“All the value in these other chains all of the value in all these businesses and everything else surrounding ‘crypto’ generally, it’s nonexistent, it’s going to disappear; and I guess it enures to our benefit in that all of that value flows back into our project…it just takes so long.”
— Junseth

Junseth is an OG Bitcoiner and the former co-host of Bitcoin Uncensored. In this wide ranging interview, we discuss Bitcoin volatility and it’s repetitive cycles, the ossification of the Bitcoin protocol and the current state of development, Bitcoin anonymity and privacy, the profitability of mining, and Bitcoin’s future as an alternative to traditional money in a world of global collapse.

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Bitcoin’s development over the past 14 years has been both phenomenal and revelatory. Apart from Hal Finney, nobody saw its significant influence on the energy sector. Furthermore, nobody foresaw the impact of ordinals. That’s why, as we contemplate the potential for Bitcoin to enter a new and significant bull market cycle, questions as to what Bitcoin is and will become are as fascinating as at any time since its launch in January 2009.

The debates over the protocol's conservative development are as impassioned as ever. Questions over the persistence of Bitcoin’s price cycles continue to produce significant amounts of content. The complex challenges of maintaining privacy, and the associated misconceptions of average users, endure. The resilient strength of the mining industry never ceases to amaze.

However, the bigger picture is still focused on the singular issue of the basic right to transact. The traditional notion of currency control places the state as the arbiter of money. Yet, the past decade has witnessed central banks exerting ever greater control of financial systems and the weaponisation of money by the state. Bitcoin was designed as a vital alternative as trust in traditional processes erodes.

Given its power to disintermediate powerful centralised institutions, the primary concern of Bitcoiners is whether governments will seek to control, limit or ban it. Bitcoiners believe that the state's regulation of money should be limited, allowing individuals to freely hold and transact any form of currency. Further, these rights should be codified into a Second Amendment right to hold Bitcoin. We’re back to the cypherpunk philosophy: freedom to transact is freedom of speech.

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This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence

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WBD682 - Show Notes

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Bitcoin Will Always Change with Junseth

The Peter McCormack Show