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Roy Sheinfeld

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2024-11-20
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2024-11-20
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  1. “I'm everywhere and Breeze is everywhere. I think our medium is a good entry point. Medium.com slash technology and our Twitter X whatever I'm on LinkedIn. I'm easy to find.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “So we're starting to see the first integration coming to market. I think you'll be surprised next year to see how many existing applications, not new applications, existing applications adopting Lightning, using the Breezes decay, and even tens of millions of users using traditional fintech producture. We already see that with Cash App, but you're going to see other fintech solutions like Robinhood and others supporting Lightning. So exciting times.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “There's no one size fits all when it comes to money. You need to speak in the language of your users and your pack is a great example for that because something like FOG and I love Google and I love FOD, but something like FOLD won't work in Mexico because there's no culture affiliation to FOL in Yopaci, for example. They have a feature called the Lotoria. In Lotoria, it's something that is very common in Mexico, like a Mexican raffle. And they brought the same feature to their app and they're speaking the language of their users. And that's one of the things I like to see with the Brizz decay. One of the reasons I was always kind of pushing to build something like the Brazil's decay is because there's no one size fits all. And we need to have hundreds, thousands and tens of thousands of applications fulfilling different requirements, speaking different languages, addressing different”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “Yeah, sure. Yopakis is another example. We have two live implementations of our NodeList integration that just came out a month ago. We have Stash Pay by Tanker that is creating an app for freelancers to be able to accept Bitcoin and Yubaki is the second implementation. It's a Mexican neobank. It's a fascinating app, by the way. It shows you, Yubaki is a good example to show you how much”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “Especially compared to. But the Nigerian IIIs, like you can't really trust it, right? It fluctuated the 40% day after day. So I think crazy things happens in FIA. Less crazy things happen in Bitcoin. And I think the trajectory is very clear where Bitcoin is headed. So I think, of course, the innovators and the early adopters already accept Bitcoin as a minute. I think people will be surprised to understand and to know how many merchants already accept Bitcoin as a There's a reason all the luxury brands except Bitcoin. Like you can buy Louis Vuitton bags and you can buy Ferrari. You can buy Paluzaga. You can buy everything in Bitcoin. And of course, yes, it's luxury brand, still not the $5 coffee, but in the 10, 15 years the time spent that we're talking about, I think you'll be able to buy everything in Bitcoin.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “The same match, it's the same math. Exactly. So volatility goes both ways. Yes, of course, if you're in a survival mode and you're dependent on every penny that goes into the business, you understand that you need to pay expenses or vice versa. It doesn't feed the model. But another thing I think is very important to understand, the more Bitcoin is used as a medium of exchange, meaning the more price discovery happens for Bitcoin, the less volatile Bitcoin will be.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Or something. Yeah. I think capital gain tax is definitely a huge barrier and volatility, yes, although I think that volatility can also be a feature, not a bug. Meaning if you're a Bitcoiner and you understand the Bitcoin trajectory and you understand that the number goes up, you want volatility, basically because the volatility is going your end. If you can kind of retain the funds and not use it for expense. So let's take a company like Atom, for example, like the shoe company that accepts Bitcoin. Yes, not all the customers of Atom use, but let's say you have 10, 20% that do use a Bitcoin order to purchase shoes and they put it immediately into their treasury.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “Basically, you don't need to pay an on-chain fee in order to onboard to Lightning. And there's no friction when it comes to closing channels or anything like that because one of the functions of the LSP is to allocate liquidity, to reallocate liquidity. So it means that if you don't use the channel, the LSP needs to take your liquidity and use it for other users. And that means that they effectively will either close your channels or decrease your inbound liquidity and that creates friction because next time you want to receive a payment, then another on-chain fee will occur. You don't have that with another implementation. So from a developer experience, it's much easier to integrate the Nodos implementation because you're not dealing with anything other than opening or closing channels and fees. But yes, you need to kind of subscribe to the liquid transfer.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “Well, in the native implementation, you don't do that as well because everything is covered by the LSP. Basically, the LSP, open channels, the LSP managed the liquidity, the LSP, writes the payments. The difference is that you don't have channel management fees.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “So if you compare the native SDK implementation to the nodeless SDK implementation, the trust profile is different. Because in the NATO implementation, you just trust the chain. The nodeless implementation, you trust the liquid federation, but it comes with.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “Between liquid to lightning. So you're always in custody over your fund and there's no way for an intermediary or third party to steal your fund.