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Dieser Podcast wird gerade aktualisiert – wir suchen nach neuen Episoden …

Bitcoin PIPEs v2 | Misha Komarov SLP776

43 Minuten
Bitcoin soft-fork debates around CTV, CSFS, OP_CAT, and OP_VAULT keep stalling — and Misha Komarov of Allocinit argues you can emulate much of that covenant behavior with cryptography instead of changing consensus.

Misha joins Stephan to unpack Bitcoin PIPEs v2: a Witness Encryption design that locks a signing key under an NP statement so a valid zero-knowledge proof decrypts the key and produces an ordinary Schnorr spend. Bitcoin L1 only checks a normal signature.

They compare PIPEs v1 (Functional Encryption / richer post-covenants) with v2 (Witness Encryption / binary pre-covenants), ciphertext sizes from ~300 TB toward single-digit terabytes, DKG and 1-of-n setup assumptions, non-custodial vault and shared-pool use cases, contrasts with cosigner models like Sigbash, and how Allocinit’s Shielded Bitcoin design differs from Shielded CSV’s client-side validation approach — plus open cryptanalysis challenges and a path toward implementable code.

Timestamps:

00:00 — Intro: Misha & Bitcoin PIPEs v2

00:27 — Background: BitMessage to =nil;

01:31 — Soft-Fork Fatigue & Nice-to-Haves

03:24 — Emulate Opcodes Without Soft Forks

04:54 — Witness Encryption Unlocks Keys

06:01 — Witness Encryption vs Bitcoin Witness

09:00 — PIPEs v1 vs v2: FE to WE

11:39 — Ciphertext Size & Cost Trade-offs

15:28 — Vaults as the Unhappy Path

16:23 — PIPEs vs Sigbash Cosigner

18:05 — DKG Setup & 1-of-n Trust

21:11 — Shared Vaults & Lending Use Cases

23:24 — Beyond Canonical OP_VAULT

26:35 — Shielded Bitcoin vs Shielded CSV

32:17 — Self-Custody Peg-In and Peg-Out

37:14 — On-Chain Footprint Walkthrough

39:42 — Security Challenges & Code Roadmap

Links: 

https://x.com/nemothenoone

https://x.com/allocinitxyz

Stephan Livera links:

Follow me on X: @stephanlivera

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rbitcoin: Bitcoin Full Node With Zero Human Code | reardencode SLP775

45 Minuten
Almost every public Bitcoin node still runs Bitcoin Core. Brandon Black argues that client monoculture is a systemic risk — and that automation plus AI now make independent consensus implementations more realistic than skeptics assume.

Brandon (aka reardencode) returns to Stephan Livera Podcast for the first episode in a mini-series on non-Core Bitcoin implementations. He is shipping rbitcoin, a Rust full node aimed at server-side wallet and Lightning backends, with Electrum served in-process.

They dig into why rbitcoin has no UTXO set and no Core-style dbcache, how build-time differential testing differs from satd’s in-process libbitcoinconsensus dual-eval, BIP324 v2-only P2P, archival storage tradeoffs, LibreRelay-inspired policy, and what “production-ready” means when every first-party line was written by AI under his prompting.

Brandon is blunt about maturity: the project is still early, contributors are welcome at rbitcoin.org, and listeners should treat alt clients as high-scrutiny infrastructure — not a drop-in replacement for Core tomorrow.

Timestamps:

00:00 — Intro: Brandon Black & rbitcoin

00:34 — Why Build rbitcoin

03:46 — Alt Clients Mini-Series

04:39 — Consensus Divergence Risk

05:53 — satd vs rbitcoin Paths

06:51 — Automation Makes Diversity Possible

08:29 — Build-Time Differential Testing

09:20 — Why Consensus Bugs Matter

10:55 — Lessons from btcd Divergences

13:35 — Target User: Wallet Backends

15:29 — Miners Leave the Non-Goal List

16:47 — Kill the dbcache Model

20:50 — Electrum In-Process

22:23 — Silent Payments & Tor

23:01 — BIP324 v2-Only P2P

23:46 — AI-Coded: Zero Human Lines

25:04 — Grok Plus Multi-Model Review

27:01 — DoS Rules & LibreRelay

28:34 — Upgrade Hooks

29:34 — Archive-Only, No 'UTXO Set'

