Why aren't people doing self custody? with NVK | SLP694
In this episode, NVK, CEO of CoinKite, discusses the advancements in Bitcoin self-custody solutions, particularly focusing on the Coldcard wallet and its new spending policies. The conversation explores the challenges businesses face in self-custody, the complexities of accounting for Bitcoin transactions, and the growing trend of Bitcoin treasuries among corporations. NVK emphasizes the importance of self-custody, the future of Bitcoin custody solutions, and the evolving landscape of Bitcoin adoption in the financial markets. The discussion also touches on the ongoing debates within the Bitcoin community regarding the Bitcoin Core development and the implications of debt in treasury companies.Takeaways:🔸Spending policies enhance operational security for Bitcoin transactions.🔸Self-custody is crucial for businesses to manage Bitcoin effectively.🔸Accounting complexities hinder Bitcoin adoption for companies.🔸Bitcoin treasuries are becoming a popular choice for corporate investments.🔸The market for Bitcoin collateralized loans is expected to grow.🔸There is a need for more diverse Bitcoin custody solutions.🔸The Bitcoin community is divided on the future of Bitcoin Core.🔸Debt can be a useful tool for Bitcoin treasury companies.🔸The demand for Bitcoin will continue to drive its value up.🔸The evolution of Bitcoin will impact societal structures and power dynamics.Timestamps:(00:00) - Intro(00:41) - What are Coldcard spending policies? How is it useful?(05:19) - Why do companies not prefer self-custody?(07:58) - Operational difficulties in accounting & taxation of Bitcoin(10:29) - Why do BTCTCs not prefer self-custody?; Role of custodians in Bitcoin treasury management(15:51) - How many BTCTCs will we have by EOY?(17:11) - The Bitcoin Leaderboard ft. @BTCtreasuries(20:46) - ‘Winner takes all’ scenarios for BTCTCs?(22:55) - Sponsors(24:39) - The future of financial engineering in Bitcoin(28:11) - Any demand is good for Bitcoin(29:56) - Is Bitcoin being co-opted?; Bitcoin’s power-shift - Economic & Political influence(35:40) - BTCTCs using ‘cheap fiat’ to stack Bitcoin(39:50) - Mindset shifts among Bitcoin OGs; Does everybody care about Bitcoin price?(44:33) - NVK’s thoughts on Core(46:48) - NVK’s thoughts on Knots(51:09) - Should there be multiple Bitcoin implementations?(54:50) - Closing thoughtsLinks: https://x.com/nvk Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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56:38
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56:38
Bringin: Europe’s New Bitcoin Gateway with Prashanth Chandrasekar | SLP693
Stephan Livera interviews Prashanth, the CEO and founder of Bringin, a startup focused on providing seamless Bitcoin solutions for users in the Eurozone. Prashanth shares his journey into the Bitcoin space, the pain points he identified regarding Bitcoin liquidity, and how Bringin addresses these challenges through innovative products like virtual IBAN accounts and debit cards. The conversation also touches on user feedback, regulatory impacts, and future developments for Bringin.Takeaways:🔸Prashanth's introduction to Bitcoin began in 2017.🔸The main pain point was the inability to liquidate Bitcoin easily.🔸Bringin offers a virtual IBAN account for seamless transactions.🔸The platform aims to provide a reliable off-ramping solution for Bitcoiners.🔸User experience is optimized for both small and large transactions.🔸The debit card allows users to spend Bitcoin easily.🔸Feedback from users highlights the speed and reliability of the service.🔸Bringin charges a flat fee of 1% for transactions.🔸EU regulations are tightening, impacting compliance for crypto businesses.🔸The Bringin wallet integrates self-custody with easy off-ramping capabilities.Timestamps:(00:00) - Intro(00:52) - When did Prashanth discover Bitcoin?(02:21) - What is Bringin trying to solve?(06:47) - What does Bringin offer and who does it cater to? (10:03) - Building the bridge between self-custody Bitcoin and TradFi Banks; Virtual IBANs (13:26) - How does the Bringin Debit card work?(15:37) - What has been the user feedback?; Fees & Costs for off ramps(18:25) - How are EU regulations impacting Bringin?(20:13) - Sponsors(24:10) - Bringin’s self-custodial Bitcoin wallet(30:18) - Future plans for Bringin (32:39) - Closing thoughtsLinks: https://x.com/prashanthc123 https://x.com/bringinxyzhttps://bitcoinmagazine.com/news/europeans-can-now-live-on-the-bitcoin-standard-with-bringin Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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33:19
