Stephan Livera Podcast

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...

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-Dra...

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/bl...

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...

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...

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 Bi...

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 Co...

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...

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...

Buchner, known for his work on decentralized identity at Proof, brings a technical and game-theoretic lens to the debate over Bitcoin's monetary focus versus attempts to restrict arbitrary data.

The conversation covers narrative shifts driving spam to Bitcoin, the limits of relay policy versus consensus rules, why the house analogy fails, economic node power over basement operators, and the lack of miner or buyer support that dooms the proposal.

Timestamps:

01:31 — Locusts Flock to Bitcoin's Last Pasture

03:32 — Core Policy Tweaks Aren't Consensus Rules

08:44 — Spam Hides in Any Public Key or Hash<...

Lyn Alden warns that BIP 110 is unlikely to curb spam and instead mostly rearranges non-monetary data, raising the risk of a minority fork attempt that could split the Bitcoin chain.

Lyn Alden is a leading macro analyst and Bitcoiner who examines how fiscal dominance now overrides traditional monetary policy tools.

She breaks down why high debt-to-GDP ratios prevent rate hikes from taming inflation, how broad money supply still expands 5-8 percent annually, the limits of semiconductor and AI valuations, and the structure of a new Bitcoin-backed permanent capital vehicle for acquiring cash-flowing businesses.

...

Bitcoin desire sentiment has fallen to an eight-year low, a contrarian signal that historically aligns with market bottoms rather than tops.

Michael Sullivan, an engineer and author, applies machine learning to individual X accounts to track granular Bitcoin emotions and moods over time.

He examines how entry eras shape lasting narratives, why pro-BIP 110 cohorts show strikingly low conviction, how individual tracking avoids bot pollution, and why boredom plus infighting often mark optimal accumulation zones.

Timestamps:

01:44 — Conviction Isn't Bullish or Bearish

07:05 — Why Individual X Tracking Beats Bots

09:53 — Desire Peaks...

Even as ETFs and MicroStrategy sell into weakness, natural spot demand has kept Bitcoin from collapsing in what may be the shallowest bear market on record. The real test now is time pain, the grinding boredom that forces out remaining weak hands after the initial price capitulation.

James Check, founder of Checkonchain.com, joins me to break down the current cycle through on-chain data and market psychology. His framework distinguishes price pain from the subsequent time pain that historically marks the true bottom.

Checkmate examines why short-term holders flipped into high-conviction buyers, why 53K realized...

Radar integrates self-custodial Bitcoin payments directly into Signal's messaging network, eliminating the need for separate apps or custodians when sending value to contacts.

Seth for Privacy, from the Cake Wallet team, explains how Radar targets everyday users rather than Bitcoin maximalists by preserving Signal's privacy model while adding instant Lightning-enabled transfers via Spark.

The discussion covers seamless account migration from Signal, offline payment receives, wallet risk limits for non-critical funds, and the decision to pursue VC funding through a separate entity.

Timestamps:

00:49 — Why Messaging & Payments Stay Separate

03:34 — Migrate Signal Acco...

Payjoin delivers transaction batching driven by real economic activity rather than waiting for pool participants, while also cutting fees through direct net settlement between counterparties.

Dan Gould, maintainer of Payjoin DevKit, explains how the new async protocol and oblivious HTTP relay change what is practical for mobile wallets today.

The conversation covers current live deployments in Bull Bitcoin and Cake Wallet, remaining fingerprinting heuristics beyond common input ownership, the multi-party roadmap, and how developers can integrate the library with under ten thousand lines of code.

Timestamps:

00:00 — Payjoin DevKit

01:46 — Live Payj...

A South African circular economy is already running real payments on Fedimint with seven guardians on Start9 boxes. Users send eCash with zero fees inside the federation and feel the same simplicity as Wallet of Satoshi—except the custody is local and the privacy model is different.

Hermann and Joshi explain how non-technical guardians set up 5-of-7 multisig, how the Conduit wallet hides complexity, and why Fedimint beats Liquid on on-chain integration and local trust. They also cover Lightning gateway economics and why small federations may beat one global Spark.

Bitcoiners exploring Lightning, eC...

In this episode,  NVK rejoins me to discuss the latest developments in Bitcoin self-custody, hardware wallets, and privacy solutions, providing valuable insights for enthusiasts and practitioners alike.

Timestamps:

00:00 Quarterly Self-Custody Update

01:28 Sparrow Wallet Update & Silent Payments

05:41 Coldcard MK5 & Recent Firmware Updates

07:53 The Evolution of Co-signing & MuSig2

11:58 Liana & Nunchuk Wallet Updates

17:16 Cove, BlueWallet & Mobile Wallet Progress

19:09 BitKey V2 & Pragmatic Self-Custody

22:55 Open Hardware Wallet Project Updates

27:15 Merchant Payments & Bitcoin Commerce

31:19 Stable Balance Wallets & Self-Custody

36:38 Hardware Wallet Security U...

