Bitcoin Takeover Podcast
BTC Takeover
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S15 E31
Ray Youssef on NoOnes & Why Roger Ver Was Right
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00:00 Intro: S15 E31, Ray Youssef’s second appearance, NoOnes and CivKit
01:09 Why Ray said “Roger Ver was right”
01:42 Freedom money for Nigeria, Kenya, Egypt vs the ETF ticker
02:47 Michael Saylor on medium of exchange; “complete and total capitulation”
03:55 Was Roger right about big blocks? Ray: no, “delaying the inevitable”
04:29 BCH confusion, users losing money, calling Roger out and apologizing
05:03 “Somewhere along the line Bitcoin got hijacked”
05:36 CivKit as an L2: Tor, Nostr, Lightning, Bitcoin Script
06:08 Covenants, APO, and the ossifiers
07:16 Religious fanatics and the pet rock
08:22 “We are in a state of war”: will talent leave for DeFi?
08:55 Face vs heel: Vlad plays the villain
10:00 Dust, UTXOs, and onboarding the Global South
10:36 “I feel like a useful idiot”
11:11 14 startups; begging for L1 features
12:18 Self-funding CivKit; “bitcoiners are so damn cheap”
13:24 Why not build on Liquid?
14:32 Federation trust vs decentralization
15:38 “Great tech though” but not what Ray signed up for
16:13 Lightning: amazing tech, not a retail solution
17:18 Custodial Lightning and Wallet of Satoshi
17:52 NoOnes self-custody wallet based on Mutiny code
19:02 Number go up, Dogecoin comparisons, and fake Maxis
19:35 Ray defends real journalism and Vlad
20:07 Cartoon avatars and the hive mind
21:16 “Paid by Roger Ver” accusations; chasing Jeff Garzik on SegWit2x
22:23 The podcast is not a court of law
22:57 Roger as the anti Michael Saylor; worthy gladiator
24:04 ETFs as scaling layers?
24:37 Store of value vs medium of exchange; Romanian savings lost
25:11 Old friends turning on Vlad
26:21 Bitcoin as religion and inquisition
27:29 Salvaging freedom money with L2s
28:37 Ray’s savings in bitcoin; medium of exchange and price risk
29:11 Price discovery and paper shorts
30:18 What if Saylor or the ETFs dump?
31:28 Vlad on El Salvador’s custodial Bitcoin experiment
33:07 Sponsors: Wasabi Wallet and Hodling.ch
35:20 Ray’s vision: the Triforce split into three
36:26 Tether, Tron, and a balkanized Bitcoin
37:39 Less Larry Fink, more Larry Flynt
38:48 Builders will just build; Bitcoin as a bridge
39:23 Obi-Wan lighting and Jedi metaphors
40:31 Ray’s past call: Africa leading adoption
41:38 Ray will no longer be Bitcoin only
42:45 Vlad on being disappointed and the campaign against him
44:28 What is the mission? Altcoin threat models
45:01 Charlie Lee, Litecoin, BitPay and Bitrefill
45:35 ERC-20 tokens and building on Bitcoin
46:08 Sponsor: LayerTwo Labs; drivechains
46:41 Luke Dashjr on suing Liquid thieves in court
47:15 Miners vilified in the scaling war; Marathon and MEV
48:26 Sidechains vs Lightning UX for merchants
49:33 Pruning, shutting down sidechains, banking the unbanked
50:44 Think tanks and the hijacking theory
51:17 Will drivechains ever activate? BIP 300, soft forks, hard forks
51:55 Vlad: covenants could enable trust-inclined two-way pegs
52:28 The drivechain demand paradox
54:07 Why users go to Litecoin, Tron, BCH, or Dash
54:42 Momentum behind one clearing layer; Ethereum delisted
55:15 The six-year estimate
57:32 Ray’s connection drops
58:53 Sponsor: Satodime by Satochip
1:00:01 Sponsor: Cryptosteel
1:01:07 Ray returns from his phone; “saved by the Lord”
1:02:14 Jameson Lopp, CivKit team, and what happened to Roger
1:03:22 Advice for newcomers; ETF buying pressure
1:04:28 Why didn’t Ray build a Binance? Iran and P2P
1:06:10 Mini Cooper, not a Lambo; accomplishment over money
1:07:17 The first successful network state
1:07:55 Facebook Libra and Binance as failed network states
1:09:33 Decentralizing and leaving money on the table; one billion users
1:10:08 Bitcoin as one tool; giving 50% back; buying telcos
1:10:42 Why trust Ray
1:12:55 Spot exchange plans and a civil but firm stance
1:14:03 The pro wrestling promo
1:15:12 Everyone eats, bullish education, revolutionary transparency
1:16:19 Proof of work held; now peer-to-peer is the target
1:17:26 Nigerian P2P traders and Tether on Tron
1:18:00 Call to defend people under attack
1:19:40 Satoshi’s early marketplace code and CivKit
1:20:48 Blanka from Street Fighter II
1:21:20 Hero of Bitcoin and a $10 million NoOnes Labs fund
1:21:53 What will NoOnes support beyond BTC? “Whatever the streets ask for”
1:23:01 Useful blackmail and Ray as an “optimalist”
1:24:05 Custodial Lightning vs self-custody
1:25:14 Losing honorable people
1:26:21 The pleb terminology
1:26:54 “Bitcoin is feudalism”
1:27:28 Without scaling, a pyramid of early arrivals
1:28:33 Fedimint and federated banking
1:30:16 The war against medium of exchange
1:31:27 Silicon Valley money and CZ as a tyrant CEO
1:32:33 Ray’s commitment to win
1:33:07 Vlad’s disclaimer on Bitcoin maximalism
1:33:40 Bitcoin is not slow, it’s very secure
1:34:47 Free markets and payments
1:35:20 Ray’s P2P corruption index
1:36:25 The US as number one on the index
1:36:58 LocalBitcoins trader arrests in the US
1:38:04 Ray’s plan and Vlad’s plan
1:40:22 Vlad’s numbers didn’t drop; disagreeing with Roger
1:41:30 Ordinals, inscriptions, and Bitcoin crusaders
1:42:40 “You’re poor and I trust Michael Saylor”
1:43:14 Ray meets Michael Saylor in Washington, DC
1:44:22 Cancelled from two conferences
1:45:28 Belief that humanity can win
1:47:47 How to sell bitcoin on NoOnes
1:48:52 Spot exchange, CFDs, FX, prop trading
1:49:24 RPGs, side quests, and the last boss
1:49:58 Final Fantasy II; Zelda with a wooden sword; Age of Empires
1:51:41 Vlad’s Supra cycle meme
1:52:50 Ray’s verdict on the Supra cycle
1:53:58 Toyota, sponsor the podcast
1:54:33 Ray’s Shelby Cobra replica
1:55:39 How a big guy fits in a Cobra
1:56:12 Vlad’s closing thoughts
1:59:32 Ray’s closing message
2:02:25 The first successful network state is coming
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