Fundamentals of Fundamentals

Bigger Picture Bitcoin w/ Steven Lubka

In this episode, I sit down with Steven Lubka to reflect on the last few years of Bitcoin culture—from the electric energy of 2021–2023 Twitter Spaces to why the vibe inevitably tracks the price. We dig into how higher interest rates changed capital allocation, why dispersion has returned to markets, and how that raises the bar for real innovation versus ZIRP-era junk. We also revisit the UK LDI scare and the 2023 U.S. bank stress to ask what the Fed actually proved about its ability to “kick the can,” and what Bitcoiners often get wrong about system fragility versus resilience. From pleb slop and rigid certainties to the harder work of holding nuanced, probabilistic views, Steven and I talk about conviction over decades, why mining is a full-on industrial business (not a casual hobby), and how years spent in Bitcoin unexpectedly prepared us for the AI acceleration now reshaping everything. We close on the importance of gradual change, personal growth, and building the grit to survive-and-advance through volatility, FUD, and the long arc of adoption. * 'Magic Internet Math (host’s project)': https://magicinternetmath.com/ [https://magicinternetmath.com/]

Extroverted Abuelitos w/ Jhonny Delgados Fuego

7/11 Bitcoin en Español event at Pubkey NYC:https://www.satlantis.io/events/1663/Bitcoin-en-Espa%C3%B1ol [https://www.satlantis.io/events/1663/Bitcoin-en-Espa%C3%B1ol] Local Block Market # 7 at Olde Mecklenburg Brewey LoSo, Charlotte, NC:https://www.satlantis.io/events/2203/local-block-market-7 [https://www.satlantis.io/events/2203/local-block-market-7] Delgado's Fuego Store:https://delgadosfuego.com/collections/all [https://delgadosfuego.com/collections/all] MotivPeru's Copa Bitcoin 2026 at Huanchaco, Peru:https://motivperu.ngo/en/copa-bitcoin/ [https://motivperu.ngo/en/copa-bitcoin/] I’m joined by Johnny “Delgado del Fuego,” the Peruvian-born, Charlotte-based hot sauce maker and Bitcoiner I met at the Grassroots weekend. We trace the roots of Delgado’s Fuego from family July 4th cookouts and his father’s legendary rocoto aji to award-winning farmers’ market staples, and how sharing food built real-world community around Bitcoin meetups. Johnny shares his winding Bitcoin journey—from NYC subway sticker sightings in 2015–2016 to helping lead Bitcoin Charlotte, starting Orange‑pill efforts in Peru, and partnering with Motiv Perú to foster circular Bitcoin economies. We also swap stories about caring for (and energizing) our elders, Latin American family culture, and why in-person meetups matter more than ever in a hyper-connected but isolated world. Then we geek out on music and experience: Johnny’s first-ever Phish show at Sphere Las Vegas, the band’s Halloween “costume set” tradition, and why the Fuego era signaled reinvention and longevity. We compare flavor-over-gimmick hot sauce culture with the “prove you can take the heat” carnival of super-hots, dream up a Bitcoin x food ecosystem, and preview Spanish‑only Bitcoin events at Pubkey NYC plus Peru travel ideas—from Lima to Huanchaco’s surf scene and the upcoming Copa Bitcoin. Come for the rocoto, stay for the relationships—and maybe queue up Phish’s Llama while you sauce your next plate.

Fixing Bitcoin Payments w/ Keith Gardner

In this episode, I sit down with Keith Gardner, founder and CEO of Branta, to unpack a deceptively simple but critical missing piece in Bitcoin: pre‑payment verification. Fresh off the Vegas conference energy, we talk about how real‑world spending still feels nerve‑wracking—from my early Ledger Live panic to sending tuition via an Unchained vault—and why man‑in‑the‑middle risks and fat‑finger errors make many users hesitant to spend. Keith explains how Branta’s zero‑knowledge approach gives wallets a clear green‑light “yes” signal (think: the merchant’s logo you trust) without exposing addresses or payment data, so payments feel as reliable as they should. We also zoom out to the bigger picture: why Bitcoin must deliver both store‑of‑value and medium‑of‑exchange excellence, how better UX (Lightning, ecash, and smarter confirmations) invites everyday spending, and why the “integrity layer” of payments matters for builders, merchants, and users alike. We close by looking ahead to community momentum at Bitcoin Ireland and BTC Prague—and imagining a future where sending sats is safe and obvious, even at 2 a.m. after a show with friends. * 'Branta (pre-payment verification for Bitcoin & Lightning)': https://branta.pro/ [https://branta.pro/] * 'Keith Gardner (Founder & CEO, Branta)': https://www.branta.pro/about [https://www.branta.pro/about] * 'River (Bitcoin exchange and wallet)': https://river.com/ [https://river.com/] * 'Strike (Bitcoin/Lightning payments app)': https://strike.me/ [https://strike.me/] * 'ZEUS (Bitcoin Lightning wallet)': https://zeusln.com/ [https://zeusln.com/] * 'Lightning Network (overview and resources)': https://lightning.network/ [https://lightning.network/] * 'Zero‑knowledge proof (primer)': https://en.wikipedia.org/wiki/Zero-knowledge_proof [https://en.wikipedia.org/wiki/Zero-knowledge_proof] * 'Ecash on Bitcoin (Bitcoin Design Guide)': https://bitcoin.design/guide/how-it-works/ecash/introduction/ [https://bitcoin.design/guide/how-it-works/ecash/introduction/] * 'Bitcoin Ireland Conference 2026 (Dublin, May 22–25, 2026)': https://bitcoinireland.eu/ [https://bitcoinireland.eu/] * 'BTC Prague 2026 (June 11–13, 2026)': https://btcprague.com/ [https://btcprague.com/]

