Proof of Pain

Tony Carrera
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Proof of Pain is a podcast about the real costs, real tradeoffs, and real opportunities in a world repricing around sound money. Episodes are Bitcoin focused, covering Bitcoin, Bitcoin Treasury Companies, mining, options, and public market vehicles built on top of BTC. Sometimes we step outside Bitcoin with guests from worlds like sports and business who see the same incentives and tradeoffs. Subscribe for new episodes, uploaded regularly. Hosted by @tonycarrera on X. https://x.com/tonycarrera and https://x.com/proofofpainbtc. Not investing, financial, or tax advice. Entertainment only.

Episodes

  1. Apr 9

    Nik Lentz: STRC, MSTR, Bitcoin and Digital Credit Risks

    In this episode of Proof of Pain, Tony sits down with Nik Lentz, former UFC veteran and quantitative analyst, to talk about Bitcoin, MSTR, STRC, and the risks around digital credit. We also get into Nik’s path from MMA to finance, how he learned to think like a quant, and why he has become skeptical of Wall Street’s version of Bitcoin. Nik is not anti-Bitcoin. He makes the case that Bitcoin wrappers, yield products, and “easy” digital credit stories are being sold too cleanly, that “11%” narratives do not hold up forever, and that if you really believe in Bitcoin, you should just buy Bitcoin. We also cover MSTR volatility, ETF wrappers, risk vs reward, and how faith changed the way he sees pain, markets, and life. What we cover• Nik’s path from childhood adversity to wrestling, UFC, and eventually finance• Why the transition from fighting to quant/trading made more sense than people think• Nik’s early Bitcoin experience and why he was interested so early• Why he is skeptical of ETF wrappers and Wall Street Bitcoin• MSTR, STRC, SATA, and the broader digital credit / yield story• Why Nik says “11% is make believe” and rejects the idea of a free lunch• Why he thinks volatility is the price of outsized returns• Faith, pain, risk, and how his worldview changed over time GUEST LINKSNik Lentz on X: https://x.com/NikLentzDSMMA on YouTube:  @DSMMA  Damped Spring on YouTube:  @dampedspring  Damped Spring Website - https://DampedSpring.comPROOF OF PAIN LINKSProof of Pain on YouTube: https://www.youtube.com/playlist?list=PLLIGmY3atii15i3dP3Gpu-DkI2MDs3qRwX: https://x.com/ProofofPainBTC @ProofOfPainBTCTony Carrera on X: https://x.com/tonycarrera @tonycarrera YouTube video link of this episode: https://youtu.be/4RotheTg5FE Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research. Chapters0:00 Intro0:17 Nik’s background and MMA path25:40 From fighting to finance and quant trading37:43 First exposure to Bitcoin44:24 Why Nik is skeptical of Wall Street Bitcoin55:42 MSTR, “11% yield,” and why it breaks1:04:44 No free lunch in investing1:12:03 “If you believe in Bitcoin, buy Bitcoin”1:12:46 STRC, SATA, and digital credit1:21:37 Faith, pain, and perspective1:29:24 Where to find Nik

    1h 30m

  2. Apr 3

    Nithu Sezni: STRC, SATA, Digital Credit, and the BIP-110 Fight

    In this episode of Proof of Pain, Tony sits down with Nithu Sezni of True North and the Orange Pill Investor to talk about digital credit, STRC, SATA, and the current BIP-110 fight. We break down who these products are actually for, why Strategy and Strive matter, and whether Bitcoiners are right to dismiss treasury companies and just buy BTC. We also cover Bitcoin as collateral, SATA risk vs STRC, mNAV criticism, Bitcoin-native lending, whether Strategy could eventually act more like a bank, 6102/confiscation risk, and the Core vs Knots battle around spam, censorship, and soft vs hard forks. What we cover • Digital credit explained simply • STRC vs SATA and why the yields differ • Whether Bitcoin is good collateral • “Just buy Bitcoin” vs treasury companies • mNAV, dilution, and what matters • Strategy as a possible bank / credit layer • 6102 risk, self-custody, and confiscation • BIP-110, Knots, spam, censorship, and forks Follow @nithusezni on X @NithusezniSezni on YouTube @tonycarrera on X @ProofOfPainBTC on X YouTube video link of this episode: https://youtu.be/bahpGGAlCDs Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research. Chapters 0:00 Intro 2:48 Digital credit explained 15:23 STRC / SATA / ETF angle 30:08 SATA’s biggest risk 33:40 “Just buy Bitcoin?” 57:20 Bitcoin-native lending 1:10:04 Could Strategy become a bank? 1:20:23 Knots and the spam war 1:49:10 Is filtering spam censorship? 2:10:04 Strategy’s new 21/21 2:18:42 BTC and MSTR outlook

