Unchained: Recent Episodes
Laura Shin
Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.
It’s been a busy year for USDC issuer Circle, with several new product launches and partnerships, a crypto banking crisis to contend with, the entry of PayPal into the stablecoin business, and plenty of new global regulatory developments, including a bill in the U.S. now making its way through Congress. Circle co-founder and CEO Jeremy Allaire joins Unchained for an in-depth discussion on the reasons behind Coinbase’s investment in Circle, how Circle has emerged stronger from the banking crisis, what he thinks of PYUSD, what he likes and doesn’t like about the current U.S. stablecoin bill, and his thoughts on what the final bill will look like. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why Circle and Coinbase created the Center Consortium and why Coinbase acquired a stake in Circle
whether Circle is aiming to be acquired or become a public company, and why Jeremy is pursuing a "multi-decade" strategy
why Circle partnered with MercadoLibre and the stablecoin usage in Latin America [may need to cut if embargo does not stick]
how the company has been supporting developers to build applications
why Circle is launching native USDC on so many new blockchains
what the purpose of cross-chain transfer protocol (CCTP) is and what the big problems with bridges are
how Circle responded to Silicon Valley Bank’s collapse and why the world began to feel that "it's not safe to be exposed to the US"
Jeremy's thoughts on the launch of PayPal's stablecoin, PYUSD
why having stablecoin legislation is a "national priority," according to Jeremy
why Jeremy is a proponent of a fully reserved banking system
why he thinks the US needs to "aggressively" take action to preserve the global reserve currency status of the US dollar
how China’s national digital currency is likely to develop
how crypto can provide a better way of providing identity without giving up privacy
why blockchain technology is much more than just a financial regulatory matter
Thank you to our sponsors!
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Guest:
Jeremy Allaire, cofounder, Chairman and CEO of Circle
Previous appearances of Jeremy on Unchained:
Crypto on Every Corner: Driving Adoption With Jeremy Allaire and Meltem Demirors
Circle’s Jeremy Allaire and Sean Neville on Why Crypto Will Be Bigger Than the Web
Jeremy Allaire on Why the US Government Needs a New Category for Digital Assets
Links
Unchained:
Coinbase Acquires Equity Stake in Circle Amid USDC Updates and Market Challenges
Will PayPal’s PYUSD Steal Market Share From Tether and Circle?
The Fall of SVB: What Happened and How It Affects Crypto
CoinDesk:
U.S. Stablecoin Bill Takes Big Step Despite Fight From Democrats, White House
Circle Seeks to Make Crypto Payments Easier With New 'Programmable Wallets'
Written Statement of Jeremy Allaire Before the United States House Committee on Financial Services, “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem”
South China Morning Post: Head of crypto firm Circle accepts ban in mainland China, but sees role for yuan-backed stablecoins
TechCrunch: Solana Pay integrates plug-in with Shopify for USDC payments
Decrypt: News Explorer — Circle Partners With Mercado Libre to Bring USDC to Chile
Jeremy’s comments on the launch of PYUSD
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra, chop it up about the latest news. This week, the gang goes in depth with Coinbase chief legal officer Paul Grewal to discuss Grayscale’s win in its court case against the SEC, Coinbase’s ongoing dust-up with the SEC, the onerous new crypto reporting regulations proposed by the U.S. Treasury, and the unsettling legal arguments behind the government crackdown on Tornado Cash.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
why Paul considers the court ruling in favor of Grayscale in its case against the SEC “nothing short of monumental”
how much it actually matters if a spot Bitcoin ETF gets approved
what options the SEC has now to pursue its position
why BlackRock may have applied for its spot Bitcoin ETF when it did
how the SEC 'changed its tune' and went from approving Coinbase’s S1 to suing them in a federal court, according to Paul
how the collapse of FTX may have affected the SEC’s view of Coinbase
why Coinbase has decided to wage its battle against the SEC so publicly
when Paul expects a final decision to be made on the SEC’s lawsuit against Coinbase
what Paul would do to regulate the digital asset industry if he were Gary Gensler
whether the Treasury Department’s extensive proposed reporting regulations mean the crypto industry is “screwed”
why Paul believes that the government’s crackdown on Tornado Cash is "dead wrong on the law"
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest:
Paul Grewal, chief legal officer of Coinbase
Previous appearances on Unchained:
Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
Disclosures Links
Unchained:
Grayscale Wins Lawsuit Against SEC Over Denial of Bid to Convert GBTC Into a Bitcoin ETF
SEC Issues Coinbase a Wells Notice
Tornado Cash Cofounder Arrested, Another Sanctioned by U.S. Government
Bitcoin ETFs Explained: What Are They & How Do They Work?
Coinbase: We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.
TechCrunch: SEC settles first NFT enforcement case, fines LA media company $6M
The Block: Treasury, IRS release proposed crypto tax reporting rules
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Oracles are all about bringing important data (mostly asset prices) onto the blockchain. As such, they’re a key part of decentralized finance. But oracle provider Pyth sees room for improvement as it relates to being more real-time than crypto incumbents like Chainlink. Mike Cahill, the CEO of a brand new Pyth-linked firm called Douro Labs, joins the show to explain the opportunity he sees in building better oracles. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
how Pyth Network works and what the upcoming Perseus upgrade consists of
Mike’s background in traditional finance
why oracles are necessary in crypto and what the challenges are for oracle providers
whether it’s hard for traditional institutions to participate in crypto protocols
what the four types of oracle solutions are and how they differ
how Pyth determines which data providers are allowed in the network and how that will change if it becomes more decentralized
why Mike compares the scalability of Pyth to how Facebook grew
why Douro Labs is being launched and why it will be solely focused on Pyth for now
the factors driving Pyth’s growth, according to Mike
Mike’s opinion on the current state of the crypto market and what the endgame is for Pyth
Thank you to our sponsors!
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Arbitrum Foundation
TOKEN2049
Guest:
Mike Cahill, CEO at Douro Labs. Links
What’s the Difference Between Pyth and Legacy Oracles
Unchained:
What Are Blockchain Oracles?
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On Wednesday, the U.S. Government indicted Tornado Cash developers Roman Storm and Roman Semenov for three counts of conspiracy involving a staggeringly large number: $1 billion in criminal proceeds. The U.S. Department of Justice attached North Korean hackers to a large portion of this sum, alleging that Tornado’s privacy tech enabled nefarious deeds. Amanda Tuminelli, chief legal officer of the DeFi Education Fund, joins the show to assess whether the U.S. Government got it right or is merely misguided in its understanding of how blockchain technology works. Should Tornado Cash devs be held to account for the criminal use of their software? Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why the U.S. Government says the cofounders of Tornado Cash facilitated money laundering
what the difference is between the concealment of potential proceeds of a crime versus the facilitation of that crime
why Amanda believes that if the government understood the technology they wouldn’t be making these allegations
whether the charges and the indictment will have implications for all software developers
whether these allegations could mark the “end of DeFi” in the U.S.
whether front-end applications in DeFi will need to mandate KYC checks for all users
how the charges appear to contradict earlier FinCEN guidance
how the DOJ will use the involvement of North Korean hackers to “make it look bad” for the jury
what the future of the case will look like and whether there will be a motion to dismiss the indictment
Thank you to our sponsors!
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Arbitrum Foundation
Thales DAO
Guest
Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund Links
Previous coverage of Unchained on Tornado Cash:
The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever'
The Chopping Block: Why DeFi May Be Over-Complying With Tornado Cash Sanctions
Preston Van Loon on Ethereum’s Merge and His Lawsuit Against Treasury
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
Unchained:
Tornado Cash Cofounder Arrested, Another Sanctioned by U.S. Government
OFAC Updates Tornado Cash Sanctions To Include DAO
Coin Center Sues the US Treasury Over Tornado Cash Sanctions
Coin Center: New Tornado Cash indictments seem to run counter to FinCEN guidance
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, Coinbase’s Jesse Pollak talks about the ambitious goals of Base, the new Optimism–based blockchain from the publicly traded crypto giant. With the viral success of Base-based Friend.Tech, Jesse discusses the Base team’s ambitious goals to onboard “a million builders, a billion users.” Is this the long-heralded path to scaling Ethereum? Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
why Jesse says it’s still “day one” for Base
the reason behind Base’s “one million developers, one billion users” slogan
what the advantages of Base are compared to other layer 2 blockchains
how Base accounts for the fact that it doesn’t have a token to incentivize developer activity
how MEV bots represent a big part of the transactions on Base, especially with the emergence of Friend.Tech
why Friend.Tech found early success despite being similar to previous efforts
Jesse’s response to the fact that fault proofs are not live on any of the OP Stack chains
how much of the revenue generated by Coinbase’s sequencer will be distributed to Optimism
whether Base and Optimism Mainnet compete with each other
how layer 2 chains are choosing different design paths and how that differentiates them
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest
Jesse Pollak, lead contributor at Base Disclosures Links
Unchained: Coinbase Launches a New Layer 2 on Ethereum
CoinDesk: Social Platform Friend.tech Gains 100K Users in Days Even in Depths of a Bear Market
TechCrunch: Friend.tech hype is skyrocketing, but will it actually reach the stars?
Decrypt: Base Daily Transactions Outpace Ethereum on Friend.tech Frenzy Learn more about your ad choices. Visit megaphone.fm/adchoices
The height of the last bull run was when MakerDAO cofounder Rune Christensen felt most disillusioned by DeFi and DAOs. “I didn’t even see how Maker was going to survive,” Christensen tells Laura Shin in the latest episode of Unchained. Now Christensen is leading an effort to help DAOs escape their trough of disillusionment. He says the ambitious “Endgame Plan” for MakerDAO seeks to overcome “the central issue of voter apathy.” Will it work or are DAOs doomed to fail? Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
the disillusionment that comes with the growth of DAOs and the need for a new approach
Rune’s insights into the challenges that most DAOs face
how Maker plans to implement alignment engineering through tools, gamification, and incentives
what each phase of Maker’s “Endgame Plan” seeks to accomplish
the strategy behind Maker’s rebranding, including the launch of new tokens while maintaining MKR and DAI
the importance of governance boundaries in ensuring that participants follow the rules and contribute constructively
the goal to reach a state of ossification and certainty, similar to Bitcoin
the challenges of renaming tokens and the decision to keep the original brands
why Rune believes that Phase 2 of the Endgame Plan will change the industry
how SubDAOs will work to align incentives, improve the organization, and avoid ponzi schemes
what Maker’s “Atlas” is and how it intends to set boundaries
how Maker plans to use artificial intelligence
the role of delegates in the DAO and how users choose them
the difference between “dovish” and “hawkish” governance
what the motivation was for launching the Spark lending protocol
why the DAI Savings Rate (DSR) is not offered to American investors and Rune’s take on DeFi regulation
why South Korea and Japan are the best crypto environments in the world, according to Rune
whether Maker should be doing more to mitigate the influence of “whales,” given that Rune owns about 10% of the MKR supply
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Guest:
Rune Christensen, Cofounder of MakerDAO
Previous appearances on Unchained:
Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat
Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85
The Chopping Block: How to Manage MakerDAO, With Hasu and Rune
Rune Christensen of MakerDao on Its $15 Million From Andreessen Horowitz
Why It's so Hard to Keep Stablecoins Stable
Links
Unchained:
MakerDAO: The DeFi Protocol That Lets You Be Your Own Banker
MakerDAO’s Spark Protocol Blocks VPN Users
MakerDAO to Raise DAI Yield Amid Lower Demand for Stablecoin
Maker Founder Proposes Changing DAI Savings Rate to 5%
The Defiant: Christensen Drops Radical Plan to Remake MakerDAO and Address 'Fundamental Problems',
Christensen’s Twitter thread explaining Endgame
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Lawyer Brian Klein joins the show to explain why Sam Bankman-Fried being locked up makes it “much tougher” for his legal team. This week, the judge presiding over the case said SBF went too far in attempting to intimidate key witnesses – chief among them former Alameda Research co-CEO (and ex-flame) Caroline Ellison. Will a jail cell change SBF’s defiant tune ahead of a hotly anticipated October trial date? Klein weighs in. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why the detention of SBF changes the dynamics of the trial preparation
why Brian believes that the appeal to the detention won’t prevail
whether these new conditions will lead to a request for a delay of the trial
whether the fact that SBF is now in jail will make him more interested in a plea deal
why both the prosecution and the defense have filed motions to limit allowable evidence and what that means for the trial
what the short-term future of the trial looks like
how long a trial like this would take to play out
Thank you to our sponsors!
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Arbitrum Foundation
Thales DAO
Guest
Brian Klein, partner at Waymaker Links
Previous coverage of Unchained on Sam Bankman-Fried and FTX:
Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision
The Chopping Block: Was FTX a Scam From the Very Beginning?
How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?
Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
Is the Collapse of Crypto Lending Over, or Is It Just Starting?
Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
Unchained:
Sam Bankman-Fried Remanded to Jail Ahead of Fraud Trial
Prosecutors Move to Include Caroline Ellison’s List of ‘Things Sam is Freaking Out About’ Into Evidence Against FTX Founder
Prosecutors Allege SBF Used $100 Million User Funds for Campaign Contributions
The New York Times: Prosecutors Detail Evidence Against Sam Bankman-Fried
The Block: Former FTX exec Salame to plead the fifth about campaign finance schemes
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, Wintermute CEO Evgeny Gaevoy joins the show to discuss market making when the crypto markets are quiet. Plus, an analysis of Base’s prospects following a surge of early interest. Also: Do you think bank fraud is going to run rampant in the AI era?
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
how prop shops like Wintermute view the current state of the crypto market
how an organization like WIntermute interacts with DeFi platforms
Tarun and Evgeny attempt to squash some past beef
why Evgeny believes that some exchanges are “zombies”
whether this is a good time to build an exchange and how Evgeny would do it
how Base accomplished a big surge in its TVL and daily volumes
whether it’s possible for Coinbase to balance the decentralized nature of building a blockchain with a desire to minimize scams
how L2 sequencers have the power to censor transactions and the analogy to proof-of-authority chains
how friend.tech, the social app built on Base, works and why it got so much attention
why the crypto cognoscenti seemed to like friend.tech but hated BitClout, which is basically the same thing
what is the role of biometrics in securing crypto wallets and assets
whether bank fraud will increase or decrease because of advances in AI
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tarun Chitra, managing partner at Robot Ventures
Guest:
Evgeny Gaevoy, CEO of Wintermute Trading
Previous appearance on Unchained: How Traders Are Thinking About the Merge — and a Potential ETHPoW Chain
Disclosures Links
Unchained: Coinbase Layer 2 Base Sees 80% Rise in Total Value Locked
CoinDesk: Is Friend.tech a Friend or Foe? A Dive Into the New Social App Driving Millions in Trading Volume
Halborn: Explained: The Wintermute Hack (September 2022)
Forbes: Layer 2 Wars Heat Up As Coinbase Launches Base
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Educator Anita Posch has spent months on the ground in Africa onboarding new users into the world of Bitcoin. In the West, bitcoin may seem extraneous; but in her telling, bitcoin in Zimbabwe, Zambia, and other African countries is essential. “Bitcoin can be one of the solutions for people who are disempowered, who are outlawed, the misfits,” says Posch. “Bitcoin is for them because no one can take it away from you.”
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
what Anita does for Bitcoin education and why she was inspired to do this
how people in developing countries are constantly getting scammed
how the Central Bank of Zimbabwe acts as an intermediary in business operations
whether people in these countries use BTC or stablecoins for their day to day expenses
what the differences are between the several Bitcoin communities around the world
how in Zimbabwe people could get arrested for transacting in Bitcoin
why Bitcoin is essential to human rights, according to Anita
whether Bitcoin can help to tackle the issue of discrimination against women, particularly in finance
why Anita is “very sad” about the launch of Worldcoin
why she was against Bitcoin Ordinals in the first place and whether she has changed her mind
what Anita’s new Bitcoin learning program aims to accomplish
Thank you to our sponsors!
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Guest:
Anita Posch, founder of Bitcoin for Fairness, author of (L)earn Bitcoin, and host of the Anita Posch show.
Online Learning and Scholarship Program
Website
45min Documentary: How Bitcoin Enforces Human Rights
13 min Keynote: Bitcoin empowers Africa and Africans empower Bitcoin
Links
Previous coverage of Unchained mentioned in the episode:
Orb Outrage: Worldcoin Cofounder Defends Project Amid Backlash
Why CoinFund Believes Worldcoin Could Become More Popular Than Bitcoin
Bitcoin’s BRC-20 Mania: Is It Sustainable?
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A major player has entered the stablecoin wars. PayPal went deeper down the crypto rabbithole this week with the launch of its Ethereum-based PYUSD. The dollar-backed stablecoin now puts PayPal in competition with the likes of Tether and Circle for quickly sending value around the world on-chain. José Fernández da Ponte, PayPal’s crypto SVP, joins the show to unpack how the fintech giant is building a long-term strategy around blockchain-based payments.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why PayPal decided to launch a stablecoin
how long it will take for stablecoins to reach mainstream adoption and what the advantages of stablecoins are
how PYUSD will differentiate from other giants in the stablecoin space such as USDT and USDC
whether the U.S. stablecoin bill influenced the launch of PYUSD
why stablecoins should be regulated at the state level
whether PayPal plans to launch stablecoins pegged to other fiat currencies
how Paxos will provide attestation reports for PYUSD
why Jose thinks gaming is a huge opportunity for stablecoin payments
what the rationale was for launching an ERC-20 on Ethereum
how PayPal plans to monetize the stablecoin
why PayPal’s expectations for PYUSD in the short-term are “moderate”
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Guest José Fernández da Ponte, SVP of Blockchain, Crypto and Digital Currencies at PayPal Links
Unchained: PayPal Launches PYUSD Stablecoin Built on Ethereum
CoinDesk:
PayPal’s Real Stablecoin Strategy: It Wants to Earn Interest on Your Deposits
Congresswoman Maxine Waters Says She’s ‘Deeply Concerned’ About PayPal’s New Stablecoin
U.S. Stablecoin Bill Takes Big Step Despite Fight From Democrats, White House
Paxos Has Other 'White Label' Stablecoin Opportunities in the Works in Addition to PayPal USD
Blockworks: PayPal’s new stablecoin stirs centralization criticism
CNBC: PayPal is trying to drag its 435 million users into the $120 billion stablecoin market — here's why
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, a quiet conclusion to that Curve thing everyone was animated about. Plus, major developments from Web2 giant PayPal as it continues its journey down the crypto rabbithole. Also, is Maker’s juiced DAI Savings Rate the new Anchor? The gang discusses.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
how The Chopping Block got that sweet, sweet Red Bull money
what to make of the Curve hacker’s message after they returned the funds
does Curve trying to dox the hacker proves that Arkham’s model is right?
the lessons from the Curve situation and whether DeFi needs to change
how DeFi protocols could prevent situations where a single entity holds a significant percentage of a token’s total supply
how the enhanced DAI Savings Rate triggered PTSD from other stablecoins (ahem, Anchor)
what the consequences are of increasing the DSR
the gang’s prediction on how much PYUSD will be minted by the end of 2023
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Disclosures Links
Unchained:
$52 Million Drained in Curve Finance Pools Exploit
Curve Founder’s Liquidation Could Trigger Chaos for DeFi
Curve Exploit Results in Largest MEV Block Rewards in Ethereum’s History
PayPal Launches PYUSD Stablecoin Built on Ethereum
MakerDAO’s Spark Protocol Blocks VPN Users
Curve Opens $1.85 Million Bounty to Identify Hacker
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Worldcoin is getting hit from all sides. Following a popular launch in late July, critics from the crypto community and public sector alike are coming out in droves with concerns about privacy, data protection, and tokenomics. Worldcoin co-founder Alex Blania joins the show to address the recent criticism and reiterate the project’s lofty goals. “It sounds crazy,” he said, “so you really need to understand the technology to understand why it’s not concerning.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why Worldcoin believes in the idea of a universal basic income (UBI)
how World ID actually works, from the initial “orb” scan to actually using the app
Alex’s comments on the rise of a black market for World IDs
whether Worldcoin is storing people’s biometric data
how people don’t really understand the nuances of getting their irises scanned and why it’s fine that the “average person will not understand how crypto works,” according to Alex
whether Worldcoin took into consideration the various regulations around the world
what the purpose of the WLD token is
why the project decided to launch the token with a low float
how Alex got convinced to join Worldcoin and become one of its leaders
why Alex believes that Worldcoin will become a “very powerful technology” that will be the main project for onboarding people to crypto
Thank you to our sponsors!
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Arbitrum Foundation
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Guest:
Alex Blania, cofounder of Worldcoin
Previous appearances on Unchained: Is Sam Altman's Worldcoin the End of People's Privacy?
Links
Previous coverage of Unchained on Worldcoin: Why CoinFund Believes Worldcoin Could Become More Popular Than Bitcoin
Unchained:
Worldcoin Can Be More ‘Widely Distributed’ Than Bitcoin, CoinFund Executives Say
Worldcoin Launches Token on Mainnet, Plans to Deploy 1,500 Eyeball Scanning Orbs
Is Sam Altman's Worldcoin the End of People's Privacy?
CoinDesk:
Worldcoin Could Enable Wider Distribution of Crypto Than Even Bitcoin, Says CoinFund
Worldcoin Releases Tokenomics, Report Geofenced for Some Countries
The Block: German authorities probe Worldcoin project over privacy: Reuters
Reuters: Kenyan government suspends activities of Worldcoin in country
Rest of World: Why are people lining up for Worldcoin eyeball scans? “Easy $50,”
What do I think about biometric proof of personhood? By Vitalik Buterin
MIT Technology Review: Deception, exploited workers, and cash handouts: How Worldcoin recruited its first half a million test users
Ouriel Ohayon’s video
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While it’s now mostly contained, the Curve crisis has exposed some of the systemic risks in the world of DeFi. Sam Kazemian, founder of Frax Finance, joins the show to discuss what DeFi needs to do to get better – and what builders should learn from a novel attack that was ultimately about much more than $50 million in drained funds.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
how the Curve exploit occurred and why this hack is different
how the attack triggered a crisis in major lending platforms like Aave, Fraxlend, and Abracadabra
what Curve founder Michael Egorov’s solution was to the potential liquidation of his several loans
whether this situation proves that DeFi is not as good as promised
what can be done to prevent these kinds of issues in the future, particularly with large loans in DeFi that could potentially bring down the ecosystem
Thank you to our sponsors!
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Railgun DAO
Arbitrum Foundation
Thales DAO
Guest
Sam Kazemian, founder of Frax Finance Links
Previous coverage on the Curve hack: The Chopping Block: Who’s to Blame for the Curve Hack?
Unchained:
$52 Million Drained in Curve Finance Pools Exploit
Curve Founder’s Liquidation Could Trigger Chaos for DeFi
Curve Exploit Results in Largest MEV Block Rewards in Ethereum’s History
CoinDesk:
Curve Founder Deploys New Liquidity Pool to Address FRAX Debt Situation
Spooked by Curve Liquidation Threat, DeFi Protocols Shore Up Defenses
Aave Should Block Curve Token Borrowing, Risk Management Firm Proposes
After the Curve Attack: What's Next for DeFi?
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Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Laurence Day, smart-contract sleuth and co-founder of Wildcat Finance, joins the show to discuss the ramifications of the Curve Finance exploit that has the DeFi world talking. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
how Curve Finance, one of the most prominent DeFi protocols, got hacked
why maintaining different coding languages and clients is so hard
whether developers are responsible for this kind of attack
whether Curve founder Michael Egorov’s loans in Aave and Fraxlend have put DeFi at risk
how the loan in Fraxlend impacted the liquidation price of the Aave loan
Tarun’s reaction to the situation, given that his firm Gauntlet has tried to mitigate these risks in the past
how people in the community worked together to keep DeFi safe and resilient
why Tarun got canceled on LinkedIn
what happened with the BALD meme coin mania on Base
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest:
Laurence Day, co-founder of Wildcat Finance Disclosures Links
Unchained:
BALD Token Falls 90% Amid Rug Pull Allegations
$60 Million in ETH Bridged to Coinbase Layer 2 Base
Curve Founder’s Liquidation Could Trigger Chaos for DeFi
$52 Million Drained in Curve Finance Pools Exploit
Curve Exploit Results in Largest MEV Block Rewards in Ethereum’s History
CoinDesk:
Curve Founder Deploys New Liquidity Pool to Address FRAX Debt Situation
Spooked by Curve Liquidation Threat, DeFi Protocols Shore Up Defenses
Aave Should Block Curve Token Borrowing, Risk Management Firm Proposes
After the Curve Attack: What's Next for DeFi?
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CoinFund’s Jake Brukhman and Chris Perkins join Unchained to dissect their recent $158 million seed round and the transformation of the investment landscape following the 2022 crypto carnage. As backers of Worldcoin, they confront criticisms about the project's approach of distributing money to individuals who may not fully comprehend the underlying technology. They also delve into why the Coinbase lawsuit could potentially boost the industry, share their perspectives on current crypto legislation, and explore the intersection of AI and crypto. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
how the fundraising crypto environment changed this past year after the 2022 carnage
what the impact of FTX’s alleged fraud has been
why Chris and Jake believe that the SEC’s lawsuit against Coinbase is bullish for the industry
why Jake believes there's no massive consumer application in web3 yet
how institutions have been building during the bear market
whether Worldcoin solves the sybil resistance problem in crypto and whether it could become more decentralized than Bitcoin
Jake's response to the criticism surrounding the centralization and privacy issues in Worldcoin
the ethical implications of giving free money to people who may not fully understand how their biometric data is being used
what the Composite Ether Staking Rate (CESR) is and what are its two main applications
how the foundational web3 + AI intersection is happening in the compute area
why Chris believes that the crypto market structure bill is not perfect
whether creating proper stablecoin legislation is a very important opportunity for the US
how DeFi should be regulated to ensure that privacy gets protected
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Guests:
Chris Perkins, President of CoinFund
Jake Brukhman, Founder and CEO of CoinFund
Links
Unchained:
Worldcoin Launches Token on Mainnet, Plans to Deploy 1,500 Eyeball Scanning Orbs
Is Sam Altman's Worldcoin the End of People's Privacy?
CoinDesk:
Worldcoin Could Enable Wider Distribution of Crypto Than Even Bitcoin, Says CoinFund,
Worldcoin Releases Tokenomics, Report Geofenced for Some Countries
The Block: What exactly is CoinFund's new Composite Ethereum Staking Rate
What do I think about biometric proof of personhood? By Vitalik Buterin
CoinDesk Indices and CoinFund Announce CESR, the Benchmark Rate for Staking on Ethereum
CoinFund Reinforces Commitment to Web3 Technology with the Close of $158M Seed IV Fund
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Crypto markets are under the gun from SEC Chairman Gary Gensler’s ‘regulation by enforcement’ policy. Meanwhile, a divided political landscape creates gridlock on Capitol Hill. Democratic Representative Ritchie Torres (NY-15) claims regulators have overstepped their bounds, while generational divide in the Democratic party slows appropriate regulatory legislation from passing. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
Why stablecoins are less dangerous than fractional reserve banking
How the current system fails to protect retail investors
Why Democrats and Republicans have flipped traditional stances on regulation
Increased skepticism after the FTX meltdown
Regulation by enforcement an abuse of power
If and when a digital asset is an investment contract
What he views as Prometheum’s planned political stunt
Resolving crypto’s long term problems responsibly
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Guest
Ritchie Torres, U.S. representative Links
Fortune: Ritchie Torres went from crypto ‘newbie’ to key ally in Washington. Now he could shape the industry’s post-FTX future
NY Daily: A liberal case for cryptocurrency
CoinDesk: Rep. Ritchie Torres: We've Seen a 'Weaponization of the SEC' From Gensler Against Crypto Industry
U.S. Financial Service Committee: McHenry, Thompson, Hill, Johnson Release Digital Asset Market Structure Proposal
Bloomberg Law: McHenry Says White House Torpedoed Bipartisan Stablecoin Deal
NBC: Sen. Cynthia Lummis: Crypto regulation bill could prevent another FTX-style crisis
Rep. Torres’s open letter to Gensler following the Ripple decision
Rep. Torres’ speech
Previously on Unchained
Why the SEC Doesn’t Want the Ripple Case to Go to the Supreme Court
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they debate whether infrastructure is being over-invested in, explore the potential of UniswapX and the controversial launch of Worldcoin’s token, and dive into the curious world of hamster racing in crypto. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
why Tarun thinks EthCC Paris was much better than ETH Denver
whether VCs are overinvesting in infrastructure
why Haseeb believes that founders should focus on building applications rather than infrastructure
whether the WRLD token is a new “Sam coin”
what everyone thinks about Worldoin and the need to develop proof of personhood in crypto
what is going on with hamster racing and whether this is the reason "normies hate crypto"
UniswapX and its benefits (and tradeoffs)
whether there is a shift toward intents-based trading
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Disclosures Links
Unchained:
Worldcoin Launches Token on Mainnet, Plans to Deploy 1,500 Eyeball Scanning Orbs
UniswapX Launches With MEV Protection and Gas Free Swaps
Is Sam Altman's Worldcoin the End of People's Privacy?
Decrypt: You Can Now Bet Crypto on Hamster Races. What Could Go Wrong?
What do I think about biometric proof of personhood? By Vitalik Buterin
Paradigm: Intent-Based Architectures and Their Risks
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Despite the doom and gloom, Placeholder VC partners Chris Burniske and Joel Monegro are highly bullish on the present moment. “We’re all going to look back on this period and remember it as fondly as we remember ‘18 and ‘19,” Monegro tells Laura Shin. The two long-term investors explain why the confluence of macroeconomic factors and crypto-native (and AI) innovations make this the ideal time to invest in a Web3 future. They cut their teeth on Bitcoin, they grew up with Ethereum; hear what they think is next. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why Chris says crypto’s four-year cycle will likely play out once again
the role of interest rates in asset valuation
whether the crypto industry has learned its lessons from the “crypto carnage” of 2022
whether there’s a future for KYC’d DeFi
when failing in crypto should be considered a crime, as in the Do Kwon case
what could happen with the rate hikes and how the macroeconomic environment affects the markets
how the ruling in the Ripple case impacts the development of new crypto companies and user adoption
whether Joel felt relieved by the ruling, considering Placeholder has invested in many tokens that were named as securities by the SEC
what Joel thinks of the new crypto bill in Congress and how he wishes that smart contracts were used to self-regulate the industry
what Joel and Chris think of the delicate situations of crypto giants such as Binance and DCG
whether the fat protocol thesis still holds up and whether it colors Placeholder’s current investment thesis
why most of the Layer 1s will become rollups, according to Chris
why Chris is bullish on Solana, despite the massive collapse in value following the FTX debacle
how NFTs will play a significant role in “establishing the provenance of content”
whether AI agents will become crypto power users
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Guests:
Chris Burniske, partner at Placeholder VC
Previous appearance on Unchained:
2022 in Review + How Cobie and Chris Burniske Are Playing the New Year
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
How To Value A Crypto Asset
Joel Monegro, partner at Placeholder VC.
Placeholder’s Joel Monegro on the Fat Protocols Thesis
Links
Fat Protocols by Joel Monegro
The Blockchain Application Stack by Joel Monegro
Decred Thesis by Joel Monegro and Chris Burniske
WSJ:
Binance Lays Off Over 1,000 Employees
Binance Cuts Back Employee Benefits, Citing Decline in Profit
CoinDesk: Unpacking the Latest Lummis-Gillibrand Bill Draft
Reuters: US SEC accepts six spot bitcoin ETF proposals for review
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If the SEC wants to appeal last week’s judgment in the Ripple case, it better act fast. So says Bill Hughes, regulatory chief at Ethereum booster ConsenSys and one of the many crypto policy pros assessing the ramifications of U.S. district judge Analisa Torres’ decision. The regulatory agency’s decision to appeal hinges on a number of factors, Hughes says, including that this Supreme Court will likely be unkind to SEC Chair Gary Gensler’s interpretation of how to regulate crypto. But of course, a political calculus is also in play, and suddenly U.S. lawmakers have a slew of crypto bills and amendments to choose from. How will it play out?
Show highlights:
whether the SEC is going to appeal the recent Ripple ruling and whether Judge Analisa Torres would allow it
what the risks are for the SEC of taking the case to the Second Circuit
why Bill believes that the SEC’s chances are not good at the Supreme Court
what the motivation is behind the new DeFi bill in the U.S. Senate
how that bill would impact the different stakeholders in a DeFi project
why the crypto community should put its focus on the stablecoin and market structure bills first, according to Bill
how the SEC has been dropping lawsuits days prior to Congressional debates about crypto
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Guest
Bill Hughes, senior counsel and director of global regulatory matters at ConsenSys. Links
Previous coverage of Unchained on the Ripple case:
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
The Chopping Block: Should XRP Holders Really Be Rejoicing?
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
CoinDesk: Ripple's Legal Win Means It's Time for Crypto to Stand Up to the SEC
Unchained:
U.S. Senate Bill Calls for Strict KYC and AML Regulations for DeFi
SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
Bill’s thread on the Lummis-Gillibrand amendment
S.Amdt.712 to S.2226 - 118th Congress (2023-2024)
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XRP isn’t itself a security; it depends on how it’s sold. So said a federal judge last Thursday in the SEC vs. Ripple case and the implications are significant. Jake Chervinsky, chief policy officer at the Blockchain Association, and lawyer Kayvan Sadeghi, partner at Jenner & Block, join the show to discuss two major ramifications. One: U.S. District Judge Analisa Torres dealt a major blow to the legal theory underpinning the SEC’s case against Coinbase. Two: This order really “lights a fire” under U.S. lawmakers to act on a pair of crypto bills in Congress.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why this is an “extraordinary victory” for the industry, according to Jake
whether Judge Torres made the right decision
how the SEC could seek an interlocutory appeal to halt the case, though it’s unlikely
what are the pending items in the case that need to be resolved
why the order that Judge Torres issued is not a final judgment
why it is more important to look at the transaction, not at the nature of the asset, to determine whether something should be deemed a security
whether the SEC has the authority to call digital assets securities
the significance of the “major questions doctrine”
how the order in the Ripple case will affect other cases like the Coinbase one
whether exchanges should re-list XRP
why this case could be instrumental in steering the direction of crypto regulation in the U.S.
whether other crypto tokens like SOL or MATIC should feel relieved with this new ruling
why Jake says that this case will speed up the chances of crypto legislation getting passed
what the differences are between the current crypto bills that are being proposed
whether SEC Chair Gary Gensler should recuse himself from enforcement actions in the crypto industry
Thank you to our sponsors!
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Guests:
Jake Chervinsky, chief policy officer at the Blockchain Association
Previous appearances on Unchained: The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Kayvan Sadeghi, partner at Jenner & Block and co-chair of the fintech and crypto assets practice.
Links:
Previous coverage of Unchained on the Ripple case:
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
The Chopping Block: Should XRP Holders Really Be Rejoicing?
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
CoinDesk:
Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
Ripple Labs Ruling Throws U.S. Crypto-Token Regulation into Disarray
The Washington Post: Ripple ruling threatens SEC’s crypto regulation push
Chair Gensler Must Recuse Himself From Digital Asset Enforcement Decisions - Blockchain Association
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Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, crypto lawyer Stephen Palley joins an emergency live show to unpack Thursday’s judgment in the Ripple case. Crypto markets are pumping after a judge handed Ripple Labs a partial victory in its fight against the SEC. But is the jubilation warranted? “I can understand why people are happy,” said Palley, a partner at Brown Rudnick LLP. “I’m just a little more cautious on what happens next.” Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
why Judge Analisa Torres ruled that retail sales of XRP do not violate U.S. securities laws
how the court denied summary judgment on some issues relating to Ripple’s Brad Garlinghouse and Chris Larsen
why “Footnote 16” of the ruling was so “surprising,” according to Stephen
whether the SEC will appeal the case and how that process could unfold
why Coinbase, Kraken and other exchanges re-listed XRP and whether that’s a safe step
whether Coinbase will cite the Ripple judgment in its lawsuit against the SEC
how this ruling does not represent a binding precedent
why, even though this is a win for Ripple, it shouldn’t be used for investment strategy
why Haseeb thinks the SEC should “fire their press department”
whether the SEC’s case is “stronger than people on Twitter might like to believe”
how, if proven, the allegations against Celsius founder Alex Mashinsky are “straight-up fraud”
why Stephen says that a lot of the enforcement activity focused on DeFi was an “absolute misuse of resources”
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest:
Stephen Palley, litigation partner at Brown Rudnick
Disclosures Links
Previous coverage of Unchained on the Ripple case:
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
Unchained:
SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
Former Celsius CEO Alex Mashinsky Arrested in New York - Unchained Crypto
CoinDesk:
Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
Ripple Labs Ruling Throws U.S. Crypto-Token Regulation into Disarray
The Washington Post: Ripple ruling threatens SEC’s crypto regulation push
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The SEC and Ripple have been locked in a legal tug of war for years, stirring up waves of controversy and debate in the crypto community. Finally, Judge Analisa Torres has given an order establishing that XRP buyers trading on exchanges were not, in fact, engaging in a securities transaction, a decision that could have far-reaching implications for the industry. Lewis Cohen, co-founder of DLx Law, unpacks the details of this pivotal case and what it might mean for the future of cryptocurrency regulation.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
why the SEC lawsuit against Ripple has such historical significance in the crypto industry
how Judge Torres split the case into two categories
why the 'programmatic buyers' did not meet the four prongs of the Howey test
why the institutional sales constituted an investment contract
what makes the Ripple case different from the Kik and Telegram cases
whether the new ruling by Judge Torres will have an impact on how other crypto projects deal with their offerings
why, in the event of an appeal, Lewis expects a Second Circuit decision to take at least one year
whether Judge Torres' decision will impact the ongoing cases against crypto exchanges like Coinbase
why Lewis thinks the XRP order will not change the likelihood that spot bitcoin ETFs get approved
how there's no way to deal with information asymmetries in digital assets now
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Guest
Lewis Cohen, Cofounder DLx Law
Previous appearances on Unchained: The Lummis/Gillibrand Crypto Bill: Is the ‘Ancillary Token’ Approach the Best
Links
Previous coverage of Unchained on the Ripple case:
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets Are not Securities
Paradigm Files Amicus Brief in SEC’s Lawsuit Against Ripple
The Block: Lummis, Gillibrand to introduce revised comprehensive crypto bill
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Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest crypto news. This week, the crew is joined by Goldfinch co-founder Blake West to talk about the momentum around asset tokenization. Whether it’s private credit (what Goldfinch specializes in) or U.S. Treasurys (what Robert’s new venture Superstate will tackle), real-world assets (RWAs) are en vogue among the crypto set. What’s driving this fresh interest in an old concept that has failed to take off? Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
how Blake got into RWAs
why Robert launched his new company Superstate
why Robert hates the term “real-world asset”
why the only actual RWA in the blockchain space is the U.S. dollar, aka stablecoins
why other non-native crypto assets have struggled to migrate onto blockchains
how having on-chain T-bills could push demand for stablecoins
why private credit is a good thing to bring on chain, according to Blake
what the not-so-obvious benefits of bringing these things onto blockchains are
whether Arkham’s model of de-anonymizing people goes against the ethos of crypto
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest:
Blake West, cofounder of Goldfinch Disclosures Links
Unchained:
Compound Founder Creates ‘Superstate’ to Bridge TradFi and Blockchains
Arkham Launches Bounty Marketplace to Trade Crypto Wallet Intel
MakerDAO Mulls Proposal to Allocate $750 Million More to US Treasuries
MakerDAO Has Brought in Real World Assets. Is It Worth the Risk?
CoinDesk:
Tokenized U.S. Treasurys Surpass $600M as Crypto Investors Capture TradFi Yield
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In recent months, ChatGPT, Bard and other new artificial intelligence (AI) products have revolutionized numerous industries. But how this nascent technology can work with crypto and blockchain technology is still relatively unexplored. In this episode, Illia Polosukhin and Jason Warner delve into the transformative potential of AI and crypto coming together. They explore a wide array of applications, from AIs managing Decentralized Autonomous Organizations (DAOs), to DAOs being used to help open source AIs, to blockchain technology making the inner workings of AIs more transparent. Tune in to this episode for a deep dive into the fusion of AI and crypto. Show highlights:
Illia's and Jason’s backgrounds, including how Illia’s work in artificial intelligence (AI) got him into crypto
what AI actually encompasses and how to define it
why Jason says that "it works right now, it's machine learning and if you're raising money, it's AI"
how blockchains can facilitate the provision of resources for training data
the problem of attribution in training AI models
how OpenAI and Midjourney hold a lot of power at the moment, according to Illia
why open source code helps build better AI systems
how LLMs are being used to audit code in the blockchain ecosystem
up to what point AI can be used for crypto trading
why misinformation is a human problem, not an “AI problem,” and how blockchain technology can help solve this issue
how blockchains can be used to verify facts to combat misinformation
whether AI can help mitigate attacks on DeFi protocols
how DAOS and AI can work together and whether AI can coordinate a company
what’s missing in terms of infrastructure for DAOs to thrive with AI
how to structure regulation with this rapidly evolving technology
Thank you to our sponsors!
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Guests:
Illia Polosukhin, cofounder of NEAR.
Previous appearance on The Chopping Block: The Chopping Block: Why AI Will Change the Course of History in Crypto
Jason Warner, founder at Poolside.
Links
Op-ed by Illia: Blockchain can save the media - Blockworks
CoinDesk:
AI Can Generate a Trading Edge in Crypto Markets
10 Ways Crypto and AI Can Make Each Other Better (or Maybe Worse)
Blockchain May Offer Answers for AI Challenges
Former FTX.US President Brett Harrison's New Venture Is Seeking to Harness AI for Crypto Trading
Blockchain Developer Platform Alchemy Releases AI-Powered Tools for Web3 Builders
When AI and Blockchain Merge, Expect the Mundane at First
Imagining the Future AI and Web3 Can Build
World Economic Forum: Blockchain can help combat the threat of deepfakes. Here's how
Cointelegraph: DAOs: Where humans may fail, AI could succeed
Forbes: Convergence Of Web3, AI And Metaverse: Navigating The Great Reset For Investors,
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In 2022, crypto crime hit an all-time high. A staggering $3.8 billion in crypto was stolen, with DeFi protocols bearing the brunt of these thefts, accounting for 82% of the total losses. Amid this alarming scenario, has a beacon of hope emerged in ERC-7265? The proposal aims to create a 'circuit breaker' safety layer for DeFi contracts, potentially revolutionizing security measures in the crypto space. Could this be the key to bolstering security and paving the way for mass adoption of DeFi? Will it essentially centralize protocols? Tune in to find out. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
what ERC-7265 is meant to do and why they called it a 'circuit breaker’
how the idea would actually work on chain
how this ERC could make DeFi applications more centralized, rather than decentralized
what can be done to prevent small teams from seizing funds
how different teams will be able to design the circuit breaker as they want
what unsafe arbitrary calls and unprotected flows are
why Philippe believes that this proposal will help newer teams improve their security
how the ERC can pave the way for a more decentralized protocol
what will it take for protocols to start adopting the new standard
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Guest
Philippe Dumonet, Cofounder of DeReg Links
Chainalysis 2022 report
The Block: Ethereum community proposes new standard to mitigate DeFi hacks
Philippe’s thread on ERC-7265
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The ERC-721 token standard on Ethereum ignited the frenzied world of NFTs. Yet, as the dust settled, their limitations became apparent. Enter ERC-6551, a new standard designed to overcome these challenges. Benny Giang and Jayden Windle, cofounder and founding developer of Future Primitive, respectively, delve into the transformative potential of ERC-6551, a standard which allows every NFT to have a smart contract wallet associated with it. They discuss the exciting new possibilities it unlocks in the spheres of gaming, the metaverse, identity, messaging, and more. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
what ERC-6551 is and how the idea was born
the differences between NFT token standards
the four big categories of applications for this new token standard
why Benny thinks that "network playable characters" will solve many of the problems in the digital space
how the token bound accounts work and whether they can interact with existing wallets
the security implications of using ERC-6551
what Future Primitive does in the web3 space
how creators can benefit from this new development
whether it's possible for soulbound tokens to work with token bound accounts
how blue chip NFT collections are using ERC-6551, if at all
what could go wrong with token-bound accounts that are combined with AI
what new things are being envisioned with this new standard
Thank you to our sponsors!
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Guests:
Benny Giang, cofounder of Future Primitive
Jayden Windle, founding developer of Future Primitive
Previous appearance on Unchained: Your NFTs Can Do Much More Than You Think
Links
ERC-6551: Non-fungible Token Bound Accounts
Tokenbound
ERC 6551 — Token Bound Accounts. Every NFT will have their own wallets… by Benny Giang
Unchained:
How Soulbound Tokens Could Reduce Speculation and Improve DAO Voting - Quadratic Funding
Could Account Abstraction Make Self-Custody Easier for Crypto Users?
Ethereum Implements Account Abstraction With ERC-4337
What Can You Do in the Metaverse?
Exploring the NFT blue chips
What is the metaverse?
What Is an NFT Marketplace?
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From “hush money” allegations to a prospective FTX relaunch, it’s been a crazy week for those following the legal saga of Sam Bankman-Fried’s collapsed crypto empire. Perhaps few are following it more closely than 507 Capital founder Thomas Braziel, who specializes in the trading of bankruptcy claims. He explains the significance of a spate of recent headlines and shares newsworthy tidbits from his meeting with new FTX honcho John J. Ray III.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights:
what the Daniel Friedberg lawsuit revealed about the whistleblowers of FTX
how FTX used allegedly false claims in its Series C funding round
whether Friedberg’s former law firm, Fenwick & West, will suffer legal consequences
how John Ray is prosecuting the allegedly fraudulent transactions made by FTX
what stood out to Thomas in his personal dealings with John Ray
what the timeline is for filing a reorganization plan for FTX
what the odds are of an FTX 2.0 relaunch, according to Thomas
why Thomas says that FTT won’t play a role in the potential FTX recovery
whether the decision to redact the identities of FTX customers was right
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Guest
Thomas Braziel, Founder of 507 Capital
Previous appearances on Unchained
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Will Celsius Survive the Bankruptcy Process?
How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX
Links
Previous coverage of Unchained on Sam Bankman-Fried and FTX:
The Chopping Block: Was FTX a Scam From the Very Beginning?
How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?
Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
Is the Collapse of Crypto Lending Over, or Is It Just Starting?
Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
CoinDesk: FTX Customers Have Until End-September to Submit Bankruptcy Claims
Unchained:
FTX Sues Former Compliance Chief Who Allegedly Silenced Whistleblowers
FTX Stops Sale of $500 Million Stake in AI Firm Anthropic: Report
FTX Recovers $7 Billion in Assets in Liquid Assets
WSJ: FTX Begins Talks on Reboot Amid Regulatory Crackdown on Crypto Exchanges
Bloomberg: Bankman-Fried's FTX Halts Sale of $500 Million AI Startup Anthropic Stake
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Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest crypto news. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
why the Azuki new NFT collection 'Elementals' caused such a controversy among holders
why Robert bought an Elemental and what was he expecting
who the Michael Milken of NFTs is, according to Tarun
how BitGo 'pulled a Binance' on Prime Trust
how Prime Trust, a crypto custodian, collapsed and was put into receivership
whether what Prime Trust did can be considered fraud and how the situation highlights DeFi's 'long term advantage'
why the majority of blockspace is EVM-compatible
what the problems are with current Layer 2 rollups such as Optimism and Arbitrum
why rollups are so 'political' in the Ethereum ecosystem
what makes Arbitrum better than Optimism, according to Tarun
what shared sequencers are and whether they will be the future in crypto
Why Haseeb is not so bullish on the app-chain thesis
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Disclosures Links
Unchained:
Polygon Cofounder Proposes Upgrading PoS Chain to zkEVM Validium
The Block:
Azuki NFT collections ends Elemental mint with $37.5 million
Fidelity preparing to submit spot bitcoin ETF filing: Source
CoinDesk:
Azuki NFT Prices Slide 44% After Creator Releases 'Basically Identical' Elementals
Nevada Files to Place Crypto Custodian Prime Trust Into Receivership
Azuki’s thread on its situation
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Aaron Kaplan, co-CEO of Prometheum, the trading platform that recently acquired a special-purpose broker dealer license for digital asset securities, has become a major lightning rod in the crypto community. Does the firm represent, as Kaplan has argued, a compliant path forward for crypto in the United States? Or, as Paradigm Special Counsel Rodrigo Seira maintains, does it only demonstrate that the SEC’s crypto regime is simply unworkable? The two join the show to debate the specifics – and it certainly gets heated. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
whether it is even possible to compliantly register a crypto exchange in the U.S. following SEC Chair Gary Gensler’s recent public statements
which tokens Prometheum can list, if any
why Rodrigo and Aaron disagree over what constitutes a security
whether the Howey Test applies in secondary market transactions for tokens sold pursuant to a SAFT
why Aaron says that Paradigm should reassess its entire thesis and that the status quo benefits venture capital firms like Paradigm
why Rodrigo says Prometheum has a license, but not a business
who would be responsible for providing required disclosures for a decentralized network like Ethereum
how many tokens Aaron expects to list on the Prometheum platform
whether Aaron and Prometheum had specific discussions with the SEC about what tokens are securities
Aaron’s response to allegations that the Chinese Communist Party is infiltrating the U.S. financial system through Prometheum
whether Aaron had previewed the questions he was asked by representatives in his Congressional hearing
what they believe should be included in disclosures about tokens if federal securities laws didn’t exist and guidelines for disclosures were written from scratch
what Aaron has to say about the Blockchain Association’s recent FOIA request
whether Prometheum is open to being acquired by other entity
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Guest:
Aaron Kaplan, co-CEO and co-founder of Prometheum.
Previous appearance on Unchained:
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
Aaron’s written testimony
Rodrigo Seira, special counsel at Paradigm.
Rodrigo’s thread on Prometheum
Links
Unchained:
Crypto Community Unearths Questionable History of SEC-Aligned Prometheum
Former SEC Cyber Chief Calls the Agency’s Way of Labeling Tokens Securities ‘Not Fair’
Investopedia: Schwab and Fidelity-Backed Crypto Exchange EDX Goes Live, Adds More Backers
CoinDesk:
Gary Gensler’s Catch-22 Vision of ‘Regulated’ Crypto Brokers
Key Takeaways From House Hearing on Future of Digital Assets
The Crypto Basic: Prometheum Founder Says SEC Will Win Ripple Lawsuit, XRP Community Reacts
Digital Asset Investor’s video on SEC setting up a Chinese back door into crypto
Thread from Blockchain Association’s Marisa Coppel
Adam Cochran points out a slew of details that call Prometheum into question.
Matt Walsh questions how Kaplan can be called a securities expert since the law school he earned his degree from is now unaccredited by the American Bar Association.
A clip from Aaron’s exchange with U.S. Rep Mike Flood
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Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest crypto news. With BTC topping $30,000, the gang tackles the apparent surge in institutional bitcoin interest, with BlackRock’s spot ETF application spawning a bumper crop of similar bids. Why did all these TradFi players act at the same time? That, plus a look at the drama surrounding SEC-friendly Prometheum’s Congressional testimony and what Haseeb and Robert see as the trading platform’s many “red flags.” Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
the not-so logical reasons why the markets are up
whether GBTC’s ETF conversion will also get approved if BlackRock’s bitcoin ETF gets the SEC go-ahead
how all the applications were ready and were “waiting for some sign,” according to Robert
whether Grayscale will have to sell the underlying assets of its GBTC trust
why a bitcoin spot ETF is more retail-friendly than a bitcoin futures one
how plausible it is that London becomes a leading crypto hub
the drama around Prometheum’s testimony before Congress
the “shady” details of Prometheum’s track record, according to Haseeb
why Tarun says that the venture-funded exchanges have “completely failed on many different levels” and what tokens he would list
what happened with Curve founder Michael Egorov’s loan on Aave and why Gauntlet, Tarun’s company, advocated freezing the CRV market in the lending protocol
why the Aave community rejected the proposal
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Disclosures Links
Unchained:
3AC Founders Launch Venture Capital Firm
Binance.US Briefly Displays Bitcoin Price at $138,000
Invesco and WisdomTree Follow BlackRock, Reapply for Bitcoin ETFs
BlackRock Files for Bitcoin Spot ETF - Coinbase
WSJ: Crypto Exchange Backed by Citadel Securities, Fidelity, Schwab Starts Operations
Cointelegraph:
Blockchain Assoc. requests info on Prometheum over ‘suspicious’ approval
Aave proposal to freeze alleged Curve founder’s loans draws controversy
CoinDesk: Andreessen Horowitz (a16z) Chooses U.K. as Destination for First Office Outside U.S.
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The SEC has swatted down so many spot bitcoin ETF applications that crypto diehards simply gave up caring. Then comes TradFi giant BlackRock – at the height of the SEC’s crypto crackdown, no less – with an ETF application that has seemingly changed the calculus. Bloomberg Intelligence ETF watcher James Seyffart joins the show to unpack the odds of BlackRock being the first to win approval, and what it would mean for other players in the space chasing down TradFi’s “holy grail.” Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
why the SEC rejected all of the previous bitcoin spot ETF applications
what makes the application from BlackRock, the world’s largest asset manager, different
what a 19b-4 filing is and how it relates to the BlackRock application
whether BlackRock “knows something,” considering the recent enforcement actions against major crypto exchanges
why being a first mover is a considerable advantage in the ETF market
whether BlackRock choosing Coinbase as a custodian is a risk, given that the SEC is in a legal battle with Coinbase
what’s different about a spot bitcoin ETF, and why a bitcoin futures ETF is not enough
what are the differences between the applications filed by BlackRock, Invesco, WisdomTree and Valkyrie
which are the applications that are most likely to be approved, according to James
what the impact will be of Grayscale’s lawsuit against the SEC over the denial of its proposal to convert GBTC to an ETF
why James says that Gary Gensler could be thinking like a politician as it relates to spot bitcoin ETFs
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Guest
James Seyffart, Research analyst at Bloomberg Intelligence Links
Previous coverage of Unchained on the topic:
Grayscale v. SEC: Who Won This Week’s Hearing?
Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF
$5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter
Bitwise’s Latest Plans to Get a Bitcoin ETF Approved
DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
The Block: BlackRock ETF launch would put pressure on Grayscale's valuation: Bloomberg analyst
CoinDesk: A Straightforward Explanation for Why Financial Giants Want to Issue a Spot Bitcoin ETF
Unchained:
Invesco and WisdomTree Follow BlackRock, Reapply for Bitcoin ETFs
BlackRock Files for Bitcoin Spot ETF
Valkyrie Applies for Bitcoin Spot ETF ‘BRRR’
Reuters:
Cboe files with U.S. SEC for third time to list ARK 21Shares Bitcoin ETF
US court questions SEC's rejection of Grayscale's bitcoin fund proposal
Barron’s: ETF: Invesco, WisdomTree Join Push. Why It Might Happen.
Blockworks: BlackRock, then Bitwise — How the spot bitcoin ETF filings differ
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The announcement of the upcoming launch of Uniswap v4 sparked fresh versions of old debates. Is it OK for DeFi’s leading DEX to not be fully open source at launch? What counts as composability and what counts as plagiarism? Is Uniswap’s dominance a threat to decentralization? Founder Hayden Adams joins the show to respond to the critics and explain the novel features of Uniswap v4.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
how Uniswap was born and how it has evolved since 2018
how the SushiSwap vampire attack was a win for Uniswap
whether the new version of Uniswap brings it closer to the true ethos of Ethereum
what the problems were with the previous fee model and how the new v4 approaches fee tiers
an explanation of “hooks,” the most important feature of the new code
what Hayden thinks the most common uses of hooks will be
how v4’s time-weighted average market maker (TWAMM) feature works
whether Hayden is worried that hooks will be engineered to do rug pulls
what Hayden thinks about v4’s new “singleton” approach
how EIP-1153 (if implemented) will make Uniswap v4 more efficient
when Hayden estimates that the v4 code will be deployed
why Uniswap decided to go with a four-year business license
Hayden’s response to allegations that Uniswap plagiarized Crocswap for its v4 code
whether there’s a risk that U.S. authorities blacklist certain transactions on v4
whether it is possible to add KYC and AML compliance into v4 pools
why Hayden is sad about the U.S. approach to regulating crypto
why he believes that Uniswap will not become a centralizing force
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Guest:
Hayden Adams, founder of Uniswap Links
Unchained:
Uniswap Releases Draft Code for V4
Uniswap V3 Forks Are Now Legal After BSL Expiry
Liquidity Pools: How DEXes Allow Trading
Uniswap: Our Vision for Uniswap v4
EIP-1153: Transient storage opcodes
v4-core/LICENSE at main · Uniswap/v4-core · GitHub
Frax Finance’s Sam Kazemian tweet
TWAMM - Paradigm
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SEC Commissioner Hester Peirce has a reputation in the industry for being more supportive of crypto than her peers. After a rough year for the industry, Peirce weighs in on whether the agency was right in recently naming several crypto tokens as securities, the state of the current regulatory framework, and the slow pace of change. “All I can say is that I’ve been at the agency for over five years, and it’s very frustrating to me that in that time we haven’t done something more productive,” Peirce tells Unchained. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
what would Peirce do to regulate crypto if she were chair of the SEC
whether the SEC was right in alleging that SOL, ADA, MATIC, and more are securities
why Peirce says the SEC’s current approach will take many years to find a resolution
whether special purpose broker-dealer licenses are a solution
why Peirce believes that the existing regulatory framework is not enough to oversee digital assets
her views on the pressing need to find a way to make existing regulations comport with a technology that doesn’t require intermediaries
whether the fact that many SEC employees worked on the Hinman speech reflects the opinion of the agency as a whole
why Peirce is “very frustrated” after five years of working at the SEC
why she’s been seen as the “Crypto Mom” and why she thinks it’s so important to provide a clear regulatory framework
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Guest Hester M. Peirce, SEC Commissioner Links
Previous coverage of Unchained on the topic:
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’
Unchained:
SEC Sues Coinbase for Breaking Securities Laws
SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit
US House Republicans Propose Bill That May Give Crypto Assets a Path to Becoming Commodities
Coinbase Seeks to Compel SEC Response to Rulemaking Petition
The Block:
Ripple calls for investigation into former SEC official after document release
Former SEC director Hinman's plan to call Vitalik Buterin revealed in suit
SEC comments on Hinman speech released in Ripple Labs filing
WSJ: Who Is Brian Armstrong? Coinbase CEO Is Taking On the SEC
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Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner, chop it up about the latest news. In this episode, Robert stirs the debate over Hinman's 2018 speech and what it means for the debate at the SEC over whether BTC and ETH should be considered securities, the similarities between Ethereum and Solana, and how Binance.US is dealing with a move to freeze its assets. Moreover, the group kicks off with a brief history lesson on the infamous PEPE meme! Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
where the PEPE meme comes from
whether Mark Zuckerberg and the project Libra played a role in the animosity toward crypto
why Robert says that Hinman's speech in 2018 was crafted with broad inter-agency work, in contrast to what the SEC has been saying
how the documents show that the SEC didn't believe there was enough clarity to classify ETH as a security
whether these documents diminish Gary Gensler's claims that almost everything in crypto is a security
the similarities between Ethereum in 2017 and Solana at the moment
what the drama is in Solana around forking Alameda coins
what the new features of the Uniswap V4 draft code are
whether the 'hooks' in the new code facilitate rug pulls and introduce much more complexities
how Binance.US has dealt with the SEC lawsuit and request to freeze its assets
Robert's crazy idea to use Uniswap V4 and why Tarun killed it
what extreme sports represent crypto more accurately
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Disclosures Links
Unchained:
SEC Anticipates Responding to Coinbase Petition in 120 Days
Binance.US and SEC Work On Deal to Avoid Total Asset Freeze: Report Binance.US Says SEC’s Request to Freeze Assets Would End Crypto Exchange
Binance, Coinbase and Binance.US Record $4 Billion in Weekly Outflows
Uniswap Releases Draft Code for V4
The Block:
Ripple calls for investigation into former SEC official after document release
Former SEC director Hinman's plan to call Vitalik Buterin revealed in Ripple lawsuit
SEC comments on Hinman speech released in Ripple Labs filing
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On June 1, Hong Kong implemented new crypto regulations to license exchanges. Two experts – Angelina Kwan, CEO of Stratford Finance (and former COO of BitMEX), and Adrian Lai, founder and managing partner of Newman Capital – weigh in on the new rules in Hong Kong, which tokens can be listed, recent reports that China may be sanctioning this activity, and how the crypto community is responding so far. Plus, they dissect the latest developments of the digital yuan, whether China will ever embrace public blockchains, and the shifting global regulatory landscape for crypto, and more. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
Angelina’s and Adrian’s backgrounds in crypto in Hong Kong
how crypto in Hong Kong has evolved over the years
what the new Hong Kong Securities and Futures Commission (SFC) rules consist of, including which tokens will be allowed in the newly licensed exchanges
how the Hong Kong Monetary Authority (HKMA) has taken onboarding crypto companies in the banking system very seriously
why Angelina says that crypto companies have already stopped leaving Hong Kong
how some people are worried how a potential crackdown on crypto in China could affect Hong Kong
why the SFC has committed to issuing a paper on tokenization and why it is particularly interested in real estate
the importance of the development of the digital yuan
whether the new regulations in Hong Kong mean that China is prepared to adopt crypto in the mainland
how China is 'excelling' at adopting real-world use cases, according to Angelina
why you can't say “NFTs” in China and why the metaverse represents a “huge problem,” according to Adrian
whether China will let public blockchains succeed
how the global regulatory landscape has been changing and what it means for the future of digital assets
whether Africa is the next frontier of growth and what role the Middle East is playing
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Guests:
Angelina Kwan, CEO of Stratford Finance
Adrian Lai, founder and managing partner of Newman Capital
Links
CoinDesk:
Hong Kong Securities Regulator to Accept License Applications for Crypto Exchanges Starting June 1
How Hong Kong Is Gearing Up to Regulate Stablecoins
Cointelegraph:
Hong Kong’s regulatory lead sets it up to be major crypto hub
China doles out millions in digital yuan in bid to boost adoption: Report
Chinese city public servants to receive digital yuan salaries starting May
TechCrunch:
Hong Kong’s crypto rules help it fit in more than stand out, but experts say that’s good
A peek into China’s stance on web3
CNBC: One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China’s crackdown
Bloomberg: Hong Kong’s Crypto Hub Ambitions Win Quiet Backing From Beijing
Hong Kong Securities and Futures Commission: SFC concludes consultation on regulation of virtual asset trading platforms
South China Morning Post: Hong Kong’s crypto market will not have ‘light-touch regulation’, HKMA chief says as city prepares new rules
Forkast: China: Zhengzhou City proposes metaverse plan
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On Monday, it was Binance. On Tuesday, Coinbase. Electric Capital General Counsel Emily Meyers joins the show to read between the lines of an action-packed week for Gary Gensler’s SEC. Meyers lends her lawyerly eye to the key differences between the two lawsuits, the SEC’s potential strategy, and whether federal legislation will beat the courts in providing clarity. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
why Emily thinks the SEC’s actions don’t represent the end of crypto in the U.S.
what the similarities and differences are in the lawsuits against Coinbase and Binance
why it’s fundamental to the SEC’s allegations that the court determines that at least one of the named tokens is in fact a security
whether Coinbase and Binance will file motions to dismiss
whether allegations against Binance are comparable to those against FTX
whether Gary Gensler’s interactions with Binance in 2019 raise ethical questions about his involvement in the case
why Emily thinks that Gensler’s approach to crypto is not aligned with the SEC’s mission to protect investors
why the SEC allowed Coinbase to go public and is now suing them
how the SEC sued Coinbase only after the exchange sued the agency first
whether the Third Circuit will press the SEC to issue the rules that Coinbase has petitioned for
why Emily believes that there’s not an effective path for crypto companies to properly register in the U.S.
why the SEC has listed large-market-cap tokens such as SOL, ADA, and MATIC but has not gone after ETH
Thank you to our sponsors!
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Guest
Emily Meyers, general counsel at Electric Capital Links
Previous coverage of Unchained on the topic:
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
Coinbase's Legal Action Against the SEC: How It Will Likely Unfold
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’
LINKS
Unchained:
SEC Sues Coinbase for Breaking Securities Laws
SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’
SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit
US House Republicans Propose Bill That May Give Crypto Assets a Path to Becoming Commodities
Coinbase Seeks to Compel SEC Response to Rulemaking Petition
CoinDesk:
SEC Seeks Temporary Restraining Order to Freeze Binance.US Assets
Crypto Exchange Binance Says Gensler Once Offered to Be an 'Informal Advisor'
Binance Redirected $12B to Firms Controlled by CEO Changpeng Zhao, SEC Says
Fortune: Former Coinbase employee and his brother settle with the SEC, which again dodges proving whether cryptocurrencies are securities
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Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner, chop it up about the latest news. In this episode, the Blockchain Association’s Jake Chervinsky breaks down the cases against Binance and Coinbase – and how they are different from FTX – what it means for the crypto industry, and who may be next. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:
Why Jake believes that the Binance lawsuit didn’t present major surprises
Whether the SEC is trying to ban the crypto industry by enforcement
How Binance has been allegedly doing a huge amount of wash trading
Whether Gemini is next on the SEC’s enforcement action list
How CZ and Coinbase CEOs have responded to the complaints
How the market reacted to the lawsuits
What the differences are between the Binance case and FTX
Why the SEC is alleging that Coinbase is operating as an unregistered broker, exchange, and clearing agency
Whether token issuers can bring action against the SEC for harming their business or reputation
Whether the crypto industry doesn’t take the SEC seriously
Whether the EOS settlement in 2019 shows how inconsistent the SEC has been in its crypto enforcement actions
Whether these cases will have an impact in Congress and accelerate legislation
What would happen if Gary Gensler stops being the chair of the SEC
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest
Jake Chervinsky, chief policy officer at the Blockchain Association
Previous Unchained Appearances:
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
All Things Crypto Regulation With Jake Chervinsky
Disclosures Links
Unchained:
SEC Sues Coinbase for Breaking Securities Laws
SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’
SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit
US House Republicans Propose Bill That May Give Crypto Assets a Path to Becoming Commodities
Fortune: Former Coinbase employee and his brother settle with the SEC, which again dodges proving whether cryptocurrencies are securities
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Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. Show topics:highlights of Sam Bankman-Fried's interview with the New York Timeswhether SBF knew what was going on in his companies, and how that impacts potential prosecutionwhy Genesis and DCG are in financial trouble financial whether Genesis will file for bankruptcy or go through a restructuring processrevelations from BlockFi's bankruptcy filingnew info on why FTX bailed out BlockFi last summerwhat is going on with Binance’s recovery fund how Avi Eisenberg tried to pull off an attack on Aave how the banking industry works and whether Changpeng Zhao is the closest thing to a central bank in cryptohow DeFi responds in a crisis, and how it contrasts with CeFi’s recent implosionsHostsHaseeb Qureshi, managing partner at Dragonfly CapitalTarun Chitra, managing partner at Robot VenturesRobert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly CapitalEpisode LinksFTX:Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever SeenNYT: Sam Bankman-Fried’s interviewBill Ackman’s tweetInterview with Tiffany FongPrevious coverage of Unchained on FTX:Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 BillionIs the Collapse of Crypto Lending Over, or Is It Just Starting?Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ AssetsThe Chopping Block: FTX: The Biggest Collapse in the History of Crypto?Sam Bankman-Fried on How to Prevent the Next Terra and 3ACBlockFi: Unchained: Crypto Lender BlockFi Files for Bankruptcy as FTX’s Contagion Effects ContinueDecrypt: FTX, Alameda Owe BlockFi More Than $1 Billion: Court HearingGenesis:Ryan Selkis’ tweet on GenesisUnchained: Genesis Warns of Bankruptcy If Funding Plans Fail: ReportOn-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-ReservesWSJ: Crypto Lender Genesis Asks Binance and Apollo for CashDecrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575MPrevious coverage of Unchained on Genesis:Why Genesis Could Very Well Be Insolvent, Not Just Illiquid‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit GenesisDeFiPancakeswap flipped Uniswap in TVLUnchained: Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt’Aave Freezes 17 Low-Liquidity V2 Pools and Votes to Migrate 26 Assets to Ethereum V3Compound Finance Slashes Borrow Caps for 10 MarketsLearn more about your ad choices. Visit megaphone.fm/adchoices
Adam Cochran, partner at Cinneamhain Ventures, talks about the collapses suffered during this year, their impacts on big traditional finance players, and what’s coming in the crypto markets in the near future. Show highlights:whether Sam Bankman-Fried lied during his interview at the Deal Book Summitwhy SBF kept the number of FTX's engineers at such a low numberwhy Adam is optimistic about Genesis and DCGwhat options Genesis have to raise liquiditythe significance of a potential meltdown of DCG in the crypto industrywhy Adam is worried about Grayscale Bitcoin Trust (GBTC)what lessons can be learned from this crypto winterAdam's prognosis for crypto lending and for the crypto markets in generalthe impact of the bankruptcy of BlockFi and all the other centralized lendersTake Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.comAdam:TwitterThread on community buyoutPrevious Unchained episodes:Why 3AC’s Collapse Could Spell the Start of a Crypto Credit CrunchEpisode LinksBlockFi: Unchained: Crypto Lender BlockFi Files for Bankruptcy as FTX’s Contagion Effects ContinueDecrypt: FTX, Alameda Owe BlockFi More Than $1 Billion: Court HearingGenesis:Bloomberg: Genesis Creditors Seek Options to Keep Crypto Brokerage Out of BankruptcySemafor: Online news site CoinDesk attracts suitors amid crypto crashUnchained: Genesis Warns of Bankruptcy If Funding Plans Fail: ReportOn-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-ReservesWSJ: Crypto Lender Genesis Asks Binance and Apollo for CashDecrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575MThe Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'Previous coverage of Unchained on Genesis:Why Genesis Could Very Well Be Insolvent, Not Just Illiquid‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit GenesisFTX:Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever SeenPrevious coverage of Unchained on FTX:Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 BillionIs the Collapse of Crypto Lending Over, or Is It Just Starting?Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ AssetsThe Chopping Block: FTX: The Biggest Collapse in the History of Crypto?Sam Bankman-Fried on How to Prevent the Next Terra and 3ACLearn more about your ad choices. Visit megaphone.fm/adchoices
Michael Jordan, founder at DBA and former co-head of investments at Galaxy Digital, and Alex Pack, managing partner at Hack VC, talk about the potential insolvency of Genesis and DCG, the cycle of credit expansion, and the importance of DeFi to prevent these situations. Show highlights:
what will happen with Genesis and its parent company DCG
where the insolvency of Genesis might have come from
how the expansion of crypto lending in 2021 is impacting the markets and the role the Fed played in this expansion
how the Terra collapse kickstarted a ton of contagion effects in crypto companies
Alex's story of why he did not invest in Alameda in 2018
whether it is possible to prevent the "FTXs of the future"
the importance of assessing the quality of collateral assets
the story of when SBF called DeFi a "Ponzi black box"
the mystery of where FTX Ventures got the $2 billion it planned to invest
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Michael:
Previous Unchained episodes:
Is the Collapse of Crypto Lending Over, or Is It Just Starting?
Alex: Twitter Episode Links Previous coverage of Unchained on Genesis and FTX:
Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
Is the Collapse of Crypto Lending Over, or Is It Just Starting?
Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
Genesis:
Unchained:
Genesis Warns of Bankruptcy If Funding Plans Fail: Report
On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M
The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'
FTX Collapse:
First declaration document
Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
SBF tweet: FTX files for Chapter 11 bankruptcy protection
Bloomberg: Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto
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Gabriel Haines, a crypto content creator, comes on this 2022 Thanksgiving edition of Unchained to talk about his videos and leave a positive message for these holidays.
Show highlights:
how Gabriel started doing his very unique type of videos
Gabriel's hummus eating competition
how Gabriel's videos are "quite not professional"
how Gabriel is monetizing some of his videos with NFTs
whether NFTs are a solution for content creators
how Lee, Gabriel's wife, has also started creating some funny videos
how Web3 is going to change the traditional version of media in the Internet
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Ava Labs DeFi Saver
Gabriel: Twitter
Gabriel’s video with a machete
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Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news concerning the collapse of FTX.
Show topics:
the statements of newly appointed CEO John Ray in the first day declaration
why Tarun, Robert and Haseeb think SBF is possibly delusional or at least in denial
whether the assets of FTX and Alameda were commingled from the beginning or whether they had been separate and at a certain point, FTX loaned money to Alameda
whether the Bahamian government was the 'FTX' hacker
the theories of why Alameda started falling
how regulators and legislators are assessing the failure of FTX
whether SBF will get a pardon like Mark Rich and the chances of him being charged criminally
whether Genesis will go insolvent and its potential contagion effects
Take Unchained's 2022 survey! https://www.surveymonkey.com/r/unchained2022 Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital
Episode Links
Previous coverage of Unchained on FTX:
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
Is the Collapse of Crypto Lending Over, or Is It Just Starting?
Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse:
First declaration document
Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet
SBF tweet: FTX files for Chapter 11 bankruptcy protection
WSJ: FTX’s Sam Bankman-Fried Cashed Out $300 Million During Funding Spree
Vox interview with SBF: Sam Bankman-Fried tries to explain himself
NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed
Arthur Hayes’s article on SBF: ‘White Boy’
NYT: Elizabeth Holmes Is Sentenced to More Than 11 Years for Fraud Learn more about your ad choices. Visit megaphone.fm/adchoices
Kevin Zhou, cofounder of Galois Capital, and Jesse Powell, cofounder of Kraken, talk about why FTX collapsed, the warning signs, and whether it’s a catalyst for self-custodial adoption.
Show highlights:
the root causes of the FTX collapse, according to Jesse and Kevin
whether there were warning signs of all the risks that were to come
the importance of learning from mistakes, even for new people in the space
Kevin's response to the stuck funds in FTX
the debate about utilitarianism and SBF's effective altruism
whether the philosophy behind founders matter
Kevin's and Jesse's theories of how FTX and Alameda lost billions of dollars
how Alameda and FTX's books were commingled
whether people will start using self-custodial wallets
whether the fall of FTX vindicates BTC maximalism
whether regulation has been beneficial or harmful for American customers
the role of venture capital firms and their "mixed incentives"
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.com Chainalysis Minima
Kevin: Twitter
Previous Unchained episodes:
How Traders Are Thinking About the Merge — and a Potential ETHPoW Chain
Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge.
The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash
Jesse: Twitter
Previous Unchained episodes:
Jesse Powell, CEO of Kraken, on Drawing a Line With Regulators
Episode Links Previous coverage on Unchained of FTX: Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? – Ep. 422
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse: First declaration document
Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet
SBF tweet: FTX files for Chapter 11 bankruptcy protection
Vox interview with SBF: Sam Bankman-Fried tries to explain himself
NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed
Bloomberg: Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX
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Wassielawyer, a lawyer specializing in restructuring and insolvency, explains the first declaration from new FTX CEO John Ray in the company’s bankruptcy case.
Show highlights:
why CEO Ray said there's been a complete failure of corporate controls in FTX
how there was no separation of accounts between Alameda and FTX
whether FTX US customers are in a better position to recuperate their assets
why FTX's Bahamas unit is seeking protection under chapter 15 of the US bankruptcy code
why there's a jurisdictional battle, according to Wassie
whether the Bahamian government is responsible for letting deposits out of the platform
how former CEO Sam Bankman-Fried is trying to save the company
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.com Ava Labs DeFi Saver
Wassielawyer: Twitter
Thread on community buyout
Previous Unchained episodes:
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?
Episode Links Previous coverage of Unchained on FTX: The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse: First declaration document
FTX filed for Chapter 11 bankruptcy protection.
FTX Wasn’t Authorized to File for US Bankruptcy: Bahamas Liquidators
Vox interview with SBF
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Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra were joined by Laura Shin, CEO of the show, to chop it up about the collapse of FTX.
Show topics:
Haseeb's explanation of the blowup of FTX
whether FTX was a Ponzi scheme
Sam Bankman-Fried's strategy to become a billionaire
the weird sale of Serum, a project backed by SBF
the lack of proper accounting practices in FTX and Alameda
whether FTX did not have a proper and large enough security team
the likelihood that FTX’s volume numbers are fake
why Haseeb thinks this is one of the biggest catastrophes in venture history
the role of media in building SBF's character and the revindication of journalism
whether venture capital firms run propaganda for their portfolio companies
whether VC culture enabled this collapse to happen
the story of how Sam convinced Tom Brady to invest in FTX
the debate about effective altruism and whether SBF's EA caused his mistakes
whether FTX's failure will set the crypto industry back
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tom Schmidt, general partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Guests
Laura Shin, author, host of Unchained
Episode Links
Previous coverage of Unchained:
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
The Chopping Block: SBF on a Crazy Week of Bitfinex, Wormhole and ENS Drama
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse:
FTX filed for Chapter 11 bankruptcy protection
NYT’s “How Sam Bankman-Fried’s Crypto Empire Collapsed”
Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others.
$600 million hack
Unchained coverage:
Could FTX’s Bankruptcy Trigger a Domino Effect?
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Alameda’s Balance Sheet Sparks Controversy
Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra were joined by Laura Shin, CEO of the show, to chop it up about the collapse of FTX.
Show topics:
Haseeb's explanation of the blowup of FTX
whether FTX was a Ponzi scheme
Sam Bankman-Fried's strategy to become a billionaire
the weird sale of Serum, a project backed by SBF
the lack of proper accounting practices in FTX and Alameda
whether FTX did not have a proper and large enough security team
the likelihood that FTX’s volume numbers are fake
why Haseeb thinks this is one of the biggest catastrophes in venture history
the role of media in building SBF's character and the revindication of journalism
whether venture capital firms run propaganda for their portfolio companies
whether VC culture enabled this collapse to happen
the story of how Sam convinced Tom Brady to invest in FTX
the debate about effective altruism and whether SBF's EA caused his mistakes
whether FTX's failure will set the crypto industry back
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tom Schmidt, general partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Guests
Laura Shin, author, host of Unchained
Episode Links
Previous coverage of Unchained:
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
The Chopping Block: SBF on a Crazy Week of Bitfinex, Wormhole and ENS Drama
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse:
FTX filed for Chapter 11 bankruptcy protection
NYT’s “How Sam Bankman-Fried’s Crypto Empire Collapsed”
Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others.
$600 million hack
Unchained coverage:
Could FTX’s Bankruptcy Trigger a Domino Effect?
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Alameda’s Balance Sheet Sparks Controversy
Learn more about your ad choices. Visit megaphone.fm/adchoices
Wassielawyer, a lawyer specializing in restructuring and insolvency, and Thomas Braziel, founder and CEO of 507 Capital, talk about the bankruptcy of FTX.
Show highlights:
what the bankruptcy process of FTX is expected to look like
why FTX got to the the point of filing for bankruptcy protection
why Wassie thinks Alameda is dead
why FTX filed for bankruptcy in the US given that it's a Bahamian company
how FTX's balance sheet is composed and whether it includes Alameda
whether Justin Sun will be dragged into the bankruptcy
how FTX's terms of service differ from Celsius’s and Voyager’s
how the $600 million hack affects the bankruptcy proceeding
whether it's worth it to spend millions of dollars in law firms to go after the hacked money
what's the impact of the 192 million FTT tokens that were printed Saturday night
what will happen with the fork of Serum and the forked tokens
the consequences for all the projects that FTX invested in
why Wassie thinks that tokenizing the liabilities could be a good potential solution
how the FTX's bankruptcy affects Voyager's proceedings and customers
whether FTX’s bankruptcy has put BlockFi in trouble
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima
Wassielawyer: Twitter
Thread on community buyout
Previous Unchained episodes:
Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?
Thomas: Twitter
507 Capital
Previous Unchained episodes:
Will Celsius Survive the Bankruptcy Process?
Episode Links Previous coverage of Unchained on FTX: Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse: FTX filed for Chapter 11 bankruptcy protection
Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others.
$600 million hack
Unchained coverage:
The Bahamas Loophole: FTX Users Buy KYC Accounts to Withdraw Crypto
Could FTX’s Bankruptcy Trigger a Domino Effect?
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero
Contagion: Serum Fork in the Works Amid Fears That FTX-Owned Upgrade Keys Are Compromised
BlockFi Halts Withdrawals Amid FTX Crisis
Voyager had to reopen the bidding process for its assets
Learn more about your ad choices. Visit megaphone.fm/adchoices
Wassielawyer, a lawyer specializing in restructuring and insolvency, and Thomas Braziel, founder and CEO of 507 Capital, talk about the bankruptcy of FTX.
Show highlights:
what the bankruptcy process of FTX is expected to look like
why FTX got to the the point of filing for bankruptcy protection
why Wassie thinks Alameda is dead
why FTX filed for bankruptcy in the US given that it's a Bahamian company
how FTX's balance sheet is composed and whether it includes Alameda
whether Justin Sun will be dragged into the bankruptcy
how FTX's terms of service differ from Celsius’s and Voyager’s
how the $600 million hack affects the bankruptcy proceeding
whether it's worth it to spend millions of dollars in law firms to go after the hacked money
what's the impact of the 192 million FTT tokens that were printed Saturday night
what will happen with the fork of Serum and the forked tokens
the consequences for all the projects that FTX invested in
why Wassie thinks that tokenizing the liabilities could be a good potential solution
how the FTX's bankruptcy affects Voyager's proceedings and customers
whether FTX’s bankruptcy has put BlockFi in trouble
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima
Wassielawyer: Twitter
Thread on community buyout
Previous Unchained episodes:
Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?
Thomas: Twitter
507 Capital
Previous Unchained episodes:
Will Celsius Survive the Bankruptcy Process?
Episode Links Previous coverage of Unchained on FTX: Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse: FTX filed for Chapter 11 bankruptcy protection
Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others.
$600 million hack
Unchained coverage:
The Bahamas Loophole: FTX Users Buy KYC Accounts to Withdraw Crypto
Could FTX’s Bankruptcy Trigger a Domino Effect?
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero
Contagion: Serum Fork in the Works Amid Fears That FTX-Owned Upgrade Keys Are Compromised
BlockFi Halts Withdrawals Amid FTX Crisis
Voyager had to reopen the bidding process for its assets
Learn more about your ad choices. Visit megaphone.fm/adchoices
Erik Voorhees, founder of ShapeShift, and Jordan Fish, aka Cobie, crypto investor and host of UpOnly, talk about the collapse of FTX.
Show highlights:
the links between FTX and Alameda
what kickstarted the blowup of FTX
why Erik and Cobie think that Bankman-Fried's behavior was “sociopathic”
why the $10 billion hole is so shocking to Cobie considering the advantages that FTX had as a company
whether this would have ever happened if the prices hadn’t plummeted in the bear market
the tension between advocates of privacy and those who want to limit criminal activity
why Erik believes that SBF’s donations to both political parties are bribery
whether regulators can prevent an exchange from collapsing
whether Changpeng Zhao did a better job at investigating FTX than anyone at the SEC
the likelihood that this will result in criminal charges
how blockchain technology is the solution to the problem of centralized exchanges doing things in the dark
Tether’s decision to freeze USDT owned by FTX
Erik’s response to Bitcoin maximalists who say FTX was caused by altcoins
whether it is a mistake for exchanges to issue their own tokens
how big the contagion could be in the industry
why nobody should leave a significant amount of their net worth in a centralized exchange
Erik’s message to regulators
whether SBF was aligned with the values and the ethos of crypto
Thank you to our sponsors! Crypto.com Ava Labs DeFi Saver
Erik:
ShapeShift
Previous Unchained episodes:
Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit
Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State
Cobie:
Substack
UpOnly
Previous Unchained episodes:
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
Episode Links Previous coverage of Unchained:
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
FTX Collapse:
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
SBF’s video talking to regulators
Unchained coverage:
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero
Binance’s dropped deal with FTX
CZ’s announcement
SBF’s announcement
Binance’s merkle-tree proof-of-reserves
Unchained coverage:
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
There are Rumors that Alameda Went Down With 3AC in Q2
Alameda Owes More Than $30M in DeFi Debt
Coinbase and Genesis Declare No Exposure to Collapsing FTX
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Binance to Liquidate Millions Worth of its FTX’s Token Holdings
FTX’s Stablecoin Reserves Hit One-Year Low
Alameda’s Balance Sheet Sparks Controversy
Crypto regulation
Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
Learn more about your ad choices. Visit megaphone.fm/adchoices
Erik Voorhees, founder of ShapeShift, and Jordan Fish, aka Cobie, crypto investor and host of UpOnly, talk about the collapse of FTX.
Show highlights:
the links between FTX and Alameda
what kickstarted the blowup of FTX
why Erik and Cobie think that Bankman-Fried's behavior was “sociopathic”
why the $10 billion hole is so shocking to Cobie considering the advantages that FTX had as a company
whether this would have ever happened if the prices hadn’t plummeted in the bear market
the tension between advocates of privacy and those who want to limit criminal activity
why Erik believes that SBF’s donations to both political parties are bribery
whether regulators can prevent an exchange from collapsing
whether Changpeng Zhao did a better job at investigating FTX than anyone at the SEC
the likelihood that this will result in criminal charges
how blockchain technology is the solution to the problem of centralized exchanges doing things in the dark
Tether’s decision to freeze USDT owned by FTX
Erik’s response to Bitcoin maximalists who say FTX was caused by altcoins
whether it is a mistake for exchanges to issue their own tokens
how big the contagion could be in the industry
why nobody should leave a significant amount of their net worth in a centralized exchange
Erik’s message to regulators
whether SBF was aligned with the values and the ethos of crypto
Thank you to our sponsors! Crypto.com Ava Labs DeFi Saver
Erik:
ShapeShift
Previous Unchained episodes:
Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit
Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State
Cobie:
Substack
UpOnly
Previous Unchained episodes:
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
Episode Links Previous coverage of Unchained:
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
FTX Collapse:
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
SBF’s video talking to regulators
Unchained coverage:
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero
Binance’s dropped deal with FTX
CZ’s announcement
SBF’s announcement
Binance’s merkle-tree proof-of-reserves
Unchained coverage:
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
There are Rumors that Alameda Went Down With 3AC in Q2
Alameda Owes More Than $30M in DeFi Debt
Coinbase and Genesis Declare No Exposure to Collapsing FTX
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Binance to Liquidate Millions Worth of its FTX’s Token Holdings
FTX’s Stablecoin Reserves Hit One-Year Low
Alameda’s Balance Sheet Sparks Controversy
Crypto regulation
Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt were joined by Nic Carter, reformed Bitcoin Maxi, and Laura Shin, CEO of the show, to chop it up about Binance’s buyout of FTX.
Show topics:
Haseeb's tl;dr of Binance's possible acquisition of FTX
whether Alameda is the new Three Arrows Capital
the implications of FTX's collapse for regulators and lawmakers
what will happen to all the companies that lent money to Alameda
Sam Bankman-Fried's emergency effort to raise billions of dollars
whether there could be criminal charges against FTX
why FTX was not as profitable as other derivative exchanges
what the probabilities are of Binance actually buying FTX
whether the enterprise value of FTX is negative
Tom's concerns about the concentration in the industry
how FTX's implosion will impact crypto venture capital firms
whether Solana can survive without SBF's support
how the lack of transparency kicked off this situation and how blockchains help solve this issue
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tom Schmidt, general partner at Dragonfly Capital
Guests
Nic Carter, reformed Bitcoin Maxi
Nic’s proof of reserves
Laura Shin, author, host of Unchained
Episode Links
Previous coverage of Unchained:Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
Acquisition of FTX CZ’s announcement
SBF’s announcement
Binance’s merkle-tree proof-of-reserves
Unchained coverage:
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
There are Rumors that Alameda Went Down With 3AC in Q2
Alameda Owes More Than $30M in DeFi Debt
Coinbase and Genesis Declare No Exposure to Collapsing FTX
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Binance to Liquidate Millions Worth of its FTX’s Token Holdings
FTX’s Stablecoin Reserves Hit One-Year Low
Alameda’s Balance Sheet Sparks Controversy
Crypto regulation Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt were joined by Nic Carter, reformed Bitcoin Maxi, and Laura Shin, CEO of the show, to chop it up about Binance’s buyout of FTX.
Show topics:
Haseeb's tl;dr of Binance's possible acquisition of FTX
whether Alameda is the new Three Arrows Capital
the implications of FTX's collapse for regulators and lawmakers
what will happen to all the companies that lent money to Alameda
Sam Bankman-Fried's emergency effort to raise billions of dollars
whether there could be criminal charges against FTX
why FTX was not as profitable as other derivative exchanges
what the probabilities are of Binance actually buying FTX
whether the enterprise value of FTX is negative
Tom's concerns about the concentration in the industry
how FTX's implosion will impact crypto venture capital firms
whether Solana can survive without SBF's support
how the lack of transparency kicked off this situation and how blockchains help solve this issue
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tom Schmidt, general partner at Dragonfly Capital
Guests
Nic Carter, reformed Bitcoin Maxi
Nic’s proof of reserves
Laura Shin, author, host of Unchained
Episode Links
Previous coverage of Unchained:Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
Acquisition of FTX CZ’s announcement
SBF’s announcement
Binance’s merkle-tree proof-of-reserves
Unchained coverage:
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
There are Rumors that Alameda Went Down With 3AC in Q2
Alameda Owes More Than $30M in DeFi Debt
Coinbase and Genesis Declare No Exposure to Collapsing FTX
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Binance to Liquidate Millions Worth of its FTX’s Token Holdings
FTX’s Stablecoin Reserves Hit One-Year Low
Alameda’s Balance Sheet Sparks Controversy
Crypto regulation Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
Learn more about your ad choices. Visit megaphone.fm/adchoices
Lyn Alden, founder of Lyn Alden Investment Strategy, and Udi Wertheimer, a recovering Bitcoin maxi, talk about Bitcoin Maximalism, how Bitcoin is developing, and what’s the future of Bitcoin’s security model. Show highlights:
What the definition of Bitcoin maximalism is
whether BTC maximalism is toxic
whether Vitalik Buterin is still a bitcoiner and how Bitcoiners became the 'token police', according to Udi
why Lyn thinks Bitcoin has been attacked by the media since the beginning
the attacks by Bitcoin maximalists on Nic Carter and Andreas Antonopoulos
how adoption kicked in during previous cycles and why it benefitted BTC
what the different types of Bitcoiners are
what developments are being made around Bitcoin
the importance of Bitcoin being permissionless
what the use cases for Bitcoin are and whether it’s still a highly speculative asset
whether people care about using decentralized payment tools
how Lyn defines ‘ultra sound money’ and why she thinks that Bitcoin is better at that than ETH
whether Bitcoin’s security model needs to be fixed
why being able to run a node is essential for censorship resistance
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Udi:
Substack
Previous Unchained episodes:
Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’
Lyn:
Website
Previous Unchained episodes:
How Will Inflation Impact Crypto?
Is Ethereum a Good Investment?
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin
Episode Links Previous Coverage of Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
Bitcoin’s culture and security
Bitcoin Maximalism Is Dead, Long Live Bitcoin Maximalism by Pete Rizo
Setting the record straight by Nic Carter
The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis
Geeks, MOPs, and sociopaths in subculture evolution by David Chapman
Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin Bons’ thread on BTC security model
A (brief and incomplete) history of censorship in /r/Bitcoin by John Blocke
Ultra sound money Learn more about your ad choices. Visit megaphone.fm/adchoices
Lyn Alden, founder of Lyn Alden Investment Strategy, and Udi Wertheimer, a recovering Bitcoin maxi, talk about Bitcoin Maximalism, how Bitcoin is developing, and what’s the future of Bitcoin’s security model. Show highlights:
What the definition of Bitcoin maximalism is
whether BTC maximalism is toxic
whether Vitalik Buterin is still a bitcoiner and how Bitcoiners became the 'token police', according to Udi
why Lyn thinks Bitcoin has been attacked by the media since the beginning
the attacks by Bitcoin maximalists on Nic Carter and Andreas Antonopoulos
how adoption kicked in during previous cycles and why it benefitted BTC
what the different types of Bitcoiners are
what developments are being made around Bitcoin
the importance of Bitcoin being permissionless
what the use cases for Bitcoin are and whether it’s still a highly speculative asset
whether people care about using decentralized payment tools
how Lyn defines ‘ultra sound money’ and why she thinks that Bitcoin is better at that than ETH
whether Bitcoin’s security model needs to be fixed
why being able to run a node is essential for censorship resistance
Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Udi:
Substack
Previous Unchained episodes:
Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’
Lyn:
Website
Previous Unchained episodes:
How Will Inflation Impact Crypto?
Is Ethereum a Good Investment?
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin
Episode Links Previous Coverage of Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
Bitcoin’s culture and security
Bitcoin Maximalism Is Dead, Long Live Bitcoin Maximalism by Pete Rizo
Setting the record straight by Nic Carter
The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis
Geeks, MOPs, and sociopaths in subculture evolution by David Chapman
Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin Bons’ thread on BTC security model
A (brief and incomplete) history of censorship in /r/Bitcoin by John Blocke
Ultra sound money Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry.
Show topics:
Elon Musk’s acquisition of Twitter – and its effect on DOGE
the irony that people working in centralized companies want to decentralize Twitter
whether Twitter is going to become like Facebook
why Twitter has been the most pro-crypto among big tech companies
why Tarun thinks Binance Pay is an impressive product
whether it is possible to run a decentralized social media for billions of users
the debate between Sam Bankman-Fried and Erik Voorhees about crypto regulation
whether crypto exchange CEOs are true believers in the philosophy of crypto
why Haseeb believes Sam Bankman-Fried is a very honest person
how Reddit used a simple strategy to gain massive adoption
whether it is necessary to rebrand NFTs
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital
Episode Links
Twitter acquisition What Are the Potential Impacts of Musk’s Twitter Purchase?
Sam Bankman-Fried, founder and CEO of FTX, will receive between $50 million and $100 million from Elon Musk’s purchase of Twitter.
Vitalik Buterin said Musk’s idea of charging $8 a month for a blue check on Twitter could “damage the blue check's anti-scam role.”
Binance CEO Changpeng Zhao said he would join Twitter’s board if Elon Musk asked him to.
Crypto regulation Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
Alameda’s Balance Sheet Sparks Controversy Trojan Horse of NFTs? Reddit Onboards 3M Wallets as Trading Volume Soars Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry.
Show topics:
Elon Musk’s acquisition of Twitter – and its effect on DOGE
the irony that people working in centralized companies want to decentralize Twitter
whether Twitter is going to become like Facebook
why Twitter has been the most pro-crypto among big tech companies
why Tarun thinks Binance Pay is an impressive product
whether it is possible to run a decentralized social media for billions of users
the debate between Sam Bankman-Fried and Erik Voorhees about crypto regulation
whether crypto exchange CEOs are true believers in the philosophy of crypto
why Haseeb believes Sam Bankman-Fried is a very honest person
how Reddit used a simple strategy to gain massive adoption
whether it is necessary to rebrand NFTs
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital
Episode Links
Twitter acquisition What Are the Potential Impacts of Musk’s Twitter Purchase?
Sam Bankman-Fried, founder and CEO of FTX, will receive between $50 million and $100 million from Elon Musk’s purchase of Twitter.
Vitalik Buterin said Musk’s idea of charging $8 a month for a blue check on Twitter could “damage the blue check's anti-scam role.”
Binance CEO Changpeng Zhao said he would join Twitter’s board if Elon Musk asked him to.
Crypto regulation Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
Alameda’s Balance Sheet Sparks Controversy Trojan Horse of NFTs? Reddit Onboards 3M Wallets as Trading Volume Soars Learn more about your ad choices. Visit megaphone.fm/adchoices
Nick Hansen, cofounder and CEO of Luxor Technologies, talks about the Bitcoin mining industry, why some miners are struggling while others are succeeding, and the next steps for the industry. Show highlights:
the current state of the Bitcoin mining industry
why miners have the lowest margin environment ever
why there are so many mining rigs sitting latent
how to calculate the profitability of mining cryptocurrency
why miners are not moving to other countries for lower energy prices
what the impact of a Core Scientific bankruptcy would be
whether finance pools to aid struggling miners are helpful
why some miners are succeeding in this environment
whether Bitcoin miners can adopt renewable resources and help with the transition to green energy
how the mining industry is going to change in the following years
Take the Unchained Podcast survey for 2022! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.com Ava Labs DeFi Saver Nick Twitter
Luxor Technologies
Episode links Troubled miners: Bondholders of Troubled Bitcoin Miner Core Scientific Said to Be Working With Lawyers
A Huge Glut of Bitcoin Mining Rigs Is Sitting Unused in Boxes
Bitcoin Miner Iris Energy Says Some Machines Aren't Covering Financing Costs
Bitcoin Miner Argo Blockchain Fears Negative Cash Flow as $27M Raise Fails
Bitcoin mining hosting company Compute North filed for Chapter 11 bankruptcy protection
Miners currently weathering the storm: Bitcoin Miner CleanSpark Spends Millions on Equipment as Others Struggle Amid Market Conditions
Bitcoin Miner Stronghold Digital Completes Debt Restructuring
Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash-Flow Positive
Crypto Miner Marathon Digital Mines Record 615 Bitcoin in October
Green energy:Solar-Powered Bitcoin Miner Aspen Creek Raises $8M Despite Bear Market Finance Pools: DeFi Platform Maple Finance Aims to Help Struggling Bitcoin Miners With $300M Lending Pool
Binance Pool To Support BTC Mining Industry With a $500M Miner Lending Project
Learn more about your ad choices. Visit megaphone.fm/adchoices
Nick Hansen, cofounder and CEO of Luxor Technologies, talks about the Bitcoin mining industry, why some miners are struggling while others are succeeding, and the next steps for the industry. Show highlights:
the current state of the Bitcoin mining industry
why miners have the lowest margin environment ever
why there are so many mining rigs sitting latent
how to calculate the profitability of mining cryptocurrency
why miners are not moving to other countries for lower energy prices
what the impact of a Core Scientific bankruptcy would be
whether finance pools to aid struggling miners are helpful
why some miners are succeeding in this environment
whether Bitcoin miners can adopt renewable resources and help with the transition to green energy
how the mining industry is going to change in the following years
Take the Unchained Podcast survey for 2022! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.com Ava Labs DeFi Saver Nick Twitter
Luxor Technologies
Episode links Troubled miners: Bondholders of Troubled Bitcoin Miner Core Scientific Said to Be Working With Lawyers
A Huge Glut of Bitcoin Mining Rigs Is Sitting Unused in Boxes
Bitcoin Miner Iris Energy Says Some Machines Aren't Covering Financing Costs
Bitcoin Miner Argo Blockchain Fears Negative Cash Flow as $27M Raise Fails
Bitcoin mining hosting company Compute North filed for Chapter 11 bankruptcy protection
Miners currently weathering the storm: Bitcoin Miner CleanSpark Spends Millions on Equipment as Others Struggle Amid Market Conditions
Bitcoin Miner Stronghold Digital Completes Debt Restructuring
Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash-Flow Positive
Crypto Miner Marathon Digital Mines Record 615 Bitcoin in October
Green energy:Solar-Powered Bitcoin Miner Aspen Creek Raises $8M Despite Bear Market Finance Pools: DeFi Platform Maple Finance Aims to Help Struggling Bitcoin Miners With $300M Lending Pool
Binance Pool To Support BTC Mining Industry With a $500M Miner Lending Project
Learn more about your ad choices. Visit megaphone.fm/adchoices
Sterling Crispin, artist and software developer and Holly Herndon, host of the Interdependence podcast, talk about the problems that creators face, some potential solutions, and the debate over creator royalties.
Show highlights:
how Holly and Sterling got into crypto
how Holly used the Holly Plus Project to pay royalties
how NFTs change the economic experience of being a creator
how creators make money and why it is so difficult for most of them
whether NFT royalties are necessary for artists
why creators are the ones that should decide to charge royalties or not
how the enforcement of royalties also occurs in the traditional art world
whether NFT royalties only benefit big players vs. smaller creators
what shifts could make paying royalties a norm, the way paying for music streaming became a norm over piracy
other solutions to helping creators earn from their work besides NFT royalties
whether NFT creators should use blocklists
whether people objecting to blocklists can be hypocritical about decentralization
whether creators can build their own marketplaces
how a profit-sharing model among creators could work
Thank you to our sponsors! Crypto.com Chainalysis Minima
Sterling:
Website
Blog post: NFTs and Crypto Art: The Sky Is not Falling
Holly:
Podcast
Holly's AI Video
Episode Links
Previous episodes of The Chopping Block debating NFT Royalties:
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
The Chopping Block: Was This Gary Gensler’s Most Liked Tweet?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
NFT Royalties
Magic Eden
Magic Eden Moves to Optional Royalties and Heats Up the Debate
MetaShield
Solana Could Get Enforceable NFT Royalties Via New Metaplex Standard
Why NFT royalties are almost impossible to enforce on-chain
Galaxy Digital report showing that Nike and Yuga Labs earned the most in NFT royalties.
Royalties in NFTs: Yes, no, and why?
Royalties Chaos Shows Ethereum NFT Market 'More Serious' Than Solana: Fidenza Artist Tyler Hobbs
Artists’ Royalties by BlackBox.art
On Royalties by foobar
Kyle Samani thread on verticalization
Potential solutions
Collector Royalties
Collector Royalties Eligibility Expansion — Aug ‘21
How do they work
Profit Sharing
Cardinal Labs
Metaplex Standard
Exchange Royalties Guarantee
NFTs for n00bs: A brief history of tokens and tulips, NFT aesthetics, energy dramas, fan
brigades, social tokens and the metaverse with Daniel Keller Learn more about your ad choices. Visit megaphone.fm/adchoices
Sterling Crispin, artist and software developer and Holly Herndon, host of the Interdependence podcast, talk about the problems that creators face, some potential solutions, and the debate over creator royalties.
Show highlights:
how Holly and Sterling got into crypto
how Holly used the Holly Plus Project to pay royalties
how NFTs change the economic experience of being a creator
how creators make money and why it is so difficult for most of them
whether NFT royalties are necessary for artists
why creators are the ones that should decide to charge royalties or not
how the enforcement of royalties also occurs in the traditional art world
whether NFT royalties only benefit big players vs. smaller creators
what shifts could make paying royalties a norm, the way paying for music streaming became a norm over piracy
other solutions to helping creators earn from their work besides NFT royalties
whether NFT creators should use blocklists
whether people objecting to blocklists can be hypocritical about decentralization
whether creators can build their own marketplaces
how a profit-sharing model among creators could work
Thank you to our sponsors! Crypto.com Chainalysis Minima
Sterling:
Website
Blog post: NFTs and Crypto Art: The Sky Is not Falling
Holly:
Podcast
Holly's AI Video
Episode Links
Previous episodes of The Chopping Block debating NFT Royalties:
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
The Chopping Block: Was This Gary Gensler’s Most Liked Tweet?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
NFT Royalties
Magic Eden
Magic Eden Moves to Optional Royalties and Heats Up the Debate
MetaShield
Solana Could Get Enforceable NFT Royalties Via New Metaplex Standard
Why NFT royalties are almost impossible to enforce on-chain
Galaxy Digital report showing that Nike and Yuga Labs earned the most in NFT royalties.
Royalties in NFTs: Yes, no, and why?
Royalties Chaos Shows Ethereum NFT Market 'More Serious' Than Solana: Fidenza Artist Tyler Hobbs
Artists’ Royalties by BlackBox.art
On Royalties by foobar
Kyle Samani thread on verticalization
Potential solutions
Collector Royalties
Collector Royalties Eligibility Expansion — Aug ‘21
How do they work
Profit Sharing
Cardinal Labs
Metaplex Standard
Exchange Royalties Guarantee
NFTs for n00bs: A brief history of tokens and tulips, NFT aesthetics, energy dramas, fan
brigades, social tokens and the metaverse with Daniel Keller Learn more about your ad choices. Visit megaphone.fm/adchoices
Avraham Eisenberg, blogger at DeepFi Value – more commonly known as the Mango Markets attacker – shared his insights about the exploitation of code, his personal story, and why there’s hatred directed towards profitable traders. Show highlights:
Laura’s description of the Mango Markets exploit
the way in which code gets used in a different way from the original intention
why Avi decided to return part of the funds he got from exploiting Mango Markets
Avi’s clarification of a misconception regarding the bad debt of Mango Markets
the difference between arbitrage trades and exploits
why people making profitable strategies are hated, according to Avi
how Avi got into crypto and the story of his failed online business
whether it is possible to run non-zero-sum games
what he thinks of Compound’s decision to pause activity on illiquid assets
Thank you to our sponsors! Crypto.com Ava Labs Avi
DeepFi Value
Mango Markets exploit
Explanation of the exploit
“Highly profitable trading strategy” Twitter thread
Mango Markets $42M Reimbursement Proposal Passes
Mango Markets Exploiter Returns $67M After Revealing His Identity
Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt’ As Bounty
Solana’s Mango Markets Sees $100M Drained in DeFi Exploit
Previous discussion of Mango Markets on Unchained:
The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever'
Avi’s online business storyCompound Votes to Pause Activity for Illiquid Crypto Assets Learn more about your ad choices. Visit megaphone.fm/adchoices
Avraham Eisenberg, blogger at DeepFi Value – more commonly known as the Mango Markets attacker – shared his insights about the exploitation of code, his personal story, and why there’s hatred directed towards profitable traders. Show highlights:
Laura’s description of the Mango Markets exploit
the way in which code gets used in a different way from the original intention
why Avi decided to return part of the funds he got from exploiting Mango Markets
Avi’s clarification of a misconception regarding the bad debt of Mango Markets
the difference between arbitrage trades and exploits
why people making profitable strategies are hated, according to Avi
how Avi got into crypto and the story of his failed online business
whether it is possible to run non-zero-sum games
what he thinks of Compound’s decision to pause activity on illiquid assets
Thank you to our sponsors! Crypto.com Ava Labs Avi
DeepFi Value
Mango Markets exploit
Explanation of the exploit
“Highly profitable trading strategy” Twitter thread
Mango Markets $42M Reimbursement Proposal Passes
Mango Markets Exploiter Returns $67M After Revealing His Identity
Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt’ As Bounty
Solana’s Mango Markets Sees $100M Drained in DeFi Exploit
Previous discussion of Mango Markets on Unchained:
The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever'
Avi’s online business storyCompound Votes to Pause Activity for Illiquid Crypto Assets Learn more about your ad choices. Visit megaphone.fm/adchoices
Eric Wall, crypto blogger and investor, and Udi Wertheimer, a recovering Bitcoin maxi, discuss everything about Bitcoin Maximalism, whether BTC can survive, and whether Ethereum constitutes a threat for Bitcoin. Show highlights:
how Eric and Udi got involved with Bitcoin
what Bitcoin was like in the first days
how Bitcoin maxis appear to have a script to engage in discussions
the philosophy behind Bitcoin maximalism
why Eric believes Bitcoin maximalism is like a “weird cult”
how Eric thinks that the BTC community has an unspoken rule forbidding criticisms
whether Bitcoin has lost intellectual power
why people have recently been turning away from Bitcoin maximalism
why the poor Bitcoin culture doesn't mean it's the end for Bitcoin, according to Eric
the perception of the Lightning network and how people are not interested in faster blockchains
whether Bitcoin should increase the use cases of the blockchain, like DeFi, NFTs, and stablecoins
El Salvador's adoption of BTC and whether it had an impact
what happens to internet subcultures and how the behavior of Bitcoiners could be predicted
whether Ethereum is a threat to Bitcoin
Thank you to our sponsors! Crypto.com Chainalysis web3 with a16z Udi: Twitter Eric:
Medium
Episode Links Previous Coverage of Unchained:
Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
Bitcoin Culture and Security
The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis
Geeks, MOPs, and sociopaths in subculture evolution by David Chapman
Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin Bond’s thread on BTC security model
A (brief and incomplete) history of censorship in /r/Bitcoin
Ultra sound money El Salvador:
Previous Coverage of Unchained: Bitcoin in El Salvador: Why Would Cypherpunks Support Government-Mandated Bitcoin Adoption?
El Salvador’s Bitcoin Paradise Is a Mirage by Nelson Rauda
Learn more about your ad choices. Visit megaphone.fm/adchoices
Eric Wall, crypto blogger and investor, and Udi Wertheimer, a recovering Bitcoin maxi, discuss everything about Bitcoin Maximalism, whether BTC can survive, and whether Ethereum constitutes a threat for Bitcoin. Show highlights:
how Eric and Udi got involved with Bitcoin
what Bitcoin was like in the first days
how Bitcoin maxis appear to have a script to engage in discussions
the philosophy behind Bitcoin maximalism
why Eric believes Bitcoin maximalism is like a “weird cult”
how Eric thinks that the BTC community has an unspoken rule forbidding criticisms
whether Bitcoin has lost intellectual power
why people have recently been turning away from Bitcoin maximalism
why the poor Bitcoin culture doesn't mean it's the end for Bitcoin, according to Eric
the perception of the Lightning network and how people are not interested in faster blockchains
whether Bitcoin should increase the use cases of the blockchain, like DeFi, NFTs, and stablecoins
El Salvador's adoption of BTC and whether it had an impact
what happens to internet subcultures and how the behavior of Bitcoiners could be predicted
whether Ethereum is a threat to Bitcoin
Thank you to our sponsors! Crypto.com Chainalysis web3 with a16z Udi: Twitter Eric:
Medium
Episode Links Previous Coverage of Unchained:
Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
Bitcoin Culture and Security
The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis
Geeks, MOPs, and sociopaths in subculture evolution by David Chapman
Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin Bond’s thread on BTC security model
A (brief and incomplete) history of censorship in /r/Bitcoin
Ultra sound money El Salvador:
Previous Coverage of Unchained: Bitcoin in El Salvador: Why Would Cypherpunks Support Government-Mandated Bitcoin Adoption?
El Salvador’s Bitcoin Paradise Is a Mirage by Nelson Rauda
Learn more about your ad choices. Visit megaphone.fm/adchoices
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry.
Show topics: * Everyone’s impression of Laura’s interview with Do Kwon * The importance to differentiate failure and fraud * The Mango Markets hack and whether code is law * What happened with the BNB hack and the concerns it raised about decentralization * Magic Eden’s decision to enable optional royalties and the debate about NFT royalties * How creators are going to find a way around the royalties, according to Robert * Whether NFTs should be treated as securities
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * Tarun Chitra, managing partner at Robot Ventures * Robert Leshner, founder of Compound * Tom Schmidt, general partner at Dragonfly Capital
Episode Links Laura’s interview with Do Kwon: Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success’
Hacks * Mango Markets
- Mango Markets $42M Reimbursement Proposal Passes
- Mango Markets Exploiter Returns $67M After Revealing His Identity
- Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt’ As Bounty
-
Solana’s Mango Markets Sees $100M Drained in DeFi Exploit
-
BNB
-
BNB Smart Chain Plans Hard Fork In Response to $100M Exploit
- Binance Chain Was Halted Amid Hack Rumors
NFT Royalties * Magic Eden * + Magic Eden Moves to Optional Royalties and Heats Up the Debate * TCB Debate * Tom’s tweet: “turns out people don’t want to pay royalties” * Robert’s request for a startup
- Previous episodes of The Chopping Block debating NFT Royalties:
-
- The Chopping Block: Was This Gary Gensler’s Most Liked Tweet?
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Fat Man Terra, the anonymous Twitter account dedicated to bringing Do Kwon to justice, reacts to my recent interview with Do Kwon and says what he thinks it revealed about his personality.
Show highlights: * why Fat Man Terra created the Twitter account * whether Terra was used to enrich insiders * how Fat Man believes Do Kwon evaded questions in the interview with Laura * whether Do lied about Chai to misrepresent the success of UST and LUNA * why Fat Man believes some people will never admit wrongdoing * what he thinks of Do’s response to the stories of people losing everything and whether he is actually sorry * what he calls Do’s lack of transparency about his history * what he believes is the need to make an example out of the collapse of Terra and the Do’s failure
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Fat Man Terra Twitter
Laura’s Interview with Do Kwon
Other Coverage of Unchained on Do Kwon and Terra: * How Will the Legal Case Against Do Kwon Play Out in South Korea? * Do Kwon Is Backing UST With Bitcoin – And Here’s What Else He Is Building * The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay? * The Chopping Block: Does the New Terra Have Any Chance? * Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF * Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed
Fat Man Terra’s thread with several devastating stories related to the collapse of Terra
SDT pre-mine * CoinDesk Korea article
Chai * WSJ article * Do’s tweets about Chai: * + 2.5 million users + Tweet in May 2021 + Tweet in May 2021 #2 + Tweet in January 2021
Abracadabra Degenbox * $2.7 billion cash out * TFL Exit Liquidity dashboard on Dune
Basis Cash * CoinDesk article
Luna Foundation Guard * Ergo-BTC on-chain evidence of more than 313 BTC * Dumps BTC * LFG postpones compensation
Allegations against Do Kwon * SBS news reporting Do moved funds to the Virgin Islands * Seoul Police Probe Allegation of Embezzlement by Terraform Staff * South Korea Launches Investigation into Company Behind Luna Crypto Crash * Class action against Do Kwon * Korean prosecutors are looking into Terra
- Red Notice
- “Not on the run”
Kwon’s Passport
Welcome to The Chopping Block! Host Haseeb Qureshi partnered with Zhuoxun Yin, cofounder of Magic Eden, to debate Unchained host Laura Shin and Li Jin, cofounder at Variant Fund, on the topic of NFT Royalties.
Show highlights: * What NFT royalties are * Why Laura believes zero NFT royalties is a bad business decision prioritizing short-term needs over long-term ones and that it will turn creators off from the industry * How charging royalties is not sustainable, according to Haseeb * Why royalties are the best mechanism to align incentives between creators and holders, according to Li * The technical limitations of NFT royalties on a general-purpose blockchain like Ethereum or Solana * How to align incentives between NFT creators and holders * Why the prices of NFTs would go up if royalties are not enforced * Whether the NFT market will change in the future * Whether it is possible to create a standard that enforces royalties in a smart contract * The creators’ reaction to Magic Eden moving to optional royalties * The possibility of a bifurcation of the NFT market
Hosts * Haseeb Qureshi, managing partner at Dragonfly
Guests Laura Shin, author, and host of Unchained
Zhuoxun Yin, cofounder of Magic Eden
Li Jin, cofounder of Variant
Episode Links * Magic Eden Optional Royalties - Unchained Coverage * Post-debate poll * Tool Metashield
- The standards innovation paradox by Li Jin
-
X2y2 flexible royalties
-
Previous episodes of The Chopping Block debating NFT Royalties
- The Chopping Block - Ep. 405
- The Chopping Block - Ep. 386
- Article: Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties
Article: NFT Royalties: Why artists love them, and traders don’t
Do Kwon, cofounder of Terraform Labs, discusses the charges against him, gives a message to Terra victims, answers allegations about potential fraud and non-transparent business practices, and much more.
Show highlights: * whether Do finds the charges based on the Capital Markets Act legitimate * why he doesn’t want to discuss his location * whether the South Korean government is lying about the accusations against him * what happened with the BTC held by the Luna Foundation Guard * whether Do regrets being so arrogant in his tweets * what he would say to the people who lost huge amounts of money in Terra or family members of people who committed suicide due to its collapse * the decision to set Anchor’s yield near 20% * why Terra had a large SDT pre-mine that was not proactively disclosed * whether Do’s actions show he didn’t think that the algorithmic mechanism was sufficient to keep UST pegged to the dollar * whether Terraform Labs cashed out $2.7 billion using Degenbox * why there were no disclosures about Chai terminating its agreement with Terra * why the Terra blockchain went through a hard fork without a public discussion * the failure of the basis cash stablecoin, also worked on by Do Kwon * whether an algorithmic stablecoin can work * the week of the UST depeg and what happened to the funds held by LFG * where the 3 million Luna unlocked per month by Project Dawn went * when the LFG will return funds to UST holders * what Do would do differently if he had the chance to go back
- Quick correction*
At 7min 18sec, I misspoke, the Korean government posted a pdf for Do Kwon’s passport revocation, not his arrest warrant.
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Chainalysis
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Episode Links Do Kwon: * Twitter
Previous Coverage of Unchained on Do Kwon and Terra: * How Will the Legal Case Against Do Kwon Play Out in South Korea? * Do Kwon Is Backing UST With Bitcoin – And Here’s What Else He Is Building * The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay? * The Chopping Block: Does the New Terra Have Any Chance? * Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF * Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed
Devastating Stories * One man commits suicide * Fat Man Terra’s thread with several stories
SDT pre-mine * CoinDesk Korea article
Anchor yield * JTBC article reporting core devs wanted a lower yield
Chai * WSJ article * Do’s tweets about Chai: * + 2.5 million users + Tweet in May 2021 + Tweet in May 2021 #2 + Tweet in January 2021
Abracadabra Degenbox * $2.7 billion cash out * TFL Exit Liquidity dashboard on Dune
Project Dawn * Launch * The Defiant article
Basis Cash * CoinDesk article
Luna Foundation Guard * Ergo-BTC on-chain evidence of more than 313 BTC * Dumps BTC * LFG postpones compensation
Allegations against Do Kwon * SBS news reporting Do moved funds to the Virgin Islands. * Seoul Police Probe Allegation of Embezzlement by Terraform Staff * South Korea Launches Investigation into Company Behind Luna Crypto Crash * Class action against Do Kwon * Was LUNA a Security? * Korean prosecutors are looking into Terra
- Red Notice
- “Not on the run”
- Kwon’s Passport
SEC Actions Against Terra * SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra * Terraform Labs Loses US Appeal over SEC Subpoena
Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center’s lawsuit against the US Treasury over the sanctions on Tornado Cash.
Show highlights: * whether there’s an over-reliance on the Howey Test and how a token being non-fungible doesn’t mean it’s not a security * what constitutes an investment contract and how it works in the Metaverse * the consequences for NFT holders and issuers if the NFTs are considered securities * why Coin Center is suing the US Treasury over the Tornado Cash sanctions * Who the plaintiffs are * whether this lawsuit differs from the one Coinbase is supporting * how to solve the issue of bad actors like North Korea using tools such as Tornado Cash to launder money * the remedy Coin Center is looking for in the lawsuit against the Treasury * how long the lawsuit could take to be resolved
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Peter Twitter
SEC probe into Yuga Labs * Unchained article * CrypTones thread on land sales
Coin Center lawsuit over Tornado Cash sanctions * Coin Center lawsuit and statement * Unchained article * Coinbase Backs Tornado Cash Lawsuit Against U.S. Treasury * North Korean hacks * Treasury Press release on the sanctions * Previous coverage of the Tornado Cash sanctions on Unchained:
-
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
- Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
- Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
Zaki Manian, cofounder of Sommelier Protocol and cofounder of Iqlusion and Jack Zampolin, founder of Strangelove Ventures, discuss everything about Cosmos, the new white paper, and how to improve MEV capture for ATOM holders.
