Stephan Livera Podcast Archiv

Dmitry Nedospasov is a PhD in Chip Security, also known for his hardware wallet exploits in 2018 with the wallet.fail talk. Dmitry joins me to talk about hardware security in the world of bitcoin and how it compares with hardware chip security in other domains. We discuss:

The 2018 wallet.fail talk

Bitcoin compared with other industries

Realistic hardware wallet attack types

The cost of attacking a hardware device

Backups and Shamir’s Secret Sharing

Links:

X: @nedos

LinkedIn: Dmitry Nedospasov

Site: Keylabs.io 

Telegram: https://t.me/nedos

wallet.fail talk: https://www.youtube.com/watch?v=Y1OBIGslgGM

Recoverylabs.io

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

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Steve Lee and Matt Corallo of Spiral rejoin me on the show to talk about a range of topics. Firstly we discuss the Great Consensus Clean Up which relates to fixing some long standing bugs in Bitcoin. Secondly we talk about MEV and why it’s the wrong term, instead we should be talking about MEVil and the implications for Bitcoin miner centralisation. Finally we address the rumours of Lightning Network being dead or not useful. 

Links: 

X: @moneyball

X: @TheBlueMatt 

BlueMatt's Blog: Stop Calling It MEV

BIP Proposal: The Great Consensus Cleanup

Delving post on Great Consensus Clean up Revival

Steve’s X thread on GCC: https://twitter.com/moneyball/status/1760839436617875485

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

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Andrew Henderson rejoins me to discuss his story renouncing US citizenship, and whether the price was worth it. We discuss whether you should “stay and fight” as well as considerations relevant for Bitcoiners on pursuing their options in other countries. We also discuss Nomad Capitalist Live 2024, coming in KL Malaysia. Listen in to learn and stay up to date on global tax, investing and lifestyle strategies.  Links: 

X: @nomadcapitalist

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Nomadcapitalist.com/live

Stephan Livera links:

Follow me on X: @stephanlivera

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Kevin Loaec of wizardsardine joins me to talk about bitcoin security and vaults. We get into a discussion about: 

Vaults and what’s possible today 

Timelocking and using them as part of self custody

Inheritance scenarios

Business use cases

Covenant soft forks

Links:

X: @KLoaec

X: @Wizardsardine

X: @revaultdev

Site: Wizardsardine  

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

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Chapters:

00:00 - Intro

02:07 - Revault

08:07 - Liana

14:48 - Overview of Liana and Supported Hardware Wallets

25:17 - Managing Time Locks in Liana: Rotating Coins and Duration

29:47 - Coinkite.com

30:47 - Swan.com

32:09 - Mempool.space

33:10 - Self-Custody with Liana

37:26 - Understanding Revault and Liana

44:56 - Exploring Decaying and Expanding Multi-Signature

49:15 - RBF and CPFP in Liana Transactions

56:07 - Transaction Size in Liana

01:00:42 - The Debate on Covenants

01:05:37 - Enhancing Organization Security with Cosigners

01:09:30 - The Future of Self-Custody

Have you wondered about the role design and UX plays in Bitcoin apps? Christoph and Mogashni join me from the Bitcoin Design Community to share insights on:

What most people are getting wrong about design

How you can leverage design principles in your bitcoin product

Bitcoin specific design challenges

Types of user

Tools available by the Bitcoin Design community

Links:

Site: Bitcoin.design

Site: bitcoindesignfoundation.org

X: @MogashniNaidoo

X: @GBKS 

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

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Chapters:

00:00 - Introduction and Background

03:31 - The Importance of Design in Bitcoin Applications

10:10 - The Bitcoin Design Community

12:34 - Common Mistakes in Bitcoin App Design

20:10 - Mempool.space

20:56 - Coinkite.com

25:14 - Embracing Creativity and Unique Design in Bitcoin

29:28 - Introduction to User Experience Design in Bitcoin

33:34 - Working with Bitcoin Apps and Projects

38:56 - Swan.com

39:14 - Simplifying the User Experience in Bitcoin

43:26 - Designing for Complexity in Bitcoin

45:09 - Navigating Competing Standards in Bitcoin Design

46:29 - The Value of UX Research in Bitcoin

49:48 - Practical Advice for Builders and Developers in Bitcoin Design

54:57 - Find Out More

56:40 - Closing Thoughts

Peter St Onge rejoins me on the show to share some insight into how bad the US government fiscal situation is getting. We talk:

