Multisig Bitcoin custody for businesses with Kevin Loaec | SLP704
In this conversation, Stephan Livera and Kevin Loaec discuss the challenges and advancements in self-custody and multi-signature (multisig) wallets for businesses. They explore the reasons why many businesses are hesitant to adopt self-custody, including regulatory constraints and the current limitations of available tools. The discussion highlights the evolution of multisig, the risks associated with centralized custodians, and the introduction of Liana Business as a tailored solution for businesses looking to implement multi-sig setups. They also dive into the importance of defining roles within a multisig framework, the mechanisms for recovery, and the future of recovery paths in Bitcoin. Kevin also shares various aspects of Bitcoin custody, focusing on time locks, key management, and the importance of recovery pathways for businesses. He emphasizes the need for user-friendly solutions that mitigate risks associated with key loss and the complexities of managing multiple wallets. The discussion also touches on the role of insurance in Bitcoin custody, the potential threats posed by large custodians, and the challenges of maintaining privacy while reusing keys across different setups. Takeaways:🔸Businesses often avoid self-custody due to regulatory concerns.🔸The tools for self-custody are still not user-friendly enough for many businesses.🔸Multisig wallets have evolved but still require technical knowledge.🔸Centralization of funds in custodians poses significant security risks.🔸Liana Business offers tailored solutions for business self-custody needs.🔸Recovery pathways are crucial for ensuring access to funds.🔸Insurance options can mitigate risks associated with key loss.🔸Employee turnover can complicate key management in businesses.🔸Replay protection is essential to prevent loss during forks.🔸Future corporate custody solutions may involve hybrid models with banks.Timestamps:(00:00) - Intro(01:06) - Why aren't businesses doing self custody right now? (02:55) - Evolution of multisig and Hardware Wallets(07:51) - Are there centralization risks with custodians?(10:24) - What is Liana Business?(13:11) - Multisig configurations with Liana(15:24) - Is Liana business optimal for businesses of all sizes?(17:31) - How does Liana Business address role-based governance?(25:03) - What are some of the recovery mechanisms in Liana?; Recovery paths (29:04) - Understanding Time Locks and Wallet Management(31:02) - Sponsor(32:00) - Who are the key holders while setting up Liana business?; Insurance in Bitcoin custody(37:06) - How should businesses manage key loss?(38:47) - What are some of the threat vectors in Bitcoin custody? (41:07) - What are the privacy concerns with hardware key reuse? (48:23) - Seamless key management for businesses(53:40) - What is Liana business’s USP?(55:27) - What is the future of corporate Bitcoin custody? (58:49) - Balancing convenience and security in Bitcoin custodyLinks: https://x.com/KLoaec https://x.com/lianabitcoin https://lianawallet.com/business/ https://x.com/wizardsardine Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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1:01:57
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1:01:57
Bitcoin Spam: A Libre Relay View with Proof of Cash | SLP703
Stephan Livera and Kevin Cai dive into the Bitcoin spam debate, breaking down the different camps in the community, the line between consensus and policy, and how transaction filters, dust limits, and Libre Relay affect the network. They explore mining economics, fee dynamics, and the subjective nature of what people call spam.Kevin also discusses UTXO consolidation, decentralization, and how BRC-20 activity impacts the fee market. He explains the cultural differences behind spam opinions and the broader implications for Bitcoin’s ecosystem.The conversation covers the challenges of Bitcoin development, including concerns around temporary fixes like RDTS, and why programmability matters for Bitcoin’s future utility.Takeaways:🔸The Bitcoin spam debate involves different camps with varying perspectives.🔸Consensus refers to the agreement needed for transactions to be valid, while policy is more subjective.🔸Libre Relay aims to align consensus with policy, promoting censorship resistance.