Show highlights: * how Jack and Zaki got involved with crypto and Cosmos * what the Sommelier protocol is, the role of Iqlusion, and what Strange Love does * the basics of Cosmos and application-specific blockchains (ASB) * why would a project choose to be an ASB rather than an application on a blockchain * whether Cosmos can achieve network effects * the reasons behind launching a new white paper for Cosmos * why the team decided to pursue interchain security * whether there would be an increase in fees with so many chains relying on the Cosmos Hub for security * how much economic value the Cosmos Hub will end up securing if the proposal gets passed * how the Cosmos Treasury could be used to fund development * the role of the Interchain Scheduler to capture MEV * whether centralized exchanges are going to start trading against the customers * the new issuance model proposed for ATOM * the role of an active governance community to make Cosmos more decentralized * what problems Liquid staking solves * how USDC will launch on a consumer chain
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Jack: * Twitter
Zaki: * Twitter
Episode Links Previous Coverage of Unchained on Cosmos: * How Osmosis Is Trying to Improve the Crypto User Experience
New white paper
- Document
- Proposal
Interchain security
- Paper
- The Block article
- The DeFi investor thread
ATOM 2.0
- Thread by Route 2 DeFi
- Youseff Amrain’s thread
- Charlie Morris’ thread
Other articles
- Vaneck’s article: Why we are bullish on Atom
- Alex Valaitis article: A deep dive into Cosmos
- Liquid Staking
- Native USDC on Cosmos
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra were joined by Laura Shin to chop it up about the latest news in the digital asset industry.
Show topics: * Whether crypto optimism is different in Asia than in the United States * How Sam Bankman-Fried has been doing some work with US regulators * How the CFTC lawsuit against Ooki DAO changed people’s perspectives about the regulator * Whether the lawsuit could make all DeFi illegal and the role of DAOs to coordinate governance * The SEC settlement with Kim Kardashian for $1.26 million, Gensler’s video explaining the case and whether it was a publicity stunt * Why Tarun would fire almost everyone at the CFTC and the SEC to hire more technical people * How the NFT QQL collection censored a marketplace in its code * What the whole purpose of NFTs is, according to Haseeb * The debate around NFT royalties and their enforcement * How a huge portion of the blocks in Ethereum are generated by Flashbots and whether it represents a centralizing force * Whether MEV should be stopped or accelerated
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * Tarun Chitra, managing partner at Robot Ventures * Tom Schmidt, general partner at Dragonfly Capital
Guest Laura Shin, author, and host of Unchained
Episode Links The lawsuit against Ooki DAO * Previous Coverage of Unchained on Ooki DAO: * + Why the Ooki DAO Case Could Hurt Participation in DAOs + Kristin Smith on Why Crypto Legislation Could Be Passed by Year’s End
- CFTC Filing
- $250,000 fine
- Nik’s article
- CFTC Commissioner Summer Mersinger’s dissenting statement
- CFTC serving the members of the Ooki DAO via their forum
-
Tim Copeland’s article on what’s next for DAOs
-
A federal court ruled that the CFTC legally served Ooki DAO through a website help bot.
- The LeXpunK Army filed a motion for amicus status in the SEC case against bZx/Ooki DAO.
- Crypto group DeFi Education Fund argued that the CFTC should properly serve Ooki DAO’s actual members, not just the DAO at large.
NFT Royalties * Tyler Hobbs’ QQL $17 million collection * QQL blacklist explanation * NFT platform hits back * Previous episode of The Chopping Block debating NFT Royalties * Article: Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties * Article: NFT Royalties: Why artists love them, and traders don’t
SEC charges against Kim Kardashian * The SEC fined reality TV star Kim Kardashian $1.26 million for promoting a crypto security without proper disclosure. * Fortune article on the Kim Kardashian settlement as publicity stunt * eMax price spiked * Gary Gensler’s video
Flashbots and MEV * Post-merge relay drama * What is MEV * Proposer-Builder separation: * MEV Boost * Flashbots auctions * Previous Coverage of Unchained on MEV: Why Is Ethereum Trying to Maximize Value From Users?
Kristin Smith, Executive Director of the Blockchain Association, comes to talk about Tornado Cash, the lawsuit against Ooki DAO, the SEC charges against Kim Kardashian, and crypto legislation.
Show highlights: * whether regulators did not understand the implications of sanctioning smart contracts * the necessity of having a conversation around financial privacy * whether the government wants sanctions compliance at the base layer * the reasons behind the CFTC lawsuit against Ooki DAO * why the SEC settled charges with Kim Kardashian and whether it was a publicity stunt * the chances of the different crypto bills becoming law * why Kristin thinks stablecoin legislation won’t come this year * whether the CFTC being the main regulator of crypto settles the question of crypto being securities or commodities
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Kristin Twitter
The lawsuit against Ooki DAO * Previous coverage of Unchained on Ooki DAO: Why the Ooki DAO Case Could Hurt Participation in DAOs * CFTC Filing * $250,000 fine * CoinDesk’s Nik De’s analysis * CFTC Commissioner Summer Mersinger’s dissenting statement * Jake Chervinsky’s opinion * Ooki DAO’s options * CFTC serving the members of the Ooki DAO via their forum * Tim Copeland’s article on what’s next for DAOs
- A federal court ruled that the CFTC legally served Ooki DAO through a website help bot.
- The LeXpunK Army filed a motion for amicus status in the SEC case against bZx/Ooki DAO.
- Crypto group DeFi Education Fund argued that the CFTC should properly serve Ooki DAO’s actual members, not just the DAO at large.
Tornado Cash * Treasury Press release * Previous coverage of the Tornado Cash sanctions on Unchained:
-
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
- Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
- Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
Legislation * Digital Commodities Consumer Protection Act of 2022 * Europe’s MiCa bill * Previous coverage of Unchained on legislation:
-
- Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto
-
- Congressman Ro Khanna: How to Get More Democrats into Web3
-
- Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers
SEC charges against Kim Kardashian * The SEC fined reality TV star Kim Kardashian $1.26 million for promoting a crypto security without proper disclosure. * Fortune article: The SEC’s Kardashian fine was a dumb publicity stunt
Stablecoins * Stablecoin Draft Bill * Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year
Sam Bankman-Fried, founder and CEO of FTX, discusses his views on crypto regulation, macroeconomics, and the role of FTX in a decentralized industry.
Show highlights: * whether the market has already bottomed and the influence of macroeconomics * why Sam thinks regulation could have a significant impact on the crypto industry * the impact of the Terra collapse, Sam’s thoughts on stablecoins, and the importance of disclaimers * what the industry can do to prevent high leverage from crypto companies like Three Arrows Capital * how crypto lenders should manage risk in a sustainable way * whether the crypto collapses affected the opinion of lawmakers and regulators * the topics and proposals that Sam is discussing with regulators and his philosophy on financial regulation * what Sam thinks about building a centralized entity in a decentralized space * what it would take for FTX to move back to the United States * why Sam’s political donations more commonly support Democrats, among which are some prominent critics of crypto * whether he makes political donations based solely on candidates’ crypto stances * the role of FTX in the TradFi market and whether crypto and TradFi will evolve toward or away from each other * concerns about potential conflict of interests between FTX and Alameda Research * the impact of the Merge, the value proposition of Ethereum and whether it affects the narrative of Bitcoin as digital gold * how FTX is positioning itself in this macroeconomic environment * the type of acquisitions FTX is interested in
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Episode Links Sam: * Twitter
Bailouts and Acquisitions * FTX raising $1 billion in funding * FTX’s acquisitions had ‘mixed results’ * Voyager Digital Auction * Celsius Possible Acquisition
Stablecoins and Regulation * Bankman-Fried Says He’s ‘Surprisingly Optimistic’ U.S. Will Devise Crypto Rules Within A Year * Stablecoin Draft Bill
- Yellen cites UST stablecoin risk after it loses its dollar peg
- Previous Coverage of Unchained on Stablecoins and Regulation:
-
- Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto
- Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed
Donations and Politics * Giant crypto exchange founder Sam Bankman-Fried promises to give away most of his $21 billion fortune * Political donations * Sam Bankman-Fried is Democrats' largest donor in May
Alameda Research Concerns * Crypto Quant Shop With Ties to FTX Powers Bankman-Fried's Empire
Collapse of Crypto Companies * Celsius bankruptcy filing
-
Voyager Digital bankruptcy filing
-
Three Arrows Capital bankruptcy filing
FTX proposal to clear derivatives * New method of clearing
-
Previous coverage on Unchained:
-
FTX Wants to Compete with CME – Here’s Why It’s a Big Deal
Interest in buying Twitter * Text messages reveal Sam Bankman-Fried's guru told Elon Musk the crypto billionaire was 'potentially interested' in buying Twitter
Nikhilesh De, CoinDesk's managing editor for global policy and regulation, comes to talk about the CFTC lawsuit against Ooki DAO and the potential consequences across the crypto industry.
Show highlights: * the enforcement action against Ooki DAO and the CFTC’s arguments behind it * whether bZx’s statements that the DAO would be beyond the reach of regulators made it a target for the CFTC * whether the broader implication of these charges could mean that all DeFi is illegal * whether the hacks of bZx made it a high-profile target * the CFTC Commissioner Summer Mersinger's dissenting statement and her concerns * who the targets of the CFTC enforcement action are * the consequences of the lawsuit for token holders and how to determine which token holders are liable * why the CFTC chose to post a notice in the Ooki DAO forum and whether that is sufficient notice * what the next steps for DAO members are and whether there will be wide community support
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Nik
Previous Coverage of Unchained on regulation: * Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto * Congressman Ro Khanna: How to Get More Democrats into Web3 * Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers
The lawsuit against Ooki DAO * CFTC Filing * $250,000 fine * Nik’s article * CFTC Commissioner Summer Mersinger’s dissenting statement * Jake Chervinsky’s opinion * Ooki DAO’s options * CFTC serving the members of the Ooki DAO via their forum
Tim Copeland’s article on what’s next for DAOs
Zack Guzman, journalist and Coinage host, and Jongbaek Park, partner specializing in blockchain and crypto assets at Bae, Kim & Lee, discuss how the case in South Korea against Do Kwon and TerraForm Labs will likely go, whether Do Kwon is on the run, and what his sentence could be.
Show highlights: * Jongbaek’s and Zack’s disclosures regarding Terra * how big the Terra phenomenon was in South Korea and how Do Kwon was perceived in the country * whether Do Kwon posed any conditions for his interview with Zack * what Do Kwon is being charged with * the colliding opinions on which tokens are considered securities * whether the collapse of Terra had any negative impact on the South Korean President’s image * whether Do Kwon feels like a charge for violating the capital markets law is unfair * whether Do Kwon is “on the run,” despite his denials * how the potential revocation of Kwon’s passport could make him go back to Korea * whether Terra was a failure or a fraud, and how prosecutors are looking into it * whether Terra was centralized * the chance of prosecutors going after other people from Terraform Labs and the probability of the entity’s assets being frozen * how much jail time Kwon could be facing and whether he is prepared to go to prison
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Guests: Jongbaek Zack: Twitter Episode Links Previous Coverage of Unchained on Do Kwon and Terra: * Do Kwon Is Backing UST With Bitcoin – And Here’s What Else He Is Building
-
The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?
-
The Chopping Block: Does the New Terra Have Any Chance?
-
Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF
-
Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed
SEC Actions Against Terra * SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra * Terraform Labs Loses US Appeal over SEC Subpoena
Allegations against Do Kwon * Seoul Police Probe Allegation of Embezzlement by Terraform Staff * South Korea Launches Investigation into Company Behind Luna Crypto Crash * Class action against Do Kwon * Was LUNA a Security? * Korean prosecutors are looking into Terra
Do Kwon * Red Notice * “Not on the run” * Kwon’s Passport
Stablecoin Regulation * Stablecoin Draft Bill
- Yellen cites UST stablecoin risk after it loses its dollar peg
Haseeb Qureshi’s summary of the Terra collapse: Zack’s Interview with Kwon
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry.
Show topics: * Why the ETH price slumped after the Merge even though it was successful * Whether the BTC security model is flawed and why Robert thinks Bitcoin will change * Why Tarun thinks Bitcoin won’t change and why he’s bearish on Bitcoin development * Whether the Lightning Network can succeed with so many competitors getting better more quickly * ETHPoW’s performance after the Merge, whether it’s dead and why Robert wouldn’t rule out the PoW fork * Why Haseeb thinks the criminalization of the collapse of Terra is a bad precedent * The broader impacts of the Terra meltdown and whether Do Kwon not disclosing the fact that he had been involved with Basis Cash, which failed, is problematic * The House’s draft bill on stablecoins and whether it is necessary to study algo stablecoins * What happened with the Wintermute hack * Why Tarun thinks the Wintermute team is incompetent * Whether there is any positive news in crypto lately * Who would be a better pick for deploying treasury funds between Three Arrows Capital and Wintermute * What Haseeb, Tom, Robert and Tarun are excited about
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * Tarun Chitra, managing partner at Robot Ventures * Robert Leshner, founder of Compound * Tom Schmidt, general partner at Dragonfly Capital
Episode Links Post Merge ETHPoW
ETH issuance
Do Kwon and Terra Red Notice
“Not on the run”
Kwon’s Passport
Wintermute hack
House’s Draft Bill on Stablecoins Bloomberg’s Article
Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more.
Show highlights: * the structural differences between crypto tokens and securities * why Sen. Toomey is demanding crypto legislation * why “regulation by enforcement” does not provide clarity * how to determine if a token is decentralized * whether proof of stake consensus turns tokens into securities * Sen. Toomey’s take on the new framework for stablecoin regulation * whether it is appropriate to ban algorithmic stablecoins * the importance to make disclosures so that regular users understand the risks of crypto * how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto * whether the US Treasury made a mistake with the Tornado Cash sanctions * what the government should take into account in regards to a central bank digital currency (CBDC) * why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries * the likelihood of any of the crypto bills passing soon
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Sen. Toomey Twitter
Previous Coverage of Unchained on regulation: * Congressman Ro Khanna: How to Get More Democrats into Web3
-
The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?
-
Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers
SEC Views Gary Gensler’s comments on PoS tokens
Sen. Toomey’s opinion
White House Reports
Stablecoins * Stablecoin Draft Bill * Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year * Sen. Toomey’s framework for payment stablecoins that he released last spring
Tornado Cash * Treasury Press release * Previous coverage of the Tornado Cash Sanctions on Unchained:
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
- Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
- Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
Ian Balina charges
In a heated debate, Eric Wall, crypto blogger and investor, and Justin Bons, founder and chief investment officer of Cyber Capital, discuss Bitcoin’s security model, whether there are fundamental flaws in its design, and which is the best consensus mechanism.
Show highlights: * why Justin stopped believing in Bitcoin and why he calls it “technically one of the worst cryptocurrencies” * how Eric’s views on Bitcoin changed over time * the problems they see with Bitcoin’s security * why Eric attacks BTC maximalism, even when he is a Bitcoiner * how the Bitcoin community will change in the next decades, and why the security problem is a challenge that could be solved * whether BTC should increase its inflation and whether that would break the store of value proposition * why Justin thinks that BTC fails as money and won’t play a relevant role in the future * what happened around the time of the blocksize debate back in 2015-2017 * whether there’s something wrong with Bitcoin’s culture and why Eric compares it to a doomsday cult * why Ethereum has external dependencies that can impose systemic risks, according to Eric * whether proof of stake or proof of work is a better consensus mechanism * whether Ethereum is more censorship resistant than Bitcoin * why BTC is a speculative asset and what Justin believes is needed for crypto to finally flourish
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Justin: * Twitter
Eric: * Twitter * Medium
Episode Links Previous Coverage of Unchained: * Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
- With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
Bitcoin’s Security, Blocksize and Culture Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin’s thread that kicked off the debate
A (brief and incomplete) history of censorship in /r/Bitcoin
Theory On Bitcoin Governance; Three Stage Model by Justin Bons
Centralization: Ethereum Post-Merge Centralization
Lido’s validators
BTC Centralization
Justin Drake, researcher at the Ethereum Foundation, talks about the Merge, how this transition affects Bitcoin, where Ethereum’s road map is going, and more.
Show highlights: * how Justin was feeling prior to and during the Merge * whether the upgrade is complete or there are other things to watch out for * why Ethereum has slashing and why it is a better form of removing any attackers * the concern about centralization due to liquid staking derivatives providers, like Lido or Coinbase * how the Merge affects MEV and the long-term vision of proposer-builder separation * whether the Merge puts pressure on BTC to also transition to proof of stake * what impact ETH’s more deflationary nature will have on BTC’s narrative as digital gold * why Ethereum is the settlement layer for the internet of value * whether there is a winner take all dynamic in the blockchain industry * why Ethereum is more secure than Bitcoin, according to Justin * what Justin thinks about the ETHPoW fork and its team and the risks of interacting with the ETHPoW fork * the next steps in Ethereum’s roadmap
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Previous Coverage of Unchained on the Merge: * How Traders Are Thinking About the Merge -- and a Potential ETHPoW Chain * Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH * With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? * Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge * Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum?
The Merge: * Vitalik announcement of the Merge * Ethereum carbon emission reductions * A guide on the Merge by Dan Chen from Sequoia Capital
ETH Post-Merge Dynamics: * Ultra sound money * ETH issuance and burn * Cumberland on the Ethereum dynamics after the merge * Miles Suter on the implications of the Merge * The triple point asset
Post Merge MEV: * PMCGoohan’s tweet * Pintail on post-Merge MEV
ETH Proof of Work * Poloniex announces a different token * ETHPoW team Mainnet announcement
Ethereum’s roadmap: * ETH Vision
Haym on Ethereum’s roadmap
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Emin Gün Sirer, the emperor of Avalanche, also joined the conversation
Show topics: * Gün’s take on the Ava Labs conspiracy story and whether there was any truth in the videos * The impact of the Merge on ETH issuance and energy usage * What’s going on with the ETHPoW fork, and how the team has been messing up * The TL;DR of the technical side of Ethereum scaling, explained by Tarun * How, in the beginning, proof of stake was designed to resemble proof of work * What Ethereum miners are going to do after the Merge * Whether increasing hash rates spike prices of PoW coins * How the Basic Attention Token is like the Stanford prison experiment * Whether the fights between Gün and other founders were positive or negative * How an exchange delisted every privacy coin * Whether Coinbase's support of the lawsuit against the US Treasury over Tornado Cash was a PR move * How this moment in history resembles the 90s and the rise of the internet * Whether there are blockchain-haters and what the crypto industry can do better * How there can’t be a single chain to meet every need * How FTX and Coinbase have different approaches to regulation * How would everyone celebrate a successful Merge and whether there’s a chance of it failing
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * Tarun Chitra, managing partner at Robot Ventures * Robert Leshner, founder of Compound
Guest * Emin Gün Sirer, Founder and CEO of Ava Labs
Episode Links Ava Labs Accusations: * Emin Gün Sirer’s statement * CoinDesk article * Crypto Leaks article
Tornado Cash * Treasury Press release * Coinbase supports lawsuit against US Treasury * Huobi delisting privacy coins * Previous coverage of the Tornado Cash Sanctions on Unchained:
-
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
- Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
- Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
ETH Proof of Work and Miners: * ChainID missing; the request from Coinbase
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CoinDesk article
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The ETHPoW team said the fork will be deployed within 24 hours of the Merge
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ETHPoW team’s promise to abolish EIP-1559
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ETHPoW first blocks
The Merge: * Ethereum Foundation Merge announcement. * Ethereum carbon emission reductions.
Kevin Zhou, co-founder of Galois Capital, and Evgeny Gaevoy, founder and CEO of Wintermute, discuss how to trade the Ethereum Proof of Work fork, what the market is telling about the Merge, and whether the Merge affects Bitcoin.
Show highlights: * what will happen at the time of the Merge according to Kevin and whether there’s uncertainty * when the ETH Proof of Work chain will emerge and how that affects trading opportunities * the mistakes of the ETHPoW team, like repealing EIP-1559 * what percentage of ETH market cap ETHPoW will accrue * what the first few blocks of ETHPoW will be like * what the strategies are to earn the ETHPoW airdrop and what the on-chain activity looks like * whether there is an “up-only” monoculture in Ethereum * what stETH is, how it should be priced and what the futures market indicates * where the value of a chain comes from and the likelihood of ETHPoW failing catastrophically * how to protect from replay attacks * the price action of ETH after the Merge * how ETH becoming deflationary affects Bitcoin’s narrative as digital gold * how the ESG-friendly image of Proof of Stake could affect the narratives of ETH and BTC
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Kevin:
Evgeny:
Episode Links
Previous Coverage of Unchained on the Merge:
- Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
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Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
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With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
- Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge
- Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum?
ETH Proof of Work:
- ChainID missing; and the request from Coinbase
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Kevin’s analogy
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CoinDesk article
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ETHPow Token
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Summary of Kevin’s thoughts
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ETHPoW team’s promise to abolish EIP-1559
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ETHPoW first blocks
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Tether supports PoS
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Circle (USDC) supports PoS
ETH Trade
- Ether’s backwardation
- Eth-Flexive by Arthur Hayes
- Whether Ethereum’s Merge is priced in
- Gauntlet’s view on the Merge
- BTC correlation with stocks
ETH Post-Merge Dynamics:
- Onchain Wizard post
- Cumberland on the Ethereum dynamics after the merge
- Miles Suter on the implications of the Merge
Preston Van Loon, cofounder and Ethereum core developer at Prysmatic Labs, talks about the Merge, its impact on an environmental level, and why he is a plaintiff in the lawsuit against the Treasury Department over Tornado Cash.
Show highlights: * what the Merge is on a technical level and what its impact will be * whether the proof of stake consensus mechanism makes the network more decentralized and secure * what happens if the Merge fails and whether there’s a contingency plan * why Preston founded Prysmatic Labs and how Prysm works * what the next steps are for Ethereum and what the community is working on * whether Preston thinks a proof of work Ethereum fork would succeed * when and how Ethereum’s high fees and scaling issues are going to be resolved * why Preston joined the lawsuit against the US Treasury over the Tornado Cash sanctions * how Preston would celebrate a successful Ethereum Merge
Thank you to our sponsors! 1inch
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Messari
Preston Twitter
Episode Links Previous Coverage of Unchained on the Merge:
- Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
- With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
- Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge
- Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum?
Lawsuit against the US Treasury:
- Coinbase is supporting a lawsuit against the Treasury Department by six users of Tornado Cash.
- Fortune article on the lawsuit
- Why Preston joined the lawsuit.
The Merge:
- Ethereum Foundation Merge announcement.
- Ethereum carbon emission reductions.
ETH Post-Merge Dynamics:
- Cumberland on the Ethereum dynamics after the merge
- Miles Suter on the implications of the Merge
- The triple point asset
Arthur Hayes, cofounder of BitMex, discusses how he’s trading the Merge, the impact of macroeconomic policy in the markets, his career as a writer, and much more.
Show highlights: * how crypto is reconfiguring how humans do finance over the internet * why Arthur initially thought Ethereum was worthless * how NFTs allow users to trade human culture and will unlock trillions of dollars of value * why Ethereum doesn’t even need to be deflationary * whether other layer 1s can take some market cap from Ethereum * why Arthur thinks that a successful Merge is understated and why this is a valid reason for hedging * why he thinks an Ethereum proof of work chain won’t succeed and how Arthur will trade ETHPoW * why LDO, Lido’s token, is a riskier bet but has more potential gains * how he believes the Shanghai upgrade will impact ETH’s price * whether the Merge affects BTC’s narrative as digital gold and whether the inflation hedge theory of Bitcoin still holds * why Bitcoin is a measure of USD liquidity and why the Fed rates don’t matter as much as everyone thinks * whether hedge funds and institutional investors would want to invest in crypto given the high correlation with traditional markets * what Arthur believes the impact of a potential US recession would be on the crypto markets * why he believes the real economy is not relevant to the financial markets * whether algorithmic stablecoins are doomed to fail * how the credit cycle works and how it repeats again and again * Arthur’s method for identifying good projects to invest in * how Arthur became such a good writer * whether BTC is money and the religious aspect of the Bitcoin culture
Thank you to our sponsors! Crypto.com
Ava Labs
a16z
Arthur: * Twitter * Medium
Episode Links Previous Coverage on Unchained: * With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? * Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge * Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum?
Arthur’s posts discussed during the show: * Eth-Flexive * Ether, a double digit shitcoin * Teach me Daddy (on USD liquidity and Macroeconomics)
Macroeconomics: * Adam Cochran on the Fed’s QT * Pantera Capital’s newsletter
ETH Trade: * Whether Ethereum’s Merge is priced in * Gauntlet’s view on the Merge * BTC correlation with stocks
ETH Post-Merge Dynamics: * Cumberland on the Ethereum dynamics after the merge * Miles Suter on the implications of the Merge * The triple point asset
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt chop it up about the latest news in the digital asset industry. In this episode, Jill Gunter, the empress of Espresso, also joined the conversation.
Show topics: * Whether product management is the new consulting * What is going to happen with macroeconomics and whether monetary policy is data-driven * Why Jill’s faith is getting renewed, especially after listening to Fed authorities * The TL;DR on the Ava Labs conspiracy story * Why the industry needs a decentralized RPC * The role of Flashbots and Ethermine in censoring transactions * Potential over-compliance from the biggest crypto projects on how to deal with sanctioned addresses * Whether social slashing allows Ethereum to stay uncensored * The importance of educating regulators on crypto * What Haseeb thinks lawyers would recommend to Coinbase about validating transactions from sanctioned addresses * The significance of both transactional and application-layer privacy * How stablecoin providers need to implement some basic levels of privacy * Why corporations do not run Ethereum and whether users are pro-OFAC restrictions
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * + https://twitter.com/hosseeb * Tom Schmidt, general partner at Dragonfly Capital * + https://twitter.com/tomhschmidt
Guest Jill Gunter
- Twitter: https://twitter.com/jillrgunter
Episode Links Tornado Cash * Treasury Press release * Tornado Cash developer arrested * Circle freezes USDC in sanctioned wallets * Crypto exchange dYdX blocked accounts that received funds from Tornado Cash * What the sanctions mean for privacy coins * Celebrities get dusted * Previous coverage of the Tornado Cash Sanctions on Unchained:
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Ava Labs Accusations: * CoinDesk article * Crypto Leaks article
Social Slashing and Censorship on ETH * Axios summary of the situation * BitMex research on how the sanctions affect Ethereum * Ethermine banning transactions * Nic Carter’s article * Eric Wall’s article on social slashing * Hetzner banning Ethereum users * Previous Coverage on Unchained * + Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Miles Jennings, general counsel at a16z crypto, talks about its new “can’t be evil” NFT licenses and how they help to solve many problems within the NFT industry. Show highlights:
- what “can’t be evil” NFT licenses are and what problems they solve
- what can these licenses achieve for content creators
- which are the five rights that the licenses address
- whether the NFT licenses help resolve hate speech issues for creators
- why a16z described its licenses as “can’t be evil”
- how these licenses will be enforced
- how anyone buying NFTs should now be able to understand what they are buying
- why previous attempts to create standardized NFT license didn’t succeed
- why Miles thinks these new NFT licenses are going to succeed
Thank you to our sponsors! 1inch: https://1inch.io/
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Guest Miles Twitter: https://twitter.com/milesjennings
“Can’t be evil” NFT licenses: * a16z article: https://a16zcrypto.com/introducing-nft-licenses/ * Miles’ thread: https://twitter.com/milesjennings/status/1564991860824674305?s=20&t=pJEE9HfA9DnC_9PlsGelEw * Wiki article: https://www.nftstandards.wtf/NFT/NFT+License
Previous coverage on Unchained: * What legal rights NFTs come with: https://unchainedpodcast.com/what-exactly-do-you-get-when-you-buy-an-nft-three-lawyers-discuss/ * Understanding intellectual property rights with NFTs: https://unchainedpodcast.com/excited-about-your-bored-ape-or-crypto-punk-make-sure-you-understand-your-ip-rights/ * Punk 6529 on how rights helped Bored Apes succeed: https://unchainedpodcast.com/punk6529-on-the-significance-of-bored-ape-yacht-club-and-cryptopunks/
IP issues around prominent NFT collections: * Galaxy Digital report on NFT owners being misled about rights: https://decrypt.co/107827/bored-apes-moonbirds-misled-buyers-nft-ip-rights-galaxy-digita * CryptoPunks gets IP rights: https://decrypt.co/107184/as-cryptopunks-nft-owners-get-commercial-rights-yuga-hopes-to-secure-their-legacy-as-artwork * Bored Apes’ more permissive license helps it become more valuable than Crypto Punks: https://www.thedefiant.io/bored-apes-yacht-club-cryptopunks-copyright-fight * Moonbirds controversy ignites after move to CC0 license: https://www.thedefiant.io/moonbirds-cc0-license-nfts
Andrew Hinkes, partner at K&L Gates and adjunct professor at NYU, and Martin Koeppelman, co-founder of Gnosis, talk about the sanctions on Tornado Cash, how they will impact Ethereum on the base layer, and the likelihood of having two chains.
Show highlights: * the legal meaning of the OFAC sanctions on Tornado Cash and why it is causing complications * how legislation is built for the fiat world, and how in DeFi and crypto there’s no clarity * how miners have changed their behavior prior to the Merge * whether a proof of work chain or a proof of stake chain would be more censorship resistant * whether laws apply to validators in a PoS chain * the ways in which the government could provide more clarification * the different entities involved in Proof of Stake * the liabilities for each entity in PoS and what secondary liability is * how the task of the bidder can be described as a mathematical optimization problem * whether Lido is exposed to US regulations * how long would it take for a large staker like Coinbase to stop being a validator * how a user-activated soft fork works and the conditions in which a fork could happen * whether social slashing is enforceable considering it is not in the protocol * the likelihood of Ethereum becoming a permissioned system * the role of Flashbots’ relay code and what it means for Ethereum’s censorship resistance * how DeFi’s exposure to US-based institutions can affect the likelihood of the chain complying with sanctions * whether DAI is just wrapped USDC * how MakerDAO is trying to be more independent of USDC * why US-based companies will choose a conservative path, considering the lack of guidance * the importance of educating the regulators * how cash and crypto are the only remaining private payment methods
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
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Andrew Twitter: https://twitter.com/propelforward
Martin Twitter: https://twitter.com/koeppelmann
Previous Coverage of the Tornado Cash Sanctions on Unchained: * Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No: https://unchainedpodcast.com/is-trm-labs-blocking-addresses-from-defi-protocols-ari-redbord-says-no-ep-387/ * Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/ * The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/
Social Slashing and Censorship on ETH Axios summary of the situation: https://www.axios.com/2022/08/23/how-transactions-might-be-censored-after-ethereum-changes-next-month
BitMex research on how the sanctions affect Ethereum: https://blog.bitmex.com/ofac-sanctions-ethereum-pos-some-technical-nuances/
Ethermine banning transactions: https://twitter.com/takenstheorem/status/1560690035955011585?s=20&t=59hWdhr8_O-hYA8uYnZJ8w
Nic Carter’s article: https://www.coindesk.com/layer2/2022/08/25/if-ethereum-starts-slashing-it-burns/
Eric Wall’s article on social slashing: https://ercwl.medium.com/the-case-for-social-slashing-59277ff4d9c7
CoinDesk article: https://www.coindesk.com/tech/2022/08/23/as-censorship-on-ethereum-begins-could-this-open-sourced-code-help-counter-it/?outputType=amp
Hetzner banning Ethereum users: https://twitter.com/koeppelmann/status/1563146729314467840?s=20&t=ubFhCQqrQyHKfflgMHEmJw
Tornado Cash * Treasury Press release: * https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019 * Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/ * Rep. Emmer’s letter: https://twitter.com/RepTomEmmer/status/1562084891247902721?s=20&t=9J3c3scVdxsLKVcFovaWdQ * Tornado Cash post on compliance: https://tornado-cash.medium.com/tornado-cash-compliance-9abbf254a370 * Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ * Second Coin Center article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/ * Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court * What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ * Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul
DAI and USDC * Maker forum: https://forum.makerdao.com/t/the-path-of-compliance-and-the-path-of-decentralization-why-maker-has-no-choice-but-to-prepare-to-free-float-dai/17466 * https://decrypt.co/107273/makerdao-founder-dai-drop-dollar-peg-tornado-cash-usdc * Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets
Flashbots * Flashbots relay open source: https://twitter.com/hasufl/status/1559908331145265156?s=20&t=gtHe5sVetxQXVKfZL2VMYg * MEV Boost: https://www.alchemy.com/overviews/mev-boost * MEV in ETH PoS: https://writings.flashbots.net/writings/mev-boost-call-for-testing * Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation
Travis Kling, Chief Investment Officer at Ikigai Asset Management, talks about how ETH changes after the Merge, what factors are going to affect its price action, and whether it can decouple from traditional assets.
Show highlights: * how the supply and demand dynamics of ETH will change after the Merge * why he believes the Merge is the most significant catalyst in crypto history * what the risks are in terms of price action * whether there is an estimate of how much ETH will be locked up and how this lockup resembles Mt. Gox’s BTC * the impact that being a deflationary asset will have on the price of ETH and whether it will actually become deflationary after the Merge * how activity levels have been decreasing in the Ethereum network * whether ether is underpriced or overpriced, and how to evaluate it * how institutional money is sitting on the sidelines at the moment after all the de-leveraging events that happened this year * how the Merge affects BTC’s narrative and value-proposition * how institutions have never been more interested in ether * what the futures market is saying about the price action of ether * whether ETHPoW has any value and how to trade it * how macroeconomics has been impacting the crypto markets and whether ETH can decouple from the macro setups
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Travis Twitter: https://twitter.com/Travis_Kling
ETH Post-Merge ETH Dynamics: * Ultra sound money dashboards: https://ultrasound.money/ * Dune dashboards on the Merge: https://twitter.com/DuneAnalytics/status/1562021273575751680?s=20&t=HELDvcJ6gI3Z5RmVsGHdiA * Cumberland on the Ethereum dynamics after the Merge: https://res.cloudinary.com/drw/image/upload/v1661351279/comm-cumberland/uploads/The_Ethereum_Merge_-_Derivative_Market_Opportunities_Changes_to_SupplyDemand_Dynamics_1_zwearq.pdf * Miles Suter on the implications of the Merge: https://twitter.com/milessuter/status/1560070819518234624?s=20&t=qjolzcydMY_nTU__vZNciQ * Robert Leshner on the Ethereum Merge: https://twitter.com/rleshner/status/1559727104903757826?s=20&t=cKkI7b_Hj7dDe0DKmgP13g * The triple point asset: https://newsletter.banklesshq.com/p/ether-a-new-model-for-money * Previous coverage of Unchained: + Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake: https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/ + Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge: https://unchainedpodcast.com/why-kevin-zhou-believes-ethereum-will-have-3-forks-after-the-merge-ep-381/ + Why Ethereum’s Merge Was Delayed and Why It Won’t Reduce Gas Fees Much: https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/
ETH Trade * Whether Ethereum’s Merge is priced in: https://www.coindesk.com/layer2/2022/08/22/is-ethereums-merge-priced-in/ * Arthur Hayes on the ETH trade: https://blog.bitmex.com/eth-flexive/ * ETH flips Bitcoin open interest: https://www.coindesk.com/markets/2022/08/01/ether-flips-bitcoin-in-options-market-for-the-first-time/ * “Max bidding” by Arthur Hayes: https://cryptohayes.medium.com/max-bidding-7a1c56c1cd07 * Gauntlet’s view on the Merge: https://medium.com/gauntlet-networks/gauntlets-view-on-the-merge-7c79e39e4b59
Macroeconomics * Arthur Hayes on USD liquidity conditions and how it affects assets:https://cryptohayes.medium.com/teach-me-daddy-33e7a66dfe76 * Adam Cochran on the Fed’s QT: https://twitter.com/adamscochran/status/1562077260819173378?s=20&t=Jh2DRYu-nr2mRg_4kJEFqA * Pantera Capital’s newsletter: https://panteracapital.com/blockchain-letter/ethereum-tightening-more-than-fed/
Stephane Gosselin, cofounder and chief architect of Flashbots, and Uri Klarman, CEO of Bloxroute Labs, joined Unchained to discuss everything about MEV, an especially important topic now with the Merge coming.
Show highlights: * what MEV is, how it works under Proof of Work * some examples of MEV, like frontrunning and arbitrage * how MEV is a rabbit hole full of monsters * the role of Flashbots in the MEV industry and how Flashbots enabled a reduction of gas fees for users * how MEV-geth functions and how it relates to auctions systems * how Bloxroute, Uri’s company, is working with MEV * where Stephane and Uri disagree on MEV, despite agreeing on many fundamental things * how MEV changes with the implementation of Proof of Stake * what MEV-Boost is and the problems it solves * what proposer-builder separation is and the motivation behind this idea * whether DeFi would flourish more if there wasn’t frontrunning and why MEV-Boost doesn’t prevent it * what externalities MEV-Boost or proposer-builder separation (PBS) would solve for users * how MEV exists in other industries and in traditional finance * why Flashbots’ own investors would rather trade on a fair-sequenced rollup than on Flashbots * how the number of MEV extractors has been decreasing and whether this would end up centralizing MEV * whether exploiting certain types of MEV is illegal * how other chains are trying to solve frontrunning, like Osmosis with threshold encryption * what are the levers that can be pulled to solve MEV, according to Uri * how eradicating MEV can positively affect the price of ETH, and by how much * whether validators can potentially share MEV profits with users * how to determine if a network has a good MEV supply chain
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Show Links Uri: * Twitter: https://twitter.com/uriklarman
Stephane: * Twitter: https://twitter.com/thegostep
Previous coverage of MEV on Unchained: * The Debate Over Ethereum MEV: Should It Be Minimized or Boosted?: https://laurashin.bulletin.com/the-debate-over-ethereum-mev-should-it-be-minimized-or-boosted * The Other Side(s) of Ethereum's MEV Argument: https://laurashin.bulletin.com/the-other-side-s-of-ethereum-s-mev-argument
MEV * What is MEV: https://ethereum.org/en/developers/docs/mev/#:~:text=Maximal%20extractable%20value%20(MEV)%20refers,of%20transactions%20in%20a%20block * Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation * Uri’s blog post: https://medium.com/@uri_61495/flipping-the-table-on-the-mev-game-dc31df8baaf7 * MEV Profit sharing validators: https://www.recvc.com/mev-2-0-the-rise-of-mpsvs/ * Panel conversation mentioned in the episode (39:53): https://youtu.be/UKfBFV1TuEM?t=2393 * Sealed auction design: https://ethresear.ch/t/mev-sgx-a-sealed-bid-mev-auction-design/9677 * Priority Gas Auction (PGA): https://www.mev.wiki/terms-and-concepts/priority-gas-auctions#:~:text=What%20is%20a%20priority%20gas,up%20fees%20for%20other%20users. * Dune’s dashboard - amount of MEV extractors: https://dune.com/queries/1171509 * The MEV Game of the Crypto Economy: Osmosis' Threshold Encryption vs. SGX of Flashbot?: https://mirror.xyz/infinet.eth/SFjR1H1-RMnKoIoPjqkxpauVPrLYGqLHQP1dY9FHvx4 * Bank of International Settlements report on MEV: https://www.bis.org/publ/bisbull58.pdf
Flashbots * Flashboys 2.0 paper: https://arxiv.org/pdf/1904.05234.pdf * Flashbots Dashboard: https://dashboard.flashbots.net/ * Flashbots auctions: https://docs.flashbots.net/flashbots-auction/overview * Flashbots relay open source: https://twitter.com/hasufl/status/1559908331145265156?s=20&t=gtHe5sVetxQXVKfZL2VMYg * MEV Boost: https://www.alchemy.com/overviews/mev-boost * MEV in ETH PoS: https://writings.flashbots.net/writings/mev-boost-call-for-testing
Ari Redbord, Head of Legal and Government Affairs at TRM Labs, talks about the sanctions on Tornado Cash, and the role of blockchain analytics tools in crypto.
Show highlights: * Ari’s background as a federal prosecutor and his work for the US Treasury * why regulators sanctioned Tornado Cash, according to Ari * why the Ronin hack was important for regulators to start taking DeFi hacks more seriously * the fact that for the first time the Treasury Department sanctioned software * whether the Office of Foreign Assets Control (OFAC) messed up * whether regulators understood the impact on regular users * the role of TRM and blockchain analytics tools in mitigating risk * how decentralized applications use tools like the ones provided by TRM to comply with regulations and to block addresses * why, if Ari were a regulator, he would focus on regulation guidance * whether the sanctions on Tornado Cash are unconstitutional * what the future of privacy in crypto looks like and whether the government is going after privacy technologies
Thank you to our sponsors! 1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ari Twitter: https://twitter.com/ARedbord
Tornado Cash * Treasury Press release: * https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019 * Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/ * Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/ * TRM Labs blog post: * https://www.trmlabs.com/post/how-defi-platforms-are-using-data-from-trm-labs-to-respond-to-tornado-cash-sanctions * Tornado Cash post on compliance: https://tornado-cash.medium.com/tornado-cash-compliance-9abbf254a370 * Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ * Second Coin Center article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/ * Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court * Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets * Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/ * The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/ * What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ * Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/ * Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul * Previous Coverage of Unchained: * + Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/ + The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/
Hacks linked to Tornado Cash Ronin: https://www.cnbc.com/2022/04/15/ronin-hack-north-korea-linked-to-615-million-crypto-heist-us-says.html
Harmony: https://decrypt.co/104138/north-korean-attackers-behind-100m-harmony-hack-report
Crypto.com: https://www.wired.com/story/crypto-hack-nso-group-security-news/
Nomad: https://decrypt.co/106459/crypto-bridge-nomad-exploited-190m-frenzied-free-for-all
Previous Coverage of Unchained: Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks?: https://unchainedpodcast.com/will-the-nomad-mass-looting-change-how-law-enforcement-treats-defi-hacks-ep-382/
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Laura Shin, host of Unchained and author of The Cryptopians, also joined the conversation.
Show topics: * What Tornado Cash is and why it got sanctioned by the OFAC * The difference between Tornado Cash and blender.io * Whether privacy is dead as a category and whether regulators are going after it * How these sanctions have a negative impact on the funding of privacy projects * How people within the industry can have different points of view, even when they understand the technology * Whether the ban of Tornado Cash only means that malicious groups will just go and use other protocols * Why regulation by enforcement sucks * The asymmetry between the government’s sanction and the effort needed to push it back. * What changes after the Merge for ETH in terms of centralization * Whether some MEV solutions make Ethereum more centralized * Why MEV is intrinsic to blockchains and whether it is impossible to get rid of it * Why Proposer-Builder Separation is helpful for the network * Whether MEV is illegal and the plausibility of major exchanges not extracting MEV * Why Facebook has an MEV extraction business model, according to Tarun * How some NFT exchanges are not enforcing royalties * What Sudoswap is and how it works * How the royalties were there to bootstrap the supply side of NFTs * Why Tarun thinks music NFTs will never happen * The economic reasoning around royalties * The differences between NFT marketplaces like OpenSea and Magic Eden * Whether NFTs have a real-world use * How Dragonfly’s acquisition of Metastable brought Laura some old memories
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * + https://twitter.com/hosseeb * Tom Schmidt, general partner at Dragonfly Capital * + https://twitter.com/tomhschmidt * Tarun Chitra, managing partner at Robot Ventures * + https://twitter.com/tarunchitra
Laura * Twitter: https://twitter.com/laurashin
Episode Links Tornado Cash Treasury Press release:
https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019
Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/
Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/
Second Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/
Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court
Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets
Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/
The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/
What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/
Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/
Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul
Secretary of State deletes tweet: https://www.coindesk.com/policy/2022/08/08/us-secretary-of-state-tweets-deletes-claim-that-crypto-mixer-tornado-cash-is-north-korea-sponsored/
Previous Coverage of Unchained: Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/
MEV What is MEV: https://ethereum.org/en/developers/docs/mev/#:~:text=Maximal%20extractable%20value%20(MEV)%20refers,of%20transactions%20in%20a%20block.
Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation
MEV Boost: https://www.alchemy.com/overviews/mev-boost
Flashbots auctions: https://docs.flashbots.net/flashbots-auction/overview
NFTs Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties: https://decrypt.co/107482/why-nft-creators-collectors-artist-royalties
NFT Royalties: Why artists love them, and traders don’t: https://www.cnbctv18.com/cryptocurrency/nft-royalties-why-artists-love-them-and-traders-dont-14496762.htm
Surojit Chatterjee, chief product officer at Coinbase, comes to talk about what products Coinbase is building, how it can thrive in such a competitive landscape, how to onboard billions of users into crypto, and much more.
Show highlights: * how Surojit got into crypto and ended up at Coinbase * what sets Coinbase apart from the competition * how to bring billions of customers to crypto * Surojit’s mental model of a bridge between the fiat world and the crypto world * how Coinbase is integrating its main app with Web3 * whether crypto can become a utility rather than an investment asset * how Coinbase is building a product in such a way that it attracts even “crypto-native” people * what happened with Coinbase NFT Marketplace’s failure and whether the company will keep investing in NFTs * whether Coinbase has lost crypto-embedded people among its employees * how the partnership with BlackRock indicates how far crypto has come * the amount of money that institutions could potentially pour into crypto * how Coinbase will prevent itself from having the largest percentage of staked ETH * how the company is monetizing the Coinbase wallet and what would happen to revenue if the trading volume were to move from the exchange to Coinbase wallet swaps * why Coinbase is suffering a decline in trading volume * whether Coinbase can compete with newer exchanges like FTX and Binance and why Surojit still thinks Coinbase will win * why it is important to keep investing and building through this crypto winter * Surojit’s take on the frontrunning of coins about to be listed on the platform * why the Howey test (which determines whether something is a security) is outdated * how Coinbase understands securities, and whether the firm thinks the tokens listed on the platform are securities * how can Coinbase compete with decentralized exchanges like Uniswap * why Surojit is worried about regulatory clarity and stablecoins * how hacks and security give the crypto industry a bad reputation * what Surojit’s dreams are for the industry
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Show Links Surojit: * Twitter: https://twitter.com/surojit
Coinbase Q2 2022 Earnings: * Shareholder letter: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q2/v2/Q2-2022-Shareholder-Letter.pdf * Summary: https://twitter.com/fintechintern/status/1557130836574539776?s=20&t=R-oDUTEaev-F8bPonC2q5Q * Earnings call: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q2/Coinbase-Q2%2722-Earnings-Call-Transcript.pdf
NFT Marketplace: * Coinbase NFT launch: https://decrypt.co/99561/coinbase-nft-marketplace-150-users-first-day-public * NFT Market data: https://dune.com/Marcov/0x-NFT-Market * Gamestop NFT stats: https://dune.com/dataisking420/gamestopnft-stats * Gamestop’s performance against Coinbase: https://decrypt.co/105069/gamestop-ethereum-nft-sales-dwarf-coinbase-nft
Partnerships * BlackRock: * + https://www.coindesk.com/business/2022/03/24/blackrocks-fink-says-ukraine-war-could-accelerate-crypto-adoption-report/ + https://blog.coinbase.com/coinbase-selected-by-blackrock-provide-aladdin-clients-access-to-crypto-trading-and-custody-via-b9e7144f313d + https://www.coindesk.com/markets/2021/07/14/blackrock-ceo-larry-fink-seeing-very-little-demand-for-crypto-lately/ * Integration with META: https://www.coindesk.com/business/2022/08/04/meta-confirms-nft-rollout-across-100-countries-amid-coinbase-integration/
Regulation and lawsuits * Insider Trading * + Court charges: https://www.justice.gov/usao-sdny/pr/three-charged-first-ever-cryptocurrency-insider-trading-tipping-scheme + Cobie’s tweet: https://twitter.com/cobie/status/1550192546889998340 + Brian Armsontrg’s tweet: https://twitter.com/brian_armstrong/status/1550162989881253889 * Terra/UST lawsuit: * + https://www.tbstat.com/wp/uploads/2022/06/1-main.pdf + https://www.theblock.co/post/152942/coinbase-sued-in-relation-to-promotion-of-terrausd-cryptocurrency * IPO-related lawsuit: https://www.coindesk.com/policy/2022/08/09/coinbase-executives-mislead-shareholders-about-public-listing-new-lawsuit-alleges/ * Coinbase Does Not List Securities. End of Story: https://blog.coinbase.com/coinbase-does-not-list-securities-end-of-story-e58dc873be79#:~:text=To%20be%20explicit%2C%20the%20majority,SEC%20jumped%20directly%20to%20litigation. * Coinbase Faces SEC Probe on Crypto Listings: https://www.bloomberg.com/news/articles/2022-07-26/coinbase-faces-sec-investigation-over-cryptocurrency-listings * Previous Coverage of Unchained: Why a Coinbase Listing May Not Be a Good Thing for a Token:https://unchainedpodcast.com/why-a-coinbase-listing-may-not-be-a-good-thing-for-a-token/
Disclosure in the event of bankruptcy: * https://www.cnet.com/personal-finance/crypto/coinbase-discloses-customers-could-lose-their-crypto-if-it-ever-goes-bankrupt/ * https://twitter.com/brian_armstrong/status/1524233480040710144?s=20&t=RsZpP4fGxGl4JVt4iYQBRw
Competition * Crypto market data: https://www.theblock.co/data/crypto-markets/spot * FTX surpassing Coinbase: https://www.theblock.co/linked/149654/ftx-surpassed-coinbase-as-second-biggest-centralized-crypto-exchange-in-may * Coinbase Will Need Its Cash to Fend Off the Competition: https://www.theinformation.com/articles/coinbase-will-need-its-cash-to-fend-off-the-competition
Jerry Brito, executive director of Coin Center, talks about Tornado Cash, why it was sanctioned, and what this means for privacy in crypto.
Show highlights: * what Blender.io is and how it relates to Tornado Cash * how hackers have used Tornado Cash to launder money * whether the Office of Foreign Assets Control made a mistake, according to Jerry * how Americans were affected by the sanctions * why Jerry believes OFAC should have done an analysis to estimate how many people would be impacted by its decision * whether the sanctions should have been aimed at North Koren wallets and not the protocol * whether the sanctions are unconstitutional and whether Coin Center will litigate this * how Jerry believes Circle freezing USDC complicated everything * what the famous people who received 0.1 ETH from random accounts via Tornado Cash should do * what would happen if someone forked the Tornado Cash code and deployed a copycat smart contract to a new address * whether the sanctions signal the beginning of a privacy war on crypto * how regulators are applying the same traditional rules with crypto as they use with centralized entities
Thank you to our sponsors! 1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Jerry Twitter: https://twitter.com/jerrybrito
Tornado Cash Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/
Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/
Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets
Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/
The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/
What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/
Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/
Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul
Hacks linked to Tornado Cash
Ronin: https://www.cnbc.com/2022/04/15/ronin-hack-north-korea-linked-to-615-million-crypto-heist-us-says.html
Harmony: https://decrypt.co/104138/north-korean-attackers-behind-100m-harmony-hack-report
Crypto.com: https://www.wired.com/story/crypto-hack-nso-group-security-news/
Nomad: https://decrypt.co/106459/crypto-bridge-nomad-exploited-190m-frenzied-free-for-all
Previous Coverage of Unchained: Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks?: https://unchainedpodcast.com/will-the-nomad-mass-looting-change-how-law-enforcement-treats-defi-hacks-ep-382/
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news in the digital asset industry. In this episode, Hasu, the gourmand of governance and Rune Christensen, chief mischief maker at MKR, discuss how to manage a DAO, their respective visions for MakerDAO, and much more.
Show topics: * What MakerDAO is, how DAI works and whether it is the “central bank” of DeFi * How the visions for MakerDAO of Hasu and Rune differ * Whether Maker should only hold highly liquid collateral assets * Hasu’s mental model of DAI as eurodollars * The role of real-world assets in backing DAI * What the purpose of a DAO is and how it differs from a legal entity * Whether people behave in their purest form within a DAO * How DAI can create positive externalities and make a better world * How crypto holders are not only in it for the money but also for the philosophy * What the “decentralized stablecoin trilemma” is * Whether there’s a need for dollar-denominated collateral for DAI to work * What “clean money” is according to Rune * Why Rune thinks having a single council is not viable due to the political risks and whether the solution is to have multiple councils * How to keep the principal-agent problem in check, according to Hasu * Why Hasu believes council members wouldn’t pursue their own interests and go against the benefit of MKR token holders * Whether a council would be corruptible and the dangers that it entails * What kind of interests should be represented in the council * Whether Maker can create more synthetic assets * The iron law bureaucracy and how it relates to governance * How to design the DAO to be steered in alignment with the token holders * Whether ossification is a feature to be pursued, and where innovation happens * How complexity is very expensive for an organization
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * + https://twitter.com/hosseeb * Tom Schmidt, general partner at Dragonfly Capital * + https://twitter.com/tomhschmidt * Robert Leshner, founder of Compound * + https://twitter.com/rleshner
Hasu * Twitter: https://twitter.com/hasufl
Rune Christensen * Twitter: https://twitter.com/RuneKek
Episode Links MakerDAO * Hasu’s governance proposal: https://vote.makerdao.com/address/0xafaff1a605c373b43727136c995d21a7fcd08989#delegate-credentials * Rune’s proposal - the endgame: https://forum.makerdao.com/t/the-endgame-plan-parts-1-2/15456 * Proposal to add a lending oversight core unit: https://forum.makerdao.com/t/mip39c2-sp33-adding-lending-oversight-core-unit-love-001/15098 * Previous Coverage of Unchained: * + Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/ + Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/ + The Rise of MakerDAO: A Personal Journey: https://unchainedpodcast.com/the-rise-of-makerdao-a-personal-journey/
Real World Assets: * Huntingdon Valley Bank (“HVB”) proposal: https://forum.makerdao.com/t/huntingdon-valley-bank-hvb-rwa-collateral-onboarding-risk-assessment/15828 * $500 million allocation proposal: https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922
The stablecoin trilemma: https://fluid.ch/stablecoin-trilemma/#:~:text=A%20deeper%20dive%20into%20the,decide%20on%20the%20stablecoin%20supply.
Layne Haber, Co-founder of Connext Network, discusses the Nomad bridge hack, how it happened, and what can be done to prevent these exploits.
Show highlights: * what Nomad is and how it works * how the hack occurred and what the vulnerability was * how much TVL the protocol had and how much of it was drained * why the Nomad hack was unique * how this exploit resembled the DAO hack on Ethereum * the bounty program that Nomad offered and how hackers responded to it * how Nomad is working with law enforcement, and the reasons why law enforcement has decided to get involved * how Nomad has partnered with TRM Labs to help with tracking the hackers * whether privacy developments in the crypto ecosystem will make it harder for law enforcement to track down hackers * why cross-chain hacks happen so often * what Layne thinks can be done to improve bridge security * what mechanism can be implemented to prevent errors that enable these types of mass looting * what Layne expects to see in the next few weeks around the Nomad exploit
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisl.ink/3Bo612R
EPISODE LINKS Layne * Twitter: https://twitter.com/LayneHaber
Nomad Hack: * https://www.theblock.co/post/160731/nomad-cross-chain-crypto-bridge-suffers-possible-exploit * Sam Sun explaining the hack: https://twitter.com/samczsun/status/1554252024723546112?s=20&t=SHIZQRqJ00mmuZVXFKXuZg * Nomad’s bounty program: https://twitter.com/nomadxyz_/status/1555293965049630722?s=20&t=RxH5UuWbBXiRLqu5gHDNyg * Pranay Mohan’s thread: https://twitter.com/pranaymohan/status/1556402131325915137?s=20&t=RxH5UuWbBXiRLqu5gHDNyg * $36 million recovered: https://twitter.com/nomadxyz_/status/1556681397993058304?s=20&t=makkX3SX1ezAXQSd6fdZYA
Cross-chain security: * Chainalysis article: https://blog.chainalysis.com/reports/cross-chain-bridge-hacks-2022/ * Adam Cochran on crypto bridges: https://twitter.com/adamscochran/status/1554473323073093634?s=20&t=8YFw6sPEGfjvh12q8w7p-Q * Vitalik’s take on cross-chain applications: https://old.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/ * Previous Unchained coverage: * + The Chopping Block: How to Improve DeFi and Cross-Chain Bridge Security: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/ + Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/
Kevin Zhou, co-founder of Galois Capital, comes to talk about the possibility of a Proof of Work chain on Ethereum after the Merge, the LUNA death spiral, how he plans to play the Merge, and much more...
Show highlights: * how Kevin got started in crypto * what Galois Capital is and what its investment thesis is * why Kevin was more vocal than most about the possibility of the LUNA death spiral * whether Kevin made money out of the Terra collapse and what was his strategy * what the difficulty bomb in Ethereum is * the potential scenarios that could arise after the Merge * whether the public is not considering the risks of the Merge * how the fact that everybody was telling the same narrative about ETH made Kevin suspicious * how Chandler’s statement about forking Ethereum made it a lot more likely that it would happen * the groups behind the encouragement of a proof-of-work Ethereum chain * whether there is a value proposition for a Proof of Work chain * how Kevin used The Cryptopians to remember how the DAO fork went * what replay protection is and why it is important when forking a chain * why anyone would want to keep the difficulty bomb in a potential proof of work chain * Kevin’s predictions about the market cap of the potential Ethereum forks * how a proof of work chain of Ethereum would function without the biggest stablecoins like USDT and USDC * whether Tether is going to support Ethereum 2 * why Kevin writes using metaphors related to history and gaming and how those analogies relate to Ethereum * how Kevin wanted to “stick it” to the Ethereum Foundation by offering his services * whether Vitalik trolled Kevin on Twitter * whether Kevin will apply the same strategy he used with ETC after the DAO fork
Thank you to our sponsors! 1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Kevin Twitter: https://twitter.com/Galois_Capital
ETH2 What is the Merge?: https://ethereum.org/en/upgrades/merge/
Proof of Work Chain Kevin’s analogy: https://twitter.com/Galois_Capital/status/1554053321165512705?s=20
Haseeb’s answer to Kevin’s arguments: https://twitter.com/hosseeb/status/1554163977806000128?s=20
Chandler Guo’s proposal: https://decrypt.co/106409/prominent-chinese-ethereum-miner-wants-to-resist-merge-create-fork
Kevin’s consulting offer: https://twitter.com/Galois_Capital/status/1553090706708856832?s=20
BitMEX researchers on the possibility of an Ethereum PoW chain: https://blog.bitmex.com/ethpow-vs-eth2/
CoinDesk article: https://www.coindesk.com/layer2/2022/08/03/who-will-mine-ethereum-after-its-gone/
Poloniex’s announcement: https://twitter.com/poloniex/status/1555085757450272768?s=21&t=jkjNGieNXdY5SgT2e9xhoQ
Justin Sun’s support of ETHW: https://twitter.com/justinsuntron/status/1555112296006922240?s=21&t=jkjNGieNXdY5SgT2e9xhoQ
Lyn Alden, founder of Lyn Alden Investment Strategy, and Mauricio di Bartolomeo, cofounder of Ledn, discuss how inflation could affect the digital asset industry.
Show highlights:
- how Mauricio’s upbringing in Venezuela and firsthand experience with inflation led him to Bitcoin
- what a “long-term debt cycle” is and why Lyn thinks the 2020s could be similar to the 1930s and 1940s
- the difference between inflation and hyperinflation
- how inflation changes consumer investing and purchasing decisions
- what the impact of inflation is on Bitcoin
- how Russia’s war on Ukraine will continue to impact inflation
- how rising interest rates will affect Bitcoin and stablecoin adoption
- what type of economic environment is worst for BTC growth
- whether Bitcoin is an inflation hedge
- why Lyn is long-term bullish on stablecoins and Bitcoin
- what effect a global recession would have on Bitcoin
- how global inflation has changed adoption rates for BTC in developing economies
- how Venezuelans use and perceive Bitcoin
- why Lyn and Mauricio are excited about Lightning Network in developing countries
- what Lyn and Mauricio think about El Salvador’s adoption of BTC and its billion dollar BTC bond
- how Ledn, as a lending company, was able to navigate the Celsius/Voyager crash
- how Lyn analyzes the risks associated with firms like BlockFi
- what lessons Lyn and Mauricio have learned in 2022 about digital assets and the economy
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program
Episode Links Lyn Alden * Twitter: https://twitter.com/LynAldenContact * Website: https://www.lynalden.com/ * Previous Unchained episodes: * + Is Ethereum a Good Investment: https://unchainedpodcast.com/lyn-alden-and-raoul-pal-is-ethereum-a-good-investment/ + Why Bitcoin Now: https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/
Mauricio di Bartolomeo * Twitter: https://twitter.com/cryptonomista * LInkedIn: https://www.linkedin.com/in/mauricio-di-bartolomeo-780284101
Recommended Lyn Reading on Inflation * https://www.lynalden.com/ecb-trapped/ * https://www.lynalden.com/investing-during-stagflation/ * https://www.lynalden.com/may-2022-newsletter/ * https://www.lynalden.com/the-area-under-the-curve/ * https://www.lynalden.com/blockfi/
Ledn Information * https://ledn.io/ * https://www.coindesk.com/business/2022/07/01/blockfi-approached-with-ledn-led-funding-offer-amid-ftx-acquisition-talks-report/
El Salvador * https://www.nytimes.com/2022/07/02/opinion/bitcoin-el-salvador-bukele-crypto.html?searchResultPosition=1 * https://unchainedpodcast.com/bitcoin-in-el-salvador-why-would-cypherpunks-support-government-mandated-bitcoin-adoption-ep-375/
Inflation * https://twitter.com/nic__carter/status/1538909209022058498 * https://www.reuters.com/business/imf-cuts-global-growth-forecasts-warns-high-inflation-threatens-recession-2022-07-26/ * https://www.youtube.com/watch?v=hGCxEMgnMco&list=PL9flMWibV82fmwt5vd0YROikG2msYYphX
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Balaji Srinivasan discusses his latest book, “The Network State, how different digital tools like crypto will help empower network states, and analyzes how crypto fits into the current political environment.
Show topics: * why Balaji wrote a book and why he is so enthralled with a digitized future * what a “network state” is, and what components of crypto are embedded into the idea * why Balaji is interested in “re-centralization” * why Balaji believes that networks states need to be recognized by real nations * what makes a network state better than a physical nation or digital community * why Balaji thinks a community of people who eat a keto diet could be the first network state * why Balaji thinks the network states will be a good thing * where Bitcoin maximalism fits into the left vs. right political divide, woke culture, and Christianity * what the overlap between politics and crypto will be going forward * what is the best way to learn, read, and debate “The Network State” * where crypto tools and communities have gone wrong so far and how the industry can improve going forward * what lessons Balaji learned from the tech bubble in the early 2000s * what Balaji’s over-under is for when the first network state will arrive * Balaji’s pitch for a 50:50 BTC/ETH portfolio (note: not investment advice)
Hosts * Haseeb Qureshi, managing partner at Dragonfly Capital * + https://twitter.com/hosseeb * Tom Schmidt, general partner at Dragonfly Capital * + https://twitter.com/tomhschmidt * Tarun Chitra, managing partner at Robot Ventures * + https://twitter.com/tarunchitra * Robert Leshner, founder of Compound * + https://twitter.com/rleshner
Guest: Balaji Srinivasan * Twitter: https://twitter.com/balajis
Episode Links The Network State
- https://thenetworkstate.com/
Technological Revolutions and Financial Capital
- https://www.amazon.com/Technological-Revolutions-Financial-Capital-Dynamics/dp/1843763311
Marisa Tashman, policy counsel at Blockchain Association, analyzes the US Securities and Exchange Commission’s (SEC) decision to name nine tokens as securities and investigate whether Coinbase lists securities.
Show highlights:
- why the SEC named tokens as securities in an insider trading case where no exchanges or token teams are listed as defendants
- what happens if the Coinbase insider trading case is settled or goes to court
- why the SEC’s actions should be considered “regulation by enforcement”
- whether there is any process to force the SEC to reveal its reasoning for calling a token a security
- why Marisa thinks the SEC is actively harming US investors with its crypto policy
- how Coinbase is handling the SEC’s investigation
- what Marisa thinks of Coinbase’s listing process
- why the Cynthia Lummis-led crypto regulatory framework is a good start
- what Marisa believes will happen in the crypto regulatory landscape in the near future
Thank you to our sponsors! 1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links Marisa Tashman * https://twitter.com/mtash
Blockchain Association * https://theblockchainassociation.org/
Coinbase * SEC investigation into listing unregistered tokens: https://www.bloomberg.com/news/articles/2022-07-26/coinbase-faces-sec-investigation-over-cryptocurrency-listings * SEC insider trading case: https://www.sec.gov/news/press-release/2022-127 * Coinbase does not list securities blog post: https://blog.coinbase.com/coinbase-does-not-list-securities-end-of-story-e58dc873be79 * Coinbase petition: https://www.sec.gov/rules/petitions/2022/petn4-789.pdf
SEC Regulation by Enforcement Response * CFTC Commissioner: https://twitter.com/CarolineDPham/status/1550159347984044033 * Lindsay Lin: https://twitter.com/lindsayxlin/status/1552320370019106822?s=21&t=4OaAjw3r8NlH23ppWiVK1w * Jake Chervinsky: https://twitter.com/jchervinsky/status/1550515627961589762?s=20&t=gGwDPAJzZXSu6Gwc9agDOg * Hester Peirce: https://www.coindesk.com/policy/2022/05/03/hester-peirce-pushes-back-against-secs-plans-to-nearly-double-crypto-enforcement-staff/ * Matt Levine: https://twitter.com/matt_levine/status/1550202036570017792?s=20&t=e1g8U-V4K_ixd1vJoRc9gA * Chair Gary Gensler wanting crypto exchanges to register as securities exchanges: https://www.bloomberg.com/news/articles/2022-07-28/sec-chair-gensler-hardens-line-on-crypto-exchange-registration?sref=m9L277rN * https://twitter.com/garygensler/status/1552700562533236739?s=21&t=mNENJd2qeQYkeFFdZqWUPA
Gillibrand x Lummis Crypto Regulatory Framework * https://www.gillibrand.senate.gov/news/press/release/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets
Two crypto law experts, WassieLawyer and Adam Levitin, analyze the bankruptcies of 3AC, Celsius, and Voyager.
Show highlights:
- the difference between Voyager and Celsius “custody” and “earn” deposits
- why Celsius commingling customer custody and earn deposits could make it harder for creditors to get their money back
- what similarities and differences the Voyager and Celsius bankruptcies have
- how Chapter 11 bankruptcy works
- why Wassie and Adam believe Celsius might have engaged in shady business practices, whereas they believe Voyager was just an irresponsible lender
- what the latest is on the 3AC bankruptcy and the location of Kyle Davies and Zhu Su
- what Celsius and Voyager can clawback from 3AC
- how Alameda fits into the Voyager bankruptcy case
- whether creditors will receive funds back in crypto or dollars
- the three types of ways creditors can “claw back” funds in a bankruptcy case
- why Wassielawyer and Adam believe Celsius’ Chapter 11 plan to restructure around mining is so weird
- whether the founders from 3AC, Celsius, or Voyager will see jail time
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program
Episode Links Adam Levitin * https://twitter.com/AdamLevitin
Adam Levitin 3AC/Celsius/Voyager Content
-
https://twitter.com/AdamLevitin/status/1549935271323607040
-
https://www.thedeal.com/restructuring/oped-looming-legal-issues-in-cryptocurrency-bankruptcies/
- https://www.thedeal.com/restructuring/oped-crypto-winter-arrives/
- https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4107019
- https://twitter.com/AdamLevitin/status/1549142827774447619
- https://twitter.com/AdamLevitin/status/1548727063930077188
- https://twitter.com/AdamLevitin/status/1547945325125480451
- https://twitter.com/AdamLevitin/status/1547699788279193600
- https://twitter.com/AdamLevitin/status/1547584853180162049
- https://twitter.com/AdamLevitin/status/1547389680198508546
WassieLawyer
- https://twitter.com/wassielawyer
WassieLawyer 3AC/Celsius/Voyager Content
- https://twitter.com/wassielawyer/status/1543238225338454016
- https://twitter.com/wassielawyer/status/1538167831946473472
- https://twitter.com/wassielawyer/status/1545827666590601216
- https://twitter.com/wassielawyer/status/1536192639112183808
Celsius Content
- https://www.coindesk.com/policy/2022/07/19/celsius-lays-out-mining-focused-reorganization-plan-at-first-bankruptcy-hearing/
- https://twitter.com/BradyDale/status/1549415579399979008
- https://www.cnbc.com/2022/07/19/former-employees-say-issues-plagued-crypto-company-celsius-years-before-bankruptcy.html
- https://www.coindesk.com/business/2022/07/18/celsius-outlines-next-steps-as-bankruptcy-proceedings-begin/
- https://twitter.com/wassielawyer/status/1548947257961086976
- https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/
- https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6
- https://www.coindesk.com/markets/2022/07/13/wobble-in-steth-price-shows-fear-celsius-might-dump-435m-stake/
- https://www.coindesk.com/markets/2022/07/11/celsius-reclaims-172m-collateral-from-aave-compound/
- https://www.coindesk.com/markets/2022/07/13/celsius-pays-off-last-defi-loan-reclaims-nearly-200m-of-wrapped-bitcoin-from-compound/
Voyager Content
- https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/
- https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/
- https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/
3AC
- https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/
- https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery
- https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/
- https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/
- https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/
- https://unchainedpodcast.com/three-crypto-bankruptcies-3ac-celsius-and-voyager-what-happens-now-ep-374/
Other
- Kirkland and Ellis are running both bankruptcies
-
- https://twitter.com/kadhim/status/1549864279536553984
- https://twitter.com/tier10k/status/1550133741158219776 (made $1m/week)
- What is happening to assets in bankruptcy cases
-
- https://twitter.com/OGLawPanda/status/1549357959746043909
- No exposure for Coinbase
-
- https://finance.yahoo.com/news/coinbase-celsius-voyger-three-arrows-exposure-142730485.html
- KeyFi lawsuit
-
- https://fortune.com/2022/07/08/crypto-lender-celsius-ponzi-scheme-used-customer-funds-manipulate-token-prices-jason-stone-says-lawsuit/
- 3AC founders break silence
-
- https://cryptobriefing.com/the-whole-situation-is-regrettable-3ac-breaks-silence-to-bloomberg/
Adam Cochran, partner at Cinneamhain Ventures, discusses the impact of 3AC’s impending liquidation. Show topics:
- why 3AC founders (and family members) are listing themselves as creditors
- what the “corporate veil” is and why it matters regarding 3AC
- where retail investors stand in the pecking order of creditors
- why Adam doesn’t believe we know the full story about 3AC’s downfall, despite liquidators leaking a 1,000-page report about it
- what creditors might do with 3AC’s yacht
- why Adam is less worried about the health of GBTC in light of recent 3AC filings
- what effect 3AC’s fall will have on Genesis and Digital Currency Group
- why creditors might prefer liquidations to be paid out in equity compared to cash in this environment
- how 3AC’s liquidation is impacting retail investors at Voyager and Celsius
- why there could be a crypto credit crunch coming soon
Thank you to our sponsors! 1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Adam Cochran * Twitter: https://twitter.com/adamscochran
Coverage * Adam Cochran Twitter thread on 3AC liquidation: * + https://twitter.com/adamscochran/status/1543253799929876480 * Adam Cochran Twitter thread on 3AC contagion: * + https://twitter.com/adamscochran/status/1546477191420170240 * 3AC founders subpoenaed * + https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-fouSubpoenaedders-for-discovery * 3AC x Genesis relationship * + https://www.theblock.co/post/158167/crypto-lender-genesis-lent-2-36-billion-to-three-arrows-capital * 3AC owes creditors $3.5 Billion * + https://www.theblock.co/post/158169/three-arrows-capital-3ac-creditors-list-3-5-billion-crypto-affidavits * 3AC liquidation committee * + https://www.theblock.co/post/158279/three-arrows-capital-3ac-creditors-committee-five-members * 3AC x Blockchain.com relationship * + https://www.theblock.co/post/158533/3ac-borrowed-and-repaid-more-than-2-billion-from-blockchain-com-before-outstanding-debt * Deribit liquidation dispute * + https://www.coindesk.com/markets/2022/07/19/stake-in-crypto-exchange-deribit-becomes-disputed-asset-in-three-arrows-bankruptcy/ * 3AC x StarkWare * + https://thedefiant.io/zhu-3ac-starkware/
Previous Unchained Coverage * Wassielawyer on 3AC, Celsius, and Voyager * + https://unchainedpodcast.com/three-crypto-bankruptcies-3ac-celsius-and-voyager-what-happens-now-ep-374/
Nelson Rauda, Salvadoran journalist for El Faro, comes to talk about the impact of Bitcoin in El Salvador, the needs of Salvadoran people, Bitcoin City and the Bitcoin Bond, and much more.
Show highlights: * Nelson’s story and how he began covering BTC * what kind of politician and president Nayib Bukele was before BTC * what the financial reality was for Salvadoran people before the implementation of BTC * the reasons for the high rates of unbanked people in El Salvador * how Bukele changed the monetary policy with what Rauda says was very little discussion * why Rauda believes the BTC law is not meant for Salvadorans, but instead is a PR stunt * how people reacted after the announcement of BTC as legal tender, and how it resembled the dollarization of the economy in 2001 * how Nelson did not even understand BTC at the moment of the announcement and how he says there was not an effort from the government to educate the population * whether BTC was successful in attracting investments and tourism, and how there’s no hard data about it * why Nelson believes Bukele was trying to hide the scandals when he adopted BTC * whether BTC has been used as a PR stunt * why bitcoiners are enthusiastic about an authoritarian government adopting BTC as legal tender * how Bukele might be undermining his own authority by adopting BTC, a type of money that is not controlled by a state * whether the Chivo wallet is a surveillance tool * why Nelson believes BTC does not represent a solution for the needs of average Salvadoran people * whether the $30 dollar initial gift to download the BTC wallet was seen as just another subsidy * the status of Bitcoin City and how Nelson believes it represents the most spectacular PR stunt from Bukele’s administration * how the expensive prices of electricity in El Salvador make the country not the best place for mining * the significance of Bitcoin Beach * what the BTC bond is, what Bukele tried to achieve with it, and why it has been postponed * whether El Salvador will default on its debt and what the impact of the BTC price has on the national finances and on how Salvadorans perceive Bitcoin * how Nelson believes people in El Salvador do not have political freedom and how it contradicts the narrative of financial freedom that BTC aims to provide * what Nelson thinks about Bitcoin and whether governments should adopt it as legal tender
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program
Nelson: * Twitter: https://twitter.com/raudaz_ * NYT Opinion article: https://www.nytimes.com/2022/07/02/opinion/bitcoin-el-salvador-bukele-crypto.html?referringSource=articleShare
Bitcoin Law: * PwC report: https://www.pwc.com/gx/en/financial-services/pdf/el-salvadors-law-a-meaningful-test-for-bitcoin.pdf * Full law: https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19 * BBC article - The IMF urges El Salvador to remove Bitcoin as legal tender: https://www.bbc.com/news/world-latin-america-60135552 * BTC as a Trojan horse: https://bitcoinmagazine.com/culture/bitcoin-is-a-trojan-horse-for-freedom * Last BTC Purchase: https://decrypt.co/104275/el-salvador-president-nayib-bukele-more-bitcoin-after-losing-60m * Washington post article on tourism attraction: https://www.washingtonpost.com/travel/2022/07/06/el-salvador-bitcoin-beach/?utm_campaign=wp_main&utm_medium=social&utm_source=twitter * NYT Article on El Salvador’s bet: https://www.nytimes.com/2022/07/05/world/americas/el-salvador-bitcoin-national-currency.html
El Salvador: * Research paper on El Salvador by the NBER: https://www.nber.org/papers/w29968 * The World Bank report on El Salvador: https://www.worldbank.org/en/country/elsalvador/overview * El Salvador and the IMF: https://www.reuters.com/world/americas/el-salvador-finance-minister-says-possible-imf-deal-no-panacea-2022-07-14/ * CNBC on El Salvador Finances: https://www.cnbc.com/2022/06/25/el-salvador-bitcoin-experiment-not-saving-countrys-finances.html * IMF report on El Salvador Finances: https://www.imf.org/en/News/Articles/2022/02/15/cf-el-salvadors-comeback-constrained-by-increased-risks
Bitcoin Bond: * https://www.coindesk.com/business/2022/03/25/bitcoin-city-el-salvadors-dreams-for-utopia-on-hold/ * El Salvador postpones BTC bond: https://www.reuters.com/technology/el-salvador-postpones-bitcoin-bond-issue-expects-better-conditions-2022-03-22/
Bitcoin City: * https://www.dezeen.com/2022/05/12/bitcoin-city-el-salvador-president-nayib-bukele/#:~:text=Bitcoin%20City%20is%20planned%20for,from%20the%20nearby%20Conchagua%20volcano.
In a highly educational conversation, Wassielawyer, a lawyer specializing in restructuring and insolvency, discusses the bankruptcy and liquidation of Three Arrows Capital, plus sheds light on similar processes unfolding with Celsius and Voyager. Show highlights:
- Wassielawyer’s experience as a lawyer and his professional background
- what the liquidation process looks like and what drives a company to get into this situation
- what the creditors of 3AC can expect from the liquidation process and who will be paid first
- why he doesn’t think the liquidators breached their fiduciary duty by not exercising the Starkware token warrants
- what Chapter 15 bankruptcy is and what it means for a company
- whether Zhu’s and Davies’ unknown whereabouts affect the liquidation process and whether they are likely to cooperate
- whether 3AC counterparties will get anything back from the credits they provided
- how Chapter 11 bankruptcy differs from Chapter 15
- what Chapter 11 bankruptcy filing means for Celsius and its account holders
- what are the similarities and differences between Celsius and Voyager filings
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
EPISODE LINKS Wassielawyer * Twitter: https://twitter.com/wassielawyer
3AC: * Wassielawyer’s threads: + https://twitter.com/wassielawyer/status/1543238225338454016?s=20&t=kXB2gr4UCkAz5p09LD24XA + https://twitter.com/wassielawyer/status/1538167831946473472?s=20&t=kXB2gr4UCkAz5p09LD24XA * Unchained Newsletter: https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/ * Crypto Contagion: * Court order allowing subpoenas: https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery * Previous coverage: + Unchained Coverage: Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/ + The Chopping Block: Here’s What Was So Bad About Three Arrows Capital: https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/ + Does Venture Capital Investment Violate the Ethos of Crypto? Sequoia Says No: https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/
Voyager: * Wassielawyer’s thread: https://twitter.com/wassielawyer/status/1545827666590601216?s=20&t=kXB2gr4UCkAz5p09LD24XA * Unchained Newsletter: https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/ * Bankruptcy: https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/ * Voyager exposure to 3AC: https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/
Celsius: * Wassielawyer’s thread: https://twitter.com/wassielawyer/status/1536192639112183808?s=20&t=kXB2gr4UCkAz5p09LD24XA * Celsius bankruptcy: https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/ * Halt of withdrawals: https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6 * Celsius repaying debt and claiming collateral: + https://www.coindesk.com/markets/2022/07/13/wobble-in-steth-price-shows-fear-celsius-might-dump-435m-stake/ + https://www.coindesk.com/markets/2022/07/11/celsius-reclaims-172m-collateral-from-aave-compound/ + https://www.coindesk.com/markets/2022/07/13/celsius-pays-off-last-defi-loan-reclaims-nearly-200m-of-wrapped-bitcoin-from-compound/
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Anatoly Yakovenko, Tsar of Solana, joins the show to discuss the use cases of Solana, whether it’s actually a blockchain, how Solana scales, and much more!
Show topics: * What Anatoly thinks of Andre Cronje's opinion that Solana is not a blockchain * Why Solana has had so many instances of downtime * Whether Solana is the NASDAQ of blockchains * Why Solana changed its approach to fee markets and how it is different from other blockchains * Why Anatoly is bearish on generic Layer2s * How to prevent a mempool to blow up * Whether Anatoly is pro app-chains * Why Anatoly would have had Solana build a fee model from the start * What proof of history is and what its problems are * How vertical scaling and horizontal scaling differ * What the use cases of Solana are * Why Solana decided to build the SAGA phone * How a web3 phone enables new ways of innovation * Why Solana doesn’t see Avalanche or BSC or other EVM chains as competitors but Mysten and Aptos * Why the execution environment is where all innovation happens * Why Tarun thinks rollups on Solana is a good idea * Whether EVM could work on Solana and why Anatoly cares less about EVM on Solana than Solidity * What Anatoly’s biggest lessons from building Solana are * Why Haseeb admires Anatoly and what the similarities are between him and Vitalik * What Anatoly advises people who are building in crypto
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Guest: Anatoly Yakovenko
- Twitter: https://twitter.com/aeyakovenko
Episode Links
Solana * Serum: https://www.projectserum.com/ * Some of the Solana outages and consequences: * + September 2021: https://www.coindesk.com/markets/2021/09/14/solana-validators-ready-potential-restart-amid-blockchain-outage/ + January 2022: https://www.theblock.co/post/131278/traders-are-complaining-about-solanas-performance-raising-questions-about-its-status-as-a-wall-street-darling + May 2022: https://www.theblock.co/linked/144639/solana-restarted-after-seven-hour-outage-caused-by-surge-of-transactions + Solana’s blockchain clock 30 minutes behind: https://www.theblock.co/post/149112/solanas-blockchain-clock-loses-track-of-time-now-running-30-minutes-behind + June 2022: https://www.coindesk.com/tech/2022/06/02/solana-halted-by-bug-linked-to-certain-cold-storage-transactions/ * Popularity of NFTs on Solana: https://www.theblock.co/post/153214/magic-eden-raises-series-b-funding-solana-nft-unicorn * Solana phone * + https://solana.com/news/saga-reveal + https://dune.com/queries/952048/1656567 + https://www.coindesk.com/business/2022/06/23/solana-labs-is-building-a-web3-mobile-phone/ * Fee market: https://www.reddit.com/r/solana/comments/u3p8xc/eli3_solana_fee_market/ * Aptos/Mysten: * + https://www.coindesk.com/business/2022/07/11/web-3-startup-mysten-labs-aiming-for-2b-valuation-in-latest-funding-report/ + https://www.coindesk.com/business/2022/05/31/paypal-ventures-invested-in-team-reviving-diem-blockchain/ * Paper on Proof of History: https://www.shoup.net/papers/poh.pdf * Previous Coverage: * + Why Solana’s Frequent Downtime Doesn’t Bother Kyle Samani- Ep. 362: https://unchainedpodcast.com/the-chopping-block-why-solanas-frequent-downtime-doesnt-bother-kyle-samani-ep-362/ + Did Andre Cronje Pull an Epic Crypto Rug Pull?: https://unchainedpodcast.com/the-chopping-block-did-andre-cronje-pull-an-epic-crypto-rug-pull/ + Will Solana Be the Execution Layer and Ethereum the Settlement Layer? https://unchainedpodcast.com/will-solana-be-the-execution-layer-and-ethereum-the-settlement-layer/ * Neon Labs: * + https://www.coindesk.com/business/2021/11/09/neon-labs-raises-40m-to-bring-evm-functionality-to-solana/
Ryan Berckmans, Ethereum investor and community member, and Alexandre Bergeron, Bitcoin investor, discuss Lido’s dominance as a liquid staking provider, whether that issue can be resolved, and how it could be a centralizing force for Ethereum. Show highlights:
- what stETH is, what the uses cases are for stETH, and why it is important
- how Lido had a first-mover advantage and how that kicked off network effects
- whether the liquid staking derivatives system is one of a “winner-take-all”
- how much of the staked ETH will be turned into a liquid staking derivative
- how Lido might have a huge MEV opportunity after the Merge
- what the proposer-builder separation is
- whether Lido's dominance will increase over time
- whether other competitors have been competitive with Lido
- why Lido is a natural monopoly because of the incentives and MEV opportunities
- what the implication of Lido’s monopoly is for Ethereum’s censorship resistance
- whether Lido is effectively a single entity despite having multiple node operators
- whether there could be a long waiting period for becoming a validator after the Merge
- how Lido is moving its staking derivatives to other chains
- how Lido’s new dual-governance proposal works, why it might be useful to decentralize Lido and whether it reduces the power of LDO token holders
- how Lido’s centralization is the biggest threat to Ethereum in the long term and what are the possible solutions
- why Ryan believes the value of ETH comes from its credible neutrality and whether Lido's centralization may jeopardize that
- whether finding solutions around MEV opportunities is a good way to reduce Lido’s monopoly
- whether Lido’s competitors could form an alliance and build a tokenized basket of their staking derivatives to compete with Lido
- whether Lido could airdrop the LDO token to all ETH holders to decentralize its governance token
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program
Alex: * Twitter: https://twitter.com/bergealex4
Ryan: * Twitter: https://twitter.com/ryanberckmans
stETH * Lido’s explanation of what stETH is: https://twitter.com/LidoFinance/status/1535184472546889735?s=20&t=oQeB1uj7HG7Y4he-0gbcLg * Previous Unchained Coverage: In the Recent Crypto Market Meltdown, What Role Did Lido’s stETH Play?: https://unchainedpodcast.com/in-the-recent-crypto-market-meltdown-what-role-did-lidos-steth-play-ep-370/
Lido’s Centralization: * Alex’s thread on why ETH is broken: https://twitter.com/bergealex4/status/1410761639226318852?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ * Ryan on a liquid staking monopoly: https://twitter.com/ryanberckmans/status/1521179049548300291?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ * Ryan’s proposed solutions: https://twitter.com/ryanberckmans/status/1531731955011579904?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ * Is Lido making Ethereum less decentralized?: https://cryptobriefing.com/is-lido-making-ethereum-less-decentralized/ * LDO token analysis: https://medium.com/general_knowledge/lido-finance-liquid-ethereum-staking-ldo-potential-f5dc3553b8d2 * Ethereum researcher Danny Ryan’s take: https://twitter.com/dannyryan/status/1524044527828303872?s=20&t=H4UNoLn7sKQyZx5ll3-Ncw * Ryan’s take on Lido’s self-limit: https://research.lido.fi/t/should-lido-on-ethereum-be-limited-to-some-fixed-of-stake/2225/9?u=ryanberckmans
Lido’s Governance Proposals * Lido + stETH dual governance: https://research.lido.fi/t/ldo-steth-dual-governance/2382 * Hasu on Lido’s dual governance proposal: https://twitter.com/hasufl/status/1540652075352313857?s=20&t=sJU5C5xo5litEJrZZDaWNQ * Lido’s two-phase voting scheme: https://blog.lido.fi/moving-to-two-phase-voting/
MEV * Ryan on post-merge MEV: https://twitter.com/ryanberckmans/status/1453597003397611526?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ * Alex on proposer-builder separation: https://twitter.com/bergealex4/status/1540934540901744640?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ * Haseeb on post-merge MEV: https://twitter.com/hosseeb/status/1464003851942391834?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ
Amir Haleem, CEO of Nova Labs and founder of Helium, talks about the use cases for Internet of Things (IoT), how blockchain and crypto help to construct a decentralized internet infrastructure, and what is the future of Helium. Show highlights:
- what Helium is and what it is trying to solve
- how, after struggling for years, introducing crypto tokens, finally helped Helium grow
- who the users of Helium are and how they differ from each other
- how Helium grew to have one million devices around the world
- what the challenges and use cases of the IoT space are
- why Helium decided to add new networks
- why Helium is launching specific tokens for each of the new networks
- what proof of coverage is and why it is useful
- what an open-source cellular network is and how it would work
- whether there is a need for some centralization of the network
- what Helium’s roadmap is and what the major milestones are for the future
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://avax.network
EPISODE LINKS Amir
- Twitter: https://twitter.com/amirhaleem
Helium:
- Twitter: https://twitter.com/helium
- Website: https://www.helium.com/
- NYT article: https://www.nytimes.com/2022/02/06/technology/helium-cryptocurrency-uses.html
- Plans to launch new networks: https://www.theblock.co/linked/151491/helium-network-accelerates-multi-network-protocol-expansion
-
- https://blog.helium.com/helium-chapter-2-a-network-of-networks-7372262210bd
- Helium 5G plans: https://blog.helium.com/whats-next-for-helium-5g-data-transfer-proof-of-coverage-rewards-67b54f19f8d5
- Number of Helium hotspots growing: https://www.coindesk.com/markets/2022/02/17/helium-network-passing-half-million-hotspots-could-fire-up-hnt-price/
- Where Helium users are: https://www.coindesk.com/markets/2022/03/09/helium-miners-from-lisbon-to-miami-say-its-location-location-location/
- Nova Labs raises $200 million: https://www.axios.com/2022/02/18/crypto-startup-helium-raises-200-million
- $111 million token sale: https://www.theblock.co/linked/114095/helium-token-sale-a16z
Hasu, strategic advisor to Lido, and Tarun Chitra, founder of Gauntlet, explain everything about staked ETH, aka stETH, how it should be priced, Lido’s market dominance, and much more. Show highlights:
- the role of Lido, what stETH is, and what its benefits are
- whether Ethereum’s lack of delegated proof of stake contributes to the need for stETH
- why stETH is not mispriced and why it doesn’t necessarily have to be worth 1 ETH
- the inherent risks associated with stETH
- how there was not enough liquidity to handle all the liquidations, especially in automated vaults on, for instance, Instadapp
- how automated market makers work and what Curve’s amplification factor is
- whether 3AC and Celsius had a significant impact on the stETH/ETH “de-peg”
- how does the Merge affect the liquidity of stETH
- Hasu’s and Tarun’s level of confidence that the Merge will happen this year and whether it will be a success
- what will happen to the price of stETH after the redemptions are enabled
- why Lido has achieved such a level of dominance
- how Lido decreases the cost of staking and helps improve the security of the Ethereum blockchain
- whether there is going to be a “winner take all” in the liquid staking derivatives market
- how liquidity fragmentation can cause the system to blow up
- why LDO tokenholders might not have the same incentives as ETH tokenholders
- what is Lido’s new dual governance model and what is it trying to achieve
- whether Lido should self limit its market dominance
- how Lido coordinates validators and the role of the LDO token in this coordination
- what are the lessons to be learned from the stETH situation
- how governance is a liability to DeFi protocols
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program
EPISODE LINKS Hasu: * Twitter: https://twitter.com/hasufl * Uncommon Core Podcast: http://uncommoncore.co/podcast/
Tarun: * Twitter: https://twitter.com/tarunchitra
stETH * Lido’s explanation: https://twitter.com/LidoFinance/status/1535184472546889735?s=20&t=oQeB1uj7HG7Y4he-0gbcLg * Lido’s explanation #2: https://twitter.com/LidoFinance/status/1536756933054676992?s=20&t=oQeB1uj7HG7Y4he-0gbcLg * Hasu’s thread #1: https://twitter.com/hasufl/status/1524717773959700481?s=20&t=oQeB1uj7HG7Y4he-0gbcLg * Hasu’s thread #2: https://twitter.com/hasufl/status/1525427069198508033?s=20&t=oQeB1uj7HG7Y4he-0gbcLg * Tarun’s take: https://twitter.com/tarunchitra/status/1538775828573609985?s=20&t=oQeB1uj7HG7Y4he-0gbcLg * Tarun’s paper: Why Stake when you can borrow: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3629988
Lido * Self-limit?: https://twitter.com/LidoFinance/status/1540258690942615555?s=20&t=sJU5C5xo5litEJrZZDaWNQ * Hasu on Lido’s dual governance proposal: https://twitter.com/hasufl/status/1540652075352313857?s=20&t=sJU5C5xo5litEJrZZDaWNQ * Lido’s two phase voting scheme :https://blog.lido.fi/moving-to-two-phase-voting/ * Previous Unchained Coverage on DAO governance: Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto?: https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/
Bear Market: * Insolvency of crypto lenders: + 3AC: https://blockworks.co/three-arrows-capital-brink-default-owes-voyager-657m/ + Celsius: https://www.theblock.co/linked/151522/crypto-lending-firm-celsius-pauses-withdrawals-and-transfers-citing-market-conditions + Celsius possible bankruptcy: https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj * Previous Unchained Coverage: + Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/ + Cobie and Chris Burniske on How to Navigate a Crypto Bear Market: https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/
Badiucao, Chinese artist and activist, talks about the importance of NFTs for political activism, the role of China in his career as an artist, the significance of blockchain technologies to resist censorship, and much more. Show highlights:
- why Badiucao became an artist and how the censorship in China brought him to NFTs
- how Badiucao only learned about Tiananmen Square when he was 22 years old
- why Badiucao took up work as a preschool teacher in Australia
- how anonymity is important for Chinese activists for their family’s safety
- the intention of Badiucao’s art and what is he trying to express
- the repercussions of Badiucao’s activism
- why Badicuao eventually gave up his anonymity
- why Badiucao decided to issue art as NFTs and what possibilities he sees in NFTs
- how Badiucao enabled people to write a message of protest in the blockchain with the launch of his NFT and how this represented the first large mass protest written into the blockchain
- whether the Beijing Winter Olympics is an outrage and a disgrace for the international community and how this inspired Badiucao’s NFT collection Beijing 2022
- how Niki approached the issue of the possibility of having the art taken down
- how Badiucao used NFTs to help Ukraine due to the war
- the reasons political art has so much value, and how NFTs enable possibilities for all political artists around the world
- whether NFTs are much more than just some apes, and how learning about art is important
- how to get started as a political artist and the importance to remain truthful
- the significance of using power as an artist
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://avax.network
EPISODE LINKS Badiucao
- Twitter: https://twitter.com/badiucao
- Website: https://www.badiucao.com/
Niki
- Website: http://nikiselken.com/
Documentary about Badiucao:
https://www.imdb.com/title/tt10601676/
60 Minutes interview: https://www.cbsnews.com/news/badiucao-60-minutes-2021-12-26/
Unveiling his identity: https://www.nytimes.com/2019/06/04/world/asia/china-tiananmen-cartoonist-badiucao.html?searchResultPosition=1
The importance of NFTs
- How Activists are Using NFTs as Civil Disobedience: https://www.jumpstartmag.com/how-activists-are-using-nfts-as-civil-disobedience/
- Nadya Tolokonnikova on NFTs with social messages: https://editorial.brytehall.com/nadya-tolokonnikova-on-nfts-with-social-messages-and-shock-value/
- Unchained Coverage: This Noble Family’s Art Was Taken by Nazis, But Is Being Saved by NFTs: https://unchainedpodcast.com/this-noble-familys-art-was-taken-by-nazis-but-is-being-saved-by-nfts/
- Unchained Coverage: Punk6529 on the Significance of Bored Ape Yacht Club and CryptoPunks: https://unchainedpodcast.com/punk6529-on-the-significance-of-bored-ape-yacht-club-and-cryptopunks/
- Unchained Coverage: Why This Environmentalist Doesn’t Blame Creators for the Carbon Footprint of NFTs: https://unchainedpodcast.com/why-this-environmentalist-doesnt-blame-creators-for-the-carbon-footprint-of-nfts/
Beijing 2022 Collection
- https://www.badiucao.com/nft
- Badiucao launches NFT collection to protest against China's human rights record on eve of Beijing Winter Olympics: https://www.theartnewspaper.com/2022/02/01/badiucao-launches-human-rights-protest-nft-collection-on-eve-of-beijing-winter-olympics
NFTs for Ukraine Collection
- https://www.badiucao.com/ukraine
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Taylor Monahan, matriarch of Metamask, joins the show to discuss the contagion of major crypto firms, the bear market, SBF saving crypto, and much more! Show topics:
- The importance of UX and security
- How Three Arrows Capital’s practice of borrowing to leverage their bets has caused a crisis for crypto lenders that rippled out to many customers
- How the GBTC arbitrage trade was part of 3AC’s undoing, and how that trade was one many other crypto trading institutions had previously abandoned
- How crypto lenders were being degens with customers funds
- Why SBF stepped in and made sure that BlockFi and Voyager didn’t default on customers’ deposits
- Whether this whole wind-down reflects a credit cycle
- How DeFi protocols were built to avoid these kinds of centralized finance problems
- How the systemic issues caused by CeFi institutions like Celsius, BlockFi and Voyager are reminiscent of the Great Financial Crisis
- What are the similarities between this crypto meltdown, the Mt. Gox debacle, and the 1907 and 2008 financial crises
- What are the consequences of losing retail money vs. institutional money
- How surviving a credit cycle crisis creates the best risk managers
- The lessons to be learned from all these crises
- How MakerDAO is trying to figure out what to do with its money
- What happened with Solend and why the DAO resorted to a centralized action
- Why DeFi needs more clauses about how to handle edge cases
- The difference between doing dumb things and wrong things
- Why Tarun is impressed with Solana’s DAO tooling
- Why Taylor is thankful for the bear market
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Guest: Taylor Monahan
- Twitter: https://twitter.com/tayvano_
- Taylor’s thread on resources to learn about all things crypto: https://twitter.com/tayvano_/status/1509380091184246784?s=20&t=kNk8fJ7pJAWfEEVZQHwpvg
Episode Links
- Crypto Contagion
-
- 3AC: https://blockworks.co/three-arrows-capital-brink-default-owes-voyager-657m/
- Voyager
- Celsius + Goldman buyout? https://www.protocol.com/bulletins/goldman-celsius-bankruptcy
- BlockFi bailout: https://www.coindesk.com/business/2022/06/21/blockfi-receives-250m-credit-facility-from-ftx/
-
- Unchained newsletter on BlockFi’s bailout: https://unchainedpodcast.com/vitalik-says-this-deserves-mockery/
- CoinFlex: https://www.bloomberg.com/news/articles/2022-06-27/crypto-exchange-coinflex-to-issue-tokens-after-withdrawal-freeze?sref=Q2SpVkJl
- Babel: https://www.coindesk.com/business/2022/06/20/babel-finance-reaches-debt-agreement-with-counterparties-after-withdrawal-freeze/
- Unchained Coverage: Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/
- Solend DAO situation:
-
- Unchained Coverage: Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto? – Ep. 366: https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/
- https://www.coindesk.com/tech/2022/06/19/solana-defi-platform-votes-to-control-whale-account-in-bid-to-avoid-liquidation-chaos/
- Covered on Unchained Newsletter: https://unchainedpodcast.com/does-this-dao-deserve-emergency-power%e2%81%89%ef%b8%8f/
- MakerDAO governance proposal: https://www.theblock.co/post/154515/maker-governance-is-voting-to-invest-500-million-in-us-treasury-bills
Shaun Maguire and Michelle Bailhe, partners at Sequoia, discuss their long term view and thesis about crypto, what do they look for to invest in a crypto project, the takeaways from the blowup of Terra, the insolvency of crypto companies, and much more. Show highlights:
- what is Sequoia’s long term view and thesis about the crypto industry
- how different our lives will look in 20 years from now due to blockchain technology
- how Sequoia had to adapt to invest in this new asset class and what are the similarities and differences with investing in traditional startups
- when a product or service on the internet should be offered in a decentralized or centralized way
- how Sequoia decides whether to invest in the entity behind a project or in the tokens
- whether having venture capitalists involved at all goes against the ethos of decentralization
- why Shaun believes that Ethereum proved that decentralization can be achieved even when you start being centralized
- whether people underestimate the value that VCs can add to a project
- why Shaun believes that Solana is moving towards decentralization
- Sequoia’s thesis about privacy in crypto and the potential of zero-knowledge proofs
- how Michelle sees the macroeconomic environment impacting crypto and whether this cycle is different from the previous ones
- the importance of product market fit in crypto projects
- what crypto projects should be focusing on and the business model they should be pursuing
- the main takeaways of the Terra collapse and how it was a major setback for algo stablecoins
- how crypto founders should always do the right thing even though there is no clear regulation
- whether SBF is the Berkshire Hathaway of crypto today
- the lessons to be learned from the potential insolvency of some crypto lenders and investment firms
- how demand for blockspace will keep increasing and whether a single blockchain could supply all that space
- the future of the metaverse and how it can be defined
- Michelle’s mental model for crypto and the phases for achieving worldwide adoption
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
Ava Labs: https://www.avax.network/
EPISODE LINKS Shaun Maguire: * Twitter: https://www.twitter.com/shaunmmaguire * Sequoia Profile: https://www.sequoiacap.com/people/shaun-maguire/
Michelle: * Twitter: https://twitter.com/michellebailhe * Sequoia Profile: https://www.sequoiacap.com/people/michelle-bailhe/ * Michelle’s investment thesis: https://www.sequoiacap.com/article/ask-not-wen-moon-ask-why-moon/
Bear Market:
- Michelle’s Twitter thread: https://twitter.com/michellebailhe/status/1526373378516365312?s=20&t=c7vdmdg2mnQ34rsAGIm0lg
- Insolvency of crypto lenders:
-
- Voyager: https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/
- BlockFi: https://decrypt.co/103422/blockfi-secures-250-million-line-of-credit-from-ftx
- Celsius: https://www.theblock.co/linked/151522/crypto-lending-firm-celsius-pauses-withdrawals-and-transfers-citing-market-conditions
- Celsius possible bankruptcy: https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj
- Previous Unchained Coverage:
-
- Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/
- Cobie and Chris Burniske on How to Navigate a Crypto Bear Market: https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/
Terra
- Shaun’s take on stablecoins:
https://twitter.com/shaunmmaguire/status/1524420727968976898?s=20&t=26DylQ2_YbW36Y4ZMwxVFw
- Previous Unchained Coverage:
-
- Kevin Zhou on the risk of UST’s death spiral: https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/
- The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?: https://unchainedpodcast.com/the-legal-and-regulatory-fallout-from-terras-collapse-who-will-pay-ep-363/
- The Chopping Block: Does the New Terra Have Any Chance?: https://unchainedpodcast.com/the-chopping-block-does-the-new-terra-have-any-chance/
- Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed: https://unchainedpodcast.com/why-terra-collapsed-and-whether-an-algo-stablecoin-can-ever-succeed/
- The 5 Biggest Lessons From Terra/Luna’s Collapse, According to Tascha Che: https://unchainedpodcast.com/the-5-biggest-lessons-from-terra-lunas-collapse-according-to-tascha-che/
Derek Hsue, cofounder at Reverie, discusses the recent controversial decisions by Solend DAO and Bancor, the importance of establishing processes for black swan events, and whether decentralized governance truly exists. Show highlights:
- what situation prompted Solend to feel it was in jeopardy
- what Solend DAO’s response was to that situation
- why Derek views it as “the nuclear option”
- why the proposal sparked an outcry from the crypto community
- whether this issue could have been prevented or managed differently if the protocol was built on a blockchain other than Solana
- why, a day later, the DAO reversed its first decision to take over the whale’s account
- whether Derek thinks the DAO made the right decision to not take over the whale’s account
- what is Impermanent Loss Protection, a feature offered by Bancor
- why Bancor decided to pause Impermanent Loss Protection
- whether Celsius and 3AC had anything to do with Bancor’s problem
- how Bancor’s decision was made unilaterally
- how DAOs should deal with black swan events
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
EPISODE LINKS Derek
- Twitter: https://twitter.com/derek_hsue
Reverie
- Website: https://www.reverie.ooo/
- Twitter: https://twitter.com/hi_reverie
Solend DAO Situation
- Covered on Monday’s Unchained Newsletter: https://unchainedpodcast.com/does-this-dao-deserve-emergency-power%e2%81%89%ef%b8%8f/
- Proposal to invalidate the first one: https://decrypt.co/103330/solana-lending-dao-overturns-vote-to-take-over-at-risk-whale-wallet
- The whale moved $25 million from Solend: https://www.theblock.co/post/153207/solana-whale-shuffles-25-million-to-reduce-risk-to-defi-protocol-solend
Bancor Pausing Impermanent Loss Protection
- Bancor’s post: https://blog.bancor.network/market-conditions-update-june-19-2022-e5b857b39336
- Anthony Sassano’s reaction: https://twitter.com/sassal0x/status/1539082583832526848?s=20&t=OzTV6M5bCH4fxJIJUtLA4Q
DAO Governance issues:
- Lido DAO proposes to reduce the existing scope of governance of its token holders: https://research.lido.fi/t/ldo-steth-dual-governance/2382
- Jack Niewold 's thread: https://twitter.com/JackNiewold/status/1539307339928457217?s=20&t=OzTV6M5bCH4fxJIJUtLA4Q
- Unchained Coverage: How Soulbound Tokens Could Reduce Speculation and Improve DAO Voting – Ep.360: https://unchainedpodcast.com/how-soul-bound-tokens-could-reduce-speculation-and-improve-dao-voting-ep-360/
Main tweet
On this Friday’s Unchained, Derek Hsue explains:
-
why the first Solend DAO vote was the “nuclear option”
-
whether Solana’s history of downtime spurred the proposal
-
Bancor’s decision to stop Impermanent Loss Protection
-
what this all means for DAO governance
Caroline Pham, commissioner at the Commodities Futures Trading Commission, discusses how we should build a regulatory framework for crypto assets, whether the SEC and CFTC should work together, what were the consequences of the Terra collapse, and much more. Show highlights:
- how Cmr. Pham got started in crypto and became a CFTC commissioner
- the importance of the regulatory strategy around crypto
- what crypto’s role is in the financial system
- how bitcoin is a sort of money outside of the traditional financial system
- how friendly regulators should be with the industries they regulate
- why she believes transparency is one of the greatest ideals of American democracy
- how Cmr. Pham believes in self-determination and the power of free markets
- why Cmr. Pham published an op-ed with SEC Commissioner Hester Peirce
- how the Terra collapse incentivized regulators to look deeper into the space
- whether the US approach towards regulation can improve
- the role of the regulatory agencies in making the US the financial leader of the world
- what Cmr. Pham thinks about the new Gillibrand and Lummis bill
- whether SEC Chair Gary Gensler is right about the majority of cryptos being securities
- what are the low-hanging fruit opportunities for regulators when it comes to crypto
- how Cmr. Pham believes we should have a global regulatory framework for crypto
- why she believes algorithmic stablecoins are derivatives
- why things like Terra could act as a “shadow banking 3.0”
- whether there is a way to regulate without having intermediaries
- what Cmr. Pham thinks about FTX proposal to bypass futures commission merchants
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
EPISODE LINKS Caroline Pham
- Twitter: https://twitter.com/CarolineDPham
- CFTC Profile: https://www.cftc.gov/About/Commissioners/CarolineDPham/index.htm
Stablecoin regulation
- Financial Times article: https://www.ft.com/content/981c380f-bb1c-45bd-8d0d-a95b15d96a00
- CNBC on crypto regulation: https://www.cnbc.com/2022/06/03/cryptocurrency-industry-focus-regulation-stablecoins-market-crash.html
- Unchained Coverage: Why Crypto Twitter’s Disrespect Toward Regulators Is a ‘Really Bad Business Decision’: https://unchainedpodcast.com/why-crypto-twitters-disrespect-toward-regulators-is-a-really-bad-business-decision/
- Unchained Coverage: Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss: https://unchainedpodcast.com/can-a-defi-smart-contract-be-regulated-two-cftc-commissioners-discuss/
FTX proposal to serve as the trading engine for derivatives:
- https://www.forbes.com/sites/jasonbrett/2022/04/27/the-ftx-us-proposal-that-shook-congress-and-the-crypto-derivatives-world/?sh=3dac29ef4e19
- Unchained Coverage: FTX Wants to Compete with CME – Here’s Why It’s a Big Deal: https://unchainedpodcast.com/ftx-wants-to-compete-with-cme-heres-why-its-a-big-deal/
Hester Peirce
- Caroline’s op-ed with SEC Commissioner Hester Peirce: https://thehill.com/blogs/congress-blog/3503277-making-progress-on-decentralized-regulation-its-time-to-talk-about-crypto-together/
-
Hester Peirce's token safe harbor proposal: https://decrypt.co/66453/secs-hester-peirce-floats-revised-crypto-safe-harbor-rules
-
Unchained Coverage: Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF: https://unchainedpodcast.com/hester-peirces-former-counsel-on-terra-2-0-xrp-and-a-bitcoin-spot-etf/
Gillibrand/Lummis bill:
- https://fortune.com/2022/06/09/cryptocurrency-senate-washington-lummis-gillibrand-regulation-congress/
- Proposed Crypto Legislation is ‘Big Win’: https://unchainedpodcast.com/proposed-crypto-legislation-is-big-win/
Terra: * Bloomberg on Terra collapse: https://www.bloomberg.com/news/articles/2022-05-24/terra-collapse-triggers-83-billion-decentralized-finance-slump * SEC investigation of Terra: https://decrypt.co/102460/sec-terra-ust-stablecoin-collapse-report * Unchained Coverage: The Chopping Block: Does the New Terra Have Any Chance?: https://unchainedpodcast.com/the-chopping-block-does-the-new-terra-have-any-chance/ * Unchained Coverage: Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed: https://unchainedpodcast.com/why-terra-collapsed-and-whether-an-algo-stablecoin-can-ever-succeed/
Mika Honkasalo, independent crypto researcher, discusses what is happening with Celsius and Three Arrows Capital, the importance of having proper risk management, and the contagion effects on the industry.
Show highlights:
- why is it so significant that Celsius paused withdrawals
- what is stETH and why is it important to understand the Celsius situation
- how the Luna/UST debacle started a contagion effect in the crypto space
- why Celsius’s investors won’t bail the company out
- what will happen to Celsius’s retail customers
- what Three Arrows Capital (3AC) is and whether they have a solvency problem
- how 3AC was levered long and whether they had poor risk management
- who will be hurt if 3AC goes under
- what would be the effect of 3AC and Celsius collapsing
- which types of funds that Mika will be eyeing to see if they also end up in a similar situation to 3AC and Celsius
- why Mika would counsel anyone who keeps their money with centralized crypto lenders to scrutinize their practices
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://avax.network
EPISODE LINKS Mika Honkasalo
- Twitter: https://twitter.com/mhonkasalo
- Substack: https://mhonkasalo.substack.com/
- Mika’s writings on The Block: https://www.theblockcrypto.com/author/mika-honkasalo
Mika’s blog post on the stETH-ETH peg: https://mhonkasalo.substack.com/p/stetheth-peg-not-a-peg-presents-a?s=r
Celsius announcement that they would be withholding assets: https://twitter.com/CelsiusNetwork/status/1536169010877739009?s=20&t=hL-ZsBSKZOLF-whTwNmjgw
Nexo’s offer to buy Celsius assets:
https://twitter.com/Nexo/status/1536256598993211393?s=20&t=vKmJCZGNToaOqZU-TEjcDg
Celsisus’s investors unlikely to bail out company:
https://www.wsj.com/articles/celsius-networks-investors-unlikely-to-provide-more-funds-to-bail-out-crypto-lender-11655395113
Celsius hires restructuring lawyers:
https://www.wsj.com/articles/crypto-lender-celsius-hires-restructuring-lawyers-after-account-freeze-11655250575?tpl=br
Why staked ETH is part of Celsius’s and 3AC’s woes:
https://www.coindesk.com/markets/2022/06/14/staked-ether-becomes-focus-of-crypto-stress-from-celsius-to-three-arrows/
Conor Ryder on the stETH liquidity problem
https://twitter.com/ConorRyder/status/1537130483007508480?s=20&t=pZGZf17ed_DyOS18CHExmQ
The DeFi Edge on the 3AC situation: https://twitter.com/thedefiedge/status/1537465349976694786?s=20&t=Q29mo3EKSASasTenHVEm4Q
Who else has exposure to 3AC:
https://fortune.com/2022/06/16/crypto-crash-hedge-fund-three-arrows-capital-insolvency-rumors-novogratz/
3AC withholding $1M in assets from 8 Blocks Capital:
https://twitter.com/Danny8BC/status/1537224378554806272?s=20&t=Q29mo3EKSASasTenHVEm4Q
Meltem Demirors explains the problem from the balance sheet perspective:
https://twitter.com/Melt_Dem/status/1537155214897201153?s=20&t=Q29mo3EKSASasTenHVEm4Q
Adam Levitin on Celsius bankruptcy
https://twitter.com/AdamLevitin/status/1536932912674836481?s=20&t=Q29mo3EKSASasTenHVEm4Q
degentrading on Why Celsius and 3AC going under should cause you to worry
https://twitter.com/hodlKRYPTONITE/status/1536902115540742144?s=20&t=Q29mo3EKSASasTenHVEm4Q
Olta Andoni, deputy general counsel at Ava Labs, and Ari Redbord, head of legal and government affairs at TRM Labs, discuss the Terra stablecoin meltdown, implications for impending international regulations, and the history of stablecoin regulation internationally. Topics covered include:
- What the most important legal issues are for the Terra meltdown
- How the Terra implosion will trigger more regulation of the space
- How regulators seemed to think stablecoins should be regulated even before Terra
- How their approach differs between dollar-backed stablecoins vs. algorithmic vs. crypto collateral-backed coins
- How European regulators want stablecoin issuers to be treated like banks
- What the Lummis-Gillibrand bill would mean for US stablecoin regulation
- Whether Terra’s demise will mean that regulators won’t tolerate experimentation with algorithmic stablecoins
- Why regulators will be skittish about stablecoins in response to Terra’s meltdown
- Why Olta and Ari were impressed by the NY Department of Financial Services guidance on stablecoins
- What the establishment of SEC jurisdiction over Terraform Labs based on the Mirror investigation from last fall means for any enforcement action by the SEC over Terra
- Whether Do Kwon and/or Terraform could face criminal charges in multiple jurisdictions
- Why international regulatory consistency is important in the crypto space
- Whether civil and class-action lawsuits against Terraform could be expected
- How Terra 2.0 could open TFL up to further action from regulators and law enforcement
- Why more education is needed to overcome anxiety about DeFi regulations
- How hack nondisclosures could be subject to government investigation
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
Episode Links
Olta
- Avalanche
-
- https://www.avax.network/
- Ava Labs
-
- https://www.avalabs.org/
-
- https://www.linkedin.com/in/oltaandoni/
-
- https://twitter.com/AndoniOlta
Ari
- TRM Labs Website:
-
- https://www.trmlabs.com/
- TRM Labs Twitter
-
- https://twitter.com/trmlabs?s=20&t=m24Ir0OerqPgEejlhL-bdQ
- TRM Talks
-
- https://www.trmlabs.com/category/trm-talks
-
- https://www.linkedin.com/in/ari-redbord-4054381b4/
-
- https://twitter.com/ARedbord?s=20&t=m24Ir0OerqPgEejlhL-bdQ
Lummis-Gillibrand Bill
- Bill Introduction:
https://www.gillibrand.senate.gov/news/press/release/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets
- Legal Memo from DLx Law: https://dlxlaw.com/wp-content/uploads/2022/06/DLX_FSV-summary_RFIA_060722.pdf
- Lummis-Gillibrand Section by Section Overview (summary by bill authors): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Section-by-Section%20%5bFinal%5d.pdf
- Responsible Financial Innovation Act (full text): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Responsible%20Financial%20Innovation%20Act%20%5bFinal%5d.pdf
- Blog post intro (by Senator Kirsten Gillibrand): https://gillibrandny.medium.com/the-responsible-financial-innovation-act-218a764abd6c
FINMA
- FINMA:
https://www.finma.ch/en/
- FINMA on Stablecoins:
https://www.finma.ch/en/news/2019/09/20190911-mm-stable-coins/
- FINMA Publishes Stablecoin Guidance:
https://www.sif.admin.ch/sif/en/home/finanzmarktpolitik/digitalisation-financial-sector/stablecoins.html
NY DFS
- Guidance on Stablecoin Issuance:
https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins
- Press Release:
https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202206081
- CNBC Coverage:
https://www.cnbc.com/2022/06/08/new-yorks-financial-watchdog-issues-stablecoin-guidance-calls-for-reserve-requirements.html
SEC Actions Against Terra
- SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra:
https://www.bloomberg.com/news/articles/2022-06-09/sec-investigating-ust-stablecoin-blowup-in-fresh-threat-to-terra
- Terraform Labs Loses US Appeal over SEC Subpoena:
https://finance.yahoo.com/news/terraform-labs-loses-us-appeal-150355500.html
Allegations against Do Kwon
- Seoul Police Probe Allegation of Embezzlement by Terraform Staff: https://www.bloomberg.com/news/articles/2022-06-09/seoul-police-probe-allegation-of-embezzlement-by-terraform-staff
- South Korea Launches Investigation into Company Behind Luna Crypto Crash:
https://www.ft.com/content/a8319c03-3d49-4923-a51a-fc403dcce58a?list=intlhomepage
MICA
- Deloitte on MiCA Adoption: https://www2.deloitte.com/lu/en/pages/financial-services/articles/digital-finance-european-parliament-adopts-mica-regulation-innovation-friendly-crypto-regulation.html
- Europe’s Landmark Crypto Bill Passes Parliamentary Committee with Wide Majority: https://www.theblockcrypto.com/linked/137720/europes-landmark-crypto-bill-passes-parliamentary-committee-with-wide-majority
Facebook Libra
- Facebook Libra: The Inside Story of How the Company’s Cryptocurrency Dream Died:
https://www.ft.com/content/a88fb591-72d5-4b6b-bb5d-223adfb893f3
- Mark Zuckerberg’s Stablecoin Ambitions Unravel with Diem Sale Talks:
https://www.bloomberg.com/news/articles/2022-01-25/zuckerberg-s-stablecoin-ambitions-unravel-with-diem-sale-talks?sref=ExbtjcSG
Welcome to The Chopping Block – in person at Consensus in Austin! Crypto insiders Haseeb Qureshi, Robert Leshner, and Tarun Chitra are joined by guest Kyle Samani of Multicoin Capital to chop it up about the latest news in the digital asset industry. Show topics:
- why Kyle believes people are too negative about the macro environment
- how the only crypto product with product-market fit is parties
- what soulbound NFTs are, and what their pitfalls might be
- why Kyle and Robert have a beef between them
- why Kyle has a lot of run-ins with other people in crypto
- how Kyle thinks about Solana’s 12 instances of downtime over the last six months
- how this has caused problems for SOL held in cold storage
- how Kyle and Robert think projects need to make tradeoffs between stability and adaptability
- why Kyle thinks every layer 1 and 2 will have a major failure over the next several years
- how Kyle thinks EVM chains are value-destructive
- how Tarun thinks zk L2s might be better aligned with the Ethereum ethos
- how Optimism’s market-making partner Wintermute was hacked for $20 million in OP
- why the hacker returned most of the money
- how programming language centralization makes sense
- how the Lummis-Gillibrand bill is a good opening salvo with respect to crypto regulation
- why they believe that being paid for staking is not the same as being paid a dividend
- how disclosure requirements could be onerous for small new projects
- how they think the crypto industry is moving up the learning curve for lobbying
- why they believe the Lummis/Gillibrand bill will be changed to target stablecoins and DeFi more
EPISODE LINK
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
Guest
- Kyle Samani, cofounder and managing partner of Multicoin Capital
-
- https://twitter.com/KyleSamani?s=20&t=DN1G0CNY7JR11OoXOAFD2g
Show Topics
- Wintermute Compromise
-
- Optimism Foundation statement:
https://plaid-cement-e44.notion.site/A-Message-to-the-Community-from-the-Optimism-Foundation-f49b913bb0974d8a854a8bdd409a9dd6
- Wintermute statement:
https://gov.optimism.io/t/message-to-optimism-community-from-wintermute/2595
-
https://www.coindesk.com/tech/2022/06/09/15m-of-optimism-tokens-stolen-by-an-attacker-after-wintermute-sent-wrong-wallet-address/#:~:text=Optimism%20is%20a%20permissionless%20network%20and%20behaved%20as%20intended.&text=Wintermute%2C%20for%20its%20part%2C%20says,make%20the%20protocol%20whole%20eventually.%E2%80%9D
-
Osmosis Hack
-
- https://www.theblockcrypto.com/post/150752/osmosis-dex-on-cosmos-exploited-for-5-million-as-validators-halt-the-network
- https://twitter.com/stake_fire/status/1534598315441913856?s=20&t=VvGyUlOjGSlhXXUwZvKszw
- Litecoin Delisting
-
- https://decrypt.co/102350/crypto-exchanges-delist-litecoin-privacy-feature-concerns
- Solana outage re: durable transactions (12 serious outages this year, about 2 a month)
-
- https://www.theblockcrypto.com/linked/149698/solana-blockchain-suffers-new-network-outage
- https://solana.com/news/06-01-22-solana-mainnet-beta-outage-report-2
- Unchained episode with Andre Cronje about Solana’s downtime: https://unchainedpodcast.com/the-chopping-block-did-andre-cronje-pull-an-epic-crypto-rug-pull/
- Cynthia Lummis & Kirsten Gillibrand presents landmark crypto bill
-
- Coindesk Coverage:
https://www.coindesk.com/policy/2022/06/07/key-us-senators-introduce-bill-outlining-sweeping-plan-for-future-crypto-rules/
- Legal Memo from DLXLaw: https://dlxlaw.com/wp-content/uploads/2022/06/DLX_FSV-summary_RFIA_060722.pdf
- Lummis-Gillibrand Section by Section Overview (summary by bill authors): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Section-by-Section%20%5bFinal%5d.pdf
- Responsible Financial Innovation Act (full text): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Responsible%20Financial%20Innovation%20Act%20%5bFinal%5d.pdf
-
Blog post intro (by Senator Kirsten Gillibrand) : https://gillibrandny.medium.com/the-responsible-financial-innovation-act-218a764abd6c
-
PoolTogether lawsuit and fundraising:
-
- https://www.coindesk.com/business/2022/05/26/defis-pooltogether-crowdfunds-legal-defense-with-nft-collection/
Sunny Aggarwal, co-founder of Osmosis Labs, talks about how Osmosis is being built, the innovations that are coming, the reasons to use app chains, and much more. Show highlights:
- how Sunny got into crypto
- how the DAO hack turned him off Ethereum at first
- how the scaling issues with Ethereum got him interested in the Cosmos vision of app-chains
- why he is interested in Proof of Stake
- what the vision of Cosmos is
- how Sunny compares the evolution of blockchains with human evolution
- why he thinks that Cosmos integrates the best of Bitcoin and Ethereum networks
- why he thinks that having more than one Proof of Work chain is fundamentally insecure
- which three technologies are necessary for Cosmos to succeed
- what IBC and the Cosmos SDK do
- why Sunny decided to build Osmosis
- how automated market makers are massively underexplored
- why UX is such a priority for the Osmosis team
- why Sunny does not want to list the OSMO token on other exchanges
- why Osmosis has a curated dex as well as a permissionless one
- how Osmosis governance works
- how security is provided on Osmosis
- what superfluid staking is
- how CosmWasm helps Osmosis compete with centralized exchanges
- how Osmosis is solving frontrunning with threshold encryption
- why the Osmosis team chose Axelar for bridging
- whether Yuga Labs could have used an app chain
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
EPISODE LINKS
Sunny Aggarwal
- Twitter: https://twitter.com/sunnya97
- LinkedIn: https://www.linkedin.com/in/sunnya97/
COSMOS
- What is Cosmos: https://v1.cosmos.network/intro
- Cosmos whitepaper: https://v1.cosmos.network/resources/whitepaper
- CosmWasm: https://cosmwasm.com/
- Cosmos IBC: https://www.coinbase.com/es/cloud/discover/dev-foundations/ibc-protocol#:~:text=The%20Cosmos%20ecosystem%20has%20a,protocol%20(IBC)%20was%20created.