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “Users don't even need to run Lightning nodes because the underlying technology is liquid. So people hold their funds in liquid, but the interface is still a Lightning interface. We talked about Lightning as the common language. Basically, the SDK exposes a lightning interface, but it uses a different sidechain in order to preserve funds.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “Is kind of to provide the best developer experience out there for embedding Bit Containments in applications and solutions. We have two flavors of our SDK. We have a native implementation which is built on top of GreenLight by Blockstream. We learned a lot from the Breeze wallet and the work that we've done on lighting over the years. And we've managed kind of to simplify everything, for example, by running nodes in the cloud using the GreenLight infrastructure, providing automated lightning liquidity services, providing automated on-chain interoperability services. And everything is encapsulated in the SDK in a very simple API. You have one API to send the payment, one API to receive the payment, and all the heavy lifting is done on the backend. And we recently added a very popular took off much faster than I expected. We created a nodeless implementation. And in the nodeless implementation of RSC,”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “We want Bitcoin to facilitate this digital interactions. But the barrier of entry for developers today to embed Bitcoin payments into their solutions is super high. In order to, before the breezes decay, if you wanted to add like new payments to your solution or your application, you had to have dedicated lightning team working on this project for two or three years. And basically what we do with the Lightning SDK, with the SDK, is lowering the barrier of entry and we're continuing to lower every day. For you as a developer to integrate Bitcoin payment into your application or solution, it takes days and we haven't had developers integrating Lightning hours. So we're continuing to kind of lower the barrier of entry of embedding Bitcoin payments into apps and services. And basically that's our goal.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “Allow me to take a step back again because we talked a lot about Bitcoin and Bitcoin as a global currency. The part that we want to play in that regard is that we want to bring Lightning to every application, basically. Bitcoin, I don't think Bitcoin, I don't think merchant adoption, there's a lot of discourse about merchant adoption. I don't think Bitcoin right now provides enough value for people to use it in the context of buying physical goods or even digital goods. I don't think that's kind of the play where we're going to see Bitcoin adoption. So what we want to do, we want to bring Bitcoin to every application and service out there in this kind of concept of creating Bitcoin or setting Bitcoin as a global currency. So imagine you using TikTok and you want kind of to tip a TikToker or as a TikToker you want to earn money, we want Bitcoin to be the currency that you do that.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “Are just going to get ex Place right if they're going to be used at all. That's a Exhaustion means there's frequency, there's payment coming through. It's a good sign. If your channel is exhausted, again, it depends on the time spent. But if your channel has been exhausted, it means that you were able to successfully route payments, which is a good thing. There's a lot of nodes if you look at kind of terminal or ampos or other, you immediately identify the nodes that allocate tons of liquidity. There's something be cautious about these nodes because either they want to artificially capture traffic or they simply don't know what they're doing.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “Yeah, exactly. And the same happens in the network. It's actually counterintuitive, but you have a more efficient lighting node if you get the ratio right between lock liquidity to frequency, meaning you need to be very efficient with your liquidity. And the more you can route using less liquidity, the more money, and that's the incentives of the lightning network. The ratio between the velocity and the throughput of the channels divided by the channel size that is the calculation for the profitability. Of the channel and the node. So the less liquidity you lock, but you're still able to process the payment that going through your node, the more efficient, the more economical, the more money you make as a lacking node. And many node operators are making the very beginners noob's mistake of putting a lot of liquidity early on.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “It's like saying you have one gigabyte connection at your home, so you can't watch movies that are larger than that. That's not the case. Like you're downloading gigabytes or maybe terabytes of data on a very small...”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “the frequency of the payment so you can have a solution like Ellen market and if you take a look for from an outsider view you take a look at their node I don't know like how big is the node like 30 40 bitcoins something like that but I think people will be shocked when they realize how like what's the velocity how many payments and markets are actually processing and what's the throughput of these payments and i say that because this information is not encapsulated in the chain like you don't know you have no way to retrieve this information only if you go and inspect the the specific node which of course naturally we don't have access to very specific nodes”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “And if you don't need to persist a global state, then inherently you gain more privacy. You have that in Lightning, by the way, as well, because there's no global state. The state is persisted in the node. And if you are executing transactions, basically the data is persisted in the channel, which means it needs to persist by two parties. But there's no global state in Lightning as well, only if you open the channel or close the channel, then the state kind of resurface in the chain. So there's no ledger, there's no public ledger of the lightning transaction. I always laugh when people give me statistics about the adoption of Lightning because the only thing that they can see is how much public liquidity is locked in lightning. They don't see the private liquidity that is locked in lightning and they don't see the velocity.