Stephan Livera Podcast

In this conversation, Stephan Livera and Fernando Nikolic discuss the evolving narratives surrounding Bitcoin, the fragmentation of its community, and the role of media in shaping public perception. They explore the differences between institutional and retail adoption, the importance of cultural moments, and Blockstream's innovations in the Bitcoin space. The discussion highlights the challenges and opportunities for Bitcoin as it continues to grow and adapt in a rapidly changing landscape.Takeaways🔸Bitcoin adoption is now more about narrative convergence than mass conversion.🔸The Bitcoin community is becoming increasingly fragmented into subcultures.🔸Media coverage of Bitcoin is shifting, with some outlets pivoting to more positive narratives.🔸Cultural moments are crucial for Bitcoin's mainstream acceptance but are currently lacking.🔸Institutional adoption is growing, but retail participation is not as vibrant as before.🔸Bitcoin's future may depend on the ability to create new cultural moments.🔸Liquid is gaining traction as a useful layer for Bitcoin transactions.🔸The importance of memes in driving Bitcoin's cultural relevance cannot be underestimated.🔸Different ideologies within Bitcoin can coexist and contribute to its growth.🔸Blockstream is focusing on making Bitcoin more accessible to consumers.Timestamps:(00:00) - Intro(01:27) - The evolving narrative around Bitcoin(11:12) - Is Bitcoin winning?; Institutional vs Retail Adoption(17:30) - Cultural moments in Bitcoin over the years(27:00) - What is BTC Perception and why was it made?(31:44) - Are MSM & TradFi learning more about Bitcoin through Bitcoiners?(36:02) - Which media outlets are most hostile towards Bitcoin?; Q2 Bitcoin Perception report (45:45) - When is retail going to show up?; Will memes take us higher? (54:17) - What’s new with Blockstream?(58:05) - Is Liquid gaining traction in terms of adoption?(1:06:50) - Closing thoughts Links: https://x.com/basedlayerhttps://x.com/BTCPerceptionhttps://x.com/BlockstreamSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

15 Juli 1h 7min

In this conversation, Stephan Livera and Marty Kendall explore the dynamics of Bitcoin treasury companies, focusing on power laws, market dynamics, and investment strategies. They discuss the sustainability of mNAV greater than one, the lifecycle of these companies, and the importance of community engagement. The conversation emphasizes the need for risk management and the potential for significant opportunities in the Bitcoin equity space.Takeaways🔸Marty Kendall discusses the intersection of Bitcoin and treasury companies.🔸Power laws can help predict Bitcoin's growth trajectory.🔸The ballistic acceleration model offers insights into Bitcoin and MicroStrategy's performance.🔸Market dynamics influence the premium of mNAV over one.🔸Sustainability of mNAV greater than one is a key concern for investors.🔸Yield and market sentiment play crucial roles in investment decisions.🔸The lifecycle of Bitcoin treasury companies affects their long-term viability.🔸Investment strategies should consider risk management and market conditions.🔸Operational businesses may provide stability compared to pure Bitcoin plays.🔸Community engagement can significantly impact a company's market perception.Timestamps:(00:00) - Intro(01:33) - The correlation between Power Laws & Bitcoin Treasury Companies (BTCTC)(08:19) - How do you evaluate mNAV premium?; Sustainability of mNAV > 1 (16:48) - What are the indicators of a successful Bitcoin Treasury Company?; Market dynamics (19:00) - Sponsors(26:59) - The risks of mNAV erosion(35:00) - Lifecycle of Bitcoin Treasury Companies; Construction of a BTCTC portfolio(41:26) - Days to Cover mNAV explained(45:31) - The role of Bitcoin in banks of the future; survival of the fittest in BTCTCs(48:31) - Sponsors(50:18) - Operational Business vs. Bitcoin Accumulation; Long-term BTCTC strategies(59:29) - When will $MSTR moon?; Market perception & Bitcoin value(1:01:52) - Self custody Bitcoin vs BTCTCs(1:06:39) - Evaluating risks and opportunities in Bitcoin investmentsLinks: https://x.com/martykendall2https://microstrategist.com/Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

