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Stephan Livera Podcast

Stephan Livera

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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  • 36 episodes
  • Avg 40 min
  • English

Episodes 36

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  • S1 · E778
    Thursday · 59 min

    Why Bitkey Ditched Seed Phrases | Clay Garrett SLP778

    Bitkey ditched seed phrases for a recovery-focused 2-of-3 design: an app key, hardware key, and Block server key that use phones, hardware, and cloud access to help people retain control of their funds. Clay Garrett, Bitkey lead at Block, joins Stephan Livera to explain the design trade-offs: safety as security plus recoverability, cloud backup that needs your hardware to decrypt, and why Bitkey does not treat vendor lock-in as its ethos. They dig into recovery paths, multi-vendor trade-offs, transfer-without-hardware limits, Recovery Contacts and inheritance, a working FROST prototype, what covenants could move on-chain, chain code delegation, and privacy-conscious Electrum options. Timestamps: 00:00 — Intro 00:19 — Clay Garrett Joins — Bitkey at Block 00:56 — Bitkey V2 and the 2-of-3 Model 03:03 — Safety Means Access and Recoverability 04:11 — App+Hardware Spends Without Block 07:09 — Cloud Backup and Instant Phone Swap 09:27 — Lost Hardware and the 7-Day Delay 12:14 — Vendor Lock Is Temporary, Not Ethos 15:44 — Multi-Vendor After Coldcard 21:20 — Which Wallet Fits Your Threat Model? 26:49 — $5 Wrench and Transfer Without Hardware 30:04 — Recovery Contacts and Inheritance 36:06 — FROST Prototype Already in the Repo 38:04 — On-Chain Looks Like Single-Sig 39:34 — Covenants Could Move Policy On-Chain 42:09 — Chain Code Delegation — BIP 89 46:10 — Electrum, Mempool, and Custom Servers 52:08 — Industry After Coldcard Changed 55:21 — Wallet Plus Free-for-Life Co-Signing Links: https://x.com/clay_garrett https://bitkey.world/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E777
    Tuesday · 51 min

    Bitcoin Savings vs Casino Exchanges | Julian Liniger SLP777

    Most crypto exchanges are built like casinos: they chase the next hot token, prediction market, or trading product. Relai is building a different category—a savings brand for people who want to accumulate Bitcoin, hold it in self-custody, and build wealth over the long run. Julian Liniger explains why serving patient savers requires a different product, message, and business model. The conversation also explores why rising living costs are pushing Europeans to rethink ordinary savings, and why the temptation to get rich quickly can drive people toward momentum trading and leverage. Julian makes the case for a longer time horizon: Bitcoin savings is less about chasing the next move and more about consistently building a position through changing market conditions. Supporting context includes Relai's MiCA compliance journey, where regulatory overhead is costly but can also raise the bar for smaller competitors. Julian also discusses the company's self-custody model and reports more than 100,000 users holding over 20,000 BTC in their own wallets—not under Relai management. The episode covers how a Bitcoin-only company can earn revenue through services around long-term ownership while keeping the savings proposition at the center. Timestamps: 00:01 — Europe's Cost of Living Squeeze 03:11 — Why Europeans Still Don't Get Bitcoin 07:37 — High Time Preference & Get-Rich-Quick 10:31 — Bitcoin Needs Patience Again 10:54 — AI Hype vs Bitcoin as Savings 14:58 — Bitcoin Is Where You Keep Your Winnings 21:42 — Leverage, Treasury Cos & Risk 23:46 — Relai Private Loans in Europe 29:03 — MiCA: Overhead and Moat 33:11 — Bitcoin Savings vs Casino Exchanges 35:26 — 100k Users, 20k+ BTC Self-Custody 37:49 — Retail App vs Relai Private 40:00 — Self-Custody Phone Wallet 42:58 — Seven-Figure Raise in a Bear Market 45:12 — AI for Building and Securing Relai 50:00 — Living Costs Drive Bitcoin Search Links: https://x.com/julian_liniger https://x.com/relai_app Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E776
    September 24 · 42 min