    2h 23m

  3. Mar 20

    Jim Crider: What Money Is, Why Finance Misses Bitcoin, and Portfolio STRC SATA Risks

    In this episode of Proof of Pain, Tony sits down with Jim Crider, certified financial planner and founder of Intentional Living FP. They talk about what money is, why so many people in finance still misunderstand Bitcoin, and how Jim thinks about portfolio construction in a world shaped by inflation, money printing, AI, and rising uncertainty. They also cover Jim’s path into financial planning, how Bitcoin finally clicked for him during the COVID era, whether the 60/40 portfolio is broken, how he thinks about cash, bonds, stocks, real estate, and gold, and why most investors need to think more clearly about risk, time horizon, and allocation. The conversation also gets into Bitcoin treasury companies, STRC and SATA, black swan scenarios, stewardship, faith, and truth-seeking. GUEST LINKS: X: https://x.com/jimcridertx (@JimCriderTX) Website: intentionallivingfp.com YouTube: https://www.youtube.com/@JimCrider YouTube Intentional Living: https://www.youtube.com/@IntentionalLivingFP PROOF OF PAIN LINKS: X: https://x.com/ProofofPainBTC (@ProofOfPainBTC) X: https://x.com/tonycarrera (@tonycarrera) Full video episode on YouTube: https://youtu.be/Vac0KPXj0Gk Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research. CHAPTERS: 00:00 Intro 02:10 How Jim got into financial planning 04:03 What financial planning really is 05:43 Money, values, and relationships 11:23 Why most finance pros never define money 14:57 How Jim found Bitcoin 19:00 AI, UBI, and money printing 24:49 How Jim allocates across assets 32:00 Is the 60/40 portfolio broken? 40:39 Strategy, Strive, and treasury companies 52:09 Bitcoin black swan risks 55:56 When would the Bitcoin thesis fail? 1:00:01 Bitcoin, truth, and Christianity 1:21:00 Giving, stewardship, and tithing 1:27:09 Where to find Jim

    1h 29m

  4. Mar 5

    Richard Byworth: H100, the MSTR Flywheel, Preferreds vs Converts, and Paper Bitcoin

    In this episode of Proof of Pain, Tony sits down with Richard Byworth, Chairman at Future Holdings and an active participant in the H100 expansion into Switzerland. We talk about Bitcoin treasury companies, MSTR’s capital markets evolution, preferreds vs convertible bonds, and whether “paper Bitcoin” is a real concern. We also cover why Bitcoin denominated convertible bonds matter for smaller treasuries, what private companies can do if they cannot access capital markets, what retail misunderstands about treasury stocks, and Richard’s BTC outlook for 2026 and 2030. What we cover • Richard’s path from Nomura and convertibles to Bitcoin • MSTR’s flywheel and why converts created stock sellers • Preferreds vs convertibles and why the strategy shifted • Small BTCTCs in bear markets and the Bitcoin denominated convert path • Private company playbook for stacking BTC responsibly • Paper Bitcoin, futures, and short term market pressure • BTC targets for end of 2026 and end of 2030 Follow@RichardByworth on X @tonycarrera on X @ProofOfPainBTC on X YouTube video link of this episode: https://www.youtube.com/watch?v=I2SMlxLALZI Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research. Chapters 0:00 Intro 0:18 Richard’s TradFi background 15:25 Finding MSTR through pension constraints 19:30 Why Saylor shifted away from convertibles 23:52 Flywheel for smaller BTCTCs 25:54 Bitcoin denominated converts (XCE) 34:12 Why 2024 to 2025 expectations broke 37:43 Paper Bitcoin explained 41:20 Lightning round 44:03 BTC targets

    45 min

  5. Feb 27

    Solo: Jane Street “10AM Slam”? ETF Dip Buying, and BTC Chart Levels

    In this solo episode of Proof of Pain, Tony covers two Bitcoin headlines driving the week, then pulls up the chart to check the levels he is watching. Tony talks about the Jane Street “10AM slam” chatter and why ETF mechanics can create weird looking moves around the market open. Then a quick look at spot Bitcoin ETF dip buying and what it might signal when price is chopping in a tight range. To finish, Tony zooms out on the chart to put the recent volatility in perspective and walks through the key zones he is watching next. Watch the full video episode on YouTube: https://www.youtube.com/watch?v=A_G9cGRcD5M Follow@tonycarrera on X @ProofOfPainBTC on X Not financial, investment, or tax advice. For entertainment only.

