Alephium is one of the most interesting Proof of Work projects, which aims to build secure smart contracts & fast DeFi on a mineable base layer which minimizes electricity consumption. Maud Bannwart & Cheng Wang explain how all of this works.

Hunter Beast is the author of BIP 360: a proposal that seeks to provide quantum resistance to Bitcoin, to prevent powerful computer builders from brute forcing arbitrary addresses to steal the funds.

But is the quantum threat real? Does the number of qubits really make a difference when the quantum computer is general purpose? Shouldn't other industries outside of Bitcoin, especially governments and banks, be worried about the fragility of elliptic curve cryptography?

In this episode, we'll try to answer some of these questions and also refer to Hunter Beast's previous experience with building RGB for Bitcoin tokens.

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Time stamps:

01:08 - Introducing Hunter Beast

01:27 - BIP 360 and Quantum Resistance

Hunter Beast introduces BIP 360, aimed at making Bitcoin resistant to quantum computing threats, a hot topic due to predictions of advanced quantum computers potentially breaking ECDSA signatures.

02:19 - Defining Bitcoin's Quantum Threat

Quantum computing is institutional, not accessible to average Bitcoiners, making verification difficult. The threat is existential but not immediate, though warnings suggest proximity.

03:58 - U.S. Government Warnings

U.S. government and institutions are preparing for quantum resistance by 2030, urging upgrades to protect against potential cryptographic breaks.

05:53 - Consensus Challenges

Hard forks ensure UTXO migration but face consensus issues; soft forks are preferred, but coins must move to quantum-resistant addresses to avoid vulnerabilities.

06:38 - Bitcoin’s Quantum Vulnerabilities

Taproot, reused addresses, mempool-published data, and exposed public keys are vulnerable. ~90% of reused address coins are active, reducing concern, but Taproot needs upgrades.

09:41 - BIP 360 Solution for Taproot

BIP 360 focuses narrowly on fixing Taproot’s vulnerability to long-exposure attacks, enabling wallets to commit to multiple scripts, including quantum-resistant ones like SLHDSA.

13:07 - Signature Schemes

ECDSA is Bitcoin’s weak point. Lamport and Winternitz signatures are flawed (one-time use), but SLHDSA (using a hypertree of Winternitz signatures) allows secure address reuse.

17:10 - User Experience Impact

BIP 360 minimizes changes to user experience, offering opt-in quantum-resistant scripts. Wallets could include security dials, but defaults remain familiar.

20:14 - Transaction Size and Costs

Post-quantum signatures are larger (4-8k bytes), but address commitments are minimal (~34 bytes). Block size increases aren’t necessary; solutions like Bitzip could scale transactions.

22:27 – Sideshift.ai

23:17 - Drivechains and Layer Two Labs

Drivechains offer secure sidechain solutions, decentralizing custody and scaling Bitcoin. Testing is available on Signet, with Litecoin considering implementation.

29:48 - Bitcoin Ossification Debate

Ossification (resistance to change) vs. necessary upgrades debated. Quantum threats may force changes as Bitcoin secures more value, despite opposition.

36:36 - Conspiracy Theory Counter

Concerns about government-driven fear dismissed; BIP 360 is opt-in, only used if quantum threats emerge, preserving user choice.

54:26 - Quantum Computing Progress

IBM’s Condor has 1,121 qubits; breaking ECDSA needs ~20M qubits. With quantum advancements outpacing Moore’s Law, upgrades are prudent within a decade.

59:58 - Sponsor Plugs

Citrea (ZK rollup for Bitcoin financial apps) and Edge Wallet (duress mode, multi-coin support) highlighted.

01:02:30 - BIP 360 Number Selection

BIP 360 assigned by reviewers, not chosen by Hunterbeast, reserved for quantum-related proposals.

01:06:04 - BIP 360 Reception from Core Devs

Mixed feedback from reviewers like Ava Chow (called it “stupid” but provided useful critique). Still in draft at bip360.org, open for review.

01:11:29 - Unintended Consequences

BIP 360 is minimal, unlikely to cause surprises like Taproot’s ordinal inscriptions, as it enhances existing functionality.

01:12:42 - Is Quantum Resistance Perishable and Needs Updates?

BIP 360 isn’t definitive; periodic updates may be needed as quantum computers advance, requiring a proactive Bitcoin culture.

01:19:12 - NoOnes, Bitcoin.com,

01:21:46 - Best Practices for Quantum Safety

Avoid address reuse, use native SegWit (BC1Q) addresses, don’t expose Xpubs, and consider private mempools like MARA Slipstream for large transactions.

