In this special interview live from Permissionless IV, Rizzo sits down with Bitcoin OG & Core developer Jeff Garzik to reflect on Bitcoin’s early days, the culture shift from experimentation to ossification, and his belief that Bitcoin’s social and monetary network would have emerged regardless of specific developers. Garzik critiques Lightning as a failed detour, champions Layer 2s like Hemi for bringing programmability to Bitcoin, and stresses that Ethereum remains vital due to its developer traction and audit maturity. Enjoy!

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Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

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Timestamps:

(00:00) Introduction

(01:47) Building the Bitcoin Market

(08:16) Ledger Ad

(09:42) Bitcoin Then vs Today

(11:55) Bitcoin Ossification

(13:39) Was Bitcoin Inevitable?

(18:38) Who Controls Bitcoin?

(21:37) Bitcoin Forks & Lightning Network

(25:01) Crypto is the Beta Test for Bitcoin

(25:34) Ledger Ad

(26:19) Crypto is the Beta Test for Bitcoin

(31:08) What Did Ethereum Achieve?

(36:46) EVMs, BitVM & L2s

(41:24) Unleashing Bitcoin Upgrades

(49:25) Identifying the Problems

(57:46) Why Work on Bitcoin Today?

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

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