{"podcast":{"title":"PBJ","slug":"presidio-bitcoin-jam-7268126","podcast_index_feed_id":7268126,"rss_url":"https://feeds.fountain.fm/UnefO3pkSLLDwIGz0Xq1","website_url":"https://presidiobitcoin.substack.com/podcast","image_url":"https://feeds.fountain.fm/UnefO3pkSLLDwIGz0Xq1/files/COVER_ART---DEFAULT---7cd943d4-0f14-450a-80a8-2f3e51634c27.jpg","author":"With David King, Max Webster, and Steve Lee","episode_count":76,"summary":"PBJ is a weekly live show recorded at Presidio Bitcoin where 3 friends gather to make sense of bitcoin’s latest topics, from distilling technical concepts to discussing new ways to use bitcoin to determining its impact on the financial system. Join David King, Steve Lee, and Max Webster, longtime bitcoiners with deep roots in Silicon Valley, as they swap knowledge, challenge assumptions, and joust about the big questions of the day, bridging the gap between big tech and bitcoin. presidiobitcoin.substack.com","last_synced_at":"2026-07-25T22:17:40.733092+00:00","page_url":"https://stenobird.com/podcast/presidio-bitcoin-jam-7268126"},"episode":{"title":"MSTR/STRC Outlook, Bitcoin's Security Budget & AI, Evaluating the Nation-State Threat","slug":"mstr-strc-outlook-bitcoin-s-security-budget-ai-evaluating-the-nation-state-threat","published_at":"2026-05-22T21:33:07+00:00","page_url":"https://stenobird.com/podcast/presidio-bitcoin-jam-7268126/mstr-strc-outlook-bitcoin-s-security-budget-ai-evaluating-the-nation-state-threat","show_page_url":"https://stenobird.com/podcast/presidio-bitcoin-jam-7268126","url":"https://fountain.fm/episode/pVr4Vrm1nfWjIVS6XUzv","audio_url":"https://feeds.fountain.fm/UnefO3pkSLLDwIGz0Xq1/items/Svd1PGQ4ZNXLDcjfcV8h/files/AUDIO---DEFAULT---06867a1b-f21a-44a1-b194-fe12cc0dc86c.mp3","summary":"0:00 Getting off Twitter, losing passwords, and staying up to date with Stackernews 4:30 Why we find the Strategy conversation interesting, and we will still cover basketball 7:11 Can MSTR blow up? Unpacking the claim that Saylor is a new SBF 13:34 What are the outcomes and probabilities of Bitcoin and MSTR's future 21:00 How much does bitcoin need to grow to support MSTR's credit products? 25:00 Is the biggest risk Coinbase and its custodians or esoteric DeFi demand? 32:15 What's the investment thesis of holding MSTR vs STRC? 41:40 Finding new products from the synthesis of old concepts 45:41 Using Proof of Work for hot tubs creates a security issue? 55:55 Bigger picture and putting into context the security budget for bitcoin 1:05:27 Is this a design flaw of bitcoin? 1:11:40 Underlying issue is we don't know what the annual security budget should be. 1:21:00 What are the attack vectors to Bitcoin from a non-economic actor, like a nation-state? SHOW NOTES: Transaction Fee Paper (Budish, 2024) https://socialsciences.uchicago.edu/sites/default/files/2024-09/Economic%20Limits%20Crypto%20Blockchains%20-%20QJE%20Sept%202024.pdf","meta_description":"0:00 Getting off Twitter, losing passwords, and staying up to date with Stackernews 4:30 Why we find the Strategy conversation interesting, and we will st…","key_points":[],"chapters":[],"topics":[],"duration_seconds":5402,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/presidio-bitcoin-jam-7268126/episodes/mstr-strc-outlook-bitcoin-s-security-budget-ai-evaluating-the-nation-state-threat/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/presidio-bitcoin-jam-7268126/mstr-strc-outlook-bitcoin-s-security-budget-ai-evaluating-the-nation-state-threat.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}