Jan 03, 2023

“If you have a recession, and you print a tonne of money and throw stimulus at it, you can get out of that recession quicker. But then you’ve done it at the cost of higher debt, and then potentially for a more inflationary rebound in the future, which then you have to then raise rates very quickly and potentially put yourself into another recession. And so there are levers you can pull, but every lever has a cost associated with it.”
— Lyn Alden

Lyn Alden is a macroeconomist and investment strategist. In this interview, we look forward to 2023: what’s happening to Japan and China’s economies, whether we are entering a recession, and how will investments, including Bitcoin, perform over the next year?

- - - -

2022 was when chickens came home to roost. Over 70 years of relative peace across Europe had lured politicians into a false sense of security allowing cold pragmatism to supplant ideology. Then Russia invaded Ukraine, and the wisdom of assimilating energy markets across the old iron curtain was brought into sharp relief. China sent equally belligerent signals to the west. In short order, retreat and resilience have replaced cooperation and efficiency.

Assumed certainties that had driven the world economy for generations dissipated in real-time. The economic impact was sudden: stressed supply chains, shortages of goods across all sectors, and dramatic changes in inflation. Excessive sovereign debt has limited governments’ options. We’re now in the central bankers' worst-case scenario: high inflation, high debt, and low growth. Advanced countries like Japan are now on the ropes. A global recession is looming.

So, how does one prepare for 2023? Where should we put our money? According to Lyn Alden, it’s far from easy to navigate this market. When a preeminent investment strategist talks of minimising losses you know that we’re in unfamiliar territory. And yet, there are still reasons not to lose hope. The world didn’t collapse in 2022. China’s economy should rebound.

It will take time for the world to reorder itself to the new rules of the game. Onshoring and durability are going to require significant investment. Debt levels make it harder to source the funds required. At the same time, we’re in a period of stagnation with potential volatility at given moments. Governments will have to chart a steady course through choppy waters. Investors will need to keep a close eye on markets and know where the lifeboats are.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD600 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Doomberg on Energy Dec 30, 2022

“Harnessing low-energy fuels is an entirely different challenge, as we’re finding out, and Germany is finding out the hard way; look, everywhere it’s tried it ends up with a more expensive grid, a dirtier grid, and a less reliable grid.”
— Doomberg

Doomberg is an anonymous collective producing the world’s most popular financial substack. In this interview, we discuss the roots of the 2022 energy crisis, why nuclear power needs to be the basis of our energy needs, and how pragmatic decision-making is needed if we’re to best fulfil our energy needs.

- - - -

Just a few years ago energy was abundant and cheap. The oil crisis of the 1970s was a historical anomaly. The assumed understanding was that between governments, major energy companies and the markets, energy provision was becoming more reliable and cost-effective. The Russian invasion of Ukraine showed how paper-thin this impression of the energy sector was.

Systemic underinvestment in energy infrastructure, particularly nuclear, has left the industry vulnerable to shocks. And Ukraine has been a heck of a shock. Long-term political strategies for energy provision have had to be rewritten in real-time. The market, unsurprisingly, has been volatile to the upside. One in three UK families are expected to be in fuel poverty in 2023.

But, obviously, energy is not a discretionary spend. We all need a minimum material quantum just to survive. It is clear, now we’re self-rationing energy, how vital it is to our way of life. Humans flourish with access to energy. The flipside is a retardation of civilisation. So, whilst limitless cheap energy is still decades away, can we supply sufficient energy for our society to prosper?

Fundamentally, are we making the right decisions to facilitate the best use of resources? Nuclear power is both reliable, efficient, safe and direct power generation that is carbon-free. Why has investment been curtailed? Material bottlenecks mean we can’t produce enough batteries for EVs. So why aren’t we maximising the benefits of battery tech through use of hybrids?

Ideology and nimbyism have counterproductive effects: serious harm is outsourced to the poorer areas of the world whilst leaving us with insufficient infrastructure at home. Clearly, decisions need to remove dogma and deal with the world as it is. The frustration is that we have the skills and knowledge to resolve this situation. We just need to bring pragmatism out of the dark.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD599 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Debt, Deficit, Spending & Tax with Dominic Frisby Dec 28, 2022

“In a libertarian society where the government doesn’t do anything the responsibility falls on citizens to do stuff, at the moment, that responsibility is the state’s; so, with freedom comes responsibility.”
— Dominic Frisby

Dominic Frisby is a British author, comedian, voice actor and musical curator. He also produces one of the top 20 financial substacks. In this interview, we discuss a range of issues highlighting how dire our current economic situation is, and if sound money and libertarianism are the solutions, the responsibilities this imposes on us as free citizens.

- - - -

The global economy is in serious trouble. Our guests know it. Regular listeners know it. Yet many are ignorant of the dangerous predicament we’re in. This is despite significant evidence of the coming crisis being available to anyone wishing to look. Portents of things to come abound: rising deficits, unsustainable debt, high inflation and crumbling public services. And there is no political incentive to resolve the situation.

This does not mean that governments aren’t preparing. For starters, there are tremors in the bedrock of the global reserve currency system. China is discreetly hoarding gold. Russia is seeking to utilize digital currencies. The number of countries adding their name to a new BRICS’ based reserve system is growing. The multi-polar world is being built.

Then there are the less explicit but equally concerning plans in the traditionally democratic west. If, as expected, the global economy significantly weakens, the public response could destabilise society. There is always more than one path out of any situation, but authoritarian policies are more appealing to those seeking to maintain control.

Implementation of schemes designed to control society will require mendacious actions. CBDCs will be sold as benign technology advancements enabling more efficient payment mechanisms between the state and the individual. The risks are clear. Fundamentally, our freedoms will depend on the monetary basis we adopt. These are crucial times. It’s up to us to continue to raise the alarm.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD598 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How Lightning Drives Global Bitcoin Adoption with Danny Scott Dec 23, 2022

“Visa and Mastercard, SWIFT… the innovation on them has grinded to a halt, it doesn’t really change, nothing really happens, it doesn’t move, it’s very centralized, it’s very controlled. What we have with the Bitcoin Lightning network, it’s open, interoperable, that allows for innovation to happen overnight.”
— Danny Scott

In this episode of the podcast, I sit down with Danny Scott, the CEO of CoinCorner, a bitcoin exchange based in the UK. Danny has built CoinCorner into a successful business without relying on VC funding, and he shares his insights on the challenges and opportunities of doing so in the highly competitive world of bitcoin.

During our conversation, we discuss the current state of bitcoin adoption and the importance of making cryptocurrency accessible and user-friendly for those who are new to the space. Danny shares his thoughts on the role of the lightning network in driving adoption, and how it can help make bitcoin more useful and functional for everyday use.

We also delve into the topic of how you can't force adoption, and the importance of building a product or service that meets the needs of your target audience. Danny shares his thoughts on how to approach building a business in the cryptocurrency space, and the key factors that contribute to success.

Overall, it's a fascinating conversation with a true industry leader. Tune in to hear Danny's insights on building a bitcoin business, driving adoption, and the future of the Bitcoin industry.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD597 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Queen of Scams with Jamie Bartlett Dec 21, 2022

“It’s a gigantic pyramid scheme with all sorts of organised crime and money laundering angles to the story as well, but at the centre of it, it’s just this woman who built a very sophisticated scam and then disappeared with all the money; and then the FBI finally put her on the 10 Most Wanted list about three months ago.”
— Jamie Bartlett

Jamie Bartlett is the co-writer and presenter of the BBC's podcast The Missing Cryptoqueen, an ongoing investigation into OneCoin and the disappearance of its founder Ruja Ignatova in 2017. In this interview, we discuss the latest updates on the case that triggered the first new episodes in the podcast being released in over 2 years.

- - - -

OneCoin was called the greatest Ponzi scheme in crypto. Obviously, a lot has happened this year that is likely to result in a reappraisal of that statement. But, the fraud perpetrated was eyewatering: allegedly $4 billion was stolen from investors. This means it ranks as still one of the biggest Ponzi schemes both inside and outside of crypto.

Yet, what differentiates OneCoin from other Ponzi schemes is that the lead character has yet to be punished: in 2017, Ruja Ignatova, the glamourous and enigmatic founder of OneCoin, disappeared. Jamie Bartlett, a seasoned investigative journalist, started looking for her in 2019. Rumours turned into breadcrumb trails, which turned into credible leads, which turned into dust.

Whilst Ruja remains elusive, the deeper Jamie delves into this case the more ominous the story becomes. What started out as a scam by a set of audacious schemers, soon became a broader criminal enterprise involving organised crime, corrupted state officials and powerful interests. The FBI has made Ruja one of their ten most wanted fugitives. The stakes are massive.

A troubling aspect of this case is the willingness of supposedly reputable people and firms to engage in ‘legal’ support for this fraud, including intimidation of those who seek to uncover the truth. This case cuts to the core of what is wrong in both crypto and wider society: willingness within professional groups to go along with malfeasance when there is money to be made.

This is why we need more people like Jamie. More than the dogged determination to see a story through to a suitable conclusion is the dedication to a life without the quick and easy financial payoffs of other professions. Journalists are willing to avoid the incentives offered by other industries to pursue truth. Perhaps such uncelebrated bravery is the real story here.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD596 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Death Spiral of Western Economies with Dan Tubb Dec 19, 2022

“It’s not like you can just evaporate the UK from the system; if you did this, if you knocked out UK sovereign debt, you would cause a domino effect that took out the entire western financial system.”
— Dan Tubb

Dan Tubb is a podcaster and former venture capitalist. In this interview, we discuss the unprecedented levels of debt within the US and UK. Dan goes through one by one the various options open to the state to bring debt levels back down to manageable levels; tl;dr “none of those options is going to be viable.”

- - - -

Over the past few podcasts, we have discussed state indebtedness. As part of these discussions, we have referenced the amazing USDebtClock.org resource that provides real-time data on debt in the US and across the world. At the time of writing, US debt stands at over $31.4 trillion, whilst UK debt is $3.4 trillion. These figures are so large and unfathomable that we have almost become blind to their meaning.

Dan Tubb has been focusing on these figures, to both put them into more meaningful contexts, and to assess the options governments have for paying them off. In summary, debt levels are off the scale: adding outstanding liabilities to US debt results in a total debt worth $1 million for every American adult. In those terms, it's easier to understand that there are no real viable options for paying down this level of debt.

The issue is that as citizens are generally tuned out: there is a general assumption that the subject matter is just too complex, and further, those in power must have answers to these issues. After listening to Dan’s explanations you’ll suddenly realise that these aren’t complex subjects to comprehend. The data is literally there for anyone to see. And further, it is then obvious that governments are consciously not dealing with increasingly high levels of unsustainable debt.

So, why have such discussions been missing from MSM? There are some great journalists who attempt to cover specific areas. But nobody is yet screaming that the house is on fire although we’re all feeling the heat and hearing the cracking of timber.

The problem is that governments have limited ways of keeping the system from falling apart. Increasing levels of control are openly being discussed in government institutions, particularly digital identities and CBDCs. Some believe such measures are designed to avert civil unrest. So, it’s up to those who have got the receipts to start banging the drum before it’s too late.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD595 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Reformed Libertarian with Mike Brock Dec 16, 2022

“It’s just impossible for me to believe that there’s this set of perfect rules, that if you follow them you will achieve this moral maxima and we will get closer to utopia.”
— Mike Brock

Mike Brock is the lead at TBD, the Bitcoin-focused subsidiary of Block. In this interview, we discuss being a post-libertarian, reconciling the best elements of libertarianism with support for liberal democracy, and how Bitcoin improves the incentive structures within governing institutions.

- - - -

The persuasiveness of libertarian ideology is incredibly effective: the idea of individual liberty is both a simple and powerful message in a world where such freedoms are seemingly under perpetual attack. In the 20th century, the basis of modern libertarian thinking was provided by people such Ayn Rand.

In recent years libertarianism has witnessed a resurgence and invigoration in the wake of the Iraq war and global financial crisis. Many young people witnessed the transparent failings of the state juxtaposed with increasing encroachments on civil liberties in a new digital world. Bitcoin’s innovation of providing financial sovereignty in this context resulted in an understandable bonding of doctrine and technology.

But as Bitcoin matures, what was the pipe dream of it being able to change society is increasingly becoming a possibility. Is it therefore time to question the libertarian thinking that has been used to grow Bitcoin’s popularity? Can libertarianism provide a complete and robust basis for society? Or, are it’s ideas best assimilated into more orthodox political systems?

Such discussions may be challenging for those who have been at the forefront of the battle to enable Bitcoin to grow. But, as Bitcoin’s popularity widens and it attracts people of all political persuasians, this is the time for a debate to test the limits and strengths of libertarian thinking, and establish the red lines if and when compromises need to be made.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD594 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Creep of Marxism with Mark Moss Dec 14, 2022

“If you look at the long-term secular trend, there’s been three trends: one has been globalisation; so we’ve increased peace, we’ve increased global trade. Two, we’ve increased the population. And three, we’ve increased the money supply…and all three are reversing.”
— Mark Moss

Mark Moss is a serial entrepreneur, author, speaker and host of The Mark Moss Show. In this interview, we discuss his recent co-authored book “The UnCommunist Manifesto”, which is a critique of Communist theory in response to its continued influence in our modern world.

- - - -

The Communist Manifesto was one of the most influential political writings in modern history. It was written by the 19th-century philosophers, historians and political theorists Karl Marx and Friedrich Engels. Despite falling into obscurity for a generation after its initial publication in 1848, it went on to provide a theoretical basis for one of the 20th century's most pervasive ideologies.

The Soviet Communist Empire the Manifesto inspired ultimately failed. Proponents have argued that the Soviet political and economic system was not the same form of communism proposed by Marx and Engels. Many others have indicated that the fall of the USSR and its vassal countries showed the inherent fallacy of centralised control being the optimum political system.

It wasn’t merely that communism failed, but the brutal nature of the system it inspired. There is a debate about whether the quantum of deaths under communist regimes could be referred to as genocide. Semantics aside, tens of millions of people have been killed in Communist countries. Further, it discouraged innovation whilst encouraging waste, corruption and nepotism.

Boris Yeltsin acknowledged the Soviet issue when he made an impromptu visit to a US supermarket during a state visit. “There would be a revolution" he stated when contemplating how normal Russians would react to seeing the range and quality of produce. And yet, despite the epic collapse of the USSR, young people are increasingly being drawn to socialist ideas that underpin the Manifesto.

Does a review of the Communist Manifesto provide adequate insight into the system it inspired? Can we identify the dangerous tenets of a communist system to better protect society? Is there anything theoretically sound in the Manifesto? Ultimately, do the transparent weaknesses of our current system give rise to society underestimating the weaknesses of competing systems?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD593 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin - Enemy of the State with BTC Sessions Dec 12, 2022

“He messaged me, and he said: ‘Hey, man, I’m on a backup phone, just so you know, police just raided my house and they literally took everything. I just wanted to give you a heads-up.’ And I’m thinking: is that about to happen to me?”
— BTC Sessions

BTC Sessions (Ben Perrin), is a Canadian Bitcoin educator with a well-known YouTube channel. In this interview, we discuss his experiences as part of a group of Bitcoiners organising Bitcoin funds for Canadian truckers being targeted by the Canadian government.

- - - -

In January, a large group of Canadian truckers took part in convoys to protest against their government's Covid vaccination mandates for cross-border movements. The protests grew and the convoys converged on Canada’s capital city of Ottawa. Thousands of trucks and protestors blocked the streets. It divided opinion: some Ottawans called for Government action, whilst the protest inspired copycat activities and prominent support in other countries.

The Canadian government reacted with some of the most draconian responses to activism seen in any democracy. On February 14th they invoked the Emergencies Act designed to provide legal cover for government actions required in major national emergencies such as war, invasion or insurrection. It was only the 2nd time such actions had been used in peacetime.

Attention was focused on the funding sources, with dozens of bank accounts linked to the protest movements being frozen. As a result, a Bitcoin fundraising initiative suddenly took centre stage as the vehicle for getting funds of any description to the truckers. This Bitcoin funding and the associated group managing it then became a target for the Canadian authorities.

Ben takes us through what was a rapidly evolving and extremely stressful situation, where a group of well-meaning Bitcoiners found themselves becoming enemies of the state. Did Bitcoin stand up to scrutiny? Bitcoin did provide truckers with a financial lifeline. And, whilst there were issues that occurred, there are some very important caveats.

The initial set-up of the Bitcoin fund wasn’t with a view to it being the primary source of finance. Further, nobody expected the unprecedented actions taken by the Canadian government. Nevertheless, invaluable lessons have been learned. There is a clear view of the processes required to protect funds and those involved. More importantly, activists now know what actions the state, any state, is prepared to take.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD592 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin is a Pioneer Species with Brandon Quittem Dec 09, 2022

“Bitcoin mining is everything you don’t understand about energy, combined with everything you don’t understand about Bitcoin.”
— Brandon Quittem

Brandon Quittem is a writer and Communications Director for Swan Bitcoin. In this interview, we discuss his latest article: ‘Bitcoin is a Pioneer Species’, where he compares Bitcoin miners to species that settle and populate barren landscapes triggering the development of more advanced ecosystems.

- - - -

The acceptance of Bitcoin is an acceptance of the need for continuous education and receptivity. This past year has shown why: Bitcoin mining has been transformed from being a critical but specific cog in the often misunderstood Proof of Work protocol to a tool with the potential to transform the global energy industry. Nobody foresaw this.

Going down the rabbit hole now involves gaining knowledge of energy systems: production methods, grids, distribution networks, batteries, energy economics etc. This knowledge is both a blessing and a curse. A blessing in that the veil of ignorance is lifted on this vital industry showing politicians are driving blind with their policy decisions. A curse in that those sceptical that Bitcoin can change finance, are now incredulous when we state it can transform energy too.

But the logic is clear. Bitcoin can harness electrical energy anywhere in the world. In doing so it can facilitate and thereby fast-track the build-out of energy in isolated environments, becoming a bridge for costly downstream investment needed to connect such sources to a grid. All of this without any need for a state subsidy, or international coordination.

Bitcoin can therefore revitalise existing populations: currently, a billion people don’t have access to electricity. Imagine what benefits could be brought by integrating these people into the digital economy. Bitcoin mining can also be the pioneer species for previously uninhabited areas of the planet. It can take barren areas and provide the economic basis from which further development can grow. Contemplating that should make it clear: we’re still so very early!

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD591 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Fighting the Bitcoin Mining FUD with Troy Cross Dec 07, 2022

“The story I want to be true about mining is that it strengthens grids, it lowers electrical rates for citizens for ordinary ratepayers, and it helps us green the grid, helps us mitigate methane…those stories were wrong during the bull run because everybody’s just plugging in, now those stories are coming true.”
— Troy Cross

Troy Cross is a Professor of Philosopher and Fellow at the Bitcoin Policy Institute. In this interview, we discuss the changing narrative around Bitcoin mining: is it finding its real utility in a bear market as the ultimate auxiliary tool, and how early are we in discovering its range of uses as a tool?

- - - -

The trajectory of Bitcoin mining’s narrative has been breathtaking. Over the last year, it has gone from being singularly promoted for its principal role in securing the Bitcoin network, to having a whole host of other uses identified and championed: subsidising stranded energy, stabilising energy grids, mitigating methane emissions, and providing heat for a range of activities.

Policymakers are struggling to keep up. The tired old FUD of Bitcoin’s energy use and carbon footprint are still being used as attack vectors by supposed reputable institutions such as the ECB. It also feeds into the narratives picked up by policymakers such as the White House, who’s commissioned report on Bitcoin mining’s climate impacts was affected by mainstream ignorance.

But, the White House report also included recognition of some of Bitcoin mining’s emerging benefits, as well as correcting some misrepresentations of its impacts. This shows that, whilst we are far from getting widespread acceptance of the importance of Bitcoin mining, the effort spent on education and advocacy by the Bitcoin community is having a vital real-world impact.

Promoting Bitcoin mining’s evolving narrative is critical. This is because we’re on the cusp of some far-reaching regulation in the wake of recent crypto scams. Regulators could see this as an opportunity to constrain Bitcoin mining; politicians never let a good crisis go to waste.

Yet, we are still early in understanding the scope of Bitcoin mining’s value. New uses are being researched and developed all the time: OTEC, water desalination and carbon capture are recent examples. Bitcoin mining is emerging as perhaps an engineer's ultimate auxiliary tool. The mission is therefore to not only continue to convey Bitcoin mining’s importance, but provide the widest possible frame for its significance.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD590 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

A Climate Change Debate with Nate Harmon and Steve Barbour Dec 05, 2022

“We can’t just let these people die…I came up with the best plan that I could possibly do and that’s to bring them as much energy as possible in the least damaging way because if you have unlimited energy you can solve unlimited problems.”
— Nate Harmon

Nate Harmon is CEO and cofounder of OceanBit; Steve Barbour is CEO and founder of Upstream Data; both are Bitcoiners. In this interview, we debate climate change: the reliability of climate models, climate change mitigation, adaptation and the forecast inequality of climate change impacts.

- - - -

What Bitcoin Did has discussed both sides of the climate change debate with a number of esteemed guests. The reasoning is two-fold: firstly, one of Bitcoin’s major attack vectors is energy use and associated climate change impacts; secondly, it is one of the major issues of our time, arguably the most pressing issue. These shows have either expressed one side or another, until now.

Bitcoiners are a broad church. That is an inherent strength. But is also brings its own internal pressures. Whilst there is broad consensus on Bitcoin’s mission, there are divergent opinions on a host of other issues that this new form of money affects. None more so than climate change. Many believe in the need for fossil fuels to enable humans to continue to flourish; others argue that we need to rapidly pivot from fossil fuel reliance if we’re to avoid an existential crisis.