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “One easy way to explain it is that the chain keeps track, it's a global ledger and it keeps tracks on all of the transactions. And once you start building on layers, you no longer have to persist a global state.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “It's complicated enough. Let's end the discussion on what's a layer two and then move to a layer three. I don't think it at this point we need to add another.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  23. “You access to the network in the future. It happens in Fiat. It's happening in Bitcoin as well. It's going to only get worse in the future. The only way to circumvent that, again, we start this conversation by taking kind of the 100 years vision of one single CBDC versus a peer-to-peer. The only way to circumvent that is by everyone owning their own money and executing peer-to-peer transactions. That's why we're so focused on the peer-to-peer aspects of Bitcoin and the technology improvement. I'm a technologist, you start by saying that I'm a developer. Yeah, I believe in technology. I believe in the ability of us to evolve and improve technology. I think we'll get to a point where peer-to-peer transactions are super easy, and not just for us, the Bitcoiners, but for every mainstream users. And if every one of us will be able to make peer-to-peer transactions, there's no reason that”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  24. “I think Cash App is a part of block, which is a public company. It can take the risks that a company like Briz can take. Definitely being in the US, you need to be concerned about the risk and the regulatory landscape, as we saw with the samurai trial and in other occasions. So yes, I definitely think that a more open administration can lead to be less risk-adverse. Nevertheless, I think we all need to keep in mind that you can't avoid the inherent issue here. If you let someone else take care of your money, that entity is going to be heavily regulated. And that regulation is going to have implications. It's going to have user experience implications, meaning as a user, you will have to KYC and AML every time you make a transaction. And there's risks in them preventing.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  25. “Lacking network is just an implementation detail of Bitcoin. Bitcoin in general can be very, like you can have white and black Bitcoin in the future. You already have that with analysis and other products are kind of using to differentiate between different types of Bitcoins, but definitely it can happen. By the way, it's already happening. If in the early days of Lightning every node was able to connect to another node in the network, you can't do that right now. If you're trying to connect to the cache node, for example, you can't only regulate entities in the US can connect to the cash app as an example.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  26. “Globally, so the only way for bitcoin to be widely and globally accepted is maintaining its peer-to-peer characteristics. That's one thing. Secondly, I think that if we'll continue in building Bitcoin banks, which again, like you said, it's a natural evolution in the acceptance of Bitcoin and the acceptance of Bitcoin in the market. I think that's a positive in that regard, but we'll get into the same fiat problems that we have with Fiat today, AML, KYC, bands. I don't know, I saw a post yesterday of someone.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  27. “They can't scale globally, meaning it's a Bitcoin bank and a Bitcoin bank won't operate globally because all of their regulatory hurdles and there's no way to use this solution globally. There's no fiat payment that works globally. And if we want to provide a service to all of the people in the world, we can't rely on a custodial service because that won't happen. We have 26,000 fiat payment networks. There's no single fiat network that works.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  28. “LSD, which helps you in the success rate of the payments and solve the inbound liquidity problem, et cetera. You were talking about custodial, meaning when you use Primal, you said it correctly, you're using Strike at the back end, when you use Blink, when you use, I don't know, Bitnob in Africa or Pouch in the Philippines, you're basically using a custodial service. My concern about custodial services is twofold. One,”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  29. “But you were part of the reason that the network was flaky. So the less obvious we have as node runners, the more professional the network become. And part of the reason that the lightning payment success rate increased in the past couple of years is because we went through this phase of going from hobbyist to professionals. And it's a good thing. I see it as a positive evolution in the evolution of the more professionals, the more money they have, the more liquidity they have, the likelihood of the payment to go through increases by a lot. So that's one thing. I think the network needs to become more professionals. I think LSPs, the notion that we proto market and it's now widely adopted when you use Phoenix, when you use Breeze, when you use there are other zoos or other self-custodial wallet, you're immediately connected to a professional.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  30. “It doesn't scale. I don't argue with the market. The market does what the market does and it's a good thing. Again, a lot to unpack. But what we've done with Breeze is to create this notion of an LST, a lightning service provider, meaning when you download the self-custodial wallet of Breeze, you are connected to a professional node that is very professionally maintained and very tuned to make sure that your payments are going through. One of the reasons that lightning matured and became more and more reliable is because we no longer had this command that you ran your own node probably on your embryo or whatever.