Folgen
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In this episode, we sit down with Rational Root to explore whether bitcoin is on the verge of entering a parabolic growth phase. We discuss key indicators, including on-chain data, market cycles, and global liquidity trends, to assess the current state of bitcoin and its potential for rapid price acceleration. Root breaks down the importance of short-term holder behavior, ETF flows, and the psychology of the market. We also consider external factors, such as macroeconomic conditions and regulatory developments, that could fuel or hinder bitcoin's next major move.
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TIMESTAMPS:
01:40 Where are we in the 4 year cycle?
04:55 Bitcoin goes sideways or down a majority of the time
08:14 Cycles from the bottom
13:03 On-chain value map
21:21 Do ETFs change on-chain analytics?
24:00 Psychology of a bitcoin market cycle
26:23 Global liquidity catalyst
30:14 Short-term holder supply
34:38 Bitcoin ETF flows
43:30 Bitcoin ETF cost basis
45:55 Bitwise proof of reserves
49:40 HODL Model update
1:01:40 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Rational Rootâs Twitter: https://x.com/therationalroot
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In this episode, former FBI agent Ren McEachern breaks down financial crime and fraud in the digital age. We cover how criminals use different monetary tools for money laundering, whether the FBI can reverse wire transfers, and their work on the dark web. Ren explains asset seizures, including high-value items like yachts, and the unique challenges of seizing and liquidating bitcoin. We also discuss the FBIâs evolving stance on bitcoin, tracing crypto transactions, and using off-chain data to prevent fraud. Lastly, we tackle the potentially fraudulent NFT market, and Ren shares what he sees as the biggest risk to bitcoin today.
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TIMESTAMPS:
01:30 Introduction and Background
06:00 Most common monetary tool used in money laundering?
09:08 Can the FBI reverse wire transfers?
12:48 FBI and the dark web
15:12 Brazil banning X.com
17:15 Seizing assets and chasing yachts
21:55 Liquidating seized assets and yachts
24:00 The difficulty of seizing bitcoin
29:00 Government seizure of bitcoin and liquidation
37:00 Trumpâs strategic bitcoin stockpile
40:00 The FBI's perspective on bitcoin
50:10 Future of fraud with bitcoin and crypto?
01:01:25 Is the NFT market just money laundering?
01:04:30 Most commonly used crypto for fraud?
01:08:13 Biggest risk to bitcoin?
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Ren McEachernâs LinkedIn: https://www.linkedin.com/in/george-ren-mceachern
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Fehlende Folgen?
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In this episode, Joe Consorti joins us to explore the impacts of trillion-dollar deficits on the fiscal landscape and what it means for bitcoinâs future. We start with a look at the current liquidity environment and how asset prices are responding, followed by a discussion on rate cuts and capital deployment strategies. Joe shares his outlook on bitcoinâs trajectory through 2025 and the central bank actions we should be keeping a close eye on. We then examine key models like the power law and stock-to-flow to understand how they relate to bitcoinâs growth. Joe also addresses whether excessive monetary and fiscal stimulus could harm bitcoin, and why crypto is in decline while bitcoin continues to thrive. Finally, we talk about the acceleration of exponential growth, before wrapping up with Joeâs thoughts on unpopular beliefs and the biggest risks facing bitcoin today.
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â Subscribe
â Leave a review
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â Send us an email [email protected]TIMESTAMPS:
00:00 Introduction
01:30 Trillion-dollar deficits and the fiscal situation
10:43 The liquidity spigot and asset prices
17:21 Rate cuts and capital deployment
25:35 Bitcoin's future and monitoring central bank actions
30:35 Predicting bitcoin in 2025 and factors to watch
37:12 The power law model vs. the stock-to-flow model
40:05 Does too much monetary and fiscal stimulus harm bitcoin?
