Stephan Livera Podcast

In this episode,  NVK rejoins me to discuss the latest developments in Bitcoin self-custody, hardware wallets, and privacy solutions, providing valuable insights for enthusiasts and practitioners alike.

Timestamps:

00:00 Quarterly Self-Custody Update

01:28 Sparrow Wallet Update & Silent Payments

05:41 Coldcard MK5 & Recent Firmware Updates

07:53 The Evolution of Co-signing & MuSig2

11:58 Liana & Nunchuk Wallet Updates

17:16 Cove, BlueWallet & Mobile Wallet Progress

19:09 BitKey V2 & Pragmatic Self-Custody

22:55 Open Hardware Wallet Project Updates

27:15 Merchant Payments & Bitcoin Commerce

31:19 Stable Balance Wallets & Self-Custody

36:38 Hardware Wallet Security Updates

39:07 ARCA: Personal Data Haven Explained

Links: 

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this episode, Alejandro De La Torre, CEO of @DMND_Sv2, joins me to discuss the mining of Bitcoin block 955,318 — the first known Stratum V2 block on mainnet.

We break down what happened, the benefits of Stratum V2, how it improves efficiency and we talk about SV2 adoption more broadly.

A great episode for anyone who wants to understand where Bitcoin mining is heading.

Timestamps:

00:00 The First Stratum V2 Block: What Happened?

01:08 How Does Miner Transaction Selection Change Bitcoin Mining?

01:58 Can SV2 Mining Pools Still Reject Blocks Though?

03:19 Can Miners Easily Switch Pools with Stratum V2?

04:45 Major Mining Pools Joining the Stratum V2 Working Group

05:40 Hardware & Firmware Support for Stratum V2

07:43 Is Miner Interest in Stratum V2 Growing?

09:00 The Biggest Benefits of Stratum V2 for Miners

10:21 How Does DMND's SLICE Payout System Compare to FPPS?

11:50 What Needs to Happen for Stratum V2 to Become the Standard?

13:21 Should Miners Start Building Their Own Block Templates?

Links: 

• Alejandro’s announcement post: https://x.com/bitentrepreneur/status/2070131040992035235

• DMND Pool: https://www.dmnd.work

• Alejandro on X: https://x.com/bitentrepreneur

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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In this episode, Adrian Morris joins the show to discuss Bitcoin Treasury Companies. We explore whether MSTR and STRC are over, sustainable mNAV premiums, the impact of leverage, the right way to calculate mNAV, how many such companies can realistically exist, and how this space evolves through bull and bear markets.

Timestamps:

00:00 What are Bitcoin Treasury Skeptics Getting Wrong?

03:55 Is it over for STRC? Par vs Peg

06:30 The level of correlation to Bitcoin price

07:10 Critiques of STRC marketing?

09:02 Market Dynamics and Bitcoin Correlation

10:50 Should Strategy Do Something About STRC?

13:55 Is it a waiting game?

14:40 Is the bitcoin treasury risk mispriced? When is a premium justified?

19:26 Leverage or Amplification embedded in the structure

24:10 Operating or Financing Flows to Get Bitcoin?

26:15 mNAV

29:12 Thoughts on CEBE Analysis

32:30 Different forms of mNAV

36:12 Sentiment’s role is amplified

40:32 “Just Tread Water and Survive Until the Bull”

42:47 Will the Correlation to Bitcoin Price increase over time?

46:18 Growth Opportunities: Mergers and Acquisitions 

48:23 The Bitcoin Treasury Model - How Replicable is it?

51:50 Where are we in this cycle?

53:42 AI Analysis: Tools and Techniques for Investors

58:55 Is AI being overbuilt? 

1:01:40 Open Weights and Local AI?

Links: 

• Adrian on X: https://x.com/_Adrian

• True North: https://tnorth.com/

• Bitcoin For Corporations: https://bitcoinforcorporations.com/

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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In this episode, Craig Raw returns to discuss Sparrow’s Silent Payments and Frigate integration, where multisig UX stands in 2026, his thoughts on building Bitcoin wallet software solo, and the ongoing challenges of distribution and platform risk.