    8 min

  6. Feb 20

    Aiemann Zahabi (UFC): 7 Fight Win Streak, Life Lessons, and Why Bitcoin Matters

    In this episode of Proof of Pain, Tony sits down with UFC bantamweight Aiemann Zahabi to talk about Bitcoin in plain English. We break down why Bitcoin feels like money on your phone, how you can send it to anyone anywhere without permission, and why self custody matters. No maintenance fees. No transfer approvals. Full control of your money. Watch the full video episode on YouTube: https://youtube.com/shorts/9HH7qrRpOhw Follow@Aiemannzahabi on X@Aiemannzahabiofficial on YouTube@tonycarrera on X@ProofOfPainBTC on X Not financial or tax advice. For entertainment only.

    55 min

  7. Feb 15

    James (@ourgoodlifeuk): Smarter Web (SWC), the Treasury Flywheel, and Small BTCTC Survivors

    In this episode of Proof of Pain, Tony sits down with James (@ourgoodlifeuk), a UK podcaster and Bitcoin adoption advocate. He shares his path from early mining days, to ignoring Bitcoin for years, to going deep in 2024 and then diving into Bitcoin treasury companies, especially Smarter Web (SWC). We talk SWC from IPO vibes to drawdowns, the Bitcoin treasury flywheel under stress, what James would change looking back, and whether smaller treasury companies become acquisition targets or fade into irrelevance. We also touch on UK adoption and the media narrative around Bitcoin. What we cover• Early Bitcoin mining, the altcoin phase, and the long pause• The 2024 deep dive that made Bitcoin click• First steps into Bitcoin treasury companies and pension exposure• Smarter Web (SWC): highlights, drawdowns, and community building• The treasury flywheel: what breaks, what adapts, what changes next cycle• M&A: do smaller BTCTCs get acquired or die off• Bitcoin adoption in the UK and the public narrative Chapters0:00 Intro0:40 First hearing about Bitcoin (2011)7:53 The 2024 deep dive that made it click14:49 First steps into treasury companies17:17 Discovering Smarter Web (SWC)24:34 SWC from IPO era to now29:29 BTC volatility and thesis stress test34:54 Flywheel, prefs, and next cycle changes46:11 M&A and small BTCTCs as targets56:32 Bitcoin in the UK narrative1:05:02 Where to find James RESOURCES MENTIONED (May contain affiliate links):“What’s The Problem?” (Joe Bryan): https://www.youtube.com/watch?v=YtFOxNbmD38Sats vs Fiat site: https://www.satsvsfiat.com/The Big Print by Lawrence Lepard (Amazon): https://amzn.to/3MIafdG Follow @ourgoodlifeuk on X SWC and BTC on YouTube: ⁠https://www.youtube.com/channel/UCKTZTAhIL0SvuEuKl41DCow⁠ @tonycarrera on X @ProofOfPainBTC on X Youtube video link of this episode: https://www.youtube.com/watch?v=Vxl1BU33TgQ Not financial or tax advice. For entertainment only.