In this episode, Alejandro De La Torre, CEO of @DMND_Sv2, joins me to discuss the mining of Bitcoin block 955,318 — the first known Stratum V2 block on mainnet.

We break down what happened, the benefits of Stratum V2, how it improves efficiency and we talk about SV2 adoption more broadly.

A great episode for anyone who wants to understand where Bitcoin mining is heading.

Timestamps:

00:00 The First Stratum V2 Block: What Happened?

01:08 How Does Miner Transaction Selection Change Bitcoin Mining?

01:58 Can SV2 Mining Pools Still Reject Blocks Th...

In this episode, Adrian Morris joins the show to discuss Bitcoin Treasury Companies. We explore whether MSTR and STRC are over, sustainable mNAV premiums, the impact of leverage, the right way to calculate mNAV, how many such companies can realistically exist, and how this space evolves through bull and bear markets.

Timestamps:

00:00 What are Bitcoin Treasury Skeptics Getting Wrong?

03:55 Is it over for STRC? Par vs Peg

06:30 The level of correlation to Bitcoin price

07:10 Critiques of STRC marketing?

09:02 Market Dynamics and Bitcoin Correlation

10:50 Should Strategy...

In this episode, Craig Raw returns to discuss Sparrow’s Silent Payments and Frigate integration, where multisig UX stands in 2026, his thoughts on building Bitcoin wallet software solo, and the ongoing challenges of distribution and platform risk.

We discuss:

Silent Payments and their impact on privacy and UX

Platform risks and the importance of pragmatic development

Standards and interoperability in Bitcoin wallets

The future of multi-sig UX and hardware wallet support

Cryptographic innovations like Frigate for scalable scanning

Timestamps:

00:00 - Intro and Apple’s Wa...

In this episode, Jesse Schrader (Jestopher), CEO of Amboss, joins us to break down RailsX — their new Lightning-native DEX.

We discuss:

🔸How traders and liquidity providers use RailsX

🔸The costs and benefits for both sides

🔸Current Lightning routing volumes and growth trends

🔸The state of Lightning yield and how it compares to other players

🔸The recent BitGo Lightning Earn partnership

🔸A quick update on Magma

🔸A high-signal look at where Lightning yield, stablecoins, and institutional adoption are heading.

Timestamps:

00:00 - What is RailsX? Tapro...

In this urgent 15-minute conversation, Stephan speaks with Ricki Allardice, one of the leaders of the Property Rights Defense Group, about South Africa’s Draft Capital Flow Management Regulations 2026 — the most serious threat to Bitcoin self-custody the country has seen.

Ricki breaks down exactly what the draft rules would do to private keys, self-custody, and everyday Bitcoiners, where the process stands right now, and what the community can still do before the 30 June 2026 public comment deadline.

Timestamps:

(00:00) - Overview of the Regulation Against Self Custody

(04:07) - Public Consultation Process 

(05:49) - Can...

Matt McClintock (Founder & CEO of Bespoke Group) returns to the show alongside Alla Futterman (Associate Client Relationship Manager & Head of Philanthropy Operations) fresh off his main-stage talk at BTC Prague 2026 titled “Using Bitcoin to Change the World.”

In this deep dive, we explore how ultra-high-net-worth Bitcoiners and their families are moving beyond simple HODLing to become active stewards — deploying Bitcoin through sophisticated, values-aligned philanthropy to solve real problems (landmine clearance, human trafficking recovery, wildlife protection, cultural preservation, and more).

We unpack Bespoke Group’s “Wealth Operating System,” sovereign estate planning for bearer assets, tax-efficient giving structures...

In this episode, we sit down with Adam Juchniewicz of Bitcoin Passport Index and Bitcitizen to discuss Bitcoin sovereignty, jurisdictional arbitrage, and how Bitcoiners should think about second passports and residencies.

We dive into the Bitcoin Passport Index, why Bitcoin-friendly tax and legal treatment matters more than most people realize, and how the landscape for citizenship and residency programs is rapidly changing.

Adam also breaks down his fast-track Vanuatu citizenship program and his full-service approach to helping Bitcoiners build a proper sovereign stack — from companies to passports to, in some cases, full exits.

Ti...

Steven Roose (CEO of Second) rejoins me to explain Bark going live on Bitcoin’s main net. 

Timestamps:

(00:00) - Bark mainnet launched on June 9th

(02:01) - Bark and Lightning onboarding

(03:30) - Ark compared to Lightning — replacement or teammate?

(04:15) - User experience with Bark

(05:54) - Developer experience with Bark SDK

(08:04) - Barkd for merchants and services

(08:56) - Dev tooling and VTXO Inspector

(10:40) - What's the current status of adoption and what's coming next?

Fees? 

(13:25) - Tx type overview

L...

In this episode, NG Zhang, founder and CEO of Canaan Inc., shares his journey in Bitcoin mining technology, from early ASIC development to modern innovations like heat reuse and energy integration. We talk about the evolution of mining hardware, industry trends, and future prospects.

Timestamps:

(00:00) –  Intro and Early Days of Bitcoin Mining

(03:40) –  From FPGA to ASIC Technology

(06:22) –  The Avalon A16 Series

(09:07) –  Reliability and Durability of Mining Machines

(12:15) –  Failure Rates and Useful Life

(14:40) - Primary Market and Secondary Market for Mining

(16:40) –  Small Scale vs. Large Scale Mining...

In this episode, I caught up with Will Cole from Zaprite, Alex Bragin (Jan3), Nathan Day from BTCMap, Philipp (Satora), and Skot 9000 (BitAxe/SHA256) while at BTC Prague 2026.

Timestamp:

(00:00) – Interview with Skot9000 of (SHA256)

(09:01) – Interview with Alex Bragin of JAN3 

(20:35) – Interview with Will Cole of Zaprite

(28:45) – Interview with Philipp of Satora.io

(39:33) – Chris Seedor of Seedor.io

(46:23) – Nathan Day of BTCMap

Links: 

Philipp: https://x.com/bonomat

Chris: https://x.com/coinjoined 

Will Cole: https://x.com/willcole

...

In this episode, industry experts discuss the latest developments in Bitcoin treasury strategies, Lightning Network innovations, and market outlooks amid macroeconomic uncertainties. Gain insights into hardware wallets, stablecoins, and the future of Bitcoin adoption.

Timestamp:

(00:00) – Interview with Freddie New from BHODL

(08:47) - Interview with Nick Farrow from Frost Snap

(21:27) - Interview with Tony Klausing from Stable Channels

(26:41) - Interview with André Dragosch from Bitwise

(39:35) - Interview with Sam Callahan from Oranje BTC

Links: 

https://x.com/freddienew

https://x.com/UTXOClub

In this episode, Chris Ritter joins me to discuss Lightning Network economics, yield opportunities, network centralization, and the rapid growth of Lightning payments. We explore who captures value in the Lightning Network, security considerations for routing nodes, and what recent data reveals about the future of Bitcoin payments.

Timestamp:

(00:00) – Introduction to Lightning Economics

(04:23) – Understanding Bitcoin Treasury Strategies

(09:08) – The Evolution of Lightning Network Routing

(14:45) – Growth and Volume in the Lightning Network

(19:57) – Centralization Trends in the Lightning Network

(25:08) – Security Considerations in Lightning Routing

(29:18) – Yield Generation in Lightning N...

In this episode, PakoVM joins me as we discuss the security challenges facing Bitcoin users, from scams and self-custody risks to the trade-offs of convenience versus sovereignty. The conversation explores emerging Bitcoin protocols such as Ark and Spark, the role of Linux and open-source hardware, advancements in wallet design, privacy, inheritance planning, and whether stablecoins and Bitcoin-native financial infrastructure can accelerate global adoption.

Timestamp:

(00:00) – Introduction 

(05:24) – Navigating Scams in the Bitcoin Space

(10:16) – The Rise of Linux and Desktop Alternatives

(15:18) – Bitcoin Technology: Lightning, Ark, and Beyond

(30:27) – Bridging Traditional Finance and Bitcoin...

In this episode, Stephan sits down with Arbedout to explore one of the most debated technical topics in Bitcoin today: covenants, vaults, and the future of Bitcoin custody infrastructure.

They discuss why many people may be misunderstanding where the real demand for covenants comes from, and how covenant-related features could improve Bitcoin self-custody through vaults, spending limits, recovery mechanisms, and more secure long-term storage setups.

The conversation also explores Bitcoin adoption, conviction, long-term store of value dynamics, and the psychological challenges of holding Bitcoin through volatility.

Timestamp:

(00:00) – The privacy problem with co...

In this episode, Sanjay Mavinkurve and Chase Palmieri join me to discuss Sovana, a groundbreaking product that allows property owners to leverage their real estate equity to gain Bitcoin exposure without traditional debt. They explore the product's mechanics, target audience, market timing, and future potential, providing insights into how real estate and Bitcoin markets intersect.

Timestamps:

(00:00) - Introduction

(02:50) - The Problem with Home Equity and Bitcoin

(06:38) - How Sovana Works

(11:10) - What if Bitcoin is down in 5 years?

(14:55) - Is this only for people who are already...

In this episode, we explore the latest in Bitcoin security with NVK, including the new MK5 device, firmware updates, and the impact of AI and quantum computing on crypto security. We discuss practical tools, philosophical debates on self-custody, and future tech trends.

Timestamps:

(00:00) - Intro 

(00:21) - What’s new with @COLDCARDwallet?

(04:05) - Miniscript support in Coldcard

(09:48) - Thoughts on Bitkey

(17:49) - @bisq_network protocol exploit

(23:17) - Debunking the quantum FUD

(29:51) - nvk on AI & LLMs

(37:54) - llm-wiki

(45:38) - Practical gui...

In this episode, Pavlenex joins Stephan to discuss the strategic importance of funding open source in the Bitcoin ecosystem. They explore how open source support benefits companies, the stages of open source project development, and recent updates on Stratum V2 and BTCPay Server.

Timestamps:

(00:00) - Intro

(01:09) - Open source is not philanthropy

(05:07) - Reaction to MARA Foundation’s initiative

(06:40) - Stages of open source projects

(11:51) - The necessity of economic incentives

(16:42) - AI's impact on open source contributions

(19:48) - “Upstream decisions, downstream impact”

...

In this episode Stephan speaks with Matyas Kuchar, co-founder of BTC Prague, about the upcoming Bitcoin conference in Prague. They discuss the conference's focus on Bitcoin and its intersection with other technologies like AI, the regulatory landscape in Europe, and the community divides within the Bitcoin space. 

Matyas shares insights on the importance of self-custody, the challenges posed by CBDCs, and the need for a united front in the Bitcoin community. The discussion also touches on the influence of institutional investments on Bitcoin adoption and the value of self-custody. 

Timestamps:

(00:00) - Intro

...

In this conversation, Giovanni Santostasi discusses his new book 'The Physics of Bitcoin' and the application of power law analysis to understand Bitcoin's growth, value, and long-term behavior. The conversation covers the scientific basis of Bitcoin's patterns, the significance of power laws in natural and social systems, and how this framework challenges common narratives about exponential growth.

Timestamps:

(00:00) - Intro

(02:14) - Why write 'The Physics of Bitcoin'?

(06:18) - The significance of Bitcoin’s Power Law 

(10:28) - Bitcoin's growth: Power law vs Exponential models

(21:41) - The nature of Bit...

In this episode, Stephan Livera chats with James Van Straten, senior analyst at CoinDesk, to explore the current state of Bitcoin and macro markets. They discuss the nature of bear markets, cycle theories, technical indicators, institutional behavior, and macroeconomic influences affecting Bitcoin’s price and sentiment. 

Takeaways:

🔸James shares his perspective on Bitcoin's bear market versus previous cycles

🔸Debunking the four-year cycle hypothesis and its implications

🔸The significance of institutional demand and holder behavior in market bottoms

🔸Technical analysis tools like realised price and 200-week moving average support

🔸The impact o...

Stephan Livera and Pieter Wuille discuss Cluster Mempool for Bitcoin Core, its motivations, and its implications for Bitcoin users and miners. Where does the current mempool design have issues? Why is it important to maintain a transparent and reliable open mempool? 

Pieter Wuille also explains the complexities of transaction clustering and how the new framework improves efficiency and helps keep bitcoin mining open. 

Timestamps:

(00:00) - Intro

(01:05) - What is Cluster Mempool?

(03:05) - What is its impact on everyday Bitcoin users?

(06:21) - How does the mempool work today?

In this conversation, Stephan Livera interviews Bitcoin developer Martin Habovstiak about his website Knotslies and the controversies surrounding data contiguity in Bitcoin transactions. They discuss the legal implications of data storage on the blockchain, the effectiveness of filtering illegal content, and various methods of spamming the Bitcoin chain. 

Martin shares his insights on the technical aspects of Bitcoin transactions and the challenges of maintaining standards in the face of evolving practices.They also discuss the complexities of Bitcoin's transaction mechanisms, particularly focusing on the implications of spam, the role of UTXOs, and the potential effects of BIP 110. 

In this episode, Calle introduces Numopay, an open-source Bitcoin payment terminal that enables tap-to-pay experiences similar to fiat systems. We explore its technical foundations, privacy features, future developments, and the broader ecosystem of Bitcoin payment solutions.

Takeaways:

🔸Numopay's open-source payment terminal

🔸Tap to pay Bitcoin using NFC and QR codes

🔸Privacy features of Cashu’s eCash system

🔸Auto withdrawal to Lightning addresses for security

🔸Future developments including BIP321 and integrations

Timestamps:

(00:00) - Intro

(00:38) - What is Numopay?

(03:29) - Numopay’s UX, tap-to-pay...