🔸Filters can influence transaction behavior, but their effectiveness is debated.🔸Dust limits are a contentious topic, with arguments for and against their implementation.🔸Transaction fees are influenced by market dynamics and user behavior.🔸The Bitcoin network's resilience is tied to its decentralized nature and redundancy.🔸Subjective judgments about transactions can lead to disagreements within the community.🔸The future of Bitcoin transaction policies will likely evolve based on economic incentives and user behavior. I have a high time preference.🔸Blocking inscriptions is unlikely to succeed.🔸Libre Relay offers a low-friction solution for transactions.🔸The role of miners is driven by economic incentives. Temporary fixes may lead to wasted time and effort.🔸Bitcoin's permissionless nature allows for innovation without approval.🔸Auto-updates contradict Bitcoin's ethos of user control.🔸The RDTS poses risks to user transactions and programmability.🔸Confiscatory risks arise from the RDTS's limitations.🔸Programmability is crucial for Bitcoin's future applications.🔸Arbitrary data embedding is inherent to communication systems.Timestamps:(00:00) - Intro(01:49) - What are the different camps in this debate?(04:55) - What is consensus and how is it different from policy? (11:23) - Libre Relay and its role in Bitcoin(15:53) - Are certain transactions strictly harmful?(19:30) - Do Dust filters work?; Dust limits and their implications(29:59) - Orphan rates & mining dynamics(35:14) - What is Spy mining? (38:14) - Can all the small miners gather to punish spam on Bitcoin?; Decentralizing mining (43:40) - Do Bitcoin miners shape reality? (47:18) - Sponsor(48:13) - What constitutes spam in Bitcoin? (56:09) - Cultural perspectives on Bitcoin and spam(1:03:15) - Are miners short-term focussed?; Bitcoin’s robust fee market (1:11:39) - The unsustainable nature of hype (1:19:50) - What are the hardware costs of running a node?; Connectivity & accessibility for Bitcoin nodes(1:29:00) - Spam - incremental costs & time of transaction confirmation(1:36:40) - Is it cost & time intensive for spammers to run Libre Relay?(1:42:00) - What are the legal perspectives of data embedding in Bitcoin?(1:49:47) - Is it feasible to block inscriptions?; Dilemma of temporary fixes(2:01:50) - Kevin’s thoughts on RDTS (Reduced Data Temporary Softfork)(2:21:53) - Is programmability important in Bitcoin?(2:27:40) - Closing thoughtsLinks: https://github.com/djkazic https://x.com/ProofOfCash https://lightning.engineering/team/ Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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2:28:48
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2:28:48
Bitcoin Payments in 700K locations in South Africa with Carel van Wyk | SLP702
In this conversation, Stephan Livera and Carel Van Wyk discuss the evolution of Bitcoin as a medium of exchange, focusing on the role of MoneyBadger in facilitating Bitcoin payments across South Africa. They explore the journey of integrating Bitcoin payments into major retailers, the technological innovations that have made this possible, and the implications for merchants and consumers alike. The discussion also touches on the broader context of Bitcoin's role in the global payment landscape and the ongoing debate about its function as a store of value versus a medium of exchange. They explore the economic challenges faced by South Africans, the regulatory landscape, and the importance of demonstrating Bitcoin as a medium of exchange. The discussion also touches on the implications of capital gains tax, the strategies for promoting Bitcoin adoption, and the potential for Bitcoin to serve as a viable alternative to traditional payment systems. Carel emphasizes the urgency of using Bitcoin as money and the need for a shift in mindset among both consumers and regulators.Takeaways:🔸Bitcoin is now accepted at over 700,000 locations.🔸MoneyBadger aims to make Bitcoin a practical currency.🔸The Lightning Network has revolutionized retail payments.🔸QR codes play a crucial role in Bitcoin transactions.🔸Merchants are increasingly interested in accepting Bitcoin.🔸Training staff on Bitcoin payments is no longer necessary.🔸The integration of Bitcoin payments is gaining momentum in South Africa.🔸Comparative analysis of Bitcoin payment solutions globally is essential.