46:50 The decline of crypto and the thriving of bitcoin
51:00 Acceleration and exponential growth
01:02:20 Unpopular beliefs and the biggest risks to bitcoin
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Joe Consortiâs Twitter: https://x.com/JoeConsorti -
In this episode, Dylan LeClair joins us to discuss positive feedback loops around bitcoinâs extreme volatility and a collapsing crypto industry. We kick off with Vitalik's questions about the sustainability of yield in the crypto space and whether ethereum and other cryptocurrencies are at risk of fading away. Dylan offers his insights on the VIX spike in early August and what it might mean for the broader market. We then shift to the success of bitcoin ETFs and dive into how companies like Metaplanet and MicroStrategy are using financial engineering to increase their bitcoin holdings per share. Dylan shares his thoughts on the concept of corporate "bitcoin yield" versus holding bitcoin in cold storage, and how volatility can create a highly positive feedback loop. We also touch on the power law and S2F models, rounding off with a personal note as Dylan reflects on his high school teachers congratulating him on his success.
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TIMESTAMPS:
00:00:00 Intro
00:01:50 Vitalik questioning where the yield comes from
00:04:07 Are crypto and ethereum dying?
00:08:03 Vix spike in early Augustâbottom for risk assets?
00:14:34 Success of bitcoin ETFs
00:17:30 Metaplanet and Microstrategy financial engineering more bitcoin
00:33:42 Bitcoin âyieldâ or bitcoin per share?
00:36:58 Metaplanet and MSTR vs cold storage bitcoin
00:43:00 Volatility results in a positive feedback loop
00:54:13 Power law and S2F model
00:56:45 Dylanâs high school teachers
00:59:35 Whatâs something you believe that most bitcoiners would disagree with?
01:04:29 Whatâs the biggest risk to bitcoin?
01:08:15 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Dylan LeClairâs Twitter: https://x.com/DylanLeClair_
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In this episode, Sean Buckley, former professional baseball player and scout, shares his journey from college baseball to being drafted by the Cincinnati Reds. He reflects on the challenges of transitioning from the minors to the majors and the mental toll of playing the game at a high level. Sean discusses his shift from player to scout, offering insights into player dynamics, scouting's impact on his view of baseball, and how it influenced his approach to investing. He explores the parallels between identifying value in baseball and in markets, particularly bitcoin. Sean also touches on the difficulties of generating market alpha, the reasons behind his interest in capital allocation, and how he introduced the concept of bitcoin to other players.
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TIMESTAMPS:
00:00:00 Intro
00:01:17 Seanâs intro into college baseball and MLB draft
00:03:00 How did you get started with baseball?
00:03:58 Ever feel burnt out playing too much baseball?
00:05:40 What was Seanâs college major?
00:07:49 Drafted by the Cincinnati Reds
00:10:55 Did you think you could be one of the best players?
00:12:35 Minors vs majorsâbig difference?
00:14:39 Transitioning from player to scout
00:18:39 Player dynamics and drama
00:20:38 Did scouting change your perspective on baseball?
00:23:05 Investing vs scouting
00:24:57 Has identifying value become more difficult?
00:26:55 When did you get interested in capital allocation and bitcoin?
00:33:16 Generating market alphaâwhy bitcoin?
00:38:00 Did you tell players about bitcoin?
00:40:22 Did other minor league players buy gold and single family homes?
00:42:10 Whatâs the catalyst for players to get interested in bitcoin?
00:44:19 What is the playerâs union?
00:45:41 Should the union do anything about bitcoin and personal finance?
00:47:45 Retiring after professional sports
00:50:58 What podcast or books do you recommend?
00:53:30 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Sean Buckleyâs Twitter: https://x.com/seancbuckley
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In this episode, Nazar Khan, COO of Terawulf, discusses his entry into power and bitcoin mining, weighing the importance of inexpensive energy versus more efficient machines. He shares his thoughts on the growth of mining capacity, the competition between AI and mining for power, and the possibility of utilities acquiring bitcoin miners. Nazar also explores Terawulf's dual exposure to AI and mining, strategies for managing bitcoin's volatility, and the challenges of operating in a hyper competitive market. He addresses the impact of miners on bitcoin's price, potential international expansion plans, and whether mining could lead to lower consumer electricity prices. The episode wraps up with Nazar's views on mining's natural decentralization, a contrarian belief he holds, and the biggest risks facing bitcoin today.
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TIMESTAMPS:
00:00:00 Intro
00:01:17 Nazarâs into to power and mining
00:06:51 More energy or better machines?
00:08:32 Was bitcoin mining intuitive to you at first?
00:13:08 8 GWs added over the last few years, what about the next 4 years?
00:15:00 Do AI and mining compete for power?
