January 30, 2024

Final Settlement E002: Energy-Backed Money with Max Webster

1 hour 18 minutes

Final Settlement: a biweekly podcast presented by Onramp which explores the breadth and depth of the Bitcoin thesis, focusing on the underlying mechanics of the protocol, its ongoing development, and real-world applications of the technology. Hosted by Brian Cubellis (Head of Strategy & Research at Onramp) and Michael Tanguma (Co-founder & CEO of Onramp), Final Settlement aims to go beyond the conventional view of Bitcoin as merely a financial asset, or “digital gold."

Discover how this groundbreaking technology has the potential to benefit society through rearchitecting how value is stored and transferred. A resource for institutional investors and bitcoin enthusiasts alike, our discussions aim to enhance your understanding and conviction in Bitcoin's broader utility – tune in to grasp the full scope of bitcoin's transformative power in the digital age.

0:00 - Introduction to Max

5:30 - Bitcoin as energy-backed money

17:58 - Other forms of commodity money

20:23 - Free markets for electricity

23:03 - Opportunity costs & bitcoin as a tether to reality

28:13 - Building layers atop bitcoin

31:33 - Market-ranking systems

36:38 - A message from Onramp

36:54 - The Bitcoin Ouroboros: rebuilding internet infrastructure

42:53 - Applying altcoin ideas to bitcoin

47:25 - Next wave of bitcoin applications

50:43 - Investing in bitcoin startups

56:13 - The state of Lightning & balancing development

1:02:55 - Fund structure & philosophy

1:08:45 - Diversity of custodial solutions

1:12:07 - Limited downside & uncapped upside

1:17:53 - Wrapping up

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