Stephan Livera Podcast

• MEV, Censorship & Why We Need To Save Our Wallets with Matt Corallo | SLP667

  Stephan & Matt discuss the ‘Save Our Wallets’ campaign, which aims to protect non-custodial wallets from regulatory challenges posed by the U.S. government. He highlights the legal risks developers face due to broad interpretations of regulations and the potential consequences of future administrations. The importance of advocacy for legislative change, user engagement, and improving user experience in Bitcoin transactions are emphasized. Additionally, the conversation touches on the implications of AML and FATF regulations, the evolution of wallet technologies, and the need for research into Miner Extractable Value (MEV) in Bitcoin. They also discuss various aspects of Bitcoin and Ethereum, focusing on the implications of MEV (Miner Extractable Value), the risks of mining centralization, and the importance of investing in solutions rather than relying on consensus changes. They explore the challenges posed by private order flow, the philosophical differences in Bitcoin development, and the future of Bitcoin Core and node adoption.Takeaways🔸The Save Our Wallets campaign aims to protect non-custodial wallets from regulatory overreach.🔸Legal challenges are arising for developers of non-custodial wallets due to broad interpretations of money service business regulations.🔸The DOJ's actions against Samurai Wallet highlight the risks for privacy-focused services in the cryptocurrency space.🔸Future administrations may pose additional risks to non-custodial wallets if laws are not changed.🔸Advocacy efforts are crucial to push for legislative changes that protect non-custodial wallets.🔸User engagement is essential for demonstrating public support for non-custodial wallet protections.🔸AML and FATF regulations create risks for users and developers in the cryptocurrency space.🔸User experience in Bitcoin transactions remains a significant barrier to adoption.🔸The development of graduated wallets could improve user experience and security for Bitcoin users.🔸Research into MEV (Miner Extractable Value) is necessary to understand and mitigate risks in Bitcoin. Investing in solutions is preferable to consensus changes.🔸MEV is seen as an inevitable challenge in blockchain.🔸Mining centralization poses significant risks to Bitcoin's future.🔸Private order flow can lead to worse price execution for users.🔸Relay policy can nudge users towards better practices.🔸Philosophical differences exist in Bitcoin development approaches.🔸Decentralizing block template creation is crucial for Bitcoin's health.🔸Layer 2 solutions like Lightning are essential for scaling.🔸Regulatory protection is necessary for non-custodial wallet developers.🔸The future of Bitcoin Core depends on community engagement and adoption.Timestamps:(00:00) - Intro(00:43) - What is the ‘Save Our Wallets’ campaign? (07:00) - What is the role of FinCEN & DOJ in regulation(10:25) - Save Our walets advocating for legislative changes (20:22) - The importance of CLARITY Act(23:26) - What are the broader implications of AML & FATF regulations? (27:42) - The challenge of bad user experience for onboarding masses to Bitcoin(32:21) - Innovations in Bitcoin wallets; BIP 353 - DNS Payment Instructions(40:36) - Understanding MEVil risks in Bitcoin(48:05) - Mitigating MEVil risks in Bitcoin(59:25) - Mining Centralization and Profitability(1:12:22) - Comparing RBF debates to the current relay policy debates(1:21:48) - Philosophical differences in Bitcoin governance(1:31:11) - Will Bitcoin core remain the dominant implementation?(1:34:00) - Trusted & non-trusted Layer 2 solutions (1:41:40) - Closing thoughtsLinks: https://x.com/TheBlueMatt https://bluematt.bitcoin.ninja/ https://saveourwallets.org/https://bitcoinmagazine.com/technical/mevpool-the-best-bandaid-we-have-for-mev Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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  1:42:52
• Bitcoin Treasury Companies: Risk, Reward & mNAV with Blake Canfield | SLP666