We discuss:

• Silent Payments and their impact on privacy and UX

• Platform risks and the importance of pragmatic development

• Standards and interoperability in Bitcoin wallets

• The future of multi-sig UX and hardware wallet support

• Cryptographic innovations like Frigate for scalable scanning

Timestamps:

00:00 - Intro and Apple’s Walled Garden

05:30 - Pragmatism in Bitcoin

06:30 - Silent Payments: A New Era for Bitcoin Transactions

08:40 - Biggest Challenge in Bitcoin Privacy today

12:03 - Why Address Re Use is so prevalent today

13:40 - Contrasting Silent Payments and Lightning Address

16:00 - The Benefits of Silent Payments Far Outweigh Incremental Complexity

19:00 - The Future if the Bitcoin Community Doesn’t Move on this

22:45 - Privacy vs Convenience

25:40 - Putting SP and Lightning Address together

28:30 - The Scanning Challenge for SP and Frigate

37:20 - Hardware Reqruirements for Frigate

41:00 - Can Hardware Wallets Support SP?

49:55 - Bitcoin Multi Sig in 2026

51:30 - Craig on Miniscript use - Inheritance, Timelocking

53:20 - Miniscript refresh privacy concern

55:30 - Miniscript for managed solutions

59:00 - Multi Sig Quorum Registration

1:01:00 - Mixed Vendor Multi Sig setups

1:04:00 - Wallet Labelling BIP

1:06:44 -  Bitcoin Adoption: Balancing Purism and Pragmatism

1:09:00 - What to do about bad regulations or laws? 

1:12:00 - Could Government Target Silent Payments?

1:13:39 -  Sustainability of Sparrow Wallet Development

Links: 

• https://x.com/SparrowWallet

• https://x.com/CraigRaw

• sparrowwallet.com 

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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In this episode, Jesse Schrader (Jestopher), CEO of Amboss, joins us to break down RailsX — their new Lightning-native DEX.

We discuss:

🔸How traders and liquidity providers use RailsX

🔸The costs and benefits for both sides

🔸Current Lightning routing volumes and growth trends

🔸The state of Lightning yield and how it compares to other players

🔸The recent BitGo Lightning Earn partnership

🔸A quick update on Magma

🔸A high-signal look at where Lightning yield, stablecoins, and institutional adoption are heading.

Timestamps:

00:00 - What is RailsX? Taproot Assets on your LN node

01:09 - The trader end user POV

02:45 - USDT by @speed_LN

03:50 - What are the trading fees? Trade sizes?

06:20 - Liquidity provider POV

08:00 - DIY or managed service?

09:20 - How much yield do liquidity providers get?

10:37 - BitGo Lightning Earn partnership

11:23 - The state of Lightning yield today and lightning activity

12:37 - Update on Amboss Magma - Liquidity Leasing

15:10 - Lightning Volume is Growing Even in a Bear Market

Links: 

• https://amboss.space/

• https://amboss.tech/rails

• https://amboss.tech/magma

• https://x.com/Jestopher_BTC

Stephan Livera links:

• Follow me on X: @stephanlivera

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In this urgent 15-minute conversation, Stephan speaks with Ricki Allardice, one of the leaders of the Property Rights Defense Group, about South Africa’s Draft Capital Flow Management Regulations 2026 — the most serious threat to Bitcoin self-custody the country has seen.

Ricki breaks down exactly what the draft rules would do to private keys, self-custody, and everyday Bitcoiners, where the process stands right now, and what the community can still do before the 30 June 2026 public comment deadline.

Timestamps:

(00:00) - Overview of the Regulation Against Self Custody

(04:07) - Public Consultation Process 

(05:49) - Can it be challenged?

(07:20) - It’s About Capital Controls

(08:02) - AML, Sanctions, FATF 

(10:46) - What does it mean for Bitcoiners in South Africa?

(12:22) - Safety or Security concern here?

(14:22) - Call to Action and Support for Legal Defense

Links: 

• Site: propertyrightsdefense.org

• X: https://x.com/PRDG_ZA 

• Donate: https://btcpay386617.lndyn.com/apps/4TcSxV6dNFYzb1DBDthPL89Tjz72/crowdfund?ref=propertyrightsdefense.org 

Stephan Livera links:

• Follow me on X: @stephanlivera

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Matt McClintock (Founder & CEO of Bespoke Group) returns to the show alongside Alla Futterman (Associate Client Relationship Manager & Head of Philanthropy Operations) fresh off his main-stage talk at BTC Prague 2026 titled “Using Bitcoin to Change the World.”

In this deep dive, we explore how ultra-high-net-worth Bitcoiners and their families are moving beyond simple HODLing to become active stewards — deploying Bitcoin through sophisticated, values-aligned philanthropy to solve real problems (landmine clearance, human trafficking recovery, wildlife protection, cultural preservation, and more).

