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"These two jobs are almost always in tension. Any added protection to keep a bad actor out adds a risk that it may also trip up the owner, and any new backup or alternative way to access creates a new potential security hole." - @max_guise Today we dive into a practical piece on how to build a unique self custody model that allows the user room to make mistakes, but still retain control, or the ability to recover their funds. Safely storing Bitcoin keys can be incredibly challenging and the unforgiving nature of the Bitcoin system is intimidating to new users who can find themselves trusting a custodian, out of fear of making a mistake when holding their own keys. Block, Inc is thinking about this problem in unique ways to bring self custody to the average user, and leveraging Bitcoin's tools to accomplish it. Check out the original article that includes links for diving deeper and following or contacting the team on social media to learn more. If you have any thoughts on the questions proposed at the end of the read, be sure to reach out to them. https://wallet.build/losing-your-keys-without-losing-your-coins/ Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 5% off everything in the store! Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Following up on the release of Keet.io and a simple to use, responsive, encrypted, & scalable P2P data sharing protocol in Holepunch, its network backend, we bring the CEO of Holepunch Mathias Buus, and the CSO of Holepunch and CTO of Bitfinex, Paolo Ardoino on the show to talk about what the long term vision of this project truly is. This isn't just a better video chat app, this is the first building block in a plan to rebuild the internet & potentially break down the walls of the internet's major platforms. Are they onto something, or is it a pipe dream? Listen to hear what they say in today's chat. Follow Mathias and Paolo on twitter at the links below to stay up on the projects they are working on, and the many new developments to come: https://twitter.com/mafintosh https://twitter.com/paoloardoino Check out Keet if you want to explore the potential of this new networking protocol and backend. If you are a developer looking to build on the P2P web, go to their discord link to find out more: https://keet.io/ https://discord.com/invite/holepunch The Cathedral & the Bazaar: Musings on Linux and Open Source by an Accidental Revolutionary: https://www.amazon.com/Cathedral-Bazaar-Musings-Accidental-Revolutionary/dp/1565927249/ref=sr_1_2?crid=32I7TKBRZH4MT&keywords=cathedral+bazaar&qid=1659981647&sprefix=%2Caps%2C69&sr=8-2) Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 5% off everything in the store! Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

"It’s not and never was about equality or perfection. It’s about fairness and consequence. Bitcoin is “Responsibility go Up” technology." - Aleks Svetski The principles and rules of Bitcoin do not establish utopia, they do not create a perfect equality for all participants, instead it creates fairness and enforces equal responsibility on all who use the Bitcoin system. It is rules without rulers, it is a form of natural, incorruptible law, and all the consequences that come with that. Svetski brings us a great piece on why Bitcoin is really "responsibility go up" technology. Check out the original at the link below: https://bitcoinmagazine.com/culture/why-bitcoiners-are-not-utopians Check out "The UnCommunist Manifesto" by Aleks Svetski and Mark Moss for expanding on these ideas and the contradictions and consequences of ignoring fundamental truths: https://www.amazon.com/dp/B0B837FN63 Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 5% off everything in the store! Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Orange pilling the everyday user with Mash. Combining simple, fast onboarding into the Lightning ecosystem and enabling a unique monetizing experience with micropayments and payment flows to any content imaginable. Author Jesse Berger joins to announce the experience available for exploring his book, Magic Internet Money. Pay for the book, or by the chapter, or the page. Pay only for what you want to read, and not a sat more. Find out more in today's chat, Mashing it with Magic Internet Money. Explore more with the links below and follow Jared at Get Mash, and Jesse Berger for ongoing developments. Keep an ear out for the audiobook available very soon! Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 5% off everything in the store! Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

"Holepunch makes Hypercore more accessible by abstracting away low-level technical details of the protocol. It takes Hypercore one step further by simplifying the architecture and enabling more people to build apps with it — which enabled a single frontend developer to build Keet in under four months" - Namcios Keet is going to change the game. P2P encrypted and decentralized, video, audio, and file sharing. Built on Holepunch and Hypercore, a technology stack that has the potential to drastically impact how we send and receive data, and connect to each other on the internet. If we are to have a true Web3, this might just be a window into what that is going to look like. Not 1,000 bullshit tokens, not a bunch of VC investors and token gambling, but fast, P2P, encrypted, private data sharing. You don't want to miss this episode. Link to the original at Bitcoin Magazine: https://bitcoinmagazine.com/technical/keet-the-decentralized-communications-app GET YOUR TICKETS FOR PACIFIC BITCOIN! Discount code GUYS gets you 20% off but only until the end of July! https://www.pacificbitcoin.com/ Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

