Sell Bitcoin or Borrow Against Bitcoin? with Max K | SLP688
In this episode, Stephan Livera and Max K discuss the recent Baltic Honey Badger conference, highlighting the shift in focus from institutional adoption to innovative projects like Ark. They explore the workings of Debifi, a Bitcoin-backed lending platform, explaining its marketplace model, loan structures, and interest rates. The discussion revolves around the evolving landscape of Bitcoin lending, focusing on the differences between custodial and non-custodial lending, the future growth of the market, and the implications for borrowers and lenders. Max highlights the trade-offs between security and convenience, the increasing demand for non-custodial solutions, and the potential for lower interest rates as the market matures. The importance of understanding the risks involved in borrowing against Bitcoin and the need for responsible lending practice is emphasized as well. Takeaways🔸The Baltic Honey Badger conference shifted focus from institutional adoption to innovative projects.🔸Ark was a significant revelation, showcasing seamless Lightning payments.🔸Debifi operates as a marketplace connecting institutional lenders with Bitcoin borrowers.🔸The platform uses multi-sig technology for secure Bitcoin-backed loans.🔸Interest rates in Bitcoin lending average around 12%, with potential for lower rates as liquidity increases.🔸Self-custody remains a challenge for many institutional lenders entering the Bitcoin space.🔸Bitcoin-backed lending offers a unique opportunity for portfolio diversification.🔸The market is gradually recognizing the value of Bitcoin as collateral for loans.🔸Debifi aims to simplify the self-custody process for institutional lenders.🔸The future of Bitcoin lending looks promising with increasing institutional interest. Many users prefer non-custodial lending for security reasons.🔸The demand for Bitcoin-backed loans is expected to grow significantly.🔸Borrowing against Bitcoin can help avoid capital gains taxes.🔸Non-custodial lending offers more control over collateral management.🔸Market predictions suggest lower interest rates in the future.🔸The Bitcoin lending market is seen as a perfect storm for growth.🔸Users are willing to pay more for non-custodial services.🔸The importance of understanding LTV and liquidation processes is crucial.🔸Multisig solutions can provide a seamless borrowing experience.🔸The evolution of Bitcoin lending is driven by increasing market awareness. Timestamps:(00:00) - Intro(00:55) - Key highlights of Baltic Honey Badger 2025(04:51) - Ark & Layer 2 solutions; Impact on Bitcoin payments(08:37) - What is Debifi?(11:54) - Minimum loan thresholds and micro loans; Loan terms & duration(14:43) - What are the interest rates?; Current Bitcoin lending market landscape(18:05) - Sponsors(19:52) - What is the value proposition of Bitcoin-backed lending?(28:40) - The mental block for fiat investors; Self-custody of Bitcoin while lending(33:42) - Custodial vs non-custodial models of Bitcoin lending(43:54) - What are the use cases for the borrowers using Debifi?(47:33) - LTVs & Liquidation percentages(50:38) - Risk management with Debifi(56:17) - What is the future of the Bitcoin lending market? Links: https://x.com/keidunm http://x.com/debificom https://x.com/hodlhodl Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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1:02:14
The Fight for Financial Privacy in Bitcoin
In this conversation, Stephan Livera and Calle discuss the critical importance of privacy in financial systems, particularly in the context of Bitcoin and eCash. They explore the evolution of privacy technology, the challenges posed by current financial regulations, and the need for user-friendly privacy-preserving systems. Calle elaborates on the mechanics of eCash and the Cashu protocol, highlighting its potential for enabling microtransactions while maintaining user privacy. The discussion emphasizes the urgency of building a decentralized financial ecosystem that respects individual privacy rights.Takeaways🔸Privacy is essential for modern society and financial interactions.🔸The fight for financial privacy is still in its infancy.🔸Bitcoin serves as the foundational currency for the digital age.🔸Technological advancements are crucial for enhancing privacy.🔸Users should have control over their personal data.🔸The current financial system often requires excessive data sharing.🔸Privacy-preserving systems can be built using modern technology.🔸Cashu offers a protocol for creating interoperable eCash wallets.