01:24:27 - Closing Remarks

Gratitude to Hunter Beast for discussing BIP 360 and quantum threats, wishing success for the proposal.

Prof. Richard Werner, one of the world's most famous economists, is best known for writing "Princes of the Yen" and penning the term "quantitative easing" in the 1990s while working at the Bank of Japan.

Today, he is a big advocate for small local banks and a believer in the power of Bitcoin. In this episode, he talks about recent events in economics, ranging from the Big Beautiful Bill in the US and all the way to CBDCs and Bitcoin's viability to bring more economic freedom to the world.

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Time stamps:

00:00 - Introducing Professor Richard Werner, author of Princes of the Yen and originator of quantitative easing

01:27 - Sponsorships: Sideshift.ai, Citrea, LayerTwo Labs, Bitcoin.com News, NoOnes.com, and Edge Wallet.

02:07 - Big Beautiful Bill & Fiscal Policy: Discussion on the U.S. "Big Beautiful Bill" under Trump, increasing government spending despite promises to cut debt. Werner clarifies fiscal policy isn't direct money printing, using Japan’s experience as an example where massive spending didn’t cause inflation or growth due to lack of monetization.

05:06 - Monetization Concerns: Concerns about monetizing fiscal policy in the U.S., with Trump’s team encouraging banks to buy treasuries, potentially leading to inflation (8:39). The Federal Reserve’s role in possibly counteracting this is uncertain (9:46).

11:42 - Interest Rates & Quantitative Policy: Werner critiques the focus on interest rates, arguing quantitative policy (credit creation) is the real driver. Interest rates follow growth, not vice versa.

17:52 - Tariffs & Trade Policy: Trump’s return to tariffs (e.g., 30% on EU) is discussed. Werner supports tariffs for economic development, citing historical success and criticizing Ricardo’s free trade theory for ignoring terms of trade (19:24). Smart tariffs should encourage high-value exports and raw material imports (36:05).

44:07 - Austrian Economics Critique: Werner criticizes guru-driven economics, including Austrian school, for dismissing data. He emphasizes empirical, fact-based analysis over ideological axioms (45:58).

49:51 - Argentina & Mainstream Economics: Werner discusses Argentina’s free-market shift under Milei, critiquing mainstream economists like Krugman for often being wrong. Balanced budgets are preferred over debt-heavy policies (51:03).

1:08:58 - Central Bank Digital Currencies (CBDCs): Werner sees no upside to CBDCs, calling them a tool for centralized control. They enable tracking and restricting spending, unlike existing digital currencies (1:13:25). China’s cautious CBDC approach is noted, but Western central banks are distrusted (1:15:22).

1:16:51 - Stopping CBDCs: Strategies to oppose CBDCs include increasing cash use, adopting decentralized cryptocurrencies like Bitcoin, and public demonstrations against central banks (1:18:38).

1:20:40 - Stablecoins: Werner views stablecoins like Tether as a potential backdoor for central banks (Plan B) to achieve CBDC-like control, with a stealthier Plan C involving corporate digital reporting (1:23:04).

1:30:22 - EU’s Dictatorial Structure: Werner criticizes the EU’s undemocratic structure, comparing it to the Soviet Union. The European Commission’s power and corruption (e.g., vaccine deals) are highlighted (1:31:22).

1:40:38 - Bitcoin’s Role: Werner doubts a purely deflationary currency like Bitcoin can sustain an economy without credit creation. He suggests small banks using Bitcoin for credit to enable growth (1:41:40). Bitcoin’s shift to a store of value increases risks of a “death switch” (1:47:45).

1:44:42 - Bitcoin Price Prediction: Werner predicts Bitcoin reaching ~$995,000, driven by momentum and institutional adoption, but cautions about risks like an EMP or coded vulnerabilities (1:45:24).

1:52:22 - Bitcoin as Currency: Using Bitcoin for transactions rather than just a store of value could reduce risks and enhance longevity. Werner plans to integrate crypto in his Swiss bank project (1:53:40).

1:55:04 - Closing & Promotions: Werner promotes his Swiss Rhyntal bank project, Substack (rwerner.substack.com), and YouTube channel (Werner Economics).

Liz Steininger is the CEO of Least Authority: a company which specializes in auditing open source software since 2014. Originally founded by Zooko Wilcox, Least Authority has conducted more than 100 security audits in the space. Some of the best known contractors who requested an expert review include the Ethereum Foundation, the Electric Coin Company, Metamask, the KeyStone hardware wallet, and Avalanche.

