Key insights

• ⚠️ Merchants affected by Coinbase Commerce removing native Bitcoin support
• 💼 Inconvenience and potential loss of business for merchants
• 💳 Switching to other payment processing solutions for self-custodial wallets
• 🌩️ Criticism of Coinbase for not integrating lightning Network
• 🚀 Praise for startups like Zite and Bull Bitcoin for Bitcoin payment innovation
• ❓ Questioning the US government's role in Coinbase's actions
• ⚠️ Concerns about potential Bitcoin seizure by the US government
• 💰 Discussion on nationalization of Bitcoin and importance of learning to withdraw from exchanges
• 🛡️ Emphasis on securing Bitcoin with hardware wallets and self-custody

Q&A

• Why is it important to secure Bitcoin in a hardware wallet for self-custody, and what tools are mentioned for this purpose?

  It's crucial to secure Bitcoin in a hardware wallet for self-custody. Learning to use self-custodial wallets like Sparrow and connecting them to hardware wallets is emphasized as essential for moving Bitcoin securely and aligning with founding constitutional ideas and values.

• What potential impacts of Bitcoin's value on the economy are mentioned?

  The speaker discusses potential impacts including asset appreciation and credit expansion when Bitcoin's value exceeds 500-600,000 per Bitcoin. They also highlight the risk of a credit crunch with a 75% drawdown in Bitcoin's value, potential vaporization of large banks, and nationalization of Bitcoin by the US government.

• What historical concerns are raised about leaving Bitcoin in platforms like Coinbase?

  Historical examples, such as the US government's seizure of gold in 1933 through executive order 6102, raise concerns about the safety of leaving Bitcoin in platforms like Coinbase. There's a risk of potential seizure, prompting worries about a modern version of executive order 6102 being imposed on Bitcoin.

• What criticisms and suggestions are made regarding Coinbase's actions and the US government's role?

  There's criticism for Coinbase's listing of risky coins, as well as questioning the US government's role in allowing such actions. Additionally, the suggestion is made that all Bitcoin held by Coinbase is effectively owned by the US government.

• Why is Coinbase facing criticism for not integrating the Lightning Network?

  Criticism is directed at Coinbase for not integrating the Lightning Network despite being a decade-old company, while smaller startups like Zite have managed to accept Bitcoin payments. Bull Bitcoin exchange allows both on-chain and Lightning payments and has been doing so since 2013. There's criticism that Coinbase doesn't fully grasp Bitcoin's smart contract capabilities.

• What changes has Coinbase Commerce made regarding Bitcoin support?

  Coinbase Commerce has removed native Bitcoin support, which means merchants can no longer accept Bitcoin from self-custodial wallets or third-party exchanges. This inconvenience may lead merchants to switch to other payment processing solutions.

• 00:00 Coinbase Commerce removes native Bitcoin support, causing merchant inconvenience and potential loss of business. Merchants may switch to other payment processing solutions to accommodate customers using self-custodial wallets.
• 01:32 Coinbase faces criticism for not integrating lightning Network despite being a decade-old company, while small startups like Zite have managed to accept Bitcoin payments. Bull Bitcoin exchange allows onchain and lightning payments and has been doing so since 2013.
• 02:59 The speaker criticizes Coinbase for listing risky coins, questions the US government's role, and suggests that all Bitcoin held by Coinbase is effectively owned by the US government.
• 04:31 The US government's history of seizing assets, such as gold in 1933, raises concerns about the safety of leaving Bitcoin in platforms like Coinbase. There's a risk of potential seizure, similar to the historical executive order 6102. The possibility of a modern 6102 on Bitcoin is a significant concern.
• 06:02 The speaker discusses the potential impact of Bitcoin's value on the economy, the risk of a credit crunch, and the possible nationalization of Bitcoin by the US government. They emphasize the need to prepare by learning how to withdraw Bitcoin from an exchange.
• 07:40 It's important to secure your Bitcoin by moving it to a hardware wallet for self-custody. Learning to use self-custodial wallets like Sparrow and connecting them to hardware wallets is crucial. 🛡️