***"The dollar is going to continue to lose purchasing power. Bitcoin is going to continue to gain purchasing power. It's going to keep on happening over the rest of the century. We will at some point have enough people that have most of their wealth in bitcoin that they don't have anything else to spend and they will start to spend their bitcoin. And when they start to encounter more people like them on the other side of the transaction, they will no longer convert to some other currency on the merchant side for that transaction."

~ Cory Klippsten***

Swan CEO Cory Klippsten and I explore how Bitcoin can win over the long run without requiring a dramatic dollar collapse or Weimar-style hyperinflation. We discuss why true medium-of-exchange use is likely a far-off phase that only comes after Bitcoin dominates as a store of value, how stablecoins have absorbed today’s payments demand, and what that means for builders.

We also tackle the Coldcard exploit and current self-custody tradeoffs, Swan’s spectrum from pure self-custody to multi-institution solutions, and the psychological grind of a boring bear market. Meanwhile, Bitcoin is quietly becoming the fastest horse in a three-way race with the U.S. dollar and gold. You just have to know what to look for.

Chapters

(00:00:00) - Introduction

(00:05:30) - Journalism and content creation

(00:22:07) - Deflation myths and Japan sound money misconceptions

(00:26:03) - M2 money demand and USD global dominance

(00:30:40) - Stablecoins dominating the Bitcoin payment industry

(00:38:47) - Atomic networks and merchant adoption

(00:49:09) - Ignoring Bitcoin price regression models

(00:51:56) - Fallout from the Coldcard exploit

(01:02:25) - Why companies must segregate data

(01:04:53) - Exploring collaborative Bitcoin custody solutions

(01:13:49) - Managing expectations during bear markets

(01:16:32) - How the 'decentralized' crypto industry simply rebuilt Wall Street

Guest Links

Cory Klippsten on X (Link: https://twitter.com/CorySwan/)

Swan Bitcoin's Website (Link: https://www.swanbitcoin.com/)

Outside Money with Cory Klippsten's YouTube playlist (Link: https://www.youtube.com/playlist?list=PLMTpYxqzjiK0)

Affiliate Links

Host Links

⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this Take episode, I break down the “Great Hackening” ripping through Bitcoin right now – from Coldcard’s catastrophic entropy bug to Liquid’s recent 4,000 BTC exploit, Lightning implementation issues, and a few major wallet update and data breaches.

I also explain how AI has completely flipped the economics of attack and defense, why Bitcoin is the canary in the digital coal mine, and what practical steps you must take to protect your stack. This episode is a roadmap for surviving and ultimately benefiting from this brutal security stress test.

Chapters

(00:00:00) - The Great Hackening begins

(00:00:54) - Coldcard RNG catastrophe

(00:04:50) - Liquid's 4,000 BTC hack

(00:10:18) - BitBox vulnerability disclosure

(00:13:32) - Core Lightning bugs

(00:18:31) - LND and Eclair disclosures

(00:20:06) - Sparrow Wallet security hardening

(00:21:13) - Trezor and Ledger data breaches

(00:25:03) - AI and new attack economics

(00:30:29) - Hardening Bitcoin and sovereignty

Affiliate Links

Host Links

⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

References from the episode

Liquid docs:

https://tinyurl.com/4344k3j9

https://tinyurl.com/yc88rx74

https://tinyurl.com/4cxy9z7t

Liquid Network Hack: https://tinyurl.com/464h9xdk

Liquid Network incident update: https://tinyurl.com/mw7r8ss6

BitBox 08.2026 Dixence: https://tinyurl.com/zma42ps9

LND vulnerability disclosures:

https://tinyurl.com/3j8m5vr5

https://tinyurl.com/248s2faa

Eclair v0.14.2: https://tinyurl.com/2j3vzme4

Sparrow v2.5.4: https://tinyurl.com/cpeh9w3k

Trezor shipping provider breach: https://tinyurl.com/39udu3nn

Ledger payment processor breach: https://tinyurl.com/27dntpu8

In this third Coldcard Q&A, I tackle entropy, device trust, DIY signers, and why I’m leaning harder than ever on multi-sig. I walk through why understanding encryption must become a mandatory survival skill, rather than a niche hobby, if we want to resist a dystopian future. I also share where I moved my personal stack, explain how multisig actually saved me, and explore the impossible ethical nightmare of white-hat hackers trying to rescue compromised wallets.