14 Juli 1h 9min

Becca Rubenfeld, COO and co-founder of Anchor Watch, discusses the evolution of Bitcoin insurance and custody. She shares her personal journey to Bitcoin, insights on the economic implications of national debt, and how Anchor Watch addresses the need for insurance in the Bitcoin space. The conversation covers the technical aspects of Bitcoin custody, the claims process, and the costs associated with insurance policies. Becca also highlights the importance of custom solutions for companies and the future of Bitcoin insurance in corporate adoption.Takeaways🔸Becca's childhood curiosity about national debt led her to Bitcoin.🔸Bitcoin insurance is essential for self-custody holders.🔸The evolution of custody technology is linked to the lack of insurance.🔸Anchor Watch aims to fill the insurance gap in Bitcoin.🔸Insurance policies are underwritten by Lloyds of London.🔸The claims process is separate from bankruptcy claims like Mt. Gox.🔸Time locks in Bitcoin custody enhance security.🔸Custom solutions are available for large companies.🔸Bitcoin insurance can help manage risks associated with volatility.🔸The future of Bitcoin insurance is tied to corporate adoption.Timestamps:(00:00) - Intro(01:16) - What drew Becca to Bitcoin?(06:40) - How has the Bitcoin custody landscape evolved over the years? (13:28) - Understanding Bitcoin Insurance & its challenges(17:44) - How does the claims process work?(21:50) - What scenarios does Bitcoin insurance cover?(24:22) - Sponsors (26:23) - What is the role of Miniscript & Timelocks in @AnchorWatch?(31:22) - Typical recovery layers in Anchor Watch (37:57) - What's the cost of bitcoin custody insurance?(39:24) - Bitcoin insurance for companies vs. individuals(43:06) - Transaction verification & Customer relationships(46:37) - What are the supported hardware wallets?; Recovery options (47:46) - Sponsors(52:56) - The challenges of Bitcoin-denominated insurance(59:32) - Bitcoin insurance for Bitcoin Treasury Companies (BTCTC)(1:07:15) - Who should use Anchor Watch?Links: https://x.com/BeccaAmileehttps://x.com/AnchorWatchhttps://www.anchorwatch.com/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

12 Juli 1h 11min

In this episode, Hunter Beast discusses the potential threats posed by quantum computing to Bitcoin and the proposed solutions, including BIP 360, which aims to introduce quantum-resistant hashes. The conversation delves into the technical aspects of Bitcoin's cryptography, the vulnerabilities associated with address reuse, and the importance of community feedback in developing effective solutions. Hunter emphasizes the urgency of preparing for quantum threats and the need for a collaborative approach to ensure Bitcoin's security in the future.Takeaways🔸Quantum computing poses a real threat to Bitcoin's security.🔸BIP 360 aims to introduce quantum-resistant hashes to Bitcoin.🔸Address reuse increases vulnerability to quantum attacks.🔸The community must work together to prepare for quantum threats.🔸Feedback from the community is crucial for developing solutions.🔸Bitcoin's upgrade process is notoriously difficult and slow.🔸The economic model of Bitcoin relies on its value stability.🔸Hunter emphasizes the importance of being proactive rather than reactive.🔸The Hourglass concept aims to manage quantum vulnerable coins effectively.🔸Future advancements in quantum cryptography may influence Bitcoin's security strategies.Timestamps:(00:00) – Intro(03:10) – How has the quantum threat changed recently?(08:50) – Walking through the quantum threat(11:50) – Why address reuse is risky(14:55) – BIP360: A fix for quantum attacks(16:09) - Sponsors(17:55) – Signature types and security(20:55) – Walking through quantum resistant signature algorithms(23:50) – What a quantum-safe Bitcoin might look like(35:02) - Sponsors(37:50) – Impact on bitcoin block size(42:35) – Challenges with upgrading  and what else has to change?(50:27) – What about advancements on Post Quantum Cryptography?(53:00) - Hourglass - Rate limiting Quantum vulnerable coin spends(1:00:49) – How long does it take to transition to Quantum resistant?(01:03:30) – Closing thoughtsLinks: https://x.com/cryptoquick https://bip360.org/Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