🔸Microtransactions are vital for a thriving internet economy.🔸The future of financial systems must prioritize user privacy.Timestamps:(00:00) - Intro(01:05) - What is Calle’s view on the current landscape of privacy & financial freedom?(07:42) - What level of privacy is actually realistic?; Holding data ≠ Owning data(15:16) - Building privacy-preserving systems on Bitcoin; Can privacy tech also be easy to use?(21:09) - What is eCash & Cashu?; How does eCash work? (30:15) - Why not just use Lightning?; eCash vs. Lightning Network & Ark(37:43) - Will Lightning be the common language of future monetary transactions?(40:46) - Cashu the protocol and eCash wallets (43:00) - Who will be running the Cashu mints?(43:26) - Sponsors(49:39) - What are Stablenuts?(53:20) - Can Cashu mints be rugged?(55:59) - What’s next for Cashu and eCash?(1:02:12) - Why is privacy necessary?(1:06:35) - Closing thoughts Links: https://x.com/callebtc https://x.com/CashuBTC https://github.com/callebtc https://wallet.cashu.me/welcome Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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1:08:49
Simplicity Comes To Liquid with Andrew Poelstra | SLP686
In this conversation, Andrew Poelstra discusses the recent launch of Simplicity on Liquid, a federated sidechain of Bitcoin. He explains the technical aspects of Liquid, its advantages, and how Simplicity serves as a new scripting language that enhances expressivity and formal verification capabilities. The discussion covers potential use cases for Simplicity, including advanced covenant implementations, ZK verification, and its role in capital markets and asset issuance. The conversation also touches on the implications of stablecoins moving to their own chains and contrasts Liquid with other Layer 2 solutions like Lightning.Takeaways🔸Liquid is a federated sidechain of Bitcoin.🔸Simplicity enhances Bitcoin's scripting capabilities.🔸Formal verification improves security for developers.🔸Simplicity allows for advanced covenant implementations.🔸ZK verification can be done on Liquid.🔸Liquid serves as a technology demo platform.🔸Stablecoins are exploring their own chains.🔸Liquid is not primarily a scaling solution for Bitcoin.🔸Liquid supports multiple asset types.🔸Simplicity can facilitate new financial products.Timestamps:(00:00) - Intro(01:57) - What is Liquid? (04:36) - What is Simplicity?; Enhanced expressivity on Bitcoin(11:48) - Implications of ‘formal verification’ for developers building on Liquid and Bitcoin? (17:00) - What does Simplicity enable people to build?(18:59) - What is a Sighash flag? (26:41) - Sponsors(28:35) - Could Shielded CSV be built using simplicity?(33:32) - Zero Knowledge proofs verification with Simplicity(43:15) - Use cases of Simplicity: Limit orders and Algorithmic trading in DeFi(51:18) - Liquid's role in asset issuance and capital markets(56:55) - Liquid vs. Stablecoins issuing their own Layer 1 chains(1:02:22) - Liquid vs. other Layer 2 solutions(1:07:53) - Closing thoughts; Developer engagement with Simplicity Links: https://simplicity-lang.org/https://blog.blockstream.com/simplicity-launches-on-liquid-mainnet/https://github.com/BlockstreamResearch/SimplicityHL/tree/master/examples https://github.com/BlockstreamResearch/SimplicityHL Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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1:09:30
Utreexo Explained with Calvin Kim | SLP685
In this episode, Stephan Livera and Calvin talk about Utreexo. They discuss the latest updates, including the publication of three BIPs related to Utreexo, which aim to improve the efficiency of Bitcoin nodes. The conversation covers the mechanics of Utreexo, including its accumulator structure and the concept of a Merkle forest. They also explore different types of nodes, such as compact state nodes and bridge nodes, and how these innovations can enhance user experience and participation in Bitcoin. Additionally, they touch on the growing Bitcoin community in Korea and the potential for future developments in the Utreexo space.Takeaways🔸Utreexo aims to improve Bitcoin node efficiency.🔸The accumulator structure allows for compact representation of UTXOs.🔸Merkle forest enables better management of UTXO sets.🔸Compact state nodes simplify Bitcoin participation for users.🔸Bridge nodes serve as intermediaries between Utreexo and traditional nodes.🔸P2P communication is essential for Utreexo nodes.🔸Floresta is a practical implementation of Utreexo concepts.🔸UtreexoD serves as a reference implementation for developers.🔸Community engagement is crucial for Utreexo's adoption.