How much debt there is and what’s next here

The impact on the people

Japanese interest rates rising

Japanese economic impacts

AI and where the jobs will come from

Bitcoin outlook

Links:

X: @profstonge

Site: Profstonge.com 

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Nomadcapitalist.com

Stephan Livera links:

Follow me on X: @stephanlivera

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Thomas Fahrer, co-founder of Apollo joins me to talk about the Bitcoin ETFs. We talk: 

Analysing the Bitcoin ETFs

What further institutional adoption looks like

How much capital could flow into Bitcoin

The Bitcoin FOMO scenario

Disagreements on the power law model

MSTR and Bitcoin

Links:

X: @thomas_fahrer 

Site: Heyapollo.com 

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

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Chapters:

00:00 - Introduction and Background

03:02 - The Significance of Bitcoin ETFs

13:33 - Rebalancing and Volatility

21:19 - Grayscale's Declining Bitcoin Holdings

25:41 - Swan.com

27:00 - Mempool.space

27:45 - Coinkite.com

33:35 - Possible Motivations for Grayscale's Actions

34:03 - Successful ETF Launch and Consistent Demand

37:23 - Bitcoin Price Rise and Demand - Supply Dynamics

39:44 - Volatility and Orderly Transition

41:07 - Bitcoin's Historical Price Patterns

44:05 - Flaws in Power Law Model

45:05 - Bitcoin's Potential to Replace Traditional Assets

46:41 - Flaws in Power Law Model and Fiat Currencies

50:11 - Importance of Fundamental Analysis

51:38 - Bitcoin's Bullish Case and Fundamental Properties

58:51 - Closing Thoughts

My friend Vijay Boyapati (Author of the Bullish Case for Bitcoin, and part of the Swan team) rejoins me on the show to talk about HODLing, share his analysis on things, and offer some tips on how to HODL. We talk:

What phase of the cycle we’re in

HODLer psychology

Does Bitcoin get captured? 

Is Bitcoin for Everyone?

Self custody tech

GBTC and Bankruptcies

Common traps and how to avoid them

Links:

X: @real_vijay

Genesis thread https://twitter.com/real_vijay/status/1744454450138526162 

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Nomadcapitalist.com

Stephan Livera links:

Follow me on X: @stephanlivera

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Chapters:

00:00 - Introduction and Overview

03:01 - The Excitement of Bull Markets

05:54 - The Slow Build-Up and Parabolic Moves

08:46 - Hodling Through Adversity

13:07 - The Nature of Bitcoin Cycles

16:02 - The Reachability of Bitcoin Participants

19:45 - Coinkite.com

21:00 - NomadCapitalist.com

22:08 - The Challenges of Self-Custody

30:00 - The Feasibility of Self-Custody for All

34:14 - Bitcoin as a Superior Monetary Base

35:10 - Concerns about Concentration Risk

38:07 - Mempool.space

39:16 - Swan.com

40:12 - Government Influence on Bitcoin ETFs

43:32 - Multipolar World and Bitcoin Adoption

44:01 - US Favorability towards Bitcoin

46:51 - Genesis Bankruptcy and Grayscale's Future

50:11 - Common Traps in a Bull Cycle

59:54 - Dealing with Corrections in a Bull Cycle

Mi Primer Bitcoin (My First Bitcoin) has grown since I last spoke with them on the show. John from the team rejoins me to talk about how things have developed. The team has now taught over 25,000 students in El Salvador and they are now expanding internationally. 