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33:19
RGB goes live on Bitcoin: Stablecoins and RWA with Anant Tapadia & Federico Tenga | SLP692
In this conversation, Stephan Livera discusses the RGB protocol with Anant and Federico, exploring its significance in the Bitcoin ecosystem. They explore how RGB enables smart contracts on Bitcoin, the role of stablecoins, user experience, and the efficiency of transactions. The discussion also covers the process of creating and managing assets on RGB, comparisons with other Bitcoin protocols, and the future of the RGB ecosystem. The importance of user adoption and the potential for real-world asset integration, while addressing risks associated with asset issuers is also discussed. Takeaways:🔸RGB allows for smart contracts on Bitcoin without side chains.🔸Stablecoins like USDT are crucial for Bitcoin's ecosystem.🔸User experience is key for adoption of RGB assets.🔸RGB transactions are efficient and scalable compared to other protocols.🔸Creating assets on RGB is a straightforward process.🔸RGB offers a peer-to-peer solution without trust trade-offs.🔸The RGB ecosystem includes various wallets and applications.🔸RGB is more efficient than Liquid and Taproot assets.🔸User adoption will depend on the value provided by RGB solutions.🔸The future of RGB looks promising with potential for real-world asset integration.Timestamps:(00:00) - Intro(00:55) - What is RGB?; RGB's functionality and updates(04:25) - Why do we need non-bitcoin assets?(07:45) - What does RGB look like for the end user?; UX of using RGB Tether (09:50) - RGB Lightning(12:09) - What is it like building an RGB wallet?(16:54) - How does one create and transfer an RGB asset?(19:36) - Efficiency of RGB compared to other protocols(23:04) - Is RGB only for stablecoins?; Scope of having Real World Assets on RGB(27:39) - Overview of the RGB ecosystem (29:48) - RGB vs. other Bitcoin solutions (Taproot assets, Liquid, Spark etc.)(34:25) - Sponsors(35:23) - Will there be RGB payment processors in the future?(41:15) - How does RGB compare with altcoins (other Layer 1s)?(43:06) - Risks and Trust in asset issuance(48:24) - Why should users care?; Market fit and adoption(52:40) - Closing thoughts Links: https://x.com/anant_tap https://x.com/FedericoTenga https://rgb.info/ https://x.com/RGB_Hub https://x.com/bitcointribe_ https://x.com/BitcoinTribe_/status/1975061808584302987 Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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53:40
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53:40
mNAV, P/BYD & PIPE Deals in Bitcoin Treasury with Jesse Myers | SLP691
In this conversation, Stephan Livera and Jesse Myers discuss the current state and future of Bitcoin treasury companies, focusing on Smarter Web Company's strategies and performance. They explore the implications of PIPE deals, the importance of a solid track record in delivering Bitcoin yield, and the regulatory environment's impact on investment strategies. The discussion highlights successful examples like Metaplanet and the potential for Bitcoin treasury companies to accumulate a significant portion of Bitcoin in the coming years. They also address the challenges investors face, including understanding mNAV and justifying premiums in Bitcoin investments. Jesse also introduces the P-Bid ratio as a new metric for evaluating these companies, emphasizing the need for a strong retail investor base and the significance of operational businesses in sustaining value. The discussion concludes with reflections on the future of Bitcoin treasury companies and their role in the broader financial landscape.Takeaways:🔸Smarter Web Company has over 2500 Bitcoin and a mNAV of about 1.6.🔸The current Bitcoin yield for Smarter Web Company is 278%, significantly higher than market expectations.🔸Many Bitcoin treasury companies have struggled to deliver consistent Bitcoin yield.🔸PIPE deals can create headwinds for Bitcoin treasury companies due to misaligned investor interests.🔸Successful Bitcoin treasury companies have a track record of delivering Bitcoin yield over time.