Thank God For Discourse w/ Jordan Bush

I sit down with Jordan Bush to trace an unlikely arc—from a chance connection at PubKey’s Danish Christmas lunch to a candid deep-dive on faith, Bitcoin, and personal transformation. We swap stories from Nashville beefsteaks and Austin meetups, then get honest about career upheaval, trusting God without a safety net, and how money metaphors run through Scripture. We explore “Thank God for Bitcoin,” why monetary language helps illuminate spiritual realities, and what it means to pursue wisdom, humility, and trust when life (and markets) get hard. We also wade into today’s spicy governance debates—Core vs. Knots/OCEAN, inscriptions, and when moral language clarifies or derails the conversation. Jordan argues for stewarding limits over playing god; I push back on moralizing Bitcoin itself. Together we land on a tension worth keeping: passionate yet dispassionate inquiry, accepting Bitcoin’s constraints while growing as people. Along the way: a daughter’s profound spiritual moment, the Adirondacks’ quiet gifts, and a shared conviction that some hard roads are the ones that form us most.   * 'Thank God For Bitcoin' (organization): https://tgfb.com/about [https://tgfb.com/about] * 'Thank God For Bitcoin' (book): https://store.tgfb.com/products/thank-god-for-bitcoin-the-creation-corruption-and-redemption-of-money [https://store.tgfb.com/products/thank-god-for-bitcoin-the-creation-corruption-and-redemption-of-money] * Thank God For Bitcoin Podcasts: https://tgfb.com/podcasts [https://tgfb.com/podcasts] * PubKey (NYC Bitcoin bar): https://www.pubkey.bar/ [https://www.pubkey.bar/] * Bitcoin Policy Institute: https://www.btcpolicy.org/research [https://www.btcpolicy.org/research] * Eric Cason’s 'Crypto Sovereignty': https://cryptosovereignty.org/ [https://cryptosovereignty.org/] * TABConf (Technical Bitcoin Conference): https://8.tabconf.com/venue/ [https://8.tabconf.com/venue/] * OCEAN (Bitcoin mining pool): https://ocean.xyz/ [https://ocean.xyz/] * Bitcoin Knots (full node implementation): https://bitcoinknots.org/ [https://bitcoinknots.org/] * Rock Paper Bitcoin (podcast): https://rockpaperbitcoin.fm/ [https://rockpaperbitcoin.fm/] * The Bitcoin Conference (BTC Inc): https://b.tc/conference [https://b.tc/conference] * Hal Finney (Bitcoin pioneer): https://en.wikipedia.org/wiki/Hal_Finney_(computer_scientist) [https://en.wikipedia.org/wiki/Hal_Finney_(computer_scientist)] * Peter Todd (developer; official site): https://petertodd.org [https://petertodd.org] * Bitcoin Magazine (background/reference): https://en.wikipedia.org/wiki/Bitcoin_Magazine [https://en.wikipedia.org/wiki/Bitcoin_Magazine]

Digital Credit's Fixable Fatal Flaw

http://www.magicinternetmath.com [http://www.magicinternetmath.com] https://zeuspay.com/btc-for-institutions [https://zeuspay.com/btc-for-institutions] X: @Fundamentals21m In this long-overdue episode, I take a hard, first-principles look at so‑called “digital credit” — issuing liabilities against Bitcoin — with MicroStrategy/Strategy’s preferreds as the prime case study. I lay out what works (clear dividends, accrual features, and board accountability mechanisms) and what doesn’t, and why a headline B– credit rating means little if the core asset backing the structure can’t be independently validated. I also explain why fast‑and‑loose wording on earnings calls invites avoidable SEC scrutiny and fuels both low‑signal attacks and low‑signal cheerleading. From my 30 years in risk, I contrast traditional asset verification with today’s crypto accounting realities: FASB’s standard still doesn’t require proof of key control or move‑ability of coins. I argue that large holders should implement auditor‑observable proofs of ownership and custody transparency before scaling digital‑credit products — and I outline the minimum bar I’d require to consider this a durable asset class rather than a black box with latent, systemic risk. * 'Strategy (formerly MicroStrategy)': https://www.strategy.com/ [https://www.strategy.com/] * 'FASB ASU 2023‑08: Accounting for and Disclosure of Crypto Assets (Official PDF)': https://storage.fasb.org/ASU%202023-08.pdf [https://storage.fasb.org/ASU%202023-08.pdf]