00:22:37 Will utilities acquire bitcoin miners?
00:25:27 WULFâAI vs mining exposure
00:28:03 Mining through the volatility
00:30:14 Is mining a brutally competitive market?
00:34:00 Most difficult part about operating a bitcoin mine?
00:35:15 Do miners affect the price of bitcoin?
00:36:59 Is WULF US only? When international mining?
00:40:47 Magnitude of mining power
00:42:00 Is global energy production about to explode?
00:48:56 Does mining lead to lower consumer electricity prices?
00:56:30 Does mining naturally decentralize to low cost power?
00:56:55 Whatâs something you believe that most bitcoinerâs disagree with?
00:59:12 Whatâs the biggest risk to bitcoin?
00:59:36 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
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In this episode, Alyse Killeen discusses bitcoin's presence at the Bloomberg Invest Summit and its connection to AI, including insights from Jeff Boothâs thesis. She examines the positive feedback loop between AI and the Lightning Network, comparing it to other bitcoin Layer 2 solutions. Alyse also touches on Foldâs SPAC, her motivation for founding Stillmark, and the regulatory challenges facing bitcoin and bitcoin startups. She shares her thoughts on educating politicians about bitcoin, the future of Taproot assets, and how startups should navigate bitcoinâs volatility. The episode concludes with a discussion on the most underrated bitcoin products and how to balance between holding bitcoin and investing in bitcoin startups.
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TIMESTAMPS:
00:00:00 Intro
00:01:43 Bitcoin at the Bloomberg Invest Summit
00:05:45 Bitcoin, LLMs, and generative AI
00:08:04 Jeff Booth thesis + AI
00:11:26 AI and Lightning positive feedback loop
00:15:58 Lightning vs other bitcoin L2s
00:19:20 Foldâs SPAC and bitcoin VC
00:21:15 Why did you found Stillmark?
00:23:49 Regulatory hurdles for bitcoin or bitcoin startups?
00:28:27 Educating politicians on bitcoin vs crypto
00:30:55 Whatâs the biggest challenge for bitcoin startups?
00:33:29 Taproot assets
00:36:51 Credit cards vs Lightning decades from now
00:39:59 Should bitcoin startups operate differently because of bitcoin volatility?
00:42:07 Most underrated bitcoin product or service
00:47:28 Holding bitcoin vs investing in bitcoin startups
00:56:23 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Alyse Killenâs Twitter: https://x.com/AlyseKilleen
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In this episode, James Lavish discusses the potential of bitcoin against the current fragile financial system. He starts by explaining why bitcoin is short the current world and long a new world. James examines how weak leadership can create challenging times and its impact on financial cycles. He explores the next wave of institutional adoption and whether Wall Street still laughs at bitcoin. Emphasizing the need for critical thinking, James questions if excessive economic stimulus actually slows bitcoin adoption. He speculates on bitcoin's potential value, considering $10 trillion, $100 trillion, or $1,000 trillion scenarios. The episode also covers how long he thinks the market can fall and analyzes the national debt, and what it means for America and bitcoin.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show with your friends and family
â Send us an email [email protected]TIMESTAMPS:
00:00:00 Intro
00:01:10 Bitcoinâshort the current world and long a new one
00:05:00 Weak men create hard times
00:06:34 Institutional cycleânext wave of adoption?
00:15:39 Does Wall Street still laugh at bitcoin?
00:20:15 Bitcoin requires critical thinking
00:29:38 Does extreme stimulus actually slow bitcoin adoption?
00:34:30 Whatâs the endgame for bitcoin? $10T, $100T, $1,000T+?
00:37:50 How long will this market crash last?
00:39:35 National debtâsomething is wrong, but what?
00:46:43 Will the transition from a fiat standard to bitcoin standard be smooth?
00:48:29 Whatâs something you believe that most bitcoiners would disagree with?
00:50:20 What is the biggest risk to bitcoin?
