Robert Breedlove is a philosopher within the Bitcoin space. In this interview, we discuss useful fictions used for collective organisation, slavery as the violation of property rights, Bitcoin changing the logic of violence, and the reality of an anarcho-capitalist world. - - - - Cooperation across large groups is the basis for the rise and evolution of human civilisation. As the historian Yuval Noah Harari espouses, such cooperation has been enabled through the exploitation of useful fictions (i.e. religion, national identities) by elites throughout time. The rights of the individual were crushed under the weight of the demands and cohesiveness of the group. A rebalancing of power between collectives and the individual occurred during the enlightenment. It began with the development of a theory of natural rights, where individuals were determined to deserve access to "life, liberty, and estate (property)". The French and American revolutions in the 18th Century were premised on this belief. A modern theory of universal human rights has developed since WW2. And yet, many feel we still have a long way to go before we achieve true liberty for the individual. Even the most open democratic societies work under an implicit social contract, where certain rights are foregone in exchange for political order. Coercion and control are less explicit, but still apparent. So, what is the extent of the libertarian ideal? Is it an anarcho (i.e. without a leader) capitalist state? Or, is a hierarchy of power a necessary evil to thwart the chaos of natural law, which Hobbes stated would result in human life being "solitary, poor, nasty, brutish and short"? The problem has been that states throughout history have tended to extend their control. Maybe the question isn’t a binary choice between an inevitable creep of state control over anarchy, but a balance that aims to achieve the benefits of both approaches. In such a situation individuals would need the power to ‘dethrone’ the ruler(s) without resorting to violence. Does Bitcoin enable such a balance?

Steve Lee is Lead at Spiral, a subsidiary of Block. In this interview, we discuss how Spiral is enabling lightning integration, Block’s aim to create an open Bitcoin mining ecosystem, a vision of zero cost decentralized Bitcoin mining, and inspiring open-source Bitcoin projects. - - - - The orange pilling of Jack Dorsey was a hugely consequential event, affecting the evolution of his business plans and Bitcoin. Jack and his team believe Bitcoin is the best money, and they want to help it spread. As a result, Block has developed a symbiotic mission: it seeks to nurture Bitcoin, strengthen its development, and enable its wider adoption. This is where Spiral comes in. It is a non-profit subsidiary of Block that builds and funds free, open-source projects. Amongst other important enterprises, Spiral has developed the Lightning Development Kit, which enables Lightning integration with Bitcoin wallets. Block’s ethos is rooted in an appreciation of how unique this situation is: the creation of a new version of money that is free from centralized control may never be repeated. Protecting and enhancing Bitcoins decentralization and privacy are therefore core objectives. That is why, for example, Block is developing a hardware wallet that combines security that doesn’t depend on trusted servers; decentralized user-friendly custody for the masses. That is also why Block is planning to develop and make available for sale ASIC chips (with data sheets). Whilst Block is also developing Bitcoin mining rigs, the provision of dedicated chips opens up the whole mining rig industry for innovation and competition. These efforts are crucial and enable all of the exciting expansions of Bitcoins utility to continue. This includes Steve Lee’s vision of zero cost decentralized Bitcoin mining. This is surely the most inspiring industry in the world.

Christian Keroles is Managing Director of Bitcoin Magazine. In this interview, we discuss hyperbitcoinisation as a zero-sum game and how that could lead to $26 million bitcoin. - - - - Hyperbitcoinization is a scenario where Bitcoin has achieved mass adoption: it is widely used as a medium of exchange, it is a store of value held by individuals and businesses, and it has become a primary global reserve currency. Essentially, it is a ubiquitous and dominant form of global money. Over the last few years, a series of unprecedented global events has helped accelerate the adoption of Bitcoin. The pandemic gave rise to unsustainable monetary and fiscal policies that made the economic case for adoption by major institutions and a nation-state. Now, in the shadow of the Candian trucker protests, where fears regarding the curtailment of individual freedoms were realised, and a new conflict in Europe may signal a reordering of the global monetary system, the political case for wider adoption of Bitcoin has been made. We now live in a time when rather than being viewed as a wild abstract theory, hyperbitcoinisation is being contemplated as being a plausible culmination of ongoing trends. But what does this mean? What will the transition to a Bitcoin standard look like?

Nic Carter is a Partner at Castle Island Ventures, and Troy Cross is a Fellow at the Bitcoin Policy Institute. In this interview, we discuss Bitcoin mining as an ESG offset and how Bitcoin miners could be the frontier of energy development whilst helping nations attain energy sovereignty.  - - - -  The two extremes of the climate change debate are engaged in a zero-sum game.  For some, the existential threat of climate change requires humans to rapidly transition to energy production 100% derived from renewable sources. A particular contingent believes a transition is required by force: a carbon tax to dissuade investment in fossil fuels and a degrowth agenda to enable society to prioritise the use of more limited but sustainable energy sources. The counterargument is that catastrophic climate change isn't inevitable. Therefore, whilst there are insufficient cost-effective and reliable renewable energy sources, constraining the use of fossil fuels is a dangerous dogma that risks preventing vast swathes of the world from being able to escape poverty.  Does the argument need to be this binary? Is there an alternative that uses the power of the market rather than relying on coercive measures? If we assume that if energy sources were equally cost-effective and reliable, the obvious choice would be to invest in those that are renewable and that have the lowest negative impacts. The issue would then be how do you make renewable energy cost-effective and reliable. The answer is counterintuitive: meet what those who promote fossil fuels want -  facilitate energy abundance.   Troy Cross thinks this is how Bitcoin can help bridge the divide, enable a rapid transition to renewable sources, whilst ensuring the world's population can flourish.

Marty Bent is the founder of the Bitcoin focused media company TFTC.io, Venture Partner at Ten31, and Director of Cathedra Bitcoin. In this interview, we discuss resisting centralised narratives around the Ukraine/Russia conflict and the push for ESG and renewable energy.  - - - -  The fragmentation of modern media provides access to a limitless supply of analysis, interpretations, and opinions. But rather than bringing clarity, this cacophony of commentary more often results in confusion.  Into this mix, powerful centralised institutions mobilise significant resources to drive narratives. Over the past few generations, fearless investigative efforts have identified examples of deficient and deceptive institutions. This has resulted in such centralised messaging being treated with caution, if not explicit, cynicism.  But does that mean we should be sceptical of all messaging emanating from centralised bodies? What are the implications for society if there is widespread distrust of such communication?  The result is that there are different prisms through which to view events. The human misery caused by the Ukraine and Russia conflict is heartbreaking, but does that mean there are clear paths of action we can support? The forecasts of climate change impacts are worryingly bleak, but is there reasonable uncertainty, and what are the full implications of promoted mitigations? The only thing we can do is to remain engaged, and, as Marty Bent states, “bring back civility to these types of conversations.”

David Zell is a co-founder of the Bitcoin Policy Institute and Director of Policy at BTC Inc. In this interview, we discuss echo chambers and groupthink, how Bitcoin being for everyone makes it stronger, the threat of Bitcoin to China, and political exploitation. - - - - Bitcoin’s survival and flourishing from the early days was down to having an impassioned and protective community. Some of this was defensive; resilience builds over years of criticism and ridicule. Some of this was offensive as various existential risks have had to be overcome. What has evolved is a kind of ethical militancy, as Bitcoin maximalists have banded together to thwart anything that could damage Satoshi’s original vision. However, there is an obvious drawback to this approach in that some have become hardened to any idea or person deemed to be antithetical to the cause. But what is the cause? Can there be divergent opinions on what Bitcoin is and who it should serve to assist? Can Bitcoin be for everyone? If the Bitcoin community doesn’t open itself to adoption by those from across the political spectrum does it risk stagnating or fragmenting? What about opposing views at the nation-state level? These seem like positive discussions to be had: it is an obvious sign of maturation. It’s intuitive to think it is in Bitcoin’s interest to have a broad church. But will isolating its detractors make Bitcoin stronger, or energise the threats against it?

