Bigger Picture Bitcoin w/ Steven Lubka
From Fundamentals of Fundamentals by Fundamentals
May 18, 2026 · 1h 1m · Season 1 · Episode 21
About this episode
The episode discusses Bitcoin culture, market dynamics, and personal growth through an interview with Steven Lubka.
In this episode, I sit down with Steven Lubka to reflect on the last few years of Bitcoin culture—from the electric energy of 2021–2023 Twitter Spaces to why the vibe inevitably tracks the price. We dig into how higher interest rates changed capital allocation, why dispersion has returned to markets, and how that raises the bar for real innovation versus ZIRP-era junk. We also revisit the UK LDI scare and the 2023 U.S. bank stress to ask what the Fed actually proved about its ability to “kick the can,” and what Bitcoiners often get wrong about system fragility versus resilience. From pleb slop and rigid certainties to the harder work of holding nuanced, probabilistic views, Steven and I talk about conviction over decades, why mining is a full-on industrial business (not a casual hobby), and how years spent in Bitcoin unexpectedly prepared us for the AI acceleration now reshaping everything. We close on the importance of gradual change, personal growth, and building the grit to survive-and-advance through volatility, FUD, and the long arc of adoption. 'Magic Internet Math (host’s project)': https://magicinternetmath.com/
People in this episode
Host: Fundamentals
Guest: Steven Lubka
Topics covered
- Bitcoin culture
- capital allocation
- market innovation
- system fragility
- personal growth
- AI acceleration
Keywords
- Bitcoin
- capital allocation
- market innovation
- system fragility
- personal growth
- AI acceleration
- interest rates
- conviction
- volatility
Mentioned in this episode
Organizations: Fed, Bitcoin, UK LDI, U.S. bank
Books & works: Magic Internet Math
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