However, the debate is not open-ended. There is a strong argument that the framing of the current discussion falls within agreed boundaries. It doesn’t feel contentious to state both sides of the debate within the Bitcoin community agree that abundant energy is needed and that the climate is warming. The disagreement is focused on the rate of climate change and the approach to mitigation.

Obviously, whilst there is agreement that narrows the parameters of any debate, the outstanding issues are complex, contentious and critical. The stakes on both sides are high; discussion and compromise are vital. Can we within the community find common ground? Is it possible to attenuate the growing animosity around this subject? Can Bitcoiners lead the way in being open-minded, receptive and malleable to different ideas? Let’s start engaging and find out.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD589 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Can Bitcoin Bridge the Political Divide? With Ted Cruz Dec 02, 2022

“I am an enthusiastic fan of Bitcoin and I want to say to everyone here thank you for what you’re doing to drive the Texas economy, to drive the American economy, to modernise energy, to strengthen resiliency of the grid, to enhance economic freedom.”
— Ted Cruz

Ted Cruz is a serving US Senator for Texas. In this interview, we discuss the importance of Bitcoin for Texas and the United States, communicating the threat of CBDCs, the political and regulatory challenges, and Bitcoin’s symbiotic relationship with energy.

- - - -

Ted Cruz is one of the most consequential politicians of his generation. He is a strong advocate for liberty and the tools that support freedom within society. It is perhaps no surprise that he is therefore a fan of Bitcoin. But equally, it shows strength and courage as many of those in positions of power still cast aspersions about Bitcoin and its associated community.

Yet, as with all firebrand politicians, Ted Cruz divides opinions. He is uncompromising in his approach to certain issues. He is also part of the modern political game whereby the opposition is deemed to be the enemy. There is an obvious political incentive to adopt such characteristics in terms of being able to clearly delineate your position where there is significant competition for attention.

There are certainly strong critics of Bitcoin within the Democratic party. However, Bitcoin can not be allowed to become a political football. It is still a nascent technology, and its development in the US could still be derailed by damaging regulation. It is imperative therefore that those who back Bitcoin on both sides of the aisle not only work together, but they are seen to be working together (e.g. Lummis and Gillibrand).

Ted Cruz acknowledges this. He knows that his voice has a limited reach within more progressive circles. He needs those who would otherwise be antithetical to his politics to join him, and vice versa, to ensure this technology and its community is not driven out of the US. The basis of the reasoning is sound: it is freedom money that has a symbiotic relationship with energy. Let’s work to ensure politicians can see the issues anew by discarding the broken lens of politics.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD588 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How the IMF & World Bank Exploit Poor Countries with Alex Gladstein Nov 30, 2022

“You talk about the CIA and American foreign policy during the Cold War…that’s like level one. We’re on a second level here, the IMF and World Bank are operating on a meta-level, like we’re above Cold War politics, we’re at the level of timeless, strong countries abusing poor countries; this is way beyond the Cold War.”
— Alex Gladstein

Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation. In this interview, we discuss the IMF and World Bank - two powerful multinational institutions that have shaped the post-war world for developed nations' benefit. Alex uncovers the exploitation hidden from view and the ongoing real-world costs for the developing world.

- - - -

The IMF and World Bank are two major multinational institutions that have perhaps shaped the workings of the global economy more than any other. The issue is that, over the course of the past few decades, the IMF’s and World Bank’s roles and impacts have largely been forgotten.

Whilst casual observers are distrustful of the IMF and World Bank, in the main, people’s concern is vague, lacking facts or evidence. It’s hard to know why this is, but it’s worth noting that internally produced IMF and World Bank content dominates google search results at the expense of independent content.

And yet, the impact of the IMF and World Bank has been catastrophic for many developing nations. Specifically, it has been problematic for those outside the gilded circles of power in such countries who have had to carry the burden of debt through significant assaults on public services, food security and other fundamental quality-of-life provisions.

The reason? Neocolonialism. Extraction of resources from the periphery for the benefit of the centre. Indebtedness has been the tool used. A Ponzi scheme of debt relief to support debt servicing, designed to keep countries subservient to those controlling the IMF and World Bank. The cost is dictatorships, corruption, environmental degradation, and the destruction of potentially millions of lives.

It is uncertain whether Bitcoin can fix this. But, it acts as a powerful disincentive and disruption by weakening the exorbitant privilege of the dollar and enabling the innocent people subjugated by the IMF and World Bank and their own elites, an opportunity to opt-out of this system. Our role within Bitcoin is to discuss this history and help free those still bound by its constraints.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD587 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Fight for Bitcoin with Cory Klippsten Nov 28, 2022

“This is something that I heard from all the crypto funds back in 2017/2018…you can promise any blockchain crypto magic that you want, it can solve whatever problem you say it’s going to solve; and there’s no truth in advertising, no securities laws, no nothing governing the space, so it’s just literally the best magic scam machine in financial markets’ history.”
— Cory Klippsten

Cory Klippsten is the founder and CEO of Swan Bitcoin. In this interview, we discuss the exploitation of retail markets by crypto VCs. Cory called out many of the crypto ventures that have recently collapsed, but he saves his biggest criticism for the firm that is still active within the industry: a16z.

- - - -

Cory Klippsten has a scent for malfeasance within the crypto industry. He explains this by the fact he doesn’t listen to what people say, he tracks their actions and determines motivations. This has enabled him to identify ahead of time some of the most notable scams that have unravelled this year. Cory called out FTX in April this year, Luna in March, and Celsius in Dec 2020.

Yet, there is another VC company that has risen within the crypto industry that has in recent years been the subject of much discussion and criticism. Andreessen Horowitz (it’s also referred to as a16z), founded in 2009, quickly rose to become one of the most influential investors in Silicon Valley after a series of incredibly lucrative stakes in companies such as Skype, Facebook, Twitter, and Airbnb.

In 2013, a16z started investing in crypto, most notably with Coinbase and Ripple. In 2018 they made a concerted effort to focus on crypto as a vertical: they started by raising $300m for the first of a number of dedicated crypto funds, and from 2021 they started to lead fundraising rounds for various altcoins and crypto ventures. Many within the industry saw them as serious and reputable players. Until patterns started to emerge.

The issue is, as Cory highlighted in a recent Twitter thread, a16z have been involved in promoting numerous tokenised projects that have all had the same price pattern: early hype resulting in a massive short-term increase in the value, followed by an equally rapid fall in value and then stagnation. The pattern appears to resemble classic ”pump and dump”, followed by “rinse and repeat.”

Critics have long complained that such VC companies have been able to “create their own weather”, exploiting a regulatory void to monetise off the back of their own hyped narratives that appear to lack credibility. A former analyst for the company actually referred to a16z as a “media company that monetizes through VC.” But many observers, including Cory, are now calling them out. The pressure is certainly building for more attention to be paid to a16z’s activities.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD586 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Mining in Distress with Nick Hansen Nov 25, 2022

“This time last year, most profitable time to mine ever in Bitcoin; people shovelling money in as quickly as they can. Less than 12 months later, it’s the least profitable time to mine ever. It’s very difficult to make massive strategic pivots in that amount of time.”
— Nick Hansen

Nick Hansen is the CEO of Bitcoin mining software firm Luxor Technologies. In this interview, we discuss the distress within the Bitcoin mining industry caused by a perfect storm of leverage, stagnant value, huge growth in capacity, energy price shocks and wider headwinds affecting investment. This could become a national security issue.

- - - -

Exactly one year ago, US Bitcoin mining companies were posting record quarterly profits. A huge amount of investment followed China’s mining ban making North America the centre of global Bitcoin mining. It spurred the development of mega miners: companies developing industrial-scale operations. These companies started building out new sources of energy and developing unique relationships with grid operators. And Bitcoin’s price was at an ATH.

Roll on one year, and the industry is facing a potential crisis. Bitcoin price is at 2-year lows, the hash rate is at an all-time high, investment is drying up due to a range of issues, rig prices have tanked, whilst a swath of companies are struggling to manage debt obligations. Add to this the wider fallout as a result of the FTX collapse. It really is a perfect storm.

At the same time, companies are being buffeted by widespread disinformation, and polarised attacks predicated on energy usage concerns. Regulators seeking to acquiesce to those promoting FUD, have considered, recommended, and brought forward poorly designed rules. See the NY moratorium on PoW mining using fossil fuels just passed into law.

This is more than a parochial issue for the Bitcoin community. Bitcoin mining provides an unprecedented opportunity for wider society. It’s the basis for an alternative to a broken economic system and the means with which to incentivise and support the energy transition at scale. It is the industry to help the US navigate a host of strategic problems. Bitcoin mining is, fundamentally, a national security issue. Its protection should be our primary focus.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD585 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Finding Bitcoin Signal with Jeff Booth Nov 23, 2022

“Theft in money will divide us all, and that theft in money will take us likely to war and maybe the end of human species… or it will concentrate all control in very few super overlords. And the rest of us, it’ll look like modern day slavery, it’ll look like China’s social credit system on steroids.”
— Jeff Booth

Jeff Booth is the Author of The Price of Tomorrow and CEO/Chairman of Ego Death Capital. In this interview, we discuss how Bitcoin fundamentals (such as its approach to the blockchain trilemma, centring on truth, and its deflationary effects) run counter to current economic theories, making Bitcoin’s signal harder for some to find.

- - - -

A common refrain whilst we live through unprecedented global economic turmoil and massive failures within DeFi is “why aren’t people flocking to Bitcoin”. Obviously, Bitcoin’s signal is being lost: the fundamentals that are designed to better protect people against incompetent, corrupt and fraudulent behaviour aren’t readily apparent to many. Why is this?

As Jeff Booth asserted in a recent article: “protocols create value in the form of a new foundation that emerges slowly & methodically”. However, capitalist societies have been conditioned to accept and expect rapid change: ‘work fast and break things’ has been taken as a given. Systems that run counter to this are viewed as being ripe for disruption.

Bitcoin has widely been seen as slow. It’s development was famously the subject of a crisis centred on scaling arguments. The outcome was an affirmation of some core principles: Bitcoin would be predicated on decentralization and security. This spurned a tsunami of altcoins that proliferated on the pitch that they improved on Bitcoin by being able to scale. This meant many dismissed it. Bitcoin was old tech.

But, as we have seen over the past few months, speed and scale come at a cost. A real-world cost counted in billions of dollars. The blockchain trilemma means that scale means making material tradeoffs in terms of decentralization and security. The result: hacks and fraud. If there is any silver lining to the FTX collapse is that the conflation of crypto and Bitcoin now has more than a theoretical critique.

The importance of making the case for Bitcoin, of amplifying the signal, is that it offers a transition to a new system where we can benefit from deflation. A system that protects people. A system based on a layer of truth.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD584 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The FTX Contagion with Jesse Powell Nov 21, 2022

“I think we can’t lose sight of what we’re really fighting for here, which is all of those people to be included in the financial system, financial privacy, the separation of money and state; these things are way bigger than any centralised exchange.”
— Jesse Powell

Jesse Powell is the co-founder and Chairman of Kraken. In this interview, we discuss the rising anger over the FTX collapse, parallels with Mt. Gox, FTX’s exploitation of regulatory arbitrage, odd mainstream media reactions, proof of reserves and the future of custodial services.

- - - -

FTX has caused untold damage. There could be over 1 million creditors, from large institutions to small retail investors. There are going to be numerous heartbreaking stories of people getting rekt. But, the most significant damage caused by this criminality could be ahead of us. There is a significant risk that a misreading of the causes of this crisis will lead to regulatory damage removing access to Satoshi’s innovation for future generations.

There are many within the industry who were deeply sceptical of FTX and Sam-Bankman-Fried well before the event of the past few weeks played out. The pace of growth, the scale of revenue, and the huge expenditure. To those in the know, none of it made sense unless FTX was involved in nefarious activities. And yet, SBF was rubbing shoulders with DC politicians whilst shaping the laws to be applied to the industry.

In short order, the whole facade has come crumbling down. Stories of drug taking, polyamory, and excess within the criminal empire have emerged, confessions have been made that the effective altruism promotion was a sham, and then SBF engaged in a bizarre media campaign via Twitter. FTX’s new CEO brought in to organise its bankruptcy process stated in his 40 years of restructuring companies (including Enron) he’s never seen anything as bad as this.

So, in the face of this obvious narcissistic and incompetent criminality, why have there been a number of puff pieces in the media? Why did DC take the warnings that were made seriously? And how is it justified for politicians to threaten a sweeping global legal framework for Bitcoin and crypto? Strange things are happening, and forces are being aligned against all of us. And yet, we know the community is resilient. This could take years to play out.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD583 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

QE Infinity with James Lavish & Greg Foss Nov 18, 2022

“There are five institutions that control $30 trillion of assets in this world. You’ve got Fidelity Vanguard, BlackRock, State Street, and UBS, that control $30 trillion. So when they get in, and they actually put it in their portfolios, it becomes a no-brainer for other asset managers to do it as well.”
— James Lavish

James Lavish is a Bitcoin advocate and writer, & Greg Foss is a Bitcoin strategist, and they’re both co-founders of Looking Glass education. In this interview, we discuss FTXs lack of checks and balances, how fiat is struggling to find yield, zombie countries and the the debt spiral, and how Bitcoin is the best asymmetric bet of our lifetime.

- - - -

We live in strange times. Central bankers tell us up is down. Politicians peddle myths. And the seeming robustness of capital, institutions and the state is turning out to be a facade. And yet, the economic machine needs to keep running. Finance needs to generate a return. In this environment, where the economy has turned from being an engine of sound principles into a casino, it’s no wonder charlatans like SBF can turn into powerful entities in the blink of an eye.

Checks and balances are empty words spoken by people in suits in meetings. A lack of resources, a revolving door, well-financed lobbying, and sheer complexity have all but neutered any meaningful oversight of crypto. On the ground, the reality is bluff and bluster are as effective as following the law. Perhaps such tactics are more effective: after all, FTX nearly achieved regulatory capture.

What is the fundamental issue? Arguably it is that the whole framework of state-organised economic control is falling apart. The impacts are manifold. Price and value have no real meaning. Reasonable returns on investment are evaporating. Financial opportunities are being drowned by risk. The real concern is that confidence is rapidly ebbing away.

The fiat economy is fundamentally a confidence engine. Trust has replaced hard assets. When trust goes nothing is left. We now live in a world where disillusioned experts are telling us the game is up. State debt is unmanageable, and governments have no obvious solutions. This is why many such people are turning their attention to Bitcoin. When we’re facing QE infinity by zombie countries it is wise to go back to first principals: sound money.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
BCB Group - Global digital financial Services

-----

WBD582 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin is the Answer with Preston Pysh Nov 16, 2022

“When you look at prices as they’re trying to destroy demand, the thing that people aren’t talking about is are they destroying supply faster; and if they are, prices aren’t coming down, they might actually keep going up.”
— Preston Pysh

Preston Pysh is a co-founder of The Investor Podcast Network. In this interview, we discuss the ongoing trauma following FTX’s unprecedented fall from grace, the implications for Bitcoin, and the ever-worsening macro situation where central banks are losing the battle to protect society from excessive government spending.

- - - -

The FTX drama is still being played out, and it will continue to do so for the weeks, months and years ahead. It feels as though we’re still in the shock stage, trying to wrap our heads around not only what happened, but how such a seemingly fragile situation was allowed to get so out of control. Fingers are being pointed, defences prepared, and, even whilst we’re still very early in this process, histories are already being rewritten.

And yet, the broader economic picture remains the same: a conveyer belt of crises continue to buffet the global economy. Stagnation, growing inflation, mountainous debt, extreme stress in the bond markets, globalisation, and currencies under strain; there is a wall of mounting issues that are building into what seems to be an existential situation for the fiat system.

The fundamental issue at hand is that nobody can tell what is up or down in relation to our economy. Price and value have been artificially inflated that they lack any purposeful meaning. Cheap money has enabled massive consolidation making the business environment top-heavy. And inflation has directed citizens to engage in rampant consumption, which results in a myriad of adverse downstream consequences.

Both situations, i.e. the imploding of cryptocurrency and the mess of the global economy, have the same mitigation. Reaffirmation of the Bitcoin ideology will enable those with true convictions to begin repairing the damage caused by FTX. Bitcoin will also help the economies to align with reality, thereby facilitating better decisions. Whilst Bitcoin doesn’t necessarily fix everything, it is the path to creating a better world.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD581 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Unpacking the FTX Fraud with Lyn Alden Nov 14, 2022

“We appear to have actual fraud, various types of fraud, essentially a Ponzi scheme, and that’s different from even just a normal casino… you can have a crypto casino, and it just makes money from fees, and most traders get rekt; but this is like a casino built on top of a Ponzi.”
— Lyn Alden

Lyn Alden is a macroeconomist and investment strategist. In this interview we discuss rampant fraud that led to the FTX bankruptcy, the implications for other businesses and legal precedent, and Lyn’s current outlook on markets.

- - - -

FTX’s empire at the beginning of this year was valued at $32 billion. The whole facade has become a bankrupt mess in a little over a week. Every hour of the past 7 days has seen a new claim of malfeasance that exceeds the depravity of the last. This crescendo has seemingly peaked today as SBF posted cryptic tweets suggesting he’s struggling to comprehend what has happened.

Sam Bankman-Fried was lauded as a financial genius and social revolutionary leading the ‘effective altruism’ movement. He was on the front cover of Forbes in October 2021. A glowing Bloomberg profile in April this year recounted his interactions with prominent politicians, investors and celebrities. He openly discussed having his attention drawn to dealing with existential issues affecting humanity. SBF had former Presidents and Prime Ministers in his palm.

However, Bankman-Fried was a Svengali and a fraud. Some Bitcoin maxi’s tried to sound the alarm, but too many people ignored the warning signs and believed the hype. In just 3 short years the 30-year-old managed to beguile not just the industry but also traditional finance. He got a $100 investment from a Canadian pension fund, which one would assume would lead the world in discharging fiduciary duties.

In the aftermath, it all seems so obvious. FTX was essentially run by dysfunctional kids. So, how did this happen? It’s still very early, and revelations keep dropping as we speak. The truth behind what occurred will take years to piece together. Nevertheless, there are some important lessons that the Bitcoin community rapidly needs to discern and absorb. A political response is inevitable, and many will try to ensnare Bitcoin in this mess.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD580 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Lightning Energy Market with Austin Mitchell Nov 12, 2022

“Imagine the Lightning Network being very similar to the energy system itself and how it moves money, where every physical node now has its own node in the Lightning Network. And when energy moves in one direction, money moves in the other, basically what we’re creating is a system where money can move as fast as energy.”
— Austin Mitchell

Austin Mitchell is the Co-Founder and CEO of Synota. In this interview, we discuss his plan to use the Lightning Network to settle transactions in the energy industry, and how this should bring greater equality to the energy market whilst also enabling the whole energy economy to move to the Lightning Network.

- - - -

Bitcoin is prospectively the best version of money, worldwide instant payments rail, market-based accelerant for energy production, and energy grid stabiliser. It’s infuriating that more people aren’t waking up to its potential. Perhaps it’s the FUD, the passive damage caused by dysfunction in the crypto industry, or the ignorance of there being bitcoin the money and Bitcoin the network.

But Bitcoin’s story is still being written; as many keep saying - it’s still early. We all know that there are nascent layer 2 innovations that are taking Bitcoin in new directions. But even hardened advocates continue to be amazed at the use cases being developed using Bitcoin’s various characteristics.

Take the Lightning Network: the game-changing payment protocol. It is the layer that enables Bitcoin to scale. But what does that actually mean? Well, quite a lot. Bitcoin is fast becoming an integral part of the energy industry. In addition to the known functions comes a new one: the Lightning Network’s instant settlement facility and distributed payment network is set to transform energy finance.

The current system is predicated on old analogue payment processes, full of inefficiencies that unnecessarily bloat costs for producers and consumers. The prize is a real-time payment system that simplifies energy finance whilst enabling greater functionality. It could make the market more flexible, dynamic and equitable. The result could be that it draws the whole energy economy onto the Lightning Network.

It’s a lightbulb moment given how big that industry is: $4.5 trillion is spent on energy a year. There are additional services that could be included. The lightbulb fuses when you think about what other industries could find similar utility. The lightbulb explodes when you remember Lightning is just one of many layer 2 innovations. We’re still so very very early.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD579 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Why Won’t the SEC Approve a Bitcoin ETF? With Perianne Boring Nov 09, 2022

“I think these policy fights for Bitcoin, this is the fight of my generation; and I think it’s absolutely important that we as Bitcoiners, and people who care about this technology, understand these political fights, these legal fights because if we get the policy wrong, it can totally skew our future.”
— Perianne Boring

Perianne Boring is the Founder and CEO of the Chamber of Digital Commerce. In this interview, we discuss the history of Bitcoin spot ETF proposals, the numerous rejections and changing conditions for approval, and why the SEC won’t approve a Bitcoin spot ETF.

- - - -

The first application for a Bitcoin spot ETF in the US was made by the Winklevoss brothers back in 2013. The SEC rejected this proposal in 2017. Since then the SEC has rejected applications from at least 16 different companies, some of whom have made multiple applications. The last rejection was in early October.

It’s not that the SEC dislikes ETFs. There are over 2,500 ETFs in the US market with over $7.2 trillion AUM. Further, there is also strong demand in the market: over 99% of the 11,400 letters sent to the SEC in relation to Grayscale’s ETC application were in support. In the meantime, Bitcoin spot ETFs are being approved across the world, most notably across the border in Canada.

The Chamber of Digital Commerce, the blockchain trade association, has assessed the history of Bitcoin spot ETF applications accounted for in a report. This outlines major inconsistencies in the way the SEC treats applications: denials have conditions applied for subsequent applications; these conditions are met, the new applications are denied; rinse and repeat.

