Proof of Pain

In this episode of Proof of Pain, Tony sits down with Nik Lentz, former UFC veteran and quantitative analyst, to talk about Bitcoin, MSTR, STRC, and the risks around digital credit. We also get into Nik’s path from MMA to finance, how he learned to think like a quant, and why he has become skeptical of Wall Street’s version of Bitcoin.

Nik is not anti-Bitcoin. He makes the case that Bitcoin wrappers, yield products, and “easy” digital credit stories are being sold too cleanly, that “11%” narratives do not hold up forever, and that if you really believe in Bitcoin, you should just buy Bitcoin. We also cover MSTR volatility, ETF wrappers, risk vs reward, and how faith changed the way he sees pain, markets, and life.

What we cover• Nik’s path from childhood adversity to wrestling, UFC, and eventually finance• Why the transition from fighting to quant/trading made more sense than people think• Nik’s early Bitcoin experience and why he was interested so early• Why he is skeptical of ETF wrappers and Wall Street Bitcoin• MSTR, STRC, SATA, and the broader digital credit / yield story• Why Nik says “11% is make believe” and rejects the idea of a free lunch• Why he thinks volatility is the price of outsized returns• Faith, pain, risk, and how his worldview changed over time

GUEST LINKSNik Lentz on X: https://x.com/NikLentzDSMMA on YouTube:  @DSMMA  Damped Spring on YouTube:  @dampedspring  Damped Spring Website - https://DampedSpring.comPROOF OF PAIN LINKSProof of Pain on YouTube: https://www.youtube.com/playlist?list=PLLIGmY3atii15i3dP3Gpu-DkI2MDs3qRwX: https://x.com/ProofofPainBTC @ProofOfPainBTCTony Carrera on X: https://x.com/tonycarrera @tonycarrera

YouTube video link of this episode: https://youtu.be/4RotheTg5FE

Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research.

Chapters0:00 Intro0:17 Nik’s background and MMA path25:40 From fighting to finance and quant trading37:43 First exposure to Bitcoin44:24 Why Nik is skeptical of Wall Street Bitcoin55:42 MSTR, “11% yield,” and why it breaks1:04:44 No free lunch in investing1:12:03 “If you believe in Bitcoin, buy Bitcoin”1:12:46 STRC, SATA, and digital credit1:21:37 Faith, pain, and perspective1:29:24 Where to find Nik

In this episode of Proof of Pain, Tony sits down with Nithu Sezni of True North and the Orange Pill Investor to talk about digital credit, STRC, SATA, and the current BIP-110 fight. We break down who these products are actually for, why Strategy and Strive matter, and whether Bitcoiners are right to dismiss treasury companies and just buy BTC.

We also cover Bitcoin as collateral, SATA risk vs STRC, mNAV criticism, Bitcoin-native lending, whether Strategy could eventually act more like a bank, 6102/confiscation risk, and the Core vs Knots battle around spam, censorship, and soft vs hard forks.

What we cover

• Digital credit explained simply

• STRC vs SATA and why the yields differ

• Whether Bitcoin is good collateral

• “Just buy Bitcoin” vs treasury companies

• mNAV, dilution, and what matters

• Strategy as a possible bank / credit layer

• 6102 risk, self-custody, and confiscation

• BIP-110, Knots, spam, censorship, and forks

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@nithusezni on X

@NithusezniSezni on YouTube

@tonycarrera on X

@ProofOfPainBTC on X

YouTube video link of this episode: https://youtu.be/bahpGGAlCDs

Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research.

Chapters

0:00 Intro

2:48 Digital credit explained

15:23 STRC / SATA / ETF angle

30:08 SATA’s biggest risk

33:40 “Just buy Bitcoin?”

57:20 Bitcoin-native lending

1:10:04 Could Strategy become a bank?

1:20:23 Knots and the spam war

1:49:10 Is filtering spam censorship?