    Bitcoin PIPEs v2 | Misha Komarov SLP776

    Bitcoin soft-fork debates around CTV, CSFS, OP_CAT, and OP_VAULT keep stalling — and Misha Komarov of Allocinit argues you can emulate much of that covenant behavior with cryptography instead of changing consensus. Misha joins Stephan to unpack Bitcoin PIPEs v2: a Witness Encryption design that locks a signing key under an NP statement so a valid zero-knowledge proof decrypts the key and produces an ordinary Schnorr spend. Bitcoin L1 only checks a normal signature. They compare PIPEs v1 (Functional Encryption / richer post-covenants) with v2 (Witness Encryption / binary pre-covenants), ciphertext sizes from ~300 TB toward single-digit terabytes, DKG and 1-of-n setup assumptions, non-custodial vault and shared-pool use cases, contrasts with cosigner models like Sigbash, and how Allocinit’s Shielded Bitcoin design differs from Shielded CSV’s client-side validation approach — plus open cryptanalysis challenges and a path toward implementable code. Timestamps: 00:00 — Intro: Misha & Bitcoin PIPEs v2 00:27 — Background: BitMessage to =nil; 01:31 — Soft-Fork Fatigue & Nice-to-Haves 03:24 — Emulate Opcodes Without Soft Forks 04:54 — Witness Encryption Unlocks Keys 06:01 — Witness Encryption vs Bitcoin Witness 09:00 — PIPEs v1 vs v2: FE to WE 11:39 — Ciphertext Size & Cost Trade-offs 15:28 — Vaults as the Unhappy Path 16:23 — PIPEs vs Sigbash Cosigner 18:05 — DKG Setup & 1-of-n Trust 21:11 — Shared Vaults & Lending Use Cases 23:24 — Beyond Canonical OP_VAULT 26:35 — Shielded Bitcoin vs Shielded CSV 32:17 — Self-Custody Peg-In and Peg-Out 37:14 — On-Chain Footprint Walkthrough 39:42 — Security Challenges & Code Roadmap Links: https://x.com/nemothenoone https://x.com/allocinitxyz Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E775
    September 24 · 45 min

    rbitcoin: Bitcoin Full Node With Zero Human Code | reardencode SLP775

    Almost every public Bitcoin node still runs Bitcoin Core. Brandon Black argues that client monoculture is a systemic risk — and that automation plus AI now make independent consensus implementations more realistic than skeptics assume. Brandon (aka reardencode) returns to Stephan Livera Podcast for the first episode in a mini-series on non-Core Bitcoin implementations. He is shipping rbitcoin, a Rust full node aimed at server-side wallet and Lightning backends, with Electrum served in-process. They dig into why rbitcoin has no UTXO set and no Core-style dbcache, how build-time differential testing differs from satd’s in-process libbitcoinconsensus dual-eval, BIP324 v2-only P2P, archival storage tradeoffs, LibreRelay-inspired policy, and what “production-ready™” means when every first-party line was written by AI under his prompting. Brandon is blunt about maturity: the project is still early, contributors are welcome at rbitcoin.org, and listeners should treat alt clients as high-scrutiny infrastructure — not a drop-in replacement for Core tomorrow. Timestamps: 00:00 — Intro: Brandon Black & rbitcoin 00:34 — Why Build rbitcoin 03:46 — Alt Clients Mini-Series 04:39 — Consensus Divergence Risk 05:53 — satd vs rbitcoin Paths 06:51 — Automation Makes Diversity Possible 08:29 — Build-Time Differential Testing 09:20 — Why Consensus Bugs Matter 10:55 — Lessons from btcd Divergences 13:35 — Target User: Wallet Backends 15:29 — Miners Leave the Non-Goal List 16:47 — Kill the dbcache Model 20:50 — Electrum In-Process 22:23 — Silent Payments & Tor 23:01 — BIP324 v2-Only P2P 23:46 — AI-Coded: Zero Human Lines 25:04 — Grok Plus Multi-Model Review 27:01 — DoS Rules & LibreRelay 28:34 — Upgrade Hooks 29:34 — Archive-Only, No 'UTXO Set' 31:50 — AI as the New Compiler 33:52 — Context Limits & Dependencies 38:06 — rust-bitcoin Relationship 39:08 — Wallet Infra Opportunity 40:00 — Still 10% a Joke 41:35 — Future of Client Diversity 44:50 — Outro: rbitcoin.org Links: https://x.com/reardencode https://rbitcoin.org/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E774
    September 22 · 36 min

