What Bitcoin Did

"We are taught that the state builds our economy, but the reality is that every act of intervention is an act of wealth destruction."

Max Hillebrand joins the show to tear down the Keynesian fallacies that keep us in a cycle of manufactured poverty and systemic theft. We go deep into the Austrian framework to explain why privacy isn't just a tech feature, it is the bedrock of a free economy.

We discuss:\

The Theft Trap: Why taxation and inflation are definitionally coercion, and how they silently redistribute wealth from the productive to the state. \

The Broken Window Fallacy: Why building things we don’t need and destroying wealth through war is the ultimate economic delusion. \

The Consumption Trap: How state-manipulated metrics like GDP force us to prioritise over-consumption over the savings required for actual prosperity. \

The Minimum Wage Fallacy: A practical breakdown of why state interventions inevitably price the most vulnerable workers out of the market. \

The Cypherpunk Solution: Why increasing the cost of state attack and decreasing the cost of private defense is our only path to an unstoppable, parallel economy.

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Max Hillebrand: https://towardsliberty.com/

The Praxeology of Privacy: https://towardsliberty.com/pop

“In the end, it’s the economic majority of users who decide what Bitcoin is.”

Wicked and MrHodl join the show to break down why BIP110 won’t change Bitcoin.

We get into the fight over arbitrary data on Bitcoin, why they believe BIP110 fails to solve the problem it claims to address, and why miner signalling alone does not define consensus. The conversation covers Bitcoin Core, Knots, the blocksize war, SegWit, BIP148, spam, soft forks, hard forks, nodes, miners, exchanges, and the role of the economic majority in defending Bitcoin’s rules.

Is BIP110 a serious proposal, a virtue signal, or an attempted replay of old battles? And if Bitcoin can be changed without broad consensus, what does that mean for decentralisation?

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Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny

MrHodl: https://x.com/MrHodl

Wicked: https://x.com/w_s_bitcoin

“We are in the digital gold rush to acquire as much Bitcoin as humanly possible.”

Jeff Walton joins the show to break down the rise of Bitcoin-backed credit, Strive’s SATA instrument, and why perpetual preferred equity could become one of the most important capital market innovations in Bitcoin.

We discuss why SATA is now paying daily dividends, how Strive thinks about risk, reserves, leverage, and Bitcoin coverage, and why these new credit instruments may become a structural buyer of Bitcoin through both bull and bear markets.

We also get into Strategy’s role as the market leader, the shift away from convertible debt, the future of Bitcoin treasury companies, proof of reserves, custody risk, institutional adoption, and whether Bitcoin credit could eventually reprice the entire credit market.

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Jeff Walton: https://x.com/PunterJeff

“Whoever blinks first wins.”

Mechanic joins me to discuss the controversial BIP110 proposal, the fight over spam and inscriptions, and whether Bitcoin users can force a consensus change without support from the major mining pools.

We get into miner power, node enforcement, UASF game theory, soft forks, and whether Bitcoin is drifting away from its original purpose as money. Mechanic argues that Bitcoin’s strength comes from ordinary users enforcing the rules, not corporations, exchanges, or miners.

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Bitcoin Mechanic: https://x.com/GrassFedBitcoin

“Trust the process. The money will be printed.”

Arthur Hayes returns to the show to explain why he believes the Bitcoin bull market is back on, and why the next move higher will once again be driven by global liquidity.

In this episode, we discuss why war, AI, supply chain fragility, rising bond market stress, and political incentives all point in the same direction: more spending, more debt, and more money printing. Arthur explains why governments are not going to choose austerity, why the inflationary tax is the path of least resistance, and why Bitcoin remains the trade in a world where fiat liquidity keeps expanding.

We also get into the risks ahead: AI-driven job losses, social unrest, energy and commodity shocks, the fragility of the Treasury market, and the possibility of another policy panic.

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FOLLOW:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

Arthur Hayes: https://x.com/CryptoHayes