Stephan Livera Podcast

Stephan discusses the evolution of Bitcoin and the challenges of self-custody with Philip Hoenisch, co-founder of Lendasat. They explore the transition from traditional finance to on-chain solutions, the importance of self-custody, and the ideological divides within the Bitcoin community. Philipp shares his insight on the intricacies of Bitcoin lending, focusing on liquidation processes, collateralization ratios, and the role of technology in managing these aspects. He explains the cost structures associated with lending, including origination fees and transaction costs, and explores the potential for loan rollovers and credit lines. The discussion also touches on the future of stablecoins amidst regulatory risks and the growth of the lending market, particularly from the perspective of lenders. Finally, the conversation highlights the impact of technological innovations like CheckTemplateVerify (CTV) on the Bitcoin ecosystem.Takeaways🔸Bitcoin is a cypherpunk tool for decentralization.🔸Self-custody is essential for true Bitcoin adoption.🔸The traditional finance system is not designed for self-sovereignty.🔸Many people are not technically equipped to self-custody Bitcoin.🔸Lendasat aims to provide a collateralized lending solution for Bitcoin.🔸Interest rates in Bitcoin lending are expected to decrease over time.🔸KYC regulations are a significant hurdle for Bitcoin lending platforms.🔸DLCs can automate and secure loan agreements on Bitcoin.🔸User experience is crucial for broader Bitcoin adoption.🔸The future of lending may involve integrating fiat and stablecoins. Liquidation occurs when collateral falls below a certain threshold.🔸Lenders can set their own collateralization ratios.🔸Technology plays a crucial role in monitoring liquidation events.🔸The app automates notifications for lenders regarding their loans.🔸Origination fees are a primary cost in Bitcoin lending.🔸Loan rollovers allow borrowers to extend their loans easily.🔸Stablecoins face regulatory risks that could impact their use.🔸Lenders may come from both retail and institutional backgrounds.🔸The future of lending may involve innovative financial products.🔸Technological advancements like CTV could enhance Bitcoin's lending capabilities.Timestamps:(00:00) - Intro(00:52) - Pivoting from 10101 Finance to Lendasat(03:15) - Will the future of Bitcoin be On-chain or TradFi?; The importance of self-custody in Bitcoin(08:29) - Is there an ideological echo chamber hindering Bitcoin’s adoption?(11:49) - The case for Lendasat (14:26) - Managing interest rates and loan terms in Bitcoin lending(19:43) - Sponsors(22:00) - What are the KYC & AML related hurdles in Bitcoin lending? (23:22) - What is Lendasat ?(30:53) - How does DLC work in Bitcoin lending with Lendasat? (33:47) - Understanding liquidation criteria and collateralization terms with Lendasat(35:34) - How is technology overseeing liquidation processes?(39:04) - Sponsors(43:16) - Cost structures, loan rollovers and credit lines(48:57) - The future of stablecoins(54:29) - Lender’s perspective and market growth potential (56:45) - What will be the impact of CTV on Bitcoin lending markets? (59:53) - Closing thoughtsLinks: https://x.com/bonomat https://x.com/lendasat https://lendasat.com/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

