The Bitcoin Frontier

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.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:17 Sean’s intro into college baseball and MLB draft00:03:00 How did you get started with baseball?00:03:58 Ever feel burnt out playing too much baseball?00:05:40 What was Sean’s college major?00:07:49 Drafted by the Cincinnati Reds00:10:55 Did you think you could be one of the best players?00:12:35 Minors vs majors—big difference?00:14:39 Transitioning from player to scout00:18:39 Player dynamics and drama00:20:38 Did scouting change your perspective on baseball?00:23:05 Investing vs scouting00:24:57 Has identifying value become more difficult?00:26:55 When did you get interested in capital allocation and bitcoin?00:33:16 Generating market alpha—why 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 What’s the catalyst for players to get interested in bitcoin?00:44:19 What is the player’s union?00:45:41 Should the union do anything about bitcoin and personal finance?00:47:45 Retiring after professional sports00:50:58 What podcast or books do you recommend?00:53:30 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Sean Buckley’s Twitter: https://x.com/seancbuckley

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.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:17 Nazar’s into to power and mining00:06:51 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 WULF—AI vs mining exposure00:28:03 Mining through the volatility00:30:14 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 power00:42:00 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 What’s something you believe that most bitcoiner’s disagree with?00:59:12 What’s the biggest risk to bitcoin?00:59:36 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Alyse Killeen discusses bitcoin's presence at the Bloomberg Invest Summit and its connection to AI, including insights from Jeff Booth’s 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 Fold’s 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 bitcoin’s 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.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:43 Bitcoin at the Bloomberg Invest Summit00:05:45 Bitcoin, LLMs, and generative AI00:08:04 Jeff Booth thesis + AI00:11:26 AI and Lightning positive feedback loop00:15:58 Lightning vs other bitcoin L2s00:19:20 Fold’s SPAC and bitcoin VC00:21:15 Why did you found Stillmark?00:23:49 Regulatory hurdles for bitcoin or bitcoin startups?00:28:27 Educating politicians on bitcoin vs crypto00:30:55 What’s the biggest challenge for bitcoin startups?00:33:29 Taproot assets00:36:51 Credit cards vs Lightning decades from now00:39:59 Should bitcoin startups operate differently because of bitcoin volatility?00:42:07 Most underrated bitcoin product or service00:47:28 Holding bitcoin vs investing in bitcoin startups00:56:23 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Alyse Killen’s Twitter: https://x.com/AlyseKilleen

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:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:10 Bitcoin—short the current world and long a new one00:05:00 Weak men create hard times00:06:34 Institutional cycle—next wave of adoption?00:15:39 Does Wall Street still laugh at bitcoin?00:20:15 Bitcoin requires critical thinking00:29:38 Does extreme stimulus actually slow bitcoin adoption?00:34:30 What’s the endgame for bitcoin? $10T, $100T, $1,000T+?00:37:50 How long will this market crash last?00:39:35 National debt–something is wrong, but what?00:46:43 Will the transition from a fiat standard to bitcoin standard be smooth?00:48:29 What’s 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:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Caitlin Long’s 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. SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:26 Why did Caitlin build Custodia?00:02:43 Opening banking to all industries00:04:26 SEC continues losing court cases00:05:46 Master account at the Federal Reserve00:11:49 Custodia vs Federal Reserve00:16:13 Operation Choke Point 2.000:21:05 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 exchanges00:38:50 When banks come what products will they offer?00:43:08 Does rehypothecation affect the price of bitcoin?00:46:37 Banking industry endgame–fractional 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 thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Caitlin Long’s Twitter: https://x.com/CaitlinLong_ 

In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategy’s 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.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:11 Brian’s background—Stanford, Asia, and fintech product marketing00:02:49 MSTR’s bitcoin convertible debt strategy00:12:08 Accumulating more bitcoin per share00:15:26 Marginal returns on increasing bitcoin per share?00:18:27 MSTR’s NAV blowing out?00:19:41 MSTR’s NAV discount in 202200:21:50 MSTR as bitcoin yield?00:22:48 MSTR new products and potential future acquisitions00:24:12 Spot bitcoin vs spot MSTR00:25:49 Will other companies finally follow MSTR?00:30:08 S2F, power law, and the models00:32:00 What’s the biggest risk to bitcoin?00:34:44 What’s something you believe about bitcoin that many bitcoiners would disagree with?00:35:26 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Brian Brookshire’s Twitter: https://x.com/btc_overflow