"If a money (the most salable good) is easy to create more of, then any rational economic actor would just go out and create more money for herself, diluting the whole supply of it. If an asset has a monetary premium on top of its pure utility value, then it’s strongly incentivizing market participants to try to make more of it, and so only the forms of money that are the most resistant to debasement can withstand this challenge." - Lyn Alden The full, unabridged reading of Lyn Alden's excellent breakdown of the question that marks the beginning of the Bitcoin Rabbit Hole, "What is Money, Anyway?" Link to Lyn Alden's piece and the incredible other work she has on her blog: https://www.lynalden.com/what-is-money/ Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

“Fedi and Fedimint will help put monetary power back into the hands of everyone, everywhere,” said Fedi Inc. co-founder and CEO, Obi Nwosu, in a statement. “This creates brighter futures for billions and especially for those struggling under oppressive regimes, which ultimately makes the world a better place.” - Namcios The cypherpunk mission of Chaumian Ecash may finally be realized, as a federated payment model on top of Bitcoin. Fedi, the company implmenting a user-friendly, community custody system for the Fedimint protocol, raised $4 million recently to bring this technology to market. There are numerous trade offs, but it remains a very unique and fascinating technology to add to the Bitcoin stack. This will act as an introduction to the idea as we dig further into it in future episodes. Enjoy! Check out the original article by Namcios, and on Bitcoin Magazine: https://bitcoinmagazine.com/technical/how-fedimint-scales-bitcoin-custody Check out Obi's speech from Bitcoin2022, and the Fedi crew getting into the details on TFTC: Bitcoin2022 Obi - https://youtu.be/OwJL0J_nPDE?t=14319 TFTC - https://www.youtube.com/watch?v=b67lfH0SoYY&t=0s Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

"Like any powerful technology, bitcoin can be used for good or ill. As proponents of the technology like to say, bitcoin is “money for enemies” because it’s a bearer asset that can be verified rather than trusted, and it’s hard to block payments for anyone. It’s like a commodity; something that can be partially regulated within certain jurisdictions but that in the holistic sense, exists outside of anyone’s control." - Lyn Alden Today we hit the third and final part of Lyn Alden's incredible breakdown of the history and nature of money, and how it enlightens the changing monetary landscape and the rise of digital assets. Check out the tons of great links and other works below to continue down the rabbit hole: Original article: https://www.lynalden.com/what-is-money/ Nick Szabo - Shelling Out: https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/ Wittgenstein's Money: https://open.spotify.com/episode/1eVvYlfTRG7zGjkZW8klIE?si=02d4eaa72fe642c4 Bitcoin First: https://open.spotify.com/episode/2bbmhdkHH1vcM31uo5Mimd?si=1dbebc2c2a9e46a1 Bitcoin Energy Consumption isn't a Problem. Here's Why: https://www.lynalden.com/bitcoin-energy/ Banks, QE, & Money Printing: https://www.lynalden.com/money-printing/ Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

"To put it into perspective, this international monetary system based around centrally-managed fiat currency is only 16 years older than me. My father was 36 when the US went off the gold standard. When I grew up, after a period of financial hardship, I began collecting gold and silver coins as a kid; my father gave me silver coins as savings each year. The Swiss dropped their gold standard when I was twelve years old, which was six years after Amazon was founded, and three years before Tesla was founded. The fiat/petrodollar standard is only four times older than bitcoin, and only two times older than the first internet browser. That’s pretty recent when you think about it like that." - Lyn Alden Today we hit part 2 of the excellent write up by Lyn Alden breaking down the fundamental nature of money, and how we have found ourselves in this contradictory fiat currency world. This section is amazing and we will be having a follow up to tear into the pages of notes I took while going through this one. Subscribe so you don't miss it! Link to Lyn Alden's piece and the incredible other work she has on her blog: https://www.lynalden.com/what-is-money/ Other great works to explore: Nick Szabo - Shelling Out: https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/ Wittgenstein's Money: https://open.spotify.com/episode/1eVvYlfTRG7zGjkZW8klIE?si=02d4eaa72fe642c4 Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

"If a money (the most salable good) is easy to create more of, then any rational economic actor would just go out and create more money for herself, diluting the whole supply of it. If an asset has a monetary premium on top of its pure utility value, then it’s strongly incentivizing market participants to try to make more of it, and so only the forms of money that are the most resistant to debasement can withstand this challenge." - Lyn Alden The true rabbit hole of Bitcoin begins at the question, "What is Money?" It is the heart of Bitcoin's fascinating nature, and its historical breakthrough. If you were looking for an entry point to the Bitcoin idea, Lyn Alden brings a phenomenal piece by asking the simple question, that ultimately unlocks a never ending rabbit hole... "What is Money, Anyway?"  This will take a few episode to get through entirely, so let's get started... Link to Lyn Alden's piece and the incredible other work she has on her blog: https://www.lynalden.com/what-is-money/ Other great works to explore: Nick Szabo - Shelling Out: https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/ Wittgenstein's Money: https://open.spotify.com/episode/1eVvYlfTRG7zGjkZW8klIE?si=02d4eaa72fe642c4 Check out our amazing sponsors and the products that Guy uses most in the space: • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Coinkite.com Learn more about your ad choices. Visit megaphone.fm/adchoices