- Cosmos SDK: https://v1.cosmos.network/sdk
OSMOSIS
- Twitter: https://twitter.com/OsmosisZone
- Website: https://osmosis.zone/
- Superfluid staking: https://medium.com/osmosis/osmosis-superfluid-staking-launch-feb-28-45f8e43064af
- Osmosis Vision: https://medium.com/osmosis/vision-for-osmosis-e68e796ff1c2
- Threshold Encryption: https://medium.com/zero-knowledge-validator/privacy-in-cosmos-defi-edition-event-summary-8cafda021aa6#:~:text=Threshold%20encryption%2C%20applied%20by%20Osmosis,of%20votes%20required%20for%20consensus.
- Osmosis Governance: https://docs.osmosis.zone/overview/governance.html
Coy Garrison, former counsel to SEC Commissioner Hester Pierce and partner at Steptoe & Johnson, discusses the role of regulation in the crypto industry and what the SEC could be doing to make crypto a better space. Show notes:
- how Coy started working with crypto
- why Coy decided to leave the SEC
- why recent comments by SEC chair Gary Gensler made him hopeful in how the SEC approaches crypto
- how the crypto industry has grown and evolved over the years
- whether the regulations are impeding innovation in the crypto space
- how stablecoins should be regulated
- what Coy thinks about the UST collapse
- what is the SEC’s take on decentralization
- whether ETH is centralized and whether it is a commodity
- why the SEC has not approved a BTC spot ETF
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Ava Labs: https://avax.network
The Graph: https://thegraph.com/graph-day
EPISODE LINKS
Coy Garrison
- Linkedin: https://www.linkedin.com/in/coygarrison/
Steptoe & Johnson: https://www.steptoe.com/en/
Previous coverage of Unchained on regulation:
-
Why the SEC’s Proposed Rules Affecting DeFi Could Violate the First Amendment: https://unchainedpodcast.com/why-the-secs-proposed-rules-affecting-defi-could-violate-the-first-amendment/
-
Why Crypto Twitter’s Disrespect Toward Regulators Is a ‘Really Bad Business Decision’: https://unchainedpodcast.com/why-crypto-twitters-disrespect-toward-regulators-is-a-really-bad-business-decision/
- Can a DeF Smart Contract Be Regulated? Two CFTC Commissioners Discuss: https://unchainedpodcast.com/can-a-defi-smart-contract-be-regulated-two-cftc-commissioners-discuss/
Terra/Luna:
- Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed: https://unchainedpodcast.com/why-terra-collapsed-and-whether-an-algo-stablecoin-can-ever-succeed/
- Did Someone Deliberately Attack Terra/Luna to Kick off a Death Spiral?: https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
- The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash: https://unchainedpodcast.com/the-chopping-block-kevin-zhou-on-why-he-knew-terra-would-crash/
- The 5 Biggest Lessons From Terra/Luna’s Collapse, According to Tascha Che: https://unchainedpodcast.com/the-5-biggest-lessons-from-terra-lunas-collapse-according-to-tascha-che/
- Here’s Why USDN De-Pegged From the Dollar – And Why UST Might Too: https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/
Bitcoin Futures ETF vs Spot ETF:
- https://medium.com/@laurashin/why-investment-experts-say-a-spot-bitcoin-etf-would-be-superior-to-bitcoin-futures-etfs-aaab862262ff
Cobie, co-founder of Lido and UpOnlyTv, and Chris Burniske, partner at Placeholder Ventures, talk about surviving a crypto bear market, the Terra collapse, lessons they’ve learned from their mistakes, and much more. Show highlights:
- whether Chris and Cobie think crypto is in a bear market
- why Chris says these are the times to buy
- what effect the Terra debacle will have on the crypto industry
- why Chris was expecting UST to blow up
- why Chris thinks there is going to be another massive liquidation event
- whether an algo stablecoin could work
- why bear markets are sometimes a good thing
- how USDT was stress tested and proved its resilience
- how macro is affecting the crypto space and what the role of the Fed is
- when will we see the bottom of this bear market
- how meme coins are the symptoms of a broken system
- why this crypto cycle is different
- whether regulations are helping VCs rather than the retail investors
- why risky assets are the ones that could increase 10,000x
- whether the future of crypto is multichain or not
- how developers signal what ecosystem is going to win in the next expansion cycle
- whether Cobie thinks staking is dying
- how Chris judges market bottoms and tops
- what lessons Cobie and Chris have learned from their mistakes
- what innovations will catalyze the next bull cycle
- what needs to happen in the future for crypto to succeed
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Cross River Bank: https://crossriver.com/crypto
Beefy Finance: https://beefy.finance
Episode Links
Cobie
- Twitter: https://twitter.com/cobie
- UpOnlyTv: https://uponly.tv/
- Substack: https://cobie.substack.com/
-
- L1 trading: https://cobie.substack.com/p/trading-the-metagame?s=r
- Death of staking: https://cobie.substack.com/p/apecoin-and-the-death-of-staking?s=r
- Token unlocks: https://cobie.substack.com/p/on-the-meme-of-market-caps-and-unlocks?s=r
- Cycle Tweets:
-
- Why “the next cycle” reasoning scares him
-
- https://twitter.com/cobie/status/1524965475813568512
- What projects will survive the bear
-
- https://twitter.com/cobie/status/1469253171885318146
- His call to “buy” on March 12 2020
-
- https://twitter.com/cobie/status/1238282793244860417
- Which VCs will win
-
- https://twitter.com/cobie/status/1515667977118826500
Chris Burniske
-
- https://www.linkedin.com/in/burniske/
-
- https://twitter.com/cburniske
- Previous Unchained episode
-
- https://unchainedpodcast.com/chris-burniske-a-blank-slate-of-state/
- https://unchainedpodcast.com/chris-burniske-of-placeholder-on-the-downsides-of-icos/
- https://unchainedpodcast.com/want-to-diversify-your-portfolio-try-bitcoin-say-arks-chris-burniske-and-coinbases-adam-white/
- https://unchainedpodcast.com/how-to-value-a-crypto-asset/
- Cycle Tweets
-
- Feb 2022 bear call
-
- https://twitter.com/cburniske/status/1495468570708426754
- March 2022 bear call
-
- https://twitter.com/cburniske/status/1523021991619428352
- November 2021 top call
-
- https://twitter.com/cburniske/status/1457884538806308868
- DCA advice
-
- https://twitter.com/cburniske/status/1525906152881459200
- https://twitter.com/cburniske/status/1500593438433021952
- What could knock the market further down
-
- https://twitter.com/cburniske/status/1525157945079496705
- https://twitter.com/cburniske/status/1524260987787902978
- 2017 ATH calls
-
- https://twitter.com/cburniske/status/1524838447784947712
- https://twitter.com/cburniske/status/1524524188366635008
- Trying to time the bottom
-
- https://twitter.com/cburniske/status/1523573129431240710
Chris x Cobie
- Luna
-
- https://twitter.com/cburniske/status/1524280637431164929
- Feeling sorry for people who have lost $
-
- https://twitter.com/cburniske/status/1524267901456248832
Bear Market Content
- Dragonfly
-
- https://medium.com/dragonfly-research/to-all-dragonfly-founders-and-friends-1a65e68093d4
- Sequoia advice
-
- https://twitter.com/michellebailhe/status/1526373376142348288
- Arthur Hayes
-
- buying BTC at $20K in wake of Terra
-
- https://entrepreneurshandbook.co/luna-brothers-inc-712ec5abe199
- Financial comeuppance
-
- https://cryptohayes.medium.com/annihilation-4effdaf3c73f
- Paradigm (surviving crypto cycles)
-
- https://www.paradigm.xyz/2021/03/surviving-crypto-cycles
- Zhu Su on being a better role model for retail
-
- https://twitter.com/zhusu/status/1525045033216397312
- Nick Tomaino on stopping relentless shilling
-
- https://twitter.com/NTmoney/status/1525234408910987264
- Lot’s of talk about “suicide” in context of LUNA
-
- https://bitcoinist.com/luna-investors-suicidal-after-cryptos-collapse/
- Helping smaller LUNA wallets first
-
- https://twitter.com/VitalikButerin/status/1525561624974700545
- Punk6529 on surviving the bear market
-
- https://twitter.com/punk6529/status/1525565876711444484
- Ian from Syndicate DAO on previous cycles
-
- https://twitter.com/ianDAOs/status/1524613312582799360
- Best website for looking at token performance
-
- https://cryptorank.io/performance
Chris Burniske:
- Twitter: https://twitter.com/cburniske
- Placeholder VC: https://www.placeholder.vc/
Previous Unchained Coverage on Terra
- Nic Carter, Erik Voorhees, and Eric Wall on the collapse of UST
-
- https://unchainedpodcast.com/why-terra-collapsed-and-whether-an-algo-stablecoin-can-ever-succeed/
- Do Kwon on backing UST with BTC
-
- https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
- Kevin Zhou on the risk of UST’s death spiral
-
- https://unchainedpodcast.com/heres-why-usdn-depegged-from-the-dollar-and-why-ust-might-too/
- Jon Wu on how Terra got depegged:
-
- https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
- Do Kwon on The Chopping Block
-
- https://www.youtube.com/watch?v=0xl8u7-KVwM
Tascha Che, founder of Tascha Labs, unpacks the Terra/Luna debacle and reveals what she believes are the five main takeaways from its collapse. Here are some highlights from the show:
- how stablecoin issuers make money
- what caused Terra’s downfall
- why Tascha is bullish on algo stablecoins
- whether she believes undercollateralized stablecoins can work
- how fast market cap expansion without actual network effect equals death for stablecoins
- why she doesn’t believe a stablecoin’s network effects mean much for its success
- why small(er) stablecoins are better
- how blockchains mirror national economies
- which stablecoins is Tascha excited about
- how FRAX is a stablecoin that resembles fiat currencies
- whether the UST collapse will affect the stablecoin development and further regulation
- how cross-chain agreements would be helpful for the stability of the crypto ecosystem
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
The Graph: https://thegraph.com/graphday
Episode Links
Tascha Che
- Twitter:
-
- https://twitter.com/TaschaLabs
- Tascha Labs:
-
- https://taschalabs.com/
-
Tascha’s thread on nonobvious lessons from the Terra fallout:
-
- https://twitter.com/TaschaLabs/status/1526276308119932928?s=20&t=SCxfocBJoQqTEvCHadjYxA
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. On this episode, Kevin Zhou, the CEO of Galois Capital and long-time critic of UST, also joined the conversation. Show topics:
- the UST depeg and Terra collapse
- Kevin on what it was like being one of the earliest naysayers of LUNA
- why Kevin believes that UST initially depegged and became a “fear cascade”
- how Galois Capital traded the UST depeg, from shorting LUNA to keeping their UST in Anchor until the last moment
- why Kevin was disappointed in the lack of transparency in how Luna Foundation Guard attempted to defend the UST peg
- the implications of UST’s collapse across the crypto and traditional financial markets
- whether Terra’s decline will lead to more regulation in the crypto industry
- why Anchor was the “cancer” of the Terra system
- why VCs are reticent to say something bad about protocols they don’t believe in
- why grifting is so much more prevalent in crypto
- what Jump Trading had to do with the Terra collapse
- the difference between the way trading and VC firms interact with crypto
- the issues with the Terra 2 proposal without UST
- which chains are receiving the people leaving the Terra ecosystem
- why Haseeb compared the collapse of UST to the collapse of the Soviet Union
- who Kevin believes should be reimbursed in the aftermath of the UST collapse
- how political considerations might affect how Terra continues to develop going forward
- why Terra NFTs were skyrocketing during the Terra meltdown
- whether crypto is in a bear or bull market
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
-
Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Guest
- Kevin Zhou, CEO of Galois Capital
-
- https://www.linkedin.com/in/kevin-zhou-82938324/
Previous Unchained Coverage
- Nic Carter, Erik Voorhees, and Eric Wall on the collapse of UST
-
- https://unchainedpodcast.com/why-terra-collapsed-and-whether-an-algo-stablecoin-can-ever-succeed/
- Do Kwon on backing UST with BTC
-
- https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
- Kevin Zhou on the risk of UST’s death spiral
-
- https://unchainedpodcast.com/heres-why-usdn-depegged-from-the-dollar-and-why-ust-might-too/
- Jon Wu on how Terra got depegged:
-
- https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
- Do Kwon on The Chopping Block
-
- https://www.youtube.com/watch?v=0xl8u7-KVwM
Haseeb’s summary of the Terra collapse:
- https://medium.com/dragonfly-research/the-reign-of-terra-the-rise-and-fall-of-ust-208dabbc8e6e
Jon Wu’s write-up on the UST Depeg
- Article: https://www.notboring.co/p/terra-to-the-moon-and-back
- Thread: https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw
Terra Background Info
- Twitter: https://twitter.com/terra_money
- UST Mechanics: https://angelprotocol.medium.com/how-does-ust-work-ec7b2f6e2c2c
- UST Bank Run: https://www.wsj.com/articles/crash-of-terrausd-shakes-crypto-there-was-a-run-on-the-bank-11652371839
- Speculation of a deliberate attack: https://onchainwizard.substack.com/p/how-to-make-800m-in-crypto-soros?s=r
- Do Kwon’s Proposed Terra’s Revival: https://www.coindesk.com/tech/2022/05/13/do-kwon-proposes-restart-of-terra-blockchain-as-ust-luna-plummet/
- Anchor: https://twitter.com/anchor_protocol
- Terra 2.0: https://unchainedpodcast.com/do-kwon-has-a-new-plan-again/
LFG Purchases
- Luna Foundation Guard: https://lfg.org/team/
- Pomp – the $10B Bitcoin Bet on Stablecoins
-
- https://pomp.substack.com/p/the-10-billion-bitcoin-bet-on-stablecoins?s=w
- 3/10 BTC purchase
-
- https://twitter.com/LFG_org/status/1503680315969060864
- $1 BTC billion purchase
-
- https://twitter.com/terra_money/status/1496162889085902856
- TFL x LFG relationship
-
- https://twitter.com/stablekwon/status/1502225674840555523
Galois Twitter threads
- https://twitter.com/Galois_Capital/status/1511455703642394628
- https://twitter.com/Galois_Capital/status/151119893095193804
Tarun’s thoughts on algorithmic stablecoins
- https://twitter.com/Unchained_pod/status/1512465290910736391
Nic Carter, general partner at Castle Island Venture, Eric Wall, former Chief Investment Officer of Arcane Assets, and Erik Voorhees, founder of ShapeShift, discuss what happened with the TerraUSD (UST) and LUNA fiasco, Do Kwon’s responsibility, the impact on the crypto ecosystem, and much more. Show highlights:
- how Erik used to feel that algo stablecoins were impossible and why he changed his mind
- why Eric considers that the demand for UST was tied to a sh*tcoin
- why Nic didn’t think LUNA would work
- how a stablecoin could theoretically be decentralized
- whether Nic, Eric, and Erik think this was a deliberate attack
- why they think whether or not there was a deliberate attack is not even relevant
- how the de-peg started with a liquidity issue on Curve
- why Nic thinks that Terra’s biggest mistake was the 19.5% APY on Anchor
- whether pursuing a decentralized stablecoin is a worthy goal
- what aspects of UST were decentralized, according to Erik
- whether algo stablecoins are dead or whether in the future, death spirals of algo stablecoins can be avoided
- why Erik believes that everything in the crypto space is an experiment, even BTC
- what it says that the VCs behind Terra knew were so reputable
- why Do Kwon's arrogance and inexperience might have caused this chaos
- whether Terra can be rebuilt
- whether this collapse imposes risks on other blockchains and other assets
- why the Luna Foundation Guard’s purchase of Bitcoin might have made the UST collapse even worse
- what Erik thinks about the global financial system and the US dollar
- how this event could trigger more regulation in the crypto space and why it might hurt the entire ecosystem
- how regulators might use the Terra case to impose CBDCs.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Beefy Finance: https://beefy.finance
Episode Links
Erik Vorhees
- Twitter: https://twitter.com/ErikVoorhees
Eric Wall
- Twitter: https://twitter.com/ercwl
Nic Carter
- Twitter: https://twitter.com/nic__carter
Previous Unchained Coverage of Terra
- Do Kwon on backing UST with BTC
-
- https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
- Kevin Zhou on the risk of UST’s death spiral
-
- https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/
- Jon Wu on how Terra got de-pegged:
-
- https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
Terra
- Twitter: https://twitter.com/terra_money
- UST Mechanics: https://angelprotocol.medium.com/how-does-ust-work-ec7b2f6e2c2c
- Luna Foundation Guard: https://lfg.org/team/
- UST Bank Run: https://www.wsj.com/articles/crash-of-terrausd-shakes-crypto-there-was-a-run-on-the-bank-11652371839
- Speculation of a deliberate attack: https://onchainwizard.substack.com/p/how-to-make-800m-in-crypto-soros?s=r
- Do Kwon’s Proposed Terra’s Revival: https://www.coindesk.com/tech/2022/05/13/do-kwon-proposes-restart-of-terra-blockchain-as-ust-luna-plummet/
- Terra Blockchain Halted: https://www.coindesk.com/business/2022/05/12/luna-issuer-terra-halts-blockchain-after-week-of-losses/
Upcoming Regulation
- https://www.protocol.com/bulletins/terra-stablecoin-loses-peg
- https://www.theblockcrypto.com/linked/146583/yellen-says-the-stablecoin-market-is-still-too-small-to-pose-systemic-risk
Jon Wu, head of growth at Aztec Network, recaps a historically chaotic week in the Terra ecosystem that saw $UST depeg, Anchor depositors flee, and $LUNA fall 99%. Show highlights:
- how $UST, $LUNA, Luna Foundation Guard (LFG), and Anchor Protocol are supposed to work
- why Jon compares the Terra blockchain with VISA, LFG with the Fed, and Do Kwon with Jerome Powell
- how a previous $UST de-peg foreshadowed this week’s dystopian price action
- how a bitcoin short seemed to have kickstarted $UST’s depeg and why Jon thinks it was a deliberate attack
- why Luna Foundation Guard originally purchased Bitcoin – and how that plan backfired and made the Terra death spiral even more violent
- why $UST had such low liquidity this week – making it more susceptible to a bank run
- what Jon’s predictions are for $UST and $LUNA going forward
- what were the reasons behind Terra halting
- why Jon does not think this will be the end of algorithmic stablecoins
- why Jon thinks this should not affect ETH directly, even though there is a high amount of staked ETH in the Terra ecosystem
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Episode Links
Jon Wu
- Twitter
- https://twitter.com/jonwu_
Jon’s Write-Up on the UST Depeg
- Article: https://www.notboring.co/p/terra-to-the-moon-and-back
- Thread: https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw
Previous Unchained Coverage of Terra
- Do Kwon on backing UST with BTC
- https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
- Kevin Zhou on the risk of UST’s death spiral
- https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/
Terra:
- Terra proposal to accelerate the burn of UST and increase the base pool: https://station.terra.money/proposal/1164
- https://www.theblockcrypto.com/post/146254/terraform-labs-ceo-do-kwon-unveils-plan-to-restore-ust-peg
- Terra halting the network: https://twitter.com/terra_money/status/1524785058296778752?s=20&t=FUJkFuN8PyxRoF9TCPgrGg
- Terra going live again: https://twitter.com/terra_money/status/1524812171179327488?s=20&t=FUJkFuN8PyxRoF9TCPgrGg
- Regulatory risks: https://www.theblockcrypto.com/post/146426/the-sec-has-already-sued-terraform-labs-it-has-every-reason-to-investigate-ust-lawyers-say
Other Recaps on Terra:
- CoinDesk on how Do Kwon was behind previous algorithmic stablecoin: https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
- Rekt: https://rekt.news/luna-rekt/
Kain Warwick, founder of Synthetix, and Ben Jones, cofounder and chief scientist at Optimism Foundation, discuss the current state of Ethereum Layer 2s, Optimism’s new governance structure, why Synthetix chose to build on Optimism, and more. Show topics:
- what Optimism and Synthetix are
- how zero-knowledge rollups differ from optimistic rollups
- why Synthetix decided to build on Optimism
- what makes L2s more enticing to build on than other L1s
- how Optimism’s governance is going to change with the launch of the Optimism Collective and OP token
- what issues Synthetix has had with Discord governance and early token voting, and how they have now solved this by forcing users to consolidate wallet addresses
- what retroactive public goods funding is and how it could create a “flywheel” of development on Optimism
- why whales might be excluded from Optimism’s token grant to Synthetix
- why Ben thinks the future is about the “superchain” rather than multi-chain
- what Kain and Ben think about bridging between L2s and Mainnet
- why Optimism is a staunch backer of EIP 4844
- how the merge could affect Optimism and Synthetix
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Episode Links
Guests
- Ben Jones: https://twitter.com/ben_chain
- Kain Warwick: https://twitter.com/kaiynne
Synthetix
- https://twitter.com/synthetix_io
Optimism
- https://twitter.com/optimismPBC
Optimism Collective
- https://optimism.mirror.xyz/gQWKlrDqHzdKPsB1iUnI-cVN3v0NvsWnazK7ajlt1fI
Synthetix Launching on Optimism
- https://blog.synthetix.io/optimism-launch-announcement/
Synthetix Governance
- https://docs.synthetix.io/governance/
Kain’s Blog
- https://blog.synthetix.io/author/kain/
Rollups
- What are the biggest risks to optimistic rollup chains?
-
- https://vitalik.ca/general/2021/01/05/rollup.html#:~:text=Anatomy%20of%20a%20fraud%20proof
-
What is the difference between optimistic and ZK rollups? And why did Synthetix choose Optimism?
-
- https://blog.matter-labs.io/optimistic-vs-zk-rollup-deep-dive-ea141e71e075
EIP 4844
- https://eips.ethereum.org/EIPS/eip-4844
- https://www.eip4844.com/
The Merge
- https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/
Kain’s previous Unchained appearances
- Ethereum killers episode
-
- https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/
- How Synthetix became the second-largest DeFi platform
-
- https://unchainedpodcast.com/how-synthetix-became-the-second-largest-defi-platform/
- DeFi summer
-
- https://unchainedpodcast.com/why-comp-5xed-on-day-1-and-what-this-means-for-a-defi-bull-market/
Optimism’s Bridging Solution
- https://twitter.com/optimismPBC/status/1517548430297604096
Eric Golden, the owner of BAYC #7560 and host of Web3 Breakdowns, discusses the Otherdeed NFT drop that stalled Ethereum and burned over $150 million worth of ether. Show topics:
- what the Otherdeed mint is
- Why Yuga Labs had buyers undergo a know-your-customer process in order to mint the NFTs
- why Eric was pretty certain a gas war was imminent in the hours leading up to the mint
- how KYC’d addresses played into the Otherdeed mint
- what Eric thought about Yuga Labs’s decision to scrap a Dutch auction in favor of a flat minting price
- why Eric does not believe Yuga Labs purposefully botched their smart contract, as many in the Ethereum community alleged
- why Eric was frustrated with Yuga Labs’s response on Twitter to the mint
- why Eric does not think Otherside needs its own chain
- what effect the Otherdeed mint is having on other Yuga Labs-adjacent assets like ApeCoin and Bored Ape Yacht Club
- what Kodas are and why they are trading for tens of thousands of dollars
- why Eric is confident that Yuga Labs is well-positioned to follow through on their promises to build out a metaverse game
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Episode Links
Eric Golden
- https://twitter.com/ericgoldenx
Otherside
- https://otherside.xyz/
Otherdeed License
- https://otherside.xyz/license
- Punk6529 thread:
-
- https://twitter.com/punk6529/status/1520697396119879680
- CryptoGarga saying at least one term in the license would be changed:
-
- https://twitter.com/CryptoGarga/status/1520818410149617666
Otherdeed
- Yuga Labs’ response to the sale:
-
- https://twitter.com/yugalabs/status/1520612362986078208
- NFTs: https://opensea.io/collection/otherdeed
- Canceling the Dutch auction
-
- https://www.theblockcrypto.com/linked/144298/yuga-labss-otherside-scraps-dutch-style-auction-for-nft-sale
- 0xcrumbs’s tweet showing there was more demand than supply:
-
- https://twitter.com/0xCrumbs/status/1520559050592817152?s=20&t=ngPe9YzByzwJbMa_N1hThw
- CoinDesk coverage:
-
- https://www.coindesk.com/business/2022/05/01/bayc-team-raises-285m-with-otherside-nfts-clogs-ethereum/
- https://www.coindesk.com/layer2/2022/05/04/the-yuga-labs-catastrophe-could-have-been-prevented/
Smart Contract Conversation
- Will Papper: https://twitter.com/WillPapper/status/1520592312379658241
- Vitalik Buterin: https://twitter.com/VitalikButerin/status/1520621813209784321
Kodas
- https://medium.com/@jseid212/koda-rarity-ranking-the-newest-creatures-in-the-yuga-lab-ecosystem-9e6adba0ab68
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra chop it up about the latest news in the digital asset industry. On this episode, Andre Cronje, the recently retired (sort of) DeFi developer, also joined the conversation. Show topics:
- why being doxxed led to Andre retiring (sort of) from crypto
- Andre’s response to Robert who calledl his departure from DeFi “an epic rug pull”
- why Andre is back – and why he is working on “regulated” crypto products
- how the Otherside KYC’d NFT drop was an “absolute fail”
- where identity fits into the crypto space and why traditional and DeFi institutions alike are interested in the identity of their users
- Dalle 2
- why the Bored Ape community likely sees the Yuga Labs Otherdeed NFT sale as a turning point
- why Robert would compare buying a BAYC NFT last year to purchasing BTC in 2010
- main takeaways from Solana’s seven-hour outage and why designing a mempool (or multiple) is critical for the chain
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
-
Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Guest
- Andre Cronje, DeFi OG
-
- https://www.linkedin.com/in/andre-cronje
Show Topics
- Andre Cronje’s Retirement
-
- https://unchainedpodcast.com/this-defi-og-is-leaving-crypto/
- Andre Cronje’s return to regulated crypto
-
- https://andrecronje.medium.com/crypto-regulation-vs-regulated-crypto-aae56b36dcd8
- Solana outage
-
- https://www.theblockcrypto.com/linked/144639/solana-restarted-after-seven-hour-outage-caused-by-surge-of-transactions
- https://twitter.com/0xEdgar/status/1521188981538537472
- https://github.com/metaplex-foundation/metaplex-program-library/pull/417
- Yuga Labs rakes in $317MM from the sale of Otherside land NFTs and causes huge congestion on Ethereum.
-
- https://www.theblockcrypto.com/linked/144549/otherside-land-nfts-sell-out-in-hours-as-yuga-labs-rakes-in-317-million
André Allen Anjos, who is better known as the crypto-friendly artist RAC, and David Greenstein, co-founder of Sound.xyz, a web3 music platform, analyze the current state of the web3 music scene and discuss how artists can leverage web3 tools to get paid at fair market value for their art.
Show highlights:
RAC’s experience in the traditional music industry
why David believes music is the most undervalued sector in the world – and how Sound and crypto can help value it correctly
the different types of NFTs with which musicians like RAC are experimenting
what Sound.xyz is and how it is helping artists unlock their fanbase and community
why David is so passionate about creating a social experience when it comes to music NFTs
Sound.xyz’s decision to allow artists to deploy their own smart contracts
what RAC has made in NFT drops compared to Spotify streams
why Sound.xyz was built with “editions” as the most common format for NFTs sold on the platform
what makes blockchain technology well-suited for the music industry
RAC’s crypto adventures: $TAPE, $RAC, and more …
how the famous “Amen Break” sample would work as an NFT
what artists will be measured by in the NFT world
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Episode Links
David Greenstein
LinkedIn: https://www.linkedin.com/in/davidgreenstein/
Twitter: https://twitter.com/dgreenstein1?lang=en
RAC
Twitter: https://twitter.com/RAC
Website: https://rac.fm/
Crypto Adventures
RAC Token
https://etherscan.io/address/0xc22b30e4cce6b78aaaadae91e44e73593929a3e9
https://v2.info.uniswap.org/pair/0xf744417d0a5fd18b5b18726ce1b48f931dfa32ea
https://blog.ourzora.com/home/introducing-rac
https://www.billboard.com/pro/rac-nfts-social-token-platform-racos-web3/
Music NFTs (w/ Sound.xyz embeds)
https://rac.fm/nfts
Discord
https://discord.com/invite/rac
Tokenized cassette tape
https://www.theblockcrypto.com/post/64760/ethereum-tokenized-cassette-dj-rac-zora-grammy
Sound.xyz
Website
https://www.sound.xyz/
FAQs
https://soundxyz.notion.site/soundxyz/Frequently-Asked-Questions-1-0e39e44edccb42f8b3c3ca5d93c703a9
Recent raise
https://techcrunch.com/2021/12/15/sound-xyz-raises-5m-from-a16z-to-explore-how-web3-can-upend-the-economics-of-the-music-business/
Recent drops that are fun
Bored Ape Yacht Club Band
https://www.sound.xyz/boredbrothers/drip
Snoop Dogg
https://twitter.com/soundxyz_/status/1516896676077744128
https://twitter.com/SnoopDogg/status/1516481234464960513
Music NFT Content
Good overview:
https://momentranks.com/blog/music-nfts-explained-transforming-music-sales
https://twitter.com/MonsterDaoNFT/status/1517164757534580736
https://twitter.com/fascinated/status/1516539250661117966
Cooper Turley Content
Weekly blog
https://thisweekinmusicnfts.mirror.xyz/
Music NFT tweets
https://twitter.com/Cooopahtroopa/status/1516598888114831360
https://coopahtroopa-eth.medium.com/musicians-meet-audio-nfts-aa495cfd2996
https://twitter.com/Cooopahtroopa/status/1460062843244408833
https://twitter.com/Cooopahtroopa/status/1469789186131587073
https://twitter.com/Cooopahtroopa/status/1475609928865705988
RAC Content:
ETH royalties compared to Spotify
https://twitter.com/RAC/status/1516578113634725890
https://twitter.com/RAC/status/1517168623772602368
RollingStone profile
https://www.rollingstone.com/pro/features/rac-future-25-1179443/
Likes the 1/100 NFT drop
https://twitter.com/RAC/status/1516178179886510083
Coinbase listing of RAC?
https://blog.coinbase.com/increasing-transparency-for-new-asset-listings-on-coinbase-e06f2edb095e
How the Sinners drop would have worked over time
https://twitter.com/RAC/status/1512560530761809921
Thoughts on music NFT metrics
https://twitter.com/RAC/status/1509213081594855425
Royal
https://twitter.com/join_royal
Jesse Walden write-up on Sound.xyz
https://twitter.com/jessewldn/status/1471148257892044812
Chris Perkins, president of CoinFund, a web3 investment firm, discusses his experience at the Crypto Bahamas conference before diving into an FTX.US proposal that would allow for direct trading of crypto derivatives in the US – which appears to be rocking the boat of certain regulators in D.C. Show topics:
- Chris’s two biggest takeaways from his Crypto Bahamas experience
- how Chris’s experience at Lehman Brothers and Citi prepared him for crypto
- what issues arise via the plumbing of traditional financial markets
- why centralized intermediaries make derivatives trading efficient
- what FTX.US is proposing and how it could be a boon for retail traders
- how crypto settlement would work compared to the current batch trading method
- why the acquisition of LedgerX enabled FTX.US to make this proposal
- what license FTX.US feels like it no longer needs since it can settle derivative transactions on a blockchain
- whether FTX.US would expand to other derivatives and what that might do to an entity like CME
- what Chris is listening for in the CFTC’s public discussion surrounding FTX.US’s proposal
- whether FTX.US’s proposal will be a partisan issue
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Galaxis: https://galaxis.xyz/
Episode Links
Chris Perkins
- LinkedIn:
-
- https://www.linkedin.com/in/christopher-perkins-092569a/
- Twitter:
-
- https://twitter.com/perkinscr97
- CoinFund:
-
- https://twitter.com/coinfund_io
Coverage of the FTX.US Proposal
- Bloomberg: https://www.bloomberg.com/news/articles/2022-04-21/crypto-billionaire-rankles-wall-street-with-futures-trading-plan?sref=m9L277rN
- Forbes:
-
- https://www.forbes.com/sites/jasonbrett/2022/04/27/the-ftx-us-proposal-that-shook-congress-and-the-crypto-derivatives-world/
- The Block:
-
- https://www.theblockcrypto.com/linked/143792/as-it-weighs-ftx-proposal-cftc-announces-a-roundtable-on-disintermediation
- https://www.theblockcrypto.com/post/137304/cftc-opens-up-ftx-uss-derivatives-trading-model-to-public-comment
- https://www.theblockcrypto.com/linked/140026/ftx-derivatives-proposal-takes-center-stage-at-congressional-hearing-with-cftc-chairman
- CoinDesk
-
- https://www.coindesk.com/business/2022/03/10/ftxus-derivatives-unit-seeks-cftc-amendment-to-clear-margin-trades-directly-for-customers/
- https://www.coindesk.com/video/recent-videos/ftx-us-to-meet-with-cftc-regarding-derivatives-trades/
- Public comment:
-
- https://www.theblockcrypto.com/post/137304/cftc-opens-up-ftx-uss-derivatives-trading-model-to-public-comment
- May roundtable:
-
- https://www.cftc.gov/PressRoom/PressReleases/8519-22
- https://www.coindesk.com/policy/2022/04/19/ftx-plan-said-to-face-cftc-roundtable-next-month/
- https://www.theblockcrypto.com/linked/143792/as-it-weighs-ftx-proposal-cftc-announces-a-roundtable-on-disintermediation
- CME opposition to proposal:
-
- https://www.marketsmedia.com/cme-to-oppose-ftx-clearing-proposal/
Unchained Coverage of FTX.US and LedgerX
- 2021:
-
- https://unchainedpodcast.com/why-the-ftx-us-ledgerx-deal-indicates-crypto-ma-might-start-booming/
- 2019:
-
- https://unchainedpodcast.com/ledgerx-on-the-reasons-to-trade-bitcoin-options/
Amy Wu, head of FTX ventures and gaming initiatives, discusses her role at FTX, what problems need to be addressed in the web3 gaming world, and her thoughts on APE and Yuga Labs as a board member of Apecoin DAO and investor in Yuga Labs. Show highlights:
- what Amy does at FTX
- how her background investing in gaming prepared her for her role at FTX
- Amy’s vision for FTX’s gaming studio
- how FTX is helping gaming studios get into web3 and NFTs
- why Amy thinks blockchain games are the evolution of the ‘free to play’ gaming archetype
- what best practices Amy believes web2 companies should implement when transitioning into web3 gaming
- why there is so much backlash against traditional companies incorporating NFTs (hint: it’s not just about environmental concerns)
- how FTX Ventures is looking to deploy capital and why it is so interested in Korea and India, specifically
- why Amy thinks the L1 wars will end with just a few winning chains
- why “consumer products” are going to be more important than high throughput blockchains in onboarding the next billion users
- what Amy’s role as a board member of Apecoin DAO is like
- what Amy thinks about APE and Yuga Labs
- trends for the rest of 2022: social media, dating apps, and more…
Tickets to the Cryptopians Book Clubs Go on Sale Today at 1pm ET!
Today, Tuesday, April 26, at 1pm Eastern Time, we will sell the NFT tickets to five book clubs to discuss my book, The Cryptopians. All the book clubs, which are 90 minutes and limited to 22 participants each, will be hosted by me and will take place on my Discord from May 2nd to May 10th. The sale will will take place on Bitski: bitski.com/@laurashin/created
The dates and times for the book clubs are:
- Monday, May 2, at 8 pm ET
- Tuesday May 3, at 1pm ET with Lefteris Karapetsas, Griff Green, and Christoph Jentzsch of the DAO
- Thursday, May 5, at 12pm
- Monday, May 9, at 12pm ET with Andrey Ternovskiy of Chatroulette
- Tuesday, May 10, at 3pm ET
Again, the link for the sale is at https://www.bitski.com/@laurashin/created.
Also, join me for a Twitter Spaces, hosted by Bitski (https://twitter.com/bitski), at 12pm ET today.
Unchained Is Hiring!
Find out information on the three openings at Unchained and how to apply here:
- part-time remote social media marketing manager:
-
- https://unchainedpodcast.com/seeking-part-time-remote-social-media-and-marketing-manager/
- part-time remote editorial assistant:
-
- https://unchainedpodcast.com/seeking-remote-editorial-assistant/
- part-time remote video/audio producer:
-
- https://unchainedpodcast.com/seeking-part-time-remote-video-audio-producer/a
Thank you to our sponsors!
Ether Cards: https://galaxis.xyz
Cross River Bank: https://crossriver.com/crypto
Beefy Finance: https://beefy.finance
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Amy Wu
- LinkedIn: https://www.linkedin.com/in/amytongwu/
- Twitter: https://twitter.com/amytongwu
Roles
- FTX Gaming
-
- https://twitter.com/amytongwu/status/1495834891858100232
- Apecoin DAO Board
-
- https://twitter.com/amytongwu/status/1504238389737967622
- FTX Ventures
-
- https://ventures.ftx.com/
FTX Stuff Going On
- NFT lounge at Coachella
-
- https://twitter.com/amytongwu/status/1515407892693745665
- FTX Ventures x SuperteamDAO (India)
-
- https://twitter.com/ajm_ftx/status/1510339725059629058
- Acquisition of Good Luck Games
-
- https://twitter.com/amytongwu/status/1506308327399063557
-
- Backlash
- `https://kotaku.com/nft-crypto-blcckchain-storybook-brawl-card-f2p-steam-re-1848708120
- FTX Africa
-
- https://twitter.com/amytongwu/status/1504095099873280005
- Com2uS, a publicly-traded company, launched a token on FTX
-
- `https://twitter.com/amytongwu/status/1501675620832583684
- FTX launch in Europe
-
- https://twitter.com/amytongwu/status/1500902895880974340
- YGG India push for FTX
-
- https://twitter.com/amytongwu/status/1499075404887465994
- FTX Future Fund
-
- https://ftxfuturefund.org/announcing-the-future-fund/
- $400 million raise w/ plans for M&A’s
-
- https://www.bloomberg.com/news/articles/2022-01-31/bankman-fried-s-ftx-valued-at-32-billion-after-latest-round
Miscellaneous
- Blockchain gaming backlash
-
- https://www.vice.com/en/article/xgd78d/the-crypto-revolution-is-an-existential-crisis-for-video-games
Peter Van Valkenburgh, director of research at Coin Center, discusses a proposed rule by the US Securities and Exchange Commission that has massive implications for the free-speech rights of crypto software developers in the US. Show highlights:
- why an SEC proposal changing the definition of “exchange” could violate the right to free speech of US crypto developers
- whether the SEC is going after DeFi on purpose – as its 200+ page proposal never mentions crypto or DeFi
- what precedent Peter has found that should prohibit the SEC from taking away software developers’ right to free speech
- how Peter and Coin Center structured their recent letter of comment to the SEC
- what the next steps (such as a lawsuit?) should be for the crypto community if the rule goes into effect
- why writing software is part of someone's right to free speech
- what implications the proposed rule could have on AMMs
- what happens next: when could the rule be put into place?
Unchained is hiring!
Find out information on the three openings at Unchained and how to apply here:
- part-time remote social media marketing manager: https://unchainedpodcast.com/seeking-part-time-remote-social-media-and-marketing-manager/
- part-time remote editorial assistant: https://unchainedpodcast.com/seeking-remote-editorial-assistant/
- part-time remote video/audio producer: https://unchainedpodcast.com/seeking-part-time-remote-video-audio-producer/
Announcing The Cryptopians Book Clubs!
On April 26th, I will be selling NFT tickets to five 90-minute virtual book clubs in which 22 people can discuss "The Cryptopians" with me and with each other — without worrying about spoilers! Two of the book clubs will also feature special guests.
The sale will go live on Tuesday, April 26, at 1pm ET/10am PT, and tickets will be $100 each. (The sale will be on Bitski, but the NFTs will not be visible until the sale goes live on the 26th): https://www.bitski.com/@laurashin/created
Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Galaxis: https://galaxis.xyz/
Episode Links
Peter Van Valkenburgh
- Coin Center profile: https://www.coincenter.org/people/peter-van-valkenburgh/
- Twitter: https://twitter.com/valkenburgh
The SEC Proposal
- Proposal: https://www.sec.gov/news/press-release/2022-10#
- Comments on the proposal: https://www.sec.gov/comments/s7-02-22/s70222.htm
- Coin Center’s/Peter’s comment: https://www.coincenter.org/a-new-sec-proposal-has-a-serious-change-hidden-within-its-complex-language/
- Coin Center blog on its comment: https://www.coincenter.org/a-new-sec-proposal-has-a-serious-change-hidden-within-its-complex-language/
- Gabriel Shapiro’s comment: https://twitter.com/lex_node/status/1516079145213739013
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. On this episode, Laura Shin, the host of Unchained and author of The Cryptopians, also joined the conversation. Show topics:
- how people have responded to The Cryptopians
- why traditional publishers were reticent to publish the story revealing the alleged DAO attacker’s identity
- what lessons can be learned from North Korea’s alleged involvement in the Ronin bridge exploit
- what zero-knowledge proofs work and how a miscalculation in a whitepaper almost caused major issues in the crypto world this week
- how math proofs and reporting specifications work in the crypto space
- why security engineers, like samczsun, are so hard to come by
- how an attacker was able to steal ~$80 million from Beanstalk in a governance attack
- @hosseeb vs. @haseeb
- the difference between being in crypto and covering it as a journalist – and why Laura sees herself as more a “referee” than a participant in the crypto space
- whether DeFi hackers can actually cash out of their positions
- why Tarun is worried about Ethereum’s security in the wake of the merge being delayed even further
- what staking derivatives are, and how traditional are using Lido to lever up
- why traditional funds getting into crypto has Tarun worried about Anchor
- why the guys think Cosmos is more popular than Polkadot
Episode Links
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
- Laura Shin, the crypto referee
-
- https://twitter.com/laurashin
Helpful Information
- North Korea’s interest in crypto:
-
- https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/
- The Merge delayed
-
- https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/
- https://bitcoinist.com/ethereum-merge-headed-for-another-delay/
- https://twitter.com/korpi87/status/1513459657381068812
-
Beanstalk rekt for $180M
-
- https://www.theblockcrypto.com/linked/142272/ethereum-based-stablecoin-protocol-beanstalk-loses-more-than-80-million-to-exploit
- Crazy attack using flash loans to insta-ship governance proposals: https://rekt.news/beanstalk-rekt/
-
https://twitter.com/kelvinfichter/status/1515735718840184835
-
The Cryptopians
-
http://bit.ly/cryptopians
-
UST and Anchor worries
-
https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/
-
Lido and centralization
-
https://www.suresats.com/post/ethereum-s-centralization-dilemma-through-lido-staking
-
Cosmos vs. Polkadot
-
https://medium.com/coinmonks/polkadot-vs-cosmos-which-one-is-the-best-246e67b25d6c
-
MakerDAO technical docs
-
https://docs.makerdao.com/
-
Zero-Knowledge explainer
-
https://www.notboring.co/p/zero-knowledge
Two policy experts, Chris Lehane, chief strategy officer at Haun Ventures, and Niki Christoff, the founder of Christoff and Co., discuss how the crypto industry has performed in Washington and how it can better educate more regulators and politicians about the technology. Show highlights:
- Niki and Chris’ background
- how Niki and Chris would grade the performance of crypto companies in Washington
- what parallels Chris can draw between crypto in the 2020s and FAANG in the mid-90s
- whether having a plethora of crypto policy groups helps or hurts crypto in Washington
- whether calling politicians and regulators names and making memes of them helps or hurts the crypto industry
- an effective way crypto companies can prompt lawmakers and regulators to prioritize crypto policy
- why it can be strategically smarter to try to convince incumbents to adopt pro-crypto policy over supporting challengers
- why Chris thinks crypto could be a bipartisan topic
- what Chris and Niki think about the fact that Democratic candidates received more donations from people working in the crypto industry than Republicans did
- the three types of crypto users that are valuable to political candidates
- what Niki and Chris would tell Senator Elizabeth Warren about crypto if they were to meet with her today
- what effect crypto might have on midterms
- why the terminology native to crypto may have to change
Unchained is hiring!
Find out information on the three openings at Unchained and how to apply here:
- part-time remote social media marketing manager: https://unchainedpodcast.com/seeking-part-time-remote-social-media-and-marketing-manager/
- part-time remote editorial assistant: https://unchainedpodcast.com/seeking-remote-editorial-assistant/
- part-time remote video/audio producer: https://unchainedpodcast.com/seeking-part-time-remote-video-audio-producer/
Announcing The Cryptopians Book Clubs!
On April 26th, I will be selling NFT tickets to five 90-minute virtual book clubs in which 22 people can discuss "The Cryptopians" with me and with each other — without worrying about spoilers! Two of the book clubs will also feature special guests.
The sale will go live on Tuesday, April 26, at 1pm ET/10am PT, and tickets will be $100 each. (The sale will be on Bitski, but the NFTs will not be visible until the sale goes live on the 26th): https://www.bitski.com/@laurashin/created
Here is the schedule:
- Monday May 2, at 8pm ET/5pm PT with Laura Shin
- Tuesday, May 3, at 7pm CET/1pm ET/10am PT with guests Christoph Jentzsch, Lefteris Karapetsas, and Griff Green
- Thursday, May 5, at 6pm CET/12pm ET/9am PT with Laura Shin
- Monday, May 9, at 6pm CET/12pm ET/9am PT with guest Andrey Ternovskiy
- Tuesday, May 10, at 9pm CET/3pm ET/12pm PT with Laura Shin
If you'd like to participate, be sure to mark your calendars for the sale time on April 26th. Hope to see you in one of the book clubs!
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Galaxis: https://galaxis.xyz/
Episode Links
Chris Lehane
- LinkedIn: https://www.linkedin.com/in/chris-lehane-2562535/
- Twitter: https://twitter.com/chrislehane
- Joining Haun Ventures
-
- https://twitter.com/chrislehane/status/1506395461187354624
Niki Christoff
- LinkedIn: https://www.linkedin.com/in/nikichristoff/
- Twitter: https://twitter.com/NikiChristoff
Miscellaneous Links
- Overview of crypto and politics
-
- https://www.citizen.org/article/capitol-coin-cryptocurrency-lobbying-revolving-door-report/
- Biden’s executive order
-
- Thread of official statements: https://twitter.com/crypto_council/status/1501606327621197835
- Fact sheet: https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/
- Overview: https://www.cnbc.com/2022/03/09/heres-whats-in-bidens-executive-order-on-crypto.html
- New bill from Senator Warren to crack down on sanctions evasion:
-
- https://www.coincenter.org/new-crypto-sanctions-bill-targets-publishing-code-facilitating-transactions/
- DeFi Education Fund
-
- https://medium.com/@defieducationfund
- Blockchain Association
-
- https://theblockchainassociation.org/news/
- Crypto Council for Innovation
-
- https://twitter.com/crypto_council/
Tim Beiko, the Ethereum Foundation coordinator for core developers, discusses his recent estimation that Ethereum’s merge, where the network transitions from proof-of-work to proof-of-stake, will be delayed until the second half of 2022. Show topics:
- what the Ethereum merge is
- why an upcoming difficulty bomb could force developers to delay the merge
- what shadow forks are and how they affect the decision to go forward with the merge
- how network difficulty is used in Ethereum to keep a balance between the blockchain and miners
- Tim’s (purposefully vague) timeline for the merge
- how the merge could increase Ethereum’s throughput by 9% – and thus potentially reduce gas fees slightly
- how the Ethereum Foundation plans to address gas fees and scaling issues post-merge
Announcing The Cryptopians Book Clubs!
On April 26th, I will be selling NFT tickets to five 90-minute virtual book clubs in which 22 people can discuss "The Cryptopians" with me and with each other — without worrying about spoilers! Two of the book clubs will also feature special guests.
The sale will go live on Tuesday, April 26, at 1pm ET/10am PT, and tickets will be $100 each. (The sale will be on Bitski, but the NFTs will not be visible until the sale goes live on the 26th): https://www.bitski.com/@laurashin/created
Here is the schedule:
- Monday May 2, at 8pm ET/5pm PT with Laura Shin
- Tuesday, May 3, at a time TBD with guests Christoph Jentzsch, Lefteris Karapetsas, and Griff Green
- Thursday, May 5, at 6pm CET/12pm ET/9am PT with Laura Shin
- Monday, May 9, at 6pm CET/12pm ET/9am PT with guest Andrey Ternovskiy
- Tuesday, May 10, at 9pm CET/3pm ET/12pm PT with Laura Shin
If you'd like to participate, be sure to mark your calendars for the sale time on April 26th. Hope to see you in one of the book clubs!
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Galaxis: https://galaxis.xyz/
Episode Links
Tim Beiko
- Twitter: https://twitter.com/TimBeiko
Related Content
- Tim’s post on the merge FAQs:
-
- https://github.com/timbeiko/eth-roadmap-faq#merge-timelines
- Tim’s tweets from this week:
-
- https://twitter.com/TimBeiko/status/1514423985517203458
- https://twitter.com/TimBeiko/status/1514010098145759232
- Previous Unchained appearance discussing the merge and EIP 1559:
-
- https://unchainedpodcast.com/ethereums-eip-1559-will-solve-some-problems-but-big-ones-will-remain/
- Shadow fork threads
-
- https://twitter.com/parithosh_j/status/1513129893235769346?s=20&t=w63Iw2RPkldNMnRS4PJdjA
- https://twitter.com/vdWijden/status/1513540976438091779
- Unchained episode about how Ethereum 2.0 will work:
-
- https://unchainedpodcast.com/ethereum-2-0-what-you-need-to-know/
Stuart Levi, co-head of the Technology Transaction and Intellectual Property Group at Skadden Arps, and Marta Belcher, general counsel and Head of Policy at Protocol Labs, break down the legal issues surrounding NFTs specifically in the context of Yuga Labs’ recent purchase of CryptoPunks and Meebits IP rights. Show highlights:
- the definitions and differences between copyrights, trademarks, and rights of publicity (name, image, likeness)
- how NFT projects have evolved in the past 12-18 months and what that means for the rights of NFT holders
- why NBA Top Shot’s licensing model is the best model for famous brands entering the NFT space
- how the popularity of PFPs and the open-source ethos of crypto has led to confusion regarding the commercial rights of NFT holders
- what you are getting when you buy an NFT (hint, it’s not copyright)
- the misconceptions surrounding Yuga Labs’ acquisition of Crypto Punks and Meebits
- why Bored Ape Yacht Club NFT holders most likely cannot use the Bored Ape Yacht Club brand or logo
- what issues web3 projects face in getting NFT holders to accept terms and conditions
- why web3 projects should protect their trademark
- what a Creative Commons license is, and how it can be used in the NFT space
- what sort of licenses exist in the NFT space
- why secondary sales and transfers of NFTs pose such massive problems for copyright and trademark owners
- how marketplaces are handling terms and conditions
- what NFT projects can do to help the transfer of copyrights and trademarks
Announcing The Cryptopians Book Clubs!
On April 26th, I will be selling NFT tickets to five 90-minute virtual book clubs in which 22 people can discuss "The Cryptopians" with me and with each other — without worrying about spoilers! Two of the book clubs will also feature special guests.
The sale will go live on Tuesday, April 26, at 1pm ET/10am PT, and tickets will be $100 each. (The sale will be on Bitski, but the NFTs will not be visible until the sale goes live on the 26th): https://www.bitski.com/@laurashin/created
Here is the schedule:
- Monday May 2, at 8pm ET/5pm PT with Laura Shin
- Tuesday, May 3, at a time TBD with guests Christoph Jentzsch, Lefteris Karapetsas, and Griff Green
- Thursday, May 5, at 6pm CET/12pm ET/9am PT with Laura Shin
- Monday, May 9, at 6pm CET/12pm ET/9am PT with guest Andrey Ternovskiy
- Tuesday, May 10, at 9pm CET/3pm ET/12pm PT with Laura Shin
If you'd like to participate, be sure to mark your calendars for the sale time on April 26th. Hope to see you in one of the book clubs!
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Galaxis: https://galaxis.xyz/
Episode Link:
Marta Belcher
- https://www.linkedin.com/in/martabelcher
- https://twitter.com/MartaBelcher
Stuart Levi
- https://www.linkedin.com/in/stuartlevi/
Content on NFT IP/Legal Issues
- Josh Durham on IP rights and NFTs
-
- https://lexdao.substack.com/p/protecting-your-nft-personal-property-rights?s=r
- Punk 6529 on CryptoPunks and Yuga Labs
-
- https://threadreaderapp.com/thread/1502595586960367617.html
- Decrypt on stolen IP
-
- https://decrypt.co/96637/nfts-have-a-problem-with-copyright-theft
- Why IP rights are meaningless
-
- https://twitter.com/nftlawguy/status/1509233036369416192
- IP questions from DC Investor
-
- https://twitter.com/iamDCinvestor/status/1509187304027529222
- The Copyright NFT bible
-
- https://medium.com/initc3org/copyright-vulnerabilities-in-nfts-317e02d8ae26
- What Exactly Do You Get When You Buy an NFT? Three Lawyers Discuss
-
- https://unchainedpodcast.com/what-exactly-do-you-get-when-you-buy-an-nft-three-lawyers-discuss/
Difference between copyright and trademark
- https://www.nerdwallet.com/article/small-business/trademark-vs-copyright
Kevin Zhou, co-founder of Galois Capital, discusses a crazy week in the world of algorithmic stablecoins that saw USDN de-peg from the dollar and Terra unveil plans to create a new liquidity pool on Curve to strengthen UST. Show highlights:
- how USDN and Waves works
- what made USD de-peg
- why Kevin thinks algorithmic stablecoins fail so often
- what Kevin thinks about backing UST with BTC
- how 4pool works in the context of Curve Finance, 3pool, UST, Frax Finance, and Redacted Cartel
- why Kevin believes Anchor is the reason UST could de-peg
- what might happen to Terra and the crypto market writ large if UST were to de-peg
- why lowering yields on Anchor could depress LUNA’s price by 8x
- how UST and LUNA redemptions work
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Galaxis: https://galaxis.xyz/
Episode Links
Kevin Zhou
-
LinkedIn: https://www.linkedin.com/in/kevin-zhou-82938324/
-
Galois Capital: https://twitter.com/Galois_Capital
UST
-
Proposal
-
https://agora.terra.money/t/ust-goes-interchain-the-4pool-and-redacted-cartel/5648
-
Why Terra would want to implement 4pool (in the context of the curve wars)
-
- https://twitter.com/CryptoHarry_/status/1510244225304117252
- Do Kwon on trying to make DAI less relevant
-
- https://twitter.com/stablekwon/status/1511017532764803078
- FXS price jump
-
- https://www.coindesk.com/markets/2022/04/04/frax-finances-fxs-jumps-as-terra-introduces-stablecoin-pool-4pool/
- Galois Twitter threads
-
- https://twitter.com/Galois_Capital/status/1511455703642394628
- https://twitter.com/Galois_Capital/status/1511198930951938049
- UST vs LUNA market cap risk
-
- https://twitter.com/0xHamz/status/1506372692005593090
- https://twitter.com/Galois_Capital/status/1511198930951938049
- https://twitter.com/Galois_Capital/status/1507651829366145030
- Why curve wars matter
-
- https://twitter.com/JackNiewold/status/1511484763630194699
- Terraform Labs’ CEO Do Kwon’s appearance on Unchained
-
- https://www.youtube.com/watch?v=NMRbP_b4JXM
- Anchor
-
- https://medium.com/@_0xfr/anchor-protocol-how-the-dev-team-rigged-liquidations-a188fb87a99f
USDN
- Recap of Waves x Alameda Drama
-
- https://thedefiant.io/waves-ftx-ponzi-accusations/
- OG thread pointing out Waves market manipulation
-
- https://twitter.com/0xHamz/status/1509581295621451779
- https://twitter.com/0xHamz/status/1502381061925261312
- Waves founder blaming Alameda
-
- https://twitter.com/sasha35625/status/1510589983920656385
- Governance proposal to kill Alameda’s short
-
- https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=2fb7761d5b&e=3c1178619e
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in the digital asset industry. Show topics:
- how social engineering was used in the $600 million+ Ronin bridge hack
- what bridge infrastructure needs to be built (note: if someone wants to build a cross-chain Etherscan, it sounds like Tarun would fund it)
- why the Inverse Finance hack impressed Tom
- how Open Zeppelin found and patched a $15 billion vulnerability for Convex Finance
- why transitioning to token governance might be an issue for Convex
- what made USDN de-peg
- why Tarun think algorithmic stablecoin creators are a little crazy
- the elegance of the Bitcoin whitepaper
- what their biggest takeaways from Elon Musk’s purchase of Twitter are
- why Tarun thinks FTX investing in IEX is actually a huge deal
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Topics Covered
- Ronin hack
-
- https://www.bloomberg.com/news/articles/2022-03-29/hackers-steal-590-million-from-ronin-in-latest-bridge-attack
- https://decrypt.co/96811/nearly-7m-hacked-ronin-funds-sent-privacy-mixer-tornado-cash
- https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=w
- More hacks: Inverse Finance, Convex Rugpull disclosure
-
- https://www.coindesk.com/tech/2022/04/02/defi-lender-inverse-finance-exploited-for-156-million/
- https://twitter.com/bertcmiller/status/1510284763332071427
- https://blog.openzeppelin.com/15-billion-rugpull-vulnerability-in-convex-finance-protocol-uncovered-and-resolved/
- USDN Peg broken, drama ensues
-
- https://www.theblockcrypto.com/post/140475/drama-erupts-around-the-waves-blockchain-project-and-trading-firm-alameda
- https://www.coingecko.com/en/coins/neutrino-usd
- Why is Elon taking a stake in Twitter?
-
- https://decrypt.co/96809/dogecoin-cheerleader-elon-musk-takes-9-2-stake-in-twitter
- https://www.wsj.com/articles/twitter-to-name-elon-musk-to-its-board-of-directors-11649162614?mod=article_inline
- FTX purchasing a stake in IEX
-
- https://www.prnewswire.com/news-releases/ftx-us-and-iex-join-forces-to-help-shape-market-structure-for-digital-assets-301517550.html
- Lightning Labs' $70 million raise
-
- https://www.theblockcrypto.com/post/140560/lightning-labs-taro-protocol-stablecoins-fundraise
-
Gauntlet raises $23.8M led by Ribbit, now a Unicorn - congrats Tarun!
-
https://cointelegraph.com/news/crypto-quant-firm-gauntlet-valued-at-1b-following-series-b
Mike Brock, general manager of TBD at Block, discusses how TBD’s yet-to-be-released DEX is structured, explains why he thinks decentralized solutions do not necessarily need blockchains, and tells the humorous story about how Jack Dorsey convinced him to start working on a Bitcoin project. Show highlights:
- what TBD is and what its relation to Block (formerly Square) is
- how TBD differs from Spiral, another Block-based Bitcoin firm
- how tbDEX works and why building on-ramps and off-ramps to crypto is so important
- who will be supplying the liquidity for tbDEX
- why Mike is passionate about creating digital identity infrastructure
- how tbDEX will incorporate digital identity tooling into its protocol
- what Mike thinks about Vitalik Buterin’s misgivings concerning tbDEX’s design
- why Mike fell down the rabbit hole (thanks Jack Dorsey)
- what lessons Mike learned at CashApp that he is using at TBD
- which stablecoin TBD will be working with
- why Mike is not a believer in DeFi
- why tbDEX (or, seemingly, other TBD products) will not utilize tokens
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Galaxis: https://galaxis.xyz/
Episode Links
Mike Brock
- Twitter; https://twitter.com/brockm
- LinkedIn: https://www.linkedin.com/in/mike-brock-9030813/
- Introduction to TBD: https://twitter.com/brockm/status/1415795490914856961
TBD
- Twitter: https://twitter.com/tbd54566975?lang=en
- GitHub: https://github.com/TBD54566975/tbdex-whitepaper
- Whitepaper
-
- https://tbd54566975.ghost.io/introducing-tbdex/
- https://tbdex.io/whitepaper.pdf
- Careers: https://block.xyz/careers?search=tbd
- Other
-
- Origin of name: https://twitter.com/TBD54566975/status/1424818221652324355
- Vitalik’s reticence: https://cryptopotato.com/vitalik-buterin-tells-how-jack-dorseys-tbd-might-build-the-bitcoin-dex/
Other Topics
- Spiral (lightning development). Brock helped set up Spiral.
-
- Twitter: https://twitter.com/spiralbtc
- Website: https://spiral.xyz/
- CashApp
-
- Impressive BTC revenue: https://decrypt.co/93793/block-bitcoin-earnings-cash-app-hit-nearly-2-billion-q4
- Lightning network: https://blockworks.co/cash-app-integrates-lightning-network-for-bitcoin-payments/
- Aaron Levie
-
- https://twitter.com/levie
Arjun Bhuptani, founder of Connext and bridging expert, breaks down the Ronin bridge exploit that led to a hacker stealing $600 million+ and discusses different bridge designs that could limit future attacks. Show highlights:
- how a hacker was able to drain more than $600 million from Ronin bridge
- the difference between DeFi hacks and the Ronin bridge exploit, which was a social-engineering based attack
- why multisig bridges are susceptible to social engineering attacks
- why Arjun believes the Ronin hacker is a sophisticated entity
- whether Sky Mavis will be able to reimburse users
- the different attack vectors for cross-chain bridges
- what Arjun thinks about different bridge designs
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Episode Links
Arjun Bhuptani
- Twitter: https://twitter.com/arjunbhuptani
Ronin Hack
- Latest update from Ronin
-
- https://twitter.com/Ronin_Network/status/1509284549020188672
- https://twitter.com/Psycheout86/status/1509134627319033863
- Community alert explaining the hack:
-
- https://roninblockchain.substack.com/p/community-alert-ronin-validators?s=w
- Etherscan of the hack taking place
-
- https://etherscan.io/address/0x098b716b8aaf21512996dc57eb0615e2383e2f96
- Reactions
-
- Mudit Gupta – the hacker is sophisticated
-
- https://twitter.com/Mudit__Gupta/status/1508868214075310091
- Arjun Bhuptani – why multisig bridges are vulnerable
-
- https://twitter.com/arjunbhuptani/status/1508861771595059205
- https://twitter.com/arjunbhuptani/status/1508861771595059205
- Ed Zitron – social engineering
-
- https://ez.substack.com/p/the-infinite-exploitation-of-cryptocurrency
- Information on Ronin
-
- https://twitter.com/joel_john95/status/1486809221962289154
- Why bridging is hard
-
- https://blog.connext.network/the-interoperability-trilemma-657c2cf69f17
- Arjun’s latest article on Optimistic bridges
-
- https://twitter.com/arjunbhuptani/status/1509582024104939523?t=4HCssiWfO5v65ehXRnWL3A&s=19
Do Kwon is the CEO of Terraform Labs and a director at Luna Foundation Guard. On Unchained, he explains why LFG is spearheading a plan to partially back Terra’s $15 billion stablecoin UST with Bitcoin. He also dives into another project idea that would transform developer salaries into financial assets that, as far as I can tell, he has not yet spoken about publicly.
Part 1: Everything you need to know about Terra, UST, and BTC.
- how Terra works and why Do thinks UST will soon be the third-largest stablecoin
- why Do and LFG decided to back UST with bitcoin
- why Do thinks LUNA’s price will continue to appreciate despite UST’s new dependence on bitcoin
- how UST might perform if the price of a bitcoin were to crash
- why diversifying UST with different types of collateral could help Terra politically
- how LFG plans to use bridges, smart contracts, and an AMM reserve pool to secure its bitcoin
- why Do thinks Terra is now a Layer 2 project for Bitcoin
- who is deciding to purchase bitcoin and who determines what other assets to purchase as collateral for UST
- how a bitcoin reserve pool would help UST not de-peg from the dollar
- whether Do thinks Anchor’s 19%+ yield is sustainable and why Anchor is moving to other chains
Part 2: Do, the self-described “toymaker” of DeFi.
- why Do is fascinated with creating a fungible labor market
- how developer working hours could become a token traded on an AMM and used to take out loans
- why Do thinks developer salaries in crypto should be cyclical
- how on-chain identity and history will be similar to credit scores
- why Do is a personal fan of Thorchain – but is reticent to use it as a bridge for LFG
- why Do is interested in Prism Protocol
- what Do thinks the impact of a pro-crypto president will have on South Korea
Book events
Keep up on all the latest events here!
https://www.laurashin.com/book/#tour-dates
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Upcoming Book Events
Wednesday, March 30: I’ll be speaking (remotely) with Six Senses about The Cryptopians at 2 pm ET. Be sure to save your spot soon – space is limited!
Tuesday, April 5: I will be doing a reading and signing hosted by the City of Miami Beach and Future Perfect Ventures at Sky Yard from 6-8 pm. Jalak Jobanputra, CEO of Future Perfect Ventures will be interviewing me. You need to RSVP by April 1 to dianafontani@miamibeachfl.gov.
Saturday, April 9: I will be on a panel at the Annapolis Book Festival at 11 am.
Tuesday, April 12: I will be at StartupGrind’s global event in Redwood City, which is focused this year on Web3 (time → TBD).
May 4-7: I will be in conversation with author Jimmy Soni at the PBS Seattle Crosscut Festival, which takes place from May 4-7.
May 23-25: I will be at the Oslo Freedom Forum which takes place from May 23 to 25. Details on these events are TBD.
Episode Links
Do Kwon
- https://twitter.com/stablekwon
- Previous Unchained appearance: https://www.youtube.com/watch?v=683fXfedOZY
Terra
- Twitter: https://twitter.com/terra_money
- Luna Foundation Guard: https://lfg.org/team/
LFG Purchases
- Pomp – the $10B Bitcoin Bet on Stablecoins
-
- https://pomp.substack.com/p/the-10-billion-bitcoin-bet-on-stablecoins?s=w
- 3/10 BTC purchase
-
- https://twitter.com/LFG_org/status/1503680315969060864
- $1 BTC billion purchase
-
- https://twitter.com/terra_money/status/1496162889085902856
- TFL x LFG relationship
-
- https://twitter.com/stablekwon/status/1502225674840555523
Terraform Labs proposal to make Terra inter-chain
- https://agora.terra.money/t/ust-goes-interchain-reasonable-strats-part-five/5024
-
Anchor Going Cross Chain to Avalanche
-
https://twitter.com/CryptoHarry_/status/1504309092411920387
Jump’s BTC reserve proposal
- https://twitter.com/terra_money/status/1506736478449127425
Recent worries about Anchor APY being sustainable
- Do said Anchor yield shouldn't be sustainable (marketing scheme)
-
- https://twitter.com/stablekwon/status/1503154137420079107
-
Arca + Polychain proposal: https://twitter.com/jdorman81/status/1502024302526304262
South Korea’s new President
- https://asia.nikkei.com/Spotlight/Cryptocurrencies/South-Korea-s-incoming-president-vows-big-cryptocurrency-push
SEC subpoena
- https://www.coindesk.com/policy/2021/12/10/most-influential-2021-do-kwon/
Andy Beal, head of ecosystem development at Forta and author of the 30,000 Feet newsletter, discusses the dramatic governance proposal on Juno Network, a Cosmos-based project, where Juno holders are voting to confiscate millions of dollars in tokens from a whale who allegedly gamed the Juno airdrop. Show topics:
- how the Juno airdrop worked
- how the whale was able to amass more JUNO tokens than the team wanted
- why the Juno Network community feels threatened by an entity holding so many JUNO tokens
- what the whale did to invoke the ire of the Juno Network community
- the community’s vote on whether to confiscate up to 98.5% of the whale’s tokens
- what three courses of action the community is considering to confiscate the whale’s JUNO
- what Andy’s biggest takeaways are from the dramatic governance moment
Come to an Event on Laura's Book Tour!
https://www.laurashin.com/book/#tour-dates
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Episode Links
Andy Beal
- https://twitter.com/ajbeal
- Andy's newsletter: https://30000feet.substack.com
Juno Network drama
- Andy’s write-up
-
- https://30000feet.substack.com/p/issue-60-juno-whale?s=r
- Decrypt coverage
-
- https://decrypt.co/95435/juno-network-dao-proposal-16-voted-to-revoke-tokens-from-whale
- Coindesk coverage
-
- https://www.coindesk.com/video/recent-videos/why-junos-vote-to-confiscate-a-whales-funds-is-a-watershed-for-blockchain-governance/
- https://www.coindesk.com/layer2/2022/03/16/junos-proposal-16-vote-is-a-watershed-for-blockchain-governance-for-better-or-worse/
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news in the digital asset industry. On this week’s episode, Do Kwon, founder of Terraform Labs, also dropped by. Show topics:
- why Do decided to make millions of dollars in bets that LUNA will appreciate in value next year
- what Robert and Do, as crypto/DeFi founders, think about Crypto Twitter
- how the difficulty of building payment systems led to Do launching Terra
- Gauntlet’s recent funding round (and what it does)
- takeaways from Yuga Labs purchasing CryptoPunk and Meebits IP, ApeCoin, Otherside, and more
- how NFTs could change the game for publishing and content IP industries
- whether an NFT collection’s cultural relevance is similar to an L1’s TVL
- Bored Ape Yacht Club as the first NFT franchise
- why Haseeb is so disappointed with Axie Infinity, VCs, and other P2E games
- what Facebook’s foray into NFTs might look like
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Guest
- Do Kwon, founder of Terra
-
- https://twitter.com/stablekwon
Episode Topics
- Gauntlet raises $23.8M led by Ribbit, now a Unicorn - congrats Tarun!
-
- https://cointelegraph.com/news/crypto-quant-firm-gauntlet-valued-at-1b-following-series-b
- Do Kwon on a Terra betting spree ($1M, then $10M)
-
- https://www.theblockcrypto.com/linked/137832/terraform-labs-ceo-do-kwon-seals-10-million-bet-over-luna-price
-
Yuga Labs launches Apecoin, Apes buy Punks, teases metaverse, plans land sales, closes $450M raise led by a16z
-
- https://www.coindesk.com/layer2/2022/03/18/what-is-apecoin-and-who-is-behind-it/
- https://twitter.com/yugalabs/status/1505014986556551172
- https://twitter.com/yugalabs/status/1502420714527334406?s=11
-
NFTs coming to Instagram? Minting + PFPs?
-
- https://www.coindesk.com/business/2022/03/15/mark-zuckerberg-says-nfts-are-coming-soon-to-instagram/
- Info on Axie Infinity
-
- https://research.thetie.io/axie-infinity/
Illia Polosukhin, co-founder NEAR Protocol, and George Kikvadze, executive vice chairman at BitFury Group, both of whom have called Ukraine “home” at one point in their lives, discuss Russia’s invasion of Ukraine, the role crypto is playing in the war, and the various avenues crypto users can donate to. Show topics:
- George and Illia’s background in crypto
- George and Ilia’s connection to Ukraine
- why crypto is so popular in Ukraine
- what supplies are being purchased with donated crypto
- how to donate crypto to Ukraine
- why Patreon blocked donations to Come Back Alive, a Ukrainian NGO
- George and Illia’s estimation of the amount of crypto donations received by Ukraine
- what department of Ukraine’s government spearheaded its adoption of crypto
- what happened with the canceled airdrop
- the different organizations accepting crypto donations in Ukraine
Upcoming Book Events
Friday, March 25: I’ll be on the Harvard campus at HBS Aldrich 011 from 4 pm ET - 5 pm ET. This is not open to the general public, but we have a few spots we can give away, first come, first serve. Email hello@unchainedpodcast.com, subject line "Harvard reading."
Wednesday, March 30: I’ll be speaking (remotely) with Six Senses about The Cryptopians at 2 pm ET. Be sure to save your spot soon – space is limited!
Tuesday, April 5: I will be doing a reading and signing hosted by the City of Miami Beach and Future Perfect Ventures at Sky Yard from 6-8 pm. Jalak Jobanputra, CEO of Future Perfect Ventures will be interviewing me. You need to RSVP by April 1 to dianafontani@miamibeachfl.gov.
Saturday, April 9: I will be on a panel at the Annapolis Book Festival at 11 am.
Tuesday, April 12: I will be at StartupGrind’s global event in Redwood City, which is focused this year on Web3 (time → TBD).
May 4-7: I will be at the PBS Seattle Crosscut Festival, which takes place from May 4-7.
May 23-25: I will be at the Oslo Freedom Forum which takes place from May 23 to 25. Details on these events are TBD.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Episode Links
George Kikvadze, executive vice chairman at BitFury Group
- Twitter: https://twitter.com/BitfuryGeorge
- LinkedIn: https://www.linkedin.com/in/george-kikvadze-6256175/
Illia Polosukhin, co-founder NEAR Protocol
- Twitter: https://twitter.com/ilblackdragon
- LinkedIn: https://www.linkedin.com/in/illia-polosukhin-77b6538/
- Raising $ for Ukraine via Unchain Fund
-
- https://www.bloomberg.com/news/articles/2022-03-09/ukraine-s-crypto-community-sends-donation-support-after-russia-invasion
- https://www.coindesk.com/layer2/2022/03/01/absolutely-surreal-inside-a-fund-raising-millions-in-crypto-for-besieged-ukraine/
- https://www.theverge.com/2022/2/26/22952357/ukraine-bitcoin-ethereum-donation-vitalik-buterin
- https://thedefiant.io/ukraine-blockchain-development-teams/
Unchain Fund: https://unchain.fund/
Come Back Alive: https://www.comebackalive.in.ua/
Government Website for Crypto Donations: https://donate.thedigital.gov.ua/
Ukraine x Crypto
- Ukraine purchasing supplies
-
- https://www.coindesk.com/policy/2022/03/07/ukraine-is-buying-bulletproof-vests-and-night-vision-goggles-using-crypto/
- https://twitter.com/abornyakov/status/1502231351273172992?s=21
- Live update from on Ukrainian crypto funds received
-
- https://www.elliptic.co/blog/live-updates-millions-in-crypto-crowdfunded-for-the-ukrainian-military
- Ukraine accepting crypto: https://twitter.com/Ukraine/status/1497594592438497282
- Ukraine NFT launch to reflect history
-
- https://www.theguardian.com/world/2022/mar/13/ukraine-nft-history-of-russian-invasion-war
Unchained Coverage
- https://unchainedpodcast.com/how-ukraine-is-leveraging-crypto-in-its-fight-against-russia/
- https://unchainedpodcast.com/the-chopping-block-in-the-first-crypto-war-how-should-the-money-be-spent/
In his first podcast appearance ever, Punk6529, known for writing massive threads on Crypto Twitter, discusses the cultural and historical significance of Bored Ape Yacht Club creator Yuga Labs purchasing the intellectual property rights to CryptoPunks and Meebits from Larva Labs. Topics:
- how CryptoPunks set the industry standard for PFP projects
- how Bored Ape Yacht Club distinguished itself from CryptoPunks – and other NFT projects
- why 6529 is bullish on the utility of intellectual property rights and commercial use being granted to NFT holders by Yuga Labs
- why 6529 believes Yuga Labs will be good stewards of CryptoPunks
- how NFTs (and Bitcoin) are leveraging memes and social construction to go mainstream
- what 6529 thinks Larva Labs’ legacy will be in the NFT space
- how royalty revenue streams led to the Yuga Labs purchase of Meebits and CryptoPunk IP
- why 6529 is unsure about the significance of metaverse real estate
- what 6529 thinks about ApeCoin
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Upcoming Book Events
Friday, March 26: I’ll be on the Harvard campus at HBS Aldrich 011 from 4 pm ET - 5 pm ET. I’ll be interviewed about my book by NF Castle’s Michelle Choi and will also do a signing.
Saturday, March 27: I’ll be moderating a panel at the Harvard Blockchain conference from 3-3:45 pm. The panel will include NFT artist Pplpleasr, NF Castle’s Will Lobkowicz and Michele Choi, and Nifty Gateway COO Patrick McLaren.
Wednesday, March 30: I’ll be speaking (remotely) with Six Senses about The Cryptopians at 2 pm ET. Be sure to save your spot soon – space is limited!
Tuesday, April 5: I will be doing a reading and signing hosted by the City of Miami Beach and Future Perfect Ventures at Sky Yard from 6-8 pm. Jalak Jobanputra, CEO of Future Perfect Ventures will be interviewing me. You need to RSVP by April 1 to dianafontani@miamibeachfl.gov.
Saturday, April 9: I will be on a panel at the Annapolis Book Festival at 11 am.
Tuesday, April 12: I will be at StartupGrind’s global event in Redwood City, which is focused this year on Web3 (time → TBD).
May 4-7: I will be at the PBS Seattle Crosscut Festival, which takes place from May 4-7.
May 23-25: I will be at the Oslo Freedom Forum which takes place from May 23 to 25. Details on these events are TBD.
Episode Links
6529
- Twitter: https://twitter.com/punk6529
- Threads: https://threadreaderapp.com/user/punk6529
Miscellaneous
- Yuga Labs purchase of Larva Labs IP: https://decrypt.co/94898/bored-ape-yacht-club-yuga-labs-cryptopunks-larva-labs
- Yuga Labs metaverse land plans: https://www.theblockcrypto.com/post/137829/bored-ape-yacht-club-yuga-labs-virtual-land-sales-metaverse
- ApeCoin: https://www.theblockcrypto.com/linked/138156/apecoin-tied-to-bored-ape-nft-ecosystem-debuts-with-planned-community-airdrop
- Punk 6529 on the Yuga Labs purchase: https://threadreaderapp.com/thread/1502595586960367617.html
Jack of all metaverse-trades Chase Chapman discusses her experience working for DAOs, how DAO tooling and governance can improve, and drops a hot take about Discord. Chase brings a unique perspective to Unchained as a co-founder and advisor at Decentology, host of On the Other Side podcast, and active DAO contributor at Orca, Index Coop, and Rabbit Hole. Show topics:
- how Chase got into crypto
- new avenues for bringing more women into crypto
- how DAOs change the nature of work
- how Chase gets paid – and why her accountants might start ducking her calls
- why Chase is passionate about DAOs having a core set of values
- why Chase thinks terms like “permissionless” and “decentralized” should not be used to describe DAOs
- what DAOs can learn from corporate structures
- why Chase is coming around to the idea that DAOs might not need a single HR department
- how DAOs are dealing with inactive whale token holders versus DAO contributors (who own smaller amounts of token)
- what suggestions Chase has for some of the recent big DAO controversies involving Ethereum Name Service and SushiSwap
- the role of anonymity in DAOs
- which DAO tools Chase is impressed with and what SnapShot has in common with Wikipedia
- why Discord is not that bad for DAO management
- how Chase envisions DAOs and NFTs intersecting in the future
- what DAO trends Chase is looking forward to in the coming months
Sponsors
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Episode Links
Chase Chapman
- Twitter: https://twitter.com/chaserchapman
- Jobs
-
- Decentology: https://www.decentology.com/
- On the Other Side: https://www.othersidepod.xyz/
- Index Coop: https://twitter.com/indexcoop
- Orca Protocol: https://twitter.com/OrcaProtocol
- RabbitHole: https://twitter.com/rabbithole_gg
Interesting tweets/blogs/podcasts from Chase on DAOs
- https://twitter.com/chaserchapman/status/1460257486888448003
- https://twitter.com/chaserchapman/status/1500136746301992961
- https://mirror.xyz/chappy.eth/Rw4sMBofUrVGj3QjzErkWkP9UNP1JYhcyX7CLOwgUD4
- https://twitter.com/chaserchapman/status/1483124528679211022
- https://twitter.com/chaserchapman/status/1494359483958636550
- https://twitter.com/chaserchapman/status/1491856996819247111
- https://twitter.com/chaserchapman/status/1492210731789520897
Miscellaneous Mentions
- she256: https://twitter.com/she_256
- Snapshot: https://twitter.com/SnapshotLabs
- Brantly Millegan is staying at ENS Foundation: https://www.coindesk.com/markets/2022/03/07/brantly-millegan-remains-a-director-of-ens-foundation-after-failed-attempt-to-boot-him/
- SushiSwap leadership drama: https://www.coindesk.com/tech/2021/12/08/sushi-cto-joseph-delong-resigns-after-reports-of-project-infighting/
- Wonderland drama: https://www.theblockcrypto.com/post/131931/avalanche-defi-wonderland-time-0xsifu-quadrigacx-patryn
- Coordinape: https://coordinape.com/
Chris Harland-Dunaway, a freelance reporter for The Verge, talks about his most recent investigative story on Tron founder Justin Sun, which details a long string of questionable decisions and actions by Sun. Show topics:
- why Justin Sun fled China after the Tron ICO
- why Chris’s 15 sources were granted anonymity for this story
- why Chris believes that Tron’s market-making team was performing insider trading
- how Justin Sun has tried to evade US securities law
- what “Operation Couch Cushions” was and how it led to 300 BTC being sent to Poloniex
- where Justin Sun is looking for citizenship
- what Chris knows about a grand jury investigation into Justin Sun
- what Justin Sun had to say about Chris’ allegations
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Episode links:
Christopher Harland-Dunaway: https://twitter.com/ChrisHDeee
Justin Sun: https://twitter.com/justinsuntron
Chris’ articles on Justin in The Verge:
- March 2022: https://www.theverge.com/c/22947663/justin-sun-tron-cryptocurrency-poloniex
- September 2020: https://www.theverge.com/platform/amp/21459906/bittorrent-tron-acquisition-justin-sun-us-china
Justin Sun’s rebuttal
- https://twitter.com/justinsuntron/status/1501626464596201472
Chris’ previous Unchained appearance
- https://unchainedpodcast.com/abuse-and-ethical-lapses-what-happened-when-justin-sun-acquired-bittorrent/
While researching for The Cryptopians, I discovered that Andrey Ternovskiy, the founder of internet sensation Chatroulette, was heavily involved in The DAO back in 2016. In this episode, we skirt around revealing major spoilers from The Cryptopians and discuss Andrey’s experience founding Chatroulette, how he fell down the crypto rabbit hole, whether hacking smart contracts is ethical, and more. Show topics:
- Andrey’s background
- how Andrey’s struggles with PayPal at Chatroulette led him to quickly understand the need for crypto
- what Andrey’s involvement at Chatroulette is
- the different ways Andrey thinks crypto can disrupt middlemen
- why Andrey became infatuated with the narrative behind the “crypto” movement
- why Andrey became a fan of Ethereum
- why Andrey decided to tell me about his previously undisclosed involvement in The DAO and early Ethereum
- whether hacking smart contracts is ethical (or legal)
- what Andrey thinks about how Ukraine has used crypto in its fight against Russia’s invasion
- why Andrey will most likely not decentralize Chatroulette
- what Andrey’s perspective is on decentralization in terms of DeFi and DAOs
Upcoming Book Events
For folks in the Bay Area: On Tuesday March 8, I’ll be doing a reading and signing at San Francisco’s Commonwealth Club, moderated by The Information’s Kate Clark. Doors open at 5:15 p.m. , the program begins at 6 p.m., and the book signing is at 7 p.m. https://www.commonwealthclub.org/events/2022-03-08/laura-shin-inside-first-cryptocurrency-craze
For people in Seattle: I’ll be doing a reading and signing as part of town Hall Seattle on Wednesday March 9, at 7:30pm at The Forum, moderated by Steve Scher, of Town Hall Seattle. https://townhallseattle.org/event/laura-shin/
And, I may also be at SXSW on March 12 — details still TBD, and I may also be in Boston at Harvard the weekend of March 26. No promises on either score, but I guess if you feel strongly about either one, you can tweet at me, as that might tip the scales. On April 5th, I’ll be in Miami doing a reading, and on April 9th, I’ll be in Annapolis at the Annapolis Book Festival. Finally, on March 23rd, I’ll be doing a virtual reading with Powell’s bookstore at 8pm Eastern Time/5pm Pacific Time, and Jeff Roberts, executive editor of Decrypt and author of Kings of Crypto will be moderating.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Episode Links
- Andrey Ternovskiy: https://www.crunchbase.com/person/andrey-ternovskiy
- Chatroulette: https://chatroulette.com/
The Cryptopians
- http://bit.ly/cryptopians
- On Amazon: https://www.amazon.com/Cryptopians-Idealism-Greed-Making-Cryptocurrency/dp/1541763017/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=1645037311&sr=8-2
- On Barnes. &. Noble: https://www.barnesandnoble.com/w/the-cryptopians-laura-shin/1138980345?ean=9781541763012
- On Bookshop.org: https://bookshop.org/books/the-cryptopians-idealism-greed-lies-and-the-making-of-the-first-big-cryptocurrency-craze/9781541763012
- Unchained: https://unchainedpodcast.com/how-writing-the-cryptopians-shaped-my-views-on-ethereum/
DAO Hacker Reveal:
- Forbes: https://www.forbes.com/sites/laurashin/2022/02/22/exclusive-austrian-programmer-and-ex-crypto-ceo-likely-stole-11-billion-of-ether/
- Unchained: https://unchainedpodcast.com/exclusive-cryptos-biggest-whodunnit-who-was-behind-the-2016-dao-attack-on-ethereum/
- Medium: https://medium.com/@laurashin/who-hacked-the-dao-on-ethereum-heres-how-we-jumped-past-one-critical-step-60aec489a127
- Bulletin: https://laurashin.bulletin.com/who-was-behind-the-2016-dao-attack-on-ethereum-the-backstory-to-my-investigation
- Forbes on YouTube: https://www.youtube.com/watch?v=PuICbAucfn0
- Daily Tech News Show: https://www.twitch.tv/videos/1306972988
The DAO Hack
- https://www.coindesk.com/learn/2016/06/25/understanding-the-dao-attack/
- https://www.gemini.com/cryptopedia/the-dao-hack-makerdao
- https://unchainedpodcast.com/how-matthew-leising-confronted-his-suspects-in-the-dao-attacks/
Tomicah Tillemann, the global chief policy officer of Katie Haun's new firm, analyzes Russia’s invasion of Ukraine and explains how crypto is being used in an unprecedented manner to render aid to civilians, move money across the world, and potentially document war crimes. Show highlights:
- Tomicah’s background, which includes stints working for the State Department and a16z
- recap of Russia’s invasion of Ukraine
- what Tomicah thinks of the decision to boot certain Russian banks from SWIFT
- why Tomicah believes that it would be very difficult for Russia to use crypto at a large scale to evade sanctions
- why ruble/BTC volume is spiking
- how Ukraine’s usage of web3 tools could change humanitarian aid forever
- what lessons to take away from Ukraine’s almost-airdrop
- the four real-world crypto use cases governments should take notice of
Upcoming Book Events
For folks in the Bay Area: On Tuesday March 8, I’ll be doing a reading and signing at San Francisco’s Commonwealth Club, moderated by The Information’s Kate Clark. Doors open at 5:15 p.m. , the program begins at 6 p.m., and the book signing is at 7 p.m. https://www.commonwealthclub.org/events/2022-03-08/laura-shin-inside-first-cryptocurrency-craze
For people in Seattle: I’ll be doing a reading and signing as part of town Hall Seattle on Wednesday March 9, at 7:30pm at The Forum, moderated by Steve Scher, of Town Hall Seattle. https://townhallseattle.org/event/laura-shin/
And, I may also be at SXSW on March 12 — details still TBD, and I may also be in Boston at Harvard the weekend of March 26. No promises on either score, but I guess if you feel strongly about either one, you can tweet at me, as that might tip the scales. On April 5th, I’ll be in Miami doing a reading, and on April 9th, I’ll be in Annapolis at the Annapolis Book Festival. Finally, on March 23rd, I’ll be doing a virtual reading with Powell’s bookstore at 8pm Eastern Time/5pm Pacific Time, and Jeff Roberts, executive editor of Decrypt and author of Kings of Crypto will be moderating.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Brave: http://brave.com/Unchained
Coinchange: https://coinchange.io
Episode Links
Tomicah Tilllemann
- https://twitter.com/TomicahTD
- https://www.linkedin.com/in/tomicah/
Topics Covered
- Ukraine accepting crypto: https://twitter.com/Ukraine/status/1497594592438497282
- Cutting Russia out of SWIFT: https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1423
- UkraineDAO: https://twitter.com/Ukraine_DAO
- Ukraine asking for a blanket ban on Russians from crypto exchanges: https://www.coindesk.com/policy/2022/02/26/ukraine-mounts-effort-to-surveil-russian-politicians-crypto-wallets/
- Why crypto won’t help Russia avoid sanctions:
-
- https://jerrybrito.com/2022-02-28
- https://twitter.com/jchervinsky/status/1498786025438650369
- Ruble/BTC trading: https://www.theblockcrypto.com/linked/135888/ruble-trading-pair-volumes-surge-on-binance-after-russias-invasion-of-ukraine
- Ukraine Airdrop:
-
- https://www.coindesk.com/markets/2022/03/02/ukraine-says-airdrop-confirmed-after-receiving-33m-crypto-donations/
- https://www.theblockcrypto.com/linked/136211/ukraine-cancels-crypto-airdrop-plans-to-sell-nfts-instead
- Arweave x Ukraine
-
- https://cryptoslate.com/decentralized-data-storage-solution-arweave-archives-millions-of-documents-from-ukraine/
During my research for The Cryptopians, I found information that I believe identifies the perpetrator behind The DAO hack on Ethereum. Three founding members of The DAO and Slock.it (Christoph Jentzsch, Lefteris Karapetsas, Griff Green) discuss how and why they created The DAO, how they helped save the funds being siphoned off by black hat hackers, their personal feelings about The DAO, along with their reaction to the news about who I believe was The DAO attacker. Show topics:
Part 1: Background on The DAO
- Christoph, Lefteris, and Griff’s background and how they came to Slock.it
- what Slock.it was and why the Slock.it team decided to create The DAO
- what The DAO has to do with venture capital funding
- why the Slock.it team did not cap The DAO sale
- what made The DAO such a popular investment vehicle
- why The DAO developers were scared at the amount of money they raised
Part 2:
- what Christoph, Lefteris, and Griff’s initial reaction to The DAO was
- saving funds from The DAO via a hard fork versus white hat hacking
- whether they thought Ethereum Classic would survive a hard fork
- how the Ethereum community has treated Christoph, Griff, and Lefteris in the wake of The DAO attack
Part 3:
- why they disagree on whether code is law
- their reaction to my naming Toby Hoenisch as The DAO attacker
- which actor would play them in a movie about The DAO attack
Come to My In-Person Book Signings and Events!
New York:
Wednesday, March 2, at 7pm
At The Strand Bookstore
Moderated by CoinDesk’s Christine Lee
https://www.strandbooks.com/events/event403?title=laura_shin_the_cryptopians_idealism_greed_lies_and_the_making_of_the_first_big_cryptocurrency_craze
Bay Area:
Tuesday March 8, 6pm
San Francisco’s Commonwealth Club
Moderated by The Information’s Kate Clark
https://www.commonwealthclub.org/events/2022-03-08/laura-shin-inside-first-cryptocurrency-craze
Seattle:
Wednesday March 9, at 7:30pm
The Forum
Moderated by Steve Scher, of Town Hall Seattle.
https://townhallseattle.org/event/laura-shin/
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Cross River Bank: https://crossriver.com/crypto
Episode Links
Guests
-
Christoph Jentzsch
-
https://twitter.com/ChrJentzsch
-
Griff Green
-
https://twitter.com/thegrifft
-
Lefteris Karapetsas
-
https://mobile.twitter.com/LefterisJP
DAO Hacker Reveal:
- Forbes: https://www.forbes.com/sites/laurashin/2022/02/22/exclusive-austrian-programmer-and-ex-crypto-ceo-likely-stole-11-billion-of-ether/
- Unchained: https://unchainedpodcast.com/exclusive-cryptos-biggest-whodunnit-who-was-behind-the-2016-dao-attack-on-ethereum/
- Medium: https://medium.com/@laurashin/who-hacked-the-dao-on-ethereum-heres-how-we-jumped-past-one-critical-step-60aec489a127
- Bulletin: https://laurashin.bulletin.com/who-was-behind-the-2016-dao-attack-on-ethereum-the-backstory-to-my-investigation
- Forbes on YouTube: https://www.youtube.com/watch?v=PuICbAucfn0
- Daily Tech News Show: https://www.twitch.tv/videos/1306972988
The Cryptopians
- http://bit.ly/cryptopians
- On Amazon: https://www.amazon.com/Cryptopians-Idealism-Greed-Making-Cryptocurrency/dp/1541763017/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=1645037311&sr=8-2
- On Barnes. &. Noble: https://www.barnesandnoble.com/w/the-cryptopians-laura-shin/1138980345?ean=9781541763012
- On Bookshop.org: https://bookshop.org/books/the-cryptopians-idealism-greed-lies-and-the-making-of-the-first-big-cryptocurrency-craze/9781541763012
- Unchained: https://unchainedpodcast.com/how-writing-the-cryptopians-shaped-my-views-on-ethereum/
The DAO Hack
- https://www.coindesk.com/learn/2016/06/25/understanding-the-dao-attack/
- https://www.gemini.com/cryptopedia/the-dao-hack-makerdao
- https://unchainedpodcast.com/how-matthew-leising-confronted-his-suspects-in-the-dao-attacks/
In a fun change of pace, Steven Ehrlich, editor of Forbes Cryptoasset and Blockchain Advisor, joins Unchained to interview me about my book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, which came out this week. We discuss…
- where the inspiration for “The Cryptopians” title came from
- why I wanted to write a book about Ethereum
- how Vitalik’s role changed over the course of Ethereum’s founding
- who the main characters in The Cryptopians are
- the biggest challenges Ethereum and the Ethereum Foundation faced in its early days
- Ethereum’s “red wedding” day
- what issues with crowdfunding and US securities laws were faced by early Ethereum founders
- how The DAO hack, along with the Shanghai attacks and Parity drama, shaped Ethereum
- what I discovered about Ming Chan’s time as the Ethereum Foundation director
- my biggest takeaways from researching ICOs
- why I think DAOs could be the next big thing
- whether or not I have an idea for a new book…
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Brave: http://brave.com/Unchained
Coinchange: https://coinchange.io
Episode Links Laura Shin
- https://twitter.com/laurashin
The Cryptopians
- http://bit.ly/cryptopians
- On Amazon: https://www.amazon.com/Cryptopians-Idealism-Greed-Making-Cryptocurrency/dp/1541763017/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=1645037311&sr=8-2
- On Barnes. &. Noble: https://www.barnesandnoble.com/w/the-cryptopians-laura-shin/1138980345?ean=9781541763012
- On Bookshop.org: https://bookshop.org/books/the-cryptopians-idealism-greed-lies-and-the-making-of-the-first-big-cryptocurrency-craze/9781541763012
The Cryptopians content:
- CoinDesk: https://www.coindesk.com/video/coindesk-spotlight/laura-shin-on-the-cryptopians-and-what-she-discovered-investigating-the-ethereum-origin-story
- Alexis Garcia: https://www.youtube.com/watch?v=nOzujORW7fI
- NFT Notes: https://shows.acast.com/ipse-dixit/episodes/nft-notes-21-laura-shin-on-the-story-of-ethereum
- NYT Book Review: https://www.nytimes.com/2022/02/18/books/review/new-this-week.html
DAO Hacker Reveal:
- Forbes: https://www.forbes.com/sites/laurashin/2022/02/22/exclusive-austrian-programmer-and-ex-crypto-ceo-likely-stole-11-billion-of-ether/
- Unchained: https://unchainedpodcast.com/exclusive-cryptos-biggest-whodunnit-who-was-behind-the-2016-dao-attack-on-ethereum/
- Medium: https://medium.com/@laurashin/who-hacked-the-dao-on-ethereum-heres-how-we-jumped-past-one-critical-step-60aec489a127
- Bulletin: https://laurashin.bulletin.com/who-was-behind-the-2016-dao-attack-on-ethereum-the-backstory-to-my-investigation
- Forbes on YouTube: https://www.youtube.com/watch?v=PuICbAucfn0
- Daily Tech News Show: https://www.twitch.tv/videos/1306972988
Steven Ehrlich
- https://www.forbes.com/sites/stevenehrlich/?sh=fb976542ce44
- https://twitter.com/Steven_Ehrlich
- https://www.forbes.com/newsletters/forbescryptoassetadvisor/
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics:
- their thoughts on The DAO hacker reveal
- the importance of The DAO and why it made Robert fall in love with crypto
- how the alleged attacker was found (feat. a deep dive into the Morden testnet and Wasabi)
- dumb DAOs: why the guys are unimpressed with DAOs seeking to purchase, among other things, the Denver Broncos and fast-food restaurants
- how to fix price discovery for DAO mergers and acquisitions
- whether Anchor’s 20% yield on UST is sustainable in light of Luna Foundation Guard’s decision to backstop its reserves with $1 billion in BTC
- why deploying funds from a large treasury is difficult
- why the BlockFi fine was not a surprise
- what lessons the BlockFi settlement taught crypto companies
- why Tarun still loves Olympus DAO and OHM
- how EthDenver has changed since the NFT boom
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Show Topics:
- The DAO attacker revealed
-
- https://www.forbes.com/sites/laurashin/2022/02/22/exclusive-austrian-programmer-and-ex-crypto-ceo-likely-stole-11-billion-of-ether/
- DAO trying to buy the Denver Broncos
-
- https://www.buythebroncos.com/
- Fries DAO
-
- https://fries.fund/
- BlockFi Agrees to Pay $100 Million in Penalties and Pursue Registration of its Crypto Lending Product
-
- https://www.sec.gov/news/press-release/2022-26
-
Terra and UST receiving backstopped funds
-
- https://www.theblockcrypto.com/post/134871/luna-founation-guard-token-sale
-
OHM bonds as Vol-reduction strategy
-
- https://twitter.com/tarunchitra/status/1495807277978341385
-
Eth Denver
-
- https://thedefiant.io/ethdenver-scene-cryptopunks-community/
While researching for my book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, I found evidence that I believe resolves the biggest whodunnit in crypto: who hacked The DAO? This podcast is coming out in conjunction with an article in Forbes revealing the prime suspect’s identity.
Part 1: Who Attacked the DAO? Here’s the Evidence
To document the process of finding the alleged attacker, I wrote an article for Forbes, with which I opened the podcast. In it, I reveal
- who, evidence indicates, attacked the DAO
- how my sources and I uncovered this person’s identity
- how a previously undisclosed technical capability by Chainalysis helped my sources and I identify the alleged hacker
Part 2: Contextualizing the DAO Attack
Forbes’s Steven Ehrlich comes onto the pod to interview me about finding the DAO attacker. Topics
- what is The DAO, and why is it important?
- who are the key players in The DAO’s story
- how the attacker pulled off the hack
- what legal questions surrounded the hack
- why finding the attacker is important
- the legal implications of identifying the attacker
- what Laura’s interactions have been with the suspect
- what the future of DAOs may hold
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Bosonic: https://bosonic.digital/
Episode Links
Laura Shin
- https://twitter.com/laurashin
The Cryptopians
- http://bit.ly/cryptopians
- On Amazon: https://www.amazon.com/Cryptopians-Idealism-Greed-Making-Cryptocurrency/dp/1541763017/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=1645037311&sr=8-2
- On Barnes. &. Noble: https://www.barnesandnoble.com/w/the-cryptopians-laura-shin/1138980345?ean=9781541763012
- On Bookshop.org: https://bookshop.org/books/the-cryptopians-idealism-greed-lies-and-the-making-of-the-first-big-cryptocurrency-craze/9781541763012
Steven Ehrlich
- https://www.forbes.com/sites/stevenehrlich/?sh=fb976542ce44
- https://twitter.com/Steven_Ehrlich
- https://www.forbes.com/newsletters/forbescryptoassetadvisor/
The DAO Hack
- https://www.coindesk.com/learn/2016/06/25/understanding-the-dao-attack/
- https://www.gemini.com/cryptopedia/the-dao-hack-makerdao
- https://unchainedpodcast.com/how-matthew-leising-confronted-his-suspects-in-the-dao-attacks/
Congressman Ro Khanna, a California Democrat, discusses crypto and decentralization, his new book, Dignity in a Digital Age: Making Tech Work for All of Us, and how to regulate the crypto industry. Show highlights:
- what Silicon Valley had to do with Congressman Khanna’s journey down the crypto rabbit hole
- why Congressman Khanna is so passionate about decentralization
- why Congressman Khanna thinks crypto could bring tech jobs across the country and world (rather than staying in hubs like Silicon Valley)
- why Congressman Khanna thinks a new regulatory regime is necessary for crypto assets, like stablecoins
- what Congressman Khanna would like vocal crypto opponents like Congressman Brad Sherman or Senator Elizabeth Warren to know about the crypto space
- Congressman Khanna explains the difference between determining if an asset is a security and regulating an asset
- what Congressman Khanna is doing to bring predictability to crypto regulation
- how regulators could incentivize Bitcoin miners to use less energy
- what Congressman Khanna thinks about know-your-customer/anti-money-laundering mechanisms in the DeFi world
- how Congressman Khanna believes crypto taxes should be treated
- what actions Congressman Khanna recommends for bringing more Democrats to the crypto side
- whether Congressman Khanna thinks crypto is a bipartisan issue
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Get a Signed Book Plate!
Many of you have asked me how you can get a signed copy of the book. Here’s how:
- Pre-order the book, which you can do at bit.ly/cryptopians.
- Make a social media post about the book that includes the pre-order link, bit.ly/cryptoptians, or to the book on any bookseller of your choice.
- Send a copy of your receipt to hello@unchainedpodcast.com with the subject line, “signed book plate.”
- In the email, include a pdf of your receipt + a screenshot of or a link to your social media post + the address to which you’d like me to send the book plate + the name of who you’d like me to dedicate the book plate to.
If you show a pre-order receipt that shows you bought more than one format of the book, such as an audiobook and a hardcover, you can get two signed book plates.
Finally, if you sign up for the Bulletin premium subscription plus do all the above to get a signed book plate, you’ll also receive a POAP.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Brave: http://brave.com/Unchained
Coinchange: https://coinchange.io
Ro Khanna
- Website: https://khanna.house.gov/
- Twitter: https://twitter.com/RepRoKhanna
Dignity in a Digital Age: Making Tech Work for All of Us
- https://www.amazon.com/gp/product/B09842C2RG/ref=dbs_a_def_rwt_bibl_vppi_i0
Miscellaneous
- Questions for Congressman Khanna from Twitter: https://twitter.com/laurashin/status/1491587026344366088
- Congressman Brad Sherman thinks crypto hurts people of color: https://decrypt.co/92776/crypto-race-and-democrats-brad-sherman
- President’s Working Group report on stablecoins: https://www.scribd.com/document/536522482/PWG-Stablecoin-Report
- Congressman Khanna’s attempt to fix the infrastructure bill: https://khanna.house.gov/media/press-releases/khanna-mchenry-lead-bipartisan-legislative-fix-new-digital-asset-reporting
Two crypto tax experts, Shehan Chandrasekera, certified public accountant and head of strategy, Tax, at Cointracker, and John Cardone, senior director of Washington National Tax at RSM US LLP, explain everything crypto traders need to understand when filing taxes for 2021. Show topics:
-the five types of transactions that constitute a taxable crypto event
-how NFT taxes should be reported
-why the sale of collectibles (NFTs) is taxed differently than the sale of crypto property (tokens)
-what type of forms you might receive from crypto exchanges and why this information is usually incomplete
-why the crypto provision in the infrastructure bill most likely won’t affect retail traders
-why John wants a digital asset-specific 1099 form
-how staking income will be taxed this year (and why this might change soon)
-how to report taxes for…
airdrops like ENS and SOS
income earned via a play-to-earn game like Axie Infinity
the sale of virtual land
wrapping Bitcoin onto Ethereum
rewards received via a crypto credit card
-how to save money on taxes going forward
-how Shehan and John think crypto taxes will evolve
-why the IRS listed a job posting for someone who could exploit crypto wallets
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Bosonic: https://bosonic.digital/
Alchemy Pay: https://alchemypay.org
Become a Premium Bulletin Subscriber!
Become a premium subscriber to my Bulletin newsletter, and you’ll get access to:
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premium-only interviews
the opportunity to ask questions
️ the chance to weigh in on guests for Unchained
and whatever other future offerings we add to the mix
Join today for $4.99/mo or $49.99/year!
Join now!
Get a Signed Book Plate!
Many of you have asked me how you can get a signed copy of the book. Here’s how:
Pre-order the book, which you can do at bit.ly/cryptopians.
Make a social media post about the book that includes the pre-order link, bit.ly/cryptoptians, or to the book on any bookseller of your choice.
Send a copy of your receipt to hello@unchainedpodcast.com with the subject line, “signed book plate.”
In the email, include a pdf of your receipt + a screenshot of or a link to your social media post + the address to which you’d like me to send the book plate + the name of who you’d like me to dedicate the book plate to.
If you show a pre-order receipt that shows you bought more than one format of the book, such as an audiobook and a hardcover, you can get two signed book plates.
Finally, if you sign up for the Bulletin premium subscription plus do all the above to get a signed book plate, you’ll also receive a POAP.
Episode Links
John Cardone
https://www.linkedin.com/in/john-cardone-436412b1/
Shehan Chandrasekera
https://twitter.com/TheCryptoCPA
Helpful Links
Shehan’s tax guide: https://www.forbes.com/sites/shehanchandrasekera/2022/01/24/quick-guide-to-filing-your-2021-cryptocurrency--nft-taxes/?sh=d5c00f765f9d
Staking rewards case: https://twitter.com/TheCryptoCPA/status/1489268205877035016
US Gov. job posting: https://sam.gov/opp/799a1650bd5349b6af4f646842999187/view
2022 Crypto Tax Guides
CoinTracker: https://www.cointracker.io/blog/crypto-tax-guide
CryptoTrader.Tax: https://cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes
Koinly: https://koinly.io/cryptocurrency-taxes/
ZenLedger: https://www.zenledger.io/guides/crypto-tax-us
On Tuesday, the US government seized $3.6 billion in bitcoin from the 2016 Bitfinex hack and arrested two individuals, Ilya Lichtenstein and Heather Morgan, on charges of money laundering. Tom Robinson, cofounder and chief scientist at the blockchain analytics firm Elliptic, breaks down how law enforcement was able to seize the BTC, what techniques the alleged money launderers used to avoid capture, and who could have pulled off the initial hack. Show highlights:
background on the 2016 Bitfinex hack
who was arrested this week and why
how the US government gained access to the private keys in Lichtenstein’s and Morgan’s control
why AlphaBay, a now-defunct darknet website, was crucial to law enforcement’s effort to track down the stolen Bitfinex funds
what money laundering techniques were used to cash out the stolen Bitfinex funds before this week’s arrests
whether, as blockchain analytics technology advances, it will always catch up to be able to trace the movements of crypto as its laundered
why using Monero, a privacy coin, to cash out stolen funds is a red flag
why Tom does not think the two individuals arrested this week for money laundering the stolen Bitfinex funds were the original hackers
Become a Premium Bulletin Subscriber!
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️ the chance to weigh in on guests for Unchained
and whatever other future offerings we add to the mix
The special launch price until February 14 $2.99/mo or $29.99/year. Starting on February 15, the price increases to $4.99/mo or $49.99/year.
Join now!
Get a Signed Book Plate!
Many of you have asked me how you can get a signed copy of the book. Here’s how:
Pre-order the book, which you can do at bit.ly/cryptopians.
Make a social media post about the book that includes the pre-order link, bit.ly/cryptoptians or to the book on any bookseller of your choice.
Send a copy of your receipt to hello@unchainedpodcast.com with the subject line, “signed book plate.”
In the email, include a pdf of your receipt + a screenshot of or a link to your social media post + the address to which you’d like me to send the book plate + the nameof who you’d like me to dedicate the book plate to.
If you show a pre-order receipt that shows you bought more than one format of the book, such as an audiobook and a hardcover, you can get two signed book plates.
Finally, if you sign up for the Bulletin premium subscription plus do all the above to get a signed book plate, you’ll also receive a POAP.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Tom Robinson
LinkedIn: https://www.linkedin.com/in/tomarobinson?originalSubdomain=uk
Twitter: https://twitter.com/tomrobin
Information on the Bitfinex hack + arrest:
DOJ Information:
https://www.justice.gov/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency
https://www.justice.gov/opa/press-release/file/1470211/download
Elliptic Coverage:
https://www.elliptic.co/blog/elliptic-analysis-new-york-husband-and-wife-arrested-for-laundering-5-billion-in-bitcoin-stolen-from-bitfinex-in-2016
Unchained Coverage:
https://unchainedpodcast.com/feds-seize-3-6-billion-in-btc-connected-to-bitfinex-hack/
CoinDesk coverage
https://www.coindesk.com/policy/2022/02/08/us-officials-seize-bitcoin-from-2016-bitfinex-hack/
Decrypt:
https://decrypt.co/92529/bitfinex-billion-bitcoin-who-keeps-it
The Defiant:
https://thedefiant.io/bitfinex-leo-surge/
Bitfinex statement:
https://www.bitfinex.com/posts/766
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. On this week’s episode, Sam Bankman-Friend (SBF), CEO and founder of FTX, also dropped by. Show topics:
- Robert and SBF’s takeaways from previous experiences speaking to regulators
- what happened during the Wormhole hack and why building decentralized systems is difficult
- whether AssangeDAO is a good use of money and how it showcases the power of DAOs + NFTs
- why GameStop dumping IMX tokens might have been Immutable X’s fault
- ENS drama, cancel culture, and whether or not the guys would have fired Brantly Millegan if it had been their company making the decision
- how the US was able to recover funds from the Bitfinex hack (and how Tarun knows one of the individuals arrested for allegedly using the stolen BTC via money laundering)
- Shape rotators versus wordcels: what is the meme, how does SBF identify, and Arthur Hayes?
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Guest
- Sam Bankman-Fried, CEO and founder of FTX
-
- https://twitter.com/SBF_Alameda
Links
- Wormhole hack
-
- https://www.theverge.com/2022/2/3/22916111/wormhole-hack-github-error-325-million-theft-ethereum-solana
- AssangeDAO raises ~$41M on Juicebox, larger than ConstitutionDAO
-
- https://juicebox.money/#/p/assangedao
- ENS drama
-
- https://www.coindesk.com/markets/2022/02/07/ethereum-name-service-removes-brantly-millegan-as-steward-over-2016-tweet/
- https://unchainedpodcast.com/this-big-4-firm-added-btc-and-eth-to-its-balance-sheet/
- Gamestop and ImmutableX
-
- https://twitter.com/polarply/status/1489572631649083394
- https://unchainedpodcast.com/another-gamestop-pump-and-dump/
- Bitfinex Hack
-
- https://www.reuters.com/technology/us-arrests-couple-allegedly-laundering-45-bln-crypto-tied-bitfinex-hack-2022-02-08/
- https://twitter.com/tarunchitra/status/1491104365683552256?s=20&t=7KkfnSsGjDz-MxJjYWBB6A
- https://www.youtube.com/watch?v=JmahJCWJ8iM&t=1s
- https://www.coindesk.com/policy/2022/02/08/us-officials-seize-bitcoin-from-2016-bitfinex-hack/
- Wordcels vs. Shape Rotators
-
- https://twitter.com/VitalikButerin/status/1489998900438077441
Variant Fund is a venture capital firm that describes itself as “a first-check crypto fund investing in the ownership economy.” Jesse Walden and Li Jin, co-founders and general partners at Variant, join Unchained to discuss the ownership economy, issues with web2 and web3, NFTs, the future of work, and more. Highlights:
- where Li and Jesse met and how their backgrounds as investors + founders led them to the crypto space
- how Li’s investing niche, which she describes as the passion economy, ended up intersecting with crypto
- why Li believes that web3 platforms will be better for creators than the current web2 ecosystem
- why Jesse was so inspired by Bitcoin after working in the music industry for so many years
- why Jesse believes that NFTs are the “port of entry” for the mainstream adoption of crypto
- what other use-cases exist for NFTs outside of the JPEG or PNG meme (and why Jesse is so excited about music NFTs)
- why Li believes that web3 tools can help fix the issues inherent to the “gig economy”
- Li and Jesse respond to criticisms of web3 coming from Jack Dorsey and Moxie Marlinspike
- how Variant Fund thinks about investing in crypto projects
- what token allocation Variant Fund targets when investing in crypto projects
- why mainstream platforms are experiencing backlash for integrating with NFTs and crypto
- what trends in NFTs, DAOs, and the ownership economy Jesse and Li think will pop in 2022
Get Access to Premium Content
Sign up for a premium Bulletin subscription!
For becoming a premium subscriber, you'll get access to:
- a premium-only Discord group
- premium-only interviews
- the opportunity to ask questions
- the chance to weigh in on guests for Unchained
- and whatever other future offerings we add to the mix
The special launch price until February 14 $2.99/mo or $29.99/year. Starting on February 15, the price increases to $4.99/mo or $49.99/year.
Join now!
Get a Signed Book Plate!
Many of you have asked me how you can get a signed copy of the book. Here’s how:
- Pre-order the book, which you can do at bit.ly/cryptopians.
- Make a social media post about the book that includes the pre-order link, bit.ly/cryptoptians or to the book on any bookseller of your choice.
- Send a copy of your receipt to hello@unchainedpodcast.com with the subject line, “signed book plate.”
- In the email, include a pdf of your receipt + a screenshot of or a link to your social media post + the address to which you’d like me to send the book plate + the name of who you’d like me to dedicate the book plate to.
If you show a pre-order receipt that shows you bought more than one format of the book, such as an audiobook and a hardcover, you can get two signed book plates.
Finally, if you sign up for the Bulletin premium subscription plus do all the above to get a signed book plate, you’ll also receive a POAP.
Thank you to our sponsors!
- Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
- Beefy Finance: https://beefy.finance
- Bosonic: https://bosonic.digital/
- Alchemy Pay: https://alchemypay.org
Episode links
Li Jin
- Twitter: https://twitter.com/ljin18
- Substack: https://li.substack.com/
- Li Jin on the creator economy
- The future of the creator economy
- https://drive.google.com/file/u/1/d/1C3fBfPgWxf-zqezGlPFr7VXIetlHlnaZ/view
- https://twitter.com/ljin18/status/1454096370281943041
- What the creator economy is doing wrong
- https://li.substack.com/p/legitimacy-lost
- How to fix the “gig” style economy for creators
- https://li.substack.com/p/the-creator-economy-is-in-crisis
- How the creator economy could power universal basic income
- https://li.substack.com/p/the-case-for-universal-creative-income
- What labor should look like in Web3
- https://li.substack.com/p/a-labor-movement-for-the-platform
- Building the middle class of the creator economy
- https://li.substack.com/p/building-the-middle-class-of-the
- The future of the creator economy
- Other
- Web3 is the “golden age” of content
- https://every.mirror.xyz/y_WLA-Tk3VF5uPqHi-glDLVVfHxLUbjXakRI7SMISas
- Transitioning to Web3 from a non-tech perspective
- https://twitter.com/ljin18/status/1479111931977867275
- Web3 is the “golden age” of content
Jesse Walden
- Twitter: https://twitter.com/jessewldn
- Website (no blogs since 2020): https://jessewalden.com/
- Random Tweets
- DAOs
- https://twitter.com/jessewldn/status/1459014962207244290
- https://twitter.com/jessewldn/status/1470406564582498315
- NFTs
- https://twitter.com/jessewldn/status/1473641606951669767
- Music NFTs x Sound XYZ
- https://twitter.com/jessewldn/status/1471148257892044812
- Commoditizing a compliment
- https://twitter.com/jessewldn/status/1465713306363117578
- DAOs
- Writing
- NFTs make the internet ownable
- https://variant.mirror.xyz/T8kdtZRIgy_srXB5B06L8vBqFHYlEBcv6ae2zR6Y_eo
- Product vs. Protocol
- https://variant.fund/writing/balance-product-protocol-web3
- Leadership in the ownership economy
- https://variant.fund/writing/leadership-in-the-ownership-economyscaling-decision
- How DeFi crosses the chasm
- https://variant.fund/writing/how-does-defi-cross-the-chasm
- Crypto’s Business Model is Familiar. What Isn’t is Who Benefits
- https://variant.fund/writing/cryptos-business-model-is-familiar.-what-isnt-is
- Narrative Economics
- https://variant.fund/writing/narrative-economics
- Progressive decentralization
- https://variant.fund/writing/progressive-decentralization-a-playbook-for-building
- Layers of blockchain computing
- https://variant.fund/writing/layers-not-eras-of-blockchain-computing
- NFTs make the internet ownable
Variant Fund
- Variant Fund Twitter
- https://twitter.com/variantfund
- Variant Fund website
- https://variant.fund/
- Writing:
- https://variant.fund/writing
- Mirror Blog (Feb 2021 article on NFTs)
- https://variant.mirror.xyz/
- Variant Fund + Atelier joining forces
- https://variant.fund/writing/atelier-ventures-and-variant-fund-are-joining-forces
- https://techcrunch.com/2021/10/19/variant-debuts-a-new-110m-fund-for-crypto-startups-announces-li-jin-has-joined-as-a-general-partner/
- Variant Fund team
- https://twitter.com/spencernoon/status/1450500555961507844
Shrina Kurani, a Democrat running for a House seat in California, and Morgan Harper, a Democratic candidate running to represent Ohio in the US Senate, explain why they are running pro-crypto campaigns. They discuss how crypto will affect the 2022 midterms, justify being both pro-crypto and pro-environment, and talk about the importance of educating regulators about Web3. On this episode of Unchained, they highlight:
- how Morgan’s work at the American Economic Liberties Project and Consumer Financial Protection Bureau led her to run for Senate on a pro-crypto platform
- why Shrina chose to mint NFTs on Solana to help fundraise for her campaign
- what issues Morgan and Shrina have with the current financial system (and how they believe crypto could help solve such issues)
- why both Shrina and Morgan stress that education is the key to making effective crypto policy in the US
- what message Shrina and Morgan want to send to fellow Democrats about the crypto industry
- why Morgan believes that single-issue voting for crypto candidates could be dangerous
Thank you to our sponsor!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Morgan Harper
- Campaign Website: https://morganharper.org/
- Twitter: https://twitter.com/mh4oh
Shrina Kurani
- Campaign Website: https://www.shrinakurani.com/
- Twitter: https://twitter.com/shrinakurani
Additional Reading
- Information on Shrina’s NFT drop
-
- https://www.coindesk.com/policy/2021/12/16/congressional-candidate-kurani-dropping-2022-solana-nfts-as-part-of-campaign/
- Why Shrina is advocating for web3
-
- https://medium.com/@shrinakuraniforcongress/im-running-for-congress-here-s-why-i-m-advocating-for-web3-50409ffdd11
- Morgan’s thoughts on web3 versus traditional finance
-
- https://twitter.com/mh4oh/status/1463219384776806402?s=21
- 9 pro-crypto congressional candidates
-
- https://laurashin.bulletin.com/want-to-support-a-pro-crypto-congressional-candidate-check-out-these-9
Dapper Collectives CEO and Friends With Benefits founder Trevor McFedries joins Unchained to discuss social tokens, NFTs, the creator economy, $FWB, VC snacks, DAOs, Cooper Turley, and more. Show highlights:
- Trevor’s past, which includes a top 10 album, working at Spotify, founding Brud, creating Lil Miquela, and, of course, falling down the crypto rabbit hole
- what Trevor’s vision for Dapper Collectives is
- what type of activities DAOs will facilitate in the future
- why Trevor is so excited to be working with Dapper Labs and Flow
- what Friends With Benefits is and how the $FWB token works
- what sort of tokens make up the Friends With Benefits treasury
- why venture capitalists who want to be involved with Friends With Benefits need to have a good snack game
- why Trevor is not worried about $FWB becoming a security
- what plans Friends With Benefits has in store for 2022
- Trevor’s response to Friends With Benefits suspending co-founder Cooper Turley regarding 10-year old racist and homophobic tweets
- what can be done to onboard a more diverse demographic to crypto
- how Trevor defines the passion/creator economy
- what Trevor is looking forward to in 2022 regarding NFTs, DAOs, and social tokens
Join the Unchained With Laura Shin discussion group on Facebook!
Laura is launching a paid Facebook discussion group where you and other listeners of the show can discuss recent episodes, ask questions in advance, get access to special AMAs with myself and show guests and more. Those who join now and for the next two weeks will get a special introductory price of $2.99 a month or $29.99 annually. Those who join from February 15 and on will be charged the regular rate of $4.99 a month or $49.99 annually. We will open up the group on the 15th, one week ahead of my book launch. If you’re interested in subscribing, head to https://laurashin.bulletin.com/subscribe.
Check out my new author website!
Keep up to date on all things I'm up to at the newly launched laurashin.com. There, you can find out all the latest on my book, all my writing, and press and speaking appearances. Enjoy!
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Bosonic: https://bosonic.digital/
Episode Links
Trevor Mcfedries
- Twitter: https://twitter.com/whatdotcd
- LinkedIn: https://www.linkedin.com/in/trevor-mcfedries-0a5285a8/
Work
- CEO - Dapper Collectives
-
- Decrypt write-up: https://decrypt.co/82517/dapper-labs-nfts-daos-collectives-brud
- Announcement: https://medium.com/dapperlabs/the-future-of-x-is-decentralized-bb3245faf1b1
- Founder → Brud
-
- Twitter: https://twitter.com/makebrud
- Website: https://www.brud.fyi/
- Lil Miquela: https://www.instagram.com/lilmiquela/
- Acquisition by Dapper Labs: https://techcrunch.com/2021/10/04/nft-startup-dapper-labs-acquires-virtual-influencer-startup-brud/
- AI Influencers: https://mailchimp.com/courier/article/ai-influencers/
Friends With Benefits
- Basics
-
- FWB website: https://www.fwb.help/
- Mirror: https://fwb.mirror.xyz/
- Twitter: https://twitter.com/fwbtweets
- FWB Etherscan: https://etherscan.io/token/0x35bd01fc9d6d5d81ca9e055db88dc49aa2c699a8
- CoinMarketCap: https://coinmarketcap.com/currencies/friends-with-benefits-pro/
-
Background Reads
-
- Trevor’s role: https://consensys.net/blog/codefi/friends-with-benefits-a-new-model-for-social-tokens-on-ethereum/
- a16z investment: https://a16z.com/2021/10/27/investing-in-friends-with-benefits-a-dao/
- FWB deep dive: https://ra.co/features/3914
- Intelligencer write up: https://nymag.com/intelligencer/2021/10/whats-a-dao-why-your-group-chat-could-be-worth-millions.html
- Coindesk write up: https://www.coindesk.com/business/2021/11/09/the-social-token-network-rally-friends-with-benefits-and-the-future-of-branding/
-
Cooper Turley removed from DAO
-
- https://www.coindesk.com/business/2022/01/15/crypto-influencer-cooper-turley-removed-from-fwb-over-2013-bigoted-tweets/
-
- Backlash to removal:
-
https://twitter.com/mewn21/status/1482202603563798530
-
WHALE treasury tokens
-
- https://snapshot.org/#/friendswithbenefits.eth/proposal/QmWnifY3KD5ECJNtQ23m9GHt2oQ1McA3T4DEEpFarPy9jW
Additional Links
- Sound.xyz
-
- https://www.sound.xyz/
- Catalog
-
- https://beta.catalog.works/
- Daily Ape on DAOs: https://thedailyape.notion.site/DAOs-95332c7ab79c49dc89f9a72c628dfeb8
- Social Tokens:
-
- Cooper Turley:
-
- https://coopahtroopa.mirror.xyz/DYSs-mhdJi1uXZTaiyJfwiFZYAF9kRK6yBsAplk6A68
-
Linda Xie:
-
- https://linda.mirror.xyz/4PDBWBMpFFPVEsP5EGgg5to2AyEpEHEXasq_K0b-yYk
- Forefront: https://forefront.market/learn/social-tokens
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics:
- Analyzing the market drawdown
- Twitter-native NFTs + Crypto Coven
- LooksRare — real or BS?
- Solana’s disappointing network performance
- What broke during the market downturn: OHM, Solend, and MakerDAO
- Predictions for market action going forward
Episode Links
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
- Robert Leshner, founder of Compound
-
- https://twitter.com/rleshner
Background on certain topics covered:
- Twitter NFTs
-
- https://www.theblockcrypto.com/post/131052/twitter-begins-rolling-out-access-to-nft-profile-pictures
- Loot adding royalties
-
- https://twitter.com/DappRadar/status/1486005954520907778
- LooksRare versus OpenSea
-
- https://dune.xyz/hildobby/LooksRare-VS-OpenSea
- Tom’s issue w/ Dune queries
-
- https://twitter.com/tomhschmidt/status/1485721279663534082
- Robert and his Crypto Coven NFT
-
- https://twitter.com/rleshner
- Rune’s tweet about MakerDAO
-
- https://twitter.com/RuneKek/status/1484663000443371520
- Solana’s poor performance
-
- https://www.theblockcrypto.com/post/131278/traders-are-complaining-about-solanas-performance-raising-questions-about-its-status-as-a-wall-street-darling
- https://twitter.com/solendprotocol/status/1485315186797936646?s=21
- Block’s DEX
-
- https://www.coindesk.com/business/2021/11/19/square-releases-white-paper-detailing-protocol-for-a-decentralized-bitcoin-exchange/
Will Papper and Ian Lee, the two co-founders of Syndicate, join Unchained to announce the release of Syndicate’s new product: Web3 Investment Clubs, an innovation they believe could end up disrupting the web2 investment world, along with the entire venture capital industry. For example, with Web3 Investment Clubs, users will be able to turn an Ethereum wallet address into an investing DAO with just a few clicks, transfer funds without going through banks, and manage a cap-table directly on-chain. Show topics:
- what differentiates a Web3 Investment Club club from a normal investment club
- what on-chain tools Syndicate has built for Web3 Investment Clubs
- how Web3 Investment Clubs work within existing regulations
- how Ian and Will met and what inspired them to create Syndicate
- whether Syndicate plans to decentralize
- why Will and Ian believe investment DAOs will disrupt the venture capital industry
- why venture capital firms invested in Syndicate, a company built to disrupt them
- what Will learned from building Adventure Gold (AGLD), the governance token for Loot
- what plans Syndicate has for 2022
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Alchemy Pay: https://alchemypay.org
Episode Links
Will Papper
- Twitter: https://twitter.com/WillPapper
- LinkedIn: https://www.linkedin.com/in/wpapper
Ian Lee
- Twitter: https://twitter.com/iandaos
- LinkedIn: https://www.linkedin.com/in/mrianlee/
Syndicate:
- Twitter: https://twitter.com/SyndicateDAO
- Website: https://twitter.com/SyndicateDAO
Miscellaneous
- History of AGLD
-
- https://twitter.com/WillPapper/status/1484215805478797312
- Will Papper’s previous Unchained appearance
-
- https://unchainedpodcast.com/constitutiondao-did-not-win-the-auction-but-it-demonstrated-the-power-of-daos/
- Will DAOs disrupt crypto venture capital?
-
- https://www.coindesk.com/business/2022/01/06/will-daos-replace-crypto-venture-capital/
Fais Khan, author of the Startups and Econ newsletter, dives into his recently published research report, "You Don't Own Web3": A Coinbase Curse and How VCs Sell Crypto to Retail. Show highlights:
- whether tokens perform better before or after being listed on Coinbase
- what relationship a16z, a venture capital firm, has to Coinbase
- why Fais believes that the poor performance of VC-backed tokens after being listed could be the result of insiders dumping
- other reasons for a token’s poor performance after being listed on Coinbase besides insiders dumping
- what type of coin/token went up 1,800% in 2020
- why Fais is suspicious of how quickly certain VC-backed tokens were listed on Coinbase
- whether Fais believes Coinbase or a16z is actually doing something nefarious
- what sort of regulatory actions he believes would improve crypto
- what advice Fais has for token investors
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Fais Khan
- https://twitter.com/Faktastic11
Article
- https://startupsandecon.substack.com/p/you-dont-own-web3-a-coinbase-curse
Binance Smart Chain is the third largest chain by TVL and its token, BNB, is the third-largest token by market capitalization. However, there are questions about hacks, centralization, lack of developer support, and sketch MEV transactions. On Unchained, Gwendolyn Regina, investment director of the Binance Smart Chain Growth Fund, and Samy Karim, ecosystem coordinator at Binance Smart Chain, give a candid interview discussing BSC, from its amazing growth in 2021 to some of the toughest questions surrounding the chain. Topics covered include:
- how and why BSC grew from 50,000 daily active users to about 7 million over the course of 2021
- what differentiates Binance Chain and Binance Smart Chain
- why Binance Smart Chain decided to design its blockchain with only 21 validators
- how Gwen and Samy envision BSC fitting into a multichain future
- what plans BSC has to scale its throughput
- why blockchain gaming is so important to BSC and how it will use its $1 billion growth fund to grow the gaming aspect of the chain
- how BSC’s relationship between Binance and BNB works
In the second half of the show, Sam and Gwendolyn respond to a few critiques, such as:
-
is BSC really innovating, or is it just a copy and paste blockchain of Ethereum?
-
why are there so many failed transactions on BSC?
- how is BSC addressing the numerous hacks on the blockchain?
- why has BSC’s share of total value locked among smart contract blockchains fallen from 20% in May to 6%?
- how is BSC attempting to help developers, who, according to some critical posts, are struggling to work with BSC?
- why does it appear that some validators are front running without risk?
- does BSC have a future if Ethereum scales?
- what does BSC have planned for 2022?
Thank you to our sponsor!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance
Alchemy Pay: https://alchemypay.org
Episode Links
Gwendolyn Regina
- Twitter: https://twitter.com/gwendolynregina?lang=en
- Website: https://www.gwendolynregina.com/
Samy Karim
- LinkedIn: https://www.linkedin.com/in/samsulkarim/
- Twitter: https://twitter.com/cryp7omaxi
Binance Smart Chain
- Website: https://www.binance.org/en
- Documentation: https://docs.binance.org/index.html
-
Binance Validator Reqs: https://academy.binance.com/en/articles/a-quick-guide-to-bnb-staking-on-binance-smart-chain-bsc
-
Whitepaper: https://dex-bin.bnbstatic.com/static/Whitepaper_%20Binance%20Smart%20Chain.pdf
Binance 2021 Recap
- https://twitter.com/gwendolynregina/status/1476089910498971648
Misc
- Top BSC apps: https://dappradar.com/rankings/protocol/binance-smart-chain
Criticisms
- “Stoned teenager:” https://github.com/binance-chain/bsc/issues/553
- NullQubit: https://github.com/binance-chain/bsc/issues/658
- Other
-
- Larry Cermak: https://twitter.com/lawmaster/status/1359426876440207361
- Wilson Withiam: https://twitter.com/WilsonWithiam/status/1381420702918664194
- Ryan Watkins: https://twitter.com/RyanWatkins_/status/1381421858675953665
BSC Research
- Nansen: https://www.nansen.ai/research/the-binance-smart-chain-scalability-in-action
- Bison Trails: https://bisontrails.co/guide-to-bsc/
- Decrypt:
-
- https://decrypt.co/58654/how-binance-put-the-smarts-in-its-smart-chain
- https://decrypt.co/57420/binance-smart-chain-is-starting-to-rival-ethereum-heres-why
- Messari (Pro): https://messari.io/article/exploring-the-binance-smart-chain-ecosystem
- Galaxy Digital: https://docsend.com/view/tdgbf4sfmyd7sr3m
Twitter questions I received about Binance Smart Chain
- https://twitter.com/laurashin/status/1480582386677133313
Avid NFT collector Aftab Hossain (aka @iamDCinvestor on Crypto Twitter) discusses why OpenSea and NFT volumes are popping to start 2022, how LooksRare’s vampire attack is a good thing for the NFT market, and how royalties affect a project’s trading potential. Show topics:
- why Aftab thinks NFT floor prices are rising and what role NFT “flippers” have to do with his theory
- whether the NFT industry could continue growing even if fungible crypto assets enter a bear market
- how the LooksRare vampire attack on OpenSea works
- why people are wash trading NFTs on LooksRare
- why Aftab would choose to list NFTs on LooksRare over OpenSea
- whether LooksRare’s vampire attack will force OpenSea to decentralize and/or tokenize
- what sort of NFT projects should have royalties… and which projects shouldn’t
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Aftab Hossain
- Twitter: https://twitter.com/iamDCinvestor
LooksRare
- LooksRare vampire attack + wash trading:
-
- https://decrypt.co/90317/ethereum-nft-market-looksrare-wash-trading
- https://www.coindesk.com/tech/2022/01/11/one-day-after-launch-opensea-competitor-looksrare-sells-over-100m-in-nfts/
- LooksRare: https://twitter.com/LooksRareNFT
- LooksRare vs OpenSea data: https://dune.xyz/hildobby/LooksRare-VS-OpenSea
Background Links
- NFT volume to start the year: https://cryptopotato.com/opensea-records-over-2-billion-in-trading-volume-early-in-2022/
- OpenSea metrics: https://dune.xyz/rchen8/opensea
-
Fred Ehrsam tweet: https://twitter.com/FEhrsam/status/1370414944265572353
-
The Chopping Block: https://unchainedpodcast.com/the-chopping-block-why-the-crypto-markets-have-been-down-this-week/
- Nas NFTs:
-
- https://decrypt.co/89881/rap-legend-nas-sells-2-songs-as-nfts-on-dj-3laus-royal-platform
- https://www.theblockcrypto.com/linked/130123/3lau-backed-platform-royal-crashes-during-first-music-nft-drop-mint-delayed
- OpenSea IPO rumors: https://decrypt.co/87701/opensea-ipo-criticism-crypto-ethereum-token
- SushiSwap vampire attack: https://www.theblockcrypto.com/post/76419/uniswap-fork-sushiswap-700-million-total-value-locked
The Chopping Block is back! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics:
- why crypto assets experienced a drawdown after last week’s FOMC meeting that hinted at accelerated rate hikes
- which emerging assets Tarun, Haseeb, and Tom envision weathering a bear market
- which assets could be further hurt by a continued bear market
- the significance of Paradigm and Sequoia investing in Citadel Securities
- what aspects of Signal CEO Moxie Marlinspike’s web3 article Haseeb, Tom, and Tarun take umbrage with
- whether Cryptoland is crypto’s Fyre Festival or whether it’s the metaverse
- what the heck is going on with the Pudgy Penguins community
- the lessons from the CFTC’s fine of Polymarket (disclosure: a former sponsor of my shows)
Episode Links
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
Topics
- FOMC = Crypto assets dip
-
- https://www.ar.ca/blog/debunking-more-overreactions-to-macro-a-ronin-case-study
- Paradigm + Sequoia invest in Citadel Securities
-
- https://www.coindesk.com/business/2022/01/11/paradigm-sequoia-to-invest-115b-in-citadel-securities-bringing-trading-firm-closer-to-crypto/
- Cryptoland
-
- https://thenextweb.com/news/welcome-to-cryptoland-real-island-cryptocurrency-fans-analysis
- Moxie Marlinspike’s first impressions of web3
-
- https://moxie.org/2022/01/07/web3-first-impressions.html
- Pudgy Penguins drama
-
- https://thedefiant.io/fire-on-the-iceberg-pudgy-penguin-holders-eye-coup-amid-acquisition-talks/
- Polymarket fined by CFTC
-
- https://www.coindesk.com/policy/2022/01/03/cftc-fines-crypto-betting-service-polymarket-14m-for-unregistered-swaps/
Kristin Smith, executive director at Blockchain Association, and Jake Chervinsky, head of Policy at Blockchain Association, discuss the current state of crypto regulation. Show topics:
- why 2021 was a watershed year for crypto regulation and lobbying
- why Jake decided to move from Compound Labs to Blockchain Association
- what Kristin and Jake think about the current state of regulation in the crypto industry
- how crypto education will play a significant role in Blockchain Association efforts going forward
- how crypto will affect midterm elections
- why Kristin thinks crypto will not be a partisan issue long term
- what sort of budget Blockchain Association functions on
- what Kristin and Jake think about the President’s Working Group report on stablecoins
- why Jake does not think the US should issue a CBDC
- what Blockchain Association’s take is on SEC commissioner Hester Peirce’s “safe harbor” proposal
- why Kristin and Jake believes the idea of a “crypto czar” is not feasible
- how regulators are treating DeFi going into 2022
- how crypto tax guidelines could be improved for centralized exchanges
- how Blockchain Association thinks tax code 6050I should be applied
- what issues could arise from DAOs in 2022+
- what listeners can do to address the different regulatory topics discussed in this podcast
Thank you to our sponsor!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Show Links
Guests
-
Jake Chervinsky: https://twitter.com/jchervinsky
-
Kristin Smith: https://twitter.com/kmsmithdc
- Previous Unchained appearances:
-
- https://unchainedpodcast.com/everything-you-need-to-know-about-the-looming-battle-over-privacy-in-crypto/
- https://unchainedpodcast.com/how-congress-might-pass-laws-bad-for-proof-of-stake-and-defi/
- https://unchainedpodcast.com/all-things-crypto-regulation-with-jake-chervinsky/
- https://unchainedpodcast.com/why-is-the-proposed-fincen-rule-for-unhosted-wallets-being-pushed-so-quickly/
- https://unchainedpodcast.com/how-congress-might-pass-laws-bad-for-proof-of-stake-and-defi/
- https://unchainedpodcast.com/what-the-crypto-industry-could-see-under-a-biden-administration/
- https://unchainedpodcast.com/when-is-a-token-decentralized-enough-to-not-be-a-security-ep-056/
The Blockchain Association
- Website: https://theblockchainassociation.org/
- Twitter: https://twitter.com/BlockchainAssn
- 2021 growth: https://theblockchainassociation.org/crypto-industrys-leading-trade-association-more-than-doubles-membership-in-2021/
- Jake joining the team: https://www.politico.com/newsletters/politico-influence/2021/11/09/blockchain-association-fills-out-its-washington-team-with-seasoned-hands-798774
Regulatory Topics Discussed:
- a16z
-
- https://a16z.com/2021/10/13/an-agenda-for-the-future-of-the-internet/
-
Tax Code 6050i
-
- https://www.coincenter.org/congress-takes-its-war-on-cash-to-digital-assets/
- https://unchainedpodcast.com/not-reporting-info-on-some-transaction-partners-could-soon-be-a-felony/
-
Infrastructure Bill
-
- https://twitter.com/jerrybrito/status/1461317078175072263
-
President’s Working Group stablecoin report
-
- https://www.coindesk.com/policy/2021/11/01/biden-administration-to-congress-put-stablecoins-under-federal-supervision-or-we-will/
-
FATF Guidance
-
- https://twitter.com/coincenter/status/1453700485484097537
Articles Jake Mentioned
- Jake on CBDCs: https://www.coindesk.com/layer2/2021/12/21/secure-americas-financial-strength-with-stablecoins-not-central-banks/
- Gabriel Shapiro on DAOs: https://lexnode.substack.com/p/wyomings-legal-dao-saster
- Morgan Harper thread: https://twitter.com/mh4oh/status/1463219384776806402
General Regulatory Information
- Messari Crypto Theses
-
- pages 52-90 is an excellent summary of EVERYTHING going on in crypto regulation
- Page 29 talks about Kristin directly
- Page 56 talks about blockchain association directly
-
- https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf
- CoinDesk → How the crypto regulatory scene has evolved
-
- https://www.coindesk.com/policy/2021/12/28/how-cryptos-regulatory-scene-might-evolve-in-2022/
- Decrypt on Gensler’s 2021
-
- https://decrypt.co/88966/crypto-person-of-the-year-201-gary-gensler-sec
- Blockchain Association policy positions
-
- https://theblockchainassociation.org/policy-positions/
Electric Capital’s Maria Shen dives into her company’s recently published research report about Web3 open-source development in 2021 and shares her thoughts and insights on how developers are flocking to Web3 in a manner that goes far beyond just Bitcoin and Ethereum. Show topics:
- Maria’s biggest takeaways from the Electric Capital Developer Report
- how developer growth is affected by asset price
- which ecosystems are growing fastest
- why Maria thinks the growth in Bitcoin development has slowed down
- why Maria is so impressed by Ethereum’s performance in terms of retaining developers
- how closed-source development on, for example, Solana or Flow could affect the report’s findings
- the significance of Polkadot, Solana, NEAR, Binance Smart Chain, Avalanche, and Terra growing faster than Ethereum did at similar points in its history
- developer growth in DeFi during 2021
- why Electric Capital did not study developer growth for NFTs, DAOs, or gaming
- why Maria is so interested in studying community growth going forward
- what Maria will be watching for in 2022
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Maria Shen
- https://twitter.com/MariaShen
- Previous Unchained appearance: https://unchainedpodcast.com/electric-capital-on-the-coins-punching-below-their-weight/
Electric Capital
- https://www.electriccapital.com/
Electric Capital Developer Report (2021)
- https://medium.com/electric-capital/electric-capital-developer-report-2021-f37874efea6d
- Previous reports: https://medium.com/electric-capital
Larry Cermak, VP of research at The Block, and Igor Igamberdiev, director of research and data at The Block, recap the most significant trends of 2021 (BTC mining, L1s, NFTs, DeFi, venture funding) and discuss what might happen in 2022. Show topics:
- why 2021 was so significant for the crypto industry
- why the crypto markets didn’t see a blow-off top at the end of the calendar year the way they typically do about a year after a Bitcoin halving
- what Larry thinks about whether the crypto market is in a supercycle
- how the state of BTC and ETH mining changed in the past year
- why Igor thinks multichain technology was key to a record-breaking year for venture capital entering the crypto space in 2021
- how the layer 1 (L1) ecosystem wars played out in 2021 and what it could look like in 2022
- what Larry and Igor think of Ethereum layer 2s (L2s)
- how Ethereum’s shift to 2.0 could affect the L1 race
- what Larry thinks about DeFi tokens going into 2022
- how DeFi trends, like decentralized exchange volume and lending, played out in 2021
- why Igor thinks KYC-DeFi (know-your-customer decentralized finance) is inevitable
- what Larry thinks about NFTs going in 2022 and why he thinks PFPs are dead
- Larry and Igor’s outlook on the metaverse going into the new year
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Guests
- Larry Cermak: https://twitter.com/lawmaster
- Igor Igamberdiev: https://twitter.com/FrankResearcher
The Block’s 2022 Digital Asset Outlook Report
- https://www.theblockcrypto.com/post/127723/the-block-research-2021-digital-asset-outlook-report
Jonathan Mann has published a song a day for 13 years. On Unchained, he talks about his writing process, how he came up with the idea of publishing his songs as NFTs, his plans for a DAO he created called SongADAO, and more. Show topics:
- the significance and process of making a song a day for 13 years straight
- how Jonathan monetized his content in the early days (2009) of the internet
- what crypto event sent Jonathan down the rabbit hole and how Vitalik Buterin was involved
- why CryptoPunks piqued Jonathan’s interest in monetizing his content on-chain
- how being in the crypto world has changed Jonathan’s creative process
- where his song data is being uploaded in the context of web2 and web3
- how SongADAO will work and how it could change the paradigm of the music industry
- the characteristics of his 12/31/2021 NFT drop, which will see over 3,000 songs minted
- Jonathan plays “Mongoose Coin” for the Unchained audience, a song he made about Senator Brad Sherman’s comments about cryptocurrency in a recent hearing.
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links:
Jonathan Mann
- Twitter: https://twitter.com/songadaymann
- Website: https://www.jonathanmann.net/
- Instagram: https://www.instagram.com/jonathanmann/
Song A Day:
- YouTube: https://www.instagram.com/jonathanmann/
- Minting website: https://songaday.world/
- OpenSea: https://opensea.io/collection/song-a-day
Tweet Thread on Song A Day + SongADAO (must read if you are interested in Jonathan’s work)
- https://twitter.com/songadaymann/status/1475210923124178951
Jonathan at Devcon
- https://www.jonathanmann.net/devcon
Mongoose Coin
- https://decrypt.co/87904/congressional-hearing-spawns-mob-mongoose-based-meme-coins
Welcome to the inaugural episode of The Chopping Block, a new show on Unchained hosted by Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra, in which they discuss the latest juicy topics in crypto. This week, the four crypto heavyweights take a look back at 2021. Show topics:
- Biggest winners and losers
- Best mechanism
- Biggest surprise
- Best meme
- Predictions for 2022
Without revealing too much, Haseeb, Robert, Tom, and Tarun cover a lot of ground, diving into “esoteric” subjects like Luna tokenomics, the Tezos NFT marketplace HEN, the origins of web3, the Grayscale arbitrage opportunity, OHM, Convex Finance, single-basis point liquidity pools on Uniswap, and Empty Set Dollar. They also tackle more popular topics like BTC, Dogecoin, NFT marketplaces, L1s, and more.
Episode Links
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
-
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
-
- https://twitter.com/tomhschmidt
- Robert Leshner, managing partner at Robot Ventures
-
- https://twitter.com/rleshner
- Tarun Chitra, managing partner at Robot Ventures
-
- https://twitter.com/tarunchitra
Biggest Winners:
- L1 performance in 2021: https://www.theblockcrypto.com/post/128603/in-2021-l1-blockchains-took-the-spotlight-thanks-to-defi
- Coinbase IPO: https://unchainedpodcast.com/is-coinbase-stock-a-good-buy-this-analyst-says-yes/
- Solana: https://www.notboring.co/p/solana-summer
- OpenSea: https://www.readthegeneralist.com/briefing/opensea
- Lido: https://newsletter.banklesshq.com/p/is-lido-undervalued
- Dogecoin: https://docsend.com/view/vutymtgqjf99yrpu
- Solana early investors: https://www.theinformation.com/articles/solana-generates-1-billion-in-returns-for-early-backers
Mechanisms
- Uniswap V3: https://uniswap.org/blog/launch-uniswap-v3
- Convex Finance (+ Curve): https://www.coindesk.com/business/2021/11/11/curve-wars-heat-up-emergency-dao-invoked-after-clear-governance-attack/
- OHM: https://www.coingecko.com/buzz/what-is-olympusdao-and-how-does-it-work
- ESD: https://medium.com/@lewisfreiberg/empty-set-dollar-esd-a0abbfc5ecdb
Biggest Losers:
- Grayscale: https://dcresearch.medium.com/interpreting-grayscale-premiums-gbtc-ethe-a7261dd8cfca
- Bitcoin: https://www.coindesk.com/price/bitcoin/
- HEN: https://www.theblockcrypto.com/news+/126688/tezos-art-marketplace-hen
- EOS: https://cryptonews.com/news/eos-down-as-community-forks-out-blockone.htm
Biggest Surprises
- Uniswap pool analytics:https://info.uniswap.org/#/pools
- NFTs: https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million + https://decrypt.co/89060/bored-ape-yacht-club-nfts-flip-cryptopunks-floor-price-in-ethereum
- Luna: https://www.coindesk.com/markets/2021/11/10/terra-passes-highly-anticipated-proposal-to-burn-nearly-89m-luna/
Best Memes
-
Dog coins: https://nypost.com/2021/12/27/santa-floki-cryptocurrency-surges-3500-after-elon-musk-tweet/
-
SBF shoes: https://twitter.com/zackseward/status/1468641558346059777
- Grimes tweet: https://twitter.com/grimezsz/status/1449528005966000129
- Web3: https://www.coindesk.com/learn/what-is-web-3-and-why-is-everyone-talking-about-it/
Mitchell F. Chan, who released one of the first NFT projects on Ethereum back in 2017, discusses his projects, making art on a blockchain, how NFTs are transforming the traditional art world, and more. Show topics:
- Mitchell’s art career before NFTs
- how Mitchell was inspired by Yves Klein’s 1950's work 'Zones of Immaterial Pictorial Sensibility’
- the story behind Mitchell’s OG NFT art project: ‘Digital Zones of Immaterial Pictorial Sensibility’
- what the traditional world thinks about NFTs
- who is collecting NFT art
- the story behind Mitchell’s 2021 NFT project: ‘LeWitt Generator Generator’
- why Mitchell has not minted any more NFTs this year – even though the market has been on fire
- whether Mitchell thinks NFTs are changing the art world (hint: he thinks yes)
- NFTs and the financialization of art
- why Mitchell can empathize with some of the backlash about NFTs coming from the traditional art and gaming industries
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Brave: http://brave.com/Unchained
Episode Links
Mitchell Chan
- Twitter: https://twitter.com/mitchellfchan
- Discord: https://discord.com/invite/4QdtdZWMpN
- Instagram: https://www.instagram.com/mitchellfchan/
- Gallery: https://chan.gallery/
Content:
- DIGITAL ZONES OF IMMATERIAL PICTORIAL SENSIBILITY (Sotheby’s NFT - $1M+)
-
- Sotheby’s Sale: https://metaverse.sothebys.com/natively-digital/lots/digital_zone_of_immaterial_pictorial_sensibility
- 33 Page Essay: https://ipfs.io/ipfs/QmcdKPjcJgYX2k7weqZLoKjHqB9tWxEV5oKBcPV6L8b5dD
-
- https://twitter.com/mitchellfchan/status/1465699544436330496
- OpenSea: https://opensea.io/collection/ikb-cachet-de-garantie-1
- TL;DR: https://twitter.com/LeonidasNFT/status/1470397221548052480
- Video Essays on NFTs (super interesting)
-
- https://www.youtube.com/watch?v=gtUGpOe-zE4&list=PLVRveZVaYYqHZKN_5oH8wC5QBRMMlXdBT&t=25s
- Sol Lewitt Generator Generator
-
- https://medium.com/@mitchellfchan/nfts-generative-art-and-sol-lewitt-e99a5fa2b0cb
Merry Christmas (Eve)! For this special episode of Unchained, three other crypto journalists and I discuss their favorite stories from the past twelve months, how they would grade crypto journalism in 2021, and what they are looking forward to covering in 2022. Show highlights:
- what stories Michael, Michael, Jeff, and I will remember from a ~busy~ 2021
- why 2021 is “clearly the biggest year” yet for the industry
- how CoinDesk, Forbes, and Decrypt can improve their news coverage in 2022
- what Michael, Michael, Jeff, and I think about all the negative energy directed at journalists from the crypto and tech space
- how mainstream media can do a better job covering crypto
- predictions for what the biggest stories of 2022 will be
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Michael Casey
- Twitter: https://twitter.com/mikejcasey
- CoinDesk: https://www.coindesk.com/
- Unchained Appearances
-
- Why Bitcoin Now: Michael Casey and Niall Ferguson on How Bitcoin Fits in the History of Money
-
- https://unchainedpodcast.com/why-bitcoin-now-michael-casey-and-niall-ferguson-on-how-bitcoin-fits-in-the-history-of-money/
- Live from SXSW: Michael Casey and Paul Vigna, Co-Authors of The Truth Machine, on Why the SEC Has Issued Subpoenas to ICOs
-
- https://unchainedpodcast.com/live-from-sxsw-michael-casey-and-paul-vigna-co-authors-of-the-truth-machine-on-why-the-sec-has-issued-subpoenas-to-icos/
Michael del Castillo
- Twitter: https://twitter.com/delRayMan
- Forbes: https://www.forbes.com/
Jeff Roberts
- Twitter: https://twitter.com/jeffjohnroberts
- Decrypt: https://decrypt.co/
- Unchained Appearances
-
- Will Coinbase Do a Token Offering When It Goes Public?
-
- https://unchainedpodcast.com/will-coinbase-do-a-token-offering-when-it-goes-public/
- Coinbase’s S-1: The Number That May Make the Exchange Nervous
-
- https://unchainedpodcast.com/coinbases-s-1-the-number-that-may-make-the-exchange-nervous/
Jess Symington, research lead at Elliptic, a blockchain forensics company, discusses the massive upswing in DeFi hacks during 2021, resulting in over $10 billion of DeFi value lost. Show topics:
- the state of crime in DeFi
- how much value has been lost to exploits
- whether the majority of hacks are the result of user or developer error
- the various types of exploits
- how to confirm when a project did, in fact, rug pull
- which blockchains are most susceptible to having exploits
- what has been happening recently in ransomware
- how DeFi hackers cash out
- why ransomware attackers, who usually request payment in Bitcoin, have a tougher time cashing out than DeFi hackers
- whether hackers trend towards a specific profile/demographics
- how easy it is for law enforcement to find hackers
- whether blockchain’s transparency is proving to be a helpful tool for regulators
- Jess’s advice on how to prevent hacks for both protocols and users
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Elliptic
- Website: https://www.elliptic.co/
- Blog: https://www.elliptic.co/blog
Hack Coverage
- Elliptic Research
-
- DeFi: Risk, Regulation and the Rise of DeCrime: https://www.elliptic.co/resources/defi-risk-regulation-and-the-rise-of-decrime
- https://www.cnbc.com/2021/12/14/common-defi-crypto-related-scams-and-how-to-protect-your-wallet.html
- https://cryptobriefing.com/elliptic-estimates-12b-lost-to-defi-exploits/
- Rekt Leaderboard (giving a dollar figure for recent hacks along with a summary of what happened)
-
- https://rekt.news/leaderboard/
Unchained Podcast on Ransomware
- https://unchainedpodcast.com/how-ransomware-evolved-into-a-big-business/
Gabby Dizon, cofounder of Yield Guild Games, discusses his background in gaming, why he started Yield Guild Games, the performance of Axie Infinity, and more. Show topics:
- how Gabby fell down the crypto rabbit hole
- what inspired Gabby to co-found Yield Guild Games
- what Yield Guild Games does
- how blockchain games improve upon games in the traditional world
- a real-life story of Yield Guild Games improving a player’s life
- why it’s difficult for Yield Guild Games players to cash out earnings and how Yield Guild Games is trying to solve this issue via a partnership with XLD
- why Gabby thinks the value of $SLP in Axie Infinity is dropping
- what sort of game and tokenization mechanisms work best for blockchain games
- why Gabby wants a new Ethereum token standard
- what Gabby thinks makes an in-game NFT valuable
- why Axie Infinity is popular in the Philippines and Venezuela
- where Yield Guild Games is attempting to expand next
- how Yield Guild Games built out the tokenomics for YGG, the guild’s native token
- what Gabby thinks about P2E games on chains outside of Ethereum
- how Yield Guild Games is decentralizing
- how blockchain games are changing the nature of work
- what sort of jobs exist in the metaverse
- why Gabby buys NFTs
- Gabby’s crypto prediction for 2022
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Brave: http://brave.com/Unchained
Episode Notes
Gabby Dizon -- cofounder at Yield Guild Games
- Twitter: https://twitter.com/gabusch
- Website: https://y.at/%F0%9F%95%B9%F0%9F%A5%8A%F0%9F%96%BC%F0%9F%A5%83
- LinkedIn: https://www.linkedin.com/in/gabbydizon/
- Cointelegraph profile
-
- https://cointelegraph.com/magazine/2021/04/15/gabby-dizon-making-computer-games-real
- Metaverse job board
-
- https://twitter.com/gabusch/status/1416682528090460160
Yield Guild Games
- Twitter: https://twitter.com/YieldGuild
- Discord: https://discord.com/invite/ygg
- Blog: https://medium.com/yield-guild-games
- Primer: https://cryptobriefing.com/defi-project-spotlight-yield-guild-games-dao-titan/
- A16z investment into YGG
-
- https://a16z.com/2021/08/19/investing-in-yield-guild-games/
- YGG whitepaper
-
- https://yieldguild.io/YGG-Whitepaper-English.pdf
- Scholarships
-
- https://medium.com/yield-guild-games/yield-guild-explains-play-to-earn-and-scholarships-bb1e097c2a61
- Summary of 8 new YGG games:
-
- https://coinyuppie.com/a-three-minute-overview-of-yggs-latest-8-games-included-in-the-investment-landscape/
Miscellaneous
- Axie Infinity documentary:
-
- https://www.youtube.com/watch?v=Yo-BrASMHU4
- XLD Token = “real-world use case”
-
- https://twitter.com/gabusch/status/1467763722257301507
- https://xld.medium.com/xld-finance-and-yield-guild-games-partner-to-enable-play-to-earn-gamers-to-pay-bills-with-crypto-d35c80d29a0d
- Play to Earn token economics
-
- https://twitter.com/mikojava/status/1459041371289841666
- Axie Infinity + Filipino Workers
-
- Good:
-
- https://twitter.com/kookoocryptotv/status/1461164984117784576
- Declining wages:
-
- https://twitter.com/larsiusprime/status/1459191090100244483
Unchained Episodes on Axie Infinity
- Axie Infinity’s July Revenue Tops $200 Million. Here’s How Filipinos Drove It (Leah Callon-Butler)
-
- https://unchainedpodcast.com/axie-infinitys-july-revenue-tops-200-million-heres-how-filipinos-drove-it/
- How Axie Infinity Boosted Revenue 400%+ in 30 Days (Aleksander Larsen, Axie Infinity COO)
-
- https://unchainedpodcast.com/how-axie-infinity-boosted-revenue-400-in-30-days/
Jeff Dorman, the chief investment officer at Arca, discusses the recent events surrounding SushiSwap, including CTO Joseph Delong’s departure this week, Arca’s proposal to create a hierarchical management structure for SushiSwap, and why Jeff is still excited about Arca’s investment in SushiSwap. Show topics:
- what SushiSwap is and how it has performed since its inception
- how Jeff views SushiSwap’s performance from an investor’s perspective
- how the departure of 0xMaki affected SushiSwap
- what Jeff thinks about the decentralization versus centralization
- why Jeff thinks SushiSwap is in a fantastic position in which to receive investment
- what happened with the controversy around Joseph Delong leading to his resignation this week
- what Jeff thinks about how Joseph handled his departure
- what three factors SushiSwap needs to figure out in order to function
- why SushiSwap could benefit from creating a legal entity
- why Jeff is in favor of hierarchical governance structures versus flat governance structures
- how SushiSwap could become a trendsetter for DAOs in general
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links:
Jeff Dorman
-
- https://twitter.com/jdorman81
- Arca
- https://www.ar.ca/
Joseph Delong’s Departure
- The Block’s coverage:
-
- https://www.theblockcrypto.com/post/126411/sushiswap-cto-threatens-to-quit-as-infighting-escalates
- https://www.theblockcrypto.com/linked/126879/sushiswaps-cto-resigns-amid-infighting
- The Defiant:
-
- https://thedefiant.io/sushiswap-leadership-crisis/
Sushi Bickering on Twitter
- Screenshot of 0xMaki being ousted:
-
- https://twitter.com/makibacknow/status/1463078678724632576/photo/1
- Joseph Delong on SushiSwap drama:
-
- https://twitter.com/josephdelong/status/1467498481573052427
- Joseph Delong’s resignation:
-
- https://twitter.com/josephdelong/status/1468689021530427395
- Boring Crypto on SushiSwap drama:
-
- https://twitter.com/Boring_Crypto/status/1467162233905893379
SushiSwap Proposals
- Arca
-
- https://forum.sushi.com/t/sushi-dao-restructure-proposal/6282
- Bridge compensation
-
- https://forum.sushi.com/t/bridge-compensation-for-sushi-core/6217/3
Miscellaneous
- 0xMaki transitioning to an advisory role
-
- https://forum.sushi.com/t/transition-into-advisor/5533
- SushiSwap on leadership tumult
-
- https://hackmd.io/ipJtfxhuQmqW9B8igew_AA?view
Some of the biggest names in the crypto industry discuss their personal giving philosophies, how blockchain technology could change the dynamics of giving to charity, and which crypto projects are making a lasting real-world impact. Guests include Haseeb Qureshi, managing partner at Dragonfly Capital; Caroline Ellison, co-CEO of Alameda Research; and Arthur Breitman, co-founder of Tezos. Show topics:
- the definition of effective altruism
- why Haseeb thinks crypto is the best industry for effective altruism
- how Haseeb and Arthur differ in their philosophy of doing good
- why blockchain technology is less important than liquidity when donating money across borders
- whether Axie Infinity is making a real-world impact
- why Arthur thinks Axie’s impact will be short-term and not sustainable
- whether people should donate now versus later
- Haseeb’s and Arthur’s thoughts on how giving changes people
- what people working in crypto can do to give back
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Brave: http://brave.com/Unchained
Episode Links
GiveDirectly
- https://www.givedirectly.org/unchained — all donations made here will be matched! There are $50,000 in matching funds available!
- https://www.givedirectly.org/crypto-for-good-2021/
Guests
- Caroline Ellison
-
- https://www.linkedin.com/in/caroline-ellison-309216a7
- Haseeb Qureshi
-
- https://twitter.com/hosseeb
- Arthur Breitman
-
- https://twitter.com/ArthurB
Miscellaneous
- Effective Altruism
-
- https://www.effectivealtruism.org/articles/introduction-to-effective-altruism/
- Code to Inspire
-
- https://unchainedpodcast.com/crypto-actually-fixes-this-how-code-to-inspire-uses-crypto-in-afghanistan/
- Pineapple Fund
-
- https://pineapplefund.org/
- BitGive
-
- https://www.bitgivefoundation.org/
Ryan Zurrer, founder of Dialectic, a crypto wealth multi-family office, discusses his recent $29 million purchase of Beeple’s Human One and his experience at Art Basel in Miami, along with his thoughts on the NFT space in general. Show highlights:
- what Human One is and why Ryan purchased it
- how Ryan and Beeple’s personal relationship factored into the purchase of Human One
- why Human One is important to the metaverse
- how Ryan defied the odds in purchasing Human One
- how Miami’s Art Basel conference missed out by not capitalizing enough on NFTs
- what Ryan thinks about the NFT industry being described as a bubble
- how Ryan uses “proof-of-artwork” to determine which NFTs to buy
- Ryan’s experience visiting Beeple’s art studio/campus
- where Ryan thinks NFTs will go from here, and why he is so bullish on music NFTs in particular
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links:
Ryan Zurrer
- Twitter: https://twitter.com/kukulabanze
- Previous Unchained appearances:
-
- https://unchainedpodcast.com/why-ryan-zurrer-would-like-to-see-a-new-dao/
- https://unchainedpodcast.com/all-things-cryptoeconomics-pt-1-with-olaf-carlson-wee-and-ryan-zurrer-of-polychain-capital/
Human One
- Beeple x Christie’s interview:
-
- https://www.christies.com/features/Beeple-gets-real-with-human-one-11940-7.aspx
- Barron’s on Human One purchase:
-
- https://www.barrons.com/articles/beeples-human-one-video-sculpture-and-nft-sells-for-nearly-29-million-01636506472
- Ryan Zurrer purchase:
-
- https://twitter.com/kukulabanze/status/1458236032818819075?s=20
- Proof-of-Artwork:
-
- https://www.decential.io/features/proof-of-artwork-ryan-zurer-on-his-29-million-purchase-of-beeples-human-one
Art Basel Miami
- https://artbasel.com/miami-beach
Beeple saying NFTs are a “bubble:”
- https://www.bloomberg.com/news/articles/2021-03-21/prices-in-a-bubble-beeple-says-after-his-69-million-nft-sale
On Unchained, two co-founders of Solana Labs, Anatoly Yakovenko and Raj Gokal, dive deeply into the Solana ecosystem, discussing everything from the price of SOL to the Solana network outage to the competition between Ethereum and Solana. Show highlights:
- why Raj thinks SOL’s market cap grew from $86 million to $68 billion in less than a year
- Anatoly’s and Raj’s background and how they found themselves working together to build Solana
- why Anatoly thinks Solana will be a general-purpose blockchain rather than specializing in gaming or high frequency trading
- Anatoly’s goal to make Solana the first billion-user blockchain
- why Raj thinks NFTs on Solana have been so popular
- why, in the opinion of Raj and Anatoly, Solana’s purpose has shifted away from high-frequency trading
- how NFTs could replace ads
- why “everything is DeFi”
- how Solana Labs plans to allocate the recent $314 million funding round it raised
- what lessons Anatoly learned from the 18-hour September network outage
- technically speaking, what happened to cause Solana’s network outage
- why Anatoly believes that outages, at this stage, aren’t necessarily a bad thing
- whether “trading mercenaries” dominated at Solana Breakpoint
- why developers are interested in building on Solana
- how Solana and Ethereum compare as execution and settlement layers
- why Raj doesn’t like framing competition between Solana and Ethereum as a fight
- how Anatoly views the competition between Ethereum and Solana
- whether the arrival of Neon Labs, which is bringing EVM to Solana, could lead to developers leaving Ethereum
- how NFTs and Phantom wallets are bringing in new users for Solana
- whether Raj and Anatoly would roll back Solana if something like Ethereum’s DAO hack were to occur
- why Solana has the competitive advantage in throughput, according to Anatoly
- what would happen if FTX cofounder and CEO Sam Bankman-Fried gave up on Solana
- their predictions for Solana five years from now
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Brave: http://brave.com/Unchained
Episode Links:
Anatoly Yakovenko
- https://twitter.com/aeyakovenko
Raj Gokal
- https://twitter.com/rajgokal
Solana News
- Anatoly Yakovenko -- It ‘doesn’t really matter’ if the network goes down again
-
- https://www.theblockcrypto.com/post/124887/solana-labs-ceo-it-doesnt-really-matter-if-the-network-goes-down-again
- Neon Labs
-
- https://www.theblockcrypto.com/post/123744/neon-labs-developer-of-ethereum-virtual-machine-on-solana-raises-40-million
-
- Aave + SushiSwap going to Solanas through Neon Labs
-
- https://twitter.com/joselitommutuc/status/1462043806207938563
- Solana + Brave integration
-
- https://decrypt.co/85538/privacy-browser-brave-expands-beyond-ethereum-solana
- ATH at $260
-
- https://decrypt.co/85457/solana-hits-all-time-high-of-260
- Solana Breakpoint
-
- https://www.coindesk.com/business/2021/11/15/solana-throws-a-three-day-party-for-itself/
- https://www.cryptoglobe.com/latest/2021/11/solana-network-highlights-from-breakpoint-conference-paint-a-very-healthy-picture/
- https://decrypt.co/85934/the-view-from-solana-week-in-lisbon
- FTX US + Solana NFTs
-
- https://www.theblockcrypto.com/post/120044/ftx-us-launches-marketplace-for-trading-solana-based-nfts
- Solana Outage
-
- The Block’s coverage
-
- https://www.theblockcrypto.com/linked/117711/solana-blockchain-validators-restart-network-after-transaction-stoppage
- https://www.theblockcrypto.com/linked/117624/solana-experiences-transaction-stoppage-as-developers-report-intermittent-instability
- Why the mainnet went down
-
- https://twitter.com/buffalu__/status/1437792673784549383
- Potential ramifications
-
- https://twitter.com/CometShock/status/1437870278684590091
- Anatoly Yakovenko Solana outage tweets
-
- https://twitter.com/aeyakovenko/status/1437887482897518595
- https://twitter.com/aeyakovenko/status/1437784552324358155
- https://twitter.com/aeyakovenko/status/1438496595360862215
- https://twitter.com/aeyakovenko/status/1438465508412739588
- https://twitter.com/aeyakovenko/with_replies
- Solana $314M Fundraise
-
- https://www.theblockcrypto.com/post/107749/solana-labs-raises-314-million-funding-a16z-polychain-capital
Solana Topics
- Raj thinks Ethereum cannot be killed
-
- https://twitter.com/rajgokal/status/1458420316569489410
- NFT Growth
-
- https://twitter.com/masonnystrom/status/1455556328404013057
- https://twitter.com/masonnystrom/status/1459157853848195079
- Pplpleasr
-
- https://decrypt.co/85964/the-collectoooooor-pplpleasr-latest-nft-art-solana-ethereum
- Investment in gaming
-
- Forte
-
- https://decrypt.co/85966/cosmos-solana-ventures-join-725m-series-b-crypto-gaming-platform-forte
- Alexis Ohanian investment
-
- https://www.fool.com/the-ascent/cryptocurrency/articles/why-reddit-co-founder-alexis-ohanian-will-invest-100-million-in-solana-social-media/
- FTX + Solana
-
- https://decrypt.co/85302/ftx-solana-ventures-lightspeed-100m-crypto-gaming
- Phantom wallet hits 1M+ users
-
- https://decrypt.co/85563/phantom-wallet-preps-mobile-launch-reaching-million-users-solana
Solana Basics
- CoinMonk: https://medium.com/coinmonks/solana-more-update-for-sol-becb65024877
- Solana Labs: https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274
- The Tie: https://research.thetie.io/solana-ecosystem/
- Binance.Research: https://research.binance.com/en/projects/solana
- Genesis Block: https://genesisblockhk.com/what-is-solana/
- Block Explorers: https://explorer.solana.com/supply + https://solanabeach.io/supply + https://solanalysis.com/
- Messari: https://messari.io/article/the-perpetual-sol-rise
Maren Altman is a professional astrologer and crypto trader. On Unchained, she discusses her end-of-year price target for Bitcoin, how crypto fits into her natal chart, and how she uses planets to divine the price movement of crypto assets. Highlights:
- why Maren believes she was born to trade cryptocurrencies
- how long-term planetary transits explain the rise of cryptocurrency
- why the transits of Uranus, North Node, and Jupiter could lead to a big, extremely innovative “metaverse/cyber pandemic/internet of things” development in spring 2023
- how Maren determines the “natal chart” (a birth chart that determines a person or entity’s astrological chart) for cryptocurrencies
- how Maren uses astrology to trade cryptocurrencies
- Maren’s price prediction for BTC for the end of the year
- what astrological factors make Maren think BTC could crash after December 30th
- Maren’s EOY projections for ETH
- what Maren thinks about crypto regulation
- why Maren thinks CBDCs are inevitable
- whether Maren feels giving alpha for free via TikTok hurts her trading
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Maren Altman
- TikTok: https://www.tiktok.com/@marenaltman
- Twitter: twitter.com/marenaltman
- Instagram: https://www.instagram.com/marenaltman/
- Youtube: https://www.youtube.com/c/MarenAltman
Two tokenomics experts, Yan Liberman, co-founder of Delphi Digital, and Viktor Bunin, protocol specialist at Coinbase Cloud, discuss their experiences building tokens, their thoughts on the recent ENS/PSP airdrops, and what “fair” token distribution looks like. Show highlights:
- the definition of tokenomics
- what factors (such as utility, fairness, liquidity, security, etc.) token designers are incentivizing for
- what Yan learned from helping design Astroport tokenomics
- what Vikor learned from helping design Threshold, the token that was built to facilitate the merge of NuCypher and Keep
- how the EIP 1559 burn has changed Ethereum’s tokenomics
- how EIP 1559 has improved investor outlook for Ethereum
- why Viktor is worried about people actually using Ethereum going forward
- what Viktor and Yan think about how the ENS airdrop farming issue was handled
- what Viktor and Yan think about ParaSwap’s PSP airdrop and why Viktor thinks ParaSwap made a “mistake”
- how Viktor and Yan would go about airdropping a token to good actors instead of bad actors
- how improvements in on-chain identity could help future airdrops
- fair launch tokens versus VC-backed tokens
- what the definition of fair is in terms of tokenomics
- why Viktor thinks a token’s distribution is more important than a token’s launch
- what could be the optimal way to distribute liquidity mining rewards
- how community affects tokenomics
- how to incentivize NFT-based tokens, like the forthcoming Bored Ape Yacht Club token, for the right goals
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Yan Liberman -- co founder at Delphi Digital
- LinkedIn: https://www.linkedin.com/in/yanliberman
- Twitter: https://twitter.com/yanliberman
Viktor Bunin -- protocol specialist at Coinbase (Bison Trails)
- LinkedIn: https://www.linkedin.com/in/viktorbunin
- Twitter: https://twitter.com/ViktorBunin
Tokenomics 101 Primers:
- The Tie: https://research.thetie.io/token-economics/
- Smith and Crown: https://smithandcrown.com/research/issues-of-fairness-in-token-distribution/
- A Timeline of Token Distributions: https://blog.coinlist.co/the-evolution-of-token-distribution-models/
Recent Airdrops + Airdrop farming
- PSP:
-
- https://medium.com/paraswap/introducing-the-psp-token-to-make-paraswap-even-more-efficient-and-decentralized-c4730e50be72
- ENS: https://twitter.com/ensdomains/status/1457862602239926274
-
- https://twitter.com/nicksdjohnson/status/1456424366850281488
Airdrop Farming
- Potential airdrops coming up:
-
- https://www.coindesk.com/business/2021/11/09/missed-the-ens-airdrop-here-are-the-crypto-projects-rumored-to-decentralize-next/
- https://newsletter.banklesshq.com/p/the-ultimate-guide-to-airdrops
- https://www.trustnodes.com/2021/11/14/ethereans-sneak-to-zksync-for-airdrop-farming
- PSP drop w/ heavy requirements
-
- https://www.coindesk.com/tech/2021/11/15/dex-aggregator-paraswap-launches-psp-token-on-heels-of-ens-airdrop-excitement/
- ENS Blacklist
-
- https://twitter.com/nicksdjohnson/status/1456048492141441027
Topics Mentioned
- Astroport tokenomics
-
- https://astroport.medium.com/hello-astro-announcing-the-astroport-governance-token-drops-a07a1bf3ed94
- NuCypher + Keep merge
-
- https://decrypt.co/73800/forget-hard-fork-what-happens-after-kee-nucypher-hard-merge
- SushiSwap vampire attack
-
- https://finematics.com/vampire-attack-sushiswap-explained/
- Tokemak tokenomics
-
- https://medium.com/the-capital/defi-2-0-is-it-the-next-wave-of-cryptocurrency-4499e838ea44
Miscellaneous
- What is liquidity mining?
-
- https://medium.com/coinmonks/what-is-liquidity-mining-and-how-does-it-work-d0ab491e607
- The Internet of Money (recommended by Viktor)
-
- https://theinternetofmoney.info/
Other Fun Topics
- How Token Governance Mechanisms can be implemented
- https://outlierventures.io/research/what-is-the-secret-to-building-valuable-tokens-part-2/
- Crypto Gaming economics
- https://outlierventures.io/research/p2e-2-0-a-new-economic-model-for-gaming-based-on-crypto-tokens/
- Does farming represent progress in token distribution?
- https://smithandcrown.com/research/adaptations-in-token-distribution-mechanisms-does-farming-represent-progress/
- Should treasuries hold native tokens?
- https://twitter.com/AntonioMJuliano/status/1460278949867442182
Will Papper, SyndicateDAO co-founder and ConstitutionDAO contributor, tells the story of how a group of internet friends came together as a DAO to crowdfund a $41 million bid at a Sotheby’s auction for a physical copy of the US Constitution. Show highlights:
- how Will and other ConstitutionDAO members feel after losing the auction
- the significance of ConstitutionDAO despite its loss
- whether Will knows who the other bidder was
- why museums began reaching out to ConstitutionDAO and seem to be excited about DAOs moving forward
- why there was so much confusion over who was the bidder for the DAO and whether it had won
- why ConstitutionDAO did not bid more than $41 million -- even though the crowdfund was at nearly $50 million
- why ConstitutionDAO did not have a crypto-whale help keep the bidding war going
- how ConstitutionDAO plans to refund participants
- what Will thinks about using a layer 2 solution to refund ETH for ConstitutionDAO donations
- how the idea for ConstitutionDAO came about
- what role Will had in the formation of ConstitutionDAO
- what lessons can be learned from ConstitutionDAO
- what’s next for DAOs in general
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Will Papper
- Twitter: https://twitter.com/WillPapper
- LinkedIn: https://www.linkedin.com/in/wpapper
ConstitutionDAO
- Twitter: https://twitter.com/ConstitutionDAO
- Website: https://www.constitutiondao.com/
- Contribution page: https://juicebox.money/#/p/constitutiondao
Sotheby’s Auction
- YouTube: https://www.youtube.com/watch?v=1TBa-9Lx3vc
ConstitutionDAO’s Statement After Losing Auction
- https://twitter.com/ConstitutionDAO/status/1461527516670316544
- https://twitter.com/ConstitutionDAO/status/1461498841820192771
Press
- Not Boring: https://www.notboring.co/p/lets-buy-the-us-constitution
- Stratechery: https://stratechery.com/2021/constitutiondao-the-need-for-trust-memes-and-reality/
- New York Times: https://www.nytimes.com/2021/11/17/business/crypto-constitution-sothebys.html?smid=tw-share
- Wall Street Journal: https://www.wsj.com/articles/crypto-investors-want-to-buy-rare-copy-of-u-s-constitution-at-sothebys-auction-11637071590
- The Defiant: https://thedefiant.io/dao-constitution-4m/
- CoinDesk: https://www.coindesk.com/tech/2021/11/15/i-think-were-doing-this-inside-one-daos-20m-plot-to-purchase-the-us-constitution/
- William Lobkowicz tweet thread: https://twitter.com/WRLobkowicz/status/1461401142953402371
Jose Fernandez da Ponte, PayPal’s senior vice president and general manager of blockchain, crypto, and digital currencies, discusses PayPal’s crypto game plan, how CBDCs might be implemented, crypto regulations, and more. Show highlights:
- Jose’s path to becoming the GM of blockchain, crypto, and digital currencies at PayPal
- what factors led to PayPal’s decision to launch its crypto offering
- what sort of customer makes up PayPal’s crypto demographic
- how users are engaging with the various PayPal crypto services, like crypto-rewards cards
- whether the introduction of crypto had anything to do with Venmo’s 36% jump in volume during Q3 2021
- how PayPal interacts with Paxos on the backend to settle crypto transactions
- why Jose thinks PayPal has decided to not add cryptocurrency to its balance sheet
- how crypto transactions work within PayPal’s internal ledger and how that might change once PayPal launches support for withdrawals off-platform
- the three types of directions that Jose believes stablecoins and CBDCs could be built
- what solutions would need to be built before PayPal would consider issuing its own stablecoin
- what scaling technologies, be it L1 or L2, PayPal is interested in
- whether stablecoins and CBDCs can/will co-exist
- Jose’s thoughts on how long it will be before CBDCs are being issued
- why Jose thinks that new regulation might be necessary for cryptocurrencies
- whether PayPal will be participating in decentralized activities, such as on-chain governance
- why Jose thinks that PayPal’s crypto offering could help improve financial inclusion -- especially for smaller companies
- why Jose and PayPal are excited about NFTs
- how PayPal will decide to support new cryptocurrencies on its platform
- what Jose thinks PayPal’s crypto offering could look like in the future
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Jose Fernandez da Ponte
- LinkedIn: https://www.linkedin.com/in/jose-fernandez-da-ponte-a46ba81/
PayPal Crypto Basics
- Homepage:
-
- https://www.paypal.com/us/digital-wallet/manage-money/crypto
- FAQs:
-
- https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398
- https://www.paypal.com/us/smarthelp/topic/MY_WALLET_PER
- Terms + Conditions:
-
- https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc
- Venmo Crypto:
-
- https://venmo.com/about/crypto/
PayPal Crypto News
- CEO Dan Schulman on crypto
-
- The first purchase
-
- https://www.youtube.com/watch?v=B6vI8P5pOVU
- Time Magazine coverage
-
- https://time.com/5957001/paypal-cryptocurrencty-bitcoin-dan-schulman/
- Financial Times coverage
-
- https://www.ft.com/content/398c5fa2-8ee5-4eaa-9fe7-04bb4ef996e5
- Contribution to the WEF Crypto Regulation paper
-
- Paper:
-
- https://www3.weforum.org/docs/WEF_Navigating_Cryptocurrency_Regulation_2021.pdf
- Comments:
-
- https://newsroom.paypal-corp.com/2021-09-09-Our-contribution-to-the-World-Economic-Forums-paper-on-cryptocurrency-regulation
- Crypto withdrawals:
-
- https://www.coindesk.com/business/2021/05/26/paypal-will-let-customers-withdraw-crypto-exec-says/
- Crypto services in the UK:
-
- https://www.cnbc.com/2021/08/22/paypal-crypto-service-launches-in-the-uk.html
- Launching crypto services:
-
- https://www.theblockcrypto.com/linked/84398/paypal-opening-up-app-crypto-users
- https://www.theblockcrypto.com/post/81794/paypal-to-enable-crypto-purchases-with-the-help-of-paxos
- https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency
- Exploratory talks regarding a stablecoin:
-
- https://www.theblockcrypto.com/post/103617/paypal-has-held-exploratory-talks-about-launching-a-stablecoin-sources
- https://www.businessinsider.com/paypal-rumors-fuel-thoughts-of-stablecoin-support-2021-5
- PayPal business unit:
-
- https://www.theblockcrypto.com/post/93668/paypal-crypto-business-unit-earnings-2021
- https://blockworks.co/paypal-has-a-new-business-division-dedicated-to-crypto/
- PayPal + Paxos:
-
- https://paxos.com/2020/10/21/paypal-paxos-bring-crypto-to-millions-of-users/
- https://fortune.com/2020/12/17/paypal-investment-round-crypto-firm-paxos/
Misc.
- PayPal Q3 earnings:
-
- https://www.cnbc.com/2021/11/08/paypal-pypl-earnings-q3-2021.html
- Super-app:
-
- https://www.businessinsider.com/paypal-launches-redesigned-superapp-with-new-features-2021-9
- Unchained episode w/ Visa’s Cuy Sheffield:
-
- https://unchainedpodcast.com/visa-is-building-infrastructure-for-nfts-smart-contracts-and-l2s-why/
Sam Trabucco, co-CEO of Alameda Research, discusses the different price drivers that led to BTC, ETH, SOL, and LUNA reaching new all-time highs in the past week. Show highlights:
- why Sam believes no bad news from regulators is good news
- what effect leverage has on the crypto markets
- the significance of Bitcoin hitting a new all-time high and the crypto market cap reaching $3 trillion
- how the approval of a bitcoin futures ETF affected the crypto market
- what Sam thinks about the actions of US crypto regulators (hint: it’s probably not what you would think)
- why Sam thinks ETH’s price hit a new all-time this week
- what Sam thinks about the changes to ETH monetary policy and the upcoming merge to Ethereum 2.0
- how Sam views the competition among layer 1 blockchains and why he is not a fan of maximalism
- what factors he believes are driving the price of SOL
- what sort of projects are being built on Solana, and why people are excited about the ecosystem
- what Sam thinks about Terra passing a proposal to burn LUNA
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Sam Trabucco
- LinkedIn: https://www.linkedin.com/in/sam-trabucco-79215263/
- Twitter: https://twitter.com/AlamedaTrabucco
Alameda Research
- Website: https://www.alameda-research.com/
- Twitter: https://twitter.com/AlamedaResearch
Recent all-time highs:
- BTC: https://www.yahoo.com/now/bitcoin-sets-time-high-above-152238016.html
- ETH: https://fortune.com/2021/11/08/ethereum-all-time-high-bitcoin-btc-ether-spot-etf/
- SOL: https://decrypt.co/85457/solana-hits-all-time-high-of-260
- LUNA: https://www.coindesk.com/markets/2021/11/10/terra-passes-highly-anticipated-proposal-to-burn-nearly-89m-luna/
Links mentioned:
- Alexis Ohanian’s Solana investment: https://www.forbes.com/newsletters/forbescryptoassetadvisor/2021/11/09/reddit-co-founder-alexis-ohanian-bets-big-on-solana-and-web-30/
- Breakpoint conference: https://www.cryptoglobe.com/latest/2021/11/solana-network-highlights-from-breakpoint-conference-paint-a-very-healthy-picture/
- Sam Bankman-Fried on Solana: https://finance.yahoo.com/news/solana-ethereum-rival-price-rising-bitcoin-000139765.html
- Sam Trabucco on leverage trading: https://twitter.com/AlamedaTrabucco/status/1451281805584310273
At Non-Fungible Castle 2021, an NFT exhibition in Prague, four NFT experts debate some of the hottest topics in the metaverse, like how to value NFTs, whether insider trading exists, what makes Ethereum-based NFTS so special, and the environmental impact of NFTs.
Guests include Maria Paula Fernandez, co-founder at JPG, Kavita Gupta, cofounder of FINTECH.TV, Oliver Halsman Rosenberg, artist, and Gmoney, an NFT collector. Show highlights:
- what an NFT is
- why NFTs have value
- what the “myth of decentralization” has to do with NFT valuation
- why collectors like gmoney prefer to collect NFTs on Ethereum vs. other chains
- how provenance and IP rights interact with value
- why gmoney thinks Solana Punks are like fake Chanel bags
- what “owning an NFT” actually means
- whether newbies need to be protected from buying scam NFTs
- the “rite of passage” of falling pretty to a rug pull and the concept of “do your own research” (DYOR)
- what can be done about insider-trading-like activities in NFTs
- how to navigate public-facing blockchains when your address is doxed
- different ways to link off-chain assets to NFTs
- what the crypto industry can do to better understand the NFT impact on climate change
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Non-Fungible Castle 2021
- Website: https://www.nfcastle.com/
- Conference recordings: https://www.nfcastle.com/conference
- Twitter: https://twitter.com/nf_castle
- Tweet thread of Laura’s experience at NFCastle 2021:
-
- https://twitter.com/laurashin/status/1449731658928824320
Maria Paula Fernandez
- Medium: https://mariapaulafernandezneglia.medium.com/
- LinkedIn: https://www.linkedin.com/in/mar%C3%ADa-paula-fern%C3%A1ndez-no-social-selling-please-a96a8034/
Kavita Gupta
- Twitter: https://twitter.com/KavitaGupta19
Oliver Halsman Rosenberg
- Instagram: https://www.instagram.com/oliver_halsman_rosenberg/?hl=en
- LinkedIn: https://www.linkedin.com/in/oliver-halsman-rosenberg-940a0935
gmoney
- https://twitter.com/gmoneyNFT
At Non-Fungible Castle 2021, an NFT exhibition in Prague, four NFT experts discuss the legal implications of NFTs. Guests include Jonathan Victor, product/business development at Protocol Labs; Louis Baudoin, advisor at Monax; Diana Stern, product counsel at Stripe; and Shant Marootian COO at Fractional.art. Show highlights:
- what users are receiving with the purchase of an NFT
- how the terms of service for different NFT marketplaces change NFT rights
- how on-chain storage and off-chain storage affects NFT ownership
- what rights do creators need to mint an NFT
- what recourse creators have if someone mints their art as an NFT and profits from it
- whether NFT marketplaces should respect NFT royalty standards on resales
- how NFT marketplaces could make it easier for creators to clarify licensing and royalty standards
- whether NFTs should be regulated under existing laws and what gaps in regulation need to be filled
- when an NFT should be considered a security
- how different jurisdictions may work together to regulate NFTs
- why money laundering is a problem for NFTs
- how a DAO could go about owning an NFT or IP
- what would happen to NFTs and DAOs if Ethereum were to suffer a hard fork again
- why DAOs should stay compliant with traditional regulations
- how to improve licensing and industry standards for NFTs
- whether NFTs should be considered as financial objects
- what would happen if a museum fractionalized the Mona Lisa
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links:
Non-Fungible Castle 2021
- Website: https://www.nfcastle.com/
- Conference recordings: https://www.nfcastle.com/conference
- Twitter: https://twitter.com/nf_castle
- Tweet thread of Laura’s experience at NFCastle 2021:
-
- https://twitter.com/laurashin/status/1449731658928824320
Jonathan Victor
- LinkedIn: https://www.linkedin.com/in/jonathan-victor-69a44255
Louis Baudoin
- LinkedIn: https://www.linkedin.com/in/lou-baudoin-5b847a151/
- Twitter: https://twitter.com/MerkleData
Diana Stern
- Linkedin: https://www.linkedin.com/in/dianajstern
Shant Marootian
- LinkedIn: https://www.linkedin.com/in/smarooti/
Secret Network is a privacy-first, permissionless layer 1 blockchain built for computational privacy. Tor Bair, founder of Secret Foundation, a developer of Secret Network, discusses what makes Secret Network unique, including smart contract privacy, private metadata for NFTs, and how regulators should treat privacy tech in blockchain. Show highlights:
- how Tor fell down the crypto rabbit hole
- what the Secret Network is and how it is bringing privacy to blockchain
- why public blockchains are problematic
- what makes Secret Network different from Monero or Zcash
- how Secret Network works from a technical perspective
- what type of applications Secret Network can support that public blockchains cannot
- why blockchain voting is probably a bad idea (for now)
- what attack vectors exist regarding Secret Network
- how Secret Network nodes work and why there are only 50 of them
- how Secret Network fixes miner extractable value (MEV)
- what DeFi applications are possible on Secret Network
- how NFTs on Secret Network are different from public blockchain NFTs
- how regulators should treat Secret Network
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Tor Bair
-
- https://twitter.com/TorBair
- Website
-
- http://www.torbair.com/
- Medium
-
- https://medium.com/@TorBai
Secret Network
- Primers
-
- Messari:
-
- https://messari.io/asset/secret-network/profile
- https://messari.io/article/shhhhh-it-s-a-secret-network
- Decrypt:
-
- https://decrypt.co/resources/what-is-secret-network-scrt-formerly-enigma
- Coin Monks:
-
- https://medium.com/coinmonks/what-is-secret-network-bad9a233c481
- Tech Crunch:
-
- https://techcrunch.com/2021/05/03/in-the-race-towards-web-3-financial-privacy-secret-network-attracts-backing-from-key-players/
- Introduction from Enigma/Secret
-
- Article:
-
- https://blog.enigma.co/introducing-secret-network-ed48621754ad
- Video:
-
- https://www.youtube.com/watch?v=c70BBVUCxxk
- Tech
-
- Smart contracts → Secret contracts
-
- https://scrt.network/blog/programmable-privacy/
- Upcoming Supernova upgrade (November 9)
-
- https://scrt.network/blog/supernova-explosive-vision-future-secret-network
- Secret NFTs (only the holder can view the NFT)
-
- https://scrt.network/blog/secret-opensea-partner-nfts-world-renowned-artist
- https://www.yahoo.com/now/secret-network-partners-opensea-launch-130000946.html
- SCRT Tokenomics
-
- https://scrt.network/blog/secret-network-tokenomics-and-ecosystem-pool
- https://scrt.network/about/about-scrt
- Secret Network block-explorer/node explorer
-
- https://secretnodes.com/secret/chains/secret-3
- Ecosystem
-
- https://scrt.network/ecosystem/overview
- Graypaper
-
- https://scrt.network/graypaper
- Node information
-
- https://docs.scrt.network/node-guides/secret-nodes.html
Enigma
- Original ICO
-
- `https://icodrops.com/enigma/
- Research
-
- https://picoloresearch.com/upload/attachment/14614.pdf
- Enigma token swap
-
- https://medium.com/staky-io/how-to-swap-eng-enigma-to-scrt-secret-f80d855992ef
- https://blog.enigma.co/enigma-announces-settlement-with-sec-and-successful-launch-of-enigma-mainnet-3811ef291705
- https://beincrypto.com/privacy-token-enigma-files-with-sec-after-settlement/
Do Kwon, cofounder of Terraform Labs, was recently served subpoenas by the US Securities and Exchange Commission during Messari’s mainnet event, leading Kwon and Terraform to preemptively sue the SEC. On Unconfirmed, Kwon discusses:
- what Terraform Labs does and how it is building its DeFi ecosystem around TerraUSD ($UST)
- why Terraform Labs created its synthetics protocol, Mirror, and how it works
- what Do thinks about the SEC’s investigation into Mirror
- what happened to Do at Messari’s mainnet event
- why the SEC’s approach to crypto regulation does not impact Do very much
- what Do thinks about how US regulators are treating crypto companies
- how Do would regulate the crypto industry
- why he believes the current state of crypto regulation doesn’t work in a global context
- why he says the SEC couldn’t do anything to TerraUSD -- even if it wanted to
- what two characteristics are critical in building a decentralized protocol
- how the crypto industry could improve security in light of the $130 million Cream Finance hack
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Do Kwon
- Twitter: https://twitter.com/stablekwon
Terra
- Twitter: https://twitter.com/terra_money
- Website: https://www.terra.money/
- Terra ecosystem: https://docs.terra.money/Reference/ecosystem.html
SEC Lawsuit
- CoinDesk
-
- https://www.coindesk.com/business/2021/10/23/terras-do-kwon-was-served-by-sec-new-lawsuit-shows/
- Terraform V SEC
-
- https://www.scribd.com/document/534537134/Terraform-v-SEC
- Stephen Palley
-
- https://twitter.com/stephendpalley/status/1451709816020348933
Messari Mainnet Serving
- https://twitter.com/gogoSlava/status/1439972015910408195
Miscellaneous
- SEC charging Abra
-
- https://www.sec.gov/news/press-release/2020-153
- Stablecoin market cap comparison
-
- https://coinmarketcap.com/view/stablecoin/
Remember the $1 trillion infrastructure bill, which caused considerable backlash from the crypto community due to the language regarding “brokers?” Abe Sutherland, an adjunct professor at University of Virginia School of Law, believes another provision tucked inside the bill could end up being a far more significant issue for anyone transacting in digital assets. Show highlights:
- how Abe fell down the crypto rabbit hole
- what provision 6050I is and how it could affect anyone transacting with digital assets
- how 6050I works and when it would apply
- why violating 6050I would be a felony
- how 6050I discourages digital asset transactions
- how 6050I would apply to different transaction types, like peer-to-peer trades, NFT sales, and smart contract escrow accounts
- what information recipients of digital assets must verify from the sender
- how the government came up with the $10,000 reporting threshold and why Abe believes this number is outdated
- why Abe thinks proposing 6050I within the infrastructure bill is inappropriate
- what reasons the government has to want to put such stringent reporting requirements on digital asset transactions
- how 6050I fits under the financial laws of the Bank Secrecy Act
- why Abe believes the amendment should be struck from the infrastructure bill
- what Abe thinks of the constitutionality of 6050I
- how Abe views 6050I as less about generating tax revenue and more about tracking people’s digital asset transactions
- what action steps he says the crypto community can take to fix the bill
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: http://nodle.io/unchained
Episode links
Abe Sutherland
- https://twitter.com/abesutherland
Medium Post: https://medium.com/@laurashin/why-not-reporting-info-on-your-crypto-trading-partner-could-become-a-felony-c6399998f113
Information on 6050I
- Abe’s research report
-
- https://www.proofofstakealliance.org/wp-content/uploads/2021/10/Research-Report-on-Tax-Code-6050I-and-Digital-Assets-printable.pdf
- Tweet thread from Abe
-
- https://twitter.com/abesutherland/status/1438881314871156736
- https://twitter.com/abesutherland/status/1443082205383696384
- 6050I article Abe wrote for Bitcoin Magazine
-
- https://bitcoinmagazine.com/business/the-proposal-to-regulate-digital-asset-transactions-should-be-struck
- Abe’s appearance on What Bitcoin Did to discuss 6050I
-
- https://www.whatbitcoindid.com/podcast/hidden-danger-in-the-infrastructure-bill
- Twitter spaces with Congressman Warren Davidson, Peter McCormack, and others regarding the infrastructure bill
-
- https://www.youtube.com/watch?v=lCq6BVLzF44
- Miscellaneous 6050I links
-
- https://www.marketwatch.com/story/the-crypto-industry-could-take-tax-fight-all-the-way-to-the-supreme-court-11632509009
- https://www.breitbart.com/politics/2021/09/29/infrastructure-bills-crypto-surveillance-criticized-unconstitutional/
- https://fortune.com/2021/09/21/crypto-transactions-report-to-government/
- https://www.coindesk.com/policy/2021/09/17/crypto-lobbying-group-warns-of-another-tax-provision-in-senate-infrastructure-bill
- https://www.coincenter.org/an-unworkable-and-arguably-unconstitutional-tax-change-tucked-away-in-the-infrastructure-bill/
- https://decrypt.co/81236/overlooked-part-senate-infrastructure-bill-renews-worries-crypto-lobby
- https://nickanthony.substack.com/p/last-minute-cryptocurrency-taxation
- https://www.cato.org/blog/infrastructure-bill-hangs-balance-so-does-crypto
- https://ambcrypto.com/what-is-the-u-s-infra-bill-crypto-amendment-really-all-about
Unchained coverage of the infrastructure bill
- How Congress Might Pass Laws Bad for Proof-of-Stake and DeFi
-
- https://unchainedpodcast.com/how-congress-might-pass-laws-bad-for-proof-of-stake-and-defi/
Coverage on the original amendment regarding “brokers:”
- https://decrypt.co/77838/rival-amendment-senate-infrastructure-bill-threatens-proof-stake
- https://decrypt.co/77859/crypto-industry-mobilizes-to-stop-controversial-tax-plan
- https://decrypt.co/77841/biden-crypto-infrastructure-bill-amendments
- https://www.eff.org/deeplinks/2021/08/16-civil-society-organizations-call-congress-fix-cryptocurrency-provision
- https://decrypt.co/77681/senators-move-exempt-bitcoin-miners-tax-provision-infrastructure-bill
- https://www.forbes.com/sites/jonathanponciano/2021/08/04/senators-propose-change-to-new-crypto-rules-for-tax-reporting-heres-whos-affected/
- https://twitter.com/BlockchainAssn/status/1422976741715361792
- https://twitter.com/jerrybrito/status/1422002228102107142
- https://www.theblockcrypto.com/linked/113196/wyden-crypto-language-in-infrastructure-bill-fails-to-understand-how-the-technology-works
- https://www.coindesk.com/new-infrastructure-bill-looks-to-raise-30b-through-crypto-taxes
- https://twitter.com/jchervinsky/status/1421150344051048451
- https://twitter.com/NeerajKA/status/1421242689148932105
- https://www.cnn.com/2021/08/01/politics/bipartisan-infrastructure-bill-collins-manchin-senate-cnntv/index.html
- https://www.coindesk.com/gop-lawmaker-janet-yellens-treasury-likely-behind-surprise-crypto-bill
PlanB, a former institutional investor with 25 years of experience in financial markets turned anon Bitcoin analyst, discusses Bitcoin’s price action, from the macroeconomic drivers to what his models predict for the rest of 2021. Show highlights:
- PlanB’s background and how he got into Bitcoin
- what a stock-to-flow model is and how PlanB uses it to predict Bitcoin’s price
- why PlanB called for a $1 trillion market cap when Bitcoin was priced at sub $4K
- how the approval of a bitcoin futures ETF has affected Bitcoin’s price
- why institutions are more comfortable with bitcoin futures, rather than the underlying asset
- how to properly calculate gold’s stock-to-flow model
- why he believes the stock-to-flow models works -- even when detractors say it is flawed
- how the pandemic has affected Bitcoin’s price
- what PlanB thinks about China’s decision to effectively ban Bitcoin
- the three charts PlanB uses to model Bitcoin
- what the price floor for Bitcoin will be in October, November, and December
- whether PlanB thinks we are in a supercycle
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
PlanB:
- Twitter: https://twitter.com/100trillionUSD
- Website: https://100trillionusd.github.io/
Topics Covered
- Stock-to-flow modeling
-
- https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
- https://medium.com/@100trillionUSD/efficient-market-hypothesis-and-bitcoin-stock-to-flow-model-db17f40e6107
- https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12
- Bitcoin RSI
-
- https://twitter.com/100trillionUSD/status/1451128329176768514
- Worst-case scenario BTC prices
-
- https://twitter.com/100trillionUSD/status/1406577006230245376
- Bitcoin futures ETF approved
-
- https://www.coindesk.com/policy/2021/10/15/sec-approves-bitcoin-etf-opening-crypto-to-wider-investor-base/
- China’s decision to boot out crypto miners
-
- https://www.coindesk.com/business/2021/10/13/us-claims-bitcoin-mining-crown-following-china-crackdown/
- https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown
- Why stock-to-flow is not accurate
-
- https://francistapon.com/Work/WanderLearn-Podcast/8-Flaws-in-Bitcoin-s-Stock-to-Flow-Model-Will-Doom-It
- Bitcoin supercycle
-
- https://www.coindesk.com/markets/2021/06/17/the-supercycle-how-crypto-could-shape-the-decade-ahead/
Andrew Steinwold, managing partner at Sfermion, and John Egan, CEO at L'Atelier BNP Paribas, discuss NFTs and debate the characteristics of the metaverse. Show highlights:
- their backgrounds and how they got into NFTs
- how they each define the metaverse
- what NFTs have to do with the metaverse
- how John and Andrew’s depiction of the metaverse differs
- what John thinks about Facebook’s entrance into the metaverse
- whether Second Life is a metaverse game
- how blockchain technology allows for an open metaverse (and why Web2 is “communist”)
- what NFTs currently unlock for the metaverse
- whether the metaverse will necessarily have to be experienced through augmented reality
- whether there will be multiple metaverses across different blockchain platforms
- why John thinks NFT maxis and crypto maxis are destined to clash
- how the metaverse is changing how people generate income
- how to make the metaverse more accessible
- whether regulators will force the metaverse to be siloed
- how the metaverse will handle jurisdictional disputes
- what happens when someone’s Web3 avatar/identity is stolen in the metaverse
- what John and Andrew predict will happen in the metaverse over the next 6-12 months.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: http://nodle.io/unchained
NFT Research
John Egan
- Twitter:
-
- https://twitter.com/iamjohnegan
- Website:
-
- https://www.iamjohnegan.com/
-
- https://www.linkedin.com/in/johndegan/
- Content
-
- NFTs are like gambling, but could be the bedrock of virtual economy
-
- https://decrypt.co/62809/buying-nfts-like-gambling-in-a-casino-analyst
- Wired article on NFTs
-
- https://www.wired.co.uk/article/crypto-tokens
L’Atelier
- NFT Content
-
- How NFTs are changing ownership
-
- https://atelier.net/insights/nfts-art-ownership-collecting
- The Virtual economy
-
- https://atelier.net/virtual-economy
- Real estate NFTs
-
- https://atelier.net/insights/tech-real-estate-nfts-tokenisation
- Metaverse Content
-
- Unified coms vs. the Metaverse
-
- https://atelier.net/insights/unified-communications-metaverse-tech
- Primer on the metaverse
-
- https://atelier.net/insights/primer-define-metaverse-fortnite
- Digital anthropology
-
- https://atelier.net/insights/nathalie-bechet-digital-anthropology
Andrew Steinwold
-
- https://twitter.com/AndrewSteinwold
-
- https://www.linkedin.com/in/andrew-steinwold/
- Blog must-reads
-
- A quick overview of the NFT ecosystem
-
- https://andrewsteinwold.substack.com/p/-quick-overview-of-the-nft-ecosystem
- NFTs will introduce the world to crypto?
-
- https://andrewsteinwold.substack.com/p/nfts-will-introduce-crypto-to-the
- Why functional NFTs will gain value slower than crypto art
-
- https://andrewsteinwold.substack.com/p/-the-promise-effect-why-functional
- History of NFTs
-
- https://medium.com/@Andrew.Steinwold/the-history-of-non-fungible-tokens-nfts-f362ca57ae10
- NFT Value Drivers
-
- https://andrewsteinwold.substack.com/p/-nonfungible-token-nft-value-drivers
Four investors talk about the decentralized web, explain how the crypto industry is improving upon Web 2, and discuss what can be done to increase diversity and financial inclusion within Web 3. Featuring Rik Willard, founder of Agentic Group, Thomas France, co-founder of Cygni Capital, Dylan Hixon, president of Arden Road Investments, and Nick Grossman,general partner at Union Square Ventures . Show highlights:
- how funding rounds for decentralized protocols differ from investing in traditional companies
- what VC investors can do to 1) participate in the protocols they invest in, and 2) not take advantage of whale holdings in governance voting
- how Web 3 has the potential to displace the “plantation economy”
- the difference between crypto idealism (i.e., banking the unbanked) versus what has actually played out (i.e., Salvadorans being mandated to accept BTC)
- what area of blockchain is delivering on the promise of financial inclusion
- how to bring diversity to the blockchain + crypto industry
- what can be done to solve the gender imbalance in crypto
- how investors are navigating the murky waters of US regulations regarding crypto projects
- how institutions fit into the Web 3 landscape
- what I think about the state of sexism within the crypto industry
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Original Link: https://vimeo.com/showcase/8884996/video/614236078
Rik Willard
- Twitter: https://twitter.com/rik_willard?lang=en
- Agentic Group: https://www.agenticgroup.com/
Nick Grossman
- Twitter: https://twitter.com/nickgrossman?lang=en
- Website: https://www.nickgrossman.xyz/
- Union Square Ventures: https://twitter.com/usv
Dylan Hixon
- LinkedIn: https://www.linkedin.com/in/dylan-hixon-1887803
- Arden Road Investments: https://www.ardenrd.com/
Thomas France
- Twitter: https://twitter.com/totofrance?lang=en
- LinkedIn: https://www.linkedin.com/in/thomasfrance/
Topics mentioned
- Fereshteh Forough on Unchained
- https://unchainedpodcast.com/crypto-actually-fixes-this-how-code-to-inspire-uses-crypto-in-afghanistan/
- Discussing crypto’s gender disparity on Unchained
- https://unchainedpodcast.com/cryptos-gender-disparity-what-can-be-done-about-it-4-women-weigh-in/
- she256
- https://she256.org/
- El Salvador and BTC
- https://www.coindesk.com/policy/2021/09/24/why-el-salvador-is-botching-its-bitcoin-experiment/
Cuy Sheffield, Visa’s head of crypto, discusses Visa’s crypto game plan, stablecoin regulation, NFTs, and more. Show highlights:
- Cuy’s background and his journey down the crypto rabbit hole
- how Visa and cryptocurrency can coexist
- why crypto companies and fintech companies are similar
- what Visa is trying to solve for consumers regarding cryptocurrencies
- how cross-chain payment infrastructure would work
- why Visa requires enhanced diligence for crypto companies
- what countries can learn from stablecoins when building CBDCs
- why Visa is creating a universal payment channel for CBDCs and other cryptocurrencies
- why Visa chose USDC to begin making payments with
- the two main reasons why stablecoins are used (hint: it’s not for buying cups of coffee)
- how cryptocurrency is changing financial education and inclusion
- how crypto’s open-source ethos is helping underserved and emerging markets build financial infrastructure
- why NFTs are Cuy’s favorite topic
- how NFTs level the playing field for black artists (and artists in general)
- why Visa purchased a CryptoPunk and how other businesses could leverage NFTs
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Cuy Sheffield
- Twitter: https://twitter.com/cuysheffield
- LinkedIn: https://www.linkedin.com/in/cuy-sheffield-72082126/
- NFT collection: https://tryshowtime.com/csheffield
Content:
- Medium
-
- https://medium.com/@cuysheffield
- Tweets
-
- Thoughts on payroll deposits
-
- https://twitter.com/cuysheffield/status/1442571326447767554
- DAOs as chaotic organizations
-
- https://twitter.com/cuysheffield/status/1441536551016534019
Visa Crypto Plays
- CryptoPunk purchase
-
- https://usa.visa.com/visa-everywhere/blog/bdp/2021/08/18/nfts-mark-a-1629328216374.html
- First smart contract on Ropsten
-
- https://ropsten.etherscan.io/address/0xadb1f7e78a3ac3d0a006961f95d96bbb0ec14326#code
- NFT research report
-
- https://usa.visa.com/content/dam/VCOM/regional/na/us/Solutions/documents/visa-nft-whitepaper.pdf
- Cross-chain Interoperability
-
- https://usa.visa.com/visa-everywhere/blog/bdp/2021/09/29/making-digital-currency-1632954547520.html
- https://arxiv.org/pdf/2109.12194v2.pdf
-
Visa + USDC
-
https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.17821.html
-
https://www.forbes.com/sites/ninabambysheva/2021/03/29/visa-to-start-settling-transactions-with-bitcoin-partners-in-usdc/
-
Digital currency whitepaper
-
- https://usa.visa.com/content/dam/VCOM/regional/na/us/Solutions/documents/visa-digital-currency-overview.pdf
Ryan Gentry, business development lead at Lightning Labs, discusses the latest updates on the Lightning Network, the layer 2 solution for Bitcoin. Highlights:
- how Lightning Network is bringing Bitcoin to the masses through partnerships with Twitter, Substack, and Paxful
- what the significance of El Salvador adopting Bitcoin means for the Lightning Network
- how many nodes are running Lightning Network nodes
- why the capacity on the Lightning Network has grown rapidly
- how Ryan has seen interest in Lightning has changed since the El Salvador announcement earlier this year
- what stage of adoption Ryan thinks the Lightning Network is
- why Lightning Network total-value-locked should not be compared to Ethereum L2s or other DeFi protocols
- how Lightning Network differs from DeFi
- what metric Ryan believes is the best way to measure adoption on Lightning Network
- how El Salvador has changed the types of transactions being made on Lightning Network
- what’s next for Lightning Network and how Lightning micropayments could affect how podcasts (like Unchained!) are distributed
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Sorare: https://sorare.com
Episode Links
Ryan Gentry
- Twitter: https://twitter.com/ryanthegentry
The Summer of Lightning: Reaching the Tipping Point
- https://lightninglabs.substack.com/p/the-summer-of-lightning-reaching
Lightning Labs
- Twitter: https://twitter.com/lightning
- Website: https://lightning.engineering/
Lightning Enabled Tips
- Twitter:
-
- https://blog.twitter.com/en_us/topics/product/2021/bringing-tips-to-everyone
- Substack:
-
- https://decrypt.co/79215/substack-accept-bitcoin-payments-lightning-network
Paxful Integration
- https://bitcoinmagazine.com/business/paxful-integrates-bitcoin-lightning-network
Arcane Research Paper
- Paper:
-
- https://static1.squarespace.com/static/60377b34e7791c1277aaae97/t/615cb9aeaab8c63e1a732771/1633466815710/The+State+of+Lightning.pdf
- Tweet thread:
-
- https://twitter.com/ArcaneResearch/status/1445749299703205894
Lightning Network stats
- https://studio.glassnode.com/metrics?a=BTC&c=native&category=Lightning&chartStyle=column&contractExpiration=1640908800&ema=0&m=lightning.NetworkCapacitySum&mAvg=0&mMedian=0&resolution=24h&zoom=all
- https://1ml.com/statistics
Lightning Network Resources
- https://www.lopp.net/lightning-information.html
Preston Pysh episode with BTC Sessions
- https://www.youtube.com/watch?v=E5bBJjVEg1U
How does the SEC determine if a token is a security? Why is DeFi particularly hard to regulate? What will regulators do about stablecoins? On Unchained, Greg Xethalis, chief compliance officer at Multicoin Capital, and Collins Belton, founding partner at Brookwood P.C., dive into crypto regulation, discussing securities laws, DeFi regulation, and why the US should be promoting stablecoins rather than trying to shut them down. Highlights:
- why the SEC and CFTC have not announced bigger crypto enforcement news at the end of their fiscal years
- why the SEC is going after DINO (decentralized in name only) companies
- what the Howey and Reves tests areand how the SEC uses themto determine whether an asset is a security or not
- why Collins and Greg think the SEC has recently begun been applying Reves more often
- why they think centralized crypto lending products should not be considered securities under the Howey test
- whether new legislation needs to be written for cryptocurrency-based products
- what makes Collins think the SEC is being “disingenuous” regarding the SEC registration process for crypto companies, like Coinbase
- how regulators will end up handling DeFi and why both Greg and Collins are long-term optimistic
- how the US government has a “great history” of respecting privacy and encryption
- why regulatory pressure is likely to build up around centralized crypto exchanges and what we can learn from the EtherDelta case
- why Collins thinks most cryptocurrency companies should be regulated
- why the SEC is the best motivator for forcing protocols to fully decentralize
- how smart contracts could theoretically be used to standardize SEC Commissioner Hester Peirce’s Safe Harbor proposal
- how blockchain data makes cryptocurrency companies more transparent and easier to regulate than centralized entities
- what Collins and Greg think will happen with stablecoin regulation going forward
- why the US should be pushing to make dollar-pegged stablecoins more prominent
Take the Unchained survey!
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Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
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Episode Links
Greg Xethalis
- Twitter: https://twitter.com/xethalis
- LinkedIn: https://www.linkedin.com/in/xethalis/
Collins Belton
- Twitter: https://twitter.com/collins_belton
- LinkedIn: https://www.linkedin.com/in/collins-belton-10226283/
Cases Mentioned
- SEC charged DeFi Money Market
-
- https://www.coindesk.com/markets/2021/08/06/sec-charges-so-called-defi-company-for-allegedly-fraudulent-30m-offering/
- SEC charged EtherDelta
-
- https://www.coindesk.com/markets/2018/11/08/sec-charges-etherdelta-founder-over-unregistered-securities-exchange/
- Howey Test and Reves Test
-
- https://securities-law-blog.com/2014/11/25/what-is-a-security-the-howey-test-and-reves-test/
- https://skrypto.sewkis.com/howeys-cousin-reves-may-be-another-way-for-the-sec-to-argue-that-tokens-are-securities
- https://www.creditslips.org/creditslips/2021/09/coinbase-and-the-sec-.html
- DINO
-
- https://twitter.com/hesterpeirce/status/1423637816492318722?lang=en
Regulatory Stories
SEC
- SEC Chair Gary Gensler indicated that crypto lending and staking platforms most likely fall under US securities law
-
- https://www.theblockcrypto.com/post/117675/crypto-lending-staking-custody-gensler-sec
-
Gensler noted that Coinbase lists “dozens of tokens that might be securities.”
-
- https://decrypt.co/80924/gensler-coinbase-sec-securities
- Gensler thinks crypto exchanges need to register with SEC
-
- https://www.theblockcrypto.com/linked/117524/before-senate-chair-gensler-will-argue-that-many-crypto-trading-platforms-need-to-register-with-sec
- dYdX airdrops token, but not to US customers
-
- https://www.coindesk.com/business/2021/09/08/users-celebrate-massive-dydx-token-airdrop-as-transfer-restrictions-lift/
- Uniswap Labs investigation
-
- https://www.theblockcrypto.com/post/116633/how-the-secs-reported-uniswap-labs-investigation-could-signal-a-new-era-of-enforcement
Treasury
- Preparing a stablecoin report
-
- https://www.coindesk.com/policy/2021/09/16/us-treasury-turns-its-gaze-to-stablecoin-issuers/
Lending Platforms
- BlockFi NJ extension
-
- https://www.coindesk.com/business/2021/09/22/blockfi-gets-another-extension-from-nj-regulators-on-new-interest-accounts-ban/
- NJ, TX, AL move against Celsius
-
- https://www.coindesk.com/policy/2021/09/17/3-states-alabama-securities-commission-also-claims-celsius-violated-securities-laws/
- BlockFi CEO wants federal regulators to weigh in on crypto lending regulation
-
- https://www.coindesk.com/business/2021/09/13/blockfi-ceo-wants-sec-to-weigh-in-on-crypto-lending/
- Preston Bryne believes lending products are securities
-
- https://twitter.com/prestonjbyrne/status/1435452184607576066
CFTC
- Investigation of Binance
-
- https://www.bloomberg.com/news/articles/2021-09-17/u-s-s-binance-probe-expands-to-examine-possible-insider-trading?sref=f8taTPHn
Coinbase
- Contract with the Department of Homeland Security
-
- https://www.coindesk.com/business/2021/09/20/coinbase-signs-deal-with-homeland-security-to-provide-analytics-software/
- Coinbase will not be launching Lend
-
- https://blog.coinbase.com/sign-up-to-earn-4-apy-on-usd-coin-with-coinbase-cdad79e5f5eb
- Original blog post: https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009
- Collin’s tweet: https://twitter.com/collins_belton/status/1440009283291078656
- Coinbase is prepping a pitch for regulators
-
- https://www.coindesk.com/policy/2021/09/21/coinbase-to-propose-crypto-regulations-to-us-officials-sources/
- Filing with National Futures Association
-
- https://decrypt.co/81022/coinbase-files-application-trade-crypto-futures
- Armstrong tweetstorm referencing “sketchy” SEC behavior
-
- https://twitter.com/brian_armstrong/status/1435439291715358721
Other
- Possible stablecoin regulations proposed by NYT
-
- https://www.nytimes.com/2021/09/17/business/economy/federal-reserve-virtual-currency-stablecoin.html
- Wall Street Journal article on stablecoins
-
- https://www.wsj.com/articles/biden-administration-seeks-to-regulate-stablecoin-issuers-as-banks-11633103156
- a16z on stablecoin regulation
-
- https://future.a16z.com/stablecoins-stability-and-financial-inclusion/
- Former regulators joining a16z
-
- https://www.theblockcrypto.com/linked/117098/fresh-out-of-the-cftc-brian-quintenz-joins-a16z-cryptos-advisory-team
- https://www.theblockcrypto.com/post/109661/andreessen-horowitz-new-crypto-vc-hires
- Former regulators joining Binance
-
- https://markets.businessinsider.com/news/currencies/crypto-binance-jay-clayton-fireblocks-regulators-sec-cftc-wild-west-2021-08
- Sam Bankman-Fried on the importance of USD to crypto markets: https://twitter.com/SBF_FTX/status/1427179474538287104?s=20
Stephen Palley, partner at Anderson Kill, discusses a few hot-button crypto regulatory issues like lending products, whether DeFi protocols fall under the SEC’s purview, and more. Show highlights:
- why Stephen thinks the SEC and CFTC did not announce more extensive crypto enforcement news this week
- what areas the SEC Chair Gary Gensler and the SEC as a whole are focused on regulating
- what Stephen has heard about whether stablecoins that are not fully-backed are securities
- why Coinbase decided to drop its Lend product
- why Stephen is skeptical that decentralized protocols should be regulated under existing securities laws
- how securities law is contrary to consumer protection in light of DeFi protocols and airdrops
- why DeFi AMMs should be regulated differently than centralized market books
- whether companies running a front-end for a DeFi protocol should be considered an exchange
- why crypto devs are “going Satoshi” because of US securities laws
Thank you to our sponsors!
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Episode Links
Stephen Palley
- Twitter: https://twitter.com/stephendpalley
- Unchained podcast appearance speaking about Ripple: https://unchainedpodcast.com/the-secs-lawsuit-against-ripple-and-2-execs-what-you-need-to-know/
Topics Covered
Lending Products
- Coinbase blogs regarding Lend
-
- https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009
- https://blog.coinbase.com/sign-up-to-earn-4-apy-on-usd-coin-with-coinbase-cdad79e5f5eb
-
Lend overview: https://www.jdsupra.com/legalnews/a-september-to-remember-coinbase-avoids-7608131/
-
Brian Armstrong angry tweet storm
-
- https://twitter.com/brian_armstrong/status/1435439291715358721
- BlockFi and Celsius overview
-
- https://www.coindesk.com/policy/2021/09/17/3-states-alabama-securities-commission-also-claims-celsius-violated-securities-laws/
SEC + Gary Gensler
- How SEC Chair Gary Gensler’s Views on Crypto Have Changed Since His MIT Days
-
- https://unchainedpodcast.com/how-sec-chair-gary-genslers-views-on-crypto-have-changed-since-his-mit-days/
- SEC Chair Gary Gensler Washington Post Q&A
-
- https://www.washingtonpost.com/washington-post-live/2021/09/21/transcript-path-forward-cryptocurrency-with-gary-gensler/
- Gary Gensler + Elizabeth Warren letters
-
- https://www.warren.senate.gov/newsroom/press-releases/warren-releases-response-from-sec-chair-gensler-affirming-need-to-regulate-cryptocurrency-exchanges-and-protect-investors-and-our-financial-system
Other
- Uniswap delisting certain tokens through its front end
-
- https://www.theblockcrypto.com/linked/112399/uniswap-labs-culls-synthetic-stock-and-derivatives-citing-evolving-regulatory-landscape
Fereshteh Forough is the founder and CEO of Code to Inspire, a coding school for girls in Afghanistan. She discusses her background as a refugee, how she uses crypto to fund the school and pay students, and how the US military’s departure has affected student life. Topics include:
- Fereshteh’s journey from refugee to computer science professor to founder and CEO of Code to Inspire
- what Code to Inspire offers to young Afghan women and what risks they take by getting an education
- how Code to Inspire success stories are changing the attitudes of student’s families and communities
- the importance of Afghan Hero Girl, a video game created by Code to Inspire students
- why crypto payments are a better alternative to PayPal and Western Union for Code to Inspire and its students
- how Code to Inspire and its students exchange crypto to fiat
- what the perception of crypto is in Afghanistan
- how the Taliban is stifling the education of women and how Code to Inspire is attempting to continue its curriculum
- how crypto companies can offer assistance to Code to Inspire
- what features and products Fereshteh thinks would the crypto industry actually bank the unbanked
- how listeners can help Code to Inspire and where to find more information on Fereshteh
Thank you to our sponsors!
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Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Digital Asset Research: https://www.digitalassetresearch.com/
Episode Links
Fereshteh Forough
- Twitter: https://twitter.com/f_forough
- LinkedIn: https://www.linkedin.com/in/fereshtehforough/
Code to Inspire
- Instagram: https://www.instagram.com/codetoinspire/
- Twitter: https://twitter.com/CodeToInspire
- Website: https://www.codetoinspire.org/
- Donating crypto: https://www.codetoinspire.org/donate-crypto/
- Services offered:
-
- https://www.codetoinspire.org/hire-a-cti-graduate/
Code to Inspire Coverage
- Forbes
-
- https://www.forbes.com/sites/stevenehrlich/2021/08/17/taliban-resurgence-could-threaten-afghan-school-teaching-women-to-code-and-build-ethereum-apps/?sh=465a8208197d
- The Giving Block
-
- https://thegivingblock.com/donate/Code-to-Inspire/
- Code to Inspire students are coding at home
-
- https://cointelegraph.com/news/amid-taliban-takeover-aspiring-crypto-miner-flees-afghanistan
- CoinDesk on Code to Inspire + ETH
-
- https://www.coindesk.com/markets/2018/06/12/forget-prices-ethereum-is-offering-a-different-value-in-afghanistan/
- Coinbase
-
- https://blog.coinbase.com/fereshteh-forough-interview-1e73a684788f
- Inverse
-
- https://www.inverse.com/innovation/57129-fereshteh-forough-afghanistan-bitcoin
- Afghan Hero Girls
-
- https://www.gamesindustry.biz/articles/2019-04-19-code-to-inspire-is-creating-afghan-hero-girls-through-education
US Military leaving Afghanistan
- https://www.cbsnews.com/news/afghanistan-withdrawal-united-states-troops-pentagon/
- https://www.wsj.com/articles/last-u-s-troops-leave-afghanistan-after-nearly-20-years-11630355853
Nik De, managing editor for global policy and regulation at CoinDesk, stops by Unconfirmed to discuss the current state of crypto regulation, including recent comments by SEC Chair Gary Gensler on stablecoins and why Coinbase decided to sideline its Lend product. Highlights:
- Nik’s biggest takeaway from Gary Gensler’s interview with the Washington Post
- why Nik thinks Gensler has escalated his rhetoric regarding stablecoins and DeFi
- how crypto exchanges are currently regulated and how that might change
- what it would take to convince crypto exchanges to register with the SEC
- whether the SEC has the purview to regulate stablecoins
- Nik’s thoughts on Coinbase’s Lend product and the SEC’s stance on lending products
- what the overall picture of crypto lending is in the US
- whether the SEC will go after DeFi protocols
- what to expect from the SEC going forward, especially with the end of its fiscal year coming up next week
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Digital Asset Research: https://digitalassetresearch.com
Sorare: https://sorare.com
Episode Links
Nikhilesh De
- CoinDesk articles: https://www.coindesk.com/author/nikde/
- Twitter: https://twitter.com/nikhileshde
Content
- Coinbase blogs regarding Lend
-
- https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009
- https://blog.coinbase.com/sign-up-to-earn-4-apy-on-usd-coin-with-coinbase-cdad79e5f5eb
-
SEC Chair Gary Gensler Washington Post Q&A
-
- https://www.washingtonpost.com/washington-post-live/2021/09/21/transcript-path-forward-cryptocurrency-with-gary-gensler/
- Brian Armstrong tweet storm
-
- https://twitter.com/brian_armstrong/status/1435439291715358721
- BlockFi and Celsius overview
-
- https://www.coindesk.com/policy/2021/09/17/3-states-alabama-securities-commission-also-claims-celsius-violated-securities-laws/
Read my latest Medium post, “The Reason Crypto Regulation Is Turning Out to Be So Difficult,” which takes take a deeper dive into some of the topics addressed in this pod :)
- https://medium.com/@laurashin/the-reason-crypto-regulation-is-turning-out-to-be-so-difficult-788cc134958d
Rhea Myers, artist, hacker, writer, and senior smart contract developer at Dapper Labs, has been making crypto art before NFTs were a thing. Check out this episode to learn about Rhea’s work as an OG crypto artist, why she believes concerns over NFT energy consumption are overblown, and how NFTs are changing the art world. Show highlights
- Rhea’s experience entering the crypto space
- what inspired her to make Bitcoin-based transaction art
- what blockchain art she was creating in 2014
- how she helped Coin Artist create crypto puzzles
- what Rhea thinks about Cadence, the programming language for Flow
- what conceptual art and blockchain art have in common
- how Rhea minted her soul on a Dogecoin fork
- how Rhea came up with the idea of Secret Artwork (Content), which was recently sold at a Sotheby’s auction
- what cryptographic elements influenced Secret Artwork (Content)
- why Rhea was wrong about how the NFT industry would evolve
- why Rhea believes concerns over NFT energy usage are overblown
- how NFTs are changing the art world
- what Rhea thinks about the NFT DAO movement
- what about NFTs make them so fascinating, in a legal sense, to Rhea
Read the sidebar — and see Rhea's artwork!
If you'd like to see the art discussed in the show, be sure to check out the sidebar I wrote on Medium:
https://medium.com/@laurashin/how-rhea-myers-made-blockchain-art-before-nfts-were-a-thing-e6ac52d3abf9
Thank you to our sponsors!
Ledger: https://www.ledger.com/start-your-crypto-journey/?utm_source=Unchained&utm_medium=Partnership_Podcast&utm_campaign=14-09-Ledger-US-Brand-Paid&utm_content=subj_Global__msg_brand_convenience__targ_Crypto
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Digital Asset Research: https://www.digitalassetresearch.com/
Episode Links
Rhea Myers
- Twitter: https://twitter.com/rheaplex
- Website: https://rhea.art/
- LinkedIn: https://www.linkedin.com/in/robertmyers/
Example Art
- Secret Artwork (Content)
-
- https://www.sothebys.com/en/buy/auction/2021/natively-digital-a-curated-nft-sale-2/secret-artwork-content
-
MYSOUL
-
- https://www.artnews.com/art-in-america/features/nft-joke-1234588596/
- Is Art
-
- https://rhea.art/is-art
- Proof Of Existence 2, 2014, Bitcoin Transaction
-
- https://rhea.art/proof-of-existence
- Art examples
-
- https://rhea.art/art
Other
- Artists Rethinking the Blockchain (book)
-
- https://torquetorque.net/publications/artists-rethinking-the-blockchain/
- Generative art (featuring Rhea Myers)
-
- https://medium.com/@mitchellfchan/nfts-generative-art-and-sol-lewitt-e99a5fa2b0cb
- Blockade games + crypto puzzles
-
- https://blockade.games/press/index.html
- https://www.cbc.ca/radio/asithappens/as-it-happens-friday-edition-1.4528357/this-painting-is-actually-a-bitcoin-puzzle-worth-more-than-40k-and-someone-finally-solved-it-1.4529176
- Unchained Episode: What Exactly Do You Get When You Buy an NFT? Three Lawyers Discuss
-
- https://unchainedpodcast.com/what-exactly-do-you-get-when-you-buy-an-nft-three-lawyers-discuss/
Aidan Mott, research analyst at Messari, discusses Solana’s network restart that resulted in the blockchain going dark for 17 hours earlier this week. Show highlights:
- when Solana validators noticed something was wrong and how they responded
- what initial dex offering (IDO) caused the network to be flooded with transactions
- how a surge in bot transactions pushed validators to decide to restart the network
- how Solana’s outage compares to similar incidents on other chains
- why the Solana community was most likely not surprised by the 17-hour restart
- how Solana validators and the Solana Foundation coordinated the network restart
- how Solana Labs CEO Anatoly Yakovenko communicated with the community during the outage
- whether Solana is still vulnerable to a similar flood of transactions
- what the network restart means in terms of Solana’s centralization
- why Solana validators running the same client could be an issue
Check Out the Related Article
In addition to the analysis from Aidan, I did an interview with a Solana validator about his experience of the outage, and his concerns for the network going forward. Check out "The Experience of One Validator: What Happened During Solana's 17-Hour Outage?" in my Facebook Bulletin newsletter here -- and subscribe today!
https://laurashin.bulletin.com/178076467796725
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Digital Asset Research: https://digitalassetresearch.com
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Episode Links
Aidan Mott
- Twitter: https://twitter.com/KidKrypt0
- LinkedIn: https://www.linkedin.com/in/aidan-mott-77665267/
Messari
- https://messari.io/
Solana Outage
- The Block’s coverage
-
- https://www.theblockcrypto.com/linked/117711/solana-blockchain-validators-restart-network-after-transaction-stoppage
- https://www.theblockcrypto.com/linked/117624/solana-experiences-transaction-stoppage-as-developers-report-intermittent-instability
- CoinDesk coverage
-
- https://www.coindesk.com/markets/2021/09/14/solana-validators-ready-potential-restart-amid-blockchain-outage/
- Decrypt coverage
-
- https://decrypt.co/81004/solana-back-online-following-downtime-network-restart
- Why the mainnet went down
-
- https://twitter.com/buffalu__/status/1437792673784549383
- Potential ramifications
-
- https://twitter.com/CometShock/status/1437870278684590091
- Neha Narula tweet
-
- https://twitter.com/neha/status/1438487308433494022
- Solana Status -- the Twitter account that sent information out on the state of the network
-
- https://twitter.com/SolanaStatus
- Anatoly Yakovenko Solana outage tweets
-
- https://twitter.com/aeyakovenko/status/1437887482897518595
- https://twitter.com/aeyakovenko/status/1437784552324358155
- https://twitter.com/aeyakovenko/status/1438496595360862215
- https://twitter.com/aeyakovenko/status/1438465508412739588
- https://twitter.com/aeyakovenko/with_replies
Once the block reward diminishes greatly, can Bitcoin be secured only by transaction fees? On Unchained, Bitcoin writer Vijay Boyapati and Ethereum Foundation’s Justin Drake debate the merits of Bitcoin’s security model, which Drake says will largely rely on transaction fees as soon as within 20-30 years, not in 100+ years. Highlights:
- Justin’s and Vijay’s professional backgrounds
- why Justin thinks Bitcoin cannot survive solely on fees
- how Bitcoin is currently secured
- what makes Bitcoin’s security subjective rather than binary
- how much it would cost in dollars to 51% attack Bitcoin
- what the Bitcoin network could do in response to a 51% attack
- how to calculate Bitcoin’s security budget
- why Bitcoin's price can’t go exponential forever
- whether a “nuclear option” for Bitcoin miners could protect against a 51% attack
- why nation-states could be either pro or anti-Bitcoin
- why a Bitcoin Standard could be similar to the Gold Standard
- how Bitcoin will change going forward, and why Vijay thinks transaction fees will increase
- why Justin does not think transaction fees will increase enough to secure Bitcoin’s base layer
- how Justin would fix Bitcoin’s security model -- and why he thinks the 21 million hard cap is a meme
- why Vijay does not think Bitcoin’s security model will ever change -- especially the 21 million hard cap
- what Justin thinks Ethereum is doing better than Bitcoin
- why Vijay thinks Ethereum will fail
Take the annual Unchained survey!
Hey all, the Unchained survey is out now, and we'd so appreciate it if you could give us your thoughts on how Unchained is doing and what we could do better. Plus, we've got some questions for you about Laura's upcoming book launch and the articles that she's already starting to write! Two lucky survey respondents will receive a BTC candle, which is scented with "satoshiwood, musk musk, tulip bulbs and finite minerals."
Head to surveymonkey.com/r/unchained2021 to fill out the survey today!
Subscribe to my Facebook Bulletin Newsletter!
Hey all, I'm excited to announce that I'll be writing a Facebook Bulletin newsletter , joining the likes of Malcolm Gladwell, Malala Yousafzai and Adam Grant, among others. My first post is already up.
Thank you to our sponsors!
Digital Asset Research: https://www.digitalassetresearch.com/
Ledger: https://www.ledger.com/
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Episode Links
Justin Drake
- Twitter: https://twitter.com/drakefjustin
- LinkedIn: https://www.linkedin.com/in/drakefjustin/
- Recent Unchained appearance:
-
- https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/
Vijay Boyapati
- Twitter: https://twitter.com/real_vijay
- LinkedIn: https://www.linkedin.com/in/vijayboyapati
- The Bullish Case for Bitcoin:
-
- https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1
Bitcoin’s Security Model
- Hasu
-
- https://ark-invest.com/podcast/bitcoins-security-model-with-hasu/
- Dan Held
-
- https://danhedl.medium.com/bitcoins-security-is-fine-93391d9b61a8
- Nic Carter
-
- https://medium.com/@nic__carter/bitcoin-bites-the-bullet-8005a2a62d29
- https://www.docdroid.net/C7uTY1R/mit-expo-slides-nic-carter-pdf#page=12
- Paul Sztorc
-
- https://www.truthcoin.info/blog/security-budget/
- Donal McIntyre
-
- https://etherplan.com/2019/05/17/why-the-bitcoin-fee-model-will-work/7587/
- Phil Geiger
-
- https://unchained-capital.com/blog/21-million-is-non-negotiable/
- Jordan McKinney
-
- https://medium.com/coinmonks/bitcoin-security-a-negative-exponential-95e78b6b575
- https://medium.com/coinmonks/bitcoin-security-in-one-chart-694ee3ed8c2d
- Lyn Alden
-
- https://www.lynalden.com/bitcoin-security-modeling/
- Princeton
-
- https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf
- Doomsday economics of PoW
-
- https://www.bis.org/publ/work765.pdf
Basic Info
- How BTC fees work
-
- https://river.com/learn/how-bitcoin-fees-work/
- https://en.bitcoin.it/wiki/Miner_fees
- What will happen when all BTCs are mined?
