Where the panel landed
The panel agreed that Benjamin Lawsky's move into consulting looked like a clean example of rule-making followed by monetizing the rules, though Jeremy Gardner gave Lawsky more benefit of the doubt than Blake Anderson or Chris Ellis. On Overstock, the panel was broadly supportive of Patrick Byrne's long-term Bitcoin posture, while distinguishing Bitcoin from riskier altcoin exposure. On Nasdaq and private markets, Blake and Chris saw blockchain records as useful but not sufficient to fix corrupt financial systems, while Jeremy argued that major banks would likely prefer controlled distributed ledgers over the Bitcoin blockchain. On millennial adoption, the panel treated distrust of traditional finance as real, but split over whether Bitcoin could reach broad currency adoption within ten years.
What they were watching
The discussion included no central Bitcoin price level, but Blake predicted the market could still go lower before gradually swelling into the next block halving in late 2016 or early 2017. Overstock's reported loss of more than $117,000 and the claim that it held up to 10% of Bitcoin sales in Bitcoin were used to discuss corporate risk rather than price churn. Directionally, the panel watched Bitcoin move from merchant novelty toward infrastructure, while warning that spending and real use still had to follow.
Porkfest From Afar
The episode opened with greetings to Porkfest and memories of the Free State Project gathering in New Hampshire. Blake and Chris recalled the previous year's fire, scenery, and libertarian theater, while Jeremy described himself as a non-libertarian who still liked many Bitcoin libertarians and the New Hampshire setting.
Voorhees Attacks Lawsky
The panel discussed Eric Voorhees calling Lawsky's new consulting firm crony capitalism. Chris said the most important point was not that the pattern was new, but that it had become normal, while Blake saw Lawsky's later consulting as evidence that the earlier regulatory push had deeper self-interested intent.
Best Bitcoin CEO Exit Question
Thomas asked the panel to choose among Eric Voorhees, Patrick Byrne, and Brian Armstrong. Chris chose Patrick Byrne, Jeremy chose Eric Voorhees while acknowledging Byrne and Armstrong's importance, and Blake leaned toward Byrne because of his philosophical and historical range.
Overstock's Bitcoin And Altcoin Losses
The panel discussed Overstock reporting more than $117,000 in first-quarter losses tied to its cryptocurrency holdings. Jeremy framed it as a fiduciary-risk question for a public company, Blake emphasized investment horizons and upside potential, and Chris suspected Counterparty exposure while approving of holding Bitcoin itself.
Would Byrne Still Hold Bitcoin
Asked whether they would advise Patrick Byrne to hold Bitcoin if they could time travel, the panel said yes with qualifications. Jeremy would warn him about downside risk, Blake said he did advise diversification away from sole Counterparty exposure, and Chris would support Bitcoin but not other alternative cryptocurrencies.
Nasdaq, Chain, And Private Markets
Nasdaq's partnership with Chain to use colored coins for private-market share tracking was treated as a useful but limited step. Blake liked decentralized ledgers for ownership records but doubted blockchain alone could cleanse the stock system, Chris saw it mainly as timestamping, and Jeremy expected controlled distributed ledgers to be more attractive to major financial institutions.
Millennials And Financial Distrust
The Goldman Sachs millennial poll was reframed away from the negative headline and toward the combined group that had used or intended to use Bitcoin. Chris was unsurprised by distrust of traditional exchanges, Jeremy connected it to his College Cryptocurrency Network experience, and Blake argued that mathematically provable scarcity would eventually compare well against manipulable legacy systems.
Greece, Halvings, And Spending
In predictions, Blake looked toward the next Bitcoin block halving, while Chris criticized Litecoin halving hype and Bitcoiners using the Greek crisis as promotional material. Thomas closed with a spending thesis: merchant-first adoption had produced empty stadiums, and users had to spend Bitcoin to create the economy they wanted.
Libertarians can't tie knots.— Thomas Hunt
It's the golden rule, the people that we know the people that write the rules.— Chris Ellis
he wrote the rules. And now he's going to charge money to help rich people get around the rules that he wrote.— Chris Ellis
The correct answer is Eric Voorhees.— Thomas Hunt
Millennials don't trust the stock market and 50% say they won't use Bitcoin— Thomas Hunt
Bitcoin only has to be better than the worst possible alternative— Chris Ellis
Story of the Week
Lawsky's BitLicense Becomes A Consulting Business
The Lawsky story gave the episode its institutional center because it turned a long-running regulatory argument into a simple business model. Eric Voorhees' critique of crony capitalism supplied the frame, and Chris emphasized the danger that everyone had become too accustomed to this kind of public-private revolving door. Jeremy allowed that Lawsky may have intended to create a regulatory path for Wall Street, but still conceded the crony-capitalism charge if the consulting work served the companies bound by his rules. Blake read the consulting firm backward into the BitLicense process and concluded that the final note made the whole song sound worse.
he wrote the rules. And now he's going to charge money to help rich people get around the rules that he wrote.— Chris Ellis