31:50 — AI as the New Compiler

33:52 — Context Limits & Dependencies

38:06 — rust-bitcoin Relationship

39:08 — Wallet Infra Opportunity

40:00 — Still 10% a Joke

41:35 — Future of Client Diversity

44:50 — Outro: rbitcoin.org

Links: 

https://x.com/reardencode

https://rbitcoin.org/

Stephan Livera links:

Follow me on X: @stephanlivera

Subscribe to the podcast

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Bitcoin Accelerator on Mirissa Beach | James of Ârc SLP774

36 Minuten
Most Asian markets still make buying and saving Bitcoin painfully hard. James of Ârc argues the fix is not another protocol breakthrough — it is local founders shipping simple DCA and savings products market by market.

James joins me from Mirissa Beach, Sri Lanka, where Arc is partnering with Fulgur Ventures on a continuous Bitcoin accelerator. He is a former EY advisor and Playfair Capital investor who previously built with Alexander Mann (now Fulgur GP) and later sold Consequence, an early LLM-on-databases company.

The conversation covers why the program is continuous rather than a six- or twelve-week cohort, how to apply at arc.lk/Fulgur, why Sri Lanka ranks among his top-three country bets, the South Coast talent melting pot, funding DCA apps across Asia even where operators already exist, AI agents as Bitcoin users, and why Strike expanding should not scare local founders.

Timestamps:

00:00 — Intro: James of Ârc

00:35 — From Accenture to Venture Capital

02:13 — Building With Alex Singh

03:21 — Fed Up With Monkey JPEGs

05:10 — Ârc Fulgur Bitcoin Accelerator

06:35 — Continuous Program at Mirissa

07:34 — Two Paths Into Ârc Fulgur

10:13 — Why Sri Lanka?

12:02 — Top-Three Country Bet

12:23 — Whales, Leopards, Beach Hub

15:00 — South Coast Talent Melting Pot

18:36 — 34 Local Founders Already In

21:39 — Fund DCA Apps Across Asia

25:23 — AI Agents Will Use Bitcoin

28:18 — Room for Many Asian Operators

32:23 — Just Focus on Your Customer

32:39 — Apply Now

Links: 

https://x.com/James_of_Arc

https://x.com/FulgurVentures

https://arc.lk/

Stephan Livera links:

Follow me on X: @stephanlivera

Subscribe to the podcast

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Institutional Custody, Multisig & the War on Cash | Mike Belshe SLP773

1 Stunde 7 Minuten
Mike Belshe, co-founder and CEO of BitGo, walks through how institutional Bitcoin custody actually works in 2026: qualified custody, self-custody co-signing, and why BitGo still centers a 2-of-3 model after pioneering P2SH multisig in 2013.

BitGo now operates as a US-regulated qualified custodian and public company, while still offering the same wallet stack individuals can run in self-custody mode. The conversation covers what “institutional security” means in practice — HSM-backed co-signing, open-source recovery paths, multi-jurisdictional key storage (including how BitGo moved WBTC when US regulation looked hostile), and why on-chain multisig still beats vendor-locked MPC for cold ops.

They also dig into the political and operational risks around large Bitcoin holdings: KYC and PII as honeypots, France tying names to amounts, the war on cash reaching Bitcoin, and whether an EO 6102-style confiscation risk still belongs in the threat model. On the institutional side, Belshe pushes back on multi-custodian setups that add failure modes, explains insurance limits versus the size of the Bitcoin market, and why splitting wallets matters after events like Bybit.