Margot Paez is a Fellow at the Bitcoin Policy Institute specialising in Renewable Energy and Environmental Studies. In this interview, we discuss the Occupy movement, a broken capitalist system, and a pragmatic approach to our energy future. - - - - Bitcoin is often labelled as being a currency for libertarians. But, it is increasingly clear that Bitcoin appeals to a wide range of people with a myriad of political leanings. This includes a growing number of progressives who see in the protocol a means of enabling a fairer and less economically stratified society. That Bitcoin appeals to such disparate communities speaks to both the strength of Bitcoin, but also the weakness of the current system. If those on both the right and left are disenchanted with the status quo, that is obviously a strong signal that a major societal change is warranted. Further, it means we have to assess why we’re so polarised if we fundamentally agree with each other. There is a debate to be had regarding language, labels, unconscious bias, and manipulation of opinions. The issue is that these false divisions are affecting reasoned consideration of all the major issues affecting modern civilisation, particularly in relation to climate change. The practical implication is that both sides of the climate change debate are resistant to effective and pragmatic measures. Is it possible to view these issues without a political lens?

Matthew Pines is a Fellow at the Bitcoin Policy Institute specializing in national security. In this interview, we discuss modelling complex systems, current US national security priorities, and how Bitcoin can help maintain US hegemony. - - - - We live in unprecedented times. An emergent battle for hegemonic power is occurring during a period of unparalleled advances in technology that politicians are struggling to comprehend. What was previously deemed to be settled global economic and geopolitical strategy is now in flux. Up may be down. The unthinkable suddenly thinkable. This is the environment in which Bitcoin, revolutionary money, is going through its puberty stage. It is to be expected that incumbent US (and other western) power structures are nervous about such an immature innovation, particularly in uncertain times. Yet, as counterintuitive as it may seem to them, Bitcoin offers significant strategic advantages for the US. For Bitcoiners, the issue is not that a case needs to be made, but rather how that case should be presented and conveyed to politicians and bureaucrats. So far the message has been conveyed through grassroots advocacy: orange pilling individuals. But how do you orange pill the world's major power centre? Bitcoiners are disrupters and predominantly work outside of the sphere of government. Bitcoin itself seeks to challenge the status quo. However, the government needs to hear the message in a language they understand, via channels they can trust. This is the gap Matthew Pines is seeking to fill. And “Bitcoin and U.S. National Security” is the report that aims to orange pill the US government.

Nic Carter is a Partner at Castle Island Ventures and co-founder and Chairman of Coin Metrics. In this interview, we discuss the seizure of Russian Central Bank assets by the G7, the demise of US hegemony, and a multipolar multi-reserve world. - - - - Whilst it is arguable whether America’s geopolitical reach can be classed as an empire, the decline of its hegemonic power is compared to the passing of great empires of the past. Such analysis shows that there are no fixed dates to assign to the actual fall of empires; declines are marked by a prolonged unwinding of influence and cohesiveness. Nevertheless, the atrophying of empires are signposted by critical dates: the sacking of Rome by the Visigoths in 410; the humiliation of Britain caused by the 1956 Suez Crisis; the symbolic impact on the USSR of the fall of the Berlin wall on November 9th 1989. Currently, we are living through equally tumultuous times, and February 26th 2022 may be one such date for the history books. It was when the G7, led by the US, seized $630B of Russia’s foreign reserves. With the grim humanitarian impacts of the Ukraine Russia conflict being witnessed on a daily basis, this seemed like an appropriate non-violent measure. However, its scale and likely impact is and will be unprecedented. The role of the US dollar has been eroded over the past few decades as economic sanctions have been increasingly deployed as a coercive tool of power. Nevertheless, the G7 freezing Russian access to its foreign assets is a crossing the Rubicon moment. No longer will the US dollar be a unifying store of value across the world. The ramifications are huge.

Lyn Alden is a macroeconomist and investment strategist. In this interview, we discuss the economic impacts of the Ukraine Russia conflict, including the effect of sanctions on Russia, wider global impacts, and the responses of individuals, companies, and nations. - - - - As the Ukraine Russia conflict continues well into the third week, it is hard to think beyond the wretched humanitarian impacts. But, it is imperative the serious economic impacts are analysed, both in terms of the direct and indirect collateral costs of the physical war, and the unprecedented economic actions being applied as tools of warfare. The main issue is that this conflict is occurring at a critical juncture for the world economy. The Covid pandemic compounded structural issues in the global economy precipitated a decade earlier by the global financial crisis. The conflict is having a detrimental effect on fragile markets, whilst exacerbating existing supply chain issues leading to further inflationary pressures. However, the conflict is also creating new and potentially more important problems. The world economy since WW2 has been based on pillars that were thought to be unbreachable. The central pillar has been the use of the US dollar as a global reserve currency. As a direct consequence of actions taken in response to the conflict, this is now open to question.

Scott Horton is an anti-war radio host, podcaster, and author. In this interview, we discuss whether there are any just wars, the Ukraine/Russia conflict, and how a chain reaction of misunderstood events going back to WW1 got us here.  - - - -  History is not necessarily objective: observers are usually partisan, and chroniclers of collected stories have their own subjective biases that can affect the evidence base. These issues are most pronounced in the records of wars. This is because history is written by the victors. Mainstream presentation of the history of wars rarely credits divergent interpretations. The major conflicts that involve a given nation-state, particularly those that support politically advantageous mythologies, are treated as being self-evident. Opposing analysis is given the pejorative label of ‘conspiracy theory’.       Yet, could the history of our current civilization be open to new explanations? Is there sufficient evidence, maybe hidden in plain sight, that would cast a different light on events? Could the official version be wrong? Was the rationale and motivation for pivotal decisions, which have changed the trajectory of life on earth, different to the commonly accepted understanding?

Travis Kling is the Chief Investment Officer and Ikigai. In this interview, we discuss the need for decentralization, Bitcoin as pristine collateral and whether we’re living in a simulation. - - - - Google, Facebook and Amazon are still relatively young companies, formed in the slipstream of the internet. They rose from a mass of competition to dominate not just the internet, but to become some of the most powerful organisations in the world. Such is their power that they are changing society in profound and concerning ways. At the same time, there has been significant erosion in trust. The Iraq War and the sub-prime mortgage crisis combined to generate widespread disillusionment with the status quo. This was funnelled into social media’s new echo chambers with algorithms that stoked fear and anger. We are still struggling to deal with the results. A major issue of concern is that the next wave of technological innovation is expected to be overwhelmingly disruptive: AI and robotics in particular have potentially unlimited capacity to revolutionise society. If we don’t resolve the issues caused by centralization now, the future for democratic governance looks bleak.

Bill Barhydt is the CEO and Founder of Abra. In this interview, we discuss institutional investment, the long term debt cycle, the end of fractional reserve banking and how Bill gave away thousands of Bitcoin.   - - - -    The current banking system is broken. Millions of people around the world still don't have access to proper banking services, the payment rails that facilitate transactions are old and costly, and trust in financial institutions is low.    To add to this, currencies around the world are being debased at a rapid pace. Over the last few years, central banks have printed huge amounts of money that is now showing up in inflation, which has a disproportionate impact on the poorest in society. 50% of Americans now have more credit card debt than savings.   Bitcoin started as a cypherpunk experiment, but its sound monetary properties have led to it becoming a real lifeboat for those who are economically adrift. With the banks losing momentum, is Bitcoin mature enough to take up the slack?   However, you see the future of money and banking - one thing is clear Bitcoin will play a role. The question is, how big will that role be?

