Inflection Point

In this episode, Bitcoin core developer Peter Todd discusses the rise of Bitcoin Knots, censorship debates, op_return limits, miner incentives, the challenges of blocking ordinals and inscriptions, scaling via Lightning, the future of Bitcoin development, and more. Enjoy!

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Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

(00:00) Introduction

(01:24) Bitcoin's Firestorm

(02:07) Ledn Title Ad

(02:28) Bitcoin's Firestorm

(06:27) Satoshi Dice

(08:50) Censoring Transactions

(13:34) Ability to Dissent

(16:45) Ledn Ad

(17:22) Is Bitcoin Knots A Threat?

(20:16) The Knots Critique of Bitcoin

(27:52) Making A Moral Argument

(28:46) Ledn Ad

(29:32) Making A Moral Argument

(32:03) Responsibility of Miners

(35:54) Filtering is Pointless

(37:33) “Shoulds” vs Reality

(41:56) Development & Price

(44:56) Multiple Bitcoin Soft Forks

(47:19) Bitcoin Dream Development

(49:53) Alternative Financial System

(53:22) Innovations in Crypto

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Bitcoin #Crypto #SupplyShock

In this special interview live from Permissionless IV, Rizzo sits down with Bitcoin OG & Core developer Jeff Garzik to reflect on Bitcoin’s early days, the culture shift from experimentation to ossification, and his belief that Bitcoin’s social and monetary network would have emerged regardless of specific developers. Garzik critiques Lightning as a failed detour, champions Layer 2s like Hemi for bringing programmability to Bitcoin, and stresses that Ethereum remains vital due to its developer traction and audit maturity. Enjoy!

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Follow Jeff: https://x.com/jgarzik

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Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

—

Timestamps:

(00:00) Introduction

(01:47) Building the Bitcoin Market

(08:16) Ledger Ad

(09:42) Bitcoin Then vs Today

(11:55) Bitcoin Ossification

(13:39) Was Bitcoin Inevitable?

(18:38) Who Controls Bitcoin?

(21:37) Bitcoin Forks & Lightning Network

(25:01) Crypto is the Beta Test for Bitcoin

(25:34) Ledger Ad

(26:19) Crypto is the Beta Test for Bitcoin

(31:08) What Did Ethereum Achieve?

(36:46) EVMs, BitVM & L2s

(41:24) Unleashing Bitcoin Upgrades

(49:25) Identifying the Problems

(57:46) Why Work on Bitcoin Today?

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Bitcoin #Crypto #SupplyShock

In this special bonus episode, we dive into the takeaways from Permissionless IV, unpacking the biggest industry narratives and themes shaping crypto today. We discuss the future of stablecoins, give a candid macro outlook, and explore how Big Tech is positioning itself as the next crypto overlord. Finally, we reflect on some predictions we got wrong – and what we learned from them. Enjoy!

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Follow Jack: https://x.com/whosknave 

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Follow Supply Shock: https://twitter.com/SupplyShockBW 

Follow Blockworks: https://twitter.com/Blockworks_  

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Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock 

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 

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Timestamps:

(00:00) Intro

(00:57) Permissionless IV Takeaways

(07:00) Biggest Industry Narratives

(12:00) Future of Stablecoins

(17:44) Macro Outlook

(20:47) Big Tech Overlords

(28:38) Predictions We Got Wrong

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Bitcoin #Crypto #SupplyShock

In this special episode of Supply Shock live from Permissionless IV, Pete Rizzo hosts a panel of top builders pushing the frontier of Bitcoin development: Jeff Garzik (Hemi), Muneeb Ali (Stacks), Eli Ben-Sasson (StarkWare), and Hong Kim (Core). They debate where to build in the Bitcoin ecosystem, the evolving use cases for Bitcoin L2s, and how to make BTC productive through lending, yield, and interoperability. The panel also explores the path to mass adoption, the limits of Bitcoin's base layer, and whether mainstream apps like Polymarket can thrive on Bitcoin. Enjoy!

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Follow Jeff: https://x.com/jgarzik

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Follow Supply Shock: https://twitter.com/SupplyShockBW

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Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

(00:00) Introduction

(02:53) Challenges and Opportunities in Bitcoin

(06:26) Ledn Ad

(07:07) Challenges and Opportunities in Bitcoin

(08:26) Use Cases and Innovations

(14:20) Mainstream Adoption and Success Metrics

(18:30) Ledn Ad

(19:17) Mainstream Adoption and Success Metrics

(24:52) Technical Barriers and Solutions

(36:03) Corporate Treasury and Yield

(40:15) Final Thoughts

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Bitcoin #Crypto #SupplyShock

In this episode live from Permissionless, Milk Road founder Kyle Reidhead joins the show to discuss the drivers of Bitcoin demand, the impact of the Israel-Iran war, and whether crypto money will chase crypto IPOs, treasury companies, or something else. We also discuss Michael Saylor & Strategy, who wins the stablecoin boom, what the future for Bitcoin looks like, and more. Enjoy!

