Steve Lee, Head of Crypto at Block and a leader in Bitcoin open-source software, joins Ren to dive deep into Bitcoin's consensus mechanism. They dissect research on the six key stakeholder groups shaping Bitcoin's destiny, revealing how covenants could usher in a chain split. The discussion highlights the power of self-custody holders versus institutional investors and explores the rising role of ETFs. With insights into potential changes from application developers in 2025, this conversation is a must-listen for crypto enthusiasts!

In this insightful discussion, Steve Lee, a co-author on Bitcoin consensus risks, and Lyn Alden, an expert on Bitcoin's technical and economic framework, explore the evolving complexities of Bitcoin consensus. They delve into the historical context of protocol changes, the importance of awareness for users, and the dynamics of stakeholder groups. The conversation highlights the challenges of alternative clients, governance intricacies, and the necessity for informed participation within the community. Their collaborative project aims to enhance understanding and facilitate informed decision-making.

Lyn Alden, a renowned macro analyst in the Bitcoin sphere, teams up with Steve Lee, who leads Block's open-source Bitcoin efforts. They delve into the dynamics between self-custodied investors and larger institutions during hard forks, revealing how smaller players can significantly influence the market. The duo explores Bitcoin consensus, discussing the varied roles of stakeholders, protocol upgrade risks, and the fragility linked to mining centralization. Join them as they unpack the complexities of Bitcoin's evolving landscape and the importance of community engagement.