In addition, in 2021 the SEC approved the first US Bitcoin futures ETF. Whilst the performance of the Bitcoin futures ETF has tracked the Bitcoin price reasonably closely, futures markets are by their very nature volatile as futures contracts can be unpredictable. So, it is potentially a less safe vehicle for investment.

The obvious question is, therefore: why won’t the SEC approve a Bitcoin spot ETF? Perianne Boring, the CEO of the Chamber of Digital Commerce, is of the opinion the decision is political in nature. There is a wave of money waiting to invest in such an ETF, which would accelerate the adoption of Bitcoin. This is something many decision-makers are resistant to. What’s clear is that with Grayscale suing the SEC the issue is coming to a head.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD578 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Fundamentals of Bitcoin’s Value with Phil Geiger Nov 07, 2022

“Society is formed through humans cooperating and… the whole is greater than the sum of the parts; when people get together and collaborate and cooperate, we produce something that is way more impressive and better than any single individual can produce.”
— Phil Geiger

Phil Geiger is the Managing Director of Concierge Services at Unchained Capital. In this interview, we discuss how a robust protocol and monetary policy, a vital utility for energy producers and a committed community of hodlers, makes Bitcoin an extremely low-risk investment.

- - - -

No other scalable commodity, currency or asset has as robust a fixed supply issuance as Bitcoin. 21 million coins. That’s it. The rough consensus governance process, miners’ financial incentives, and a highly decentralized node verification process combine to make this digital scarcity rigid. No altcoin can compete. “Digital scarcity is a one-time phenomenon” - Phil Geiger, April 2020.

There are those that have been pushing the edges of this assumed commitment. They are motivated by different concerns, chiefly that a declining supply will impact security: how can a 51% attack be avoided when the volume of Bitcoin issued becomes significantly low and eventually finishes? Can transaction fees alone secure the network?

But it is the fixed supply schedule that supports Bitcoin’s value, from which all other considerations follow. According to Phil Geiger, these 21 million coins already exist. Both in terms of the supply schedule and the fixed limit. This is what underpins the huge investment by miners: a transparent monetary policy, and scarcity that supports the price. Changes to this could seriously damage minings assimilation into energy production.

This is what makes, in Phil’s view, Bitcoin an extremely low-risk investment compared to other assets (both digital and physical). The proof is in the hodling behaviour. Using Bitcoin is vital for the transition of Bitcoin from a defensive store of value to a productive medium of exchange, the fact that those hodling Bitcoin for more than a year is at an ATH shows investors still remain extremely confident in its long-term success.

So, what about long-term security? Decreasing block rewards will incentivise miners to maximise the use of block space. Combined with more users this should drive up Bitcoin transaction prices, thereby supporting the transition to a post-block reward world. The issue is whether there are enough incentives to ensure miners don’t game the system. This needs to be debated. But, making Bitcoin inflationary isn’t the answer, because this is the essence of Bitcoin.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD577 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Can’t Lose with Parker Lewis Nov 04, 2022

“The only way for that system to subsist into the future is for them to print more and more money, and in either scenario, whether they print money or they don’t, the economic engine collapses.”
— Parker Lewis

Parker Lewis is Head of Business Development at Unchained Capital. In this interview, we discuss the failure of currencies, the collapse of the economic engine and Bitcoin being the largest tidal wave that's ever existed.

- - - -

In the nearly 14 years since Bitcoin was launched the global order has continued to shudder in the wake of a rolling set of crises. Front and centre is the unwinding of the global economic order. Fiat currencies are straining, inflation is rising, and central banks are using ever more extreme and counter-productive measures to keep the economy afloat.

We’re in the final throes of the long-term debt cycle. Everyone can see it. And yet governments and central banks are refusing to accept the inevitable. Money printing continues, in part to deal with the second-order effects of the previous round of money printing.

Bitcoin rose sharply at the beginning of this period, but it has stalled in the shadow of Covid as the world struggles to repair economies whilst dealing with growing geopolitical tensions. Throughout this turmoil, as Parker Lewis states in our interview, Bitcoin’s value proposition has remained the same. Why is it then that Bitcoin has been in a bear market?

The protocol has proven itself to be a solid basis for a new form of money. Yet, its volatility in the wake of rising inflation has resulted in a wave of commentators dismissing its value. This has an effect. We all know people who still think Bitcoin is a crazy fad. This issue, as Parker Lewis contends, is that you need to do the work to understand Bitcoin’s vital importance.

Bitcoin adoption is a function of knowledge distribution. Those of us who are in the know must therefore keep spreading the word, educating, advocating, orange pilling. If we do that then Bitcoin can’t lose.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD576 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Censorship & State Capture with Nic Carter & Lane Rettig Nov 02, 2022

“You could describe Proof of Stake in two words: shareholders vote. And guess what, that is how the world works already… I want to build a system that at least has the potential to be democratising, and move towards decentralisation, censorship resistance, these properties that we care so much about; and I think Proof of Stake is a huge step in the wrong direction.”
— Lane Rettig

Nic Carter is a Partner at Castle Island Ventures & Lane Rettig is a core developer for Spacemesh. In this interview, we discuss the Ethereum merge specifically addressing the issue around increasing censorship of Ethereum transactions, the chilling state attacks on privacy and what Bitcoiners could learn.

- - - -

In November 2013 Vitalik Buterin produced the Ethereum White Paper, which set out that Ethereum was to utilise the Proof of Work mechanism to facilitate participation in the transaction validation process. Eight months later, hidden away in the announcement about the Ether ICO, Vitalik stated that “We may choose later on to adopt alternative consensus strategies, such as hybrid proof of stake…”.

Ethereum’s merge in the first 2 weeks of September has been the biggest event in crypto this year. Part of the reason is that it has been a very long time coming. Further, it has been a huge engineering challenge: transitioning from Proof of Work to Proof of Stake in a live blockchain for the second-largest digital currency. Many predicted that it would result in technical issues. They were wrong. The merge was a success.

And yet, in the months that have followed, events have shown that just as Ethereum has sought to resolve some issues, it has caused others. Yes, Ethereum now uses significantly less energy, albeit a smaller drop in energy consumption than they would have many believe. But, evidence of a concerning concentration of staked ETH indicates that not only is the consensus becoming centralised, but it is becoming dominated by entities who are censoring transactions.

The result is a very clear distinction between Bitcoin and Ethereum. The issue at hand for Bitcoiners is that the battle to win the argument with political decision-makers over the importance of Bitcoin’s energy usage is still yet to be won. But, more importantly, there are downstream centralisation and capture risks for Bitcoin. Forewarned is forearmed.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Fidelity - Careers in crypto
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD575 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How Capital Misallocation Warps Money with Steven Lubka Oct 31, 2022

“If everyone uses a 12-inch ruler to build a house, and then one day, the government wakes up, and they change out all the rulers for an 11-inch ruler, but they don’t tell anybody…that distorts everything in the system because you’re using that as a measure, and the same thing happens with money.”
— Steven Lubka

Steven Lubka is Managing Director of Private Client Services at Swan Bitcoin. In this interview, we discuss how the misallocation of money by central banks distorts money, destroys capital, and creates zombie companies. Steven calls for money to be left to find its natural state within a free market.

- - - -

Society has become accustomed to the intervention of central banks in the economy. The underlying narrative is that central banks have the power to direct the economy through the manipulation of money. A principle level is through the control of interest rates: artificial adjustments to the cost of borrowing money aimed at promoting or tempering growth.

You don’t have to be an economics expert though to know that central banks' interventions seem to have become excessive. We have had a decade of near-zero interest rates. In addition to this, central banks have heavily lent on money printing to maintain economic stability: one-fifth of all US dollars were printed in 2020 alone.

These significant adjustments to the money supply set in train damaging second-order impacts. Given rising debt levels and recessionary forces, governments are seeking ways to stimulate growth. However, the economy has not been allowed to function normally for an extended period. We may therefore be in a position where significant businesses aren’t able to operate with a more natural cost of money.

Many businesses have developed in a period where the cost of money has been artificially low. This has created zombie companies, which need support to survive. This leads to a cascading series of issues: such companies divert resources from more efficient enterprises, but they are destined to fail, which destroys capital. It effectively hollows out parts of the economy.

The misallocation of capital is therefore counterproductive: short-term stability is a mirage that hides long-term systemic vulnerability. Steven Lubka’s thesis is that Bitcoin is the answer. It is a real tangible asset with a fixed monetary policy that enables price to be reflective of reality. The result is a market that can make rational decisions, build robust companies, and allow order to emerge In short, Bitcoin fixes the money.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD574 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Philosophy of Money with Andrew Bailey Oct 28, 2022

“Bitcoin isn’t like a new theory about what kinds of money are possible, it’s more like a bulldozer that says: you’re all wrong, you need more tools to think properly about money; here’s a totally new kind of money that is kind of like fiat, kind of like gold and kind of like neither.”
— Andrew Bailey

Andrew Bailey is a philosopher, professor, fellow at the Bitcoin Policy Institute, and co-founder of Resistance Money. In this interview, we discuss the philosophy of money in respect of what it is, what makes good money, the traps we can fall into with money, and why Bitcoin is a bulldozer that makes us rethink money anew.

- - - -

Economists, historians, philosophers, bankers and politicians have all contended with the concept of money. What it is, what it can be, what it’s not, what it’s useful for, how it should be used, how it can be misused: there are a myriad of questions that have spurned a myriad of theories. Consensus has formed around different ideas lasting for generations, only to be followed by sudden shifts as perceived universal truths are dissolved.

Debates and evolving thinking around money have always been a feature of its existence, certainly within modern capitalist structures of the past few hundred years. And yet, we do seem to be in a rare period. Firstly, we are entering a new paradigm of money, when established norms are suddenly being uprooted. Secondly, laypeople are joining the ranks of the so-called specialists in the debate around money.

This change has been spurned by the failures of fiat money. Suddenly, people realise that the assumed solid ground is shifting beneath them. Within a short space of time, we have experienced a flurry of unprecedented events: bank runs, money printing on a vast scale, massive stimulus packages, huge volatility in the markets, systemic inflation, and currency collapses.

The debate has also been spurned by the revolutionary innovation of Bitcoin. A totally new form of money has enabled a reevaluation of the principles and qualities of what we use to store value and what we use to exchange value. This process is being undertaken at all levels: if Bitcoin can continue to flourish, it will serve as a check on those in power. It could for the first time enable money to become pluralistic.

All this means we are living in a time when the debate around money is live and fluid in which we all get a say. Buying Bitcoin, developing Bitcoin and orange pilling are all positive actions that force us to consider these fundamental questions. And, in this process, we’ll find we are asking the most fundamental questions of all - what is the essence of a good life and how does money help to achieve that end?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD573 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How Cheap Credit Distorts Money with Joe Consorti Oct 26, 2022

“The rates have been locked at 1, 2, or 3%...that’s completely distorted the way that people allocate capital; whether it’s human capital or it’s physical capital, they’ve gone ahead and done things specifically because the money is essentially free, rather than pursuing them because they’ll provide a real economic value.”
— Joe Consorti

Joe Consorti is a Market Analyst at The Bitcoin Layer. In this interview, we discuss Austrian economics, Credit Suisse & the risk of large scale defaults, price distortions and how Bitcoin fixes this.

- - - -

When faced with economic turmoil, central banks have a few tools they can turn to, one of which is interest rates. Since interest rates are the price to borrow money, and prices are emergent, manipulating rates is an intentional distortion analogous to fixing prices. Rates instead should be a factor of the supply and demand of credit, risk of default, and a reflection of opportunity cost.

However, during the financial crisis in 2007/2008, the US federal reserve had little option but to step in and repeatedly cut rates. They did this in an attempt to prevent complete collapse and to restart the credit-seized economy. Rates went to basically zero (and even negative in some countries), and since 2008, we have been in an era of cheap credit.

Now, we are potentially in the midst of another financial crisis. Countries across the globe are battling with inflation issues for a raft of reasons, including supply-side constraints, excessive money printing during covid, and war in Europe causing energy shortages. To battle this, central banks are raising rates in an attempt to regain control.

So does cheap access to credit really boost the economy and stimulate growth, or has it prolonged an artificial bull market in equities, over-financialised assets, incentivised mal-investment, added to the growing wealth divide and played a key role in near double-digit inflation?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD572 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The White House is Wrong About Bitcoin Mining with Nic Carter Oct 24, 2022

“My whole objective here was just to really meticulously go through their document and show that they don’t have a better command of the facts then we do, they’re relying on bad data, they’re relying on bad sources and academics, and they should do better.”
— Nic Carter

Nic Carter is a Partner at Castle Island Ventures and co-founder and Chairman of Coin Metrics. In this interview, we discuss the White House bitcoin mining research paper, regulation and the role of renewables in the energy mix.

- - - -

In September, the White House Office of Science and Technology Policy (OSTP) published a study which looked into the climate impacts of bitcoin mining.

The report successfully acknowledged the differences between PoS and PoW, the contribution of bitcoin mining to grid flexibility & demand response and the potential to unlock stranded renewables, but the rest of the report offers little, if any merit.

Overall, the findings in this report were quite damning. The report relies on non-peer-reviewed and often totally flawed data from the likes of De Vries and Digiconomist and even cites the absurd 2018 Mora et al paper. As Nic says in his article, "The Mora reference is shocking. It's a bit like reading a scientific government report on the history of the moon landing and finding a reference to a conspiracy website claiming that the entire thing was faked."

With papers like this from the White House, the New York Mining Moratorium Bill and general growing disdain for Bitcoin mining, the US risks giving up its headstart. It is the country with the most to lose, and as we saw when China banned mining, Bitcoin is totally agnostic, and by banning, or overregulating, America won't hurt bitcoin, only itself. "If you ban it, you empower your enemies, like Russia, Iran, Venezuela, and North Korea. If you embrace it, you directly hurt them, and give their citizens tools to free themselves from those oppressive regimes."

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD571 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Cathie Wood on Bitcoin Oct 21, 2022

“My background is both economics and finance. So I feel very confident in what I’m saying: this is the first global private, meaning no government oversight, digital rules-based monetary system. When I’m explaining it like that I ask everyone to listen to each of those words, each one of them is very important. This is one of the most profound innovations of our time.”
— Cathie Wood

Cathie Wood is the founder, CEO and CIO of Ark Invest. In this interview, we discuss investing in disruptive technologies, the importance of research for investment, deflationary signals, uncertainty in the Fed’s decision-making, and Ark’s continued bullish outlook for Bitcoin.

- - - -

Back in 2015, Cathie Wood’s Ark Invest became the first public fund manager to invest in Bitcoin. This was a very early trade for an institutional basis, prior to some of the major news events that have led others to have followed Ark in recent years. But this is Ark’s business, identifying nascent technologies that could serve to be the basis for real societal change.

Cathie Wood’s business strategy is to get into the detail of the markets they're interested in. This means research by informed analysts who can unpick the strengths, weaknesses, opportunities and threats for each specific industry. Any bullish statement they make is based on hard business data, not just an extrapolation of financial performance.

The elephant in the room for Ark is that their Innovation ETF is down 75% from its highs in the early part of 2021. This has placed Ark and Cathie in the firing line of commentators. And for every negative article or tv piece, there will be a line of nervous investors seeking reassurance. This is when research pays off - it matters when you have a strong narrative to fall back on if you want to maintain investor confidence.

So, when Ark makes statements about Bitcoin we should all take note, as they’re not in the market for unwarranted hyperbole. Well, they remain one of the biggest cheerleaders for Bitcoin within the institutional space. Ark followed up a bullish prediction for Bitcoin’s valuation at the beginning of this year by doubling down on their forecast a few weeks ago: they are expecting a $1 million per coin valuation in the coming years.

In an interview with Bloomberg earlier this month, Ark stated Bitcoin is in “an arms race” against traditional finance and asset classes. Ark is confident of Bitcoin’s ability to be at the heart of a revolution in money given its multiple use cases. Seeing as their fund has tracked the performance of the S&P500 over the past few years, despite it being an extended and brutal bear market for tech stocks, you wouldn’t bet against them getting this call right.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD570 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Science, Health and Bitcoin with Sam Abbassi Oct 19, 2022

“That’s the one thing Bitcoin does really well is that it has these property rights that allow you to enforce the fact that you do own Bitcoin. And so that’s what I’m most focused on: building a great wrapper and experience around that.”
— Sam Abbassi

Sam Abbassi is the founder and CEO of Hoseki. In this interview, we discuss the growing demand for proof of reserves. Whilst the use case for businesses is clear, there is also an increasing retail need: it enables individuals to use Bitcoin as collateral, but also validates financial credentials. It is another means for assimilating Bitcoin into the fiat-dominated world.

- - - -

The hodl mantra has been a vital behaviour within the Bitcoin community. It was emblematic of the transition from the current credit-based paradigm into a low-time preference mindset that reasserts storing of value. It has also been technically important in supporting the price. However, up until recently, hodling was akin to storing gold in a box or cash under a mattress. It was inward-looking.

As Bitcoin matures and its volatility declines, the value that can be ascribed to an individual by their Bitcoin holding becomes more important and useful. For a growing cohort, Bitcoin’s utility requires an outward engagement with the fiat world.

As society increasingly seeks to store value in Bitcoin, it is increasingly going to become some people’s main source of wealth. Therefore, reintegrating Bitcoin’s store of value into the arena of working capital is becoming more acceptable; there are growing opportunities to use that Bitcoin to access working capital for things such as mortgages and other loans requiring collateral.

Bitcoin can also be used to support residency applications and other activities requiring validation of financial security. It is likely that the purposes for which we need to provide proof of our Bitcoin holdings is going to increase. However, without proof of property Bitcoin has no utility beyond its resale value. How does one prove to a third party proof of property in a still nascent digital asset?

This is where Hoseki comes in. They are seeking to provide a much-needed service in the market to produce independent and trustworthy proof of Bitcoin reserves, opening up Bitcoin’s value. Being developed by Bitcoiners means that the basic principles of privacy and security are top of mind in terms of their product development. It also means they are in lockstep with the Bitcoin philosophy.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD569 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How the US Dollar Shortage is Driving Global Instability with Jeff Snider Oct 17, 2022

“You have to understand what the Fed says in public is not what it says in private. You look at some of the academic studies, the literature, they know they have no idea what they’re doing. But their job requires them to tell the public that they do.”
— Jeff Snider

Jeff Snider is co-host of the Eurodollar University podcast and Head of Global Research at Atlas Financial Advisors. In this interview, we discuss the crazy possibility that nobody knows what money is, and as a result, nobody knows how to run or fix the economy. Central banks and governments are essentially engaged in a high-risk game of pretend.

- - - -

Every year around 800 million containers (categorised as Twenty-foot Equivalent Units, TEUs) are handled by ports every year. This represents around 80% of official global trade. Harvard has produced an incredible visualization of total global trade. They have populated the globe with the origin of exports of every type of product. Each tiny dot represents $100 million of exports. The globe is covered in a mass of tiny dots.

This complex, interconnected and shadowy web of global trade, where final products, intermediate inputs and raw materials are exchanged on a massive scale, represents about 50-60% of global GDP. The rest is made up of all kinds of activities, business investment, personal consumption and government expenditure.

The IMF predicts that the combined GDP of the world economies will exceed $100 trillion by the end of 2022. However, this is dwarfed by global wealth, which is estimated to be over $1,500 trillion. To put these numbers into context, US debt is currently estimated to be over $31 trillion, whilst global debt is reckoned to be over $300 trillion. Global finance, which helps manage and fuel global trade and debt, is expected to be valued at $25 trillion this year.

These are obvious gigantic numbers. Yet, these figures aren’t the thing that should give you pause for thought. What should stop you in your tracks is that nobody really understands the workings of this complex system, let alone is in control of the resultant global economy.

Most of the global trade is conducted in Eurodollars, which is money generated outside of any control of the US or the nexus of other countries' Central Banking/Government institutional structures. Eurodollars are not understood by the major actors involved in oversight or management roles affecting global economics. That is why nobody knows how to fix the issues with the global economy. It’s because nobody knows what money actually is.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD568 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin, The Critical Money Layer with Nik Bhatia Oct 14, 2022

“All of that monetary profligacy over the last 10 years put the Fed’s reputation on watch; everybody and their mother knows about the Fed and its willingness to just do QE infinity, and so in a post-pandemic world where they got caught, basically, without a plan, now they have to preserve their reputation.”
— Nik Bhatia

Nik Bhatia is Author of Layered Money and founder of TheBitcoinLayer.com. In this interview, we discuss Jeff Snider’s Eurodollar ideas: how all money is credit money; why Bitcoin will be a check, but will not replace, fractional reserve banking; and how Bitcoin will complement the dollar as a generational store of value.

- - - -

Three months ago we interviewed Jeff Snider who discussed the Eurodollar system, how Central Banks aren’t in control of the levers of money, and why we could be entering a deflationary depression. The show generated a huge amount of interest, particularly because despite the Eurodollar system being opaque and poorly understood, it is arguably a central cog in the global economy.

Nik Bhatia, amongst other esteemed commentators, was compelled to respond to Jeff’s show. This is because Jeff’s ideas and the way he presents them are enlightening and engaging. There is broad agreement regarding the unacknowledged criticality of this part of the global economic system, and the resultant challenge it presents for being able to define money.

There is also consensus that inflation won’t be the runaway phenomenon some are warning of, because the impact of QE was offset by tightening in the Eurodollar market. As such, deflationary pressures could soon become apparent meaning banks should be taking more risk to stimulate growth. It is fair to state Nic is an admirer of Jeff: Nic attributes Jeff’s seminal work to helping him develop Layered Money.

