We Study Billionaires - The Investor’s Podcast Network BTC133: Creating a New Libor on Bitcoin w/ Jesse Shrader (Bitcoin Podcast)
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Jun 7, 2023 In this discussion, Jesse Shrader, a Bitcoin layer two Lightning expert and founder of Amboss, shares his journey from class action lawsuits to revolutionizing Bitcoin transactions. He dives into the evolution of the Lightning Network and how Amboss optimizes user experience with liquidity services. The conversation touches on challenges like inbound liquidity, the innovative Magma marketplace, and the concept of a Lightning Network Rate (LINER) for establishing risk-free rates in finance, all while contrasting the decentralized nature of Bitcoin with traditional financial systems.
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High Fees Spurred Lightning Adoption
- Jesse Shrader got into Bitcoin in 2017, initially drawn by the rising price.
- High transaction fees for Bitcoin gifts, reaching $60, pushed him to explore Lightning Network.
Legal Background Shaped Bitcoin Perspective
- Jesse Shrader's background includes working on class action lawsuits related to overdraft fees and predatory lending.
- This experience exposed problems in the legacy payment infrastructure, like banks manipulating debit card transaction order to maximize overdraft fees.
Early Lightning and Thunderhub
- In 2017, Jesse Shrader met Tony Potdevin, who was developing Thunderhub, a user interface for Lightning Network.
- Early Lightning days involved Telegram groups where users coordinated channel openings, marked by the #reckless hashtag due to the experimental nature.