  Blake & Stephan discusses the emerging concept of Bitcoin treasury companies, their role in the debt market, and the potential benefits and risks associated with them. He emphasizes the proactive approach these companies take to bring capital into Bitcoin, the importance of understanding the mechanics behind their operations, and the sustainability of their net asset value (MNAV). The discussion also touches on investment strategies, personal perspectives on risk, and the future of Bitcoin treasury companies in the evolving financial landscape.Takeaways🔸Bitcoin treasury companies tap into the debt market to bring capital into Bitcoin.🔸The debt market is a significant opportunity for Bitcoin growth.🔸Concerns exist regarding the ethos of Bitcoin and the use of debt.🔸Bitcoin treasury companies can influence governance and attract institutional investors.🔸The sustainability of mNAV is crucial for the success of these companies.🔸Different financial instruments can enhance Bitcoin yield for shareholders.🔸The risk of state capture is a concern for Bitcoin treasury companies.🔸Investors should consider their personal risk tolerance when investing in these companies.🔸The potential for Bitcoin treasury companies to onboard new investors is significant.🔸Understanding the mechanics of these companies is essential for informed investment decisions.Timestamps:(00:00) - Intro(01:08) - Debt market will flow into Bitcoin through treasury companies(04:49) - Parallels between treasury companies and altcoins (07:40) - What are the different approaches to acquire Bitcoin for a company? (12:18) - What is mNAV & why must it be greater than 1? (17:29) - Sustainability of Bitcoin treasury strategies(21:46) - Sponsors(23:35) - Analyzing various Bitcoin treasury companies (29:01) - What is BTC Torque?; Understanding Fiat Convertible Debt(35:37) - Global demand for Bitcoin treasury companies (39:59) - Did GameStop fumble its Bitcoin strategy? (42:12) - Understanding mNAV & Bitcoin Yield(45:00) - Risk vs reward analysis of investing in Bitcoin treasury companies(51:08) - What can go wrong with the treasury companies? (53:37) - Sponsors(59:28) - Can Strategy pay off the interest obligations of their preferred stocks?(1:01:19) - What are the biggest risks for a Bitcoin treasury company?(1:02:28) - Thesis for rotating profits from treasury companies into Bitcoin; Tax (in)efficiency models(1:09:55) - What is the future of Bitcoin treasury companies?(1:13:05) - Closing thoughts Links: https://x.com/LogicalBitcoinr Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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  1:17:50
• Your Financial Data Can Be Weaponized Against You with Lyudmyla Kozlovska | SLP665

  Lyudmyla Kozlovska, President, Open Dialogue Foundation discusses the intersection of Bitcoin, human rights, and the weaponization of financial regulations. She highlights the dangers of transnational financial repression, where authoritarian regimes exploit financial action task force (FATF) and anti-money laundering (AML) regulations to target individuals and organizations. The discussion emphasizes the need for privacy protection, legislative change, and active advocacy to safeguard civil liberties in the face of increasing surveillance and repression.Takeaways🔸The FATF and AML regulations can be weaponized against individuals.🔸Transnational financial repression is a growing concern for activists.🔸Privacy tools are essential for protecting personal data.🔸Legislative initiatives are needed to combat financial repression.🔸Bitcoin can serve as a tool for financial freedom.🔸Awareness and education are crucial in addressing these issues.🔸Collaboration among activists and legislators is necessary.🔸Real-world examples illustrate the impact of financial repression.🔸Data privacy is increasingly at risk in the digital age.🔸Active participation from citizens can drive change.Timestamps:(00:00) - Intro(01:30) - Are financial regulations being weaponized?(07:35) - What is Transnational Financial Repression?(12:11) - Sponsors(14:55) - Real-world impacts of financial repression(19:25) - The role of Bitcoin in protecting privacy(24:07) - The abuse of data and importance of data privacy(27:31) - Sponsors(28:36) - What should be the protocol for law enforcement to request financial data?(35:34) - Call to Action for ListenersLinks: https://x.com/LyudaKozlovska https://primal.net/profile/npub13ajk3hhvqys2ev4y68jwxywgs8fsdsuk4y5gkzs874jdyrccvf5qak2yd9 Lyuda’s Telegram:@LK2017LKSite / Support ODF: https://en.odfoundation.eu/projects-and-campaigns/combating-financial-exclusion-and-work-of-btc-coalition/ https://x.com/ODFoundation Report on Barlyk Mendygaziyev's case: https://en.odfoundation.eu/a/727011,transnational-repression-against-barlyk-mendygaziyev/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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  36:27
• Firefish: borrow against your bitcoin with Igor Neumann | SLP664

