Stephan Livera Podcast

Stephan Livera
  • 4.9 (396)
  • Technology
  • Updated Daily

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. 1d ago

    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

  2. 1d ago

    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

  3. 3d ago

    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

  4. Sep 16

    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

  5. Sep 15

    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

    Trustless Swaps Across Bitcoin Layers | Walter Maffione SLP772

  6. Sep 10

    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

    Bitcoiners Must Remove Single Points of Failure | Dhruv Bansal SLP771

  7. Sep 3

    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

    Interviews at Origin Seoul 2026 | SLP770

  8. Aug 31

    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

    Bitcoin Asia (HK) 2026 Day 2 Interviews | SLP769
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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
    776
  • Rating
    Explicit
  • Copyright
    © Stephan Livera
  • Show Website
    Stephan Livera Podcast

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