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Proof of Pain

by Tony Carrera

Proof of Pain is a podcast about the real costs, real tradeoffs, and real opportunities in a world repricing around sound money.Episodes are Bitcoin focused, covering Bitcoin, Bitcoin Treasury Companies, mining, options, and public market vehicles built on top of BTC. Sometimes we step outside Bitcoin with guests from worlds like sports and business who see the same incentives and tradeoffs.Subscribe for new episodes, uploaded regularly.Hosted by @tonycarrera on X. https://x.com/tonycarrera and https://x.com/proofofpainbtc.Not investing, financial, or tax advice. Entertainment only.

Publisher-supplied feed metadata · PodParley refreshed Apr 13, 2026 · Source feed

Episodes

  1. Nik Lentz: STRC, MSTR, Bitcoin and Digital Credit Risks

    In this episode of Proof of Pain, Tony sits down with Nik Lentz, former UFC veteran and quantitative analyst, to talk about Bitcoin, MSTR, STRC, and the risks around digital credit. We also get into Nik’s path from MMA to finance, how he learned to think like a quant, and why he has become...

  2. Nithu Sezni: STRC, SATA, Digital Credit, and the BIP-110 Fight

    In this episode of Proof of Pain, Tony sits down with Nithu Sezni of True North and the Orange Pill Investor to talk about digital credit, STRC, SATA, and the current BIP-110 fight. We break down who these products are actually for, why Strategy and Strive matter, and whether Bitcoiners are right...

  3. Jim Crider: What Money Is, Why Finance Misses Bitcoin, and Portfolio STRC SATA Risks

    In this episode of Proof of Pain, Tony sits down with Jim Crider, certified financial planner and founder of Intentional Living FP. They talk about what money is, why so many people in finance still misunderstand Bitcoin, and how Jim thinks about portfolio construction in a world shaped by...

  4. Richard Byworth: H100, the MSTR Flywheel, Preferreds vs Converts, and Paper Bitcoin

    In this episode of Proof of Pain, Tony sits down with Richard Byworth, Chairman at Future Holdings and an active participant in the H100 expansion into Switzerland. We talk about Bitcoin treasury companies, MSTR’s capital markets evolution, preferreds vs convertible bonds, and whether “paper...

  5. Solo: Jane Street “10AM Slam”? ETF Dip Buying, and BTC Chart Levels

    In this solo episode of Proof of Pain, Tony covers two Bitcoin headlines driving the week, then pulls up the chart to check the levels he is watching. Tony talks about the Jane Street “10AM slam” chatter and why ETF mechanics can create weird looking moves around the market open. Then a quick…

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  6. Aiemann Zahabi (UFC): 7 Fight Win Streak, Life Lessons, and Why Bitcoin Matters

    In this episode of Proof of Pain, Tony sits down with UFC bantamweight Aiemann Zahabi to talk about Bitcoin in plain English. We break down why Bitcoin feels like money on your phone, how you can send it to anyone anywhere without permission, and why self custody matters. No maintenance fees. No...

  7. James (@ourgoodlifeuk): Smarter Web (SWC), the Treasury Flywheel, and Small BTCTC Survivors

    In this episode of Proof of Pain, Tony sits down with James (@ourgoodlifeuk), a UK podcaster and Bitcoin adoption advocate. He shares his path from early mining days, to ignoring Bitcoin for years, to going deep in 2024 and then diving into Bitcoin treasury companies, especially Smarter Web…

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  8. Bob Burnett (Barefoot Mining): Off Grid Mining, Cost of Production, and BIP110

    In this episode of Proof of Pain, Tony sits down with Bob Burnett (Barefoot Mining, board member at Ocean, ex Gateway CTO) to break down off grid Bitcoin mining, cost of production, and why public miners often get valued like tech stocks even though mining is a commodity business. We also dive…

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  9. Mike Flaum (Grain of Salt): Shares per Bitcoin, MSTR Preferreds, and AI Research Workflows

    In this episode of Proof of Pain, Tony sits down with Mike Flaum (Grain of Salt) to break down Bitcoin investing through a product manager lens: optionality, taxes, IRAs, and why “shares per Bitcoin” can be the clearest way to understand Bitcoin treasury companies like Strategy (MSTR). We also go...

  10. Nithu Sezni: MSTR TSLA PMCC Mistakes, Core vs Knots, and 0% APR for Bitcoin

    In this episode of Proof of Pain, Tony sits down with Nithu Sezni (founding member MSTR True North) to talk Bitcoin, options, leverage, and Bitcoin Treasury Companies. We get into Poor Man’s Covered Call mistakes, Tesla drawdowns, MSTR’s long game, and the controversial “0% credit cards to buy...

  11. Alexandre Laizet (Capital B): Bitcoin Per Share, mNAV, Treasury Flyweel, and “You Don’t Sell Bitcoin”

    In this episode of Proof of Pain, Tony sits down with Alexandre Laizet, Director of Bitcoin Strategy at Capital B, a Bitcoin treasury company building in Europe. We talk about maximizing Bitcoin per share, why Alexandre believes you do not sell Bitcoin, and how the treasury flywheel evolves…

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  12. Pierre Rochard: What Cash Flow Investors Miss About Bitcoin

    In this episode of Proof of Pain, Tony sits down with Pierre Rochard for a deep Bitcoin conversation that connects economics, investing, and Bitcoin’s design. We cover Bitcoin Treasury Companies and why the market is starting to group them into Digital Asset Treasury Companies (DATs), why…

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ABOUT THIS SHOW

Proof of Pain is a podcast about the real costs, real tradeoffs, and real opportunities in a world repricing around sound money.Episodes are Bitcoin focused, covering Bitcoin, Bitcoin Treasury Companies, mining, options, and public market vehicles built on top of BTC. Sometimes we step outside Bitcoin with guests from worlds like sports and business who see the same incentives and tradeoffs.Subscribe for new episodes, uploaded regularly.Hosted by @tonycarrera on X. https://x.com/tonycarrera and https://x.com/proofofpainbtc.Not investing, financial, or tax advice. Entertainment only.

HOSTED BY

Tony Carrera

CATEGORIES

Frequently Asked Questions

How many episodes does Proof of Pain have?

Proof of Pain currently has 12 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.

What is Proof of Pain about?

Proof of Pain is a podcast about the real costs, real tradeoffs, and real opportunities in a world repricing around sound money.Episodes are Bitcoin focused, covering Bitcoin, Bitcoin Treasury Companies, mining, options, and public market vehicles built on top of BTC. Sometimes we step outside...

How often does Proof of Pain release new episodes?

Proof of Pain has 12 episodes. Check the episode list to see recent publication dates and frequency.

Where can I listen to Proof of Pain?

You can listen to Proof of Pain on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.

Who hosts Proof of Pain?

Proof of Pain is created and hosted by Tony Carrera.
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