-
- Decrypt: https://decrypt.co/33124/what-will-happen-to-bitcoin-after-all-21-million-are-mined
- River: https://river.com/learn/what-will-happen-after-all-bitcoin-mined/
Bitcoin Fees
- https://studio.glassnode.com/metrics?a=BTC&category=&ema=0&m=fees.VolumeSum&mAvg=365&mMedian=0&modal=loginForm
Ephrat Livni, a DealBook business and policy reporter at the New York Times, discusses Coinbase’s fight with the SEC over its Lend product and El Salvador’s adoption of Bitcoin as legal tender. Show highlights:
- why Coinbase is unhappy with what it calls the SEC’s “sketchy” behavior
- how Coinbase’s Lend product is structured and why it might be a security
- why Ephrat considers Coinbase’s reaction to the SEC’s decision on Lend to be “trolling”
- what we can learn from SEC chair Gary Gensler’s letters with Senator Elizabeth Warren
- what legal precedence the SEC is leaning on in its decision about Lend
- how to explain the SEC’s choice to not meet with Coinbase in Washington
- why Ephrat thinks Brian Armstrong sounds entitled
- Why even pro-Bitcoin groups in the US take issue with El Salvador’s adoption of Bitcoin as legal tender
- why Ephrat thinks Bitcoin is not a practical payment mechanism for El Salvadorans
- how El Salvadorans have reacted to the law
- why Ephrat believes El Salvador’s mandate to accept BTC is philosophically problematic for Bitcoiners
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Digital Asset Research: https://digitalassetresearch.com
Sorare: https://sorare.com
Episode Links
Ephrat Livni
- Twitter: https://twitter.com/el72champs
- New York Times: https://www.nytimes.com/by/ephrat-livni
Coinbase
- Brian Armstrong tweet thread: https://twitter.com/brian_armstrong/status/1409555338836078592
- Coinbase blog: https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009
- Coinbase Lend: https://www.coinbase.com/lend
- Howey and Reves test: https://securities-law-blog.com/2014/11/25/what-is-a-security-the-howey-test-and-reves-test/
Bitcoin and El Salvador
- CoinDesk coverage:
-
- https://www.coindesk.com/policy/2021/09/07/as-el-salvador-enacts-bitcoin-law-locals-remain-confused-about-implementation/
- Wall Street Journal coverage: https://www.wsj.com/articles/bitcoin-comes-to-el-salvador-first-country-to-adopt-crypto-as-national-currency-11631005200
- CNN coverage: https://www.cnn.com/2021/09/06/business/bitcoin-price-el-salvador-intl-hnk/index.html
- CBS coverage: https://www.cbsnews.com/news/bitcoin-el-salvador-legal-currency/#:~:text=As%20legal%20tender%20in%20El,subject%20to%20capital%20gains%20tax.
- Reuters: https://www.reuters.com/technology/it-guy-in-chief-president-tries-fix-el-salvadors-bitcoin-woes-2021-09-08/
- Jerry Brito’s opinion: https://twitter.com/jerrybrito/status/1405660809024393221
- Survey results: https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/
Audius, a blockchain native music streaming platform, hit six million monthly active users in August and announced a partnership with TikTok. Roneil Rumburg, co-founder and CEO of Audius, talks about how Audius works, AUDIO tokenomics, the give and take of decentralization, and more. Show highlights:
- what problems Audius is solving for creators
- how artists are utilizing crypto to connect with fans
- how the crypto components of Audius fit together
- what three utilities AUDIO, the native token of Audius, offers holders
- why Audius requires over $500K in AUDIO tokens to run a node
- why AUDIO’s inflation rate is higher than other popular tokens like Ethereum or Bitcoin
- which portions of Audius are centralized versus decentralized
- where the majority of Audius’s listens come from (hint: it’s not the app)
- how Audius has created a “password” system to make blockchain technology easier to use for non-crypto natives
- why Audius uses both Solana and Ethereum
- how big-name artists like Diplo found their way onto Audius
- how Audius makes it easier to upload music to TikTok
- what’s next for Audius
Take the annual Unchained survey!
Hey all, the Unchained survey is out now, and we'd so appreciate it if you could give us your thoughts on how Unchained is doing and what we could do better. Plus, we've got some questions for you about Laura's upcoming book launch and the articles that she's already starting to write! Two lucky survey respondents will receive a BTC candle, which is scented with "satoshiwood, musk musk, tulip bulbs and finite minerals."
Head to surveymonkey.com/r/unchained2021 to fill out the survey today!
Follow Laura on Medium!
Hey everyone, some news: I've begun writing news and features again. I’m now a Medium Partner, one of a group of writers I have long admired, such as Susan Orlean, Cory Doctorow, James Surowiecki and Will Leitch, among others. You can already check out my first post, which is on my career trajectory and why I still love covering crypto six years in. To find all my writing on Medium, please follow me at Medium.com/@laurashin.
Thank you to our sponsors!
Digital Asset Research: https://www.digitalassetresearch.com/
Ledger: https://www.ledger.com/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Roneil Rumburg
- Twitter: https://twitter.com/roneilr
Audius
- Website: https://audius.co/
- Twitter: https://twitter.com/AudiusProject
- Whitepaper: https://whitepaper.audius.co/AudiusWhitepaper.pdf
- Discord: https://discord.com/channels/557662127305785361/806017242734395413
What is Audius?
- Decrypt: https://decrypt.co/resources/what-is-audius-the-decentralized-music-sharing-and-streaming-service
- Messari: https://messari.io/asset/audius/profile
- Coindesk: https://www.coindesk.com/business/2020/11/11/audius-has-big-numbers-by-crypto-standards-but-can-it-take-on-soundcloud/
TikTok + Audius Coverage
- Audius: https://twitter.com/AudiusProject/status/1427299274325323779
- Rolling Stone: https://www.rollingstone.com/pro/news/tiktok-sounds-streaming-crypto-blockchain-nfts-audius-1211699/
General Coverage
- 6M monthly users
-
- https://twitter.com/AudiusProject/status/1433248161443684356
-
Moving to Solana (Oct 2020):
-
- https://www.coindesk.com/markets/2020/10/29/audius-the-decentralized-spotify-is-moving-part-of-its-service-to-solana-blockchain/
- 5M monthly users (Aug 5):
-
- https://www.coindesk.com/markets/2021/08/05/blockchain-based-music-streaming-service-audius-up-to-5m-monthly-users/
- Copyright nightmare (The Verge 2019)
-
- https://www.theverge.com/2019/10/9/20905384/audius-blockchain-music-streaming-service-copyright-infringement-piracy
- NFTs (April 2021)
-
- https://decrypt.co/65808/crypto-streaming-music-service-audius-nfts
- Token Drop (Oct 2020):
-
- https://medium.com/audius/welcome-audio-to-mainnet-409009bc130c
- https://decrypt.co/46390/audius-distributes-crypto-rac-deadmau5-listeners
- Youtube + Audius project
-
- https://youtubetoaudius.com/
- Music Racer:
-
- https://store.steampowered.com/app/893030/Music_Racer/
- Raises
-
- https://musically.com/2020/10/26/decentralised-streaming-service-audius-raises-another-1-25m/
- https://techcrunch.com/2018/08/08/audius/
- https://musically.com/2020/08/03/blockchain-music-service-audius-raises-3-1m-funding-round/
- Node requirements:
-
- https://blog.audius.co/posts/a-primer-on-audio-staking#:~:text=All%20node%20operators%20are%20required,cost%20slightly%20more%20to%20operate.
Steven Ehrlich, director of research for digital assets at Forbes, discusses the FTX.US-LedgerX merger, what to expect from FTX going forward, DeFi regulation, and more. Show highlights:
- why the FTX.US acquisition of derivatives platform LedgerX is significant
- how FTX.US stacks up against other US cryptocurrency exchanges
- who should use crypto derivative products
- how regulators might handle FTX.US and crypto derivative ETFs
- what to expect from FTX going forward
- how long FTX CEO Sam Bankman-Fried spends talking to regulators every day
- why Steven thinks crypto mergers and acquisitions will be a trend going forward
- what Steven learned from his conversations with Polygon and Hermez
- how Fereshteh Forough, a woman living in Afghanistan, is using crypto to help teach women to build dapps, smart contracts, and use crypto
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Polymarket: https://polymarket.com
Sorare: https://sorare.com
Episode Links
Steven Ehrlich
- https://www.forbes.com/sites/stevenehrlich/?sh=fb976542ce44
- https://twitter.com/Steven_Ehrlich
- https://www.forbes.com/newsletters/forbescryptoassetadvisor/?sh=55678b72dec8
FTX.US Merger
- https://www.forbes.com/sites/stevenehrlich/2021/08/31/us-bitcoin-exchange-backed-by-billionaire-sam-bankman-fried-moves-into-crypto-derivatives/
M&A Trend
- https://www.forbes.com/newsletters/forbescryptoassetadvisor/2021/08/31/exploring-voyagers-900-million-token-merger/?sh=29f4f16851b4
Interview with Sam Bankman-Fried
- https://www.forbes.com/sites/stevenehrlich/2021/08/30/billionaire-sam-bankman-fried-pushes-back-against-critics-of-crypto-derivatives/?sh=6428141b5cbd
Polygon-Hermez Deal
- https://www.coindesk.com/polygon-merges-with-hermez-network-in-250m-deal
Fereshteh Forough Coverage
- https://www.forbes.com/sites/stevenehrlich/2021/08/17/taliban-resurgence-could-threaten-afghan-school-teaching-women-to-code-and-build-ethereum-apps
Pplpleasr, the artist behind Fortune magazine’s recent crypto cover and Uniswap’s V3 announcement animation, talks about her crypto journey and how NFTs are changing the game for creators. Show highlights:
- how not getting a job at Apple changed her life forever
- how the Pplpleasr-Uniswap collaboration came about
- what goes into her creative process
- how Pplpleasr got hired for the Fortune magazine cover
- why she chose to represent anon-avatars on the Fortune cover
- why Pplpleasr was surprised by Fortune’s response to her artwork (and crypto in general)
- what sort of crypto personas are represented on the Fortune cover and why
- how NFTs are changing the paradigm of monetization for creators compared to the traditional art world
- what pplpleasr is looking forward to in future NFT smart contracts
- why NFTs are still limited right now
- why institutions, like Budweiser and Visa, are suddenly interested in NFTs
- what Fortune is doing to grow its NFT collection
- how DAOs are changing art curation and collecting
- why Pplpleasr was surprised that a DAO (bearing her name) purchased the Uniswap V3 animation
- where Pplpleasr thinks the NFT space will go in the next year or so
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Polymarket: https://polymarket.com
Episode Links:
Pplpleasr
- Twitter: https://twitter.com/pplpleasr1
- Instagram: https://www.instagram.com/pplpleasr/
- Website: https://pplplsr.com/
Pplpleasr Content:
- Fortune op-ed on crypto
-
- https://fortune.com/2021/08/06/nft-art-pplpleasr-fortune-cover-ethereum-defihow-crypto-changed-my-life/
- Her previous work for DeFi protocols
-
- https://pplplsr.com/Crypto
- Fortune cover
-
- https://fortune.com/2021/08/05/nft-drop-pplpleasr-cover-art-opensea-auction-ethereum/
- https://twitter.com/pplpleasr1/status/1423359319639212037?s=20
Miscellaneous Links
- PleasrDAO
-
- https://pleasr.org/
- https://pleasr.mirror.xyz/D9wIadL-5EEkt17glTtar21m3RDqfgkhkr__OEE2mOE
- OpenSea’s post-mortem on Chad sale
-
- https://twitter.com/opensea/status/1424866514558128130
- Business of business write up
-
- https://www.businessofbusiness.com/articles/defi-crypto-meme-hustler-yield-farmer-finance-blockchain-art-nft-pplpleasr-memetic-markting/
- Manifold
-
- https://www.manifold.xyz/
Nick Johnson, lead developer at the Ethereum Name Service (ENS), talks about making Ethereum human-readable, why Budweiser purchased an NFT, how purchasing an ENS works, and more. Show highlights:
- what ENS does and why it is important
- why Budweiser bought “beer.eth”
- how ENS names can be used to make Ethereum easier to use
- what business use cases ENS names make possible
- what made Nick want to create a naming service on Ethereum
- how people are using their ENS names
- why people are purchasing ENS names
- what privacy issues arise from people attaching their name to an ETH address
- what happens when Ethereum addresses get spammed with unwanted tokens
- how to buy an ENS name and how much it costs
- how ENS handles squatters
- what happens when you lose access to an address holding an ENS name
- how ENS is integrating normal domains (ex: “.com”) to Ethereum
- what ENS has planned for L2 launches
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Polymarket: https://polymarket.com
Sorare: https://sorare.com
Episode Links:
Nick Johnson
- Twitter: https://twitter.com/nicksdjohnson
- Website: http://blog.notdot.net/
Ethereum Domain Service
- Twitter: https://twitter.com/ensdomains
- Website: https://app.ens.domains/
Miscellaneous links
- Budweiser ENS purchase: https://decrypt.co/79397/from-visa-to-budweiser-big-brands-are-taking-nfts-seriously
- Unwanted tokens being sent to addresses
-
- https://decrypt.co/79406/budweiser-dick-pic-nft-ethereum-wallet
- https://www.coindesk.com/markets/2021/05/12/vitaliks-regift-of-unsolicited-doge-knockoffs-sends-memecoin-prices-plunging/
- DNS (.com) integration with ENS: https://twitter.com/ensdomains/status/1430933399745798155
BitGo CEO Mike Belshe and COO Jeff Horowitz talk about one of the hottest topics facing the crypto industry today: regulation. They discuss...
- what BitGo does
- why Jeff left his successful TradFi career to go crypto
- how crypto compliance and custody differs from the traditional finance world
- the state of crypto education amongst regulators
- why Jeff and Mike think the infrastructure bill is a win for the crypto industry
- what FinCEN is doing to regulate crypto
- why they think the infrastructure bill’s goal of raising billions in crypto taxes could only bring in millions
- what FATF guidance regarding VASPs requires of crypto companies
- why the travel rule could lead to US customer data being shared overseas
- how digital assets change the implications of the travel rule
- how regulators are attempting to deal with DeFi
- what the FATF guidance means for FATF countries, like the US
- why DeFi is not ready for strict regulations
- Jeff’s views on Brian Brooks’s departure from BinanceUS
- the Galaxy Digital acquisition of BitGo
- what security issues a trillion-dollar wallet presents
- why BitGo refused to put a “freeze” function in its WBTC contract
- why Tesla and MicroStrategy purchased BTC and why other companies have been slow to follow suit
- whether BitGo will offer NFT solutions going forward
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Polymarket: https://polymarket.com/
Episode links
Mike Belshe -- CEO BitGo
- LinkedIn: https://www.linkedin.com/in/mikebelshe/
- Twitter: https://twitter.com/mikebelshe
- Previous Unchained appearance: https://unchainedpodcast.com/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future/
Jeff Horowitz -- CCO BitGo
- LinkedIn: https://www.linkedin.com/in/jeff-horowitz-3381977
BitGo
- Website: https://www.bitgo.com/
- Twitter: https://twitter.com/BitGo
-
Blog: https://blog.bitgo.com/
-
Galaxy Digital purchase: https://www.coindesk.com/galaxy-digital-to-buy-bitgo-for-about-1-2-billion-in-stock-cash
- FATF solution: https://www.coindesk.com/us-crypto-giants-build-first-version-of-fatf-compliant-travel-rule-tool
- New York Trust Charter: https://decrypt.co/60110/bitgo-new-york-trust-charter-crypto-wall-street
Infrastructure bill and its implications for crypto
- https://twitter.com/mikebelshe/status/1424163820726009861
- https://www.wsj.com/articles/bitcoin-fans-are-suddenly-a-political-force-11629115380
- https://www.coindesk.com/infrastructure-bill-house-politics
- https://www.cnbc.com/2021/08/16/tax-foundation-infrastructure-bill-crypto-tax-provision-is-unworkable.html
- https://decrypt.co/78198/senate-passes-infrastructure-bill-crypto-tax-house
- https://www.taxnotes.com/featured-analysis/proposal-regulate-digital-asset-transactions-should-be-struck/2021/08/13/775gf#.YRfX9GEX2GI.twitter
- https://twitter.com/vtg2/status/1426264859071627266
- https://twitter.com/BlockchainAssn/status/1427276559052910599
- Unchained coverage:
-
- https://unchainedpodcast.com/how-congress-might-pass-laws-bad-for-proof-of-stake-and-defi/
- https://unchainedpodcast.com/crypto-got-screwed-what-happens-next-in-the-senate/
- https://unchainedpodcast.com/this-bill-looks-very-bad-for-crypto/
FATF and the travel rule
- https://sumsub.com/blog/what-is-the-fatf-travel-rule/
- Unchained coverage:
-
- https://unchainedpodcast.com/why-the-travel-rule-is-one-of-the-most-significant-regulations-in-crypto/
- https://unchainedpodcast.com/why-proposed-fatf-rules-could-be-a-shock-for-defi/
FinCEN reporting
- https://www.theblockcrypto.com/post/99898/what-comes-next-for-the-us-treasury-departments-plans-to-monitor-crypto-wallets
- https://www.theblockcrypto.com/post/88347/treasury-crypto-wallets-reporting-rule
- Unchained coverage:
-
- https://unchainedpodcast.com/why-proposed-fatf-rules-could-be-a-shock-for-defi/
Miscellaneous links
- Brian Brooks’s BinanceUS departure: https://www.coindesk.com/binance-us-ceo-brian-brooks-quits-cites-strategic-differences
- Poly Network hack: https://www.elliptic.co/blog/the-poly-network-hack-600-million-in-crypto-stolen-and-returned-in-24-hours
- WBTC: https://www.bitgo.com/newsroom/press-releases/wbtc-brings-bitcoin-to-ethereum/
SOL is up 75% over the past seven days, 205% in the past month, and 3,800% YTD. On Unchained, Multicoin Capital’s Kyle Samani discusses the DeFi projects fueling Solana’s growth, why he thinks Solana could make Ethereum obsolete, and the spectrum of decentralization. Show highlights:
- what factors have contributed to SOL’s growth this year
- what two milestones occurred last week that Kyle thinks supercharged SOL’s popularity
- why Kyle thinks the issues with the Degen Ape Academy NFT drop were not actually a problem with the Solana blockchain
- what projects will be possible on Solana that are impracticable on Ethereum
- why Kyle thinks some combination of NFTs and social token apps will be the first breakout app on Solana
- why Solana decreases the risk of massive liquidations -- like the crypto industry saw on Black Thursday in March 2020
- how Solana and Ethereum differ in regards to composability and fragmentation
- what BitClout has to do with Kyle’s Solana investment thesis
- why Solana could be the basis for the next crypto bull run
- why Kyle thinks the Ethereum merge as it completes transition to Ethereum 2.0 will not really affect Solana
- how the competition between Solana and Ethereum could play out in the next 12 months
- why Kyle is not overly concerned about Solana being more centralized than Ethereum
- what the Solana versus Ethereum competition will look like going forward, and why Solana may have the upper hand
- what Kyle learned from his investment in EOS
Thank you to our sponsors!
Sorare: https://sorare.com
Polymarket: https://polymarket.co/unconfirmed
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Episode links
Kyle Samani
- Twitter: https://twitter.com/KyleSamani
- Multicoin Capital: https://multicoin.capital/
Previous Unchained appearances:
- May 2021: https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/
- April 2020: https://unchainedpodcast.com/the-most-forkable-defi-protocols-on-ethereum/
- March 2020: https://unchainedpodcast.com/teetering-on-the-edge-how-black-thursday-exposed-the-flaws-in-the-crypto-markets/
- January 2020: https://unchainedpodcast.com/kyle-samani-on-how-2020-will-be-the-year-of-small-success-stories/
- March 2019: https://unchainedpodcast.com/how-binance-could-become-the-first-decentralized-autonomous-corporation/
- June 2018: https://unchainedpodcast.com/multicoins-kyle-samani-on-why-he-believes-bitcoin-governance-doesnt-accommodate-the-real-world-ep-025/
- May 2018: https://unchainedpodcast.com/multicoin-on-the-1-thing-crypto-teams-miss-in-their-quests-for-success/
Solana
- Twitter: https://twitter.com/solana
- Recent updates: https://solana.com/news/solana-ecosystem-news/
- Website: https://solana.com/
Recent SOL boom
- https://twitter.com/JohnStCapital/status/1427088119870935047
- https://www.ar.ca/blog/11-thoughts-during-a-digital-assets-bull-market
- https://www.forbes.com/sites/ninabambysheva/2021/08/16/solana-hits-new-all-time-high-above-60/
- https://twitter.com/KyleSamani/status/1425282669630328841
Projects
- Saber (AMM/DEX) growth
-
- https://twitter.com/Saber_HQ/status/1428062812228759564
-
Audius
-
- https://www.coindesk.com/crypto-powered-audius-wins-tiktok-tie-up-for-streaming-music-direct-to-platform
- Degenerate Ape Academy
-
- https://www.theblockcrypto.com/post/114703/solana-hits-all-time-high-as-market-watchers-say-institutional-interest-is-growing
- https://twitter.com/Pentosh1/status/1427034066784763904
- https://twitter.com/samecwilliams/status/1426828830552084482
- Mango Markets
-
- https://www.coindesk.com/solanas-mango-markets-dex-raises-70m-in-mngo-token-sale
- Wormhole
-
- https://www.coindesk.com/solana-launches-cross-chain-wormhole-for-shuttling-assets-from-ethereum-bsc
Multicoin’s Solana material
- https://multicoin.capital/2021/05/04/announcing-venture-fund-ii/
- https://multicoin.capital/2019/03/14/on-value-capture-at-layers-1-and-2/
- https://multicoin.capital/2019/07/30/the-world-computer-should-be-logically-centralized/
Solana overview
- https://thedefiant.io/solana-defi-ecosystem-overview/
- https://research.thetie.io/solana-ecosystem/
- https://research.binance.com/en/projects/solana
- https://medium.com/coinmonks/solana-more-update-for-sol-becb65024877
- https://genesisblockhk.com/what-is-solana/
Block explorers
- https://explorer.solana.com/
- https://solanabeach.io/
- https://solanaproject.com/
Submitted questions from Unchained listeners
- https://twitter.com/Unchained_pod/status/1428136429805264898
NFTs are the talk of the metaverse, EIP 1559 just went live, and DeFi stats are rebounding. On Unchained, Fredrik Haga, cofounder and CEO at Dune Analytics, along with Richard Chen, general partner at 1confirmation, discuss the booming Ethereum ecosystem through the lens of on-chain data, diving into NFTs, DeFi, ETH, and their favorite layer 2s. Show highlights:
- why Ethereum is on such a pronounced upswing
- why on-chain metrics lead to superior information reporting
- mind-blowing OpenSea statistics
- why NFTs are so hot at the moment
- how Richard explains NFTs to normies
- whether the NFT market is sustainable
- what makes an NFT drop pop and why profile pics (PFPs) matter
- how Polygon NFTs compare to Ethereum NFTs
- the main driving force behind DeFi usage
- how Richard measures the total amount of DeFi users
- what brings new users into DeFi
- what DEX trends Fredrik is keeping his eye on
- why structured products are crucial to DeFi’s continued success
- how Ethereum is doing since the London hard fork
- why NFT drops are like 2017 ICOs
- what metric shows ETH adoption outpacing BTC adoption among institutions
- which layer 2 solutions are Fredrik and Richard excited about
- why Richard considers Binance Smart Chain a centralized blockchain
- why Fredrik likes what Solana is building
- Richard and Fredrik’s predictions for the NFTs, DeFi, and ETH going forward
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Polymarket: https://polymarket.com/
Episode Links
Richard Chen
- Twitter: https://twitter.com/richardchen39
- 1confirmation: https://www.1confirmation.com/
- Dune Analytics dashboards: https://dune.xyz/rchen8
Fredrik Haga
- Twitter: https://twitter.com/hagaetc
- Dune Analytics: https://dune.xyz/home
- Dune Analytics dashboards: https://dune.xyz/hagaetc
On-chain dashboards
- Stablecoins: https://dune.xyz/hagaetc/stablecoins
- Lending: https://dune.xyz/hagaetc/lending
- DEXs: https://dune.xyz/hagaetc/dex-metrics
- ETH 2.0 deposits: https://dune.xyz/hagaetc/eth2-0-deposits
- OpenSea: https://dune.xyz/rchen8/opensea
- DeFi users: https://dune.xyz/rchen8/defi-users-over-time
- NFT prices: https://dune.xyz/rchen8/NFT-prices
- SuperRare: https://dune.xyz/rchen8/superrare_4
- Nexus Mutual: https://dune.xyz/eliasimos/Nexus-Mutual-Financials
- ETH fees burned: https://dune.xyz/rchen8/ETH-fees-burned-in-1confirmation-portfolio
- Base Fees: https://dune.xyz/msilb7/EIP1559-Base-Fee-x-Tip-by-Block
Unchained episodes mentioned
- Ultra Sound Money: https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/
- EIP 1559: https://unchainedpodcast.com/ethereums-eip-1559-will-solve-some-problems-but-big-ones-will-remain/
- OpenSea: https://unchainedpodcast.com/how-nft-platform-opensea-plans-to-maintain-its-competitive-advantage-ep-232/
Miscellaneous
- Zed Run: https://zed.run/
- Axie Infinity: https://axieinfinity.com/
- Qiao Wang tweet: https://twitter.com/QwQiao/status/1425773846418821125
- Ethereum burning: https://ultrasound.money/
Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack -- the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack, explaining how it occurred, why the hacker is returning the funds, and what Poly Network should do next. Show highlights:
- how Poly Network works
- what specific mechanism the hacker attacked on Poly Network
- why many people (including myself) had never heard of Poly Network before the hack
- how “keepers” failed to protect Poly Network
- why a failed transaction was the key to pulling off the hack
- what SlowMist claims to have discovered about the hacker
- what could be motivating the hacker to return the stolen funds
- how the hacker is communicating with Poly Network
- why Tether was able to freeze funds while USDC and BSC allowed the hacker to get away with their tokens
- how Poly Network should handle negotiations with the hacker
Thank you to our sponsors!
Sorare: https://sorare.com
Polymarket: https://polymarket.co/unconfirmed
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Episode Links
Mudit Gupta
- Twitter: https://twitter.com/Mudit__Gupta
- Blog: https://mudit.blog/
- SushiSwap: https://twitter.com/SushiSwap
Poly Network hack
- Poly Network response: https://twitter.com/PolyNetwork2/status/1425870262067548163
- Mudit’s analysis: https://mudit.blog/poly-network-largest-crypto-hack/
- Kelvin Fichter thread: https://twitter.com/kelvinfichter/status/1425217046636371969
- Hacker Q&A: https://twitter.com/tomrobin/status/1425487745166753794
- Tether blacklist: https://twitter.com/paoloardoino/status/1425090760609832978
- ETH tip: https://twitter.com/HsakaTrades/status/1425093301691195407
- The Block’s coverage: https://www.theblockcrypto.com/post/114189/poly-hack-attacker-return-funds-id-slowmist
Returning funds: https://www.coindesk.com/poly-network-hacker-starts-to-return-funds
Ethereum just went through its most complex upgrade ever. Justin Drake, researcher at the Ethereum Foundation, discusses what the upgrade, aka the London hard fork, means for ether’s future as what he calls "ultra-sound money." At the end of the episode, he also drops a few Bitcoin hot takes. Show highlights:
- his background and how he got involved in crypto
- how EIP 1559 will affect Ethereum now that it is live
- why burning ether is good for the Ethereum economy
- what two concepts are crucial to understanding money
- what three ways ether is used as money
- why he believes ether will become “ultra sound money,” when gold and silver are just “sound money”
- what the main drivers of ETH’s value are
- how the merge from proof-of-work to proof-of-stake will happen for Ethereum
- how much more efficient Justin calculates proof-of-stake will be compared to proof-of-work
- why people are saying Ethereum is going through a “triple halvening”
- what factors influence how much Ethereum is issued and burned
- how Ethereum could become deflationary
- why net sell pressure is about to decrease
- what projects are burning the most ETH now that EIP 1559 is live
- why Justin is worried about Bitcoin’s future
- what Bitcoin could do to survive once it only subsists on transaction fees
- whether Justin considers himself a bitcoiner
- how ETH as ultra-sound money is becoming a meme
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Episode Links
Justin Drake
Twitter: https://twitter.com/drakefjustin
Written content
- June 23 Ethereum Foundation ETH 2.0 Research AMA (command F for Justin Drake responses)
-
- https://www.reddit.com/r/ethereum/comments/o4unlp/ama_we_are_the_efs_research_team_pt_6_23_june_2021/
- “If capped-supply gold is sound money decreasing-supply ether is ultra sound money”
-
- https://twitter.com/drakefjustin/status/1396796596281614339
Math
-
Modeling ETH based on EVM fees
-
https://docs.google.com/spreadsheets/d/1U9cGxGY3_t7m4MEIpjKWtRcA2zRajywaxMCZYqbF9eI/edit#gid=0
-
Calculating ETH supply
-
- https://docs.google.com/spreadsheets/d/1ZN444__qkPWPjMJQ_t6FfqbhllkWNhHF-06ivRF73nQ/edit#gid=0
Podcast appearances
- Bankless “Modeling Ultra Sound Money” (April 28)
-
- https://shows.banklesshq.com/p/-sotn-44-modeling-ultra-sound-money
- Bankless “Ultra Sound Money” (Mar 23)
-
- https://twitter.com/drakefjustin/status/1374049775474114562
- Bankless “Bull Case for Cryptography” (Jan 25)
-
- https://shows.banklesshq.com/p/-moon-math-the-bull-case-for-cryptography
London/EIP 1559/Ethereum 2.0 Resources
Unchained content
- Episodes
-
- Ethereum’s EIP-1559 Will Solve Some Problems But Big Ones Will Remain
-
- https://unchainedpodcast.com/ethereums-eip-1559-will-solve-some-problems-but-big-ones-will-remain/
- Ethereum 2.0: What You Need to Know
-
- https://unchainedpodcast.com/ethereum-2-0-what-you-need-to-know/
- Why Ethereum 2.0 Could Fail and How It Could Be Fixed
-
- https://unchainedpodcast.com/why-ethereum-2-0-could-fail-and-how-it-could-be-fixed/
- Previous resources
-
- EIP 1559 links (Tim Beiko)
-
- https://hackmd.io/@timbeiko/1559-resources
- Messari Research
-
- https://messari.io/pdf/messari-report-eth2-the-next-evolution-of-cryptoeconomy.pdf
- Staked ETH address
-
- https://etherscan.io/address/0x00000000219ab540356cBB839Cbe05303d7705Fa#analytics
- DETH of Ethereum
-
- https://medium.com/ideo-colab/the-deth-of-ethereum-98553866e81b
Various research
- Ethereum: The Triple Halving
-
- https://squish.substack.com/p/ethereum-the-triple-halving
- Bankless
-
- https://newsletter.banklesshq.com/p/how-ethereum-can-democratize-eth2
- https://newsletter.banklesshq.com/p/eth-the-worlds-most-capital-efficient
- Coinmonks -- talks about Justin Drake a ton!
-
- https://medium.com/coinmonks/is-ethereum-really-ultra-sound-money-bee2c8129d40
- The Defiant
-
- https://www.youtube.com/watch?v=VUifPoqhAOI
- Ultra Sound Money content
-
- Longer analysis
-
- https://every.to/almanack/ultra-sound-money
- https://twitter.com/ricburton/status/1388825596294275078
- Briefings
-
- https://news.bitcoin.com/the-future-of-ethereum-in-a-meme-ultrasound-money/
- https://cryptobriefing.com/eth-becoming-ultra-sound-money-says-vitalik-buterin/
- Twitter/Website:
-
- https://twitter.com/ultrasoundmoney
- https://ultrasound.money/
- ETH 2 Vision (Ethereum.org)
-
- https://ethereum.org/en/eth2/vision/
- The Block’s coverage
-
- https://www.theblockcrypto.com/daily/54776/everything-you-need-to-know-about-whats-coming-for-ethereum-2-0-in-2020
- https://www.theblockresearch.com/ethereum-2-0-the-exchange-dilemma-67695
- Decrypt
-
- https://decrypt.co/resources/what-is-ethereum-2-0
- https://decrypt.co/77511/how-will-eip-1559-ethereum-triple-halving-affect-eth-price
- Tim Roughgarden EIP 1559 economic analysis
-
- http://timroughgarden.org/papers/eip1559.pdf
Kristin Smith, executive director at the Blockchain Association, discusses the latest news on a provision in the infrastructure bill that seeks to raise $28B from the crypto industry in taxes. Show highlights:
- how the original crypto provision within the infrastructure bill came to be
- why the expansion of the term “broker” is problematic in the original language of the bill
- what the Treasury and the White House have to do with this bill and how they, along with Senator Portman, are resisting change
- how Senators Ron Wyden, Pat Toomey, and Cynthia Lummis are attempting to change the language of the provision through an amendment
- how the crypto community rallied around Wyden's amendment
- why Kristin believes a rival amendment put forward by Senators Warner and Portman and supported by the White House late Thursday is worse than the bill’s original language
- when the Senate will be voting on the amendments
- how the amendment the White House supports seems harmful to proof-of-stake networks and bad for DeFi
- whether this is part of a master plan to regulate crypto in the US
- what Kristin hopes happens during the vote
- how the crypto community can have its voice heard
- how to fix the issues within the crypto policy world so this doesn’t happen again
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Episode Links
Kristin Smith: https://twitter.com/KMSmithDC
Blockchain Association: https://theblockchainassociation.org/
Infrastructure Bill Information
Latest Coverage:
-
https://decrypt.co/77838/rival-amendment-senate-infrastructure-bill-threatens-proof-stake
-
https://decrypt.co/77859/crypto-industry-mobilizes-to-stop-controversial-tax-plan
- https://decrypt.co/77841/biden-crypto-infrastructure-bill-amendments
- https://www.eff.org/deeplinks/2021/08/16-civil-society-organizations-call-congress-fix-cryptocurrency-provision
- https://decrypt.co/77681/senators-move-exempt-bitcoin-miners-tax-provision-infrastructure-bill
- https://www.forbes.com/sites/jonathanponciano/2021/08/04/senators-propose-change-to-new-crypto-rules-for-tax-reporting-heres-whos-affected/
- https://twitter.com/BlockchainAssn/status/1422976741715361792
- https://twitter.com/jerrybrito/status/1422002228102107142
- https://www.theblockcrypto.com/linked/113196/wyden-crypto-language-in-infrastructure-bill-fails-to-understand-how-the-technology-works
- https://www.coindesk.com/new-infrastructure-bill-looks-to-raise-30b-through-crypto-taxes
- https://twitter.com/jchervinsky/status/1421150344051048451
- https://twitter.com/NeerajKA/status/1421242689148932105
- https://www.cnn.com/2021/08/01/politics/bipartisan-infrastructure-bill-collins-manchin-senate-cnntv/index.html
- https://www.coindesk.com/gop-lawmaker-janet-yellens-treasury-likely-behind-surprise-crypto-bill
CFTC Commissioners Dan Berkovitz and Brian Quintenz discuss the difficulties of regulating crypto derivatives and DeFi. Show highlights:
- their backgrounds
- what the CFTC’s duties are regarding crypto
- how the CFTC’s jurisdiction has evolved over the years
- why Commissioner Quintenz believes SEC Commissioner Hester Peirce’s safe harbor proposal is “brilliant”
- what relationship the CFTC and SEC have when making decisions on crypto assets
- why the commissioners believe CFTC’s complaints regarding BitMEX are “well-founded”
- why formal regulation for crypto derivatives is unlikely to be produced by the CFTC
- why leveraged derivatives products are a “concern” to the CFTC
- what makes regulating DeFi platforms so difficult
- when it comes to DeFi, who is a natural entity for the CFTC to regulate, if any
- whether the CFTC would ever go after DeFi "market participants," who the CFTC also regulates
- why smart contracts involving futures could be illegal
- how the possibility that smart contracts could be illegal squares with the view that software development is a form of free speech
- whether the CFTC could prosecute developers who write smart contracts
- whether the CFTC needs to re-write its laws in light of DeFi innovation
- why Commissioner Berkovitz thinks the DeFi “winners” will be protocols that focus on meeting regulatory requirements
- why the CFTC approved Bitcoin futures in 2017 while the SEC has not yet approved a Bitcoin ETF
- how a Bitcoin ETF could solve Bitcoin’s accounting issue, which currently gives companies no upside for adding BTC to its balance sheet
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
People
Dan Berkovitz, CFTC Commissioner (Sep 2018+)
- CFTC website: https://www.cftc.gov/About/Commissioners/CommissionerDanMBerkovitz/index.htm
- Twitter: https://twitter.com/CFTCberkovitz
Brian Quintenz, CFTC Commissioner (Aug 2017+)
- CFTC website: https://www.cftc.gov/About/Commissioners/BrianQuintenz/index.htm
- Twitter: https://twitter.com/CFTCquintenz
Related Links
- CFTC digital asset resources: https://www.cftc.gov/digitalassets/index.htm
- Commissioner Berkovitz DeFi speech: https://www.theblockcrypto.com/linked/107769/cftc-commissioner-criticizes-defi-decries-lack-of-intermediaries
- Commissioner Quintenz smart contracts/blockchain speech: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz16
- CFTC jurisdiction over digital assets: https://www.cftc.gov/PressRoom/SpeechesTestimony/giancarlostatement010418
- CFTC BitMEX complaint: https://www.cftc.gov/PressRoom/PressReleases/8270-20
- FTX and Binance remove high leverage: https://decrypt.co/76858/ftx-and-binance-remove-high-leverage-from-exchanges
- SEC Commissioner Hester Peirce’s safe harbor proposal: https://www.sec.gov/news/public-statement/peirce-statement-token-safe-harbor-proposal-2.0
Bitcoin futures approval from CFTC in 2017: https://www.businessinsider.com/bitcoin-price-futures-trading-exchanges-cftc-2017-12
Leah Callon-Butler, director of Emfarsis, discusses her documentary, “Play-to-Earn: NFT Gaming in the Philippines,” and the real-world impact that crypto is having in the Philippines. Show highlights:
- how the Axie Infinity movement started in the Philippines
- how much money players can earn through Axie Infinity compared to normal wages in the Philippines
- how Filipino crypto exchanges are catering to Axie Infinity players to make it easier to cash out their earnings
- what percentage of Axie Infinity players live in the Philippines
- why the game is so popular in rural areas
- what about Axie Infinity is bringing in non-crypto native players
- why Axie Infinity now has high barriers to entry
- how players have created their own system for helping bring new users into Axie Infinity
- how Axie Infinity scholarships work
- what Leah thinks about Yield Guild Games’s relationship with Axie Infinity
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Oasis: https://oasisprotocol.org/
NEAR: https://near.org
Episode Links
Leah Callon-Butler: https://twitter.com/leah_cb
Emfarsis: https://emfarsis.com/
Axie Infinity:
- Documentary: https://www.youtube.com/watch?v=Yo-BrASMHU4
- Coverage
-
- https://www.cnbc.com/2021/05/14/people-in-philippines-earn-cryptocurrency-playing-nft-video-game-axie-infinity.html
- https://venturebeat.com/2021/05/13/how-a-rural-filipino-community-is-earning-a-living-playing-an-nft-game/
- https://hypebeast.com/2021/5/axie-infinity-nft-cryptocurrency-game-philippines-documentary
- https://www.esquiremag.ph/money/industry/axie-infinity-mobile-game-cryptocurrency-nft-a00289-20210521
Leah’s NFT/Axie Infinity writings:
- https://www.coindesk.com/the-metaverses-emerging-economics
- https://www.coindesk.com/how-axie-infinity-creates-work-in-the-metaverse
- https://www.coindesk.com/nft-game-filipinos-covid
- https://www.coindesk.com/artists-who-now-make-a-living-because-of-nfts
- https://www.coindesk.com/for-filipinos-axie-infinity-is-more-than-a-crypto-game
- https://www.coindesk.com/here-comes-the-virtual-real-estate-boom
- https://www.coindesk.com/vindicatio-nft-pioneer-looks-ahead
ShapeShift recently announced an intent to decentralize -- a move that would transition the one-time centralized exchange to a full-on DAO. Erik Voorhees, founder and CEO of ShapeShift, comes onto the show to talk about decentralizing the exchange, along with his thoughts on Bitcoin maximalism and crypto regulation. Show highlights:
- why ShapeShift is decentralizing the company
- how ShapeShift used to work
- what needs to happen for ShapeShift to decentralize
- why user experience should not change during the transition
- how the FOX token works
- what parts of a company cannot be decentralized yet
- how ShapeShift’s forthcoming foundation will function
- how ShapeShift decided upon the allocations for the FOX token airdrop
- why ShapeShift employee and shareholder FOX tokens are locked up for three years
- what Erik’s role will be going forward
- how ShapeShift plans to attract devs
- why Erik believes FOX is not a security
- how Erik wants the SEC to handle crypto
- why he believes THORChain is one of the most critical projects in crypto
- why he is opposed to Bitcoin maximalism
- Erik’s thoughts on BitMEX’s and Binance’s regulatory issues
- what he thinks about stablecoin regulation
- Why Erik believes ShapeShift and Uniswap are not competitors
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
Erik Voorhees
- Twitter: https://twitter.com/ErikVoorhees
- Previous Unchained appearance: https://unchainedpodcast.com/shapeshifts-erik-voorhees-on-how-crypto-will-separate-money-and-state/
ShapeShift: https://beta.shapeshift.com/
Decentralizing
- Tweet thread: https://twitter.com/ErikVoorhees/status/1415339998740508674
- Blog post: https://erikvoorhees.medium.com/shapeshift-is-decentralizing-639bb4c82fc8
- Airdrop info: https://shapeshift.com/shapeshift-decentralize-airdrop
- FOX token contract: https://etherscan.io/token/0xc770eefad204b5180df6a14ee197d99d808ee52d
- CoinDesk write-up: https://www.coindesk.com/shapeshift-to-shut-down-airdrop-fox-tokens-to-decentralize-itself-out-of-existence
- FOX token analysis: https://www.coindesk.com/shapeshift-fox-token-rally-yield-play-daos
Other
- THORChain: https://erikvoorhees.medium.com/an-introduction-to-thorchain-for-bitcoiners
- Getting booed at Miami BTC Conference: https://twitter.com/finematics/status/1401498099441405953
- Paxos stablecoin blog: https://www.paxos.com/a-regulated-stablecoin-means-having-a-regulator/
- Circle reveals reserves: https://www.theblockcrypto.com/linked/112001/circle-reveals-majority-of-usdc-reserves-are-in-cash-and-cash-equivalents
- CFTC and BitMEX: https://www.cftc.gov/PressRoom/PressReleases/8270-20
Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab, discusses Elon Musk’s appearance at ‘The B Word’ conference, along with a few current events in the Bitcoin world. Show highlights:
- her main takeaway from ‘The B Word’ conference
- why governance plays an essential role in Bitcoin’s block size arguments
- what Neha thinks of proof-of-work mining and Bitcon’s environmental concerns
- why Neha is skeptical of Dogecoin becoming a serious cryptocurrency
- why Jack Dorsey’s new Bitcoin platform business is a good idea
- what Bitcoin’s dip in hashrate due to China’s crackdown could affect network security going forward
- what questions Neha has about Bitcoin’s adoption in El Salvador
- why Neha thinks cryptocurrencies and CBDCs will coexist
- what DCI has planned for the rest of 2021
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Oasis: https://oasisprotocol.org/
NEAR: https://near.org
Episode Links:
- Neha Narula: https://twitter.com/neha
- MIT Media Lab: https://twitter.com/medialab
- Digital Currency Initiative
-
- https://dci.mit.edu/
- CBDC research
-
- https://dci.mit.edu/cbdc-central-bank-digital-currency
- Bitcoin network development
-
- https://dci.mit.edu/cbdc-central-bank-digital-currency
- The B Word conference
-
- Elon Musk, Jack Dorsey, Cathie Wood conversation:
-
https://www.youtube.com/watch?v=Zwx_7XAJ3p0
-
Neha’s appearance:
-
- https://www.thebword.org/c/track-3-Supporting-the-Developer-Ecosystem
-
Miscellaneous
-
- Square’s Bitcoin DeFi platform
-
- https://www.cnbc.com/2021/07/16/square-is-building-a-decentralized-finance-business-for-bitcoin.html
- Bitcoin and El Salvador
-
- https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html
- Bitcoin hashrate drop
-
- https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html
Gurvais Grigg, Chainalysis public sector CTO, and Kim Grauer, director of research at Chainalysis, review the ransomware landscape. Show Highlights:
- their backgrounds and roles at Chainalysis
- how a ransomware attack works
- what types of businesses are usually targeted in ransomware attacks
- why ransomware as a service (RAAS) is a booming business
- why Kim and Gurvais believe the hacking group REvil is becoming more sophisticated
- what characteristic of REvil hints that the group could be affiliated with Russia
- how the RAAS business model works
- how ransomware payments can be tracked
- why ransomware reporting has a data problem
- why Bitcoin is the preferred method of payment amongst ransomware attackers
- what two factors makes BTC preferable to privacy coins
- how ransomware groups teach victims to transfer BTC
- how ransomware groups cash out of their BTC
- how counter-terrorism tactics can help fight ransomware attacks
- how the Department of Justice may have partially recovered part of the Colonial Pipeline ransomware payment
- what tools and strategies governments can and will use to battle ransomware
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
People
Kim Grauer - Director of Research at Chainalysis
- https://www.linkedin.com/in/kimberly-grauer-a9501144
Gurvais Grigg - Global Public Sector Chief Technology Officer at Chainalysis
- https://www.linkedin.com/in/gurvais-grigg-b1027a153/
Chainalsysis Ransomware Data
-
https://go.chainalysis.com/rs/503-FAP-074/images/Ransomware-2021-update.pdf
-
https://go.chainalysis.com/rs/503-FAP-074/images/Chainalysis-Crypto-Crime-2021.pdf
-
https://blog.chainalysis.com/reports/applying-counterterrorism-strategies-to-ransomware
- https://blog.chainalysis.com/reports/eastern-europe-cryptocurrency-market-2020
Ransomware Attacks
- Kaseya
-
- https://decrypt.co/75246/what-the-revil-ransomware-attack-means-for-crypto
- https://www.abc.net.au/news/2021-07-03/ransomware-attack-us-revil/100265656
- Colonial Pipeline
-
- https://ciphertrace.com/ransomware-seizure-blockchain-analytics-helps-us-authorities-seize-over-2-million-in-darkside-ransom-paid-by-colonial-pipeline/
- https://www.elliptic.co/blog/us-authorities-seize-darkside
- JBS Holdings
-
- https://www.wsj.com/articles/jbs-paid-11-million-to-resolve-ransomware-attack
Other
- Chainalysis
-
- Twitter: https://twitter.com/chainalysis
- Website: https://www.chainalysis.com/
- Who is REvil?
-
- https://fortune.com/2021/07/07/what-is-revil-ransomware-attack-kaseya/
- https://unit42.paloaltonetworks.com/revil-threat-actors/
- Combating ransomware: https://securityandtechnology.org/ransomwaretaskforce/report/
- Why Gurvais joined Chainalysis: https://blog.chainalysis.com/reports/gurvais-grigg-chainalysis
Christine Parker, partner at Reed Smith, summarizes the slew of regulatory headlines facing Binance and how such scrutiny may affect the exchange going forward. Show highlights:
- which countries are investigating Binance
- why it has been difficult for governing bodies to regulate Binance
- whether the reports that regulatory bodies, like the CFTC/IRS/DOJ, coming after Binance are correct
- when Christine expects regulators to make a move against Binance
- how hiring ex-regulators might help Binance in Congress
- whether Binance’s strategy of leaving countries with tight regulations helped or hurt the exchange
- what Christine thinks of Binance’s strategy to localize its business model
- whether or not it is too late to avoid regulatory penalties for Binance
- why transitioning to a DAO business model would not absolve Binance of prior infractions
- how the BitMEX situation could inform Binance
- whether criminal charges could be in Binance CEO Changpeng Zhao’s future
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Oasis: https://oasisprotocol.org
NEAR: https://near.org
Episode Links
Christine Parker: https://www.linkedin.com/in/christine-parker-b09a31/
Binance Investigations
- https://www.coindesk.com/state-of-crypto-binance-is-firmly-in-the-regulatory-crosshairs
- https://www.theblockcrypto.com/post/110380/thailand-sec-binance-crypto-exchange-criminal-complaint
- https://www.theblockcrypto.com/linked/104836/binance-crypto-irs-us-government-investigation-report
- https://www.theblockcrypto.com/post/110510/barclays-customers-in-the-u-k-can-no-longer-transfer-funds-to-binance
- https://www.theblockcrypto.com/linked/110617/binance-suspends-deposits-from-key-european-payments-network
- https://www.theblockcrypto.com/post/111482/italy-binance-consob-warning
Binance Material
- CZ letter
-
- https://www.binance.com/en/blog/421499824684902301/A-Letter-from-Our-CEO-Reflecting-on-Progress-and-the-Road-Ahead
- CZ Unchained appearance
-
- https://unchainedpodcast.com/listen-to-cz-compare-binance-to-bitcoin/
- Binance’s compliance hiring spree
-
- https://www.radicalcompliance.com/2021/07/08/binance-compliance-hiring-spree/
Aaron Wright, co-founder of OpenLaw and Professor at Cardozo Law, and Ross Campbell, SushiSwap core developer and LexDAO contributor, discuss the latest breakthroughs and legal implications in the burgeoning world of DAOs. Show highlights:
- how Aaron and Ross fell down the crypto rabbit hole
- whether a DAO, like Curve, could sue to protect its IP
- when a governance token might be considered a security
- who owns the copyright to a DAO
- how SushiSwap handles its open-source licenses
- why Ross views Uniswap’s business license as a good thing
- what an DAO is and how the idea stems from Bitcoin
- how Wyoming’s DAO law works
- what makes a Wyoming DAO different from a DAO registered as a Delaware LLC
- how an algorithmically managed DAO might work in the future
- why Aaron thinks a DAO should not be allowed to be manager-managed
- why wrapping a DAO into an LLC could be advantageous
- the difference between private and public ordering
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
People
Ross Campbell
- Social
-
- Twitter: https://twitter.com/r_ross_campbell
- Medium: https://medium.com/@rosscampbell9
- Career
-
- OpenLaw: https://www.openlaw.io/
- LexDAO: https://lexdao.substack.com/people/867851-ross-campbell
- SushiSwap: https://app.sushi.com/swap
Aaron Wright
- Social
-
- Twitter: https://twitter.com/awrigh01
- Career
-
- OpenLaw: https://www.openlaw.io/
- Cardozo Law: https://cardozo.yu.edu/directory/aaron-wright
- Content
-
- The Rise of DAOs: https://stanford-jblp.pubpub.org/pub/rise-of-daos/release/1
DAO Information
Basics:
- https://ethereum.org/en/dao/
- https://1729.com/daos
Kain Warwick: DAO First Capital Formation
- https://blog.synthetix.io/dao-first-capital-formation/
- https://twitter.com/kaiynne/status/1287961077041393664
DAO Stats
- https://deepdao.io/
Wyoming:
- https://www.wyoleg.gov/2021/Engross/SF0038.pdf
- https://lexnode.substack.com/p/wyomings-legal-dao-saster
- https://twitter.com/prestonjbyrne/status/1370002015644962816?s=20
- https://www.coindesk.com/wyoming-dao-llc-law-passed
- https://twitter.com/lex_node/status/1407668599205027843?s=20
- https://decrypt.co/75222/americas-first-dao-approved-in-wyoming
Delaware:
- https://ricardian.gitbook.io/ricardian-llc/is-ricardian-legal
Curve IP:
- https://gov.curve.fi/t/cip-xx-enforce-curves-ip-rights/1890
- https://www.theblockcrypto.com/post/108561/the-first-dao-lawsuit-proposal-asks-if-curve-should-protect-its-ip
- https://www.coindesk.com/curve-dao-contemplates-its-intellectual-property
- https://twitter.com/SamMiorelli/status/1405141398479847426
- https://twitter.com/lex_node/status/1405251782574497799
Uniswap V3
- https://www.coindesk.com/uniswap-v3-introduces-new-license-to-spoil-future-sushis
- https://twitter.com/jchervinsky/status/1374738548239314951
- https://defiprime.com/uniswap-v3-explained
Aleksander Larsen, co-founder and COO of Axie Infinity, discusses Axie Infinity’s recent growth, which has seen the platform do 20X the volume of NBA Top Shot in recent days. Show highlights:
- what is Axie Infinity?
- why there has been such an uptick in network activity and profitability
- how the Axie Infinity team came together
- how Axie Infinity uses blockchain technology within its game
- how Axie Infinity leverages the ‘play to earn’ mania sweeping across Web3 applications
- what problems may arise as Axie Infinity starts to decentralize
- how Axie Infinity is attempting to lower the expensive barrier to entry that comes with blockchain-based games
- why the Philippines is going crazy for Axie Infinity
- why building out a sidechain has been such a positive development for the company
- the two ways Axie Ininity makes money
- what’s next for Axie Infinity
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Oasis: https://oasisprotocol.org
NEAR: https://near.org
Episode Links
Aleksander Larsen: https://twitter.com/Psycheout86
Axie Infinity: https://axieinfinity.com/
Content
- Philippines: https://www.cnbc.com/2021/05/14/people-in-philippines-earn-cryptocurrency-playing-nft-video-game-axie-infinity.html
- Sidechain: https://medium.com/axie-infinity/introducing-ronin-axie-infinitys-ethereum-sidechain-8745e31eaef1
- The Game That Helps Pay Bills: https://startups.my/the-game-that-helps-pay-bills-axie-infinity/
- CoinDesk write up: https://www.coindesk.com/axie-infinity-token-quadruples-nfts
- Play-to-earn: https://metaportal.substack.com/p/the-memetic-power-of-play-to-earn
- Unchained Axie Infinity write-up: https://unchainedpodcast.com/this-nft-marketplace-does-20x-the-volume-of-nba-top-shot/
Kevin Zhang, vice president of business development at Foundry, breaks down the latest developments surrounding China and bitcoin mining. Show highlights:
- how he came across crypto and which Bitcoin OG he joined at Bitcoin.com to help start its mining operations arm
- what Foundry does and its relationship with Digital Currency Group (DCG)
- why DCG wanted to build out a mining infrastructure business
- what news from China in early March kickstarted the process of the mining ban
- how China’s Central Television broadcasting company might have brought extra scrutiny to cryptocurrencies
- what the 100th anniversary of the Chinese Communist Party has to do with its Bitcoin mining ban
- why the Inner Mongolia and Sichuan Bitcoin mining bans were especially disruptive for Chinese miners
- how much of China’s hash rate Kevin estimates has been shut down since May
- where are miners relocating to
- why Chinese mining equipment will not be allowed to turn on in the US
- whether or not China’s Bitcoin mining ban will stick
- why China banning bitcoin mining will be good for the network in the long run
- what significant risk to Bitcoin’s network is solved by China banning bitcoin mining
- how much Bitcoin’s hash rate will drop and what effect this will have on miner revenue
- why Kevin thinks that Bitcoin is good for renewable energy
- how immersion cooling technology works
- what tangible benefits miners could find by moving to North America
- if El Salvador’s volcanic bitcoin mining plan is feasible
- what Kevin predicts will happen in the Bitcoin mining industry for the latter half of 2021
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
Kevin Zhang
- Twitter: https://twitter.com/SinoCrypto
- Mining tweet storms:
-
- https://twitter.com/SinoCrypto/status/1407524150885994497
- https://twitter.com/SinoCrypto/status/1409227438262046723
- Content from previous work experience:
-
- Greenridge Generation
-
- https://www.theblockcrypto.com/linked/57943/a-power-plant-in-new-york-is-reportedly-mining-roughly-50000-in-bitcoin-each-day
- Project Spokane
-
- https://medium.com/@derekbrouwer/the-bitcoin-barons-how-a-marketer-and-a-money-launderer-sold-montana-on-digital-gold-2a255c96c981
Foundry, Subsidiary of DCG
- Twitter: https://twitter.com/foundryservices
- Website: https://foundrydigital.com/
- Foundry USA Pool
-
- Bit Digital: https://www.prnewswire.com/news-releases/bit-digital-joins-foundry-usa-pool-with-5-679-machines-adding-up-to-280-phs-of-compute-power-to-the-pool-301283792.html
- Bitfarms partnership: https://www.globenewswire.com/news-release/2021/04/23/2215897/0/en/Bitfarms-Partners-with-Foundry-to-Expand-Bitcoin-Mining-Fleet-and-Join-Foundry-USA-Pool-Instantly-Boosts-Operating-Hashrate-By-15.html
China’s Bitcoin Mining Ban
- Travis Kling noted 25 different announcements from China in June alone:
-
- https://twitter.com/Travis_Kling/status/1410630499748388865
- Glassnode: mining difficulty to face its largest decrease ever
-
- https://insights.glassnode.com/the-week-on-chain-week-26-2021/
- The Block: hash rate dropped 50%, Foundry up while everyone else is hurting
-
- https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown
- Nic Carter: breaking down the hashrate migration
-
- https://www.coindesk.com/bitcoin-unpacking-hashrate-nic-cart-migration
-
Secondhand mining equipment prices are spiking
-
- https://www.coindesk.com/chinese-logistics-firm-airlifting-bitcoin-mining-machines-to-maryland-report
-
https://www.theblockcrypto.com/post/109301/secondhand-bitcoin-miner-supply-spiking-bitmain
-
Bitcoin miners shut down, 26 farms affected after Sichuan bans BTC mining
-
- https://www.coindesk.com/sichuan-becomes-latest-chinese-province-to-order-bitcoin-miner-shutdown
- https://decrypt.co/74075/bitcoin-hashrate-falls-17-overnight-after-china-mining-crackdown
- China’s Inner Mongolia announced eight measures in its crypto ban
-
- https://www.theblockcrypto.com/post/105973/china-inner-mongolia-crypto-bitcoin-mining-ban-measures
- Hash rate hits yearly low
-
- https://www.coindesk.com/bitcoin-mining-hashrate-drops-low
- Miners are moving to Kazakhstan
-
- https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan
- Tweet thread on how bitcoin miners reacted to the PRC’s May crackdown
-
- https://twitter.com/MustafaYilham/status/1396574185598590979
Sam Bankman-Fried, CEO and founder of FTX, explains FTX’s sports-centric advertising model and talks about what is on his regulatory wish list going forward. Show highlights:
- why Sam is so excited to bring Tom Brady and Gisele Bündchen onto the FTX team
- how FTX decides on who to sponsor
- why so many of FTX’s sponsorship are targeting US customers
- what makes the sports industry such an attractive place to advertise for FTX
- how FTX’s tokenized stocks work
- what Sam learned from the GameStop/Robinhood situation
- what makes FTX’s tokenized stocks different from Binance’s offering
- how FTX is dealing with regulatory obstacles
- what item is on the top of Sam’s regulatory wishlist
- whether FTT is a security
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Oasis: https://oasisprotocol.org
NEAR: https://near.org
Episode Links
Sam Bankman-Fried
- Twitter: https://twitter.com/SBF_Alameda
- Previous Unchained appearance: https://unchainedpodcast.com/why-the-gamestop-insanity-is-so-similar-to-crypto/
FTX
Website: https://ftx.com
Carbon credits: https://bitcoinmagazine.com/business/ftx-bitmex-to-become-carbon-neutral
Tokenized Stocks
- FTX guidelines: https://help.ftx.com/hc/en-us/articles/360051229472-Tokenized-Stocks
- CoinDesk: https://www.coindesk.com/ftx-follows-binances-lead-with-move-into-tokenized-stocks
FTX Sports Deals
- NBA: https://www.coindesk.com/ftx-miami-heat-nfts
- Tom Brady: https://decrypt.co/74771/tom-brady-and-gisele-bundchen-invest-in-ftx
- TSM FTX: https://www.sporttechie.com/tsm-esports-signs-210-million-sponsorship-with-ftx-crypto-exchange
- MLB: https://www.coindesk.com/ftx-sponsors-mlb-umpires-to-wear-crypto-exchanges-logo
Taylor Monahan, CEO of MyCrypto, and Tim Beiko, Ethereum Foundation core-dev facilitator, discuss the upcoming upgrade to the Ethereum network, EIP 1559. Show highlights:
- why Tim believes EIP 1559 is necessary
- what narrative is driving EIP 1559
- what problems the network upgrade will solve
- how Ethereum transactions/fees work
- whether gas prices are correlated with ETH/USD
- the 3 main protocol changes that EIP 1559 proposes
- why Taylor, as the CEO of a wallet provider, is wary of EIP 1559
- how EIP 1559 will affect Ethereum’s block size
- what changes wallet providers are considering due to EIP 1559
- whether ‘Black Swan’ events will be more or less likely after the network upgrade
- how EIP 1559 will affect miners
- whether Tim or Taylor believes that miners could fork Ethereum to stop EIP 1559
- how EIP 1559 will change the state of miner extractable value (MEV)
- how Taylor and Tim feel about the Ethereum as sound money narrative in light of EIP 1559
- when EIP 1559 will go live
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
Taylor Monahan
- Twitter: https://twitter.com/tayvano_
- MyCrypto: https://mycrypto.com/
Tim Beiko
- Twitter: https://twitter.com/TimBeiko
- Ethereum Foundation: https://ethereum.org/en/foundation/
EIP 1559
- Resources: https://hackmd.io/@timbeiko/1559-resources
- Taylor Monahan tweets
-
- https://twitter.com/tayvano_/status/1397725861575421953
- https://twitter.com/tayvano_/status/1408000351916093441
- https://twitter.com/tayvano_/status/1407853518493413379
- Actual proposal: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1559.md
- Research: http://timroughgarden.org/papers/eip1559.pdf
Will Clemente, author of the BTC by WC3 newsletter, breaks down the current state of Bitcoin’s on-chain activity and explains why he believes the market is in a mid-cycle lull rather than turning bearish. Show highlights:
- why Will is not worried about a bear market
- what indicators make Will believe BTC is in a mid-cycle consolidation
- who is selling and driving the recent market downturn
- why Will thinks the unwinding of derivatives is a significant factor in Bitcoin’s move below $30K
- what Will believe institutions are waiting on before entering the market again
- how Bitcoin cycles can be broken down into mini hype-cycles
- how long-term holders are acting on-chain
- the difference between long-term holders versus short-term holders during bear and bull markets
- why Will is interested in finding data on Latin American Bitcoin users
- how long the consolidation process might take
- what metrics Will has his eyes on for the latter half of 2021
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Oasis: https://oasisprotocol.org
NEAR: https://near.org
Episode Links:
Will Clemente
Twitter: https://twitter.com/WClementeIII
Newsletter: https://btcbywc3.substack.com/
Miscellaneous Links
Unchained w/ Willy Woo and Raphael Shultze-Kraft: https://unchainedpodcast.com/will-bitcoins-price-go-up-again-yes-according-to-on-chain-analytics/
Willy Woo and Will Clemente ratio: https://twitter.com/woonomic/status/1407403983023460354
Aaron Lammer, author and host of the Exit Scam podcast, recounts the mysterious and controversial death of QuadrigaCX’s founder Gerald Cotton. Show highlights:
- A quick recap of QuadrigaCX
- why Aaron felt compelled to create a series on QuadrigaCX
- how Gerald Cotton, a lifelong Ponzi-addict, came to be the CEO of Canada’s largest crypto exchange
- what Ponzi-schemes Gerald ran before starting Quadriga CX
- why customers trusted QuadrigaCX and what red flags were readily apparent looking back
- the sketchy tactic Gerald used to single-handedly boosted QuadrigaCX’s trading volume by 30%
- a new wife, empty wallets, a hastily written will, and the circumstances surrounding Gerald’s shocking death
- how Gerald’s dark web background might have prepared him to fake his own death
- what the chances are that Canadian authorities exhume Gerald’s body
- why Aaron is skeptical Gerald’s widow was “in” on the QuadrigaCX fiasco
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
Aaron Lammer
-
Co-founder of Longform.org + co-host of Longform Podcast (2010+)
-
Treats Media -- podcast platform (2018+)
-
Exit Scam
-
CoinTalk: https://medium.com/s/cointalk
Podcast
Twitter: https://twitter.com/exitscampod
Episodes:
- The Lost Password
-
- https://podcasts.apple.com/us/podcast/the-lost-password/id1565845318?i=1000521095118
- https://podcasts.apple.com/us/podcast/part-ii-the-co-founder/id1565845318?i=1000521984138
- The Co-Founder
- https://podcasts.apple.com/us/podcast/part-iii-the-ponzi-schemer/id1565845318?i=1000522885172
- The Ponzi Schemer
- https://podcasts.apple.com/us/podcast/part-iv-the-chris-markay-account/id1565845318?i=1000523624957
- The Chris Markay Account
- https://podcasts.apple.com/us/podcast/part-v-the-old-friend/id1565845318?i=1000524470802
- The Old Friend
- https://podcasts.apple.com/us/podcast/part-vi-the-coffin/id1565845318?i=1000525407259
- The Coffin
Quadriga
Deep Dives:
- CBC News
-
- https://newsinteractives.cbc.ca/longform/bitcoin-gerald-cotten-quadriga-cx-death
- Vanity Fair
-
- https://www.vanityfair.com/news/2019/11/the-strange-tale-of-quadriga-gerald-cotten
- Amy Castor timeline
-
- https://amycastor.com/2019/02/12/how-the-hell-did-we-get-here-a-timeline-of-quadrigacx-events/
- Ontario Securities Commission
-
- https://www.osc.gov.on.ca/quadrigacxreport/
Details
- Ontario Securities Commission deems Quadriga an “old fashioned fraud” + “Ponzi”
-
- https://www.vanityfair.com/news/2019/11/the-strange-tale-of-quadriga-gerald-cotten
- https://www.coindesk.com/quadriga-was-a-ponzi-scheme-ontario-securities-regulator-says
- Crypto officially recognized as property in Canada due to this case
-
- https://www.lexology.com/library/detail.aspx?g=728711fd-5d3c-43ea-91b4-efb8c02f4bec
- Fun Reddit stuff
-
- Is a Gerald Cotten alive? -- a poll:
-
- https://www.reddit.com/r/QuadrigaCX/comments/m17kip/is_gerald_cotten_really_dead/
- Graphic connecting Michael Patryn to Omar Dhanani
-
- https://www.reddit.com/r/BitcoinCA/comments/828dnr/quadrigacx_cofounder_michael_patryn_is_a/
- Lawyers publicly request that RCMP exhume Gerald Cotten’s body
-
- https://www.coindesk.com/lawyers-ramp-up-pressure-to-exhume-quadriga-ceos-body
- Report on Gerald Cotten transferring funds into a personal account
-
- https://www.theblockcrypto.com/linked/28259/quadrigacx-co-founder-transferred-user-funds-into-personal-accounts-ey
Jaynti Kanani, cofounder and CEO of Polygon, discusses why the layer 2 solution has seen so much success during a down crypto market. Show highlights:
- what factors have led to Polygon’s and MATIC's impressive performance YTD
- how Polygon is scaling Ethereum
- what types of projects are taking off on Polygon
- how Polygon is attempting to address the issue of layer 2 composability
- how Polygon plans to use its latest funding
- why Jaynti is confident Polygon will still be necessary after ETH 2.0 launches
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
NEAR: https://near.org
Episode Links
Jaynti Kanani
Twitter: https://twitter.com/_jdkanani
Polygon
Website: https://polygon.technology/
Overview:
- https://www.theblockresearch.com/polygon-a-technical-overview-105799
- https://www.theblockresearch.com/mapping-out-polygons-ecosystem-105540
Popularity:
- https://www.coindesk.com/defi-projects-continue-flocking-to-layer-2-solution-polygon
- https://www.coindesk.com/institutional-investors-have-arrived-on-polygon-amid-rising-ethereum-layer-2-demand-blockchain-data
- https://www.coindesk.com/polygons-matic-token-ended-may-up-120-despite-bitcoins-price-crash
Investments:
- https://www.coindesk.com/au21-capital-opens-polygon-fund
- https://www.coindesk.com/mark-cuban-invests-in-ethereum-layer-2-polygon
Miscellaneous:
- https://www.coindesk.com/okcoin-integrates-polygon-reduce-users-ethereum-gas-fees
- https://polygon.technology/lightpaper-polygon.pdf
- https://www.coindesk.com/kyber-network-announces-polygon-integration-and-liquidity-mining-program
- https://defiwatch.net/second-letter-to-polygon/
- https://www.coindesk.com/google-cloud-now-provides-blockchain-insights-for-polygon-network
- https://www.coindesk.com/decentralized-exchange-aggregator-1inch-network-expands-to-polygon
To celebrate the 5th anniversary of Unchained, I answer some questions submitted to me by the audience. In this episode, I cover:
- what I think about the relationship between psychedelics and crypto
- the most entertaining guest I’ve interviewed on Unchained
- why Coinbase founders may have a more impactful future on crypto than Ethereum founders
- which show has been the most impactful
- why I am a “nocoiner”
- where I believe DAOs fit into the future of crypto
- who my favorite guests have been over the years
- what I am most fearful and most hopeful about in the crypto space
- why I think user-friendly products are so important moving forward
- which DeFi projects I find the most interesting
- what sort of expenses go into producing Unchained
- which topics I would like to cover in the future
- the most surprising answers I have received in an interview (feat. CZ and Vitalik)
- what three cryptos I think will be most important three years from now
- if I think I have interviewed Satoshi :)
- my advice for anyone looking to change careers and go crypto
- who has been the hardest person to book on Unchained
- what crypto trend has surprised me the most in the past five years
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Keychain: https://conjure.finance
Episode Links
Twitter: https://twitter.com/Unchained_pod
Daily Newsletter: https://unchainedpodcast.com/
Podcasts mentioned during the show:
- Vitalik Buterin on Ethereum’s Five-Year Anniversary
-
- https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/
- Listen to CZ Compare Binance to Bitcoin
-
- https://unchainedpodcast.com/listen-to-cz-compare-binance-to-bitcoin/
- Mark Cuban on Why He Thinks ETH Is a Better Store of Value Than Bitcoin
-
- https://unchainedpodcast.com/mark-cuban-on-why-he-thinks-eth-is-a-better-store-of-value-than-bitcoin/
- Meltem Demirors and Jill Carlson on the Shitcoin Waterfall – Ep.74
-
- https://unchainedpodcast.com/meltem-demirors-and-jill-carlson-on-the-shitcoin-waterfall-ep-74/
- Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp
-
- https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/
- Andre Cronje of Yearn Finance on YFI and the Fair Launch: ‘I’m Lazy’
-
- https://unchainedpodcast.com/andre-cronje-of-yearn-finance-on-yfi-and-the-fair-launch-im-lazy/
- Nick Tomaino on 1confirmation’s $125 Million Fund and What Future NFTs Will Look Like
-
- https://unchainedpodcast.com/nick-tomaino-on-1confirmations-125-million-fund-and-what-future-nfts-will-look-like/
- Why Bitcoin’s December Price Target Is Now ‘Above $300,000’ (Willy Woo)
-
- https://unchainedpodcast.com/charting-bitcoins-growth-with-willy-woo-and-peter-brandt/
- What Makes a CryptoKitty Worth $140,000? – Ep.75 (Roham Gharegozlou)
-
- https://unchainedpodcast.com/what-makes-a-cryptokitty-worth-140000-ep-75
Why I don’t own crypto: https://twitter.com/laurashin/status/1376211065772576770
ForUsAll recently announced a new product that will allow cryptocurrency investments to be made inside 401(k) retirement accounts. Jeff Schulte, CEO of ForUsAll, discusses why putting crypto in a 401(k) is such a game changer, how this differs from Bitcoin IRAs, and more! Show highlights:
- how bringing crypto into a 401(k) with ForUsAll will work
- what “guardrails” ForUsAll is placing on investors who choose to invest in crypto
- the tax advantages of purchasing crypto within a 401(k)
- whether ForUsAll is offering a Roth IRA
- why nobody has offered crypto within a 401(k) before now
- what differentiates a crypto 401(k) from a self-directed IRA
- what are the fees for the 401(k), who it will be available to, and when it will launch
- how security and keys are being handled
- why ForUsAll is not offering every token available on Coinbase
- how ForUsAll is determining which cryptos will be available to trade
- why offering crypto ETFs through a 401(k) may cause problems regarding the fiduciary risk of employers
- what new crypto features ForUsAll is excited to roll out
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
NEAR: https://near.org
Episode Links
Jeff Schulte: https://www.linkedin.com/in/jeffschulteproductmanagment/
ForUsAll: https://www.forusall.com/ + https://twitter.com/ForUsAll401k
Coinbase partnership: https://www.wsj.com/articles/coinbase-teams-up-with-401-k-provider-to-offer-crypto
https://fortune.com/2021/06/10/coinbase-crypto-401k-roth-offering-forusall/
https://www.theblockcrypto.com/post/108034/coinbase-forusall-401k-advisor-crypto-retirement-accounts
Willy Woo, on-chain Bitcoin analyst and writer of the Bitcoin Forecast, a market intelligence newsletter, and Rafael Schultze-Kraft, co-founder and CTO of Glassnode, discuss Bitcoin and what the on-chain metrics tell us about the price. Here to discuss is. Episode highlights:
- what factors pushed the price of BTC down in May
- why Elon’s Twitter account hold so much sway over the market
- why Willy believes Bitcoin is good for renewable energy
- who sold during the last month
- which type of BTC investors stopped purchasing in Feb/March
- what trends Willy and Rafael have noticed from coins moving to/from exchanges
- their thoughts on exchange-traded products, like GBTC and Canadian ETFs
- how derivatives trading has played a role in Bitcoin’s price
- why stablecoins were trading above their peg in the months leading up to the Coinbase direct listing
- how Willy values Bitcoin (specifically using NVT ratio)
- whether the trend of corporate treasuries investing in Bitcoin will continue
- how they expect Ethereum's adoption of a deflationary monetary policy to impact the price of Bitcoin
- when the market could turn bullish once again and predictions for the rest of the year
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Episode Links
Willy Woo
- Twitter: https://twitter.com/woonomic
- Substack: https://willywoo.substack.com/
- Charts: http://charts.woobull.com/
Rafael Schultze-Kraft
- Twitter: https://twitter.com/n3ocortex
- Glassnode Blog: https://insights.glassnode.com/author/rafael/
- Medium (no posts in 2021): https://medium.com/@neocortex
Glassnode
- Website: https://glassnode.com/
- Twitter: https://twitter.com/glassnode
- Crunchbase: https://www.crunchbase.com/organization/glassnode
Willy on BTC trends:
- NVT 2021 re-hash: https://twitter.com/woonomic/status/1399644889596370950
- User growth on BTC network: https://twitter.com/woonomic/status/1396716391940575232
- Exchange flows are bullish: https://twitter.com/woonomic/status/1395350421187690500
- The movement to strong holders is unprecedented: https://twitter.com/woonomic/status/1391209800252358658
- BTC undervaluation: https://twitter.com/woonomic/status/1389145220432859144
Rafael on BTC trends:
- Investors becoming fearful: https://twitter.com/n3ocortex/status/1394922200923312132
- Bear market?: https://twitter.com/n3ocortex/status/1394312942678679559
- Why on-chain exchange metrics are difficult to analyze: https://insights.glassnode.com/exchange-metrics/
- BTC ownership is not highly concentrated: https://insights.glassnode.com/bitcoin-supply-distribution/
- BTC illiquidity: https://insights.glassnode.com/bitcoin-liquid-supply/
Glassnode on BTC trends:
- May 31 recap: https://insights.glassnode.com/the-week-on-chain-week-22-2021/
- May 24 recap: https://insights.glassnode.com/the-week-on-chain-week-21-2021/
- December buyers approaching cost basis: https://twitter.com/glassnode/status/1399757635512066052
- Battle of Bulls vs. Bears: https://twitter.com/glassnode/status/1399231089764360192
- Grayscale discount: https://twitter.com/glassnode/status/1397059742019686400
Deleveraging futures market: https://twitter.com/glassnode/status/1395771367958581251
Jeremy Rubin, a Bitcoin Core contributor and founder of Judica, a Bitcoin R&D Lab, joins Unchained from the Miami Bitcoin Conference (2021) to discuss all things Taproot. Show highlights:
- a general update on the Miami Bitcoin Conference
- what Taproot will do for the Bitcoin network
- how Taproot will make Bitcoin transactions more private
- what effect Taproot might have on on-chain analytics companies
- what parts of Bitcoin transactions will be public if/when Taproot goes live
- what new wallet features Taproot will unlock for Bitcoin
- how Bitcoin vaults might work
- a user-friendly definition of MASTs (Merklized Abstract Syntax Tree)
- how Taproot signaling works
- when/if Taproot will lock-in
- why network updates strain the relationship between miners and users
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
NEAR: https://near.org
Episode Links:
Jeremy Rubin
- Twitter: https://twitter.com/JeremyRubin
- Judica: https://judica.org/
- Personal website: https://rubin.io/
Taproot
- Signaling status of Taproot: https://taproot.watch/
- Bitcoin Magazine on Taproot: https://bitcoinmagazine.com/technical/taproot-coming-what-it-and-how-it-will-benefit-bitcoin
- Why Taproot matters: https://www.coindesk.com/bitcoins-privacy-and-scaling-tech-upgrade-taproot-just-took-a-big-step-forward
- Marathon lifts block mining censorship: https://www.coindesk.com/marathon-wont-censor-bitcoin-transactions-says-mining-ceo
MASTs: https://bitcointechtalk.com/what-is-a-bitcoin-merklized-abstract-syntax-tree-mast-33fdf2da5e2f
Nick Tomaino, general partner of 1confirmation, discusses his firm’s recently announced third fund of $125 million and gives his perspective on many hot crypto topics, such as NFTs, Layer 2 solutions, Polkadot, DAOs, and more. Show highlights:
- why Nick became interested in crypto and his background
- what drives 1confirmation’s investment thesis
- why he Nick believes NFTs have taken off in popularity this year
- why NFTs are currently in a bubble
- what we might do with NFTs in the future
- how competition between different NFT marketplaces will shake out
- how music NFTs could work
- the feasibility of charging royalties in the secondary sale of NFTs
- why environmental concerns over crypto mining to only be a short-term issue
- why Nick is not an Ethereum maxi and how he feels about the fragmentation of Layer 2 solutions on ETH
- why Polkadot is such an exciting project
- whether, as an early Coinbase employee, he would say the fat protocols thesis is true
- what new trend Nick is keeping an eye on for 2021 and beyond
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Episode Links
Nick Tomaino
Twitter handle: https://twitter.com/NTmoney
Recommended Content:
- Writing
-
- Introducing 1confirmation Fund 3
-
- https://thecontrol.co/1confirmation-fund-iii-4633d18273e
- NFTs + Mimetic Desire
-
- https://thecontrol.co/stories-scarcity-and-mimetic-desire-c4a344fa74e1
- Twitter Threads
-
- Has crypto “earned it?”
-
- https://twitter.com/NTmoney/status/1391782884202061824
- Ethereum + decentralized identity
-
- https://twitter.com/NTmoney/status/1389608747924742157
- WSB optimism
-
- https://twitter.com/NTmoney/status/1356036385287720960
- The crypto perfect storm
-
- https://twitter.com/NTmoney/status/1352301464060760064
- His journey from Coinbase to 1confirmation
-
- https://twitter.com/NTmoney/status/1353405899990155264
- Guest Appearances/Quotes
-
- “Digital art has a chance to exceed $3 trillion in total value and flip traditional art”
-
- https://fortune.com/2021/03/30/nft-crypto-superrare-art-market/
- “It's not going to look the same as the crypto booms and busts, but there are going to be a lot of these sales that maybe don't have buyers in the future”
-
- https://cheddar.com/media/nfts-facing-bubble-but-crypto-art-platforms-see-long-term
- “It's clear we're in some type of NFT bubble”
-
- https://www.nytimes.com/2021/04/25/technology/cryptocurrency-mainstream.html
- Old Unchained Appearances
-
- https://unchainedpodcast.com/nick-tomaino-on-why-he-is-skeptical-libra-will-be-significant/
- https://unchainedpodcast.com/icos-why-people-are-investing-in-this-380-million-phenomenon/
1confirmation
Basics
- Website/Portfolio
-
- https://www.1confirmation.com/portfolio
-
- https://twitter.com/1confirmation
- Recently announced fund
-
- https://thecontrol.co/1confirmation-fund-iii-4633d18273e
Recently, 1confirmation has funded...
- Notional Finance
-
- https://www.coindesk.com/notional-raises-10m-to-grow-defi-lending-protocol-with-real-world-potential
- SuperRare series A
-
- https://decrypt.co/63295/nft-marketplace-superrare-9m-funding-mark-cuban
- Nexus Mutual
-
- https://decrypt.co/57844/vc-firms-invest-2-7-million-in-defi-insurer-nexus-mutual
- dYdX series B
-
- https://integral.dydx.exchange/dydx-closes-10m-series-b-investment/
- Acala
-
- https://www.theblockcrypto.com/linked/76313/polkadot-based-defi-project-acala-raises-7-million-saft
Miscellaneous
- Meebits
- https://meebits.larvalabs.com/
- Polkadot governance
- https://polkadot.network/polkadot-governance/
- Unchained podcast discussing the petrodollar
- https://unchainedpodcast.com/bitcoin-vs-the-petrodollar-which-is-more-environmentally-friendly/
- Fat Thesis
- https://www.usv.com/writing/2016/08/fat-protocols/
- ZED Run
- https://zed.run/
House Representative Tom Emmer, of Minnesota, is one of the most active voice for crypto and blockchain in the US government. In this episode, he discusses:
- what book made Tom fall down the crypto rabbit hole
- why Tom believes the Financial Accounting Standards Board needs to set clear accounting standards for cryptocurrencies
- why the current way of accounting for Bitcoin on balance sheets may be a detriment to companies in the future
- how he feels about the acting head of the OCC putting together a “sprint team” of federal regulators to establish overarching crypto standards
- why he is fighting to change tax rules for forked coins
- what problems the Eliminate Barriers to Innovation Act might solve
- why he is so passionate about the Securities Clarity Act, which would explicitly separate digital tokens from securities
- how DeFi should be regulated and why he is not a fan of FATF’s recently proposed guidance
- Tom’s prediction for when these bills may actually become law
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
NEAR: https://near.org
Episode Links
Tom Emmer
- Twitter: https://twitter.com/RepTomEmmer
- Website: https://emmer.house.gov/
Documents Mentioned
- FASB letter
-
- https://emmer.house.gov/2021/5/emmer-urges-fasb-to-issue-clear-accounting-standards-for-virtual-currencies
- Eliminate Barriers to Innovation Act
-
- https://www.forbes.com/sites/jasonbrett/2021/04/22/us-house-passes-bill-to-create-first-crypto-task-force-on-digital-assets/
- Safe Harbor for Taxpayers with Forked Assets Act
-
- https://emmer.house.gov/2021/5/emmer-introduces-legislation-to-protect-taxpayers-with-digital-assets-pending-further-irs-guidance
- Securities Clarity Act
-
- https://emmer.house.gov/2020/9/emmer-introduces-legislation-to-provide-clarity-for-digital-assets-under-securities-law
- Proposed FATF Guidance (quick breakdown)
-
- https://www.coincenter.org/a-quick-analysis-of-fatfs-2021-draft-cryptocurrency-guidance/
Miscellaneous
- Congressional Blockchain Caucus
-
- https://congressionalblockchaincaucus-schweikert.house.gov/members
- US Regulatory “sprint”
-
- https://decrypt.co/71975/us-agencies-sprint-align-on-bitcoin-regulations
- Michael Saylor episode
-
- https://unchainedpodcast.com/why-bitcoin-now-michael-saylor-on-the-best-way-for-companies-to-buy-bitcoin/
- Age of Cryptocurrency
-
- https://www.amazon.com/The-Age-of-Cryptocurrency
Kain Warwick, founder of Synthetix, and Kyle Samani, managing partner at Multicoin Capital, debate the merits of Ethereum, Solana, and Binance Smart Chain. In this episode, they discuss:
- why Ethereum is losing market share to Solana and BSC
- whether decentralization matters and at what point decentralization becomes redundant
- why they think Solana and Binance Smart Chain need to be taken seriously as competitors to EThereum
- whether BSC or Solana is the bigger long-term threat to Ethereum
- the biggest obstacle to Ethereum’s success (and it’s not gas fees)
- how Ethereum will navigate fragmented Layer 2 solutions
- Solana and its lack of developers
- what differentiates DeFi from CeFi
- why Solana has an edge on Ethereum in terms of composability
- how Ethereum will onboard new users
- why Kain is such an ardent backer of Ethereum
- why both Kyle and Kain think EIP 1559 and the potential for higher ETH prices is bad for Ethereum
- if Synthetix would ever consider launching a cross-chain product
- the viability of a multi-chain world
- why Kyle believes the future holds a winner-take-most blockchain ecosystem
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Kyber Network: Dmm.exchange
Episode Links
People
Kyle Samani
- Twitter: https://twitter.com/KyleSamani
- Multicoin Capital: https://multicoin.capital/
Kain Warwick
- Twitter: https://twitter.com/kaiynne
- Synthetix: https://synthetix.io/
Content
Kain’s tweet that instigated this pod:
- https://twitter.com/kaiynne/status/1387266949302734852
Multicoin Blogs:
- New $100m fund focused on Solana
-
- https://multicoin.capital/2021/05/04/announcing-venture-fund-ii/
- BNB Investment + valuation
-
- https://multicoin.capital/2019/02/19/binance-coin-analysis-and-valuation/
- Investment in Solana
-
- https://multicoin.capital/2019/07/30/the-world-computer-should-be-logically-centralized/
- Ethereum analysis
-
- https://multicoin.capital/2019/05/24/the-unbundling-of-ethereum/
-
Value Capture at Layers 1 and 2
-
- https://multicoin.capital/2019/03/14/on-value-capture-at-layers-1-and-2/
Kain Warwick and Sam Bankman Fried podcast
- https://www.cryptonotes.org/2020/10/sbf-kain-blockcrunch-117/
Comparing AMMs on different blockchains
- https://www.coindesk.com/pancakeswap-uniswap-sushiswap-crypto-defi-exchange
BSC and Solana NFT platforms
- https://www.theblockcrypto.com/post/102959/binance-is-launching-its-own-nft-marketplace-in-june
- https://www.coindesk.com/banksy-burners-raise-3m-to-build-nft-platform-on-solana
Overview of Layer 2 solutions on Ethereum
- https://ethereum.org/en/developers/docs/scaling/layer-2-rollups/
Binance Smart Chain guide
- https://defiprime.com/binance-smart-chain
Solana guide
https://thedefiant.io/solana-defi-ecosystem-overview/
Mike Novogratz, founder, CEO, and chairman of Galaxy Digital, digs into the drivers behind this week’s market selloff. Show highlights:
- the five factors Mike believes led to this week’s dip
- what Mike thinks about the environmental concerns surrounding Bitcoin
- how Ethereum will perform in 2021
- whether centralized blockchains will survive regulatory scrutiny
- why Galaxy Digital made its $1 billion acquisition of BitGo
- what sort of projects Galaxy Digital is mulling in the DeFi space
- when Mike thinks a bitcoin ETF could be approved
- Mike’s 2021 bitcoin price prediction
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
NEAR: https://near.org
Episode Links
Mike Novogratz: https://twitter.com/novogratz
Galaxy Digital: https://www.galaxydigital.io
Recommend Reads:
- Galaxy Digital BitGo purchase
-
- https://www.coindesk.com/galaxy-digital-to-buy-bitgo-for-about-1-2-billion-in-stock-cash
- SEC skepticism regarding bitcoin ETF
-
- https://www.coindesk.com/sec-warns-mutual-fund-investors-of-bitcoin-futures-risks
- Galaxy Digital 2021 Q1 results
-
- https://www.coindesk.com/galaxy-digital-q1-aum-rose-58-net-comprehensive-income-more-than-doubles
- Galaxy Digital bitcoin ETF
-
- https://www.coindesk.com/galaxy-digital-files-for-us-bitcoin-etf
- Youtube energy consumption
-
- https://www.iea.org/commentaries/the-carbon-footprint-of-streaming-video-fact-checking-the-headlines
- https://thefactsource.com/how-much-electricity-does-youtube-use/
- Dapper Labs lawsuit
https://www.forbes.com/sites/andreatinianow/2021/05/17/no-slam-dunk-for-plaintiffs-in-nba-top-shot-moments-class-action-lawsuit/?sh=be89ec3df3da
Last week, Tesla announced they will no longer accept Bitcoin as payment for vehicles. In a timely episode, Alex Gladstein, chief strategy officer at the Human Rights Foundation, and James McGinniss, CEO and co-founder of David Energy, come onto the show to discuss Bitcoin, the petrodollar, and how to contextualize the energy usage of the first cryptocurrency (BTC) versus the leading fiat currency (USD). Show highlights:
- their backgrounds and how they became interested in the intersection of currency and energy usage
- why Alex and James really think Tesla stopped accepting BTC as payment
- why James thinks Bitcoin’s energy intensity is a “feature, not a bug”
- Alex on the history of the petrodollar and how the USD in recent decades has been tied to fossil fuel production
- comparing the carbon cost of a dollar to Bitcoin’s energy consumption
- what both James and Alex think of the Square and Ark Invest research paper saying renewable energy production could be tied with Bitcoin mining
- why measuring Bitcoin’s energy usage is difficult
- how Bitcoin mining in China is changing for the better
- how the Biden administration might impact Bitcoin
- where to find more information on Bitcoin and energy consumption
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Kyber Network: Dmm.exchange
Episode Links
People:
- Alex Gladstein
-
- Twitter: https://twitter.com/gladstein
- Human Rights Foundation: https://hrf.org/
- James McGinniss
-
- Twitter: https://twitter.com/James_McGinniss
- David Energy: https://www.davidenergy.com/
Recommended Reads:
- “Uncovering the Hidden Cost of the Petrodollar” by Alex Gladstein
-
- https://bitcoinmagazine.com/culture/the-hidden-costs-of-the-petrodollar
- “Think BTC is a Dirty Business? Consider the Carbon Cost of a Dollar” by Susan Su
-
- https://susanfsu.medium.com/think-btc-is-a-dirty-business-consider-the-carbon-cost-of-a-dollar-c38122fb55c5
- “Bitcoin is Key to an Abundant, Clean Energy Future” by Square and Ark Invest
-
- https://assets.ctfassets.net/2d5q1td6cyxq/2D2BnksJjavw4a6SUvAPwZ/c42a9e3a520b0cc3b230cda3b43eead5/BCEI_White_Paper_.pdf
-
Elisabeth Steyn thread on Tesla and energy credits
-
- https://twitter.com/Elisabeth_Steyn/status/1392799067986554880
- “Tesla seeks entry into U.S. renewable fuel credit market” by Reuters
-
- https://www.reuters.com/business/sustainable-business/exclusive-tesla-seeks-entry-into-us-renewable-fuel-credit-market-sources-2021-05-12/
- “Debt” by David Graeber
-
- https://www.amazon.com/Debt-First-5-000-Years/dp/1612191290
- Others:
-
- Bitcoin energy consumption index
-
- https://digiconomist.net/bitcoin-energy-consumption/
- Cambridge study on cryptoassets
-
- https://www.jbs.cam.ac.uk/wp-content/uploads/2021/01/2021-ccaf-3rd-global-cryptoasset-benchmarking-study.pdf
- Triffin Dilemma
-
- https://dailyreckoning.com/the-triffin-dilemma/
Alex Gladstein’s Recommended Follows:
- Nic Carter
- https://twitter.com/nic__carter
- Lyn Alden
- https://twitter.com/LynAldenContact
- Susan Su
- https://twitter.com/susanfsu
- Luke Gromen
- https://twitter.com/LukeGromen
- Michael Hudson
- https://twitter.com/michaelwhudson
Jeff Dorman, the chief investment officer at Arca, comes on the show to give a macro perspective on the crypto environment. In this episode, he discusses:
- how economic data and real-world events have affected digital assets
- how Jeff classifies the different types of assets within crypto
- what market forces have pushed ETH to new all-time highs above $4k
- whether EIP 1559 will have the same effect on ether price as the Bitcoin halving has on BTC price
- what is happening with Dogecoin and other meme-coins
- why the market’s reaction to Tesla’s halt of BTC vehicle purchases was healthy
- whether environmental concerns surrounding Bitcoin will have long-term consequences on crypto as an asset class
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
NEAR: https://near.org
Episode Links
Jeff Dorman
-
- https://twitter.com/jdorman81
- Arca
-
- https://www.ar.ca/
- Blog post titled “How Economic Data Affects Digital Assets”
-
- https://www.ar.ca/blog/crypto-market-recap-05-10-21
- Blog post titled “The Four Types of Digital Assets”
-
- https://www.ar.ca/blog/crypto-market-recap-06-29-20
Miscellaneous Links
- Dogecoin SNL clip
-
- https://www.youtube.com/watch?v=x5RCfQyTDFI
- SHIB token + dog meme-coins
-
- https://decrypt.co/70587/shiba-inu-shib-what-why-price-dogecoin
- https://www.theblockcrypto.com/post/104676/vitalik-buterin-donates-more-than-60m-to-charity-after-selling-meme-tokens-including-shiba-inu
- https://twitter.com/lawmaster/status/1392533724814876680/photo/1
- Nic Carter on Bitcoin mining
-
- https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption
- Tesla’s announcement on halting BTC vehicle purchases
-
- https://twitter.com/elonmusk/status/1392602041025843203
Link to the Crypto News Recap:
https://unchainedpodcast.com/why-an-elon-tweet-sent-bitcoin-below-50k/
In this discussion I moderated for Paxos, Robinhood CEO Vlad Tenev and Paxos CEO Charles Cascarilla discuss GameStop, the broken traditional financial infrastructure, and how blockchain technology may change the future of settlements. Show highlights:
- why Robinhood stopped trading on GameStop and AMC stock earlier this year
- what both Charles and Vlad think the feasibility of T+0 settlements versus Citadel’s and the DTCC’s aim of T+1 settlements
- how the GameStop scenario would have been different in a T+0 environment
- what it would look like if certain markets used T+0 settlements while others still settled on T+1
- why Robinhood decided to add crypto back in early 2018
- how Robinhood’s crypto operations work on the back end
- why Robinhood does not allow users to move crypto off-platform
- whether securities trading or crypto will be a larger portion of both Paxos’ and Robinhood’s business model
- what Paxos and Robinhood have planned for the near future
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Kyber Network: Dmm.exchange
Episode Links:
People:
Charles Cascarilla
https://www.linkedin.com/in/charlescascarilla/
Coindesk Profile
https://www.coindesk.com/charles-cascarilla-most-influential-2020
Previous interview with Laura
https://unchainedpodcast.com/chad-cascarilla-on-paxoss-partnership-with-paypal/
Blog post on the GameStop saga
https://www.paxos.com/what-lehman-brothers-gamestop-and-the-next-financial-crisis-have-in-common/
Vlad Tenev
https://twitter.com/vladtenev
CNN Article
https://www.cnn.com/2021/02/01/investing/robinhood-gamestop-vlad-tenev/index.html
Tweet Thread on T+2
https://twitter.com/vladtenev/status/1356687248746455041
Companies:
Paxos
https://twitter.com/PaxosGlobal
Paxos Settlement Service
https://www.paxos.com/securities/
https://www.reuters.com/article/us-crypto-currencies-paxos/paxos-to-launch-settlement-of-u-s-listed-equities-after-secs-no-action-letter-idUSKBN1X727M
Wall Street Journal write-up
https://www.wsj.com/articles/blockchain-makes-inroads-into-the-stock-markets-1-trillion-plumbing-system-11573131600
Robinhood
https://twitter.com/RobinhoodApp
Robinhood Crypto
https://robinhood.com/us/en/about/crypto/
Public offering
https://blog.robinhood.com/news/2021/3/23/robinhood-markets-inc-confidentially-submits-draft-registration-statement
Miscellaneous Links
Citadel on settlements
https://www.theblockcrypto.com/post/95326/citadel-robinhood-shorter-settlements-congress
DTCC on settlements
https://www.dtcc.com/news/2021/february/24/dtcc-proposes-approach-to-shortening-us-settlement-cycle-to-t1-within-two-years
Other:
Caitlin Long Unchained episode:
https://unchainedpodcast.com/caitlin-long-why-avanti-will-be-a-new-kind-of-crypto-bank/
Reshma Patel, a Democratic candidate for New York City’s Comptroller position, talks about her “future proof” plan for the city, which centers on investing in cryptocurrencies and blockchain technology. In this episode, she discusses:
- what duties the New York City Controller performs
- how Reshma thinks crypto and blockchain tech can help New York City, which she calls her “future proof” plan
- how a city comptroller would go about investing 1%-3% of the city’s pension funds into crypto
- what type of crypto investment vehicles would be appropriate for the city to invest in
- why Reshma became interested in crypto in the first place
- what sort of real-world issues blockchain technology could solve in NYC, particularly in its procurement system
- whether Reshma envisions an NYC blockchain solution for its procurement system being on a private or public blockchain
- how the Comptroller could influence the state of New York to make the BitLicense more accessible for entrepreneurs
- why NYC must compete in the blockchain/crypto space with Miami and Wyoming
- how crypto could help NYC recover post-COVID
- what comes next for Reshma’s campaign and why she is not allowed to receive crypto donations
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
NEAR: https://near.org
Episode Links
Reshma Patel
- Twitter: https://twitter.com/reshmapatelnyc?lang=en
- Blockchain campaign: https://www.reshma2021.com/blockchain
- CoinDesk profile: https://www.coindesk.com/city-comptroller-candidate-says-blockchain-is-in-new-yorks-future
- The Block article: https://www.theblockcrypto.com/post/102122/candidate-nyc-comptroller-crypto-blockchain
Miscellaneous Links
- BitLicense
-
- https://ciphertrace.com/new-york-bitlicense/
- https://www.coindesk.com/bitlicense-timeline
- Duties of NYC Comptroller
-
- https://comptroller.nyc.gov/about/duties-of-the-comptroller/
Link to the Crypto News Recap:
https://unchainedpodcast.com/doge-up-13000-ytd/
Crypto sits at the intersection of two male-dominated industries: tech and finance. I was asked to moderate a panel for the Amber Group with four leading women in crypto to discuss the role of gender in the crypto industry and what can be done to bring more women into the space. Panelists include Mia Deng, partner at Dragonfly Capital; Amy Zhang, vice president of sales at Fireblocks; Alexis Gauba, cofounder at Opyn; and Annabelle Huang, partner at Amber Group. Show highlights:
- how each panelist got into crypto, what it is they do, and which company they work for
- why women have been somewhat reluctant to speak on crypto gender disparity in public
- what the main obstacles to bringing about better gender diversity in crypto
- whether the crypto space is harder to break into than traditional finance for women
- how gender issues in the U.S. are different than in Asia
- why more women have begun trading cryptocurrencies and how to increase that interest
- which crypto explanations are most effective for female friends
- why there are so few female crypto co-founders
- good hiring practices for bringing more women into the space
- advice for women trying to break into crypto
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Kyber Network: Dmm.exchange
Episode Links
Panelists
Mia Deng
- Crypto career
-
- cofounder at TR Lab ---- NFT Platform (2021)
- partner at Dragonfly Capital - https://medium.com/dragonfly-research
- Head of biz Development + Venture partner @ Amber Group - https://www.ambergroup.io/about
- Social link
-
- https://twitter.com/miagegedeng?lang=en
Amy Zhang
- Crypto career
-
- vice president of sales at Fireblocks - https://www.fireblocks.com/
- head of sales/investor relations at Diginex - https://www.diginex.com/
- Social link
-
- https://www.linkedin.com/in/amyzwzhang/?originalSubdomain=hk
Alexis Gauba
- Crypto career
-
- cofounder at Opyn - https://www.opyn.co/#/
- cofounder at she256 - https://she256.org/
- Social link
-
- https://twitter.com/AlexisGauba
Annabelle Huang
- Crypto career
-
- partner at Amber Group - https://www.ambergroup.io/about
- founding member at KeeperDAO - https://twitter.com/Keeper_DAO
- risk lead at AirSwap - https://www.airswap.io/
-
Social Link
https://twitter.com/_annabellehuang?lang=en
Dan Finlay, co-founder of MetaMask, talks about the meteoric growth of monthly active users of the crypto wallet, which has quintupled in the past seven months. In this episode, he discusses:
- which crypto use case drove MetaMask’s active user base to grow 5x in under a year
- what types of scaling solutions are drawing users to MetaMask
- how MetaMask works
- what kind of customers are using MetaMask
- how MetaMask has grown without targeted marketing
- whether the type of crypto usage in developing nations differed from developed nations
- which feature MetaMask released in 2020 that is bringing in revenue
- what pivotal moments in crypto over the past six years have brought new users to MetaMask
- why scalability and security are the most important challenges facing MetaMask in the short term
- how MetaMask is trying to make online wallets more secure
- how much volume users have traded via MetaMask's new swap feature
- what new features are coming up for MetaMask wallets
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
InterPop: https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop
NEAR: https://near.org
Episode Links
MetaMask
Dan Finlay: https://twitter.com/danfinlay
MetaMask: https://metamask.io/
$5 Million Monthly Active Users: https://consensys.net/blog/metamask/metamask-surpasses-5-million-monthly-active-users/
MetaMask in Emerging Markets: https://twitter.com/MetaMask/status/1387114770923466755
Filecoin in MetaMask: https://medium.com/metamask/developer-preview-metamask-snap-for-filecoin-c28b01dfdcb
Miscellaneous
Robbie Ferguson on Unchained: https://unchainedpodcast.com/this-layer-2-solution-processed-more-nft-trades-in-24-hours-than-ethereum-did-in-1-week/
Marguerite deCourcelle on Unchained: https://unchainedpodcast.com/all-the-ways-crypto-can-make-gaming-more-fun/
Charles Cascarilla + Vlad Tenev conversation: https://t.co/2AG0y5j36B?amp=1
Link to the Crypto News Recap:
https://unchainedpodcast.com/a-bitcoin-standard/
Devin Finzer, co-founder and CEO of NFT marketplace OpenSea, talks all things non-fungible. Check out the whole show to hear Devin answer the following questions:
First Half: Breaking Down NFTs
- Why did he become so interested in NFTs ?
- What is an NFT? Why have NFTs become so popular recently?
- Who is creating NFTs? Who is purchasing NFTs?
- Are we in an NFT bubble?
- How is the NFT ecosystem going to evolve over the next few years?
- What are people purchasing when they buy an NFT?
Second Half: OpenSea Q+A
- What is OpenSea?
- How will OpenSea maintain its competitive advantage in the open-source blockchain ecosystem?
- How does OpenSea make money?
- Are artists making money on OpenSea?
- How is OpenSea planning on integrating with layer 2 solutions on Ethereum and other blockchains?
- How do royalties work on OpenSea? Why are they hard to enforce?
- What can be done about content being minted on OpenSea without an artist’s permission?
- What issues in the NFT world still need to be resolved?
- How is OpenSea handling the environmental concerns surrounding NFTs?
- What’s next for OpenSea?
Thank you to our sponsors!
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Kyber Network: Dmm.exchange
Episode Links
Basic Links
- Devin’s Twitter
-
- https://twitter.com/dfinzer?lang=en
- OpenSea
-
- https://opensea.io/
Devin Finzer
Content
- Podcast appearances
-
- https://www.owltail.com/people/YzIoa-devin-finzer/appearances
- The NFT Bible
-
- https://opensea.io/blog/guides/non-fungible-tokens/
-
Blockchain gaming (2018)
-
- https://www.coindesk.com/the-emerging-trends-in-the-blockchain-gaming-world
OpenSea
- Profiles
-
- Fortune
-
- https://fortune.com/2021/03/18/nft-art-crypto-marketplace-opensea-amazon/
- CoinDesk 50 for 2020 (#47)
-
- https://www.coindesk.com/the-coindesk-50
- Recent announcements
-
- scaling solution w/ Immutable X (Mar 31)
-
- https://www.coindesk.com/nft-opensea-immutable-layer-2-protocol-ethereum
- https://decrypt.co/65828/immutable-x-ethereum-nft-gods-unchained
- A16z investment (Mar 18th)
-
- https://a16z.com/2021/03/18/investing-in-opensea/
- updating terms of service (Mar 13)
-
- https://twitter.com/opensea/status/1370895902068637697
- taking down the hacker NFT (Mar 9)
-
- https://www.coindesk.com/hacker-selling-cybersecurity-exploit-nft
- unlockable content (early March)
-
- https://twitter.com/opensea/status/1366780226416631817
- Tezos collab (Feb 10)
-
- https://twitter.com/opensea/status/1359519631275352064
- creating NFTs for free (Dec 29)
-
- https://opensea.io/blog/announcements/introducing-the-collection-manager/
- https://twitter.com/xanderatallah/status/1358848443356221445
- recent usage:
-
- https://duneanalytics.com/rchen8/opensea
- 2018 investing round
-
- https://www.coindesk.com/ebay-cryptokitties-raises-2-million-star-vcs
- https://opensea.io/blog/announcements/opensea-raises-2-million/
Other
- Terms of service talk
-
- https://www.reddit.com/r/opensea/comments/m12uh4/do_i_keep_the_rights_to_any_nft_i_sell_on_opensea/
- Stats
-
- https://www.forbes.com/sites/youngjoseph/2021/03/29/nft-market-rages-on-nfts-market-cap-grow-1785-in-2021-as-demand-explodes/?sh=2974862a7fdc
- https://duneanalytics.com/rchen8/opensea
Robbie Ferguson, co-founder and president of Immutable, talks about how Immutable is transforming the NFT industry through its layer 2 solution, Immutable X, which just launched April 8. In this episode, he discusses:
- what sort of problems Immutable is solving by creating a layer 2 solution (1:21)
- why scalability is especially an issue for NFTs in gaming (1:59)
- how Immutable X, built with partner Starkware, addresses the problems with scaling NFTs (3:28)
- how Immutable is scaling Ethereum and the definition of a layer 2 solution (5:46)
- the Immutable business model and how the company makes money (6:40)
- how validity proofs like ZK-rollups differ from fraud proofs like Optimistic rollups (7:52)
- how Gods Unchained has performed since the April 8th launch of Immutable X (8:27)
- why building on Ethereum is so important to Immutable (10:54)
- why Immutable is obsessed with bringing liquidity to NFTs (14:54)
- what sort of partners Immutable is looking to attract and how Immutable X is different from a traditional marketplace (18:00)
- why Immutable decided to purchase carbon credits to offset the gas the protocol consumes on Ethereum (21:33)
- what we might see from Gods Unchained, Immutable X, and NFT gaming in general by the end of this year (23:32 )
- weekly news recap (26:22)
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
InterPop: https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop
NEAR: https://near.org
Episode Links
Robbie Ferguson
https://www.linkedin.com/in/robbieferguson/?originalSubdomain=au
Immutable
- Twitter:
-
- https://twitter.com/Immutable?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
- Website for Immutable X
-
- https://market.x.immutable.com/assets/0xacb3c6a43d15b907e8433077b6d38ae40936fe2c
- Layer 2
-
- https://www.theblockcrypto.com/linked/101092/ethereum-startup-immutable-aims-to-cut-nft-costs-with-new-layer-2-scaling-protocol
- https://www.theblockcrypto.com/linked/100084/opensea-nft-layer-2-immutable-x
- https://twitter.com/Immutable/status/1385263903450484741
- Gods Unchained
-
- https://www.coindesk.com/james-ferguson-on-decentralized-gamings-next-moves
- https://decrypt.co/65828/immutable-x-ethereum-nft-gods-unchained
- Previous Unconfirmed interview: https://unchainedpodcast.com/how-the-hong-kong-protests-gave-a-boost-to-gods-unchained/
Miscellaneous Links
- Hearthstone link
-
- https://decrypt.co/48379/gods-unchained-review-and-beginners-guide
- Carbon Credits
-
- https://twitter.com/immutable/status/1377099577178779659?lang=en
- StarkWare relationship
-
- https://medium.com/starkware/starkware-immutable-8896aabab4e5
- StarkWare’s recent Unchained appearance
-
- https://unchainedpodcast.com/can-dydx-become-a-decentralized-bitmex-how-it-is-scaling-with-starkware/
Link to the Crypto News Recap:
https://unchainedpodcast.com/2600-eth/
In a fun change of pace, I was interviewed by the On Deck Podcaster Fellowship about the origins of Unchained pod, how my background as a journalist prepared me for podcasting, and tips for aspiring creators. Episode highlights:
- why I believe the Unchained podcast has been successful and how my penchant for asking tough questions came about (1:48)
- how my background in journalism prepared me for hosting a podcast (6:35)
- how I choose guests for the show and how they feel about being asked difficult questions (9:10)
- why I feel my background in traditional media is so important (15:46)
- whether my podcast helped me land a book deal (20:35)
- the Unchained podcast origin story (26:37)
- how I’ve brought my sense of journalistic integrity and ethics to podcasting (33:56)
- the top tips for choosing a good podcast title (41:58)
- advice for aspiring podcasters on sifting through BS answers and warming up shy guests (48:19)
- who I look up to in the podcast space (53:25)
- what future creators and podcasters from underrepresented backgrounds can learn from my experience breaking into the world of finance and technology (57:33)
Thank you to our sponsors:
E&Y: https://ey.com/globalblockchainsummit
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Kyber Network: Dmm.exchange
Episode Links
On Deck:
https://www.beondeck.com/
Laura Shin:
https://twitter.com/laurashin
Unchained Podcast:
https://twitter.com/Unchained_pod
Gil Luria, director of research at D.A. Davidson, talks about Coinbase’s performance on its first day as a public company. In this episode, Gil discusses:
- the significance of Coinbase going public (1:05)
- why doing a direct listing was a risky move (1:31)
- why he revised his price target for COIN from $440 to $650 (3:17)
- how investing in COIN as a “pure play” crypto company compares to buying stock in companies like MicroStrategy and Square (5:06)
- why some people are disrupting Coinbase’s actual market cap (7:11)
- whether Coinbase can smooth out revenue over the long term and not be so correlated to the crypto markets themselves(10:45)
- what sort of statistics Gil is looking for in valuing Coinbase (13:08)
- why Gil thinks Coinbase can meet its goal of growing non-transaction revenue from 4% to 50% in five to ten years (15:32)
- how Coinbase could navigate the compression of fees that will occur as competition increases among exchanges (17:33)
- whether Coinbase’s stance as an apolitical company could affect the stock price in an era in which companies are getting involved in issues like voting rights (19:45)
- whether the Bitcoin price and COIN stock price will always be highly correlated (21:18)
- which other crypto companies are good candidates for going public as well (22:35)
- weekly news recap (24:03)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”:
https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Check out InterPop, a superteam redefining the future of NFTs and fandom!
https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop
Episode links:
Gil Luria
- Twitter profile: https://twitter.com/gilluria
- Introducing Crypto’s Amazon Moment (written by Gil): https://unchainedpodcast.com/wp-content/uploads/2021/03/DA-Davidson-Coinbase-Initiation-20210302.pdf
- 2013 Quote from Gil on Bitcoin: https://www.streetinsider.com/Analyst+Comments/Bitcoin+Could+Be+Worth+10-100x+Current+Price+-+Analyst/8936836.html
- Previous Unchained Appearance: https://unchainedpodcast.com/is-coinbase-stock-a-good-buy-this-analyst-says-yes/
Related Content
- Ellie Frost Blog:
-
- https://frostbyte.substack.com/p/coinbase-earnings-some-less-obvious
- https://frostbyte.substack.com/p/coinbase-earnings-will-blow-you-away
- Tweet Thread on Market Cap Discrepancy w/ Comment From Jeff Dorman
-
- https://twitter.com/laurashin/status/1382746574577668111
- https://twitter.com/jdorman81/status/1382749674105237507
- Forbes Coverage of Coinbase Direct Listing:
-
- https://www.forbes.com/sites/jonathanponciano/2021/04/14/coinbase-skyrockets-in-nasdaq-listing-landing-105-billion-valuation-on-first-day-of-trading/?sh=3afb44928dc1
- https://www.forbes.com/sites/jeffkauflin/2021/04/14/coinbases-ipo-creates-a-multibillion-dollar-windfall-for-founders-now-it-faces-five-big-threats/?sh=13405d8e61ff
- Brian Armstrong CNBC Interview on Transaction Fees:
-
- https://twitter.com/SquawkCNBC/status/1382279472599162880?s=20
In an interview I moderated at Real Vision’s “Crypto Gathering,” Peter L Brandt, veteran trader and publisher of the Factor Report, and Willy Woo, prominent on-chain Bitcoin analyst and author of the “The Bitcoin Forecast,” a market intelligence newsletter, discuss Bitcoin charts, trading, and how Bitcoin is evolving as an asset. They cover:
- why Peter believes that, with Bitcoin, we are watching history in the making and what a “parabolic advance” has to do with that belief (2:02)
- the differences in trading Bitcoin, which trades 24/7/365, in comparison to a normal asset -- like a stock or commodity (6:36 )
- Willy’s price target for the top of this bull run (8:37)
- why Willy thinks there is a Bitcoin supply shock (12:12)
- the reason Peter does not think Bitcoin is a bubble (15:09)
- why Willy believes we are witnessing the birth of a new monetary system (17:23)
- the state of Bitcoin adoption and how fast adoption will grow (21:24)
- Peter’s crypto journey and why he measures wealth in Bitcoin instead of dollars (27:02 )
- why Peter thinks we are prisoners of war to the fiat system and how Bitcoin fixes this (31:33)
- what sort of volatility both Peter and Willy expect going forward from Bitcoin (33:43)
- how Peter feels about the laser eyes trend on Crypto Twitter (39:35)
- tips for aspiring chartists and traders (41:33)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Indexed Finance: https://indexed.finance/
Kyber Network: Dmm.exchange
Episode Links
Willy Woo
- Twitter: https://twitter.com/woonomic
- Website: http://charts.woobull.com/
- Content
-
- Unchained podcast appearances
-
- https://unchainedpodcast.com/willy-woo-on-why-its-an-extremely-great-time-to-buy-bitcoin/
- https://unchainedpodcast.com/willy-woo-how-bitcoin-reaches-up-to-300000-by-end-of-year/
- Tweets
-
- https://twitter.com/woonomic/status/1347127159538688002?s=20
- https://twitter.com/woonomic/status/1345221723751206912?s=20
- https://twitter.com/woonomic/status/1346827893322616833
- https://twitter.com/woonomic/status/1356310219215699968
- https://twitter.com/woonomic/status/1379804421823942656
Peter L. Brandt
- Twitter https://twitter.com/PeterLBrandt
- Website: https://www.peterlbrandt.com/about-us/
- Content
-
- Book
-
- https://www.amazon.com/Trading-Commodity-Futures-Classical-Patterns/
- Tweets
-
- BTC
-
- https://twitter.com/PeterLBrandt/status/1372380949695053824
- https://twitter.com/PeterLBrandt/status/1374816381837799424
- https://twitter.com/PeterLBrandt/status/1368593967059767297
- Crypto
-
- https://twitter.com/PeterLBrandt/status/1366810037084020736
- USD
-
- https://twitter.com/PeterLBrandt/status/1368903818201600009
- https://twitter.com/PeterLBrandt/status/1368383829098913795
Larry Cermak, director of research at The Block, discusses the upcoming Coinbase direct listing in light of the exchange’s recently released Q1 revenue hitting an impressive $1.8 billion. In this episode, Larry talks about:
- significant takeaways from Coinbase’s Q1 results (1:04)
- how Coinbase was able to increase its non-transaction revenue in Q1 and why he thinks the exchange gets away with charging higher fees than its competitors (4:14)
- why retail consumers are investing in crypto at such a high clip (8:36)
- how Coinbase compares to its competition -- and why competition will drive transaction fees down (11:23)
- whether it matters that Coinbase has so little Bitcoin on its balance sheet (14:52)
- what he still wants to know about Coinbase after its S-1 filing and Q1 results 15:36)
- products and services that Coinbase should acquire to round out its crypto offering (17:10)
- his expectations for Coinbase’s stock performance (17:50)
- why investors may not be interested in NFTs (19:37)
- how the crypto markets will perform in 2021 and how that might affect the COIN price (20:43)
- Crypto New Recap (22:40)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”:
https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Check out InterPop, a superteam redefining the future of NFTs and fandom!
https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop
Episode links:
Larry Cermak
https://twitter.com/lawmaster
Coinbase Q1 Results
- Coinbase Details
-
- https://investor.coinbase.com/news/news-details/2021/Coinbase-Announces-First-Quarter-2021-Estimated-Results-and-Full-Year-2021-Outlook/default.aspx
- Larry Cermak Analysis
-
- https://twitter.com/lawmaster/status/1379527265021743110
- The Block
-
- https://www.theblockcrypto.com/genesis/100749/final-notes-ahead-of-the-coinbase-direct-listing?utm_source=research&utm_medium=email&utm_campaign=2021-04-08
- John Street Capital
-
- https://twitter.com/JohnStCapital/status/1379526362692788227
Direct Listing Information
- https://www.cnbc.com/2021/04/01/coinbase-direct-listing-set-for-april-14-after-sec-approval.html
- https://www.coindesk.com/coinbase-sec-form-s-1
Related Podcasts
- Gil Luria
-
- https://unchainedpodcast.com/is-coinbase-stock-a-good-buy-this-analyst-says-yes/
- Jeff Roberts
-
- https://unchainedpodcast.com/coinbases-s-1-the-number-that-may-make-the-exchange-nervous/
Link to the Crypto News Recap:
https://unchainedpodcast.com/happy-birthday-satoshi1/
Mark Cuban -- billionaire investor, owner of the Dallas Mavericks, and Shark Tank “shark” -- shares his thoughts on the Ethereum vs. BTC debate, issues with DeFi, and how NFTs could change content distribution. Tune in to hear Mark talk about...