"Imposing limitations on monetary goods has always required tremendous amounts of time and energy, and trust. And yet, with all our efforts, we still have been unable to fix the supply of any of the modern monetary assets of the world. Someone, somewhere, has always found a way to increase the supply. Whether because of some emergency reason to protect the greater good, or out of sheer greed, or out of complete ignorance, humans have succeeded 100% of the time in debasing the monetary premiums of all goods in all of recorded human history. And then, there was Bitcoin." - Zach_of_Earth Today's read by Zack_of_Earth speaks for itself. The fixed supply is the core innovation of Bitcoin, 21 Million Is Non-Negotiable. Just press play. Link to the original article: https://medium.com/@Zach_of_Earth/21-million-is-non-negotiable-a51475e424a7 Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts: Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox) Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) Learn more about your ad choices. Visit megaphone.fm/adchoices

"In a world awash in euphemisms and blatant lies, calling something by its proper name is rebellious in itself. Bitcoin is about freedom and self-sovereignty, not about asking for permission. It is about independence and verifiable truth; extreme ownership and responsibility; hope and human rights. The best way to fight bad ideas and bad terminology is with good ideas and good terminology. Thus, we should all make an effort to call things by their proper names, try to understand their inner workings, and explain them in simple terms to others." - DerGigi The words we use in Bitcoin matter. The names we give things form our relationship with them, and how we frame them in our minds. We must not let others modify our language against the interests of sovereignty and freedom. And we must strive to be accurate in our own words and descriptions so we do not ourselves, spread misunderstanding. A must listen/read. Link to the original and tons of other great works by Gigi, plus many translations of the piece in other languages: https://dergigi.com/2022/06/27/the-words-we-use-in-bitcoin/ Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts: Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox) Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) Learn more about your ad choices. Visit megaphone.fm/adchoices

"People hold money to hedge against future uncertainty. This is why it is so crucial for a monetary system to optimize for minimizing its own uncertainty. Bitcoin’s purchasing power is an external quantitative risk that can be insured against, not an internal qualitative uncertainty." - Pierre Rochard Link to the read: https://pierre-rochard.medium.com/the-utility-of-saving-c56f7c170fc1 Check out Pierre on Twitter: twitter.com/bitcoinpierre Dig deeper into these ideas with an excellent piece from Hans Hoppe we covered ages ago on the podcast: The Yield From Money Held Reconsidered: https://open.spotify.com/episode/67dqOHWLX9NRmAs4S0G9XQ?si=866f483f885a43e0 Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts: Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox) Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) Learn more about your ad choices. Visit megaphone.fm/adchoices

What if, sitting in the middle of a chaotic monetary environment, increasing capital controls, balkanizing political regimes, a failing petrodollar hegemony, collapsing institutional trust, increased sanctions & weaponized infrastructure, & aggressive, widespread inflation... there sat a global, neutral, decentralized, robust, & incorruptible network to store and transfer value? What would it look like if that network was infiltrating the global monetary order, in a sly round about way? Listen to today's episode to find out. Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts: Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox) Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) Learn more about your ad choices. Visit megaphone.fm/adchoices

I promised, and it's finally here. It's time to get a little perspective, with the price at all time lows, exchanges and lending platforms imploding, a massive crypto deleveraging event, the Fed tightening, and the market heading into deep recession... HOW could you be bullish? Because I'm paying attention. It's time to zoom out, focus our lens past all the noise, take a serious look at the past year in Bitcoin, to get a clearer picture of the cascading dominoes... This will be part 1 of a series. It's time for a Guy's Take episode. A few links below of those things mentioned in the show to check out if you haven't yet. Plus be sure to go through the episode catalog for the show. There is an extraordinary amount of past work now to go through and I try to make sure that the majority of stays relevant for years. Fidelity - Bitcoin First Report: https://open.spotify.com/episode/2bbmhdkHH1vcM31uo5Mimd?si=41c25898fa6c4c63 Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts: Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox) Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) Learn more about your ad choices. Visit megaphone.fm/adchoices