Location: Los Angeles Date: Saturday 5th February Company: Guns N’ Bitcoin Role: Chief Range Officer Pro-freedom principles are deep rooted in the Amercian psyche. Liberty is a cornerstone of the US Constitution, which seeks to protect individuals from arbitrary and unreasonable restraint. The Constituion codifying what freedom means for the individual and the state, yet debate on the surface level extents of freedom in modern America mean deeper reasoning is lost. Polarised discourse misses that freedom expects from the individual as much as it provides. An individual must hold and display certain values within a working pro-freedom society. This ideal comes from the ancient Greeks philosophy of stoicism: citizens should apply the virtues of wisdom, courage, justice, and temperance. As Aurelius would put it “be a good person”. If the citizens and the state can both respect each other and act with values that are in concert with each other, then a pro-freedom civilisation is possible with all the benefits that this brings. But if the state is oppressive, the rationale actions of the affect individuals, and the long term consequences for their civilisation, are obviously going to be antithetical to progress. In our fast-paced ‘fiat’ system where debate is dominated by short form communication, we are too quick to prejudge and pigeonhole people. Pro-freedom advocates are associated with far right politics. Yet, any long-form conversation with pro-freedom advocates indicates this ideology appeals to a wide political spectrum as it is predicated on sound and sustainable principles. In short, slowing down and spending time with people we find our commonality exceeds our differences. That is the Bitcoin way. In this interview, I talk to Ragnar Lifthrasir from Guns N’ Bitcoin. We discuss what it means to be pro-freedom, the role of the state, the importance of values to build good civilisations, Bitcoin groupthink, printed guns and the safe gun culture.

Location: Los Angeles Date: Friday 4th February Company: Swan Bitcoin Role: Head of Institutional Investment As with all assets and commodities, a myriad of financial instruments have been developed around Bitcoin. The riskier end of the spectrum are opportunities to take levered positions. These positions can produce stellar returns, providing opportunities for those who feel like they’ve missed out on previous bull runs, or have the appetite to try and continue to outplay the market. If only it were that simple. Stating leverage involves risk is a massive understatement. You. Can. Lose. Everything. Liquidation is a brutal experience. The issue regarding Bitcoin is that liquidation of open levered positions is inevitable and rapid due to the volatility. There are numerous stories of markets turning suddenly in unexpected directions, and exchanges being unable to deal with the associated demand to add collateral to open positions. Then there are flash crashes which occur too quickly for anyone to be able to respond. Fairness doesn’t come into the algorithms used to close positions and action liquidations. Rekt is a term used too often. A simple mistake can undo years of hard work. Staking sats, hodling, and staying humble are the tried and tested ways of maximizing the opportunities provided by Bitcoin. Developing the discipline of having a long time preference is a cathartic experience. In this interview, I talk to Andy Edstrom, author of Why Buy Bitcoin and Head of Institutional Investment at Swan Bitcoin. We discuss experiences of getting rekt, applying good leverage, the waves of Bitcoin adoption, playing offence on Bitcoin’s ESG credentials, and investing in Bitcoin for time and freedom.

Location: Los Angeles Date: Friday 4th February Company: USC Marshall School of Business Role: Author and Adjunct Professor of Finance Bitcoin empowers individuals, the threat to the state is clear. As the New German Chancellor Olaf Scholz asserted in December 2020: “We must do everything possible to make sure the currency monopoly remains in the hands of states.”  As a response to Bitcoin, the major world economies are pilot testing CBDCs, and pressure is being applied to low and middle-income countries. In October 2021 the IMF stated in its Global Financial Stability Report that “Emerging markets faced with cryptoization risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies.”  The privacy concerns emanating from CBDCs are being exacerbated by the same organisations promoting them; in another IMF statement in late 2020 they stated a person's online search and purchase history is a suitable data source for undertaking a credit assessment. In addition, the anonymity of cash is known to be an issue for governments around the world.  Whilst there are obvious benefits to enabling better payments processes to citizens, CBDCs could also facilitate state controls on how and when people spend money. The Bank of England is considering using smart contracts within a CBDC; the FT raised concerns about the potential for severe restrictions on personal freedom mirroring China’s “social credit” system. As we have seen, these fears are no longer being seen as theoretical threats that don’t apply to those living in western democracies. What is currently happening in Canada is giving even the most centred observers pause for thought. Bitcoin is the only obvious tool to provide freedom of currency denomination in a secure, trustless way, outside of the purview of Governments.  In this interview, I talk to the Author and Professor of Finance Nik Bhatia. We discuss the rationale for CBDCs and their limitations, a new form of heavily surveilled ‘free’ banking, Bitcoin as a discovery and a right, and how the Lightning Network makes Bitcoin a currency.

Location: San Francisco Date: Monday 7th February Project: Human Rights Foundation Role: Chief Strategy Officer The majority of citizens of developed countries are blind to the true cost of modern warfare. Wars are fought in far off lands by technically advanced and voluntary armies; few people have direct or indirect exposure to first-hand experiences. Media coverage is sanitized of the associated brutality. And politicians willfully talk up the benefits of such wars with patriotic vigour. Yet, the cold hard truth is extensive and vicious wars are being fought in our name. The costs of such wars are counted in thousands of faceless lives, and trillions of dollars of debt to be paid by future generations. That such wars have vague and shifting missions, or, are predicated on falsehoods, seems to be of little consequence. Citizens mostly tend to shrug their shoulders. Large anti-war protests are still evident on occasions, most obviously at the moment in relation to the Russia-Ukrainian conflict, and previously in the lead up to the Iraq war. But, such protests are peaceful, sporadic, and ineffective. Wars still get fought. Aside from ethical discomfort, the costs to the majority not fighting the wars are limited. That citizens don’t personally shoulder the costs of war is why politicians still feel empowered to engage in such actions, or, more importantly, to stay engaged in wars they did not start. It is why democratic peace theory has broken. There are multiple causes, but the fiat monetary system is a principal area of concern, enabling the financial burden to be offloaded to future generations. Bitcoin doesn’t fix war. But, in a Bitcoin standard world, it would certainly make it harder to fight wars without citizens feeling the fiscal impacts. Ergo, citizens would have a greater interest in demanding a say. In this interview, I talk to Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation. We discuss how the fiat monetary system has broken democratic peace theory, why MMT enables forever wars, how Bitcoin could reduce unnecessary wars, and the need to discuss this more honestly within society.

Location: Remote Date: Tuesday 22nd February Project: lynalden.com Role: Macroeconomist Wealth inequality is as an emotive subject as any. At a minimum it can divide societies, pitting citizens against each other. If left to deteriorate and fester it can lead to populist uprisings. Both sides of the political divide put forward causes and propose solutions. And yet, despite the arguments being well worn, most of the assumptions underpinning these opinions don’t stand up to scrutiny. Quantitative easing results in increased inequality - well, not necessarily. Globalisation leads to a hollowing out of the working class in developed nations - only in certain parts of the world. Governments enable cronyism to exacerbate wealth disparities - lobbying can constrain competition, but it is unclear whether libertarianism would halt monopolistic practices. Those vying to shape opinion would have us believe in binary arguments. The problem, as ever, is that this subject is complex with many dynamic variables. It isn’t a question of making targeted policy interventions. A much more holistic and flexible approach is required. In this interview, I talk to macroeconomist and investment strategist Lyn Alden. We discuss the multi-faceted drivers of wealth inequality, the societal impacts of such disparities, whether we’re on the cusp of another great depression, state-led policies, and whether Bitcoin is a mitigation.