5 Mar 1h 1min

Eric Semler, chairman of Semler Scientific, shares his journey from being an investor in technology and media to adopting a Bitcoin treasury strategy for his company. He discusses the origins of Semler Scientific, the challenges faced in the healthcare sector, and how he became convinced of Bitcoin's potential as a store of value. Eric elaborates on the transition from personal conviction in Bitcoin to implementing a corporate strategy, navigating regulatory hurdles, and the evolution of Bitcoin treasury strategies. He also addresses the concept of zombie companies and their potential to benefit from adopting Bitcoin as part of their financial strategy. The strategic timing for deploying Bitcoin in business operations, the high hurdle rate associated with Bitcoin investments, and the evolving landscape of Bitcoin treasury companies are few of the other aspects discussed in depth. Takeaways🔸Semler Scientific was founded 20 years ago by Eric's father.🔸The company focuses on medical devices, particularly for screening peripheral artery disease.🔸Eric's journey with Bitcoin began in 2013 but solidified in 2017.🔸He was influenced by notable figures like Tom Lee and Michael Saylor.🔸The company adopted a Bitcoin treasury strategy in May 2021.🔸They faced regulatory challenges with the SEC during the adoption process.🔸The board was supportive of the Bitcoin strategy despite initial skepticism.🔸Eric believes that many companies should adopt a Bitcoin treasury strategy.🔸Zombie companies are those with cash but lack growth and market interest.🔸Eric advocates for these companies to consider Bitcoin as a valuable asset.  Tech CEOs may 🔸personally hold Bitcoin but hesitate to adopt it for their companies.🔸Advising zombie companies to start with small Bitcoin investments can be effective.🔸Calling a company a 'zombie' can be insulting and counterproductive.🔸Companies should focus on accumulating Bitcoin rather than using it for operations.🔸The hurdle rate for Bitcoin investments is exceptionally high.🔸Market saturation could impact the success of Bitcoin treasury companies.🔸Institutional investors have strict mandates that limit direct Bitcoin purchases.🔸The current market drawdown may deter companies from investing in Bitcoin.🔸Long-term strategies are essential for navigating Bitcoin's volatility.🔸The potential for Bitcoin to exceed gold's value presents significant opportunities.Timestamps:(00:00) - Intro(01:54) - The story of Semler Scientific (06:09) - How did Eric stumble down the Bitcoin rabbit hole?(09:10) - Semler Scientific adopting the Bitcoin Treasury Strategy(16:34) - Convincing the stakeholders and the board of Semler Scientific to adopt BTC (18:32) - Exploring financial engineering to buy more Bitcoin(20:42) - Sponsors(22:57) - Semler Scientific’s value as a MedTech & Bitcoin Treasury company(26:38) - How is the debt structured to acquire more Bitcoin?(29:02) - What is the future of Bitcoin Treasury Companies?(31:40) - What is a zombie company?; The case for Bitcoin in zombie companies(36:00) - The role of Tech CEOs in Bitcoin adoption(37:29) - Advising zombie companies on Bitcoin(39:27) - Sponsors(40:39) - Are zombie companies sensitive to criticism?(43:58) - When should a company deploy Bitcoin in its business strategies?  (46:45) - Should Bitcoin be a hurdle rate for investments?(51:18) - Bitcoin treasury companies managing market saturation(54:39) - Understanding the investor landscape for Bitcoin Treasuries(59:33) - How does Semler navigate bear cycles? (1:01:53) - Closing thoughtsLinks: https://x.com/SemlerErichttps://www.semlerscientific.com/ https://x.com/SemlerEric/status/1892924967940993250 Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