2:10:04 Strategy’s new 21/21

2:18:42 BTC and MSTR outlook

In this episode of Proof of Pain, Tony sits down with Jim Crider, certified financial planner and founder of Intentional Living FP. They talk about what money is, why so many people in finance still misunderstand Bitcoin, and how Jim thinks about portfolio construction in a world shaped by inflation, money printing, AI, and rising uncertainty.

They also cover Jim’s path into financial planning, how Bitcoin finally clicked for him during the COVID era, whether the 60/40 portfolio is broken, how he thinks about cash, bonds, stocks, real estate, and gold, and why most investors need to think more clearly about risk, time horizon, and allocation. The conversation also gets into Bitcoin treasury companies, STRC and SATA, black swan scenarios, stewardship, faith, and truth-seeking.

GUEST LINKS:

X: https://x.com/jimcridertx (@JimCriderTX)

Website: intentionallivingfp.com

YouTube: https://www.youtube.com/@JimCrider

YouTube Intentional Living: https://www.youtube.com/@IntentionalLivingFP

PROOF OF PAIN LINKS:

X: https://x.com/ProofofPainBTC (@ProofOfPainBTC)

X: https://x.com/tonycarrera (@tonycarrera)

Full video episode on YouTube:

https://youtu.be/Vac0KPXj0Gk

Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research.

CHAPTERS:

00:00 Intro

02:10 How Jim got into financial planning

04:03 What financial planning really is

05:43 Money, values, and relationships

11:23 Why most finance pros never define money

14:57 How Jim found Bitcoin

19:00 AI, UBI, and money printing

24:49 How Jim allocates across assets

32:00 Is the 60/40 portfolio broken?

40:39 Strategy, Strive, and treasury companies

52:09 Bitcoin black swan risks

55:56 When would the Bitcoin thesis fail?

1:00:01 Bitcoin, truth, and Christianity

1:21:00 Giving, stewardship, and tithing

1:27:09 Where to find Jim

In this episode of Proof of Pain, Tony sits down with Richard Byworth, Chairman at Future Holdings and an active participant in the H100 expansion into Switzerland. We talk about Bitcoin treasury companies, MSTR’s capital markets evolution, preferreds vs convertible bonds, and whether “paper Bitcoin” is a real concern.

We also cover why Bitcoin denominated convertible bonds matter for smaller treasuries, what private companies can do if they cannot access capital markets, what retail misunderstands about treasury stocks, and Richard’s BTC outlook for 2026 and 2030.

What we cover

• Richard’s path from Nomura and convertibles to Bitcoin

• MSTR’s flywheel and why converts created stock sellers

• Preferreds vs convertibles and why the strategy shifted

• Small BTCTCs in bear markets and the Bitcoin denominated convert path

• Private company playbook for stacking BTC responsibly

• Paper Bitcoin, futures, and short term market pressure

• BTC targets for end of 2026 and end of 2030

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@RichardByworth on X

@tonycarrera on X

@ProofOfPainBTC on X

YouTube video link of this episode:

https://www.youtube.com/watch?v=I2SMlxLALZI

Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research.

Chapters

0:00 Intro

0:18 Richard’s TradFi background

15:25 Finding MSTR through pension constraints

19:30 Why Saylor shifted away from convertibles

23:52 Flywheel for smaller BTCTCs

25:54 Bitcoin denominated converts (XCE)

34:12 Why 2024 to 2025 expectations broke

37:43 Paper Bitcoin explained

41:20 Lightning round

44:03 BTC targets

In this solo episode of Proof of Pain, Tony covers two Bitcoin headlines driving the week, then pulls up the chart to check the levels he is watching.

Tony talks about the Jane Street “10AM slam” chatter and why ETF mechanics can create weird looking moves around the market open. Then a quick look at spot Bitcoin ETF dip buying and what it might signal when price is chopping in a tight range.

To finish, Tony zooms out on the chart to put the recent volatility in perspective and walks through the key zones he is watching next.

Watch the full video episode on YouTube: https://www.youtube.com/watch?v=A_G9cGRcD5M

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@tonycarrera on X

@ProofOfPainBTC on X

Not financial, investment, or tax advice. For entertainment only.

