"The recurring cycle of economic booms followed by inevitable busts has remained a puzzle for generations of observers. While mainstream Keynesian and monetarist theories propose monetary interventions to smooth these fluctuations, the Austrian School offers a compelling and alternative perspective"

~ Michael Matulef

The bust will not be escaped. We cannot print our way out of it, we cannot cover it up with more artificial interest rate controls. We have drunken ourselves into an economic and financial stuper for far too long, we have avoided the hangover with another massive bender decade after decade - so long that we've lost sight entirely of the purpose of investment, the culture of sustainable capital, and the very reason for frugality and sustainable savings. The crash will hurt, but its the *solution*, not the problem.

Find out why in today's excellent article by first time author on Bitcoin Audible, Michael Matulef: The Inevitable Bust: Why Economic Booms Contain the Seeds of Their Own Destruction | Mises Wire. (Link: https://tinyurl.com/3zsw982z)

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"We are all humiliated by the sudden discovery of a fact which has existed very comfortably and perhaps been staring at us in private while we have been making up our world entirely without it.”

~ George Eliot

"Our first instinct when interacting with a Large Language Model should not be “wow these things must be really smart or really creative or really understanding”. Our first instinct should be “I’ve probably asked it to do something that it has seen bits and pieces of before”. That might mean it is still really useful, even if it isn’t “thinking really hard” or “doing some really sophisticated reasoning”. We don’t have to use anthropomorphization to understand what it is doing to provide us a response."

~ Mark Riedl 

Today we dive into a great piece from Mark Riedl attempting to demystify ChatGPT and large language models. Are they thinking? do they understand reason? Can we even understand what is happening inside these intelligent machines or have we created something we cannot control?

What if the truth is far simpler, and actually easy to understand? And we can cut through all the hype, fear, and confusion, to get at the heart of what this technology really is, and what an incredible tool it can be.

Don't miss this incredible piece.

Check out the original article - and drop tons of applause - at A Very Gentle Introduction to Large Language Models without the Hype | by Mark Riedl | Medium (Link: https://tinyurl.com/2wm4nmeu)

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"Ultimately, my goal with Coinos is to make Bitcoin a super simple user interface for "normies" to be able to come on and not have to understand how things are working under the hood... Just get on the website, make your account and you're good to go."

- Adam

Today we bring on the team from Coinos on the developing merchant market, how to build tools and services in an uncertain regulatory environment, and how to onboard your local market into the Bitcoin ecosystem easily and for their benefit. They've built a tool to simplify interfacing with Bitcoin and Lightning, and soon Liquid as well, to make the next era of adoption, the one that finally expands to a global, brick and mortar marketplace. The era of Bitcoin commerce is coming, it's time to prepare accordingly.

Check out our guests and follow the project on Twitter and Nostr below:

Coinos on Nostr

Adam on Nostr

Coinos Website

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Is Bitcoin destined to become another fiat system? Where we end up in a world where the dominant instrument isn't Bitcoin at all, but just more IOUs? Where Bitcoin substitutes replace real Bitcoin? Does it not just become another fiat system, or are there fundamental incentives and technological trends that prevent this and push us ever closer to total sovereignty? With smaller and smaller communities and institutions able to organize and exit in an independent way... where a Bitcoin world means a free world?

It's time for a follow-up to Eric Yake's and Axiom BTC's amazing piece, "Banks without bankers."

Get ready for another "Guys Take" episode.

-The 7th Property

-Broken Money

-The Fiat Standard

-Freedom & Exit

A huge thanks to our sponsors, and don't forget to check out the offers for the listeners of this show!

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"Finish each day and be done with it. You have done what you could. Some blunders and absurdities no doubt crept in; forget them as soon as you can. Tomorrow is a new day. You shall begin it serenely and with too high a spirit to be encumbered with your old nonsense.” ― Ralph Waldo Emerson

"Unique to the emergent Bitcoin financial system is the application of cryptography to fundamental financial functions. Novel technologies exist, are being built, and have been theorized that will enable previously unseen functionalities, robustness, and, ultimately, competition amongst Bitcoin financial intermediaries. Key to these novelties is the characteristic of peer-to-peer (“P2P”) exchange; that Bitcoin financial intermediaries will surely exist as commercial options, but that newly possible direct manipulation and exchange will exist as well."

-Eric Yakes

The future of Bitcoin remains uncertain in terms of scalability, privacy, storage, and payment applications. The application of cryptography to financial functions introduces novel technologies and potential competition among intermediaries. Can Bitcoin achieve true decentralization? Or will trusted third parties jeopardize the entire system? How will the balance between custodial and self-custodial options shape the future of Bitcoin? In Eric Yakes’ analysis, he explores the implications of the new financial paradigm we find ourselves in as Bitcoin continues to assert its dominance as an asset enabling true financial sovereignty.