Least Authority also builds products that make use of Zero Knowledge Proofs: PrivateStorage (a cloud storage system that's designed to make the host unaware of the files being stored), ZKAPs (Zero Knowledge Access Passes, an authorization system that separates the payer from the data on the items being bought), and Winden (a file-sharing service that's encrypted and requires no identity from the sender and receiver).

In a space which often defers to "check the code, it's open source", companies such as Least Authority offer high quality verification which makes it easier for the average non-technical person to trust that something is safe. Also, it helps builder have the peace of mind that what they're working on will not bring any unforeseen consequences.

Time stamps:

00:00 - Intro and Sponsor Mentions


Introduction to the podcast and sponsors: Sideshift, Bitcoin.com News, EdgeWallet, LayerTwo Labs, Citrea, NoOnes.com, and HODLING.ch.

01:17 - Guest Introduction: Liz Steininger


Liz Steininger, CEO of Least Authority, is introduced. Discussion begins about the company’s focus on security, privacy, and auditing in the crypto space.

1:57 - Irony of "Least Authority" Having a CEO


Liz addresses the irony of a company named Least Authority having a CEO, explaining their non-hierarchical approach and balance of leadership.

03:04 - Least Authority Philosophy and Nick Szabo’s Influence


Discussion on the principle of least authority, referencing Nick Szabo’s 2005 paper and its connection to Zooko, founder of Least Authority.

05:19 - Liz’s Tech Background


Liz shares her journey into tech, from early internet experiences to open-source and privacy-focused technologies.

09:36 - Role of Auditing Firms in Open-Source


Exploration of why auditing firms like Least Authority are necessary despite open-source code being publicly verifiable.

11:45 - Surprising Audit Findings


Liz discusses instances where Least Authority found unexpected issues during audits and the value of helping clients fix them.

12:16 - Notable Clients and Audits


Overview of Least Authority’s clients, including Zcash, MetaMask, Ethereum Foundation, Filecoin, Polygon, and Keystone hardware wallet.

14:35 - Predicting the Ethereum DAO Hack


Liz reflects on Least Authority’s 2015 Ethereum audit, which identified vulnerabilities that later contributed to the 2016 DAO hack.

17:43 - When to Conduct Audits


Discussion on the optimal timing for audits, depending on project roadmaps and feature development.

19:51 - Auditor Liability and Security Guarantees


Liz explains that no system can be 100% secure and discusses the limitations of auditor liability.

22:25 - Social Engineering and Security


Exploration of how social engineering can bypass even the most secure systems, with examples like SIM swapping and Pfizer leaks.

29:55 - Least Authority’s Products: Private Storage, ZKAPs, Winden


Overview of Least Authority’s products: Private Storage (client-side encrypted storage), ZKAPs (zero-knowledge access passes), and Winden (anonymous file transfer).

36:45 - ZKAPs Applications Beyond Storage


Liz discusses potential uses of ZKAPs for other services requiring privacy in payments, like VPNs or electricity.

43:53 - Winden’s Features and Use Cases


Detailed explanation of Winden’s end-to-end encrypted, identity-free file transfer, ideal for secure peer-to-peer sharing.

46:21 - Destiny: Mobile Version of Winden


Introduction to Destiny, a mobile app version of Winden using the same magic wormhole protocol.

50:00 - HRO Cloud for Human Rights Organizations


Discussion of HRO Cloud, a free version of Private Storage for qualified human rights organizations.

51:00 - Moon Math Manual


Overview of the Moon Math Manual, a resource for learning about ZK-SNARKs, inspired by the term “moon math” from Vitalik Buterin.

57:38 - Privacy, Law Enforcement, and Zero-Knowledge Proofs


Liz discusses how Least Authority minimizes data collection to avoid sharing with law enforcement, emphasizing privacy design.

1:01:59 - Privacy Market and Big Tech Adoption


Reflections on the growing demand for privacy tech and potential adoption of zero-knowledge proofs by major tech companies.

1:05:00 - Auditing Non-Crypto Projects


Liz notes that while most clients are crypto-related, they also audit non-crypto open-source projects, though funding is a challenge.

1:07:17 - Vibe Coding and Auditing Demand


Discussion on the rise of vibe coding (AI-generated code) and its potential to increase demand for audits, especially for smart contracts.

1:11:07 - Zcash Audit and Bitcoin Codebase


Liz considers whether their Zcash audit indirectly audited Bitcoin’s codebase, noting it’s an interesting question for further review.

1:13:05 - Publishing Audit Reports


Liz advocates for more industry-wide publication of audit reports to improve transparency and user education.