However, Nic does also have some important divergent opinions from Jeff. Nik believes that the banking system isn’t out of control. Whilst it doesn’t necessarily have the power it seeks to portray it does, neither is it an impotent bystander. The recent moves to quell inflation have only just begun in earnest. Could the Fed show that it has teeth in this regard?

What is most illuminating however is their convergent ideas around Bitcoin. Whilst presented in different ways, they both see Bitcoin’s role as an important store of value. They also agree that fiat’s elasticity will continue to be a desired utility. What Nik leads on in this regard is that Bitcoin can act as a vital check on fiat and Central Banks: it makes money pluralist.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD567 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Path of Freedom and Sovereignty with Natalie Smolenski Oct 12, 2022

“The only way that tyranny is prevented is a strong civil society that the state actually becomes concerned about.”
— Natalie Smolenski

Natalie Smolenski is an Executive Director of the Texas Bitcoin Foundation and a Fellow at the Bitcoin Policy Institute. In this interview, we discuss the elimination of cash, the importance of Bitcoin to a free society, and the clear and present danger posed by CBDCs.

- - - -

Like the fable of a frog being not perceiving danger when slowly boiled, citizens in mature democracies have been surrendering to the steady erosion of their privacy and rights. The issue is that society now stands unknowingly at the edge of a precipice. Governments and compliant businesses are working on a technology that they will sell as providing utility but could herald the end of democracy: CBDCs.

Whilst Bitcoiners are aware of the dangers, it seems as though the rest of society, including decision-makers, are ignorant. Faster, less costly, more convenient payment systems - what’s the problem many will ask. The risks of providing unfettered access to arguably the most critical component of our private data do not resonate with those who have already traded their privacy with social media companies.

But, there is obviously a massive difference between surveillance capitalism and unprecendented government oversight of individuals’ financial data. And further, as Natalie Smolenski alludes to in the whitepaper she has written with Dan Held, “Why the U.S. Should Reject Central Bank Digital Currencies”, adopting CBDCs could be a one-way valve: reversing political will and technology is formidably hard. Once cash has gone, it won’t be coming back.

The battle is not only for democracy, it is for prosperity. The American experiment has shown that bottom up innovation can thrive in a free society. It is hard to imagine the industrial revolution occurring if feudalism was still the dominant form of societal organisation. It was the enlightenment, the development of ideas of freedom, tolerance, fraternity and rights that enabled humans to flourish.

This is perhaps Bitcoiners' most important fight. Education, advocacy and conviction are our weapons. Maintaining our personal sovereignty is the prize.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD566 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Europe in Crisis with Lyn Alden Oct 10, 2022

“This period looks a lot like the 1940s, which is when you have a combination of high debt and high inflation, which is not what you had in the 70s. In the 70s they had low debt and high inflation, which means they had a lot more tools to respond to it…when you have that combination of both…that’s the closest thing that a central bank has to a checkmate scenario, where there’s only bad options.”
— Lyn Alden

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the recent market turmoil that followed the UK government's proposed tax cuts. Why did the market reaction nearly result in the collapse of UK pension funds? What are the underlying issues? Where are we heading?

- - - -

Liz Truss became the UK’s new Prime Minister on the 6th of September. She immediately worked to develop a financial package that would protect people from unprecedented hikes in energy prices. At the same time, Truss was keen to implement a long-held economic ideology predicated on stimulating growth through low taxes and reduced regulatory burdens.

A political judgement was made to prioritise promulgating tax cuts ahead of any assessment of what spending cuts would be required to balance the budget; a huge emergency fiscal package was being combined with reductions in revenue. In the absence of any other information, the market took fright: the government wasn’t deemed to be in control of a burgeoning debt pile.

Immediately following the government announcement, the bond interest rates rose sharply whilst the British pound dropped precipitously. Despite government protests that the market response was due to external factors, the messaging was clear: the UK economy is becoming dangerously unbalanced. Within days the Bank of England had to react and start a £65 billion purchase programme to save a number of pension funds from collapse.

So, what actually happened? Experts, commentators and politicians have argued about the causes and outlook, whilst mortgage rates have rocketed such that emergency payments for energy costs will be dwarfed by additional mortgage payments. Is the UK economy at risk? If so, why, and what is the outlook? Does history teach us anything? And, fundamentally, can debt be brought back under control?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD565 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Why Fiat Drives the Wealth Divide with Avik Roy Oct 08, 2022

“Free enterprise and individual liberty and innovation/entrepreneurship do actually increase prosperity for lower and middle-income people, they’ve done that all over the world; we’ve lifted a billion people out of poverty in India and China over the last 20 years...and we can do that again.”
— Avik Roy

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 how society can improve social mobility through free markets, individual liberty, innovation, social integration, energy freedom, housing growth and harnessing good deflation.

- - - -

America was built on the notion of social mobility. The ‘land of opportunity’ opened its arms to the world. And they came from all corners. Most arrived with little to their name. But countless stories of aspirational success followed. Hard work, tenacity, and innovation were rewarded. It wasn’t perfect, but the American Dream was a theme that built a new hegemonic power not on privilege, but on the closest any major power has come to meritocratic society.

That was America up to the 1970s. Since then social mobility has all but seized up, and has even started to decline. We are now entering a period when future generations are likely to be worse off than their predecessors. Is this because governments have failed? Are the libertarians right? Do we need to unshackle humans from collective interference? Or, is there a way for society to flourish with the help of institutional collaboration?

The Foundation for Research on Equal Opportunity (FREOPP) have a mission to expand “economic opportunity to those who least have it”. They provide policy advice on all the major areas of governmental concern: criminal justice, health, education, energy, finance, housing, trade etc. etc. The tools it advocates politicians use are individual liberty, free enterprise, technological innovation, and pluralism.

The aim is to make society more equal. Reducing inequality makes society more prosperous. American history is the best evidence for that. Misjudged policies and a reactive and intrusive approach from governments have allowed inequality to increase over the past decades. To change means that the status quo must be challenged.

Such change means looking forward not backwards. Whilst history can inspire, it doesn’t necessarily show the way. New ways of thinking must be embraced. The deflationary forces of innovation must be harnessed. And destructive polarisation must be defeated. American exceptionalism requires a renewed collaborative spirit. Bitcoiners can help drive that movement.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD564 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin, Unleashing an Ocean of Energy with Nathaniel Harmon Oct 06, 2022

“Where I think the real valuable conversation is, is not debating the science because again, I am a scientist, and I can back that shit up with fucking receipts. And that’s not going to be a fun debate for anybody. What’s the fun debate is ‘What do we actually do about it?’”
— Nathaniel Harmon

Nathaniel Harmon is an oceanographer, Bitcoiner and cofounder of OceanBit. In this interview, we discuss how an old technology deriving energy from ocean temperature differences can provide unlimited renewable baseload energy, and Bitcoin’s vital and symbiotic role.

- - - -

In the 1880s, a French engineer devised an engine that generated renewable energy from the oceans: Ocean Thermal Energy Conversion (OTEC). It works by harnessing the large temperature differences between warm ocean surfaces and cold deep waters. This can occur within relatively short vertical distances (i.e. 100m). Such differences can be used to evaporate ammonia, driving a turbine, after which the ammonia can be re-liquified in a closed cycle system.

The issue since the 1880s has been the technology has not been able to achieve economies of scale in competition with cheaper energy sources i.e. coal, oil and gas. The first OTEC plant was built in the 1930s, following which a further 14 test plants have been built at various times and geographies. But, no project has been able to overcome the hurdle of progressing from prototype to operational plant.

And yet, given the size of the ocean, OTEC is the largest untapped renewable energy source in the world. Further, given the temperature differences don’t subside at night, it is a baseload supply. The potential is obviously huge. Anything that could be used to offset the capital costs of the R&D phase could lead to a new energy revolution. Enter Bitcoin.

Bitcoin mining’s utility in directly monetising energy provides significant flexibility for developing a capital-efficient OTEC prototype. Such a facility would not need to be tethered to transmission lines: it would be able to exploit the best locations for OTEC around the equator. The genius in the proposal though is that OTEC and Bitcoin mining are symbiotic: access to limitless cold water means mining efficiency can be maximised.

And there’s more. The production of energy in the ocean opens up all kinds of opportunities that could literally change the world. All from a technology that had all but been forgotten, but now stands to be reinvigorated by Bitcoin.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD563 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How Bitcoin Helps Mitigate Climate Change with Harald Rauter Oct 04, 2022

“Can we run the same models, but with better data? Can we get to a 1.5-degree world? And that’s the ultimate nuclear argument for how Bitcoin mining actually makes sense…where does it make sense to engage with policymakers, to actually build on their language, with their models, rerunning it but with Bitcoin mining, and Bitcoin in the various dimensions as the X factor in the equation.”
— Herald Rauter

Harald Rauter is an environmentalist and Bitcoiner. In this interview, we discuss how UN climate change action is predicated on socio-economic scenarios that no longer apply (i.e. a cooperative world with improving equality), and how Bitcoin’s trustless market-based support for the energy transition could be the solution.

- - - -

The Paris Climate Accords in 2016 set the goal to limit global warming to below 2°C, but preferably 1.5°C, from pre-industrial levels. Following this, the UN’S Intergovernmental Panel on Climate Change in 2018 produced a report setting out the impacts of global warming of 1.5°C, and the pathways to keep warming below 1.5°C.

The pathways were developed from forecasts of greenhouse gas emissions and radiative forces affecting climate change, and five different plausible scenarios of how the world may evolve in the future in socio-economic terms. These extend from an optimistic scenario where society starts shifting to a sustainable future, to a pessimistic scenario of a multi-polar world focused on national interests.

Not all of the scenarios had mitigation pathways developed. The issue is that the world has changed drastically in the short time since the IPCC produced the report: it now resembles the pessimistic scenarios for which we have no mitigation pathways. This is obviously a problem, but not one that is being widely discussed, let alone having potential solutions considered.

However, there are some working with environmental investors and policymakers who are seeing Bitcoin’s utility in a new light. The world is waking up to Bitcoin being able to support energy grids, subsidise the harnessing of stranded renewable energy and utilise waste methane. What isn’t commonly discussed is that it can do all of this without the need for cooperation: it is a trustless protocol with a market-based utility.

Bitcoin mining could potentially be an important factor in mitigating climate change and limiting warming to 1.5°C, in an uncooperative world. What is needed is for it to be accounted for in the open source modelling work the IPCC has made available. Once we can quantify its importance, we can educate the decision-makers, and the market should take care of the rest.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD562 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin & the Energy Transition with Nima Tabatabai Sep 30, 2022

“The fact that you had the opportunity to even consider becoming an energy generator, that’s purely because solar panels as a technology became so cheap and so accessible…in the hands of every person soon is going to be the ability to participate in the energy system and to be self-sovereign.”
— Nima Tabatabai

Nima Tabatabai is co-founder of Optimize Infrastructure. In this interview, we discuss how battery technology for energy grids, solar’s overwhelming economic case, energy sovereignty, and how combining batteries, Bitcoin and solar results in the most flexible energy assets possible.

- - - -

In 2010 solar power generated 34 terawatt hours (TWh) per year across the globe. By the end of 2021, this has increased to 1,033 TWh per year. There are a number of reasons for this dramatic increase, but a prime driver is a reduction in costs. Between 2009 and 2019 the price of electricity from solar declined by 89%. The International Energy Agency in 2020 declared solar power offered the “cheapest…electricity in history”.

As Nima Tabatabai states in this podcast, this drop in price is perhaps the greatest example of Jeff Booth’s assertion that technology is deflationary. Research and development of solar technologies have been affected positively and negatively by crises and political dogmas. Nevertheless, since the 1970s there has been a strong ‘learning effect’ across the whole production process resulting in an exponential reduction in costs.

Nevertheless, the discussion of solar energy as a reliable part of the energy mix still stirs strong negative responses. Intermittency is a major concern: solar can’t work at night, and it’s deemed to be materially ineffective in cloudy weather and at high latitudes. Essentially, detractors state solar power supply can’t efficiently fit demand. There are also issues around land requirements, input materials and waste.

But, are these concerns valid? Can solar be a reliable and sizeable source of energy? If so, what are the constraints and limitations? Could battery technology resolve concerns over intermittency? What would be needed to complement solar energy? Are our energy grids ready to assimilate decentralized power sources? And, what needs to be done to maximise the potential of Bitcoin in subsidising solar?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD561 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Privacy Through Statechains with Nicholas Gregory Sep 28, 2022

“We send around UTXOs, at the moment those UTXOs are Bitcoin, they could be lightning channels. Now, there’s a lot of complexity there, but I think that’s where we’re gonna go where you’d be able to move around lightning channels, and that’s like swapping around your checking account.”
— Nicholas Gregory

Nicholas Gregory is the CEO of Commerce Block, the company behind Mercury Wallet. In this interview, we discuss how they have used statechains to develop a virtual version of Opendime, the balance of trust and privacy on layer 2 protocols, and onboarding Lightning users.

- - - -

One of the most novel innovations to come out of the Bitcoin ecosystem in recent years has been Opendime. The aim was to turn Bitcoin into a version of physical cash. An Opendime, is essentially a USB stick, that can be traded between individuals without the need to confirm such transactions on the bitcoin base chain. The USB can be verified but is only redeemed by the last user, by breaking the device and accessing its private key.

Opendime enables people to use Bitcoin as anonymous, untraceable cash. The limitation is that it requires a physical transfer. That was until Mercury Wallet was launched. Mercury Wallet is essentially a layer 2 protocol based on statechains. Statechains enable the offchain transfer of UTXOs (turned into a bearer asset referred to as a “statecoin”) between parties.

The limitation of statechains is the requirement for a trusted third party, in this case, Mercury Wallet. The third party is non-custodial; they collaborate as a blind partner in the cryptographic transfer of keys. Whilst there are theoretical security issues, they have been mitigated by Mercury Wallet. The issue to overcome is what tradeoffs people are willing to make between ease of use, value transfer and security requirements.

But, this is just the first of a number of growing use cases for Mecury Wallet. It enables unlimited free swaps of Bitcoin UTXOs providing privacy benefits. Through the conversion of underlying assets into statecoins, the transfer of assets using Discreet Log Contracts can be facilitated. Further, by layering the Lightning network on top of statechains, it could even enable the transfer of Lightning channels.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD560 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Running a Business on Bitcoin with Tibor Ballai Sep 26, 2022

“One interesting thing about Bitcoin is Bitcoin doesn’t care about what the regulators do. If they end up drafting regulation that stifles the adoption it will just flourish in other jurisdictions, and eventually, they realise their mistake.”
— Tibor Ballai

Tibor Ballai is the co-founder and CTO of Fortris. In this interview, we discuss the challenges of running a business on Bitcoin, how Fortis enables businesses to use Bitcoin as an operational currency, and why this will be the next step in the adoption cycle.

- - - -

It is one thing for an individual to move towards converting to a Bitcoin standard, it’s quite another for a company. Running a business is hard enough without having to navigate around emerging regulations and evolving technical innovations that come with using Bitcoin as an operational currency. Without professional support, many businesses will choose the path of least resistance, which will be sticking with fiat.

This is how companies like Fortris can provide material help in the next wave of the adoption cycle. If Bitcoin is to become a widely used form of money, obviously businesses will need to adopt it. Having both the expertise and enterprise applications to smooth the transition to Bitcoin adoption is what is required, and what Fortis can offer.

The thing is, there is a myriad of different internal policy and external regulatory hurdles that need to be overcome. Who can sign off transactions? How is the Bitcoin to be held? What are the tax implications, and methods to limit tax liabilities? How should payments, domestic and international, be managed? What are the means for using Bitcoin for payroll? How should Bitcoin treasuries be assimilated into management reporting functions?

These are the hurdles and questions that I am personally having to tackle as I use Bitcoin within both my media business and the football club that I run. So, I am as interested as anyone in what services companies like Fortris offer, and how they can help people like me maximise the benefits of Bitcoin without being tripped up by bureaucratic or technical issues.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD559 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Can Bitcoin Fix the Political System? With Logan Bolinger Sep 23, 2022

“Is the world that we want to live in, one where we need to hyperfinancialize every aspect of an individual’s life because financial conditions on a macro level are such that you have to finacialize your whole being in order to keep up or get ahead? Is that truly a victory for democracy?”
— Logan Bolinger

Logan Bolinger is a lawyer and writer of the Think Bitcoin newsletter. In this interview, we discuss how he became orange pilled after concluding trust in politics is an impossible dream. We talk about how Bitcoin can help fix the broken political system and the problems caused by fiat money.

- - - -

There are many paths to Bitcoin. Cypherpunks, anarcho-capitalists and libertarians have all been attracted to Bitcoin given its rooted in protecting individual freedom, and its growing value as a powerful check on government control of money. And yet, there is now a meaningful movement of progressives within Bitcoin who have also been drawn to Bitcoin.

Beyond the mainstream media narratives that would have you believe Bitcoin is for those on the right wing, Bitcoin is for anyone, and people are finding in Bitcoin solutions to a range of perceived systemic problems. For progressives, it offers a range of mitigations and solutions to deep-rooted issues. Most notably in how to restore trust to the broken political system and help those affected by inequality.

Bitcoin is a revolution in that it empowers those who have increasingly been treated with contempt by the state, but had until recently felt powerless. It provides a chance to rebalance the social contract and strengthen democracy. And for those who want to retain the framework of the state, there is power to be drawn from the libertarian cause: rulers act differently when the ruled have a chance to opt-out and rely on a trustless system.

Opening up to Bitcoin also offers a chance to look at wider society anew. Going down the rabbit hole means awakening to the fundamentals of money, economics and banking. It brings a realisation that a lot of what activists have been focused on has been the symptoms of issues rather than the causes.

Maybe there is an alignment between those on the right and left around Bitcoin as they realise they are both being literally short-changed by the ruling elites. And, whilst being uncommon bedfellows, there is strength in numbers. And maybe the greatest strength of Bitcoin is in its ability to bring those on different sides of the aisle together to resolve some of our biggest issues.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD558 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Mining Bitcoin with Nuclear Energy with Ryan MacLeod Sep 21, 2022

“Bitcoin mining can be plugged into the existing nuclear fleet as it and shore up the economics right now, because a lot of the reactors that are being shut down are because they’re not economically competitive on a grid that has a large share of wind and solar.”
— Ryan MacLeod

Ryan MacLeod is a Bitcoiner working in the reactor research and safety programs at Canadian Nuclear Labs. In this interview, we discuss the importance and safety of nuclear energy, and how Ryan is trying to orange pill the nuclear industry by showing how Bitcoin aids the economic case.

- - - -

The growing consensus is that nuclear energy needs to play a critical part in providing society's energy needs. It is both a low-carbon energy source, energy-dense, and (dependent upon operation) reliable. And yet, nuclear only provides 10% of the world’s energy needs, down from 18% in 1996. Whilst the IAEA forecasts only a 12% contribution by 2050 in its high-case projection.

The issue to date has been the safety concerns regarding nuclear energy. High-profile accidents have clouded the public’s perception of the nuclear industry and influenced anti-nuclear policies in numerous countries. The build-out of new nuclear capacity dropped significantly after Chernobyl, an accident that some feared had come close to making half of Europe uninhabitable.

The reality is that Chernobyl was an accident unlike any other, which indicated the malaise of a waning superpower, rather than an industry that was inherently dangerous. Since then, reactor technology and the treatment of waste have continued to improve. We are now on the cusp of countries being able to roll out Small Modular Reactors that are cheaper, safer and more scalable than existing designs. It has the potential to revolutionize nuclear power just when we need it.

And yet, the economics of nuclear energy are still challenging. High capital costs mean that nuclear facilities need to have a high capacity to make the investment worthwhile. Cheaper energy from solar and wind are adding to the complexity of the issue. There are other uses for nuclear energy that can be monetised, but these have their own specific infrastructure and operational requirements.

This is where Bitcoin mining could provide a bridge. It eliminates the concept of surplus baseload generation, bolstering the economic bottom line of both old and new reactors. And it can do this from day one. So, could Bitcoin mining be the catalyst for a renaissance of the nuclear industry? If so, it will be young professionals such as Ryan MacLeod who are helping to lead the change.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD557 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Quantum Threat to Bitcoin Revisited with Richard Murray Sep 19, 2022

“On the encryption side a lot of people are worried about ‘how long do you want your secrets to remain secret for?’. And if you’re really worried about things staying secret for a long time, there are some things that people won’t want to get out for the next 100 years, then that’s the reason for people moving on to other types of secure platforms today.”
— Richard Murray

Richard Murray is the co-founder and CEO of ORCA Computing. In this interview, we discuss the spooky and baffling effects of quantum mechanics, how ORCA is harnessing these effects to build quantum computers, and why success will be our generation's moonshot.

- - - -

The post-war period has seen an explosion in computing power. The principle underpinning modern digital computers was developed by Alan Turing in 1936 with his paper “On Computable Numbers”. The concept was that programs with instructions would be stored in memory, which would enable the computer to be programmable.

Since then, digital computers have continued to evolve at a pace. Gordon Moore (who was co-founder and CEO of Intel) predicted in 1975 (revising an earlier 1965 prediction) that the number of components in each integrated circuit would double every two years. This became known as Moore’s Law and has largely held true.

Innovative chip engineering has resulted in increases in computational power since the war that can be measured in the trillions. This is why our society has changed beyond recognition. And yet, there are limits to what we can do with computers, and limits to continued progress. A single Dutch company, ASML, provides the ultraviolet lithography machines needed to keep pace with Moore's Law. We are reaching the physical limits of increasing transistors to further computational power.

A potential solution to this barrier could be by using the spooky effects of quantum mechanics. Computers work using a binary system, where computation has 2 possible discrete answers: 0 or 1. The effect of quantum mechanics means a computation can dispense with the discrete answer: the solution can be 0 or 1, or any combination of 0 and 1 at the same time. Harnessing this will turn the rapid evolution of computer science into a rapid revolution.