Chapters

(00:00:00) - Introduction

(00:00:22) - The future of Coinkite

(00:02:28) - Refunds or going dark?

(00:03:57) - DIY signing devices

(00:05:24) - The end of mass adoption?

(00:07:55) - Guy's personal setup

(00:11:18) - Trusted companies and multisig

(00:12:15) - RBF, Knots and slipstream

(00:14:54) - White-hats and ethics challenges

(00:18:07) - Closing thoughts

Affiliate Links

Host Links

⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

The roundtable is back, but we're missing a familiar face. Mechanic has officially stepped down from Ocean, so it’s just Jeff, Steve and I digging into the aftermath of BIP110, from why the soft fork failed to what Luke and Mechanic’s departure means for Ocean and Bitcoin Core’s influence.

We debate whether the real existential risk is block-template centralization, how much BIP110 helped or hurt Knots and Ocean, and why some of us think the strategy overplayed its hand. We close with a wild proposal to pressure Coinbase into proving reserves using their wrapped BTC token, and what true Bitcoin “bank runs” might look like in the future.

Chapters

(00:00:00) - Introduction

(00:04:48) - The BIP-110 aftermath

(00:16:13) - Mining decentralization versus spam filtering

(00:22:56) - Tapscript, OP_IF, and breaking consensus rules

(00:30:31) - The importance of Stratum V2 and block templates

(00:53:09) - Mining economics on the BIP 110 fork chain

(01:11:29) - The Coldcard incident and state-sponsored attacks

(01:31:57) - Force proof of reserves on Coinbase

(01:44:32) - The Great Consensus Cleanup

(01:58:44) - Ron Paul, stepping stones, and sound money

Guest Links

Steve Simple Nostr (Link: https://tinyurl.com/3s6a8yn8)

Steve Simple on X (Link: https://x.com/stevesimple)

Jeff Swann Nostr (Link: https://tinyurl.com/3sjc3bcp)

Jeff Swann on X (Link: https://x.com/agoristview)

Affiliate Links

Host Links

⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this episode I continue unpacking the Coldcard RNG disaster, wrestling with whether it was malicious or just shockingly incompetent design and attitude. I walk through how arrogance, licensing changes, and convoluted security theater may have let a fundamental failure sit unnoticed for years, possibly causing key collisions and bizarre “free Bitcoin” situations. I also warn about fake Sparrow and Wasabi mobile apps ruggedly stealing funds from people scrambling to move their funds, and set up a part three focused on lessons learned and best practices.

Chapters

(00:00:00) - Introduction

(00:00:51) - Malice vs incompetence

(00:02:10) - Security theater concerns

(00:03:35) - Tinfoil theory and NVK

(00:06:59) - Source-available code shift

(00:07:37) - RNG bug explained

(00:09:11) - Arrogance and oversight

(00:11:00) - Key collisions stories

(00:14:11) - Fake apps and closing thoughts

Affiliate Links

Host Links

⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this Guy's Take, I walk through listener questions and comments on the Coldcard random number generation failure and what it really means for Bitcoin self-custody. We dig into why the RNG bug went unnoticed for years, the difference between source-available and truly open source hardware, and how dice rolls and strong passphrases change your threat model. I also share how I’m thinking about safer setups going forward.