1:18:01 - Competing Auditing Firms


Liz discusses competition in the auditing space, varying by project type (e.g., smart contracts vs. protocols).

1:21:12 - Future of Privacy and Zcash Integration


Liz expresses hope for Zcash’s privacy tech to be integrated into Bitcoin, emphasizing its potential to drive mass adoption.

1:24:00 - Liz’s First Computer and Early Tech Memories


Liz shares nostalgic memories of using an Atari, Commodore 64, and AOL, encouraging listeners to comment “AOL” to prove they watched to the end.

1:28:37 - Closing and Winden Recommendation


Liz thanks the host and encourages listeners to try Winden, an open-source, free file transfer tool.

Diego Salazar & Luke Szramowski are working to build Cypher Space: a privacy & sovereignty company. In this episode, they compare + rate the privacy of Bitcoin, Monero, Zcash, Firo, Mimble Wimble (Litecoin, Grin), Zano & Beam.

Time stamps:

(00:00:59) Introducing Diego Salazar & Luke Szramowski

(00:02:04) Tribalism and Privacy Protocols in Crypto

(00:03:55) Why Privacy Matters & Personal Motivations

(00:04:58) Diego’s Background and Cypher Stack

(00:06:58) Luke’s Background and Mathematical Perspective

(00:08:40) CoinJoin and the Limits of Bitcoin Privacy

(00:09:10) Threat Models and Privacy Tool Selection

(00:12:22) CoinJoin’s Effectiveness and Metadata Attacks

(00:14:18) Comparing CoinJoin to Tor/VPN Usage

(00:17:26) Overconfidence and Under-Researched Privacy Claims

(00:19:52) Levels of Privacy and User Education

(00:24:31) Defining Adversaries in Privacy Research

(00:26:10) CoinJoin’s Real-World Threats and Research Gaps

(00:27:17) Social Media, Nuance, and Privacy Debates

(00:29:11) CoinJoin as “Add-On” Privacy and Side-Channel Attacks

(00:31:46) Underestimating Adversaries and Attack Tools

(00:38:37) Sponsor Plugs and Criteria for Privacy Evaluation

(00:42:47) Scoring CoinJoin on Privacy Criteria

(00:51:09) WabiSabi and Wasabi Wallet Improvements

(00:59:29) Other Bitcoin Privacy Tools: BIP47 & Silent Payments

(01:06:19) Human Error and Privacy Tool Usability

(01:08:51) The Limits of Privacy Ratings and the Need for Nuance

(01:12:19) Tribalism, Community Research, and Productive Debate

(01:15:33) Non-Interactive Proofs and Security Assumptions

(01:16:27) Bitcoin Maximalism and the Limits of Debate

(01:17:34) Academic Rigor and the Need for More Research

(01:20:01) Bitcoin’s Privacy Risks if Mainstream Adoption Happens

(01:21:44) The State of Bitcoin Privacy Research and Funding

(01:34:03) Bitcoin’s Missed Privacy Opportunities

(01:37:14) Monero’s History and Privacy Technologies

(01:41:03) Monero’s Anonymity Set and Privacy Trade-Offs

(01:46:52) Monero’s Current Weaknesses and Upcoming FCMP

(01:55:24) Monero’s Privacy Scores and Scalability

(02:27:50) Zcash: History, Community, and Technology

(03:00:29) Zcash’s Privacy Model and Accumulator Approach

(03:05:56) Zero-Knowledge Proofs Explained

(03:20:08) Zcash’s Privacy Scores and Tachyon Scalability

(03:35:12) Firo (formerly Zcoin) and Spark Protocol

(03:44:45) Firo’s Privacy Scores and Future Upgrades

(03:52:06) Litecoin MWEB and Mimblewimble

(04:01:32) MWEB Privacy Scores and Limitations

(04:07:03) Other Privacy Projects: Zano, Beam, Salvium

(04:10:02) Toxicity, Community, and the Human Element

(04:17:00) Philosophy of Privacy and Human Nature

(04:24:28) Fungibility, Bitcoin, and Social Realities

(04:44:15) Summary and Chart of Privacy Scores

(04:57:52) Resources for Privacy Research and Final Thoughts

Andrew Camilleri, better known as Kukks, is one of the most prolific contributors to BTCPay Server & an advocate for using bitcoin as money. Recently, he started building Bitcoin Layer 2 applications for Ark Labs & believes in conservative improvements.