    Bitcoin Accelerator on Mirissa Beach | James of Ârc SLP774

    Most Asian markets still make buying and saving Bitcoin painfully hard. James of Ârc argues the fix is not another protocol breakthrough — it is local founders shipping simple DCA and savings products market by market. James joins me from Mirissa Beach, Sri Lanka, where Arc is partnering with Fulgur Ventures on a continuous Bitcoin accelerator. He is a former EY advisor and Playfair Capital investor who previously built with Alexander Mann (now Fulgur GP) and later sold Consequence, an early LLM-on-databases company. The conversation covers why the program is continuous rather than a six- or twelve-week cohort, how to apply at arc.lk/Fulgur, why Sri Lanka ranks among his top-three country bets, the South Coast talent melting pot, funding DCA apps across Asia even where operators already exist, AI agents as Bitcoin users, and why Strike expanding should not scare local founders. Timestamps: 00:00 — Intro: James of Ârc 00:35 — From Accenture to Venture Capital 02:13 — Building With Alex Singh 03:21 — Fed Up With Monkey JPEGs 05:10 — Ârc Fulgur Bitcoin Accelerator 06:35 — Continuous Program at Mirissa 07:34 — Two Paths Into Ârc Fulgur 10:13 — Why Sri Lanka? 12:02 — Top-Three Country Bet 12:23 — Whales, Leopards, Beach Hub 15:00 — South Coast Talent Melting Pot 18:36 — 34 Local Founders Already In 21:39 — Fund DCA Apps Across Asia 25:23 — AI Agents Will Use Bitcoin 28:18 — Room for Many Asian Operators 32:23 — Just Focus on Your Customer 32:39 — Apply Now Links: https://x.com/James_of_Arc https://x.com/FulgurVentures https://arc.lk/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • September 16 · 1 hr 7 min

    Institutional Custody, Multisig & the War on Cash | Mike Belshe SLP773

    Mike Belshe, co-founder and CEO of BitGo, walks through how institutional Bitcoin custody actually works in 2026: qualified custody, self-custody co-signing, and why BitGo still centers a 2-of-3 model after pioneering P2SH multisig in 2013. BitGo now operates as a US-regulated qualified custodian and public company, while still offering the same wallet stack individuals can run in self-custody mode. The conversation covers what “institutional security” means in practice — HSM-backed co-signing, open-source recovery paths, multi-jurisdictional key storage (including how BitGo moved WBTC when US regulation looked hostile), and why on-chain multisig still beats vendor-locked MPC for cold ops. They also dig into the political and operational risks around large Bitcoin holdings: KYC and PII as honeypots, France tying names to amounts, the war on cash reaching Bitcoin, and whether an EO 6102-style confiscation risk still belongs in the threat model. On the institutional side, Belshe pushes back on multi-custodian setups that add failure modes, explains insurance limits versus the size of the Bitcoin market, and why splitting wallets matters after events like Bybit. Timestamps 00:00 — Intro: Mike Belshe of BitGo 00:59 — Don't Lose Self-Custody's Power 05:41 — Retail Deserves Institutional Security 07:16 — Humans Are Terrible at OpSec 09:56 — 2-of-3 Protects Theft and Loss 14:35 — Retail Pays 160 Basis Points 19:22 — Why People Drift Toward Banks 20:35 — Self-Custody Is Never Trustless 23:39 — Why BitGo Sticks to 2-of-3 30:31 — A Public CEO Holds Zero at Home 31:27 — KYC Leaks Are Government Honeypots 39:28 — France Doxed Bitcoin Holdings 41:30 — War on Cash Reaches Bitcoin 43:45 — Multi-Jurisdictional Key Storage 45:29 — Executive Order 6102 Could Return 47:43 — Quantum-Resistant Wallets Today 49:27 — Multisig Beats MPC 53:33 — Splitting Custodians Adds Failures 58:29 — 2-of-2 MPC Can't Recover Loss 01:00:57 — $5–7B Insurance vs $1.6T Bitcoin 01:03:35 — Bybit Lost 10x by Not Splitting 01:05:21 — Multi-Institution vs Qualified Custody Links: https://x.com/mikebelshe https://x.com/bitgo Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E772
    September 15 · 37 min