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Follow Kyle: https://x.com/KyleReidhead

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Follow Supply Shock: https://twitter.com/SupplyShockBW

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Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

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—

Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

—

Timestamps:

(00:00) Introduction

(00:32) What Drives Bitcoin?

(06:15) Ledger Ad

(08:26) Bitcoin vs Gold

(14:19) This Cycle’s Narrative

(18:20) Ledger Ad

(19:08) Strategy & Crypto Treasury Companies

(24:28) Where Does Value Accrue in Crypto?

(27:07) Regulation Tailwinds

(29:24) Bitcoin vs Crypto

(32:22) Bringing the World Into Bitcoin

(35:15) Big Bitcoin Catalysts

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this special episode from the Empire podcast, Blockworks unveils its new Token Transparency framework—an initiative designed to close the information gap and bring much-needed clarity to the crypto space. Dan Smith, Head of Data at Blockworks, explains how this framework will reshape how token projects operate and why transparency is the key to crypto’s future. Enjoy!

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Follow Dan: https://x.com/smyyguy

Fallow Yano: https://x.com/JasonYanowitz

Follow Empire: https://x.com/theempirepod

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Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx

Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6

—

Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

—

Timestamps:

00:00 Token Transparency

02:25 The Token Market & Lemons

09:54 Ads (Ledn)

10:30 The Token Market & Lemons Cont'd

11:40 Equity vs Token Risk

14:18 Structural Token Issues

17:12 How Did We Get Here?

22:57 Token Horror Stories

31:50 Token Launches

36:06 Ads (Ledn)

36:51 Token Launches Cont'd

56:50 Best Case Scenario

01:02:38 Impact On Token Prices

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Bitcoin #Crypto #SupplyShock

In this episode, Bitcoin historian Pete Rizzo joins the Milk Road Show to share his thesis on the coming explosion of Bitcoin treasury companies and why they may drive the next major inflow into Bitcoin. He explains why stablecoins and NFTs were once ignored just like Bitcoin treasuries are now, why thousands of firms—not dozens—might soon hold BTC, and how this could mirror past crypto waves like CoinMarketCap and the ICO boom. The episode also touches on meme coins, regulatory bottlenecks, tokenized stocks, Bitcoin vs. crypto culture, and more. Enjoy!

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Follow Jay: https://x.com/JayHamilton0

Follow Milk Road: https://milkroad.com/

Follow Rizzo: https://x.com/pete_rizzo_

Follow Supply Shock: https://twitter.com/SupplyShockBW

Follow Blockworks: https://twitter.com/Blockworks_

Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx

Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6

—

Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv

—

Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

—

Timestamps:

(00:00) Introduction

(02:32) How Bitcoin’s Narrative Quietly Shifted

(10:50) Ledger Ad

(11:36) What’s the Big Trend Everyone’s Missing?

(14:09) Is an Altcoin Season Still Coming?

(18:54) Ledger Ad

(19:41) Why Japan’s Bitcoin Stocks Are Booming

(21:48) Do We Need This Many Bitcoin Treasury Companies?

(25:29) How Bitcoin Companies Will Evolve Next

(27:08) Is This Bitcoin’s Biggest Inflow Catalyst?

(27:50) Has Crypto Innovation Hit a Wall?

(33:42) Are Tokenized Stocks & Stablecoins the Future?

(38:36) Why Bitcoin Needs Separation from Crypto

(41:07) Are More Bitcoin Winters Inevitable?

(47:15) Wrap-Up

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Bitcoin #Crypto #SupplyShock

This week, Rizzo is joined by Nolan Bauerle and Michael McSweeney for a heavyweight clash of Bitcoin visions: Jack Dorsey vs. Michael Saylor. The panel breaks down Dorsey’s developer-first, decentralized payments push versus Saylor’s Wall Street-centric, corporate treasury strategy. They debate who's funding Bitcoin’s future, who’s leading the charge in public perception, and which model holds up better under political and economic pressure. Enjoy!

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Follow Nolan: ⁠https://x.com/countbtc⁠  

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Follow Supply Shock: ⁠https://twitter.com/SupplyShockBW⁠ 

Follow Blockworks: ⁠https://twitter.com/Blockworks_⁠  

Supply Shock Telegram: ⁠https://t.me/+SpmLg6P_QcgxNDcx⁠ 

Supply Shock Newsletter: ⁠https://blockworks.co/newsletter/supplyshock⁠ 

Supply Shock Survey: ⁠https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6⁠ 

—

Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! ⁠https://blockworks.co/event/permissionless-iv⁠ 

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit ⁠https://www.ledn.io/⁠ to learn more. 