Links:

X: @jdennehy_writes

Site: Miprimerbitcoin.io

SLP381 John Dennehy & Gloriana Solano – Bitcoin Diploma in El Salvador

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

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Chapters:

00:00 - Introduction and Background

01:16 - Bitcoin Diploma and Infrastructure

03:37 - International Expansion and Node Network Governance

05:27 - Course Format and Duration

08:16 - Teaching Bitcoin in Public Schools

09:14 - Collaboration with Ministry of Education

12:37 - Different Approaches to Teaching Bitcoin

15:27 - Continued Education and Advanced Courses

17:55 - Coinkite.com

19:06 - Swan.com

20:18 - Mempool.space

21:13 - Bitcoin Education for Different Age Groups

23:48 - Format and Agenda of Bitcoin Education Conferences

26:15 - Collaboration with Governments and Universities

29:37 - Localization and Modification of Curriculum

32:31 - Focus on International Expansion

34:26 - Challenges of Education for the Masses

36:48 - Adapting Curriculum to Rising Fees

39:17 - Empowerment and Independence in Bitcoin Education

40:40 - Call for Support and Contributions

How do we interact with Bitcoin in a multi layer world? What cost savings and trade offs are necessary here? What even counts as a layer? Kilian from boltz.exchange joins me to talk about swapping across Bitcoin on-chain, Lightning and Liquid. We discuss:

How swapping works

What makes it atomic and non-custodial

What counts as layer 2

Fee savings and trade offs

Links:

X: @kilrau

Site: boltz.exchange

X: @boltzhq

Taproot feature blog post: Introducing Taproot Swaps: Putting the "Fun" Back into Refunds! 

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Nomadcapitalist.com

Stephan Livera links:

Follow me on X: @stephanlivera

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Chapters/Timestamps:

00:00 - Introduction and Background

03:07 - Boltz.exchange: Moving Between Bitcoin Layers

05:35 - Use Cases for Lightning Service Providers

09:45 - Enhancing Wallet Functionality

13:20 - Non-Custodial Atomic Swaps

21:43 - Coinkite.com

23:07 - NomadCapitalist.com

24:25 - Fees and Fee Savings

29:35 - Trust Model of Liquid

32:40 - Regulatory Risks for Liquid

37:10 - Transaction Limits on Liquid

38:58 - Mempool.space

39:59 - Swan.com

41:02 - Scalability of Liquid

44:15 - Integration of Liquid with Other Services and Wallets

51:22 - Pragmatism in Bitcoin Adoption

55:45 - Operating in a High-Fee Environment

57:45 - Closing Thoughts

Patrick van der Meijde, founder of BitKassa and co founder Arnhem Bitcoin City joins me to talk about his experience with co-founding one of the earliest Bitcoin ‘circular economy’ communities in 2014. 

How he got started

Taking payments pre-lightning

Are there enough people spending?

Resurgence in circular economies

Adopting Bitcoin Arnhem City

Links:

 X: @PatrickvdMeijde

Site: adoptingbitcoinarnhem.com

Site: arnhembitcoinstad.nl 

Cofounder @BitKassaNL

Cofounder Arnhem Bitcoin City @Bitcoinstad

Youtube: 10 years of merchants accepting bitcoin in Arnhem  

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera Links:

Follow me on X: @stephanlivera

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Chapters/Timestamps:

00:00 - Introduction and Background

01:55 - Bitcoin Narratives in 2014

04:45 - Transaction Fees and Challenges

08:46 - Arnhem Bitcoin City and its Evolution

09:55 - Context of Arnhem City in the Netherlands

11:45 - Capital Gains Tax in the Netherlands

12:33 - Impact of AML Regulations

14:13 - Merchants Keeping Bitcoin

15:00 - Swan.com

16:14 - Mempool.space

17:11 - Coinkite.com

18:40 - Merchant Churn and Turnover

23:35 - Importance of Local Community

28:55 - Adopting Bitcoin Conference in Arnhem

31:32 - Transition to Lightning Network

35:45 - Success Rates of Lightning Network Payments

36:30 - Improvement of Lightning Network

37:53 - Conclusion and Event Details

While in Madeira for Bitcoin Atlantis, I did some interviews on a range of topics with Lyn Alden, James Lavish, Tomer Strolight, Francis Pouliot, Steven Roose and Peter Todd. We discussed:

is Macro mid curve? 