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.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:57 Macro—where 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 bitcoin00:26:10 Efficient markets, log bitcoin chart, and academics00:30:54 Catalyst for next adoption wave00:35:17 Is paper bitcoin suppressing the price?00:45:10 Does bitcoin weaken or strengthen the Dollar over the next decade?00:49:00 What’s it like teaching young people about bitcoin?00:49:51 What’s something you believe that most bitcoiners would disagree with?00:50:09 What’s the biggest risk to bitcoin?00:50:35 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Nik Bhatia’s Twitter: https://x.com/timevalueofbtc 

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.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:24 What is Resistance Money?00:02:17 Andrew’s philosophy background00:04:46 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 beliefs00:14:37 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 drop00:21:36 What’s the role of privacy and money?00:23:32 Can there be too much privacy?00:27:05 Bitcoin is a new tool in today’s reality00:28:00 Where is bitcoin in a decade?00:31:59 How can we accelerate self-custody adoption?00:33:55 What’s the concern with centralized custody?00:37:35 Ossify vs not ossify fork00:42:56 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 What’s something you believe about bitcoin that many bitcoiners would disagree with?00:56:45 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Andrew Bailey’s Twitter: https://x.com/resistancemoney→ Andrew’s book: https://www.resistance.money

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:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:20 Jeremy’s journey into professional mountain biking00:04:20 Mountain biking and life00:05:35 Most proud mountain biking achievement?00:07:10 Various mountain biking disciplines00:08:19 Living in the olympic athlete village00:09:22 How big of a sport is mountain biking?00:10:29 Evolution of professional mountain biking00:12:55 How big is professional mountain biking in the US?00:13:23 Post-professional mountain biking00:16:12 Jeremy discovering bitcoin00:20:06 Why interested in macro, finance, and economics?00:21:45 Selling rental properties for bitcoin00:24:06 Extreme sport athletes earning bitcoin00:26:00 Bitcoin and extreme sports counter culture00:28:36 Exercise science and bitcoin–what else are experts wrong about?00:30:09 Are athletes more likely to have a healthy skepticism?00:30:50 Jeremy’s bitcoin pitch to other mountain bikers00:34:42 Bitcoin in El Salvador00:37:51 Spouses and bitcoin00:41:36 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 Jeremy’s day job at Studio Shed00:47:05 Demonetizing real estate00:50:27 What’s the biggest risk to bitcoin?00:52:23 What’s something you believe about bitcoin that many bitcoiners would disagree with?00:54:09 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Jeremy HK Nova’s 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:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:20 Who is Ray Kamrath?00:02:38 Riding scooters and breaking arms in Austin00:03:36 Ray first hearing about bitcoin00:07:50 Talking about sound money on Wall Street00:10:37 Gold vs bitcoin00:11:36 Why join Bakkt?00:16:15 An institutional-driven bull market00:22:20 Government and bitcoin00:24:39 How do you value bitcoin?00:27:20 Monetary reset–what does it look like?00:31:30 Which countries will influence the market most?00:38:30 Collaborative custody and a network of keys00:42:18 Bitcoin vs crypto00:45:47 Where is Bakkt in 5 years?00:47:10 Where is bitcoin in 5 years?00:48:54 Passive flows, MSTR, and bitcoin00:50:41 What’s something you believe that most bitcoiners would disagree with?00:51:47 What’s the biggest risk to bitcoin?00:53:59 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Ray Kamrath’s Twitter: https://x.com/Ray_Kamrath→ Bakkt’s Twitter: https://x.com/Bakkt

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:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:35 Founded and exited multiple companies—why so much success?00:02:50 Leaving Facebook to start Lightspark?00:07:03 Telecom and paypal to bitcoin?00:08:19 David’s first touchpoint with bitcoin00:12:26 Adoption occurring faster or slower than you expected?00:15:20 Implementing Lightning at Coinbase00:17:50 What took Coinbase so long to implement Lightning?00:20:30 Transaction fees on L1 and L200:23:05 Is Lightning broken?00:25:55 Custodial Lightning vs non-custodial Lightning00:33:40 Spending bitcoin vs Lightning as payment technology only00:35:19 Concerns with stablecoins on Lightning?00:36:50 Tether’s rapid growth00:38:24 Goods and services only sold over the Lightning network?00:40:17 Future of AI and AI agents00:42:45 Wealth created from AI?00:45:07 Lightspark, Visa, and Mastercard00:47:09 Barriers to break into in person retail payments00:49:50 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 “3% payment fee” eventually go away?00:52:39 What’s something you believe that most bitcoiners would disagree with?00:54:44 What’s the biggest risk to bitcoin and Lightning?00:56:46 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ David Marcus’s Twitter: https://x.com/davidmarcus→ 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 bitcoin’s 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, Balaji’s $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:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:52 “Attacking bitcoin will harm america more than bitcoin.”00:04:35 How can America support bitcoin?00:08:15 Catalyst for U.S. government buying bitcoin00:10:08 Is Nvidia and mega cap tech a bubble?00:13:52 Bitcoin’s stability and volatility00:15:42 Microstrategy in S&P 500?00:18:01 When will more companies copy Microstrategy?00:19:37 Different corporate bitcoin strategies00:20:50 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 Balaji’s $1,000,000 bitcoin prediction in 90 days00:37:26 MMTers—do 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 phenomenon00:45:06 S2F and power law models00:47:38 Research at Galaxy00:51:48 Will bitcoin scale on Lightning or a different L2?00:56:20 What’s something you believe that most bitcoiners would disagree with?00:57:58 What’s the biggest risk to bitcoin?01:02:42 Alex’s Unchained, Bitcoin Commons, and Joe rap01:04:03 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Alex Thorn’s Twitter: https://x.com/intangiblecoins

