Interviews at Origin Seoul 2026 | SLP770

Bitkey ditched seed phrases for a recovery-focused 2-of-3 design: an app key, hardware key, and Block server key that use phones, hardware, and cloud access to help people retain control of their funds.Clay Garrett, Bitkey lead at Block, joins Stephan Livera to explain the design trade-offs: safety as security plus recoverability, cloud backup that needs your hardware to decrypt, and why Bitkey does not treat vendor lock-in as its ethos.They dig into recovery paths, multi-vendor trade-offs, transfer-without-hardware limits, Recovery Contacts and inheritance, a working FROST prototype, what covenants could move on-chain, chain code delegation, and privacy-conscious Electrum options.Timestamps:00:00 — Intro00:19 — Clay Garrett Joins — Bitkey at Block00:56 — Bitkey V2 and the 2-of-3 Model03:03 — Safety Means Access and Recoverability04:11 — App+Hardware Spends Without Block07:09 — Cloud Backup and Instant Phone Swap09:27 — Lost Hardware and the 7-Day Delay12:14 — Vendor Lock Is Temporary, Not Ethos15:44 — Multi-Vendor After Coldcard21:20 — Which Wallet Fits Your Threat Model?26:49 — $5 Wrench and Transfer Without Hardware30:04 — Recovery Contacts and Inheritance36:06 — FROST Prototype Already in the Repo38:04 — On-Chain Looks Like Single-Sig39:34 — Covenants Could Move Policy On-Chain42:09 — Chain Code Delegation — BIP 8946:10 — Electrum, Mempool, and Custom Servers52:08 — Industry After Coldcard Changed55:21 — Wallet Plus Free-for-Life Co-SigningLinks: https://x.com/clay_garretthttps://bitkey.world/Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Most crypto exchanges are built like casinos: they chase the next hot token, prediction market, or trading product. Relai is building a different category—a savings brand for people who want to accumulate Bitcoin, hold it in self-custody, and build wealth over the long run. Julian Liniger explains why serving patient savers requires a different product, message, and business model.The conversation also explores why rising living costs are pushing Europeans to rethink ordinary savings, and why the temptation to get rich quickly can drive people toward momentum trading and leverage. Julian makes the case for a longer time horizon: Bitcoin savings is less about chasing the next move and more about consistently building a position through changing market conditions.Supporting context includes Relai's MiCA compliance journey, where regulatory overhead is costly but can also raise the bar for smaller competitors. Julian also discusses the company's self-custody model and reports more than 100,000 users holding over 20,000 BTC in their own wallets—not under Relai management. The episode covers how a Bitcoin-only company can earn revenue through services around long-term ownership while keeping the savings proposition at the center.Timestamps:00:01 — Europe's Cost of Living Squeeze03:11 — Why Europeans Still Don't Get Bitcoin07:37 — High Time Preference & Get-Rich-Quick10:31 — Bitcoin Needs Patience Again10:54 — AI Hype vs Bitcoin as Savings14:58 — Bitcoin Is Where You Keep Your Winnings21:42 — Leverage, Treasury Cos & Risk23:46 — Relai Private Loans in Europe29:03 — MiCA: Overhead and Moat33:11 — Bitcoin Savings vs Casino Exchanges35:26 — 100k Users, 20k+ BTC Self-Custody37:49 — Retail App vs Relai Private40:00 — Self-Custody Phone Wallet42:58 — Seven-Figure Raise in a Bear Market45:12 — AI for Building and Securing Relai50:00 — Living Costs Drive Bitcoin SearchLinks: https://x.com/julian_linigerhttps://x.com/relai_appStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Bitcoin soft-fork debates around CTV, CSFS, OP_CAT, and OP_VAULT keep stalling — and Misha Komarov of Allocinit argues you can emulate much of that covenant behavior with cryptography instead of changing consensus.Misha joins Stephan to unpack Bitcoin PIPEs v2: a Witness Encryption design that locks a signing key under an NP statement so a valid zero-knowledge proof decrypts the key and produces an ordinary Schnorr spend. Bitcoin L1 only checks a normal signature.They compare PIPEs v1 (Functional Encryption / richer post-covenants) with v2 (Witness Encryption / binary pre-covenants), ciphertext sizes from ~300 TB toward single-digit terabytes, DKG and 1-of-n setup assumptions, non-custodial vault and shared-pool use cases, contrasts with cosigner models like Sigbash, and how Allocinit’s Shielded Bitcoin design differs from Shielded CSV’s client-side validation approach — plus open cryptanalysis challenges and a path toward implementable code.Timestamps:00:00 — Intro: Misha & Bitcoin PIPEs v200:27 — Background: BitMessage to =nil;01:31 — Soft-Fork Fatigue & Nice-to-Haves03:24 — Emulate Opcodes Without Soft Forks04:54 — Witness Encryption Unlocks Keys06:01 — Witness Encryption vs Bitcoin Witness09:00 — PIPEs v1 vs v2: FE to WE11:39 — Ciphertext Size & Cost Trade-offs15:28 — Vaults as the Unhappy Path16:23 — PIPEs vs Sigbash Cosigner18:05 — DKG Setup & 1-of-n Trust21:11 — Shared Vaults & Lending Use Cases23:24 — Beyond Canonical OP_VAULT26:35 — Shielded Bitcoin vs Shielded CSV32:17 — Self-Custody Peg-In and Peg-Out37:14 — On-Chain Footprint Walkthrough39:42 — Security Challenges & Code RoadmapLinks: https://x.com/nemothenoonehttps://x.com/allocinitxyzStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Almost every public Bitcoin node still runs Bitcoin Core. Brandon Black argues that client monoculture is a systemic risk — and that automation plus AI now make independent consensus implementations more realistic than skeptics assume.Brandon (aka reardencode) returns to Stephan Livera Podcast for the first episode in a mini-series on non-Core Bitcoin implementations. He is shipping rbitcoin, a Rust full node aimed at server-side wallet and Lightning backends, with Electrum served in-process.They dig into why rbitcoin has no UTXO set and no Core-style dbcache, how build-time differential testing differs from satd’s in-process libbitcoinconsensus dual-eval, BIP324 v2-only P2P, archival storage tradeoffs, LibreRelay-inspired policy, and what “production-ready™” means when every first-party line was written by AI under his prompting.Brandon is blunt about maturity: the project is still early, contributors are welcome at rbitcoin.org, and listeners should treat alt clients as high-scrutiny infrastructure — not a drop-in replacement for Core tomorrow.Timestamps:00:00 — Intro: Brandon Black & rbitcoin00:34 — Why Build rbitcoin03:46 — Alt Clients Mini-Series04:39 — Consensus Divergence Risk05:53 — satd vs rbitcoin Paths06:51 — Automation Makes Diversity Possible08:29 — Build-Time Differential Testing09:20 — Why Consensus Bugs Matter10:55 — Lessons from btcd Divergences13:35 — Target User: Wallet Backends15:29 — Miners Leave the Non-Goal List16:47 — Kill the dbcache Model20:50 — Electrum In-Process22:23 — Silent Payments & Tor23:01 — BIP324 v2-Only P2P23:46 — AI-Coded: Zero Human Lines25:04 — Grok Plus Multi-Model Review27:01 — DoS Rules & LibreRelay28:34 — Upgrade Hooks29:34 — Archive-Only, No 'UTXO Set'31:50 — AI as the New Compiler33:52 — Context Limits & Dependencies38:06 — rust-bitcoin Relationship39:08 — Wallet Infra Opportunity40:00 — Still 10% a Joke41:35 — Future of Client Diversity44:50 — Outro: rbitcoin.orgLinks: https://x.com/reardencodehttps://rbitcoin.org/Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Most Asian markets still make buying and saving Bitcoin painfully hard. James of Ârc argues the fix is not another protocol breakthrough — it is local founders shipping simple DCA and savings products market by market.James