John Newbery (Brink) on funding Bitcoin development (EP.150)
Play • 55 min

John Newbery, Bitcoin Core developer and founder of Bitcoin Optech, announces an independent nonprofit organization to support Bitcoin development, Brink. Donate here.

In this episode, we discuss the formation and mandate of Brink, as well as the developer funding context that we find ourselves in. Covered in the episode: 

  • John Newbery's core developer story and how he came to found Brink
  • Why John left Chaincode and struck out on his own
  • Brink's mandate and foundational purpose
  • Lessons learned from the Bitcoin Foundation
  • The future of Bitcoin Optech
  • The state of funding for Bitcoin development
  • The accessibility of Bitcoin protocol development today
  • Does the existence of financial incentives cannibalize the intrinsic motivation to work on open source?
  • Why John works on Bitcoin
  • Why ossification might be more remote than we expect
  • Whether Bitcoin's developer funding model exposes it to corporate capture
  • The political implications of Bitcoin having a sole reference implementation
  • The importance of distinguishing the validation element of Bitcoin Core from the other components
  • Is Bitcoin protocol dev meritocratic or technocratic?
  • Why the structurelessness of Bitcoin core dev raises the barriers to entry
  • Is Bitcoin protocol development adequately funded right now?
  • Does developer funding equate to influence in the Bitcoin protocol development
  • The dispersion of Bitcoin protocol development influence

Content mentioned in this episode:

The Blockchain Debate Podcast
The Blockchain Debate Podcast
Richard Yan
Motion: Tether has always been acting in bad faith (Bennett Tomlin vs. Larry Cermak, co-host: Patrick McKenzie)
Guests: *Bennett Tomlin (@bennetttomlin)* *Larry Cermak (@lawmaster)* Host: *Richard Yan (@gentso09) Patrick McKenzie (@patio11, special co-host) * Today’s motion is “Tether has always been acting in bad faith.” This topic is very relevant for today’s markets because Tether is simultaneously an incredibly important, if not the most important, source of on-ramp liquidity for crypto, and a controversial, legally-challenged, blackbox operation that make market participants worry about their undesirable dealings and, worse, imminent collapse. We previously had a similar debate on this with Matthew Graham from Sino Global Capital vs Cas Piancey, the independent crypto commentator and Tether skeptic. So definitely check that out. Today’s debaters are Larry from the Crypto publication and Bennett Tomlin, another crypto commentator and Tether skeptic. The episode was also co-hosted by Patrick McKenzie, who also did extensive independent research on Tether. If you’re into crypto and like to hear two sides of the story, be sure to also check out our previous episodes. We’ve featured some of the best known thinkers in the crypto space. If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter. Please note that nothing in our podcast should be construed as financial advice. Source of select items discussed in the debate (and supplemental material): * Paper claiming unbacked Tether drove BTC price: * https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 * Papers dispelling the above notion: * https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3175876 * https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3508006 * Patrick McKenzie comprehensive history of Tether: https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/ * Bennett Tomlin blog: https://bennettftomlin.com/ * The Block publication: https://www.theblockcrypto.com/ * Amy Caster Tether timeline: https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/ Guest bios: Bennett Tomlin regularly publishes articles about fraud in the crypto space via his blog. His dayjob is data scientist and fraud investigator in the pharmacy benefits area. Larry Cermak is Director of Research and Analysis at The Block, a crypto research, analysis and news outlet geared toward institutional investors. Patrick McKenzie is a Tokyo-based entrepreneur and commentator. He wrote a thorough recount of the Tether controversy on his personal website. Patrick works for the Internet at Stripe. All comments are his own.