Chapters

(00:00:00) - Why Coldcard Questions Remain

(00:01:18) - Features vs Core Failure

(00:03:19) - Speed Over Security Risk

(00:04:54) - Car Without An Engine

(00:06:06) - RNG Paths And Failsafes

(00:08:32) - Open Source Trap

(00:10:36) - Dice Rolls And Passphrases

(00:14:30) - Rolling Your Own Entropy

(00:16:21) - Using Coldcard As Signer

(00:17:48) - Key Takeaways

Affiliate Links

Host Links

⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

***"In the early days, the average user could probably use a Coldcard and know the amount of entropy required. The average Bitcoin user today, no clue. And so the times have changed, our message should have changed. And where I come down to is essentially what you said HODL, you should custody your bitcoin at the level that you are ready for. And that is a process. Day 1, don't shame someone for using an ETF. Applaud them for exposure and remind them that this isn't the end and as your experience, your knowledge, your position size increases, you may want to change that custody model and that's okay."

~ Brandon Quittem***

Today, I'm sitting down with American HODL, Erik Cason, and Brandon Quittem for a conversation that swings between total despair and genuine optimism.

We are facing a massive reckoning in the Bitcoin space right now. The recent Coldcard exploit and other vulnerabilities have shattered a lot of illusions. And frankly, we misled a lot of newcomers into thinking self-custody was easy. The fallout has been tragic for many who lost their savings. In this chat, we confront the uncomfortable truth about toxic maximalism, groupthink, and the arrogance that led us to trust blindly.

But it's not all doom and gloom. We discuss the practical tools we have at our disposal today to build real resilience. We debate the true meaning of self-custody, why holding ETFs isn't a sin, and how local AI models can actually help you harden your setup. The stakes are simply too high to keep relying on bad heuristics. You need to hear this if you want to protect your stack and your family from what's coming next.

Chapters

(00:00:00) - Introduction

(00:05:34) - Self-custody gut punch

(00:14:22) - Bullet-proof multisig

(00:29:23) - Why this hack hurts more

(00:38:07) - Self-custody for the many

(00:49:32) - Diversify your attack surface

(01:13:02) - Freedom tech to stay free

(01:35:43) - What's on the horizon

(01:56:30) - White pill your neighbors

Guests Links

American HODL on X (Link: https://twitter.com/americanhodl8)

Erik Cason on X (Link: https://twitter.com/Erikcason)

Brandon Quittem on X (Link: https://twitter.com/Bquittem)

Affiliate Links\

Thousands of careful Bitcoiners just got wiped out by a Coldcard entropy bug, and I use this episode to push back hard on the idea that self-custody is dead, and "don't trust, verify" failed us.

I walk through the brutal history of centralized custodial failures, explain why "holding your own keys is still orders of magnitude safer, and extract three real lessons from this recent disaster. This is about keeping perspective, learning the right lessons from pain, and making Bitcoin self-custody stronger, not weaker.