—

Timestamps:

(00:00) Introduction

(03:01) Michael Saylor's Bitcoin Journey

(05:14) Jack Dorsey's Bitcoin Vision

(08:44) Comparing Saylor and Dorsey's Approaches

(11:22) Ledn Ad

(11:59) Investment Strategies and Funding

(20:32) Corporate Treasury and Market Impact

(28:29) Personal Reflections on Jack Dorsey

(28:58) Ledn Ad

(29:45) The Cult of Personality in Bitcoin

(31:19) Narrative Building and Financial Engineering

(32:33) Corporate Adoption of Bitcoin

(34:47) The Evolution of Bitcoin Narratives

(35:30) Human Capital and Industry Shifts

(37:25) Political Influences and Bitcoin

(40:48) Challenges and Opponents

(48:21) The Future of Bitcoin

(49:20) Final Thoughts

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Bitcoin #Crypto #SupplyShock

In this episode, Bitcoin OG Isaac Miller recounts his journey from HODLing coins in 2013 to becoming a cultural icon through viral videos and meme coins. He reflects on the shifting ethos of Bitcoin—from its cypherpunk roots to political adoption and corporate backing—while warning that many early believers have lost touch with the tech’s evolution. Miller also defends his engagement with meme coins and argues that Bitcoin remains a foundational freedom technology. Enjoy!

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Follow Isaac: https://x.com/IsaacMiller

Follow Rizzo: https://x.com/pete_rizzo_

Follow Supply Shock: https://twitter.com/SupplyShockBW

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Join Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx

Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

—

Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv

—

Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

—

Timestamps:

(00:00) Introduction

(01:41) Bitcoin OG: Isaac Miller

(04:41) Bitcoin Then vs Now

(11:38) Ledger Ad

(12:23) Bitcoin Spending Regrets?

(13:38) Bitcoin Mining

(15:04) Libertarianism & BTC Economics

(18:04) Bitcoin & Politics

(20:09) Has Bitcoin Sold Out?

(23:25) Bitcon’s Changing of the Guard

(26:53) Bitcoin vs Other Crypto Assets

(32:41) Ledger Ad

(33:27) Isaac Meme

(37:29) Coinbase Partnership

(40:03) Meme Coins Are for Fun

(44:53) Bitcoin vs New Technologies

(50:44) Stablecoins & Tether

(54:11) Freedom & Bitcoin

(58:06) Are We Still Early?

(01:02:16) Isaac’s Biggest Contribution

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Disclaimer: Nothing discussed on Supply Shock should be considered investment advice. Please always do your own research & speak to a financial advisor before thinking about thinking about putting your money into these crazy markets.

In this episode, veteran Bitcoin developer Matt Corallo joins to discuss why second layers like Lightning and Ark are essential for scaling Bitcoin — and why current laws put them at risk. He breaks down the regulatory blind spots threatening non-custodial wallet developers, and advocates for the Blockchain Regulatory Certainty Act to preserve open-source Bitcoin innovation in the U.S. Corallo also challenges Bitcoin's cultural orthodoxy, pushing for realism on decentralization, L2 tradeoffs, and the future of meaningful development. We cover Bitcoin maximalism, scaling via hybrid wallets, legal tail risks to L2s, and more. Enjoy!

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Follow Matt: https://x.com/TheBlueMatt

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Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx

Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock

Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6

—

Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv

—

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit https://www.ledn.io/ to learn more.

—

Timestamps:

(00:00) Introduction

(01:38) Is Bitcoin Mainstream?

(03:50) Saveourwallets.org

(07:49) Bitcoin Rights

(10:31) Ledn Ad

(11:08) Why Wallets?

(12:10) Next Steps

(14:53) Tackling Regulation

(17:21) Bitcoin Payments & Lightning

(22:08) Is Bitcoin Special?

(25:51) Is Bitcoin Decentralized?

(28:37) Multiple Bitcoin Implementations

(32:39) Ledn Ad

(33:26) Bitcoin’s Roadmap

(36:36) Bitcoin's Vision & Leadership

(39:47) Bitcoin Price vs Tech Development

(45:17) Bitcoin L2s & Non-Custodial Wallets

(52:46) Debating “Valid” Transactions

(01:01:23) Node Runner Rights

(01:02:47) Bitcoin Maximalism

(01:06:36) Bitcoin’s Values & Culture

(01:14:18) Final Thoughts

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.