Check out the original article at: ⁠Banks Without Bankers

A huge thanks to our sponsors, and don't forget to check out the offers for the listeners of this show!

LIGHTNING IS DEAD! Did you hear about the new exploit discovered that may be the "nail in the coffin" of the broken and defeated Lightning network? I bet you did, but did anyone you heard it from actually know how it worked?... Probably not. That's what we dive into today, trying to make sense of the new Lightning exploit, how it works, the risk, and whether or not the sky is falling. Find out in today's Guy's Take episode.

A shout out to Shinobi, Matt Corallo, John Carvalho, and numerous people on the mailing lists and other platforms who helped to throughly explain this bug so that I could make some sense out of it.

Major thanks to our amazing sponsors who keep this show alive:

Don't forget to check out Prodcast.io and keep an ear out for Lyn Alden's incredible book coming soon to Audible!

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"It is better to be hated for what you are, than to be loved for what you are not." — Andre Gide

"We have no interest in causing confusion, mistakes, or deception. That sounds more like a job for those responsible for telling the market they wouldn’t raise rates after a massive monetary expansion, and then went on to raise them faster than at any time in U.S. financial history." — Mark Goodwin

Today we have a very entertaining development thanks to the fools at the Federal Reserve Bank of Chicago. Bitcoin Magazine is being threatened with a lawsuit over t-shirts they are selling that mock the FEDNOW program that the Fed states "has built up substantial goodwill" and that these shirts and merchandise will cause "confusion, mistakes, and deception." No, this is not a parody, it appears to be real. So we pause our regularly scheduled programming today to explore this beautiful little moment in Clown World.

Check out the original article at: Bitcoin Magazine

A huge thanks to our sponsors, and don't forget to check out the offers for the listeners of this show!

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"He knows nothing; and he thinks he knows everything. That points clearly to a political career." — George Bernard Shaw

It's often said that Bitcoin is too limited, that you can't build anything interesting on top of the Bitcoin chain... what if that was not only true, but that there were no limits? What if literally anything you could write into code, any program, app, game, theoretically even an entire operating system could be constructed such that its valid execution determined the ownership of Bitcoin? What if there were no limits, and you could build everything on Bitcoin? Today we dive into BitVM with Robin Linus and Super Testnet. A virtual machine built entirely in Bitcoin script, with no soft fork needed. This could change everything.

Links for further exploring:

- ⁠BitVM whitepaper⁠

- ⁠github.com/bitvm⁠

- ⁠GitHub - supertestnet/tapleaf-circuits: A proof-of-concept implementation of BitVM for bristol circuits⁠

- ⁠Telegram: Contact @bitvm\_chat⁠

- ⁠яobin linus (@robin\_linus) / X⁠

- ⁠Robin Linus⁠

Check out our awesome sponsors!

It's often said that Bitcoin is too limited, that you can't build anything interesting on top of the Bitcoin chain... what if that was not only true, but that there were no limits? What if literally anything you could write into code, any program, app, game, theoretically even an entire operating system could be constructed such that its valid execution determined the ownership of Bitcoin? What if there were no limits, and you could build everything on Bitcoin?

- BitVM whitepaper

- github.com/bitvm

- GitHub - supertestnet/tapleaf-circuits: A proof-of-concept implementation of BitVM for bristol circuits

- Telegram: Contact @bitvm\_chat

- яobin linus 😺 (@robin\_linus) / X

- Robin Linus

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"Will Bitcoin adoption improve the monetary policy behaviors of the Federal Reserve? I submit that it won’t. I do not see the incentive for the Federal Reserve to give into anyone or anything, let alone Bitcoin. Be honest, Bitcoin is surely not big enough to be a threat to the U.S. dollar. The United States is far more concerned with U.S. dollar dominance being threatened by, say, the Chinese yuan. Bitcoin on its own has not destabilized anything." — George Kaloudis

Will the Federal Reserve be "reigned in" thanks to Bitcoin? Will the continued success of Bitcoin's growth and network effect mean that the Federal Reserve capitulates? That they admit the failures of their approach and start appeasing the sound money tropes and calls for austerity? George Kaloudis makes an entertaining case in today's read, that the answer is in fact, "No."

Check out the original article at:

https://bitcoinmagazine.com/markets/bitcoin-wont-fix-the-federal-reserve

If you want to support the show and an awesome new service, check out Prodcast.io to purchase any books (and other products in the future) that i have recommended on the podcast:

Bitcoin Audible – Prodcast

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“You only live once, but if you do it right, once is enough.” ― Mae West