🔸The debate between Bitcoin as a store of value and medium of exchange continues.🔸Merchant acceptance of Bitcoin is growing, driven by lower fees. The NGU factor includes hodling, lending, and borrowing.🔸Goals for Bitcoin adoption must be clearly defined.🔸South Africa faces unique economic challenges that Bitcoin can address.🔸Demonstrating Bitcoin as a medium of exchange is urgent.🔸Regulatory perspectives can hinder Bitcoin's adoption as money.🔸FATF regulations impact how countries approach Bitcoin.🔸Tax implications can create barriers to Bitcoin spending.🔸Top-down and bottom-up strategies can complement each other in adoption.🔸Familiarity with Bitcoin can lead to increased spending and saving.🔸The long-term vision includes establishing Bitcoin as a mainstream payment method.Timestamps:(00:00) - Intro(01:24) - Who is Carel van Wyk? (03:27) - The Journey of MoneyBadger(07:28) - Innovations in payment processing(11:32) - What is the role of QR codes in transactions?(15:43) - Merchant’s perspective on Bitcoin payments(20:20) - Comparing South African Bitcoin payments market with that of the U.S(23:21) - Bitcoin’s use case: Store of Value vs Medium of Exchange(29:55) - What is the impact of FATF regulations?; Bitcoin as money(32:57) - Sponsor(34:55) - What are the tax implications of spending Bitcoin?(37:12) - Top-Down vs. Bottom-Up adoption strategies; The psychology of spending Bitcoin(42:35) - The difference in volumes between Stablecoins vs. Bitcoin(44:49) - What are the growth trends in Bitcoin spending? (50:12) - What is Carel’s long term vision for Bitcoin adoption?(51:38) - Closing thoughts Links: https://x.com/carelvwyk https://x.com/MoneyBadgerPay https://www.moneybadger.co.za/ SLP441 Hermann (Bitcoin Ekasi) - https://youtu.be/IuodlCgXswM https://x.com/LunoGlobal https://x.com/blinkbtc/status/1986767746843939069 Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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52:16
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52:16
Bitcoin Adoption in Mexico and Aureo with Gustavo Flores | SLP701
In this conversation, Stephan Livera interviews Gustavo Flores, the CEO and founder of Aureo, a Bitcoin startup in Mexico. They discuss Gustavo's journey in the Bitcoin space, the cultural differences he has observed while building in Mexico, and the unique financial landscape of the country. The conversation delves into the challenges of educating the Mexican population about Bitcoin and the various investment trends that are emerging in the region. Gustavo Flores also discusses the evolution of Aureo, a Bitcoin exchange in Mexico, and its mission to provide a premium, educational experience for investors. He highlights the regulatory landscape in Mexico and El Salvador, the differences between Aureo and crypto casinos, and the growing Bitcoin community in Mexico, including the establishment of La Casa de Satoshi. The conversation also touches on the challenges of raising capital and the importance of adapting to local cultures in the adoption of Bitcoin.Takeaways:🔸Gustavo Flores has a rich history in Bitcoin, starting from community involvement in Montreal.🔸He transitioned from mining and investing to launching startups focused on Bitcoin.🔸The Bitcoin community is diverse, with varying levels of technical understanding.🔸Cultural differences significantly impact Bitcoin adoption strategies in Mexico.🔸Libertarianism is not a prevalent ideology in Mexico compared to North America.🔸Only 3% of Mexican households have any financial instruments, highlighting a lack of financial literacy.🔸The wealthy in Mexico often keep their assets outside the country for protection.🔸Cash holding is common among the general population, with informal savings schemes prevalent.🔸The Mexican peso has shown stability, affecting perceptions of investment risk.🔸Education on Bitcoin and financial literacy is crucial for broader adoption in Mexico. Aureo aims to provide a personalized service platform for Bitcoin investors in Mexico.🔸The regulatory environment in Mexico is challenging for Bitcoin companies, making El Salvador an attractive option.🔸Aureo differentiates itself from crypto casinos by focusing on education and a Bitcoin-only message.🔸La Casa de Satoshi serves as a community hub for Bitcoin enthusiasts in Mexico City.🔸The Bitcoin Only movement is gaining traction in Mexico, with more companies and communities emerging.