When we can access unimaginable computational power what will be possible? In our specific sphere, what does this mean for Bitcoin mining and encryption more broadly? What does this mean for wider society? What are the ethical ramifications? All of these are questions that we should be grappling with, even though nobody can still explain what causes the spooky phenomena in quantum mechanics!

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD556 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Security & Freedom with Pascal Gauthier Sep 16, 2022

“I think freedom is what humanity is striving for; I think we should have freedom in our societies, and freedom is not something that we should bargain for.”
— Pascal Gauthier

Pascal Gauthier is the CEO of Ledger. In this interview, we discuss how to build and grow a business in a bear market, making the business part of the mission, how nation-states are trying to steal Bitcoins, the vulnerability of software wallets to hacks at scale, and why freedom is not something that we should bargain for.

- - - -

Ledger is a French hardware wallet manufacturer. Founded in 2014, it is now a market leader, providing 2 of the leading hardware wallets on the market, with sales in over 165 countries. It’s valuation is at least $1.5 billion. In July it was seeking to raise $100 million to fund further expansion at the exact time as other digital currency companies were struggling to stay afloat. How has this company continued to grow throughout the recent bear market?

The company is clear-eyed about the criticality of the Bitcoin mission: the opportunity to regain personal financial freedoms that have been eroded over time. And freedom has always required security: they are interdependent. It’s just that the weapons have changed over time. Today, a state can hold a person captive by denying them access to uncensorable private money. So, today, freedom is nothing without digital security for money.

Ledger has made their mission to provide the market with personal security for its digital assets. What differentiates Ledger from other companies is that they see business as the means to achieve the mission: a ruthless pragmatism that acknowledges that without money we will never achieve or retain freedom. This is because security is an arms race.

Hacking is now a state-level enterprise: Russia, North Korea, and China are just some of the nations that have invested heavily in developing cyber warfare skills. This has contributed to: 300,000 new pieces of malware being created every day; a hacker attack occurring every 39 seconds; yet, the chance a cybercrime is detected and prosecuted in the US is 0.05%.

This means security in the nascent yet highly valuable digital assets industry is an asymmetric balance of power, so those seeking to provide security solutions need to invest and focus. Ledger does both. It invests heavily in R&D. And, it only provides air-gapped hardware that performs a singular security function. That is why they are successful. And that is good for Bitcoin.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD555 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Building on Lightning with Ben Arc Sep 14, 2022

“If you decentralise custodianship, if you make being a custodian very, very easy, it makes a mockery of laws restricting people from being custodians; if you’ve just got a few big operators, they’re points of failure which can be attacked by government or whatever. I think you see that with technology if you make things easier to run, more people are going to collectively challenge those regulations and those rules.”
— Ben Arc

Ben Arc is a free open-source software advocate and founder of LNbits. In this interview, we discuss how LNbits helps to decentralize custodianship and how Bitcoin’s widescale utility outweighs the environmental FUD.

- - - -

In April of this year, Arcane Research published the 2nd volume of its “The State of Lightning” report. It showed adoption of the payments system is growing rapidly. Transaction and usage data indicate exceptional growth (e.g. since January 2021 capacity on the Lightning network has increased by 450%). However, they don’t provide the full picture: equally important is the flourishing ecosystem.

There are well over a hundred companies working directly with Lightning: developing operating systems, node and liquidity services, wallets, payment infrastructure, financial services, rewards programs, gaming, podcast/streaming and social media payment options etc. etc. The investment such companies are attracting is growing: the prize is access to the world's best payment rail.

LNbits are providing the services of a Point of Sale payment and accounting technology. Its founder, Ben Arc, started hacking hardware to integrate Lightning functionality after attending the very first Lightning hack day in 2018. Since then he has taken a passion to contribute free open-source software for the community, into a VC-funded business seeking to bring scalable products to market.

LNbits already has a free open-source Lightning wallet/accounts system with an array of extensions enabling users to create paywalls, faucets, offline shops, and even a jukebox! But Ben continues to hack hardware: he has created a Lightning ATM that he provided a live demo of during the show. Those who attend Real Bedford should soon be able to see one of these!

Ben is looking to help grow the adoption of a technology that can provide freedom through decentralization. This will occur once we make these technically sophisticated innovations easy to use, and equally, easy to develop as open-source projects. Lightning is the innovation that enables Bitcoin to scale, and LNbits is part of the growing ecosystem we need to help Lightning to scale.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD554 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Free Private Cities with Peter Young Sep 12, 2022

“A world where there’s a plethora of different kinds of society where people consent to the rules, and people have the ability to choose what kind of system they live under, is a better society for everyone.”
— Peter Young

Peter Young is the managing director of the Free Cities Foundation. In this interview, we discuss the development of autonomous administrative areas around the world called ‘free cities’, where new types of governance can be offered to citizens outside the control of existing states.

- - - -

Paul Romer, former chief economist at the World Bank and a Nobel prize winner, proposed in 2009 the concept of Charter Cities. Romer was trying to tackle the problem of stagnant investment in the Global South arising from bad governance. The solution was to evolve the idea behind special economic zones and create autonomous city-states within existing countries.

The autonomy would extend to alternate legal and political systems from the host nation, and to the provision of services by private organisations. An advanced guarantor country would protect the legal rights of residents. The idea was that such cities would become trusted centres predicated on good rules, attracting investment, firms and people, the benefits of which then filter beyond the cities' boundaries into the host country.

The Free City Foundation have taken Romer’s idea and sought to implement it in different parts of the world. The aim is to provide citizens with alternatives to the status quo: establishing new legal, financial and municipal relationships with residents. The ideology is to reduce the size of the modern state, which is considered to act in its own self-interest at the expense of society.

There are a number of different scales of initiatives for the Free City Foundation: from intentional communities to prosperity zones, all the way to Free Private Cities. Prospera in Honduras is a working example of a Free City: a new settlement on the island of Roatán is being developed within its own civil law, regulatory agencies and taxation; although it must still adhere to the Honduran constitution, international treaties and criminal law.

But this is only the start: many more examples are being developed across the world. Perhaps the most innovative idea is Seasteading, where independent communities are developed in international waters, outside of the jurisdiction of existing governments. Are these initiatives viable and preferable alternatives to the nation-state? That may be too early to tell, but there is a growing number of investors who think they are the future of civilisation.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD553 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Banking in 2050 with Eric Yakes Sep 10, 2022

“Now that we have this peer-to-peer payment network, where normally that value is being captured by credit card companies and applications and things like that in our current system, now that it’s peer-to-peer, that value can be captured by individuals peer-to-peer…that 5% fee going to your credit card company, that’s going to you baby.”
— Eric Yakes

Eric Yakes is the author of ‘The 7th Property’. In this interview, we discuss the possible Bitcoin banking systems that could emerge when Bitcoin reaches maturity. We consider the forms of banking that developed in the past, and the new forms of banking Bitcoin and the Lightning Network could engender.

- - - -

One of the major changes brought about by Bitcoin is that it encourages those who discover it to study and question money. It is an awakening, which changes the concept of finance, and the balance of power between the state and individuals. Not only does this upend the confidence in state control monetary systems, it also makes people question state-regulated banking systems.

The idea that there are alternatives gives optimism to those who have railed against fractional reserve banking. Expanding the money supply beyond that covered by reserves was deemed by some to have been a primary driver of the global financial crisis. Further, it has given rise to a generation of central bankers who are more comfortable with printing money.

The promise of Bitcoin is the return to full reserve banking: a balance between deposits and lending. However, whilst this mitigates the chaos of deleveraging from unsustainable debt, it may also hinder long-term investment. These are the basic outlines of the major economic arguments that have separated the Austrians from the Keynsians, which have defined the push and pull of western monetary policies in the post-war period.

Irrespective of the merits of either side of the debt around the usefulness of credit, Bitcoin could be expected to work in a spectrum of societal approaches to credit. The question, therefore, is what banking systems will Bitcoin and the Lightning Network facilitate?

Will the nature of banking remain similar to the present, will there be a renaissance of old forms of banking, or will the market evolve new forms of banking? Each scenario is complete with a set of tradeoffs. But, Bitcoin’s scarcity, combined with its utility as a digital permissionless uncensorable global monetary system, opens up a world of possibilities.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD552 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Fedimint & the Future of Bitcoin Custody with Obi Nwosu Sep 08, 2022

“Most of the solutions that I’ve seen around custody take us from A to B to C, so they’re better custody, they improve upon where we are. But what we did is look at what does the world look like when everybody’s using Bitcoin, when there are billions of people using Bitcoin.”
— Obi Nwosu

Obi Nwosu is a co-founder of Fedimint and a board member for Jack Dorsey’s and Jay-Z’s ₿trust. In this interview, we discuss how Fedimint builds upon various innovations to create community Bitcoin banks, with the aim of fully realising Bitcoin’s potential to bank the unbanked.

- - - -

In 2018, Bitcoin Magazine asked Andreas Antonopoulos to reflect on 10 years of Bitcoin. He remarked that not everybody needs Bitcoin; “the real impact of this technology is on the other 6 billion: the unbanked, the underbanked, the politically oppressed.” Whilst Bitcoin has the utility to help those living outside of the financial system, in its current form it still lacks the functionality and scalability to adopt the majority of people who, as Andreas stated, really need it.

Bitcoin has multiple constraints, but a principal issue is expecting the unbanked to be able to self-custody. The answer to this problem lay in work undertaken by one of the original cypherpunks. In 1989 David Chaum created Digicash. Despite the venture eventually failing, decades later it helped pave the way for Bitcoin, and, now it is the basis for Fedimint.

Chaum’s innovation was to create blind mints: digital banks where communities can deposit and utilise digital dollars, and where the custodians have no access to any of the user data. But it was a chance meeting between Obi Nwosu and Eric Sirion at a hackers congress in Prague last year that dusted off Chaum’s work and give it new life, with the aim of opening up Bitcoin to the masses. As a result, Fedimint was born in 2021. It attracted the sponsorship of Blockstream.

Fedimint operates outside of the Bitcoin blockchain, and the idea is that the custody will be managed by trusted members of a community. Custodial risk is reduced through the ability to have such mints federated, where the operation operates as a multi-sig. Obi believes that after the provision of decentralised censorship-resistant money and payments, Fedimint is the third pillar of Bitcoin. It offers the real opportunity to scale Bitcoin into a global currency.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD551 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Has the Bitcoin Price Bottomed Out? With The Rational Root Sep 05, 2022

“A model is just a way to try to predict something, but this got so popular that people just started believing in it completely, and stopped being rational about it. You always have to be a bit sceptical about models that predict the future, they can be wrong.”
— Rational Root

The Rational Root is a Bitcoin on-chain & cycle analyst and in this interview, we discuss developing & using Bitcoin price models. We look in detail specifically at his Bitcoin Spiral Models, Bitcoin hodl price models and Bitcoin halving & cycle charts.

- - - -

Bitcoin is currently in a bear market that the vast majority failed to predict. In fact, late last year, there was a lot of talk about $100k, $200k+ bitcoin that clearly failed to materialise. While bitcoin has experienced drops like this before, this time, the cycles played out differently.

So why are we in a bear market? Alongside the wider macro environment of the fed tightening and raising interest rates, Bitcoin was dragged down by the collapse of Terra/Luna and the subsequent Three Arrows Capital & Celcius meltdown (amongst others), and in June, the price got as low as $17,500.

Since then, bitcoin has been relatively stable, bouncing between $20k-$25k. Onchain analysis shows that since the June bottom, bitcoin has been under heavy accumulation. The question now is, where is the bottom and have we already hit it?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD550 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Why Bitcoin is the Best Monetary Network with Lyn Alden Sep 03, 2022

“Lightning opens up interesting things, if you’re a programmer in a country, you can now get international payments directly from them without going through their country’s banking system. It’s basically peer-to-peer finance. And then they have a unit that is hard, that is harder than their local currency….basically it connects global labour, global work, global productivity in a way that didn’t exist before.”
— Lyn Alden

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss her latest paper on the Lightning Network (LN). We focus on the importance of Bitcoin’s base layer, how LN compares to Visa and Mastercard, and how LN is connecting the world in new and revolutionary ways.

- - - -

To understand the Lightning Network, you need to go back and understand money: what attributes does it need to have, and what are the best means of facilitating these attributes?

Bitcoiners believe it to be the latest evolution in money. It has the best combination of features of any previous version of money: it is hard, auditable, portable, uncensorable, immutable, fungible, trustless and decentralised. Yet, Bitcoin’s Achilles’ heel, and the question that plagued its first decade, was how it could scale to become an effective medium of exchange.

The capacity of the Bitcoin network is purposefully limited to ensure that the network can remain as decentralised as possible. For Bitcoin to operate as a medium of exchange, a transactional layer needed to be built on top of the network.

This is the Lightning Network. It's designed to provide an instant and cheap payment system connecting the world.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD549 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Right to Bitcoin Privacy with Max Hillebrand Sep 01, 2022

“It’s seriously a matter of life and death. Humanity cannot survive under tyranny, it just dwindles away and dies. It’s a really important fight, if we lose this one, we’re screwed - the future is going to be substantially different, substantially different, and not in a good way at all.”
— Max Hillebrand

Max Hillebrand is an economist and open-source entrepreneur who runs Agora Towards Liberty. In this interview, we discuss the release of Wasabi Wallet 2.0 that he has been contributing to, the importance of CoinJoin, providing easy privacy for everyone, and why the personal risks of facilitating privacy are worth it.

- - - -

Every year increasing volumes of personal digital data are being leaked. As the general public doesn’t perceive the impacts to be immediately damaging, there is insufficient consideration for the risks posed by this creeping encroachment on privacy. But, it is the replacement of cash by digital currencies that is causing privacy advocates real cause for concern.

Removing people’s ability to transact is perhaps the most potent means of control outside of internment. Monitoring and censoring personal transactions by both private institutions and the state is becoming increasingly common. As we saw in Canada, the temptation to use such draconian measures can be too much for governments of all persuasions to resist.

Bitcoin’s censorship resistance is therefore the right tool at the right time. However, maximising the privacy utility of Bitcoin requires certain practices to be adopted by the user, and the application of the right tools. CoinJoin is one such practice, which re-establishes Bitcoin’s fungibility by breaking the traceability of UTXOs. The issue to date has been that such a technique requires reasonably advanced technical skills.

This is where Wasabi Wallet 2.0 seeks to help. It comes with CoinJoin as an automatic built-in function. Privacy as standard. This is a potential game-changer: privacy is obviously easier to maintain when more people are able to remain private.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Texas Blockchain Summit - Nov 17-18, 2022 | Austin, Texas
BCB Group - Global digital financial Services

-----

WBD548 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin for Libertarian Socialists with Ben de Waal Aug 30, 2022

“Left libertarianism, libertarian socialism, is the idea that you want to maximise freedom for people in general so maximising of liberty, that’s the libertarian part of it. And the socialist part of it is explaining that the best way to do that is with traditionally socialist structures, rather than more capitalist structures.”
— Ben de Waal

Ben de Waal is the VP of Engineering for Swan Bitcoin. In this interview, we discuss living on bitcoin, what it means to be a libertarian socialist, the issues with capitalism and why Bitcoin should be a home for those on the left and the right.

- - - -

The last year has been marked by a growing interest in Bitcoin from progressives. A number of high-profile liberal names have emerged from within the community extolling the utility of Bitcoin. But, this is not a new phenomenon: the community has always been a home for the full spectrum of views. Further, there are important reasons why Bitcoin appeals to those on both the left and the right.

Bitcoin has garnered a strong libertarian following. This was something Satoshi envisioned: in 2008 he stated in a post “It's very attractive to the libertarian viewpoint if we can explain it properly.” This was successful; there are many who have been attracted to the Bitcoin community for its potential to provide an alternative to state-controlled currency, and thereby limit the size of government.

This alignment with the right has acted as a barrier to some on the left. But not all. The original cypherpunks philosophy was predicated on anarchist ideals, to work outside of government controls. This attitude is analogous to those on the left who feel disenfranchised by the current global capitalist hegemony. Bitcoin too offers those on the left a chance to opt-out of what they perceive to be a broken system. Increasing numbers are waking up to this opportunity.

The issue is obviously that the left and the right have been at loggerheads for centuries. Over this time debate has evolved into grandstanding. Misconceptions have been allowed to fester on both sides. This has been supercharged by social media where the general aim now is to marginalise an opposing opinion rather than seek to analyse and potentially assimilate different ideas.

If Bitcoin really is freedom money, then it needs to be a home to people of all opinions. The issue is that our society has become polarised; a winner takes all attitude has metastasized. We need to reaffirm the basis of a strong democratic system: a pluralistic society that tolerates and supports multiple centres of power. Where ideas are debated, solutions are found, and progress is made. We need the same philosophical approach as the United States' founding fathers.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD547 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Has Ethereum Been State Captured? With Mark Goodwin Aug 26, 2022

“This is the US government and the dollar system beating an open-source project and a free speech project… this isn’t like, oh, Bitcoin’s winning because Eth is losing. No, this is a big change that’s happening.”
— Mark Goodwin

Mark Goodwin is the director of print editorial at Bitcoin Magazine. In this interview, we discuss the US government's sanctions on Tornado Cash, the upcoming Ethereum merge, and why this is vitally important for the future of Bitcoin.

- - - -

On 24th August, the Ethereum Foundation's Protocol Support team announced the Ethereum merge is expected to take place between September 10th and September 20th. The event marks Ethereum’s shift from proof-of-work to proof-of-stake, which would eliminate mining from the network consensus mechanism.

However, major concerns are surfacing that move beyond the well-worn battle lines. There is a growing desire for the Ethereum PoW consensus to continue resulting in a network fork. But, Ethereum has effectively been co-opted by USDC and USDT stablecoins. Because these stablecoins are widely used on the network and due to the centralised nature of these stablecoins, the issuers can throw around their financial weight by deciding which fork to censor. And the organisations behind these stablecoins have shown a readiness to comply with state sanctions. What will this make Ethereum?

On the same day of the merge announcement, a Dutch judge ruled that the developer of the Tornado Cash mixing service on the Ethereum blockchain must stay in jail for 90 days as he awaits charges. What these charges will be is not necessarily clear at the moment, but it seems that authorities will tie it into hacking and money laundering schemes.

The Dutch action was coordinated with (and probably orchestrated by) the US government, which has imposed sanctions on addresses associated with Tornado Cash. The actions by the State Department are reminiscent of the original battles with cypher punks in the 1990s that resulted in the first “Code is Speech” ruling. Do they want to retest that ruling?

These events, on the face of things, reinforce the unique position of Bitcoin. But, any rejoicing would miss the existential dangers. The state may be setting a precedent to outlaw code, sending a message to developers seeking to protect privacy which is already having a chilling effect, whatever the protocol.

Could we be witnessing the development of a state-coerced digital currency?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD546 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin for Fairness with Anita Posch Aug 24, 2022

“In Zimbabwe for instance with that high inflation: if you tell them you can’t inflate that money, you can’t make more out of this Bitcoin, you can’t censor it, your government can’t take it away from you, everybody understands immediately.”
— Anita Posch

Anita Posch is a fellow Bitcoin podcaster, author, advocate, and educator. In this interview, we discuss her mission to educate Bitcoin educators in emerging countries, the challenges Africans face using Bitcoin, and the numerous innovative Bitcoin initiatives happening in Africa.

- - - -

Bitcoin has a tremendous capacity to help people, particularly those living in emerging economies, but a lot of people associate it directly with scams. A large part of this is due to misreporting within mainstream media. Traditional media outlets have incredible reach but seem to lack the care required to provide authoritative balance.

Last Saturday, The Times printed an article with the headline “How the Bitcoin boom led to ‘a giant fleecing of ordinary people’”. The article focused on the numerous events in crypto over the past few months that have wiped out retail investors. But, at no point in the article is there any attempt to differentiate Bitcoin from the crypto market.

The Bitcoin community is therefore lucky to have fearless advocates like Anita Posch, pushing back against the mainstream FUD to educate people on the ground level. This is hard, lonely, but vital work, to provide access to uncensorable money to those who need it the most. It is this type of work that has made the growth and adoption of Bitcoin, despite all the obstacles, a silent revolution.

Anita has focused a lot of attention on Africa. She has visited and helped people throughout the continent. Against a backdrop of countries suffering from crippling inflation, corruption and strict currency controls, there are numerous innovative initiatives empowering ordinary people through Bitcoin. These are inspirational stories of normal people doing extraordinary things.

But Anita is one person. She is therefore focused on maximising her impact by educating the educators. To this end, Anita has set up a non-profit initiative, Bitcoin for Fairness. Please give generously. That way you can help Bitcoin’s silent revolution to continue.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD545 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

What’s Happened Between Ukraine and Russia with Matthew Mežinskis Aug 22, 2022

“We’ve lived with this, we’re done with this. Look, you are now invading Ukraine, we’re not going to stand for it, and we’re certainly not going to side with people who say that Russia’s security interests are the problem here.”
— Matthew Mežinskis

Matthew Mežinskis is the creator of the Crypto Voices podcast and Porkopolis Economics website. In this interview, we discuss Russia’s invasion of Ukraine and the refutation of justifications for the war on the basis of Russia’s security needs and threats from Ukrainian Nazis.

- - - -

On the 24th February, Vladimir Putin ordered Russian troops to invade its neighbour Ukraine. It is the first major conflict in Europe since World War 2, this time pitting East Slav against East Slav. The ramifications of the war will be felt for decades to come. Yet, at the moment, analysts and commentators are still struggling to make sense of the rapidly shifting present.