00:52:25 Closing thoughtsWHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Caitlin Longâs Twitter: https://x.com/jameslavish -
In this episode, Caitlin Long analyzes bitcoin businesses under the Biden Administration. She begins with her reasons for building Custodia and the importance of opening banking to all industries. Caitlin critiques the SEC's recent court losses and explores Custodia's efforts to obtain a master account at the Federal Reserve, contrasting Custodia's approach with the Federal Reserve's stance. The discussion moves to Operation Choke Point 2.0, the future of banking, and whether de-banking is a subtle attempt to ban bitcoin and crypto. Caitlin shares her thoughts on the surprise of ETF approvals and the more unknown risks of centralized exchanges. She speculates on the products banks might offer once they enter the bitcoin space and the impact of rehypothecation on bitcoin's price.
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TIMESTAMPS:
00:00:00 Intro
00:01:26 Why did Caitlin build Custodia?
00:02:43 Opening banking to all industries
00:04:26 SEC continues losing court cases
00:05:46 Master account at the Federal Reserve
00:11:49 Custodia vs Federal Reserve
00:16:13 Operation Choke Point 2.0
00:21:05 Future of banking?
00:22:50 Is de-banking a roundabout way to ban bitcoin and crypto?
00:30:38 How surprising were the ETF approvals?
00:35:54 Unknown risk of centralized exchanges
00:38:50 When banks come what products will they offer?
00:43:08 Does rehypothecation affect the price of bitcoin?
00:46:37 Banking industry endgameâfractional reserve vs full reserve?
00:52:35 Are you surprised Tether never died?
00:57:00 What is the biggest risk to bitcoin?
01:00:12 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Caitlin Longâs Twitter: https://x.com/CaitlinLong_
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In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategyâs bitcoin acquisition strategy. He begins with his background in fintech product marketing, including experiences at Stanford and in Asia. Brian explores MicroStrategy's use of convertible debt to accumulate more bitcoin per share, evaluating the marginal returns and looking back at the NAV discount in 2022. He discusses the risks of MicroStrategy as a bitcoin yield vehicle, potential new products, and future acquisitions. The conversation compares spot bitcoin to spot MSTR and considers whether other companies will soon follow MicroStrategy's lead. Last, Brian dives into his perspective on the stock-to-flow and power law models.
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TIMESTAMPS:
00:00:00 Intro
00:01:11 Brianâs backgroundâStanford, Asia, and fintech product marketing
00:02:49 MSTRâs bitcoin convertible debt strategy
00:12:08 Accumulating more bitcoin per share
00:15:26 Marginal returns on increasing bitcoin per share?
00:18:27 MSTRâs NAV blowing out?
00:19:41 MSTRâs NAV discount in 2022
00:21:50 MSTR as bitcoin yield?
00:22:48 MSTR new products and potential future acquisitions
00:24:12 Spot bitcoin vs spot MSTR
00:25:49 Will other companies finally follow MSTR?
00:30:08 S2F, power law, and the models
00:32:00 Whatâs the biggest risk to bitcoin?
00:34:44 Whatâs something you believe about bitcoin that many bitcoiners would disagree with?
00:35:26 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Brian Brookshireâs Twitter: https://x.com/btc_overflow
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In this episode, Nik Bhatia provides a comprehensive analysis of current market conditions, starting with an overview of the macroeconomic landscape and its implications for various assets, including bitcoin. He explores bitcoin's potential performance under different macro scenarios and examines whether broken monetary systems actually hinder bitcoin adoption. The discussion extends to global liquidity trends and their impact on bitcoin, insights into the efficiency of markets, log bitcoin charts, and academic perspectives. Bhatia also identifies potential catalysts for the next wave of bitcoin adoption and debates whether paper bitcoin is suppressing its price.
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TIMESTAMPS:
00:00:00 Intro
00:01:57 Macroâwhere do you see markets right now?
00:06:47 How will bitcoin perform in various macro conditions?
00:10:56 Does broken money actually slow bitcoin adoption?
00:15:12 Global liquidity and bitcoin
00:26:10 Efficient markets, log bitcoin chart, and academics
00:30:54 Catalyst for next adoption wave
00:35:17 Is paper bitcoin suppressing the price?
00:45:10 Does bitcoin weaken or strengthen the Dollar over the next decade?
00:49:00 Whatâs it like teaching young people about bitcoin?
00:49:51 Whatâs something you believe that most bitcoiners would disagree with?
00:50:09 Whatâs the biggest risk to bitcoin?
