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by Isabel Foxen Duke
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- 6 days ago59 min
Breaking Down Digital Payments | DAVID MARCUS
Few people have had a closer view of the evolution of digital money than Lightspark CEO David Marcus. After helping scale PayPal and leading Meta’s ambitious—but highly scrutinized—cryptocurrency project Libra/Diem, Marcus has spent years navigating some of the toughest challenges in the payments industry, in both traditional and digital assets. Marcus more recently turned his focus to Bitcoin with Lightspark, exploring the limits of Lightning payments and building his own Bitcoin layer-2, Spark. After the regulatory challenges of Libra/Diem, Marcus shares why Bitcoin is the only digital assets network he wants to build payments systems on going forward — and why non-Bitcoin payments systems could potentially lead to a "dystopian future" long-term. In this interview, David and I dive into: What really happened with Libra/Diem—and why regulators stepped in so forcefully Why Marcus transitioned into Bitcoin, and why working on centralized digital assets will always carry regulatory risk The “dystopian future” of payments systems settling on “corp chains,” and why this is a real risk for our financial system How Lightspark plans to continue developing Lightning as an interoperability layer, while developing its own statechains-based L2 for end-user experiences This is the most comprehensive conversation I’ve had on the challenges—and opportunities—of using Bitcoin as a payments system. If you want to more deeply understand Bitcoin as a medium of exchange, there are few people better equipped to share insights on the topic. This episode of Bitcoin Rails is brought to you by my NEW sponsors: LayerTwo — developing research, software, and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi on Sui Network — a primitive for executing Bitcoin Defi transactions, without having to trust a federated bridge or other centralized entity BitBox — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount
- 1 weeks ago1h 18m
Post-Quantum Bitcoin Signatures (+ their tradeoffs) | ETHAN HEILMAN & JONAS NICK
According to BIP 360 co-author, Ethan Heilman, Bitcoin needs a minimum of two soft forks to become quantum resistant: P2MR (or an output type that can safely execute PQ signatures) + a post-quantum checksig (signature scheme). Ethan and the BIP 360 team (including myself and Hunter Beast) introduced the P2MR part via a BIP 360 update late last year—but the question remains, what’s the most appropriate PQ signature scheme for Bitcoin? They all have substantive tradeoffs, but hash-based signatures seem to be leading technical discourse—likely due to recent optimizations by Jonas Nick and the broader Blockstream research team. It was an honor to sit down with both of these men - arguably the two most influential and productive cryptographers in Bitcoin quantum mitigation right now - for an in-depth review of the leading PQ signature schemes and a temperature check on Bitcoin’s post-quantum planning process. TBH, if you want to skip the noise and jump straight to the signal on quantum, this is the interview to watch. In this episode, we discuss: What needs to happen at the soft fork, infra and mitigation levels to fully quantum-harden Bitcoin Recent updates to BIP 360 + breakdown of the leading hash-based signatures schemes for Bitcoin (SHRINCS + SHRIMPS) Why we may actually get consensus around a stateful scheme for Bitcoin Comparisons of hash-based signatures vs Lattice and Isogeny-based schemes Assessing the risks of both waiting too long, and acting too fast (and why quantum is a better threat to be facing than a potential classical attack) This episode of Bitcoin Rails is brought to you by my NEW sponsors: LayerTwo Labs — developing research, software and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi on Sui Network — a primitive for executing Bitcoin Defi transactions, with having to trust a federated bridge or other centralized entity BitBox — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount.
- 3 weeks ago1h 27m
DRIVECHAINS AUTHOR TO HARDFORK BITCOIN I with PAUL SZTORC
Paul Sztorc is one of the most controversial figures in Bitcoin—and he’s about to pull off one of his most controversial moves of all: a full-blown Bitcoin hardfork. Actuating his vision of “e-cash,” as the new protocol is called, Paul is pushing forward a new Drivechains-enabled Bitcoin experience—citing governance challenges and a “broken soft fork process” as reasons for the move. “If BIP300/301 was activated in Bitcoin, we would stop,” says Paul Sztorc—adding, “it’s an irony that the soft fork was invented because the hard fork was too difficult.” In this interview, I asked Paul all the difficult questions you can imagine—and ultimately found myself sympathizing with much of his defense. Regardless of one’s personal politics, this interview sheds light on the challenges we face in Bitcoin governance as a whole—and may be worth reviewing to better understand the political statement (ne—political artwork?) that Paul’s work represents. In this episode, Paul shares: Why he’s making the bold move to hard fork — and the various levels of risk he’s assuming in the process. His frustration with the Bitcoin soft fork process and why, regardless of the risks, it “may be time to reconsider the hard fork.” Why the Drivechains vision (BIP300/301) is one worth fighting for, and why the payments use-case must be actuated to fulfill Satoshi’s vision The problem with Bitcoin’s “decel” culture, and why the lack of competition may be the root of the problem. This episode of Bitcoin Rails is brought to you by my NEW sponsors: LayerTwo Labs — developing research, software and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi on — a primitive for executing Bitcoin Defi transactions, with having to trust a federated bridge or other centralized entity BitBox — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount.