1 hr 16 min
The Scoop
The Scoop
The Block
'They start with bitcoin:' Polychain's Olaf Carlson-Wee believes big investors will turn their attention to DeFi
"They start with bitcoin. It is the easiest to understand." In the most recent episode of The Scoop, Olaf Carlson-Wee said that recent headlines about institutional investors making waves in the bitcoin market aren't surprising to him. Since he launched Polychain Capital in 2016, he's become familiar with new market entrants who start by exploring bitcoin and then ultimately make their way to other ecosystems.  "It isn't surprising that these big institutional investors are first getting involved with bitcoin," he said. "This is effectively electronic gold. Everyone can reason about gold and the value of gold in an easy way." From Anthony Scaramucci to Paul Tudor Jones, the bull case for bitcoin as digital gold has been all but cemented as a Wall Street talking point. Yet his interest in bitcoin will find its way to DeFi, Carlson-Wee argues. "Once you have $100 million of bitcoin, you might start to think how I could get yield on this bitcoin for example," he said. "A lot of the time the answer there is through on-chain financial contracts." Carlson-Wee also believes that interest in DeFi products and services will buck the example of the 2017 ICO bubble and be more long-lasting. As he put it during the interview: "The summer of ICOs was a summer, the summer of DeFi was just the beginning of multi-years of compounding growth. The financial engineering in DeFi, I think, at this point is inarguably moving faster than the financial engineering anywhere else in the world. The capital coordination is faster than anywhere else in the world. A lot of these DeFi protocols are bigger than IPOs—regularly. Despite that go regularly unnoticed and are hard to interact with. The user experience barriers here are very high and despite that we see significant traction in terms of volumes." Still, Olaf-Carlson Wee said DeFi market participants need to work out the UI problems that make platforms difficult to use. In this episode of The Scoop, Olaf Carlson-Wee digs into: The differences between the ICO boom and the current market rally How DEXs went from being irrelevant to facilitating billions of dollars in volumes Where DeFi goes next What he thinks about the upcoming Coinbase IPO YFI's recent proposal to increase inflation  Polychain's lessons learned from the previous 2017 cycle
46 min
The Delphi Podcast
The Delphi Podcast
Tom Shaughnessy
Teddy and Jeff: Notional Finance Enables Fixed Rate, Fixed Term Lending and Borrowing on Ethereum
Chain Reaction Host Tom Shaughnessy hosts Teddy Woodward and Jeff Wu of Notional Finance. Notional is a protocol on Ethereum that facilitates fixed rate, fixed-term lending and borrowing of crypto-assets via a novel financial primitive called fCash. Fixed rate financing touches all corners of the modern financial markets. The majority of US debt is issued at fixed interest rates because they provide certainty and minimize risk for market participants. Notional brings this capability to the decentralized financial system on Ethereum and gives crypto users that same access to stable financing. The full interview transcript is available below the video! Every Delphi Podcast is dropped first as a video interview for Delphi Digital Subscribers. Our members also have access to full interview transcripts. Join today to get our interviews, first. - Show Notes: (1:17) – (First Question) - Teddy’s Background.(3:11) – Jeff’s Background.(6:02) – Notional Finance Elevator Pitch.(8:33) – Key Differences between Notional Finance and other competitors.(11:50) – Rates / Collateralization Walkthrough.(14:42) – Thoughts about liquidity Fragmentation.(16:23) – The Collateralization Framework.(18:01) – Insights about DEV / Smart Contracts.(22:55) – How Notional affects DeFi.(26:34) – Will Notional attract Traditional Investors.(28:24) – What’s on the roadmap for Notional Finance.(29:56) – Notional vs. Compound?(33:09) – Notional Finance Team.(34:00) – Does Notional need a Community.(36:10) – How does the model work (to earn money).(36:49) – Where to find Notional Finance. Music Attribution: * Cosmos by From The Dust | https://soundcloud.com/ftdmusic * Music promoted by https://www.free-stock-music.com * Creative Commons Attribution 3.0 Unported License * https://creativecommons.org/licenses/by/3.0/deed.en_US Resources: * Teddy’s Twitter: https://twitter.com/teddywoodward * Jeff’s Twitter: https://twitter.com/wuprotocol * Notional Finance: https://notional.finance * Tom's Twitter: https://twitter.com/Shaughnessy119 * Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More * Our Video interviews Can Be Viewed Here: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q * Access Delphi's Research Here: https://www.delphidigital.io/ Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product or service. Delphi’s transparency page can be viewed here.
