Competition of Incentives and Risks in Bitcoin Mining Firmware

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/

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// 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 

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