00:50:35 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Nik Bhatiaâs Twitter: https://x.com/timevalueofbtc
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In this episode, Andrew Bailey, author of Resistance Money, explores the philosophical foundations of bitcoin and its role as resistance money. He discusses the need for resistance in today's socio-economic landscape, who benefits from it, and why he wrote another bitcoin book. Andrew argues for bitcoin's adoption based on more widely held beliefs and examines its value in a censorship-free world. He addresses the role of privacy, bitcoin's future, and the importance of self-custody versus centralized custody. The conversation also covers the ossify versus non-ossify debate, personal reputational risks, its political impact, and its biggest risks.
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TIMESTAMPS:
00:00:00 Introduction
00:01:24 What is Resistance Money?
00:02:17 Andrewâs philosophy background
00:04:46 What do people need to resist?
00:07:52 Who needs resistance money?
00:10:58 Why write another bitcoin book?
00:12:38 Arguing for bitcoin from more widely held beliefs
00:14:37 Is bitcoin valuable if there is no censorship?
00:15:47 How does philosophy help us understand bitcoin?
00:19:49 Bitcoin as an alien technology drop
00:21:36 Whatâs the role of privacy and money?
00:23:32 Can there be too much privacy?
00:27:05 Bitcoin is a new tool in todayâs reality
00:28:00 Where is bitcoin in a decade?
00:31:59 How can we accelerate self-custody adoption?
00:33:55 Whatâs the concern with centralized custody?
00:37:35 Ossify vs not ossify fork
00:42:56 Risking your reputation talking positively about bitcoin?
00:46:23 When will bitcoin become not fringe?
00:48:53 How might bitcoin transform politics?
00:52:46 Biggest risk to bitcoin?
00:55:27 Whatâs something you believe about bitcoin that many bitcoiners would disagree with?
00:56:45 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Andrew Baileyâs Twitter: https://x.com/resistancemoney
â Andrewâs book: https://www.resistance.money
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In this episode, former 12x USA national mountain bike champion and Olympian Jeremy HK Nova shares his journey from the trails to bitcoin. He reflects on life lessons, proud achievements, and the evolution of mountain biking globally and in the US. Jeremy discusses his transition from professional racing, discovering bitcoin, and his interest in macroeconomics. He explains why he sold his rental properties for bitcoin and why extreme sports athletes should start embracing bitcoin. The conversation explores exercise science misconceptions, Jeremy's bitcoin pitch to mountain bikers, and bitcoin's impact in El Salvador. Jeremy also talks about his work at Studio Shed, demonetizing real estate, and his unique views on bitcoin.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]TIMESTAMPS:
00:00:00 Introduction
00:01:20 Jeremyâs journey into professional mountain biking
00:04:20 Mountain biking and life
00:05:35 Most proud mountain biking achievement?
00:07:10 Various mountain biking disciplines
00:08:19 Living in the olympic athlete village
00:09:22 How big of a sport is mountain biking?
00:10:29 Evolution of professional mountain biking
00:12:55 How big is professional mountain biking in the US?
00:13:23 Post-professional mountain biking
00:16:12 Jeremy discovering bitcoin
00:20:06 Why interested in macro, finance, and economics?
00:21:45 Selling rental properties for bitcoin
00:24:06 Extreme sport athletes earning bitcoin
00:26:00 Bitcoin and extreme sports counter culture
00:28:36 Exercise science and bitcoinâwhat else are experts wrong about?
00:30:09 Are athletes more likely to have a healthy skepticism?
00:30:50 Jeremyâs bitcoin pitch to other mountain bikers
00:34:42 Bitcoin in El Salvador
00:37:51 Spouses and bitcoin
00:41:36 Do other pro athletes earning bitcoin really understand bitcoin?
00:42:27 Other pro mountain bikers deep into bitcoin?
00:42:50 How else can bitcoin help pro athletes?
00:45:35 Jeremyâs day job at Studio Shed
00:47:05 Demonetizing real estate
00:50:27 Whatâs the biggest risk to bitcoin?
00:52:23 Whatâs something you believe about bitcoin that many bitcoiners would disagree with?