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  31. “In our you're talking about an ASP, like the R node, you need to trust the arc node in some regards. So every last mile solution, including, by the way, other Bitcoin layer twos, I'm using layer two in a very, very free form right now because it's a very controversial term. What is a layer two? But I'm including for the sake of simplicity, I'm including all the layer twos here, even layer twos that don't have unilateral exit from the chain. You basically trust another federation, another consensus algorithm that is different from the Bitcoin main chain. Once you do that, we solve the last mile solution in a different way that is solved using the lacking network.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  32. “Steal your money. Next year, we're going to scale the federation in another order of magnitude. So the trust profile is going to improve. With solutions like Ashu, you're talking about the minter. You need to trust the minter not to steal your funds.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  33. “A different trust profile. I think when you're talking about scaling Bitcoin, you're basically talking about compromising in the trust profile. And then once you accept another trust profile, and even Lightning kind of has some constraints that you need to subscribe to, not in the terms of kind of the consensus, but in terms of you need to be online in order to check your channels and to make sure that you're not being frauded. It's a different trust profile than using the main chain. And in Fed, you accept the guardians, you need to trust the guardians and you need to trust the guardians won't collude to take your money. With Liquid, we're talking about currently it's a federation of 15 organizations and you need 11 out of 15 functionaries to sign in order for them kind of to”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  34. “As a currency from a UX standpoint, I think there's something you asked me about like the five to 10 years vision. I think we'll get there sooner than that. I think it would become very, very easy to transact in Bitcoin even without the pain points of Lightning, which is the interaction with the mainchain and the fees that incur as a result of interacting with the chain. So we'll get there very soon. You can already see solutions like Feddi and solutions like Caches. And solutions like our can solutions like what we are doing with Liquid, we're basically using blockchains, other blockchains in order to scale the Bitcoin blockchain. So I think you'll see a proliferation of solutions that are kind of targeting in solving the last mile issues. And we're very, very close.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  35. “Now let's go back to your original question if I'm claiming such a great medium of exchange, why it's not being widely adopted by all the merchants and why aren't we transacting Bitcoin in our day-to-day lives? And that's basically why I started the breeze. And that's why we have a lot of work to do. Because I don't think Bitcoin had this gold coin moment where we kind of transform gold from something that is used in ceremonies and for in rituals to something that can be easily exchanged and transferred, the lightning network is one piece of the puzzle. We definitely made a lot of progress in that regard, but there are still hurdles. Some of the hurdles are technical hurdles. Some of the hurdles are kind of macro related to the wider acceptance of Bitcoin as a currency and the fight that we're still having with regulatory entities to accept Bitcoin.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  36. “One or two of them. I wanted to say my peace and be done with it. And if people don't get it, okay, let them continue with this narrative. But Bitcoin is a great store of value and Bitcoin is a great medium of exchange.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  37. “And they use kind of the store value, medium of exchange narrative in order to say, listen, Bitcoin isn't a medium of exchange. You don't need a direct access to Bitcoin. So if it's a store of value, you can buy it via proxy because you're not going to sell it anytime soon. Maybe, but it doesn't mean Bitcoin isn't a medium of exchange. Bitcoin is a very good medium of exchange. Bitcoin is being traded in the trillions, tens of trillions of dollars every year. And if you compare it to the market cap of Bitcoin,”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  38. “It's something that it's not durable. They perish after one or two weeks, but they use as a medium of exchange all the time in prison in a very specific context. Of course, it doesn't extend outside of the prison walls because it's a very, very poor store of value. So if you do kind of in your head, you do get the Venn diagram of a medium of exchange on one hand and store value on the other hand, you see most of the assets that we use are actually both store value and our medium value change in Bitcoin, I got tired of the discourse. I got sick of hearing a sailor talk about Bitcoin as capital and people trying kind of to push the ETF narratives and their own stocks in order for you to buy Bitcoin via proxy.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  39. “Exactly. Exactly. And our case is like the way where it happens for example like in my in Africa I give it the example of cigarettes in prisons”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  40. “And if you flip the coin to the medium of a change side, you understand there's no medium of a change without some portion of being able to retain value. If you have good medium of exchange is an asset that you can exchange for goods and services. But if it doesn't retain value, it's a bad, it will be exchanged. You wouldn't use, I don't know. The boulevard...”