Advertise on podcast: Bitcoin Audible

In this breakdown of the Ledger supply chain hack, I walk through how a tiny hardware implant turned legitimate hardware wallets into seed-stealing spy devices. I cover who’s actually at risk, why buying from resellers is a ticking time bomb, and what self-custody conditions are now non‑negotiable for serious bitcoiners. This isn’t the end of self-custody but a painful step we have to take to make it robust enough for the world we’re heading into. Chapters (00:00:00) - The Great Hackening continues (00:02:05) - Resellers and attack surfaces (00:02:38) - Timeline and who's at risk (00:03:53) - Inside the Ledger implant (00:06:06) - Genuine check still passed (00:07:00) - Who is actually at risk (00:09:51) - Is self-custody dead? (00:13:37) - What does this change (00:15:45) - Conclusion Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

I break down the biggest lie we've all deeply internalized about the economy: that prices are just supposed to go up. In a productive and advancing society, almost everything should actually be getting more affordable over time. Using a very simple analogy, I show exactly how the creation of new money quietly robs us of the prosperity our hard work should be delivering. Chapters (00:00:00) - Everything should get cheaper (00:01:06) - The apple economy (00:01:58) - Counterfeit money (00:02:20) - Lost productivity gains (00:02:43) - Printing as silent theft (00:03:31) - Who is to blame?\ Affiliate Links Become sovereign, hold your keys, be censorship resistant with the BitBox hardware wallet. Get 5% off everything in the store with code GUY. (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP, or any of the other great games from The Free Market Kids. Use code GUY10 at checkout for 10% off your cart. (Link: https://www.freemarketkids.com/collections/games-1) Host Links Guy on Nostr (Link: http://tinyurl.com/2xc96ney) Guy on X (Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Take on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) Bitcoin Audible on X (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

We finally stopped being lazy and brought a guest onto the Roundtable. Max Hillebrand joins Steve, Jeff, and I to talk about the absolute madness happening in the freedom tech space right now. Max has been using AI agents to solve challenging computer science problems for White Noise and the Marmot protocol. We talk about the possibility that we are moving toward a future where the average user base for a custom piece of software is exactly one person. I share how I sent my AI agents after a spam caller company to track down the CEO's personal cell phone, and Steve explains how he's automating his bar's point-of-sale system with some interesting techniques. But we don't just stick to software. We also discuss the need for open-source modular and repairable hardware. And of course, we cover the latest in the Bitcoin space. We review the latest exploits, how exchanges are handling flagged coins, and Steve pitches an incredibly clever way to measure Bitcoin's true purchasing power without ever looking at the fiat price. It was a wild conversation with the guys about where this whole decentralized, peer-to-peer future is actually heading. Chapters (00:00:00) - Episode intro (00:09:42) - AI cycle and Freedom tech update (00:38:29) - Sovereign Engineering cohorts (00:41:27) - AI, decentralization, and the global brain (00:48:33) - Responsibility, hierarchy, and decentralized companies (00:57:59) - Open source cars, power tools, and hardware (01:25:41) - Current Bitcoin drama (01:47:19) - Measuring Bitcoin purchasing power with UTXO size (01:56:29) - Marmot protocol and MLS group encryption explained Guest Links Steve Simple Nostr (Link: https://tinyurl.com/3s6a8yn8) Steve Simple on X (Link: https://x.com/stevesimple) Jeff Swann Nostr (Link: https://tinyurl.com/3sjc3bcp) Jeff Swann on X (Link: https://x.com/agoristview) Max Hillebrand Nostr (Link: https://tinyurl.com/y4bsmpkk) Max Hillebrand's website (Link: https://towardsliberty.com/) Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this Take, I break down why the biggest AI labs, while deeply unprofitable sitting on massive future compute obligations, are racing toward trillion-dollar valuations. I explore how open-source competition, especially from China, is crushing their moat, and why that pushes them toward lobbying for fear-driven regulation, immunity, and government partnerships. Ultimately, I argue that the AI panic is about preserving a failing business model and building a centralized surveillance infrastructure, and why we shouldn’t be the ones paying their bill. Chapters (00:00:00) - Introduction (00:00:27) - OpenAI’s insane obligations (00:01:51) - Anthropic’s profit illusion (00:02:40) - Trillion-dollar IPO dreams (00:03:12) - The open-source threat (00:04:38) - Engineering the panic (00:06:10) - Regulatory moat and control (00:09:11) - What this is all about Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839) References from the episode The Hater's Guide To AI Debt (Part 1): https://tinyurl.com/3tvvsbee The Hater's Guide To AI Debt (Part 2): https://tinyurl.com/5n95nwpy