    1h 6m

  8. Feb 15

    Bob Burnett (Barefoot Mining): Off Grid Mining, Cost of Production, and BIP110

    In this episode of Proof of Pain, Tony sits down with Bob Burnett (Barefoot Mining, board member at Ocean, ex Gateway CTO) to break down off grid Bitcoin mining, cost of production, and why public miners often get valued like tech stocks even though mining is a commodity business. We also dive into Core vs Knots, block templates, spam and inscriptions, OP_RETURN, the SegWit discount, and why Bob is signaling support for BIP110. What we cover • Off grid mining: sovereignty, jurisdiction risk, and power first site selection• The Barefoot model: investors paid in BTC• Cost of production: why averages mislead and what “best case” looks like• What happens if BTC trades below cost of production and how hash rate reacts• Why Ocean and block templates matter• Core vs Knots, spam, inscriptions, OP_RETURN, SegWit discount• BIP110 and the path to handling spam incentives• Treasury company metrics and “mine vs buy” tradeoffs Chapters0:00 Background and how Bob got into mining21:21 Barefoot model and off grid realities48:30 Cost of production discussion56:42 If BTC trades near 60K, what breaks1:05:03 Core vs Knots, templates, and Ocean1:10:53 Spam, OP_RETURN, SegWit discount, BIP1101:23:45 Treasury metrics, mine vs buy, Bitaxe, node advice1:31:32 Five year outlook1:33:00 Where to find Bob Follow @Boomer_BTC on X BTC Boomers on Youtube: https://youtube.com/playlist?list=PLxdf8G0kzsUVyfT8CuL56TDvi3ZVuyJie @tonycarrera on X @ProofOfPainBTC on X Video of this episode on Youtube: https://www.youtube.com/watch?v=e1zxGi1WsA4 Not financial or tax advice. For entertainment only.

    1h 34m

  9. Feb 15

    Mike Flaum (Grain of Salt): Shares per Bitcoin, MSTR Preferreds, and AI Research Workflows

    In this episode of Proof of Pain, Tony sits down with Mike Flaum (Grain of Salt) to break down Bitcoin investing through a product manager lens: optionality, taxes, IRAs, and why “shares per Bitcoin” can be the clearest way to understand Bitcoin treasury companies like Strategy (MSTR). We also go deep on AI research workflows, how to battle models, and why preferreds changed the treasury playbook. What we cover• Product manager investing: TAM, tradeoffs, first principles• Paying taxes vs never taking profit• Bitcoin in IRAs, wrappers, and buckets• Strategy (MSTR): converts vs preferreds vs cash• Shares per Bitcoin vs Bitcoin per Share (pizza analogy)• AI deep research workflows (ChatGPT, Claude, Grok)• Why mNAV can mislead, and the metric Mike wants standardized Chapters 0:00 Intro and Mike’s background3:40 Investing like a product manager7:00 Profit, taxes, and mindset17:40 Bitcoin discovery and why IRAs mattered33:50 Finding Strategy (MSTR)39:20 AI deep research and battle workflows56:20 How search and operators really work1:05:20 Strategy as digital credit and preferreds1:07:25 Shares per Bitcoin vs Bitcoin per Share1:20:50 Treasury companies: what matters1:29:10 FASB fair value and CAMT confusion1:37:25 Rapid fire Links / references: Mike's background and books: https://www.logscaleinvestments.com/identityBitInfoCharts “Rich List” (address distribution): https://bitinfocharts.com/top-100-richest-bitcoin-addresses.htmlClarke’s Third Law (“advanced tech looks like magic”): https://en.wikipedia.org/wiki/Clarke%27s_three_lawsIRS Corporate Alternative Minimum Tax (CAMT) interim guidance (Notice 2025-49 PDF): https://www.irs.gov/pub/irs-drop/n-25-49.pdf Follow @Z06Z07 on X @tonycarrera on X @ProofOfPainBTC on X Video of this episode on Youtube: https://www.youtube.com/watch?v=5YuInVeimGc Not financial or tax advice. For entertainment only.

    1h 43m

  10. Feb 15

    Nithu Sezni: MSTR TSLA PMCC Mistakes, Core vs Knots, and 0% APR for Bitcoin

    In this episode of Proof of Pain, Tony sits down with Nithu Sezni (founding member MSTR True North) to talk Bitcoin, options, leverage, and Bitcoin Treasury Companies. We get into Poor Man’s Covered Call mistakes, Tesla drawdowns, MSTR’s long game, and the controversial “0% credit cards to buy Bitcoin” strategy. We also debate Core vs Knots, spam, node incentives, and the real costs of custody. What we cover• Poor Man’s Covered Calls (PMCC) and why leverage cuts both ways• Tesla drawdowns and the “buy the dip” trap when options expire• Strategy (MSTR): thesis, preferreds, and falsification criteria• “Bitcoin is the hurdle rate” and why custody has real costs• Core vs Knots: spam, node bloat, and incentives• 0% intro APR credit cards as unsecured leverage Chapters 0:00 Intro and “Night Who Says Knee”1:23 Background: Navy, IT, options journey6:26 PMCC lessons and leverage pain11:44 Tesla crash, rolling, and rescue attempts18:59 MSTR thesis and what would change his mind24:20 Preferreds, AI risk, and unknowns40:03 Running a node, mining, and why it matters41:39 Core vs Knots debate1:02:32 0% credit cards to buy BTC1:12:17 5 to 10 year expectations1:13:22 Where to find Nithu Follow @nithusezni on X Youtube: https://www.youtube.com/@NithusezniSezni @tonycarrera on X @ProofOfPainBTC on X Video of this episode on Youtube: https://www.youtube.com/watch?v=ro5VZrz6YjI Not financial or tax advice. For entertainment only.