    Trustless Swaps Across Bitcoin Layers | Walter Maffione SLP772

    Walter Maffione, CEO and co-founder of KaleidoSwap, join me to explain how the project grew from an RGB Lightning DEX into a broader swap engine and LSP stack — Lightning as rails between Liquid, Arkade, Taproot Assets, Spark, and RGB — plus KaleidoSDK, desktop app, and browser Extension. We dig into web app and SDK integrations for merchants and unified-balance wallets, how HTLC atomicity works across layers, BOLT 12 multi-asset offers and Nostr discovery for competing providers, Bitcoin-only scope with Flashnet and Utexo bridges for external stables, and a product lineup of desktop app, browser extension, and dual SDKs. Walter also covers agentic payments via MCP plugins, self-sovereign local models with Tether’s QVAC, fee ranges around 0.5–1%, and a one-to-three-month mainnet launch path for the extension, swap provider, and web app. Timestamp: 00:00 — Intro: Walter & KaleidoSwap 00:50 — From RGB to Multi-Layer Swaps 02:14 — LSP Plus Swap Provider Stack 03:42 — Merchants, Stables, Unified Balance 05:38 — Why Swap UX Took Over Wallets 06:42 — Liquidity Ops and Mainnet Path 07:58 — AI Attacks After Boltz Shutdown 10:23 — Defending Non-Custodial Swaps 12:18 — How Atomic Swaps Actually Work 13:36 — RGB, Liquid, Arkade, Spark 14:36 — Open Spec, BOLT 12, Nostr Discovery 18:23 — Pay Anything via the SDK 19:34 — Bitcoin Layers Only + Bridges 22:05 — Desktop, Extension, Dual SDKs 25:05 — UX That Adapts to the User 26:32 — Agentic Payments and QVAC 33:22 — MCP Plugins, Keep Your Own AI 35:11 — Fees Around 0.5–1% 35:57 — Launch Timeline: Next 1–3 Months 37:05 — Find KaleidoSwap Online Links: https://x.com/bit_walt https://x.com/kaleidoswap https://docs.kaleidoswap.com/whats-kaleidoswap/introduction Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E771
    September 10 · 49 min

    Bitcoiners Must Remove Single Points of Failure | Dhruv Bansal SLP771

    Recent attacks exposed how even large, educated Bitcoin holders remained exposed through single-vendor setups. The core lesson is that self-custody alone does not remove single points of failure; deliberate design is required. Dhruv Bansal, co-founder and CISO of Unchained, joins to examine these incidents and the practical barriers that keep most hardware wallet users on single sig despite years of warnings. The conversation covers the gap between theoretical multisig knowledge and actual adoption, the trade-offs between anonymity and regulated inheritance paths, why newer layers attract attacks first, and the need for human review of AI-generated code at Bitcoin firms. Bansal argues that cryptographic hardware will become ordinary infrastructure for everyone in an AI-driven internet, not a niche Bitcoin tool, and that mature risk systems rely on fractal networks rather than centralized controls. Timestamps: 01:42 — No Single Points of Failure Allowed 05:34 — Even Large Holders Skip Multisig? 09:14 — You Could Be Your Own Failure Point 13:35 — Anonymity vs KYC 16:27 — Don't Half-Ass Your Bitcoin Security 21:23 — One Wallet, True Multi-Vendor Security 24:24 — Single Sig Can Still Lose Everything 30:26 — Why Everyone Will Need Hardware Wallets 32:06 — Why Attackers Hit Bitcoin L2s First 36:32 — Bitcoin Firms Must Human-Review AI Code 40:05 — Bitcoin as Humanity's AI Defense System 42:59 — Remove Single Points of Failure Forever 45:25 — Hardware Wallets at Every Gas Station 47:34 — Bitcoiners and Key Entropy Links: https://x.com/dhruvbansal https://x.com/unchained https://www.unchained.com/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E770
    September 3 · 41 min

    Interviews at Origin Seoul 2026 | SLP770

    00:00 - Interview with Gabriele Vernetti of Stratum V2 @gitgab19 15:38 - Interview with Jimmy Kostro @jimmykostro 29:30 - Interview with James Check of checkonchain Links: https://x.com/gitgab19 https://x.com/jimmykostro https://x.com/_checkonchain https://x.com/_checkmatey_ https://x.com/stratumv2 Bitcoinchiangmai.org