4 Mar 1h 3min

In this episode, Stephan speaks with Nick Slaney about the current state and future of the Lightning Network. They discuss the misconceptions surrounding Lightning adoption, the legal challenges faced by developers, and the opportunities for Lightning Service Providers (LSPs). Nick shares insights on hosted channels, liquidity management, and the user experience of Lightning, emphasizing the importance of understanding costs associated with using the network. The conversation highlights the potential for growth and innovation in the Lightning ecosystem as it continues to evolve. In this conversation, Stephan and Nick Slaney delve into the intricacies of the Lightning Network, Bitcoin fees, and the role of stablecoins in the crypto ecosystem. They discuss the real-world user experience with Bitcoin and Lightning, emphasizing the importance of understanding user needs and the misconceptions prevalent in online discussions. The conversation also touches on the implications of Taproot assets for the Lightning Network and the future of Bitcoin development, highlighting the need for better user experiences and broader adoption.Takeaways🔸Lightning has seen significant growth in volume over the past year.🔸Misunderstandings about Lightning's functionality can lead to misconceptions.🔸Legal challenges have created a chilling effect on Lightning adoption in the US.🔸LSPs are a viable business model for facilitating Lightning transactions.🔸Hosted channels can help onboard casual users to Lightning.🔸User experience is crucial for the adoption of self-custodial wallets.🔸Costs associated with using Lightning can vary based on user behavior.🔸The Lightning Network is not free; users must consider on-chain fees.🔸There is a need for better tools to facilitate movement between Lightning and on-chain Bitcoin.🔸The future of Lightning looks promising with ongoing developments and innovations. 🔸Real-world users are often willing to pay higher fees for Bitcoin transactions.🔸The fee structure for Lightning transactions can be misunderstood online.🔸Stablecoins serve a purpose in regions where users cannot access dollars.🔸Self-custody offers assurance and control over Bitcoin holdings.🔸The Lightning Network needs to focus on user experience to drive adoption.🔸There is a disconnect between online Bitcoin discussions and real-world user experiences.🔸Taproot assets could change the dynamics of stablecoins on the Lightning Network.🔸The future of Bitcoin may involve integrating fiat systems with Lightning payments.🔸Building trust and brand recognition is crucial for crypto applications.🔸The Bitcoin community should prioritize real-world applications and user needs.Timestamps:(00:00) - Intro(01:14) - How has the Lightning network progressed with time? (04:06) - What are the tradeoffs with Lightning?(07:15) - What are the current legal challenges and their impact on Lightning?(10:16) - Opportunities for Lightning Service Providers (LSPs)(13:11) - How does an LSP identify a profitable channel?; What is a Hosted channel? (16:13) - The challenge of UX and cost considerations in Lightning(18:05) - Sponsors(19:55) - “Graduated wallet approach” (22:12) - What is the actual number of people that can use Lightning? (27:00) - What are the individual costs of using self-custodial Lightning? (33:36) - Misconceptions about Lightning(35:26) - Sponsors(37:43) - Real-world user perspectives on Bitcoin and Lightning(41:16) - What is the role of Stablecoins in the payment ecosystem?(50:44) - Taproot Assets and their impact on Lightning Network(58:09) - The future of Bitcoin & Lightning DevelopmentLinks: https://sats.build/self-custody-lightning-2025/https://x.com/nick_slaney/status/1889679185313960320 Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

3 Mar 1h

In this episode, Stephan Levera interviews Ethan from Bitaroo, discussing the current state of Bitcoin in Australia, regulatory challenges, the importance of self-custody, and the evolving landscape of cryptocurrency exchanges. They explore the implications of regulations like the FATF and AFSL, the role of banks in facilitating or hindering Bitcoin transactions, and the need for consumer protection and self-responsibility in the crypto space. The conversation also touches on proof of reserves and market trends influencing Bitcoin adoption.Takeaways🔸Bitaroo is a prominent Bitcoin-only exchange in Australia.🔸The FATF regulations impact how financial institutions handle Bitcoin transactions.🔸AFSL regulations may change the landscape for Bitcoin businesses in Australia.🔸User experience may suffer due to increased compliance requirements.🔸Self-custody is essential for Bitcoin users to maintain control over their assets.🔸Banks are increasingly blocking transfers to Bitcoin exchanges, complicating access.🔸Consumer protection should encourage self-responsibility rather than dependence on government.🔸Proof of reserves could enhance trust in cryptocurrency exchanges.🔸Market trends indicate a shift towards institutional investment in Bitcoin.🔸Advocating against restrictive regulations is crucial for the Bitcoin community.Timestamps:(00:00) - Intro(01:01) - How does the Bitcoin landscape look currently in Australia? (09:20) - What is AFSL?(14:57) - Sponsors(15:57) - What other Bitcoin-centric regulations can Australians expect? (18:29) - How is Bitaroo ensuring its users practice self-custody?(23:14) - The dilemma b/w self custody vs. custodial solutions(29:59) - Is it worthwhile to lobby for lesser regulations?(36:42) - Libertarian perspective & the current situation in Australia (38:40) - Are some Australian banks blocking Bitcoin transactions?(46:56) - Sponsors(49:57) - Is Bitaroo KYC-free for merchants?(55:25) - Will Proof of Reserves for exchanges be popularised in Australia? (1:02:14) - Future adoption of Bitcoin and Market trendsLinks:  https://x.com/EthanBitcoin  https://x.com/BitarooExchange  https://x.com/AusBTCIndBody  https://bitcoinalive.io/ Sponsors: Bold Bitcoin CoinKite.com (code LIVERA) Lana by GaloyStephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