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 John’s perspective on bitcoin price models, the true scarcity of bitcoin, and practical advice for young people incorporating bitcoin into their lives.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:35 John’s background as a game developer and 2013 bitcoiner00:02:57 Did being a video game developer help you understand bitcoin?00:07:38 John’s catalyst to understanding bitcoin00:11:42 Money or markets within video games00:13:05 Resource constraints in bitcoin and early game development00:19:39 Bitcoin video games00:20:17 You’re a freemason–what is a freemason?00:23:29 Bitcoin and freemasons00:27:19 Do MMTers actually believe what they say?00:29:26 UFOs, aliens, and open mindedness00:34:30 Analyzing the bitcoin blockchain00:51:00 How scarce is bitcoin01:05:18 Bitcoin price models—S2F and power law01:06:16 Advice for young people making bitcoin a part of their life01:14:20 Something you believe that most holders of bitcoin would disagree?WHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ John Ratcliff’s Twitter: https://x.com/jratcliff

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:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:35 Christopher’s software and bitcoin background00:02:47 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 engineering00:36:14 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 thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Christopher David’s Twitter: https://x.com/AtlantisPleb

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 bitcoin’s “boundless” total addressable market (TAM).SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:36 2015-2017 blocksize war00:21:21 Will there be future bitcoin fork wars?00:27:27 Will Bitstein ever choose a future hardfork?00:32:34 Antifragility of bitcoin00:43:25 Why is the Mises Institute not a massive bitcoin proponent?00:48:00 Nakamoto institute—long term vision?00:58:26 Supporting the Nakamoto Institute01:00:43 S2F and power law models01:07:39 Bitcoin’s total addressable market?01:12:22 Closing thoughtsSUPPORTING 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:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Bitstein’s Twitter: https://x.com/bitstein

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 “ethical” 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:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Introduction00:01:30 Matt’s background: Helping people hold thousands of bitcoins00:04:55 Early bitcoiners vs. existing UHNWIs00:09:47 Key questions from ultra-wealthy bitcoiners00:12:58 Inheriting traditional assets vs. bitcoin00:19:22 Trust duration and jurisdictions00:25:06 Trust endings and tax implications00:29:30 Do ultra-wealthy bitcoiners still buy bitcoin?00:34:44 Wealthy investing in moral good vs. returns00:38:49 How will the US and bitcoin evolve together?00:43:25 Timing of ETF approvals00:47:00 Bitcoin’s total addressable market00:50:40 Surprised by ultra-wealthy early adopters?00:53:50 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Matt McClintock’s Twitter: https://twitter.com/mcclintock_m Connect with Matt McClintock and The Bespoke Group: →  Website: https://bespokegroup.io/→  Matt’s X: [https://x.com/mcclintock_m →  Company X: https://x.com/BespokeGroupCO→  Matt’s LinkedIn: https://www.linkedin.com/in/mattmcclintock/→  Company LinkedIn: https://www.linkedin.com/company/bespoke-service-company-llc/