2 Juli 1h 9min

In this episode, Stephan reconnects with Stephen Cole to discuss the evolving landscape of Bitcoin, particularly focusing on the rise of Bitcoin treasury companies and the launch of Castle, a new venture aimed at automating Bitcoin treasury management for small and medium businesses. They explore the implications of Bitcoin adoption for small businesses, the importance of hard tech, and the potential for Bitcoin to serve as a foundational asset for future innovations. The conversation emphasizes the need for businesses to adapt to sound money principles and the role of technology in facilitating this transition.Takeaways🔸Companies upgrading to sound money is a positive trend.🔸Castle aims to automate Bitcoin treasury management for SMBs.🔸Dynamic strategies for Bitcoin acquisition can adapt to revenue fluctuations.🔸Small businesses can benefit from Bitcoin as a savings asset.🔸The failure rates of small businesses highlight the need for better financial strategies.🔸Hard tech and sound money are interconnected for societal progress.🔸Bitcoin's supply predictability offers unprecedented security for wealth.🔸Investing in Bitcoin can empower small businesses against inflation.🔸The acceptance of Bitcoin as a balance sheet asset is increasing.🔸The future of venture capital may include Bitcoin-denominated contracts.Timestamps:(00:00) Intro(03:05) The Rise of Bitcoin Treasury Companies(04:30) Stephen’s background and introducing Castle(08:52) Castle's Unique Approach to Bitcoin Treasury Management(12:02) Automation and Integration for Small Businesses(15:04) Sponsors(20:00) Bitcoin adoption amongst Small Businesses(25:00) Business Failure Rates under the Fiat Standard(30:00) Ideology or Technology?(32:23) The Challenge of Outperforming Bitcoin(33:27) Sponsors(35:15) Bitcoin denominated investing(39:55) Should early stage start ups hold Bitcoin in Treasury?(45:20) Hard Tech and BitcoinLinks: https://x.com/sthenchttps://x.com/orqestraio https://savewithcastle.com/aboutSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

1 Juli 53min

Clara Shikhelman Head of Research at ChaincodeLabs and Anthony Milton join me to explain the quantum threat to Bitcoin and possible mitigations:Timestamps:(00:00) Intro(02:46) Understanding Quantum Computing and Bitcoin Security(05:42) The Impact on Bitcoin Private keys(08:34) Mining and Quantum Computing(10:50) How many coins are vulnerable? (14:00) Bitcoin script types(19:37) Sponsors(21:25) Immediate call to action - stop address re use(25:20) What do we do if a QC appears? Burn vs Steal(34:00) Short Range vs Long Range Quantum attacks(37:04) Sponsors(41:25) Mitigating Quantum Threats: CDR and QRAMP Schemes(47:09) Selecting Quantum Resistant Algorithms(53:18) The Dual Track Approach to Quantum Security(57:38) Summary and closing thoughtsLinks: Report: https://chaincode.com/bitcoin-post-quantum.pdf Site: https://pq-bitcoin.org/https://x.com/ozdeadmanhttps://x.com/ClaraShikSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

