Final Settlement E001: The Power of Open Protocols with Matt Odell
Final Settlement 1/4/24
Full Episode Below
Overview
In the inaugural episode of the Final Settlement podcast, co-hosts Brian Cubellis, Head of Strategy & Research at Onramp, and Michael Tanguma, co-founder & CEO of Onramp, are joined by guest Matt Odell. This new podcast from the Onramp Media umbrella aims to explore Bitcoin not just as a financial instrument but as a foundational piece of technology with real-world utility. The discussion delves into Bitcoin’s protocol layer, its use as open-source software, and the various ways it can be leveraged to better society.
Key Themes
- The importance of Bitcoin’s open-source nature and how it ensures the network remains decentralized and resistant to change.
- The significance of Bitcoin’s consensus mechanism and how changes to the network are made.
- The potential impact of Bitcoin ETFs on the market and the importance of understanding Bitcoin as a digital bearer asset.
- The rise of Nostr, an open-source, censorship-resistant communication protocol, and its implications for Bitcoin and technology.
- The need to support open-source contributors through initiatives like Open Sats and how it drives innovation in the Bitcoin ecosystem.
Best Quotes
- “You can’t have wealth without freedom. If it requires someone’s permission to spend your Bitcoin, then it’s not your Bitcoin.” – Matt Odell
- “The key value prop is that it’s incredibly difficult to change [Bitcoin]. And that is very rare in terms of digital tools.” – Matt Odell
- “The beauty of open-source software is that it is, at its core, not controlled by an entity. It’s free and available to the public.” – Matt Odell
Conclusion
The first episode of Final Settlement sets the stage for a deeper understanding of Bitcoin beyond its monetary aspects. Matt Odell’s insights highlight the critical importance of Bitcoin’s open-source nature, its robust consensus mechanism, and the need to support the contributors who keep the network running and evolving. The discussion also touches on the potential of Nostr and the role of initiatives like Open Sats in fostering innovation within the Bitcoin space. The episode underscores that while Bitcoin’s future is promising, it requires the active participation and support of the community to realize its full potential.
Final Settlement: a biweekly podcast presented by Onramp which explores the breadth and depth of the Bitcoin thesis, focusing on the underlying mechanics of the protocol, its ongoing development, and real-world applications of the technology. Hosted by Brian Cubellis (Head of Strategy & Research at Onramp) and Michael Tanguma (Co-founder & CEO of Onramp), Final Settlement aims to go beyond the conventional view of Bitcoin as merely a financial asset, or “digital gold.”
Discover how this groundbreaking technology has the potential to benefit society through rearchitecting how value is stored and transferred. A resource for institutional investors and bitcoin enthusiasts alike, our discussions aim to enhance your understanding and conviction in Bitcoin’s broader utility – tune in to grasp the full scope of bitcoin’s transformative power in the digital age.
0:00 – Intro to Final Settlement
6:54 – Matt Odell’s bitcoin origin story
9:48 – The importance of bitcoin as open-source software
13:43 – Distributed protocols
21:30 – How changes are made in bitcoin
34:37 – Lessons from past bitcoin forks
44:41 – ETFs and bitcoin forks
49:44 – Bitcoin’s purchasing power and market demand
52:03 – A message from Onramp
52:20 – Taproot, Ordinals & Inscriptions
1:01:50 – Bitcoin’s fee market & spam prevention
1:07:22 – Bitcoin development, NOSTR & open systems
1:19:47 – The future of NOSTR, AI & Bitcoin
1:25:54 – Building on open protocols
1:31:49 – Lightning & layer-2 scaling solutions
1:35:57 – Funding open-source contributors
1:43:53 – Bitcoin’s superiority in a free market
1:46:27 – Wrapping up and looking ahead
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