Read_639 – How Fedimint Scales Bitcoin Custody [Namcios]
“Fedi and Fedimint will help put monetary power back into the hands of everyone, everywhere,” said Fedi Inc. co-founder and CEO, Obi Nwosu, in a statement. “This creates brighter futures for billions and especially for those struggling under oppressive regimes, which ultimately makes the world a better place.” – Namcios
The cypherpunk mission of Chaumian Ecash may finally be realized, as a federated payment model on top of Bitcoin. Fedi, the company implmenting a user-friendly, community custody system for the Fedimint protocol, raised $4 million recently to bring this technology to market. There are numerous trade offs, but it remains a very unique and fascinating technology to add to the Bitcoin stack. This will act as an introduction to the idea as we dig further into it in future episodes. Enjoy!
Check out the original article by Namcios, and on Bitcoin Magazine:
https://bitcoinmagazine.com/technical/how-fedimint-scales-bitcoin-custody
Check out Obi’s speech from Bitcoin2022, and the Fedi crew getting into the details on TFTC:
Bitcoin2022 Obi – https://youtu.be/OwJL0J_nPDE?t=14319
TFTC – https://www.youtube.com/watch?v=b67lfH0SoYY&t=0s
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Read_638 – What is Money Anyway? Part 3 [Lyn Alden]
“Like any powerful technology, bitcoin can be used for good or ill. As proponents of the technology like to say, bitcoin is “money for enemies” because it’s a bearer asset that can be verified rather than trusted, and it’s hard to block payments for anyone. It’s like a commodity; something that can be partially regulated within certain jurisdictions but that in the holistic sense, exists outside of anyone’s control.” – Lyn Alden
Today we hit the third and final part of Lyn Alden’s incredible breakdown of the history and nature of money, and how it enlightens the changing monetary landscape and the rise of digital assets. Check out the tons of great links and other works below to continue down the rabbit hole:
Original article: https://www.lynalden.com/what-is-money/
Nick Szabo – Shelling Out: https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/
Wittgenstein’s Money: https://open.spotify.com/episode/1eVvYlfTRG7zGjkZW8klIE?si=02d4eaa72fe642c4
Bitcoin First: https://open.spotify.com/episode/2bbmhdkHH1vcM31uo5Mimd?si=1dbebc2c2a9e46a1
Bitcoin Energy Consumption isn’t a Problem. Here’s Why: https://www.lynalden.com/bitcoin-energy/
Banks, QE, & Money Printing: https://www.lynalden.com/money-printing/
Check out our amazing sponsors and the products that Guy uses most in the space:
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Read_637 – What is Money Anyway? Part 2 [Lyn Alden]
“To put it into perspective, this international monetary system based around centrally-managed fiat currency is only 16 years older than me. My father was 36 when the US went off the gold standard. When I grew up, after a period of financial hardship, I began collecting gold and silver coins as a kid; my father gave me silver coins as savings each year.
The Swiss dropped their gold standard when I was twelve years old, which was six years after Amazon was founded, and three years before Tesla was founded. The fiat/petrodollar standard is only four times older than bitcoin, and only two times older than the first internet browser. That’s pretty recent when you think about it like that.” – Lyn Alden
Today we hit part 2 of the excellent write up by Lyn Alden breaking down the fundamental nature of money, and how we have found ourselves in this contradictory fiat currency world. This section is amazing and we will be having a follow up to tear into the pages of notes I took while going through this one. Subscribe so you don’t miss it!
Link to Lyn Alden’s piece and the incredible other work she has on her blog:
https://www.lynalden.com/what-is-money/
Other great works to explore:
Nick Szabo – Shelling Out: https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/
Wittgenstein’s Money: https://open.spotify.com/episode/1eVvYlfTRG7zGjkZW8klIE?si=02d4eaa72fe642c4
Check out our amazing sponsors and the products that Guy uses most in the space:
• The best place to onboard a true Bitcoiner – Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)
• Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold)
• Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com
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Read_636 – What is Money Anyway? Part 1 [Lyn Alden]
“If a money (the most salable good) is easy to create more of, then any rational economic actor would just go out and create more money for herself, diluting the whole supply of it. If an asset has a monetary premium on top of its pure utility value, then it’s strongly incentivizing market participants to try to make more of it, and so only the forms of money that are the most resistant to debasement can withstand this challenge.” – Lyn Alden
The true rabbit hole of Bitcoin begins at the question, “What is Money?” It is the heart of Bitcoin’s fascinating nature, and its historical breakthrough. If you were looking for an entry point to the Bitcoin idea, Lyn Alden brings a phenomenal piece by asking the simple question, that ultimately unlocks a never ending rabbit hole… “What is Money, Anyway?”