🔸The Bitcoin community in Korea is rapidly growing. Timestamps:(00:00) - Intro(00:50) - What is Utreexo?; Latest developments with Utreexo(04:44) - Trust assumptions in Utreexo(06:35) - Bridge nodes vs. Compact state nodes(10:58) - What is the Utreexo accumulator?(12:58) - What is a Merkle Forest?(14:18) - Consensus operations in Utreexo; Utreexo validation(18:02) - How does P2P communication work with Utreexo?(19:15) - Sponsors(23:22) - What is the Bridge node and why is it needed?(25:27) - How do the Utreexo nodes find each other?; The future of Bridge nodes(30:31) - What is Floresta?(32:05) - What is UtreexoD?; Comparing it with Floresta(34:45) - Community engagement with Utreexod & BTCD(37:35) - What’s new with Bitcoin in Seoul, Korea? Links: https://x.com/kcalvinalvinn Bitcoin Social Layer: https://exciting-cheek-5fa.notion.site/itcoin-Social-Layer-17267469618f80e78b4ec91ae055ec06 https://x.com/btcsociallayer https://eprint.iacr.org/2019/611.pdf BIP Drafts: https://github.com/bitcoin/bips/pull/1923 BIPAccumulator - https://github.com/utreexo/biptreexo/blob/main/utreexo-accumulator-bip.md Validation https://github.com/utreexo/biptreexo/blob/main/utreexo-validation-bip.md P2p https://github.com/utreexo/biptreexo/blob/main/utreexo-p2p-bip.md Mail list post:https://groups.google.com/g/bitcoindev/c/W1lxBraKG_E?pli=1 Swiftsync: https://bitcoinops.org/en/newsletters/2025/04/11/#swiftsync-speedup-for-initial-block-download Utreexo: https://bitcoinops.org/en/topics/utreexo/ Sponsors:Bold BitcoinCoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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40:29
3 Currencies of Life: Time, Capital, Reputation with Rod Roudi | SLP684
Stephan & Rod Roudi discuss the importance of building Bitcoin communities, the evolution of Bitcoin narratives, and the future of Bitcoin custody and treasury strategies. They explore the role of local meetups in fostering Bitcoin adoption, the significance of educating the next generation of Bitcoiners, and the impact of events on the Bitcoin ecosystem. Rod shares insights on upcoming events, including the Custody and Treasury Summit and the Imagine IF Summit, emphasizing the need for high-signal Bitcoin information and community engagement.Takeaways🔸Building Bitcoin communities is essential for fostering connections.🔸Local meetups can significantly impact Bitcoin adoption.🔸Education is key to helping newcomers understand Bitcoin.🔸The narrative around Bitcoin has evolved over time.🔸Custody and treasury strategies are crucial for Bitcoin holders.🔸The future of Bitcoin security involves innovative solutions.🔸Raising the next generation of Bitcoiners requires engagement and education.🔸Events play a vital role in Bitcoin advocacy and education.🔸Community organizers are becoming influential in the Bitcoin space.🔸More Bitcoin signal is needed to counteract misinformation. Timestamps:(00:00) - Intro(02:39) - How has the Bitcoin community evolved? (07:30) - Is Bitcoin winning despite the narrative change? (12:36) - The hard talk of BTCTCs custodying their Bitcoin(21:00) - Will the future generations really inherit Bitcoin?(25:38) - What is @bitcoinpark_?(30:00) - Sponsors(31:58) - Should you care about freedom of speech & freedom tech?(36:26) - Local Bitcoin meetups are priceless!(42:09) - Today’s ‘bitcoin plebs’ are tomorrow’s decision makers(47:00) - What are the implications of stablecoins launching their own chains?(52:50) - USPs of Bitcoin events (1:00:41) - 3 currencies of life(1:02:14) - Closing thoughts; Bitcoin Custody & Treasury Summit & Imagine IF Links: https://x.com/bitkite https://x.com/bitcoinpark_ Learn more about Bitcoin Park: https://bitcoinpark.com Bitcoin Custody & Treasury Summit Sept 17-18 at Bitcoin Park Nashville: https://bitcoinpark.com/custody-treasury Imagine IF, a summit of summits at the convergence of Bitcoin, AI, Energy, and Freedom Tech Sept 19-20 at the Fisher Center in Nashville, TN, walking distance from Bitcoin Park: https://bitcoinpark.com/imagineif https://x.com/bitcoinpark_/status/1952733239623463320 https://x.com/ARKInvest/status/1951017348485489057 https://www.linkedin.com/posts/bitcoinpark_imagine-if-is-a-summit-at-the-convergence-activity-7356755285408956421-0Ez1/ https://primal.net/e/nevent1qvzqqqqqqypzqh0jr68vz83pu7m3ptradj2yyaq84e57jwnleuxs50hzltz0mjztqyxhwumn8ghj7cnjvghxjme0qyt8wumn8ghj7etyv4hzumn0wd68ytnvv9hxgtcppemhxue69uhkummn9ekx7mp0qqs9gk9ngdyfw4w556d6n92v8rfgf5hr79gwswgdfex422e98sumyrqxf4ly0 Sponsors:Bold BitcoinCoinKite.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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