- Apr 14, 20261h 11m
Bitcoin Mining's Heatpunk Revolution | TYLER STEVENS
Tyler Stevens—author of Bitcoin Mining Heat Reuse and a leading voice in the space—joins the show to unpack the growing “heatpunk” movement in Bitcoin mining. Traditionally viewed as a drawback, excess heat from mining is being reframed by heatpunks as a valuable feature, e.g. to generate useful heat—like home heating or hot water. Use for these heat byproducts can effectively subsidize the cost of Bitcoin mining—making operations significantly more profitable, or even free, while contributing to higher hashrate and a more decentralized network. As Stevens puts it, “Heat reuse solves the security budget problem.” With block subsidies declining over time, mining incentives must evolve to remain sustainable. If Bitcoin mining can serve a dual purpose—securing the network while also fulfilling real-world energy needs—it has a path to long-term profitability, even in a low-fee environment. In this episode, Tyler and I discuss: What “Bitcoin Mining Heat Reuse” is and why it’s shaking up both solo and industrial miners’ thinking The different ways heat from Bitcoin miners can be used What the long-term impacts of mining heat reuse could be in the face of a dwindling block subsidy How Bitcoin mining could change the economics of the global heating industry What the impacts of heat reuse could be for megaminers and miner centralization This episode of Bitcoin Rails is brought to you my NEW sponsors: LayerTwo Labs — developing research, software and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi — a trust-minimized collateralization primitive for native Bitcoin, powered by Sui Network smart contracts BitBox — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount.
- Apr 7, 20262h 25m
The Untold History of Stablecoins | PHIL POTTER
There are few people as consequential in crypto history as Phil Potter, co-founder of Tether and creator of the world's first stablecoin. After trading Bitcoin in “Satoshi Square” amongst peers like Erik Voorhees, Charlie Shrem, the Winklevoss twins and others, Potter became known for two things: 1. Professionalizing Bitcoin trading via the development of Bitfinex—and managing the 2nd largest exchange hack in Bitcoin's history 2. Inventing stablecoins — arguably the most important piece of crypto-infrastructure outside of Bitcoin itself. Ultimately, Potter shares that stablecoins were “too successful,” adding that “anytime someone makes a lot of money really fast that they don’t understand… they think you’re a criminal.” In 2019, Phil stepped down from his role as CSO of Tether after a series of relentless personal, legal and regulatory attacks. In his first video interview since around that time — I’m thrilled to share the story of Tether that’s been waiting to be told. In this episode, Phil Potter shares: - What the early days of Bitcoin trading were like (think: in-person Bitcoin-cash trades in NYC’s Washington Square Park) - How Bitfinex revolutionized trading infrastructure for Bitcoin—and managed the second largest exchange hack of all time. - The Birth story of Tether + the dark side of being one of the most successful companies in US history. - How Phil managed the onslaught of regulatory, legal and personal attacks that followed Tether’s rapid success. This episode of Bitcoin Rails is brought to you my NEW sponsors: LayerTwo Labs — developing research, software and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi on — a primitive for executing Bitcoin Defi transactions, with having to trust a federated bridge or other centralized entity BitBox — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount.