In this episode, Dr. Jeff Ross shares insights on current macroeconomic trends, including the Federal Reserve's reconsideration of rate cuts, increased market volatility over the past month, and unexpectedly high inflation rates. He discusses the power law model, drawing comparisons with patterns observed during his medical career as a physician and radiologist. Dr. Jeff also explores strategies for constructing the optimal portfolio in 2024 and in the future under a bitcoin standard.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:33 Macro—fed walking back rate cuts, VIX high, hot inflation00:06:55 S2F and power law—where will bitcoin go this cycle?00:17:49 Best performing hedge fund of 202400:20:57 Bitcoin, MSTR, miners, and options?00:26:53 Changing the geopolitical world order00:33:00 What’s the optimal bitcoin allocation?00:37:36 Is there anyone that should not buy bitcoin?00:39:13 Will investment management get less or more important?00:40:32 ETF, exchange, or self custody?00:42:41 Will financial advisors play a role in private key management?00:45:32 Future of bitcoin custody00:48:28 Are passive index funds useful on a bitcoin standard?00:51:37 Optimal portfolio allocation on a bitcoin standard00:53:15 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Dr. Jeff Ross’s Twitter: https://twitter.com/VailshireCap

In this episode, we explore bitcoin skepticism, focusing on topics such as hashrate volatility, potential miner attacks, and Michael Saylor's perspective on bitcoin. Micah provides insights from his bitcoin textbook and uses a chalkboard to clearly illustrate his views on the future of the bitcoin mining industry. We dive into significant issues like transaction censoring and miner collusion, and discuss the potential future risks to bitcoin's cryptographic security.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:15 Who are you and when did you start thinking about bitcoin?00:14:30 What do people think about your bitcoin textbook?00:15:45 Do you own bitcoin?00:16:38 Do you want bitcoin to succeed?00:19:55 Is saving bad?00:20:44 Rent seeking?00:21:45 Could bitcoin’s hashrate be highly volatile?00:27:38 What’s the tipping point of hashrate volatility?00:30:17 Is this hashrate volatility a problem?00:31:20 Attacking bitcoin00:35:20 What are the attacks miners might do?00:39:35 When do you think this type of attack may occur?00:43:24 MARA transaction censoring failed00:44:24 What’s the tipping point for miner collusion?00:45:55 We’ve already seen miner capitulation00:47:30 Bitcoin price vs value?00:48:00 Will the price of bitcoin keep going up?00:48:16 Thoughts on Michael Saylor?00:50:13 Any risk of cryptography breaking?00:51:40 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Micah Warren’s Twitter: https://twitter.com/AchimWar 

In this episode, we compare common hardware wallets with SeedSigner, a DIY bitcoin hardware wallet. We explore the reasons behind building SeedSigner, the process of securely generating seeds, and the considerations for holding a private key on hot devices like an iPhone or cold devices like a Trezor, Ledger, or Coldcard. We also discuss the evolution of bitcoin custody over the last decade, the risks associated with using common hardware like Raspberry Pi, and the advantages of multisig versus singlesig setups.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:25 What is SeedSigner?00:02:05 Why build SeedSigner?00:05:44 Holding a private key on an iPhone?00:06:33 Building a SeedSigner device00:08:16 Why call it a “signing device?”00:10:45 Generating seeds securely00:12:33 Good security vs extreme paranoia00:17:05 How has bitcoin custody evolved over the last 10 years?00:25:42 How to securely buy hardware?00:30:45 Are there risks to using a raspberry pi for bitcoin private keys?00:32:58 Multisig vs singlesig00:39:10 DIY multisig vs collaborative custody multisig00:40:53 Using different hardware devices for different seeds00:44:54 Future of bitcoin custody in 10-20 years00:50:00 New SeedSigner features?00:52:41 New to multisig and using SeedSigner?00:56:30 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ SeedSigner’s Twitter: https://twitter.com/SeedSigner 

In this episode, Fred Krueger reflects on his initial experience of purchasing bitcoin on Mt. Gox and subsequently selling it on Mt. Gox. He dives into detailed explanations of both the Stock-to-Flow (S2F) and power law models, offering his insights on whether the bitcoin power law model should be regarded as a mathematical law or just a pattern. Finally, he discusses potential factors that could disrupt the power law model and addresses the notion proposed by Michael Saylor that all models are broken.SUPPORT THE PODCAST:→ Subscribe→ Leave a review→ Share the show out with your friends and family→ Send us an email podcast@unchained.comTIMESTAMPS:00:00:00 Intro00:01:20 Fred’s background preparing him for bitcoin00:04:17 Fred buying bitcoin on Mt. Gox00:06:37 Bitcoin as a pet rock with no cash flow00:10:57 S2F and Power law models00:23:03 ETH trending to 000:25:17 Power law—mathematical law or pattern?00:40:16 Extreme bear markets00:41:50 Using bitcoin and bitcoin custody00:47:50 How would the power law model break?01:01:09 Will all the models break?01:07:01 Closing thoughtsWHERE TO FOLLOW US:→ Unchained Twitter: https://twitter.com/unchainedcom→ Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital→ Fred Krueger’s Twitter: https://twitter.com/dotkrueger