"Coding, mining, infrastructure, and markets are all independent, happening in competing jurisdictions and geopolitical rivals, often done by anonymous or pseudonymous actors, all with different philosophies and goals, but with one uniting motivation: to keep Bitcoin going." - Alex Gladstein Bringing back an article from a year ago from the always fascinating Alex Gladstein. "Can Governments Stop Bitcoin" is a short exploration of the potential attack vectors via government bodies and how Bitcoin protects or negates them through incentives, its global neutrality, & political game theory. A fun piece to revisit with everything that has happened in the past year. Not to be missed before we get psychotically bullish for tomorrow's episode. Subscribe so you don't miss it. Check out the original article below from Quilette: https://quillette.com/2021/02/21/can-governments-stop-bitcoin/ Mentioned in the episode, check out Jack Mallers on WBD podcast: Check out our amazing sponsors below, they are among my most used products and services in Bitcoin, and have exclusive discounts and offers for the Audionauts: Become sovereign, hold your keys, be censorship resistant with the Bitbox02 hardware wallet. Get 5% off everything in the store with code GUY (guyswann.com/bitbox) Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20% OFF with code BITCOINAUDIBLE (guyswann.com/fold) Learn more about your ad choices. Visit megaphone.fm/adchoices

"Base money is a liability of the central bank, and it’s used as a reserve asset by commercial banks. Broad money is the liability of commercial banks, and it’s used as a savings asset by the public. Treasuries are liabilities of the federal government, and they’re used as collateral by the central bank and commercial banks. In other words, liabilities are collateralized by other liabilities, all the way down." - Lyn Alden Today we dive into another great piece from Lyn Alden's newsletter on the macro situation. What happens when you build a monetary system from nothing but liabilities, and then manipulate the price of interest such that the economy goes ever deeper into debt? Unfortunately we are all about to find out. But luckily we have Lyn Alden to break it down for us, with Read_631 on Bitcoin Audible. Link to the article and other great stuff on Lyn's investment blog: https://www.lynalden.com/ecb-trapped/ For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space: • Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE. • Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy) • Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off. Learn more about your ad choices. Visit megaphone.fm/adchoices

With the markets in chaos, with services halting withdraws, & Everyone's a Scammer" by Michael Goldstein, is one of those works. Another piece that stood the test of time made available by the Nakamoto Institute, not to be missed by any serious Bitcoiner out there. Don't forget to check out Goldstein's amazing work and the enormous collection of quintessential Bitcoin writings over at the Nakamoto Institute: https://nakamotoinstitute.org Mentioned in the Guy's Take, check out Marty's Bent on the Cascading Interconnected risk in today's markets: https://traffic.megaphone.fm/CSN7309346620.mp3?updated=1652737260 For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space: • Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE. • Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy) • Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off. Learn more about your ad choices. Visit megaphone.fm/adchoices

"Bitcoin is a lifeboat on the sinking fiat ship. Lifeboats on a sinking ship don’t need a marketing department." - Francis P. As New York puts a ban on Bitcoin mining in the state, as the white house decides it's going to come up with "Bitcoin mining policy guidance," it seems like a good time to prepare our response. Cry Harder. Francis Pouliot brings us a fun and short exploration of Brandolini's law, the problem of arguing with idiots, & why Bitcoin isn't changing, no matter how much the haters squeal. You are in for a treat. Link to the original article: https://medium.com/@francispouliot/cry-harder-31a599a2e343 For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space: • Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE. • Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy) • Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off. Learn more about your ad choices. Visit megaphone.fm/adchoices

"The reverse of that process – a so-called “death spiral” – was inevitable. Any time the immeasurably over-levered global fiat monetary system, for whatever reason, experienced one of its periodic external shocks that skyrockets immediate demand for actual US dollar liquidity, UST investors would demand USD liquidity faster than the brittle and fundamentally flawed Terra ecosystem could provide. At some point, one UST would be worth materially less than one USD, further rattling investors and kicking off a classic bank run. Worse, with algorithmic certainty, the UST bank run would be accelerated by a corresponding hyperinflation in LUNA." - Ross Stevens, Nic Carter, Allen Farrington "A post-mortem on Terra, a pre-mortem on DeFi, and a glimpse of the madness to come." Another amazing piece from NYDIG, this one detailing out the inevitable collapse of TerraUSD/LUNA algorithmic stablecoins, and a warning about the fragility and leverage that threatens the same end for the DeFi ecosystem, to follow up with the exciting things being built on top of the Bitcoin and Lightning network stack. Dont miss this one. Some great previous reads for digging further into the ideas covered in the show: Shelling Out: The Origins of Money - https://bitcoinaudible.com/reboot-shelling-out-the-origins-of-money-nick-szabo/ Only the Strong Survive - https://open.spotify.com/episode/7u8mzgKk1nQcwpz9EjIiet?si=1b5c0272a08c4f0a Time Value of Bitcoin - https://bitcoinaudible.com/the-time-value-of-bitcoin/ For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space: • Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE. • Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy) • Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off. Learn more about your ad choices. Visit megaphone.fm/adchoices