Time stamps:

(00:00:49) Introduction & Andrew’s Background

(00:01:46) Getting Into Bitcoin & Altcoin Integrations

(00:03:02) Focusing on Bitcoin & Monero Plugin

(00:04:04) BTCPay Plugins & Community

(00:04:22) Bitcoin’s Imperfections & Altcoin Use Cases

(00:04:55) Pessimism & Stagnation in Bitcoin Development

(00:05:16) Introduction to Ark & Its Evolution

(00:06:10) Ark’s Technical Evolution

(00:07:31) Ark’s Impact on Developer Morale

(00:07:36) What is Ark?

(00:09:08) Ark’s Virtual Ledger & Dust Problem

(00:09:59) Off-Chain Payments & User Experience

(00:11:07) Lightning Network vs. Ark

(00:13:21) Custodial Lightning & Ark’s Broader Goals

(00:15:13) Escrow & Multisig Use Cases

(00:16:09) Bitcoin’s Usability & Fee Volatility

(00:16:51) Miners & Second Layer Economics

(00:19:08) Drivechains & Network Fragmentation

(00:21:38) Rollups, ZK Proofs, and Simplicity

(00:25:53) CTV, Musig2, and Soft Forks

(00:28:12) OP_CAT, Collider Script, and Efficiency

(00:32:38) Cost, Privacy, and Coinjoin

(00:36:12) Stablecoins, Payments, and Swapping

(00:38:14) Privacy, TumbleBit, and Ark’s Superiority

(00:41:03) Expiry, Operators, and User Experience

(00:44:14) Becoming an Ark Operator

(00:47:31) Fedimints, Liquid, and Privacy

(00:49:41) Security Against Operator Theft

(00:51:31) HODLing, Expiry, and Automation

(00:53:37) Payment Finality & Pre-Confirmation

(00:57:49) Government Attacks & Decentralization

(01:02:51) Ark’s User Experience & Wallet Integration

(01:05:11) Lightning Interoperability & Partnerships

(01:07:48) Arkade OS & Arcade Script

(01:13:06) Underrated Use Cases: Escrow & Synthetic Assets

(01:18:29) BTCPay Server’s Impact & Bitcoin Payment Adoption

(01:22:23) Speculation, Regulation, and Medium of Exchange

(01:24:20) Litecoin, Extension Blocks, and Privacy

(01:26:01) Coinjoin, Amounts, and Privacy Pools

(01:29:09) Bitcoin Upgrades, CTV, and Developer Frustration

(01:34:27) Soft Fork Politics & Overselling Upgrades

(01:41:53) Payments, Credit Cards, and Onboarding

(01:44:11) Stablecoins, Speculation, and Fiat Mindset

(01:48:48) Taproot Assets, Altcoins, and Control Tokens

(01:52:17) Early Bitcoin Days & Escrow

(01:54:53) Gaming, Digital Money, and Bitcoin Adoption

(01:59:15) Speculative Attack & Fiat Demand

(02:00:01) Supercycle Skepticism & Price Predictions

(02:02:22) Hard Forks, Big Blockers, and Research Value

(02:24:40) NFTs, Ordinals, and Free Market Transactions

(02:36:28) BTCPay Plugins & Comparison to LNBits

(02:43:14) Zero Conf, RBF, and Payment Risks

(02:47:41) Ark’s Future: Liquidity & Decentralization

(02:49:25) Testing Ark & Reference Wallet

(02:51:00) Browser Wars & Internet Evolution

(02:56:26) Scaling Bitcoin Payments & Libra Comparison

(02:58:10) Tipping, Custodial Wallets, and Ark’s SDK

(03:02:12) HODL Culture vs. Spending

(03:06:07) Optimism, Pessimism, and User Adoption

(03:08:13) Lightning’s Complexity & Ark’s Simplicity

(03:11:18) Competition Among Layer 2s

(03:14:13) Ark’s Launch, Operators, and Liquidity

(03:16:08) Ark Operator Incentives & Fee Structure

(03:17:08) Testing, Following, and Final Thoughts

Peter Rizun is the chief scientist at Bitcoin Unlimited: a software client that aims to scale Bitcoin with big blocks, while also empowering regular users to run nodes. In this episode, we talk about what went wrong during the block size wars & his research in scaling hardware.