- Mar 26, 20261h 49m
What Happened to Bitcoin Treasury Companies? | DAVID BAILEY & BRANDON GREEN
This most recent bull market was inarguably defined by one dominant narrative: the rise of Bitcoin treasury companies and their dramatic retracement as crypto "DATs" flooded markets. David Bailey, former CEO of Bitcoin Inc. (Bitcoin Magazine, Bitcoin Conference) — raised $760M for treasury company Nakamoto , which catapulted to a peak valuation of 33X MNAV before sliding down below MNAV after a seeming burst in treasury mania last year. David joins me and newly appointed CEO of Bitcoin Inc. Brandon Green to share the history of one of the most influential companies in Bitcoin history (Bitcoin Inc.), how their treasury play changed everything, and what we can expect from Bitcoin treasury companies moving through 2026 and beyond. In this episode, the three of us discuss: The history of Bitcoin Inc., and the rise of Bitcoin Magazine and Bitcoin Conference empire. The role of UTXOmgmt (VC and trading fund) in the team's strategy over time How the fund’s entry into Metaplanet and their subsequent seeding of nearly a dozen Bitcoin Treasury companies since The rise of Nakamoto and its subsequent 99% slide in price from ATHs How David sees the Treasury thesis playing out from here… and projected winners and losers when/if these companies rebound. This episode of Bitcoin Rails is powered by: Best In Slot — the leading API for Ordinals and BRC20 data aggregation and indexing. Spark — a statechains implementation advancing Bitcoin-powered payments. Citrea — a leading Bitcoin rollup technology and BitVM alliance contributor.
- Mar 17, 20261h 3m
Building a Financial System on Bitcoin | WILLEM SCHROE
“People in finance understand the financial system, but not money. People in Bitcoin understand money, but not the financial system.” In a world where financial markets make up 70% of all money flow around the world — we have two choices: come up with technical solutions that enable these use-cases in a decentralized way, or simply accept that Bitcoin will be used in a custodial way whenever more complex use-cases are at play. Botanix CEO Willem Schroe is staunchly rejecting the latter — and attempting to solve some of the toughest challenges faced by the L2 and scaling landscapes (e.g. the “honeypot problem” that nearly all other L2s will ultimately face if not addressed). Willem and I break down the design space of Bitcoin L2s, why DeFi may be necessary for Bitcoin’s financial system to emerge, and how different technologies — like Spiderchains, BitVM, Lightning, and others — could eventually combine into a decentralized Bitcoin-native financial stack. In this episode, we discuss: - Why Bitcoin needs a financial system, not just payments (hint: without it, we'll end up like Gold) - The role of DeFi and stablecoins in Bitcoin adoption - The "honeypot problem" introduced by most Bitcoin bridges, and how implementing Spiderchains could be the solve - Combining Spiderchains, BitVM, and other models into the ultimate Bitcoin scaling stack This episode of Bitcoin Rails is powered by: - Best In Slot (@bestinslotxyz) — the leading API for Ordinals and BRC20 data aggregation and indexing. - Spark (@lightspark) — a statechains implementation advancing Bitcoin-powered payments. - Citrea (@citrea_xyz) — a leading Bitcoin rollup technology and BitVM alliance contributor.
- Mar 10, 20261h 31m
Internet Capital Markets on Bitcoin | BINARI
“BRC 2.0 is positioning Bitcoin as the prime asset issuance layer — the asset tokenization network for the most valuable assets on earth.” Late last year, BRC20 maintainer team Best in Slot extended the protocol’s functionality to include EVM smart contracts at the indexing layer — making the world’s most valuable Bitcoin-native assets protocol “fully programmable.” This upgrade, dubbed “BRC 2.0,” triggered a wave of interest in programmable metaprotocols across the Bitcoin ecosystem — expanding metaprotocol usecases beyond memecoins, into more sophisticated DeFi applications like RWAs and stablecoins. In this episode, Best in Slot CEO Binari joins me for a full update on the protocol’s technical and social evolution post-BRC2.0 launch—spilling the tea on hard lessons learned in ecosystem building, right alongside his bull case for building “internet capital markets” on Bitcoin. In this episode, we discuss: The “internet capital markets” thesis for Bitcoin The unique role of Chinese investment communities in pushing Bitcoin assets forward How incentive structures for metaprotocols outperform those of L2s How programmable asset development could potentially protect Bitcoin’s security budget as the block subsidy declines Lessons from the protocol’s first pump-and-rug drama and how the community fought back with technical solutions that could push Bitcoin DeFi forward This episode of Bitcoin Rails is powered by: Best In Slot - the leading API for Ordinals and BRC20 data aggregation and indexing. Spark - a statechains implementation advancing Bitcoin-powered payments. Citrea - a leading Bitcoin rollup technology and BitVM alliance contributor.
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