🔸Raising capital with a Bitcoin hurdle rate emphasizes productivity and efficiency in startups.🔸The experience of expats in Mexico is influencing the Bitcoin market.🔸Aureo's platform is designed to optimize the user experience for Bitcoiners.🔸The importance of understanding local cultures in Bitcoin adoption is crucial.🔸Gustavo encourages openness to different adoption paths for Bitcoin around the world.Timestamps:(00:00) - Intro(01:05) - Gustavo's Bitcoin journey(03:35) - Understanding the technical landscape of Bitcoin; Community dynamics(09:44) - Why is Gustavo building a Bitcoin company in Mexico?; Cultural differences (16:12) - The Mexican financial landscape(19:43) - Where do Mexicans invest their money? (23:15) - Mexican Peso debasement(24:24) - Sponsor(25:49) - What is Aureo?(28:04) - The El Salvador advantage with regulations(31:08) - How is Aureo different from crypto companies in Mexico?(34:51) - What is La Casa De Satoshi?(38:20) - The evolving Bitcoin movement in Mexico(41:50) - Raising capital with Early Riders; Bitcoin is the hurdle rate(46:30) - Closing thoughts on Bitcoin in MexicoLinks: https://x.com/gustavojfe https://x.com/AureoBitcoin https://www.aureobitcoin.com/en https://x.com/lacasadesatoshi Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack
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48:10
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48:10
Spark: A New L2 for Bitcoin with Kevin Hurley | SLP700
In this episode, Kevin Hurley, CTO and co-founder of Lightspark, discusses the Layer 2 solution called Spark, which aims to enhance Bitcoin's scalability and user experience. He shares insights from his journey transitioning from the Libra project to building on Bitcoin, addressing challenges faced with the Lightning Network, and the unique features of Spark, including its architecture, user experience, and future developments. The conversation also touches on trust, privacy, tokenization, and the importance of community engagement in the Spark ecosystem.Takeaways:🔸Spark aims to provide a scalable and user-friendly Layer 2 solution for Bitcoin.🔸The transition from Libra to Bitcoin was driven by the need for a decentralized settlement layer.🔸Challenges with the Lightning Network include inbound liquidity and complexity for users.🔸Spark simplifies the user experience by abstracting away complexities of the Lightning Network.🔸Unilateral exits in Spark allow users to retrieve funds without operator involvement.🔸The architecture of Spark is designed to support high transaction throughput and scalability.🔸Privacy features are being developed to enhance user confidentiality in Spark transactions.🔸Tokenization on Spark allows for the creation and transfer of assets efficiently.🔸The Spark ecosystem encourages community involvement and developer contributions.🔸Future developments will focus on programmability and advanced financial functionalities.Timestamps:(00:00) - Intro(01:01) - Kevin’s journey from Libra to Bitcoin(04:28) - Why the need for another L2?(07:49) - What is @spark?; How is it beneficial for the end user? (12:09) - Spark's technical framework(20:40) - Cooperative exits vs. Unilateral exits(26:17) - Sponsor(27:10) - Trust & privacy considerations in Spark(29:16) - Enhancing privacy in transactions(34:48) - Developer experience & tooling (36:37) - What is Spark’s token protocol (BTKN)? (39:11) - Stablecoin support on BTKN? (41:13) - Kevin’s views on programmability with Spark(43:35) - How is Spark different from other Layer 2 solutions? (46:06) - What are Universal Money Addresses?; UMA for Cross-border transactions(49:14) - Corporate chains vs. Neutral settlement layers(52:15) - Can an individual spin up their own Spark operator? (53:24) - Could 100 million people be using Spark?(55:00) - How can one contribute to Spark?Links: https://x.com/kphur https://x.com/spark https://x.com/umastandard https://www.spark.money/ https://www.lightspark.com/news/lightspark/lightspark-acquires-striga https://www.lightspark.com/news/lightspark/introducing-lightspark-grid https://x.com/lightspark/status/1981360175861944621 https://bitcoinmagazine.com/technical/spark-and-ark-a-look-at-our-newest-bitcoin-layer-twos 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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