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This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.

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Yes, this podcast regularly features guests.

Proof of Pain

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by Tony Carrera

12 episodes

Updated Daily

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Podcast Overview

Proof of Pain is a podcast about the real costs, real tradeoffs, and real opportunities in a world repricing around sound money. Episodes are Bitcoin focused, covering Bitcoin, Bitcoin Treasury Companies, mining, options, and public market vehicles built on top of BTC. Sometimes we step outside Bitcoin with guests from worlds like sports and business who see the same incentives and tradeoffs. Subscribe for new episodes, uploaded regularly. Hosted by @tonycarrera on X. https://x.com/tonycarrera and https://x.com/proofofpainbtc. Not investing, financial, or tax advice. Entertainment only.

Language

🇺🇲

Publishing Since

2/15/2026

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Recent Episodes

April 9, 2026

Nik Lentz: STRC, MSTR, Bitcoin and Digital Credit Risks

In this episode of Proof of Pain, Tony sits down with Nik Lentz, former UFC veteran and quantitative analyst, to talk about Bitcoin, MSTR, STRC, and the risks around digital credit. We also get into Nik’s path from MMA to finance, how he learned to think like a quant, and why he has become skeptical of Wall Street’s version of Bitcoin. Nik is not anti-Bitcoin. He makes the case that Bitcoin wrappers, yield products, and “easy” digital credit stories are being sold too cleanly, that “11%” narratives do not hold up forever, and that if you really believe in Bitcoin, you should just buy Bitcoin. We also cover MSTR volatility, ETF wrappers, risk vs reward, and how faith changed the way he sees pain, markets, and life. What we cover• Nik’s path from childhood adversity to wrestling, UFC, and eventually finance• Why the transition from fighting to quant/trading made more sense than people think• Nik’s early Bitcoin experience and why he was interested so early• Why he is skeptical of ETF wrappers and Wall Street Bitcoin• MSTR, STRC, SATA, and the broader digital credit / yield story• Why Nik says “11% is make believe” and rejects the idea of a free lunch• Why he thinks volatility is the price of outsized returns• Faith, pain, risk, and how his worldview changed over time GUEST LINKSNik Lentz on X: <a href="https://x.com/NikLentz" target="_blank" rel="ugc noopener noreferrer">https://x.com/NikLentz</a>DSMMA on YouTube: <a href="https://www.youtube.com/@DSMMA" rel="ugc noopener noreferrer" target="_blank">@DSMMA </a>Damped Spring on YouTube: <a href="https://www.youtube.com/@dampedspring" rel="ugc noopener noreferrer" target="_blank">@dampedspring </a>Damped Spring Website - <a href="https://DampedSpring.com" target="_blank" rel="ugc noopener noreferrer">https://DampedSpring.com</a>PROOF OF PAIN LINKSProof of Pain on YouTube: <a href="https://www.youtube.com/playlist?list=PLLIGmY3atii15i3dP3Gpu-DkI2MDs3qRw" target="_blank" rel="ugc noopener noreferrer">https://www.youtube.com/playlist?list=PLLIGmY3atii15i3dP3Gpu-DkI2MDs3qRw</a>X: <a href="https://x.com/ProofofPainBTC" target="_blank" rel="ugc noopener noreferrer">https://x.com/ProofofPainBTC</a> @ProofOfPainBTCTony Carrera on X: <a href="https://x.com/tonycarrera" target="_blank" rel="ugc noopener noreferrer">https://x.com/tonycarrera</a> @tonycarrera YouTube video link of this episode: <a href="https://youtu.be/4RotheTg5FE" target="_blank" rel="ugc noopener noreferrer">https://youtu.be/4RotheTg5FE</a> Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research. Chapters0:00 Intro0:17 Nik’s background and MMA path25:40 From fighting to finance and quant trading37:43 First exposure to Bitcoin44:24 Why Nik is skeptical of Wall Street Bitcoin55:42 MSTR, “11% yield,” and why it breaks1:04:44 No free lunch in investing1:12:03 “If you believe in Bitcoin, buy Bitcoin”1:12:46 STRC, SATA, and digital credit1:21:37 Faith, pain, and perspective1:29:24 Where to find Nik

