Stephan Livera Podcast

In this conversation, Stephan Livera and Matt Cole discuss the rapid growth and strategic developments of Strive, a Bitcoin treasury company, particularly following its merger with Semler Scientific. They explore the implications of this merger, the importance of institutional interest in Bitcoin, and the strategies for managing debt and generating yield. The discussion also touches on the competitive landscape of Bitcoin treasury companies, the role of digital credit, and the future outlook for Bitcoin in the context of increasing institutional adoption and market dynamics.Takeaways:🔸Strive has rapidly grown its Bitcoin holdings through strategic mergers.🔸The merger with Semler positions Strive as a leading Bitcoin treasury company.🔸Institutional investors are increasingly interested in Bitcoin treasury companies.🔸Strive aims to generate a significant Bitcoin yield for its investors.🔸Managing debt effectively is crucial for Strive's future growth.🔸The healthcare business from Semler will be monetized within a year.🔸Acquisitions in the Bitcoin treasury space are strategic and not frequent.🔸Understanding Bitcoin yield and amplification is key for investors.🔸Digital credit is a growing area within Bitcoin treasury companies.🔸The future of Bitcoin looks promising with increasing institutional adoption.Timestamps:(00:00) - Intro(01:37) - Strive’s growth and developments (05:54) - What do institutions look for when investing in a BTCTC?; Reverse stock split (09:08) - How will Strive manage its debt?; Amplifying Bitcoin exposure  (13:22) - How will Semler Scientific be monetized? (17:06) - Accelerating Bitcoin yield through SATA; Possible future M&A(22:53) - Structuring a merger of a BTCTC (26:30) - Valuing a BTCTC and mNAV considerations(34:46) - Matt's take on Danny Knowles's interview with Michael Saylor(39:54) - Should every BTCTC engage in financial engineering? (44:18) - Differentiation in Bitcoin treasury companies(48:40) - What is the difference between SATA and STRC?(53:38) - Who is SATA for? (57:49) - Which are the pools of capital that can’t directly buy Bitcoin?(1:01:41) - Have BTCTC cannibalized the on-chain use of Bitcoin?(1:04:34) - Outlook for Bitcoin in 2026Links: https://x.com/ColeMacro https://x.com/Strive Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this conversation, Dr. Padraig Corcoran discusses his research on Bitcoin as a medium of exchange, focusing on the use of spatial data from OpenStreetMap and BTC Map. He explores the dynamics of merchant adoption, the role of community initiatives, and the implications for policymakers. The conversation highlights the importance of grassroots movements in promoting Bitcoin usage and the potential for growth in merchant acceptance as technology improves.Takeaways:🔸Bitcoin serves multiple purposes: unit of account, store of value, medium of exchange.🔸OpenStreetMap is a crowdsourced geographical data project.🔸BTC Map helps identify merchants accepting Bitcoin.🔸Adoption of Bitcoin as a medium of exchange is growing.🔸Quality of crowdsourced data can vary significantly.🔸Community initiatives play a crucial role in Bitcoin adoption.🔸Government policies do not directly influence merchant adoption.🔸The Lightning Network is vital for facilitating Bitcoin transactions.🔸Merchants often accept Bitcoin to attract a specific customer base.🔸Bitcoin can function as both a store of value and a medium of exchange.Timestamps:(00:00) - Intro(01:08) - Dr. Padraig Corcoran’s background & his research on Bitcoin and Spatial Analysis(02:31) - OpenStreetMap; Pros & Cons of crowdsourced geographical data(06:19) - How did BTC Map use OpenStreetMap to represent Bitcoin merchants?(10:08) - What are the insights from analysing the adoption of Bitcoin as a medium of exchange? (15:25) - Nation level vs. Grassroots Bitcoin adoption; Bitcoin circular economies(18:37) - Bitcoin adoption in El Salvador vs Berlin(19:51) - Are merchants accepting Bitcoin without them knowing about it? (23:14) - What are the factors influencing merchant adoption?; Learnings for policymakers from Dr. Padraig’s research(25:19) - What kind of Bitcoin businesses are on BTC Map?(27:49) - Is Bitcoin only for savings?  (32:30) - What should Bitcoin builders focus on?(33:34) - What is Dr. Padraig’s perception of Bitcoin as money?(35:23) - Closing thoughtsLinks: https://x.com/pcorcoran9 https://x.com/btcmap/status/1993737818271633638 https://link.springer.com/article/10.1186/s40854-025-00871-z Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this conversation, I discuss with Nate the current state and future prospects of the Lightning Network as of December 2025. They explore various aspects such as payment success rates, public perception versus practitioner insights, routing fees, centrality in nodes, yield opportunities, privacy considerations, and the overall adoption of the Lightning Network. The discussion highlights the improvements made over the years, the economic incentives for node operators, and the importance of community-driven initiatives in shaping the future of the Lightning Network.=Takeaways:🔸The Lightning Network has improved payment success rates over time.🔸Public perception of the Lightning Network often differs from actual usage statistics.🔸Routing fees are crucial for maintaining liquidity and economic incentives in the network.