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.

  1. Hash-based signatures for Bitcoin's post-quantum future? with Jonas Nick | SLP713

    2D AGO

    Hash-based signatures for Bitcoin's post-quantum future? with Jonas Nick | SLP713

    In this conversation, Stephan Livera and Jonas Nick discuss the implications of quantum computing on Bitcoin's security, focusing on the risks posed to cryptographic signatures. They explore the current vulnerabilities in Bitcoin, the potential for quantum attacks, and the need for post-quantum cryptographic solutions. The discussion covers various signature schemes, including hash-based signatures, their trade-offs, and the challenges of transitioning to a quantum-resistant Bitcoin. They also touch on the implications for hardware wallets, multi-signature schemes, and the potential need for block size increases to accommodate new signature sizes. Takeaways: 🔸Quantum computers pose a real risk to Bitcoin's cryptography. 🔸Current Bitcoin signatures are vulnerable to long-range attacks. 🔸Hash-based signatures are significantly larger than current signatures. 🔸Transitioning to quantum resistance will require careful planning. 🔸The Bitcoin community must reach a consensus on new schemes. 🔸Verification costs will increase with new signature schemes. 🔸Hardware wallets will need to adapt to new signature requirements. 🔸Block size discussions may need to be revisited in light of quantum risks. 🔸The timeline for quantum computing advancements is uncertain. 🔸A gradual transition to quantum resistance may be necessary.  Timestamps: (00:00) - Intro (01:49) - How real is quantum risk to Bitcoin? (04:39) - When could quantum pose a threat to Bitcoin’s cryptography?  (09:56) - Long range vs Short range attacks (12:37) - How many coins are vulnerable to Long range attacks? (14:12) - Different types of cryptography and exploring Hash-based signature schemes (17:00) - Categories of Hash-based signature scheme and their pros & cons (23:42) - How do Hash-based signatures work?  (32:14) - Would Lightning, Multi-sig, Taproot, Silent Payments, Atomic swaps work in a post-quantum world?  (38:50) - What are Adaptor signatures & how do they affect atomic swapping?  (41:27) - Will we need new Bitcoin hardware wallets?; Signature production & verification  (44:41) - Signature size and Bitcoin block capacity implications (46:52) - Should we revisit the block size conversation?  (54:57) - Overview of SPHINCS+ & SHRINCS (59:49) - Transitioning to post-quantum signature schemes; Overview of BIP 360 (1:09:06) - Closing thoughts Links:  https://x.com/n1ckler  Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    1h 12m
  2. The Financial System Built on Bitcoin with Arnab Naskar | SLP712

    3D AGO

    The Financial System Built on Bitcoin with Arnab Naskar | SLP712

    In this conversation, Arnab Naskar from Stokr discusses the intersection of Bitcoin, tokenization, and capital markets. He explains how Bitcoin serves as both a store of value and a settlement layer, enabling the creation of decentralized financial systems. The discussion covers the advantages of using Liquid for tokenization, the importance of confidentiality in transactions, and the innovative financing opportunities in energy and Bitcoin mining. Arnab emphasizes the systemic shift in financial markets due to tokenization, the role of stablecoins, and the future of decentralized finance on Liquid. Takeaways: 🔸Bitcoin serves as a store of value and a settlement layer. 🔸Stokr focuses on tokenizing financial assets on Liquid. 🔸Liquid offers confidentiality and stability for tokenized assets. 🔸Tokenization can reduce the need for intermediaries in finance. 🔸The market for tokenized securities is rapidly growing. 🔸Energy infrastructure financing is a key area for innovation. 🔸Tokenization opens up investment opportunities globally. 🔸Users can trade tokenized assets seamlessly on Liquid. 🔸The future of finance will involve both DEXs and centralized exchanges. 🔸Tokenization represents a systemic shift in capital markets. Timestamps: (00:00) - Intro (00:59) - Who is Arnab and what is Stokr?  (02:29) - Isn’t Bitcoin enough?  (04:44) - How and why is Stokr different?; The importance of Liquid Network  (08:35) - How does Liquid compete with other chains for tokenization of assets?  (11:54) - What is CMSTR? (15:01) - Does Stokr help finance SMEs & traditional businesses? (18:23) - What is Blockstream Mining Note (BMN)?  (24:34) - Trust minimising the ownership of securities; Whitelisting process  (28:57) - How big is Liquid Network? How does it fare compared to other asset platforms?  (33:43) - Who are the customers of Stokr’s tokenized products?  (37:34) - What does the interface between Stokr and the end user look like?; The @Blockstream edge (46:11) - Is TradFi embracing tokenization of assets?; Will Bitcoin be the base layer for tokenization? (56:25) - Closing thoughts  Links:  https://x.com/Arnab_Naskarr  https://x.com/stokr_io  https://blog.liquid.net/cmstr-note-tokenizing-public-stock-on-liquid/ https://mining.blockstream.com/finance/bmn/   Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    57 min
  3. Lightning for Bitcoin Treasuries with Dave Lund | SLP711