Chapters

(00:00:00) - Intro

(00:00:41) - Is self custody pointless

(00:03:07) - Only tradeoffs exist

(00:05:16) - History of exchange hacks

(00:08:27) - Custodial total losses

(00:08:27) - Not your keys

(00:09:35) - Coldcard loss in context

(00:10:55) - Bitcoin as antifragile

(00:11:46) - Open vs source available

(00:12:39) - Audits and entropy

Affiliate Links

Host Links

⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

References from the episode

Forbes: https://urlfy.org/RDRfIkQ

Bitcoin Magazine: https://urlfy.org/mcBm04r

Crypto Briefing: https://urlfy.org/wmWw1di

X: https://urlfy.org/9iTPaOL

Okumaru Goro: https://urlfy.org/KJW9ATL

Crypto Briefing: https://urlfy.org/13bbT8t

Coldcard Hack Tracker: https://urlfy.org/9CIZMk8

Coinkite Blog: https://urlfy.org/4OAm8cd

Bitcoin Stack Exchange: https://urlfy.org/Yn4V8o8

Technology Innovators: https://urlfy.org/YU4yHhe

NVK.wtf: https://urlfy.org/e6FRNTR

DanB Blog: https://urlfy.org/WqQKqCm

BitBox Blog: https://urlfy.org/mlJe2ct

Bitcoin Well: https://urlfy.org/jyosFLM

Lopp Blog: https://urlfy.org/UQGBXZP

Crypto University: https://urlfy.org/DoHZ1ca

OneKey: https://urlfy.org/nBMCpX0

Spark Money: https://urlfy.org/c1WCJBu

Spiral Substack: https://urlfy.org/Pdm0e5a

GitHub: https://urlfy.org/P3mkfhF

BBC: https://urlfy.org/OVg8W2B

Reuters: https://urlfy.org/oir88KO

The Independent: https://urlfy.org/Smd5e7W

CoinDesk: https://urlfy.org/1EGotje

YouTube: https://urlfy.org/0yjQMzO

***"I think that self custody is not going to be dead. I think that there is going to have to be a group, a vanguard of people that do this and take it seriously. The revolution won't work without that. Everything under the spectrum is acceptable. But if you know what you're here for, you got to put pressure against those systems. And that is by taking the self-custody yourself. That's why we make tools for those people."

~ Lloyd Fournier***

Self-custody is not dead, but it is a ridiculously hard problem to solve. And recent events have proven that hardware wallets are not the infallible fortresses we sometimes pretend they are. I sat down with Lloyd Fournier, the cryptographer and architect at Frostsnap, to talk about what it actually takes to secure your Bitcoin when you can't even trust your own devices.

We get straight to the weeds on how Frostsnap is rethinking multisig by using Shamir secret sharing to sign transactions without ever reconstructing the private key in one place. But we also tackle the elephant in the room: the recent Coldcard entropy vulnerability. Lloyd also explains exactly how the Dark Skippy attack works, why bad random number generation is fatal, and why hardware wallet manufacturers are ultimately trusted third parties.

We also shift gears to talk about alternative cryptography, and the magic of BLS signatures and why they completely remove the need for randomness during signing. And of course, we had to address the quantum computing threat. Is the danger real, or is it mostly academic noise? We debate the best way for Bitcoin to safely migrate if quantum computers ever actually materialize, including a really clever idea for a quantum canary bounty.

This is a must-listen if you approach self-custody with an adversarial mindset.

Chapters

(00:00:00) - Introduction

(00:06:59) - Lloyd Fournier's background and building Frostsnap

(00:19:07) - Why software is a multisig single point of failure

(00:28:22) - Dark Skippy and hardware wallets attacks

(00:33:33) - Breaking down the Coldcard entropy vulnerability

(00:43:05) - Why self-custody is mandatory for Bitcoin

(00:55:14) - BLS signatures and removing randomness from signing

(01:09:40) - The quantum computing threat

(01:18:22) - Soft forks and quantum canary bounties

(01:30:38) - Hash-based signatures and stateless cryptography

(01:41:29) - Red teaming hardware wallets using AI models

(01:51:04) - Why everyone must eventually learn self-custody

Guest Links

Lloyd on X (Link: https://twitter.com/LLFOURN)

Frostsnap on X (Link: https://twitter.com/FrostsnapTech)

Frostsnap's Website (Link: https://frostsnap.com/)

Affiliate Links

Host Links

⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this episode, I unpack the claim that BIP110’s failure proves corporate miners and suitcoiners now control Bitcoin. I walk through the real dynamics between miners and validating nodes, compare BIP110 to the UASF, and explain why broad consensus is strictly required to change Bitcoin’s rules. Ultimately, BIP110’s failure actually confirms Bitcoin’s defensive power structure rather than undermining it.

Chapters

(00:00:00) - Who Really Controls Bitcoin?

(00:02:15) - Defining 'real' Bitcoin nodes

(00:02:57) - Horse and carriage analogy

(00:04:20) - Why did BIP110 failed

(00:04:42) - What UASF and SegWit meant

(00:05:43) - New York Agreement bluff

(00:06:24) - Why UASF worked

(00:09:56) - Has anything changed?

Affiliate Links

Host Links

⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney)

⁠Guy on X ⁠(Link: https://twitter.com/theguyswann)

Guy on Instagram (Link: https://www.instagram.com/theguyswann)

Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)

Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)

Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)

⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible)

The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)