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  41. “Exactly, exactly. If all value is contextual, the only way to determine value is to exchange. Asset for something else. discovery is inherent to a store value. because if you have value and the value is contextual and you want to trade it someday in the future you need an exchange to happen in order to discover the price of your store value and you see that with bitcoin right now by the way like all the time like bitcoin is being exchanged for fiat value and we know the price of bitcoin as the store value because of its exchange with other fiat currencies”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  42. “Yeah, yeah, I don't think there's something, I don't think people use it without understanding. There's no value without context, meaning a barrel of water in the desert worth all the gold in the world in a very specific context. So all value is contextual once you understand that all value is contextual, you understand there's nothing like the intrinsic value doesn't really exist. You don't use gold because you have the ability to make it to jewelry.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  43. “A value, there's the labor theory of value that value reflects the work that you put into something. That's kind of the Marxist theory of value. And there's a frequently used the term intrinsic value. There's like inerrant value or something”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  44. “Or another entity or individual to perform the task for you, the exchange of value. And I'm just a pleb. I'm not an historian and I'm not an economic scholar. I'm just a pleb. But when I say store value and when people say store value, the word value exists in the sentence. Store or value, meaning people want two things when they use something as a store of value. They want something that is durable and they want to use something that will retain value. But the word value means a future change. You don't want to store something for nothing. You want to store something because you know you're going to sell the asset later on. It can be years. It can be decades. You might not even sell it, but it means that you have the ability to sell something in the future. Again, there are different theories.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  45. “So when I talk about Bitcoin and I talk about Bitcoin, I talk about self-custodial Bitcoin. All the work that we do at Breeze is self-custodial Bitcoin, meaning you own the keys, you own the Bitcoin, you're not relying on a third party or an intermediate to do the exchange for you. When I say Bitcoin, I inherently and implicitly say self-custodial Bitcoin. And I know maybe that's not the way people are using the term Bitcoin and people equating the term Bitcoin with self-custodial but when I say Bitcoin I mean self-custodial Bitcoin because that encapsulates the value proposition of Bitcoin which is basically two there are two pillars to the value proposition of Bitcoin one is the scarcity of Bitcoin the fact that we only will have 21 million coins and secondly the fact that you can do an exchange without relying on a third party”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  46. “So, how do we explain this? Okay, again, Allah back here, I think comparing to gold, for example, gold didn't become gold as a sellable asset until people started minting gold coins. Now, the question is, in my mind, has Bitcoin reached the point where we meet Bitcoin as a coin, meaning, is it easy enough, convenient enough to exchange Bitcoin in a portable, divisible, fungible way? Let's take a step back and talk about store of value and medium of exchange because basically these are the properties that we're talking about when we talk about.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  47. “I think all of the subnetworks are going to speak Lightning, Lightning, going to be the interoperable language between all the subnetworks. So Lightning is here to stay.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  48. “We're talking about definitely a significant number. There are other statistics, I think OKX are reporting 70K of active lightning users on their exchange. Yes, Latin didn't take the world, but I think one of the mistakes that some people had done years ago is to set the wrong expectations of what liking is. I think nevertheless, we did achieve the next level in the foundation, like we've built Liking as a foundation, which is remarkable. And millions of people are using Lightning. And I think we're ready to use Lightning as a way to scale Bitcoin and bring it to the next level. And the way I see it now, and I think I have a different vision than the vision that I started, Breeze, I think Lightning is going to be the common language between end users, enterprises, and subnetworks, meaning we're starting to see subnetworks evolve that brings Bitcoin to end users, what we call the last mile solution. So we see solutions like FedE and we are seeing solutions.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  49. “I think it was one of 30 or one of 50 tries to get the beer spilling in this hacky Bitcoin conference. And today you don't see that. No, we're not in a place where we have 99% reliability. We have around 90 to 95% payment reliability, which by no means is good enough, but it's widely used by millions of people. the largest exchanges in the world already support lightning. We'll talk about Coinbase and Binance and Kraken, all the major changes support lightning. I think Coinbase even released some statistics a few months ago that 6.8% from all the Bitcoin deposits are done using Lightning. Wow, and it's Coinbase”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  50. “Are costly. So if fees are high, it means that there's a cost to be paid. I think we've done a lot, specifically Ed Rees, but generally also in the lightning ecosystem in the past six years. I don't know if people remember how Lightning looked like six years ago, but I remember myself in the Bitcoin conference in Berlin trying to pay for a beer using Lightning. And it took on average it took us 30 times to get a payment 30 tries.”

    2024-11-20 · We Study Billionaires · BTC209: Bitcoin Lightning Balancing MoE and SoV w/ Roy Sheinfeld (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT