The Bitcoin Frontier Unchained Capital, Inc

In this episode, we explore bitcoin skepticism, focusing on topics such as hashrate volatility, potential miner attacks, and Michael Saylor's perspective on bitcoin. Micah provides insights from his bitcoin textbook and uses a chalkboard to clearly illustrate his views on the future of the bitcoin mining industry. We dive into significant issues like transaction censoring and miner collusion, and discuss the potential future risks to bitcoin's cryptographic security.
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TIMESTAMPS:
00:00:00 Intro
00:01:15 Who are you and when did you start thinking about bitcoin?
00:14:30 What do people think about your bitcoin textbook?
00:15:45 Do you own bitcoin?
00:16:38 Do you want bitcoin to succeed?
00:19:55 Is saving bad?
00:20:44 Rent seeking?
00:21:45 Could bitcoin’s hashrate be highly volatile?
00:27:38 What’s the tipping point of hashrate volatility?
00:30:17 Is this hashrate volatility a problem?
00:31:20 Attacking bitcoin
00:35:20 What are the attacks miners might do?
00:39:35 When do you think this type of attack may occur?
00:43:24 MARA transaction censoring failed
00:44:24 What’s the tipping point for miner collusion?
00:45:55 We’ve already seen miner capitulation
00:47:30 Bitcoin price vs value?
00:48:00 Will the price of bitcoin keep going up?
00:48:16 Thoughts on Michael Saylor?
00:50:13 Any risk of cryptography breaking?
00:51:40 Closing thoughts

WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
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→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Micah Warren’s Twitter: https://twitter.com/AchimWar 

In this episode, we compare common hardware wallets with SeedSigner, a DIY bitcoin hardware wallet. We explore the reasons behind building SeedSigner, the process of securely generating seeds, and the considerations for holding a private key on hot devices like an iPhone or cold devices like a Trezor, Ledger, or Coldcard. We also discuss the evolution of bitcoin custody over the last decade, the risks associated with using common hardware like Raspberry Pi, and the advantages of multisig versus singlesig setups.

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TIMESTAMPS:
00:00:00 Intro
00:01:25 What is SeedSigner?
00:02:05 Why build SeedSigner?
00:05:44 Holding a private key on an iPhone?
00:06:33 Building a SeedSigner device
00:08:16 Why call it a “signing device?”
00:10:45 Generating seeds securely
00:12:33 Good security vs extreme paranoia
00:17:05 How has bitcoin custody evolved over the last 10 years?
00:25:42 How to securely buy hardware?
00:30:45 Are there risks to using a raspberry pi for bitcoin private keys?
00:32:58 Multisig vs singlesig
00:39:10 DIY multisig vs collaborative custody multisig
00:40:53 Using different hardware devices for different seeds
00:44:54 Future of bitcoin custody in 10-20 years
00:50:00 New SeedSigner features?
00:52:41 New to multisig and using SeedSigner?
00:56:30 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
→ SeedSigner’s Twitter: https://twitter.com/SeedSigner 

In this episode, Fred Krueger reflects on his initial experience of purchasing bitcoin on Mt. Gox and subsequently selling it on Mt. Gox. He dives into detailed explanations of both the Stock-to-Flow (S2F) and power law models, offering his insights on whether the bitcoin power law model should be regarded as a mathematical law or just a pattern. Finally, he discusses potential factors that could disrupt the power law model and addresses the notion proposed by Michael Saylor that all models are broken.

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TIMESTAMPS:
00:00:00 Intro
00:01:20 Fred’s background preparing him for bitcoin
00:04:17 Fred buying bitcoin on Mt. Gox
00:06:37 Bitcoin as a pet rock with no cash flow
00:10:57 S2F and Power law models
00:23:03 ETH trending to 0
00:25:17 Power law—mathematical law or pattern?
00:40:16 Extreme bear markets
00:41:50 Using bitcoin and bitcoin custody
00:47:50 How would the power law model break?
01:01:09 Will all the models break?
01:07:01 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
→ Fred Krueger’s Twitter: https://twitter.com/dotkrueger 

In this episode, Bryan Jacoutot dives into the process leading to the approval of a bitcoin ETF, comparing this journey with the potential pathway for an Ethereum ETF to receive approval. He touches on the Ethereum Foundation investigation, what would happen if ethereum is declared an unregistered security, and how ethereum’s proof of stake consensus mechanism may play a role in the approval process. Last, he suggests what may be the biggest threat to bitcoin and how the United States and bitcoin may evolve together.