Location: Los Angeles Date: Friday 4th February Company: Thiel Capital Role: MD Culture wars, identity politics, the intellectual dark web, audience capture: this is the well-worn nomenclature used to define the battles of open discourse that have been raging over the past few years. Retaining an authentic and honest voice in today’s polarised and intolerant society has required fortitude and resilience. But, trying to engage with those who refuse to have (or are incapable of having) an open mind takes its toll. In addition, it is equally waring to engage with those who have a firm opinion on all matters. People generally refrain from admitting they don’t know, or that they are open to changing their views, as though indecision or uncertainty are damning frailties. Having a society that is blinkered and entrenched and toxic is obviously counterproductive. In a political context, pluralism is the bedrock of a functioning democracy. In science, openness to new ways of thinking and new ideas allows for the paradigm shifts that propel the advancement of our civilisation. That some of our generations greatest thought leaders are having to waste their time defending their right to have views, instead of actually developing and sharing their views, is the behaviour of an inward-looking society starting to wither. The people within Bitcoin must help fix this. In this interview, I talk to the managing director of Thiel Capital and podcaster Eric Weinstein. We discuss media fact-checking, colonising other worlds, physics beyond Einstein, intelligent design, narrative wars, modern fascism, and economic deception amidst the rise of Bitcoin.

Location: Los Angeles Date: Thursday 3rd February Project: Market Disrupters Live Role: Market Analyst In the last show with Mark Moss, we discussed how society is currently at a rare confluence of 3 revolutionary cycles: political/social/cultural, technological, and financial. In this show, we expand on that thesis by discussing the ramifications of living in an age of great disruption. An age when the previous solid principles underpinning the organisation of operation of society are in flux.  Truly revolutionary questions that were assumed until recently to have been settled are now being seriously considered as being up for debate. What role, if any, should the state have? How should rules and regulations be determined, implemented, and policed? How can individuals act against the forces of centralization? Can we find truth in this post-fact world? These questions are being debated as some believe monumental change within society is around the corner: we’re at peak centralisation and could be approaching a ‘Blow-Off Top’. Discordant forces will stretch and meld society into new shapes. Those not prepared will have their futures mapped out for them by others who are. Those who are self-sufficient will be best placed to react to this changing world; Bitcoin is the means by which people will be able to have geographic freedom so they can escape coercion. Bitcoin is also the basis for helping like-minded groups to mould a new future.    In this interview, I talk to the serial entrepreneur and market analyst Mark Moss. We discuss peak centralization, the role of a state, the balkanization of society, the need for transparency and truth, and how Bitcoin enables people to free themselves from the tyranny of place.

Location: Los Angeles Date: Thursday 3rd February Project: Coin Stories podcast Role: Journalist The American Dream has enabled the US to act as a beacon to the world: freedom and opportunity are available to all who are willing to strive, sacrifice, and work hard. This ethos was a powerful soft weapon during the cold war, but it still resonates with people all around the world today. That’s why the Green Card is the most sought-after immigrant visa in the world. And yet, those living in the US today are struggling to experience the same chances and sense of fairness previous generations took for granted. Risk-taking, endeavour, playing by the rules - displaying these character traits is no longer a gateway to success; some are even starting to believe that those living by these standards are chumps. The system seems just unjust; life is full of contradictions and hypocrisy. There are increasing restrictions on people’s sovereignty, whilst those in power aren’t playing by the same rules. At the same time, the rights of individuals are upheld in situations where their actions impact the wider society and where interventions and restrictions have sound justification. Will Bitcoin help right the current economic wrongs? In this interview, I talk to Natalie Brunell, a fellow podcaster who hosts Coin Stories. We discuss coming to America, uncovering a failing system through journalism, finding Bitcoin and hope, and developing a mission to fix things.

Location: San Francisco Date: Tuesday 8th February Project: Bitcoin Policy Institute Role: Fellow On both sides of the Atlantic, politicians and regulators are questioning the sustainability of Bitcoin mining. These positions knowingly or unknowingly use narratives and statistics that have been widely dispelled by authorities within our industry. Bitcoin is cited as a major contributor to greenhouse gas emissions, ignoring the detrimental impact of the petrodollar and other institutionally accepted activities. Bitcoin transactions are disingenuously portrayed as being incredibly polluting; as Nic Carter stated “The question of Bitcoin’s energy footprint is riven with misconceptions.” Usage of renewable power for Bitcoin mining is portrayed as being wasteful as though energy use is a zero-sum game, instead of Bitcoin being a flexible load facilitating increased investment and energy production. Satoshi Nakamoto even foresaw energy use as being an issue. In August 2010 Satoshi posted “The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used. Therefore, not having Bitcoin is a net waste.” But, despite the obvious attributes of Bitcoin that mitigates its impacts, powerful stakeholders still use environmental FUD to undermine the industry. What if there was a way to explicitly make Bitcoin mining part of the ESG framework rather than having ESG weaponised against the industry? Such an idea would kick away the ladder for Bitcoin mining detractors. Meet Troy Cross. In this interview, I talk to Troy Cross, a Fellow at the Bitcoin Policy Institute. We discuss his personal journey of reconciling Bitcoin’s energy footprint, the environmental FUD used against Bitcoin, how Bitcoin mining mitigates climate change, and the game-changing idea to incentivise sustainable Bitcoin mining.

Location: Los Angeles Date: Wednesday 2nd February Company: Independent Role: Author The Bitcoin rabbit hole is a confusing, perplexing, and thoroughly exhilarating experience. It involves the dissolving of previous certainties and the discovery of a labyrinthine mass of revolutionary knowledge. It is a life-changing experience. This journey necessitates one to consider profound and fundamental concepts that society has almost uniformly forgotten to question: what is the purpose of money, what is the best money, who decides this for us, what is money backed by? The process is like an awakening from a long and childish dream. The result is a realisation that the status quo should and can be changed. Bitcoin is now ubiquitous; it is easy to forget that it is a nascent and rapidly evolving technology. Despite there being a growing library of valuable information by an illustrious collection of authors, those new to the subject often feel swamped. Particularly as there are factions within the community with sometimes conflicting views and opinions. That is why it is valuable to have material written by people who have been on that journey of discovery, those who have had to unravel the twisted knot of diverse subjects that underpin Bitcoin: computer science, cryptography, economics, finance, banking, philosophy, civics, geopolitics, law. And perhaps most vitally, those able to provide a neutral position on Bitcoin. In this interview, I talk to Eric Yakes, author of The 7th Property. We discuss the genesis of the book, the Federal Reserve, the role of libertarianism in our future, and the foundational and unique strengths of Bitcoin.

Location: Los Angeles Date: Wednesday 2nd February Company: N/A Role: N/A Web3 is a co-opted term that was originally used to describe an internet that gives users greater control over their privacy and data. It is now commonly referred to as the metaverse. The metaverse, originally described in Neal Stephenson's Snow Crash, was a dystopian future that envisions a virtual reality-based successor to the internet. The metaverse has been picked up on by VCs and Silicon Valley and is now promising to revolutionise the way we interact with the internet taking advantage of NFTs and 'crypto'. However, bitcoiners remain sceptical. Over the last 13 years, thousands of projects have come and gone, promising huge innovation with little to back it up, from altcoins that promise to be 'the new bitcoin' to narratives like 'blockchain, not bitcoin' and the ICO boom, and bust. In this interview, American HODL and Junseth take aim at Web3, NFTs and the metaverse and discuss why they believe that it will not only fail but that it doesn't even exist in the first place.

