Eric Yakes is the author of ‘The 7th Property’. In this interview, we discuss how a Bitcoin native banking system could evolve, predicated on a practical vision where not everyone will be able or willing to self-custody. Eric has theorised how Fedimints may form the basis for a new digital age of free banking, and the risks and opportunities this would present.    

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As Bitcoin is a new form of money, then it stands to reason that it could become the basis for a new global monetary system. Yet, it is not a certainty that this will happen. And how it may manifest is far from settled. Eric Yakes is one of the leading thinkers on this topic. His ideas around how Bitcoin banking may develop are evolving to respect the central tenets of Bitcoin’s ideology, whilst making pragmatic allowances for real-world constraints.

The principal issue for Bitcoin banking is the provision of custody. 2022 gave everyone clear grounds to promote cold storage. However, with widescale adoption, there will still be significant demand for third-party custody solutions. Therefore, one must consider which custody solutions maximise trust. Fedimint provides such an alternative where trust is federated, with the intention that this federation is a known community. 

Fedimint is not only a custody solution, it is also a means for issuing value. A Fedimint can issue Ecash against the held Bitcoin. This Ecash acts as a bearer instrument that can be stored on mobile phones, with the privacy characteristics of physical cash. Ecash could also be transferred via the Lightning Network. This opens up the possibility of a quantum of decentralized federations developing and operating akin to the free banking era of the 19th century.

There are issues. Third-party custody in any form involves risk. There will be occasions when trust is broken, Bitcoin is lost and innocent people are affected. There are also risks associated with a rise in fractional reserve banking, and questions over the issuance of credit through such systems. However, as Eric Yakes asserts, if Bitcoin is to be more than Gold 2.0 and become the basis for a global monetary system, then these are risks that need to be faced.

The Future of Bitcoin Banking with Eric Yakes

Ian Birrell is a renowned British journalist, columnist, and foreign correspondent, known for his work on global conflicts, social justice, and political reform.

In this episode, we discuss the failures of the prison system, whether it's true purpose is punishment or rehabilitation, and how countries like Norway and Texas are tackling recidivism with innovative approaches. We also get into Bitcoin’s role in empowering activists, the impact of social media on political tribalism, and Elon Musk’s controversial approach to free speech as well as the rise of political extremism, the decline of critical thinking, and the challenges of addressing the war on drugs and reforming criminal justice systems.

Ian Birrell on Prison Reform, Global Conflicts, Free Speech & Nostr - MOB009

Ben Arc is an open-source developer and an advocate in the Bitcoin and Nostr ecosystems.

In this episode, we discuss the shift from centralized platforms like Twitter to decentralized systems, discussing how Nostr allows users to control their data and build communities without corporate interference. We get into Bitcoin’s evolution, synthesizing libertarian and socialist ideologies, the future of soft currencies, and the role of CBDCs in global economies. We also talk about the cultural significance of local currencies like the Welsh pound, the importance of free speech in a digital age, and how AI is transforming both daily life and the future of podcasting.

Decentralising Freedom: Bitcoin, Nostr and Artificial Intelligence with Ben Arc - MOB010

Izabella is the Senior Finance Editor at Politico and the founder editor of The Blind Spot. 

In this episode, we discuss the rapid advancement of AI, including how tools like ChatGPT are transforming journalism, the ethics of AI, its role in uncovering hidden information, and whether full transparency will lead to societal improvements or chaos. We also discuss economic stagnation, the collapse of the middle class, and the impact of inflation on daily life. We also get into the over-regulation in Europe, how it’s falling behind in technological innovation, and the parallels between modern challenges and historical examples of power structures and corruption.

The AI Takeover: Media, Money, and the New World Order with Izabella Kaminska - MOB011

David Zell is the Executive Director of the Bitcoin Policy Institute, a think tank focused on the public policy implications of Bitcoin.

In this episode, we discuss the political landscape surrounding Bitcoin, its role as an insurance policy for both individuals and nation-states, how Bitcoin competes against traditional currencies, the global demand for stable money, and its implications for U.S. geopolitical strategy, especially in contrast to authoritarian regimes like China. We also discuss the politicisation of Bitcoin, potential regulatory threats, and how Bitcoin's existence challenges traditional financial systems.

The Separation of Money and State with David Zell - MOB012

Winston Marshall is a musician, cultural commentator, and former member of the band Mumford & Sons. 

In this episode, we discuss his journey from rock star to cultural commentator, the challenges of holding conservative opinions in the entertainment industry, and his exit from Mumford & Sons. We also get into the failures of corporate media, the rise of alternative media through podcasts, and the impact of political realignment in the U.S. and the UK. We also cover the ongoing struggle for free speech, the role of populism, and the future of liberty in a world increasingly dominated by censorship and ideological conformity.

Winston Marshall on Free Speech, Censorship, Cancel Culture and UK Politics - MOB013

Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation and a leading advocate for Bitcoin's role in promoting freedom.
In this episode, we discuss his work empowering activists under authoritarian regimes, the structural issues facing human rights funding, and how technology like Bitcoin are transforming the fight for liberty. We also get into the impact of peer-to-peer networks like Nostr, the evolution of Ecash, and the digital arms race between oppressive governments and freedom technologies. We cover forgotten global conflicts, the role of Western democracies, and how Bitcoin helps people survive hyperinflation and financial oppression.

Technology Powered Freedom with Alex Gladstein - MOB014

Mike Brock is a political commentator, writer, and former executive.

In this episode, we explore the dynamics of power politics versus distributive politics, the transformation of the Republican Party under Trump, and the struggle to uphold liberal values in a rapidly changing political climate. We dive into the role of economic incentives in shaping political actions, examine government corruption, and analyze the escalating U.S.-China economic rivalry. Additionally, we discuss how media influences public perception and why Mike sees the centre-left as perhaps the last hope for sustaining capitalism.

Trump vs Kamala with Mike Brock - MOB016

Peter St Onge is an Economist at the Heritage Foundation and a Fellow at the Mises Institute.

In this episode, we discuss the challenges posed by government overreach, and the intricacies of the bureaucracy-politician dynamic. We get into how historical developments have influenced current political structures and the role of debt and its impact on economic growth. Peter also shares his thoughts on the possibility of reforming the current system, from central banking to taxation, and the path to a more efficient government.

Peter St Onge: Liberty, Central Banks, Sound Money & Free Speech - MOB017

Joseph Robertson is a political commentator and advocate focused on free-market economics and personal sovereignty.

In this episode, we discuss the shifting political landscape in the UK, examining the impact of recent budgets on various social classes and the ideological shift from conservatism to socialism. Joseph and I explore the role of debt, inflation, and economic illiteracy among voters in shaping current policies, as well as the influence of career politicians who lack real-world experience. We also discuss the potential for Bitcoin as a hedge against financial overreach and the implications of regulation on self-sovereignty.

Joseph Robertson: Debt, Inflation, Culture, Cost of Living & Regulations - MOB018

Dr. Tarik Sammour is a colorectal surgeon specialising in advanced bowel cancer and has worked across various healthcare systems, including in Australia, New Zealand, and the US.

In this episode, we explore the complexities of modern healthcare systems and the impact of healthcare inflation on patient outcomes and accessibility. We get into the differences between public and private healthcare models, discussing the benefits and drawbacks of hybrid systems and the unique challenges of funding healthcare sustainably. Tarik shares his experiences with administrative burdens, rising costs, and the ethical dilemmas posed by pharmaceutical influence. We also discuss the broader societal issues, from obesity trends to the role of sound money, and the potential for a more balanced approach to healthcare.

Tarik Sammour: Healthcare, Big Pharma, Inflation & Outcomes - MOB019

The media lies, governments mismanage, and our financial systems are failing us. In Mr Obnoxious, Peter McCormack explores the new frontier of tech, money and governance.

The Future of Bitcoin Banking with Eric Yakes

Mr Obnoxious

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