Building Tools for Bitcoin Mining with Jan Čapek (WiM331)
The "What is Money?" Show
The Positive Externalities of Higher Fees and the Impact on Miners
The chapter explores the positive externalities of higher transaction fees in terms of driving development into layer two solutions like the lightning network and attracting more capital investment. It also discusses how higher fees incentivize more miners to enter the game, leading to better security for the blockchain.
Jan Čapek joins me to discuss the problems with the centralized production of Bitcoin mining hardware, the significance of free market competition, and the morality of Bitcoin.
Jan Čapek is a software engineer and entrepreneur. He is the Co-founder of the Bitcoin mining solutions BRAIINS.
// GUEST //
Twitter: https://twitter.com/janbraiins
Website: https://braiins.com/
// SPONSORS //
In Wolf's Clothing: https://wolfnyc.com/
iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/
Gold Investment Letter: https://www.goldinvestmentletter.com/
CrowdHealth: https://www.joincrowdhealth.com/breedlove
Wasabi Wallet: https://wasabiwallet.io/
Casa (use discount code BREEDLOVE): https://keys.casa/
Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/
Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.com
Carnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/
// OUTLINE //
00:00:00 - Coming up
00:00:33 - Intro
00:02:07 - Helping Lightning Startups with In Wolf's Clothing
00:02:53 - Introducing Jan Čapek
00:03:12 - Bitcoin Journey of Jan Čapek and Braiins
00:05:51 - The Hash Power Distribution in Europe
00:06:27 - Target Clientele of Braiins
00:07:44 - Centralized Production of Bitcoin Mining Hardware
00:11:27 - The Incentive-based Market of Bitcoin Mining
00:12:48 - The Market Cap of Bitmain
00:13:29 - Technological Shifts in Bitcoin Mining Tools
00:16:58 - Possible Risks of Centralized Manufacturing
00:17:58 - The Alternative Business Model by Braiins
00:20:39 - Maximize Your Profits with Gold Investment Letter
00:21:35 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:22:31 - Take Control of Your Healthcare with CrowdHealth
00:23:33 - ASICBoost and the Bitmain controversy
00:27:07 - How Bitmain Used the ASICBoost Feature
00:28:29 - How the Western Market Players Failed
00:29:44 - Free Market Competition: Solution or Problem?
00:33:50 - Market Competition: Big Players vs. Smaller Players
00:37:08 - The Spectre of Hardware Backdoors
00:38:44 - The Difference between Safety and Security
00:41:05 - Applying Game Theory in Bitcoin Mining
00:44:07 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
00:44:58 - Hold Bitcoin in the Most Secure Custody Model with Casa
00:45:44 - Incentivizing the Free Market Competition
00:46:56 - Bitcoin Encourages Self-Interest
00:47:36 - The Rationality of BRC20 Implementation
00:49:43 - The Legitimacy of a Permissionless System
00:51:34 - How to Protect People from Scams
00:53:01 - Will the Demand for Blockspace Lead to Layer-2 Development?
00:54:53 - The Virtuous Cycle of Bitcoin Network Development
00:55:37 - The Morality of Bitcoin
00:58:02 - The Block Subsidy Debacle
00:59:17 - Stratum V2: The Next-Gen Protocol for Pooled Mining
01:06:03 - The Impact of the Stratum V2 Update
01:09:08 - Where to Find Jan on the Internet
// PODCAST //
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// WRITTEN WORK //
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// SOCIAL //
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