April 3, 2026

Nithu Sezni: STRC, SATA, Digital Credit, and the BIP-110 Fight

In this episode of Proof of Pain, Tony sits down with Nithu Sezni of True North and the Orange Pill Investor to talk about digital credit, STRC, SATA, and the current BIP-110 fight. We break down who these products are actually for, why Strategy and Strive matter, and whether Bitcoiners are right to dismiss treasury companies and just buy BTC. We also cover Bitcoin as collateral, SATA risk vs STRC, mNAV criticism, Bitcoin-native lending, whether Strategy could eventually act more like a bank, 6102/confiscation risk, and the Core vs Knots battle around spam, censorship, and soft vs hard forks. What we cover• Digital credit explained simply• STRC vs SATA and why the yields differ• Whether Bitcoin is good collateral• “Just buy Bitcoin” vs treasury companies• mNAV, dilution, and what matters• Strategy as a possible bank / credit layer• 6102 risk, self-custody, and confiscation• BIP-110, Knots, spam, censorship, and forks Follow<a href="https://x.com/nithusezni" target="_blank" rel="ugc noopener noreferrer">@nithusezni on X</a><a href="https://www.youtube.com/@NithusezniSezni" target="_blank" rel="ugc noopener noreferrer">@NithusezniSezni on YouTube</a><a href="https://x.com/tonycarrera" target="_blank" rel="ugc noopener noreferrer">@tonycarrera on X</a><a href="https://x.com/ProofofPainBTC" target="_blank" rel="ugc noopener noreferrer">@ProofOfPainBTC on X</a> YouTube video link of this episode: <a href="https://youtu.be/bahpGGAlCDs" target="_blank" rel="ugc noopener noreferrer">https://youtu.be/bahpGGAlCDs</a> Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research. Chapters0:00 Intro2:48 Digital credit explained15:23 STRC / SATA / ETF angle30:08 SATA’s biggest risk33:40 “Just buy Bitcoin?”57:20 Bitcoin-native lending1:10:04 Could Strategy become a bank?1:20:23 Knots and the spam war1:49:10 Is filtering spam censorship?2:10:04 Strategy’s new 21/212:18:42 BTC and MSTR outlook

March 20, 2026

Jim Crider: What Money Is, Why Finance Misses Bitcoin, and Portfolio STRC SATA Risks

In this episode of Proof of Pain, Tony sits down with Jim Crider, certified financial planner and founder of Intentional Living FP. They talk about what money is, why so many people in finance still misunderstand Bitcoin, and how Jim thinks about portfolio construction in a world shaped by inflation, money printing, AI, and rising uncertainty.They also cover Jim’s path into financial planning, how Bitcoin finally clicked for him during the COVID era, whether the 60/40 portfolio is broken, how he thinks about cash, bonds, stocks, real estate, and gold, and why most investors need to think more clearly about risk, time horizon, and allocation. The conversation also gets into Bitcoin treasury companies, STRC and SATA, black swan scenarios, stewardship, faith, and truth-seeking. GUEST LINKS:X: <a href="https://x.com/jimcridertx" target="_blank" rel="ugc noopener noreferrer">https://x.com/jimcridertx</a> (@JimCriderTX)Website: <a href="intentionallivingfp.com" target="_blank" rel="ugc noopener noreferrer">intentionallivingfp.com</a>YouTube: <a href="https://www.youtube.com/@JimCrider" target="_blank" rel="ugc noopener noreferrer">https://www.youtube.com/@JimCrider</a>YouTube Intentional Living: <a href="https://www.youtube.com/@IntentionalLivingFP " target="_blank" rel="ugc noopener noreferrer">https://www.youtube.com/@IntentionalLivingFP </a> PROOF OF PAIN LINKS:X: <a href="https://x.com/ProofofPainBTC" target="_blank" rel="ugc noopener noreferrer">https://x.com/ProofofPainBTC</a> (@ProofOfPainBTC)X: <a href="https://x.com/tonycarrera" target="_blank" rel="ugc noopener noreferrer">https://x.com/tonycarrera</a> (@tonycarrera) Full video episode on YouTube:<a href="https://youtu.be/Vac0KPXj0Gk" target="_blank" rel="noopener noreferer">https://youtu.be/Vac0KPXj0Gk</a> Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research. CHAPTERS:00:00 Intro02:10 How Jim got into financial planning04:03 What financial planning really is05:43 Money, values, and relationships11:23 Why most finance pros never define money14:57 How Jim found Bitcoin19:00 AI, UBI, and money printing24:49 How Jim allocates across assets32:00 Is the 60/40 portfolio broken?40:39 Strategy, Strive, and treasury companies52:09 Bitcoin black swan risks55:56 When would the Bitcoin thesis fail?1:00:01 Bitcoin, truth, and Christianity1:21:00 Giving, stewardship, and tithing1:27:09 Where to find Jim

12 total episodes available

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Frequently asked questions

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What is Proof of Pain?: Proof of Pain is a podcast about the real costs, real tradeoffs, and real opportunities in a world repricing around sound money.

Episodes are Bitcoin focused, covering Bitcoin, Bitcoin Treasury Companies, mining, options, and public market vehicles built on top of BTC. Sometimes we step outside Bitcoin with guests from worlds like sports and business who see the same incentives and tradeoffs.

Subscribe for new episodes, uploaded regularly.

Hosted by @tonycarrera on X. https://x.com/tonycarrera and https://x.com/proofofpainbtc.

Not investing, financial, or tax advice. Entertainment only.
How often does this podcast release new episodes?: This podcast updates daily.
Where can I listen to this podcast?: This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
Does this podcast accept guests?: Yes, this podcast regularly features guests.

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