***"The dollar is going to continue to lose purchasing power. Bitcoin is going to continue to gain purchasing power. It's going to keep on happening over the rest of the century. We will at some point have enough people that have most of their wealth in bitcoin that they don't have anything else to spend and they will start to spend their bitcoin. And when they start to encounter more people like them on the other side of the transaction, they will no longer convert to some other currency on the merchant side for that transaction." ~ Cory Klippsten*** Swan CEO Cory Klippsten and I explore how Bitcoin can win over the long run without requiring a dramatic dollar collapse or Weimar-style hyperinflation. We discuss why true medium-of-exchange use is likely a far-off phase that only comes after Bitcoin dominates as a store of value, how stablecoins have absorbed today’s payments demand, and what that means for builders. We also tackle the Coldcard exploit and current self-custody tradeoffs, Swan’s spectrum from pure self-custody to multi-institution solutions, and the psychological grind of a boring bear market. Meanwhile, Bitcoin is quietly becoming the fastest horse in a three-way race with the U.S. dollar and gold. You just have to know what to look for. Chapters (00:00:00) - Introduction (00:05:30) - Journalism and content creation (00:22:07) - Deflation myths and Japan sound money misconceptions (00:26:03) - M2 money demand and USD global dominance (00:30:40) - Stablecoins dominating the Bitcoin payment industry (00:38:47) - Atomic networks and merchant adoption (00:49:09) - Ignoring Bitcoin price regression models (00:51:56) - Fallout from the Coldcard exploit (01:02:25) - Why companies must segregate data (01:04:53) - Exploring collaborative Bitcoin custody solutions (01:13:49) - Managing expectations during bear markets (01:16:32) - How the 'decentralized' crypto industry simply rebuilt Wall Street Guest Links Cory Klippsten on X (Link: https://twitter.com/CorySwan/) Swan Bitcoin's Website (Link: https://www.swanbitcoin.com/) Outside Money with Cory Klippsten's YouTube playlist (Link: https://www.youtube.com/playlist?list=PLMTpYxqzjiK0) Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this Take episode, I break down the “Great Hackening” ripping through Bitcoin right now – from Coldcard’s catastrophic entropy bug to Liquid’s recent 4,000 BTC exploit, Lightning implementation issues, and a few major wallet update and data breaches. I also explain how AI has completely flipped the economics of attack and defense, why Bitcoin is the canary in the digital coal mine, and what practical steps you must take to protect your stack. This episode is a roadmap for surviving and ultimately benefiting from this brutal security stress test. Chapters (00:00:00) - The Great Hackening begins (00:00:54) - Coldcard RNG catastrophe (00:04:50) - Liquid's 4,000 BTC hack (00:10:18) - BitBox vulnerability disclosure (00:13:32) - Core Lightning bugs (00:18:31) - LND and Eclair disclosures (00:20:06) - Sparrow Wallet security hardening (00:21:13) - Trezor and Ledger data breaches (00:25:03) - AI and new attack economics (00:30:29) - Hardening Bitcoin and sovereignty Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839) References from the episode Liquid docs: https://tinyurl.com/4344k3j9 https://tinyurl.com/yc88rx74 https://tinyurl.com/4cxy9z7t Liquid Network Hack: https://tinyurl.com/464h9xdk Liquid Network incident update: https://tinyurl.com/mw7r8ss6 BitBox 08.2026 Dixence: https://tinyurl.com/zma42ps9 LND vulnerability disclosures: https://tinyurl.com/3j8m5vr5 https://tinyurl.com/248s2faa Eclair v0.14.2: https://tinyurl.com/2j3vzme4 Sparrow v2.5.4: https://tinyurl.com/cpeh9w3k Trezor shipping provider breach: https://tinyurl.com/39udu3nn Ledger payment processor breach: https://tinyurl.com/27dntpu8