38 min
The "What is Money?" Show
The "What is Money?" Show
Robert Breedlove
The Saylor Series | Episode 9 | Economics, Inflation, Interest Rates, and Natural Competition
Michael Saylor joins me to discuss anthropology, energy, and technology from first principles as we build the intellectual foundation necessary to truly grasp the historic significance of Bitcoin. 00:00:00​ - Episode Trailer 00:01:06​ - Swan Bitcoin 00:03:22​ - Robert’s Intro Economics 00:06:46​ Science of Infectious Disease, Sterilization, & Antibiotics 00:08:33​ Economics with Dirty Money Defective Money is Toxic 00:09:33​ Meditations on Toxicity as a threat to life 00:11:33​ Inflation Myths & Misconceptions 00:12:33​ Jedi Mind Tricks in Economics –“No Inflation Here” 00:13:33​ Early Retirement in your Consumer Basket 00:15:06​ Questioning Basic Premises of Economics 00:15:23​ “We can’t tell people what to think, but we can tell them what to think about” 00:15:33​ 30 year Bond calc – Mistake Inflation & Interest Rates 00:17:09​ Inflation Coefficients & Drivers 00:18:49​ Scarcity in Real Estate & Goods 00:19:59​ Agreement on bleeding George Washington to death 00:20:33​ Energy content in products, services, & assets 00:23:33​ Cherry Picking the Inflation Bucket for CPI 00:25:02​ Obscene Asset Inflation 00:26:33​ Scarce= High Energy Value 00:27:07​ Inflation is Theft, but most don’t realize this 00:28:26​ Inflation is Freezing to Death 00:31:00​ Real Yields vs. Asset Inflation Rates 00:31:52​ Storing Value in Equity & Debt 00:34:47​ Why do Stocks always go up? 00:37:27​ Big Tech vs. the entire Equity market 00:38:14​ Darwinian Competition 00:40:04​ Humility & Stoicism 00:41:54​ Challenges of Competing & Commercializing Acquisitions 00:43:52​ The Law of Decimation & Murphy’s Law 00:45:14​ Underestimating the cost of maintenance on assets 00:45:47​ Dangers of Youthful Ambition & Empire Building 00:47:33​ 10% tithe as a continuing theme 00:49:11​ Words don’t matter – Actions matter 00:49:31​ Paradox of Marcus Aurelius & Imperial Virtue 00:52:03​ Marcus Aurelius & the Crypto Keys to Empire 00:53:53​ There is always time to snatch defeat from the jaws of victory Natural Competition 00:54:50​ Darwinian Vitality & Antifragilty 00:55:29​ Terrifying Natural Beauty 00:56:11​ Everything is at its finest when tomorrow is uncertain. 00:56:23​ Ants at War on a Sunny Day 00:57:52​ Lions & Antelope on Television 00:59:18​ Dynamic Equilibrium & Ecosystem Health 01:00:53​ Paradox of the Engineer vs. Zookeeper 01:01:30​ Easter Island Ecosystem Collapse 01:02:10​ Free Market is Economic Expression of Darwinian Equilibrium 01:03:33​ - Robert's Outro 01:42:27​ - End -- See My Work: https://linktr.ee/breedlove22​ Contribute Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7 Stack sats: https://www.swanbitcoin.com/breedlove/​ Twitter: https://twitter.com/Breedlove22​
1 hr 43 min
Blockcrunch: For Global Crypto Investors | Investment Theses | Project Breakdowns  | Industry Trends
Blockcrunch: For Global Crypto Investors | Investment Theses | Project Breakdowns | Industry Trends
Jason Choi
Ponzi or Game Changer? Algorithmic Stablecoins Part II- Ben Simon, Mechanism Capital, Ep. 129