Location: Los Angeles Date: Tuesday 1st February Project: Strike Role: CEO Over the past few years, Jack Mallers has made your “bank account speak bitcoin” with Strike, started the “pay me in Bitcoin” campaign, and was instrumental in onboarding an entire country on to Bitcoin, but he’s only just getting started. Bitcoin is an open monetary network that enables a free market for payments and unprecedented interoperability. With money moving at the speed of lightning on a level playing field, the money and payments industries are being disrupted at a staggering pace. Now, calls are pouring in from massive players trying to understand how the world is changing. So who will Jack orange pill next?  In this interview, I talk to Jack Mallers, CEO of Strike. We discuss his interactions with the IMF, Facebook, Jeff Bezos, and Argentina, and the global implications of the Bitcoin network.

Location: Remote Date: Friday 4th February Project: @HondHondHodl Covid-19 mandates have evolved across the world over the past few years. Such mandates involve limitations on what many previously assumed to be universal freedoms. Whilst restrictions were widely and voluntarily accepted in the early phases of the pandemic, people across the world are now starting to question their efficacy and fairness. Rules imposed by bureaucrats are increasingly being viewed as myopic to wider societal impacts and seemingly slow to account for the latest science. This is resulting in growing dissent. The rejection of government-directed coronavirus measures is arguably most ardent when it affects people's livelihoods. Canada in January imposed a new rule requiring that truckers must be vaccinated to cross the US-Canadian border. Given the geography in Canada, trucking invariably requires trips to and from the US. So, for unvaccinated truckers, this rule would effectively mean they couldn't work.   A resultant protest lit the flame for wider discontent about Covid-19 health restrictions. This rapidly spread such that a nationwide protest movement has been ignited, centred on the nation's capital Ottawa.  The two sides are becoming increasingly entrenched: truckers are preparing for a long period of resistance, whilst the government is increasingly using more draconian measures to break up the protest. The most contentious action, though, has been GoFundMe withholding millions of dollars raised for the truckers.  Bitcoin is now being used to support the truckers: the utility of uncensorable money has perhaps found its most important use case yet in a democratic state.  In this interview, I talk to Bitcoin Strategist Greg Foss, and NobodyCaribou who is documenting the growing trucker protest movement. We discuss the genesis of the protest, Canadian rights and freedoms, the importance of non-violent resistance, the scale of the movement, and how Bitcoin is a vital tool in this fight for freedom. 

Location: Los Angeles Date: Wednesday 2nd February Company/project: TBA Role: Retired Tight End Sean Culkin has lived the dream. An all-round sportsman, he was identified as an American football talent at high school gaining national acclaim in his senior year. There then followed a prodigious college career playing for the Missouri Tigers, which lead to him securing a much sort after professional contract with the LA Chargers. Professional football careers are unnaturally short: injury and commercial pressures mean most players are lucky to experience more than 2 and a half seasons. Sean Culkin had 4 seasons at three teams, albeit his career was effectively curtailed after he tore his Achilles early into his 3rd season. Sean didn’t walk for 5 months, and there then followed the harsh realities of having to seek opportunities away from LA to prove himself again in practice and reserve squads. Then, in May of last year, Sean was released, and he decided to make the fateful decision to retire. The thing is, the dream only manifests as a result of hard work, discipline and sacrifice. Nobody prepares for fate to cruelly cut short a sports career. Then there’s the compounding effect of having to not only find a new path but to replace a life that had been dictated up to that point by routine and teamwork. And do this largely on your own. Sean, by his own admission, struggled with this transition. He went off-grid, and faced some demons. The measure of a person is how they deal with adversity. And Sean has shown that he has fortitude: he’s turned his life around by developing a Proof of Work mindset. In this interview, I talk to the former American football player and aspiring entrepreneur Sean Culkin. We discuss sacrifice and hard work, the rigours and harsh realities of American football, the trap of the fiat lifestyle, learning to live in the present, and the next steps.

Location: Los Angeles Date: Tuesday 1st February Company: Independent Role: Software Engineer and Author In 2005 Ray Kurzweil introduced the idea of the singularity: a point in the near future when artificial superintelligence surpasses human intelligence. In his book “The Singularity is Near”, Kurzweil embraced the benefits such a future presented humans: “Our sole responsibility is to produce something smarter than we are; any problems beyond that are not ours to solve.” Yet, less than 2 decades later, technologists, futurists, and philosophers are now envisaging potentially catastrophic futures for our species. The conversion from the utopian to a dystopian view of the future has roots in the development of the Fermi paradox, i.e. why, despite high estimates for the existence of extraterrestrial life, is there no clear and obvious evidence for it? One theory gaining wider acceptance is that there could be a Great Filter: a barrier preventing intelligent colonisation of the universe. Life may be unable to evolve into advanced civilisations through being unable to manage technologies that manifest existential risks. This is evident with existing innovations: nuclear weapons, biotechnology, nanotechnology, poorly designed AI etc. The risks proliferate when such technology becomes cheap and ubiquitous such that we can all harness great power: it is the democratisation of mass destruction. A range of technologies that can do irreparable harm could be within each individual’s grasp, and our society has enough individuals willing to inflict such harm. So, technology has the potential to destroy us rather than liberate us. How should we mitigate this potential future if it is enabled by continued advances, decentralisation, and increased freedoms? In this interview, I talk to Software Engineer and Author Vijay Boyapati. We discuss the Fermi paradox and the Great Filter, whether solutions involve centralisation and reducing freedoms, if society is best served by democracy, and the inevitable need for humans to escape the earth.

Location: Remote Date: Thursday 27th January Company: Hypersheet Role: Co-Founder Given the unprecedented combination of events that impacted Bitcoin in 2021, it is perhaps not surprising that the market currently feels like it’s in uncharted territory. Patterns of trading behaviour have changed, new investors and trading instruments are influencing the price, and the old cycles no longer seem to apply. This wasn’t forecasted. The rally into the back end of 2021 was expected to be sustained: institutional adoption ramped up. Yet, despite the influx of capital, whales hodling, and even miners keeping hold of their bitcoin, the price has seen a 50% correction since the ATH in early November. However, shorting Bitcoin from this position would be a bold trade. The old coins are still not selling. Further, positive regulatory clarity could kickstart a rush of institutional capital. In this interview, I talk to Willy Woo, on-chain analyst and Co-Founder of Hypersheet. We discuss the current Bitcoin price, why it doesn’t look like a bear market, the breaking of the 4-year cycles, and how he’s positioning his portfolio.

Location: Remote Date: Wednesday 26th January Company: lynalden.com Role: Macroeconomist January 2022 has been tough for Bitcoiners, a lacklustre end to 2021 has been followed by a drawdown. However, the stagnation of Bitcoin’s price has mirrored wider macroeconomic issues as both bond and equity markets react to inflationary pressures. This has resulted in a flurry of criticisms that Bitcoin is not the inflationary hedge it has been purported to be. Yet, the economic rationale that drove Satoshi’s development of Bitcoin is manifest. Decades of relaxed monetary policy, an era of cheap money, has resulted in significant excess capital being generated. A lot of this has been ploughed into US equities. Lyn Alden’s latest newsletter likens the stock market performance over the last 40 years to a sponge soaking up water. Well, that sponge seems to be saturated. The US equities now represent over 61% of the market capitalization of all global stocks. At the same time, inflationary pressures are forcing the hands of governments around to world to raise interest rates. Fears of stagflation abound. The sponge is about to get wrung out. Economic history shows these are the periods when hard money becomes dominant. That’s why hodlers continue to hodl. In this interview, I talk to macroeconomist and investment strategist Lyn Alden. We discuss the signals pointing to the end of the equities supercycle, the risks of energy prices continuing to drive inflation, the IMF and El Salvador, central banks being at an impasse, and Bitcoin’s next play.

