“You should never accept a Bitcoin change if it doesn’t fix a problem that you have, there’s just no reason; if that new softfork doesn’t contain something you need, why would you support it?”— John CarvalhoJohn Carvalho is CEO of Synonym, a Bitcoin and Lightning Network service provider. In this interview, we discuss the potential impact of ETFs, the culture of Bitcoin developers, and the risks associated with AI technology. We also talk about the importance of understanding and investing in the Bitcoin protocol, the inefficiency in how relays are handled in the Bitcoin community, and the vision of Synonym for a post-Bitcoin digital economy.- - - - John Carvalho is one of the Bitcoin industry’s best advocates because of his unwavering commitment to its ideology and his high standards regarding its treatment and development. The last time I interviewed him was over three and a half years ago, so it was an honour to have him back on the podcast to ask him about a variety of current issues important to the Bitcoin community. The first topic of discussion was Bitcoin ETFs, which John sees this as a corrupting force within the Bitcoin community; he criticises Bitcoiners who only support things they think will increase the value of their holdings. John also fears ETFs could be used by the state or major banks to manipulate the price of Bitcoin. Instead of buying ETFs, he believes people should educate themselves about holding the underlying asset themselves. John also raises concerns about the increasing fragmentation within the Bitcoin community and how it may be dangerous for the base ethos of Bitcoin. He mentions that the culture of the Bitcoin mailing list has changed, with newer members constantly pushing for complexity and change. He explains that engineers are focused on solving their own problems rather than addressing the needs of Bitcoin users. We discuss the cultural issues among Bitcoin developers. John suggests some experienced developers may be tired after years of battling and facing criticism. Also, younger developers may be trying to make a name for themselves and leave their mark on Bitcoin, which could contribute to the cultural problem. John acknowledges that not all core developers exhibit this behaviour, but he has had private conversations with some who confirm his observations.John then brings up his interest in AI development, particularly in using ChatGPT and Midjourney. He mentions seeing both opportunities and fears in the fast-moving AI field. John also explains the concept of the atomic economy, which is Synonym's vision for a post-Bitcoin digital economy. He emphasises that it's not just about hyper-bitcoinization, but about creating a mental model for what replaces big tech, big banks, and big state.- - - - This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack satsSwan Bitcoin - Invest in Bitcoin with Swan-----WBD744 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.