- why ETH is a better store of value than BTC (1:08)
- why bitcoin as an inflation hedge is a bananas narrative 6:29)
- his opinion on EIP-1159 and the idea of proof of stake mining (9:06)
- why minting an NFT was a crypto-lightbulb moment for him (11:36)
- how his background in technology prepared him to invest in crypto (13:55)
- the main problem with the DeFi user experience and his advice for new DeFi users (16:34)
- what might happen to the centralized banking system if DeFi becomes the norm (20:46)
- how putting private data on a blockchain could work (25:53)
- why CBDC’s make “perfect sense” (32:11)
- how he evaluates decentralized business models and governance structures (41:13)
- his NFT investment thesis (47:09)
- who he believes will be the NFT winners in the long term (52:09)
- why Mavs tickets are a perfect example for how NFTs may be used in the future (54:55)
- industries that are ripe for NFT disruption (59:45)
- the many use cases for NFTs (1:01:48)
- why he is advising against minting social tokens (1:04:15)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Indexed Finance: https://indexed.finance/
Kyber Network: Dmm.exchange
Episode Links
Mark Cuban
- Personal website: https://markcubancompanies.com/marks-bio/
- Twitter: https://twitter.com/mcuban
NFT Investment
- Lazy.com
-
- https://lazy.com/
- https://www.theblockcrypto.com/post/98974/mark-cuban-digital-art-gallery-nft
- Mintable
-
- https://cryptoslate.com/mark-cuban-invests-undisclosed-sum-in-nft-platform-mintable/
- Esprezzo
-
- https://blog.esprezzo.io/esprezzo-raises-round-to-bring-no-code-automation-to-crypto-investors-nft-creators-collectors-defi-users
- OpenSea
-
- https://techcrunch.com/2021/03/18/nft-marketplace-opensea-raises-23-million-from-a16z/
- SuperRare
-
- https://www.coindesk.com/cuban-chamath-back-nft-marketplace-superrares-9m-series-a
- Other
-
- https://markcubancompanies.com/blockchain/
Other Links
- Defiant Podcast (“ETH Has An Advantage Over Bitcoin”)
-
- https://www.youtube.com/watch?v=GdGseBuuq_I
- Why DeFi is the Future | Mark Cuban on the Bankless Podcast
-
- https://shows.banklesshq.com/p/-why-defi-is-the-future-mark-cuban
- Mark Cuban: The Billionaire Crypto Degen on the Delphi Podcast
-
- https://www.delphidigital.io/reports/mark-cuban-the-billionaire-crypto-degen/
- NFTs as ticketing disruptor
-
- https://cryptoslate.com/forget-overvalued-artwork-mark-cuban-sees-nft-ticketing-as-the-mass-market-disruptor/
- Bananas video (2:16-3:49)
-
- https://www.youtube.com/watch?v=DWBlN9o6Azc
- CoinDesk interview
-
- https://www.coindesk.com/mark-cuban-bitcoin-nfts-blockchain-dallas-mavericks
Dave Jevans, CEO of Cipher Trace, talks about what the new draft guidance from the FATF (Financial Action Task Force) means for DeFi, NFTs, and crypto in general. In this show, he breaks down:
- the six main areas the draft guidance covers, including the expansion of KYC regulatory standards into DeFi (1:07)
- how a dex like Uniswap would operate under the proposed draft guidance, and which types of companies or services providers would have to take identifying customer information (3:54)
- why DeFi applications might start requiring customers to create an account to use their platforms (7:03)
- how the crypto community has reacted to the FATF draft guidance (8:59)
- whether NFTs are affected by the proposed draft guidance (11:01)
- who the FATF recommendations apply to (13:54)
- how to reach out to FATF to comment on the draft guidance (15:32)
- the nuances of the travel rule and how DeFi developers may now be forced to include KYC mechanisms in their applications (17:29)
- how the crypto community would likely want to tweak the guidance to align the philosophy of DeFi (21:27)
- Crypto News Recap (23:42)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”:
https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Check out InterPop, a superteam redefining the future of NFTs and fandom!
https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop
Episode Links
Dave Jevans
- Twitter: https://twitter.com/davejevans
- Cipher Trace: https://ciphertrace.com/
- Previous Unchained episode:
-
- https://unchainedpodcast.com/why-the-travel-rule-is-one-of-the-most-significant-regulations-in-crypto/
FATF
- Website: https://www.fatf-gafi.org/
- Updated FATF draft guidance: http://www.fatf-gafi.org/media/fatf/documents/recommendations/March%202021%20-%20VA%20Guidance%20update%20-%20Sixth%20draft%20-%20Public%20consultation.pdf
- Analysis of draft guidance:
-
- CoinDesk: https://www.coindesk.com/fatfs-new-guidance
- Decrypt: https://decrypt.co/62600/fatf-money-laundering-rules-defi-nfts
- Coin Center: https://www.coincenter.org/a-quick-analysis-of-fatfs-2021-draft-cryptocurrency-guidance/
- Cipher Trace: https://ciphertrace.com/analysis-proposed-fatf-guidance-for-virtual-assets-and-vasps/
Miscellaneous Links
- Travel Rule: https://www.coindesk.com/is-the-travel-rule-good-or-bad-for-crypto-both
- FinCEN: https://www.jdsupra.com/legalnews/fincen-looks-to-rein-in-cryptocurrency-6821323/
Link to the Crypto News Recap:
https://unchainedpodcast.com/michael-jordans-nft-investment/
Olta Andoni, fintech and IP Attorney at Zlatkin Wong and adjunct professor at Chicago Kent College of Law, Tonya Evans, visiting Full Professor of Law at Penn State Dickinson Law School and host of the podcast Tech Intersect, and Stuart Levi, co-head of the Intellectual Property and Technology practice at Skadden Arps and coordinator of the firm's Blockchain and Digital Asset practice, break down the legal issues surrounding NFTs. In this episode, they discuss:
- how the law looks at non-fungible tokens (1:25)
- why owning an NFT is different from owning the rights to the underlying asset making up the NFT (3:12)
- problems that blockchain solves for creators (5:09)
- how corporations (aka content intermediaries) are handling NFTs (6:53)
- what rights the purchase of an NFT gives a buyer (11:51)
- derivative artwork, the fair use copyright law, moral rights, and how U.S. law views NFTs (15:53)
- how to determine the jurisdiction of an NFT (25:00)
- what type of legal recourse is available to artists whose art has been stolen and redistributed as an NFT (32:37)
- the differences in the terms of services between NFT marketplaces (36:26)
- why the first sale doctrine may not apply to digital assets (43:16)
- what a buyer is getting when purchasing a blockchain license (46:12)
- how NFT creators should protect their work (51:43)
- whether a fractionalized NFT is a security (55:25)
- how NFTs will change the business of content creation (58:44)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Indexed Finance: https://indexed.finance/
Episode Links
People
Tonya Evans
- Twitter: https://twitter.com/IPProfEvans
- Penn State Dickinson Law: https://dickinsonlaw.psu.edu/tonya-m-evans
- Relevant content:
-
- https://podcasts.apple.com/us/podcast/tech-intersect-59-ping-prof-2-non-fungible-tokens-nfts/id1493143898?i=1000512485580
- https://clarivate.com/darts-ip/blog/copyright-blockchain/
- https://clarivate.com/darts-ip/blog/intro-to-ip-and-blockchain/
Olta Andoni
- Twitter: https://twitter.com/AndoniOlta?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
- Zlatkin Wong: https://zlatkinwong.com/en/
- Relevant content:
-
- https://www.coindesk.com/stop-tokenizing-art-you-dont-own
Stuart Levi
- LinkedIn: https://www.linkedin.com/in/stuartlevi/
- Skadden: https://www.skadden.com/
- Relevant content:
-
- https://www.mondaq.com/unitedstates/fin-tech/799182/emerging-discovery-issues-in-blockchain-litigation
Legal Links
- Fair Use Doctrine:
-
- https://pitt.libguides.com/copyright/fairuse#:~:text=The%20doctrine%20of%20Fair%20Use,teaching%2C%20scholarship%2C%20and%20research.
- First Sale Doctrine:
-
- https://www.justice.gov/archives/jm/criminal-resource-manual-1854-copyright-infringement-first-sale-doctrine#:~:text=The%20first%20sale%20doctrine%2C%20codified,interests%20of%20the%20copyright%20owner
- Moral Rights:
-
- https://www.copyright.gov/policy/moralrights/
- Digital Millennium Copyright Act
-
- https://www.copyright.gov/legislation/dmca.pdf
- Visual Artists Rights Act
-
- http://www.law.harvard.edu/faculty/martin/art_law/esworthy.htm
Miscellaneous Links
- Banksy
-
- https://www.cbsnews.com/news/banksy-nft-injective-destroy-art-digital-token/
- Fractionalized NFTs
-
- https://markets.businessinsider.com/currencies/news/sec-crypto-mom-hester-peirce-selling-nft-fragments-illegal-2021-3-1030250153
- Dapper Labs License
-
- https://medium.com/dapperlabs/nft-license-2-0-why-a-nft-can-do-what-mickey-mouse-never-could-27673d5f29aa
- TechnoLlama Blog
https://www.technollama.co.uk/can-copyright-teach-us-anything-about-nfts
Miami Mayor Francis Suarez talks about how Miami plans to be the crypto capital of the world. In this show, he discusses:
- what Miami is doing to become the crypto capital of the world (1:40)
- why he feels so strongly about bringing crypto to Miami (3:09)
- the relationship between cryptocurrencies and government (4:08)
- why he believes that, in the future, governments will transaction in crypto, not fiat currency (5:26)
- his feelings about the FTX sponsorship proposal and how he convinced city officials to move past crypto’s tumultuous past (6:51)
- whether city of Miami employees have expressed interest in being paid in bitcoin (10:06)
- what needs to happen for Miami to be able to hold BTC in its treasury (11:25)
- how Mayor Suarez balances his interest in Bitcoin against his interest in mitigating the effects of climate change on Miami (14:24)
- Crypto News Recap (18:00)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”:
https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Check out InterPop, a superteam redefining the future of NTFs and fandom!
https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop
Episode Links:
Francis Suarez - Mayor of Miami
- Twitter: https://twitter.com/FrancisSuarez
Miami and Crypto
- Overview
-
- New York Times: https://www.nytimes3xbfgragh.onion/2021/03/23/business/dealbook/miami-suarez-crypto.html
- CNBC interview: https://www.cnbc.com/video/2021/02/17/miami-mayor-francis-suarez-on-push-to-accept-bitcoin-attract-big-tech.html
- Forbes Coverage:
-
- https://www.forbes.com/sites/rogerhuang/2021/02/01/miamis-mayor-leads-the-charge-to-bring-bitcoin-to-americas-largest-cities/?sh=5bbbbf68c6c9
- https://www.forbes.com/sites/leeorshimron/2021/02/07/miami-mayor-francis-suarez-talks-bitcoin--building-a-tech-innovation-hub/?sh=1d1c40691a53
- FTX Naming Rights
-
- Press Release: https://www.miamidade.gov/releases/2021-03-23-mayor-arena-agreement.asp
- The Block: https://www.theblockcrypto.com/linked/99134/report-ftx-miami-heat-stadium-vote
- Bitcoin
-
- paying employees in BTC + investing treasury in BTC:
https://twitter.com/francissuarez/status/1360069847971954690?lang=en
Link to the Crypto News Recap:
https://unchainedpodcast.com/tesla-is-a-hodler/
Ric Edelman, founder of Edelman Financial Engines, and Matthew Kolesky, president at Arbor Capital, discuss the state of Bitcoin adoption amongst financial advisors, who control $5 trillion in investor wealth. In this episode, they talk about:
- their background and why they got into crypto (1:25)
- how most RIAs (registered investment advisors) view digital assets and the hassle of buying crypto on a client’s behalf (8:59)
- what percentage of financial advisors have already invested in bitcoin and how many more will come into the space by next year (18:20)
- how RIADAC -- the RIA Digital Assets Council -- is educating financial advisors about crypto (21:59)
- their favorite methods to explain Bitcoin and other digital assets (25:22)
- the different ways financial advisors are getting bitcoin/crypto exposure for their clients (35:32)
- why RIAs use investment vehicles to purchase Bitcoin rather than spot-buying the actual asset (39:58)
- why GBTC is trading at a deficit to the bitcoin price and their thoughts on a bitcoin ETF (44:40)
- the percent allocation to crypto they feel comfortable with for their clients (54:26)
- how they rebalance crypto holdings, whether they use yield-bearing crypto products yet, and projections for 2021 (57:35)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Indexed Finance: https://indexed.finance/
Episode links:
Ric Edelman
- Twitter: https://twitter.com/ricedelman?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
- RIADAC: https://riadac.com/
Matt Kolesky
- Twitter: https://twitter.com/mkolesky
- Arbor Capital: https://www.acminc.com/ + https://digital.arbor.capital/
Helpful Links:
- Bitwise ETF Trends + Survey of Financial Advisors
- https://static.bitwiseinvestments.com/Research/Bitwise-2021-Benchmark-Survey-Financial-Advisor-Attitudes-Toward-Cryptoassets.pdf
- Fidelity’s Bitcoin Investment Thesis
- https://www.fidelitydigitalassets.com/bin-public/060_www_fidelity_com/documents/FDAS/bitcoin-alternative-investment.pdf
- RIADAC’s 12 Predictions for 2021
- https://www.thinkadvisor.com/2021/01/07/ric-edelman-12-predictions-for-bitcoin-other-cryptos-in-2021/
- RIADAC 1% Allocation strategy
- https://riadac.com/digital-assets-are-now-mainstream/its-still-early-with-tremendous-upside-potential/
- Arbor Capital’s “True Digital Asset SMA”
- https://www.prnewswire.com/news-releases/arbor-digital-and-blockchange-partner-on-digital-asset-sma-for-registered-investment-advisors-301219459.html
- Grayscale BTC Premium Flips Negative
- https://www.coindesk.com/grayscale-negative-premium-bitcoin
- Blockchange
- https://blockchange.ai/
MetaKovan, the pseudonymous buyer of Beeple’s Everydays NFT and founder of MetaPurse, talks about his recent $69 million purchase. In this episode, he discusses:
- why he bought Everydays: The First 5000 Days for $69 million (1:57)
- Beeple’s 13-year “proof of effort” process of creating art and why Beeple has the potential to become a generational artist (4:38)
- why he believes NFTs are “10x” better than physical art (9:40)
- his vision of the metaverse (13:57)
- the reasons for hiding his identity behind the Metakovan avatar (17:09)
- how he made his fortune in crypto and why he felt comfortable spending $69 million on something that might be a fad (19:12)
- why he started Metapurse and how its native B20 token works (24:31)
- crypto news recap (28:57)
Thank you to our sponsor!
Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Episode Links
MetaKovan:
https://twitter.com/metakovan?lang=en
Metapurse:
https://metapurse.fund/
Everydays: The First 5000 Days Purchase:
https://www.coindesk.com/metakovan-buyer-of-record-setting-beeple-nft-explains-why-he-spent-69-3m
https://www.nytimes.com/2021/03/12/arts/beeple-nft-buyer-ether.html
https://www.cnbc.com/2021/03/12/buyer-of-69-million-beeple-nft-is-a-crypto-investo-metakovan.html
https://www.washingtonpost.com/technology/2021/03/17/nft-beeple-metakovan-christies/
https://slate.com/technology/2021/03/metakovan-beeple-christies-auction-nfts.html
B20 Tokens:
https://www.playtoearn.online/2021/01/13/metapurse-to-share-ownership-beeple-collection/
https://www.benzinga.com/markets/cryptocurrency/21/03/20195109/69m-beeple-nft-artwork-may-have-been-used-to-pump-b-20-token-price-by-6200-reports-suggest
Link to the Crypto News Recap:
https://unchainedpodcast.com/3-publicly-traded-crypto-exchanges/
Jamie Burke, CEO of Outlier Ventures, and Mason Nystrom, a research analyst at Messari, discuss the NFT craze that has enveloped the crypto world over the past few weeks. In this episode, they talk about:
- their backgrounds, and how they became involved in crypto (1:19)
- the major catalysts -- specifically Beeple and NBA Top Shot -- that have brought NFTs into the mainstream (5:29)
- why NFTs are a “megatrend” and not just another ICO-like bubble (13:35)
- how to explain non-fungible tokens to normies (18:06)
- what someone is actually purchasing when they buy an NFT (24:46)
- the reasons behind NBA Top Shot's success and why it is so difficult to withdraw money from its platform (36:27)
- the best way to scale NFTs and why Ethereum, despite severe storage limitations, will most likely remain the most popular blockchain on which to mint NFTs (41:44)
- why the gaming, fashion, and music industries will be disrupted by NFTs (49:37)
- when the current subscription-based business model for content creators will transition to the ownership economy (55:10)
- the differences between the marketplaces and platforms that make up the NFT economy (57:06)
- whether NFT valuations will go to zero and the challenges of appraising digital art (1:03:39)
- their predictions for the market capitalization of NFTs by the end of 2021 (1:15:23)
Thank you to our sponsors!
Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Square: https://square.com/go/unchained
Episode Links:
Jamie Burke
- Twitter:
-
- https://twitter.com/jamie247
- Outlier Ventures:
-
- https://twitter.com/OVioHQ
- Content:
-
- the open metaverse: https://outlierventures.io/research/the-open-metaverse-os/
- 100xARt: https://art.art/blog/jamie-burke-and-100xart-a-true-story-of-the-rising-art-order
- podcast: https://outlierventures.io/podcasts/
Mason Nystrom
- Twitter:
-
- https://twitter.com/masonnystrom
- Messari:
-
- https://messari.io/
- Content:
-
- NFTs as an investment strategy: https://twitter.com/masonnystrom/status/1310942572429312010
- evolution of content: https://twitter.com/masonnystrom/status/1361692703025729536
- psychology of crypto art collecting: https://twitter.com/masonnystrom/status/1365028848509870080
- the current state of NFTs: https://twitter.com/masonnystrom/status/1363283887691038720
NFT Sales Mentioned
- Beeple: https://www.cnn.com/style/article/beeple-first-nft-artwork-at-auction-sale-buyer-intl-scli/index.html
- Previous Unconfirmed interview with Beeple: https://unchainedpodcast.com/beeple-on-how-and-why-he-raked-in-3-5-million/
- Taco Bell: https://www.theverge.com/2021/3/8/22319868/taco-bell-nfts-gif-tacos-sell
- 3LAU: https://edm.com/gear-tech/3lau-record-breaking-nft-sale
- Jack Dorsey Tweet: https://v.cent.co/tweet/20
- Kings of Leon album: https://www.maxim.com/entertainment/kings-of-leon-releases-album-in-nft
- NBA Top Shot: https://www.actionnetwork.com/news/nba-top-shot-blockchain-nba-highlight-marketplace
NFT Guides
- New York Times: https://www.nytimes.com/2021/02/22/business/nft-nba-top-shot-crypto.html?utm_source=morning_brew
- DappRadar: https://dappradar.com/blog/what-are-non-fungible-tokens-nfts
- Andrew Steinwold: https://andrewsteinwold.substack.com/p/-quick-overview-of-the-nft-ecosystem
- Decrypt: https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain
- CoinDesk: https://www.coindesk.com/nfts-became-art-everything-nft
Miscellaneous Links:
- Chris Dixon blog: https://a16z.com/2021/02/27/nfts-and-a-thousand-true-fans/
- NFT market cap: https://nonfungible.com/market/history
- Outlier Ventures decentralized accelerator program: https://outlierventures.io/base-camp/
- Top NFT marketplaces (DappRadar): https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain
- Jesse Walden’s “Ownership Economy”: https://variant.mirror.xyz/T8kdtZRIgy_srXB5B06L8vBqFHYlEBcv6ae2zR6Y_eo
Flow blockchain: https://www.onflow.org/primer
Brendan McGill, co-founder of Offsetra and Carbon.fyi, a company focused on reducing carbon emissions, talks about the environmental impact of NFTs. In this episode, Brendan discusses:
- his career as an environmentalist and how his sites intersect with crypto (1:07)
- why online art platform ArtStation canceled its plans to create an NFT program (3:21)
- what the environmental impact of NFTs actually is and why minting and transacting with NFTs has a greater environmental impact than for normal Ethereum transactions (5:21)
- misconceptions surrounding the environmental impact of NFT minting and why he believes artists should not be blamed for the carbon footprint calculated by Offsetra (6:57)
- what accounts for the emissions in NFT transactions and why it’s hard to calculate the exact environmental impact of any specific NFT, and why minting NFTs doesn’t necessarily increase emissions (7:32)
- why NFTs aren’t really responsible for the bulk of emissions from Ethereum and why Brendan thinks the backlash against NFT creators for the environmental impact is unfair (12:02)
- how Offsetra and Carbon.fyi attempt to calculate the amount of ‘clean’ energy vs. fossil fuels used in PoW mining and what assumptions they use (13:59)
- the methods (and blockchains) artists are using to create “clean NFTs” (16:17)
- Crypto New Recap (16:17)
Thank you to our sponsor!
Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Episode links:
Brendan McGill: https://www.linkedin.com/in/brendanmc6/
Offsetra:
- website: https://offsetra.com/
- Ethereum CO2 footprint calculator: https://carbon.fyi/
- carbon.fyi methodology: https://carbon.fyi/learn
Reading Material:
- guide to ecofriendly NFTs
-
- https://github.com/memo/eco-nft
- fixing NFTs’ carbon pollution problem
-
- https://earther.gizmodo.com/how-to-fix-crypto-art-nfts-carbon-pollution-problem-1846440312
Other:
- statement from ArtStation
-
- https://magazine.artstation.com/2021/03/a-statement-from-artstation/
- CryptoArt.wtf
-
- http://cryptoart.wtf/
Link to the Crypto News Recap:
https://unchainedpodcast.com/a-69-million-nft/
Antonio Juliano, founder of the decentralized exchange dYdX, and Eli Ben-Sasson, cofounder of StarkWare, discuss the recent launch of dYdX on Ethereum layer 2 using StarkWare’s scaling technology. In this episode, they cover:
- what cross-margin perpetual trading is and why dYdX chose StarkWare to be its scaling partner (1:13)
- ZK rollups and how they contrast with optimistic rollups (8:49)
- how many transactions per second StarkWare can handle through its layer 2 solution (16:57)
- lessons learned and critical takeaways from their six months spent working together (20:15)
- the similarities between Ethereum and StarkNet (26:07)
- why Antonio believes that scalability is more important than composability (27:30)
- the benefits of decentralized exchanges and how dYdX fits into the dex marketplace (31:54)
- why dYdX chose Chainlink as its oracle provider, and how it got oracle prices onto layer 2, which previously had none (38:11)
- why Cairo, StarkWare’s Turing-complete programming language and platform, can be the “one verifier to rule them all” (42:10)
- what it was like for StarkWare to compete in the Great Reddit Scaling Bake-Off (45:41)
- whether or not DeFi could handle a GameStop/Robinhood situation (48:56)
- fair launch tokens versus VC tokens (54:12)
- the likelihood of dYdX and StarkWare each creating a token (58:19)
- upcoming developments and projects for both companies (1:02:14)
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021
Download the Crypto.com app here: https://crypto.onelink.me/J9Lg/laurashinpodcasttesla
Square: https://square.com/go/unchained
Episode Links:
Antonio Juliano
- Twitter: https://twitter.com/AntonioMJuliano
Eli Ben-Sasson
- Twitter: https://twitter.com/EliBenSasson
dYdX
- Twitter: https://twitter.com/dydxprotocol
- Website: https://dydx.exchange/
- Exchange: https://alpha.dydx.exchange/trade/BTC-USD
- Reading Material
-
- Recent funding: https://www.coindesk.com/big-guns-back-10m-investment-in-defis-dydx
- 2020 in review: https://dydx.exchange/2020.pdf
- Decrypt profile: https://decrypt.co/resources/dydx-ethereum-margin-trading-platform-explained-learn
- Medium post: https://medium.com/dydxderivatives/introducing-dydx-2d0f0f326fd
StarkWare
- Twitter: https://twitter.com/StarkWareLtd
- Website: https://starkware.co/
- Reading Material:
-
- ZK roll-up explainer: https://medium.com/starkware/on-the-road-to-starknet-a-permissionless-stark-powered-l2-zk-rollup-83be53640880
- Understanding Cairo: https://medium.com/starkware/hello-cairo-3cb43b13b209
- Funding: https://www.coindesk.com/paradigm-leads-30-million-funding-for-crypto-privacy-startup-starkware
dYdX and StarkWare Relationship
- Original Twitter announcement (2020):
-
- https://twitter.com/dydxprotocol/status/1295791012552597507?s=20
- The Block’s original coverage:
-
- https://www.theblockcrypto.com/linked/75209/dex-dydx-starkware-layer-2
- Layer 2 is live announcement:
-
- https://twitter.com/dydxprotocol/status/1364591430447091719
-
Blog post on why dYdX is moving to Layer 2 (2021):
-
- https://dydx.exchange/blog/alpha
-
CoinDesk’s coverage:
-
- https://www.coindesk.com/defi-tech-cefi-speed-dydx-touts-new-starkware-integration
Other
- CoinDesk on Ethereum Layer 1 vs. Ethereum Layer 2:
-
- https://www.coindesk.com/value-layer-one-layer-two
- Roll-ups as throughput solutions:
-
- https://www.coindesk.com/ethereum-dapps-rollups-heres-why
- Vitalik on optimistic rollups vs. ZK-rollups:
-
- https://vitalik.ca/general/2021/01/05/rollup.html
- Antonio showing how dYdX works:
-
- https://twitter.com/AntonioMJuliano/status/1364760651579551744
- Optimistic Rollup Dilemma (written by StarkWare)
-
- https://medium.com/starkware/the-optimistic-rollup-dilemma-c8fc470ca10c
- ChainLink Tweet on dYdX + StarkWare relationship:
-
- https://twitter.com/chainlink/status/1364726829702148102
- The Great Reddit Scaling Bake-Off
https://www.reddit.com/r/ethereum/comments/hbjx25/the_great_reddit_scaling_bakeoff/
Gil Luria, director of research at D.A. Davidson, talks about the upcoming Coinbase direct listing and his recent research note, “Introducing Crypto’s Amazon Moment.” In this episode, Gil discusses:
- his crypto background, including his experience as the first Wall Street analyst to cover Bitcoin back in 2013 (1:27)
- why the Coinbase IPO is going to be an inflection point for the crypto industry (3:02)
- why he gave Coinbase's upcoming stock a “buy” rating (4:14)
- who Coinbase's biggest competitors are (5:13)
- why Gil believes Coinbase is the “gold standard” in crypto (6:29)
- how investing in Coinbase stock compares to investing in actual crypto assets (8:13)
- how he came to $195 price target for COIN (10:39)
- why a $2 billion revenue estimate for Coinbase in 2021 might be conservative (12:01)
- how Coinbase is generating money outside of transaction fees (14:19)
- whether he expects the institutional adoption trend to grow (15:49)
- what his expectations are for the price of COIN on the day it opens (17:20)
- why GBTC is no longer trading at a premium to the spot price of bitcoin (18:20)
- whether Gil will continue to cover crypto (20:05)
- crypto News Recap (20:53)
Thank you to our sponsor!
Crypto.com: https://bit.ly/3jzkTAD
Download the Crypto.com app here: https://crypto.onelink.me/J9Lg/laurashinpodcasttesla
Episode links:
Gil Luria’s Twitter profile: https://twitter.com/gilluria
Crypto’s Amazon Moment: https://markets.businessinsider.com/currencies/news/coinbase-direct-listing-public-coverage-stock-price-amazon-cryptocurrency-dadavidson-2021-3-1030150896
Introducing Crypto’s Amazon Moment: https://unchainedpodcast.com/wp-content/uploads/2021/03/DA-Davidson-Coinbase-Initiation-20210302.pdf
Coinbase S-1 Filing: https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm
2013 Quote from Gil on Bitcoin: https://www.streetinsider.com/Analyst+Comments/Bitcoin+Could+Be+Worth+10-100x+Current+Price+-+Analyst/8936836.html
Link to the Crypto News Recap:
https://unchainedpodcast.com/the-irs-clarifies-its-position-on-crypto-purchases/
Caitlin Long, founder and CEO of Avanti Financial Group, talks about the issues plaguing the current state of technology in traditional finance and how her background as a 22-year Wall Street veteran, gubernatorial appointee to the Wyoming Blockchain Task Force, and crypto pioneer is helping her shape Avanti into a bridge between conventional banking and crypto. Tune in to hear Caitlin discuss:
- the current state of crypto adoption on Wall Street (1:09)
- how her entrepreneurial spirit galvanized a career spanning Wall Street, the Wyoming Legislature, and, now, crypto banking (2:07)
- why Caitlin fell in love with Bitcoin (4:57)
- fractional reserves and why the current financial system is a “violation of property rights” (7:00)
- how stablecoin technology will change banking leverage and what effects faster settlement times will have on inflation (11:30)
- why corporate treasurers have been using BTC since 2014 in foreign exchange transactions (17:14)
- what issues Wyoming is trying to solve through crypto legislation and why banks might be closing down customer accounts linked to crypto exchanges (19:18)
- a proposed Wyoming bill that would prohibit judges from disclosing private cryptographic keys (28:32)
- where the idea for Avanti came from and how it will be different than other banks (32:50)
- existing problems with stablecoin regulation and a deep-dive into GAAP accounting for crypto (46:51)
- why Wall Street’s accounting system is to blame for the GameStop and Robinhood situation (52:32)
- whether or not a blockchain could work for settling securities (52:32)
- her thoughts on pension funds and endowments directly owning crypto (59:54)
- what it is going to take for Avanti to successfully bridge the gap between traditional finance and crypto (1:02:38)
Thank you to our sponsors!
Crypto.com: https://bit.ly/3jzkTAD
Download the Crypto.com app here: https://crypto.onelink.me/J9Lg/laurashinpodcasttesla
Square: http://square.com/go/unchained
Episode links:
Caitlin Long
Twitter: https://twitter.com/CaitlinLong_
Personal website: https://caitlin-long.com/
CoinDesk profile: https://www.coindesk.com/most-influential/2019/caitlin-long
Avanti
Website: https://avantibank.com/
Twitter announcement: https://twitter.com/CaitlinLong_/status/1231958552790482950
Avit: https://www.coindesk.com/unpacking-the-avit-avanti-banks-new-digital-asset-being-built-with-blockstream
Banking charter: https://www.forbes.com/sites/michaeldelcastillo/2020/10/28/avanti-unanimously-wins-bitcoin-banking-charter/?sh=50db610816aa
Wyoming and blockchain: https://www.coindesk.com/haven-blockchain-case-wyoming
GAAP accounting and crypto: https://twitter.com/CaitlinLong_/status/1356759511856410624
Trust charter vs. SPDI: https://twitter.com/CaitlinLong_/status/1349850451374587907
Special purpose depository institutions: https://twitter.com/CaitlinLong_/status/1194022779730968577
Bailment: https://www.forbes.com/sites/andreatinianow/2019/03/07/a-split-emerges-in-blockchain-law-wyomings-approach-versus-the-supplemental-act/?sh=49635109719a
Caitlin on GameStop:
https://www.coindesk.com/first-mover-crypto-gamestop-bitcoin-dogecoin
Previous Episodes
On How 'Utility Tokens' Are Now Legal in Wyoming, 2018
Why the ICE/BAKKT News Makes Some Crypto Investors Nervous, 2018
How Avanti Will Be a 'Not Your Keys, Not Your Coins' Bank, Feb 2020
Jeff Roberts, executive editor at Decrypt and author of “King of Crypto: One Startup’s Quest to take Cryptocurrency Out of Silicon Valley and Onto Wall Street” talks about Coinbase going public. In this episode we discuss:
- Jeff's biggest takeaways from Coinbase’s S-1 filing (0:56)
- why institutions are choosing Coinbase (2:42)
- how Coinbase going public feels like validation for bitcoiners (4:37)
- issues Coinbase may face as a business that currently generates 96% of revenue through transaction fees (6:25)
- Why Surojit Chatterjee has so much equity in Coinbase (11:29)
- why Coinbase has only invested $130 million in crypto through its corporate treasury (12:26)
- whether or not decentralized exchanges like Uniswap pose a threat to Coinbase, and whether unregulated centralized exchanges might squeeze them from the other end (15:41)
- challenges Coinbase will face going forward (19:13)
- how well the stock will do once it's listed (20:05)
- Crypto News Recap (20:59)
Thank you to our sponsor!
Crypto.com: https://bit.ly/3jzkTAD
Download the Crypto.com app here: https://crypto.onelink.me/J9Lg/laurashinpodcasttesla
Episode Links
Jeff Roberts
Twitter: https://twitter.com/jeffjohnroberts
Personal Website: https://jeffjohnroberts.com/
Decrypt: https://decrypt.co
Kings of Crypto: https://store.hbr.org/product/kings-of-crypto-one-startup-s-quest-to-take-cryptocurrency-out-of-silicon-valley-and-onto-wall-street/10436
Coinbase S-1 Filing Information
S-1 Form: https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm
Coinbase Profit: https://decrypt.co/59347/coinbase-big-profit-for-2020-ahead-of-milestone-ipo-direct-listing
S-1 Deep Dive: https://www.theblockcrypto.com/post/95921/coinbases-s-1-public-filing-is-now-public-setting-stage-for-a-direct-listing-on-nasdaq
Sending to Satoshi Nakamoto: https://decrypt.co/59509/coinbase-s-1-filing-bitcoin-satoshi-nakamoto + https://twitter.com/laurashin/status/1364954956571279369
Share Distribution: https://decrypt.co/59439/coinbase-insiders-very-rich-goes-public
Pre-IPO Shares: https://www.theblockcrypto.com/linked/96057/coinbase-pre-ipo-shares-ftx-s1
Armstrong Income: https://www.coindesk.com/coinbase-sec-form-s-1
Balance Sheet: https://www.theblockcrypto.com/post/96021/coinbase-says-holds-bitcoin-btc-on-balance-sheet
Transaction Revenue: https://twitter.com/lawmaster/status/1364972834167148548
Link to the Crypto News Recap:
https://unchainedpodcast.com/the-one-figure-in-the-coinbase-s-1/
In this episode of Unchained, Charles Cascarilla, CEO and cofounder of Paxos, explains how the 2008 financial crisis led him to crypto, what financial plumbing has to do with GameStop, and how Paxos is leveraging blockchain technology to change financial services. In this episode Charles discusses:
- his work experience prior to Paxos and how the financial crisis in 2008 opened his eyes to Bitcoin and blockchain (01:07)
- what it was like to work in Bitcoin during the early days compared to now (4:02a)
- why Paxos decided to focus on building solutions for institutions rather than targeting the retail market like Coinbase (11:38)
- the relationship between Paxos and PayPal + why PayPal customers can’t send crypto directly to their wallets or crypto addresses yet (19:37)
- how Microstrategy and Tesla are bringing Bitcoin mainstream (25:31)
- what really happened with GameStop and Robinhood and why financial plumbing matters (30:34)
- how the Paxos Settlement Service is bringing greater transparency to financial markets by using blockchain technology (39:02)
- what other assets he thinks will be tokenized (50:32)
- stablecoin regulation and why this might be as good as it gets for Tether (58:36)
- why Paxos chose to pursue a New York State trust company charter instead of a BitLicense (1:06:15)
- what changes he would make to crypto regulation for 2021 and beyond (1:09:28)
- what’s next for Paxos (1:15:12)
Thank you to our sponsors!
Crypto.com: https://bit.ly/3jzkTAD
Download the Crypto.com app here: https://crypto.onelink.me/J9Lg/laurashinpodcasttesla
Square: https://square.com/go/unchained
Episode links:
Charles Cascarilla
Linkedin: https://www.linkedin.com/in/charlescascarilla/
Coindesk Profile: https://www.coindesk.com/charles-cascarilla-most-influential-2020
Previous interview with Laura: https://unchainedpodcast.com/chad-cascarilla-on-paxoss-partnership-with-paypal/
Presentation at Microstrategy’s Bitcoin for Corporation’s conference: https://www.microstrategy.com/en/bitcoin/videos/paxos
Blog post on the GameStop saga: https://www.paxos.com/what-lehman-brothers-gamestop-and-the-next-financial-crisis-have-in-common/
Interview with Frank Chaparro: https://www.theblockcrypto.com/post/61823/the-scoop-paxos-cascarilla-coronavirus
Paxos
Twitter: https://twitter.com/PaxosGlobal + https://twitter.com/PaxosStandard
Paxos Settlement Service: https://www.paxos.com/securities/ + https://www.reuters.com/article/us-crypto-currencies-paxos/paxos-to-launch-settlement-of-u-s-listed-equities-after-secs-no-action-letter-idUSKBN1X727M
Series C Fundraising: https://www.theblockcrypto.com/post/88133/142-million-series-c-paxos-crypto-stablecoins
Wall Street Journal write-up: https://www.wsj.com/articles/blockchain-makes-inroads-into-the-stock-markets-1-trillion-plumbing-system-11573131600
Plans to tokenize precious metals: https://www.theblockcrypto.com/linked/15413/paxos-plans-to-put-precious-metals-on-the-blockchain
Other Links
Paypal’s crypto-focused business unit: https://www.theblockcrypto.com/post/93668/paypal-crypto-business-unit-earnings-2021
Paypal’s Q4 earnings: https://www.coindesk.com/paypal-2020-results-outstanding-finish-to-a-record-year
Stablecoin rankings: https://stablecoinstats.com/
Tether whitepaper: https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf
BitLicense: https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/regulation_history
Lea Thompson, aka Girl Gone Crypto, talks about what goes into producing her popular “The Crypto Minute” vlog, what initially got her into crypto, and her recent decision to quit her day job and go full time crypto. In this episode we discuss:
- what “The Crypto Minute” is all about, and all the crypto video content she produces (2:37)
- how Lea comes up with creative content such as wearing a whale costume to portray Microstrategy CEO Michael Saylor (5:04)
- how long it actually takes to create “The Crypto Minute” (6:36)
- what goes into producing “The Crypto Minute” and which family member is behind the camera (7:05)
- the biggest challenges Lea faces when creating her videos and how she decides which stories make the final cut (8:56)
- Lea’s favorite bloopers including, but not limited to, rug pulls, sushi, an Amazon money printer, and a few fake $100 bills (10:28)
- how Girl Gone Crypto fell down the crypto rabbit hole and why her ukulele skills were instrumental to her crypto journey (12:54)
- the time when JK Rowling tweeted about Bitcoin, resulting in Lea’s viral “A Muggle’s Guide to Bitcoin” video (17:31)
- what type of crypto content works best on different social media platforms such as Twitter, YouTube, and TikTok (20:00)
- when Girl Gone Crypto stopped being a hobby and how it is going now that Lea is full-time crypto (21:46)
- how Lea is trying to educate people about crypto in a simple and approachable way… one ninja suit at time (22:34)
- Crypto News Recap (26:12)
Thank you to our sponsors!
Crypto.com: https://bit.ly/3jzkTAD
Download the Crypto.com app here: https://crypto.onelink.me/J9Lg/laurashinpodcasttesla
The Sun Exchange: http://thesunexchange.com/unconfirmed
Episode links:
Lea Thompson: https://twitter.com/girlgone_crypto
Her YouTube: https://www.youtube.com/c/GirlGoneCrypto
Her TikTok: https://www.tiktok.com/@girlgone_crypto?source=h5_m
Lea's personal website: https://www.lealovescrypto.com/
Video Examples
2020 Year in Review… News Vlog Style: https://twitter.com/girlgone_crypto/status/1344384717466914817?s=20
A Muggle’s Guide to Bitcoin: https://twitter.com/girlgone_crypto/status/1261445010832015361?s=20
Hardware Wallets Explained: https://twitter.com/girlgone_crypto/status/1329580439820849153?s=20
Miscellaneous Information
Fair Use: https://www.copyright.gov/fair-use/more-info.html
Money Printer: https://www.amazon.com/Printing-Machine-Magician-Close-Up-Accessories/dp/B07XRBDCL8
Link to the Crypto News Recap:
https://unchainedpodcast.com/a-300k-btc-by-eoy/
Stani Kulechov, founder and CEO of Aave, comes onto the show to discuss the lending protocol and second-biggest DeFi project by total value locked. Here are some of the highlights:
- How Stani’s background studying law and his passion for fintech led him to the world of smart contracts (1:53)
- Why he decided to transition ETHLend to Aave, and how that eliminated the “meme” narrative (5:55)
- How Stani would explain Aave to a five-year-old, or your normie friend (9:04)
- What new features were released in Aave v2 (15:54)
-
- reducing overall gas costs
- aTokens
- swapping collateral
- debt tokens
- What Aavenomics is and how the “safety module” attempts to keep the protocol secure (20:39)
-
- How AAVE works as a governance token
- Active versus passive risk in governance staking
- How Aave is transitioning from a centralized to a decentralized protocol (25:01)
-
- what he's finding difficult about this process
- issues with voting and an over-reliance on the Aave team
- delegating voting power to what he calls “protocol politicians” and whether this is good or bad for DeFi
- Who is using Aave and how they are using it? (37:27)
-
- what OpenLaw is and how OpenLaw contracts work
- how credit delegation, or unsecured loans enforced by law, differ in v2 vs V1
- how people could use lending protocols to build credit
- What Aave plans to do with the E-Money (EMI) license it obtained in the UK (50:51)
- Since Aave was a pioneer in flash loans, which are responsible for the majority of DeFi attacks, whether Stani would do anything differently (53:12)
- Aave’s partnership with tokenized real estate project RealT and how Aave manages it given that, in the US, RealT tokens are securities and can only be sold to accredited investors (58:42)
- How Aave has been thinking about scaling given the high fees on Ethereum (1:03:57)
- Why building a moat in DeFi is impossible (1:07:16)
- What is next for Aave (1:11:40)
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Episode links:
Stani Kulechov: https://twitter.com/StaniKulechov
Aave: https://aave.com
Aave stats: https://aavewatch.com
Protocols mentioned
- ETHLend: https://www.prnewswire.com/news-releases/ethlend-announces-launch-of-new-parent-company-aave-300713825.html
- Aavegotchi: https://www.coindesk.com/defi-game-aavegotchi-preps-for-jan-4-mainnet-launch-with-nft-auctions
- RealT: https://medium.com/aave/realt-market-coming-to-the-aave-protocol-da4499a1e965
- Yearn: https://yearn.finance/
- Uniswap: https://uniswap.org/
- Sushiswap: https://sushiswap.fi/
- Kyber: http://kyber.network/
- Balancer: https://balancer.finance/
- $LINK: https://chain.link/
Aavenomics
- Aave’s documentation: https://docs.aave.com/aavenomics/
- Safety Module: https://docs.aave.com/aavenomics/safety-module
- Summary: https://aave.com/aavenomics/
- More background: https://defirate.com/aavenomics-upgrade/
Decentralization concepts
- Handing off admin keys: https://decrypt.co/46544/aave-officially-hands-over-governance-keys-to-defi-community + https://medium.com/aave/aave-admin-key-handover-3e09e603d348
- OpenLaw: https://www.openlaw.io/
- Protocol Governance: https://www.theblockcrypto.com/linked/73336/defi-lending-aave-token + https://docs.aave.com/developers/protocol-governance/governance
Other topics
- Electronic Money Licence: https://www.theblockcrypto.com/post/75845/aave-uk-fca-emi-license-defi
- Unsecured Loans: https://www.theblockcrypto.com/post/70678/aave-launches-new-service-for-unsecured-peer-to-peer-loans-on-ethereum
- Flash Loans: https://www.theblockcrypto.com/genesis/93740/flash-loans-as-a-capital-boost-tool
Aave Version 2: https://medium.com/aave/the-aave-protocol-v2-f06f299cee04 + https://github.com/aave/protocol-v2/blob/master/aave-v2-whitepaper.pdf
Lyn Alden, CEO and founder of Lyn Alden Investment Strategies, and Raoul Pal, CEO & cofounder of Real Vision Group & Global Macro Investor, explain their thinking about Ethereum and its native token, and talk about their perspective on GameStop. In this episode, we discuss:
- why Raoul views ether as similar to bitcoin at a macro level (1:25)
- why Lyn decided ETH was not currently investable (5:06)
- an analysis of utility protocols (John Pfeffer’s paper) (6:55)
- counterarguments to John Pfeffer’s paper (9:31)
- how to allocate between BTC and ETH (11:22)
- why Raoul also invested in other coins beyond BTC and ETH (11:47)
- whether Metcalfe's law applies equally to all kinds of networks (13:35)
- why Lyn views Ethereum’s use case as circular, and why that makes it less investable (15:09)
- whether Ethereum 2.0 and Ethereum Improvement Proposal 1559, and whether that could make ETH more investable (21:20)
- the impact of fees on the value of Ethereum (23:36)
- Raoul's views on what S-Curves and the Lindy Effect indicate about the development of a currency (25:22)
- how high fees make DApps less attractive, while low fees potentially decrease demand for ETH (27:06)
- how Lyn believes demand for DeFi is to circumvent compliance and know-your-customer processes, and she doesn't also see that as a downside for Bitcoin (33:10)
- how the regulators are behind innovation in cryptocurrencies, particularly around taxation (36:32)
- Raoul's and Lyn's predictions for the ETH price by end of 2021 (41:45)
- what GameStop says about the democratization of financial information (45:32)
- whether smart contracts could play in preventing situations similar to what happened with GameStop and/or Robinhood (49:03)
- how blockchain technology could be used to prevent a situation in which the hedge funds could short more shares than existed (54:03)
- how the GameStop/Robinhood saga is a giant advertisement for self-custody (54:53)
- whether r/WallStreetBets' behavior was market manipulation or not (56:53)
Thank you to our sponsor!
Crypto.com: http://crypto.com
Episode links:
Lyn Alden: https://twitter.com/LynAldenContact
Lyn Alden Investment: https://www.lynalden.com/
Raoul Pal: https://twitter.com/RaoulGMI
Real Vision: https://www.realvision.com/contributor/raoul-pal
Global Macro Investor: https://www.globalmacroinvestor.com
Raoul's tweet storm on Ethereum: https://twitter.com/RaoulGMI/status/1347013567799848961?s=20
Lyn Alden’s research paper on Ethereum: https://www.lynalden.com/ethereum-analysis/
Raoul Pal’s tweet: ETH equals BTC: https://twitter.com/raoulgmi/status/1347013567799848961?lang=en
John Pfeffer’s paper: https://s3.eu-west-2.amazonaws.com/john-pfeffer/An+Investor's+Take+on+Cryptoassets+v6.pdf
Network effects and Metcalfe’s Law: https://saylordotorg.github.io/text_developing-new-products-and-services/s04-12-there-is-power-in-numbers-netw.html
Quantity Theory of Money: https://saylordotorg.github.io/text_economics-theory-through-applications/s30-01-the-quantity-theory-of-money.html
How Will the Government React to GameStop?: https://www.coindesk.com/gamestop-regulators-response
GameStop and Crypto trading: https://cryptonews.com/exclusives/are-gamestop-style-surges-in-crypto-any-different-from-old-p-9151.htm
Robinhood Raises Extra funds: https://www.theblockcrypto.com/linked/93258/report-robinhood-billions-raised-investors-1
Possible role of blockchain in trading: https://cointelegraph.com/news/cardano-foundation-ceo-says-blockchain-could-prevent-gme-type-showdowns
Caitlin Long: https://www.forbes.com/sites/caitlinlong/2019/05/16/naked-shorting-in-the-uber-ipo-it-couldnt-happen-on-a-blockchain/?sh=f2a0dcd4737d
In this episode, Shehan Chandrasekara, head of strategy at CoinTracker, and Dan Hannum COO at Zen Ledger, take a deep dive into the world of crypto taxes. Over an hour and fifteen minutes they tackle a bevy of topics ranging from why the IRS is asking about your crypto history to explaining the proper way of reporting yield farming income. Shehan and Dan give up their hard-earned tax secrets and tips learned through building their respective cutting-edge crypto tax software. Here is a list of talking points covered in the discussion:
- how the IRS is handling crypto this year (1:20)
- where to start with reporting crypto and what constitutes a taxable event (5:59)
- bitcoin corner cases:
-
- mining, with a description of calculating cost basis (19:48)
- wages (27:01)
- peer-to-peer transactions outside of exchanges (28:23)
- defi and taxes:
-
- yield farming — and how it's like Russian nesting dolls (31:45)
- how the IRS taxes earned interest (36:32)
- airdrops (40:15)
- crypto transactions that are not taxable: purchases, withdrawals, and stablecoins (46:28)
- navigating tax documents (51:24-58-10)
- NFT’s and social tokens (57:14)
- tax loss harvesting (1:03:09)
- how having coins on platforms like Robinhood and Paypal can have an effect on your taxes (1:05:05)
- proposed tax changes (1:06:50)
- crypto tax software and tips for the upcoming year (1:10:29)
Thank you to our sponsor!
Crypto.com: http://crypto.com
Episode links:
Guests
- Shehan Chandrasekara: https://twitter.com/TheCryptoCPA
- Dan Hannum: https://twitter.com/DHannum8
Software
- CoinTracker: cointracker.io
- ZenLedger: zenledger.io
Accounting
- LIFO, HIFO, FIFO: https://www.forbes.com/sites/shehanchandrasekera/2020/09/17/what-crypto-taxpayers-need-to-know-about-fifo-lifo-hifo-specific-id/?sh=7077f8e936aa (written by Shehan)
- 1040 Question: https://fortune.com/2020/09/28/the-irs-is-adding-a-cryptocurrency-question-to-form-1040-for-2020/
- 1099 Misc: https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
- 1099 B: https://www.irs.gov/forms-pubs/about-form-1099-b
Regulatory research:
- 2014 IRS Tax Guidance: https://www.irs.gov/pub/irs-drop/n-14-21.pdf
- IRS Virtual Currency page: https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies
- IRS gains and losses: https://www.irs.gov/pub/irs-pdf/p550.pdf
- Equipment write-offs: https://www.section179.org/section_179_deduction/
- IRS sues Coinbase: https://www.theverge.com/2017/11/29/16717416/us-coinbase-irs-records
- How holding crypto at PayPal or Robinhood or any platform that does not allow you to transfer to an address off-platform could affect your taxes: https://www.forbes.com/sites/shehanchandrasekera/2021/01/28/exiting-robinhood-could-create-a-tax-nightmare-for-crypto-users/?sh=106b74a84ad6
- De minimis exemption: https://www.investopedia.com/ask/answers/09/series63-050509.asp#:~:text='The%20De%20Minimis'%20exemption%20means,period%20with%20a%20physical%20address.
- FinCEN intends to apply FBAR to cryptocurrency held offshore: https://www.coindesk.com/fincen-foreign-crypto-exchange-disclosure-rule
Backstory:
- Bitcoin Cash Fork: https://www.coindesk.com/bitcoin-cash-has-split-into-two-new-blockchains-again
Yield farming and social tokens:
- https://decrypt.co/resources/what-is-yield-farming-beginners-guide
- https://www.cointracker.io/blog/defi-yield-farming-crypto-tax-guide (written by Shehan)
- Alex Masmej: https://www.coindesk.com/man-who-sells-himself-now-wants-buyers-to-control-his-life
Crypto tax guides
- BlockFi: https://blockfi.com/crypto-tax-laws
- Coinbase: https://www.coinbase.com/learn/tips-and-tutorials/crypto-and-bitcoin-taxes-US
Nerd Wallet: https://www.nerdwallet.com/article/investing/bitcoin-taxes
Michael Saylor, CEO and founder of Microstrategy, explains how he decided the publicly traded business data firm needed to put its excess cash in bitcoin and what happened afterward. In this episode, we discuss:
- why Microstrategy decided to buy Bitcoin, and how the pandemic spurred that
- whether his previous experience with Microstrategy stock imploding after accounting irregularities were revealed had any bearing on the company's decision to buy bitcoin
- the reactions of the officers and board members to his suggestion to invest in bitcoin
- why they put all the excess cash into bitcoin as opposed to some percentage
- what parts of the bitcoin industry could be improved to better serve corporate interests
- whether Microstrategy intends to take any money off the table at the top of any future bubbles and reinvest when the price hits a new low
- whether it hurts Microstrategy that GAAP rules require the company to mark Bitcoin down to the lowest price it traded at during the quarter
- how his life has changed since Microstrategy bought bitcoin
- what he thought of Citi downgrading Microstrategy stock
- what he thinks of Renaissance Technology being the third-largest buyer of Microstrategy stock since the summer
- what will happen to Microstrategy stock in a bitcoin bear market
- whether or not there was any further conversation after his tweets with Elon Musk
- what types of companies, and how many, have been talking with him, expressing interest in buying bitcoin
- what will happen at the Bitcoin for Companies conference
- what type of bitcoin data products they are contemplating offering
- what he thinks will happen to the USD’s global reserve currency status
- what it would take for him to sell any bitcoin
Thank you to our sponsors!
Crypto.com: http://crypto.com
1inch: http://1inch.exchange
Episode links:
Michael Saylor: https://twitter.com/michael_saylor
Microstrategy: https://www.microstrategy.com/en
Bitcoin for Corporations: https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit
Microstrategy purchases an additional $10 million in bitcoin: https://www.microstrategy.com/en/investor-relations/financial-documents/microstrategy-acquires-an-additional-10m-in-bitcoin
https://www.microstrategy.com/content/dam/website-assets/collateral/financial-
documents/financial-document-archive/Form-8-K_jan-22-2021.pdf
Unchained interview with Saifedean Ammous: https://unchainedpodcast.com/why-bitcoin-now-saifedean-ammous-on-why-bitcoin-is-the-most-advanced-form-of-money/
August 11, 2020: Microstrategy adopts Bitcoin as its primary reserve asset: https://ir.microstrategy.com/news-releases/news-release-details/microstrategy-adopts-bitcoin-primary-treasury-reserve-asset
August 11, 2020: Microstrategy makes tender offer to purchase up to $250 million of its common stock: https://ir.microstrategy.com/news-releases/news-release-details/microstrategy-announces-commencement-modified-dutch-auction
September 11, 2020: Microstrategy to purchase $60.5 million of common stock: https://ir.microstrategy.com/news-releases/news-release-details/microstrategy-announces-final-results-modified-dutch-auction
Plan to offer $550 million in convertible notes: https://www.theblockcrypto.com/linked/87120/microstrategy-550m-convertible-notes-bitcoin
Microstrategy announces over $1 billion in Bitcoin purchases in 2020: https://www.microstrategy.com/en/company/company-videos/microstrategy-announces-over-1b-in-total-bitcoin-purchases-in-2020
Michael Saylor’s 2013 tweet on Bitcoin: https://twitter.com/michael_saylor/status/413478389329428480?s=20
Forbes expose on unusual accounting practices by Microstrategy back in 2000: https://www.forbes.com/global/2000/0306/0305024a.html?sh=46312df01674
April 2000 profile of Michael in The New Yorker: https://archives.newyorker.com/newyorker/2000-04-03/flipbook/034/
SEC enforcement action against Microstrategy: https://www.sec.gov/litigation/admin/34-43724.htm
Forbes profile after the SEC enforcement action: https://www.forbes.com/2000/12/18/1218faces.html?sh=523061e03bf9
Forbes announcing Microstrategy would restate earnings after its expose: https://www.forbes.com/2000/03/20/mu3.html?sh=21efe89d1ee6
Summary of SEC action: https://www.nytimes.com/2000/12/15/business/microstrategy-chairman-accused-of-fraud-by-sec.html
Citi downgrading MSTR: https://www.theblockcrypto.com/linked/87054/citi-microstrategy-stock-downgrade-bitcoin
Renaissance Technologies has been third-largest buyer of Microstrategy’s stock since the summer: https://www.theblockcrypto.com/linked/87194/renaissance-technologies-microstrategy-bitcoin
Microstrategy contemplating bitcoin data products: https://www.theblockcrypto.com/post/85310/microstrategy-bitcoin-data-products
Stephen Palley, partner at Anderson Kill. and Gabriel Shapiro, partner at BSV Law, discuss the SEC's lawsuit against Ripple and two executives, Chris Larsen and Bard Garlinghouse. In this episode, they explain:
- what was so "egregious" that the SEC went after two executives, Chris Larsen and Brad Garlinghouse, were charged
- why their sales showed an information asymmetry, and why that matters
- why the complaint comes close to being a fraud case, but why the SEC didn't charge them with fraud
- why the idea that XRP is a currency and therefore cannot be a security will likely not fly
- why it's unlikely the case will go to the Supreme Court
- the SEC's case for why XRP is a security, and Ripple's role in it
- how even on a technical level, the XRP network is centralized
- how strong the SEC's case is against Larsen and Garlinghouse
- Stephen's and Gabriel's predictions on how the lawsuit will play out
- how this will likely impact XRP investors
- whether or not Ripple could become an SEC-reporting company and XRP a security
- what happened with Ripple's lead investor in its most recent fundraising round
- whether or not the SEC might go after exchanges or other players who made money off XRP or collaborated with Ripple around XRP trading
- what this means for Coinbase, in particular, because it's going public later this year
- what Ripple's defense, in its summarized Wells submission, was
- how this case compares to some of the other big SEC/crypto securities cases, Kik/Kin and Telegram
- whether there might ever be a digital token that is determined to be a security for specific transactions but not others
- what the wider implications of the case are for the rest of the crypto industry
Thank you to our sponsors!
Crypto.com: http://crypto.com
1inch: https://1inch.exchange
Episode links:
Stephen Palley: https://twitter.com/stephendpalley
Gabriel Shapiro: https://twitter.com/lex_node
SEC lawsuit against Ripple: https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf
SEC lawsuit against Ripple being close to a fraud case: https://twitter.com/stephendpalley/status/1341523294344896515?s=20
Former SEC commissioner Joe Grundefest on the case: https://www.theblockcrypto.com/linked/89164/former-sec-commissioner-says-ripple-lawsuit-will-cause-multi-billion-dollar-losses-to-innocent-third-parties
Other lawsuit against Ripple: https://www.courtlistener.com/recap/gov.uscourts.cand.334410/gov.uscourts.cand.334410.115.0.pdf
Technical assessment of Ripple network: https://cryptobern.github.io/noconsensusripple/
Tetragon’s case against Ripple: https://twitter.com/stephendpalley/status/1346531087971999749?s=20
What the case means for exchanges: https://www.coindesk.com/coinbase-delist-xrp-exchanges-dilemma
Coinbase suspends trading in XRP: https://blog.coinbase.com/coinbase-will-suspend-trading-in-xrp-on-january-19-2e09652dbf57
https://www.coindesk.com/coinbase-suspends-xrp-trading
Lawsuit against Coinbase: https://www.bloomberg.com/news/articles/2020-12-30/coinbase-sued-over-xrp-commissions-after-sec-pursues-ripple?sref=m9L277rN
https://twitter.com/stephendpalley/status/1344352455895691269?s=20
People in the industry thinking for a while that XRP is a security: https://www.theblockcrypto.com/genesis/57366/xrp-is-probably-a-security-dont-at-me
Mary Jo White: https://www.coindesk.com/former-sec-chair-represents-ripple-xrp-lawsuit
Ripple’s Wells submission: https://ripple.com/wp-content/uploads/2020/12/Ripple-Wells-Submission-Summary.pdf
Willy Woo, a prominent on-chain Bitcoin analyst and author of the “The Bitcoin Forecast,” a market intelligence newsletter, explains the parabolic activity of Bitcoin in the past month. We cover:
- why he thinks Bitcoin has more than doubled in the last month
- what the "double pump" market is and why Bitcoin may see two rallies this cycle
- what stage of the Bitcoin bull market we are currently in
- who is buying, and how they've differed from previous investors
- who still is yet to buy this cycle
- why Bitcoin hitting new all-time highs mean that we're in "uncharted price discovery"
- how his "top cap model" shows Bitcoin could be around $95k by end of year
- and how if certain trends accelerate, it could reach $200,000-$300,000 by year's end
- how the pandemic impacted Bitcoin’s price
- what on-chain movements he's seeing that make him call the current cycle of Bitcoin "whale spawning season”
- how to gauge the increasingly rapid investor activity
- what to expect from Bitcoin and Ethereum in 2021
Thank you to our sponsors!
Crypto.com: http://crypto.com
1inch: http://1inch.exchange
Episode links:
Willy Woo: https://twitter.com/woonomic
Woobull.com: http://charts.woobull.com
Willy on Unconfirmed: https://unchainedpodcast.com/willy-woo-on-why-its-an-extremely-great-time-to-buy-bitcoin/
Fibonacci traces tweet: https://twitter.com/woonomic/status/1347433551906500614?s=20
Bitcoin reflexivity: https://twitter.com/woonomic/status/1344189627997949952/photo/1
Who has been buying recently: https://twitter.com/woonomic/status/1347127159538688002?s=20
Double pump bull market: https://twitter.com/woonomic/status/1346889817792004096?s=20
Buying by long-term holders: https://twitter.com/woonomic/status/1346827893322616833/photo/1
What percentage of the Bitcoin supply is liquid: https://insights.glassnode.com/bitcoin-liquid-supply/
Premium above NVT Price: https://twitter.com/woonomic/status/1346797291668029440/photo/1
Accumulation of BTC before the OCC announcement: https://twitter.com/woonomic/status/1346296294797582336/photo/1
Will never see a $20k BTC again: https://twitter.com/woonomic/status/1345660018541019138?s=20
Bitcoin as investment vs. tech: https://twitter.com/woonomic/status/1345221723751206912?s=20
NVT Ratio: http://charts.woobull.com/bitcoin-nvt-ratio/
This panel, from a panel for the fifth anniversary of Hyperledger, features Rob Palatnick, managing director of global head of technology research and innovation at the DTCC and chairman of the Hyperledger board, Matthieu Saint Olive, Codefi payments product manager and CBDC advisor at ConsenSys, and Robert Bench, assistant vice president at the Federal Reserve Bank of Boston. In this discussion on the current outlook on central bank digital currencies (CBDCs), they cover:
- what main problems CBDCs can solve
- whether CBDCs should be open sourced
- why building a new technology for CBDCs is preferred over using existing tech
- how concerns over CBDCs and their privacy implications differ across countries
- what possible pain points or opportunities CBDCs pose for central banks
- whether CBDCs should be blockchain-based
- to what extent CBDCs will be distributed and open networks, and whether fees would be charged for transactions
- how central banks are thinking about methods of adoption, like whether they will bank directly with retail customers or still use commercial banks
- how developers balance the drawbacks and benefits of blockchain-based CBDCs with different stakeholders
- whether stable coins will be replaced by or coexist with CBDCs
- and what the future holds for the continued development of CBDCs
Thank you to our sponsors!
Crypto.com: http://crypto.com
1inch: http://1inch.exchange
Episode links:
Rob Palatnick: https://www.dtcc.com/our-experts/robert-palatnick
Brian Behlendorf: https://twitter.com/brianbehlendorf?lang=en
Matthieu Saint Olive: https://twitter.com/msaintolive?lang=en
Robert Bench: https://www.bostonfed.org/home/people/bank/robert-bench.aspx
Host Laura Shin recaps the biggest stories of the year in crypto, with clips from shows throughout the year. In this episode, we cover how the pandemic drove Bitcoin to new all-time highs, how regulation began to come for the crypto space in a big way, plus new trends in DeFi, corporate structures, and how ETH will change as an asset.
Thank you to our sponsors!
Crypto.com: http://crypto.com
1inch: https://1inch.exchange
Episode links:
Meltem Demirors on Bitcoin’s behavior during the recession https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/
Mike Novogratz and Raoul Pal on Bitcoin’s relation to fiat https://unchainedpodcast.com/why-bitcoin-now-mike-novogratz-and-raoul-pal-on-the-single-greatest-brand-of-the-last-10-years/
Chamath Palihapitiya on Bitcoin as a financial hedge https://unchainedpodcast.com/chamath-palihapitiya-why-bitcoin-will-be-the-category-winner/
Cathie Wood and Dan Tapiero on corporate adoption of Bitcoin https://unchainedpodcast.com/why-bitcoin-now-bitcoin-under-a-biden-administration/
Dave Jevans and Siân Jones on regulation and VASPs https://unchainedpodcast.com/why-the-travel-rule-is-one-of-the-most-significant-regulations-in-crypto/
Jake Chervinsky and Kristin Smith on the Swiss Rule and self-hosted wallets https://unchainedpodcast.com/everything-you-need-to-know-about-the-looming-battle-over-privacy-in-crypto/
Jeremy Allaire and Kristin Smith on Mnuchin’s proposed FinCEN rule https://unchainedpodcast.com/why-is-the-proposed-fincen-rule-for-unhosted-wallets-being-pushed-so-quickly/
Jessi Brooks and Zia Faruqui on cryptocurrencies facilitating illicit activity https://unchainedpodcast.com/how-this-doj-strike-force-hunts-down-cryptocurrency-criminals/
Brian Brooks on Americans accepting more privacy restrictions https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/
Meltem Demirors on privacy being under attack https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/
Haseeb Qureshi on the maturation of DeFi https://unchainedpodcast.com/why-decentralized-trading-has-10xed-in-a-few-months/
Vitalik Buterin on risks that still exist in DeFi https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/
Taylor Monahan and Dan Guido on DeFi security https://unchainedpodcast.com/defi-security-with-so-many-hacks-will-it-ever-be-safe/
Vitalik Buterin reflecting on the last five years of Ethereum https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/
Ryan Watkins on Ethereum 2.0 https://unchainedpodcast.com/ethereum-2-0-what-you-need-to-know/
Olaf Carlson-Wee on DeFi impacting the traditional corporate structure https://unchainedpodcast.com/olaf-carlson-wee-if-there-is-a-money-losing-exploit-the-money-is-gone/
Andrew Cronje on shifting corporate structures https://unchainedpodcast.com/andre-cronje-of-yearn-finance-on-yfi-and-the-fair-launch-im-lazy/
Jeremy Allaire of Circle Pay and Kristin Smith of the Blockchain Association explain the impact of and motivation behind Treasury Secretary Steve Mnuchin’s proposed FinCEN rule that targets “unhosted” wallets. In this episode, they cover:
- what the new FinCEN rule says, and how it would impact unhosted or self-hosted wallets, as well as crypto businesses
- why they believe this is really politically motivated and unilateral midnight rule making by Secretary Mnuchin
- what other bureaucrats and policymakers think should be done instead
- whether the rule only affects businesses rather than individuals
- what information will be recorded according to the rule
- ways to circumvent compliance
- how the rule affects DeFi and Web3
- the procedural hurdles Mnuchin took to propose the rule, and what they recommend the crypto community to do try to stop the implementation of the rule
- how the rule comports with European GDPR regulations
- which government entities will be tasked with making the regulatory changes the space needs
- why President-Elect Joe Biden’s administration may be more favorable for the space
Thank you to our sponsors!
Crypto.com: http://crypto.com
1inch: http://1inch.exchange
Episode links:
Jeremy Allaire: https://twitter.com/jerallaire
Kristin Smith: https://twitter.com/kmsmithdc
Circle: https://www.circle.com/en/
The Blockchain Association: https://theblockchainassociation.org
Stories on proposed rule:
https://www.coindesk.com/fincen-proposes-kyc-rules-for-crypto-wallets
https://www.theblockcrypto.com/post/88347/treasury-crypto-wallets-reporting-rule
Effect on DeFi: https://twitter.com/jerallaire/status/1340060806088671232?s=20
https://twitter.com/jchervinsky/status/1340050400871911424?s=20
Coin Center response: https://www.coincenter.org/a-midnight-rule-for-cryptocurrency-transaction-reports/
Brian Armstrong’s earlier tweet thread: https://twitter.com/brian_armstrong/status/1331745196887867393
Collins Belton’s tweet thread: https://twitter.com/collins_belton/status/1340051986008350721?s=20
Marguerite deCourcelle is co-founder and CEO of Blockade Games, which is releasing the role-playing game game Neon District the day this episode comes out. She discusses her background in art, how her love of video games led her to discover Bitcoin in the early days of the cryptocurrency, and how she helps create the next phase of web 3.0 content creation and distribution. Topics include:
- how Marguerite became involved in crypto and what led her to co-found Blockade Games
- her work on Pineapple Arcade and Plasma Bears
- the problems she sees with gaming and how blockchain technology can solve them
- how Blockade Games is utilizing blockchain tech
- Neon District, a blockchain-based RPG game with active gameplay and animation that uses NFTs and farming
- the difference between ERC-721 and ERC-1155 tokens and how each is utilized in Neon District
- how they have been marrying NFTs with DeFi through the NIFTEX exchange
- how an open economy challenges the dynamics of gameplay and how they account for this in their game design
- why a decentralized profile can be so powerful in gaming
- the types of users Blockade Games hopes to attract with Neon District
- why they are using the Matic Network
- how blockchain tech within a game changes the business model for Blockade as opposed to a traditional gaming company
- whether she thinks conventional gaming companies will be disrupted by blockchain technology
- the problems in content creation business models and distribution and how she thinks blockchain can solve them
- her personal token, COIN, how it is connected to CRED and how the two work together and people earn them
- what Coin Artist Liquidity Mining is and how it works
Thank you to our sponsors!
Crypto.com: http://crypto.com
1inch: http://1inch.exchange
Episode links:
Marguerite: https://twitter.com/coin_artist
Coin Artist: https://coinartist.io
Yield farming NFTs: https://www.coindesk.com/nfts-yield-farming-defi-buzz-explained
Crypto puzzles: https://www.coindesk.com/theres-more-money-to-win-in-the-310-bitcoin-challenge-heres-some-hints
Blockade Games's seed round: https://www.coindesk.com/bitcoin-puzzle-artists-blockchain-gaming-startup-valued-at-13-million
CoinDesk podcast network with Marguerite: https://www.coindesk.com/what-artists-love-about-crypto
Delphi Digital podcast with Marguerite: https://www.delphidigital.io/podcasts/marguerite-decourcelle-building-towards-a-neon-future/
Delphi Digital report on Coin's E-den syndicate: https://www.delphidigital.io/reports/social-tokens-the-rise-of-the-coins-e-den-syndicate/
OpenSea store for Alex Botez chess pieces: https://opensea.io/collection/get-pwnd
Blog post about the Alexandra Botez collaboration: https://coin-artist.medium.com/bringing-chess-to-ethereum-5969d9cfa07a
Gavin Wood, founder of Polkadot, Kusama, and Parity, discusses what he calls the "meta-protocol," Polkadot. In this episode, he talks about:
- his vision for Polkadot and the problems he set out to solve when conceiving it
- why he considers Polkadot a meta-protocol
- the implementation of parachains and parathreads, how they are defined and how they differ
- parachain auctions and candle auctions
- how DDoS attacks can be prevented on parachains
- initial parachain offerings and how they differ from initial coin offerings and avoid the regulatory problems that were so common with ICOs
- on-chain governance on Polkadot and how it works
- how immediate implementation of proposals that pass consensus will prevent forks
- his answer to those who point to Parity's history with security lapses as cause for concern about Polkadot's security
- how he sees Polkadot co-existing with Ethereum
- whether Polkadot is working toward composability
- how the Web3 Foundation and Parity plan to use their collective stake of DOTs within the network
- how he plans to address the possibility that DOT could be labeled a security
- how he imagines Polkadot will serve the enterprise world and how Polkadot will benefit enterprise blockchains
Thank you to our sponsors!
1inch: https://1inch.exchange
Crypto.com: https://www.crypto.com
Episode links:
Gavin Wood: https://twitter.com/gavofyork
Polkadot: https://polkadot.network
Kusama: https://kusama.network
Ryan Watkins and Wilson Withiam, senior research analysts at Messari, explain the nuts and bolts of Ethereum 2.0, including how it will transform ETH as an asset and why they believe it will be Ethereum’s most ambitious upgrade yet. Topics include:
- the different phases of Ethereum 2.0 and the functions they serve
- the problems Ethereum hopes to solve with this upgrade
- the technical requirements needed to ensure the launch can happen
- the new proof of stake consensus and why Ethereum is leaving proof of work behind
- the requirements necessary to maintain a validator node on the Ethereum 2.0 network
- why users won’t be able to use their ETH once it is staked on Ethereum 2.0
- the incentives and services that will allow users staking on Ethereum 2.0 to continue using their ETH on Ethereum 1.0
- whether the appeal of DeFi is a threat to Ethereum 2.0 staking
- how Ethereum 2.0 incentivizes client diversity
- the monetary policy of “minimum necessary issuance” that supports Ethereum 2.0
- how Ethereum 2.0 will allow ETH to achieve the unprecedented combination of a store of value, a capital asset, and a commodity
- what will be done in the short term to help ease the scaling problem while ETH 2.0 is being built
- whether scalability can be efficiently addressed in time to prevent migrations to other blockchains
- and the most significant risks Ethereum 2.0 is facing
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Ryan Watkins: https://twitter.com/RyanWatkins_
Wilson Withiam: https://twitter.com/wilsonwithiam
Messari Crypto: https://messari.io/
Messari report on Ethereum 2:0: https://messari.io/road-to-eth2
Amount of ETH in the Ethereum 2.0 Deposit Contract: https://etherscan.io/address/0x00000000219ab540356cBB839Cbe05303d7705Fa#analytics
https://www.stakingrewards.com/earn/ethereum-2-0
ETH issuance based on amount staked: https://docs.ethhub.io/ethereum-basics/monetary-policy/#proof-of-stake-impact
Dan Elitzer article on DETH: https://medium.com/ideo-colab/the-deth-of-ethereum-98553866e81b
Christine Sandler, head of sales and marketing at Fidelity Digital Assets, talks about how 30 years in traditional finance and an early retirement led her to Coinbase, and, eventually, Fidelity Digital Assets. She discusses the history of Fidelity's involvement in crypto, how they became one of the first to enter the space, and what the future holds. Topics include:
- what Fidelity Digital Assets is and Christine's role there
- Christine's background in traditional finance, how she was drawn into the world of cryptocurrencies, eventually working at Coinbase, and how she found her way to Fidelity Digital Assets
- the role Fidelity sees itself playing in the digital asset space
- how the client base for digital assets has changed over time
- how Fidelity approaches the difficulties around explaining what bitcoin and crypto is, and the most common questions they receive
- how the pandemic has changed the conversation around digital currencies
- the types of services and products Fidelity is considering for the future
- the differences Fidelity sees in how international investors are approaching digital currency
- Fidelity's plans for a Bitcoin index fund and whether they are considering offering futures
- how financial institutions and institutional investors fit into a world of decentralized finance founded with the ethos of excluding them
- the regulatory improvements Fidelity is hoping to see
- what a Bitcoin ETF would mean for Fidelity
- how Fidelity might use a central bank digital currency in its business
- Fidelity's thoughts on offering proof of stake services
- whether a more deflationary Ethereum might attract more institutional investors
- and whether Fidelity will offer Ethereum in the future
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Christine Sandler: https://twitter.com/shoegalnyc
Fidelity Digital Assets: https://www.fidelitydigitalassets.com/overview
Twitter: https://twitter.com/DigitalAssets
Christine leaves Coinbase for FDAS: https://www.coindesk.com/fidelity-poaches-coinbase-institutional-sales-head-christine-sandler
Fidelity Center for Applied Technology: https://fcatalyst.com/overview
Fidelity Digital Assets looking to become prime broker: https://www.theblockcrypto.com/daily/68920/fidelity-digital-assets-eyes-service-for-introducing-crypto-funds-to-big-investors
How the client profile has changed: https://www.theblockcrypto.com/daily/42342/the-client-profile-is-changing-fidelity-digital-assets-exec-says-new-players-are-entering-the-crypto-fold
How to Explain Cryptocurrencies and Blockchains to the Average Person
Unchained episode: https://unchainedpodcast.com/how-to-explain-cryptocurrencies-and-blockchains-to-the-average-person/
Fidelity expands crypto business to Europe: https://www.coindesk.com/fidelity-to-expand-institutional-crypto-business-to-europe
Fidelity obtains New York Trust Charter: https://www.coindesk.com/fidelity-gets-a-new-york-trust-charter-to-custody-bitcoin-for-institutions
Bitcoin Index Fund: https://www.forbes.com/sites/michaeldelcastillo/2020/08/26/fidelity-president-files-for-new-bitcoin-fund/?sh=13aa335445c9
Fidelity survey of 800 institutional investors: https://www.fidelitydigitalassets.com/bin-public/060_www_fidelity_com/documents/FDAS/institutional-investor-study.pdf
FDAS hiring: https://www.fidelitydigitalassets.com/articles/engineering-hiring-initiative?ccmedia=owned&ccchannel=social&cccampaign=hiring_blog&cctactics=twitter
Kingdom Trust:
https://www.coindesk.com/fidelity-digital-assets-to-custody-bitcoin-in-kingdom-trust-retirement-accounts
Jake Chervinsky, general counsel at Compound Labs, and Kristin Smith, executive director of The Blockchain Association, talk about the storm brewing in the cryptosphere involving self-custody and privacy. In this episode, they cover:
- the differences between hosted and self-hosted wallets and how transactions between them differ
- why the ability to transact from self-hosted wallets is so important
- compliance and regulation in the traditional financial world and how it could affect self-custody
- the “Swiss rule” and what it could mean for the rest of the world
- the proposal by FinCEN to lower the threshold for collecting data on transactions from $3,000 to $250
- how regulators might achieve their goals without “dragnet” surveillance
- how the amount of crime and money laundering in the traditional financial system compares to that in the crypto world
- why OTC brokers are considered the most significant money laundering risk in crypto, and how that risk might be mitigated
- how different political environments can influence the value of peer to peer transactions
- whether Americans should be willing to give up some of their financial privacy in favor of security
- what the recent statement by the DOJ's cryptocurrency enforcement framework labeling anonymous transactions as "high-risk activity indicative of possible criminal conduct" could mean for privacy coins like Monero and Zcash
- Gary Gensler's appointment as head of Biden's financial policy transition team and whether to view it as a positive or negative for crypto
- whether they think the incoming Congress will be in favor of more surveillance or more privacy
- whether there might eventually be regulations for developers who write code for self-hosted wallets
- how potential rules regarding self-custody could affect non-monetary items like NFTs
- and the next big developments they are watching out for regarding this issue
Thank you to our sponsor!
Crypto.com: http://crypto.com
Episode links:
Jake Chervinsky: https://twitter.com/jchervinsky
Compound Labs: https://compound.finance
Kristin Smith: https://twitter.com/kmsmithdc
The Blockchain Association: https://theblockchainassociation.org/
https://twitter.com/BlockchainAssn
FinCen NPRM: https://www.federalregister.gov/documents/2020/10/27/2020-23756/threshold-for-the-requirement-to-collect-retain-and-transmit-information-on-funds-transfers-and
Coin Center commentary on lowering FinCEN threshold: https://www.coincenter.org/app/uploads/2020/10/Coin-Center-Comment-FinCEN-FRB-250-threshold.pdf
Unchained episode about the FATF travel rule: https://unchainedpodcast.com/why-the-travel-rule-is-one-of-the-most-significant-regulations-in-crypto/
The choice of Gary Gensler to lead the financial policy transition team:
https://www.wsj.com/livecoverage/trump-biden-election-day-2020/card/peMRHGPJasECSPLezSFx
https://www.coindesk.com/biden-confirms-gary-gensler-will-lead-financial-policy-transition-team
Shapeshift delists Zcash: https://www.coindesk.com/shapeshift-delists-privacy-coin-zcash-over-regulatory-concerns
Jessie Liu interview on Unchained: https://unchainedpodcast.com/what-you-need-to-know-about-the-dojs-cryptocurrency-enforcement-framework/
In this episode, Dan Tapiero, founder of 10T Holdings and Gold Bullion International, and Cathie Wood, CEO and CIO at ARK Invest, discuss the long election week in the U.S. and how they believe Bitcoin will behave in a post-election world. They also talk about:
- how a changeover from a Trump to a Biden administration could affect Bitcoin
- how the prospect of legal challenges from the Trump administration might affect Bitcoin
- whether they think the presidential election influenced Bitcoin’s precipitous price jump in the first week of November
- what it takes to change the mind of a Bitcoin skeptic in the investment world
- whether gold investors are becoming more resistant or more embracing of Bitcoin
- whether Democratic control of the Senate would affect Bitcoin
- how they expect the new wave of rising coronavirus cases and lockdowns to affect economies and Bitcoin
- the new inflation policy introduced by Federal Reserve chairman Jerome Powell and how it will affect Bitcoin
- the recent Bitcoin halving and how they expect Bitcoin to perform over the next year
- how banking will change over the next few years and how that will affect Bitcoin
- their thoughts on central bank digital currencies and how an increase in CBDCs might affect Bitcoin
- what factors they are looking at right now when thinking about what could happen with Bitcoin over the next year
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Cathie Wood: https://twitter.com/cathiedwood
Ark Invest: https://ark-invest.com/
Yassine Elmandjra: https://twitter.com/yassineARK
Dan Tapiero: https://twitter.com/DTAPCAP
10T Holdings: https://10tfund.com/
Gold Bullion International: https://bullioninternational.com/
Unchained with Brian Brooks: https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/
Jerome Powell speech on targeting inflation of 2%: https://www.cnbc.com/2020/08/27/powell-announces-new-fed-approach-to-inflation-that-could-keep-rates-lower-for-longer.html
Bitcoin-gold correlation: https://coinmetrics.io/correlation-charts/#assets=btc-gld
Bitcoin-S&P 500 correlation: https://coinmetrics.io/correlation-charts/#assets=btc-s&p
Forbes profile on Cathie Wood: https://www.forbes.com/sites/antoinegara/2020/10/05/how-cathie-wood-beat-wall-street-by-betting-tesla-is-worth-more-than-1-trillion/?sh=12d44f813d45
ARK Invest Bitcoin white papers: https://ark-invest.com/white-papers/bitcoin-part-one/
https://ark-invest.com/white-papers/bitcoin-part-two/
In this seventh installment of the Why Bitcoin Now series, Meltem Demirors, the chief strategy officer at Coinshares, and Lyn Alden, the founder of Lyn Alden Investment Strategy, discuss the state of Bitcoin since June, amidst the presidential election – which takes place on the date of publication of the show -- and a global pandemic. Topics discussed include:
- the significance of bitcoin staying above $10k for over three months
- why the pandemic has created the conditions for which Bitcoin was designed
- how the markets may react to a Trump or Biden win
- why they believe, no matter which party wins, there will be massive deficits and a money-printing debt spiral
- why other countries see opportunities to erode the supremacy of the US dollar
- why Bitcoin has shown that it’s possible to have money without state
- how the current record unemployment and massive stimulus efforts during the pandemic have impacted Bitcoin
- the increasing interest in Bitcoin from traditional investors
- the IMF’s recent call for a “New Bretton Woods moment” and how it may impact crypto
- China’s DCEP central bank digital currency and the effects it may have on increasing China’s trade leverage
- why the pandemic has made clear the importance of bringing more Bitcoin mining onshore
- whether or not Bitcoin will be able to remedy growing wealth inequality
- why privacy/encryption will be the main issue Bitcoiners need to watch from the coming administration
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Episode links:
Lyn Alden: https://twitter.com/LynAldenContact
Lyn Alden Investment Strategy: lynalden.com
Meltem Demirors: https://twitter.com/Melt_Dem
Coinshares: https://www.coinshares.com/
Lyn’s post on how the economy and stock market perform under Democratic vs. Republican presidents: https://www.lynalden.com/presidential-elections/
US stimulus spending: https://datalab.usaspending.gov/federal-covid-funding/#section-tracking
IMF New Bretton Woods speech: https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment
Stocks in a bubble: https://www.longtermtrends.net/sp500-price-earnings-shiller-pe-ratio/
Meltem on the financialization of internet infrastructure: https://medium.com/coinshares/the-financialization-of-compute-connectivity-66beaffe7501
BitOoda report on Bitcoin mining: https://bitooda.medium.com/bitcoin-mining-hashrate-and-power-analysis-bitooda-research-ebc25f5650bf
Bloomberg wealth report: https://www.bloomberg.com/news/articles/2020-10-08/top-50-richest-people-in-the-us-are-worth-as-much-as-poorest-165-million
Cash app’s Bitcoin sales: https://www.theblockcrypto.com/linked/74001/square-q2-bitcoin-cash-app
JPMorgan research note on Bitcoin: https://fortune.com/2020/10/26/jp-morgan-chase-bitcoin-predictions-analyst-jpm-cryptocurrency/
https://twitter.com/DTAPCAP/status/1319703750450302980?s=20
Forbes interview with Daniel Masters of Coinshares: https://www.forbes.com/sites/michaeldelcastillo/2020/10/24/jp-morgan-veteran-daniel-masters-explains-how-blockchain-will-end-commercial-banks/#77ec4f6a6bdd
Brian Brooks got his start in traditional finance before joining Coinbase in 2018 and is currently the acting comptroller of the currency. In this episode, he discusses:
- how his background in traditional financial services led him to take a position at Coinbase
- whether the role blockchain and crypto will likely play in the financial future is being recognized at the federal level
- whether or not banks have always had the authority to custody crypto for their customers
- how he expects things to unfold in the coming years as banks begin to become more involved in crypto custody
- his thoughts on Kraken and others launching crypto banks and whether it will lead to the founding of other crypto banks
- how his office is pushing for a national fintech charter, and how it could affect less crypto-friendly states
- whether banks that work with crypto companies supporting unhosted wallets are prohibited from holding stablecoin reserves
- whether or not OCC regulations cover DeFi, and the regulatory challenges that open source protocols present
- whether he sees a time when governments and regulators participate in the governance of crypto platforms
- what roles he thinks public and private sectors, as well as commercial banks, should play in the creation of a central bank digital currency
- what stance the OCC might take around privacy in blockchain transactions
- how U.S. regulators can offer more clarity to the crypto industry
- and how he thinks the pandemic, its effect on the economy, and the government’s response through stimulus will affect the crypto industry
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Brian Brooks: https://twitter.com/BrianBrooksOCC
Office of the Comptroller of the Currency: https://www.occ.gov
Letter to authorize banks to provide crypto custody services for customers: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1170.pdf
The significance of the letter for banks and crypto companies: https://www.forbes.com/sites/matthougan/2020/07/27/the-occs-notice-on-crypto-is-a-really-big-deal/#13aad8806301
The OCC’s statement on federally chartered banks and crypto custody: https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html
His support for a federal licensing framework for crypto companies: https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms
Questions about the OCC’s stablecoin guidance
https://www.coindesk.com/questions-occ-first-guidance-stablecoins
CSBS “One Company, One Exam” policy: https://www.coindesk.com/csbs-firms-explained
Battle with states over federal licensing program: https://www.politico.com/news/2020/08/31/currency-comptroller-reshape-banking-406393
FinCEN’s 2019 Regulatory Guidance: https://www.fincen.gov/news/news-releases/new-fincen-guidance-affirms-its-longstanding-regulatory-framework-virtual
Federal Reserve says it is exploring a central bank digital currency: https://www.coindesk.com/fed-reserve-evaluating-digital-dollar-but-benefits-still-unclear-says-chairman
His view that a CBDC should be designed by the private sector:
https://www.theblockcrypto.com/post/69216/heres-how-brian-brooks-disagrees-with-fed-chair-jerome-powell-on-the-digital-dollar
The OCC’s Financial Inclusion Project: https://www.occ.gov/topics/consumers-and-communities/minority-outreach/project-reach.html
Magistrate judge Zia Faruqui, and Jessi Brooks, assistant U.S. attorney in the national security section at the United States Attorney’s Office, have prosecuted several cryptocurrency-related cases, many of them amongst the most well-known. In this episode, they talk about:
- how they came to be involved in the prosecution of so many cases involving cryptocurrency
- the nature of civil forfeiture cases
- the Al-Qassam Brigades case, which led to the largest ever seizure of a terrorist organization’s cryptocurrency accounts, and the terrorist organization’s use of dynamic addresses in an attempt to elude detection by authorities.
- how Al Qaeda used Telegram to pursue cryptocurrency donations
- the case involving ISIS and counterfeit PPE for COVID
- the process of seizing funds from unhosted wallets
- the North Korean affiliated Lazarus Group, and how they were able to amass $2580 million worth of cryptocurrency
- the methods hackers will use to cash out stolen crypto funds to fiat
- how different government agencies in the U.S., as well as in other countries, are coordinated when tackling these cases
- the Welcome to Video case and how they went about prosecuting a person in a foreign country
- how they’ve seen the use of cryptocurrencies by criminals evolve over time
- and whether or not they think decentralized exchanges will make it easier for criminals and hackers to cash out
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Jessi Brooks: https://www.linkedin.com/in/jessica-brooks-8289ab32/
Zia’s Faruqui: https://www.linkedin.com/in/zia-faruqui-a73ba11a5/
Three terror-finance cybercrime cases: https://www.justice.gov/opa/pr/global-disruption-three-terror-finance-cyber-enabled-campaigns
The Al-Qassam Brigades case: https://www.justice.gov/opa/pr/global-disruption-three-terror-finance-cyber-enabled-campaigns
Scam PPE site: https://www.wired.com/story/isis-allegedly-ran-a-covid-19-ppe-scam-site/
Civil forfeiture complaint against North Korea-affiliated hackers, Lazarus Group:
https://www.justice.gov/usao-dc/pr/united-states-files-complaint-forfeit-280-cryptocurrency-accounts-tied-hacks-two
https://www.justice.gov/usao-dc/press-release/file/1310411/download
https://blog.chainalysis.com/reports/lazarus-group-north-korea-doj-complaint-august-2020
Welcome to Video indictment: https://www.justice.gov/opa/pr/south-korean-national-and-hundreds-others-charged-worldwide-takedown-largest-darknet-child
Dark Scandals: https://www.forbes.com/sites/kellyphillipserb/2020/03/13/dark-deja-vu-irs-announces-charges-in-takedown-of-multi-million-dollar-child-exploitation-website-funded-by-bitcoin/#4a09b2ac28ae
https://www.justice.gov/usao-dc/press-release/file/1257581/download
Jonathan Levin from Chainalysis on Unchained: https://unchainedpodcast.com/how-bitcoin-led-to-the-demise-of-the-largest-child-porn-site/
Hester Peirce, AKA “Crypto Mom,” was just confirmed to a second term as SEC Commissioner of the Securities Exchange Commission in August. In this episode, she talks about:
- the reasons for her dissent in the Unikrn Settlement and what she believes would have been a proper penalty
- the current status of her token safe harbor proposal
- her thoughts on fair launch projects as opposed to traditional VC-backed tokens
- her view on how the SEC should view airdrops
- her thoughts on whether existing securities laws could be tweaked as opposed to implementing a safe harbor
- whether she thinks DeFi governance tokens should be considered securities
- her thoughts on DeFi playing its own regulatory role
- her thoughts on the Securities Clarity Act introduced in Congress
- the chances of a Bitcoin ETF being approved by the SEC in the future
- the charges against BitMEX and the effect it may have on the industry in general
- stablecoins, and how they might raise securities issues
- and whether she thinks that all securities could one day be tokenized
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Hester Peirce: https://twitter.com/HesterPeirce
SEC: https://www.sec.gov
Her dissent on the Unikrn settelement: https://www.sec.gov/news/public-statement/peirce-statement-settlement-charging-token-issuer
Unconfirmed interview on her safe harbor proposal: https://unchainedpodcast.com/sec-commissioner-hester-peirce-on-her-safe-harbor-proposal/
Her token safe harbor proposal: https://www.sec.gov/news/speech/peirce-remarks-blockress-2020-02-06
Unchained interview with Cmr. Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/
Proposal in The Block on ways to amend existing securities law instead of issuing a token safe harbor: https://www.theblockcrypto.com/post/57207/case-for-reg-a-response-commissioner-peirce-sec-token
Is UNI a security: https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate
FCA banning crypto derivatives and ETNs: https://www.coindesk.com/fca-bans-sale-of-cryptoderivatives-to-retail-consumers-in-uk
https://www.theblockcrypto.com/post/79911/uk-regulator-fca-bans-crypto-derivatives-retail-users
Securities Clarity Act: https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate
Statement on ATS’s: https://www.sec.gov/divisions/marketreg/mr-noaction/2020/finra-ats-role-in-settlement-of-digital-asset-security-trades-09252020.pdf
SEC chairman Jay Clayton says all stocks could be tokenized: https://www.theblockcrypto.com/post/79783/all-stocks-tokenized-sec-chairman-clayton
Sam Bankman-Fried, the CEO of FTX and Alameda Research, and Anatoly Yakovenko, the co-founder and CEO of Solana Labs, discuss the Project Serum ecosystem that they are building on the Solana blockchain, and the unique approach to scaling the Solana blockchain is taking.
In this episode, they talk about:
- their backgrounds, and how they became involved in crypto
- why Solana takes a different approach to scaling and how it is implemented
- why they think a relatively lower number of nodes is sufficient to protect from attacks or collusion
- what the vision for Solana is, who they see using it, and how Serum fits into that vision
- why they think there haven’t been more crypto projects migrating to Solana yet
- Solana’s proof-of-history algorithm and how it works
- how Solana plans to attract DeFi developers
- why Serum was made interoperable with Ethereum
- the types of traders they are hoping to attract with Serum, and what their experience will be like on the platform
- why Project Serum is an ecosystem and not just an order book exchange
- how high-frequency trading firm Jump Trading came to adopt Serum
- how Serum will manage trading tokens from different chains
- the purpose of Serum’s two tokens, SRM and MSRM
- and what’s in store for Project Serum in the future
Thank you to our sponsors!
Crypto.Com: https://www.crypto.com
Gods Unchained: https://playgu.co/unchainedpod
Episode links:
Anatoly Yakovenko: https://twitter.com/aeyakovenko
Solana: Solana.com
Sam Bankman-Fried: https://twitter.com/SBF_Alameda
Project Serum: https://www.projectserum.com
Project Serum on Twitter: https://twitter.com/projectserum
Solana CoinList auction in March: https://www.theblockcrypto.com/linked/59952/blockchain-project-solana-raises-1-76m-from-its-launch-auction-on-coinlist
Solana network stats: https://explorer.solana.com
The Block Research on Solana: https://www.theblockcrypto.com/genesis/76615/solana-blockchain-overview
Proof of history:
https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274
Serum: https://www.theblockcrypto.com/daily/72924/ftx-dex-serum-solana-blockchain
Tether: https://medium.com/solana-labs/tether-to-bring-usdt-to-the-solana-network-77864184b20
Jump Capital: https://www.theblockcrypto.com/post/76826/veteran-market-maker-jump-trading-forays-into-defi-to-provide-liquidity-for-ftxs-solana-based-dex
Andreas M. Antonopoulos, speaker, educator, and the author of Mastering Bitcoin, Mastering Ethereum, and The Internet of Money, Volumes 1, 2, and 3, and Dan Held, growth lead at Kraken Digital Asset Exchange, discuss the core features of Bitcoin's monetary policy, including how it differs from traditional central bank monetary policy, what gives it value and yet how it seems to have derived value from thin air. Plus, we talk about how the coronavirus pandemic will affect Bitcoin. In this episode, we cover:
- how monetary policy in general is defined
- the core feature of Bitcoin’s monetary policy, and how it differs from previous forms of money
- the similarities and differences between Bitcoin and gold
- why the hard cap on Bitcoin is unique and so important
- the difficulties in analyzing and classifying Bitcoin
- whether or not transaction fees alone can sustain the network once all 21 million Bitcoin have been minted
- if Bitcoin will be able to fulfill its original vision of democratizing finance and serving as an everyday medium of exchange
- why they think Bitcoin has recently been more correlated with the stock market
- their thoughts on the stock to flow model and whether it works for Bitcoin
- how they think the coronavirus, unprecedented quantitative easing, and increasing inflation will impact Bitcoin’s adoption and price
- how crypto banks that don’t conduct fractional reserve banking or lending might change the economy
Thank you to our sponsors!
Crypto.com: http://crypto.com
Gods Unchained: https://playgu.co/unchainedpod
Episode links:
Andreas Antonopoulos: https://aantonop.com
On Twitter: https://twitter.com/aantonop
YouTube: https://www.youtube.com/c/aantonop/
Dan Held: https://www.danheld.com
On Twitter: https://twitter.com/danheld
Dan Held on Bitcoin's monetary policy: https://medium.com/the-bitcoin-times/information-theory-of-money-36247aebdfe1
Dan Held on Bitcoin's security model: https://www.danheld.com/blog/2019/6/16/bitcoins-security-is-fine
Unchained interview with Saifedeam Ammous: https://unchainedpodcast.com/why-bitcoin-now-saifedean-ammous-on-why-bitcoin-is-the-most-advanced-form-of-money/
Mises’ Regression Theorem: https://mises.org/library/bitcoin-regression-theorem-and-emergence-new-medium-exchange
Stock to flow model: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12
Why the stock-to-flow model is wrong: https://www.coindesk.com/why-the-stock-to-flow-bitcoin-valuation-model-is-wrong
Federal Reserve announcement about letting inflation run higher than normal to achieve a 2% target rate of inflation: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm
Kraken launching the first crypto bank: https://unchainedpodcast.com/the-first-crypto-bank-what-kraken-financial-will-do-and-how/
Matthew Leising, a reporter at Bloomberg who began covering crypto in 2015, is out with a new book Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All. In this episode, he discusses:
- the catalyst that led to him writing his new book, which covers the early history of Ethereum and the DAO attack of 2016
- why he thought the story of the DAO hack was compelling enough to make a book, and how he went about reporting it
- the surprising things he learned about Ethereum’s early days and Vitalik
- the twists and turns during his quest to discover the identity of the DAO attacker
- why he thinks separate people were responsible for the two biggest DAO attacks
- his meeting in Tokyo with one of the prime suspects of a copycat DAO attack
- why he decided to end his story at the Ethereum hard fork and chose not to write about Ethereum Classic
- what he feels the long-term significance of the DAO and the hard fork has been for Ethereum
- why he thinks the lessons of the DAO are not being heeded today
- what he thinks the next chapter of Ethereum will be and how it will unfold
- the differences he’s found as a journalist covering crypto as opposed to covering more traditional finance
- and how the book is about more than just the DAO
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Gods Unchained: https://playgu.co/unchainedpod
Episode links:
Matthew Leising: https://twitter.com/mattleising
Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All: https://www.wiley.com/en-us/Out+of+the+Ether%3A+The+Amazing+Story+of+Ethereum+and+the+%2455+Million+Heist+that+Almost+Destroyed+It+All-p-9781119602934
Matt's original Bloomberg article on the DAO attack, "The Ether Thief": https://www.bloomberg.com/features/2017-the-ether-thief/
Excerpt in Bloomberg: https://www.bloomberg.com/news/articles/2020-09-16/a-trip-down-the-crypto-rabbit-hole-in-search-of-the-dao-hacker
Excerpt in CoinDesk: https://www.coindesk.com/55m-hack-ethereum-down
Decrypt's interview with Matt about the book: https://decrypt.co/41952/book-sheds-new-light-on-ethereums-55-million-dao-hack
Andre Cronje, the developer of yearn.finance, talks about all things DeFi and the past, present, and future of yEarn. In this episode, he discusses:
- what Yearn Finance is, and what led him to develop it and eventually open it to the public
- his history and background, leading up to the development of Yearn
- the processes and mechanisms involved in yEarn v1 and yEarn v2
- why he decided to do a "fair launch" of the YFI token, despite being in debt as a result of building Yearn
- why he felt that a Decrypt article about him in August was a "horrible hatchet job"
- why he disagrees with what he sees as the current anti-VC narrative
- his thoughts on the phenomenal rise in YFI's price and why the price of a YFI token still doesn't matter
- how and why he decided governance participation would be a requirement for earning tokens in the Balancer/yCurve/YFI pool
- the governance processes in Yearn and his thoughts on whether or not a Compound-style form of governance would be better
- how he might mitigate whales dominating the vote
- what he means by "I test in prod" and how people have misinterpreted his meaning
- why he briefly walked away from DeFi
- whether he agrees that YFI could be a new structure to replace existing traditional business structures
- his response to the allegations by XAR Network
- whether he would consider moving Yearn to another blockchain
- his vision for what Yearn can become
- and how much YFI he currently owns personally
Thank you to our sponsors!
Crypto.com: http://crypto.com
Gods Unchained: https://playgu.co/unchainedpod
Episode links:
Andre Cronje: https://twitter.com/AndreCronjeTech
Yearn Finance: https://yearn.finance
https://docs.yearn.finance
CoinDesk on Yearn: https://www.coindesk.com/what-is-yearn-finance-yfi-defi-ethereum
The Block report on yEarn Finance: https://www.theblockcrypto.com/genesis/75189/defis-yield-aggregator-dao-yearn-finance
Post introducing $YFI: https://medium.com/iearn/earning-yfi-y-curve-fi-53b5fd347f0f
Delegated vaults: https://medium.com/iearn/delegated-vaults-explained-fa81f1c3fce2
V2: https://medium.com/iearn/yearn-finance-v2-af2c6a6a3613
Delphi Digital report on yETH yVault: https://www.delphidigital.io/reports/yeth-now-do-you-understand/
yETH collateralization ratio: https://defiexplore.com/cdp/13972
Tony Sheng newsletter: https://tonysheng.substack.com/p/yfi-ponzinomics
Yearn Governance: https://medium.com/iearn/yearn-governance-forum-7b7c9d0300ac
yInsure Finance: https://medium.com/iearn/yinsure-finance-a-new-insurance-primitive-77d5d4217896
Delegated funding DAO vaults: https://medium.com/iearn/delegated-funding-dao-vaults-7ab05a63d7ba
Siege Rhino question about governance: https://twitter.com/SiegeRhino2/status/1303415750238101504?s=20
Andre’s “Building in DeFi Sucks” post: https://medium.com/@andre_54855/building-in-defi-sucks-b8fdfda0ef58?source=---------17------------------
Andre quits in February: https://decrypt.co/21068/founder-of-promising-defi-project-abandons-the-toxic-cryptosphere
Andre close to quitting in August: https://decrypt.co/37995/exclusive-yfi-andre-cronje-broke-quitting-defi
What Andre wishes he had known before building Ethereum dapps: https://medium.com/iearn/things-i-wish-i-knew-before-building-ethereum-defi-dapps-cd6bf0f07a16
Olaf Carlson-Wee, the founder and CEO of Polychain Capital, goes deep into yield farming, fair launches and how decentralization will upend the traditional notion of the corporation. In this episode, he talks about:
- when it makes sense for a team to introduce a liquidity mining scheme, and when it doesn't
- the difference between yield farming and ICOs when it comes to investing
- his thoughts on YFI, as well as YAM, and the pace at which unaudited DeFi projects are
- moving forward
- the three advantages he sees in automated market makers as opposed to centralized
exchanges - his thoughts on Uniswap and SushiSwap and why he's not sure Uniswap will make a token
- his thoughts on fair launches and whether he thinks they will threaten traditional crypto VCs
- whether the CRV token launch really was instigated by someone unrelated to the team
- his thoughts on the yEarn yETH vault and what it says about where the DeFi space is going
- what he sees as the pros and cons of rebasing
- why he sees projects like YFI as a new kind of corporation
- whether he thinks Ethereum will scale fast enough to meet the demand already being put on it
- why he thinks systems like Polkadot are going to expand what is possible in the same way that Ethereum expanded beyond what was possible with Bitcoin
- whether he thinks the yields from yield farming will pull investors away from staking on Ethereum 2.0
- what he thinks DeFi teams should do to improve security
- Bitcoin on Ethereum and what he believes it could mean for DeFi in the future
- the chatter around a potential public offering from Coinbase, and what's in store for Polychain in the future
Thank you to our sponsor!
Crypto.com: https://crypto.com/
Episode links:
Olaf Carlson-Wee: https://www.linkedin.com/in/olafcw/
Polychain Capital: https://polychain.capital
Previous interviews with Olaf on Unchained and Unconfirmed: https://unchainedpodcast.com/why-the-first-employee-of-coinbase-launched-a-hedge-fund/
https://unchainedpodcast.com/to-the-moon-and-back-with-polychains-olaf-carlson-wee/
https://unchainedpodcast.com/special-episode-with-cnbcs-crypto-trader-olaf-carlson-wee-on-why-this-crypto-winter-is-different-from-previous-ones-ep-028/
https://unchainedpodcast.com/all-things-cryptoeconomics-pt-1-with-olaf-carlson-wee-and-ryan-zurrer-of-polychain-capital/
Why trading on automated market makers has risen so quickly: https://unchainedpodcast.com/why-decentralized-trading-has-10xed-in-a-few-months/
Launch of yEarn/YFI: https://medium.com/iearn/yfi-df84573db81
Dex volume over time: https://defiprime.com/dex-volume
YAM recap: https://www.theblockcrypto.com/post/74810/yam-token-market-cap-collapses-by-more-than-90-flaw
YAM team’s plans going forward: YAM Post-Rescue Attempt Update. At approximately 6PM UTC, on Wed August… | by Yam Finance | Aug, 2020 | Medium
SushiSwap vs. Uniswap: https://unchainedpodcast.com/sushiswap-takes-on-uniswap-which-should-win-and-why/
Ian Lee of IDEO CoLab Ventures on fair launches vs. VC coins: https://synthesis.substack.com/p/fair-launches-will-disrupt-crypto
And on fast-follower forks: https://synthesis.substack.com/p/fast-follower-forks-in-defi
CRV token launch: https://www.theblockcrypto.com/genesis/74921/the-story-of-the-botched-crv-launch
yEarn's yETH vault: https://www.coindesk.com/yearn-finance-yeth-vault-defi-triforce
Ethereum's transition to 2.0: https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/
Security in DeFi: https://unchainedpodcast.com/defi-security-with-so-many-hacks-will-it-ever-be-safe/
Whether Coinbase will do a token offering when it goes public: https://unchainedpodcast.com/will-coinbase-do-a-token-offering-when-it-goes-public/
Haseeb Qureshi, managing partner at Dragonfly Capital, and Dan Robinson, research partner at Paradigm, discuss the explosion in decentralized exchange activity on automated market makers from $1 billion earlier this year to more than $10 billion in August.
- Why trading in automated market makers has 8xed in a few months
- how automated market makers work, and how specific dexes can specialize for the assets being traded on them
- why traders would prefer to trade on a dex vs. a centralized exchange
- how incentivized pools have drawn traders and liquidity
- why trading on a dex seems can be more appealing than on a centralized exchange
- why trading on dexes now mirrors trading on Binance in 2017
- how "DeFi is the hottest coolest place where people are making a lot of money"
- the difference between the metrics of liquidity, trading volume and total value locked for a dex
- why AMMs are capital inefficient
- what it means that fees paid on Uniswap are about half of those paid on Bitcoin
- what the purpose of liquidity mining is
- why Haseeb doesn't think that dexes have network effects and that once professional market makers come in the space, Uniswap will lose market share
- whether users will use DeFi directly through the dexes or through another interface
- why Dan thinks that DeFi is now comparable to financial investment in the 1970s
- whether or not yield aggregators like yEarn make it harder for AMMs to compete
- what happened with the CRV token launch
- initial dex offerings or initial DeFi offerings, like the UMA token launch
- whether, because of the high fees on Ethereum and the how long its transition to Ethereum 2.0 will take, DeFi activity could move to another blockchain such as Solana
- where DeFi will go over the next few years
Thank you to our sponsor!
Crypto.com: http://crypto.com
Episode links:
Haseeb Qureshi: https://twitter.com/hosseeb
Dan Robinson: https://twitter.com/danrobinson
Haseeb’s post on the rise of AMMs: https://medium.com/dragonfly-research/what-explains-the-rise-of-amms-7d008af1c399
Haseeb's post on how Uniswap could be un-bundled: https://medium.com/dragonfly-research/unbundling-uniswap-the-future-of-on-chain-market-making-1c7d6948d570
Dex volume: https://defiprime.com/dex-volume
Trading volume on centralized exchanges: https://www.theblockcrypto.com/genesis/74539/july-by-the-numbers-a-look-at-crypto-exchange-volumes-open-interest-and-miner-revenue
Incentivized pools: https://pools.fyi/#/?tag=incentivized
Top dexes by trading volume: https://www.coingecko.com/en/dex
Ethereum transaction fees: https://bitinfocharts.com/comparison/ethereum-transactionfees.html
Uniswap website visits 15x in July: https://messari.io/article/uniswap-total-website-visits-grew-15x-in-july
Website traffic to DeFi platforms explodes in July: https://www.theblockcrypto.com/post/74231/defi-platforms-web-traffic-july
Fees paid to various crypto projects: https://cryptofees.info
Curve reaches $1 billion in TVL: https://www.theblockcrypto.com/linked/75014/curve-becomes-third-defi-protocol-to-hit-1-billion-in-total-value-locked
The Block on dex aggregators: https://www.theblockcrypto.com/genesis/69468/dex-aggregators-user-experience
Delphi Digital on aggregators and why dexes will be like airlines: https://www.delphidigital.io/reports/dex-wars-and-aggregation-theory/
https://www.delphidigital.io/reports/are-amms-the-airlines-of-crypto/
https://twitter.com/ZeMariaMacedo/status/1298589417855168518?s=20
Mooniswap: https://www.theblockcrypto.com/linked/74454/1inch-launches-automated-market-maker-mooniswap
Yield aggregators: https://www.theblockcrypto.com/genesis/75189/defis-yield-aggregator-dao-yearn-finance
How DeFi is affecting OTC desks: https://www.theblockcrypto.com/daily/75870/defi-otc-desks-lunch
Serum on Solana: https://www.theblockcrypto.com/daily/72924/ftx-dex-serum-solana-blockchain
CRV launch: https://www.theblockcrypto.com/genesis/74921/the-story-of-the-botched-crv-launch
UMA token launch: https://www.theblockcrypto.com/genesis/63611/uma-token-sale-retrospective
Serum on Solana: https://medium.com/solana-labs/ftx-chooses-solana-for-serum-a-high-speed-non-custodial-decentralized-derivatives-exchange-c346a27c1f2b
https://www.coindesk.com/uniswap-ftx-perpetual-futures
Saifedean Ammous is an economist and the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, which has been translated into 20 languages. In this episode, he discusses:
- the basic tenets of Austrian economics and why it is the only school where Bitcoin is possible
- historical examples of currencies and how they lost their monetary value
- the stock-to-flow model and how Bitcoin fits into that model
- the three functions, or descriptive properties, of money and why Bitcoin fulfills these functions
- the concept of sound money
- the idea of time preference in economics and why he believes it is so important
- the distinction between debt and money, and why they are not the same
- the significance of difficulty adjustment and why he believes it is the crowning achievement of Bitcoin
- why he views Bitcoin as the best store of value humanity has ever invented
- the metrics he watches when assessing Bitcoin
- what he thinks is in store for Bitcoin in the future, and whether he still thinks central banks will buy Bitcoin as a reserve currency
- his thoughts on Ethereum and other digital currencies
- and his predictions for Bitcoin in the next year
Thank you to our sponsor!
Crypto.com: https://crypto.com/
Episode links:
Saifedean Ammous: https://twitter.com/saifedean
Saifedean’s website: https://saifedean.com
The Bitcoin Standard: https://saifedean.com/book/
Invest Like the Best episode with Saifedean: http://investorfieldguide.com/ammous/
What Bitcoin Did episode with Saifedean: https://www.whatbitcoindid.com/podcast/saifedean-ammous-on-understanding-bitcoin-economics
Plan B’s stock-to-flow model applied to Bitcoin: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12
Essay on why the stock-to-flow model is wrong: https://www.coindesk.com/why-the-stock-to-flow-bitcoin-valuation-model-is-wrong
David Chaum, the inventor of eCash and CEO of xx network, and Adam Back, the inventor of Hashcash and the cofounder and CEO of Blockstream, discuss their involvement in digital currency well before Bitcoin existed. In this episode, they discuss:
- how they each became enamored with the idea of digital currency years before such an idea was widely discussed
- the crypto wars of the 1990s and the U.S. government’s attempts to control access to advanced cryptography
- Digicash, the creation of eCash, and the difficulties of implementing the system with the technology available at the time
- the innovation of blind signatures used in eCash
- what caused the demise of Digicash, and David's role in that
- the development of Hashcash and the problems Adam was trying to solve by creating it
- their initial reactions to learning about Bitcoin for the first time
- how they think Bitcoin might improve in the future
- the stock-to-flow Model, and where they believe the Bitcoin price might go next
- why the Hashcash proof-of-work mechanism became so widely used
Thank you to our sponsor!
Crypto.com: https://crypto.com/
Episode links:
Adam Back: https://twitter.com/adam3us
Blockstream: https://blockstream.com
Adam's website: http://www.cypherspace.org
David Chaum: https://twitter.com/chaumdotcom
Elixxir: https://elixxir.io
XX Network: https://xx.network
Previous Unchained episode on the history of digital currency: https://unchainedpodcast.com/why-bitcoin-now-the-history-of-digital-currency/
Wired article on “e-money”: https://www.wired.com/1994/12/emoney/
Translated Dutch article on why DigiCash failed: https://cryptome.org/jya/digicrash.htm
Aaron Van Wirdum's Bitcoin Magazine series on the history of digital currency: https://www.whatbitcoindid.com/podcast/the-beginners-guide-to-bitcoin-part-3-bitcoins-pre-history-and-the-cypherpunks-with-aaron-van-wirdum
David Chaum's e-Cash: https://bitcoinmagazine.com/articles/genesis-files-how-david-chaums-ecash-spawned-cypherpunk-dream
Hashcash: https://bitcoinmagazine.com/articles/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block
Aaron van Wirdum is the technical editor at Bitcoin Magazine. Finn Brunton is the author of “Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency.” In this episode, they tackle the history of digital currency. Topics include:
- the motivations behind the earliest attempts to create digital currencies, and who was behind those attempts
- the Extropian philosophy and how digital currency was born out of it
- how the cypherpunks came together and eventually began implementing tools that would lead to the creation of digital currencies
- the problems faced during the development of digital money, from double-spending to privacy, centralization, and spam
- the development of a public key protocol and why it was so significant
- the characteristics of earlier forms of digital currency like e-cash, hashcash, b-money, and bit gold, as well as their differences
- the original purpose of proof-of-work and how it was developed
- Hal Finney’s essential contributions to the creation of earlier digital currencies, and later, Bitcoin
- previous implementations of blockchain and how Bitcoin came to reinvent and utilize it
- which previous digital currencies come closest to Bitcoin
- and who they think Satoshi Nakamoto is …
Thank you to our sponsors!
Crypto.com: https://crypto.com
Episode links:
Aaron Van Wirdum: https://twitter.com/AaronvanW
Finn Brunton: http://finnb.net
Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency: https://press.princeton.edu/books/hardcover/9780691179490/digital-cash
Aaron's Bitcoin magazine series on the early days of digital currency: https://bitcoinmagazine.com/articles/genesis-files-how-david-chaums-ecash-spawned-cypherpunk-dream
https://bitcoinmagazine.com/articles/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block
https://bitcoinmagazine.com/articles/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it
https://bitcoinmagazine.com/articles/genesis-files-bit-gold-szabo-was-inches-away-inventing-bitcoin
Aaron on What Bitcoin Did discussing the stories: https://www.whatbitcoindid.com/podcast/the-beginners-guide-to-bitcoin-part-3-bitcoins-pre-history-and-the-cypherpunks-with-aaron-van-wirdum
Breaker Mag Interview with Finn Brunton about his book: https://breakermag.com/new-book-reveals-cryptos-radical-origins/
Dave Jevans, CEO of CipherTrace, and Siân Jones, Senior Partner at XReg Consulting, give the lowdown on the Financial Action Task Force’s travel rule and how it applies to businesses in the crypto space. They discuss:
- their background and journey into crypto
- what the travel rule is
- the consequences for countries that are not compliant
- whether the regulation will apply to staking providers in the future
- the type of companies and transactions that will be covered under the travel rule
- the type of information that has to be provided
- how banks comply with the travel rule and whether crypto companies can use the same system
- the different open standards available for sharing information
- how the information will get shared between entities who use different travel rule solution providers
- the “sunrise problem” in which different companies implement their compliance systems at different times
- the security of user data being shared between different entities
- how it applies to central bank digital currencies and centralized stablecoins
- how the rule would affect privacy coins
- the inherent contradiction between the cypherpunk philosophy and regulatory compliance
- unintended consequences of the travel rule
- how the travel rule may play out in the coming years
A glossary of terms discussed in the episode:
FATF: Financial Action Task Force, an intergovernmental organization that develops policies to combat money laundering and terrorist financing
VASP: virtual asset service providers, who are custodial entities that run fiat-to-crypto or crypto-to-crypto exchanges, or run businesses related to transfer and safekeeping of virtual assets and financial services.
FinCEN: Financial Crimes Enforcement Network, the United States federal bureau that analyzes information about financial transactions in order to fight money laundering, terrorist financing, and other financial crimes
FCA: Financial Conduct Authority, the financial regulatory body of the UK
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Tezos: https://tquorum.com/
Episode links:
Dave Jevans: https://twitter.com/davejevans
CipherTrace: https://ciphertrace.com/
Sian Jones: https://twitter.com/COINSULT
XReg Consulting: https://www.xreg.consulting/
Financial Action Task Force (FATF): https://www.fatf-gafi.org/
The Osaka conference where crypto got serious about FATF’s travel rule: https://www.coindesk.com/inside-the-osaka-conference-where-crypto-got-serious-about-fatfs-travel-rule
Will Osaka be crypto’s Bretton Woods moment? https://forkast.news/will-osaka-be-cryptos-bretton-woods-moment/
InterVASP Messaging Standard: https://intervasp.org
OpenVASP: https://openvasp.org
OpenVASP white paper: https://openvasp.org/wp-content/uploads/2019/11/OpenVasp_Whitepaper.pdf?cache=1
FATF report on “so-called stablecoins”: http://www.fatf-gafi.org/media/fatf/documents/recommendations/Virtual-Assets-FATF-Report-G20-So-Called-Stablecoins.pdf
OKEx’s Korea arm delisted privacy coins: https://www.theblockcrypto.com/post/39724/okex-korea-delisting-all-privacy-coins-including-monero-zcash-and-dash-as-these-violate-fatfs-travel-rule
Some of the potential FATF compliance solutions:
Travel Rule Information Sharing Alliance (TRISA): https://trisa.io/
Coinbase’s messaging board solution: https://www.theblockcrypto.com/daily/72293/coinbase-exchanges-fatf-travel-rule-solution
CoolBitX: https://www.theblockcrypto.com/post/56853/coolbitx-raises-16-75m-series-b-to-help-crypto-exchanges-comply-with-fatfs-travel-rule
Notabene: https://www.coindesk.com/crypto-identity-startup-notabene-launches-trust-framework-for-fatf-travel-rule
ING: https://www.coindesk.com/in-banking-first-ing-develops-fatf-friendly-protocol-for-tracking-crypto-transfers
https://blog.chainalysis.com/reports/fatf-12-month-virtual-asset-review-2020
Recent travel rule meeting: https://www.coindesk.com/fatf-meets-wednesday-to-discuss-travel-rule-for-digital-assets
Bitcoin Improvement Proposal (BIP) 75: https://github.com/bitcoin/bips/blob/master/bip-0075.mediawiki
Vitalik Buterin, co-founder of Ethereum, shares his thoughts on the five-year anniversary of Ethereum, challenges with ETH 2.0 and criticisms about DeFi. We discuss:
- his thoughts and feelings ahead of Ethereum’s five-year anniversary
- how to address the high gas fees on the Ethereum network
- whether the complexity of Ethereum 2.0 creates a risk for the security of the network
- whether staking will lead to a higher focus on ETH price and issues such as monetary policy
- how he looks at the ETH price with its significance for security in Ethereum 2.0
- how proof of stake systems can be more democratic
- whether staking lends itself to the kind of securitization that looks similar to mortgage-backed securities
- his concerns about DeFi
- the most optimal way for DeFi projects to distribute their tokens
- his thoughts about Bitcoin on Ethereum
- inherent risks to Ethereum users connected to China’s Blockchain Service Network (BSN)
- his views on DCEP, other CBDCs and Libra
- the indictment of Ethereum Foundation staff member Virgil Griffith for allegedly helping North Korea to circumvent sanctions
- how he plans to make the Ethereum Foundation more transparent
- whether lack of diversity would impact the success of Ethereum in the long term
- where he would like to see Ethereum in the next five years
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Tezos: https://tquorum.com/
Episode links:
Vitalik Buterin: https://twitter.com/VitalikButerin
Ethereum: https://ethereum.org/en/
Vitalik’s blog: https://vitalik.ca
Median gas price: https://blockchair.com/ethereum/charts/median-gas-price
Average gas price: https://blockchair.com/ethereum/charts/average-gas-price
Solutions to gas price problem: https://www.coindesk.com/ethereum-developers-consider-new-fee-model-as-gas-costs-climb
Reddit AMA with the Ethereum 2.0 Research team, including Vitalik: https://old.reddit.com/r/ethereum/comments/ho2zpt/ama_we_are_the_efs_eth_20_research_team_pt_4_10/
Paper on how DeFi lending could undermine security in a POS system: https://arxiv.org/abs/2001.00919
Vitalik tweet on yield farming: https://twitter.com/VitalikButerin/status/1278337657194655744
Abra settlement with SEC and CFTC: https://www.coindesk.com/sec-cftc-hit-crypto-app-abra-with-300k-in-penalties-over-illegal-swaps
Maya Zehavi’s comments on what this could mean for DeFi: https://twitter.com/mayazi/status/1282696180741414918
China’s BSN using public chains, including Ethereum: https://www.coindesk.com/chinas-blockchain-infrastructure-to-extend-global-reach-with-six-public-chains
Unchained interview about DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/
Charges against Virgil Griffith: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrest-united-states-citizen-assisting-north-korea
More on Virgil Griffith case: https://www.coindesk.com/usa-v-virgil-griffith-what-we-know-and-dont-in-the-bombshell-crypto-sanctions-case
Unchained interview with human rights activist Yeonmi Park on what life is like in North Korea: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/
Unchained interview on why North Korea is interested in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/
Case against Steven Nerayoff: https://www.justice.gov/usao-edny/pr/two-arrested-extortion-startup-cryptocurrency-company
Camila Russo, founder of The Defiant and author of a new book on Ethereum, "The Infinite Machine," speaks about how currency controls in Argentina got her interested in crypto and explains why she chose to tell the Ethereum story. She discusses:
- how she started covering the crypto space
- what it was like living through currency controls in Argentina
- why she started focusing on Ethereum instead of Bitcoin
- what’s in her new book, The Infinite Machine
- the most pivotal moments in Ethereum’s history
- possible risks to Ethereum 2.0 because of delays
- whether competing protocols could take market share away from Ethereum
- the most surprising aspect of the Ethereum story
- starting her own DeFi-focused media platform, The Defiant
- why she launched ‘CAMI’ tokens and how they are used
- the significance of ERC-20 tokens having a higher market cap than ETH
- her predictions about trends and promising projects in the DeFi space
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Tezos: https://tquorum.com/
Episode links:
Camila Russo: https://twitter.com/CamiRusso
The Infinite Machine: https://www.harpercollins.com/products/the-infinite-machine-camila-russo
The Defiant: https://thedefiant.substack.com/
Excerpt from The Infinite Machine on CoinDesk: https://www.coindesk.com/sale-of-the-century-the-inside-story-of-ethereums-2014-premine
Decrypt review: https://decrypt.co/35466/the-incredible-story-of-ethereum-the-infinite-machine
Camila on what Ethereum has accomplished in five years: https://www.coindesk.com/five-years-on-ethereum-really-is-the-minecraft-of-crypto-finance
Hidden Forces podcast with Camila: https://podcasts.apple.com/us/podcast/rise-ethereum-future-defi-transformation-crypto-media/id1205359334?i=1000484635053
Camila in the Keen On podcast: https://lithub.com/camila-russo-on-ethereum-and-the-future-of-the-internet/
Ethereum 2.0 phase 0 may not go live until 2021: https://www.theblockcrypto.com/linked/71155/eth-2-phase-0-ama-2021
Niall Ferguson, Milbank Family Senior Fellow at the Hoover Institution at Stanford University, and the author of numerous books including The Ascent of Money: A Financial History of the World and most recently, the Square and the Tower: Networks and Power from the Freemasons to Facebook, and Michael Casey, chief content officer at CoinDesk and coauthor of two books on crypto, The Age of Cryptocurrency and The Truth Machine, discuss the history of money and the macro environment for Bitcoin. We cover:
- how they became involved in crypto
- historically, what has made things money, or how people have decided that something is money
- the difficulty of managing fiat currency
- modern monetary theory and the role of the state in the financial system
- Satoshi’s message in BTC’s genesis block and what that indicates about Satoshi's intentions with Bitcoin
- whether a more transparent, blockchain-based financial system could eventually lead to a new financial order
- how Bitcoin behaves like an option on digital gold, and when it will behave like digital gold
- whether Bitcoin is simply a reversion to previous forms of money that weren’t controlled by the state
- how crypto/blockchain and fintech innovation from startups and the Chinese government will affect the USD
- how a hypothetical war between the US and China would affect the dollar's dominance
- how China's DCEP could disintermediate banks
- how Bitcoin fits into all of the different macro conditions facing the global economy
- whether Libra is going to be the initial gateway getting people into our digital currency world
- how well the recovery from coronavirus will go, and how it will affect the development of the crypto space in the near-term
Thank you to our sponsors!