Location: Remote Date: Monday 24th January Project: balajis.com, glenngreenwald.com.br Role: Angel Investor & Entrepreneur, Journalist and Author US exceptionalism and continuance of its role as the world's leading power is under threat. Whilst it is arguable whether America has truly lived up to being that ‘Shining City on a Hill’, it’s potential demise and a resultant shifting balance of power eastwards should give those who believe in freedom and privacy pause for thought. The reasons for the current predicament are varied and complex. Whilst there are powerful external forces seeking to damage the US, the most critical wounds are those that have been self-inflicted. Of these, a breakdown of public trust in government and the media are perhaps the most consequential. The impacts are apparent to all: polarisation, ineffective governance, paranoia, stasis. All the while, China continues to make bold and aggressive moves aimed at supplanting the US. All of this has occurred in a relatively short period of time. Just 30 years ago the Soviet Union fell, whilst Chinese nominal GDP was 6% of the US’s. Complacency and a focus on fighting imaginary enemies allowed rot to set in. Does Bitcoin offer an opportunity for the US to regain it’s discipline whilst also living up to the mantle of being the land of the free? In this interview, I talk to angel investor Balaji Srinivasan and journalist Glenn Greenwald. We compare American incompetence to Chinese competence, how Bitcoin offers hope, why the US establishment has struggled to assimilate new technology and the damaging conflict between tech and media over the past 20 years.

Location: London Date: Thursday 13th January Project: LNbits, NOSTR Role: Bitcoin and free open source software advocate What are the politics of Bitcoin? Satoshi in a post in 2008 said “It's very attractive to the libertarian viewpoint if we can explain it properly.” And, it certainly has garnered a strong libertarian following, principally because of its unique utility to undermine governments’ control of money. However, Bitcoiners are a broad church. The original cypherpunks philosophy was predicated on anarchist ideals, to work outside of government controls. This attitude is analogous to a wide variety of political philosophies, including those on the left who feel disenfranchised by the current global capitalist hegemony. There is a strong and growing group of left-leaning Bitcoiners, who see the protocol as a radical means of achieving a fairer society where the levers of power and organisation are controlled by a community rather than elites. This may trigger a powerful section in Bitcoin whose views are antithetical to those on the left. And yet, this broad range of communities with divergent dogmas have all enabled Bitcoin to develop its critical mass. This is because early adopters viewing Bitcoin as a philosophy, whatever that philosophy may be, has inspired ardent advocacy and robust hodling behaviour. It surely underlines the genius of Bitcoin’s protocol if those with seemingly divergent opinions can all lay claim to the benefits of the technology. Furthermore, history has shown that robust societies are ones where ideas are debated, tested, and then synthesized. If we can do this as a community we have a real opportunity to lay the foundations for a more open and fair society. In this interview, I talk to Ben Arc, an industrious Bitcoin and free open source software advocate. We discuss the attraction of Bitcoin to those on the left, Bitcoin as a commons for society, developing open source applications to take on big tech, and Marxism.

Location: London Date: Thursday 13th January Company: Real Bedford Role: Chairman For years I have wanted to buy a football club in Bedford and get them in the football league. Now it’s a reality as I have agreed to acquire Bedford FC and set up the first Bitcoin standard football club: Real Bedford. And, it’s thanks to Bitcoin and its amazing community. There are two prime motivations. Firstly I want an opportunity to play my part and help spread the wider exposure, education, and adoption of Bitcoin. There are many great people I’ve been fortunate to interview over these past few years who have provided real value to the ecosystem. Secondly, I want to give something back to my hometown where I still live: Bedford. Like many small towns throughout the UK and around the world, it has gone through various waves of growth and contraction that have tested its identity. A football club that’s able to compete at the highest levels could provide a positive focal point for the town and put it firmly back on the map. Don’t be fooled into thinking this isn’t without major challenges. I have never run a football club before, we’re 9 leagues below the Premier League, I have other significant commitments, and there’s widespread incredulity about my ambitions. But, this is a boys’ own dream, and I want to take you along for the ride. In this interview, Bitcoin advocate and good friend of What Bitcoin Did Dominic Frisby talks to Peter McCormack, Chairman of Real Bedford. We discuss the dream to help Bitcoin and Bedford, learning to run a football club, and documenting the adventure.

Location: New York Date: Thursday 9th December Company: Casa Role: CEO Not your keys, not your coins. Despite being a central mantra of Bitcoiners, self-custody is still an issue for the ecosystem. Whether it be major institutional investors or new small volume retail buyers, there are material concerns over the risks and technical skills required with being responsible for Bitcoin keys. Whilst delegating custody removes perceived barriers to entry, they present new risks to individuals and the wider network. These new risks may be nebulous and abstract to many. But they are real and significant issues that contravene Satoshi’s central mission for a decentralized self-sovereign system of peer to peer cash. The paradox is that rather than requiring specialist technical skills, modern hardware wallets are both significantly more user friendly and intuitive than their recent predecessors. This is both in terms of the products themselves and the support infrastructure (i.e. helplines etc.) provided by manufacturers. Whilst it may be easy to have someone else store your bitcoin, it is still the case that if you don’t own the keys, you don’t control the coins. The irony is you may only discover this at the time you are in most need of your bitcoin. In this interview, I talk to Nick Neuman, CEO of Casa. We discuss the scale of third-party custodying of bitcoin, the inherent risks of delegating bitcoin custody, the security and support provided to users of hardware wallets, and the latest innovations.

Location: New York Date: Tuesday 6th December Company: Messari Role: Founder & CEO Bitcoin’s architecture uses decentralisation to achieve censorship-resistance and permissionless access to a revolutionary monetary protocol. And despite thousands of altcoins that claimed to be better or faster over the years, Bitcoin reigns as the non-sovereign store of value in the digital world. However, what is not yet clear is if the wider world of ‘crypto’ can achieve similarly permissionless innovation outside of money, or if they are instead ‘decentralised in name only’. Can these protocols resist influence by powerful actors? What is ‘enough’ decentralisation? Will the fundraising-via-token model survive the SEC? Will they adapt to increasing pressure? Is there real innovation, or is it all just a house of cards of venture capital and marketing? Many questions remain. As Bitcoiners it is important to engage those with broader outlooks, even if we have seemingly incompatible ideologies.  The battle of ideas involves free, open, and respectful discussion. In this interview, I talk to the founder and CEO of the research and data firm Messari, Ryan Selkis. We discuss Messari’s industry-leading opus on the state of the ecosystem, Bitcoin and gold, regulation, both sides of the Web3 debate and the differentiation of Bitcoin and ‘crypto’.

Location: Remote Date: Wednesday 12th January Company: Validus Power Corp; Equity Management Associates Role: Bitcoin Strategist; Investment Manager For an extended period of time, a working career for many, the economic system has been going in one direction: interest rates have been declining, whilst bonds have been on an extended bull market. Since the economic chaos of the 1970s, a globalizing world has been aligning around a reasonably stable and predictable financial paradigm. That all changed in 2007 when the global financial crisis turned traditional financial markets upside down. The crisis normalised extraordinary measures like open market operations and quantitative easing. Little did we know that the turmoil of the global financial crisis was setting the stage for even more anomalous actions by central banks. In response to the pandemic, the US treasury in 2020 increased the money supply by 20%. This stimulus was mirrored by governments across the world.  In a collective state of denial, the world's leaders all seem to have believed that this sudden massive injection of money will not have a systemic impact on world economies. The velocity of money would keep pace, that deflationary pressures would balance out, or that these massive sums of new money somehow wouldn’t seep into the ‘real’ economy. Herbert Stein was an American economist, who amongst other things was chairman of the Council of Economic Advisers under Richard Nixon and Gerald Ford. In 1986 he presented Stein's Law: "If something cannot go on forever, it will stop." Unprecedented activity on the bond markets last week suggest that the can being kicked has run out of road; the state of denial may be over. In this interview, I talk to Bitcoin Strategist Greg Foss and Investment Manager Lawrence Lepard about last week's extraordinary activity in the bond markets. We discuss the convergence of economic constraints boxing in the Fed, the pretence of bond value, contagion risks, and using Bitcoin for capital protection at the individual and national level.

