#278: Don't Sell Your Bitcoin. Live Off It. with @Firefish_io Rehypothecation has never been cryptographically impossible in Bitcoin-backed lending. Because every previous platform was a custodian — and the custodians all failed. And the first company to engineer rehypothecation out at the protocol level was built by a power trader who'd spent a decade pricing counterparty risk in physical commodity markets. @MartinMatejka, Co-founder & CEO of @Firefish_io, joins me to lay out the case in plain English: why he walked away from running power trading at one of Europe's largest utilities once he realized Bitcoiners deserved better than BlockFi, how Firefish engineered a 3-of-3 multisig where the platform itself cannot move your collateral, what happened on February 6 when Bitcoin fell $30K in a single day and only 1.7% of loans even triggered margin calls, the 6,000 BTC secured in multisig across 27,000 users in 70 countries, and why, after all of it, his bet is simple — Bitcoin wins, fiat decomposes. Send this to the Bitcoiner in your life who needs liquidity but refuses to sell. 2:05 Welcome to The Bitcoin Matrix 2:54 The origin — investing without selling Bitcoin 5:33 Power trading at ČEZ — what risk taught him 7:04 Martin's rabbit hole — Austrian economics meets cryptography 10:35 What is a Bitcoin-backed loan 11:43 Shorting fiat, going long Bitcoin 14:24 What happens when Bitcoin's price drops — 50% LTV 17:03 "Rehypothecation is cryptographically impossible" 18:01 3-of-3 multisig the self-recovery transaction 20:30 February 2026 — the stress test the architecture passed 22:01 LSEG Workspace — Bitcoin credit has a ticker 25:54 Who lends on Firefish — including Martin's parents 29:02 Is lending Bitcoin's next phase? 30:21 Are you enjoying it? 31:11 For the listener sitting on a stack

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What society thinks success is: - A Rolex - $60K Mercedes - Corporate job - Designer clothes - Always being busy What success really is: - BTC is self-custody - Hitting the gym at 10am - Having lunch with your parents - Traveling off-season - Having free time

@_BitcoinMatrix #235: The Most Honest @Jethroe111 Interview Ever George opens up about his unshakable Bitcoin conviction, the painful distance it’s caused with his son, and his deep desire to leave behind generational wealth and wisdom. 📺youtube.com/watch?v=1R8ZQWmy…

@_BitcoinMatrix #234: How Bitcoin Changes Lives with @PantiesBitcoin Pablo shares the economic realities of Argentina, the dangers of hyperinflation, and the passion behind creating a slow-fashion Bitcoin brand. 📺youtube.com/watch?v=eUlFDITb…

@_BitcoinMatrix #255: Free Samourai with @keonne If you care about Bitcoin’s future as freedom money, developer's rights, and the fight against financial surveillance, this conversation is a must-listen. 📺youtube.com/watch?v=foCmoRGJ…

@_BitcoinMatrix #275: 4 Days. 1 Island. @Campnakamoto The conference introduces ideas. The retreat integrates them. Lake Winnipesaukee, New Hampshire. Cabins. Campfires. Lobster bakes. The Cattleman's Feast. What Bitcoin culture has been missing. 📺youtube.com/watch?v=BE7cAa_t…

@_BitcoinMatrix #278 @MartinMatejka: Rehypothecation Is Cryptographically Impossible. We break down the rise of Bitcoin-native lending, why Feb 6 was the day Bitcoin-backed credit grew up, & how rehypothecation gets engineered out, not promised away. ▶️ youtube.com/watch?v=rX4inrAB…

Firefish takes the main stage at @BTCPrague. How do you actually extract maximum value from your Bitcoin? That's the question @FFChairman joins @paolo_guarnerio, @jos_lazet, and @hhsahay to answer. Moderated by @lunaticoin. BTC Prague. Saturday 09:30. Main Stage. Taxes. Fees. Liquidity. Holding without losing control.

#278: Don't Sell Your Bitcoin. Live Off It. with @Firefish_io Rehypothecation has never been cryptographically impossible in Bitcoin-backed lending. Because every previous platform was a custodian — and the custodians all failed. And the first company to engineer rehypothecation out at the protocol level was built by a power trader who'd spent a decade pricing counterparty risk in physical commodity markets. @MartinMatejka, Co-founder & CEO of @Firefish_io, joins me to lay out the case in plain English: why he walked away from running power trading at one of Europe's largest utilities once he realized Bitcoiners deserved better than BlockFi, how Firefish engineered a 3-of-3 multisig where the platform itself cannot move your collateral, what happened on February 6 when Bitcoin fell $30K in a single day and only 1.7% of loans even triggered margin calls, the 6,000 BTC secured in multisig across 27,000 users in 70 countries, and why, after all of it, his bet is simple — Bitcoin wins, fiat decomposes. Send this to the Bitcoiner in your life who needs liquidity but refuses to sell. 2:05 Welcome to The Bitcoin Matrix 2:54 The origin — investing without selling Bitcoin 5:33 Power trading at ČEZ — what risk taught him 7:04 Martin's rabbit hole — Austrian economics meets cryptography 10:35 What is a Bitcoin-backed loan 11:43 Shorting fiat, going long Bitcoin 14:24 What happens when Bitcoin's price drops — 50% LTV 17:03 "Rehypothecation is cryptographically impossible" 18:01 3-of-3 multisig the self-recovery transaction 20:30 February 2026 — the stress test the architecture passed 22:01 LSEG Workspace — Bitcoin credit has a ticker 25:54 Who lends on Firefish — including Martin's parents 29:02 Is lending Bitcoin's next phase? 30:21 Are you enjoying it? 31:11 For the listener sitting on a stack

Long Bitcoin, short fiat!

Martin is the chad, LFG!

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