00:54:09 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Jeremy HK Novaâs Twitter: https://x.com/JeremyHK -
In this episode, Ray Kamrath, Chief Commercial Officer of Bakkt, shares his journey from Wall Street to embracing bitcoin. Starting with a light-hearted recount of riding scooters and breaking his arm in Austin, Ray narrates his first encounter with bitcoin and the concept of sound money. He contrasts gold and bitcoin, explains his decision to join Bakkt, and he explores the potential for an institutional driven bull market. Ray offers insights into political interactions with bitcoin, valuation methods, and a potential monetary reset. The discussion also covers collaborative custody, differentiating bitcoin from other cryptocurrencies, and Bakkt's future trajectory.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]
TIMESTAMPS:
00:00:00 Introduction
00:01:20 Who is Ray Kamrath?
00:02:38 Riding scooters and breaking arms in Austin
00:03:36 Ray first hearing about bitcoin
00:07:50 Talking about sound money on Wall Street
00:10:37 Gold vs bitcoin
00:11:36 Why join Bakkt?
00:16:15 An institutional-driven bull market
00:22:20 Government and bitcoin
00:24:39 How do you value bitcoin?
00:27:20 Monetary resetâwhat does it look like?
00:31:30 Which countries will influence the market most?
00:38:30 Collaborative custody and a network of keys
00:42:18 Bitcoin vs crypto
00:45:47 Where is Bakkt in 5 years?
00:47:10 Where is bitcoin in 5 years?
00:48:54 Passive flows, MSTR, and bitcoin
00:50:41 Whatâs something you believe that most bitcoiners would disagree with?
00:51:47 Whatâs the biggest risk to bitcoin?
00:53:59 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Ray Kamrathâs Twitter: https://x.com/Ray_Kamrath
â Bakktâs Twitter: https://x.com/Bakkt
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In this episode, David Marcus, CEO and co-founder of Lightspark, discusses his journey from Facebook to bitcoin and the challenges of integrating Lightning at Coinbase. He explores the pace of bitcoin adoption, differentiates between custodial and non-custodial Lightning services, and addresses the market for goods transactable only over the Lightning network. The conversation also touches on the impact of AI on financial services, the future of Visa and Mastercard with bitcoin, and issues with taxes on smaller bitcoin payments.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]
TIMESTAMPS:
00:00:00 Introduction
00:01:35 Founded and exited multiple companiesâwhy so much success?
00:02:50 Leaving Facebook to start Lightspark?
00:07:03 Telecom and paypal to bitcoin?
00:08:19 Davidâs first touchpoint with bitcoin
00:12:26 Adoption occurring faster or slower than you expected?
00:15:20 Implementing Lightning at Coinbase
00:17:50 What took Coinbase so long to implement Lightning?
00:20:30 Transaction fees on L1 and L2
00:23:05 Is Lightning broken?
00:25:55 Custodial Lightning vs non-custodial Lightning
00:33:40 Spending bitcoin vs Lightning as payment technology only
00:35:19 Concerns with stablecoins on Lightning?
00:36:50 Tetherâs rapid growth
00:38:24 Goods and services only sold over the Lightning network?
00:40:17 Future of AI and AI agents
00:42:45 Wealth created from AI?
00:45:07 Lightspark, Visa, and Mastercard
00:47:09 Barriers to break into in person retail payments
00:49:50 Will Visa and Mastercard be forced to adopt bitcoin and Lightning?
00:50:40 Will taxes always be a hurdle for bitcoin payments?
00:51:25 Will the Visa and bank â3% payment feeâ eventually go away?
00:52:39 Whatâs something you believe that most bitcoiners would disagree with?
00:54:44 Whatâs the biggest risk to bitcoin and Lightning?
00:56:46 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â David Marcusâs Twitter: https://x.com/davidmarcus
â Lightspark's Twitter: https://x.com/lightspark -
In this episode, Alex Thorn, Head of Research at Galaxy, explores the implications of states attacking bitcoin and discusses how the U.S. can support bitcoin. He analyzes potential catalysts for the U.S. government buying bitcoin and questions if Nvidia and mega-cap tech are in a bubble. The conversation covers bitcoinâs stability and volatility, the prospect of MicroStrategy in the S&P 500, and when more companies might adopt similar strategies. He also addresses another wave of CPI inflation, Balajiâs $1,000,000 bitcoin prediction, the beliefs of MMTers, and what drives bitcoin cycles. The episode concludes with discussions on bitcoin scaling, contrarian beliefs, risks to bitcoin, and Alex's Unchained and Bitcoin Commons rap.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]
TIMESTAMPS:
00:00:00 Introduction
00:01:52 âAttacking bitcoin will harm america more than bitcoin.â
00:04:35 How can America support bitcoin?
