In this episode, we sit down with Troy Cross to examine the environmental impact of bitcoin mining and its potential role in stabilizing energy grids. Troy shares his journey into bitcoin and peer-to-peer systems, addressing early concerns about energy consumption and how his views have evolved. We explore key data from bitcoin miners on energy usage and discuss the challenges of gathering accurate information. Troy highlights bitcoin mining’s unique flexibility in reducing emissions and compares its energy impact to other technologies like AI. We also cover the political implications of bitcoin, potential risks, and the importance of effective branding for bitcoin’s future growth.

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TIMESTAMPS:

00:00 Introduction

01:40 The environmental impact of bitcoin mining

04:28 How Troy got into bitcoin and peer-to-peer systems

07:33 Early concerns about bitcoin’s energy consumption

11:21 Bitcoin’s role in stabilizing energy grids

14:53 Data from bitcoin miners on energy consumption

18:47 Challenges in gathering bitcoin mining data

21:25 Bitcoin mining’s flexibility and reduced emissions

25:02 Halvings, miners, and price

28:37 Bitcoin’s superpower: Flexible energy consumption

32:12 Comparing bitcoin to AI in energy use

34:44 The future of energy and bitcoin

38:12 How bitcoin mining adapts to market conditions

42:28 Political ramifications of bitcoin

46:08 The biggest risk to bitcoin

50:09 Bitcoin’s branding challenges

54:12 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

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→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Troy Cross’s Twitter: https://x.com/thetrocro

→ Troy’s bitcoin ownership report: https://www.thenakamotoproject.org/report

→ Troy’s bitcoin mining report: https://www.btcpolicy.org/articles/bitcoin-mining-reduces-carbon-emissions

In this episode, we sit down with Rational Root to explore whether bitcoin is on the verge of entering a parabolic growth phase. We discuss key indicators, including on-chain data, market cycles, and global liquidity trends, to assess the current state of bitcoin and its potential for rapid price acceleration. Root breaks down the importance of short-term holder behavior, ETF flows, and the psychology of the market. We also consider external factors, such as macroeconomic conditions and regulatory developments, that could fuel or hinder bitcoin's next major move.

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TIMESTAMPS:

01:40 Where are we in the 4 year cycle?

04:55 Bitcoin goes sideways or down a majority of the time

08:14 Cycles from the bottom

13:03 On-chain value map

21:21 Do ETFs change on-chain analytics?

24:00 Psychology of a bitcoin market cycle

26:23 Global liquidity catalyst

30:14 Short-term holder supply

34:38 Bitcoin ETF flows

43:30 Bitcoin ETF cost basis

45:55 Bitwise proof of reserves

49:40 HODL Model update

1:01:40 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

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→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Rational Root’s Twitter: https://x.com/therationalroot

In this episode, former FBI agent Ren McEachern breaks down financial crime and fraud in the digital age. We cover how criminals use different monetary tools for money laundering, whether the FBI can reverse wire transfers, and their work on the dark web. Ren explains asset seizures, including high-value items like yachts, and the unique challenges of seizing and liquidating bitcoin. We also discuss the FBI’s evolving stance on bitcoin, tracing crypto transactions, and using off-chain data to prevent fraud. Lastly, we tackle the potentially fraudulent NFT market, and Ren shares what he sees as the biggest risk to bitcoin today.

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TIMESTAMPS:

01:30 Introduction and Background

06:00 Most common monetary tool used in money laundering?

09:08 Can the FBI reverse wire transfers?

12:48 FBI and the dark web

15:12 Brazil banning X.com

17:15 Seizing assets and chasing yachts

21:55 Liquidating seized assets and yachts

24:00 The difficulty of seizing bitcoin

29:00 Government seizure of bitcoin and liquidation

37:00 Trump’s strategic bitcoin stockpile

40:00 The FBI's perspective on bitcoin

50:10 Future of fraud with bitcoin and crypto?

01:01:25 Is the NFT market just money laundering?

01:04:30 Most commonly used crypto for fraud?

01:08:13 Biggest risk to bitcoin?