In this episode of Proof of Pain, Tony sits down with UFC bantamweight Aiemann Zahabi to talk about Bitcoin in plain English.

We break down why Bitcoin feels like money on your phone, how you can send it to anyone anywhere without permission, and why self custody matters. No maintenance fees. No transfer approvals. Full control of your money.

Watch the full video episode on YouTube: https://youtube.com/shorts/9HH7qrRpOhw

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@Aiemannzahabi on X@Aiemannzahabiofficial on YouTube@tonycarrera on X@ProofOfPainBTC on X

Not financial or tax advice. For entertainment only.

In this episode of Proof of Pain, Tony sits down with James (@ourgoodlifeuk), a UK podcaster and Bitcoin adoption advocate. He shares his path from early mining days, to ignoring Bitcoin for years, to going deep in 2024 and then diving into Bitcoin treasury companies, especially Smarter Web (SWC).

We talk SWC from IPO vibes to drawdowns, the Bitcoin treasury flywheel under stress, what James would change looking back, and whether smaller treasury companies become acquisition targets or fade into irrelevance. We also touch on UK adoption and the media narrative around Bitcoin.

What we cover• Early Bitcoin mining, the altcoin phase, and the long pause• The 2024 deep dive that made Bitcoin click• First steps into Bitcoin treasury companies and pension exposure• Smarter Web (SWC): highlights, drawdowns, and community building• The treasury flywheel: what breaks, what adapts, what changes next cycle• M&A: do smaller BTCTCs get acquired or die off• Bitcoin adoption in the UK and the public narrative

Chapters0:00 Intro0:40 First hearing about Bitcoin (2011)7:53 The 2024 deep dive that made it click14:49 First steps into treasury companies17:17 Discovering Smarter Web (SWC)24:34 SWC from IPO era to now29:29 BTC volatility and thesis stress test34:54 Flywheel, prefs, and next cycle changes46:11 M&A and small BTCTCs as targets56:32 Bitcoin in the UK narrative1:05:02 Where to find James

RESOURCES MENTIONED (May contain affiliate links):“What’s The Problem?” (Joe Bryan): https://www.youtube.com/watch?v=YtFOxNbmD38Sats vs Fiat site: https://www.satsvsfiat.com/The Big Print by Lawrence Lepard (Amazon): https://amzn.to/3MIafdG

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@ourgoodlifeuk on X

SWC and BTC on YouTube: ⁠https://www.youtube.com/channel/UCKTZTAhIL0SvuEuKl41DCow⁠

@tonycarrera on X

@ProofOfPainBTC on X

Youtube video link of this episode:

https://www.youtube.com/watch?v=Vxl1BU33TgQ

Not financial or tax advice. For entertainment only.

In this episode of Proof of Pain, Tony sits down with Bob Burnett (Barefoot Mining, board member at Ocean, ex Gateway CTO) to break down off grid Bitcoin mining, cost of production, and why public miners often get valued like tech stocks even though mining is a commodity business.

We also dive into Core vs Knots, block templates, spam and inscriptions, OP_RETURN, the SegWit discount, and why Bob is signaling support for BIP110.

What we cover

• Off grid mining: sovereignty, jurisdiction risk, and power first site selection• The Barefoot model: investors paid in BTC• Cost of production: why averages mislead and what “best case” looks like• What happens if BTC trades below cost of production and how hash rate reacts• Why Ocean and block templates matter• Core vs Knots, spam, inscriptions, OP_RETURN, SegWit discount• BIP110 and the path to handling spam incentives• Treasury company metrics and “mine vs buy” tradeoffs

Chapters0:00 Background and how Bob got into mining21:21 Barefoot model and off grid realities48:30 Cost of production discussion56:42 If BTC trades near 60K, what breaks1:05:03 Core vs Knots, templates, and Ocean1:10:53 Spam, OP_RETURN, SegWit discount, BIP1101:23:45 Treasury metrics, mine vs buy, Bitaxe, node advice1:31:32 Five year outlook
1:33:00 Where to find Bob

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@Boomer_BTC on X

BTC Boomers on Youtube: https://youtube.com/playlist?list=PLxdf8G0kzsUVyfT8CuL56TDvi3ZVuyJie

@tonycarrera on X

@ProofOfPainBTC on X

Video of this episode on Youtube:

https://www.youtube.com/watch?v=e1zxGi1WsA4

Not financial or tax advice. For entertainment only.