    6D AGO

    Lightning for Bitcoin Treasuries with Dave Lund | SLP711

    In this episode Dave Lund, CEO of FlowRate, discusses the emerging concept of yield in the Lightning Network. Dave shares his background in the Bitcoin space and explains how FlowRate aims to bridge the gap between traditional treasury management and the Lightning ecosystem. He emphasizes the importance of liquidity leasing and routing fees as potential yield strategies for Bitcoin treasury companies, highlighting the need for businesses to adapt to this new financial landscape. The conversation explores the challenges and opportunities that come with operating on the Lightning Network, particularly for institutional players looking to maximize their Bitcoin holdings. Dave also elaborates on the significance of network topology in the Lightning ecosystem, explaining how a well-positioned node can enhance yield potential. He also addresses the security concerns that treasuries face when deploying Bitcoin on Lightning, advocating for improved security measures such as multi-signature solutions. Dave predicts that liquidity leasing could eventually replace the traditional bond market, positioning Bitcoin as a viable fixed-income asset. Takeaways: 🔸Dave Lund emphasizes the potential of Lightning as the new telecom industry. 🔸Treasury companies are seen as key players in deploying capital on Lightning. 🔸Liquidity leasing is highlighted as a reliable yield strategy. 🔸Topology is crucial for effective Lightning operations. 🔸The conversation compares Lightning yield to traditional bond markets. 🔸Dave Lund discusses the challenges of security in Lightning deployments. 🔸FlowRate aims to simplify Lightning onboarding for businesses. 🔸The episode explores the evolving landscape of Bitcoin yield strategies. 🔸Dave Lund predicts liquidity leasing could replace the bond market. 🔸The importance of starting early in Lightning operations is stressed. Timestamps: (00:00) - Intro (01:14) - Who is Dave Lund? (02:44) - What is FlowRate?; Basic building blocks of ‘Yield on Lightning Network’ (06:31) - Dave’s view on Bitcoin Treasury Companies; ‘Yield per deployed sat’ (10:23) - Real world examples of yield from Lightning Network - Cash App, LQWD Tech (15:22) - What are the possible challenges and opportunities in Lightning deployment? (18:46) - What does FlowRate offer?  (22:54) - How can BTCTC benefit from the yield generation via Lightning? (25:37) - What are the costs involved to operate the Lightning yield profitably?  (32:56) - Lightning Network topology and its impact on lightning efficiency (38:02) - Will the customers of FlowRate have their own Lightning node? (41:59) - The importance of security in managing Bitcoin (45:05) - Who can benefit from FlowRate?  (47:41) - Closing thoughts  Links:  https://www.flowrate.com/  Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    51 min
  4. Strive: Amplified Bitcoin Exposure Engine with Matt Cole | SLP710

    JAN 15

    Strive: Amplified Bitcoin Exposure Engine with Matt Cole | SLP710

    In this conversation, Stephan Livera and Matt Cole discuss the rapid growth and strategic developments of Strive, a Bitcoin treasury company, particularly following its merger with Semler Scientific. They explore the implications of this merger, the importance of institutional interest in Bitcoin, and the strategies for managing debt and generating yield. The discussion also touches on the competitive landscape of Bitcoin treasury companies, the role of digital credit, and the future outlook for Bitcoin in the context of increasing institutional adoption and market dynamics. Takeaways: 🔸Strive has rapidly grown its Bitcoin holdings through strategic mergers. 🔸The merger with Semler positions Strive as a leading Bitcoin treasury company. 🔸Institutional investors are increasingly interested in Bitcoin treasury companies. 🔸Strive aims to generate a significant Bitcoin yield for its investors. 🔸Managing debt effectively is crucial for Strive's future growth. 🔸The healthcare business from Semler will be monetized within a year. 🔸Acquisitions in the Bitcoin treasury space are strategic and not frequent. 🔸Understanding Bitcoin yield and amplification is key for investors. 🔸Digital credit is a growing area within Bitcoin treasury companies. 🔸The future of Bitcoin looks promising with increasing institutional adoption. Timestamps: (00:00) - Intro (01:37) - Strive’s growth and developments  (05:54) - What do institutions look for when investing in a BTCTC?; Reverse stock split  (09:08) - How will Strive manage its debt?; Amplifying Bitcoin exposure   (13:22) - How will Semler Scientific be monetized?  (17:06) - Accelerating Bitcoin yield through SATA; Possible future M&A (22:53) - Structuring a merger of a BTCTC  (26:30) - Valuing a BTCTC and mNAV considerations (34:46) - Matt's take on Danny Knowles's interview with Michael Saylor (39:54) - Should every BTCTC engage in financial engineering?  (44:18) - Differentiation in Bitcoin treasury companies (48:40) - What is the difference between SATA and STRC? (53:38) - Who is SATA for?  (57:49) - Which are the pools of capital that can’t directly buy Bitcoin? (1:01:41) - Have BTCTC cannibalized the on-chain use of Bitcoin? (1:04:34) - Outlook for Bitcoin in 2026 Links:  https://x.com/ColeMacro  https://x.com/Strive  Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    1h 9m
  5. Bitcoin on the map with Dr. Padraig Corcoran | SLP709