In Part 2 of our discussion about algorithmic stablecoins, we are joined once again by Mechanism Capital analyst Ben Simon(@benjaminsimon97) to break down: * Why some current algo stablecoins do not work * Projects in the vertical that Ben is bullish on * The investment opportunity for algo coins Jason Choi (@MrJasonChoi). This show is not financial advice; show host and guest may hold some of the assets discussed. ------------- Sponsors ------------- CRYPTO.COM: Crypto.com serves 5M+ customers today, providing them with a powerful alternative to traditional financial services through their App, Visa Card, Exchange and DeFi offerings. The Crypto.com Visa Card gives you up to 8% cashback instantly, and 100% back on Spotify and Netflix. Get $25 worth of CRO when you download the Crypto.com App with code BLOCKCRUNCH and stake 5,000 CRO or more to reserve a metal card! BITTREX GLOBAL: You can now trade tokenized stocks like Google, Netflix, Amazon and Alibaba on Bittrex Global. Users can trade 24/7 globally, even purchase fractions of a share. Sign up now: https://global.bittrex.com/discover/tokenized-stocks. RADIX: Radix is the first layer-one protocol specifically built to serve DeFi. Decentralized finance applications are currently built on protocols that are not fit for purpose, leading to congestion, hacks and developer frustration. Radix changes this by introducing a scalable, secure-by-design, composable platform with a DeFi specific build environment to make it easy to build and launch scalable DeFi. Find out more at www.radixdlt.com ------------- Disclosures ------------- Musical credits: Underground Stars by Loxbeats https://spoti.fi/34tPBBO Creative Commons — Attribution 3.0 Unported — CC BY 3.0 Free Download / Stream: https://bit.ly/underground-stars Music promoted by Audio Library https://youtu.be/vpJDMD2EzkA Disclaimer: Jason Choi is an investor at Spartan Capital, the hedge fund arm of The Spartan Group. All opinions expressed by Jason and podcast guests are solely their own opinions and do not reflect the opinion of The Spartan Group and any of its subsidiaries and personnel. This podcast is for information purposes only and should not be relied upon as a basis for investment decisions.
44 min
Unconfirmed
Unconfirmed
Laura Shin
Is Tether a Fraud? Its Bank Says It's Not - Ep.161
Gregory Pepin, deputy CEO of Deltec Bank and Trust, responds to allegations in a blog post by the pseudonymous Crypto Anonymous, that Tether is a "highly probably fraud." In this episode, he covers: * how Deltec accounts for its reserves, and why they didn't show up on Crypto Anonymous's blog post * where the dollars backing Tethers are held * how Tethers get created * where Tether Ltd. keeps its cash equivalents * why there's more demand for trading with USDT than with USD partially because of the arbitrage opportunity between East and West * how Tethers get created using Deltec * why USDT gets minted in very round numbers as opposed to very specific numbers that USDC is minted in * where the cash equivalents backing Tethers are held * what type of due diligence Deltec conducted when it took on Tether Ltd. as a customer * why the perception that Tether is unregulated compared to other stablecoins is false * what Deltec thinks about the New York Attorney General office's investigation in to Tether * why Deltec has a "large position in bitcoin" Thank you to our sponsor! Crypto.com: http://crypto.com Episode links: Gregory Pepin: https://twitter.com/dzrgreg Deltec Bank: https://www.deltecbank.com/?locale=en Crypto Anonymous’s Medium post: https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3 Deltec having large position in bitcoin: https://www.theblockcrypto.com/linked/91353/deltec-bitcoin-position-tether Original video in which Deltec mentions its “large position in bitcoin”: https://www.deltecbank.com/2021/01/14/a-covid-year-in-review/ Deltec banking Tether: https://www.coindesk.com/deltec-chairman-says-tether-letter-on-bank-relationship-is-authentic Tether not audited: https://www.coindesk.com/tether-review-claims-crypto-asset-fully-backed-theres-catch Tether says it is fully backed: https://www.coindesk.com/tether-says-its-stablecoin-is-fully-backed-again Tether current balances: https://wallet.tether.to/transparency?