🔸Metaplanet is highlighted as a successful example of a Bitcoin treasury company.🔸The regulatory environment in different countries affects the success of Bitcoin treasury companies.🔸There is potential for Bitcoin treasury companies to accumulate a significant portion of Bitcoin in the future.🔸Public companies have more capital market tools available than individual investors.🔸Understanding mNAV is crucial for valuing Bitcoin treasury companies.🔸Bitcoin yield is a key factor in assessing company performance.🔸The P-Bid ratio helps unify mNAV and Bitcoin yield metrics.🔸Retail investors play a vital role in the success of treasury companies.🔸Many Bitcoin treasury companies struggle to deliver consistent yield.🔸M&A activity is expected as companies trade below 1X mNAV.🔸The fundamentals of Bitcoin treasury companies are real and promising.🔸There is a significant opportunity for growth in this sector.🔸The Bitcoin treasury industry is in its early stages of development.🔸Investors should focus on well-run companies to maximize gains.Timestamps:(00:00) - Intro(01:05) - What’s new at @smarterwebuk?(03:07) - Evaluating the recent Bitcoin Treasury lull (05:03) - Jesse's issues with PIPEs for Bitcoin TCs(10:45) - What counts as a successful Bitcoin TC?(15:36) - Regulatory environment supporting the rise of Bitcoin TCs(19:19) - How real is the Bitcoin Treasury fad?; Building Capital markets on Bitcoin(26:53) - Sponsors(29:03) - Why choose BTCTC over spot Bitcoin?(34:42) - BTC-denominated convertible notes(41:10) - What justifies the mNAV premium of BTCTCs?; mNAV & BTC Yield (46:36) - The P-BYD ratio is the P/E ratio for Bitcoin treasury companies(52:10) - What are the challenges in delivering a high Bitcoin yield?(56:48) - The role of retail investors in Bitcoin TCs(1:00:02) - Is M&A the way forward for Bitcoin TCs with mNAV below 1? (1:09:12) - How will TCs mature over time?Links: https://x.com/Croesus_BTC https://x.com/smarterwebuk https://x.com/Croesus_BTC/status/1945572138880041226 SWC analytics dashboard: https://investors.smarterwebcompany.co.uk/analytics/ Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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1:14:27
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1:14:27
Decentralizing Bitcoin Mining with P2Pool V2 with Jungly | SLP690
In this conversation, Jungly discusses his work on P2Pool V2, a decentralized mining pool aimed at improving upon the limitations of the original P2Pool. He emphasizes the importance of decentralization in Bitcoin mining and explains the technical innovations that P2Pool V2 introduces, such as sharechains and atomic swaps for non-custodial payouts. Jungly also highlights the need for community involvement and developer engagement to ensure the project's success, and he shares his vision for a more accessible and efficient mining ecosystem.Takeaways:🔸Decentralization of mining is crucial for Bitcoin's future.🔸P2Pool V2 aims to improve upon the original P2Pool's limitations.🔸The sharechain concept allows for better scalability and efficiency.🔸Atomic swaps enable non-custodial payouts for miners.🔸Community involvement is essential for the success of P2Pool V2.🔸Technical innovations like uncle blocks enhance the mining process.🔸The goal is to create a decentralized mining pool that is accessible to all.🔸Testing and developer engagement are key to building trust in the software.🔸P2Pool V2 can support a large number of miners without centralization.🔸The project is actively seeking developers and testers to contribute.Timestamps:(00:00) - Intro; Why is P2Pool V2 important?(02:31) - The evolution of P2Pool(04:40) - What is the custodial payout model?(06:17) - Limitations with P2Pool (12:51) - Comparing P2Pool V2 with Stratum SV2 & DATUM(16:19) - What is required to run P2Pool V2?(18:15) - What is a sharechain?; What is an uncle block?(22:04) - Sponsors(23:14) - Payout mechanisms in P2Pool V2(27:50) - How can a decentralized mining pool scale?(32:09) - Can there be multiple instances of P2Pool V2?(35:50) - How does atomic swap work for payouts?(43:08) - Current progress of P2Pool V2(50:25) - Closing thoughtsLinks: https://x.com/jungly https://github.com/pool2win/p2pool-v2 https://x.com/jungly/status/1959882520855535827 Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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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