    JAN 14

    Bitcoin on the map with Dr. Padraig Corcoran | SLP709

    In this conversation, Dr. Padraig Corcoran discusses his research on Bitcoin as a medium of exchange, focusing on the use of spatial data from OpenStreetMap and BTC Map. He explores the dynamics of merchant adoption, the role of community initiatives, and the implications for policymakers. The conversation highlights the importance of grassroots movements in promoting Bitcoin usage and the potential for growth in merchant acceptance as technology improves. Takeaways: 🔸Bitcoin serves multiple purposes: unit of account, store of value, medium of exchange. 🔸OpenStreetMap is a crowdsourced geographical data project. 🔸BTC Map helps identify merchants accepting Bitcoin. 🔸Adoption of Bitcoin as a medium of exchange is growing. 🔸Quality of crowdsourced data can vary significantly. 🔸Community initiatives play a crucial role in Bitcoin adoption. 🔸Government policies do not directly influence merchant adoption. 🔸The Lightning Network is vital for facilitating Bitcoin transactions. 🔸Merchants often accept Bitcoin to attract a specific customer base. 🔸Bitcoin can function as both a store of value and a medium of exchange. Timestamps: (00:00) - Intro (01:08) - Dr. Padraig Corcoran’s background & his research on Bitcoin and Spatial Analysis (02:31) - OpenStreetMap; Pros & Cons of crowdsourced geographical data (06:19) - How did BTC Map use OpenStreetMap to represent Bitcoin merchants? (10:08) - What are the insights from analysing the adoption of Bitcoin as a medium of exchange?  (15:25) - Nation level vs. Grassroots Bitcoin adoption; Bitcoin circular economies (18:37) - Bitcoin adoption in El Salvador vs Berlin (19:51) - Are merchants accepting Bitcoin without them knowing about it?  (23:14) - What are the factors influencing merchant adoption?; Learnings for policymakers from Dr. Padraig’s research (25:19) - What kind of Bitcoin businesses are on BTC Map? (27:49) - Is Bitcoin only for savings?   (32:30) - What should Bitcoin builders focus on? (33:34) - What is Dr. Padraig’s perception of Bitcoin as money? (35:23) - Closing thoughts Links:  https://x.com/pcorcoran9  https://x.com/btcmap/status/1993737818271633638  https://link.springer.com/article/10.1186/s40854-025-00871-z  Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    37 min
  6. Has Lightning Quietly Succeeded? with Nate (Beeforbacon) | SLP708

    12/29/2025

    Has Lightning Quietly Succeeded? with Nate (Beeforbacon) | SLP708

    In this conversation, I discuss with Nate the current state and future prospects of the Lightning Network as of December 2025. They explore various aspects such as payment success rates, public perception versus practitioner insights, routing fees, centrality in nodes, yield opportunities, privacy considerations, and the overall adoption of the Lightning Network. The discussion highlights the improvements made over the years, the economic incentives for node operators, and the importance of community-driven initiatives in shaping the future of the Lightning Network. =Takeaways: 🔸The Lightning Network has improved payment success rates over time. 🔸Public perception of the Lightning Network often differs from actual usage statistics. 🔸Routing fees are crucial for maintaining liquidity and economic incentives in the network. 🔸Centrality in Lightning nodes affects payment success and routing efficiency. 🔸Yield opportunities exist for those operating Lightning nodes. 🔸Adoption of the Lightning Network is expected to grow as more enterprises recognize its benefits. 🔸Privacy in Lightning transactions is nuanced and requires careful management. 🔸Innovations in Lightning technology continue to enhance user experience and functionality. 🔸The future of the Lightning Network may involve more integration with traditional financial systems. 🔸Community-driven initiatives are essential for the growth and improvement of the Lightning Network. Timestamps:00:00 Intro 02:53 Current State and Performance of the Lightning Network 05:58 Public Perception vs. Practitioner Insights 08:53 Routing and Payment Success Rates 11:55 Fee Structures and Yield in Lightning Network 14:56 The Evolution of Lightning Node Operations 17:56 Centralization Concerns in the Lightning Network 27:45 Hub and spoke model? 30:14 Privacy Concerns in Lightning Network 32:41 The Centralization Debate in Lightning Network 35:43 Merchant Adoption of Bitcoin Payments 38:47 The Role of Bitcoin as a Medium of Exchange 40:53 Exploring Lightning Network Implementations 45:36 Recommendations for Different User Types 50:45 Comparing Lightning Network with Alternative Solutions 54:52 Enhancing Bitcoin's Functionality 57:37 The Future of Bitcoin Development 59:59 Bitcoin Myths and Misconceptions 01:02:08 The Importance of Bitcoin Ownership 01:06:05 Lightning Network Adoption and Innovations 01:11:01 Privacy in the Lightning Network Links: https://x.com/BeefOrBacon1 http://billandkeonne.org/ https://learn.robosats.org/ Sponsor: CoinKite.com (code LIVERA) Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    1h 20m
  7. Bitcoin Network Monitoring with B10C | SLP707