28 Feb 1h 7min

Harsha & Stephan discuss the challenges Bitcoin businesses face regarding regulation, particularly the tightening KYC and AML requirements. Harsha highlights the implications of these regulations on the Bitcoin ecosystem and the role of custodians. The discussion also touches on the evolving regulatory landscape, the impact of political administrations on crypto regulation, and the future of stablecoins. Harsha emphasizes the need for clarity in regulations and the importance of maintaining a balance between compliance and the freedom that Bitcoin offers. The conversation also highlights the challenges developers face in creating tools that respect user privacy while navigating regulatory landscapes. They conclude by exploring the potential future of Bitcoin upgrades and the importance of lobbying for less restrictive regulations to foster industry growth.Takeaways🔸Bitcoin businesses face significant regulatory challenges.🔸KYC and AML regulations are tightening around Bitcoin.🔸The government controls the flow of money through conversion points.🔸FinCEN guidance has evolved, impacting Bitcoin regulation.🔸Political administrations influence the regulatory landscape for crypto.🔸Stablecoins are seen as an extension of the fiat system.🔸Surveillance exists in both traditional finance and crypto.🔸Fraud is a major issue in the crypto space.🔸The government is not effectively targeting crypto criminals.🔸There is a need for clarity in crypto regulations. There are genuine concerns about KYC and AML regulations.🔸Chain surveillance companies are influencing the perception of 'clean' and 'dirty' coins.🔸Bitcoin's privacy needs are becoming increasingly critical.🔸Upgrades like PayJoin can enhance Bitcoin's privacy.🔸The government may not be able to stop Bitcoin upgrades if there's enough inertia.🔸The current regulatory environment is costly and burdensome for businesses.🔸Lobbying for less regulation is essential for the growth of the crypto industry.🔸The effectiveness of AML regulations is highly questionable.🔸Bitcoin's future may involve more privacy-focused upgrades.🔸The crypto landscape is a long game, requiring sustained effort. Timestamps:(00:00) - Intro(01:27) - Who is Harsha Goli & what is Magnolia? (02:50) - The KYC/AML noose around Bitcoin is tightening (08:22) - What are the implications of the FinCEN guidance?(12:46) - How does a change in political administration affect cryptocurrency regulations?(15:39) - The aftermath of Samourai wallet hearing; Bank Secrecy Act(17:32) - Sponsors(20:38) - Does the existence of stablecoins help people stay away from the fiat system? (23:50) - Surveillance in TradFi vs. Crypto(29:48) - Travel Rule compliance and Fraud in crypto transactions(35:22) - Privacy needs in Bitcoin: A developer's perspective(39:34) - What are the possible privacy enhancements in Bitcoin?(42:08) - Can Bitcoin be upgraded for better privacy?(42:39) - Sponsors(53:27) - Lobbying for lesser regulationLinks:  https://x.com/_arshbot/ https://x.com/joinMagnolia  https://magnolia.financial/  https://blockspace.media/insight/the-boring-banal-way-big-brother-can-shackle-bitcoin/ Sponsors: Bold Bitcoin CoinKite.com (code LIVERA) Lana by GaloyStephan Livera links: Follow me on X:@stephanlivera Subscribe to the podcast Subscribe to Substack