Crypto.com: https://crypto.com
Tezos: https://tquorum.com/
Episode links:
Niall Ferguson: http://www.niallferguson.com
The Ascent of Money: https://www.penguinrandomhouse.com/books/302900/the-ascent-of-money-by-niall-ferguson/
Michael Casey: https://www.michaeljcasey.com
Money Reimagined: https://www.coindesk.com/tag/money-reimagined
The Age of Cryptocurrency: https://us.macmillan.com/books/9781250081551
The first episode in the Why Bitcoin Now series: Mike Novogratz and Raoul Pal on 'the Single Greatest Brand' ofo the Last 10 Years: https://unchainedpodcast.com/why-bitcoin-now-mike-novogratz-and-raoul-pal-on-the-single-greatest-brand-of-the-last-10-years/
How Niall got into Bitcoin:
http://www.niallferguson.com/journalism/finance-economics/bitcoin-may-go-pop-but-its-revolution-will-go-on
Niall and Michael at Consensus: https://www.coindesk.com/disruption-money-and-a-world-of-change-feat-niall-ferguson
Unchained interview with Chamath Palihapitiya, who believes Bitcoin is a hedge on everything blowing up: https://unchainedpodcast.com/chamath-palihapitiya-why-bitcoin-will-be-the-category-winner/
Carlota Perez at CoinDesk's Consensus: https://www.coindesk.com/video/carlota-perez-on-blockchains-and-technological-revolutions
Unchained interview about the DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/
Unchained interview with Christopher Giancarlo about a digital dollar: https://unchainedpodcast.com/christopher-giancarlo-why-the-us-needs-to-have-a-digital-dollar/
Unconfirmed episode with Michael about Libra: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/
Unchained episode with a co-creator of Libra: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/
Dan Elitzer, investor at IDEO CoLab Ventures, and Will Price, data scientist at Flipside Crypto, discuss the yield farming craze. In this episode, we cover:
- the goals of protocols offering liquidity mining
- the goals of users yield farming right now
- whether users of Compound will have much awareness of COMP in the future
- how Compound is trying to dampen inorganic activity and properly align incentives
- how incentives in one DeFi protocol can screw up another's such as changes in Compound's liquidity mining program causing Dai to lose its peg
- whether the activity created by liquidity mining is sustainable and how
- whether Compound is overvalued and how to determine valuations for DeFi tokens
- the security risks that come with trying yield farming
- how teams can keep their protocols safe given the composability of DeFi and the growing number of developments in the space
- whether the yield farming craze will cause the price of ETH to rise and why the prevalence of stablecoins might prevent that
- whether new DeFi tokens could push flagging layer 1s out of the top 10
- what will happen if even more Bitcoin comes to DeFi
- how the next big thing in DeFi might be trying to stack yield across protocols and eventually prime brokerage protocols
Thank you to our sponsor!
Crypto.com: https://www.crypto.com
Episode links:
Dan Elitzer: https://twitter.com/delitzer
IDEO CoLab Ventures: https://www.ideocolab.com/ventures/
Will Price: https://twitter.com/will__price
Flipside Crypto: https://flipsidecrypto.com
Total value locked in Compound: https://defipulse.com/compound
What liquidity bootstrapping pools are: https://medium.com/balancer-protocol/building-liquidity-into-token-distribution-a49d4286e0d4
Dan on earning more from borrowing USDT than lending it on Compound: https://twitter.com/delitzer/status/1272642107128164354
Tony Sheng on how yield farming works and how much you can earn from it: https://twitter.com/tonysheng/status/1274393189231689728
And his followup on the risks of yield farming: https://twitter.com/tonysheng/status/1274780457729617920
The purpose of COMP for governance: https://medium.com/compound-finance/compound-community-ownership-ee0ed1252cc3
https://medium.com/compound-finance/expanding-compound-governance-ce13fcd4fe36
Risks of so much BAT being held in Compound: https://twitter.com/spencernoon/status/1276897377446776832?s=20
https://twitter.com/defiprime/status/1277026665952980992?s=20
https://twitter.com/devops199fan/status/1274732220192829441?s=20
Cyrus of MakerDAO concerned about the risks COMP poses to the Dai peg: https://forum.makerdao.com/t/upcoming-comp-farming-change-could-impact-the-dai-peg/2965
Dan Guido and Taylor Monahan on Unchained discussing DeFi security: https://unchainedpodcast.com/defi-security-with-so-many-hacks-will-it-ever-be-safe/
Twitter discussion on whether ETH price will rise due to yield farming: https://twitter.com/RyanSAdams/status/1274781676875452421
What will happen to other Layer 1s? https://twitter.com/Shaughnessy119/status/1274376237239189504?s=20
Aquaponic yield farming: https://bankless.substack.com/p/aquaponic-yield-farming
This episode is the first in a series, Why Bitcoin Now, that takes a deeper dive into Bitcoin and the history of money in the macroeconomic environment of the coronavirus. Mike Novogratz, founder, CEO and chairman of Galaxy Digital, and Raoul Pal, founder and CEO of Global Macro Investor and Real Vision Group, tell us where they think Bitcoin is going amidst this macro uncertainty and the global crisis due to the coronavirus. We discuss:
- why Bitcoin’s price hasn't risen in price due to the global turmoil, and instead fell with the rest of the market on Black Thursday
- why quantitative easing is the catalyst for institutional investors to turn to Bitcoin, but why that takes time, and why registered investment advisors may be on the cusp
- why they think retail investors will continue to buy Bitcoin despite record unemployment
- why Bitcoin will benefit from social unrest
- why any particular country's success in dealing with the coronavirus won’t really lessen the economic impact there
- whether China's first-mover advantage with the DCEP and its comprehensive enterprise blockchain initiatives will undermine the global dominance of the US dollar
- why they believe there will ultimately be a dollar-based stablecoin
- why they believe Libra will be a strong player in the future of stablecoins
- how election outcomes, and in particular a potential movement to break up Big Tech, could affect Bitcoin and the vision for Web3
- whether Ethereum, and staking, will see more adoption from institutional investors
- why they believe yield farming is ultimately not sustainable, but still profitable
- the impact the Bitcoin halving will have in this macroeconomic environment
Unchained is hiring!
Check out our job listing for a remote editorial assistant here!
Thank you to our sponsors!
Crypto.com: https://crypto.com
Kelman Law: https://crypto.law
Stellar: https://www.stellar.org
Episode links:
Mike Novogratz: https://twitter.com/novogratz
Galaxy Digital: https://www.galaxydigital.io
Raoul Pal: https://twitter.com/RaoulGMI
Real Vision: https://www.realvision.com
Unchained interview with Kyle Samani on what happened in the crypto markets on Black Thursday: https://unchainedpodcast.com/teetering-on-the-edge-how-black-thursday-exposed-the-flaws-in-the-crypto-markets/
Unconfirmed interview with Antoine Le Calvez on what happened on BitMEX during Black thursday: https://unchainedpodcast.com/what-happened-on-bitmex-during-black-thursday/
Unchained interview with Chamath Palihapitiya on Bitcoin: https://unchainedpodcast.com/chamath-palihapitiya-why-bitcoin-will-be-the-category-winner/
Brian Armstrong tweet about deposits to Coinbase the same size as the $1,200 stimulus check: https://twitter.com/brian_armstrong/status/1250907110730170370?s=20
China's DCEP and blockchain initiative: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/
Unchained interview on Libra: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/
Unconfirmed interview with the Libra Association's Dante Disparte: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Unconfirmed interview with Michael Casey on why it would it would be good if Libra rivaled the USD: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/
Christopher Giancarlo's digital dollar project: https://unchainedpodcast.com/christopher-giancarlo-why-the-us-needs-to-have-a-digital-dollar/
Ethereum 2.0 staking: https://www.coindesk.com/3-ways-staking-will-upend-the-economics-of-ethereum
Unconfirmed with Kain Warwick on COMP's launch: https://unchainedpodcast.com/why-comp-5xed-on-day-1-and-what-this-means-for-a-defi-bull-market/
Unconfirmed interview with Tony Sheng on yield farming: https://unchainedpodcast.com/how-you-can-double-your-money-or-lose-everything/
Chamath Palihapitiya, the CEO of Social Capital and chairman of Virgin Galactic, talks about a wide range of issues, including Bitcoin, COVID, civil unrest, and broad economic trends and forecasts. We discuss:
- Whether his economic forecasts have shifted throughout COVID
- Why he believes a debt crisis will occur
- How he views the success of BTC as a hedge against the ruling class
- How the economic pendulum will swing back toward consumers
- Why he doesn't mind if big corporations and hedge funds get wiped out
- Whether he subscribes to the thesis that Bitcoin is uncorrelated
- Why the pandemic has not spurred institutional adoption of crypto
- Why he sees no merit in Ethereum
- How the economy will become more decentralized in the future and whether blockchain will be a part of it
- Why he prefers SPACs over ICOs
- Why he started capital as a service
- Why he believes the government should bust up large corporations
Unchained is hiring!
I'm looking for a remote editorial assistant. If you love crypto and have journalism experience, get in touch! https://unchainedpodcast.com/seeking-remote-editorial-assistant/
Thank you to our sponsors!
Crypto.com: https://crypto.com
Stellar: https://www.stellar.org
Kelman Law: https://www.kelman.law
Episode links:
Chamath Palihapitiya: https://twitter.com/chamath
Social Capital: https://www.socialcapital.com/
Turmoil at Social Capital: https://www.theinformation.com/articles/social-capital-founder-gives-his-account-of-turmoil-at-firm
https://observer.com/2018/09/chamath-palihapitiya-social-capital-turmoil/
https://medium.com/@chamath/the-reports-of-our-death-have-been-greatly-exaggerated-11bcc80ee4ab
2019 interview with Kara Swisher: https://www.vox.com/podcasts/2019/3/4/18247010/chamath-palihapitiya-social-capital-happiness-identity-crisis-kara-swisher-teddy-schleifer-podcast
Chamath on Recode Decode in 2020: https://podcastnotes.org/recode-decode/chamath-palihapitiya-kara-swisher-investing/
Fed buying up to $250 billion in individual corporate bonds: https://markets.businessinsider.com/news/stocks/federal-reserve-begins-individual-corporate-bond-purchases-secondary-market-relief-2020-6-1029309910
CNBC interview where he says Bitcoin is an uncorrelated hedge: https://www.youtube.com/watch?v=-2gDmcU8bDw
https://www.cnbc.com/video/2017/12/12/social-capitals-palihapitiya-bitcoin-is-going-to-1-million-in-the-next-20-years.html
SPAC: https://www.wsj.com/articles/the-modern-ipo-is-useless-lets-reinvent-it-1506361770?mod=searchresults&page=2&pos=13
China’s blockchain efforts: https://www.coindesk.com/from-banking-giants-to-tech-darlings-china-reveals-over-500-enterprise-blockchain-projects
Capital as a service:
https://caas.socialcapital.com
https://medium.com/social-capital/from-experiment-to-product-capital-as-a-service-one-year-later-6d8b4b9c038b
2019 investor letter: https://www.socialcapital.com/annual-letters/2019
At Stanford GSB: https://www.youtube.com/watch?v=PMotykw0SIk
At an event at the NYU Stern School of Business, Christopher Giancarlo, former CFTC Chairman and co-founder of the Digital Dollar Foundation, discusses his proposal for a US central bank digital currency (CBDC), and how that fits into the broader geopolitical environment. We cover:
- Why he has focused on pushing for a US digital dollar after leaving the CFTC
- How a US CBDC would be different from other stablecoins
- How the proposal is designed to build off of the traditional banking infrastructure
- What pilot programs would look like
- How a digital dollar would foster economic inclusion even though using the digital dollar requires owning a smartphone
- How it would handle privacy
- How the network would be secured
- Whether the US is falling behind China in terms of central bank digital currencies and blockchain exploration
- Whether Libra will be a proxy for the digital dollar
- How COVID-19 has affected the discourse around a digital dollar
- Whether the election will affect the future of the digital dollar
Unchained is hiring!
Check out our job listing for a remote editorial assistant here! https://unchainedpodcast.com/seeking-remote-editorial-assistant/
Thank you to our sponsors!
Crypto.com: https://crypto.com
Kelman Law: https://crypto.law
Stellar: https://www.stellar.org
Episode links:
Chris Giancarlo: https://twitter.com/giancarlo
Digital Dollar Project : https://www.digitaldollarproject.org
Previous Unchained interview with Chris: https://unchainedpodcast.com/christopher-giancarlo-on-the-craziness-of-becoming-crypto-dad/
Chris and Daniel Gorfine’s WSJ op-ed advocating for a digital dollar: https://www.wsj.com/articles/we-sent-a-man-to-the-moon-we-can-send-the-dollar-to-cyberspace-11571179923
Digital dollars in stimulus bills — March: https://www.coindesk.com/house-stimulus-bills-envision-digital-dollar-to-ease-coronavirus-recession
April: https://www.coindesk.com/digital-dollar-reintroduced-by-us-lawmakers-in-latest-stimulus-bill
Pew Research on smartphone adoption: https://www.pewresearch.org/internet/fact-sheet/mobile/
FDIC survey on the unbanked and underbanked: https://www.fdic.gov/householdsurvey/2017/2017execsumm.pdf
Banks keeping some of customers’ stimulus money: https://www.nytimes.com/2020/04/16/business/stimulus-paychecks-garnish-banks.html
Why a digital dollar is politically more feasible at this moment than before: https://www.coindesk.com/the-overton-window-opens-for-a-digital-dollar
Ohio Senator Sherrod Brown also proposes digital dollar: https://www.coindesk.com/us-senate-floats-digital-dollar-bill-after-house-scrubs-term-from-coronavirus-relief-plan
Philadelphia Fed paper: https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2020/wp20-19.pdf
Receptivity in Congress to the idea of a digital dollar: https://www.coindesk.com/how-a-flurry-of-digital-dollar-proposals-made-it-to-congress
Libra white paper: https://libra.org/en-US/white-paper/#cover-letter
Congressional hearing on using FedAccounts and for stimulus: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406612
U.S. House Representative, Warren Davidson, contextualizes the state of crypto legislation in terms of widespread civil unrest, COVID-19, and global shifts in power. He explains where crypto plays a role in these paradigm shifts and talks about:
- Why he believes in crypto, and how he came into the space
- How his Token Taxonomy Act creates regulatory clarity for token issuers
- What four conditions tokens would have to meet to not be considered securities
- Other features of the Token Taxonomy Act, including a de minimus exemption for taxes and no taxation of crypto-to-crypto trades
- How the pandemic and coronavirus-related fiscal stimulus affects the prospects for the Token Taxonomy Act
- What he thinks about China's blockchain push and its DCEP digital yuan
- Whether and how that creates a credible threat to US dominance in global markets
- Whether Libra could be a counterweight
- How a shift toward digital currencies could undermine the global reserve status of the USD and whether that affects the US's ability to enforce sanctions
- How outcomes of the upcoming election will affect the potential passage of crypto-friendly regulation
- Why it is easier for crypto legislation to be more bi-partisan than other bills
- What help he needs from the industry right now to push along crypto-friendly bills
Thank you to our sponsors!
Crypto.com: https://crypto.com
Kelman Law: https://crypto.law
Stellar: https://www.stellar.org
Episode links:
Rep. Warren Davidson: https://twitter.com/WarrenDavidson
His House page: https://davidson.house.gov
Press release on the Token Taxonomy Act: https://davidson.house.gov/media-center/press-releases/token-taxonomy-act-address-blockchain-innovation-flight-america
Token Taxonomy Act on GovTrack: https://www.govtrack.us/congress/bills/116/hr2144
Text of the Token Taxonomy Act: https://www.govtrack.us/congress/bills/116/hr2144/text
Letter requesting IRS clarify some crypto tax policies: https://www.coindesk.com/us-lawmakers-ask-irs-to-clarify-crypto-tax-rules-around-airdrops-forks-in-new-letter
Congressman Patrick McHenry on Unchained discussing his “permanent beta testing” idea for crypto: https://unchainedpodcast.com/congressman-patrick-mchenry-bitcoin-will-be-of-enormous-value/
Unchained interview on the DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/
Unchained interview with Libra co-creator Christian Catalini: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/
Unchained with Christopher Giancarlo on his proposal for a digital dollar: https://unchainedpodcast.com/christopher-giancarlo-on-the-craziness-of-becoming-crypto-dad/
Secretary Steve Mnuchin on Libra and a digital dollar: https://www.bloomberg.com/news/articles/2019-12-05/mnuchin-powell-see-no-need-for-fed-to-issue-digital-currency
Video in which Rep. Davidson says “shitcoin”: https://www.coindesk.com/lawmakers-amp-up-pressure-on-facebook-to-halt-libra-cryptocurrency-development
Meltem Demirors and Jill Carlson on the Shitcoin Waterfall on Unchained: https://unchainedpodcast.com/meltem-demirors-and-jill-carlson-on-the-shitcoin-waterfall-ep-74/taxes
Jesse Walden of Variant Fund, and Robert Leshner of Compound explain all of the problems associated with the decentralizing process in terms of governance and compliance, pulling from their own lessons and their commentary on other projects. We cover:
- Why projects must start with some level centralization
- How projects can both monetize and not put their code at risk of being forked
- How they can decentralize while also maintaining security, especially for composable DeFi projects that may become vulnerable as new technology and new protocols are introduced
- How and when to distribute the token so as not to attract only speculators and also not trip regulatory wires
- How Compound’s current governance works, how it is decentralizing, why they decided to use a governance token, and what Compound (the company) will do after full decentralization
- Why open-sourced projects are still able to extract profits, even after a fork
- Whether or not teams should have admin keys, such as what was used in response to the bZx attacks
- Whether or not projects should be upgrade-able
- What Block.One, which raised $4 billion in an ICO, did right to only pay a $24 million fine to the SEC
Thank you to our sponsors!
Crypto.com: https://crypto.com
Kelman Law: https://crypto.law
Stellar: https://www.stellar.org
Episode links:
Jesse Walden: https://twitter.com/jessewldn
Robert Leshner: https://www.linkedin.com/in/rleshner/
A16z Crypto startup school: https://a16z.com/crypto-startup-school/
Compound: https://compound.finance
Progressive Decentralization playbook: https://jessewalden.com/progressive-decentralization-a-playbook-for-building-crypto-applications/
What recent moves by the SEC say about mutability when it comes to crypto networks: https://a16z.com/2019/10/22/mutability-sec-recent-cases/
Compound’s $COMP token: https://medium.com/compound-finance/compound-governance-5531f524cf68
More on Compound’s governance token: https://www.coindesk.com/compound-extends-defi-ethos-to-itself-launches-governance-token
Unchained discussion about bZx attacks: https://unchainedpodcast.com/the-bzx-attacks-unethical-or-illegal-2-experts-weigh-in/
Eric Wall tweet storm on admin keys: https://twitter.com/ercwl/status/1229198599264907264?s=20
tBTC shutting down: https://twitter.com/keep_project/status/1262483526437556228
More on tBTC: https://www.coindesk.com/bug-forces-shutdown-of-bitcoin-backed-ethereum-token-tbtc
Unchained interview about tBTC in which Matt Luongo explains the admin key: https://unchainedpodcast.com/tbtc-what-happens-when-the-most-liquid-crypto-asset-hits-defi/
Is the SEC trying to kill the SAFT? https://www.coindesk.com/with-kik-and-telegram-cases-the-sec-tries-to-kill-the-saft
Block.One settlement with SEC: https://www.coindesk.com/eos-maker-block-one-settles-with-sec-over-unregistered-securities-sale
This week’s Unchained is my panel at Ready Layer One! We talk everything layer one with four key players and projects -- Illia Polosukhin of NEARprotocol, Zaki Manian of Cosmos, Rob Habermeier of Polkadot, and Arthur Breitman of Tezos — to find out how these projects plan to compete with Ethereum and attract developers and users. We discuss:
- What platforms they are building and at which stage in development they are
- How they differentiate themselves from Ethereum, and what problems they believe need to be solved
- How they plan to attract devs in an industry of network effects
- Whether or not Bitcoin and Ethereum are direct competitors
- Whether, in the long run, crypto will be more winner-take-all or there will be multiple, interoperable chains
- How they plan to bring new users into the space
- How they think the transition to ETH2.0 will shake up the existing blockchain space
Take our survey!
Tell us what would you like to see from Unchained! Please take a moment to fill out the survey to let us know what you'd like from the show: surveymonkey.com/r/unchained2020.
Crypto.com has offered our survey respondents a chance to win a metal MCO Visa card -- and Crypto.com will stake these cards indefinitely! Ten lucky winners will enjoy card benefits including free Spotify, free Netflix and 3% back on all spending, and they’ll earn extra interest on their crypto deposit and more! Thanks, Crypto.com! Again, take the survey now: surveymonkey.com/r/unchained2020.
Unchained is hiring!
Come work at Unchained! We have an opening for a remote editorial assistant — find out more about the gig and apply here: https://unchainedpodcast.com/seeking-remote-editorial-assistant/
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Stellar: https://www.stellar.org/
Episode links:
Illia Polosukhin: https://twitter.com/ilblackdragon
Near protocol: https://near.org
Zaki Manian: https://twitter.com/zmanian
Cosmos: https://cosmos.network
Rob Habermeier: https://twitter.com/rphmeier
Polkadot: https://polkadot.network
Arthur Breitman: https://twitter.com/ArthurB
Tezos: https://tezos.com
Near protocol on mainnet: https://near.org/blog/near-mainnet-genesis/
Electric Capital report on the number of developers in Ethereum: https://unchainedpodcast.com/electric-capital-on-the-coins-punching-below-their-weight/
Changpeng Zhao, aka CZ, cofounder and CEO of Binance, and I kicked off the Ethereal Virtual Summit with a fun fireside chat! He talked about Binance’s current operations, its plans for the future, and the crypto industry as a whole. He explains:
- Why he thought the questions I asked him in our first interview were misleading
- Whether Libra’s new plans are affecting Binance’s strategy for Venus
- What impact China’s DCEP will have on crypto
- Why the confluence of circumstances caused by COVID are a “perfect storm” for crypto, and how this will affect crypto in the long-term
- Whether the Binance Smart Chain will leech away Ethereum developers and users
- Why he thinks competition in the industry only grows it
- How Binance can own CoinMarketCap without affecting its objectivity
- What he says to the class-action lawsuit against Binance, him and the other cofounders of Binance accusing them of offering unregistered securities
- How he views the role of Binance in governance in delegated proof-of-state systems, such as when Binance flip-flopped on a contentious hard fork in Steem
- Where Binance is headquartered
Unchained is hiring! Check out the job posting here! https://unchainedpodcast.com/seeking-remote-editorial-assistant/
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Stellar: https://www.stellar.org/
Episode links:
CZ: https://twitter.com/cz_binance
Binance: https://www.binance.com/en
My first interview with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/
Details on BUSD: https://www.theblockcrypto.com/post/38607/binance-launching-its-own-usd-pegged-stablecoin-busd-with-paxos-as-custodian
Binance announcement about BUSD: https://binance.zendesk.com/hc/en-us/articles/360032604131-Binance-Announces-Open-Blockchain-Project-Venus-
BUSD marketshare: https://www.coindesk.com/binance-stablecoin-busd-tops-100m-but-lags-behind-rivals
Venus as the One Belt, One Road initiative of Libra: https://twitter.com/DoveyWan/status/1163364542233006082?s=20
Venus focusing on developing countries: https://www.coindesk.com/binance-is-pitching-its-stablecoin-as-a-government-friendly-libra-competitor
Binance’s acquisition of CoinMarketCap: https://www.coindesk.com/binances-coinmarketcap-acquisition-is-a-bet-that-crypto-really-is-for-the-masses
125x leverage: https://www.binance.com/en/blog/393707200802271232/5-Things-You-Need-to-Know-About-Binance-Futures-125x-Leverage
The Block report on BNB’s latest token burn: https://www.theblockcrypto.com/genesis/62306/a-closer-look-at-binances-bnb-burns
Lee et al. vs. Binance: https://www.scribd.com/document/455203877/Lee-et-al-vs-Binance
Estimate that Binance earned $46 million in profit in 2018:
https://www.theblockcrypto.com/genesis/10491/analysis-binance-brought-in-446-million-in-profits-in-2018-despite-the-bear-market
Binance used Steem tokens on its exchange to help vote out Steem validators: https://steempeak.com/witness/@ura-soul/ura-soul-witness-update-anarchy-vs-empire-tron-replaces-top-witnesses-and-takes-over-the-steem-blockchain
CZ’s initial tweet about the how Binance handled the Steemit fork: https://twitter.com/cz_binance/status/1234565384327585792?s=20
Binance reverses course: https://www.coindesk.com/steem-will-hard-fork-in-just-hours-over-community-fears-of-justin-sun-power-grab
Binance not authorized to operate in Malta: https://www.theblockcrypto.com/linked/56603/binance-is-not-authorised-to-operate-in-malta-says-the-countrys-financial-regulator
CZ on Binance not being based in Malta and decentralized: https://twitter.com/cz_binance/status/1230860647086338048
Binance shut down Shanghai offices: https://www.theblockcrypto.com/post/47922/binances-shanghai-office-shut-down-following-police-raid-sources-say
Links to topics we did not have time to cover:
Binance removes all references to Visa from its credit card: https://www.theblockcrypto.com/post/60886/binance-quietly-scrubs-visa-mentions-from-its-payment-card-website
Opening mining pool: https://www.coindesk.com/binance-crypto-exchange-is-launching-its-first-bitcoin-mining-pool
Investment in startups in Africa: https://www.coindesk.com/binance-backed-crypto-payments-app-as-race-for-africa-heats-up
In-browser trading: https://www.coindesk.com/brave-partners-with-binance-to-develop-in-browser-crypto-trading
https://brave.com/binance/
Amanda Fabiano, director of Bitcoin mining at the Fidelity Center for Applied Technology, and Christopher Bendiksen, head of research at CoinShares, discuss the third Bitcoin halving, which occurred hours before the publication of this episode. They discuss:
- the significance of the halving
- what effect it could have on price and what Amanda and Christopher think of Dan Morehead's projection that it could reach $115,000 next year
- how macroeconomic events like the coronavirus and quantitative easing could impact uptake of Bitcoin
- how the halving could affect miners and hash rate
- how the halving could influence the environmental impact of Bitcoin
- why mining was the first activity Fidelity pursued with Bitcoin
- what they think needs to happen in Bitcoin to foster more adoption
- why hash rate derivatives will be a crucial step
- what the outlook is for institutional adoption of Bitcoin
- plus, is it halving or halvening?
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Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Stellar: https://www.stellar.org/
Episode links:
Amanda Fabiano: https://twitter.com/_amanda_fab
Fidelity Center for Applied Technology: https://www.fidelitylabs.com
Christopher Bendiksen: https://twitter.com/C_Bendiksen
Coinshares: https://coinshares.com
Coinshares’ 5 Popular Bitcoin Halving Theories: https://coinshares.com/research/5-popular-btc-halving-theories
Coinshares’ December 2019 Bitcoin Mining Report: https://coinshares.com/assets/resources/Research/bitcoin-mining-network-december-2019.pdf
Unconfirmed episode with Dan Morehead: https://unchainedpodcast.com/a-bitcoin-price-of-115000-next-year/
Bitcoin stock-to-flow ratio: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
Fidelity opens trading to institutional customers: https://www.bloomberg.com/news/articles/2019-05-06/fidelity-said-to-offer-cryptocurrency-trading-within-a-few-weeks
Fidelity Digital Assets signs first exchange: https://www.coindesk.com/fidelity-digital-assets-to-sign-up-its-first-crypto-exchange-by-end-of-the-year
Hi everyone, this is an essay by Mariano Conti of MakerDAO that was so popular, personal and relatable, especially to those living in Latin America, that we decided to have Mariano translate it and read it in Spanish. Share it with your Spanish-speaking friends who still don’t understand what crypto is about, to show how it solved real-world problems for at least one person.
Mariano Conti, jefe de contratos inteligentes de MakerDAO, nos lee su ensayo sobre su experiencia personal con criptomonedas, desde el punto de vista de un Argentino cuya familia ha experimentado períodos de hiperinflación, y de un freelancer que recibe pagos por su trabajo desde varios países. Mariano describe la evolución de Maker desde Dai de Colateral Único (ahora Sai) hasta Dai Multi Colateral, y también brinda su perspectiva de los eventos del Jueves Negro y las subastas de deuda subsecuentes que el protocolo debió llevar a cabo para regularizar su situación.
Dan Guido, cofounder and CEO of Trail of Bits, and Taylor Monahan, founder and CEO of MyCrypto, discuss all the recent hacks in DeFi, how it can be made more safely and who is responsible.
We tackle:
- the Hegic security incident: whose responsibility it was to make sure the contract was secure — the auditor (Trail of Bits) or the team (Hegic) — what Trail of Bits was saying in its audit summary, and how to read between the lines of an audit summary
- how long an audit should be
- upgradeability: particularly around when more advanced technology and contracts interface with older technology/contracts
- centralization vs. decentralization: whether contracts can be made safely while maintaining adhering to the principle of decentralization, why Taylor would prioritize centralization and security, and how teams can create different levels of risk for users
- bug bounties: why asking what amount they should be is the wrong question
- the security threats posed by oracles
- and what a checklist for DeFi teams might look like
Thank you to our sponsors!
Crypto.com: https://crypto.com
Kraken: https://www.kraken.com
Stellar: https://www.stellar.org
Episode links:
Dan Guido: https://twitter.com/dguido
Trail of Bits: https://www.trailofbits.com
Taylor Monahan: https://twitter.com/tayvano_
MyCrypto: https://mycrypto.com
Initial tweet by Hegic calling the security issue a typo: https://twitter.com/HegicOptions/status/1253937104666742787?s=20
Hegic tweet saying, “It’s not a security issue”: https://twitter.com/HegicOptions/status/1253954145113038849?s=20
Trail of Bits saying it will no longer work with Hegic: https://twitter.com/dguido/status/1254260725431894020?s=20
Taylor breaks down the audit summary: https://twitter.com/MyCrypto/status/1254058121342803968?s=20
Molly Wintermute’s Medium post on requesting a week audit vs. three-day review: https://medium.com/@molly.wintermute/post-mortem-hegic-unlock-function-bug-or-three-defi-development-mistakesthat-i-feel-sorry-about-5a23a7197bce
Unconfirmed episode with Haseeb Qureshi on the Lendf.me attack: https://unchainedpodcast.com/haseeb-qureshi-on-the-unbelievable-story-of-the-25-million-lendf-me-hack/
Unchained interview showing Matt Luongo's approach to kill switches and upgradeability with tBTC: https://unchainedpodcast.com/tbtc-what-happens-when-the-most-liquid-crypto-asset-hits-defi/
Discussion of the bZx attacks on Unchained: https://unchainedpodcast.com/the-bzx-attacks-unethical-or-illegal-2-experts-weigh-in/
Issue with Curve contract: https://blog.curve.fi/vulnerability-disclosure/
Compound bug bounty program: https://compound.finance/docs/security#bug-bounty
Taylor on “upgradeability makes things more insecure”: https://twitter.com/tayvano_/status/1222564979657723904?s=20
Synthetix oracle incident, allowing a bot to profit $1 billion: https://unchainedpodcast.com/how-synthetix-became-the-second-largest-defi-platform/
Taylor’s tips on how to get more ROI on an audit: https://twitter.com/MyCrypto/status/1254061500244713474?s=20
Tips to follow before getting an audit: https://blog.openzeppelin.com/follow-this-quality-checklist-before-an-audit-8cc6a0e44845/
Resources for security in DeFi:
crytic/building-secure-contractsGuidelines and training material to write secure smart contracts - crytic/building-secure-contractsgithub.com
https://consensys.github.io/smart-contract-best-practices/
https://forum.openzeppelin.com
https://swcregistry.io
https://diligence.consensys.net/blog/2020/03/new-offering-1-day-security-reviews/
Matt Luongo, CEO of Thesis, the parent company of Fold and Keep, describes the just-launched tBTC, his plan for a censorship-resistant Bitcoin-Ethereum bridge. He explains his personal reasons for wanting such a platform, why tBTC is different from other versions of Bitcoin on Ethereum, and how it works -- including the process of becoming a signer in minting tBTC, how the system will handle crises, the reason for high collateralization levels, why staking assets are limited, and the necessity of a work token, Keep. He also discusses the economics behind tBTC-backed tBTC, his vision for DeFi, how tBTC could buffer an ETH crash, and the reasoning behind minimal governance mechanisms -- playing into why institutions trust BTC more than ETH. Plus, he contrasts the Bitcoin and Ethereum communities and talks about the possibility of tBTC2.0.
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Episode links:
Matt Luongo: https://twitter.com/mhluongo
Thesis: https://thesis.co/
Keep: https://keep.network/
Fold App: https://foldapp.com/
tBTC white paper: https://docs.keep.network/tbtc/index.pdf
Initial reveal: https://twitter.com/mhluongo/status/1162481737525583873?s=20
Announcement on Keep blog: https://blog.keep.network/bridging-bitcoin-and-ethereum-b2f9923630a7?gi=5c9040ed3a72
Some criticism of tBTC: https://twitter.com/peterktodd/status/1162728205607985152?s=20
Matt on the Breakdown podcast: https://www.coindesk.com/will-defi-matter-in-a-post-coronavirus-world-feat-matt-luongo
Matt on Sendwyre podcast: https://blog.sendwyre.com/announcing-tbtc-with-james-prestwich-and-matt-luongo-of-cross-chain-group-c424e2b0b40c?gi=d1e8b53ca80e
How tBTC works: https://defipulse.com/blog/what-is-tbtc/
The Block on tBTC: https://www.theblockcrypto.com/daily/55284/inside-tbtc-the-bitcoin-backed-erc-20-token-that-could-go-live-in-march
Keep raises $7.7 million: https://www.forbes.com/sites/justinoconnell/2020/04/03/coinbase-co-founder-invests-in-project-to-bridge-bitcoin-and-ethereum/#368a6f737df4
Cathie Wood, CEO and CIO of ARK Invest, and Yassine Elmandjra, ARK's thematic analyst, discuss their investment strategy with disruptive innovation, and how blockchain technology, especially Bitcoin, plays a major role in it. They explain why the unique market circumstances due to the coronavirus have led to more correlation between crypto and the traditional financial markets, but also why, in the long-term, it will ultimately be uncorrelated. We cover why they think crypto in the age of COVID-19 will see new opportunity, and when there will be a recovery of the larger economy. They also share, from an investor standpoint, their growing conviction in Bitcoin due to its long-term value proposition compared to other chains like Ethereum. Plus, we talk about the future outlook for central bank digital currencies, and how Libra will launch, albeit differently, than expected.
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Episode links:
Cathie Wood: https://twitter.com/cathiedwood?lang=en
Yassine Elmandjra: https://twitter.com/yassineARK
Yahoo Finance interview on ARK’s big ideas for 2020: https://finance.yahoo.com/video/cathie-wood-talks-ark-invests-222723696.html
Keynote on State of Digital Assets at Volt Capital summit: https://www.youtube.com/watch?time_continue=2729&v=c50TMCKsktA&feature=emb_logo
ARK’s Q&A video conference on COVID-19: https://ark-invest.com/research/bis2020?utm_campaign=BIS%202020&utm_medium=email&_hsenc=p2ANqtz--kCZDJ0VuIxNViHjN7KR7qOryEusndZqMfNp7JMkD4AIZJCv8otUtZm8YgPdmVYTZb3ylv4ysbxt8fRIUvngkRLcyvIw&_hsmi=85729999&utm_source=hs_email&utm_content=85729999&hsCtaTracking=14ee7e75-5bf4-46f8-8c8c-f5aeb84b32a7%7C5f5d3a43-f10e-4792-92de-96ef495eb5c6
Feature on Cathie Wood: https://www.bloomberg.com/opinion/articles/2020-02-18/cathie-wood-s-tesla-bet-puts-ark-invest-in-spotlight
Her views on Zcash: https://www.theblockcrypto.com/post/12660/cathie-wood-on-the-block-the-crypto-revolution-is-coming-jump-on-or-get-out-of-the-way
Mariano Conti of MakerDAO, head of smart contracts at MakerDAO, reads from his essay about his personal experience with cryptocurrency, particularly as an Argentine whose family has experienced periods of hyperinflation, and as a freelancer accepting payment from foreign countries. He describes the evolution of Maker from single-collateral Dai (now Sai) to multi-collateral Dai, and also gives his perspective on the events of Black Thursday and the subsequent debt auctions the protocol undertook to right itself.
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Episode links:
Mariano Conti: https://twitter.com/nanexcool
Linda Xie’s essay about crypto memes on Unchained : https://unchainedpodcast.com/how-memes-can-help-crypto-go-mainstream/
Kyle Samani of Multicoin Capital reads from his essay on how defensible each of the major DeFi protocols on Ethereum are, and what that says about Ethereum's defensibility. He evaluates how easy it would be from an effort and capital standpoint to fork each of the major DeFi protocols, and makes a strong case for how and why he thinks protocols like Maker are quite defensible, and why he believes certain dexes are less so.
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Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
In this essay, Haseeb Qureshi of Dragonfly Capital explains why he thinks the focus on decentralization can be overhyped. He looks at why decentralization can be important but then makes it clear, by dissecting when it is important and when it’s not, and to whom it does and doesn’t matter, that it isn’t the be-all end-all goal for every endeavor. He talks about which questions we should be asking beyond just, “is it decentralized,” and also explains why that question doesn’t even make sense.
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CipherTrace: https://ciphertrace.com
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Kyle Samani, managing partner at Multicoin Capital, dissects Black Thursday, March 12, the day the crypto markets plunged twice amid the wider sell-off in the markets due to the coronavirus. He offers several theories for the first price drop that day, how that set off a series of liquidations on various exchanges, and then why liquidations stopped for about 12 hours before the next wave, which triggered the next price slump. He also describes why, at that point, the crypto market structure broke, as arbitrageurs attempted to move collateral from one exchange to another but could not because both the Bitcoin and Ethereum blockchains became congested, setting off a downward spiral particularly in Bitcoin, as miners began turning off equipment due to the falling BTC price. This led, ultimately, to there being $200 million worth of positions to liquidate on BitMEX, but only $20 million worth of bids on the entire BitMEX order book. Then we cover what happened next that ultimately saved the price of BTC dropping to $0 on BitMEXT.
Next, we discuss the second fall in prices that day, and how that affected MakerDAO, with congestion on the Ethereum blockchain preventing keepers from being able to liquidate undercollateralized vaults. A clever keeper sent a bid to liquidate a vault with a higher gas price, but realizing that there was no competition, bid $0, walking away with $4.5 million, and a total of $8 million being won this way. We covered how the price of ETH fell to $88 but because oracles weren't properly updating, the last price of ETH on MakerDAO was at $101 — a dollar higher than the $100 where a bunch of liquidations would have occurred, which would have likely put more downward pressure on ETH, resulting in another downward spiral.
Kyle also evaluates some of the technical options for preventing these issues in future times of volatility, why many of them aren't promising but what is.
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Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Episode links:
https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/
Links from news recap:
Kyle Samani: https://twitter.com/KyleSamani
Multicoin Capital: https://multicoin.capital/
Multicoin blog part 1: https://multicoin.capital/2020/03/17/march-12-the-day-crypto-market-structure-broke/
Part 2: https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/
Theory that BitMEX’s maintenance was to prevent a collapse in Bitcoin: https://twitter.com/SBF_Alameda/status/1238306306043162625
https://www.theblockcrypto.com/genesis/58918/money-2-0-stuff-free-price-auctions
How traders took advantage of the roiling markets: https://www.theblockcrypto.com/post/59172/surfing-the-spread-crypto-market-turmoil-arbitrage
More on the liquidations in MakerDAO: https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6
https://blog.makerdao.com/usdc-approved-by-maker-governance-as-the-third-collateral-type-of-the-maker-protocol/
MakerDAO weighs emergency shutdown: https://www.coindesk.com/defi-leader-makerdao-weighs-emergency-shutdown-following-eth-price-drop
MakerDAO adds USDC as collateral: https://www.coindesk.com/makerdao-adds-usdc-as-defi-collateral-following-black-thursday-chaos
Kain Warwick on USDC as Dai collateral: https://twitter.com/kaiynne/status/1239795250882740225?s=20
Eva Beylin on USDC as Dai collateral: https://twitter.com/evabeylin/status/1240039492985085952?s=20
Huobi’s derivatives platform introduces circuit breaker:
https://www.theblockcrypto.com/linked/59210/huobis-derivative-platform-now-includes-a-circuit-breaker-function
Debate over circuit breakers in crypto:
https://twitter.com/TusharJain_/status/1238311534767595520
https://www.coindesk.com/does-crypto-need-circuit-breakers-last-weeks-price-crash-ignites-a-debate
In this essay, Chris Burniske of Placeholder Capital talks about what kind of world crypto entrepreneurs are creating and want to be creating with the systems they build. He talks about different kinds of values, the dangers of only pursuing market values, and why crypto has a unique opportunity now to recalibrate those market values and incorporate more of the societal virtues we hold dear. Then he dives into which values he hopes to imbue into crypto networks and how that informs his thinking as a VC in the space.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Soona Amhaz, general partner at Volt Capital, and Yele Bademosi, founder of Microtransaction, explain why they believe Africa is poised to become a hub for crypto development. They give some interesting stats on how crypto is currently used and traded on the continent, plus talk about how these factors interplay with the region’s unique demographics and the status of some of the continent’s fiat currencies to create what could be a unique environment for increased crypto activity. They end with what they think crypto entrepreneurs should be working on to help further that development.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Episode links:
Soona Amhaz: https://twitter.com/soonaorlater
Yele Bademosi: https://twitter.com/YeleBademosi
In this fireside chat from ETH Denver, crypto-friendly governors Jared Polis of Colorado and Mark Gordon of Wyoming discuss how they each became interested in crypto and blockchain, how their states became friendly to the industry and how to resolve some of the thornier problems in crypto regulation, such as the state-by-state money transmission licensing regime. We also dive into the details on some of the regulations in their states, such as the regulations that make it possible to hold state-specific ICOs, what types of companies are taking advantage of those, and whether there's a bipartisan attitude toward crypto regulation.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Episode links:
CO Governor Jared Polis: https://twitter.com/jaredpolis
WY Governor Mark Gordon: https://governor.wyo.gov/
CO Governor Jared Polis’s background:
https://gazette.com/election/profile-entrepreneur-jared-polis-sees-governor-s-race-as-a/article_af2d0222-c1b2-11e8-8b2b-afa916b3b182.html
Governor Polis’s letter to SEC chairman Jay Clayton and then-CFTC chairman Christopher Giancarlo on crypto regulation: https://www.coindesk.com/lawmakers-renew-calls-us-lead-crypto-innovation
Colorado’s Digital Token Act: https://www.coindesk.com/colorado-could-be-next-in-the-race-to-bank-crypto-and-cannabis
https://leg.colorado.gov/sites/default/files/2019a_023_signed.pdf
https://thetokenist.io/colorado-signs-digital-token-act-into-law-some-digital-assets-exempt-from-securities-requirements/
Wyoming passes three crypto-friendly laws: https://www.coindesk.com/wyoming-lawmakers-pass-three-bills-in-boost-for-states-crypto-industry
Wyoming laws: https://www.wyoleg.gov/Legislation/2018/HB0070
https://www.forbes.com/sites/caitlinlong/2019/03/04/what-do-wyomings-new-blockchain-laws-mean/amp/
Maya Zehavi, blockchain consultant, and Zubin Koticha, cofounder and CEO of Opyn, discuss the two recent bZx attacks, whether they were hacks or arbs and whether they were unethical or illegal. They also look at whether flash loans are to blame, how much transparency DeFi teams should have about vulnerabilities on their platforms, how much bug bounties should be for DeFi, and whether flash loans means the amount of bug bounties should be higher. We also talk about whether DeFi should institute circuit breakers, when those would make sense, and whether these attacks could happen to anybody or whether bZx isn't up to the standards needed in this community. We also cover how bZx should handle the under-collateralized loans left on their platform, whether Chainlink will be a sufficient solution to prevent these attacks in the future, and whether DeFi insurance should cover these kinds of attacks. Plus, Maya and Zubin explains why they're happy the attacks happened and have made them more optimistic. And Maya reveals why she has a pizza slice emoji in her Twitter profile.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
Episode links:
Maya Zehavi: https://twitter.com/mayazi
Zubin Koticha: https://twitter.com/snarkyzk
Opyn: https://opyn.co/
Description of first attack: https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction
Description of second attack: https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction
https://www.theblockcrypto.com/daily/56413/experts-weigh-in-on-bzx-attacks-flash-loans-highlight-the-need-to-improve-defi-security-models
https://www.theblockcrypto.com/linked/56134/defi-lending-protocol-bzx-exploited-a-portion-of-eth-lost
Unconfirmed episode about the attacks: https://unchainedpodcast.com/how-2-defi-attacks-made-almost-1-million-in-profit/
1inch.exchange blog post: https://medium.com/@1inch.exchange/yes-we-hacked-bzx-fulcrum-but-one-month-ago-3f7e5c437ee3
1inch exchange-Fulcrum dispute: https://www.theblockcrypto.com/post/56579/bzx-attacks-and-1inch-exchange-allegations-heres-what-the-teams-have-to-say
Nexus Mutual payouts: https://defirate.com/nexus-mutual-first-payouts/
Nexus Mutual blog post: https://medium.com/nexus-mutual/bzx-flash-loan-event-55753d19e52b
Santiago Siri, the cofounder and president of Democracy Earth, reads from his essay on how governance and identity change in the age of cryptography.
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Kraken: https://www.kraken.com
CipherTrace: https://ciphertrace.com
Crypto.com: https://crypto.com/
Alex Gladstein, chief strategy officer at the Human Rights Foundation, reads his essay, A World Without Bitcoin.
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CipherTrace: https://ciphertrace.com
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Linda Xie, cofounder at Scalar Capital, reads her essay on how the crypto community can successfully use memes to help people understand the technology.
Thank you to our sponsors!
CipherTrace: http://ciphertrace.com/unchained
Crypto.com: http://crypto.com/
Kraken: http://kraken.com/
Episode links:
Linda Xie: https://twitter.com/ljxie
Scalar Capital: https://scalar.capital/
Read Linda's full essay at: https://unchainedpodcast.com/how-memes-can-help-crypto-go-mainstream/
Jonathan Levin, co-founder and CSO of Chainalysis, and Kim Grauer, head of research, discuss the company's 2020 Crypto Crime Report, which explores how cryptocurrency criminals, who perpetrate hacks and scams and send out ransomware and more, cash out. We cover how criminals are turning their illicit crypto into fiat currency, why exchanges are a prime avenue for money laundering, and how over-the-counter brokers are playing a large role. They talk about a group of OTC brokers they describe as the Rogue 100, what their transactions look like, and what can be done to help stop criminals from cashing out. Jonathan and Kim talk about the PlusToken scam, the largest Ponzi scheme in crypto and how Chainalysis determined that it was likely driving down the price of Bitcoin. They also explain the trends in exchange hacks and how the most prolific hackers have grown more sophisticated, giving some examples of how the Lazarus Group, a cybercriminal syndicate linked to the North Korean government has become more advanced. Finally, we also discuss ransomware and terrorism financing and what trends they are seeing there.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
Kraken: https://www.kraken.com
Crypto.com: https://crypto.com
Episode links:
Chainalysis: https://www.chainalysis.com/
Jonathan Levin: https://twitter.com/jony_levin
Kim Grauer: https://twitter.com/KimberlyGrauer
Previous Unchained interview with Jonathan: https://unchainedpodcast.com/how-chainalysis-helps-solve-crimes-jonathan-levin-tells-all-ep-62/
Unconfirmed episode on how Bitcoin led to the demise of the largest child porn site: https://unchainedpodcast.com/how-bitcoin-led-to-the-demise-of-the-largest-child-porn-site/
Money laundering report: https://blog.chainalysis.com/reports/money-laundering-cryptocurrency-2019
https://fortune.com/2020/01/15/crypto-criminals-brokers-launder-billions/
Exchange hacks report: https://blog.chainalysis.com/reports/cryptocurrency-exchange-hacks-2019
Unchained interview with Priscilla Moriuchi on why North Korea is interested in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/
Plus Token report: https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price
Terrorism financing report: https://blog.chainalysis.com/reports/terrorism-financing-cryptocurrency-2019
Brendan Eich, CEO and president of Brave, discusses his history in tech prior to crypto, including working at Netscape, how he created Javascript in 10 days and his short stint as CEO of Mozilla, what problems with ads that Brave is trying to solve, and why Brave needs the Basic Attention Token. He explains why Bitcoin wouldn't work for cryptocurrencies on the platform, why they use BAT over stablecoins, and how Brave strips ads from publishers' webpages, but doesn't from Facebook or Google, and how it causes collateral damage to publishers. He talks about how the browser is a middleman, how Brave works with Uphold and why it doesn't require KYC unless the users wants to cash out on his or her Brave rewards. He also explains why he isn't worried that BAT could meet the four prongs of the Howey test, what it will look like when Basic Attention Token is decentralized and why he doesn't know if publishers are earning back in BAT the ad revenue that Brave blocks.
Thank you to our sponsors!
CipherTrace: http://ciphertrace.com/unchained
Crypto.com: http://crypto.com/
Kraken: https://kraken.com/
Episode links:
Brendan Eich: https://twitter.com/BrendanEich
Brave: https://brave.com/
Basic Attention Token: https://basicattentiontoken.org/
BAT white paper: https://basicattentiontoken.org/wp-content/uploads/2017/05/BasicAttentionTokenWhitePaper-4.pdf
Brave Rewards: https://support.brave.com/hc/en-us/articles/360027276731-Brave-Rewards-FAQ
Brave privacy policy: https://brave.com/privacy/
https://brave.com/privacy/#dev-detail
BAT Growth: https://batgrowth.com
Publishers on BAT: https://batgrowth.com/publishers/website
Brendan Eich admits Brave is semi-decentralized: https://thenextweb.com/hardfork/2018/11/23/brave-blockchain-cryptocurrency-browser/
How Brave hurts publishers: https://practicaltypography.com/the-cowardice-of-brave.html
Publishers send cease and desist to Brave: https://www.coindesk.com/bitcoin-browser-brave-responds-cease-desist
Whether BAT is necessary for Brave: https://micky.com.au/just-3-9-of-brave-browser-users-have-bat-in-their-wallets/
BAT ICO: https://www.coindesk.com/35-million-30-seconds-token-sale-internet-browser-brave-sells
Vitalik blog post on token sales: https://vitalik.ca/general/2017/06/09/sales.html
BAT roadmap: https://basicattentiontoken.org/bat-roadmap-1-0/
Catherine Coley, the CEO of Binance US, talks about her background as a foreign exchange trader, how and why she made the leap into crypto, and how she became the CEO of Binance US. We discuss how Binance US differs from Binance, who Binance US's target customers are, how Binance decides which coins to list, what's on Catherine's wish list to regulators, and whether Binance US will be connected to or cut off from the global, open financial system Binance is building. We also cover why Binance US launched with Tether as its stablecoin, why the company is also focusing on BUSD, how they became comfortable using BNB token on the exchange, whether or not they worry that BNB could be considered a security. Catherine talks about whether the company will offer leverage, lending, staking, etc., and where Binance US's future revenue could come from as exchange fees trend to zero. We also cover what Catherine has learned from working customer support for Binance US and and how she compares the US and Asian crypto markets.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
Kraken: https://www.kraken.com/
Crypto.com: http://crypto.com/
Episode links:
Catherine Coley: https://twitter.com/cryptocoley
Binance US: https://www.binance.us/en
Binance US on Twitter: https://twitter.com/BinanceAmerica
Binance US blog: https://www.binance.us/en/blog
Crypto Rating Council: https://www.coindesk.com/coinbase-led-crypto-ratings-council-draws-skepticism-from-legal-experts
Telegram notice about Grams and Ton: https://telegram.org/blog/ton-gram-notice
CZ’s 2020 New Year’s message: https://www.binance.com/en/amp/blog/419417682154909696/Binance-2020-New-Year-Message-Building-Foundations--
Binance US joins Chamber of Commerce Executive Committee: https://www.binance.us/en/blog/419943835304939520/BinanceUS-Joins-the-Executive-Committee-of-the-Chamber-of-Digital-Commerce
Multicoin Capital report, Binance is Blitzscaling: https://multicoin.capital/2019/11/07/binance-is-blitzscaling/
Alex Pack, founding partner of Dragonfly Capital, and Haseeb Qureshi, Dragonfly managing partner, talk about why Dragonfly has a global focus, how they choose investments, and why they try to be as agnostic as possible about asset type. They also discuss why most protocols, including Bitcoin, still look like venture bets, why, at the moment, Bitcoin looks like a better investment than anything built on top of Bitcoin, and why Lightning hasn't yet taken off and why they think it won't. We also cover what the future holds for Bitcoin. They explain what they think will happen in the smart contract platform race, why Ethereum is so far in the lead and whether anything will become an Ethereum killer. We also cover Libra, and how Libra affects their investments in stablecoins, why Xi Jinping's "blockchain, not crypto" emphasis is a dead end, whether blockchain-based identity is an investable area, what they think the killer app is or will be and their predictions for 2020. Also, Haseeb, a former professional poker player, describes how poker playing is similar to crypto trading.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
Kraken: https://kraken.com/
Crypto.com: https://crypto.com/
Episode links:
Alex Pack: https://twitter.com/alpackap
Haseeb Qureshi: https://twitter.com/hosseeb
Dragonfly Capital: https://www.dcp.capital/
Dragonfly Capital’s blog: https://medium.com/dragonfly-research
Forbes on Dragonfly Capital’s $100 million initial raise: https://www.forbes.com/sites/alexkonrad/2018/10/09/new-fund-dragonfly-bridges-china-us-crypto/#572aeb953c9a
Venture Beat story: https://venturebeat.com/2018/10/09/dragonfly-capital-partners-scoops-up-100-million-for-cryptocurrency-investments/
https://www.globenewswire.com/news-release/2018/10/09/1618445/0/en/Dragonfly-Capital-Partners-Unveils-100-Million-Inaugural-Fund-for-Cryptocurrencies-Bridges-Gap-between-East-and-West.html
DeFi cannibalizing POS security: https://medium.com/dragonfly-research/how-defi-cannibalizes-pos-security-84b146f00697
Mimblewimble blog post: https://medium.com/dragonfly-research/breaking-mimblewimble-privacy-model-84bcd67bfe52
Haseeb’s 2020 article on CoinDesk: https://www.coindesk.com/what-defi-needs-next-year-three-priorities
In this Best of 2019 episode, I selected the clips that seemed most representative of what crypto was about this year, which I call, The Year Things Got Geopolitical. My only regret is that none of the clips about DAOs lent themselves well to this episode. However, years from now, after we’ve got global stablecoins pinging around the world at a high transactions-per-second rate, the crypto community has made peace with U.S. regulators, and more of our lives seems to take place in the borderless digital world, perhaps we'll find it ironic that DAOs were burbling up right around the same time.
Thank you to our sponsors!
Kraken: https://www.kraken.com
Crypto.com: http://crypto.com/
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Unchained Interview with Vitalik Buterin: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/
Unchained Interview with Hester Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/
Unchained Interview with Ted Livingston: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/
Unchained Interview with Glen Weyl and Santiago Siri: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/
Unchained Interview with Christian Catalini: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/
Unchained Interview with Martin Chorzempa and Dovey Wan: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/
Unchained Interview with Emily Parker: https://unchainedpodcast.com/crypto-in-china-what-it-really-looks-like/
Unchained Interview with Sandra Ro: https://unchainedpodcast.com/sandra-ro-why-crypto-friendly-laws-are-coming-in-the-us/
Unchained Interview with Patrick McHenry: https://unchainedpodcast.com/congressman-patrick-mchenry-bitcoin-will-be-of-enormous-value/
Unchained Interview with David Andolfatto: https://unchainedpodcast.com/fed-economist-on-the-prospect-of-the-usd-losing-global-reserve-status-who-cares/
Unchained Interview with Yeonmi Park: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/
Unchained Interview with Alex Gladstein: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/
This fall, I had an idea to do a crypto show for my normie friends, and figured I’d release it over the holidays, when maybe my regular listeners would be with the very people in their lives who could benefit from such an episode. I solicited questions from my own real-life friends, edited down the repeats and tried my best to make the explanations as simple as possible. I cover basic explanations of Bitcoin, blockchain and Ethereum, plus we go into questions around mining and electricity usage, and why anyone would use cryptocurrency. I hope this clears things up for some of your friends and family — and gets some of them to go down the crypto rabbit hole.
Thank you to our sponsors!
Givewell: http://givewell.org/unchained
CipherTrace: http://ciphertrace.com/unchained
Kraken: http://kraken.com
Crypto.com: http://crypto.com
Episode links:
Previous beginner episodes:
Crypto 101: https://unchainedpodcast.com/crypto-101-everything-you-need-to-know-about-bitcoin-ethereum-blockchains-icos-and-more/
How to Explain Cryptocurrencies and Blockchain to the Average Person: https://unchainedpodcast.com/how-to-explain-cryptocurrencies-and-blockchains-to-the-average-person/
Interviews with Vitalik Buterin: 2017: https://unchainedpodcast.com/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy/
2019: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/
Episode with Wences Casares: https://unchainedpodcast.com/xapos-wences-casares-on-how-bitcoin-makes-a-fairer-world/
Lolli: https://unchainedpodcast.com/how-to-get-7-of-your-purchases-back-in-bitcoin/
Cryptocurrency to evade surveillance: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/
KHmap.live interview: https://unchainedpodcast.com/an-interview-with-the-anonymous-developer-of-hkmap-live/
North Korea's interest in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/
Bitwise: https://unchainedpodcast.com/bitwises-latest-plans-to-get-a-bitcoin-etf-approved/
Priscilla Moriuchi, director of strategic threat development at Recorded Future and non-resident fellow at Harvard Kennedy School, explains North Korean usage of the internet and how it has changed over time, how it is reserved only for the few most senior people in the regime, and what the mobile devices of the other 25 million citizens connects to, and who is watching the activity on those devices. She also describes the various ways North Korea has shown an interest in cryptocurrency, how it's been determined that North Korea is engaging in those activities, such as cryptocurrency exchange hacks and malware, and its seeming interest in Monero. We also discuss how they convert crypto to fiat, and how well the government seems to have connected its cryptocurrency activities with its other real-world criminal networks used for other activities such as smuggling, drugs and counterfeiting cigarettes and US dollars. We also talk about which North Koreans have been trained to carry out such attacks and how and why they carry them out abroad rather than in North Korea. She also covers why Ethereum researcher Virgil Griffith's visit to North Korea, even if he were dispensing "public" information, would have been helpful in a country where everyone but a tiny elite is denied access to the internet.
Thank you to our sponsors!
Givewell: http://givewell.org/unchained
CipherTrace: http://ciphertrace.com/unchained
Kraken: https://www.kraken.com
Crypto.com: http://crypto.com
Episode links:
Priscilla Moriuchi: https://www.linkedin.com/in/priscilla-moriuchi-410297127/
Recorded Future: https://www.recordedfuture.com
Recorded Future on North Korea’s internet activity: https://www.recordedfuture.com/north-korea-internet-activity/
Full report: https://go.recordedfuture.com/hubfs/reports/north-korea-activity.pdf
Recorded Future report on North Korea’s interest in cryptocurrency: https://www.recordedfuture.com/north-korea-cryptocurrency/
Full report: North Korea targeting South Korean cryptocurrency exchanges: https://www.recordedfuture.com/north-korea-cryptocurrency-campaign/
Full report: https://go.recordedfuture.com/hubfs/reports/cta-2018-0116.pdf
Podcast: https://www.stitcher.com/podcast/recorded-future-inside-threat-intelligence/e/52982550
Priscilla on why Virgil’s attendance at a blockchain conference in North Korea was helpful to the regime: https://www.businessinsider.com/north-korea-virgil-griffith-cryptocurrencies-bad-idea-analyst-2019-12
Priscilla on how North Korea uses cryptocurrencies to evade sanctions: https://www.vox.com/world/2018/2/28/17055762/north-korea-sanctions-bitcoin-nuclear-weapons
North Korea’s interest in Monero: https://www.wsj.com/articles/in-north-korea-hackers-mine-cryptocurrency-abroad-1515420004
North Korea’s plan to build its own version of the Petro, I mean, Bitcoin: https://www.vice.com/en_us/article/9ke3ae/north-korea-is-building-its-own-bitcoin
DOJ Complaint against Virgil: https://www.justice.gov/usao-sdny/press-release/file/1222646/download
Virgil’s Facebook post inviting others to North Korea: https://www.facebook.com/virgil.gr/posts/10112756681859159
In light of the questions around whether or not Virgil Griffith's talk at a blockchain conference in Pyongyang could have helped everyday North Koreans, Yeonmi Park, a North Korean defector, human rights activist, board member of the Human Rights Foundation and author of “In Order to Live, A North Korean Girl's Journey to Freedom,” talks to Unchained. She tells us about her life growing up in North Korea, how she thought the "dear leader" could read her thoughts, why freedom of thought is not allowed in North Korea, and how a South Korean had to teach her that Kim Jong Il was fat and not starving for the North Koreans, as she had been taught. She talks about what happened after her father was sent to a prison camp for selling copper, silver and nickel, how three generations of her family were then tainted and put in the "hostile" class of the caste system, and how watching the movie Titanic introduced her to the concept of romantic love. She tells the story of how, because of hunger, she fled to China — right into the hands of human traffickers, but decided to stay because of what trash cans in China signified to her, and describes the first time she heard the word "free." She also covers the difficulty of her transition to freedom and how reading George Orwell's Animal Farm was a turning point for her.
We discuss why the strategy for liberating North Korea is mostly about getting outside information in, who benefits from tours to North Korea and why lifting sanctions would only help the regime. She also explains why the only people who would have benefited from Griffith's talk would have been North Korean elite, and how any actions in line with what the dictator wants help him maintain power. She says the best ways to improve the situation in North Korea are to boost awareness of what is happening, empower the people there by getting outside information in and helping during the rescue, as 300,000 defectors, most of them women and girls living as sexual slaves, are hiding in China.
Thank you to our sponsors!
Givewell: http://givewell.org/unchained
Kraken: https://www.kraken.com
Crypto.com: https://crypto.com/
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Yeonmi Park: https://yeonmi.com/
Yeonmi Park on Twitter: https://twitter.com/YeonmiParkNK
Facebook: https://www.facebook.com/OfficialYeonmiPark/
Instagram: https://www.instagram.com/yeonmi_park/
YouTube: https://www.youtube.com/channel/UCpQu57KgT7gOoLCAu3FFQsA
Human Rights Foundation: https://hrf.org/
In Order to Live: https://www.penguinrandomhouse.com/books/318940/in-order-to-live-by-yeonmi-park-with-maryanne-vollers/
One of the first speeches by Yeonmi that went viral: https://www.youtube.com/watch?v=Ei-gGvLWOZI
Yeonmi's TED talk: https://www.ted.com/talks/yeonmi_park_what_i_learned_about_freedom_after_escaping_north_korea
New York Times video op-ed with Yeonmi's message for President Trump: https://www.nytimes.com/2018/06/11/opinion/north-korea-trump-kim-human-rights.html
DOJ complaint against Virgil Griffith: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrest-united-states-citizen-assisting-north-korea
Economist video on the efforts to get outside information into North Korea: https://www.youtube.com/watch?v=XVRQpfXGQyc&app=desktop
Guardian article on North Korean defector activist groups attempting to get outside information into North Korea: https://amp.theguardian.com/global/2016/aug/27/north-korea-defectors-ian-birrell
Wired article on getting outside information in: https://www.wired.com/2015/03/north-korea/
The story of Otto Warmbier: https://www.gq.com/story/otto-warmbier-north-korea-american-hostage-true-story
South Korean woman shot for crossing line at a resort in North Korea: https://www.theguardian.com/world/2008/jul/12/korea
Unchained interview with Alex Gladstein of the Human Rights Foundation: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/
Unconfirmed interview with Alex Gladstein: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep-021/
Kain Warwick, founder of Synthetix, talks about synthetic asset issuance platform, which enables people to create tokens that track the price of assets in traditional and crypto finance. We discuss the various types of assets available, why changing the monetary policy helped the ecosystem take off, why people would buy synthetic Bitcoin over Bitcoin itself, and why Uniswap has been pivotal to Synthetix's success. He covers the role the SNX token plays, why people minting synths must be over-collateralized by about 700%, and some of the changes coming down the pike, including futures, tweaks to the inflation rate, and a new oracle system. He also explains what happened when a trader made the system insolvent — and how they negotiated with the trader to keep it alive — how he thinks about decentralization and why the system's governance might one day be handled by a DAO.
Thank you to our sponsors!
GiveWell: http://givewell.org/unchained
Kraken: https://kraken.com/
CipherTrace: http://ciphertrace.com/unchained
Crypto.com: http://crypto.com/
Episode links:
Synthetix: https://www.synthetix.io/
Synthetix on Twitter: https://twitter.com/synthetix_io
Kain Warwick: https://twitter.com/kaiynne
Havven transforming into Synthetix: https://blog.havven.io/havven-is-transforming-into-synthetix-2fdf727b8892
Synthetix overview: https://blog.havven.io/synthetix-overview-f4a5a6c41210
How Synthetix works: https://www.synthetix.io/how-it-works/
Synthetix lite paper: https://www.synthetix.io/uploads/synthetix_litepaper.pdf
Changing monetary policy: https://blog.synthetix.io/synthetix-monetary-policy-changes/
Oracle hack: https://www.coindesk.com/synthetix-trader-rolls-back-broken-trades-that-netted-1-billion-profit
Synthetix response to oracle incident: https://blog.synthetix.io/response-to-oracle-incident/
How staking works on Synthetix: https://www.stakingrewards.com/asset/synthetix-network-token
https://help.synthetix.io/hc/en-us/articles/360020245314-How-can-I-earn-Synth-exchange-rewards-
Reddit complaint by trader who initially made the system insolvent: https://www.reddit.com/r/ethereum/comments/d4edxm/the_synthetix_dapp_deleted_my_balance/
Efforts to resolve the front running problem: https://sips.synthetix.io/sips/sip-6
Synthetix and Chainlink: https://blog.synthetix.io/synthetix-and-chainlink/
Kain’s tweets on the censorship vector stack: https://twitter.com/kaiynne/status/1197265019169169409?s=20
https://twitter.com/kaiynne/status/1197265044204998656?s=20
Unconfirmed episode on Uniswap: https://unchainedpodcast.com/how-uniswap-quickly-became-one-of-the-most-popular-dexes/
Defiant interview: https://thedefiant.substack.com/p/theres-a-pipeline-of-etf-like-tokens
Carylyne Chan, chief strategy officer at CoinMarketCap, and Gerald Chee, head of research, discuss the history of CoinMarketCap, why the founder Brandon Chez initially focused on circulating supply to calculate market cap, how the ICO craze has changed the way CoinMarketCap defines circulating supply and how the kimchee premium on the Bitcoin price in Korea at the end of 2017 is influencing the future direction of the website. We cover why CoinMarketCap is branching out into other areas such as metrics, blockchain explorers, hosting conferences and more, how the site has made money historically, the demographics, geographical distribution and behaviors of users on the site, and how CoinMarketCap's web traffic is 90% correlated to the Bitcoin price. We talk about the fake volume problem, how CoinMarketCap decided to address it with a new liquidity metric, the new Data Accountability and Transparency Alliance they formed, and why they are working with some of the exchanges identified by Bitwise as being the most egregious in faking volumes, and how those exchanges fare when it comes to CMC's new liquidity metric. We also cover some of the other ways companies have tried to address the fake volume issue, how CoinMarketCap tries to identify the "true price" for any cryptocurrency (and why USDT makes this hard), and what the circulating supply of Ripple should be.
Thank you to our sponsors!
Kraken: https://kraken.com/
CipherTrace: http://ciphertrace.com/unchained
Crypto.com: http://crypto.com/
Episode links:
CoinMarketCap: https://coinmarketcap.com/
Twitter: https://twitter.com/CoinMarketCap
Carylyne Chan: https://twitter.com/carylyne
Gerald Chee: https://www.linkedin.com/in/gerald-chee-8340a0161/
History of CoinMarketCap: https://blog.coinmarketcap.com/2019/05/01/happy-6th-birthday-data-alliance-block-explorers-and-more/
Incident in which CoinMarketCap shaved $100 billion off the total market cap of crypto assets when Chez decided to remove South Korean exchanges from its calculations: https://www.wsj.com/articles/the-programmer-at-the-center-of-a-100-billion-crypto-storm-1516708800
CoinMarketCap's new interest for crypto loans page: https://www.theblockcrypto.com/post/43460/coinmarketcap-now-publishes-interest-rates-on-cryptocurrencies-allowing-users-to-compare-and-choose
Bitwise report on fake trading volume: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf
The 10 exchanges Bitwise says have real volume: https://www.bitcointradevolume.com/
CryptoCompare Q3 Exchange Benchmark Report: https://www.cryptocompare.com/media/36569367/cryptocompare_exchange_benchmark_2019_11pdf.pdf
DATA: https://coinmarketcap.com/data-transparency-alliance/
Messari benchmarks: https://messari.substack.com/p/more-reliable-cryptoasset-benchmarks
Messari report on Ripple’s “circulating supply”: https://messari.io/article/messari-research-ripple-s-market-cap-is-likely-overstated-by-6-1-billion
Ripple’s response to Messari report: https://www.coindesk.com/xrp-market-cap-may-be-overstated-by-billions-messari-report-estimates
Martin Chorzempa, research fellow the Peterson Institute, and Dovey Wan, founding partner at Primitive Ventures, discuss China's new blockchain push and the forthcoming DCEP. They cover how the blockchain initiative is part of an effort to set global blockchain standards, how it fits into the larger U.S.-China trade war as well as the threat from Facebook's Libra, and why part of the motivation behind the DCEP may stem from the shadow banking system in China. They also talk about how the DCEP might work, why it aims to be like cash, and ways in which a successful digital currency could be used to help internationalize the renminbi, but why other countries will likely still resist becoming more dependent on China's currency. We also explore what "controlled anonymity" will look like in the DCEP, why it might actually be preferable to transacting via WeChat Pay or Alipay and whether or not Chinese people will become interested in Bitcoin due to this exposure to blockchain technology.
Thank you to our sponsors!
Kraken: https://kraken.com/
Crypto.com: https://crypto.com/
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Martin Chorzempa: https://www.piie.com/experts/senior-research-staff/martin-chorzempa
https://twitter.com/ChorzempaMartin
Dovey Wan: https://twitter.com/DoveyWan
Xi Jinping’s speech: https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain
Cryptography law: https://www.coindesk.com/chinas-congress-passes-cryptography-law-effective-jan-1-2020
China’s 500 enterprise blockchain projects: https://www.coindesk.com/from-banking-giants-to-tech-darlings-china-reveals-over-500-enterprise-blockchain-projects
Changchun Mu, the deputy director of the payment and settlement department of the PBOC, on how DC/EP aims to replace the M0 money supply (banknotes and coins): http://www.cf40.org.cn/uploads/newsletter/20190803.pdf
Dovey’s article on how the digital yuan will affect the M0 money supply: https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again
China’s already very digital economy: https://www.piie.com/blogs/realtime-economic-issues-watch/who-likes-facebooks-libra-currency-not-chinese
Reaction of Chinese dissident to China’s blockchain push: https://www.coindesk.com/bitcoin-dissident-sees-dark-warnings-in-chinas-blockchain-push
Unconfirmed interview with Alex Gladstein of the Human Rights Foundation: https://unchainedpodcast.com/why-the-digital-yuan-could-one-day-be-seen-as-a-blunder/
The commercial entities involved in helping to release the DCEP: https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#95e9d351a516
How they will be involved: https://twitter.com/DoveyWan/status/1191807688570626048?s=20
”Controlled anonymity“: https://twitter.com/ChorzempaMartin/status/1162071943568338944?s=20
Problems that could arise with the DCEP: https://www.scmp.com/economy/china-economy/article/3035797/blockchain-endorsement-chinas-xi-jinping-could-lead-fraud-and
People with poor social credit banned from buying plane and train tickets: https://www.theguardian.com/world/2019/mar/01/china-bans-23m-discredited-citizens-from-buying-travel-tickets-social-credit-system
The FT on why China’s currency will not replace the USD: https://ftalphaville.ft.com/2018/09/19/1537329600000/China-s-currency-will-not-replace-the-US-dollar/
2000 speech by Bill Clinton: https://archive.nytimes.com/www.nytimes.com/library/world/asia/030900clinton-china-text.html?mcubz=2&module=inline
Change in plans to eliminate the Bitcoin mining industry: https://www.coindesk.com/sichuan-should-work-to-remain-attractive-to-crypto-mining-policy-advisor
Former CFTC chairman Christopher Giancarlo talks about how his experience of the financial crisis piqued his interest in blockchain technology, why the CFTC thought the introduction of Bitcoin futures would help pop the 2017 Bitcoin bubble, and how "there's no simple answer" to explain when a token goes from being a security to a commodity. He discusses why he believes there needs to be a "refresh" of regulations written decades ago that are difficult to apply in a digital world, why he thinks Libra represents a fundamental generational change and why he thinks the project should be allowed to go forward. We also cover the Chinese digital yuan, why the USD should not assume that its global dominance today will translate into global dominance tomorrow, and his own proposal for a digital dollar, which he dubs "Zelle + JPMorgan Coin." Plus, he gives the behind-the-scenes look at why he decided to speak "as a dad" in the Congressional hearing that made him an overnight crypto celebrity.
Thank you to our sponsors!
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CipherTrace: http://ciphertrace.com/unchained
Crypto.com: http://crypto.com
Episode links:
Christopher Giancarlo: https://twitter.com/giancarloMKTS
https://www.cftc.gov/About/Commissioners/JChristopherGiancarlo/index.htm
CFTC: https://www.cftc.gov/
Chamber of Digital Commerce: https://digitalchamber.org/
Let the technology evolve before regulating/CFTC is behind on regulating: https://www.coindesk.com/cftc-chair-says-regulator-is-behind-on-blockchain
Popping the Bitcoin bubble: https://www.coindesk.com/trump-administration-popped-2017-bitcoin-bubble-ex-cftc-chair-says
Talks with Facebook pre-Libra launch: https://www.coindesk.com/facebook-holds-talks-with-cftc-over-globalcoin-cryptocurrency-report
The introduction of Bitcoin futures helping to pop the crypto bubble: https://www.frbsf.org/economic-research/publications/economic-letter/2018/may/how-futures-trading-changed-bitcoin-prices/
Wall Street Journal op-ed proposing a digital dollar: https://www.wsj.com/articles/we-sent-a-man-to-the-moon-we-can-send-the-dollar-to-cyberspace-11571179923
Initial confusion over LedgerX not receiving approval or disapproval within 180 days to launch Bitcoin futures: https://www.coindesk.com/what-happened-why-the-first-us-physical-bitcoin-futures-contracts-havent-launched
CoinDesk article with emails from LedgerX on CFTC dispute: https://www.coindesk.com/ledgerx-claims-personal-animus-drove-ex-cftc-chair-to-stall-approvals
Commodity Exchange Act: https://legcounsel.house.gov/Comps/Commodity%20Exchange%20Act.pdf
Emails sent from LedgerX to the CFTC: https://static.coindesk.com/wp-content/uploads/2019/09/19-00104-FOIA-Records.pdf
Paul Chou’s blog post summarizing what happened: https://blog.ledgerx.com/let-me-set-the-record-straight/
More context from Noelle Acheson on the dispute: https://www.coindesk.com/derivatives-drama-the-unintended-consequences-of-crypto-regulation
Christian Catalini, co-creator of Libra and chief economist at Calibra, explains why Facebook made the design choices it made for Libra, reveals whether the team was prepared for the regulatory blowback it received after publishing the white paper, and talks about what it means for Libra now that nearly all the initial payment company members have left the Association. He describes how Facebook defined stability for Libra, whether the Chinese renminbi could ever be added to the reserve the way it is part of the IMF special drawing rights basket, and if so, what the Libra or Calibra would do if the Chinese government tried to censor individuals or transactions in the system. We also cover the tension between the desire to have strong know-your-customer and anti-money laundering processes on the platform but then also to bank the unbanked, who often don't have strong government identification. We also discuss how Facebook will make money from Calibra, what it would take for Facebook to let the Libra Association go forward without it, and why Facebook, which not too long ago was trying to woo China to enter the Chinese market, now says it is the best counterweight to a Chinese digital yuan. Plus, he answers how Facebook and Calibra will handle privacy.
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com/
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Christian Catalini: https://twitter.com/ccatalini
Libra: https://libra.org/en-US/
Calibra: https://calibra.com/
Libra white paper: https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/LibraWhitePaper_en_US.pdf
Letters to payment companies from Congress: https://www.schatz.senate.gov/imo/media/doc/Signed%20Letters%20re%20Libra%20to%20Patrick%20Collison,%20Ajaypal%20Banga,%20and%20Alfred%20Kelly.pdf
Mark Zuckerberg's testimony in front of Congress: https://www.c-span.org/video/?465293-1/facebook-ceo-testimony-house-financial-services-committee
Reported breakdown of the Libra reserve: https://www.reuters.com/article/us-facebook-libra-basket/u-s-dollar-to-be-main-currency-underpinning-facebooks-libra-spiegel-idUSKBN1W522K
Calibra — can send money at low to no cost: https://newsroom.fb.com/news/2019/06/coming-in-2020-calibra/
Chargebacks in Libra: https://www.theverge.com/2019/6/18/18682838/facebook-digital-wallet-calibra-libra-cryptocurrency-kevin-weil-david-marcus-interview
Asian central banks not too open to Libra: https://www.bloomberg.com/opinion/articles/2019-10-22/facebook-scaling-back-libra-will-please-asian-central-banks
Unconfirmed interview about UN work with blockchain-based vouchers: https://unchainedpodcast.com/the-un-world-food-programmes-blockchain-based-food-vouchers-for-syrian-refugees-with-robert-opp/
Hunter Horsley, cofounder and CEO of Bitwise Asset Management, and Matt Hougan, global head of research at Bitwise, describe their vision for Bitwise, its current funds and indices, as well as how it handles things like forks and airdrops. Then they give their reaction to and interpretation of the SEC disapproval of their Bitcoin ETF proposal, as well as what their focus will be now to try to get a Bitcoin ETF approved. We also discuss their general thesis around how the crypto space will develop, whether or not indices and funds around the top 100 assets will ever make sense, their ideas on how to value these networks and whether or not the company would ever try to compete in the DeFi space. Plus, don't miss our conversation on Bitcoin IRAs.
Thank you to our sponsors!
Crypto.com: http://crypto.com/
Kraken: https://kraken.com
CipherTrace: https://ciphertrace.com/unchained
Episode links:
Bitwise: https://www.bitwiseinvestments.com/
Hunter Horsley: https://twitter.com/HHorsley
Matt Hougan: https://twitter.com/Matt_Hougan
Unchained interview with Spencer Bogart: https://unchainedpodcast.com/spencer-bogart-on-the-20-trillion-in-store-of-value-assets/
Bitwise 10 Private Fund fact sheet: https://static.bitwiseinvestments.com/FactSheet/bitwise10/Bitwise-10-Private-Index-Fund-Investor-Class-Fact-Sheet.pdf
Bitwise 10 Offshore Index Fund: https://static.bitwiseinvestments.com/FactSheet/bitwise10-offshore/Bitwise-10-Index-Offshore-Fund-Investor-Fact-Sheet.pdf
Grayscale Bitcoin Investment Trust: https://grayscale.co/bitcoin-trust/
Bitwise Ethereum Fund: https://static.bitwiseinvestments.com/FactSheet/ethereumFund/Bitwise-Ethereum-Fund-Investor-Class-Fact-Sheet.pdf
SEC order disapproving the Bitwise Bitcoin ETF proposal: https://www.sec.gov/rules/sro/nysearca/2019/34-87267.pdf
Matt on CNBC discussing the Bitcoin ETF proposal: https://twitter.com/CNBC/status/1181309471349526530?s=20
Bitstamp/BitMEX trading manipulation: https://twitter.com/DoveyWan/status/1129246233917382656
Jake Chervinsky’s tweet about how the SEC is unlikely to approve a Bitcoin ETF under Chair Jay Clayton: https://twitter.com/jchervinsky/status/1182149164177608704?s=20
Unchained interview with Jake: https://unchainedpodcast.com/all-things-crypto-regulation-with-jake-chervinsky/
SEC commissioner Hester Peirce’s dissent to the disapproval of the Winklevoss Bitcoin ETF: https://www.sec.gov/news/public-statement/peirce-dissent-34-83723
Van Eck’s withdrawal of the Bitcoin ETF proposal: https://www.coindesk.com/vaneck-solidx-withdraw-bitcoin-etf-proposal-from-sec-review
Chris Burniske on how to value these networks: https://unchainedpodcast.com/how-to-value-a-crypto-asset/
Congressman Patrick McHenry, or 'Mr. Fintech' to his peers in the House, is announcing the reintroduction of the Financial Services Innovation Act, a bill that would create what he calls "permanent beta testing," or many jurisdictions call "regulatory sandboxes," in which entrepreneurs can apply for regulatory approval to conduct innovative experiments. The bill is intended to get regulators into a position where their default leans more toward yes than no. He describes how this would affect teams that want to conduct ICOs, how it would square with the phenomenon of some token teams trying to raise through Reg A+, and whether it would allow exchanges without BitLicenses to operate in New York. He also discusses what type of digital currency he believes is best suited to compete against a Chinese digital yuan, and says the government is currently looking into whether or not the Federal Reserve has the authority to issue a digital dollar.
Thank you to our sponsors!
CipherTrace: http://ciphertrace.com/unchained
Crypto.com: https://crypto.com
Kraken: https://www.kraken.com
Episode links:
Congressman McHenry: https://mchenry.house.gov/
On Twitter: https://twitter.com/PatrickMcHenry
The House Libra hearings from July 2019: https://www.youtube.com/watch?v=9-ZTkCNW0w8
Financial Services Innovation Act explainer: https://www.alta.org/file.cfm?name=McHenry-Bill-Explainer
Introduction of the bill in 2016: https://www.wsj.com/articles/u-s-house-bill-aims-to-set-up-sandbox-for-fintech-innovation-1474539893
https://www.natlawreview.com/article/financial-services-innovation-act-us-wants-sandbox-too
Congressman McHenry’s interest in fintech: https://www.politico.com/agenda/story/2016/09/patrick-henry-mr-fintech-interview-000214
CNBC article on how Libra is being slowed by regulation while China’s central bank digital currency speeds ahead: https://www.cnbc.com/2019/10/15/china-races-to-launch-a-cryptocurrency-that-could-rival-facebooks.html
Fortune article: https://fortune.com/2019/10/16/if-libra-fails-china-wins-the-ledger/
Mariano Conti, the head of smart contracts for MakerDAO and creator of SelloutDAO, and Peter Pan, the summoner for Metacartel DAO, discuss all things DAOs, including how Peter started Metacartel DAO after being rejected from MolochDAO, and why Mariano initially voted against Peter joining. (Peter eventually joined.) They also discuss how they came to form YangDAO, why Mariano almost rage quit MolochDAO after the YangDAO formed, and how other MolochDAO members felt about SelloutDAO, which Mariano describes as an experiment in "on-chain corruption." We discuss how DAOs are actually heavily built on trust and why they require a lot of social coordination off-chain. They also discuss funding for LAOs, which have a legal entity such as an LLC affiliated with them, why Metacartel is launching a LAO, and which types of projects should be funded by DAOs vs traditional corporate structures. We also cover governance issues at MakerDAO, why it has a CEO, and what role leadership in general plays in a DAO.
Thank you to our sponsors!
Crypto.com: https://crypto.com/
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Mariano Conti: https://twitter.com/nanexcool
Peter Pan: https://twitter.com/pet3rpan_
MakerDAO: https://makerdao.com/en/
https://chat.makerdao.com
Metacartel DAO: https://www.metacartel.org/
https://twitter.com/meta_cartel
SelloutDAO: https://selloutdao.com/
Unchained interview with Ameen Soleimani of MolochDAO: https://unchainedpodcast.com/molochdao-could-this-decentralized-autonomous-organization-help-ethereum-scale-faster/
Unchained interview with Santiago Siri: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/
DAO Revival: https://www.coindesk.com/in-berlin-a-dao-renaissance-begins
https://www.bloomberg.com/news/features/2019-10-05/crypto-rebels-trip-over-each-other-en-route-to-financial-utopia
Andy Milenius’s account of MakerDAO’s change from a decentralized to a centralized project: https://www.scribd.com/document/407743542/Zandy-s-Story
CoinDesk story on the rift: https://www.coindesk.com/darkest-days-yet-purple-pill-tell-all-details-years-long-rift-at-heart-of-makerdao-stablecoin-project
Two most recent MakerDAO votes: https://vote.makerdao.com/executive-proposal/keep-the-stability-fee-set-to-a-total-of-105-per-year
https://vote.makerdao.com/executive-proposal/lower-the-stability-fee-by-2-to-a-total-of-85-per-year
https://vote.makerdao.com/polling-proposal/qmpem83sxjjwe1jvn2csdtetn4r3j95ejuzpbmtxef4lu5
Unchained interviews with Rune Christensen of MakerDAO: Part 1: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/
Part 2: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/
MakerDAO vulnerabilities:
ETH could have been stolen: https://hackerone.com/reports/684092
https://thenextweb.com/hardfork/2019/10/03/makerdao-security-vulnerability-ethereum-dai-stablecoin-collapse-theft-cryptocurrency/
The LAO: https://medium.com/openlawofficial/the-lao-a-for-profit-limited-liability-autonomous-organization-9eae89c9669c
Critique of the LAO: https://prestonbyrne.com/2019/09/03/the-lao-demystified/
MakerDAO launching multi-collateral Dai: https://www.coindesk.com/makerdaos-multi-collateral-dai-token-is-launching-nov-18
https://blog.makerdao.com/breaking-launch-date-of-multi-collateral-dai-announced-at-devcon-5/
Are DAO’s legal? https://www.coindesk.com/new-interest-in-daos-prompts-old-question-are-they-legal
Unconfirmed interview with Uniswap: https://unchainedpodcast.com/how-uniswap-quickly-became-one-of-the-most-popular-dexes/
Unconfirmed episode with Ryan Zurrer about resurrecting the DAO: https://unchainedpodcast.com/why-ryan-zurrer-would-like-to-see-a-new-dao/
Unchained interview with Aragon: https://unchainedpodcast.com/how-aragon-hopes-to-improve-on-democracy/
David Andolfatto, senior vice president at the Federal Reserve Bank of St. Louis, gives his thoughts on Facebook's Libra, including why regulatory issues will make it hard to compete with the US dollar, and why Bitcoin wouldn't have such issues. He also says, "who cares?" about the US dollar losing global reserve status, pointing out that many prosperous countries have currencies that don't function as global reserves. He tells us how he would design a central bank digital currency, and why, even if central banks enabled citizens to open accounts with them, thus bypassing commercial banks, it wouldn't drive banks out of business. We also cover how that could affect fractional reserve banking and credit creation, the People's Bank of China's soon-to-be-issued digital yuan, and why blockchains haven't yet substantially helped the unbanked, as they were originally touted to do.
Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Crypto.com: https://crypto.com
Episode links:
St. Louis Federal Reserve: https://www.stlouisfed.org
David Andolfatto: https://research.stlouisfed.org/econ/andolfatto/sel/
David's blog: http://andolfatto.blogspot.com
Letter from House Reps to Fed Chair Jerome Powell: https://static.coindesk.com/wp-content/uploads/2019/10/Foster-Hill-US-Crypto.pdf
Talk on blockchain, cryptocurrency and central banks: https://www.stlouisfed.org/dialogue-with-the-fed/blockchain
https://www.stlouisfed.org/~/media/files/pdfs/dwtf/blockchain_082918.pdf?la=en
Blog post on cost efficiency of a centrally managed ledger: http://andolfatto.blogspot.com/2017/12/fedcoin-and-blockchain.html?spref=tw
David’s paper on the impact of central bank digital currency private banks: https://s3.amazonaws.com/real.stlouisfed.org/wp/2018/2018-026.pdf
Raskin and Yermack paper: https://ccl.yale.edu/sites/default/files/files/Raskin_Max_and_Yermack_David_The%20Future%20of%20Central%20Banking.pdf
David on FedCoin: http://andolfatto.blogspot.com/2015/02/fedcoin-on-desirability-of-government.html
Philadelphia Federal Reserve banker Patrick Harker on a G20 CBDC being inevitable: https://www.reuters.com/article/us-usa-fed-harker-digital/feds-harker-digital-central-bank-currency-inevitable-idUSKBN1WH1L4
Related Unchained interview: Dong He and Yan Liu on central bank digital currencies: https://unchainedpodcast.com/the-imf-on-how-to-design-central-bank-digital-currencies/
Emily Parker, cofounder of Longhash, describes what the company, which has an Asia-focused incubator and data media site does, how she ended up launching an Asia-focused company, why she’s seeing US crypto teams and ICOs going to Singapore, why the Chinese government cracked down on crypto, and what misconceptions she sees about crypto in China. She explains how the Chinese still trade Bitcoin and cryptocurrencies despite the ban, why Tether plays a big role, how the China ban has affected crypto entrepreneurship and how the upcoming People's Bank of China digital currency could impact crypto. We also discuss how the attitude toward crypto has changed in Japan over time, why so many crypto teams are settling in Singapore, and whether or not the philosophies of censorship-resistance or decentralization resonate in China.
Thank you to our sponsors!
Crypto.com: https://crypto.com
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Longhash: LongHash.com
Longhash's Twitter: https://twitter.com/longhashdata
Emily Parker: Emilyparkerwrites.com
Emily Parker on Twitter: https://twitter.com/emilydparker
Emily Parker on LinkedIn: https://www.linkedin.com/in/emily-parker-738034142/
Longhash's incubator: https://incubator.longhash.com
BTC trading by US EST and PST vs. China: https://www.longhash.com/news/american-traders-lead-on-bitcoin-rally-while-asian-traders-not-so-bullish
Bitcoin metrics on Longhash: https://www.longhash.com/livecharts/bitcoin-social-metrics
Emily's interview with SEC commissioner Hester Peirce: https://www.longhash.com/news/in-cryptocurrency-will-asia-surpass-the-us-exclusive-interview-with-sec-commissioner-hester-peirce
Unchained interview with commissioner Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/
Longhash article showing more ICOs in Singapore than in US in Q1 2018: https://www.longhash.com/news/how-singapore-became-asias-ico-hub
Longhash's graphic showing money transmitter laws in the US: https://www.longhash.com/news/is-cryptocurrency-money-depends-on-your-state
Longhash on ICOs fleeing the US: https://www.longhash.com/news/after-years-of-regulatory-uncertainty-icos-are-fleeing-the-united-states
Unchained interview with Primitive Ventures: https://unchainedpodcast.com/asia-edition-mining-a-crypto-yuan-and-the-two-main-reasons-the-chinese-are-interested-in-crypto-ep-102/
Unchained interview with Da Hongfei and Patrick Dai (not Lai!): https://unchainedpodcast.com/from-blockchains-to-mooncakes-two-chinese-crypto-founders-on-the-ico-and-bitcoin-exchanges-ban/
Unchained interview with CZ of Binance: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/
Emily's interview with Coincheck's president: https://www.longhash.com/news/lessons-from-the-largest-crypto-hack-in-history-exclusive-interview-with-coincheck-president-toshihiko-katsuya
Longhash deck of cards of crypto players: https://www.longhash.com/news/fiftyfour-players-in-the-blockchain-industry-transformed-into-a-real-deck-of-cards
Spencer Bogart, general partner at Blockchain Capital, the first VC firm to tokenize one of its funds, talks about how well offering tokenized shares has worked out, why it didn't do so for the following fund, the appeal of security tokens generally and what advantages tokenized securities offer over non-blockchain platforms like Second Market, in which investors can trade shares in private companies. He also explains what entrepreneurs are looking for from VCs now that they have more ways to raise from the crowd, how Blockchain Capital decides between investing in equity vs. tokens when there is an option, and why the firm believes there will only be five or fewer dominant blockchains. He describes why he thinks it's likely Bitcoin will take the lion's share of the market, noting its $200 billion market cap vs. the $20 trillion in other store-of-value assets such as gold, real estate and art, and whether or not it's possible to invest in Lightning, the second layer built on top of Bitcoin. We also cover the Bitcoin ETF proposals, stablecoins, how crypto might take off in video games and its 66x return within two years on its investment in Block.One.
Thank you to our sponsors!
Simbachain: https://simbachain.com
Kraken: https://kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Blockchain Capital: https://blockchain.capital/
Spencer Bogart: https://twitter.com/CremeDeLaCrypto
Unchained interview with Brock Pierce: https://unchainedpodcast.com/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/
BCAP Q2 Nav: https://blockchainloop.com/blockchain-capital-releases-q2-2019-bcap-token-nav/
Upgrading of BCAP to Securitize platform: https://www.globenewswire.com/news-release/2018/09/04/1565117/0/en/BCAP-Tokens-to-be-Upgraded-Utilizing-Securitize-Platform.html
Funding of Securitize: https://www.coindesk.com/coinbase-backs-security-token-startups-12-75-million-funding-round
Blockchain Capital’s fourth fund: https://www.prnewswire.com/news-releases/blockchain-capital-closes-fund-iv-at-150-million-300617495.html
Story about Blockchain Capital trying to separate itself from Brock Pierce: https://decrypt.co/6876/is-blockchain-capital-trying-to-scrub-co-founder-and-mighty-ducks-star-brock-pierce-from-its-history
Interview with Brock Pierce in which he describes leaving Blockchain Capital: https://hackernoon.com/brock-pierce-interview-tales-from-the-bitcoin-floor-e479693a49bd
Lightning Network statistics: https://bitcoinvisuals.com/lightning
Tweets from LNBig on how they earned $0.10-$0.30 a day on Lightning fees: https://twitter.com/lnbig_com/status/1163055682964348934?s=20
https://twitter.com/lnbig_com/status/1159538637597487104?s=20
LNBig on how they spent $1,000 or so to open their Lightning channels: https://www.reddit.com/r/btc/comments/bxh0ny/lightning_network_capacity_takes_a_sudden_dive/eq9x4i9/
Profitability of running a lightning node: https://www.reddit.com/r/Bitcoin/comments/a9dmzw/how_profitable_is_running_a_lightning_node/
Letter to the SEC: https://blockchain.capital/examining-bitcoins-valued-attributes-a-letter-to-the-sec/
Blog post about Bitcoin’s likely dominance: https://blockchain.capital/the-past-future-of-blockchain-where-were-going-and-why/
Spencer's Reddit post with questions/concerns about MakerDAO: https://www.reddit.com/r/MakerDAO/comments/asb9n6/a_couple_questions_concerns_about_maker_and_mkr/
- tweetstorm: https://twitter.com/cremedelacrypto/status/1103428046621618178
Olga Feldmeier, CEO of SmartValor, describes how her upbringing in Ukraine when it was undergoing 10,000% and 5,000% annual inflation helped her understand the potential in Bitcoin years later, and helped her connect with Wences Casares, CEO of Xapo. She also talks about how Xapo was able to get regulated in Switzerland, without having to get a banking license, and why she believes Switzerland has been open to the crypto industry. She explains why she is now focused on security tokens and tokenizing other real-world assets with her venture SmartValor, why it is also licensed in Lichtenstein, why it is aiming to make South Korea its second home, and what her view is on Facebook's Libra.
Thank you to our sponsors!
Simbachain: https://simbachain.com
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Smart Valor: https://smartvalor.com/en/
Olga Feldmeier: https://twitter.com/OlgaFeldmeier
Forbes interview with Olga: https://www.forbes.com/sites/montymunford/2018/07/30/qa-with-olga-feldmeier-cryptoqueen-and-ceo-smart-valor/#e3a3c9f3bcd1
Untold Stories interview with Olga (episode 14): https://cms.megaphone.fm/channel/untoldstories?selected=BWG5775450315
Xapo receives approval to operate as a financial intermediary in Switzerland: https://blog.xapo.com/xapo-regulatory-status-in-switzerland/
SmartValor white paper: https://res.smartvalor.com/public/SMART-VALOR-WhitePaper.pdf
SmartValor launches in Switzerland: https://www.coindesk.com/smart-valor-launches-regulated-crypto-exchange-in-switzerlandBusiness Insider interview on tokenizing physical objects:
https://www.businessinsider.com/smart-valor-ceo-tokenization-of-everything-icos-bitcoin-future-value-2018-1
Smart Valor makes South Korea its second home: https://news.smartvalor.com/korea-update/
Sebastian Sonntag, the new CEO of LocalBitcoins, and Mika Impola, software developer at LocalBitcoins, explain why the peer-to-peer bitcoin trading company has a new CEO, why it stopped cash trades and what kind of response they've received from the community about it. They describe how the service works, how it has changed over time, the range of payment options available amongst sellers on the site, and how peer-to-peer trading differs from country to country. Plus, we cover why it suspended buying in Iran, how regulation is changing the site in general, how it handles forks and what Sonngtag's plans are for the company.
Thank you to our sponsors!
Simbachain: https://simbachain.com/
Kraken: https://kraken.com/
CipherTrace: http://ciphertrace.com/unchained
Episode links:
LocalBitcoins: https://localbitcoins.com/
LocalBitcoins blog: https://localbitcoins.com/blog/
LocalBitcoins names a new CEO: https://localbitcoins.com/blog/localbitcoins-names-a-new-ceo/
LocalBitcoins stops cash trades: https://www.coindesk.com/localbitcoins-removes-cash-for-crypto-trading-option
New Finnish AML regulations: https://localbitcoins.com/blog/aml-features-update/
LocalBitcoins’ new ID verification system: https://localbitcoins.com/blog/id-verification-update/
LocalBitcoins trading volume across countries: https://coin.dance/volume/localbitcoins
LocalBitcoins trading in Venezuela: https://coin.dance/volume/localbitcoins/VES/BTC
LocalBitcoins suspends buying in Iran: https://www.coindesk.com/localbitcoins-bans-bitcoin-buying-in-iran-in-blow-to-rising-crypto-commerce
Bitcoin Cash hard fork decision: https://localbitcoins.com/blog/bitcoin-bcash/
Bitcoin Maven: https://www.latimes.com/business/la-fi-bitcoin-sentencing-20180709-story.html
Hack on LocalBitcoins forums: https://www.coindesk.com/localbitcoins-reveals-security-breach-with-some-crypto-wallets-affected
Luis Cuende, the CEO of Aragon One, describes the Aragon Network, how it aims to create new systems better for human coordination and the roles of the various parts of the ecosystem, such as Aragon One, the Aragon Association, the Aragon Court, Aragon Nest and the Aragon Network token. He describes the various parts of the Aragon Network, such as a finance app and voting app, how the network can be used both by decentralized organizations as well as centralized companies, and how he thinks decentralized autonomous organizations (DAOs) interact with real-world legal jurisdictions. We discuss how disputes are handled in Aragon, what the token, ANT, is used for, and why Aragon is contemplating building its own blockchain instead of sitting atop Ethereum, as it currently does. We also talk about how Aragon is governed, how it hopes to someday decentralize its governance and other ways Aragon can reach Cuende's ideal governance. Plus, we cover a few controversial votes in Aragon and the role of whales in such systems.
Thank you to our sponsors!
Simbachain: https://simbachain.com/
Kraken: https://www.kraken.com/
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Aragon Network: https://aragon.org/network/
Luis Cuende: https://twitter.com/licuende?lang=en
Aragon white paper: https://github.com/aragon/whitepaper
Breaker Mag article about Aragon: https://breakermag.com/can-aragon-make-decentralized-autonomous-governance-work/
Vitalik Buterin's proposals on DAICOs: https://ethresear.ch/t/explanation-of-daicos/465
Aragon Governance Proposals (AGP): https://github.com/aragon/AGPs/blob/master/AGPs/AGP-1.md
Vote against funding Polkadot: https://www.coindesk.com/voters-on-ethereum-app-veto-proposal-to-fund-polkadot-blockchain
Unchained episode about Polkadot: https://unchainedpodcast.com/paritys-jutta-steiner-and-gavin-wood-on-polkadot-substrate-and-the-frozen-funds/
Unchained episode about Ethereum 2.0: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/
Unchained episode with Ameen Soleimani of MolochDAO: https://unchainedpodcast.com/molochdao-could-this-decentralized-autonomous-organization-help-ethereum-scale-faster/
Stats on Aragon: https://scout.cool/aragon/mainnet
Unchained episode about Melon protocol: https://unchainedpodcast.com/how-melon-could-make-asset-management-easier/
Autark, the decentralized SpaceX: https://www.autark.xyz
Jonathan Zeppettini, international ops lead and chief evangelist for Decred, aka "Decred Jesus," announces the launch of the coin's privacy feature. He first describes how Decred came out of some developers' frustrations of trying to work with Bitcoin Core developers, and how that led them to realize a couple of issues with Bitcoin's governance around the funding of development and giving other stakeholders a say in the development of the coin. He explains how Decred addresses those issues, how governance in Decred works, what tickets are used for in the system and why it uses a hybrid POW/POS system. We discuss the comparatively high participation rates in Decred, how it's resistant to contentious hard forks, and what Politeia is. Plus, he gives the scoop on Decred's new privacy feature, how it works, why it was developed in secret, and how the plan to make it more decentralized in the future. Plus, he talks about how Decred plans to decentralize its own governance.
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Decred: https://decred.org
Jonathan Zeppettini: https://twitter.com/jz_bz
Decred in brief: https://decred.org/brief/
Jacob’s 2015 post on the challenges with Bitcoin: https://blog.companyzero.com/2015/11/bitcoins-biggest-challenges/
Placeholder VC on why it invested in Decred: https://www.placeholder.vc/blog/2018/5/12/decred-investment-thesis?rq=decred
Smith and Crown's Decred report: https://sci.smithandcrown.com/research/decred-report
Voting in Decred: https://storage.googleapis.com/smithandcrown-asset-engine-prod/images/voting-cycle.original.png
Politeia: https://blog.decred.org/2017/10/25/Politeia/
CoinDesk article on Politeia: https://www.coindesk.com/one-of-investors-favorite-governance-blockchains-is-handing-over-20-million
DiceMix “paper”: https://www.ndss-symposium.org/wp-content/uploads/2017/09/ndss201701-4ruffingSlides.pdf
Brave New Coin post: https://bravenewcoin.com/insights/decred-price-analysis-a-sustained-increase-in-mining-activity-2
Coinbase may list Decred: https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-4d2ecbcbd38c
Sandra Ro, the CEO of the Global Blockchain Business Council and former head of digitization at CME, explains what the GBBC does, how it chooses partners, and what level of involvement they have with projects under the GBBC umbrella. We discuss some of the more controversial projects, such as the Voatz pilot that conducted election voting using blockchain technology, as well as how she responds to people saying many "blockchain" projects could instead use a database. She also reveals why she believes that the US will eventually lead the world on crypto regulation, why she thinks that there's strength in the fragmentation in US regulations and what she thinks is the best way forward on the BitLicense. Plus, she gives us the inside scoop on what it took for her to get CME to launch Bitcoin futures.
Thank you to our sponsors!
Crypto.com: https://www.crypto.com/
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Sandra Ro: https://twitter.com/srolondon
GBBC: https://gbbcouncil.org/
Previous Unchained interview with Sandra: https://unchainedpodcast.com/what-is-one-of-the-worlds-largest-derivatives-exchanges-doing-with-bitcoin/
Controversy over Voatz: https://slate.com/technology/2019/07/west-virginia-blockchain-voting-voatz.html
Episode with Jake Chervinsky: https://unchainedpodcast.com/all-things-crypto-regulation-with-jake-chervinsky/
Jeremy Allaire on Unconfirmed on why the US needs a new category for digital assets: https://unchainedpodcast.com/jeremy-allaire-on-why-the-us-government-needs-a-new-category-for-digital-assets/
Fred Wilson on crypto regulation in the US: https://avc.com/2019/05/defendcrypto-org/
Ted Livingston on why Kik set up DefendCrypto.org: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/
Unchained interview with Juthica Chou: https://unchainedpodcast.com/ledgerx-on-the-reasons-to-trade-bitcoin-options/
Patent for physically settled cryptocurrency derivatives contracts: https://www.coindesk.com/cme-explores-cryptocurrency-derivatives-contracts-in-patent-filing
Ro named to New York State Digital Currency Task Force: https://www.coindesk.com/new-york-legislature-names-initial-members-to-crypto-task-force
The Libra Association's Dante Disparte on Unconfirmed: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Dong He, deputy director of the monetary and capital markets department of the IMF, and Yan Liu, Assistant General Counsel at the legal department of the IMF, talk about central bank digital currencies (CBDCs): the current level of interest among central banks in issuing them, what concerns they need to address when designing them, and how commercial banks might be affected, depending on the design of the CBDC. We discuss how privacy could be built into such a currency while also fulfilling anti-money laundering and counter terrorist financial regulations and how a CBDC could affect the IMF's ability to achieve its goal of financial inclusion. Plus, we also cover how crypto assets being widely adopted could influence economies, as well as Facebook's Libra.
Thank you to our sponsors!
Crypto.com: https://www.crypto.com/
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
IMF: https://www.imf.org/
Dong He: https://www.linkedin.com/in/donghe
Yan Liu: https://blogs.imf.org/bloggers/yan-liu/
Speech by IMF managing director Christine Lagarde on the case for new digital currency: https://www.imf.org/en/News/Articles/2018/11/13/sp111418-winds-of-change-the-case-for-new-digital-currency
He’s speech on monetary policy in the digital age: https://www.imf.org/external/pubs/ft/fandd/2018/06/central-bank-monetary-policy-and-cryptocurrencies/he.htm
Article on how crypto assets could reduce the demand for central bank money: https://www.imf.org/external/pubs/ft/fandd/2018/06/central-bank-monetary-policy-and-cryptocurrencies/he.pdf
The IMF on Libra: https://www.imf.org/~/media/Files/Publications/FTN063/2019/English/FTNEA2019001.ashx
Unconfirmed episode with Michael Casey on why it would be good if Libra rivaled the US dollar: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/
Also check out this Unchained episode from the Oslo Freedom Forum, which dived deeply into the issues around privacy vs. keeping out bad actors: https://unchainedpodcast.com/oslo-freedom-forum-2019-protecting-financial-freedoms-in-the-digital-age/
And this Unchained episode with Alex Gladstein of the Human Rights Foundation, which covered similar issues: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/
Jake Chervinsky, general counsel at Compound, goes over a plethora of crypto regulatory issues, such as those related to securities law such as the SEC vs. Kik case, Ripple, stablecoins, no-action letters, Blockstack and more. We also discuss whether there should be one regulator for crypto matters in the US, whether it makes sense to create a new category for digital assets instead of applying laws for securities, commodities, etc., to digital tokens, and why he thinks Libra will likely not launch in its proposed form. He also gives his odds on a Bitcoin ETF being approved soon, talks about the tension between privacy and financial regulation and reveals what he thinks is the biggest regulatory issue in DeFi that no one's talking about.
Thank you to our sponsors!
Crypto.com: https://www.crypto.com/
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Jake Chervinsky: https://twitter.com/jchervinsky
Compound: https://compound.finance/
Unchained interview with Compound CEO Robert Leshner: https://unchainedpodcast.com/how-youll-earn-interest-on-your-crypto-with-compound-ep-82/
Unchained with Ted Livingston of Kik about its intention to fight the SEC in court: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/
Kik's Wells response: https://www.kin.org/wells_response.pdf
SEC no-action letter to Quarters: https://www.coindesk.com/sec-clears-blockchain-gaming-startup-to-sell-quarters-tokens
SEC Commissioner Hester Peirce on the first no-action letter for a token: https://www.sec.gov/news/speech/peirce-how-we-howey-050919
Unconfirmed episode on Blockstack’s Reg A+ filing: https://unchainedpodcast.com/blockstacks-reg-a-filing-and-the-future-of-token-offerings%e2%80%8b/
Decrypt article on issues with issuing a token under Reg A+: https://decrypt.co/7839/blockstack-token-offering-historic-but-dance-with-sec-far-from-over
How much Ripple has sold recently: https://twitter.com/lawmaster/status/1154276254775947264?s=20
Jake’s tweet storm on the Libra hearings in Congress: https://twitter.com/jchervinsky/status/1151875713903005697?s=20
Jeremy Allaire’s testimony to Congress: https://www.banking.senate.gov/imo/media/doc/Allaire%20Testimony%207-30-19.pdf
Unchained interview with Jeremy Allaire on regulations: https://unchainedpodcast.com/jeremy-allaire-on-why-the-us-government-needs-a-new-category-for-digital-assets/
Push for new crypto regulations: https://www.wsj.com/articles/lawmakers-push-for-new-bitcoin-rules-11562405401
Tax issues: https://fortune.com/2019/07/29/here-comes-the-irs-the-ledger/
Bitcoin ETF: https://twitter.com/jchervinsky/status/1111734963798458369?s=20
Jake’s tweet storm on Bakkt: https://twitter.com/jchervinsky/status/1059828623471972354?fbclid=IwAR259I8Q2NSNmQ_PEb6l__XatWhmqj9U8gocHRoeb-JXizviI9T62rMuQC8
The latest on Bakkt: https://www.coindesk.com/bakkt-is-supposed-to-start-testing-its-bitcoin-futures-contracts-today
Sanctions coming to crypto: https://www.coindesk.com/get-ready-for-crypto-sanctions-enforcement
Juthica Chou, chief operating officer of LedgerX, talks about the company's new license to offer its derivatives to retail investors and the resulting platform, Omni. She walks through what call and put options are, how they work and why people and companies purchase them as opposed to just buying or selling bitcoin directly. We discuss why LedgerX believes physically settled bitcoin options are superior to cash-settled ones, how LedgerX handles hard forks, and other contracts focused on the technicals of crypto networks it could offer such as its halving contract. Plus, she describes what it was like to be building a Bitcoin-centered company during the "blockchain not Bitcoin" era.
Sign up for the Virtues of the Crypto Revolution retreat with me, Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures at Omega Institute!!
Thank you to our sponsors!
Crypto.com: https://www.crypto.com/
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
LedgerX: https://www.ledgerx.com
Juthica Chou: https://twitter.com/juthica
LedgerX blog posts introducing Omni: https://blog.ledgerx.com/the-long-game/
https://blog.ledgerx.com/introducing-omni-powered-by-ledgerx/
https://www.coindesk.com/cftc-approves-ledgerx-to-settle-futures-in-real-bitcoin
https://www.coindesk.com/ledgerx-reveals-bid-to-beat-bakkt-to-physical-bitcoin-futures-launch
CNBC interview with Ari Paul about why he bought $50,000 Bitcoin call option: https://www.cnbc.com/video/2017/12/26/man-behind-massive-bet-that-bitcoin-could-hit-50000.html
Cheddar interview: more opportunity with the retail market:
https://cheddar.com/media/ledgerx-wins-u-s-regulatory-approval-to-trade-bitcoin-futures
Bitcoin halving contract: https://blog.ledgerx.com/a-new-type-of-contract-for-a-new-type-of-asset/
https://www.coindesk.com/ledgerx-unveils-betting-market-for-2020s-bitcoin-block-reward-halving
Ledger on how to it would handle the Bitcoin Gold hard fork: https://www.ledgerx.com/s/LedgerX-LLC-Notice-to-Participants-2017-10.pdf
Call option for $100k Bitcoin by December 2020: https://www.bloomberg.com/news/articles/2019-07-16/anybody-can-now-bet-on-bitcoin-100-000-with-new-call-options
Unchained interview with Dan Morehead of Pantera Capital: https://unchainedpodcast.com/pantera-capital-how-bitcoin-could-reach-356000-in-a-few-years/
Cboe stops listing Bitcoin fuures:
https://www.coindesk.com/cboe-puts-brakes-on-bitcoin-futures-listing
https://www.wsj.com/articles/cboe-abandons-bitcoin-futures-11552914001
Why CME’s futures saw more volume than Cboe’s: https://www.coindesk.com/cme-cboe-bitcoin-futures
How Bitcoin futures will be taxed: https://blog.ledgerx.com/less-taxation-with-digitization/
Doomschain clock/attitude toward private blockchains: https://blog.ledgerx.com/updating-the-doomschain-clock/
Oracle blog post: https://blog.ledgerx.com/how-to-talk-to-the-oracle/
Dan Morehead, founder and CEO of Pantera Capital, and Joey Krug, co-chief investment officer of Pantera and founder of Augur, discuss where we are in the development cycle of blockchain technology, how Bitcoin, if stays on past trend lines, could hit $42,000 by year's end and $356,000 a couple years after that, and why the biggest challenges now are around scaling and onboarding. We also cover what the adoption of the technology will mean long-term — how creating assets and markets will no longer be the realm of a privileged view — but why payments may be one of the last areas to be disrupted. Morehead and Krug also talk about how Libra walks the line between decentralized and centralized, and it's unclear how Libra will become decentralized. Plus, hear how they respond to questions about the SEC vs. Kik.
Sign up for the Virtues of the Crypto Revolution retreat with me, Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures at Omega Institute!!
Thank you to our sponsors!
Crypto.com: https://www.crypto.com/
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Pantera Capital: https://www.panteracapital.com
Dan Morehead: https://twitter.com/dan_pantera
Joey Krug: https://twitter.com/joeykrug
Dan Morehead on Unconfirmed: https://unchainedpodcast.com/dan-morehead-of-pantera-capital-on-why-this-crypto-winter-is-different/
Unchained with Joey Krug: https://unchainedpodcast.com/joey-krug-on-how-augur-is-like-any-other-tool-ep-79/
A Crypto Thesis: https://medium.com/@PanteraCapital/a-crypto-thesis-47eaacf861ca
Unconfirmed about Congressional hearings on Libra: https://unchainedpodcast.com/why-the-congressional-hearings-on-facebooks-libra-were-good-for-bitcoin/
Unconfirmed about why it would be good if Libra rivaled the USD: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/
Unconfirmed with Dante Disparte of the Libra Association: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Some crypto industry players fed up with US regulators: https://www.forbes.com/sites/laurashin/2019/05/29/crypto-companies-and-investors-fed-up-with-the-sec/#3f348ad7701c
The SEC vs. Kik: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/
Bitcoin ETF: https://www.cryptoglobe.com/latest/2018/10/pantera-capital-ceo-sec-doesnt-want-widows-and-orphans-buying-bitcoin-etfs-i-think-an-etf-is-years-away/
Rich Sanders, cofounder and chief security officer of CipherBlade, and Harry Denley, director of security of MyCrypto.com, discuss the phone porting phenomenon: who's behind these thefts, how they perpetrate them, who is targeted, how to recognize the signs you're a victim and how to the hackers are adapting to people protecting themselves. They cover how you can protect yourself, which accounts to protect, what kinds of email addresses and numbers to set up, how to set them up, how to separate them from anything valuable, and which two-factor authentication methods could work instead. Plus, they go over how to report a theft, to whom you should report, and what information to include.
Thank you to our sponsors!