In this third Coldcard Q&A, I tackle entropy, device trust, DIY signers, and why I’m leaning harder than ever on multi-sig. I walk through why understanding encryption must become a mandatory survival skill, rather than a niche hobby, if we want to resist a dystopian future. I also share where I moved my personal stack, explain how multisig actually saved me, and explore the impossible ethical nightmare of white-hat hackers trying to rescue compromised wallets. Chapters (00:00:00) - Introduction (00:00:22) - The future of Coinkite (00:02:28) - Refunds or going dark? (00:03:57) - DIY signing devices (00:05:24) - The end of mass adoption? (00:07:55) - Guy's personal setup (00:11:18) - Trusted companies and multisig (00:12:15) - RBF, Knots and slipstream (00:14:54) - White-hats and ethics challenges (00:18:07) - Closing thoughts Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

The roundtable is back, but we're missing a familiar face. Mechanic has officially stepped down from Ocean, so it’s just Jeff, Steve and I digging into the aftermath of BIP110, from why the soft fork failed to what Luke and Mechanic’s departure means for Ocean and Bitcoin Core’s influence. We debate whether the real existential risk is block-template centralization, how much BIP110 helped or hurt Knots and Ocean, and why some of us think the strategy overplayed its hand. We close with a wild proposal to pressure Coinbase into proving reserves using their wrapped BTC token, and what true Bitcoin “bank runs” might look like in the future. Chapters (00:00:00) - Introduction (00:04:48) - The BIP-110 aftermath (00:16:13) - Mining decentralization versus spam filtering (00:22:56) - Tapscript, OP_IF, and breaking consensus rules (00:30:31) - The importance of Stratum V2 and block templates (00:53:09) - Mining economics on the BIP 110 fork chain (01:11:29) - The Coldcard incident and state-sponsored attacks (01:31:57) - Force proof of reserves on Coinbase (01:44:32) - The Great Consensus Cleanup (01:58:44) - Ron Paul, stepping stones, and sound money Guest Links Steve Simple Nostr (Link: https://tinyurl.com/3s6a8yn8) Steve Simple on X (Link: https://x.com/stevesimple) Jeff Swann Nostr (Link: https://tinyurl.com/3sjc3bcp) Jeff Swann on X (Link: https://x.com/agoristview) Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this episode I continue unpacking the Coldcard RNG disaster, wrestling with whether it was malicious or just shockingly incompetent design and attitude. I walk through how arrogance, licensing changes, and convoluted security theater may have let a fundamental failure sit unnoticed for years, possibly causing key collisions and bizarre “free Bitcoin” situations. I also warn about fake Sparrow and Wasabi mobile apps ruggedly stealing funds from people scrambling to move their funds, and set up a part three focused on lessons learned and best practices. Chapters (00:00:00) - Introduction (00:00:51) - Malice vs incompetence (00:02:10) - Security theater concerns (00:03:35) - Tinfoil theory and NVK (00:06:59) - Source-available code shift (00:07:37) - RNG bug explained (00:09:11) - Arrogance and oversight (00:11:00) - Key collisions stories (00:14:11) - Fake apps and closing thoughts Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this Guy's Take, I walk through listener questions and comments on the Coldcard random number generation failure and what it really means for Bitcoin self-custody. We dig into why the RNG bug went unnoticed for years, the difference between source-available and truly open source hardware, and how dice rolls and strong passphrases change your threat model. I also share how I’m thinking about safer setups going forward. Chapters (00:00:00) - Why Coldcard Questions Remain (00:01:18) - Features vs Core Failure (00:03:19) - Speed Over Security Risk (00:04:54) - Car Without An Engine (00:06:06) - RNG Paths And Failsafes (00:08:32) - Open Source Trap (00:10:36) - Dice Rolls And Passphrases (00:14:30) - Rolling Your Own Entropy (00:16:21) - Using Coldcard As Signer (00:17:48) - Key Takeaways Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

***"In the early days, the average user could probably use a Coldcard and know the amount of entropy required. The average Bitcoin user today, no clue. And so the times have changed, our message should have changed. And where I come down to is essentially what you said HODL, you should custody your bitcoin at the level that you are ready for. And that is a process. Day 1, don't shame someone for using an ETF. Applaud them for exposure and remind them that this isn't the end and as your experience, your knowledge, your position size increases, you may want to change that custody model and that's okay." ~ Brandon Quittem*** Today, I'm sitting down with American HODL, Erik Cason, and Brandon Quittem for a conversation that swings between total despair and genuine optimism. We are facing a massive reckoning in the Bitcoin space right now. The recent Coldcard exploit and other vulnerabilities have shattered a lot of illusions. And frankly, we misled a lot of newcomers into thinking self-custody was easy. The fallout has been tragic for many who lost their savings. In this chat, we confront the uncomfortable truth about toxic maximalism, groupthink, and the arrogance that led us to trust blindly. But it's not all doom and gloom. We discuss the practical tools we have at our disposal today to build real resilience. We debate the true meaning of self-custody, why holding ETFs isn't a sin, and how local AI models can actually help you harden your setup. The stakes are simply too high to keep relying on bad heuristics. You need to hear this if you want to protect your stack and your family from what's coming next. Chapters (00:00:00) - Introduction (00:05:34) - Self-custody gut punch (00:14:22) - Bullet-proof multisig (00:29:23) - Why this hack hurts more (00:38:07) - Self-custody for the many (00:49:32) - Diversify your attack surface (01:13:02) - Freedom tech to stay free (01:35:43) - What's on the horizon (01:56:30) - White pill your neighbors Guests Links American HODL on X (Link: https://twitter.com/americanhodl8) Erik Cason on X (Link: https://twitter.com/Erikcason) Brandon Quittem on X (Link: https://twitter.com/Bquittem) Affiliate Links\ Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/)\ Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

Thousands of careful Bitcoiners just got wiped out by a Coldcard entropy bug, and I use this episode to push back hard on the idea that self-custody is dead, and "don't trust, verify" failed us. I walk through the brutal history of centralized custodial failures, explain why "holding your own keys is still orders of magnitude safer, and extract three real lessons from this recent disaster. This is about keeping perspective, learning the right lessons from pain, and making Bitcoin self-custody stronger, not weaker. Chapters (00:00:00) - Intro (00:00:41) - Is self custody pointless (00:03:07) - Only tradeoffs exist (00:05:16) - History of exchange hacks (00:08:27) - Custodial total losses (00:08:27) - Not your keys (00:09:35) - Coldcard loss in context (00:10:55) - Bitcoin as antifragile (00:11:46) - Open vs source available (00:12:39) - Audits and entropy Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839) References from the episode Forbes: https://urlfy.org/RDRfIkQ Bitcoin Magazine: https://urlfy.org/mcBm04r Crypto Briefing: https://urlfy.org/wmWw1di X: https://urlfy.org/9iTPaOL Okumaru Goro: https://urlfy.org/KJW9ATL Crypto Briefing: https://urlfy.org/13bbT8t Coldcard Hack Tracker: https://urlfy.org/9CIZMk8 Coinkite Blog: https://urlfy.org/4OAm8cd Bitcoin Stack Exchange: https://urlfy.org/Yn4V8o8 Technology Innovators: https://urlfy.org/YU4yHhe NVK.wtf: https://urlfy.org/e6FRNTR DanB Blog: https://urlfy.org/WqQKqCm BitBox Blog: https://urlfy.org/mlJe2ct Bitcoin Well: https://urlfy.org/jyosFLM Lopp Blog: https://urlfy.org/UQGBXZP Crypto University: https://urlfy.org/DoHZ1ca OneKey: https://urlfy.org/nBMCpX0 Spark Money: https://urlfy.org/c1WCJBu Spiral Substack: https://urlfy.org/Pdm0e5a GitHub: https://urlfy.org/P3mkfhF BBC: https://urlfy.org/OVg8W2B Reuters: https://urlfy.org/oir88KO The Independent: https://urlfy.org/Smd5e7W CoinDesk: https://urlfy.org/1EGotje YouTube: https://urlfy.org/0yjQMzO

***"I think that self custody is not going to be dead. I think that there is going to have to be a group, a vanguard of people that do this and take it seriously. The revolution won't work without that. Everything under the spectrum is acceptable. But if you know what you're here for, you got to put pressure against those systems. And that is by taking the self-custody yourself. That's why we make tools for those people." ~ Lloyd Fournier*** Self-custody is not dead, but it is a ridiculously hard problem to solve. And recent events have proven that hardware wallets are not the infallible fortresses we sometimes pretend they are. I sat down with Lloyd Fournier, the cryptographer and architect at Frostsnap, to talk about what it actually takes to secure your Bitcoin when you can't even trust your own devices. We get straight to the weeds on how Frostsnap is rethinking multisig by using Shamir secret sharing to sign transactions without ever reconstructing the private key in one place. But we also tackle the elephant in the room: the recent Coldcard entropy vulnerability. Lloyd also explains exactly how the Dark Skippy attack works, why bad random number generation is fatal, and why hardware wallet manufacturers are ultimately trusted third parties. We also shift gears to talk about alternative cryptography, and the magic of BLS signatures and why they completely remove the need for randomness during signing. And of course, we had to address the quantum computing threat. Is the danger real, or is it mostly academic noise? We debate the best way for Bitcoin to safely migrate if quantum computers ever actually materialize, including a really clever idea for a quantum canary bounty. This is a must-listen if you approach self-custody with an adversarial mindset. Chapters (00:00:00) - Introduction (00:06:59) - Lloyd Fournier's background and building Frostsnap (00:19:07) - Why software is a multisig single point of failure (00:28:22) - Dark Skippy and hardware wallets attacks (00:33:33) - Breaking down the Coldcard entropy vulnerability (00:43:05) - Why self-custody is mandatory for Bitcoin (00:55:14) - BLS signatures and removing randomness from signing (01:09:40) - The quantum computing threat (01:18:22) - Soft forks and quantum canary bounties (01:30:38) - Hash-based signatures and stateless cryptography (01:41:29) - Red teaming hardware wallets using AI models (01:51:04) - Why everyone must eventually learn self-custody Guest Links Lloyd on X (Link: https://twitter.com/LLFOURN) Frostsnap on X (Link: https://twitter.com/FrostsnapTech) Frostsnap's Website (Link: https://frostsnap.com/) Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

In this episode, I unpack the claim that BIP110’s failure proves corporate miners and suitcoiners now control Bitcoin. I walk through the real dynamics between miners and validating nodes, compare BIP110 to the UASF, and explain why broad consensus is strictly required to change Bitcoin’s rules. Ultimately, BIP110’s failure actually confirms Bitcoin’s defensive power structure rather than undermining it. Chapters (00:00:00) - Who Really Controls Bitcoin? (00:02:15) - Defining 'real' Bitcoin nodes (00:02:57) - Horse and carriage analogy (00:04:20) - Why did BIP110 failed (00:04:42) - What UASF and SegWit meant (00:05:43) - New York Agreement bluff (00:06:24) - Why UASF worked (00:09:56) - Has anything changed? Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/) Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)

***"Today can you also use Coinbase to sell your coin? Yes. But can you guarantee that if Coinbase disappears, your funds will be with you? No. Because, it is, at the end of the day, their custody. Whereas in statechains, a really cool perspective is, if the server or the custodian, disappears, because of the design of the system, money comes back at you on L1. You can broadcast an exit or you can do nothing and the money comes back to you. So if something bad happens to us or to [the] server, then still [the] money is yours. And I think this is a really cool property, basically being able to exit even though things become f****d up." ~ Talip*** Some of us are realizing that the era of AI means we need to break our own tools before attackers do. And after the recent Coldcard catastrophe, that reality is staring us right in the face. We can't just trust things because they worked yesterday. But how do we actually stay ahead of malicious actors and automated bots poking holes at every open-source repo on the internet? I sat down with Talip to figure exactly that out. He is a former engineer at Citrea and is now doing some incredibly cool privacy research at LX.dev. We get straight into the trenches of AI-driven red teaming and how LLMs are exposing critical vulnerabilities in the software we use every single day. But we don't just talk about security. Talip gives an insider's perspective on the BIP 110 spam war, the wild conspiracy theories about Citrea, and why Bitcoin might desperately need a bit more cypherpunk anarchy. Chapters (00:00:00) - Introduction (00:06:43) - Talip and Bitcoin (00:12:05) - The Cypherpunk Aspect (00:16:37) - Citrea, Spam & OP_RETURN (00:25:34) - BIP 110 and Network Forks (00:41:01) - Handling Bitcoin Spam (00:57:20) - LX Research: Privacy and Statechains (01:04:42) - CBDCs and Stablecoins (01:12:21) - Current Red Teaming Efforts (01:26:53) - AI Doomerism and Open Models Guest Links Talip on X (Link: https://twitter.com/otaliptus) lxdev on X (Link: https://twitter.com/lxdev\_) lxdev's Website (Link: https://lx.dev/) Affiliate Links Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/)\ Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1) Host Links ⁠⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake) Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)