Time stamps:

00:01:15 — Introducing Peter Rizun

00:03:32 — Early Block Size Debates and Satoshi’s Vision

00:07:45 — Block Size Limit History and Miner Soft Limits

00:10:10 — Dan Kaminsky’s 2011 Scaling Predictions

00:12:01 — Scaling Philosophy: Zero, One, Infinity and Earth-Scale

00:15:09 — Block Size Wars, Chain Splits, and Altcoin Proliferation

00:16:43 — Stablecoins, Lightning, and Bitcoin’s Use Case

00:19:03 — Zcash, Ethereum, and Bitcoin’s Missed Opportunities

00:22:11 — Bitcoin’s Script Limitations and Smart Contract Innovation

00:25:10 — Scaling Limits: Hardware, Storage, and Bandwidth

00:35:31 — Node Software, Formal Specs, and Core’s Dominance

00:44:00 — Censorship, Reddit, and the Block Size Debate

00:48:04 — SPV Nodes, Custodial Wallets, and Decentralization

00:51:30 — Block Size, Internet Speed, and Global Node Access

00:57:26 — UTXO Model, Dust, and State Management

01:01:37 — Ethereum, Zcash, and Node Benchmarking

01:03:26 — Hardware Acceleration and Specialized Chips

01:07:00 — Sponsorship Break and Bitcoin Adoption via Debit Cards

01:14:59 — History of Block Size Proposals and Client Forks

01:21:07 — Consensus, Forks, and the Role of Exchanges

01:25:40 — SegWit, SegWit2x, and Political Compromises

01:33:04 — Bitcoin Cash, Market Dynamics, and Altcoin Competition

01:39:34 — Stablecoin Fees, Global Demand, and El Salvador

01:46:52 — Decline of Bitcoin Payments and Missed Opportunities

02:10:56 — Lightning Network: Promise vs. Reality

02:22:12 — Shitcoin vs. Bitcoin Maximalism and Open Source Innovation

03:05:52 — Spam, Miner Policy, and Transaction Filtering

03:17:05 — Hardware Scaling: M.2 Accelerator and Node Commoditization

03:29:11 — Nexa: Experimenting with Proof-of-Work and Node Bottlenecks

03:37:44 — Craig Wright, Satoshi Identity, and Big Block Movement Damage

04:02:03 — Fork Proliferation, Community Division, and Stablecoins

04:04:31 — Bitcoin’s Future, Experimentation, and Open Research

Zooko has been thinking about building decentralized Chaumian ecash since the mid 1990s. When Bitcoin came out, he was the first cypherpunk to write a blog post about it. And today, he's honoring Satoshi's last wish of researching ZK proofs with Zcash.

Time stamps:

Introducing Zooko (00:00:55)

Early Cypherpunk and Digital Cash Days (00:03:18)

Cypherpunk vs. Cryptography Mailing List (00:03:52)

Discovering Digital Cash and Chaum’s Blind Signing (00:04:44)

The Internet, BBS, and the Fall of the Berlin Wall (00:09:10)

Growing Up with Technology in Eastern Europe (00:12:04)

First Computers and Early Programming (00:13:02)

Loading Games and Computer Limitations (00:14:05)

Impact of Tariffs and Internet Access (00:16:47)

Economies of Scale and Computer Conferences (00:18:28)

Social Media, Privacy, and Information Overload (00:19:33)

Twitter Blocking & Echo Chambers (00:21:06)

Personal AI and Information Control (00:24:08)

First Computer Memories and Speech Synthesis (00:28:55)

Programming Languages: BASIC, Pascal, and C++ (00:31:15)

Vocoder Technology and Privacy (00:32:27)

Video Games and University Life (00:34:28)

Science Fiction and Cypherpunk Literature (00:36:10)

Working at DigiCash and Early Digital Currency (00:39:04)

Nick Szabo, Social Scalability, and Economic Thought (00:46:27)

AI-Generated Personas and Real-Life Community (00:52:42)

Global Talent, Work Ethic, and Financial Management (00:55:51)

David Chaum as a Boss and DigiCash’s Downfall (01:00:06)

Decentralizing Ecash and Early Bitcoin Attempts (01:04:50)

Wei Dai, Crypto++ and Peer-to-Peer Innovation (01:06:19)

Open Source Maintenance and Funding Challenges (01:10:00)

Why Digital Cash Mattered in the 1990s (01:12:30)

Cypherpunks, Remailers, and Privacy Motivation (01:13:46)

Bitcoin’s Early Days and Zooko’s Initial Skepticism (01:19:55)

Bitcoin Advocacy and Security Flaws (01:39:07)

Zooko’s Triangle and Naming Systems (01:43:31)

Altcoins, Experimentation, and Maximalism (01:51:09)

Bitcoin’s 2013 Privacy Papers: ZeroCoin & ZeroCash (01:55:12)

Funding Innovation and Open Source Economics (02:00:27)

Zcash Launch, Sidechains, and Market Dynamics (02:03:40)

