Supply Shock

Chris Guida, an educator and software engineer, dives into the hotly debated OP_RETURN limit in Bitcoin. He argues that protecting Bitcoin's cultural values is crucial to prevent it from becoming like Ethereum 2.0. Guida critiques the notion of Bitcoin's permissionless nature and discusses the implications of miner incentives on decentralization. He warns against excessive data embedded in transactions, highlighting its risks and the importance of community consensus in safeguarding Bitcoin's integrity.

Phil Zimmermann, the creator of PGP and a pioneer in cryptography, shares insights from his extensive career advocating for human rights. He discusses the nuanced societal impact of Bitcoin, praising its potential against autocracy while critiquing its volatility and energy use. Zimmermann likens Bitcoin's dual nature to that of automobiles, highlighting both empowerment and criminality. He also emphasizes the importance of privacy in communication and the challenges cryptocurrencies face in achieving stable adoption, advocating for a more secure digital future.

Tensions within the Bitcoin community escalate as a debate over layer two scaling unfolds, centering on innovations like Citria. The discussion contrasts the cautious stance of Bitcoin Core developers with user-driven demands for progress, including changes to the OP_RETURN limit. Conflicting perspectives on transaction fees and security are explored, highlighting a divide between cultural purists and developers. New sidechain projects and off-chain innovations are also examined, shedding light on Bitcoin's evolving landscape and future.

Guy Malone, a reporter with insights from Roswell Daily Record and Bitcoin News, and Adam Simecka, a dedicated Bitcoin evangelist, discuss Roswell, New Mexico's ambitious strategic Bitcoin reserve. They explore how an anonymous donation sparked this initiative and the collaboration with local officials, revealing the unique cultural context of Bitcoin adoption. The duo also highlights the emotional connections driving community engagement and the innovative potential of using Bitcoin in local governance, including property tax initiatives. Their insights offer a fresh take on Bitcoin's role in shaping local economies.

Rob Hamilton, founder of Anchorwatch, offers a unique perspective on Bitcoin insurance, merging custody with coverage for individuals and businesses. He discusses the challenges corporations face as they adopt Bitcoin, and the innovative insurance solutions designed to manage those risks. The conversation dives into the evolving values within crypto culture and debates the financialization of Bitcoin. Additionally, Hamilton explores the implications of Bitcoin's rise amidst the decline of Ethereum, highlighting the importance of individual control in future markets.

Hunter Beast, a Senior Protocol Engineer for the Enduro sidechain platform and author of BIP-360, dives into the looming threat of quantum computing on Bitcoin. He discusses his proposal to shield Bitcoin from potential vulnerabilities, emphasizing the urgency of quantum-resistant technology. The conversation touches on the need for a new address format and balancing security with efficiency in wallets, as well as the philosophical implications for the cryptocurrency community. Beast advocates for proactive measures to protect Bitcoin's integrity amid these emerging risks.

This week, Rizzo and Nolan discuss Cantor, SoftBank, Tether and Jack Mallers teaming up to create a competitor to Strategy and the vision for their new company Twenty One. We also delve into the shifting focus in Bitcoin from Main Street to Wall Street, the narrative dominating this cycle, and more. Enjoy!—Follow Nolan: https://x.com/countbtcFollow Michael: https://x.com/mpmcsweeneyFollow Rizzo: https://x.com/pete_rizzo_Follow Supply Shock: https://twitter.com/SupplyShockBWFollow Blockworks: https://twitter.com/Blockworks_Join Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcxSupply Shock Newsletter: https://blockworks.co/newsletter/supplyshock—Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv—Core is the Bitcoin Everything Chain—unlocking trustless Bitcoin Staking to power the future of Bitcoin DeFi.Core empowers Bitcoin holders to earn secure, sustainable yield while retaining full control of their assets.Start staking your Bitcoin and earn real yield: https://stake.coredao.org/blockworksLedger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.—Timestamps:(00:00) Introduction(01:42) Cantor Joins SoftBank & Tether(05:58) Competing With Strategy(09:13) Company Details(12:47) Masayoshi Son(15:35) Ads (Core, Ledger)(17:00) Twenty One’s Plan & Vision(26:04) Superior Vehicle To MSTR?(33:56) Ads (Core, Ledger)(35:23) Wall Street Over Main Street?(44:55) The New Cycle Narrative(51:29) Final Thoughts—Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

James O’Beirne, a Bitcoin core developer known for innovations like OpVault, discusses the critical challenges Bitcoin faces today. He highlights the divide between theoretical and practical issues in Bitcoin's evolution, from transaction processing limitations to leadership fragmentation. O'Beirne also critiques the community's approach to upgrades and the need for a more cohesive vision to maintain Bitcoin's integrity amidst competition from other cryptocurrencies. The conversation underscores the importance of innovation and ethical considerations for Bitcoin's future.

In this engaging discussion, Michael McSweeney, Editor at Blockworks, shares insights on the reshaping crypto policies in China and Asia. He humorously debates whether McDonald's should adopt Bitcoin. The conversation heats up as they delve into Trump's recent crypto venture and his meeting with El Salvador's Bukele. They also tackle the Supreme Court's decision affecting Trump's control over independent agencies, exploring its potential impact on crypto regulations amid evolving political landscapes. Brace for some intriguing revelations!

Grant McCarty, Co-president of the Bitcoin Policy Institute, joins to discuss transforming Bitcoin into a strategic asset for America. He shares insights on the challenges of crypto legislation, the establishment of a Strategic Bitcoin Reserve, and the impact of politics on Bitcoin's future. The conversation also touches on innovative financial instruments like BitBonds, which link U.S. debt markets to Bitcoin, and explores stablecoins' implications on economic relations. McCarty emphasizes the need for evolution in Bitcoin policy amid the changing political landscape.