00:08:15 Catalyst for U.S. government buying bitcoin
00:10:08 Is Nvidia and mega cap tech a bubble?
00:13:52 Bitcoinâs stability and volatility
00:15:42 Microstrategy in S&P 500?
00:18:01 When will more companies copy Microstrategy?
00:19:37 Different corporate bitcoin strategies
00:20:50 When may bitcoin become less volatile?
00:26:50 Why do academics and economists still disregard bitcoin?
00:28:35 Will bitcoin be obvious in hindsight?
00:30:20 Is another wave of CPI inflation coming?
00:32:15 Are assets going up regardless of decreasing or increasing rates?
00:34:47 Balajiâs $1,000,000 bitcoin prediction in 90 days
00:37:26 MMTersâdo they believe what they say?
00:39:50 What drives bitcoin cycles? Halving, macro or something else?
00:42:37 Bitcoin was not just a ZIRP phenomenon
00:45:06 S2F and power law models
00:47:38 Research at Galaxy
00:51:48 Will bitcoin scale on Lightning or a different L2?
00:56:20 Whatâs something you believe that most bitcoiners would disagree with?
00:57:58 Whatâs the biggest risk to bitcoin?
01:02:42 Alexâs Unchained, Bitcoin Commons, and Joe rap01:04:03 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Alex Thornâs Twitter: https://x.com/intangiblecoins
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In this episode, John Ratcliff, a bitcoin blockchain analytics pioneer and early bitcoin adopter since 2013, explores the extremity of bitcoin scarcity. John shares his extensive background as a game developer and how he initially began to understand bitcoin. He discusses the similarities between early game development and bitcoin's block size limit, as well as the interesting connection between bitcoin and freemasonry. The conversation also covers topics like Modern Monetary Theory (MMT), UFOs, and the mindset needed to analyze the bitcoin blockchain. Listeners will learn Johnâs perspective on bitcoin price models, the true scarcity of bitcoin, and practical advice for young people incorporating bitcoin into their lives.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]
TIMESTAMPS:
00:00:00 Introduction
00:01:35 Johnâs background as a game developer and 2013 bitcoiner
00:02:57 Did being a video game developer help you understand bitcoin?
00:07:38 Johnâs catalyst to understanding bitcoin
00:11:42 Money or markets within video games
00:13:05 Resource constraints in bitcoin and early game development
00:19:39 Bitcoin video games
00:20:17 Youâre a freemasonâwhat is a freemason?
00:23:29 Bitcoin and freemasons
00:27:19 Do MMTers actually believe what they say?
00:29:26 UFOs, aliens, and open mindedness
00:34:30 Analyzing the bitcoin blockchain
00:51:00 How scarce is bitcoin
01:05:18 Bitcoin price modelsâS2F and power law
01:06:16 Advice for young people making bitcoin a part of their life
01:14:20 Something you believe that most holders of bitcoin would disagree?
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â John Ratcliffâs Twitter: https://x.com/jratcliff
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In this episode, Christopher David, a self-taught software engineer with two decades of experience, dives into the future of AI and bitcoin. Christopher offers his expert analysis on OpenAI's GPT-4o model release, the evolving dynamics between humans and AI, and the pivotal question of whether AI will replace or create millions of jobs. He also examines the future landscape of closed-source versus open-source models, the innovative ways software engineers are leveraging LLMs, and the potential arrival of AGI.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]
TIMESTAMPS:
00:00:00 Introduction
00:01:35 Christopherâs software and bitcoin background
00:02:47 Thoughts on Open AI GPT-4o?
00:07:00 Is technology actually accelerating?
00:13:08 Will we use AI as a personal assistant or as autonomous agents?
00:19:18 What is AGI? When will we see AGI?
00:24:30 How will humans continue to interact with AI models?
00:28:14 Will AI replace or create jobs?
00:31:20 AI models and software engineering
00:36:14 Will open source models keep pace with closed source models?
00:38:13 One big AGI model or many niche models?
00:41:22 How does bitcoin fit into the future of AI?
00:43:05 What is OpenAgents?
00:45:53 What is an AI agent?
00:49:22 Does AI destroy moats around SaaS companies?
00:51:23 Are we approaching a technological singularity?
00:52:53 Is AI a centralizing or decentralizing technology?
00:53:58 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Christopher Davidâs Twitter: https://x.com/AtlantisPleb
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In this episode, Bitstein discusses critical aspects of bitcoin's history. We begin with an analysis of the 2015-2017 blocksize war and its implications. Bitstein offers insights on potential future bitcoin fork wars and whether he would ever support any future hard forks. We explore bitcoin's antifragility and why institutions like the Mises Institute haven't fully embraced it. Bitstein also outlines the long-term vision of the Nakamoto Institute. We then examine stock-to-flow and power law models to understand bitcoinâs âboundlessâ total addressable market (TAM).
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]
TIMESTAMPS:
00:00:00 Introduction
00:01:36 2015-2017 blocksize war
00:21:21 Will there be future bitcoin fork wars?
00:27:27 Will Bitstein ever choose a future hardfork?
00:32:34 Antifragility of bitcoin
00:43:25 Why is the Mises Institute not a massive bitcoin proponent?
00:48:00 Nakamoto instituteâlong term vision?
00:58:26 Supporting the Nakamoto Institute
01:00:43 S2F and power law models
01:07:39 Bitcoinâs total addressable market?
01:12:22 Closing thoughts
SUPPORTING LINKS:
Nakamoto Institute: https://nakamotoinstitute.org/
Support the Nakamoto Institute: https://nakamotoinstitute.org/get-involved/
Donate to the Nakamoto Institute: https://nakamotoinstitute.org/donate/
Contact the Nakamoto Institute: https://nakamotoinstitute.org/contact/
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Bitsteinâs Twitter: https://x.com/bitstein
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In this episode, Matt McClintock shares his expertise on managing thousands of bitcoins for ultra-wealthy clients. He discusses the differences between early bitcoin pioneers from 2010 and existing ultra-high-net-worth individuals (UHNWIs) buying bitcoin, the burning questions ultra high net worth bitcoin holders ask, and how bitcoin is transforming wealth inheritance. Matt dives into trust durations, jurisdictions, and tax strategies, revealing whether these UHNWIs are still buying bitcoin or diversifying and shifting to âethicalâ investments. We also look at bitcoin's future in the US, the timing of ETF approvals, its total addressable market, and the surprising number of early ultra-wealthy adopters.
SUPPORT THE PODCAST:
â Subscribe
â Leave a review
â Share the show out with your friends and family
â Send us an email [email protected]
TIMESTAMPS:
00:00:00 Introduction
00:01:30 Mattâs background: Helping people hold thousands of bitcoins
00:04:55 Early bitcoiners vs. existing UHNWIs
00:09:47 Key questions from ultra-wealthy bitcoiners
00:12:58 Inheriting traditional assets vs. bitcoin
00:19:22 Trust duration and jurisdictions
00:25:06 Trust endings and tax implications
00:29:30 Do ultra-wealthy bitcoiners still buy bitcoin?
00:34:44 Wealthy investing in moral good vs. returns
00:38:49 How will the US and bitcoin evolve together?
00:43:25 Timing of ETF approvals
00:47:00 Bitcoinâs total addressable market
00:50:40 Surprised by ultra-wealthy early adopters?
00:53:50 Closing thoughts
WHERE TO FOLLOW US:
â Unchained Twitter: https://twitter.com/unchainedcom
â Unchained Linkedin: https://www.linkedin.com/company/unchainedcom
â Unchained Newsletter: https://unchained.com/newsletter
â Joe Burnettâs Twitter: https://twitter.com/IIICapital
â Matt McClintockâs Twitter: https://twitter.com/mcclintock_m
Connect with Matt McClintock and The Bespoke Group:
â Website: https://bespokegroup.io/
â Mattâs X: [https://x.com/mcclintock_m
â Company X: https://x.com/BespokeGroupCO
â Mattâs LinkedIn: https://www.linkedin.com/in/mattmcclintock/
â Company LinkedIn: https://www.linkedin.com/company/bespoke-service-company-llc/ - Mehr anzeigen