Location: New York Date: Friday 10th December Project: Democratic primary for 2022 US Senate election in Ohio Role: Democratic candidate  It is a common refrain that US politics is broken: a two-party system limiting serious debate, corporations corrupting politics via PACs and lobbyists, media monetizing rage, a polarised electorate demonizing the opposition. The themes are well worn, but nothing seems to change. At the same time, society is beset by a growing list of material issues: rising inequality, a squeezed middle class, unprecedented levels of debt, impacts of technology on jobs, climate change, the rise of China, etc. etc. etc.  There are strong grounds to suggest that such issues can only be only mitigated or solved through coordinated action managed by the government. There are equally persuasive arguments that rather than fix things, the government actually exacerbates problems.  If we are to start to repair society, we need to fix politics. This starts with having politicians citizens can trust, politicians that are informed, politicians not beholden to corporations, politicians that make decisions based firmly on the merit of an argument.    Cynicism is justified, but it does seem there is a new cohort of budding representatives on both sides of the political spectrum who want to bring such change. In this interview, I talk to former senior advisor at the Consumer Financial Protection Bureau and prospective Democratic candidate for the 2022 US Senate election in Ohio, Morgan Harper. We discuss her political motivations, removing corporate money from politics, how Bitcoin can help level the playing field, and taking politics out of policy.

Location: New York Date: Wednesday 8th December Company: Former CEO of Blockstream Role: Entrepreneur, VC & Cypherpunk It is a common refrain that we are living in unprecedented times. Yet, the most inconceivable changes to society are ahead of us. A confluence of exponential forces could see our species either flourish or wither. The changes that these forces will bring are fast approaching. A technological singularity is predicted to occur in a generation: innovations will bring rapid change that is both bewildering and uncontrollable. These technologies will become increasingly cheaper and ubiquitous such that the risk profiles associated with misuse will grow significantly. At the same time, we risk seeing the traditional financial systems shatter as exponential growth in debt finally becomes unsustainable and deflationary pressures finally dominate to destroy traditional credit systems.  Bitcoin can’t solve all these problems, but it is a central part of the toolbox of solutions.  In the second of two interviews, I talk to Austin Hill, the entrepreneur, cypherpunk & venture capitalist. We discuss the singularity and vulnerable world hypothesis, how technology can strengthen totalitarianism and the role of Bitcoin in harm reduction. 

Location: New York Date: Tuesday 7th December Company: Former CEO of Blockstream Role: Entrepreneur, VC & Cypherpunk Many are still ignorant of the cypherpunk movement. Yet, it is arguably one of the most consequential enterprises in the history of man.   The rise of civilization has been marked by a slow shift from centralized control to increasing levels of individual sovereignty. This was accelerated by the industrial revolution, with political institutions adapting to facilitate increasing levels of democracy.  Democracy peaked in 1990's: Francis Fukuyama predicted in 1992 universalization of liberal democracy would lead to 'The End of History'. But in only a generation, this certainty of the future has been lost. We are now at a critical junction, where many fear technology could allow for a permanent totalitarian structuring of society.  Cypherpunks seek to ensure the balance of power is in the hands of the individual. Foreseeing the inherent danger to maintaining an open society in the electronic age, they have and continue to devise privacy-enhancing technologies. "We know that someone has to write software to defend privacy, and ... we're going to write it." A Cypherpunk's Manifesto (Eric Hughes, 1993).  The future role of the individual, and the essence of civilization, is in the hands of an informal, diligent, dispersed, and largely unheralded cohort of computer and cryptography experts.  I sat down with Austin Hill, one of the original converts to the cypherpunk movement, and more lately, a pivotal safeguarding figure for Bitcoin. In the first of two successive interviews to be released, we discuss how he discovered the cypherpunks, his challenging early endeavours, a reawakening through Bitcoin, and the risks and opportunities for the future. 

Location: New York Date: Saturday 5th December Project/company: Pragmatic Capitalism, Orcam Financial Group Role: Chief Investment Officer In the 1980’s, Harry Browne devised an investment strategy designed to perform well in all economic conditions. It is referred to as the Permanent Portfolio. Investments are equally allocated to stocks, bonds, gold, and cash. The objective is for the portfolio to perform well in all economic conditions. But Harry Browne’s strategy was developed in a period when short term boom and bust debt cycles were still a feature of economic systems. Since the global financial crisis of 2007, the debt cycle hasn’t been allowed to function properly: recessions have been mitigated through unprecedented governmental monetary and fiscal stimulus programmes. In this new paradigm, where inflationary pressures cast a large shadow, what are the best investment strategies to take? Certain Bitcoiners are all in on the new form of money designed for these times. This does not fit everyone's risk appetite. But, having a portfolio that lacks exposure to Bitcoin risks missing out in a market that could otherwise be devoid of alpha. Then there is also a geographical variable at play: the US has certain inherent strengths that are not available to citizens of other countries, significantly affecting investment decisions.     In this interview, I talk to investment strategist and founder of the educational website Pragmatic Capitalism, Cullen Roche. We discuss the drivers for inflation, the role of government, investment strategies during uncertain times, and the place for Bitcoin in asset portfolios.

Location: Remote Date: Tuesday 28th December Project: Tales from the Crypt, the Rabbit Hole Recap Role: Co-host, host Twelve months ago, we felt 2020 had been a defining year for Bitcoin, yet it pales into insignificance compared to what bitcoin has done in 2021. Microstrategy, Elon Musk, El Salvador, China, the list goes on. And now we have a football club run on the Bitcoin standard! Each event was surprising and seismic. And yet, we end the year feeling like the price has tracked sideways (albeit with the characteristic volatility). Now, the year ends with some red lines being drawn by powerful players on either side of the Web3 debate.  It’s time to take stock, review what just happened and what is in store for 2022. To round off 2021, I talk to Matt Odell, co-host of Tales From the Crypt and host of the Citadel Dispatch. We discuss everything in Bitcoin in 2021, from the Bitcoin podcast space, price action, Elon Musk, El Salvador, Web3 and a Bitcoin Football Club.

Location: New York Date: Wednesday 8th December Project: lynalden.com Role: Macroeconomist These are strange times. The US Dollar’s established role as the global reserve currency is under threat from competing powers, most notably China. However, at the same time, Bitcoin, a nascent and denigrated decentralized digital asset, has grown so rapidly it is now being seriously considered as a potential competitor to all nation-state currencies. The dominant international role of the US Dollar wasn’t inevitable; it was the result of deliberate and coordinated efforts to ensure it replaced gold as the backstop for global economic activity. These measures have had relatively short term benefits for some powerful groups within society but at the expense of the cohesion of the US nation-state and geopolitical freedoms. Inevitably “all pegs break”, and thus, due to various factors, the US dollar is coming under increasing pressure: declining international interest in taking on US debt; increasing geopolitical competition; and domestic fatigue with the unequal societal consequences of having monetary dominance.  Yet, instead of a new nation-state currency replacing the US Dollar, Bitcoin has the potential to be a viable hard money replacement.  The currencies of the world are in flux.  In this interview, I talk to macroeconomist and investment strategist Lyn Alden. We discuss currency wars, positive and negative consequences for the US having a global reserve currency, the consolidation of global currencies and whether Bitcoin can become an alternative reserve currency.

