2025-06-18
In this episode, I talk with Arty Bespaloff, one of the earliest Bitcoin mining pioneers, about how a search for a banned book led him into crypto — and eventually into building physical infrastructure for a decentralized future. From growing up in Kazakhstan and Argentina to discovering Bitcoin on the dark web and launching one of Canada’s first OTC desks and mining businesses, Artem shares a compelling origin story shaped by curiosity and resilience.
We uncover the hidden history of Bitcoin’s early days: shady Telegram trades for mining rigs, PayPal and eBay cracking down on crypto sellers, and licensed companies still losing access to banks. Artem explains how Canada’s strict regulations pushed him to build independently — turning Bitcoin into both a business opportunity and a safeguard against centralized financial control.
Our conversation goes beyond speculation, touching on mining logistics, the tension between decentralization and compliance, and the philosophical divide between Bitcoin as a store of value versus a medium of exchange. Artem explains why mining is now a scale game, how small players are being edged out, and why the greatest risk may not be price — but being locked out of the system entirely.
We also challenge big ideas: Should Canada merge with the U.S.? Can Bitcoin thrive without merchant adoption? Is belief alone enough to give it value? A raw and thought-provoking deep dive into the philosophy, infrastructure, and human stories behind crypto’s rise.
Perfect for anyone curious about Bitcoin’s history, mining infrastructure, financial sovereignty, and what it really means to build in crypto.
……………………………………………………………
⏳Time codes:
00:00 – Bitcoin as digital freedom
00:38 – Who is Arty? From Kazakhstan to Canada
02:20 – Dark web, Hitler book & Bitcoin
03:57 – First contact: white paper & curiosity
06:07 – The reason Bitcoin became so popular
09:25 – From podcasts to building a product
11:00 – Reinventing terminals into mini-ATMs
12:30 – Banking nightmare despite license
13:45 – Transition to OTC and mining
15:35 – Wild West: Telegram, scams & PayPal frauds
17:53 – Business model: wholesale, not speculation
19:18 – Why early Bitcoin was different
20:15 – Why OTC is hard business
21:30 – Canada vs. US: does location matter?
24:38 – Should Canada become 51st state?
31:01 – Is mining profitable in 2025?
33:05 – Mining: business or investment?
35:10 – Belief vs. utility: Bitcoin vs. Gold
37:39 – Currency or digital gold?
40:42 – The biggest question: what is Bitcoin really?
42:34 – Bitcoin is the answer. Full circle.
……………………………………………………………
🔗 Links & Resources:
Х: https://x.com/sergiigera
Linkedin: https://www.linkedin.com/in/sergii-gerasymovych
Site: https://ezblockchain.net/
Personal website: https://gerasymovych.com
……………………………………………………………
Arty’s LinkedIn: https://www.linkedin.com/in/artem-bespaloff/
Asic Jungle LinkedIn: https://www.linkedin.com/company/asic-jungle/
Asic Jungle Instagram: https://www.instagram.com/asicjungleofficial/
Asic Jungle Х: https://x.com/asicjungle
……………………………………………………………
🚨The contents of this channel and any videos do not constitute legal, financial, business or professional advice. Always do your own research and seek the advice of your own professional advisors before making any legal, business, or financial decisions.
The information contained on this channel is provided AS IS and for informational purposes only. We make no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this channel.
BY VIEWING A VIDEO ON THIS CHANNEL, YOU AGREE THAT WE SHALL NOT BE LIABLE FOR ANY DIRECT, INCIDENTAL, CONSEQUENTIAL, INDIRECT, OR PUNITIVE DAMAGES ARISING FROM ACCESS TO OR USE OF ANY CONTENT AVAILABLE ON THIS CHANNEL, REGARDLESS OF THE ACCURACY OR COMPLETENESS OF SUCH CONTENT, TO THE EXTENT PERMITTED BY LAW.
We reserve the right to remove or delete any comment in our sole discretion. The information and views expressed in the comments do not necessarily reflect our views.