In this episode of Proof of Pain, Tony sits down with Mike Flaum (Grain of Salt) to break down Bitcoin investing through a product manager lens: optionality, taxes, IRAs, and why “shares per Bitcoin” can be the clearest way to understand Bitcoin treasury companies like Strategy (MSTR).

We also go deep on AI research workflows, how to battle models, and why preferreds changed the treasury playbook.

What we cover• Product manager investing: TAM, tradeoffs, first principles• Paying taxes vs never taking profit• Bitcoin in IRAs, wrappers, and buckets• Strategy (MSTR): converts vs preferreds vs cash• Shares per Bitcoin vs Bitcoin per Share (pizza analogy)• AI deep research workflows (ChatGPT, Claude, Grok)• Why mNAV can mislead, and the metric Mike wants standardized

Chapters

0:00 Intro and Mike’s background3:40 Investing like a product manager7:00 Profit, taxes, and mindset17:40 Bitcoin discovery and why IRAs mattered33:50 Finding Strategy (MSTR)39:20 AI deep research and battle workflows56:20 How search and operators really work1:05:20 Strategy as digital credit and preferreds1:07:25 Shares per Bitcoin vs Bitcoin per Share1:20:50 Treasury companies: what matters1:29:10 FASB fair value and CAMT confusion1:37:25 Rapid fire

Links / references:

• Mike's background and books: https://www.logscaleinvestments.com/identity
• BitInfoCharts “Rich List” (address distribution): https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
• Clarke’s Third Law (“advanced tech looks like magic”): https://en.wikipedia.org/wiki/Clarke%27s_three_laws
• IRS Corporate Alternative Minimum Tax (CAMT) interim guidance (Notice 2025-49 PDF): https://www.irs.gov/pub/irs-drop/n-25-49.pdf

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@Z06Z07 on X

@tonycarrera on X

@ProofOfPainBTC on X

Video of this episode on Youtube:

https://www.youtube.com/watch?v=5YuInVeimGc

Not financial or tax advice. For entertainment only.

In this episode of Proof of Pain, Tony sits down with Nithu Sezni (founding member MSTR True North) to talk Bitcoin, options, leverage, and Bitcoin Treasury Companies.

We get into Poor Man’s Covered Call mistakes, Tesla drawdowns, MSTR’s long game, and the controversial “0% credit cards to buy Bitcoin” strategy. We also debate Core vs Knots, spam, node incentives, and the real costs of custody.

What we cover• Poor Man’s Covered Calls (PMCC) and why leverage cuts both ways• Tesla drawdowns and the “buy the dip” trap when options expire• Strategy (MSTR): thesis, preferreds, and falsification criteria• “Bitcoin is the hurdle rate” and why custody has real costs• Core vs Knots: spam, node bloat, and incentives• 0% intro APR credit cards as unsecured leverage

Chapters

0:00 Intro and “Night Who Says Knee”1:23 Background: Navy, IT, options journey6:26 PMCC lessons and leverage pain11:44 Tesla crash, rolling, and rescue attempts18:59 MSTR thesis and what would change his mind24:20 Preferreds, AI risk, and unknowns40:03 Running a node, mining, and why it matters41:39 Core vs Knots debate1:02:32 0% credit cards to buy BTC1:12:17 5 to 10 year expectations1:13:22 Where to find Nithu

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@nithusezni on X

Youtube: https://www.youtube.com/@NithusezniSezni

@tonycarrera on X

@ProofOfPainBTC on X

Video of this episode on Youtube:

https://www.youtube.com/watch?v=ro5VZrz6YjI

Not financial or tax advice. For entertainment only.