Sponsors and Bitcoin Innovation Renaissance (02:09:01)

Proof of Stake, Hybrid Models, and Cross Link (02:26:14)

Network Sustainability and Burn Mechanisms (02:33:37)

Quantum Resistance and Lost Coins (02:37:26)

Peter Todd’s Compute Node, Zcash Ceremony and Trusted Setup (02:42:19)

Zero Knowledge Proofs and Counterfeiting Bug (03:05:35)

Zcash Design Choices and Block Size (03:43:04)

Bitcoin Blocksize War and Evolution (03:49:09)

Zcash vs. Monero and Privacy Models (04:27:33)

Tachyon: Sean Bowe’s Scalable Privacy Breakthrough (04:08:22)

Live Zcash Demo and Address Privacy (05:27:00)

Zcash Mining, Liquidity, and DEX Integration (05:49:57)

Decentralization, Transparency, and the Future (06:02:22)

Closing Remarks and Podcast Wrap-Up (06:05:15)

In a predominantly Proof of Stake world, The Proof of Work Alliance emerges as a champion of research & education among Proof of Work miners. Fractal Bitcoin's Charles Chong & Spencer Yang, plus Bitmars' ASIC Queen Summer Meng tell us how it all works.

Time stamps:

Introducing Charles, Summer & Spencer (00:00:50)

Overview of the PoW Alliance (00:01:43)

Challenges in Launching PoW Projects (00:02:32)

Formation of the PoW Alliance (00:04:19)

Importance of Collaboration (00:05:21)

Significance of the PoW Alliance (00:06:48)

Members of the PoW Alliance (00:08:26)

Addressing Environmental Concerns (00:09:24)

Renewable Energy in Bitcoin Mining (00:10:29)

Electricity Usage Comparisons (00:12:37)

AI and Bitcoin Mining Competition (00:15:21)

Centralization vs. Decentralization in Alliances (00:20:55)

Discussion on Risk and Collaboration (00:22:50)

Analogy with Polling (00:23:44)

Social Coordination in Bitcoin (00:24:15)

ASIC Manufacturing Oligopoly (00:25:04)

Challenges for New ASIC Manufacturers (00:26:55)

Emerging Competitors in Mining (00:28:43)

Mining's Capital Intensity (00:29:39)

ASIC Resistance Debate (00:30:42)

Economic Incentives in Mining (00:31:16)

Proof of Work Alliance Benefits (00:32:38)

Historical Context of Mining Innovations (00:33:50)

Decentralization vs. Large Mining Pools (00:35:10)

Impact of Economic and Social Factors (00:36:34)

Innovation in Proof of Work (00:38:05)

Challenges in Mining Innovation (00:40:30)

Broader Ecosystem Innovations (00:41:11)

Micro Innovations in Mining (00:42:15)

Merge Mining Popularity (00:43:17)

Proof of Stake Popularity (00:45:03)

Validator Business Models (00:45:29)

Alignment Issues in Mining (00:47:10)

Blind Merged Mining Discussion (00:48:34)

Risks of Drivechains (00:49:20)

Concerns Over Block Rewards (00:52:14)

Debate on OP_Return Function (00:54:19)

Passion in Bitcoin Debates (00:56:20)

Concerns About Ossification (01:00:04)

Impact of Inscriptions on Miners (01:03:26)

The Importance of Cross-Chain Integration (01:05:30)

Challenges of Bitcoin Adoption (01:06:05)

Gas Fees Comparison (01:07:12)

Stablecoins in the Bitcoin Ecosystem (01:08:05)

Celebrating Pizza Day (01:10:53)

Fractal Bitcoin's Pizza Challenge (01:14:30)

Reflections on Market Volatility (01:16:14)

Joining the PoW Alliance (01:18:22)

How to Contact Charles, Summer & Spencer (01:19:12)

Closing Remarks and Future Announcements (01:20:42)

David Seroy works at Alpen Labs: the company which aims to bring an extended suite of financial applications to Bitcoin via ZK (Zero Knowledge) rollups. In this episode, we talk about the ideological divide in Bitcoin between builders & moonbois.

Time stamps:

Introduction to the Episode (00:00:56)

Background on Alpine Labs (00:02:08)

The Concept of ZK Rollups (00:05:00)

Comparing Alpen Labs with Drivechains (00:08:04)

Concerns About Data Usage (00:10:18)

Nuances of Data Posting (00:12:41)

Opposition to Rollup Data (00:13:47)

Filtering Transaction Data (00:14:43)

Consensus on Bitcoin Usage (00:17:31)

The Complexity of Changing Bitcoin (00:19:39)

Historical Context of Data Insertion (00:22:29)

Creating Layers on Bitcoin (00:22:43)

Scaling Bitcoin Beyond Marketing Drama (00:23:28)

Trust Assumptions in Multi-Sig Deployment (00:23:45)

Soft Forks for Efficient Financial Services (00:24:16)

Benefits of CTV and Check Sig From Stack (00:25:00)

Improving Efficiency with New Soft Forks (00:25:56)

Challenges of Multiplication in Bitcoin Script (00:27:01)

Irony of CTV's Reception (00:27:43)

Opposition to Change in Bitcoin (00:28:53)

Concerns Over OP_CAT and MEV (00:30:14)

Safety of MEV in Bitcoin's Ecosystem (00:31:14)

Using OP_CAT in Bitcoin (00:32:22)

Starkware’s Grant for Rollup Research (00:33:28)

Building on Bitcoin Cash vs. Bitcoin (00:34:52)

Bitcoin Price All Time High (00:36:38)

Alpen Labs' Development Plans (00:39:07)

Bitcoin.com’s Shift to BTC (00:40:10)

Differences Between CTV and Alpen Labs (00:41:04)

Backers of Alpen Labs (00:43:21)

Ethereum People Investing in Alpen (00:44:28)

Nic Carter's Fight Experience (00:45:02)

Reflections on Fighting Culture & Karate Combat (00:47:00)

Personal Athletic Endeavors (00:48:52)

Debate on Ethereum's Influence (00:50:15)

Nuances of Ethereum and Bitcoin (00:52:51)

Rollups and Trust Assumptions (00:54:21)

David Seroy’s Stratacast (00:55:19)

Need for Niche Bitcoin Podcasts (00:56:23)

Bitcoin's Existential Crisis (00:58:17)

Stock Portfolio Sacrifices (01:00:01)

Bitcoin as a Store of Value vs. Payment (01:00:56)

Concerns Over Stablecoins (01:01:06)

Legitimacy of Stablecoin Claims (01:03:14)

Building Bitcoin-Backed Stablecoins (01:04:36)

Bitcoin-backed Stablecoins Demand (01:05:31)

Intersection of Stablecoins and Privacy (01:06:34)

Potential for Privacy-focused Stablecoins (01:07:29)

Changing Adoption Narratives (01:08:35)

Synergy Between Stablecoins and Bitcoin Adoption (01:09:48)

Ideological Shifts in Bitcoin Use (01:10:51)

Alpen Labs and zk Technology (01:12:56)

Client-Side Validation Origins (01:15:51)

Zero-Knowledge Proofs in Transactions (01:18:31)

Bridging Bitcoin to Privacy Protocols (01:20:30)

Privacy vs. Market Attention (01:21:00)

Legal Implications for Privacy Protocols (01:22:37)

Historical Context of Privacy Advocacy (01:25:10

Privacy in Bitcoin (01:27:51)

The Future of Privacy Solutions (01:28:07)

Understanding zk Technology (01:29:54)

Current Rollup Implementations (01:31:20)

Interoperability of Rollups (01:32:28)

Critique of Lightning Network (01:34:19)

Challenges of Lightning Network (01:36:13)

Cultural Commentary on Bitcoin's Evolution (01:39:47)

Drivechains and Rollups for Miners’ Revenue (01:43:14)

Mainstream Bitcoin Events (01:48:10)

Alpen Labs and Tokens (01:49:38)

The Ethereum Token Dilemma (01:50:22)

Token Justification and Practices (01:51:05)

Incentive Issues with Tokens (01:52:00)

Lightning Network and zk Rollups (01:53:22)

Alpen Labs Main Chain Launch (01:55:09)

Cultural Resistance to Innovation (01:56:19)

Building Without Community Approval (01:58:42)

User Experience with zk Rollups (02:01:35)

Current Wallet Compatibility (02:04:52)

Yield Generation in DeFi (02:06:42)

Bringing Ethereum Innovations to Bitcoin (02:09:37)

Scaling Bitcoin: Block Size Debate (02:11:11)

Historical Perspectives on Block Size (02:12:33)

The Shift in Bitcoin Developer Opinions (02:14:13)

The Rise of Pragmatism in Bitcoin Development (02:15:06)

Challenges with Bitcoin Narratives (02:17:01)

The Role of Non-Technical Voices in Bitcoin (02:19:11)

Optimism Amidst Bitcoin's Challenges (02:20:25)

The Power Dynamics in Bitcoin Development (02:25:12)

Closing Thoughts and Future Directions (02:27:48)