USG debt

Using analogies to teach bitcoin

librerelay

MEV concerns

Self custodial and scaling

Links:

Lyn Alden X: @LynAldenContact

Site: lynalden.com 

James Lavish X: @jameslavish

Site: jameslavish.substack.com 

Site: bitcoinopportunity.fund 

Tomer Strolight X: @TomerStrolight

Bitcoin is Generational Wealth - A Short Film by Matt Hornick and Tomer Strolight

Swan Signal Bitcoin Blog

Francis Pouliot X: @francispouliot_

Site: BullBitcoin.com

Steven Roose X: @stevenroose3

GitHub: github.com/stevenroose 

Peter Todd X: @peterktodd 

Site: Petertodd.org

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

Subscribe to the podcast

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What applications exist for Bitcoin self custodial finance? Philipp Hoenisch, founder of 10101 (pronounced ten-ten-one) joins me on the show to talk about bitcoin trading without counterparty risk. We discuss:

DLC overview and basics

DLC channels and lightning

10101 walkthrough

“Funding rate”

Synthetic stablecoins

For individuals or business?

Risks and things can break down

Prior Episodes:

SLP349 Chris Stewart Bitcoin DLCs & Stablechannels

SLP219 Nadav Kohen – What You Should Know About Bitcoin DLCs

SLP519 Self Custodial Bitcoin Finance with Matthew Black of Atomic Finance

Links:

X: @bonomat

X: @get10101 

Site: 10101.finance

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Nomadcapitalist.com

Stephan Livera links:

Follow me on X: @stephanlivera

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Timestamps/Chapters:

00:00 - Introduction and Background

05:58 - The Concept of Discrete Log Contracts (DLCs)

10:28 - Non-Custodial Trading and DLC Channels

12:46 - Using the 10101 App

21:32 - Expiry and Funding Rates

26:01 - NomadCapitalist.com

27:47 - Coinkite.com

28:57 - Market Makers and Trade Sizing

32:05 - Limits and Future Plans

35:55 - Security and Hardware Wallets

37:41 - Non-Degen Uses for 10101

38:50 - Comparison of Stable Coin Concepts

41:58 - High Interest Rates and Risks

48:33 - Swan.com

49:42 - Mempool.space

50:44 - Comparison of Stable Value Options

56:49 - Technical Complexity and Education

58:43 - Future of the 10101 App

01:00:45 - Reasons for Lack of Non-Custodial Finance Adoption

01:03:56 - Closing Thoughts

Eric Yakes, author of The 7th Property, joins me to talk about the future of Bitcoin Banking, LN and ecash. We discuss:

Chaumian mints and ecash

Interaction with LN

Credit markets in the future

How does the system remain Full Reserve? 

Regulatory roadblocks

Will there be a role for passive index funds? 

Links:

X: @ericyakes 

axiombtc.capital/bank 

Site: Yakes.io

Sponsors:

Swan.com (code LIVERA)

CoinKite.com (code LIVERA)

Mempool.space

Stephan Livera links:

Follow me on X: @stephanlivera

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Timestamps:

00:00 - Introduction

08:23 - Bitcoin Banking

13:57 - Chaumian Mints

19:10 - How Do Chaumian Mints Work

24:04 - Use Cases for FediMints and CashewMints

31:09 - Coinkite.com

32:24 - Mempool.space

33:13 - Swan.com

35:08 - Bitcoin's Evolution and Adoption

38:20 - Regulatory Roadblocks for Commercial Mints

40:31 - Mitigating Risk of Token Debasement

46:59 - Fractional Reserve Banking and Trust

56:45 - Passive Index Funds and Stock Indexes

01:01:56 - Accounting Valuation and Global Wealth

01:06:02 - Closing Thoughts on Banks Without Bankers