Stephan Livera Podcast

Old self-custody approaches collapse once Bitcoin reaches six figures, physical threats rise, and AI tools proliferate. Single hardware wallets and mattress myths no longer match the scale or risks that large holders now face.
Michael Tanguma, CEO and co-founder of Onramp, returns to examine how custody must adapt to family obligations, mortality, and market structure that turns concentrated holdings into targets.
The discussion covers why repeated exchange failures keep Bitcoin looking speculative to outsiders, how multi-institution setups reduce scam ROI, and the limits of adding more dice or vendors in an AI era. It also addresses custody pricing models and the practical question of whether any current setup survives a tenfold price increase.
Game theory now requires diversified institutional layers rather than pure self-reliance for serious stacks.
Timestamp:
03:43 — Bitcoin Custody Won't Work Like 2012
05:49 — Self-Custody Rules Changed With Your Life
07:19 — Why Bitcoiners Must Stop the Mattress Myth
09:01 — Bitcoin's Asset Layer Makes It Unstoppable
11:22 — Private Keys Are Like Firearms
15:40 — Custody Losses Keep Bitcoin Speculative
18:56 — AI Just Changed Self-Custody Forever
21:41 — Why Bitcoin Robberies Are Skyrocketing
25:41 — Multi-Institution Custody Kills Pig Butchering
27:57 — Bitcoin at $650K: Security Nightmare?
29:30 — Game Theory Demands Multi-Custody Bitcoin
32:03 — Centralized Custody: The Honeypot Risk
37:56 — Why Custody Fees Should Be Zero
39:51 — Full Bitcoin Custody for $100/Month
42:51 — Would Your Setup Survive 10x Bitcoin?
Links:
https://x.com/mtanguma

https://x.com/OnrampBitcoin

Stephan Livera links:
Follow me on X: @stephanlivera

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#Bitcoin #SelfCustody #Custody #OnrampBitcoin #StephanLivera #StephanLiveraPodcast #BitcoinSecurity #MultiSig

Roy Sheinfeld of Breez returns to walk through Glow, the team's new reference wallet built using Spark. It’s designed so non-custodial Bitcoin feels simple: send, receive, and go.
Glow uses passkey onboarding (no seed phrase to write down), automatic backup via the passkey provider, and a single-balance UX so users can pay Lightning, on-chain, and stablecoin destinations without wrestling settings.
They also cover client-side swaps (Flashnet, multi-vendor architecture after Boltz), AI-driven attacks on swap providers, where Lightning volume actually comes from, Spark unilateral exits, and how AI plus the Breez SDK lets non-developers ship Bitcoin apps from a prompt.
Timestamps
04:21 — Bitcoin Wallet Onboard with One Passkey
08:05 — Stables on Lightning: Overhyped?
09:59 — Swaps Needed Even With Lightning Stables
11:48 — AI Attacks: Cheaper to Attack Than Defend
15:07 — Why Small Teams Get Hacked First
17:15 — Swaps Going Private to Survive?
19:17 — Backends Drive Most Lightning Volume
21:32 — 80/20 Rule: B2B Drives Lightning Volume
25:13 — Making Unilateral Exit Economically Viable
29:48 — Spark Public Mode
31:38 — One Prompt Builds a Bitcoin App
33:13 — Non-Technical Users Now Ship Bitcoin Apps
Links: 
https://x.com/roy_breez

https://x.com/breez_tech

https://breez.technology/glow/

Stephan Livera links:
Follow me on X: @stephanlivera

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In this episode, Nick Neuman of Casa argues that it’s not the end of self-custody. Instead, it highlights why multisig with multiple vendors provides stronger protection without the hidden complexity of passphrases or dice rolling for single sig setups.
Timestamps:
03:12 — Not the End of Self-Custody
06:14 — Single Sig Is Actually More Complex
08:45 — Multisig Simpler Than Secure Single Sig
15:37 — $1K Single Sig, $10K Multisig?
17:32 — Casa's $250 2-of-3 Multisig Plan
20:01 — Private Clients Get Dedicated Advisors
22:21 — Bitkey vs Casa
27:36 — Going Closed Source Versus AI Attacks
30:23 — AI Code Audits Now Cost $1K
33:04 — Auto-Rejecting Unknown Callers Saves You
34:35 — Guardian Mode Requires Video Verification
Links: 
https://x.com/Nneuman

https://x.com/CasaHODL

https://casa.io/

Stephan Livera links:
Follow me on X: @stephanlivera

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Kruw (@kruwed) runs one of the highest-volume WabiSabi coordinators, giving him direct insight into how the protocol handles liquidity, Sybil resistance, and real-world usage.
Timestamps:
00:42 — Wasabi 2.8 Privacy Features 
02:45 — Taproot As Wasabi's Default Address
07:25 — Pay Inside CoinJoin Saves 40 Minutes
10:26 — Auto CoinJoin 
12:21 — WabiSabi Blocks Whale Sybil Attacks
14:31 — Payjoins
16:37 — ClusterMempool Wins for CoinJoins
20:00 — Upcoming forks
21:14 — CoinJoin: Free Replay Protection Hack
22:53 — CoinJoin Ban Myth Debunked
25:41 — Black Hole: Earn While Mixing
Links: 
https://x.com/wasabiwallet

https://x.com/Kruwed

https://wasabiwallet.io/

Stephan Livera links:
Follow me on X: @stephanlivera

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In this episode, Mike Schmidt executive director of Brink, and volunteer coordinator for the consortium, explains how the group formed, autonomy over funding, and how it plans to avoid repeating earlier centralized roadmap fights.
Timestamps:
00:55 — Quantum Risk and the Consortium Pledge
03:10 — The Nine Consortium Members
11:40 — Publishing Quantum Research Publicly
13:39 — Brink Role and Funding Concerns
16:20 — Defining Early Success Metrics
19:00 — Informing the Public on Quantum Progress
21:17 — Institutional Influence and Protocol Concerns
25:13 — Research First on Quantum Signatures
29:25 — Expanding Quantum Expertise
33:14 — Scope Beyond Quantum Security
35:31 — Why Quantum Motivates Corporate Involvement
37:43 — Debates Over Development Funding
40:30 — No Protocol Roadmap From the Consortium
42:57 — Three-Year Goal: Mature Proposals
Links: 
Press release: https://www.strategy.com/press/leading-financial-institutions-bitcoin-companies-launch-the-bitcoin-security-consortium_07-23-2026

Mike’s thread: https://x.com/bitschmidty/status/2080263159152091455

Consortium X: https://x.com/BTCconsortium 

Stephan Livera links:
Follow me on X: @stephanlivera

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