__cf_chl_jschl_tk__=c035d054dd287020b16d6dbb4b70398ca7a99dcb-1611253376-0-AcOsT0Zqpd8Muzw5gnkSz6KKmTrN3WAssxGX8K-p_PkeZ2SUfW9EsAr-a2EkIojYzm5-3RA_1DHxpoK579d0YgtnxMYevlVRSS7RIAKh0sgk-ORzOZUDNgg_AvZjugdrxWVjTA9dCBf1hX4X83oU3-RTjQYn_qYukdRFJUq9a89BXyyDovL3bu4ohxSSVdworOR-cdxEiPURe4ZJrGIvuW3Ej2qJLJt3RDXfX6BfDANdpkVrU6O2KB4V0Or-HJjItS0uAu-L7KrTomXNv9anUv34_An8cH3VHYfB_OD-iyIvkgOh7RHd-Xafe-SJwPnUYg What Tether is backed by: https://wallet.tether.to/transparency?__cf_chl_jschl_tk__=c035d054dd287020b16d6dbb4b70398ca7a99dcb-1611253376-0-AcOsT0Zqpd8Muzw5gnkSz6KKmTrN3WAssxGX8K-p_PkeZ2SUfW9EsAr-a2EkIojYzm5-3RA_1DHxpoK579d0YgtnxMYevlVRSS7RIAKh0sgk-ORzOZUDNgg_AvZjugdrxWVjTA9dCBf1hX4X83oU3-RTjQYn_qYukdRFJUq9a89BXyyDovL3bu4ohxSSVdworOR-cdxEiPURe4ZJrGIvuW3Ej2qJLJt3RDXfX6BfDANdpkVrU6O2KB4V0Or-HJjItS0uAu-L7KrTomXNv9anUv34_An8cH3VHYfB_OD-iyIvkgOh7RHd-Xafe-SJwPnUYg New York Attorney General’s office press release on investigation into iFinex: https://ag.ny.gov/press-release/2019/attorney-general-james-announces-court-order-against-crypto-currency-company CoinDesk on NYAG investigation: https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege Link to the Crypto News Recap: https://unchainedpodcast.com/what-8-trillion-could-do-in-bitcoin/
36 min
The Crypto Conversation
The Crypto Conversation
Brave New Coin
The Identity Dilemma - Selfkey is empowering individuals to take back ownership of their identity data
Edmund Lowell is the CEO of KYC-chain and the Selfkey network - a blockchain startup developing digital identity solutions that empower individuals to take back ownership of their identity data. Guest: Edmund Lowell Why you should listen: Everyone’s data is concentrated in the hands of a few large institutions. They store information about your browsing history, shopping habits, location data, bank statements, medical history, and more. With the growing threat of data breaches, and the loss of privacy - our information is increasingly at risk. One of the reasons for this is because rather than the individual controlling their data, it is instead tech companies and government databases that store data. This is at risk of being hacked and leaked. For example, last year hardware wallet manufacturer Ledger was data hacked. The data consisted of a list of one million email addresses, as well as a list of 272,000 individual customers, containing emails, phone numbers, and physical addresses. Those customers have since been targeted with phishing attempts by scammers sending fraudulent emails claiming that their "cryptocurrency assets are at risk", prompting them to download a fake version of Ledger Live that would then ask for the user's seed phrase. Key takeaway: Current identity systems have failed to deliver the most basic requirements for a successful identity system: security, privacy, ownership, access, protection, interoperability, or linked data portability to identity owners. SelfKey’s mission is to empower individuals to own, control, and manage their personal data; and to help businesses protect personal data entrusted to them by users, and stay compliant with privacy regulators. SelfKey envisions a safer world where individuals are freer because their personal data and privacy is protected and under their control. Supporting links: Selfkey Leverj Andy on Twitter Brave New Coin on Twitter Brave New Coin If you enjoyed the show please subscribe to the Crypto Conversation and give us a 5-star rating and a positive review in whatever podcast app you are using.
37 min
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