🔸Centrality in Lightning nodes affects payment success and routing efficiency.🔸Yield opportunities exist for those operating Lightning nodes.🔸Adoption of the Lightning Network is expected to grow as more enterprises recognize its benefits.🔸Privacy in Lightning transactions is nuanced and requires careful management.🔸Innovations in Lightning technology continue to enhance user experience and functionality.🔸The future of the Lightning Network may involve more integration with traditional financial systems.🔸Community-driven initiatives are essential for the growth and improvement of the Lightning Network.Timestamps:00:00 Intro02:53 Current State and Performance of the Lightning Network05:58 Public Perception vs. Practitioner Insights08:53 Routing and Payment Success Rates11:55 Fee Structures and Yield in Lightning Network14:56 The Evolution of Lightning Node Operations17:56 Centralization Concerns in the Lightning Network27:45 Hub and spoke model?30:14 Privacy Concerns in Lightning Network32:41 The Centralization Debate in Lightning Network35:43 Merchant Adoption of Bitcoin Payments38:47 The Role of Bitcoin as a Medium of Exchange40:53 Exploring Lightning Network Implementations45:36 Recommendations for Different User Types50:45 Comparing Lightning Network with Alternative Solutions54:52 Enhancing Bitcoin's Functionality57:37 The Future of Bitcoin Development59:59 Bitcoin Myths and Misconceptions01:02:08 The Importance of Bitcoin Ownership01:06:05 Lightning Network Adoption and Innovations01:11:01 Privacy in the Lightning NetworkLinks:https://x.com/BeefOrBacon1http://billandkeonne.org/https://learn.robosats.org/Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this episode, B10C discusses his work in the Bitcoin ecosystem, focusing on the importance of censorship resistance, the role of mining pools, and the implications of OFAC sanctions on Bitcoin transactions. He introduces the Peer Observer project aimed at monitoring the Bitcoin network for anomalies and attacks, and highlights the need for a collaborative approach to Bitcoin network operations through the Bitcoin Network Operations Collective.Takeaways:🔸B10C has been working on Bitcoin open source projects since 2021.🔸Research on mining pools reveals they may filter out certain transactions.🔸Censorship resistance is a key feature of Bitcoin that needs monitoring.🔸The Bitcoin network lacks a professional monitoring system compared to large companies.🔸The Peer Observer project aims to detect attacks on Bitcoin nodes.🔸Monitoring tools can help identify anomalies in the Bitcoin network.🔸The Bitcoin Network Operations Collective is a forum for collaboration on network monitoring.🔸Compact block relay improves block propagation efficiency.🔸Different mining pools have varying policies on transaction inclusion.🔸The future of Bitcoin monitoring relies on community collaboration.Timestamps:(00:00) - IntroLinks: https://x.com/0xb10c https://b10c.me/ Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

In this episode the discussion revolves around the BOSS program (Bitcoin Open Source Software), which offers a 30-day series of technical programming exercises aimed at engaging participants in Bitcoin protocol development. The guests, Satsie, Sangbida, and Ron, share their backgrounds, motivations for joining the program, and experiences throughout the challenges. They discuss the impact of the program on their careers, the importance of community support, and the unique environment of open source development. The conversation also touches on the challenges of grant applications and the mindset required to succeed in this field. The episode concludes with advice for potential participants, encouraging them to take the leap and apply for the program.Takeaways:🔸The BOSS program is a free opportunity for learning Bitcoin development.🔸Participants come from diverse backgrounds, including IT and finance.🔸The program is gamified to keep participants motivated.🔸Community support is crucial for success in the program.🔸Contributing to Bitcoin open source is seen as ethical and impactful.🔸The experience in open source differs significantly from corporate environments.🔸Grant applications require a proactive approach and clear proposals.🔸Imposter syndrome is common but can be overcome with dedication.🔸Feedback from the community is direct and valuable for developers.🔸Working in open source can lead to fulfilling and autonomous careers.Timestamps:(00:00) - Intro(01:21) - What is the BOSS program?; Sangbida & Macgyver’s journey with BOSS(04:07) - Participant’s motivation & experiences with the BOSS program(09:00) - What are the career opportunities for Bitcoin developers after the BOSS program? (12:57) - Challenges of learning & working in open source(16:53) - What are Sangbida & Macgyver currently working on?(18:25) - What is it like applying for grants and funding in open source?(19:48) - Sponsor(23:12) - The role of community engagement in open source(25:16) - Skills and mindset required to thrive in open source(30:23) - Working in Bitcoin - passion vs. reality(38:13) - Closing thoughtsLinks: https://x.com/satsie https://bosschallenge.xyz/ https://bitcoindevs.xyz/ https://x.com/Bitcoin_Devs BOSS Challenge: https://x.com/i/status/1996282354969858301  Sponsor:CoinKite.com (code LIVERA)Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack