The Bitcoin Frontier

Allen Farrington, an investor at Axiom BTC Capital known for his contrarian insights on Bitcoin and venture capital, dives deep into how a Bitcoin standard exposes fiat distortions in the venture space. He discusses the implications of artificial low interest rates and how they skew risk perceptions. Allen contrasts saving in Bitcoin with traditional venture investing, altering behavior among investors. He predicts that future stablecoins will rely on Lightning and e-cash for seamless transactions, emphasizing the need for value-driven competition in a Bitcoin-native economy.

Anna Chekhovich is a Russian activist who manages the Anti-Corruption Foundation’s finances while living in exile. She runs payrolls, budgeting, and fundraising for a movement that faces surveillance, asset seizures, and sanctions. What sets Anna apart is her operational playbook for keeping an organization alive when banks fail you. In this episode, Anna joins The Last Free Americans to share how bitcoin became ACF’s plan B for payroll and donations, how activists build practical off-ramps under hostile regimes, and how she co-designed a simple three-day training that now serves activists from more than 50 countries. SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show with your friends and family → Send us an email: podcast@unchained.com → Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=social&utm_campaign=podcast → Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=social&utm_campaign=podcastTIMESTAMPS:0:00 - Intro, disclaimers, and why Bitcoin self-custody matters for human rights1:04 - Running ACF finances under surveillance and in exile3:23 - Bank freezes and the shift to bitcoin as plan B4:52 - Paying 300 plus staff when accounts are seized5:57 - Donor safety in authoritarian regimes and why self-custody is essential7:10 - Explaining self-custody in the U.S. context9:37 - The HRF webinar design and why simplicity wins12:09 - Day 1 playbook: custody types, first wallet, sending sats12:41 - Day 2 playbook: last mile options, P2P, meetups, and ATMs13:52 - Day 3 playbook: self-hosted crowdfunding with BTCPay Server and cold storage16:22 - Why lightning for live demos and choosing simple wallets like Muun20:57 - Sanctions and supporting family via P2P off-ramps31:19 - Multisig for nonprofits and where Unchained fits35:02 - Privacy by default with coinjoin and better ops hygiene39:14 - The peace time case for self-custody and financial dignityWHERE TO FOLLOW US: → Unchained X: https://x.com/unchained  → Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter → Joe Kelly’s Twitter: https://x.com/josephkelly  → Anna Chekhovich’s Twitter: https://x.com/AnyaChekhovich 

Mark Connors, a veteran credit analyst with nearly 40 years of Wall Street experience, now advocates for Bitcoin. He highlights how Bitcoin represents a new monetary regime, emphasizing its integrity amid traditional finance failures. Connors discusses the misunderstood nature of Bitcoin's volatility, arguing it offers asymmetric returns and is a potential solution for collateral crises. He also warns about the risks of paper Bitcoin, advocating for self-custody and genuine ownership, while noting that institutions are being driven to embrace Bitcoin due to market demands.

Peter Van Valkenburgh, Executive Director of Coin Center and cryptocurrency policy expert, discusses the critical battle for financial privacy and self-custody rights. He draws parallels between today’s digital sovereignty challenges and the 1990s crypto wars. The conversation dives into the risks developers face while creating privacy tools, the constitutional backbone of digital privacy, and the implications of regulatory actions on self-custody. By advocating for permissionless blockchain innovation, Peter emphasizes that defending these rights is vital for individual freedom and the future of open-source technology.

Seth Hertlein is the Global Head of Policy at Ledger and one of the earliest, most persistent advocates for bitcoin self-custody in Washington. Known for his “lone ranger” years as the only lobbyist focused on protecting non-custodial rights, he brings a rare combination of securities law expertise, political insight, and deep conviction about individual property rights. In this episode, Seth joins The Last Free Americans to share how he fell down the bitcoin rabbit hole, why self-custody is a return to humanity’s oldest property norms, and how today’s policy battles will define digital freedom for generations. We dig into the evolution of financial intermediaries, the history of natural rights from Aristotle to the framers, and the real political forces lining up for and against self-custody.SUPPORT THE PODCAST:→ Subscribe → Leave a review → Share the show with your friends and family → Send us an email: podcast@unchained.com→ Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=social&utm_campaign=podcast → Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=social&utm_campaign=podcastTIMESTAMPS:0:00 – Intro to The Last Free Americans & Seth’s unique role in policy2:20 – How a securities regulator became an “accidental crypto lobbyist”5:03 – Early bitcoin reading, monetary policy, and recognizing its political nature7:43 – The aha moment of self-custody: from Ledger device to first withdrawal12:58 – Ownership vs. possession: how financial markets drifted into full intermediation16:40 – Why self-custody is not new: property as a natural human right22:45 – How centralization overtook markets: certificates, DTCC, and efficiency tradeoffs27:58 – 2021: the year Washington and the industry “woke up” to each other33:10 – Keep Your Coins Act, Canadian truckers, and why lawful peer-to-peer matters38:40 – Property rights, natural law, and the framers’ blind spots on privacy45:55 – Executive Order 6102, takings law, and lessons for bitcoin52:03 – How the Bank Secrecy Act and third-party doctrine became digital surveillance59:42 – The three camps opposing self-custody: nats-ec hawks, socialists, and bureaucracies1:05:40 – The IRS broker rule, CRA repeal, and precedents for stopping overreach1:11:22 – House vs. Senate language: what “retain the right” really means1:17:14 – Odds of passage in 2024 and why Senate floor time is everything1:22:44 – The global landscape: why America is still the last best hope1:27:50 – What comes next: privacy as the next digital freedom frontier1:32:10 – Closing thoughts on restoring founding principles through BitcoinWHERE TO FOLLOW US: → Unchained X: https://x.com/unchained  → Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter → Joe Kelly’s Twitter: https://x.com/josephkelly  → Seth Hertlein’s Twitter: https://x.com/SethHertlein  

Kent Halliburton, CEO of Sazmining and seasoned Bitcoin entrepreneur, shares his shocking experience of a $220,000 bitcoin scam. He recounts how sophisticated scammers used social engineering tactics to exploit trust and self-interest. Kent highlights the red flags he overlooked during the scam, including unusual cash requests and trust exercises. He discusses vital operational security changes at Sazmining and offers practical advice for safeguarding against cyber threats, emphasizing vigilance and the importance of family code words.

Zack Shapiro, head of legal and policy at the Bitcoin Policy Institute, dives into the importance of self-custody in Bitcoin. He explains how it underpins Bitcoin’s value and connects it to personal freedoms. The conversation touches on outdated laws clashing with peer-to-peer transactions and the implications of the Clarity Act for non-custodial rights. Zack also shares historical lessons about property rights and advocates for the preservation of self-custody in American law, emphasizing its role in ensuring financial independence.

Tim Hite, director of policy at Exodus and a former congressional staffer, dives into the pivotal battle for self-custody rights. He shares the inspiring origins of the Keep Your Coins Act and discusses how property rights are evolving in our digital age. Tim highlights the risks posed by CBDCs to individual rights and contrasts affirming rights versus regulatory restrictions. He also examines how social media is reshaping the legislative landscape and emphasizes the importance of public awareness in defending freedom in the crypto space.

Joe Kelly, co-founder and CEO of Unchained, dives into self-custody and Bitcoin's impact on financial freedom. Growing up in Alaska instilled in him a fierce independence, mirrored in his work promoting self-sufficiency in the digital frontier. He connects the conservation movement to preserving peer-to-peer money and discusses how ETFs can broaden access without capturing Bitcoin’s essence. Joe also highlights the importance of legislative protections for developers and how guided experiences can empower individuals to embrace self-custody.

Pierre Rochard, a key figure in the Bitcoin community and CEO of The Bitcoin Bond Company, dives into the transformative potential of Bitcoin. He discusses how banks holding Bitcoin could enhance financial stability and the evolution of fractional reserve banking in a Bitcoin-dominated world. Pierre also highlights the rise of Bitcoin treasury companies and the concept of sovereign Bitcoin bonds. He argues that government adoption of Bitcoin is not just likely, but inevitable, and stresses the importance of a smooth transition to prevent societal harm.