27 Juni 1h 3min

Zach Pardey, CEO and co-founder of Bold, a Bitcoin-focused banking platform, discusses Zach's journey into the Bitcoin space, the societal issues stemming from fiat systems, and how Bitcoin can serve as a solution. The conversation delves into the integration of Bitcoin with traditional banking, the unique offerings of Bold, including Bitcoin rewards and self-custody options, and the emerging trend of Bitcoin treasury companies. Zach emphasizes the importance of self-custody and the need for financial education in the Bitcoin space.Takeaways🔸Zach Pardey's background in engineering and business led him to Bitcoin.🔸San Francisco's societal decay influenced Zach's views on fiat systems.🔸COVID-19 highlighted the failures of government responses and fiat control.🔸Bitcoin serves as a solution to the problems created by fiat currency.🔸Integrating Bitcoin with traditional banking is essential for mainstream adoption.🔸Bold offers a Bitcoin-only banking platform with unique rewards.🔸Self-custody is crucial for Bitcoin holders to ensure security.🔸Bitcoin treasury companies are a growing trend in institutional adoption.🔸Maintaining some fiat is important for psychological resilience during volatility.🔸Education and tools are needed to help new users adopt Bitcoin.Timestamps:(00:00) Introduction to Bold and Bitcoin(02:18) Zach's Journey to Bitcoin and Observations in San Francisco(05:55) The Impact of Fiat Systems on Society(13:11) Bitcoin as a Solution to Fiat Problems(18:11) Sponsors(19:14) Integrating Bitcoin with Traditional Banking(25:17) Bold's Unique Offerings and Services(31:19) Sponsors(33:05) Self-Custody and User Experience with Bold(42:09) Bitcoin Treasury Companies and Their Impact(52:07) Final Thoughts and Future of BitcoinLinks: https://x.com/ZacharyPardeyhttps://x.com/BoldBitcoinSponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

26 Juni 1h 1min

In this episode, Aaron discusses his book 'The Sovereign Child' and his unique approach to parenting, which is influenced by libertarian philosophy and the ideas of David Deutsch. Stupple emphasizes the importance of understanding children's reasons for their behavior rather than imposing authoritarian discipline. He advocates for a parenting style that maximizes freedom and autonomy while still providing guidance and support. The conversation also explores the importance of allowing children to make their own choices, particularly regarding food and screen time. He emphasizes the need for parents to create an engaging environment that fosters autonomy while also ensuring safety. The discussion further covers the balance between providing structure and allowing freedom, the misconceptions surrounding screen time, and the critical role of trust in parent-child relationships.Takeaways🔸Aaron Stupple's journey into parenting philosophy began with his interest in David Deutsch's ideas.🔸The book 'The Sovereign Child' presents a libertarian approach to parenting.🔸Parenting should not be authoritarian but rather supportive and understanding.🔸Understanding a child's reasons for their behavior is crucial for effective parenting.🔸Politeness in children should be taught through understanding, not fear of punishment.🔸The philosophy emphasizes the importance of autonomy in childhood development.🔸Children should be allowed to explore their preferences and make choices.🔸Brushing teeth can be made fun and engaging to encourage good habits.🔸Parents should focus on the reasons behind a child's actions rather than just the actions themselves.🔸Taking children seriously means valuing their reasoning and perspectives. Taking no for an answer is crucial in parenting.🔸Creating appealing choices for children encourages voluntary participation.🔸Children learn best when they feel they have agency.🔸Food restrictions can lead to binge eating when access is granted.🔸Trust is essential for open communication between parents and children.🔸Children need to understand the reasons behind rules for better compliance.🔸Screen time should not be viewed as inherently harmful.🔸Parents should guide rather than control their children's choices.🔸Engaging children in fun activities can prevent risky behavior.🔸Building a strong bond of trust leads to healthier relationships.Timestamps:(00:00) - Intro(00:39) - Aaron’s background & influence of David Deutsch’s school of thought (03:59) - How does a libertarian approach shape parenting? (07:20) - Practical applications of parenting philosophy(10:58) - Should discipline be imposed on children? (14:41) - ‘Taking Children Seriously’ - what does it mean?(19:07) - Sponsors (21:08) - Addressing reasons behind children’s behavior; A child’s autonomy of choices(26:52) - The struggle between choices & restrictions (29:55) - Balancing between safety and freedom of choice(32:36) - Sponsors (33:43) - The myths & realities of reducing screen time (41:00) - Why is building trust with your children important for open communication?Links: https://x.com/astupple https://www.thesovereignchild.com/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

24 Juni 49min