Rob Hamilton on Risk, Liquidity, and the Signals Bitcoin Still Lacks

In this episode, I sit down with Rob Hamilton to talk through one of the themes that has quietly connected a lot of our conversations over the years: risk. We unpack the difference between living with risk versus explicitly pricing it, why Bitcoiners are often strong at spotting failures in banking and fiat systems but weaker at thinking from first principles about market structure, and why liquidity, credit, derivatives, and pricing across time matter so much more than many people realize. Along the way, we contrast the maturity of fiat markets with the relative underdevelopment of Bitcoin markets, and...