This will take a few episode to get through entirely, so let’s get started…
Link to Lyn Alden’s piece and the incredible other work she has on her blog:
https://www.lynalden.com/what-is-money/
Other great works to explore:
Nick Szabo – Shelling Out: https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/
Wittgenstein’s Money: https://open.spotify.com/episode/1eVvYlfTRG7zGjkZW8klIE?si=02d4eaa72fe642c4
Check out our amazing sponsors and the products that Guy uses most in the space:
• The best place to onboard a true Bitcoiner – Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)
• Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold)
• Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com
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Read_635 – 21 Million is Non-Negotiable [Zach_of_Earth]
“Imposing limitations on monetary goods has always required tremendous amounts of time and energy, and trust. And yet, with all our efforts, we still have been unable to fix the supply of any of the modern monetary assets of the world. Someone, somewhere, has always found a way to increase the supply. Whether because of some emergency reason to protect the greater good, or out of sheer greed, or out of complete ignorance, humans have succeeded 100% of the time in debasing the monetary premiums of all goods in all of recorded human history.
And then, there was Bitcoin.” – Zach_of_Earth
Today’s read by Zack_of_Earth speaks for itself. The fixed supply is the core innovation of Bitcoin, 21 Million Is Non-Negotiable. Just press play.
Link to the original article:
https://medium.com/@Zach_of_Earth/21-million-is-non-negotiable-a51475e424a7
Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts:
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Read_634 – The Words we Use in Bitcoin [DerGigi]
“In a world awash in euphemisms and blatant lies, calling something by its proper name is rebellious in itself. Bitcoin is about freedom and self-sovereignty, not about asking for permission. It is about independence and verifiable truth; extreme ownership and responsibility; hope and human rights.
The best way to fight bad ideas and bad terminology is with good ideas and good terminology. Thus, we should all make an effort to call things by their proper names, try to understand their inner workings, and explain them in simple terms to others.” – DerGigi
The words we use in Bitcoin matter. The names we give things form our relationship with them, and how we frame them in our minds. We must not let others modify our language against the interests of sovereignty and freedom. And we must strive to be accurate in our own words and descriptions so we do not ourselves, spread misunderstanding. A must listen/read.
Link to the original and tons of other great works by Gigi, plus many translations of the piece in other languages:
https://dergigi.com/2022/06/27/the-words-we-use-in-bitcoin/
Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts:
Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox)
Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)
Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold)
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Read_633 – The Utility of Saving [Pierre Rochard]
“People hold money to hedge against future uncertainty. This is why it is so crucial for a monetary system to optimize for minimizing its own uncertainty. Bitcoin’s purchasing power is an external quantitative risk that can be insured against, not an internal qualitative uncertainty.” – Pierre Rochard
Link to the read:
https://pierre-rochard.medium.com/the-utility-of-saving-c56f7c170fc1
Check out Pierre on Twitter:
twitter.com/bitcoinpierre
Dig deeper into these ideas with an excellent piece from Hans Hoppe we covered ages ago on the podcast:
The Yield From Money Held Reconsidered: https://open.spotify.com/episode/67dqOHWLX9NRmAs4S0G9XQ?si=866f483f885a43e0
Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts:
Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox)
Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)
Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold)
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Read_632 – Can Governments Stop Bitcoin? [Alex Gladstein]
“Coding, mining, infrastructure, and markets are all independent, happening in competing jurisdictions and geopolitical rivals, often done by anonymous or pseudonymous actors, all with different philosophies and goals, but with one uniting motivation: to keep Bitcoin going.” – Alex Gladstein
Bringing back an article from a year ago from the always fascinating Alex Gladstein. “Can Governments Stop Bitcoin” is a short exploration of the potential attack vectors via government bodies and how Bitcoin protects or negates them through incentives, its global neutrality, & political game theory. A fun piece to revisit with everything that has happened in the past year. Not to be missed before we get psychotically bullish for tomorrow’s episode. Subscribe so you don’t miss it.
Check out the original article below from Quilette:
https://quillette.com/2021/02/21/can-governments-stop-bitcoin/
Mentioned in the episode, check out Jack Mallers on WBD podcast:
Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts:
Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox)
Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy)
Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold)
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Read_631 – The ECB is Trapped, Here’s Why [Lyn Alden]
“Base money is a liability of the central bank, and it’s used as a reserve asset by commercial banks. Broad money is the liability of commercial banks, and it’s used as a savings asset by the public. Treasuries are liabilities of the federal government, and they’re used as collateral by the central bank and commercial banks.
In other words, liabilities are collateralized by other liabilities, all the way down.” – Lyn Alden
Today we dive into another great piece from Lyn Alden’s newsletter on the macro situation. What happens when you build a monetary system from nothing but liabilities, and then manipulate the price of interest such that the economy goes ever deeper into debt? Unfortunately we are all about to find out. But luckily we have Lyn Alden to break it down for us, with Read_631 on Bitcoin Audible.
Link to the article and other great stuff on Lyn’s investment blog:
https://www.lynalden.com/ecb-trapped/
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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Read_Reboot – Everyone’s A Scammer [Michael Goldstein]
With the markets in chaos, with services halting withdraws, & Everyone’s a Scammer” by Michael Goldstein, is one of those works. Another piece that stood the test of time made available by the Nakamoto Institute, not to be missed by any serious Bitcoiner out there.
Don’t forget to check out Goldstein’s amazing work and the enormous collection of quintessential Bitcoin writings over at the Nakamoto Institute:
https://nakamotoinstitute.org
Mentioned in the Guy’s Take, check out Marty’s Bent on the Cascading Interconnected risk in today’s markets:
https://traffic.megaphone.fm/CSN7309346620.mp3?updated=1652737260
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
• Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.
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Read_630 – Cry Harder [Francis Pouliot]
“Bitcoin is a lifeboat on the sinking fiat ship. Lifeboats on a sinking ship don’t need a marketing department.” – Francis P.
As New York puts a ban on Bitcoin mining in the state, as the white house decides it’s going to come up with “Bitcoin mining policy guidance,” it seems like a good time to prepare our response. Cry Harder. Francis Pouliot brings us a fun and short exploration of Brandolini’s law, the problem of arguing with idiots, & why Bitcoin isn’t changing, no matter how much the haters squeal. You are in for a treat.
Link to the original article:
https://medium.com/@francispouliot/cry-harder-31a599a2e343
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
• Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.
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Read_629 – On Impossible Things Before Breakfast [NYDIG]
“The reverse of that process – a so-called “death spiral” – was inevitable. Any time the immeasurably over-levered global fiat monetary system, for whatever reason, experienced one of its periodic external shocks that skyrockets immediate demand for actual US dollar liquidity, UST investors would demand USD liquidity faster than the brittle and fundamentally flawed Terra ecosystem could provide. At some point, one UST would be worth materially less than one USD, further rattling investors and kicking off a classic bank run. Worse, with algorithmic certainty, the UST bank run would be accelerated by a corresponding hyperinflation in LUNA.” – Ross Stevens, Nic Carter, Allen Farrington
“A post-mortem on Terra, a pre-mortem on DeFi, and a glimpse of the madness to come.” Another amazing piece from NYDIG, this one detailing out the inevitable collapse of TerraUSD/LUNA algorithmic stablecoins, and a warning about the fragility and leverage that threatens the same end for the DeFi ecosystem, to follow up with the exciting things being built on top of the Bitcoin and Lightning network stack. Dont miss this one.
Some great previous reads for digging further into the ideas covered in the show:
Shelling Out: The Origins of Money – https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/
Only the Strong Survive – https://open.spotify.com/episode/7u8mzgKk1nQcwpz9EjIiet?si=1b5c0272a08c4f0a
Time Value of Bitcoin – https://bitcoinaudible.com/the-time-value-of-bitcoin/
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
• Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.
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