We unpack Bespoke Group’s “Wealth Operating System,” sovereign estate planning for bearer assets, tax-efficient giving structures, next-gen involvement, the mindset shift from ownership to “this wealth has been entrusted to me,” and practical advice for Bitcoiners at every level who want their capital to outlive them and actually improve the world.

If you’ve ever wondered how to turn Bitcoin conviction into lasting generational impact while keeping sovereignty and privacy intact, this is the episode.

Timestamps:

(00:00) - Introduction to Bitcoin Philanthropy

(06:38) - Tax-Efficient Philanthropy Strategies

(13:07) - Charitable Structures for Bitcoin

(20:22) - Mindset Shifts in Bitcoin Philanthropy

(27:22) - Wealth Stewardship and Bitcoin

(32:13) - Challenges in Bitcoin Philanthropy

(37:23) - Engaging the Next Generation in Philanthropy

(39:49) - Practical Tips for Everyday Bitcoiners

Links: 

• Bespoke Group → https://bespokegroup.io/

• Matt’s article: “How Bitcoin Wealth is Changing the World” (June 2026)

• Alla’s article: “Philanthropy as Wealth in Motion”

• https://x.com/mcclintock_m

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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In this episode, we sit down with Adam Juchniewicz of Bitcoin Passport Index and Bitcitizen to discuss Bitcoin sovereignty, jurisdictional arbitrage, and how Bitcoiners should think about second passports and residencies.

We dive into the Bitcoin Passport Index, why Bitcoin-friendly tax and legal treatment matters more than most people realize, and how the landscape for citizenship and residency programs is rapidly changing.

Adam also breaks down his fast-track Vanuatu citizenship program and his full-service approach to helping Bitcoiners build a proper sovereign stack — from companies to passports to, in some cases, full exits.

Timestamps:

(00:00) - Bitcoin Passport Index

(03:21) - How do you balance mobility against Bitcoin sovereignty?

(05:45) - How will CARF and global reporting change the game?

(08:41) - Vanuatu CBI program

(11:17) - Vanuatu compared with cheaper options like Sao Tome and Principe?

(13:27) - “citizen, not tourist” approach

(14:55) - Final advice for Bitcoiners

Links:

• Bitcoin Passport Index: https://bpi.21cbi.io

• Bitcitizen: https://www.bitcitizen.io

• Vanuatu Citizenship Program: https://cbi.vu

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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Steven Roose (CEO of Second) rejoins me to explain Bark going live on Bitcoin’s main net. 

Timestamps:

(00:00) - Bark mainnet launched on June 9th

(02:01) - Bark and Lightning onboarding

(03:30) - Ark compared to Lightning — replacement or teammate?

(04:15) - User experience with Bark

(05:54) - Developer experience with Bark SDK

(08:04) - Barkd for merchants and services

(08:56) - Dev tooling and VTXO Inspector

(10:40) - What's the current status of adoption and what's coming next?

Fees? 

(13:25) - Tx type overview

Links:

• https://second.tech/

• https://x.com/stevenroose3 

• https://x.com/secondhq

Stephan Livera links:

• Follow me on X: @stephanlivera

• Subscribe to the podcast

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In this episode, NG Zhang, founder and CEO of Canaan Inc., shares his journey in Bitcoin mining technology, from early ASIC development to modern innovations like heat reuse and energy integration. We talk about the evolution of mining hardware, industry trends, and future prospects.

Timestamps:

(00:00) –  Intro and Early Days of Bitcoin Mining

(03:40) –  From FPGA to ASIC Technology

(06:22) –  The Avalon A16 Series

(09:07) –  Reliability and Durability of Mining Machines

(12:15) –  Failure Rates and Useful Life

(14:40) - Primary Market and Secondary Market for Mining

(16:40) –  Small Scale vs. Large Scale Mining

(22:00) - What % is home mining today?

(23:00) - Heat Recovery

(29:00) - Different methods of cooling in Bitcoin Mining

(31:40) - Mining machine form factor

(32:40) - Stratum V2 Support?

(37:35) - Market Dynamics: Public vs. Private Miners

(39:50) –  Energy Grid Integration and Bitcoin Mining

(44:25) - Efficiency gains are slowing down in bitcoin mining

Links: 

• https://www.canaan.io/

Stephan Livera links:

• Follow me on X: @stephanlivera

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