Location: Remote Date: Thursday 23rd December Companies: Hypersheet Role: Co-Founder 2021 has been a year like no other in Bitcoin. The market has matured dramatically with increased institutional interest following the Michael Saylor and MicroStrategy playbook, El Salvador driving nation-state adoption and more sophisticated market instruments with the launch of two US-based Bitcoin futures ETFs. The maturing of the market seems to have broken the typical 4-year cycle around the halving. No longer are we seeing huge parabolic run ups and massive +80% sell-offs. Instead, we have had much more complex price action throughout the year. After hitting mid-$60,000s in May, we had a 50% correction followed by months of consolidation before another run-up and a new all-time high in November.  Now, at the end of 2021, the bitcoin price is ~$50,000, and while it is still the same price as it was in February, so much has changed. So if the traditional market cycles are broken and we are entering a new, more mature period for Bitcoin, what will 2022 bring? In this interview, I talk to Willy Woo, an on-chain analyst and Co-Founder of Hypersheet. We discuss how the price action in 2021, what to expect in 2022 & beyond and how the market has matured.

Location: New York Date: Thursday 9th December Companies: Galaxy Digital; Hut 8 Mining Role: Head of Mining; CEO Satoshi’s white paper introduced the principle of bitcoin mining as both an incentive for creating new blocks, as a means to distribute coins into circulation, and as a means of encouraging nodes to remain honest. Mining is, therefore, the bedrock for Bitcoin. Yet, it is poorly understood even by the most experienced Bitcoiners. The manufacturing of mining hardware is currently dominated by a Chinese duopoly, which in turn depend upon just two Asian semiconductor companies. Whilst the market for mining hardware is more decentralised, a sizable proportion of ownership is in private hands. Thus, it is hard to get reliable data on the size of the market in terms of hashpower, machine units, and mining costs.  Combined with bitcoins volatility, this significant uncertainty makes the financing of Bitcoin mining a complex market. Added to this are the difficulties caused by trade tariffs on Chinese goods and the current drama of ubiquitous supply chain issues affecting chip supplies and freight logistics. Finally, mining companies are in the firing line over perceived environmental impacts. Yet, despite all of these headwinds, Bitcoin mining is a thriving business in both the United States and Canada. Investment is at an all-time high, innovation is driving operations to maximise the hash rate, and the wider world is waking up to how it supports the energy grid and rural communities. In this interview, I talk to Amanda Fabiano, Head of Mining at Galaxy Digital and Jaime Leverton, CEO Hut 8 Mining. We discuss the current ASIC and mining markets, running operations in an uncertain industry during uncertain times, ESG FUD and the future of mining.

Location: New York Date: Sunday 5th December Project: Ethereum Role: Core Developer The Proof of Work (PoW) consensus protocol is under relentless attack.  Earlier this month The House of Representatives held a hearing on digital assets. Rashida Tlaib dismissively questioned Proof of Work PoW, quoting erroneous Bitcoin transaction energy cost data. In response Stellar’s CEO Denelle Dixon implicitly agreed PoW was energy intensive, and that “we all need to focus on minimizing the energy consumption as much as possible”. The next day Ripple’s co-founder Chairman Chris Larsen published a medium article that stated “Bitcoin’s code needs to be changed to a low energy consensus algorithm like those used by nearly all other major crypto protocols.”  Last week CNBC interviewed the CEOs of 2 wealth management firms. One stated the following: “Bitcoin operates on PoW: that’s the older technology, it’s slower, it’s really a drain on energy. Proof of Stake (PoS) is the newer system, it’s where I’d want my money going. It’s less energy intensive. It’s faster. It’s more secure." In potentially the biggest change to any blockchain ever implemented, Ethereum is planning to move from PoW to PoS. PoS has been argued by its proponents (most notably Vitalik Buterin) to not only be less energy intensive than PoW, but to also provide significantly much cheaper security, and greater decentralization. But, the arguments dismissing PoW and recommending PoS are fundamentally flawed. In this interview, I talk to the former Ethereum Core Developer Lane Rettig, who now works as a core developer for Spacemesh. We discuss the history and logic behind PoW, the drivers for developing new consensus protocols, how PoS is set to work within Ethereum, and the significant flaws and risks this proposed change entails. 

Location: Washington D.C. Date: Wednesday 1st December Project: Inter Miami Role: Professional Footballer Ever since Russell Okung's famous “Pay me in Bitcoin” tweet, the trend for professional athletes taking their salary in Bitcoin has been on the rise. Russell teamed up with Strike to take payment in Bitcoin. Earlier this year, Odell Beckham Jr revealed he would take his salary in Bitcoin thanks to Cash App, and most recently, Kieran Gibbs announced his intention to take half his salary in Bitcoin with the help of XBTO. Kieran Gibbs is an ex-England international who built his career playing for Arsenal. He now plays in the MLS with David Beckham's new franchise Inter Miami. In this interview, I talk to Kieran Gibbs, and we discuss his journey down the Bitcoin rabbit hole, his decision to take his paycheque in Bitcoin, as well as his playing career and move to the MLS.

Location: Washington D.C. Date: Saturday 4th December Project: American Economic Liberties Project & Coin Center Role: Director of Research & Research Director 2021 has been a monumental year for Bitcoin for many reasons. As a result, Bitcoin has matured in the minds of casual observers: it is now seriously viewed as a viable alternative to other forms of money. Whilst this is a validation for proponents, such a situation is like a fever dream for those who believe in the primacy of the state. China has banned private digital assets. The IMF is concerned about the impact of digital assets on financial stability. On Wednesday, the lead economist at the IMF stated that urgent international coordination is required to implement regulation. India’s Prime Minister Narendra Modi has echoed these comments. There are also concerns from more vocal advocates for democracy. Such people argue there is no such thing as deregulation: someone is always making the rules. The decision is whether such rules are made within the purview of collective agreement, or by unelected and unaccountable powers. This community thinks Bitcoin undermines the state and thereby democracy. Bitcoin is rightly or wrongly associated with an anarcho capitalist ideology. Yet, the Bitcoin community is a broad church. There is a growing sense that a silent majority who still believe in government, but also see Bitcoin as a powerful check on centralised control. They view Bitcoin as second amendment rights for money.  In this interview, I talk to Matt Stoller: author of ‘Goliath: The 100-Year War Between Monopoly Power and Democracy’, about his recent newsletter post ‘Cryptocurrencies: A Necessary Scam?’. To make the case for Bitcoin I am joined by Coin Center’s Peter Van Valkenburgh. We discuss the issue of power consolidation, the current crisis with democracy, and the monopoly of money.

Location: Washington D.C. Date: Sunday 5th December Project: Bitcoin Today Coalition Role: Leadership & Advisory Board Studies have shown that education improves decision-making ability, that’s not a great surprise. The real breakthrough in the latter part of the 20th century was the identification that educational efforts in adults are best directed at correcting for cognitive bias: our subconscious subjective version of reality that can lead us to making irrational decisions. This issue is widely apparent in the modern world dominated by disruptive technology seeking to undo long established but ineffective human developed systems. That such systems are controlled by power structures dominated by an older generation makes this issue more acute. This is perhaps the greatest risk for Bitcoin: blind or willful ignorance leads to irrational decision making at the level of the state. That is where organisations such as the ‘Bitcoin Today Coalition’ come in. It is an interest group representing Bitcoin holders and the wider Bitcoin industry. One of its core aims is to increase Bitcoin literacy within America’s legislative and regulatory bodies.  In this interview, I talk to 2 leaders of the Bitcoin Today Coalition: CJ Wilson and Amanda Cavaleri. We discuss educating the political class on Bitcoin and how it can make a strong America through strengthening energy grids, revitalizing rural economies, and giving those on the bottom economic rung equal access to a financial system.