  • S1 · E769
    August 31 · 27 min

    Bitcoin Asia (HK) 2026 Day 2 Interviews | SLP769

    Interviews at Bitcoin Asia 2026 Day 2 00:00 - Piriya Sambandaraksa 05:14 - Alexander Mann 11:04 - Shone Anstey of LQWD 17:03 -Liam Eagen from Ideal Group Links: https://x.com/piriya https://x.com/idealgroup https://x.com/liameagen https://x.com/LQWDTech https://x.com/shoneanstey https://x.com/alex_singh_mann Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E768
    August 29 · 40 min

    Bitcoin Asia (HK) 2026 Day 1 Interviews | SLP768

    In this episode, I interviewed several people at Bitcoin Asia 2026. Timestamps: 00:00 - Interview with Adam Poulton 06:28 Interview with Giovanni Santostasi 15:18 Interview Jeff Walton of Strive 34:11 Interview with Alex B from ArkLabs Links: http://x.com/Giovann35084111 http://x.com/adampoulton http://x.com/bergealex4 http://x.com/arklabshq http://x.com/punterjeff http://x.com/strive Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E767
    August 25 · 29 min

    Wallet Playground for learning Bitcoin self custody with Piers Macrae | SLP767

    In this episode, Piers Macrae demonstrates Wallet Playground and explains why hardware wallets are signing devices, not wallets. Timestamps: 01:10 — Teach Me vs Do It For Me 03:23 — Test Any Wallet Free in Browser 09:09 — Coldcard Drama Forced Early Release 14:03 — Generate Seeds Using Your Webcam 17:52 — Hardware Wallets Aren't Real Wallets 21:52 — Only 1% Use Multisig for Life Savings 25:33 — Self-Custody Like Firearms Drilling? 27:30 — Only Tiny Percentage Will Self-Custody Links: X: @mineracks — https://x.com/mineracks Wallet Playground: https://walletplayground.com/ mineracks: https://www.mineracks.com/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E766
    August 22 · 52 min

    Dice Rolls, Entropy, and SeedSigner | Keith Mukai SLP766

    In this episode, Keith Mukai of SeedSigner joins to explain why 1.4 percent variance in cheap dice still delivers full 128-bit entropy and how to verify rolls across devices. Timestamps: 03:10 — Cheap Dice Only 1.4% Unfair? 06:29 — Shake Multiple Dice in a Box 08:26 — Verify Dice Rolls Across Devices 11:02 — Verify Dice Seeds With Fake Rolls 13:50 — Multiple Test Rounds Foil Attackers 16:36 — 90% Users Choose Easy RNG Mode 19:08 — Jade's D&D Dice Method? 21:53 — Build Your Own: Avoid Mailing List Leak 24:48 — Stateless Device: Evil Maid Gets Nothing 26:45 — Hand-Drawn SeedQR: Skip Typing 24 Words 29:02 — SeedSigner: Built for Long-Term Cold Storage 31:30 — Evil Maid SD Card Swap Destroys Security 35:27 — Why Multisig Beats Single-Sig + Passphrase 37:14 — Scan Sparrow PDF QR to Load Multisig 42:16 — No One-Size-Fits-All Security 46:41 — Understand Dice Rolls Yourself 49:13 — Take Baby Steps to Multisig Links: https://seedsigner.com/ https://x.com/keithmukai https://x.com/SeedSigner Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E765
    August 19 · 27 min

    Jade for Single-Sig or Multisig | Rich SLP765

    In this episode, Rich from the team at Blockstream explains Jade, offline dice entropy, blind oracle protection, multisig descriptor recovery and the new Blockstream Swaps beta. Timestamps: 00:45 — AI Scans & Audits Secure Jade 03:21 — Jade Core $99, Plus Up to $169 05:51 — Roll Dice for Offline Seed Entropy 08:23 — Blind Oracle: Remote Secure Element Explained 11:15 — Seed QR: Hand-Draw Your Recovery Phrase 15:24 — Jade Sends Back Lost Multisig Descriptor 19:40 — People Choosing Multisig Over ETFs 25:03 — Blockstream Swaps Beta: Lightning to Liquid Links: blockstream.com/jade https://x.com/blockstream https://x.com/blockstreamjade Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E764
    August 14 · 50 min

    Wavelength Delivers Ark-Based Lightning Without Node Overhead | Roasbeef & Michael Levin SLP764

    Lightning Labs built Wavelength to deliver self-custodial Lightning payments without forcing users to run nodes, manage channels, or handle liquidity. Olaoluwa Osuntokun, CTO and co-founder of Lightning Labs, and Michael Levin, VP of Product, join me to detail the design choices behind their Ark implementation. They explain why Ark was selected, how hop hints let every payment use ordinary Lightning invoices, and why the four-endpoint SDK targets AI agents and vibe coders. The conversation covers sub-dust vouchers, unilateral exits, offline payment delivery, and one-basis-point alpha pricing. Wavelength shows that self-custodial Lightning can match the integration ease of custodial services while preserving Bitcoin sovereignty. Timestamps 01:28 — Why Wavelength: Lightning Without Node Pain 03:00 — Why Ark? 05:28 — No New Addresses: Just Lightning Invoices 08:40 — Targeting Vibe Coders & AI Agents 13:06 — Lightning Beats Credit for LLM APIs 17:51 — Receive Sub-1k Sat Vouchers Seamlessly 19:32 — Normal User Spins Up Ark Wallet Fast 23:02 — Build Wallets with Just 4 Endpoints 24:46 — Telegram Self-Custodial Wallets Already Live 26:21 — Offline Payments Still Arrive Automatically 29:17 — Drop-In SDK for iOS and Android 31:26 — Can Servers Steal Your Funds? 33:36 — Wavelength Alpha: Just 1 Bip Fees 37:57 — AI Attacks Targeting Bitcoin Services? 44:05 — Bug Bounties Shift to Token Spending 48:36 — Self-Custody as Easy as Custodial Links: https://x.com/roasbee https://x.com/MichaelLevin Wavelength Announcement: https://x.com/lightning/status/2079620936567779707 Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E763
    August 13 · 44 min

    Bitcoin Custody Rules Have Changed | Michael Tanguma SLP763

    Old self-custody approaches collapse once Bitcoin reaches six figures, physical threats rise, and AI tools proliferate. Single hardware wallets and mattress myths no longer match the scale or risks that large holders now face. Michael Tanguma, CEO and co-founder of Onramp, returns to examine how custody must adapt to family obligations, mortality, and market structure that turns concentrated holdings into targets. The discussion covers why repeated exchange failures keep Bitcoin looking speculative to outsiders, how multi-institution setups reduce scam ROI, and the limits of adding more dice or vendors in an AI era. It also addresses custody pricing models and the practical question of whether any current setup survives a tenfold price increase. Game theory now requires diversified institutional layers rather than pure self-reliance for serious stacks. Timestamp: 03:43 — Bitcoin Custody Won't Work Like 2012 05:49 — Self-Custody Rules Changed With Your Life 07:19 — Why Bitcoiners Must Stop the Mattress Myth 09:01 — Bitcoin's Asset Layer Makes It Unstoppable 11:22 — Private Keys Are Like Firearms 15:40 — Custody Losses Keep Bitcoin Speculative 18:56 — AI Just Changed Self-Custody Forever 21:41 — Why Bitcoin Robberies Are Skyrocketing 25:41 — Multi-Institution Custody Kills Pig Butchering 27:57 — Bitcoin at $650K: Security Nightmare? 29:30 — Game Theory Demands Multi-Custody Bitcoin 32:03 — Centralized Custody: The Honeypot Risk 37:56 — Why Custody Fees Should Be Zero 39:51 — Full Bitcoin Custody for $100/Month 42:51 — Would Your Setup Survive 10x Bitcoin? Links: https://x.com/mtanguma https://x.com/OnrampBitcoin Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack #Bitcoin #SelfCustody #Custody #OnrampBitcoin #StephanLivera #StephanLiveraPodcast #BitcoinSecurity #MultiSig

  • S1 · E762
    August 12 · 34 min

    Breez Ships Glow — A Super Simple Bitcoin Wallet | Roy Sheinfeld SLP762

    Roy Sheinfeld of Breez returns to walk through Glow, the team's new reference wallet built using Spark. It’s designed so non-custodial Bitcoin feels simple: send, receive, and go. Glow uses passkey onboarding (no seed phrase to write down), automatic backup via the passkey provider, and a single-balance UX so users can pay Lightning, on-chain, and stablecoin destinations without wrestling settings. They also cover client-side swaps (Flashnet, multi-vendor architecture after Boltz), AI-driven attacks on swap providers, where Lightning volume actually comes from, Spark unilateral exits, and how AI plus the Breez SDK lets non-developers ship Bitcoin apps from a prompt. Timestamps 04:21 — Bitcoin Wallet Onboard with One Passkey 08:05 — Stables on Lightning: Overhyped? 09:59 — Swaps Needed Even With Lightning Stables 11:48 — AI Attacks: Cheaper to Attack Than Defend 15:07 — Why Small Teams Get Hacked First 17:15 — Swaps Going Private to Survive? 19:17 — Backends Drive Most Lightning Volume 21:32 — 80/20 Rule: B2B Drives Lightning Volume 25:13 — Making Unilateral Exit Economically Viable 29:48 — Spark Public Mode 31:38 — One Prompt Builds a Bitcoin App 33:13 — Non-Technical Users Now Ship Bitcoin Apps Links: https://x.com/roy_breez https://x.com/breez_tech https://breez.technology/glow/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E761
    August 7 · 36 min

    Bitcoin Multi Sig vs Secure Single Sig with Nick Neuman | SLP761

    In this episode, Nick Neuman of Casa argues that it’s not the end of self-custody. Instead, it highlights why multisig with multiple vendors provides stronger protection without the hidden complexity of passphrases or dice rolling for single sig setups. Timestamps: 03:12 — Not the End of Self-Custody 06:14 — Single Sig Is Actually More Complex 08:45 — Multisig Simpler Than Secure Single Sig 15:37 — $1K Single Sig, $10K Multisig? 17:32 — Casa's $250 2-of-3 Multisig Plan 20:01 — Private Clients Get Dedicated Advisors 22:21 — Bitkey vs Casa 27:36 — Going Closed Source Versus AI Attacks 30:23 — AI Code Audits Now Cost $1K 33:04 — Auto-Rejecting Unknown Callers Saves You 34:35 — Guardian Mode Requires Video Verification Links: https://x.com/Nneuman https://x.com/CasaHODL https://casa.io/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E760
    August 6 · 28 min

    Kruw on Wasabi 2.8 and Upcoming Forks | SLP760

    Kruw (@kruwed) runs one of the highest-volume WabiSabi coordinators, giving him direct insight into how the protocol handles liquidity, Sybil resistance, and real-world usage. Timestamps: 00:42 — Wasabi 2.8 Privacy Features 02:45 — Taproot As Wasabi's Default Address 07:25 — Pay Inside CoinJoin Saves 40 Minutes 10:26 — Auto CoinJoin 12:21 — WabiSabi Blocks Whale Sybil Attacks 14:31 — Payjoins 16:37 — ClusterMempool Wins for CoinJoins 20:00 — Upcoming forks 21:14 — CoinJoin: Free Replay Protection Hack 22:53 — CoinJoin Ban Myth Debunked 25:41 — Black Hole: Earn While Mixing Links: https://x.com/wasabiwallet https://x.com/Kruwed https://wasabiwallet.io/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

  • S1 · E759
    July 28 · 45 min

    Bitcoin Security Consortium with Mike Schmidt | SLP759

    In this episode, Mike Schmidt executive director of Brink, and volunteer coordinator for the consortium, explains how the group formed, autonomy over funding, and how it plans to avoid repeating earlier centralized roadmap fights. Timestamps: 00:55 — Quantum Risk and the Consortium Pledge 03:10 — The Nine Consortium Members 11:40 — Publishing Quantum Research Publicly 13:39 — Brink Role and Funding Concerns 16:20 — Defining Early Success Metrics 19:00 — Informing the Public on Quantum Progress 21:17 — Institutional Influence and Protocol Concerns 25:13 — Research First on Quantum Signatures 29:25 — Expanding Quantum Expertise 33:14 — Scope Beyond Quantum Security 35:31 — Why Quantum Motivates Corporate Involvement 37:43 — Debates Over Development Funding 40:30 — No Protocol Roadmap From the Consortium 42:57 — Three-Year Goal: Mature Proposals Links: Press release: https://www.strategy.com/press/leading-financial-institutions-bitcoin-companies-launch-the-bitcoin-security-consortium_07-23-2026 Mike’s thread: https://x.com/bitschmidty/status/2080263159152091455 Consortium X: https://x.com/BTCconsortium Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

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