27 Feb 1h 1min

Will Foxley, co-founder of BlockSpace Media and host of the Mining Pod chats with Stephan about the need for a dedicated Bitcoin media publication, the upcoming OP NEXT conference focused on scaling Bitcoin, and the importance of fostering conversations among Bitcoin developers, miners, and institutions. Will shares insights on the ossification debate within the Bitcoin community and the role of public Bitcoin miners in shaping the future of Bitcoin. The conversation also emphasizes the need for collaboration and open dialogue to address scaling challenges and the evolving landscape of Bitcoin. Stephan and Will also deep dive into the evolving landscape of Bitcoin mining, highlighting the impact of the China mining ban, the professionalization of the industry, and the relationship between miners and developers. The diverse perspectives on transaction fees, the challenges faced by public and private miners, and the importance of custodians in securing Bitcoin are some of the other key points that are raised as well. Takeaways🔸BlockSpace Media aims to fill the gap in Bitcoin media.🔸OP NEXT is a revival of the scaling Bitcoin conference.🔸Scaling Bitcoin is not an urgent issue at the moment.🔸The conference focuses on bringing together developers and miners.🔸Institutions play a crucial role in Bitcoin's future.🔸The ossification debate is about necessary changes versus bug fixes.🔸Public Bitcoin miners are becoming more involved in development discussions.🔸The future of Bitcoin may involve more custodial solutions.🔸Conversations around scaling Bitcoin need to be inclusive.🔸The importance of self-custody in the Bitcoin ecosystem. The Bitcoin mining ecosystem has dramatically changed post-China mining ban.🔸Miners are increasingly professionalized and financially robust.🔸There is a growing need for collaboration between miners and developers.🔸Transaction fee dynamics reveal diverse miner perspectives.🔸Public miners leverage capital differently than private miners.🔸Diversification strategies are emerging among Bitcoin miners.🔸The halving event significantly impacts miner survival rates.🔸Custodians play a crucial role in Bitcoin security and wealth protection.🔸Self-custody remains a viable option for many Bitcoiners.🔸Engaging ossifiers can enrich the Bitcoin discourse.Timestamps:(00:00) - Intro(01:05) - What is BlockSpace Media?(04:15) - Is Scaling Bitcoin a pressing issue right now?(10:01) - How is OP Next different from other Bitcoin conferences?(14:00) - What is Will’s view on the ossification debate?(17:15) - Hosting OP Next at Strategy offices(19:53) - Sponsors(21:09) - Who will be at OP Next?(25:23) - How do people perceive Bitcoin?(30:50) - How has the Bitcoin mining ecosystem evolved over the years?; Impact of the China mining ban on hashrate distribution(35:24) - The relationship between Miners and Developers(36:24) - Sponsors(39:00) - What are the different perspectives on Bitcoin’s transaction fees?(44:31) - Public vs. Private miners: Efficiency and Capital Access(50:39) - Survival of the fittest Bitcoin miners(54:09) - What is the commercial feasibility of Bitcoin soft fork upgrades? (57:29) - Engaging with the Ossifiers / Bitcoin conservativesLinks:  https://opnext.dev/  https://x.com/blockspacepod  https://x.com/theminingpod  https://x.com/wsfoxley Sponsors: Bold Bitcoin CoinKite.com (code LIVERA) Lana by GaloyStephan Livera links: Follow me on X:@stephanlivera Subscribe to the podcast Subscribe to Substack

24 Feb 1h

Stephan and Pierre discuss the evolving landscape of Bitcoin, focusing on the dichotomy between securitization and tokenization. They explore the regulatory environment, the challenges of Bitcoin adoption, and the implications of volatility on investor behavior. The discussion also touches upon the financialization of Bitcoin and the misconceptions surrounding tokenization of real-world assets, ultimately questioning the value created through such processes.They also discuss the risks associated with traditional financial systems, the importance of self-custody, the psychological barriers to Bitcoin adoption, is stablecoin a gateway to Bitcoin and the challenges of privacy and surveillance in financial transactions. Takeaways🔸Regulatory uncertainty was historically the biggest concern for Bitcoin.🔸The current primary concern for Bitcoin adoption is price volatility.🔸Bitcoin's community often lacks empathy towards those wary of volatility.🔸Financialization of Bitcoin has accelerated with the introduction of ETFs.🔸There is a significant demand for products that cater to different risk appetites.🔸Tokenization of assets does not create new value; it merely changes the form.🔸The crypto space often misidentifies problems that need solving.🔸Investors are more interested in securitized products than decentralized solutions.🔸The narrative around tokenization is often misleading and oversold.🔸Real-world applications of blockchain technology can sometimes complicate rather than simplify transactions. Bitcoin's financialization is a key trend for the future.🔸Investors need to understand the risks of traditional finance.🔸Securitization of Bitcoin will drive institutional interest.🔸Regulatory changes are creating new opportunities for Bitcoin.🔸Self-custody is essential for Bitcoin holders.🔸Stablecoins can serve as a bridge to Bitcoin investment.🔸The psychological aspect of investing in Bitcoin is significant.🔸Privacy concerns in finance are becoming more pronounced.🔸Bitcoin's volatility is a barrier for some investors.🔸The future of finance may involve a blend of Bitcoin and traditional assets.Timestamps:(00:00) - Intro(00:55) - What are the primary objections that people have with Bitcoin?  (07:20) - Technology vs. Number-Go-Up(15:08) - Which pathway brings more people into Bitcoin?(22:45) - $MSTR leveraging trad-fi to drive its bitcoin treasury strategy(26:30) - The dubious narrative of ‘tokenization of real-world assets’(32:06) - Sponsors(39:12) - What is the role of Bitcoin in financial strategies?(48:11) - What will be the impact of regulatory changes on Bitcoin?(52:34) - The important concerns over centralization and state capture of Bitcoin(52:22) - Sponsors(58:38) - What are the psychological barriers to Bitcoin adoption?(1:02:22) - Are stablecoins a gateway to Bitcoin?(1:04:24) - The role of surveillance and privacy in financial systems(1:12:00) - Closing thoughtsLinks:  https://x.com/BitcoinPierre Sponsors: Bold Bitcoin CoinKite.com (code LIVERA) Lana by GaloyStephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

18 Feb 1h 13min

The episode focuses on the evolving narrative of Bitcoin, emphasizing its role as a medium of exchange rather than just a store of value. Dan & Danny explore the advancements in the Lightning Network, the challenges of user adoption, and the importance of awareness in driving Bitcoin's integration into both crypto and fiat worlds. The discussion highlights the potential for Lightning to facilitate peer-to-peer transactions and the future of Bitcoin swaps with stablecoins. Dan & Danny also discuss the improvements in user experience and accessibility, the challenges of mainstream integration, and the technical simplicity that encourages developer adoption. Takeaways🔸Bitcoin is evolving beyond being just digital gold.🔸The Lightning Network has matured significantly since its inception.🔸User experience for Lightning payments has improved dramatically.🔸Awareness of Lightning's capabilities is still a major hurdle.🔸Many users are still unaware of the benefits of Lightning.🔸Integration with fiat systems is crucial for broader adoption.🔸The number of people who can access Lightning is growing.🔸Peer-to-peer payments are becoming more feasible with Lightning.🔸Stablecoins may play a key role in Bitcoin's future.🔸The community's grassroots efforts are driving Bitcoin adoption. Lightning technology has matured significantly over the past few years.🔸User experience improvements are crucial for wider adoption of Bitcoin payments.🔸Mainstream applications integrating Bitcoin will drive significant adoption.🔸Technical implementation of Lightning is now simpler than ever for developers.🔸Bitcoin's utility as a currency is becoming more recognized.🔸Cultural perceptions of Bitcoin need to evolve for broader acceptance.🔸The cost of using Bitcoin for payments is significantly lower than traditional methods.🔸Lightning enables microtransactions that were previously impossible with fiat systems.🔸The importance of awareness and education in the Bitcoin ecosystem cannot be overstated.🔸Bitcoin's potential as an everyday currency is being realized globally.Timestamps:(00:00) - Intro(00:50) - Why make a ‘Bitcoin Payments’ report? (03:18) - Bitcoin NOT just ‘Digital Gold’(08:17) - How many people can access the Lightning Network? (12:37) - What are the challenges in awareness & adoption of using Lightning Network?(15:01) - The argument of ‘Peer-to-Peer’ vs. ‘Bank-to-Bank’ transactions(16:53) - Sponsors(19:12) - What are the hurdles for fiat & crypto folks to adopt Lightning?(25:49) - What is the future of Bitcoin swaps & Lightning?(28:34) - The drivers of Lightning Network adoption(33:09) - Sponsors(34:07) - Increased UX & accessibility improvements(39:56) - Mainstream integration & adoption challenges(41:57) - How long does it take to implement Breez?(50:02) - Bitcoin is an everyday currencyLinks: https://x.com/danopreyhttps://x.com/dannystagg https://x.com/1A1zBTC/status/1887940532783169954 https://x.com/Breez_Tech/status/1887518233432822182 Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

14 Feb 51min