Timestamps

00:00 — Intro: Mike Belshe of BitGo

00:59 — Don't Lose Self-Custody's Power

05:41 — Retail Deserves Institutional Security

07:16 — Humans Are Terrible at OpSec

09:56 — 2-of-3 Protects Theft and Loss

14:35 — Retail Pays 160 Basis Points

19:22 — Why People Drift Toward Banks

20:35 — Self-Custody Is Never Trustless

23:39 — Why BitGo Sticks to 2-of-3

30:31 — A Public CEO Holds Zero at Home

31:27 — KYC Leaks Are Government Honeypots

39:28 — France Doxed Bitcoin Holdings

41:30 — War on Cash Reaches Bitcoin

43:45 — Multi-Jurisdictional Key Storage

45:29 — Executive Order 6102 Could Return

47:43 — Quantum-Resistant Wallets Today

49:27 — Multisig Beats MPC

53:33 — Splitting Custodians Adds Failures

58:29 — 2-of-2 MPC Can't Recover Loss

01:00:57 — $5–7B Insurance vs $1.6T Bitcoin

01:03:35 — Bybit Lost 10x by Not Splitting

01:05:21 — Multi-Institution vs Qualified Custody

Links: 

https://x.com/mikebelshe

https://x.com/bitgo

Stephan Livera links:

Follow me on X: @stephanlivera

Subscribe to the podcast

Subscribe to Substack

Trustless Swaps Across Bitcoin Layers | Walter Maffione SLP772

38 Minuten
Walter Maffione, CEO and co-founder of KaleidoSwap, join me to explain how the project grew from an RGB Lightning DEX into a broader swap engine and LSP stack — Lightning as rails between Liquid, Arkade, Taproot Assets, Spark, and RGB — plus KaleidoSDK, desktop app, and browser Extension.

We dig into web app and SDK integrations for merchants and unified-balance wallets, how HTLC atomicity works across layers, BOLT 12 multi-asset offers and Nostr discovery for competing providers, Bitcoin-only scope with Flashnet and Utexo bridges for external stables, and a product lineup of desktop app, browser extension, and dual SDKs.

Walter also covers agentic payments via MCP plugins, self-sovereign local models with Tether’s QVAC, fee ranges around 0.5–1%, and a one-to-three-month mainnet launch path for the extension, swap provider, and web app.

Timestamp:

00:00 — Intro: Walter & KaleidoSwap

00:50 — From RGB to Multi-Layer Swaps

02:14 — LSP Plus Swap Provider Stack

03:42 — Merchants, Stables, Unified Balance

05:38 — Why Swap UX Took Over Wallets

06:42 — Liquidity Ops and Mainnet Path

07:58 — AI Attacks After Boltz Shutdown

10:23 — Defending Non-Custodial Swaps

12:18 — How Atomic Swaps Actually Work

13:36 — RGB, Liquid, Arkade, Spark 

14:36 — Open Spec, BOLT 12, Nostr Discovery

18:23 — Pay Anything via the SDK

19:34 — Bitcoin Layers Only + Bridges

22:05 — Desktop, Extension, Dual SDKs

25:05 — UX That Adapts to the User

26:32 — Agentic Payments and QVAC

33:22 — MCP Plugins, Keep Your Own AI

35:11 — Fees Around 0.5–1%

35:57 — Launch Timeline: Next 1–3 Months

37:05 — Find KaleidoSwap Online

Links: 

https://x.com/bit_walt

https://x.com/kaleidoswap

https://docs.kaleidoswap.com/whats-kaleidoswap/introduction

Stephan Livera links:

Follow me on X: @stephanlivera

Subscribe to the podcast

Subscribe to Substack
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Über diesen Podcast

Join Stephan as he interviews the sharpest economic and technical minds in Bitcoin & Austrian Economics to help you understand how money is changing and evolving. Leading names in the world of Bitcoin join the show to share their insights, whether they are developers, CEOs, economists, authors, analysts and more.
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Stephan Livera
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Ø 1 Std. 2 Min.
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vor 2 Wo.
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vor 6 J.
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