Despite the uncertainty regarding how the conflict will play out, it seemed as though the ideological battlegrounds were clear: Putin, a ruthless autocratic leader in charge of a mafia state, has aggressively and unilaterally invaded a sovereign nation defying international law, destabilising the wider region, and causing significant issues in global energy and food markets.

However, some of those who have cast a rightfully critical eye over post-World War 2 American foreign policy, particularly its proclivity for armed combat, looked at Russia’s actions through a different lens. To them, Russia had credible security concerns.

Does a nation that has been invaded twice in recent centuries by European powers have legitimate concerns over NATO expansions toward its borders? Furthermore, are the alarming claims of powerful ultra right-wing within Ukraine’s armed forces fighting along Russia’s borders reliable?

To those for whom the conflict resonates personally, where TV images show familiar locations and victims with a shared history, these are incredibly emotive subjects. It becomes more than an intellectual disagreement, and there is little room for nuance. But, even for those of us without an intimate connection, Putin’s historical record and the evidence that Russia is engaging in brutal atrocities against unarmed civilians of all ages, should bring clarity to our perspective.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD544 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Corruption of Power with Maajid Nawaz Aug 19, 2022

“The problem is that this idea that what we used to believe were inviolable, sacred rights, can be suspended because of an emergency then they’re not sacred, then they’re not inviolable, then they’re basically temporary and they’re not rights: they’re permissions.”
— Maajid Nawaz

Maajid Nawaz is a UK-based counter-extremism activist, author and content producer. In this interview, we discuss his membership of a fundamentalist pan-Islam political group, imprisonment in Egypt, and returning to the UK to work on counter-extremism. We also discuss being forced to leave his position as a presenter on LBC.

- - - -

Maajid Nawaz experienced first-hand the rise of Islamic extremism through the 1990s. At the time terrorism was not viewed to be a major global issue: it was confined to specific pockets around the world or used by individuals expressing narrow ideological views. This was when Nawaz was a senior member of a political organisation pushing for the establishment of an Islamic caliphate.

Then 9/11 happened, which brought the threat of Islamic terrorism sharply into focus. Nawaz and like-minded people were now perceived to be the enemy by a growing political alliance. Nawaz was in Egypt, arriving a day before 9/11. He was picked up and imprisoned for 4 years in Egypt’s most notorious prison. He witnessed torture and was subject to a period in solitary confinement.

Following pressure from Amnesty amongst others, Nawaz was eventually released and returned to the UK. Rather than turn to thoughts of revenge, Nawaz sort to break the cycle of violence. He renounced his Islamist past and then co-founded a counter-extremist foundation. He ended up advising leaders around the world, including UK Prime Minister David Cameron and US President George Bush.

Nawaz is now a content producer seeking to cover a range of issues: politics, security and human rights, Jihadism, Nationalism, China's ill-treatment of Uighurs, and the Covid lockdowns. His dissenting views on the orthodoxy regarding vaccines led to him being forced to leave as a presenter on the talk radio station LBC and becoming an independent voice.

There is a certain clarity of thought that comes from having experienced at close quarters how the geo-political landscape has shifted and changed over the past two decades. Nawaz has clear ideas on how the world works, how institutions and systems behave, and why we must question the mainstream narrative. When all systems lean toward power, it is important for some to lean in the opposite direction.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD543 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Fractional Reserve, Base Money & Bitcoin with Matthew Mežinskis Aug 17, 2022

“Credit needs no money; it needs no barter, it needs no commodity, it needs no intermediary, credit actually needs nothing and it can work… and that is actually the thing that has allowed civil civilization to grow well in excess of money.”
— Matthew Mežinskis

Matthew Mežinskis is the creator of the Crypto Voices podcast and Porkopolis Economics website. In this interview, we discuss the definition of money, the importance of credit and fractional reserve banking, and how “not your keys, not your coins” equally applies to bank deposits.

- - - -

WBD528, “Everything You Know About the Economy is Wrong with Jeff Snider”, was one of our most discussed shows of recent months. Jeff presented a number of challenging and yet fascinating ideas, that have now spurred a second interview responding to some of the issues raised.

A principle issue was Jeff’s assertion that the system lacks understanding and control. When asked whether he could define money Jeff replied “No, I actually don't. That's I think that's the general problem. Even the Federal Reserve or central banks, economists, they can't define money either.”

Matthew Mežinskis respectfully disagrees: he thinks that there are tried and tested specific definitions that make money comprehensible to all. Matthew promotes the idea that money is chiefly a medium of exchange, and that there are two distinct types of money: base money that confers ownership, and fiduciary money which is a claim for ownership.

Further, Matthew is of the opinion that, whilst criticism of the Fed is valid, it isn’t the ignorant and inefficient organisation some portray it to be. From this cascades a series of additional opinions that are at odds with the mainstream narrative within Bitcoin circles: credit is a natural means of human interaction, that has enabled civilisations to flourish; whilst fractional reserve banking is a necessary part of capital allocation within the economy, and cash use continues to be vibrant.

And yet, in line with the truism that Bitcoiners are a broad church, Matthew is a strong advocate for Bitcoin. He sees that it promises real improvement to the current economic system. He just sees it through a different lens. In this worldview is Bitcoin an evolution rather than a revolution?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD542 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Who Needs Bitcoin? With Junseth Aug 15, 2022

“Any of these external effects like the fact that mining is good for attaching to an energy infrastructure, the fact that anything is useful as a result of Bitcoin, comes from the fact that Bitcoin is nothing interesting. It just contained value, that’s it. All things flow from that.”
— Junseth

Junseth is an OG Bitcoiner and the former co-host of Bitcoin Uncensored. In this interview, we discuss how the early days of Bitcoin mirror the issues we’re seeing in the ecosystem today: over leverage, unsustainable returns, greed and excessive confidence that the party won’t end.

- - - -

The contagion in the DeFi market over the past few months has seemed unprecedented. Major companies wiped out. Investors rekt. Confidence turned to panic. Commentators have been declaring that the recent events are an existential crisis: this time Bitcoin is really dead.

As one of the OG Bitcoiners, Junseth was part of the initial wave who eulogized and expanded on what the innovation could possibly mean for the world before the world had heard of Bitcoin. Then, between 2015-2017, he hosted the uncompromising podcast Bitcoin Uncensored, with Chris DeRose. They exposed false promises and scams prevalent in the space.

Past is, as they say, prologue. And the past events that triggered the development of Bitcoin, and its early days, rhyme with the present.

Junseth connects the over-leverage within traditional finance, which was the predicate for Satoshi’s message in the genesis block, with the excessive confidence and greed that has been the root of the cascading collapse of DeFi companies. In turn, the untenable yields prevalent within the altcoin markets were a practice employed by scammers working with Bitcoin nearly a decade ago.

What are the important lessons to learn? Humans are creatures of habit: scams and greed will always follow the money. But, is the more important lesson that the unnecessary complexity of the grift that develops diverts from the principle simplicity of Bitcoin? Is the innovation of digital value the singular utility? Will those motivated by greed, therefore, miss the real purpose of Bitcoin? Should we instead follow the actions of those motivated by need?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD541 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Should Drivechains Come to Bitcoin? With Paul Sztorc Aug 12, 2022

“I don’t think we’ll ever agree on what you might call meta consensus, like what the blockchain should contain. I think people will probably continue to disagree about that, forever. And I think that sidechain is a sort of an escape valve.”
— Paul Sztorc

Paul Sztorc is an independent Bitcoin researcher. In this interview, we discuss drivechains, his 2015 proposal that’s the focus of BiP 300 and 301. Drivechains facilitate sidechains on Bitcoin, providing a bridge to new coins. The aim is to enable developer creativity atop Bitcoin.

- - - -

In October 2014 Adam Back and other prominent Bitcoin developers introduced the concept of sidechains to Bitcoin’s infrastructure. In the paper, they stated “We propose a new technology, pegged sidechains, which enables bitcoins and other ledger assets to be transferred between multiple blockchains. This gives users access to new and innovative cryptocurrency systems using the assets they already own.”

Paul Sztorc then developed a proposal for a version of sidechains in 2015 that were linked to Bitcoin’s mainchain. This proposal would improve on the original sidechain idea in several ways: it did not require independent miners for the sidechains, and further, it did not require a hard-fork of Bitcoin.

A principle driver was to enable developers to create innovations within Bitcoin, outside of the need to develop separate token ecosystems. Various features, including a 1:1 peg, and a delayed redemption period, were designed to mitigate the incentive to create new alternative tokens for purely selfish financial reasons, whilst facilitating an ecosystem for innovation.

In short, it was designed to remove the marketplace for altcoins altogether, allowing Bitcoin to foster experimentation. And yet, whilst being the basis for two Bitcoin Improvement Proposals, drivechains are still yet to be adopted by the community. This is perhaps not a surprise given Bitcoin’s focus on dependability and reasonable concerns about impinging on Bitcoin’s robust security.

But, are these concerns valid?

Of course, the idea that we could retain a fixed monetary supply on a secure base layer, and at the same time have the freedom to experiment with new privacy technologies and programmability seems like the best of both worlds. The question remains why this strategy has not yet been broadly supported and adopted by the network. The “work slowly and build things” philosophy in Bitcoin is a core pillar of the Bitcoin value proposition as a reliable monetary protocol. But can drivechains be a way of enabling Bitcoin to become the gravitational centre for developers? Or, do Drivechains pose an existential choice between security and progress?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD540 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

A Progressive’s Case for Bitcoin with Jason Maier Aug 10, 2022

“Bitcoin has the potential to help with these progressive ideas; but in order for that to be successful, it doesn’t mean that all of the libertarian or conservative ideas have to be wrong.”
— Jason Maier

Jason Maier is a teacher and progressive Bitcoiner. In this interview, we discuss his inspiration for writing a book setting out his case, as a progressive, for Bitcoin. The public narrative and FUD around Bitcoin are antithetical to progressives, yet, its utility is aligned with progressive ideals.

- - - -

Bitcoin should be a broad church. The original cypherpunks philosophy was predicated on anarchist ideals, to work outside of government controls. This attitude is analogous to a wide variety of political philosophies, including those on the left who feel disenfranchised by the current global capitalist hegemony. And yet, Bitcoin has historically been viewed as being antithetical to progressives.

The mainstream narrative is that Bitcoiners are predominantly libertarian, with explicit views on the need to reduce the size of the state, the coercive nature of taxation, and the importance of self-reliance. In addition, there is significant criticism about the environmental harm being done by Bitcoin mining through its energy demands. Given our polarised society, it’s not surprising that progressives are immediately turned off.

And yet, there has been a marked increase in the number of progressive voices entering the community over the past few years. These people have risen to prominence given their impassioned and articulate advocacy for Bitcoin. It is a new wave of orange-pilled adoption that has identified broad utility that is aligned to, rather than being at odds with, progressive ideals.

Whether it’s that Bitcoin is providing sovereignty and security to marginalized communities, that Bitcoin acts as a constraint to unfettered government economic power, or that Bitcoin is actually enabling market-driven solutions to environmental issues - there are many obvious fact-based reasons why progressives should be enthused by the application of Satoshi’s innovation.

The reason why the increase in left-leaning adoption hasn’t turned into a flood is in part due to education. There are a limited number of resources available to those starting on their Bitcoin journey. This is where people like Jason Maier hope to make a difference. Material written by a progressive will provide an authentic message specifically tailored to this audience.

This should be exciting for all Bitcoiners. If Bitcoin is to become global money we need as wide an audience as possible to see value in it.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD539 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Current State of Bitcoin Mining with Harry Sudock Aug 08, 2022

“Bitcoin is a multi-decade, multigenerational incredible opportunity. Doesn’t mean that the water is always warm and smooth; there’s chop along the way. And so planning for those downside scenarios and trying to manage risk, first and upside second is the prudent way to do it. And there’s operators and companies that are out there within our industry, that have done their best and made good conservative decisions, and still blown up.”
— Harry Sudock

There is a growing a powerful backlash against Bitcoin mining. In the past 2 months: New York’s legislative assembly established a moratorium on mining based on PoW; Dick Durbin, the second highest ranked Democrat in the Senate, tweeted that Bitcoin mining uses “obscene amounts of energy”; the European Central Bank indicated that a ban on PoW is likely by 2025.

The problem is that the growing movement against Bitcoin mining, specifically its use of energy to satisfy PoW consensus protocol, defies logic. The FUD and the facts don’t align. The reality is Bitcoin mining is providing unprecedented utility to society. It is helping to mitigate methane emissions at landfill and oil fields, whilst also providing a unique demand that stabilizes energy grids.

The concern is that the FUD is orientated along political lines. The movement against Bitcoin mining is more heavily resourced by democratic and left-leaning groups. Therefore, is the growing progressive support for Bitcoin more than just beneficial to its wider adoption? Could it be vital to dispel the disinformation? Is Bitcoin’s future dependent upon a de-polarisation of the ecosystem?

Whatever the trajectory of the discussion, one thing is clear: Harry Sudock is one of the most clear-eyed, passionate and articulate voices within our industry. With people of such uncompromising yet pragmatic vision, we have the resources to win the battle of ideas. The Bitcoin community’s role is to help circulate the facts amongst the groups spreading the FUD.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD538 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

All Bitcoin, No Fiat with Sahil Chaturvedi Aug 06, 2022

“What if there was a way to hold Bitcoin only as your money and completely sidestep financial debasement and have better financial privacy, but at the same time, you can be interoperable with the legacy Fiat financial networks. That’s an interesting concept to me.”
— Sahil Chaturvedi

Hyperbitcoinization has long been discussed within Bitcoin circles. To some it is an inevitability, to others, it is a pipedream. Notwithstanding the differences of opinion, it is generally assumed the process requires top-down nation-state actions. In the meantime, adopting, using and living with Bitcoin is a ‘side hustle’ to the practical reality of having to operate within a fiat economic system.

However, it shouldn’t be a surprise that amongst the growing number of people promoting freedom money, there is a growing community who are going all in on Bitcoin. At the extreme end of ‘getting off zero’ in terms of Bitcoin adoption, there is a movement promoting ‘getting on zero’ in terms of fiat rejection. It’s hyperbitcoinization at the individual level.

But how does one go about using Bitcoin as your personal medium of exchange and unit of account? There are a number of technical issues that need to be addressed: our fiat economic system is deeply embedded into every facet of our way of life. But there are current and emerging technologies that can assist in that process.

But arguably more important than the practical issues that need to be surmounted is the change in attitude that’s required to make this financial adjustment. Our fiat economy is also deeply embedded into our individual and collective psychologies. A change in mindset is required, particularly in relation to price.

This approach is not for everyone. Different people have specific personal needs and responsibilities that make ‘getting off zero’ unfeasible at this stage of Bitcoin’s adoption cycle. It is not a dogmatic and fanatical action, coercing others to follow suit. But at the same time, ‘getting off zero’ should be applauded as being perhaps the ultimate vote of confidence in Bitcoin.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD537 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How Crypto Replayed the 2008 Financial Crisis with David Morris Aug 04, 2022

“If you consider your APR a marketing tool, you’re dead in the water. That is not the business that you’re actually in…. ‘we’re gonna gather all of these customers by offering this unsustainably high APR, and then we’re going to figure out later how to deliver it’ and that doesn’t work.”
— David Morris

David Morris is the Chief Insights Columnist at CoinDesk. In this interview, we discuss the contagion that has ripped through the crypto market, and how it mirrors the worst failings of the 2008 financial crisis. Is regulation required for crypto to protect people from getting rekt?

- - - -

Over the past few months, the crypto industry has experienced a series of seismic events resulting in yet untold numbers of retail investors being wiped out. Those to blame are considered to be, at best, criminally negligent. What the heck happened?

By now, the “I told you so” refrain has long been worn out amongst groups of Bitcoiners. Unfeasibly high APRs, complex stablecoin algorithmic pegs, crypto funds attracting huge amounts of capital - this was background noise that many just cancelled out by a blanket rejection of the whole sector.

But there were targeted warnings of danger within the altcoin ecosystem. Those with a keen interest in the sector, who couldn’t be co-opted, started to investigate the fabulous promises being offered. They found alarming weaknesses, obvious failings and ruinous incentives structures. The red flags were hoisted, but, by this time, too many were caught up in the hysteria to take notice.

As we start to undertake the autopsy, on what is still metaphorically a warm body, the obvious questions arise. How did we as a collective let this happen? How can we stop this from happening again? Are we in the same position as the banking sector following the global financial crisis? Do we need regulations to enforce protections for investors?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD536 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Eurodollar & The Money Printer with Lyn Alden Aug 02, 2022

“This is inherently a Ponzi scheme essentially, if there’s more debt than there’s money, it means those debts in aggregate can never be paid down. It’s not designed to ever end… it can only grow.”
— Lyn Alden

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the fundamentals of the current global economy: the Eurodollar system, central banks, money printing, debt, inflation and deflation.

- - - -

WBD528, “Everything You Know About the Economy is Wrong with Jeff Snider”, was very popular with listeners. It raised the concept of the global economy being controlled by the Eurodollar system, an esoteric and opaque financial market outside of the control of the United States. The issues emanating from this theory are manifold, not least that central banks aren’t in control.

A common request was to have us discuss the issues arising from Jeff Snider’s arguments with Lyn Alden. Lyn has written extensively about these issues: her November 2020 paper “Banks, QE, and Money-Printing” is a peer-leading explanation of QE. It clarified why, up to the end of 2020, QE hadn’t led to the inflation that many commentators had been warning of since 2007.

Jeff and Lyn are aligned on the theory that the Eurodollar system is a critical driver of the global economy, and that the risk of deflation is of concern. The differences in opinion center on the importance of sovereign debt. Jeff thinks we need more debt to unlock liquidity and combat recessionary forces. Lyn’s concern is that unprecedented levels of indebtedness, in the context of recessionary forces, are an existential threat.

Could the Ponzi scheme fall apart? The warning signs are there: the issues in the repo market in 2019; the breaking of the US treasury market in 2020; numerous currency crises around the world, which include developed economies.

If the situation is at risk of collapse, what are the mitigations? There seems to be no official alternative to the central banks' plan to continue printing money to resolve economic problems. But, as Japan may be finding, that approach may have its natural limits. The risks are apparent, whilst the solutions are limited. Maybe we need to have Jeff and Lyn debate in person.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD535 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

How Bitcoin Reprograms the Mind with Dan Weintraub Jul 31, 2022

“In a world in which this experiment with commercial credit and debt, and then this really messed up experiment with irredeemable currency, if that goes away… as that collective memory fades, who knows how it’ll impact us neurologically? And who knows what will become?”
— Dan Weintraub

Dan Weintraub is a retired history teacher, author and Bitcoin advocate. In this interview, we discuss how fiat money results in a cycle of increasing consumption to meet our need for stimuli, destroying our neurological systems, and how Bitcoin arrests and reverses this cycle.

- - - -

Previous societies had been more spiritually centered and had long regarded the roots of materialism (i.e. pride, greed, lust, envy etc.) as being the worst of sins. Then, following industrialisation, materialism has been distorted and promoted as a desirable mindset. The capitalist rationale is obvious: meeting people's needs generates wealth.

But, have fiat currencies locked the capitalist system into a dangerous charade? Increased debt within the system means there is a need for increasing economic activity. This can be met by exploiting people to create superficial desires and wants beyond their actual needs. Advertising is now a ubiquitous facet of modern living: a 24/7/365 machine of selling.

Thus, it is not surprising that as materialism has grown, so has the reaction to it. It has long been lambasted as being harmful to society: excessive consumption can be at once wasteful, polluting and divisive. However, increasing concern has been raised over its destructive effects on human neurology: our brains are being rewired, and we have lost the memory of an alternate way to live.

Materialism enslaves us in an elusive search for satisfying stimuli. A lot of our consumption is driven by an addiction to our brain's chemical reaction: a release of endorphins and dopamine gives us momentary pleasure. With the body's exposure to any drug, we build tolerance. Then, we need a greater high to satisfy our need for stimulation. We’re biologically locked in.

Bitcoin is heralded as the opportunity for a new and more honest economic paradigm. The question is though whether Bitcoin can reset more than just the economic system; can it reset our damaged neurological systems? Can it enable us to re-establish an understanding of the path to more centered and happy lives?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD534 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Why Bitcoin is an Inflation Hedge with Steven Lubka Jul 29, 2022

“They’re kind of these two different paradigms. One of them, you’re bearish on humanity: you think humans aren’t going to do well, we’re not going to produce stuff, we’re not going to be efficient. The other one, you’re bearish on central bankers and governments. And I know which one I’m betting on - I’m betting on humans.”
— Steven Lubka

Steven Lubka is Managing Director of Private Client Services at Swan Bitcoin. In this interview, we discuss the true meaning of inflation, the different types of inflation, and why this means Bitcoin is the best hedge against monetary inflation. We also discuss the crazy alchemy of bonds.

- - - -

Given Bitcoin’s fixed monetary policy and increasing scarcity, it has long been promoted as being a reliable inflation hedge. It was one of Bitcoin’s principal utilities. Then the consumer price index (CPI) began to rise, Bitcoin’s price tracked downwards, and commentators rushed to dismiss the “inflation hedge” theory. This included Bank of America, Mark Cuban, and a wave of financial journalists.

However, inflation is a broad term used to describe a range of phenomena within an economy. Generally, people ascribe inflation to increases in the price of goods. Originally though, inflation has been defined as an increase in the money supply. These definitions matter in examining whether Bitcoin has failed as an inflation hedge. Have people used the wrong definition?

The failure of the inflation hedge theory relates directly to the decrease in Bitcoin’s price whilst the CPI has increased over the past few months. Changes in the CPI can be caused by increased money supply, but they are also driven by supply-side changes such as supply chain shocks resulting from the pandemic and more recently the war in Ukraine.

We are going through a period of money supply deflation as the economies of the world are starting to contract. Prices are going up whilst value is going down.

Yet, significant money supply inflation has occurred since 2008. Various measures of broad money show that the US Fed has increased the money supply around 3 times since the global financial crisis. Over the same period, Bitcoin was launched, established a price, and grew to a market capitalization on par with some of the world's major currencies.

As the money supply has expanded, Bitcoin’s value has increased. Now money supply is contracting Bitcoin’s price has decreased. So, has Bitcoin actually done what it set out to do and hedge against monetary inflation? Is the real issue people’s misunderstanding of the true meaning of inflation?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD533 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Role of Bitcoin Maximalism Part 2 with Pete Rizzo Jul 27, 2022

“The problem that Bitcoin maximalism is trying to solve, is it’s trying to get people to provide their human action to furthering Bitcoin and is trying to discourage them from building things where their financial incentives would be greater to do that elsewhere.”
— Pete Rizzo

Pete Rizzo is the editor of Bitcoin Magazine, and one of Bitcoin’s leading journalists. In this interview, we discuss Bitcoin maximalism in terms of how it should be defined and rationalised, the moral lens of maximalists, and maximalism’s advantages and limitations.

- - - -

Following our interview with Udi to discuss Bitcoin Maximalism, we now host another interview on the topic with Pete Rizzo. The two shows together designed to look at maximalism from alternative perspectives with this interview attempting to understand if a definition of maximalism possible or is it necessarily opaque and fluid.

Bitcoin maximalism has long been discussed and has gone through numerous evolutions. WBD first did a podcast on maximalism 4 years ago. Since then, there has been a new wave of adoption, and with that a new wave of maximalists.

Pete Rizzo outlines his definition of maximalism for the current cycle: all efforts should be focused on supporting and improving Bitcoin; investments in other cryptocurrencies should be discouraged and ignored. And the market’s best method of policing this is the imposition of moral penalties on those working against maximalism.

However, is there a contradiction within maximalism? In seeking to vehemently defend the integrity of Bitcoin, could it harm specific projects outside of Bitcoin that aim to provide unique and objectively useful utility? Or, is Bitcoin’s mission so valuable that it can not afford to be nuanced, and therefore collateral damage is unavoidable?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD532 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Can Bitcoin Become Legal Tender in America? With Aaron Daniel Jul 25, 2022

“We all want freedom, that’s why Bitcoin exists, is to be apolitical freedom money separate from the state; and when you start to then advocate for the state to come and be involved in your freedom money it’s, I hate the phrase slippery slope, but it starts to be a slippery slope.”
— Aaron Daniel

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 the legal arguments around making Bitcoin US legal tender, and whether it would actually confer any meaningful benefits.

- - - -

It is assumed that for Bitcoin to become widely adopted within the US, it would need to be made legal tender. Without such legal clarity, Bitcoin may continue to be viewed by the general population as an unofficial and risky form of money, liable to be prohibited by the state. Therefore, gaining legal tender status would be a seismic positive shift in Bitcoins development.

Attempts to move the country in this direction are often applauded by Bitcoiners. Whether it is US states commencing processes to establish protections for Bitcoin’s use (including efforts in Arizona to declare Bitcoin as legal tender), to activists and politicians advocating for the Federal government to consider making Bitcoin legal tender. The assumption is these are worthy actions.

But, what is legal tender? What utility and protections does such status provide money? What legal framework(s) would be used to confer legal tender status? And, is it necessarily so that such a classification would benefit Bitcoin and it’s users?

The consideration of any nascent technology in legal terms is always fraught with uncertainty and interpretation. The constitution and bill of rights are a firm basis for the development of the world's oldest and most enduring democracy. But, the consideration of modern developments through the prism of the 18th-century founders results in legal arguments that need testing.

Whist such testing is worthwhile, seeking to make a private digital currency legal tender in the US will be a huge endeavour. And, rushing to develop the legal case misses the more essential policy question: is it beneficial to Bitcoin and its users to mandate its legal standing? Fundamentally, should freedom money remain free: free from state interference, but also free for all people to accept or reject?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD531 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Is ESG Signalling Civilisational Decline? With Jeet Sidhu Jul 22, 2022

“Nick Szabo has this concept of social scalability, we may come from different areas and have totally different interests, but we can both use the internet and we can both use Bitcoin; there’s no part of using Bitcoin that requires you to embrace my values.”
— Jeet Sidhu

In this interview, I talk to Jeet Sidhu and we discuss whether the promotion of obviously deficient ESG standards is a signal of a wider societal malaise: decivilisation, overregulation, political incompetence and consistent policy failures. Is human flourishing on the ropes?

- - - -

Environmental, social, and corporate governance (ESG) is a framework that was established by the UN in coordination with financial institutions in 2004. It was an attempt to expand the boundaries of the Friedman doctrine, which limits the social responsibility of businesses to increasing shareholder value. ESG essentially seeks to introduce altruistic goals for businesses.

The business community's reaction has been both rational and ironic: it has sought to use and capture ESG to maximise profits for shareholders. According to Bloomberg, ESG is the fastest growing asset management class, which is expected to exceed $50 trillion in value this year. Yet, according to EY, ESG is confusing, opaque, and subject to rampant greenwashing.

Is this exploitation of a worthy initiative an isolated anomaly that can be corrected? Or, is it evidence of a wider and more malevolent decline in society? The reality is that this isn’t the only major fault within our systems. Everyone is aware of the soft corruption of competence and the hard corruption of honesty. These have cascaded and infected our institutions.

We now live in a world that has exploited and tainted progressive language: selfish designs are hidden behind worthy declarations. We have rejected hard truths in return for expedient fiction. To what end? Are we more resilient? Do we have more efficient systems? Is society fairer? Seemingly not. This seems like an existential decline. Now is the time for honest new ideas.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD530 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Role of Bitcoin Maximalism with Udi Wertheimer Jul 20, 2022

“I don’t know if it relates to the whole block size war thing in 2017, I don’t know if it’s something else, but we changed the focus. The focus is not really on Bitcoin anymore. It’s on all the things that Bitcoin isn’t.”
— Udi Wertheimer

Udi Wertheimer is an independent developer and consultant, and an active member of Bitcoin’s Twitterverse. In this interview, we discuss the evolved status and definition of Bitcoin maximalism, what success for Bitcoin means, and how Bitcoiners should interact with crypto investors.

- - - -

Nearly 2 years ago I interviewed Udi to discuss Bitcoin, Ethereum and maximalism. He’s an important voice as, whilst being a Bitcoin advocate, Udi also provides valid critical analysis. As the merits and risks of Bitcoin maximalism are again at the forefront, it is valuable to hear his current views. The fundamental issue is whether maximalism is a net positive or negative for #Bitcoin.

The difficulties start with defining maximalism, and what unique utilities of Bitcoin maximalists are to coalesce behind. Is it a movement to protect the technical development of Bitcoin i.e. protecting monetary policy, protecting the protocol?

Or is maximalism a cultural phenomenon predicated on developing a moral framework that seeks to provide refuge from more brutal capitalist behaviours? Does maximalism need to be unrelenting in its dismissal of other developments within crypto for the purposes of protecting green retail investors from scams? When, if ever, does defence need to become attack?

Maximalism has served as a moral check on the development of Bitcoin. Adherents are right to treat manifestations of the status quo with suspicion. However, there is a delicate line to be taken. History is littered with examples of principled movements being radicalized into counter productive factions.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD529 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Everything You Know About the Economy is Wrong with Jeff Snider Jul 18, 2022

“The inflation target is, pardon my French, bullshit. And it’s supposed to be: it reinforces the idea that the Federal Reserve is a central bank, and therefore, it is targeting inflation and just responsible for inflation; but it simply reinforces what the Federal Reserve actually does, which is trying to manipulate opinions and emotions.”
— Jeff Snider

Jeff Snider is co-host of the Eurodollar University podcast and Head of Global Research at Atlas Financial Advisors. In this interview, we discuss the fundamentals of money, how the Eurodollar controls the global monetary system, and signals of a deflationary depression.

- - - -

The common narrative about the global economy is bleak. Money printing by central banks has been out of control. This new money fed into the economy and resulted in runaway inflation. Years of interest cuts to stimulate economies means cash is now trash, whilst economies are stagnating. Debt is unmanageable. The search for alpha is focused on wealth protection.

But others think this narrative is wrong. Our perceived reality is a mirage. Central banks are not in control of the levers of money, they are mere bystanders playing the role of the wizard behind the curtain. The global monetary system is controlled by an opaque and unregulated dollar exchange market developed in the 1950s: the Eurodollar system.

The Eurodollar market is sending signals that defy the forecasts that inflation will endure. The market predicts inflation will be transitory. In its wake, an aggressive period of deflation will soon rock the global economic order. Various economists over time have argued that whilst inflation is damaging, deflation is a worse evil. It has been blamed for depressions throughout history.

If these forecasts are right, we could be about to enter a period of significant economic stress.

Whilst there is consensus on the cause of the current economic malaise, i.e. profligate behaviours within the financial industry, opinions on solutions couldn’t be more different. Those who follow Eurodollar signals believe global financial systems need more US dollars in the form of debt. A lack of liquidity is leading to a lack of risk-taking that is hurting the global economy.

So, as we stand on the brink of widespread societal hardship, we have a representation of cause and response at odds with conventional wisdom. With the stakes so high, can we afford to reject these emergent opinions?

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD528 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Conviction with Eric Weiss Jul 15, 2022

“When that changes, you’re gonna see a lot more capital come in… I don’t want to be all dramatic and be like, it’s gonna be a tidal wave of money coming in and they’re all just waiting for this. But I think we’ll see it, I think it’d be making a material difference. And as you know, when any money comes into our space, there’s such a limited supply, that it doesn’t take much.”
— Eric Weiss

Eric Weiss is CEO of the Blockchain Investment Group, and the man who orange-pilled Michael Saylor. In this interview, we discuss the current malaise in the Bitcoin price, why regulation will change this and be good for Bitcoin, and why Bitcoin provides value to all Americans.

- - - -

As Bitcoin continues to track sideways, with a current sentiment of extreme fear and continued reports of its demise, it’s easy to lose the bigger picture. In 13 years Bitcoin has come from zero to an asset comparable to state-sized currencies, which is being discussed at the highest levels of government around the world.

Whilst the wider industry suffers from its own 2007-style financial crisis, where leverage, deception and greed risk an investor bloodbath, Bitcoins ethos remains morally and ethically sound. Bitcoiners' advice to avoid wider altcoin and Web3 proposals has arguably been vindicated. The maxim to hodl is being tested, but long term investors are holding the line.

Why is this? As Eric Weiss states, Bitcoin has grown to become a global phenomenon without a marketing budget. Let that sink in. The growth of Bitcoin has been viral. Individuals have become orange-pilled, and in various forms brought others into the fold. There is no one reason for this, and that is Bitcoin’s strength. It has utility for everyone.

High worth individuals, the middle class and low income groups are all affected by inflation. Yes, in the current environment, the impacts are more immediate for those with less assets. And, Bitcoin’s volatility isn’t a theoretical risk at this time. But even in periods of moderate inflation, compound effects mean that the dollar is losing value year on year.

Bitcoin advocates are confident in the medium term it is going to beat the dollar. Even Charlie Munger thinks the dollar is going to zero over the long term. What amount of Bitcoin constitutes a sensible scale of investment in open to debate, but, as one commentator opined in Bitcoin Magazine on Jul 13th “there is one clearly unwise allocation size when it comes to Bitcoin: zero.”

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD527 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Turning Garbage into Bitcoin with Adam Wright Jul 13, 2022

“You could either mine Bitcoin on one small landfill for a year, or you could plant 5 million trees and let them grow for 10 years - both of those are going to have the same environmental impact.”
— Adam Wright

Adam Wright is a Co-Founder and CEO of Vespene Energy. In this interview, we discuss using landfill methane to power Bitcoin mining, turning waste into an asset, reducing greenhouse emissions, building decentralised baseload energy facilities, and orange pilling local government.

- - - -

According to the Environmental Defense Fund, a leading environmental nonprofit organisation, methane has more than 80 times the warming power of CO2 and drives at least 25% of today’s global warming. Further, it is a short-lived greenhouse gas remaining potent for just 12 years. And yet, for many years climate change strategies focused on reducing man-made carbon emissions.

This is changing: “Reducing human-caused methane emissions is one of the most cost-effective strategies to rapidly reduce the rate of warming and contribute significantly to global efforts to limit temperature rise to 1.5°C… Focused strategies specifically targeting methane need to be implemented to achieve sufficient methane mitigation.” UN Global Methane Assessment 2021.

According to the US Environmental Protection Agency (EPA), a third of US methane emissions are generated by landfills. The EPA recognises that methane recovery is not widespread around the world due to a lack of knowledge regarding technologies, and investment challenges. Last year the EPA issued new mandatory guidelines to reduce these emissions within the US.

So, imagine you were a municipal official with responsibility for landfills, and someone told you they would: take responsibility for converting methane emissions into EPA-compliant carbon emissions, pay you for the privilege with a profit share deal, and, for isolated landfills, build out the potential for a decentralised energy facility. In short, they could turn waste from being a liability, into an asset.

This is what Vespene Energy is proposing. It is hoping to orange pill state and local authorities with their vision of turning methane into Bitcoin. It is another exciting opportunity that Bitcoin opens up; another demonstrable rebuttal of the environmental FUD - enabling the rapid build-out of energy facilities across the thousands of landfill sites across the US, and then the world, whilst tackling climate change. It really is alchemy.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD526 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The State v Julian Assange with Gabriel Shipton & Stella Moris Jul 11, 2022

“He represents democracy and freedom at its strongest, and they’ve put him in prison. It’s in everyone’s interest that Julian is freed, it’s a disgusting injustice that demeans our democracies and has a real effect on our freedoms because it sets a precedent. What they’re doing to Julian, they will do, it’s not just that they can do, they will do to others, it’s a matter of time.”
— Stella Moris

Gabriel Shipton is a Film Producer & advocate for his brother Julian Assange; Stella Moris is a lawyer & wife to Julian Assange. In this interview, we discuss the unprecedented State assault on Assange’s freedom, the effects on his mental & physical well-being, & the threat to journalism.

- - - -

On March 15th 2006, US forces dropped from helicopters onto the roof of a house in a village north of Baghdad. The mission was reportedly to intercept a member of al-Qaeda who was visiting the dwelling. The US troops gathered 11 family members in one room, handcuffed them, and shot them all in the head. This included 5 children under 6, one of whom was a 6-month-old baby. US soldiers then called in an airstrike to destroy evidence of their crimes.

Iraqi police reported the details of the incident at the time, but the US military refuted these claims, stating a fire-fight with insurgents caused the deaths, and that “[US forces] take every precaution to keep civilians out of harm’s way.” Their investigations ended, effectively neutering any other external examination of their conduct.

This was until 2010 when WikiLeaks released a series of classified US documents on the Afghan War, Iraq War, and cables between the US State Department and its diplomatic missions around the world. One such cable was from a March 2006 investigation of the above incident by the UN, which corroborated the Iraqi police’s accusations that a horrific war crime had been committed.

WikiLeaks releases in 2010 highlighted hundreds of other unreported civilian deaths at the hands of the US military in both the Afghan and Iraq conflicts, including military coverup of the torture (using drills and acid) and execution of Iraqi detainees by Iraqi authorities.

Julian Assange is the only person linked to these incidents who has been punished. In August it will be 10 years since he sought asylum in the Ecuadorian Embassy in London. During that time the CIA had planned to kidnap and execute him. Then, 3 years ago Assange was arrested in the embassy and taken to the UK’s highest security prison, Belmarsh, where he’s still kept. All because he published source material, a journalistic practice acting as a bedrock of democracy.

US authorities have indicted Assange, an Australian citizen residing in the UK, using their 1917 espionage act; this has never previously been used against a journalist. The US is seeking to extradite Assange using a 2003 UK-US treaty, which was hurriedly brought into law without oversight as a response to the war on terror. The rights of individuals in the UK are limited by this treaty. To compound issues further, Assange will not benefit from US constitutional rights.

The full weight of the US and UK states is being used against Assange. His physical and mental condition is deteriorating. Assange’s treatment is being used as a warning to others. Whatever your preconceived ideas are about this case, the implications are chilling: the US is seeking to make journalism a crime, and those they accuse suffer.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD525 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Orange Pilling the White House with David Zell Jul 08, 2022

“We have to recognise that there is value in market-based alternatives, and that open monetary networks, bring risks like anything, but also bring unimaginable opportunity for spreading democracy, for ensuring civil liberties and rights, and for connecting more people to the global economy.”
— David Zell

David Zell is a co-founder of the Bitcoin Policy Institute and Director of Policy at BTC Inc. In this interview, we discuss fighting to make congress aware of Bitcoin’s social value, the strategic benefits of Bitcoin for the US and how our rights are being erased in a digital world and Bitcoin’s defence.

- - - -

On June 1st a letter in “Support of Responsible Fintech Policy” was sent to Congress. Purportedly from 1,500 “computer scientists, software engineers, and technologists”, it excoriated blockchain technology, stating it “has been a solution in search of a problem and has now latched onto concepts such as financial inclusion and data transparency to justify its existence.”

FUD in the media is one thing. Direct lobbying of congress using persuasive but purposefully misleading arguments is another. Coordinated attack vectors have affected Bitcoin at numerous stages of its evolution. These attacks are now focused on galvanizing the most powerful of external forces: persuading the US government Bitcoin is of no social value is arguably the most dangerous moment yet.

The battles over technical details have now become battles over ideas. And the constituency over which this battle is being fought has grown from an informed and knowledgeable clique of insiders to a less informed but more consequential clique of legislators.

But, just as the assaults on Bitcoin have become more political and trenchant, the defensive measures have witnessed significant maturation. Bitcoin has always had persuasive individuals. Now it has powerful institutions. Most importantly it has its own think tank, bringing together some of the most interesting and original voices within the industry.

In this new stage of Bitcoin’s development, we are lucky to have those who can see the battle that needs to be fought at the nation-state level. And we’re also lucky to have those who can develop arguments that are persuasive to those looking for the collective needs of wider society.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD524 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Moral Case for Renewable Energy with Andrew Dessler Jul 06, 2022

“So wind and solar are the cheapest energy sources. A grid that’s primarily wind and solar will be cheaper than a grid that’s running on fossil fuels, so the price will come down. And again, it will also be predictable, and it’ll be at a low price. And we’ll be at that low price in the long term, for decades.”
— Andrew Dessler

Andrew Dessler is a Professor of Atmospheric Sciences at Texas A&M University. In this interview, we discuss the settled science of climate change, the polarisation of the climate change debate, our need for more energy, and the market inevitability of wind and solar-dominated grids.

- - - -

In April, WBD interviewed Alex Epstein who stated humans need access to more low-cost energy. Energy enables humans to survive in otherwise inhospitable climates but also flourish. Epstein stated that energy at the moment is dominated by fossil fuels, which are very hard to replace. Further, he asserts claims of climate change catastrophe are being overstated.

Andrew Dessler, who has previously publicly debated Alex Epstein, wanted an opportunity to rebut some of Alex Epstein’s claims. Dessler agrees that humans need access to more energy; underinvestment over previous decades has contributed to the current energy crisis. But, humans also need to be concerned about the existential risks of increasing carbon emissions.

There is widespread consensus amongst climate scientists that the science of climate change is correct, and the forecasts have been proven to be reliable. The risks are real and significant. There is a fear that attempts to refute the science feed the culture wars, where climate change views are predetermined by political allegiance.

Dessler also claims that refuting science is a cynical tactic to avoid moving the debate onto the policy. His rationale is that the case for transitioning to renewables isn’t just predicated on reducing carbon emissions, there is also a compelling economic case: it is an energy source with a marginal cost of zero. A strong supply market for solar and wind is powerful validation for this.

That’s not to say 100% of our energy needs can be derived from wind and solar. Those advocating for increased use of renewable energy are fully aware of the need for reliable dispatchable power from other energy sources. But there is a strong conviction that renewable energy can become a dominant provider for our energy needs of today and tomorrow.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD523 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Behind the Veil with Craig Warmke Jul 04, 2022

“You can’t just sit in a hut and think that the technology that you built is inevitably going to take over the world. You actually have to do the hard work of convincing people and getting in front of the public. So you can have an effect on the public imagination. And so building is not enough… I think you have to build and teach”
— Craig Warmke

- - - -

Craig Warmke is a philosopher and fellow at the Bitcoin Policy Institute. In this interview, we discuss the biases and pressures that distort opinions about Bitcoin, and a framework for enabling objective evaluation of Bitcoin’s value and risk to individuals and society.

- - - -

Bitcoin has proved itself to be the hardest money ever created at a time when the world’s monetary systems are under unprecedented stress. It also provides an array of unique utilities: it helps vulnerable people; disrupts rent-seeking exploitation and brings pluralism to money for ordinary people.

And yet, for the majority, Bitcoin is still funny internet money, or worse, a Ponzi scheme, criminal back channel and/or environmental disaster. Why are so many people still struggling to see what Bitcoiners see?

Hal Finney’s writings are uncannily prescient. One such example is ‘Politics vs Technology’: a short 1994 article about cypherpunk responses to the dangers of government overreach. Many believed solutions were to be found in coding new tools. Finney was less sure that technology in isolation would change the world. To him, active engagement is vital: “If we want freedom and privacy, we must persuade others that these are worth having. There are no shortcuts.”

If education is the magic bullet, how should we persuade those still on the sidelines? Craig Warmke has proposed a framework that enables people to strip away their unconscious bias, subjective viewpoints and peer group constraints. The critical characteristic of the framework is that it requires openness to all of Bitcoin’s tradeoffs; bias affects both sides of the debate.

It makes the approach a powerful educational weapon: each individual can see the issues through a new lens; and, because both sides are required to confront their partiality, the conversation can become honest and collaborative. It also enables a fair review of the hidden costs of wider Bitcoin adoption, so that Bitcoin’s case can be further strengthened.

- - - -

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD522 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Will Bitcoin Replace Central Banks with Lyn Alden Jul 01, 2022

“I think this decade is going to be transformative, but we’re still too early to say exactly where this ends up or how quickly this goes.”

— Lyn Alden

SHOW DESCRIPTION

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the rise and role of Central Banks: their intermittent role in the US’s history, the piecemeal erosion of a gold standard, the new era of easy money, and whether Bitcoin could replace Central Banking.

- - - -

Central Banks have played such a dominant role in our societies it’s easy to assume that they are required institutions within modern governmental systems. The idea that the market can determine a monetary policy and the price for money is well outside of the Overton window.

Yet, for long periods in the industrialised era modern civilised societies have functioned, developed and prospered without such institutions. Further, there is ample evidence that central banks are now far from being a steadying force that brings stability to economies.

For around 100 years, the international monetary system was pegged to gold; albeit there were debasements, new controls, and periodic abandonments during this period. Then in 1971, the monetary system was taken off any remnants of a gold standard. Its constraints on US fiscal policy had become too burdensome. It led to the development of fiat currencies and a period of easy money.

Governments have become increasingly dependent upon Central Banks in creating new money to assist with economic shocks: following the global financial crisis the production of dollars markedly increased. But these events were dwarfed by the injection of new money during the pandemic. Inflation is now catching up, but at a time when economies are stagnating.

Cycles of debt accumulation always come to an end. Without careful political judgement, coordination and luck, the resolution of unsustainable debt at the global level can lead to domestic and international conflict. So, we’re entering a transformative decade.

The question is whether Bitcoin, the strongest form of money ever invented, can enable society to navigate through this unwinding of the long-term debt cycle? Additionally, can it enable the market to again determine the price of money?

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Pacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source, privacy-focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD521 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Privacy on Monero vs Bitcoin with Seth for Privacy Jun 29, 2022

“People need to realise that politics can rapidly change, countries can rapidly change. And the things you do today on-chain and Bitcoin or any other cryptocurrency, those things last forever.”
— Seth for Privacy

SHOW DESCRIPTION

Seth for Privacy is a privacy advocate and host of the Opt Out Podcast. In this interview, we discuss how financial privacy protects all other rights, the current limitations with Bitcoin’s privacy, and Monero’s protocol privacy that some Bitcoiners find beneficial.

- - - -

Most people have slowly acquiesced to the undermining of personal privacy by tech companies. There has been a trade-off: free access to powerful social media software for the monetisation of our data. The problem is a false sense of security has been allowed to fester: there is a material lack of concern that such transgressions could become more malign and overt abuses of power.

The wake-up call for many was the treatment of the Candian truckers. Not many foresaw Bitcoin’s privacy weaknesses being exploited by a western liberal democratic power led by a young charismatic leader. But they were exploited. The Canadian authorities were unrepentant. And there was nothing the truckers could do. Once your privacy is compromised that’s it.

Whilst it is a wake-up (or should be a wake-up call), Bitcoin’s fully auditable pseudonymous transaction history presents significant privacy challenges. That’s not to say that non-technical users can’t improve their privacy using Bitcoin, or that privacy concerns always need to be front and centre of decisions to hold Bitcoin. Rather, there may be another option under certain circumstances.

Monero is an altcoin that some Bitcoiners are willing to adopt given its unique out-of-the-box privacy features. It is being used to complement the use case for Bitcoin. And yet, there is still toxicity from some quarters towards Monero and those who advocate for it. Is this healthy? Does Monero deserve to be treated like other altcoins?

Fundamentally, should Bitcoiners be open to using Monero? Or, do maximalists who have served the community well express warranted concerns? What are the tradeoffs being made and how do they affect users?

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD520 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Inflation’s Hidden Cost with Avik Roy Jun 27, 2022

“A lot of people, particularly intellectuals, like to complain about our consumerist culture in America. Well, what creates a consumerist culture? A monetary policy that destroys the long-term value and reward for saving your own money.”
— Avik Roy

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 the Lummis Gillibrand Responsible Financial Innovation Act, inflation’s compounding impact on the poor and why Bitcoin provides optimism.

- - - -

On June 7th Republican Senator Lummis and Democratic Senator Gillibrand introduced the Responsible Financial Innovation Act, which aims to establish a regulatory framework for digital assets in the US. Many Bitcoiners believe Bitcoin is designed to work outside of regulatory oversight. But is this proposal inimical to Bitcoin’s potential to positively contribute to society?

If Bitcoin is to play a dominant role within society, can it do that outside of the law? Irrespective of Bitcoin, should governments have a role in protecting citizens from the negative impacts of the wider altcoin market? What are the dividing lines between different digital assets? And, could the lack of regulation in the near term actually be detrimental to Bitcoin in the long run?

Bitcoin’s advocates are heavily engaged in trying to obtain regulatory clarity - they fear continued uncertainty could delay or damage its ability to provide utility to those who really need it. This is particularly for those impacted by the ravages of inflation.

The current inflationary environment has resulted in renewed consideration of this economic condition. The issue is that there is actually a deficit of understanding of inflation’s regressive impacts. It impacts the poorest in society hardest, whilst benefiting the richest. These impacts compound over time such that inequality explodes even in low inflationary environments.

Does this mean inflation as a policy is a busted flush? Should economies aim for zero inflation? These are radical policy shifts that are unlikely to happen anytime soon. This is why Bitcoin provides some with optimism: it’s trying to be the hardest money the world has ever seen.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD519 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin Privacy with Matt Odell Jun 24, 2022

“I’ve already come to the conclusion that with or without me, with or without you, with or without anyone in this room, Bitcoin will be the money of the world. So it’s up to us to make sure that it’s actually freedom money and not cuck money.”
— Matt Odell

Matt Odell is host of the Citadel Dispatch and venture partner at Ten31. In this interview, we discuss why each additional positive act of privacy protection improves Bitcoin's resilience and value. Perfecting privacy is not the goal; making a start is, as we don’t know what the future holds.

- - - -

Our privacy is continuously being eroded. Current best estimates are that 2.5 million terabytes of data are produced every day. A material amount of that information has extremely lax privacy protection: 98% of Internet of Things data is unencrypted; 83% of companies encrypt less than half the data they store on the cloud; 25% of websites are visited without encryption.

Vast amounts of the data we freely shed are stored, analysed and triangulated for commercial reasons. These tactics are so sophisticated that it’s not uncommon for people to think companies are listening to their conversations.

We are being squeezed for our data in almost all aspects of our lives while cash, traditionally the only semi-private way of transacting, is being removed from society, and CBDCs inch closer to reality. Imagine if companies or governments could access and track your income, store of wealth and all those with whom you transacted. What is currently unnerving behaviour by those who track our data could rapidly become something much more maligned and coercive.

Bitcoin is freedom money. But using bitcoin privately isn’t an easy task. The vast majority of Bitcoin is bought using exchanges that have stringent KYC/AML requirements. When you pair these onramps with surveillance firms like Chainalysis, using bitcoin goes from being pseudonymous to almost entirely transparent. But there are things you can do to gain good privacy with bitcoin. Tools like coinjoin and non-KYC exchanges like Bisq are getting better all of the time, and more and more people are using the Lightning Network for cash like transactions, which offers improved privacy.

Perfect privacy, whether with bitcoin or not, is a pipedream. The goal is to continually improve in protecting a fundamental human right, privacy.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD518 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin: The Perfect Machine with American HODL Jun 22, 2022

“In the long run, Bitcoin will have been a story about when a bunch of imperfect humans met a perfect machine, and what happened - that’s the story of Bitcoin.”
— American HODL

In this interview with American HODL, we discuss escaping from social media echo chambers, stablecoins and altcoins, whether free speech has limits, Bitcoin’s current price activity, the need for reasoned thinkers in Bitcoin, and the protocol being a perfect machine.

- - - -

Bitcoin’s volatility remains a persistent feature: all-time highs are followed by precipitous falls and statements of its imminent demise. And yet, many Bitcoiners unwaveringly advocate for people to continue to hodl through these cycles. Whilst their advice has been proven right many times, it’s appropriate to be testing such convictions during a bearish period for Bitcoin.

Many see the current price fluctuations as a positive sign that the asset is maturing, and it is now subject to the same macro headwinds as other globally significant investment vehicles. Hodlers faith is rooted in a maximalist sentiment: Bitcoin was a “zero to one” moment. Other versions don’t and won’t match its elegant design, clarity of purpose and first-to-market network effects.

The issues emanating from algo stablecoins and projects offering wild returns have vindicated and hardened these positions. But does that mean it’s Bitcoin or bust? Stablecoins do have utility for those living in countries suffering currency debasements. So, can stablecoins support people as a short-term fix to economic crises, whilst Bitcoin is the longer-term solution?

What about the current state of Bitcoin Twitter and the wider discussions about freedom of speech? Toxicity and unoriginal talking points cast Bitcoin’s community in a poor light; can a new wave make a compelling case with an authentic voice? Further, whilst freedom of expression is a pillar of Americanism and a bulwark against the rise of China, should all speech be free?

Irrespective of these issues, American HODL is holding the line. He believes Bitcoin will transcend other assets and innovations. He believes it is an unstoppable perfect machine.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD517 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Is Hyperinflation Coming? With Preston Pysh Jun 20, 2022

“This is a math problem, this is just math, they can’t take that out; looking at everything that’s about to go down in my opinion in the coming two to four quarters… things are about to get insane.”
— Preston Pysh

Preston Pysh is a co-founder of The Investor Podcast Network. In this interview, we discuss credit cycles depending on increasing debasement of the USD, accelerating inflation, and other signs of the long-term debt cycle ending. We also talk about Bitcoin changing the economic order.

- - - -

Every day we read new stories about economic turmoil: the UK's cost of living crisis resulting in people missing meals, Sri Lanka debt default resulting in an economic and social meltdown, raging inflation in Turkey, global food shortages, the slide of Japan’s Yen, bond funds bleeding billions etc. etc. etc. It is obvious these are not normal times.

So what is actually happening? Ray Dalio has spoken at length about the long-term debt cycle: how the economy goes through regular patterns of growth and recession that result in the build-up of sovereign debt, and how over a longer period of time that debt becomes unmanageable and a deleveraging occurs. Many believe we are going through that process now.

Preston Pysh is one such person, and he has the evidence to hand. The precipitous rise in the monetary base, capital becoming a liability, global credit cycles being dependent upon increasingly higher levels of USD debasement, the top-heavy state of equity markets - the data is all there; it’s happening. The question is how do governments respond?

Is it possible to unwind from these situations, or are global debt levels too high? Can nations wean themselves off quantitative easing, or are they locked into a death spiral? And what will be the response of citizens to rising inflation and material impacts on their quality of life? The answers to these questions will impact the direction of our civilisation for centuries to come.

The fear is that we repeat the past. The experience of an advanced country going through a hyperinflationary event still casts a shadow over our collective political culture. The destruction of a functioning society and its replacement by a machine of terror, recalibrated the global order for the next 75 years. But we have Bitcoin. Can that see us through?

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD516 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Bitcoin is a Black Hole with Harry Sudock Jun 17, 2022

“The economy is not a combustion engine, where you change a fan belt, and it starts or stops. The economy is a large, complex multivariate emergent social phenomenon. And because of that, when you poke one side of the bear, you don’t know how it’s going to react. And it’s an incredibly volatile and incredibly complex place to try to play God. And so the best choice is not to do it.”
— Harry Sudock

Harry Sudock is a Vice President of Strategy at Griid. In this interview, we discuss whether Bitcoin’s real innovation is the fusion of Proof of Work and the difficulty adjustment. This enables it to exert a gravitational pull that’s disrupting money, assets, technologies and organising structures.

- - - -

Bitcoin's impact on society is far exceeding what anyone could have envisioned. While its properties as sound money are well established, the 2nd and 3rd order effects are still being discovered.

Bitcoin is unique. It's centred on the combination of proof of work and the difficulty adjustment. These two fundamental parts of the system incentivise trustless honesty whilst providing security. In today's digital world with encroaching authoritarianism, there is no substitute.

Bitcoin's power is having a gravitational pull on the settled cosmos of modern society, drawing more things into the singularity of its innovation. If money touches everything in society, and Bitcoin is the best form of money, it's seemingly inevitable that Bitcoin will change everything. Bitcoin is a black hole.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD515 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Crisis Across All Markets with Peter Doyle Jun 15, 2022

“You could see how inflation could spin out of control under certain environments. Now, I’m not saying that’s going to happen, it’s not going to happen probably in the next several weeks. But it doesn’t take a lot, where the numbers that we saw that we’ve experienced in the recent past, would basically look like nothing compared to what we experience in the future.”
— Peter Doyle

Peter Doyle is the Co-Founder and MD of Horizon Kinetics. In this interview, we discuss investment in an economic climate marked by accelerating inflation, a debt crisis, an energy crisis, war and the potential for Bitcoin to upend the monetary system.

- - - -

The world’s economic leaders are publicly admitting that inflation is not the transitory phenomenon they were claiming it to be only a few months ago. Some observers think that behind closed doors they never really believed inflation would pass; given the extreme levels of debt, rising inflation makes sense as an unofficial government policy.

Irrespective, inflation has to be controlled. But taming inflation is a delicate balancing act. The trick is to achieve a ‘soft landing’: reducing inflation without triggering a recession. This proved impossible during the 1970s and early 1980s when inflation last ravaged the US economy. The dilemma is the current economic and fiscal environment is much worse than during the 1970s.

Interest rates have been at unprecedented low levels for over a decade. These have enabled governments to take on increasingly precarious levels of debt to shore up economies during pandemic lockdowns. Even modest interest rate rises risk triggering both sovereign default and recession. Whilst reducing the size of the state is problematic given its oversized share of GDP.

At the same time, there is a limit to what governments can do to control inflation. The conflict between Russia and Ukraine has resulted in a spike in energy prices. However, energy costs were already rising due to decades of underinvestment influenced by ESG mandates. This is a systemic issue affecting global markets. The expectation is for a prolonged period of inflation.

Investments need to now consider an environment where “cash is trash”. However, what is becoming increasingly clear is that investment managers are seeking more than just inflation-beating returns. In the face of possible scenarios where inflation can’t be controlled, Bitcoin is becoming part of portfolios designed to protect wealth.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD514 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Reality of Web3 with Lane Rettig Jun 13, 2022

“We have to get back to the original vision of Bitcoin and the cypherpunks, which is that in a sense, Bitcoin and crypto in general, is outside of any particular nation-state system.”
— Lane Rettig

Lane Rettig is a former Ethereum Core Developer who now works as a core developer for Spacemesh. In this interview, we discuss the Terra/Luna crash, trust and the discipline of Bitcoin; the history, theory and reality of current Web3 initiatives; and Bitcoin’s future.

- - - -

On Friday Jack Dorsey’s Block announced that it is building “Web5” on Bitcoin. It is purposefully bypassing Web3, which Jack has previously criticized. In fact, Jack stated in a tweet to launch the initiative “RIP web3 VCs”. So, why are Jack, and many other bitcoiners, so fiercely against what in theory is supposed to be a revolution of the internet enabling it to decentralise?

Maybe it is the same issue being raised about the crash of Terra/Luna, the issue raised about the much-critizsed ICOs and IPOs within the industry, and the issue raised about the motivation for VCs aligned with the “crypto” ecosystem. Rigged incentives and asymmetric risk where the VCs always win? Greed dressed as innovation and utility under the cynical rebranding of Web3?

The problem is, by the time these flaws have been realised, the VCs have already exited and made a tidy profit. And as always, it’s retail investors who get hurt. Maybe Web5 is just what is required, for the internet, for retail investors, and for Bitcoin.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD513 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Fed, Inflation and Bitcoin with Steven McClurg Jun 10, 2022

“You watch the Fed very carefully: you analyse every word; you try to see where interest rates are going; you try to see what the Fed’s doing. There’s an old adage, don’t fight the Fed.”
— Steven McClurg

Steven McClurg is a Co-Founder of Valkyrie Investments. In this interview, we discuss how Steven called Bitcoin’s top, watching the Fed for policy indications, protecting wealth against high inflation, how governments should fight inflation, supply chain issues, and inflation hedges.

- - - -

Today, US CPI data shows that rather than inflation slowing as had been expected, it continues to accelerate. Year-on-year inflation currently stands at 8.6% - the highest in 40 years. Prices in May alone rose by 1%. But maybe this wasn’t a surprise for everyone.

Janet Yellen, who previously characterised inflation as “transitory”, told Congress on Tuesday “inflation is really our top economic problem at this point and that it’s critical that we address it.” This is happening across the world: the ECB plans a “gradual but sustained” path of interest rate rises; India may need to dampen growth to control inflation; in Turkey inflation is out of control.

So, how bad could it get? The great inflationary period of the 1970s? Or could it be worse? Some commentators talk of extreme examples such as when hyperinflation tore the fabric of the Weimar republic apart. Most think this can’t be a rational possibility: surely politicians and policy wonks are students of history and they’ll stop spending.

But yet, there is talk another $5-10 trillion could be printed.

Whatever the outcome, we’re entering a new paradigm in respect of the cost of living. Whilst there are opportunities in every market, the focus is turning to wealth protection ahead of wealth creation. Is this the time for Bitcoin? It has long been regarded by advocates as an inflation hedge. Yet, its current price performance would suggest otherwise.

Maybe we need to recalibrate our understanding of what constitutes an inflationary emergency. Block’s recent survey has shown a strong correlation between inflation rates and viewing Bitcoin as a safe haven: Argentina came out top with nearly 50% of respondents stating they saw Bitcoin as protection against inflation. At the time inflation was north of 40%; it’s currently 58%.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD512 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

The Culture Wars with Michael Moynihan Jun 08, 2022

“You can convince people of these things much easier now because they believe that speech is violence and nobody likes violence…there’s a reason, a very specific reason that you recast words as violence because nobody wants to be opposed to free speech.”
— Michael Moynihan

Michael Moynihan is a correspondent for Vice News and co-host of The Fifth Column podcast. In this interview, we discuss identity politics and its effect on framing issues such as the Russia Ukraine conflict. We also cover culture wars, toxicity, mainstream media, and freedom of speech.

- - - -

US polarisation has turned society into isolated camps with defined ideologies and narrow cultural perspectives. Issues are expressed in binary terms: you’re expected to have a for or against a position. And the determination of which position to take is increasingly made as a reaction to what the other side believes. Politics is tribal.

There are obvious issues with this trend. People become increasingly deaf to consideration of opposing views. The Socratic method has been ditched in favour of blind alliance to a given group. Critical thinking is decreasing; vitriolic rhetoric is on the rise. Identity politics is resulting in a balkanisation of our communities, as like seeks like, reinforcing the divide.

The impacts are becoming increasingly disorientating, as both sides of the political divide align with beliefs that were previously antithetical to their respective ideologies. For example, the right and left have changed their relative positions in terms of support and distrust of government agencies.

And, instead of trying to break down these barriers, our representatives and media are increasingly fermenting and exploiting these culture wars for financial gain. Media is becoming beholden to audience capture, both in terms of the large mainstream media corporations, and the wave of independent voices rising from social media. Real journalism is on the wane.

The result is the true nature of life becomes clouded, including events of huge geopolitical significance such as the Ukraine Russian conflict. We’re unable now to distinguish fact and spin. The real problem is that people are unable to unite and coalesce around nationally vital policies. And as the world problems become more complex, how will this all play out?

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
BlockFi - The future of Bitcoin financial services
Bitcasino - The Future of Gaming is here
Casa - The leading provider of Bitcoin multisig key security.
Ledger- State of the art Bitcoin hardware wallet
Compass Mining - Bitcoin mining & hosting
Cake Wallet - Open-source privacy focused Bitcoin wallet
BCB Group - Global digital financial Services

-----

WBD511 - Show Notes

-----
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patronand get access to shows early or help contribute
Make a tip:
Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2S
QR Codes: Bitcoin
If you do send a tip then please email me so that I can say thank you
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer| TuneIn | RSS Feed

Leave a review on iTunes

Share the show and episodes with your friends and family
Subscribe to the newsletter on my website

Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium|YouTube

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

A Lesson in Bitcoin Volatility with Dan McArdle Jun 06, 2022

“Picking the highs and lows is an impossible game, so I think the best advice for people is: know what you own and why you own it.”
— Dan McArdle

Dan McArdle is co-founder of Messari Crypto and creator of casebitcoin.com. Dan has been in Bitcoin since 2011. In this interview, we discuss the history of Bitcoin cycles and events: Mt. Gox hack, rise of altcoins and stablecoins, Ethereum DAO Hack, and 2017 Bitcoin cycle.

- - - -

Bitcoin is volatile: its history has been dominated by large swings in both directions; albeit, Bitcoin is volatile to the upside: in 10 years it is up well over 500,000%! But, in each cycle, new adopters can be forgiven for thinking they’re in the cycle that finally breaks the pattern. It is easy to question the investment when seeing the value drop by 80% for the first time.

This is where experience is vital. Each cycle has seen events that have had the potential to destroy Bitcoin. Exchange hacks and exploits, the proliferation of competing coins with marketing buzz aimed at attacking Bitcoin, the realisation of altcoin failings, scams, bans, FUD. The most recent has been the UST and Luna crash. Each one destroys confidence and value.

Yet, the one thing the critiques fail to mention is that each of

Our TOPPODCAST Picks

Follow Us

Stay Connected

What Bitcoin Did with Peter McCormack