joins me from Mirissa Beach, Sri Lanka, where Arc is partnering with Fulgur Ventures on a continuous Bitcoin accelerator. He is a former EY advisor and Playfair Capital investor who previously built with Alexander Mann (now Fulgur GP) and later sold Consequence, an early LLM-on-databases company.The conversation covers why the program is continuous rather than a six- or twelve-week cohort, how to apply at arc.lk/Fulgur, why Sri Lanka ranks among his top-three country bets, the South Coast talent melting pot, funding DCA apps across Asia even where operators already exist, AI agents as Bitcoin users, and why Strike expanding should not scare local founders.Timestamps:00:00 — Intro: James of Ârc00:35 — From Accenture to Venture Capital02:13 — Building With Alex Singh03:21 — Fed Up With Monkey JPEGs05:10 — Ârc Fulgur Bitcoin Accelerator06:35 — Continuous Program at Mirissa07:34 — Two Paths Into Ârc Fulgur10:13 — Why Sri Lanka?12:02 — Top-Three Country Bet12:23 — Whales, Leopards, Beach Hub15:00 — South Coast Talent Melting Pot18:36 — 34 Local Founders Already In21:39 — Fund DCA Apps Across Asia25:23 — AI Agents Will Use Bitcoin28:18 — Room for Many Asian Operators32:23 — Just Focus on Your Customer32:39 — Apply NowLinks: https://x.com/James_of_Archttps://x.com/FulgurVentureshttps://arc.lk/Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Mike Belshe, co-founder and CEO of BitGo, walks through how institutional Bitcoin custody actually works in 2026: qualified custody, self-custody co-signing, and why BitGo still centers a 2-of-3 model after pioneering P2SH multisig in 2013.BitGo now operates as a US-regulated qualified custodian and public company, while still offering the same wallet stack individuals can run in self-custody mode. The conversation covers what “institutional security” means in practice — HSM-backed co-signing, open-source recovery paths, multi-jurisdictional key storage (including how BitGo moved WBTC when US regulation looked hostile), and why on-chain multisig still beats vendor-locked MPC for cold ops.They also dig into the political and operational risks around large Bitcoin holdings: KYC and PII as honeypots, France tying names to amounts, the war on cash reaching Bitcoin, and whether an EO 6102-style confiscation risk still belongs in the threat model. On the institutional side, Belshe pushes back on multi-custodian setups that add failure modes, explains insurance limits versus the size of the Bitcoin market, and why splitting wallets matters after events like Bybit.Timestamps00:00 — Intro: Mike Belshe of BitGo00:59 — Don't Lose Self-Custody's Power05:41 — Retail Deserves Institutional Security07:16 — Humans Are Terrible at OpSec09:56 — 2-of-3 Protects Theft and Loss14:35 — Retail Pays 160 Basis Points19:22 — Why People Drift Toward Banks20:35 — Self-Custody Is Never Trustless23:39 — Why BitGo Sticks to 2-of-330:31 — A Public CEO Holds Zero at Home31:27 — KYC Leaks Are Government Honeypots39:28 — France Doxed Bitcoin Holdings41:30 — War on Cash Reaches Bitcoin43:45 — Multi-Jurisdictional Key Storage45:29 — Executive Order 6102 Could Return47:43 — Quantum-Resistant Wallets Today49:27 — Multisig Beats MPC53:33 — Splitting Custodians Adds Failures58:29 — 2-of-2 MPC Can't Recover Loss01:00:57 — $5–7B Insurance vs $1.6T Bitcoin01:03:35 — Bybit Lost 10x by Not Splitting01:05:21 — Multi-Institution vs Qualified CustodyLinks: https://x.com/mikebelshehttps://x.com/bitgoStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Walter Maffione, CEO and co-founder of KaleidoSwap, join me to explain how the project grew from an RGB Lightning DEX into a broader swap engine and LSP stack — Lightning as rails between Liquid, Arkade, Taproot Assets, Spark, and RGB — plus KaleidoSDK, desktop app, and browser Extension.We dig into web app and SDK integrations for merchants and unified-balance wallets, how HTLC atomicity works across layers, BOLT 12 multi-asset offers and Nostr discovery for competing providers, Bitcoin-only scope with Flashnet and Utexo bridges for external stables, and a product lineup of desktop app, browser extension, and dual SDKs.Walter also covers agentic payments via MCP plugins, self-sovereign local models with Tether’s QVAC, fee ranges around 0.5–1%, and a one-to-three-month mainnet launch path for the extension, swap provider, and web app.Timestamp:00:00 — Intro: Walter & KaleidoSwap00:50 — From RGB to Multi-Layer Swaps02:14 — LSP Plus Swap Provider Stack03:42 — Merchants, Stables, Unified Balance05:38 — Why Swap UX Took Over Wallets06:42 — Liquidity Ops and Mainnet Path07:58 — AI Attacks After Boltz Shutdown10:23 — Defending Non-Custodial Swaps12:18 — How Atomic Swaps Actually Work13:36 — RGB, Liquid, Arkade, Spark 14:36 — Open Spec, BOLT 12, Nostr Discovery18:23 — Pay Anything via the SDK19:34 — Bitcoin Layers Only + Bridges22:05 — Desktop, Extension, Dual SDKs25:05 — UX That Adapts to the User26:32 — Agentic Payments and QVAC33:22 — MCP Plugins, Keep Your Own AI35:11 — Fees Around 0.5–1%35:57 — Launch Timeline: Next 1–3 Months37:05 — Find KaleidoSwap OnlineLinks: https://x.com/bit_walthttps://x.com/kaleidoswaphttps://docs.kaleidoswap.com/whats-kaleidoswap/introductionStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

Recent attacks exposed how even large, educated Bitcoin holders remained exposed through single-vendor setups. The core lesson is that self-custody alone does not remove single points of failure; deliberate design is required.Dhruv Bansal, co-founder and CISO of Unchained, joins to examine these incidents and the practical barriers that keep most hardware wallet users on single sig despite years of warnings.The conversation covers the gap between theoretical multisig knowledge and actual adoption, the trade-offs between anonymity and regulated inheritance paths, why newer layers attract attacks first, and the need for human review of AI-generated code at Bitcoin firms.Bansal argues that cryptographic hardware will become ordinary infrastructure for everyone in an AI-driven internet, not a niche Bitcoin tool, and that mature risk systems rely on fractal networks rather than centralized controls.Timestamps:01:42 — No Single Points of Failure Allowed05:34 — Even Large Holders Skip Multisig?09:14 — You Could Be Your Own Failure Point13:35 — Anonymity vs KYC16:27 — Don't Half-Ass Your Bitcoin Security21:23 — One Wallet, True Multi-Vendor Security24:24 — Single Sig Can Still Lose Everything30:26 — Why Everyone Will Need Hardware Wallets32:06 — Why Attackers Hit Bitcoin L2s First36:32 — Bitcoin Firms Must Human-Review AI Code40:05 — Bitcoin as Humanity's AI Defense System42:59 — Remove Single Points of Failure Forever45:25 — Hardware Wallets at Every Gas Station47:34 — Bitcoiners and Key EntropyLinks: https://x.com/dhruvbansalhttps://x.com/unchainedhttps://www.unchained.com/Stephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack

00:00 - Interview with Gabriele Vernetti of Stratum V2 @gitgab1915:38 - Interview with Jimmy Kostro @jimmykostro29:30 - Interview with James Check of checkonchainLinks: https://x.com/gitgab19https://x.com/jimmykostrohttps://x.com/_checkonchainhttps://x.com/_checkmatey_https://x.com/stratumv2Bitcoinchiangmai.org

Interviews at Bitcoin Asia 2026 Day 200:00 - Piriya Sambandaraksa05:14 - Alexander Mann11:04 - Shone Anstey of LQWD17:03 -Liam Eagen from Ideal GroupLinks: https://x.com/piriyahttps://x.com/idealgrouphttps://x.com/liameagenhttps://x.com/LQWDTechhttps://x.com/shoneansteyhttps://x.com/alex_singh_mannStephan Livera links:Follow me on X: @stephanliveraSubscribe to the podcastSubscribe to Substack