Citadel Dispatch

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EPISODE: 101
BLOCK: 789547
PRICE: 3733 sats per dollar
TOPICS: Mempools, Transaction Fees, Scaling in Layers, Mining Pools, Block Size Limit, Incentives

Read More: High Fees? Bitcoin is Working As Designed + Bitcoin Transaction Fees and UTXO Management

Wiz on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/wiz
Simon on Twitter: ⁠⁠⁠⁠⁠⁠https://twitter.com/softsimon_
Steve on Twitter: https://twitter.com/hunicus

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(00:23:29) Pain points and improvements in the high fee market

(00:35:56) Transactions being purged from mempools

(00:41:19) Importance of wallets with RBF and CPFP features

(00:41:39) RBF (Replace-By-Fee) feature

(00:42:19) Limits and use cases of RBF and CPFP

(00:46:06) Efficiency of RBF in high fee markets

(01:18:39) Comparison between Bitcoin, Lightning, and Liquid

(01:19:30) The potential of Fedimint and its advantages

(01:26:11) Discussion on the reasons for stale blocks

(01:33:07) The possibility of mempools never clearing again

(01:37:08) The rise of out-of-band transactions and its implications

(01:43:56) Announcement of a big event on May 19th

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EPISODE: 100
BLOCK: 785120
PRICE: 3342 sats per dollar
TOPICS: Roman Sterlingov has been held in jail for the last two years accused of operating the custodial bitcoin mixer Bitcoin Fog, evidence being used against him is questionable Chainalysis data, he admits to using the service but claims he was not the operator, Chainalysis refuses to provide background to the defense on their data, broken probability analysis could be used to falsely incriminate any bitcoiner at will

Mike Hassard on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/mikehassard
Tor Ekeland on Twitter: ⁠⁠⁠https://twitter.com/TorEkelandPLLC
Donate: https://www.torekeland.com

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(00:00:32) Introduction and gratitude for listener support

(00:01:00) Ways to support the show

(00:02:22) Other ways to support the show

(00:03:08) Boostograms from last week's episode

(00:04:34) Introduction of guests and background on the case

(00:06:36) Background on the case and the defense's perspective

(00:10:36) Overview of the evidence against Roman

(00:19:51) Issues with the investigation and prosecution

(00:32:48) Concerns about blockchain forensics and surveillance companies

(00:46:38) Lack of depth in analysis and presentation of data

(00:47:45) Lack of access to Chainalysis Reactor software

(00:50:13) Importance of establishing the legality of using bitcoin mixers

(00:54:07) Questioning the scientific legitimacy of blockchain forensics

(01:00:23) Concerns about the profit motive and lack of transparency in the case

(01:06:56) Request for support and donations

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EPISODE: 99
BLOCK: 784070
PRICE: 3578 sats per dollar
TOPICS: paxful was a leading peer to peer exchange for the last eight years before it shut down this week

Ray Youssef on Twitter: ⁠⁠⁠⁠⁠https://twitter.com/raypaxful⁠

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(00:03:21) Introduction and shout out to supporters

(00:16:55) Shutting down Paxful and the reasons behind it

(00:26:53) The Noone's app and the decentralized toolkit

(00:42:21) Audit responses from support and compliance decisions

(00:43:21) Freezing funds and inability to provide explanations

(00:44:39) Challenges with gift card programs and reputation systems

(00:49:30) Dealing with accusations and maintaining reputation

(00:52:59) The potential of reputation systems and credit scores

(00:56:07) The importance of Bitcoin in developing economies

(01:09:30) The challenges of frozen accounts and the need for custodians

(01:14:31) The importance of unstoppable free markets and the urgency to act

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EPISODE: 98
BLOCK: 783909
PRICE: 3552 sats per dollar
TOPICS: Puerto Rico, Podcasting 2.0, Value for Value, AI, Barry Silbert Ran a Ponzi Scheme and Owes Billions, The Bitcoin Conference, The Taliban Adopting Bitcoin

David Bailey on Twitter: ⁠⁠⁠https://twitter.com/DavidFBailey

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(00:04:02) Introduction and conversation with David Bailey

(00:09:51) Discussion on podcasting 2.0 and its impact

(00:30:11) The potential of AI and its relationship with Bitcoin

(00:39:01) Barry's creation of Bitcoin Trust and its impact

(00:40:13) Genesis lending desk and financing trade

(00:43:32) Closed-end fund structure and limitations

(01:17:43) Living in the shadow of Bitcoin 2019

(01:18:26) Goal of bringing back OG Bitcoiners

(01:19:29) Possibility of Jihan coming to the conference

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EPISODE: 97
BLOCK: 782790
PRICE: 3709 sats per dollar
TOPICS: Early Bitcoin, Founding Bull Bitcoin, Physical Spaces, Building The Bitcoin Well, Canadian Trucker Protest, Citadel Theory, Localism

Dave Bradley on Twitter: ⁠⁠https://twitter.com/bitcoinbrains

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(00:06:10) Formation of Bull Bitcoin and Bitcoin Well

(00:26:33) Comparison between Bull Bitcoin and Bitcoin Well

(00:38:48) Collaborative custody and the importance of self-custody

(00:43:24) Issues with Prime Trust

(00:44:36) Importance of self-custody and regulated trust companies

(00:45:50) Rollout of Bitcoin Well in America

(01:26:13) The shift away from large-scale nation states

(01:28:30) The need for self-sustainable micro communities

(01:30:13) The importance of defensive tools for individual empowerment

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EPISODE: 96
BLOCK: 782336
PRICE: 3581 sats per dollar
TOPICS: The Humble Part is the Important Part, Prioritize Your Time, Survival

CK on Twitter: ⁠https://twitter.com/ck_SNARKs

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(00:06:15) Hyperbitcoinization, strong communities, and sovereign individuals

(00:23:19) The importance of staying humble and focusing on survivability

(00:37:00) The three likely scenarios for Bitcoin: Bitcoin works, Bitcoin fails, Bitcoin is just another asset

(00:40:47) Bitcoin as one asset out of many assets

(00:41:06) Existence of shitcoins and their performance compared to Bitcoin

(00:41:33) Bitcoin's nature and its impact on technology and the world

(00:42:25) Challenges with traditional store of value options

(00:43:41) Priorities and long-term thinking in the Bitcoin world

(00:49:27) The importance of strong local communities in the Bitcoin ecosystem

(00:50:37) The significance of Bitcoin conferences and in-person gatherings

(00:58:45) The role of Bitcoin Policy Institute in advocating for Bitcoin-friendly policies

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EPISODE: 95
BLOCK: 781708
PRICE: 3593 sats per dollar
TOPICS: Mempools, Miner Extracted Value, Free Markets, Out of Band Payments, Mining Centralization

BitMEX Research on Twitter: twitter.com/BitMEXResearch
Nick Hansen on Twitter: twitter.com/hash_bender

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(00:05:20) Mempools never clearing

(00:15:30) Bitcoin mining incentives

(00:23:29) Minor extracted value (MEV)

(00:46:36) NFT sale and block entry

(00:48:00) Auction process and fees

(01:03:13) Outbound payments and miner centralization

(01:30:26) Discussion about the ViaBTC block and allegations of foul play

(01:32:00) Explanation of selfish mining and spy mining

(01:43:14) Mitigation strategies for potential mining shenanigans

(01:56:52) Discussion on the decentralization of the mining industry

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EPISODE: 94
BLOCK: 780957
PRICE: 4100 sats per dollar
TOPICS: Bank Failures, Bailouts, Contagion, Fractional Reserve Ponzi Banks, Inflation, Money Without Trust, Corporate Treasuries, Stay Humble and Stack Sats
 
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(00:03:41) Supporting the show through donations and subscriptions

(00:04:31) Discussion on the current global bank crisis

(00:19:53) The impact of the crisis on Bitcoin and the importance of holding your own keys

(00:37:29) The role of social media in spreading information and panic during a crisis

(00:43:56) The lessons learned from the crypto market and the advantages of Bitcoin

(00:45:31) The current state of the global banking crisis and the risks involved

(00:46:02) The impact of interest rates on asset valuations

(00:49:31) The historical trend of interest rates and its effect on asset prices

(00:51:57) The changing economic climate and its impact on asset classes

(01:29:24) Michael Sailors and the risk of holding the entire treasury in Bitcoin

(01:29:57) Institutions and corporate accounts adopting Bitcoin

(01:31:11) The flip side of the treasury strategy and the argument for constant liquidity

(01:31:27) VCs and the potential for Bitcoin adoption

(01:33:18) The impact of permissionless finance on Bitcoin adoption

(01:33:59) The shift in Bitcoin's reputation over time

(01:34:47) The Fed's upcoming meeting and the expectation of a pivot

(01:39:06) The potential for hyperinflation and the role of Bitcoin

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EPISODE: 93
BLOCK: 780528
PRICE: 4707 sats per dollar
TOPICS: Silvergate Bank, Silicon Valley Bank, and Signature Bank Failures, Macro Environment, Contagion, Going Forward

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EPISODE: 92
BLOCK: 778126
PRICE: 4202 sats per dollar
TOPICS: Lionel Shriver is the author of The Mandibles - a book set in the United States in 2029 during a debt crisis that results in hyperinflation and economic collapse.

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(00:03:20) Introduction to the show and guest

(00:08:44) Discussion on the inspiration for the book and the 2008 financial crisis

(00:19:26) Concerns about the future and the impact of financial collapse

(00:30:26) Discussion on the role of bitcoin and government control

(00:40:00) The role of gold and gun control in the book

(00:48:59) The idea of utopia and the ending of the book

(00:54:46) Broken incentives in society

(00:55:30) Pros and cons of local governance

(00:57:47) Exodus from high tax states

(01:00:02) Bitcoin as a solution for convenience and accountability

(01:04:22) Bitcoin as a solution for lack of property rights and seizure resistance