    1h 16m

  11. Feb 15

    Alexandre Laizet (Capital B): Bitcoin Per Share, mNAV, Treasury Flyweel, and “You Don’t Sell Bitcoin”

    In this episode of Proof of Pain, Tony sits down with Alexandre Laizet, Director of Bitcoin Strategy at Capital B, a Bitcoin treasury company building in Europe. We talk about maximizing Bitcoin per share, why Alexandre believes you do not sell Bitcoin, and how the treasury flywheel evolves across market regimes, including equity, converts, and preferred style structures. We also get into mNAV premiums, maturity risk, and the Core vs Knots debate. What we cover• Bitcoin per share as a north star• The treasury flywheel across bull and bear markets• mNAV premiums: what drives them and what could return• Capital B’s Bitcoin denominated convertible structure• Maturity risk, duration, and dilution tradeoffs• Why selling Bitcoin to buy back shares is the wrong reflex• Core v30 vs Knots, spam, and decentralization tradeoffs Chapters0:00 Intro0:55 Background and Capital B13:58 Institutions pre and post ETF28:14 Underperformance, dilution, and “is the flywheel broken”37:18 How the flywheel evolves: equity, converts, preferreds43:46 Capital B’s structure explained53:28 mNAV premiums59:38 Defending mNAV and buybacks1:12:00 Core vs Knots1:18:30 US ticker update and timing1:21:57 Is Bitcoin per share still the metric Follow@AlexandreLaizet on X @_ALCPB on X @tonycarrera on X @ProofOfPainBTC on X Video of this episode on Youtube: https://www.youtube.com/watch?v=KAT4LxOfAGE Not financial or tax advice. For entertainment only.

    1h 25m

  12. Feb 15

    Pierre Rochard: What Cash Flow Investors Miss About Bitcoin

    In this episode of Proof of Pain, Tony sits down with Pierre Rochard for a deep Bitcoin conversation that connects economics, investing, and Bitcoin’s design. We cover Bitcoin Treasury Companies and why the market is starting to group them into Digital Asset Treasury Companies (DATs), why Strategy (MicroStrategy, MSTR) behaves differently than spot Bitcoin, and the Core vs Knots debate around OP_RETURN, ordinals, and what Bitcoin is really for. What we cover• Austrian vs Keynesian economics, explained simply• Why value investors fixate on cash flow, and how Bitcoin reframes it• The “yield” of holding money• Bitcoin for small businesses: inventory, vendors, and taxes• BTC Treasury Companies vs DATs• MSTR’s structural edge vs spot• Core vs Knots, OP_RETURN, ordinals, Taproot• Rapid fire questions: inheritance access, CBDCs, taxes Chapters0:00 Background9:00 Austrian vs Keynesian22:00 The yield of holding money36:30 MSTR and the moat46:15 Core vs Knots / OP_RETURN59:50 Rapid fire questions Follow @BitcoinPierre on X@tonycarrera on X@ProofOfPainBTC on X Video of this episode on Youtube: https://www.youtube.com/watch?v=E28fmBFTV5Y Not financial or tax advice. For entertainment only.

    1h 2m
  • 12 Episodes

About

Proof of Pain is a podcast about the real costs, real tradeoffs, and real opportunities in a world repricing around sound money. Episodes are Bitcoin focused, covering Bitcoin, Bitcoin Treasury Companies, mining, options, and public market vehicles built on top of BTC. Sometimes we step outside Bitcoin with guests from worlds like sports and business who see the same incentives and tradeoffs. Subscribe for new episodes, uploaded regularly. Hosted by @tonycarrera on X. https://x.com/tonycarrera and https://x.com/proofofpainbtc. Not investing, financial, or tax advice. Entertainment only.

Information

  • Creator
    Tony Carrera
  • Years Active
    2K
  • Episodes
    12
  • Rating
    Explicit
  • Copyright
    © Tony Carrera
  • Show Website
    Proof of Pain