SUPPORT THE PODCAST:
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TIMESTAMPS:
00:00:00 Intro
00:01:04 Bitcoin ETF approval vs Ethereum ETF approval
00:08:27 Reasonable concerns for not approving the bitcoin ETF for years?
00:13:56 What happens if ETH is declared an unregistered security?
00:18:24 Proof of Work vs Proof of Stake—commodity vs security
00:26:40 Was ETH not declared an unregistered security because it went up so much?
00:31:50 Security vs commodity? Truly binary?
00:36:36 Slashing in PoS and ETFs
00:38:38 Forks and ETFs
00:40:34 Biggest threat to bitcoin?
00:46:00 Bitcoin’s role in presidential and local elections
00:49:00 Will bitcoin bear markets eventually cause financial system instability?
00:50:52 United States and bitcoin—freedom values
00:54:15 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
→ Bryan Jacoutot’s Twitter: https://twitter.com/BryanJacoutot 

In this episode, Allen Farrington breaks down the “deflation is bad” narrative in economics. He explains why the deflation paranoia is wrong and what growth may look like under a bitcoin standard. Allen also thinks about how an index like the S&P 500 may perform under a bitcoin standard and he explains his DLCVM paper on bitcoin scaling in detail.

SUPPORT THE PODCAST:
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→ Send us an email podcast@unchained.com

TIMESTAMPS:
00:00:00 Intro
00:01:04 Is deflation a bad thing?
00:11:04 Is there malintent behind “deflation = bad”?
00:17:10 Deflation worries are wrong
00:23:10 Growth under a bitcoin standard?
00:25:46 Your wealth is melting in BTC
00:28:32 S&P 500 under a bitcoin standard
00:32:52 Company lifecycle under a bitcoin standard
00:37:36 Building decentralized markets on bitcoin
00:42:53 DLCVM - perfectly scaling bitcoin
00:52:14 Are you a technical, political, or economic thinker?
00:54:27 Allen Farrington podcast?
00:56:53 What’s something you believe that most bitcoiners disagree with?
01:01:12 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
→ Allen Farrington’s Twitter: https://twitter.com/allenf32

In this episode, we sit down with Will Reeves to discuss his perspective on what bitcoin scaling will look like in 2026, how there may be future unknown scaling solutions we cannot even comprehend today, the risks to bitcoin failing to scale further, altcoin speculation and unit bias, and the future of Fold in 5 years.

SUPPORT THE PODCAST:
→ Subscribe
→ Leave a review
→ Share the show out with your friends and family
→ Send us an email podcast@unchained.com

TIMESTAMPS:
00:00:00 Intro
00:01:22 Scaling bitcoin in 2026?
00:06:49 Unknown futuristic scaling solutions?
00:08:32 Failure to scale scenario?
00:10:30 Risk that people get comfortable with centralized custodians?
00:13:40 BlackRock bitcoin fork
00:16:09 It was good an ETF was not approved in 2013
00:16:40 Will altcoins ever die?
00:22:45 Unit bias—bitcoin vs altcoins
00:24:51 Treating sats rewards differently?
00:28:44 Sat flows vs HODL’d bitcoin 
00:32:32 Future of fiat payments companies?
00:34:27 Unstoppable payments
00:39:09 Where is Fold in 5 years?
00:41:52 Why are so many people passionate about Fold?
00:43:16 Rapid fire Fold questions from the audience
00:47:47 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
→ Will’s Twitter: https://twitter.com/wlrvs