The Bitcoin Frontier Unchained Capital, Inc

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.

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TIMESTAMPS:
00:00:00 Introduction
00:01:35 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 bitcoin
00:12:26 Adoption occurring faster or slower than you expected?
00:15:20 Implementing Lightning at Coinbase
00:17:50 What took Coinbase so long to implement Lightning?
00:20:30 Transaction fees on L1 and L2
00:23:05 Is Lightning broken?
00:25:55 Custodial Lightning vs non-custodial Lightning
00:33:40 Spending bitcoin vs Lightning as payment technology only
00:35:19 Concerns with stablecoins on Lightning?
00:36:50 Tether’s rapid growth
00:38:24 Goods and services only sold over the Lightning network?
00:40:17 Future of AI and AI agents
00:42:45 Wealth created from AI?
00:45:07 Lightspark, Visa, and Mastercard
00:47:09 Barriers to break into in person retail payments
00:49:50 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 thoughts
WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
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→ 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.

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TIMESTAMPS:
00:00:00 Introduction
00:01:52 “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 bitcoin
00:10:08 Is Nvidia and mega cap tech a bubble?
00:13:52 Bitcoin’s stability and volatility
00:15:42 Microstrategy in S&P 500?
00:18:01 When will more companies copy Microstrategy?
00:19:37 Different corporate bitcoin strategies
00:20:50 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 days
00:37:26 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 phenomenon
00:45:06 S2F and power law models
00:47:38 Research at Galaxy
00:51:48 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 rap
01:04:03 Closing thoughts

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
→ 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.

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TIMESTAMPS:
00:00:00 Introduction
00:01:35 John’s background as a game developer and 2013 bitcoiner
00:02:57 Did being a video game developer help you understand bitcoin?
00:07:38 John’s catalyst to understanding bitcoin
00:11:42 Money or markets within video games
00:13:05 Resource constraints in bitcoin and early game development
00:19:39 Bitcoin video games
00:20:17 You’re a freemason–what is a freemason?
00:23:29 Bitcoin and freemasons
00:27:19 Do MMTers actually believe what they say?
00:29:26 UFOs, aliens, and open mindedness
00:34:30 Analyzing the bitcoin blockchain
00:51:00 How scarce is bitcoin
01:05:18 Bitcoin price models—S2F and power law
01:06:16 Advice for young people making bitcoin a part of their life
01:14:20 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:
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TIMESTAMPS:
00:00:00 Introduction
00:01:35 Christopher’s software and bitcoin background
00:02:47 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 engineering
00:36:14 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 thoughts

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
→ 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:
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TIMESTAMPS:
00:00:00 Introduction
00:01:36 2015-2017 blocksize war
00:21:21 Will there be future bitcoin fork wars?
00:27:27 Will Bitstein ever choose a future hardfork?
00:32:34 Antifragility of bitcoin
00:43:25 Why is the Mises Institute not a massive bitcoin proponent?
00:48:00 Nakamoto institute—long term vision?
00:58:26 Supporting the Nakamoto Institute
01:00:43 S2F and power law models
01:07:39 Bitcoin’s total addressable market?
01:12:22 Closing thoughts

SUPPORTING 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:
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→ Share the show out with your friends and family
→ Send us an email podcast@unchained.com

TIMESTAMPS:
00:00:00 Introduction
00:01:30 Matt’s background: Helping people hold thousands of bitcoins
00:04:55 Early bitcoiners vs. existing UHNWIs
00:09:47 Key questions from ultra-wealthy bitcoiners
00:12:58 Inheriting traditional assets vs. bitcoin
00:19:22 Trust duration and jurisdictions
00:25:06 Trust endings and tax implications
00:29:30 Do ultra-wealthy bitcoiners still buy bitcoin?
00:34:44 Wealthy investing in moral good vs. returns
00:38:49 How will the US and bitcoin evolve together?
00:43:25 Timing of ETF approvals
00:47:00 Bitcoin’s total addressable market
00:50:40 Surprised by ultra-wealthy early adopters?
00:53:50 Closing thoughts
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
→ 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/