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

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→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Ren McEachern’s LinkedIn: https://www.linkedin.com/in/george-ren-mceachern

In this episode, Joe Consorti joins us to explore the impacts of trillion-dollar deficits on the fiscal landscape and what it means for bitcoin’s future. We start with a look at the current liquidity environment and how asset prices are responding, followed by a discussion on rate cuts and capital deployment strategies. Joe shares his outlook on bitcoin’s trajectory through 2025 and the central bank actions we should be keeping a close eye on. We then examine key models like the power law and stock-to-flow to understand how they relate to bitcoin’s growth. Joe also addresses whether excessive monetary and fiscal stimulus could harm bitcoin, and why crypto is in decline while bitcoin continues to thrive. Finally, we talk about the acceleration of exponential growth, before wrapping up with Joe’s thoughts on unpopular beliefs and the biggest risks facing bitcoin today.

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TIMESTAMPS:
00:00 Introduction
01:30 Trillion-dollar deficits and the fiscal situation
10:43 The liquidity spigot and asset prices
17:21 Rate cuts and capital deployment
25:35 Bitcoin's future and monitoring central bank actions
30:35 Predicting bitcoin in 2025 and factors to watch
37:12 The power law model vs. the stock-to-flow model
40:05 Does too much monetary and fiscal stimulus harm bitcoin?
46:50 The decline of crypto and the thriving of bitcoin
51:00 Acceleration and exponential growth
01:02:20 Unpopular beliefs and the biggest risks to bitcoin

WHERE TO FOLLOW US:
→ Unchained Twitter: https://twitter.com/unchainedcom
→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom
→ Unchained Newsletter: https://unchained.com/newsletter
→ Joe Burnett’s Twitter: https://twitter.com/IIICapital
→ Joe Consorti’s Twitter: https://x.com/JoeConsorti

In this episode, Dylan LeClair joins us to discuss positive feedback loops around bitcoin’s extreme volatility and a collapsing crypto industry. We kick off with Vitalik's questions about the sustainability of yield in the crypto space and whether ethereum and other cryptocurrencies are at risk of fading away. Dylan offers his insights on the VIX spike in early August and what it might mean for the broader market. We then shift to the success of bitcoin ETFs and dive into how companies like Metaplanet and MicroStrategy are using financial engineering to increase their bitcoin holdings per share. Dylan shares his thoughts on the concept of corporate "bitcoin yield" versus holding bitcoin in cold storage, and how volatility can create a highly positive feedback loop. We also touch on the power law and S2F models, rounding off with a personal note as Dylan reflects on his high school teachers congratulating him on his success.

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TIMESTAMPS:

00:00:00 Intro

00:01:50 Vitalik questioning where the yield comes from

00:04:07 Are crypto and ethereum dying?

00:08:03 Vix spike in early August—bottom for risk assets?

00:14:34 Success of bitcoin ETFs

00:17:30 Metaplanet and Microstrategy financial engineering more bitcoin

00:33:42 Bitcoin “yield” or bitcoin per share?

00:36:58 Metaplanet and MSTR vs cold storage bitcoin

00:43:00 Volatility results in a positive feedback loop

00:54:13 Power law and S2F model

00:56:45 Dylan’s high school teachers

00:59:35 What’s something you believe that most bitcoiners would disagree with?

01:04:29 What’s the biggest risk to bitcoin?

01:08:15 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Dylan LeClair’s Twitter: https://x.com/DylanLeClair_

In this episode, Sean Buckley, former professional baseball player and scout, shares his journey from college baseball to being drafted by the Cincinnati Reds. He reflects on the challenges of transitioning from the minors to the majors and the mental toll of playing the game at a high level. Sean discusses his shift from player to scout, offering insights into player dynamics, scouting's impact on his view of baseball, and how it influenced his approach to investing. He explores the parallels between identifying value in baseball and in markets, particularly bitcoin. Sean also touches on the difficulties of generating market alpha, the reasons behind his interest in capital allocation, and how he introduced the concept of bitcoin to other players.

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TIMESTAMPS:

00:00:00 Intro

00:01:17 Sean’s intro into college baseball and MLB draft

00:03:00 How did you get started with baseball?

00:03:58 Ever feel burnt out playing too much baseball?

00:05:40 What was Sean’s college major?

00:07:49 Drafted by the Cincinnati Reds

00:10:55 Did you think you could be one of the best players?

00:12:35 Minors vs majors—big difference?

00:14:39 Transitioning from player to scout

00:18:39 Player dynamics and drama

00:20:38 Did scouting change your perspective on baseball?

00:23:05 Investing vs scouting

00:24:57 Has identifying value become more difficult?

00:26:55 When did you get interested in capital allocation and bitcoin?

00:33:16 Generating market alpha—why bitcoin?

00:38:00 Did you tell players about bitcoin?

00:40:22 Did other minor league players buy gold and single family homes?

00:42:10 What’s the catalyst for players to get interested in bitcoin?

00:44:19 What is the player’s union?

00:45:41 Should the union do anything about bitcoin and personal finance?

00:47:45 Retiring after professional sports

00:50:58 What podcast or books do you recommend?

00:53:30 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

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→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Sean Buckley’s Twitter: https://x.com/seancbuckley

In this episode, Nazar Khan, COO of Terawulf, discusses his entry into power and bitcoin mining, weighing the importance of inexpensive energy versus more efficient machines. He shares his thoughts on the growth of mining capacity, the competition between AI and mining for power, and the possibility of utilities acquiring bitcoin miners. Nazar also explores Terawulf's dual exposure to AI and mining, strategies for managing bitcoin's volatility, and the challenges of operating in a hyper competitive market. He addresses the impact of miners on bitcoin's price, potential international expansion plans, and whether mining could lead to lower consumer electricity prices. The episode wraps up with Nazar's views on mining's natural decentralization, a contrarian belief he holds, and the biggest risks facing bitcoin today.

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TIMESTAMPS:

00:00:00 Intro

00:01:17 Nazar’s into to power and mining

00:06:51 More energy or better machines?

00:08:32 Was bitcoin mining intuitive to you at first?

00:13:08 8 GWs added over the last few years, what about the next 4 years?

00:15:00 Do AI and mining compete for power?

00:22:37 Will utilities acquire bitcoin miners?

00:25:27 WULF—AI vs mining exposure

00:28:03 Mining through the volatility

00:30:14 Is mining a brutally competitive market?

00:34:00 Most difficult part about operating a bitcoin mine?

00:35:15 Do miners affect the price of bitcoin?

00:36:59 Is WULF US only? When international mining?

00:40:47 Magnitude of mining power

00:42:00 Is global energy production about to explode?

00:48:56 Does mining lead to lower consumer electricity prices?

00:56:30 Does mining naturally decentralize to low cost power?

00:56:55 What’s something you believe that most bitcoiner’s disagree with?

00:59:12 What’s the biggest risk to bitcoin?

00:59:36 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

In this episode, Alyse Killeen discusses bitcoin's presence at the Bloomberg Invest Summit and its connection to AI, including insights from Jeff Booth’s thesis. She examines the positive feedback loop between AI and the Lightning Network, comparing it to other bitcoin Layer 2 solutions. Alyse also touches on Fold’s SPAC, her motivation for founding Stillmark, and the regulatory challenges facing bitcoin and bitcoin startups. She shares her thoughts on educating politicians about bitcoin, the future of Taproot assets, and how startups should navigate bitcoin’s volatility. The episode concludes with a discussion on the most underrated bitcoin products and how to balance between holding bitcoin and investing in bitcoin startups.

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TIMESTAMPS:

00:00:00 Intro

00:01:43 Bitcoin at the Bloomberg Invest Summit

00:05:45 Bitcoin, LLMs, and generative AI

00:08:04 Jeff Booth thesis + AI

00:11:26 AI and Lightning positive feedback loop

00:15:58 Lightning vs other bitcoin L2s

00:19:20 Fold’s SPAC and bitcoin VC

00:21:15 Why did you found Stillmark?

00:23:49 Regulatory hurdles for bitcoin or bitcoin startups?

00:28:27 Educating politicians on bitcoin vs crypto

00:30:55 What’s the biggest challenge for bitcoin startups?

00:33:29 Taproot assets

00:36:51 Credit cards vs Lightning decades from now

00:39:59 Should bitcoin startups operate differently because of bitcoin volatility?

00:42:07 Most underrated bitcoin product or service

00:47:28 Holding bitcoin vs investing in bitcoin startups

00:56:23 Closing thoughts

WHERE TO FOLLOW US:

→ Unchained Twitter: https://twitter.com/unchainedcom

→ Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom

→ Unchained Newsletter: https://unchained.com/newsletter

→ Joe Burnett’s Twitter: https://twitter.com/IIICapital

→ Alyse Killen’s Twitter: https://x.com/AlyseKilleen