Tokenizing Apple shares is not innovation. Paolo Ardoino of Bitfinex argues the Bitcoin way to securities is opening capital markets for companies that cannot raise like a Manhattan issuer — not wrapping megacap stocks everyone can already trade at a bank.We also cover exchange OPSEC after a large hack, why Lightning wins on physics for agentic payments, zero trading fees, the Liquid incident, and RGB as a transport layer.00:00 — Intro00:34 — Reaction to the Binance Hack02:10 — Do Hacks Scare People Off Bitcoin?02:27 — Custody and Self-Custody Both Look Fragile05:11 — Employee Laptops and LinkedIn Targeting07:53 — Multisig UX Still Fails Normies10:34 — Exchanges Are Not Banks11:36 — Why Shared-State Chains Cannot Scale Agents13:32 — Lightning Wins Because of Physics15:41 — Liquidity Gravity Around Big LN Nodes17:01 — Hub Risk Without Protocol Failure18:30 — Let Agents Invent Payment Protocols20:33 — Zero Fees Instead of Taxing Retail22:03 — Who Bitfinex Serves in 202623:21 — The Bitcoin Way to Securities25:44 — Microcredit, Bitcoin Treasuries, Liquid27:32 — Liquid Hack and the Near-Term AI Threat29:06 — Tokenize Farmland, Not Just Stocks32:40 — Inclusion on the Sell Side Too35:08 — RGB, Taproot Assets and Transport Layers37:32 — Fork Markets Put Money Where Mouth Is#Bitcoin #Lightning #Bitfinex #Tokenization #ExchangeSecurity #AgenticPayments #StephanLivera #StephanLiveraPodcast