EPISODE · Feb 5, 2026 · 1H 5M
Something's Going Seriously Wrong in Bitcoin (Or is it?) | Eric Yakes | BFM229
from Bitcoin for Millennials · host Bram Kanstein
Eric Yakes runs Epoch Ventures and is the author of The 7th Property: Bitcoin and the Monetary Revolution.› https://x.com/ericyakesPARTNERS🌳 Gain peace of mind with Onramp’s Multi-Institution Custody solution. Sign up with code BRAM to receive $150 in Bitcoin after your first deposit: https://onrampbitcoin.com/bram🟧 Buy Bitcoin in the EU 🇪🇺 via https://relai.me/bram - Sign up with code BRAM to get 10% off your feesPRODUCTS I ENDORSE› Get 10% off a Bitaxe open-source Bitcoin home miner using code BRAM at https://shop.powermining.io/?ref=BRAM› Blockstream Jade Plus: The simplest and most secure hardware wallet on the planet - Get 10% off with code BRAM at https://store.blockstream.com› Stamp Seed: The safest way to backup your hardware wallet - Get 15% off with code BRAM at https://stampseed.com🔔 SUBSCRIBE TO GET NOTIFIED› https://youtube.com/@bramk› https://x.com/bramk🕑 TIMESTAMPS00:00 - Immutability as a Core Property of Money01:19 - The Evolution of Money: From Private to Centralized03:20 - Coinage, Coin Clipping, and Roman Debasement05:11 - Banking Origins: Receipts and Fractional Reserves07:14 - Central Banks, Paper Money, and the Telegraph Era09:38 - The Fiat Era: Debt Expansion and Moral Hazard11:19 - How Bitcoin Removes Monetary Tradeoffs13:14 - Trust, Human Fallibility, and Objective Verification16:58 - A Distributed Future: Bitcoin Meets AI20:37 - Agency, Incentives, and Escaping Fiat Life Scripts23:42 - Why Monetary Technology Adopts Slowly25:51 - Adoption S-Curves: Store of Value Comes First31:44 - Volatility, Institutions, and Capital Depth38:02 - Volatility vs. Risk: Narratives Drive Markets43:46 - Why Bitcoin Is Hard to Understand47:58 - Banks, Credit, and Fractional Reserve on Bitcoin57:32 - Hot Takes: Nasdaq Correlations and Crashes01:00:16 - Quantum Computing and Bitcoin as a Protocol01:04:22 - Fears and Hopes: Freedom Money and Miningℹ️ EPISODE SUMMARYBram Kanstein and Eric Yakes discuss why Bitcoin adds immutability as a new property of money. They trace how trust slid from coinage to banks to fiat, and why moral hazard keeps showing up. Yakes frames Bitcoin self-custody as lowering the cost of sovereignty, like holding value on a USB instead of in a vault. They confront volatility, institutions, and why narrative moves markets before fundamentals. They close on credit, fractional reserve incentives, quantum computing, and Bitcoin’s long game.RELAI DISCLAIMERRelai sponsors this show/podcast and is authorized to provide crypto-asset services in Switzerland and across the European Union under the MiCA regulatory framework with its license issued by the French regulator, AMF (License No: A2025-006). The company is actively expanding its services to EU member states following the completion of passporting notifications.
What this episode covers
Eric Yakes runs Epoch Ventures and is the author of The 7th Property: Bitcoin and the Monetary Revolution.› https://x.com/ericyakesPARTNERS🌳 Gain peace of mind with Onramp’s Multi-Institution Custody solution. Sign up with code BRAM to receive $150 in Bitcoin after your first deposit: https://onrampbitcoin.com/bram🟧 Buy Bitcoin in the EU 🇪🇺 via https://relai.me/bram - Sign up with code BRAM to get 10% off your feesPRODUCTS I ENDORSE› Get 10% off a Bitaxe open-source Bitcoin home miner using code BRAM at https://shop.powermining.io/?ref=BRAM› Blockstream Jade Plus: The simplest and most secure hardware wallet on the planet - Get 10% off with code BRAM at https://store.blockstream.com› Stamp Seed: The safest way to backup your hardware wallet - Get 15% off with code BRAM at https://stampseed.com🔔 SUBSCRIBE TO GET NOTIFIED› https://youtube.com/@bramk› https://x.com/bramk🕑 TIMESTAMPS00:00 - Immutability as a Core Property of Money01:19 - The Evolution of Money: From Private to Centralized03:20 - Coinage, Coin Clipping, and Roman Debasement05:11 - Banking Origins: Receipts and Fractional Reserves07:14 - Central Banks, Paper Money, and the Telegraph Era09:38 - The Fiat Era: Debt Expansion and Moral Hazard11:19 - How Bitcoin Removes Monetary Tradeoffs13:14 - Trust, Human Fallibility, and Objective Verification16:58 - A Distributed Future: Bitcoin Meets AI20:37 - Agency, Incentives, and Escaping Fiat Life Scripts23:42 - Why Monetary Technology Adopts Slowly25:51 - Adoption S-Curves: Store of Value Comes First31:44 - Volatility, Institutions, and Capital Depth38:02 - Volatility vs. Risk: Narratives Drive Markets43:46 - Why Bitcoin Is Hard to Understand47:58 - Banks, Credit, and Fractional Reserve on Bitcoin57:32 - Hot Takes: Nasdaq Correlations and Crashes01:00:16 - Quantum Computing and Bitcoin as a Protocol01:04:22 - Fears and Hopes: Freedom Money and Miningℹ️ EPISODE SUMMARYBram Kanstein and Eric Yakes discuss why Bitcoin adds immutability as a new property of money. They trace how trust slid from coinage to banks to fiat, and why moral hazard keeps showing up. Yakes frames Bitcoin self-custody as lowering the cost of sovereignty, like holding value on a USB instead of in a vault. They confront volatility, institutions, and why narrative moves markets before fundamentals. They close on credit, fractional reserve incentives, quantum computing, and Bitcoin’s long game.RELAI DISCLAIMERRelai sponsors this show/podcast and is authorized to provide crypto-asset services in Switzerland and across the European Union under the MiCA regulatory framework with its license issued by the French regulator, AMF (License No: A2025-006). The company is actively expanding its services to EU member states following the completion of passporting notifications.
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Something's Going Seriously Wrong in Bitcoin (Or is it?) | Eric Yakes | BFM229
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