    12/19/2025

    Bitcoin Network Monitoring with B10C | SLP707

    In this episode, B10C discusses his work in the Bitcoin ecosystem, focusing on the importance of censorship resistance, the role of mining pools, and the implications of OFAC sanctions on Bitcoin transactions. He introduces the Peer Observer project aimed at monitoring the Bitcoin network for anomalies and attacks, and highlights the need for a collaborative approach to Bitcoin network operations through the Bitcoin Network Operations Collective. Takeaways: 🔸B10C has been working on Bitcoin open source projects since 2021. 🔸Research on mining pools reveals they may filter out certain transactions. 🔸Censorship resistance is a key feature of Bitcoin that needs monitoring. 🔸The Bitcoin network lacks a professional monitoring system compared to large companies. 🔸The Peer Observer project aims to detect attacks on Bitcoin nodes. 🔸Monitoring tools can help identify anomalies in the Bitcoin network. 🔸The Bitcoin Network Operations Collective is a forum for collaboration on network monitoring. 🔸Compact block relay improves block propagation efficiency. 🔸Different mining pools have varying policies on transaction inclusion. 🔸The future of Bitcoin monitoring relies on community collaboration. Timestamps: (00:00) - Intro Links:  https://x.com/0xb10c  https://b10c.me/  Sponsor: CoinKite.com (code LIVERA) Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    1h 22m
  8. Start your career in Bitcoin with ₿OSS Challenge with Satsie, Macgyver and Sangbida | SLP706

    12/16/2025

    Start your career in Bitcoin with ₿OSS Challenge with Satsie, Macgyver and Sangbida | SLP706

    In this episode the discussion revolves around the BOSS program (Bitcoin Open Source Software), which offers a 30-day series of technical programming exercises aimed at engaging participants in Bitcoin protocol development. The guests, Satsie, Sangbida, and Ron, share their backgrounds, motivations for joining the program, and experiences throughout the challenges. They discuss the impact of the program on their careers, the importance of community support, and the unique environment of open source development. The conversation also touches on the challenges of grant applications and the mindset required to succeed in this field. The episode concludes with advice for potential participants, encouraging them to take the leap and apply for the program. Takeaways: 🔸The BOSS program is a free opportunity for learning Bitcoin development. 🔸Participants come from diverse backgrounds, including IT and finance. 🔸The program is gamified to keep participants motivated. 🔸Community support is crucial for success in the program. 🔸Contributing to Bitcoin open source is seen as ethical and impactful. 🔸The experience in open source differs significantly from corporate environments. 🔸Grant applications require a proactive approach and clear proposals. 🔸Imposter syndrome is common but can be overcome with dedication. 🔸Feedback from the community is direct and valuable for developers. 🔸Working in open source can lead to fulfilling and autonomous careers. Timestamps: (00:00) - Intro (01:21) - What is the BOSS program?; Sangbida & Macgyver’s journey with BOSS (04:07) - Participant’s motivation & experiences with the BOSS program (09:00) - What are the career opportunities for Bitcoin developers after the BOSS program?  (12:57) - Challenges of learning & working in open source (16:53) - What are Sangbida & Macgyver currently working on? (18:25) - What is it like applying for grants and funding in open source? (19:48) - Sponsor (23:12) - The role of community engagement in open source (25:16) - Skills and mindset required to thrive in open source (30:23) - Working in Bitcoin - passion vs. reality (38:13) - Closing thoughts Links:  https://x.com/satsie  https://bosschallenge.xyz/  https://bitcoindevs.xyz/  https://x.com/Bitcoin_Devs  BOSS Challenge: https://x.com/i/status/1996282354969858301   Sponsor: CoinKite.com (code LIVERA) Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack

    40 min
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About

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.

Information

  • Creator
    Stephan Livera
  • Years Active
    2018 - 2026
  • Episodes
    713
  • Rating
    Clean
  • Copyright
    © Stephan Livera
  • Show Website
    Stephan Livera Podcast

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