  Igor Neumann, co-founder of Firefish, discusses the innovative approach of their Bitcoin lending platform. Firefish operates as a decentralized marketplace connecting borrowers and lenders, allowing users to leverage their Bitcoin as collateral for loans. Igor explains the unique features of their protocol, the loan terms, user demographics, and the growing interest in Bitcoin collateralized loans. He also addresses the technical aspects of their platform, including liquidation processes and compliance with regulations, while highlighting the evolving landscape of Bitcoin lending in the EU.Takeaways🔸Firefish is a Czech-based startup focused on Bitcoin-backed loans.🔸The platform operates as a decentralized marketplace, not a centralized lender.🔸Borrowers drive the interest rates on loans, creating a unique market dynamic.🔸Bitcoiners prefer to use their assets as collateral rather than selling them.🔸The platform has seen increasing interest from SMEs and high net worth individuals.🔸Firefish's protocol uses multi-signature and oracles for security and efficiency.🔸Liquidation processes are designed to protect both borrowers and lenders.🔸The platform provides legal documentation to assist users with bank compliance.🔸Regulatory changes in the EU are positively impacting Bitcoin adoption.🔸The market for Bitcoin lending is maturing, with growing institutional interest. Timestamps:(00:00) - Intro(00:54) - What is Firefish?(03:39) - How is Firefish different from other lending protocols/platforms? (06:38) - What are the loan terms on Firefish? (10:33) - The user types and marketplace dynamics(13:40) - Bitcoin adoption among Czech SMEs; Market risks & future predictions(20:34) - Sponsors(21:50) - What is the underlying technology of Firefish?(27:25) - The role of pre-signed transactions(31:44) - Emergency recovery scenario on Firefish(35:48) - Dispute resolution in P2P lending(38:56) - Does Firefish use DLC?(40:46) - Navigating TradFi banking challenges in P2P lending(42:34) - Sponsors(45:40) - What are liquidation premiums on Firefish?(46:38) - The evolving landscape of Bitcoin regulations in EU(50:31) - Is there a growing interest in Bitcoin collateralized loans?(55:47) - Closing thoughtsLinks: https://firefish.io/https://x.com/firefish_io Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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  57:06
• Leveraged Bitcoin Equities Over Bitcoin? with Reed Wommack | SLP663

  Reed Wommack shares his journey into Bitcoin, transitioning from a role at Swan Bitcoin to running Groundluxe, a company focused on grounding products. He discusses the evolving landscape of Bitcoin treasury companies, the risks and rewards associated with leveraging debt for investments, and the importance of a long-term perspective in navigating market cycles. Reed also emphasizes the potential for Bitcoin to dominate the equity market and the impact of capital gains tax on investment strategies. He encourages listeners to consider their risk profiles when adopting aggressive investment strategies.Takeaways🔸Reed's journey into Bitcoin began in 2019, leading to a deep interest in Austrian economics.🔸He transitioned from working at Swan Bitcoin to running Groundluxe, focusing on grounding products.🔸Reed discusses the strategy of investing in Bitcoin treasury companies rather than directly in Bitcoin.🔸He emphasizes the importance of understanding the risks associated with leverage in investments.🔸Reed believes that Bitcoin treasury companies will play a significant role in the future of finance.🔸He highlights the need for a long-term perspective when investing in Bitcoin-related companies.🔸The conversation touches on the impact of capital gains tax on investment strategies.🔸Reed shares insights on how to navigate market cycles and the importance of cash flow.🔸He discusses the potential for Bitcoin to become the dominant asset in the equity market.🔸Reed encourages listeners to consider their risk profiles when adopting aggressive investment strategies.Timestamps:(00:00) - Intro(00:40) - Who is Reed Wommack?(03:47) - Reed’s rationale behind choosing Bitcoin Treasury Companies(09:25) - Is Debt evil? Risk vs reward considerations in Bitcoin investments (13:37) - The mechanics of using ‘leverage on leverage’(16:20) - Sponsors(19:38) - Is opting for business loans to buy LBEs a good idea?(22:30) - How many LBEs does GroundLuxe own? (25:41) - Progression of a Bitcoin Treasury Company(28:54) - The role of debt in growing GroundLuxe? (32:34) - Loan durations, deleveraging and timing the cycles(38:01) - Will the profits be rolled back into Bitcoin?(40:07) - What is the criteria for selecting a ‘good’ Bitcoin treasury company?; Navigating potential bear cycles(43:28) - Sponsors(50:08) - Reed’s opinion on Preferred Shares - $STRK & $STRF(54:25) - How large can the ‘Bitcoin Treasury Companies’ industry get? (58:22) - Managing risks in Bitcoin investments (1:02:47) - Evaluating Bitcoin investment strategies for different investor profiles(1:08:25) - Closing thoughtsLinks: https://x.com/ReedWommack Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Lana by GaloyStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

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  1:10:04

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