Crypto.com: https://crypto.com
Kraken: https://kraken.com
CipherTrace: https://ciphertrace.com/unchained
Episode links:
MyCrypto: https://mycrypto.com/
https://twitter.com/MyCrypto
https://medium.com/mycrypto
CipherBlade: https://cipherblade.com
The SIM Swapping Bible: https://medium.com/mycrypto/what-to-do-when-sim-swapping-happens-to-you-1367f296ef4d
My Forbes story covering the phone hijacking phenomenon: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#1964ddb738ba
Michael Terpin, awarded $75 million in case after losing $24 million in crypto: https://www.coindesk.com/crypto-investor-awarded-over-75-million-in-sim-swapping-hack-case
Cody Brown who lost $8,000 on Coinbase due to a phone hijacking: https://medium.com/@CodyBrown/how-to-lose-8k-worth-of-bitcoin-in-15-minutes-with-verizon-and-coinbase-com-ba75fb8d0bac
BitGo engineer losing his money via SIM porting: https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124
Gabriel Abed, founder of Bitt.com and Vice President of the board of directors, describes how he went from mining Bitcoin to persuading governors of central banks to not quash Bitt's goal to create central bank digital currencies in the Caribbean and getting the Eastern Caribbean Central Bank to pilot one starting next year. He tells the tale of how Overstock came to invest in Bitt, how he brought on a new CEO to take over the company he founded, and how he teamed up with Polymath to create a new company that became the single largest shareholder of the Barbados Stock Exchange. He also describes Digital Asset Capital Management, an investment firm he launched, and why he's still a Bitcoin maximalist despite working on and investing in other types of cryptocurrencies.
Virtues of the Crypto Revolution retreat with Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures: https://www.eomega.org/workshops/virtues-of-the-crypto-revolution
Thank you to our sponsors!
Crypto.com: https://www.crypto.com
Kraken: https://www.kraken.com/
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Bitt.com: https://www.bitt.com/
Gabriel Abed: https://www.linkedin.com/in/gabrielabed/
mMoney in Barbados: https://www.mmoneybb.com/
Digital Asset Capital Management: https://dacm.io/
Overstock announces $4 million investment in Bitt.com, to total $16 million over time: https://bitcoinmagazine.com/articles/overstock-invests-in-bitt-to-launch-official-digital-currencies-in-the-caribbean-islands-1459961581
Second Overstock investment in Bitt.com of $3 million: https://www.coindesk.com/overstock-venture-arm-invests-3-million-in-blockchain-payments-startup
CoinDesk on the meaning of Bitt's work with the Barbadian digital dollar: https://www.coindesk.com/how-a-tiny-island-could-give-cryptocurrency-a-big-boost
Bitt’s pilot with Eastern Caribbean Central Bank:
https://www.coindesk.com/eastern-caribbean-central-bank-takes-step-toward-digital-currency-roll-out
Partnership with Centrale Bank van Curaçao en Sint Maarten (CBCS) to look into issuing a central bank-backed digital currency for Curaçao and Sint Maarten:
https://www.coindesk.com/bitt-partners-with-dutch-caribbean-islands-to-explore-central-bank-crypto
Bitt's identity work: https://www.coindesk.com/bitt-reveals-big-plans-blockchain-powered-caribbean-settlement-network
Crypto activity in Bermuda and the Caribbean:
https://www.nytimes.com/2018/07/29/technology/cryptocurrency-bermuda-malta-gibraltar.html
Bermuda's crypto regulatory framework:
https://finance.yahoo.com/news/why-bermuda-is-going-crypto-with-new-regulatory-framework-130512103.html
Unchained interview with CZ of Binance: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/
Unchained interview with Bitfury: https://unchainedpodcast.com/bitfury-on-the-ways-it-collaborates-with-governments-and-why-its-partnered-with-a-public-company/
Unchained interview with Sandra Ro: https://unchainedpodcast.com/what-is-one-of-the-worlds-largest-derivatives-exchanges-doing-with-bitcoin/
Unconfirmed interview with Dante Disparte: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Luis Buenaventura, founder of Bloom Solutions, and Leo Weese, president of Bitcoin Association of Hong Kong, discuss the crypto scene in Asia — how it differs from that of the West, and how it differs within the region. We also cover the regulatory climate there, how Korean traders occasionally stuff their pockets with cash and hop flights to Hong Kong, and whether the Hong Kong protests have had any impact on interest in BItcoin. Leo and Luis also talk about Binance and what they think are the top crypto projects in the region. Plus, they reveal Asia's perception of Tron.
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Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Luis Buenaventura: https://twitter.com/helloluis
Bloom: https://www.bloom.solutions/
Leo Weese: https://twitter.com/LeoAW
The Bitcoin Association of Hong Kong: https://www.bitcoin.org.hk/
On Twitter: https://twitter.com/bitcoinorghk?lang=en
Panel from the Oslo Freedom Forum, where I met Leo and Luis: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/
Previous Asia scene episode: https://unchainedpodcast.com/asia-edition-mining-a-crypto-yuan-and-the-two-main-reasons-the-chinese-are-interested-in-crypto-ep-102/
Crypto Garage: https://cryptogarage.co.jp/en
Bitspark: https://www.bitspark.io
In recent years, the Human Rights Foundation and Alex Gladstein, its chief strategy officer, have become forces in the Bitcoin and cryptocurrency community. In this episode, he discusses why Bitcoin is important for human rights, its three most important characteristics, and why Facebook's Libra project should be helpful to the adoption of the technology, at least in the short-term. He also describes how Bitcoin is just part of other movements that have become more open, such as governments shifting toward democracies and information becoming freer via the internet. He talks about how he thinks the technology can get wider adoption, why HRF supports the Open Money Initiative, and whether or not Bitcoin can help the North Korean people, rather than enriching its government, which has been the case so far.
Read the full show notes on Forbes: http://www.forbes.com/sites/laurashin/2019/06/25/how-bitcoin-can-help-in-the-fight-for-human-rights/
Take the Unchained Podcast survey!
Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, — including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019
Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
The Human Rights Foundation: https://hrf.org/
Alex Gladstein: https://twitter.com/gladstein
Last year's Unconfirmed episode with Alex: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep-021/
This year's panel discussion on finances and freedom from the Oslo Freedom Forum: https://unchainedpodcast.com/oslo-freedom-forum-2019-protecting-financial-freedoms-in-the-digital-age/
Alex's essay for Time on why Bitcoin matters for freedom: https://time.com/5486673/bitcoin-venezuela-authoritarian/
Alex's response to Bitcoin critics: https://medium.com/@alexgladstein/a-human-rights-activists-response-to-bitcoin-critics-d50e6760ee80
The Open Money Initiative: https://www.openmoneyinitiative.org/
https://www.coindesk.com/whats-holding-back-bitcoin-in-venezuela-this-group-is-investigating
How Bitcoin could help improve foreign aid: https://edition.cnn.com/2019/05/23/perspectives/bitcoin-foreign-aid/index.html
Unchained episode with Bill Tai:
https://unchainedpodcast.com/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology/
Eric Wall's posts on Bitcoin privacy and wallets: https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-i-how-private-is-bitcoin-e3a4071f8fff
https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-ii-bitcoin-wallets-2f68099b055f
What Bitcoin Did episode with Mahsa Alimardani: https://www.whatbitcoindid.com/podcast/wbd-live-bitcoin-around-the-world-panel-at-the-oslo-freedom-forum
Thae Yong Ho, the highest-ranking North Korean defector, at the Oslo Freedom Forum 2019: https://youtu.be/HmnBvsHl0qY?t=2662
Unchained episode with Jimmy Song: https://unchainedpodcast.com/jimmy-song-on-why-bitcoin-will-be-the-winning-cryptocurrency-ep-69/
Tarun Chitra, cofounder and CEO of Gauntlet, describes how his company enables crypto teams to run through simulations to see how their design choices will affect the project once it is trading. Using the cofounders' background in quantitative finance and high-frequency trading, Gauntlet uses tools from behavioral economics as well as game theory, plus real-world information such as exchange data to model outcomes after 100,000 blocks. We discuss how it makes its assumptions, how proof of stake differs from proof of work, and how the initial token distribution can affect the eventual concentration of tokens. He also reveals what design choice tends to have the greatest impact, as well as what main factor crypto teams aren't thinking about that they should be. Plus, he talks about his involvement in the launch of Facebook's Libra project, and gives us his thoughts on the design choices Facebook made regarding the consensus algorithm, programming language and the structure of the coin.
See the full show notes on Forbes! http://www.forbes.com/sites/laurashin/2019/06/18/how-to-make-cryptoeconomics-work-in-live-trading/
Take the Unchained Podcast survey!
Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, — including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019
Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode Links:
Gauntlet: https://gauntlet.network
Tarun Chitra: https://twitter.com/tarunchitra?lang=en
Gauntlet blog posts: https://medium.com/gauntlet-networks?source=logo-23cfbaf25c9a
Unchained episode with Olaf Carlson-Wee of Polychain from Consensus 2019: https://unchainedpodcast.com/to-the-moon-and-back-with-polychains-olaf-carlson-wee/
Zero Knowledge podcast episode with Tarun Chitra: https://www.zeroknowledge.fm/61
In this panel, recorded at the Oslo Freedom Forum 2019, I moderated what an attendee described as a "lively" discussion on the relationship between finances and freedom with Bitcoin author and educator Jimmy Song; Alena Vranova, Head of Strategy at Casa; and Coin Center founder Jerry Brito. We talked about what it's like to live under a regime where people don’t have a lot of financial freedom, how the move to a cashless society is leading to a surveillance state, and how we're seeing the emergence of a corporate surveillance state. We talked about how cryptocurrency could bring us more financial freedom, how crypto is/should be regulated, privacy coins and the imminent Financial Action Task Forces rules that require crypto exchanges and other services send each other information on customers for each transaction. Plus, we discuss bad state actors using crypto.
Read the show notes on Forbes!
http://www.forbes.com/sites/laurashin/2019/06/11/how-bitcoin-and-cryptocurrencies-can-further-financial-freedom/
Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, -- including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019
Those of you interested in learning more about Casa, or about protecting your Bitcoin investment generally, should check out my interview with CEO Jeremy Welch. https://unchainedpodcast.com/how-casa-makes-it-harder-for-someone-to-steal-your-bitcoins/ Thank you to Casa for donating!
Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Oslo Freedom Forum: https://oslofreedomforum.com
Human Rights Foundation: https://hrf.org
Jimmy Song: https://twitter.com/jimmysong
Alena Vranova: https://twitter.com/AlenaSatoshi
Jerry Brito: https://twitter.com/jerrybrito
Programming Blockchain: https://programmingblockchain.com
Casa: https://keys.casa
Coin Center: https://coincenter.org
FATF rules: https://www.coindesk.com/beyond-kyc-global-regulators-appear-set-to-adopt-tough-new-rules-for-crypto-exchanges
How regulation could spur the development of technology in the crypto space toward more P2P:
Vitalik blog post on this: https://vitalik.ca/general/2019/05/09/control_as_liability.html
Michael Casey on the topic: https://www.coindesk.com/the-cat-and-mouse-game-of-crypto-regulation-enters-a-new-phase
Peter Smith, the CEO of Blockchain, discusses how the company got started, why the company is focused on users owning their own private keys and how that is what enables all the most interesting applications of blockchain technology. He talks about the full range of customers and markets they serve, their lending business and their dark pool. We also discuss regulation, SegWit, nation-states getting involved in crypto and why Blockchain plans to go public.
Read more on Forbes.com: http://www.forbes.com/sites/laurashin/2019/06/04/everything-interesting-in-crypto-relies-on-having-a-private-key/
Thank you to our sponsors!
Kraken: https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Peter Smith: https://twitter.com/OneMorePeter
Blockchain: https://www.blockchain.com
Wired article on the short period when cofounder Ben Reeves worked with Brian Armstrong: https://www.wired.com/2014/03/what-is-bitcoin/
Dovey Wan tweet on manipulative trade on Bitstamp/Bitmex: https://twitter.com/DoveyWan/status/1129246233917382656
Fortune article on Blockchain launching an exchange: http://fortune.com/2018/02/15/blockchain-google-coinbase/
SEC guidance mentioning airdrops: https://www.sec.gov/files/dlt-framework.pdf
FinCen guidance mentioning hosted vs. unheated wallets: https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf
Blockchain's Airdrop of XLM: https://www.theblockcrypto.com/2018/11/06/stellar-is-airdropping-125-million-to-blockchain-wallet-users/
The Wall Street exodus from crypto: https://www.crowdfundinsider.com/2019/01/143834-is-the-exodus-from-wall-street-to-crypto-reversing-jamie-selway-leaves-blockchain/
Ted Livingston, CEO of Kik and the founder of the Kin Foundation, and Patrick Gibbs, partner at Cooley, announce the formation of the $5 million DefendCrypto.org fund at Coinbase Custody to fight the SEC in court. Kik and Kin are hoping that a lawsuit would eventually result in a new Howey test for crypto tokens, to determine which ones are a security. In this episode, they explain has happened so far between them and the SEC to bring them to this point and what their main arguments are. Plus they defend themselves against some of the evidence against their case and we discuss what they can expect going forward.
Read the full show notes on Forbes.com: http://www.forbes.com/sites/laurashin/2019/05/28/kin-launches-5-million-defendcrypto-fund-to-take-on-the-sec/
Thank you to our sponsors!
Kraken: Https://www.kraken.com
CipherTrace: http://ciphertrace.com/unchained
Episode links:
DefendCrypto: https://www.defendcrypto.org
Kik: https://www.kik.com
Kin: https://www.kin.org
Ted Livingston: https://twitter.com/ted_livingston
Patrick Gibbs of Cooley: https://www.cooley.com/people/patrick-gibbs
Kik’s Wells response: https://www.kin.org/wells_response.pdf
Kin white paper: https://www.kin.org/static/files/Kin_Whitepaper_V1_English.pdf
The DAO report: https://www.sec.gov/litigation/investreport/34-81207.pdf
Kathryn Haun of A16z Crypto's blog post: https://a16z.com/2019/05/15/kik-and-the-sec-whats-going-on-and-what-does-it-mean-for-crypto/
Importance of the Kik and Kin Foundation case by the Blockchain Association: https://medium.com/@BlockchainAssoc/the-potential-kik-and-the-kin-foundation-case-has-major-consequences-for-the-open-blockchain-de8ed616a1c
Breaker Mag on Kik's fight with the SEC: https://breakermag.com/how-kiks-looming-sec-fight-could-unfold-and-why-it-will-define-blockchains-future/
Video of Ted at the San Francisco Meetup: https://youtu.be/rqN7srwqRf8
https://www.theblockcrypto.com/2019/01/31/video-shows-kik-ceo-discussing-ico-pre-sale-it-will-become-super-valuable/
Kik chooses Stellar: https://www.coindesk.com/two-chains-no-more-kik-selects-stellar-over-ethereum-for-crypto-token-launch
Kik chooses Stellar and Ethereum: https://www.coindesk.com/ethereum-and-stellar-mobile-messenger-kik-embraces-two-blockchains
Next Web story: https://thenextweb.com/hardfork/2018/12/06/kik-kin-cryptocurrency-blockchain-2/
Kik pre-sale: https://www.coindesk.com/mobile-messenger-kik-raises-50-million-ahead-75-million-ico
https://www.coindesk.com/why-big-investors-are-betting-real-money-on-a-kik-cryptocurrency
SEC Framework: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets
Token Taxonomy Act: https://medium.com/@BlockchainAssoc/the-token-taxonomy-act-is-back-and-we-need-it-more-than-ever-d2cbf0154776
Sharon Goldberg, CEO of Arwen and Boston University computer science professor, describes how the protocol enables people to trade on crypto exchanges without making their coins vulnerable to exchange hacks, how this differs from trading on a decentralized exchange, and how Arwen would function if the exchange you were using on was hacked during a trade. She also discusses how Arwen works with any custody solution, how they choose which coins to support and what other features they are considering adding in the future.
Read the full show notes on Forbes: http://www.forbes.com/sites/laurashin/2019/05/21/how-to-trade-on-crypto-exchanges-without-your-coins-getting-hacked/
On May 27th I will be hosting a conversation about the future of finance and human rights at the Oslo Freedom Forum in Norway. As the world continues to move toward a cashless society, paper currency is disappearing. Companies like Facebook, Apple, and TenCent are becoming increasingly influential in the digital payment space. We'll discuss how individuals and companies can preserve and protect financial freedoms in the digital age. I'll be joined by Bitcoin author and educator Jimmy Song; Casa chief technology officer Alena Vranova; and CoinCenter founder Jerry Brito. To register to attend, you can visit oslofreedomforum.com today -- use discount code "unchained25" to get 25% off your ticket price!
Thank you to our sponsor:
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Arwen: https://www.arwen.io
Sharon Goldberg: https://twitter.com/goldbe
How Arwen prevents exit scams: https://medium.com/arwensecure/how-arwen-prevents-exit-scams-55d1a9de32b
How Arwen protects traders from a hacked exchange: https://medium.com/arwensecure/unleashing-mt-fox-4e8b20a11dea
Forbes article on Arwen: https://www.forbes.com/sites/ktorpey/2019/01/28/this-startup-is-fixing-the-biggest-security-hole-in-bitcoin-exchanges/#5f68d5905812
The Block on Arwen: https://www.theblockcrypto.com/2019/02/05/a-startup-is-launching-a-solution-that-protects-users-from-exchange-hacks/
https://www.coindesk.com/crypto-startup-wants-you-to-trade-on-exchanges-without-trusting-them
Kucoin launching Arwen: https://www.coindesk.com/kucoin-exchange-traders-can-now-self-custody-their-crypto-assets
Jutta Steiner, CEO of Parity, and Gavin Wood, who goes by the title "chief white space officer," describe the network Parity plans to launch later this year, Polkadot, how it aims to solve scalability, interoperability and security and when a developer would choose to build a dapp on Ethereum vs. a parachain on Polkadot. We also discuss another one of their products, Substrate, which enables developers to easily customize blockchains, and perceived competition between Ethereum and Polkadot. Plus, we talk about the frozen funds of Parity and other crypto teams, and why Jutta and Gavin think the community should upgrade in a way that would enable the funds to be unlocked.
Be sure to check out the full show notes on Forbes! http://www.forbes.com/sites/laurashin/2019/05/12/how-polkadot-hopes-to-help-blockchains-scale/
Thank you to our sponsors!
CoinDesk/Consensus: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don’t miss this three-day experience! Register today: www.consensus2019.com. Use promo UNCHAINED300 to save $300 on your pass.
CipherTrace: https://ciphertrace.com/unchained
Episode links:
Parity: https://www.parity.io
Jutta Steiner: https://twitter.com/jutta_steiner
Gavin Wood: https://twitter.com/gavofyork
Polkadot light paper: https://polkadot.network/Polkadot-lightpaper.pdf
Polkadot Wiki: http://wiki.polkadot.network/en/latest/
Gavin's 2014 blog post on Web 3: https://gavwood.com/dappsweb3.html
Gav’s keynote on the journey to Web 3
https://www.youtube.com/watch?v=lH1pEE0W3ug
Chain Fibers article in the Ethereum Wiki: https://github.com/ethereum/wiki/wiki/Chain-Fibers-Redux
Web 3.0 vision:
https://medium.com/@gavofyork/why-we-need-web-3-0-5da4f2bf95ab
More explanation of Polkadot, Substrate, Consensus, Governance, etc.: http://wiki.polkadot.network/en/latest/polkadot/learn/relevant-links/
Upgradeability without hard forks via Substrate
https://medium.com/polkadot-network/never-fork-again-438c5e985cd8
Controversy around Afri Schoedon’s tweet:
https://breakermag.com/exclusive-afri-schoedon-on-his-contentious-split-from-ethereum/
Dothereum: https://twitter.com/dothereum?lang=en
https://www.reddit.com/r/dothereum/
Gavin and Vitalik Buterin discussing competition between Ethereum and Polkadot: https://www.youtube.com/watch?time_continue=1&v=vRqJK16t4-I
Why not to fork for the frozen funds:
https://medium.com/@avsa/avoid-evil-twins-every-ethereum-app-pays-the-price-of-a-chain-split-e04c2a560ba8
Jennifer Campbell and Kevin Johnson, cofounder and COO, respectively, of Tagomi, describe how Tagomi helps institutional players make larger crypto trades more efficiently and at the best price possible, plus analyze how that was executed. They contrast it with the pre-Tagomi process for doing large crypto trades, how their software, which functions as a sort of "Kayak.com" for crypto trading, works on the backend, and how they keep funds held on exchanges secure. Plus, we compare today's crypto trading infrastructure to the early days of electronic trading in traditional financial markets, and look down the road at how they'll accommodate trends such as staking and decentralized exchanges.
For more, check out the full show notes on Forbes.com: http://www.forbes.com/sites/laurashin/2019/05/07/how-to-make-large-crypto-trades-without-moving-the-market/
Thank you to our sponsors!
ConsenSys/Ethereal: Head to Etherealsummit.com with my discount code LAURA20 to get 20% off tickets to Ethereal Summit New York, May 10th to 11th at Pioneer Works in Brooklyn.
CoinDesk/Consensus: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don’t miss this three-day experience! Register today: www.consensus2019.com. Use promo UNCHAINED300 to save $300 on your pass.
CipherTrace: https://ciphertrace.com/unchained
Episode links:
Tagomi: https://tagomi.com
Twitter: https://twitter.com/tagomisystems
Forbes article on Tagomi: https://www.forbes.com/sites/jeffkauflin/2019/02/15/crypto-finance-grows-up-tagomis-new-tools-could-draw-institutions-into-the-crypto-market/#6c9bf98c13a0
Bloomberg video featuring Jennifer and Greg: https://www.bloomberg.com/news/videos/2019-03-04/meet-tagomi-the-end-to-end-crypto-solution-video
Bloomberg article on comparisons to early days of electronic trading in equities: https://www.bloomberg.com/news/articles/2018-12-17/former-goldman-electronic-trading-head-sees-parallels-in-crypto
WSJ Article on Tagomi: https://www.wsj.com/articles/peter-thiel-backed-venture-to-help-big-investors-bet-on-bitcoin-1525176121
Tagomi receiving BitLicense: http://fortune.com/2019/03/27/bitcoin-peter-thiel-tagomi-bitlicense/
Jae Kwon, founder and CEO of Tendermint and president of the Interchain Foundation, and Ethan Buchman, cofounder of Tendermint and Cosmos and technical director of the Interchain Foundation, discuss the various technologies that form the Cosmos/Tendermint system. When the Cosmos network launched on March 13, it was built on what is the blockchain equivalent of an operating system, a consensus algorithm called Tendermint, Cosmos is like the world wide web (for blockchains) built on top, and the Cosmos Hub is a specific blockchain that exists in the system that can be used to connect other blockchains. We discuss all the above, as well as how secure the chain is, and how governance works in the system.
Check out the full show notes on Forbes: http://www.forbes.com/sites/laurashin/2019/04/30/cosmos-a-world-wide-web-for-blockchains/
Thank you to our sponsors!
CoinDesk/Consensus: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don’t miss this three-day experience! Register today: www.consensus2019.com. Use promo: UNCHAINED300 to save $300 on your pass.
ConsenSys/Ethereal: Head to Etherealsummit.com with my discount code LAURA20 to get 20% off tickets to Ethereal Summit New York, May 10th to 11th at Pioneer Works in Brooklyn.
CipherTrace: https://ciphertrace.com/unchained
Episode links:
Cosmos: Cosmos.network
Cosmos.network/launch
Luni: Luni.io
Tendermint: Tendermint.com - company and product
Interchain Foundation: Interchain.io
Cosmos intro/FAQ: https://cosmos.network/intro
Cosmos white paper: https://cosmos.network/resources/whitepaper
Chart showing number of transactions vs. validators: https://medium.com/paradigm-fund/cosmos-network-the-internet-of-blockchains-is-coming-9ce956c7b78
The Control on Cosmos: https://thecontrol.co/into-the-cøsmos-433586b82865
Paradigm’s description of Cosmos: https://medium.com/paradigm-fund/cosmos-network-the-internet-of-blockchains-is-coming-9ce956c7b78
Bitfish’s response to Game of Stakes, in which it grew to 55% of the network: https://medium.com/bitfishlabs/bitfish-response-to-gos-5-24eaeeea9876
CoinDesk on Cosmos launch: https://www.coindesk.com/a-blockchain-to-connect-all-blockchains-cosmos-is-now-officially-live
Cosmos vs. Polkadot: https://tokeneconomy.co/the-state-of-crypto-interoperability-explained-in-pictures-654cfe4cc167
Charlie Lee, the creator of Litecoin and aka SatoshiLite, discusses how he came to launch Litecoin, how the "fair" launch may have helped its success, why he didn't work on it for a stretch, and what inspired him to devote all of his time to it — but not own any litecoins. We also discuss his vision for Litecoin, why he believes stablecoins aren't superior, why he's considering enabling private Litecoin payments, and how he feels about the perception that he sold his litecoins near the all-time high, leaving others holding the bag.
Read the full show notes on Forbes.com: http://www.forbes.com/sites/laurashin/2019/04/23/charlie-lee-on-why-litecoins-goal-is-to-be-used-for-payments/
Read Charlie’s additional answers: https://unchainedpodcast.com/the-cutting-room-floor-charlie-lee/
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
CoinDesk: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don't miss this three-day experience! Register today: www.consensus2019.com. Use promo: UNCHAINED300 to save $300 on your pass.
Episode links:
Litecoin: http://litecoin.org
Charlie on Twitter: https://twitter.com/SatoshiLite
Charlie on Unconfirmed, discussing the 10th anniversary of the Bitcoin white paper: https://unchainedpodcast.com/charlie-lee-aka-satoshi-lite-on-the-10-year-anniversary-of-the-bitcoin-white-paper-ep-044/
Charlie on Unconfirmed, discussing the Ethereum Classic 51% attack: https://unchainedpodcast.com/the-ethereum-classic-51-attack-how-it-happened-and-why-the-price-didnt-crash-ep-055/
Unchained interview with Charlie's brother, Bobby Lee:
https://unchainedpodcast.com/bobby-lee-ceo-of-btcc-on-why-the-chinese-probably-arent-using-bitcoin-to-evade-capital-controls/
CoinDesk on Charlie’s work after Coinbase:
https://www.coindesk.com/life-coinbase-can-charlie-lee-keep-litecoins-revival-alive
CoinDesk profile: https://www.coindesk.com/coindesk-most-influential-2017-3-charlie-lee
Charlie selling his LTC: https://www.reddit.com/r/litecoin/comments/7kzw6q/litecoin_price_tweets_and_conflict_of_interest/
WSJ article on selling his LTC: https://www.wsj.com/articles/cryptocurrency-founder-tries-a-new-play-sell-it-all-1513873355?mod=searchresults&page=1&pos=3
Multicoin Capital report on Litecoin: https://multicoin.capital/2018/09/14/debunking-market-narratives-litecoin-ltc-edition/
Magical Crypto Friends: https://www.youtube.com/channel/UCVVDsIYJBQ_C7Bh_aI3ZMxQ
Alexander Zaidelson, the CEO of Beam, a cryptocurrency being built on the MimbleWimble protocol, talks about how he came to start Beam, how it differs from Grin, another cryptocurrency being built on MimbleWimble and what types of users the cryptocurrency is targeting. See the full show notes at: http://www.forbes.com/sites/laurashin/2019/04/16/how-businesses-might-one-day-use-cryptocurrency/
Interested in a weekend of yoga, nature, healthy food and talking crypto? Then join me, Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures at Omega Institute in Rhinebeck, NY, from September 20-22. Sign up today! https://www.eomega.org/workshops/virtues-of-the-crypto-revolution
Thank you to our sponsor!
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Beam: https://www.beam.mw
Medium: https://medium.com/beam-mw
Overviews of Grin vs. Beam:
https://bitcoinmagazine.com/articles/battle-privacycoins-what-we-know-about-grin-and-beams-mimblewimble/
https://www.coindesk.com/grin-and-beam-a-tale-of-two-coins-being-built-on-mimblewimble
Comparisons of Beam to Zcash and Monero:
https://medium.com/beam-mw/whats-the-difference-between-monero-zcash-and-beam-953eafd89354
Beam Roadmap: https://medium.com/beam-mw/mimblewimble-beam-roadmap-2019-b2c7f38fc106
Beam emission schedule: https://medium.com/beam-mw/mimblewimble-emission-schedule-215551948259
Beam FAQ: https://www.beam.mw/faq
The Block on Mimblewimble: https://www.theblockcrypto.com/2019/01/08/mimblewimble-history-technology-and-the-mining-industry/
Wallet vulnerability: https://medium.com/beam-mw/mimblewimble-wallet-vulnerability-report-7b8e88dc7e
Blockchain stoppage: https://www.coindesk.com/beam-cryptocurrency-experiences-brief-blockchain-stoppage
Daniel Lehnberg and Michael Cordner, core team members of Grin, discuss the first implementation of the MimbleWimble protocol, named after a tongue-tying curse in Harry Potter. We discuss the many ways in which Grin is similar to Bitcoin: its origin story, its goal to be "digital cash," as Satoshi's paper was subtitled, and even its emission schedule. We discuss how Grin is private, how it is lighter weight than the Bitcoin blockchain, and the philosophy behind Grin, which stands in stark contrast to the many ICOs.
For the full show notes, go to http://www.forbes.com/sites/laurashin/2019/04/09/a-nimbler-more-private-version-of-bitcoin/
Thank you to our sponsor!
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Grin: https://grin-tech.org
Grin newsletter: https://grinnews.substack.com
Daniel Lehnberg: https://twitter.com/lehnberg?lang=en
Michael Cordner: https://twitter.com/yeastplume?lang=en
MimbleWimble white paper: https://scalingbitcoin.org/papers/mimblewimble.txt
Grin Intros:
https://github.com/mimblewimble/grin/blob/master/doc/intro.md
https://github.com/mimblewimble/grin/blob/master/doc/grin4bitcoiners.md
Circle Research report on MimbleWimble technology:
https://research.circle.com/crypto-reports/mimblewimble
Grin's monetary policy — visually, easier to see how its similar in effect to Bitcoin's: https://github.com/mimblewimble/docs/wiki/Monetary-Policy
https://www.tokendaily.co/blog/on-grin-mimblewimble-and-monetary-policy
Questions about whether Grin got the incentives right: https://twitter.com/nlw/status/1091319888562532355
https://twitter.com/TusharJain_/status/1091316903346429952
Tracking YeastPlume’s funding: https://grin-tech.org/yeastplume
Ignotus Peverell post noting his disappointment in funding for YeastPlume: https://www.grin-forum.org/t/solved-early-disappointments/3682
Interview with Ignotus Peverell: https://breakermag.com/grin-founder-ignotus-peverell-on-life-after-launch-and-the-path-forward/
Conversation with Grin developers: https://medium.com/@BHEXOfficial/bhex-original-ignotus-grin-as-bitcoins-younger-more-nimble-brother-612efadd0478
In a fireside chat I moderated with SEC Commissioner Hester Peirce held by the Blockchain Digital Asset Forum, in conjunction with the NYU Stern Executive MBA program, on March 26, 2019, she explained where her reputation as 'Crypto Mom' comes from — a desire to look at the world with fresh eyes and say, are there things we can do things better? We also discussed a Bitcoin ETF and the prospects for one after Bitwise released a report showing a health legitimate market, as well as initial coin offerings and what will happen to the hundreds of ICO issuers that had initial coin offerings that look much like the ICOs that have already had enforcement actions against them. She described the process that occurs when something like an application for a Bitcoin ETF is submitted to the SEC, whether or not there's a lot of disagreement amongst the commissioners about how to regulate crypto, how much they work to persuade each other to come over to their side and whether Chairman Jay Clayton's opinion overrules everyone else's or whether majority rules. Plus, we covered dexes, stablecoins and security tokens.
View the full show notes on my Forbes page: http://www.forbes.com/sites/laurashin/2019/04/02/sec-commissioner-hester-peirce-on-why-you-shouldnt-have-to-be-rich-to-get-rich/
Thank you to our sponsor!
CipherTrace: http://ciphertrace.com/unchained
Episode links:
SEC Commissioner Hester Peirce: https://twitter.com/HesterPeirce
SEC: https://www.sec.gov
Event link: https://www.eventbrite.com/e/fireside-chat-with-sec-commissioner-hester-peirce-and-laura-shin-tickets-58327939437
Hester's dissent to the Bitcoin ETF disapproval: https://www.sec.gov/news/public-statement/peirce-dissent-34-83723
Bitwise's report: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf
SEC enforcement action against Munchee: https://www.sec.gov/litigation/admin/2017/33-10445.pdf
SEC enforcement action against Paragon: https://www.sec.gov/litigation/admin/2018/33-10574.pdf
SEC enforcement action against Airfox: https://www.sec.gov/litigation/admin/2018/33-10575.pdf
SEC enforcement action against Gladius: https://www.sec.gov/litigation/admin/2019/33-10608.pdf
Speech by William Hinman, SEC director of the Division of Corporate Finance, on ether not being a security: https://www.sec.gov/news/speech/speech-hinman-061418
Token Taxonomy Act: https://www.congress.gov/bill/115th-congress/house-bill/7356
Unchained episode with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/
SEC enforcement action against Zachary Coburn of EtherDelta: https://www.sec.gov/litigation/admin/2018/34-84553.pdf
DTC report on blockchains for securities: http://www.dtcc.com/news/2019/march/13/dtcc-outlines-guiding-principles-for-post-trade-processing-of-tokenized-securities
Thank you to Lawson Baker at TokenSoft (disclosure: a previous sponsor) for helping me think through some of the issues for this episode.
At the first Unchained Live, Vitalik explained why he thought it was "inevitable" Ethereum would lose some of its lead, when he would be upset if Ethereum were overtaken by a competitor, and whether the Ethereum 2.0 road map was too long. We also discussed why a strain of Ethereum maximalism is emerging, how the foundation sets its funding priorities, whether or not the community should adopt inflation funding for development of the blockchain and why he thinks the MolochDAO experiment likely won't garner much investment. For the full summary, go to http://www.forbes.com/sites/laurashin/2019/03/26/vitalik-buterin-on-why-ethereum-has-lost-some-of-its-lead/.
Thank you to our sponsors!
Quantstamp, the venue sponsor for Unchained Live: http://quantstamp.com/unchained
Columbia School of Professional Studies, the networking sponsor: http://sps.columbia.edu/podcast
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Previous Unchained interview with Vitalik Buterin: https://unchainedpodcast.com/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy/
Unchained episode about MolochDAO: https://unchainedpodcast.com/molochdao-could-this-decentralized-autonomous-organization-help-ethereum-scale-faster/
Zcash interview: https://unchainedpodcast.com/zcashs-zooko-wilcox-on-why-he-believes-privacy-coins-will-be-used-more-for-good-than-bad/
Unchained interview with Glen Weyl and Santiago Siri referencing radical markets: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/
0x interview: https://unchainedpodcast.com/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future/
Augur interview: https://unchainedpodcast.com/joey-krug-on-how-augur-is-like-any-other-tool-ep-79/
Dharma interview: https://unchainedpodcast.com/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep-80/
Compound interview: https://unchainedpodcast.com/how-youll-earn-interest-on-your-crypto-with-compound-ep-82/
dYdX interview: https://unchainedpodcast.com/how-dydx-allows-you-to-take-a-short-position-in-one-token-ep-86/
Unchained episode on MakerDAO, part 1: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/
Part 2: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/
Unconfirmed episode about superfluid collateral and echoes of the 2008 financial crisis: https://unchainedpodcast.com/how-to-earn-money-on-collateral-in-defi-and-why-thats-risky/
Unconfirmed episode about Uniswap: https://unchainedpodcast.com/how-uniswap-quickly-became-one-of-the-most-popular-dexes/
Dfinity interview: https://unchainedpodcast.com/dfinitys-dominic-williams-on-how-its-blockchain-nervous-system-is-not-an-ai-ep-78/
100th episode of Unchained featuring a poem about crypto and the podcast: https://unchainedpodcast.com/100th-episode-past-guests-and-listeners-take-over-the-show-ep-100/
Ameen Soleimani, CEO of Spankchain, comes on the show to discuss his latest effort to fund Ethereum development through the decentralized autonomous organization MolochDAO. He describes how it works, plus we cover competition in the smart contract space and whether we're seeing the emergence of Ethereum maximalism.
Full show notes are back on Forbes.com! See the full recap of this week's recap of the episode at http://www.forbes.com/sites/laurashin/2019/03/18/how-could-ethereum-development-be-funded-perhaps-through-this-decentralized-autonomous-organization/.
Thank you to our sponsor!
CipherTrace: http://ciphertrace.com/unchained
Episode links:
MolochDAO website: MolochDAO.com
MolochDAO on Twitter: https://twitter.com/MolochDAO
MolochDAO white paper: https://github.com/MolochVentures/Whitepaper/blob/master/Whitepaper.pdf
Moloch Github: https://github.com/molochventures/moloch
State of Ethereum 2.0 report: https://docs.google.com/document/d/1PS0k9MaKPdPwEw3Uh9rq7USjq7LcSpT6ICQUXRij4YE/edit#heading=h.kdbgcss2wsc
Ameen's tweet storm on MolochDAO: https://twitter.com/ameensol/status/1084652403889065989?s=19
MolochDAO tweetstorm with update on members, etc.: https://twitter.com/MolochDAO/status/1100516720563806209?s=19
MolochDAO presentation at ETHDenver: https://www.youtube.com/watch?v=abTRJZcmPwI
Post by Dino Mark, Vlad Zamfir and Emin Gun Sirer, A Call for a Temporary Moratorium on the DAO: http://hackingdistributed.com/2016/05/27/dao-call-for-moratorium/
Ameen on the importance of ETH price: https://twitter.com/ameensol/status/1090319128810815489
Ryan Zurrer's position on ether fund recovery: https://medium.com/@rzurrer/evolution-dogma-a-proposed-path-towards-ether-fund-recovery-9810f213e8ee
r/Ethereum decision on moderators: https://www.reddit.com/r/ethereum/comments/azyqdu/a_statement_call_for_discussion_from_some_of_the/
Ameen on the timeframe for developing Ethereum 2.0 relative to development on potentially competitive chains like Polkadot: https://www.reddit.com/r/ethereum/comments/ajc9ip/ama_we_are_the_eth_20_research_team/eewscyf/
Tushar Jain and Kyle Samani, managing partners of Multicoin Capital, discuss Binance, Binance Chain and BNB token, and why they believe Binance will become the first centralized company to successfully decentralize itself and migrate the value in itself to its token. We cover what Binance, the centralized company has so far achieved in terms of trading volume, fiat on-ramps, and regulatory arbitrage, and whether the company has any more regulatory risk than any other exchange. We also look at the features of Binance Chain, how they compare to other decentralized exchanges such as 0x, and why Multicoin believes that it will have more liquidity than previous dexes. We then explore BNB token — how it works now, the regulatory risk for BNB token, and how it will function on the dex. Finally, we touch on Binance's decentralization strategy overall and how it could fail.
Thank you to our sponsor!
CipherTrace: https://ciphertrace.com/unchained
Episode links:
Multicoin Capital: https://multicoin.capital
Kyle Samani: https://twitter.com/KyleSamani
Tushar Jain: https://twitter.com/TusharJain_
Multicoin Capital BNB report: https://multicoin.capital/2019/02/19/binance-coin-analysis-and-valuation/
Unchained episode with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/
Get your tickets now for Unchained Live with Vitalik Buterin! https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176
It will take place March 20th at 6pm at Columbia Journalism School in the Joseph D. Jamail Lecture Hall. Hope to see you there!
Mona El-Isa, the cofounder and CEO of Melonport, explains how Melon, the asset management protocol which recently launched on Ethereum, makes launching a fund easier and less expensive, plus gives investors even more transparency into the manager's decisions. She describes who will be using Melon, how the funds using Melon access liquidity if the protocol only connects to decentralized exchanges, what happens if bugs are found in the protocol's smart contracts, and how know-your-customer processes are handled. Noting that the company Melonport will now be winding down, she talks about how the protocol will be managed going forward. Plus, we dive into the MLN token.
Thank you to our sponsor!
http://ciphertrace.com/unchained
Episode links:
Melonport: https://melonport.com
Launch of Melon 1.0: https://medium.com/melonport-blog/melon-v1-0-zahreddino-60105f51988d
Front and back office functions in a traditional fund vs. a Melon-based fund: https://medium.com/melonport-blog/what-is-melon-2018-edition-3437f3d064d8
Management fees in Melon: https://medium.com/melonport-blog/management-and-performance-fees-in-a-melon-fund-f1df2a26abd9
Integration with Kyber: https://medium.com/melonport-blog/kyber-network-melon-3f6bcfa2d328
Melonport will not exist by DevCon V: https://www.youtube.com/watch?v=YTLSnS4DTak&t=882s
Melon governance: https://medium.com/melonport-blog/introduction-to-the-melon-governance-system-f6ff73c70eb0
MLN token: https://medium.com/melonport-blog/everything-you-always-wanted-to-know-about-melon-but-were-too-afraid-to-ask-9ea3fda6d71f
Melonomics 1: https://medium.com/melonport-blog/melonomics-part-1-aligning-interests-through-token-unification-d0b98a02de46
Melonomics 2: https://medium.com/melonport-blog/melonomics-part-2-the-melon-engine-48bcb0dae65
Melonomics 3: https://medium.com/melonport-blog/melonomics-part-3-counting-melons-7632afad844c
Glen Weyl, a political economist and social technologist, the coauthor of Radical Markets and a principal researcher at Microsoft, and Santiago Siri, the founder of Democracy Earth, discuss how blockchains can be used to create borderless democracies that can reach any citizen on earth and can be used not just by nation-states but in all kinds of communities such as the workplace, church or a social network like Facebook. We cover concepts such as quadratic finance and quadratic voting, and look at how forcing voters to have a budget for their votes changes voting behavior. We also dive into what needs to be put in place for blockchain-based voting systems to work, why identity solutions are crucial but also so hard to get right, and how we can prevent token-based governance systems from becoming plutocracies. Plus, we surmise that blockchain-based governance might be the 21st century political experiment and that someday, we may all be citizens of multiple communities.
Thank you to our sponsors!
CipherTrace: http://ciphertrace.com/unchained
Microsoft: https://twitter.com/MSFTBlockchain and https://aka.ms/unchained
Episode links:
Democracy Earth: https://www.democracy.earth
Santiago Siri: https://twitter.com/santisiri
Radical Xchange: https://twitter.com/RadxChange
Glen Weyl: https://twitter.com/glenweyl
Radical Xchange conference in March: radicalxchange.org
Radical Markets: https://press.princeton.edu/titles/11222.html
Democracy Earth white paper: https://www.dropbox.com/s/sifogl4zimwkkei/Democracy%20Earth%20-%20Social%20Smart%20Contract%20-%20Paper%20v0.2.pdf?dl=0
Democracy Earth cofounder Pia Mancini on early work with digital democracy: https://www.ted.com/talks/pia_mancini_how_to_upgrade_democracy_for_the_internet_era?language=en
Santi on how blockchains could revolutionize democracy: https://www.youtube.com/watch?v=UajbQTHnTfM
Wired article on Democracy Earth: https://www.wired.com/story/santiago-siri-radical-plan-for-blockchain-voting/
CoinDesk feature on Glen Weyl: https://www.coindesk.com/coindesk-most-influential-blockchain-2018-glen-weyl
Vitalik Buterin blog post on Radical Markets: https://vitalik.ca/general/2018/04/20/radical_markets.html
Paper by Vitalik, Zoe Hitzig and Glen on quadratic financing: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3243656
In case you haven’t heard, I’m doing a live podcast recording with Vitalik Buterin, the creator of Ethereum. What is a live podcast recording? It's a podcast performed by me and the guest on a stage, in front of an audience.
Vitalik and I will be discussing Ethereum 2.0, Polka Dot, Substrate, what happened with Afri this week and more. And you’ll have an opportunity to ask questions.
It’ll be in New York City the evening of March 20th, which is one month from today. The doors open at 6, the show starts at 7. We will be announcing the venue soon.
Get your tickets here! https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176
Jalak Jobanputra, founder and managing partner of Future Perfect Ventures, talks about how, in 2014, her experience as an investment bank and VC, her global background, and her observation that new streams of data were becoming available led her to launch her first fund, which ended up being 70% invested in blockchain. She describes what it was like selling LPs on the nascent technology in 2014, how her latest fund, which will be more than $50 million, is different and how it's drawing LPs who thought they could make money through liquid hedge funds invested in tokens. She talks about why she thinks early-stage technologies can't be IPO'ed -- and why FPV shied away from ICOs -- but why her second fund is capable of investing in tokens. She also explains how the space is still lacking in early-stage VCs with knowledge of the blockchain sector, why New York launched the New York Blockchain Center and whether crypto is becoming more diverse.
Come See Unchained Live With Vitalik Buterin!
Wednesday, March 20th, doors at 6, show at 7, venue TBD
Get your tickets now!
https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176
Thank you to our sponsors!
CipherTrace: http://ciphertrace.com/unchained
Tokensoft: https://www.tokensoft.io
Microsoft: https://twitter.com/MSFTBlockchain and https://aka.ms/unchained
Episode links:
Future Perfect Ventures: Futureperfectventures.com
Twitter: https://twitter.com/jalak
Blog: Thebarefootvc.com
Jalak op-ed on Bitcoin at $10,000 in Recode: https://www.recode.net/2017/11/29/16716014/bitcoin-price-10k-ethereum-blockchain-cryptocurrency-value-creation-global
Profile of Jalak in Breaker Mag: https://breakermag.com/why-one-of-blockchains-first-vcs-thinks-the-developing-world-will-lead-the-way/
Jalak on the 10th birthday of the Bitcoin white paper: https://breakermag.com/remembering-the-bitcoin-whitepaper-part-3-the-thinkers/
New York Blockchain Center: https://www.nycedc.com/press-release/nycedc-open-nyc-s-public-private-blockchain-center
Wired story on the Collective Future: https://www.wired.com/story/for-women-in-cryptocurrency-a-new-effort-to-grow-their-ranks/
Unconfirmed episode with Bill Barhydt of portfolio company Abra: https://unchainedpodcast.com/how-abra-enables-you-to-buy-5-of-an-etf-like-token-of-the-top-10-cryptos-ep-040/
Unchained episode with Elizabeth Rossiello of portfolio company Bitpesa: https://unchainedpodcast.com/bitpesas-elizabeth-rossiello-on-necker-island/
Unchained episode with Vinny Lingham of portfolio company Civic: https://unchainedpodcast.com/civics-vinny-lingham-on-when-crypto-demand-will-catch-up-with-the-technology/
Unchained episode with Josh Stein of portfolio company Harbor: https://unchainedpodcast.com/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep-77/
Unchained episode with Riccardo Spagni of portfolio company Tari: https://unchainedpodcast.com/moneros-riccardo-spagni-aka-fluffypony-on-how-he-feels-about-monero-being-used-for-crime-ep-93/
Jeremy Welch of personal key security system Casa describes the company's various services and products, including its $10,000-a-year premium service for HODLers of at least $500,000 worth of cryptocurrency and the Casa node. He explains how he came to start Casa, why using seed phrases for managing security of crypto hardware devices is so problematic, and how customers should set up the keys in their possession for the company's multi-signature solution, in which any transaction requires the use of three of five keys. We go on at length at about potential ways in which an attacker could still force a target, say, at gunpoint, to move money to the hacker's wallet. We also discuss why the company doesn't offer a multi-sig solution for ether, why people choose to run Casa's Bitcoin/Lightning node and where people are using Lightning.
Unchained Live With Vitalik Buterin in New York City: Get your tickets here!
https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
Microsoft: https://twitter.com/MSFTBlockchain and https://aka.ms/unchained
TokenSoft: https://www.tokensoft.io
Episode links:
Casa: https://keys.casa
Jeremy Welch: https://twitter.com/jeremyrwelch
The Cutting Room Floor: Jeremy Welch of Casa, in which Jeremy answers by email the remaining questions we didn't get to:
https://unchainedpodcast.com/the-cutting-room-floor-jeremy-welch-of-casa/
Casa blog post on the evolution of Bitcoin key management: https://blog.keys.casa/the-evolution-of-bitcoin-key-management/
Ways to store your crypto: https://blog.keys.casa/crypto-101-storing-your-cryptocurrency/
Forbes on Casa's $2 million seed funding: https://www.forbes.com/sites/jeffkauflin/2018/03/02/bitcoin-thieves-beware-super-secure-wallet-maker-casa-raises-2-million/#4c5b2e544230
Casa's seven guiding principles: https://medium.com/casa/seven-guiding-principles-at-casa-92f43e5e546a
Announced after we recorded: Casa's new browser extension: https://blog.keys.casa/casa-browser-extension/
Rune Christensen, CEO and cofounder of MakerDAO, explains how multicollateral Dai will work, what happens if one type of collateral fails, and what happens when someone's collateralized debt position with multicollateral Dai needs to be liquidated. He also discusses who gets to participate in the various levels of governance with the MKR token, who owns those tokens and what the purpose of the Maker Foundation is. We also cover whether the CFTC would consider collateralized debt positions to be derivatives and therefore under its purview, how Dai is being used and how much education is required for people to use the system.
Thank you to our sponsors!
CipherTrace: http://ciphertrace.com/unchained
Microsoft: https://twitter.com/MSFTBlockchain
Tokensoft: https://www.tokensoft.io
Episode links:
MakerDAO: https://makerdao.com/en/
Rune Christensen: https://twitter.com/RuneKek
Previous Unchained episode on stablecoins with Rune and Philip Rosedale of High Fidelity: https://unchainedpodcast.com/why-its-so-hard-to-keep-stablecoins-stable/
Unconfirmed episode with Rune on Andreessen Horowitz’s $15 million investment: https://unchainedpodcast.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep-039/
Part 1 of my interview with Rune: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/
Digital Asset Research report on MakerDAO: https://www.digitalassetresearch.com/our-products/#in-depth-research
CFTC smart contracts primer prohibiting derivatives contracts that are traded on exchanges that are supposed to be registered with the CFTC and are not. https://www.cftc.gov/sites/default/files/2018-11/LabCFTC_PrimerSmartContracts112718.pdf
Nice recap of how Dai has performed as ETH has dropped in price: https://medium.com/@mikeraymcdonald/single-collateral-dai-9-months-in-review-b9d9fbe45ab
MKR Tools website: https://mkr.tools/tokens/dai
Description of Maker Tools: https://medium.com/@mikeraymcdonald/announcing-the-new-mkr-tools-e32466f1c3db
Maintaining its peg as ETH dropped:
https://medium.com/makerdao/volatile-times-dai-as-a-safe-haven-2f017453e9f1
MakerDAO and Wyre partnership: https://www.prnewswire.com/news-releases/makerdao-and-wyre-give-businesses-immediate-access-to-dai-stablecoin-in-over-thirty-countries-including-usa-300696400.html
ETH in DeFi projects: https://mikemcdonald.github.io/eth-defi/
Placeholder VC blog post: https://www.placeholder.vc/blog/2019/1/23/maker-investment-thesis
Rune Christensen, CEO and cofounder of MakerDAO, explains the intricacies of the MakerDAO system, which includes the stablecoin Dai, which is pegged to $1, backed by collateral, and whose governance is managed by holders of the MKR token. He describes how the current version of "single-collateral" Dai, is backed by ether, how Dai is created with a collateralized debt position and what happens when the value of the collateral falls too low. He also talks about the roles of various players in the system, such as keepers, oracles and MKR token holders. We also cover how the system handles black swan events or other emergencies. The MakerDAO system is so complex, however, that we will reconvene for a part 2 to describe the rest of the system and how a multi-collateral Dai will function.
Thank you to our sponsors!
Tokensoft: https://www.tokensoft.io
Microsoft: https://twitter.com/MSFTBlockchain
CipherTrace: http://ciphertrace.com/unchained
Episode links:
MakerDAO: https://makerdao.com/en/
Rune Christensen: https://twitter.com/RuneKek
Previous Unchained episode on stablecoins with Rune and Philip Rosedale of High Fidelity: https://unchainedpodcast.com/why-its-so-hard-to-keep-stablecoins-stable/
Unconfirmed episode with Rune on Andreessen Horowitz's $15 million investment: https://unchainedpodcast.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep-039/
MakerDAO white paper: https://makerdao.com/en/whitepaper/
Decreasing the stability fee: https://medium.com/makerdao/decreasing-the-stability-fee-1f9fe50cf582
Unchained episode on generalized mining with Jake Brukhman and Tushar Jain: https://unchainedpodcast.com/coinfunds-jake-brukhman-and-multicoins-tushar-jain-on-generalized-mining-ep-92/
Laura's TEDx talk: https://unchainedpodcast.com/lauras-tedx-talk-how-crypto-could-allow-more-people-to-be-their-own-boss-ep-047/
USD Coin's banking partners: https://support.usdc.circle.com/hc/en-us/articles/360015278272-Who-are-the-banking-and-financial-partners-you-are-using-for-USDC-
TrueUSD's trust companies and their correspondent banks: https://blog.trusttoken.com/who-are-the-correspondent-banks-and-trustee-partners-for-trueusd-e12508f0d5a2
Gemini's Tyler and Cameron Winklevoss, who serve as chief executive and president, respectively, discuss their new ad campaign -- what they mean when they say crypto needs rules, why they agree in certain respects with some of their critics, and what the general reaction has been. They discuss why they launched a stablecoin, why they chose the stablecoin structure of dollar reserves and GUSD's role in an arbitrage involving a Chinese exchange and a competing stablecoin. They also explain how they intend to make a Bitcoin ETF a reality, what they think of SEC Commissioner Hester Peirce's dissent and what they intend for the Virtual Commodity Association. Plus, the brothers talk about why their goal is to be "the fastest tortoise in the race."
Thank you to our sponsors!
Tokensoft: https://www.tokensoft.io
Microsoft: https://twitter.com/MSFTBlockchain
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Gemini's new ad campaign: https://www.wsj.com/articles/winklevosses-cryptocurrency-exchange-says-the-revolution-needs-rules-11546599600
Negative reaction to Gemini ad campaign from crypto community:
Erik Voorhees: https://twitter.com/ErikVoorhees/status/1081204430857416706
Gemini USD gets approval of New York Department of Financial Services: https://www.bloomberg.com/news/articles/2018-09-10/controversial-crypto-coin-tether-to-get-regulated-competitors
Past episodes with other stablecoin projects:
USDC/Circle: https://unchainedpodcast.com/circles-jeremy-allaire-and-sean-neville-on-why-crypto-will-be-bigger-than-the-web-ep-71/
TrueUSD: https://unchainedpodcast.com/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep-77/
MakerDAO: https://unchainedpodcast.com/why-its-so-hard-to-keep-stablecoins-stable/
https://unchainedpodcast.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep-039/
Bloomberg reporter Matt Leising on Tether: https://unchainedpodcast.com/bloombergs-matt-leising-on-why-it-appears-tether-has-sufficient-dollar-reserves-ep-052/
Trading of GUSD for Pax and cashing out via Huobi:
https://medium.com/paxos/regulation-in-the-crypto-world-part-i-leading-the-way-into-the-light-11e54d16b035
https://www.theblockcrypto.com/2019/01/04/gemini-gave-trading-firms-a-stablecoin-discount-and-it-caused-big-headaches-for-one-of-its-rivals/
GUSD distribution on Etherscan: https://etherscan.io/token/tokenholderchart/0x056fd409e1d7a124bd7017459dfea2f387b6d5cd
Cameron and Tyler's AMA on Reddit: https://www.reddit.com/r/IAmA/comments/adk0ua/we_are_cameron_and_tyler_winklevoss_cofounders_of/edhlb3b/
SEC commissioner Hester Peirce's dissent on Bitcoin ETF decision: https://www.sec.gov/news/public-statement/peirce-dissent-34-83723
Bitcoin Cash launch on Gemini: https://medium.com/gemini/bitcoin-cash-is-now-available-on-gemini-cc75299d892f
The 51% attack on Ethereum Classic: https://unchainedpodcast.com/the-ethereum-classic-51-attack-how-it-happened-and-why-the-price-didnt-crash-ep-055/
Gemini year in review
https://medium.com/gemini/geminis-2018-year-in-review-1cd0815dd45e
Virtual Commodity Association: https://medium.com/gemini/joining-the-virtual-commodity-association-8bdf3b2f803e
Gemini's new mobile app:
https://medium.com/gemini/introducing-the-gemini-mobile-app-crypto-on-the-go-1448d2ae74fa
USD Coin's banking partners: https://support.usdc.circle.com/hc/en-us/articles/360015278272-Who-are-the-banking-and-financial-partners-you-are-using-for-USDC- TrueUSD's trust companies and their correspondent banks: https://blog.trusttoken.com/who-are-the-correspondent-banks-and-trustee-partners-for-trueusd-e12508f0d5a2
In this wide-ranging episode, Eric Meltzer and Dovey Wan of Primitive Ventures describe how Asia is weathering the crypto downturn: how have the low prices affected miners, how has this affected Bitmain's prospects for an IPO and how, despite a ban on crypto exchanges, Chinese crypto users have been trading. We also discuss more broadly how crypto projects and startups differ between China and the U.S., how crypto is upending Silicon Valley's dominance, and how differences in regulation are affecting entrepreneurship in the space. Plus, Eric and Dovey address whether or not the surveillance state is motivating Chinese interest in crypto.
Thank you to our sponsors!
Tokensoft: https://www.tokensoft.io
Microsoft: https://twitter.com/MSFTBlockchain
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Primitive Ventures: http://primitive.ventures
Eric Meltzer: https://twitter.com/wheatpond
Dovey Wan: https://twitter.com/DoveyWan
Binance was more profitable than Deutsche Bank in quarter 1 of 2018: https://www.ccn.com/binance-surpassed-germanys-biggest-bank-deutsche-in-profitability/
Bitmain and Huobi layoffs: https://www.scmp.com/tech/blockchain/article/2179513/chinas-cryptocurrency-giants-bitmain-and-huobi-plan-lay-offs-amid
Hong Kong regulators reluctant to allow crypto firms to IPO:
https://www.scmp.com/business/banking-finance/article/2178747/hong-kong-regulators-say-ipos-cryptocurrency-businesses-are
Report that China wants an "orderly exit" from crypto mining: https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/
Chinese op-ed on why the People’s Bank of China should consider a yuan-pegged cryptocurrency: https://www.coindesk.com/pboc-op-ed-pushes-use-case-for-yuan-pegged-crypto-stablecoins
Eric Larcheveque, cofounder and CEO of Ledger, and Demetrios Skalkotos, global head of Ledger Vault, describe the company's three main offerings: its hardware wallets, the new software-as-a-service product for institutions, and an Internet of Things offering for transactions involving physical assets. They also describe how the company scaled for a massive increase in demand in 2017, who their customers are and how the company has responded to vulnerabilities found in its products. Plus, they explain why they don't put tamper-proof packaging on their hardware wallets.
Thank you to our sponsors!
TokenSoft: https://www.tokensoft.io
Microsoft: https://twitter.com/MSFTBlockchain
CipherTrace: http://ciphertrace.com/unchained
Episode links:
Ledger: https://www.ledger.com
Eric Larcheveque: https://twitter.com/EricLarch
Demetrios Skalkotos: https://twitter.com/DemoSkalkotos
Introduction of Ledger Vault: https://medium.com/ledger-on-security-and-blockchain/ledger-vault-nyc-office-brings-crypto-security-to-institutional-investors-ec9ee3445850
Three part-series on hardware wallets: https://medium.com/ledger-on-security-and-blockchain/ledger-101-part-1-do-you-really-need-a-hardware-wallet-7f5abbadd945
Ledger's description of BOLOS: https://medium.com/ledger-on-security-and-blockchain/a-closer-look-into-ledger-security-our-custom-operating-system-bolos-ab608bcb0839
Blog post from Saleem Rashid: https://saleemrashid.com/2018/03/20/breaking-ledger-security-model/
Demonstration of attacks on hardware wallets at 35c3: https://wallet.fail
Ledger's response: https://medium.com/ledger-on-security-and-blockchain/chaos-communication-congress-in-response-to-wallet-fails-presentation-17bcd166a052
Ledger Donjon: https://medium.com/ledger-on-security-and-blockchain/ledger-donjon-3e04e0ce49a9
To celebrate the 100th episode of Unchained, I talk a little about what this podcast means to me and thank everyone who's helped me with it. Then I let past guests and listeners take it away with their comments and predictions for 2019. Thank you to everyone who sent in submissions -- and to the listeners and sources who've helped me along the way!
Thank you to our sponsors!
TokenSoft: https://www.tokensoft.io
Microsoft: https://twitter.com/MSFTBlockchain
CipherTrace: http://ciphertrace.com/unchained
Episode links:
My TEDx talk: https://www.youtube.com/watch?v=w-Ew7PW4LCo
Facebook working on a stablecoin: https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers
Growing up in Argentina, Wences Casares saw his family lose all their money three times due to actions by the government. The so-called "patient zero" of Bitcoin in Silicon Valley explains why he believes that experience predisposed him to seeing the potential in Bitcoin earlier than most people, why it's so hard to explain Bitcoin to Americans and why the company he founded, Xapo, isn't just a Bitcoin vault and wallet company but his best effort at helping to ensure that Bitcoin succeeds. He talks about why he isn't scared of all the new competitors to his service, including Coinbase Custody, why Xapo hasn't branched out into any other crypto assets, and why he believes there's a more than 50% chance that Bitcoin is worth $1 million in five to ten years. Additionally, he still believes the attempt to accommodate more transactions on the Bitcoin blockchain with the SegWit2x fork, which he backed, was wrong -- even though the fees after its failure skyrocketed to as high as $60. Plus -- he reveals what it would look like if Bitcoin became a global standard of value, and why that vision doesn't threaten governments.
Thank you to our sponsors!
CipherTrace: http://ciphertrace.com/unchained
Microsoft: https://twitter.com/MSFTBlockchain
Episode links:
Wences Casares: https://twitter.com/wences
Xapo: https://xapo.com/
Wences's Facebook Live with Dan Schulman of PayPal: https://www.facebook.com/DanSchulmanPayPal/videos/1419329821528449/
To learn more about Wences, read New York Times reporter Nathaniel Popper's book, Digital Gold: https://www.harpercollins.com/9780062362506/digital-gold/
Mike Novogratz, founder and CEO of Galaxy Digital Holdings, describes the company's services and products, why it's launching a credit offering, and why he pivoted from his original intention to launch a crypto hedge fund and then pivoted again from working with ICOs to serving institutional players. He talks about why, if he had the chance to go public again, he wouldn't do it, why Galaxy's stock fell so precipitously one day that trading was halted, and why he thinks the SEC has made it clear the ICO markets are closed. He also talks about why, on the way to democratizing finance, the crypto markets need to "take a step back" and start with institutions, why decentralization is important, and why he thinks the launch of Bakkt is the most important news in the crypto space this year. Plus, Mike surmises as to how consumers will start using crypto, but believes it won’t replace fiat in the Western world.
Thank you to our sponsors!
Microsoft: aka.ms/unchained
CipherTrace: https://ciphertrace.com/unchained
Episode links:
Galaxy Digital: https://www.galaxydigital.io
Galaxy Digital's losses so far this year: https://www.bloomberg.com/news/articles/2018-11-28/novogratz-s-crypto-trading-desk-lost-136-million-in-nine-months
https://www.bloomberg.com/news/articles/2018-07-26/novogratz-s-galaxy-digital-sees-134-million-loss-on-crypto-drop
Unchained episode about security tokens: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77
Unchained interview with Philip Rosedale of High Fidelity: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable
Unconfirmed episode with Tom Jessop of Fidelity Digital Assets: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043
Unchained podcast with Arthur Hayes of Bitmex: http://unchainedpodcast.co/arthur-hayes-of-bitmex-on-why-countries-will-turn-to-digital-cash-ep63
This is a special episode of Unchained from the CME Global Leadership Conference in Naples, Florida. There, I spoke with Arthur Hayes, CoFounder and CEO of Bitmex, Dan O’Prey, chief marketing officer of Digital Asset, and Alexis Ohanian, Co-Founder & Executive Chairman, Reddit and Co-Founder of Initialized Capital. We cover how public and permissioned chains will compete or complement each other, how blockchain technology will affect incumbent financial services, and how it has already proven itself (hint: as a store of value is one answer). We discuss whether or not crypto represents a new asset class, why the crypto winter is helping to improve the space, and what the launch of Bakkt and Fidelity Digital Assets could mean going forward.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
Microsoft: https://twitter.com/MSFTBlockchain
Episode links
CME's Global Financial Leadership Conference: https://www.gflc.com
Arthur Hayes: https://twitter.com/cryptohayes
Bitmex: https://www.bitmex.com
Dan O'Prey: https://www.linkedin.com/in/danoprey/
Digital Asset: https://www.digitalasset.com
Alexis Ohanian: https://twitter.com/alexisohanian
Initialized Capital: https://initialized.com
Unconfirmed episode with Tom Jessop's Fidelity Digital Assets: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043
Coinbase has departed from its conservative roots and begun adding many more coins. Dan Romero, vice president of Coinbase, explains how its listing process works, how it tries to prevent insider trading, and why it's listed coins that had ICOs, even though the SEC has indicated all coins that were offered in ICOs at least started off as securities. He also talks about Coinbase's international expansion, how regulations around crypto differ in Japan vs. the U.S., and the importance of banking relationships for crypto companies. Plus, we dive into how Coinbase plans to weather competition on multiple fronts -- from Robinhood, Square and Binance on its consumer side, and from Fidelity and Bakkt on the institutional side -- how its decentralized projects could affect its current revenues and how it is staffing now for any future hype cycles that could increase crypto adoption by an order of magnitude.
Thank you to our sponsors!
Microsoft: aka.ms/unchained
CipherTrace: https://ciphertrace.com/unchained
Altlending: https://altlending.com
Episode links:
Coinbase: https://www.coinbase.com/
Dan: https://twitter.com/dwr
Coinbase Listing: https://listing.coinbase.com
Digital Asset Framework: https://listing.coinbase.com
Coinbase's new listing process: https://blog.coinbase.com/new-asset-listing-process-a83ef296a0f3
Announcement that they were exploring adding Cardano, Basica Attention Token, Stellar Lumens, Zcash and 0x: https://blog.coinbase.com/coinbase-is-exploring-cardano-basic-attention-token-stellar-zcash-and-0x-9e44f0eb823f
News announced after we recorded: Coinbase considering offering 31 new assets: https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-92ba4ab7f465
Interview with Will Warren of decentralized exchange 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
Coinbase investigates insider trading of Bitcoin Cash: http://fortune.com/2017/12/20/coinbase-bitcoin-insider-trading/
Coinbase finds no insider trading of Bitcoin Cash: http://fortune.com/2018/07/24/coinbase-insider-trading/
Unchained episode on Coinbase/IRS case: http://unchainedpodcast.co/is-the-irs-justified-in-demanding-information-on-millions-of-bitcoin-users
Link to Alistair Milne's tracking of total Coinbase customer base: https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu-Qv9SS1ck2iPt6Kw9a55z0k/edit#gid=0
Coinbase adding USDC: https://blog.coinbase.com/coinbase-and-circle-announce-the-launch-of-usdc-a-digital-dollar-2cd6548d237
Unchained episode with Circle: http://unchainedpodcast.co/circles-jeremy-allaire-and-sean-neville-on-why-crypto-will-be-bigger-than-the-web-ep71
Unchained episode with Rune Christensen of MakerDAO: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable
Unconfirmed episode with Rune: http://unconfirmed.libsyn.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep039
Ari Paul, CIO of BlockTower Capital, explains why he likes how short-term trades concentrate risk in investment, why, "no matter what," he thinks Bitcoin is a good-value buy today, and how big university endowments investing in crypto now could eventually lead institutions to go from having a fear-of-loss attitude about crypto to having FOMO. He also dives into why he's not as excited about generalized mining as some of BlockTower's crypto fund peers and who he thinks is really well-poised in that space. We also discuss why Bitcoin futures didn't have a positive impact on the price and what effect Bakkt and Fidelity launching their crypto products could have. Plus, he responds to people who accused him of insider trading when a private conversation in which he mentioned Stellar was acquiring enterprise blockchain startup Chain was released.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
Altlending: https://altlending.com
Episode links:
Ari Paul: https://twitter.com/AriDavidPaul
BlockTower Capital: https://www.blocktower.com
Harvard, Stanford, MIT endowments invest in crypto: https://www.theinformation.com/articles/harvard-stanford-mit-endowments-invest-in-crypto-funds
Yale endowment invests in a16z and Paradigm: https://www.cnbc.com/2018/10/05/yale-investment-chief-david-swensen-jumps-into-crypto-with-bets-on-two-silicon-valley-funds.html
Bitcoin Cash hard fork recap: https://bitcoinmagazine.com/articles/week-2-how-bitcoin-cash-hash-war-came-and-went-and-not-much-happened/
Unconfirmed episode on Bitcoin Cash hard fork with Aaron Van Wirdum: http://unconfirmed.libsyn.com/the-bitcoin-cash-hard-fork-bitcoin-abc-vs-bitcoin-sv-ep046
Unchained episode with Riccardo Spagni of Monero: http://unchainedpodcast.co/coinfunds-jake-brukhman-and-multicoins-tushar-jain-on-generalized-mining-ep92
Unchained episode with Jake Brukhman and Tushar Jain of Multicoin Capital: http://unchainedpodcast.co/coinfunds-jake-brukhman-and-multicoins-tushar-jain-on-generalized-mining-ep92
Unconfirmed episode with Fidelity's Tom Jessop: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043
Ari's private conversation in which he mentioned Stellar was acquiring Chain: https://hackernoon.com/ten-questions-for-ari-david-paul-of-blocktower-capital-dcd8d81ef27e
IMF managing director Christine Lagarde's talk on the case for central bank digital currencies:
https://www.imf.org/en/News/Articles/2018/11/13/sp111418-winds-of-change-the-case-for-new-digital-currency
Connie Gallippi, the founder and executive director for BitGive, and Joe Waltman, the executive director of GiveCrypto.org, discuss charitable giving in crypto -- what problems in philanthropy it solves, what level of transparency they can achieve and how they measure impact. Connie explains why she has chosen to work with existing non-profits and Joe, why GiveCrypto is working on its own initiatives, and why its working thesis is that crypto will be especially helpful in places with broken money or broken government. They also dive into the tax implications of donating crypto directly -- namely that donors can offset taxes on gains, particularly by donating their oldest coins before the end of the calendar year. Connie talks about how BitGive needs to ensure it doesn't hold or convert money in order to avoid money transmitter regulations, and Joe, how GiveCrypto has to ensure it's not giving money to bad people, such as money launderers or people or entities under economic sanctions. Plus, the two discuss why a space that so often espouses the ideals of democratization of finance gives so little and what it will take for it to donate more.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained
Episode links:
Bitgive: https://www.bitgivefoundation.org
GiveTrack: https://www.givetrack.org
BitGive Twitter: https://twitter.com/BitGiveOrg
GiveCrypto: https://www.bitgivefoundation.org
GiveCrypto Twitter - https://twitter.com/givecrypto?lang=en
BitGive's five-year report: https://d1i1964a5wuyjt.cloudfront.net/2018/11/5-year-deck-021118_compressed-1.pdf
Joe's work trial for GiveCrypto: https://medium.com/givecrypto/givecrypto-work-trial-a-new-financial-system-a-new-opportunity-7f564b65aff5
GiveCrypto's October report: https://medium.com/givecrypto/givecryptos-october-monthly-report-5c191bc03b56
Unconfirmed episode with Robert Opp of the UN World Food Programme: http://unconfirmed.libsyn.com/the-un-world-food-programmes-blockchain-based-food-vouchers-for-syrian-refugees-with-robert-opp-ep017
Episode with Elizabeth Rossiello of Bitpesa: http://unchainedpodcast.co/bitpesas-elizabeth-rossiello-on-necker-island
Riccardo Spagni, the lead maintainer for Monero, describes the four pillars of Monero's privacy, makes the case for why it would still be valuable even if BItcoin were to adopt privacy, and explains the ways in which its privacy is stronger and weaker than Zcash's. He also discusses his new project, Tari, and how it could enable a new world of natively digital assets such as tickets, loyalty points and in-game assets, and how it will relate to Monero. He also explains his view on the fact that Monero is one of the top currencies used on the dark web and appears to have been in demand by bad state actors such as North Korea. Plus, he gives us his backstory, which includes gel-based nail polish and bikinis, and the origin of his nickname, Fluffypony.
Thank you to our sponsors!
CipherTrace: https://ciphertrace.com/unchained
Altlending: https://altlending.com
Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained
Episode links:
Riccardo Spagni: https://twitter.com/fluffypony?lang=en
Monero: https://getmonero.org
Tari: https://www.tari.com
Wired article on Monero's traceability: https://www.wired.com/story/monero-privacy/
Laura's listener mail episode: http://unchainedpodcast.co/listener-mail-laura-answers-your-questions-on-the-markets-velocity-privacy-and-more-ep88
Unchained episode with Zooko Wilcox of Zcash: http://unchainedpodcast.co/zcashs-zooko-wilcox-on-why-he-believes-privacy-coins-will-be-used-more-for-good-than-bad
Jake Brukhman of CoinFund and Tushar Jain of Multicoin Capital discuss a new trend among crypto funds: generalized mining, also called mining 2.0, in which investors participate in the networks in order to seed activity on them. For instance, an investor might offer disk space on a file storage network or provide capital on a decentralized lending network. They explain why it makes more sense to do this in the early days of a network than when it's matured, whether this will lead away from a peer-to-peer vision for crypto toward more professionalization and how this affects the basic premise of the fat protocols thesis. We also discuss how this impacts how crypto funds hire, do their accounting and reporting and structure their LP agreements.
Thank you to our sponsors!
Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained
Altlending: https://altlending.com
WeTrust: WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained
Episode links:
Jake Brukhman: https://twitter.com/jbrukh?lang=en
CoinFund: https://coinfund.io
Tushar Jain: https://twitter.com/TusharJain_
Multicoin Capital: https://multicoin.capital
Jake's post on crypto borrowing: https://blog.coinfund.io/crypto-borrowing-and-staking-networks-e7d2d64a81a4
Tushar's post on generalized mining: https://multicoin.capital/2018/10/23/the-evolving-role-of-crypto-investors/
Jake on LivePeer as a case study: https://blog.coinfund.io/livepeer-cryptoeconomics-as-a-case-study-of-active-participation-in-decentralized-networks-19a932415e0e
Unchained episode with MakerDAO: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable
Unconfirmed episode with Rune Christensen of MakerDAO: http://unconfirmed.libsyn.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep039
Initial witness offerings, by Jake's partner Alexsandr Bulkin: https://blog.coinfund.io/iwos-with-adapt-a-creative-technological-solution-to-a-regulatory-problem-513b0bc811ff
Jake's post on fat protocols not being an investment thesis: https://blog.coinfund.io/fat-protocols-are-not-an-investment-thesis-17c8837c2734
Unchained interview with Joel Monegro, the author of the fat protocols thesis: http://unchainedpodcast.co/placeholders-joel-monegro-on-the-fat-protocols-thesis-today-ep65
Videos that Jake mentions at the end of the show:
Generalized Mining, An Introduction & Primer by Jake Brukhman, CEO of CoinFund: https://youtu.be/ceex9CN2YZU
Panel #1: Supply Side Services | Generalized Mining and The Third-Party Economy: https://youtu.be/Cr6H2FcidjY
Panel # 2: New Role of Crypto Investors | Generalized Mining and The Third-Party Economy: https://youtu.be/zakQc07GRXA
Panel #3: Staking Economic Design | Generalized Mining and The Third-Party Economy: https://youtu.be/ydViUpTZens
After the ICO craze of 2017, such offerings have raised extremely little so far this fall, with total sales in October down 94% since February, according to Token Data. Why? And where to next? Andy Bromberg, president of CoinList, and Marco Santori, president and chief legal officer of Blockchain, discuss the changing nature of token sales. Andy reveals how the projects approaching CoinList have changed over the last year, how investors are changing their approach to due diligence in the space, and how CoinList complies with various regulations. Marco explains the origin of the SAFT framework, what laws would apply outside of securities regulation and why rulings in civil lawsuits and no-action letter are likely the next way we'll get regulatory clarity. We also discuss why the Civil token sale failed, why airdrops could be a better than ICOs for seeding usage on networks and how to figure out which wallets to target in an airdrop. Plus: Marco and Andy disagree on one aspect or how regulation could apply to airdrops.
Thank you to our sponsors!
WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained
Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained
Episode Links
Andy Bromberg: https://twitter.com/andy_bromberg
CoinList: https://coinlist.co
Marco Santori: https://twitter.com/msantoriESQ
Blockchain: https://www.blockchain.com
Autonomous Next data on September ICOs down 90% since January: https://next.autonomous.com/thoughts/crypto-september-icos-90-down-from-january-but-venture-funding-is-ray-of-hope
Token Data on October ICOs down 94% since February: https://twitter.com/TokenData/status/1057953301440983040
SAFT project: https://saftproject.com
Previous episode with Marco and Joshua Ashley Klayman including her concerns about the SAFT framework: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated
SEC Director of Finance Bill Hinman's comments that ether is not a security (5:25): https://finance.yahoo.com/news/sec-announces-ether-not-security-162658147.html
Jay Clayton's comments that every ICO he's seen is a security: https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/
Civil token sale: https://tokenfoundry.com/projects/civil
Blockchain's Airdrop program: https://www.blockchain.com/airdrop
CoinList's Airdrops program: https://airdrops.coinlist.co
For this episode on the eve of the Bitcoin white paper's 10-year anniversary, Nathaniel Popper and Paul Vigna, reporters who cover Bitcoin and crypto for The New York Times and The Wall Street Journal, respectively, and who have written books about it, discuss wide-ranging questions regarding the first cryptocurrency. We explore why it succeeded where previous digital currencies failed, what role the financial crisis and Satoshi's disappearance played in its success and how it compares to the development of the internet. We also look at the "blockchain, not Bitcoin" debate, the scaling debate and the merits of on-chain governance, and how scandals involving centralized services such as the Equifax hack and the Facebook/Cambridge Analytica breach will affect its development. Finally, we discuss its potential as a global reserve currency, potential abuse of crypto assets by bad state actors, and whether and how regulators can regulate decentralized technologies. Plus, Paul and Nathaniel give their thoughts on the next 10 years.
Thank you to our sponsors!
Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained
Onramp: http://www.thinkonramp.com
WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained
Episode links:
Bitcoin white paper: https://bitcoin.org/bitcoin.pdf
Nathaniel Popper: https://twitter.com/nathanielpopper
https://www.nytimes.com/by/nathaniel-popper?8qa
Digital Gold: https://www.harpercollins.com/9780062572066/digital-gold/
Paul Vigna: https://twitter.com/paulvigna
https://www.wsj.com/news/author/7296
Age of Cryptocurrency: https://us.macmillan.com/books/9781250081551
The Truth Machine: https://us.macmillan.com/books/9781250114570
Edward Bernays' Propaganda: http://www.igpub.com/propaganda/
CFTC Commissioner Brian Quintenz's speech discussing how they would prosecute illegal prediction markets: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz16
While many companies like to use buzzwords like crypto, blockchain, AI and encryption, Numerai actually combines all these technologies in a novel way. Founder Richard Craib discusses how his hedge fund started off crowdsourcing good financial models from data scientists to optimize its trading strategies in global equities. He then explains how it airdropped a token, the Numeraire, to those data scientists, giving them the option to stake some Numeraire for models they were especially confident in, and how staked models have higher returns. He also describes Numerai's new Erasure protocol, which helps build a marketplace for predictions for sellers who could profit more from selling their predictions than trading on them, and for buyers who can now use the signal of staking to filter between good and bad data. We dive into the protocol's "griefing" process, in which buyers can punish sellers, as well as the thorny issue of whether selling predictions based on proprietary information could constitute insider trading. Plus, we explore whether or not other hedge funds would really want to buy a token created by another hedge fund, and what Numerai's plans are to become more decentralized.
Thank you to our sponsor!
Onramp: http://www.thinkonramp.com
Episode links:
Numerai: https://numer.ai
Richard Craib: https://twitter.com/richardcraib
My Forbes article on the Numeraire: https://www.forbes.com/sites/laurashin/2017/02/21/this-is-the-worlds-first-cryptocurrency-issued-by-a-hedge-fund/#3cda45f360b6
Erasure: https://erasure.xxx
Announcement about Erasure: https://medium.com/numerai/numerai-reveals-erasure-unstoppable-peer-to-peer-data-feeds-4fbb8d92820a
Unchained episode with Olaf Carlson-Wee of Polychain Capital: http://unchainedpodcast.co/why-the-first-employee-of-coinbase-launched-a-hedge-fund
Unchained episode with Joey Krug of Augur: http://unchainedpodcast.co/joey-krug-on-how-augur-is-like-any-other-tool-ep79
This week, because I was busy with my TEDx talk and my book, I decided to do an episode in which I answer your questions. Thank you to everyone who submitted one, and I'm so sorry I didn't get to all your questions. In this episode, I talk about what's necessary to gain wider adoption, how I think the next bull run will manifest and how Bitcoin would behave in a serious financial crisis. Plus, I reveal which areas of the industry I think will blossom, and which areas I'm less optimistic about. I also answer what people who are just getting into the technology can do in the space, why the oracle problem is so challenging and how it can be resolved, and what the velocity problem is, and whether it applies especially to Ethereum. I also delve into privacy coins, whether or not the lower overall crypto market volatility we're seeing now will continue, and where this trend with stablecoins is going. There are a LOT of episode links -- be sure to check them out!
Thank you to our sponsors!
Altlending: https://altlending.com
Blockdaemon: http://blockdaemon.com/unchained/
Episode links:
Senate hearing on cryptocurrencies: https://www.c-span.org/video/?452837-1/senate-banking-panel-explores-cryptocurrencies-blockchains
Tweets with me, Nouriel and Vitalik: https://twitter.com/laurashin/status/1050782831859752960
My conversation with Soona Amhaz of Token Daily about Nouriel Roubini on Unconfirmed: http://unconfirmed.libsyn.com/how-were-misusing-the-word-decentralization-ep041
Milken Institute panel featuring Nouriel Roubini: http://www.milkeninstitute.org/videos/view/cryptocurrencies-irrational-exuberance-or-brave-new-world
Skeptics' Episodes:
Preston Byrne & Angela Walch: http://unchainedpodcast.co/the-skeptics-episode-preston-byrne-and-angela-walch-on-what-the-industry-and-regulators-get-wrong-in-crypto
Meltem Demirors & Jill Carlson: http://unchainedpodcast.co/episode-74
Singularity University episode discussing usbaility: http://unchainedpodcast.co/singularity-university-global-summit-how-do-we-get-consumer-adoption-ep83
My Forbes article on phone hijacking: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#2ada233b38ba
USV blog post on apps and infrastructure: https://www.usv.com/blog/the-myth-of-the-infrastructure-phase
CryptoKitties episode: http://unchainedpodcast.co/what-makes-a-cryptokitty-worth-140000-ep75
Token Foundry standards: https://blog.tokenfoundry.com/token-foundry-standards/
Civil: https://civil.co
Forbes magazine feature on blockchain not Bitcoin, featuring Chain: https://www.forbes.com/sites/laurashin/2015/09/09/bitcoins-shared-ledger-technology-moneys-new-operating-system/#66bb2f4c7dd1
Recent episode with Barry Silbert: http://unchainedpodcast.co/barry-silbert-on-what-wall-street-says-privately-about-crypto-vs-what-it-says-publicly-ep87
Decentralized Finance series:
0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
Dharma: http://unchainedpodcast.co/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep80
Compound: http://unchainedpodcast.co/how-youll-earn-interest-on-your-crypto-with-compound-ep82
dYdX: http://unchainedpodcast.co/how-dydx-allows-you-to-take-a-short-position-in-one-token-ep86
Institutional money:
The Information article on university endowments investing in crypto: https://www.theinformation.com/articles/harvard-stanford-mit-endowments-invest-in-crypto-funds
Unchained episode with Tuur Demeester: http://unchainedpodcast.co/tuur-demeester-on-why-hes-a-bitcoin-maximalist-and-bearish-on-ethereum-ep81
Fortune article on Bakkt: http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/
Custody solutions:
BitGo becomes a qualified custodian: https://www.coindesk.com/bitgo-receives-regulatory-approval-to-custody-crypto-assets/
Unchained episode with Mike Belshe of BitGo: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future
Coinbase Custody opens: https://blog.coinbase.com/coinbase-custody-is-officially-open-for-business-182c297d65d9
Potential recession:
Oslo Freedom Forum episode on uptake of bitcoin in Venezuela: http://unchainedpodcast.co/the-oslo-freedom-forum-in-new-york-why-decentralization-matters-ep85
Fortune article on Chainalysis: http://fortune.com/2018/10/10/can-the-whales-of-bitcoin-tank-the-market/?ref=tokendaily
Trends I think will blossom:
First Unchained episode with Kathryn Haun: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them
Unchained episode with Chris Dixon of a16z crypto: http://unchainedpodcast.co/chris-dixon-on-how-trust-is-the-best-lego-block-ep70
Unchained episode with Zooko Wilcox of Zcash: http://unchainedpodcast.co/zcashs-zooko-wilcox-on-why-he-believes-privacy-coins-will-be-used-more-for-good-than-bad
JPMorgan Chase using Zcash technology: https://www.forbes.com/sites/laurashin/2017/05/22/jpmorgan-chase-to-integrate-zcash-technology-to-its-enterprise-blockchain-platform/
Enterprise blockchains:
NYT article I wrote on enterprise blockchains: https://www.nytimes.com/2018/06/27/business/dealbook/industries-blockchains-efficiency.html
Oracles:
Ether flash crash on GDAX: https://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchange-after-multimillion-dollar-trade.html
Medium article on oracles: https://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchange-after-multimillion-dollar-trade.html
Episode with Joey Krug of Augur: http://unchainedpodcast.co/joey-krug-on-how-augur-is-like-any-other-tool-ep79
Episode with Danny An of TrustToken: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77
Velocity problem:
Chris Burniske on how to value a crypto asset, on Unchained: http://unchainedpodcast.co/how-to-valuate-a-crypto-asset-s3e08
Ethereum post on reducing block reward: https://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchange-after-multimillion-dollar-trade.html
Privacy coins:
Good post on Monero vs. Zcash: https://medium.com/digitalassetresearch/zec-best-in-class-privacy-in-a-public-blockchain-1df2a3728739
Episode on illicit use of cryptocurrencies: http://unchainedpodcast.co/how-widespread-is-money-laundering-in-crypto-ep72
Carlotta Perez book, Technological Revolutions and Financial Capital: http://www.carlotaperez.org/pubs?s=tf&l=en&a=technologicalrevolutionsandfinancialcapital
Unchained episode on stablecoins: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable
Unconfirmed episode with Rune Christensen of MakerDAO: http://unconfirmed.libsyn.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep039
Unchained episode with Circle that describes their stablecoin: http://unchainedpodcast.co/circles-jeremy-allaire-and-sean-neville-on-why-crypto-will-be-bigger-than-the-web-ep71
Barry Silbert, founder and CEO of Digital Currency Group, which has invested in 130 crypto ventures worldwide, describes his company, its strategy for investing in the crypto space, and how his perspective on the development of the space has changed since he first launched in 2014. He also explains why he's not a big believer in decentralization, like many others in the space, why he's not bullish on ICOs, and why he also is a bigger proponent of Ethereum Classic than Ethereum. We also touch on regulation and how he thinks that will affect the development of crypto, why Grayscale launched an investment vehicle for a little-known cryptocurrency, and why he's excited about Decentraland. Plus, he reveals what Wall Street says publicly about crypto vs. what it says privately and reflects on his role in the New York Agreement -- a failed attempt to bridge a divide in the Bitcoin community.
Thank you to our sponsors!
Altlending: https://altlending.com
Blockdaemon: http://blockdaemon.com/unchained/
If you're interested in sponsoring Unchained or Unconfirmed, email Raelene at laurashinpodcast@gmail.com.
Episode Links:
DCG: https://dcg.co
Barry Silbert: https://twitter.com/barrysilbert
Grayscale: https://grayscale.co
Genesis: https://genesistrading.com
CoinDesk: https://www.coindesk.com
New York state Bitlicense: https://www.dfs.ny.gov/legal/regulations/bitlicense_reg_framework.htm
Decentraland: https://decentraland.org
GBTC: https://grayscale.co/bitcoin-investment-trust/
Radar Relay: https://www.radarrelay.com
The Unchained interview with 0x, the decentralized exchange with which Radar Relay works: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
Blog post announcing the New York Agreement: https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77
Unchained podcast on the failure of the compromise: http://unchainedpodcast.co/what-bitcoins-history-says-about-its-future
Antonio Juliano, founder of dYdX, explains how this protocol for derivatives will enable you to take a short position in a single token, why they are starting with protocols shorting and margin lending and how these protocols work vs. how shorting and margin lending work today. The former employee of Coinbase also discusses how the protocol determines the prices of the assets involved, how low liquidity affects the trading of the derivatives and who dYdX's users will be. He also talks about how the company, which has raised money from Andreessen Horowitz, Polychain Capital and others, plans to make money despite not currently having a token. Plus, we discuss dYdX's plans to create protocols for derivatives that are not fully collateralized and the risks that come with that.
Thank you to our sponsor!
Blockdaemon: http://blockdaemon.com/unchained/
Interested in sponsoring Unchained or Unconfirmed? Reach out to Raelene at laurashinpodcast@gmail.com.
Episode links:
dYdX: https://dydx.exchange
Antonio Juliano: https://twitter.com/antoniomjuliano
dYdX white paper: https://whitepaper.dydx.exchange
Expo: https://www.expotrading.com
https://medium.com/dydxderivatives/introducing-expo-ffe74a328f85
Investments in dYdX: https://techcrunch.com/2018/08/03/short-ethereum/
Unchained episode about decentralized exchange protocol 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
Unchained episode about decentralized debt protocol Dharma: http://unchainedpodcast.co/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep80
Unchained episode about decentralized money market protocol Compound: http://unchainedpodcast.co/how-youll-earn-interest-on-your-crypto-with-compound-ep82
Unchained interview with Josh Stein of Harbor: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77
Unchained interview with CryptoKitties: http://unchainedpodcast.co/what-makes-a-cryptokitty-worth-140000-ep75
In this fascinating and compelling panel on Why Decentralization Matters at the Oslo Freedom Forum in New York, I spoke with Alejandro Machado, a researcher at Zcash; Amber Baldet, founder and CEO of Clovyr, a decentralized software and developer tools company; Andy Bromberg, cofounder and president of CoinList, a compliant token offering platform; and Megha Rajagopalan, correspondent for Buzzfeed and former China bureau chief.
In this discussion, we cover what is happening in authoritarian regimes like China and Venezuela that highlight the importance of decentralized technologies, how people in those countries are using crypto assets, and how technologists think about decentralization and censorship-resistance. We also talk about the usability issues of decentralized technologies and how people in authoritarian regimes can even get access to them. Plus, we also look at how bad state actors are also using the same technology to oppress people or evade sanctions.
Thank you to our sponsors!
StartEngine: https://www.startengine.com
Episode links:
PC Mag story on how cryptocurrency is both "an oppressor and a lifeline" in Venezuela: https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline
Naval on Unchained talking about how money is now speech: http://unchainedpodcast.co/naval-ravikant-on-how-crypto-is-squeezing-vcs-hindering-regulators-and-bringing-users-choice
Google's Dragonfly project: https://theintercept.com/2018/09/14/google-china-prototype-links-searches-to-phone-numbers/
For more on how decentralization and blockchain technology can help Alex Gladstein of the Human Rights Foundation on Unconfirmed: http://unconfirmed.libsyn.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep021
A previous interview with Amber Baldet on Unconfirmed: http://unconfirmed.libsyn.com/sxsw-episode-amber-baldet-blockchain-program-lead-at-jpmorgan-on-the-potential-clash-between-blockchains-and-the-right-to-be-forgotten
A previous interview with Andy Bromberg on Unconfirmed: http://unconfirmed.libsyn.com/coinlists-andy-bromberg-on-the-one-big-regulatory-issue-facing-crypto-ep030
In this fast-paced and exhilarating conversation, Changpeng Zhao, aka "CZ," tells the pivotal business decisions that led users to flock to the brand-new Binance in the summer and fall of 2017, catapulting it from obscurity to become the world's most popular crypto exchange within five months. He also describes his regulatory stance, why he focuses on small jurisdictions and why he lets token teams hire their own lawyers to determine whether their coins are securities or not. He explains the company's insider trading and market manipulation policies and how BNB coin works. Plus, he disputes the notion that stocks have better information due to disclosure rules, lays out Binance's current mission and delineates the differences in the crypto communities in North America, Europe and Asia.
Thank you to our sponsors!
Altlending: https://altlending.com
Blockdaemon: https://blockdaemon.com/unchained/
If you're interested in sponsoring Unchained or Unconfirmed, reach out to Raelene at laurashinpodcast@gmail.com.
Episode links:
Binance: https://www.binance.com
CZ: https://twitter.com/cz_binance
Binance white paper: https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf
Unchained interview with Bobby Lee: http://unchainedpodcast.co/bobby-lee-ceo-of-btcc-on-why-the-chinese-probably-arent-using-bitcoin-to-evade-capital-controls
Unchained interview with Da Hongfei on China bad on ICOs: http://unchainedpodcast.co/from-blockchains-to-mooncakes-two-chinese-crypto-founders-on-the-ico-and-bitcoin-exchanges-ban
Epicenter BTC's interview with CZ: https://www.youtube.com/watch?v=dEaxQneanIY
Binance's "creative" approach to regulation: https://www.bloomberg.com/news/articles/2018-03-28/crypto-s-billionaire-trading-king-has-suddenly-run-into-problems
Unchained interview on crypto regulation in the US: http://unchainedpodcast.co/the-chamber-of-digital-commerces-perianne-boring-and-amy-kim-on-why-us-crypto-regulation-is-complicated-and-confusing
Unchained interview with Coin Center: http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law
Binance's purchase of TrustWallet: http://fortune.com/2018/07/31/binance-trust-wallet-acquistion/
Binance's $1 billion investment fund: https://techcrunch.com/2018/06/01/binance-1-billion-investment-fund/
Forbes cover story on CZ: https://www.forbes.com/sites/pamelaambler/2018/02/07/changpeng-zhao-binance-exchange-crypto-cryptocurrency/
This is a recording of the full "blockchain block" of the Singularity University Global Summit in late August. It features a talk by me on the power of decentralization, Abra CEO Bill Barhydt on the evolution of Bitcoin, and Atlas Holdings Group CEO Mickey Costa on distributed autonomous organizations. Following are two panels. The first is on where we are in the development of crypto and how we get consumer adoption with Bill and Galia Benartzi of Bancor. The second is on blockchain for good, with Cara LaPointe of the Beeck Center for Social Impact and Innovation at Georgetown University and Anne Connelly of Singularity University. It was a great day for a lot of stimulating discussion on where we are in crypto's development and how we can steer it in the direction we want.
Thank you to our sponsor!
StartEngine: https://www.startengine.com/unchained
Episode links:
Singularity Global Summit: https://su.org/summits/su-global-summit/
Singularity University Global Summit 2018 program: https://su.org/wp-content/uploads/2018/08/SUGS_PROGRAM_2018_AUGUST-21_V4-1.pdf
Bill Barhydt: https://twitter.com/billbarhydt
Abra: https://www.abra.com
Mickey Costa: https://twitter.com/mickeycosta
Atlas: https://atlas.money
Galia Benartzi: https://www.bancor.network
Bancor: https://www.bancor.network
Cara LaPointe: http://beeckcenter.georgetown.edu/cara-lapointe/
Anne Connelly: https://su.org/about/faculty/anne-connelly/
Robert Leshner, founder of Compound, describes how its protocol will enable people to earn interest on crypto assets, and why he thinks this will be crucial to crypto becoming mainstream. He also describes how the company is currently building an interest rate model -- a task so difficult that an early version "blew up" the Ethereum virtual machine -- and why using one of its smart contract-based money markets is both riskier and less risky than using an exchange. We talk about who will use Compound and how, which coins they're going to launch with, and how Compound plans to make money.
Thank you to our sponsors!
AltLending: https://altlending.com
StartEngine: https://www.startengine.com/unchained
Episode links:
Compound: https://compound.finance
Robert Leshner: https://twitter.com/rleshner
Intro to Compound: https://medium.com/compound-finance/introducing-compound-the-money-market-protocol-4b9546bac87
TechCrunch article on Compound: https://techcrunch.com/2018/05/16/cryptocurrency-compound-interest/
Unchained interview with Nadav Hollander of Dharma: http://unchainedpodcast.co/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep80
Unchained interview with Joey Krug of Augur: http://unchainedpodcast.co/joey-krug-on-how-augur-is-like-any-other-tool-ep79
Unchained interview with Danny An of TrustToken, which is creating TrueUSD: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77
Unchained interview with Will Warren of 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
Unchained interview with Vitalik Buterin: http://unchainedpodcast.co/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy
Founder and CEO of Adamant Capital Tuur Demeester explains what factors he considers when valuing crypto assets, why this has led him to become a Bitcoin maximalist, and why he doesn't think Ethereum can scale. We also discuss why he doesn't have much faith in any of the smart contract platforms that are vying in this space. He also describes why he believes proof of work is superior to proof of stake, and why he's excited about the Lightning Network and the apps being built on top.
Thank you to our sponsors!
StartEngine: https://www.startengine.com/unchained
The Sun Exchange: https://thesunexchange.com
Episode Links:
Tuur Demeester: https://twitter.com/TuurDemeester
Tuur's critique of proof of stake: https://medium.com/@tuurdemeester/critique-of-buterins-a-proof-of-stake-design-philosophy-49fc9ebb36c6
Why Tuur is bearish on Ethereum: https://medium.com/@tuurdemeester/im-not-worried-about-bitcoin-unlimited-but-i-am-losing-sleep-over-ethereum-b5251c54e66d
https://medium.com/@tuurdemeester/why-im-short-ethereum-and-long-bitcoin-aee5b1c198fd
Unchained interview with David Vorick of Siacoin, Nebulous and Obelisk: http://unchainedpodcast.co/why-asics-may-be-better-than-gpus-even-if-they-tend-toward-mining-centralization-ep67
For a recap of the battle between big and small block factions in Bitcoin: http://unchainedpodcast.co/what-bitcoins-history-says-about-its-future
Nadav, founder of Dharma protocol, explains how it enables the borrowing and lending of crypto assets, what would happen in the case of default, and why it would make sense to do it in a decentralized fashion rather than using one of the many fintech companies in the lending space. He talks about what effect he thinks decentralized credit markets could have on the market capitalization of all debt, why it will likely enable forms of debt currently unimaginable, and who could benefit most from this protocol. He also dives into why Dharma doesn't currently have a token, how or whether it could work on a non-Ethereum blockchain and ways the for-profit company could someday make money.
Thank you to our sponsors!
StartEngine: https://www.startengine.com/unchained
The Sun Exchange: https://thesunexchange.com
Episode links:
Nadav Hollander: https://twitter.com/NadavAHollander
Dharma protocol: https://dharma.io
The Dharma white paper: https://github.com/dharmaprotocol/WhitePaper/blob/master/DharmaWhitepaper.pdf
To understand the similarities with Dharma, check out the 0x interview with Will Warren: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
New types of debt possible with Dharma: https://twitter.com/NadavAHollander/status/1032754247341756416
Joey Krug, cofounder of Augur and co-chief investment officer at Pantera Capital, talks about what Augur is and is not, why it’s difficult to create new financial markets today and whether or not Augur markets could curb fake news. He explains why the teams burned its escape hatch key and whether he’s worried that Augur’s crowdsale would be considered an unregistered securities offering, plus answers whether he would benefit financially if assassination markets pop up on Augur. We also discuss what he sees happening in the market in his role as co-chief investment officer at Pantera Capital, what problems he think need to be resolved before Augur and dapps can take off, and which projects he believes have the greatest potential to democratize finance.
Thank you to our sponsors!
Start Engine: https://www.startengine.com/unchained
The Sun Exchange: https://thesunexchange.com/
Episode Links:
Joey Krug: https://twitter.com/joeykrug?lang=en
Augur: https://www.augur.net/
Pantera: https://www.panteracapital.com/
Joey on Unconfirmed: https://unconfirmed.libsyn.com/joey-krug-on-how-to-create-a-regular-cryptocurrency-ep022
Augur FAQ: https://www.augur.net/faq/
Predictions Global: https://predictions.global/
Assassination markets on Augur: https://www.coindesk.com/the-first-augur-assassination-markets-have-arrived/
SEC action against Sand Hill Exchange: https://www.sec.gov/news/pressrelease/2015-123.html
Listen to the Unchained interview with 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future
Dfinity's Dominic Williams talks about how Dfinity is an internet computer that can host our software and data, instead of it being held by centralized services. He describes the consensus algorithm, threshold relay, and why he believes Dfinity will be much more secure than Bitcoin. We also dive into Dfinity's governance mechanism, the "blockchain nervous system." Williams, who has written about the "AI-managed environment provided by the blockchain nervous system" and talked about how Dfinity upgrades the "code is law paradigm" to "the AI is law paradigm," explains on the show that the blockchain nervous system is not an AI and is manually controlled by users.
Thank you to our sponsors!
StartEngine: https://www.startengine.com/unchained
The Sun Exchange: https://thesunexchange.com
Episode links:
Dfinity: https://www.dfinity.org
Dominic: https://twitter.com/dominic_w?lang=en
Dfinity as decentralized cloud: https://medium.com/dfinity/the-decentralized-cloud-vision-of-the-dfinity-blockchain-f68449c49be2
Dfinity consensus algorithm: https://medium.com/dfinity/dfinity-white-paper-our-consensus-algorithm-a11adc0a054c
Threshold relay: https://dfinity.org/pdf-viewer/pdfs/viewer?file=../library/threshold-relay-blockchain-stanford.pdf
Posts where Dominic has described Dfinity's governance system as an AI:
https://medium.com/dfinity/dfinity-in-a-nutshell-a-non-technical-introduction-ec45ec5967c1
https://medium.com/dfinity/the-dfinity-blockchain-nervous-system-a5dd1783288e
Phi: https://dfinity.org/pdf-viewer/pdfs/viewer?file=../library/phi-dfinity-extended-v2.pdf
Josh Stein, CEO of Harbor, and Danny An, cofounder and CEO of TrustToken, talk about security tokens and tokens backed by real-world assets, often called an unsexy area of crypto. They explain the strategies their teams are using to tackle the tokenization of what currently constitute $250 trillion in assets, what kinds of new behaviors and business opportunities "faster, cheaper, more liquid" assets could open up, and how they'll comply with regulations across all jurisdictions for markets that are global and trade 24/7/365.
Thank you to our sponsors!
StartEngine: https://www.startengine.com/unchained
The Sun Exchange: https://thesunexchange.com
Episode links:
Harbor: https://harbor.com
Trust Token: https://www.trusttoken.com
True USD: https://www.trusttoken.com/trueusd/
An overview of security tokens: https://medium.com/@apompliano/the-official-guide-to-tokenized-securities-44e8342bb24f
More on Harbor and security tokens: http://fortune.com/2018/05/18/security-token-harbor-ce
More on True USD: https://venturebeat.com/2018/07/18/trusttoken-readies-sale-of-more-trueusd-asset-based-tokens/
The PICO: https://medium.com/harborhq/introducing-the-private-ico-pico-3e8b782924c1
Episode with Meltem Demirors and Jill Carlson: http://unchainedpodcast.co/episode-74
In July in San Francisco, I moderated a panel at "Distributed 2018: Unlocking the Global Power of Decentralized Business." The title of our discussion was "Innovate or Reinvent?" and the panelists were Amber Baldet, cofounder and CEO of Clovyr, Matt Roszak, cofounder and chairman of Bloq, and Lily Liu, cofounder of Earn.com. We had a wide-ranging discussion, which included topics such as how the "Crypto 50" combined have more budget for blockchain development services than Fortune 50 companies, how developing in the blockchain space and revolutionize an existing market requires that the new offering be many times better than existing options, and why enterprise needs to wait to get permission rather than ask for forgiveness, which doesn't hinder new projects. We also discussed how government is also a competitor in the space, that building entities don't include only decentralized projects and corporations, and how regulation could affect the development of the space.
Thank you to our sponsors!
DACC: https://www.digitalassetcustody.com
Quantstamp: https://www.quantstamp.com
The Sun Exchange: https://www.thesunexchange.com
Episode links:
Distributed conference: https://2018.distributed.com
Amber Baldet: https://twitter.com/AmberBaldet
Clovyr: https://clovyr.io
Matt Roszak: https://twitter.com/MatthewRoszak
Bloq: https://www.bloq.com
Lily Liu: https://twitter.com/calilyliu
Earn.com: https://earn.com
Roham Gharegozlou, CEO of Dapper Labs, the company behind CryptoKitties, and Benny Giang, Dapper Labs’ head of Asia, describe how employees at venture studio AxiomZen came up with the idea for CryptoKitties, what problems it exposed in crypto (beyond scaling!), and how CryptoKitties can teach people the value of decentralization. They also defend the $140,000 price tag on one kitty, explain how they plan to grow from the current 300 users per day that the blockchain is logging, and surmise that if it weren't for user experience issues, CryptoKitties could have been 100 times bigger. Plus, they talk about the Kittyverse.
Thank you to our sponsors!
DACC: https://www.digitalassetcustody.com
Quantstamp: https://quantstamp.com
The Sun Exchange: https://thesunexchange.com
Episode links:
CryptoKitties: https://www.cryptokitties.co
AxiomZen/Dapper Labs: https://www.axiomzen.co
Roham Gharegozlou: https://www.linkedin.com/in/roham
Benny Giang: https://www.linkedin.com/in/bennygiang/
The $140,000 CryptoKitty: https://www.nytimes.com/2018/05/18/style/cryptokitty-auction.html
Fundraising news: https://techcrunch.com/2018/03/20/cryptokitties-raises-12m-from-andreessen-horowitz-and-union-square-ventures/
CryptoKitties on HTC's new phone: http://fortune.com/2018/07/11/cryptokitties-app-htc/
Listen to previous episodes of Unchained with these CryptoKitties investors:
Chris Dixon: http://unchainedpodcast.co/chris-dixon-on-how-trust-is-the-best-lego-block-ep70
Naval Ravikant: http://unchainedpodcast.co/naval-ravikant-on-how-crypto-is-squeezing-vcs-hindering-regulators-and-bringing-users-choice
Bill Tai: http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology
William Mougayar: http://unchainedpodcast.co/icos-why-people-are-investing-in-this-380-million-phenomenon
"Developers all the way down" -- Unchained episode with Meltem Demirors and Jill Carlson: http://unchainedpodcast.co/episode-74
Listen to my previous interview with Arianna Simpson on Unconfirmed about CryptoKitties: http://unconfirmed.libsyn.com/arianna-simpson-of-autonomous-partners-on-privacy-cryptokitties-and-crypto-regulation
In this hilarious skeptics' episode, Meltem Demirors, chief strategy officer of CoinShares, and Jill Carlson, an independent consultant, explain why they think crypto needs fewer moral arguments and more empirical evidence, and how there's too much focus on financial engineering, but not enough focus on winning hearts and minds. They also explain why people are not machines where "you put in a token and get out an action," what the "sh*tcoin waterfall" is, and why cryptoeconomics isn't anything new. Plus, they give their tips for working in the space.
Thank you to our sponsors!
DACC: https://www.digitalassetcustody.com
Preciate: https://preciate.org/recognize/
Quantstamp: https://quantstamp.com
Episode links:
Meltem on Twitter: https://twitter.com/melt_dem
On Medium: https://medium.com/@Melt_Dem
Jill on Twitter: https://twitter.com/_jillruth
AirTM: https://www.airtm.io
Fat protocols thesis: http://www.usv.com/blog/fat-protocols
Amber Baldet's tweet about the finger guns guy: https://twitter.com/amberbaldet/status/1006286345122275331
Meltem's tips on working in crypto: https://medium.com/@Melt_Dem/so-you-want-to-work-in-crypto-57961ca074c4
Jill's tips on working for yourself: https://medium.com/@jillcarlson/working-alone-165ababeafc2
Kathleen Breitman, CEO of Dynamic Ledger Solutions, the company behind the Tezos protocol, and Ryan Jesperson, president of the foundation, discuss the Tezos initial coin offering, which was the largest ICO at the time of sale. Kathleen explains why she wouldn't do anything differently, except for the choice of foundation head, Johann Gevers, with whom Kathleen and her co-creator and husband, Arthur Breitman, ended up in multiple disputes. She muses as to why many people initially praised Gevers and then later revealed that he was not liked or that he'd defrauded them when they'd worked for him. Ryan and Kathleen also explain how they will attempt to help Tezos compete in the competitive smart contract platform space, despite the fact that Tezos is built in less well-known computer languages, and they explain why they've chosen delegated proof of stake as their consensus protocol, despite the criticism that it could create a plutocracy.
Tezos: https://tezos.com
Kathleen Breitman: https://twitter.com/breitwoman
Ryan Jesperson: https://www.linkedin.com/in/ryan-jesperson-23b0053a/
Thank you to our sponsors!
Preciate: https://preciate.org
Quantstamp: https://quantstamp.com
The Sun Exchange: https://www.thesunexchange.com
Podcast links:
Wired story on Tezos: https://www.wired.com/story/tezos-blockchain-love-story-horror-story/
Unconfirmed episode with Gideon Lewis-Kraus, author of the Wired cover story: http://unconfirmed.libsyn.com/behind-the-tezos-scandal-conflicts-of-interest-self-dealing-and-bullying-ep024
Unconfirmed with Caitlin Long on Wyoming blockchain laws: http://unconfirmed.libsyn.com/behind-the-tezos-scandal-conflicts-of-interest-self-dealing-and-bullying-ep024
Yaya Fanusie, director of analysis at the Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies, and Tom Robinson, chief data officer and cofounder of blockchain analytics firm Elliptic, discuss how common money laundering is in crypto, how jihadist groups are using it, and how privacy coins (really Monero) affect their work. (The reason why the dark markets haven't much used Zcash surprised me.) We also discuss bad state actors using cryptocurrency, such as Venezuela's efforts with the metro and North Korea's alleged Bitcoin ransomware attacks, and how, leaving aside bad state actors, central bank cryptocurrencies would compete with decentralized ones. Plus, we discuss what impact OFAC blocked addresses list will have.
Thank you to our sponsors!
Preciate: https://preciate.org
Quantstamp: https://quantstamp.com
Yaya Fanusie: https://twitter.com/SignCurve
Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies: http://www.defenddemocracy.org/csif
Tom Robinson: https://twitter.com/tomrobin
Elliptic: http://www.elliptic.co
Yaya and Tom's report on Bitcoin laundering: http://www.defenddemocracy.org/content/uploads/documents/MEMO_Bitcoin_Laundering.pdf
New AML regulations on cryptocurrencies in Europe: https://www.elliptic.co/our-thinking/5th-aml-directive-eu-regulation-cryptocurrency
Money laundering in ICOs: https://www.elliptic.co/our-thinking/ico-risk-why-aml-compliance-matters
Yaya's op-ed on the Venezuelan metro in CoinDesk: https://www.coindesk.com/crypto-investors-stay-away-venezuelas-petro/
Russia's blockchain plans: http://thehill.com/blogs/pundits-blog/technology/346476-blockchain-technology-may-give-russia-its-next-sputnik-moment
What jihadists are doing with crypto assets: https://www.thecipherbrief.com/article/exclusive/international/terrorist-networks-eye-bitcoin-cryptocurrencys-price-rises
https://www.thecipherbrief.com/column/private-sector/the-new-frontier-in-terror-fundraising-bitcoin
Yaya's essay on self-policing in CoinDesk: https://www.coindesk.com/crypto-community-must-use-blockchain-self-police/
Jeremy Allaire, cofounder and CEO of Circle, and Sean Neville, cofounder and president, discuss why they think the internet of value will be even bigger than the internet of information and how all assets will be tokenized. They also talk about why they're launching a stable coin, how their services in payments, exchange and investing will compete against decentralized versions of the same, and how they chose the assets for Circle Invest -- and why XRP didn't make the cut. They also address the investor presentation circulated that claimed the SEC would not pursue enforcement against Poloniex for prior activity and explain why Circle took investment from Bitmain despite negative sentiment against the mining equipment manufacturer. And they explain how Circle could compete once Wall Street incumbents begin to offer competitive services in crypto.
Thank you to our sponsors!
Clarity PR: http://clarity.pr
Preciate: https://preciate.org/recognize/
Links:
Circle.com: https://www.circle.com/en/
Circle's plans around a federal banking license and brokerage and trading registration: https://www.bloomberg.com/news/articles/2018-06-06/circle-in-talks-with-u-s-to-become-licensed-bank-trading-venue
Acquisition of Poloniex: https://blog.circle.com/2018/02/26/circle-acquires-poloniex/
XRP in a screenshot of Circle Invest, but offered after launch: https://www.coindesk.com/circle-adds-monero-crypto-investment-app/
The Circle Asset Framework: https://www.circle.com/marketing/pdfs/en/circle-asset-framework.pdf
Nathaniel Popper's tweet showing the Circle investor deck indicating the SEC won't pursue action against Poloniex: https://twitter.com/nathanielpopper/status/968202570719117313?lang=en
Circle's stable coins + Bitmain investment: https://blog.circle.com/2018/05/15/circle-announces-usd-coin-bitmain-partnership-and-new-strategic-financing/
Unchained episode on stable coins: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable
Unchained episode with David Vorick, which includes some comments on Bitmain: http://unchainedpodcast.co/why-asics-may-be-better-than-gpus-even-if-they-tend-toward-mining-centralization-ep67
Chris Dixon, partner at Andreessen Horowitz, talks about the new $300 million crypto fund he is leading with Kathryn Haun, the new general partner of Andreessen, and how a16z came to hire its first female GP. The long-time crypto entrepreneur also discusses his theory of how crypto will grow -- and why Cryptokitties was one example of how that might happen -- his nights-and-weekend theory of technological change, and his view that writing software and smart contracts is similar to writing a novel. Additionally, he explains how someday, it will seem funny we didn't have concepts of ownership and money in the digital world, why Andreessen is investing almost exclusively in crypto-first projects and why he believes that the ability to create trust software will be the best Lego block for building things like money, finance, digital goods and more.
Thank you to our sponsors!
Blockchain Warehouse: https://www.blockchainwarehouse.com
Clarity PR: http://clarity.pr
Preciate: https://preciate.org
LINKS:
The a16z $300 million crypto fund: https://a16zcrypto.com
Katie Haun's appointment as GP: https://a16z.com/2018/06/25/katie-haun/
My previous interviews with Katie Haun -- Unchained: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them
Unconfirmed: http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean
Chris on decentralization: https://medium.com/@cdixon/why-decentralization-matters-5e3f79f7638e
On how tokens can reverse the centralization of the internet: https://medium.com/@cdixon/crypto-tokens-a-breakthrough-in-open-network-design-e600975be2ef
Chris mentioned Placeholder Ventures -- if you haven't heard my interview with the firm's Joel Monegro, check it out: http://unchainedpodcast.co/placeholders-joel-monegro-on-the-fat-protocols-thesis-today-ep65
In an episode of strong positions, Blockchain Capital partner and Bitcoin educator Jimmy Song explains why private blockchains will never work, why smart contracts will never work, and why Bitcoin will be the one and only valuable cryptocurrency. He also gives his definition sound money, describes why Bitcoin is sound money, and talks about how he finds new companies to invest in if he believes Bitcoin is already the winner. Plus, he recounts the story of his buzz-generating debate with ConsenSys's Joe Lubin at the Consensus conference, which ended with a challenge to come up with a bet in Bitcoin, and what terms Jimmy would like to make the bet on. Lubin, it's your move.
Jimmy Song on Twitter: https://twitter.com/jimmysong
Medium: https://medium.com/@jimmysong
Blockchain Capital: http://blockchain.capital/
Programming Blockchain: http://programmingblockchain.com
Off Chain with Jimmy Song on Youtube: https://www.youtube.com/channel/UCEFJVYNiPp8xeIUyfaPCPQw
Medium post on smart contracts: https://medium.com/@jimmysong/the-truth-about-smart-contracts-ae825271811f
Jimmy's rebuttal to the responses to his post: https://medium.com/@jimmysong/crypto-keynesian-lunacy-16bb9193a58
Video of Amber Baldet, Joe Lubin and Jimmy's panel at Consensus -- video 31 under Day 1: https://www.coindesk.com/events/consensus-2018/videos/
Thank you to our sponsors!
Blockchain Warehouse: https://www.blockchainwarehouse.com
Clarity PR: http://clarity.pr
Preciate: https://preciate.org/recognize/
This is a live recording from a panel I moderated at the World Economic Forum Industry Strategy Meeting. The speakers included Shwetha Shetty Senior Director, Corporate Strategy Group, of SAP, Adam Ludwin, CEO of Chain, Brian Behlendorf, executive director of HyperLedger the Linux Foundation and Sheila Warren, project head of blockchain and distributed ledger technology at the World Economic Forum.We dive into the pros and cons of using blockchains for elections. which types of problems are best-suited to be solved by blockchain, why B2B applications of blockchain might come before B2C products and what kinds of identity-related data might be safe to put on a blockchain. Plus, Adam reveals some entertaining anecdotes about Silicon Valley safaris and how old World’s Fair tickets could have an analog to blockchain systems today.
Episodes I referenced during the discussion in case listeners want to dive more into the elections topic:
Tomicah Tillemann episode on the blockchain voting pilot in West Virginia: http://unconfirmed.libsyn.com/battling-corruption-with-blockchain-technology-tomicah-tillemann-of-the-blockchain-trust-accelerator-ep018
Alex Gladstein episode with more on blockchain-based voting: http://unconfirmed.libsyn.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep021
Tweets about blockchain-based voting:
Matt Blaze’s objecton to blockchain-based voting: https://twitter.com/mattblaze/status/1002921011854143488
Vitalik’s response: https://twitter.com/VitalikButerin/status/1004203105611726849
Tomicah Tillemann’s response: https://twitter.com/TomicahTD/status/1004325810252197888
To address the question at the end about blockchain-based passports:
2 Katie Haun episodes on using blockchain-based systems to solve the problems of "breeder documents" and fraud, waste and abuse:
Fraud, waste and abuse: http://unchainedpodcast.co/live-from-inforum-at-the-commonwealth-club-blockchain-and-cryptocurrency-the-basics-with-kathryn-haun
Breeder documents: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them
Episode with Vinny Lighal, founder of Civic, which is working on a blockchain-based identity solution: http://unchainedpodcast.co/bitcoin-oracle-vinny-lingham-on-why-bitcoin-is-overpriced
Thank you to our sponsor!
Blockchain Warehouse: https://www.blockchainwarehouse.com
David Vorick, CEO of Nebulous, which operates Siacoin and a new subsidiary, Obelisk, describes what he's discovered in his exploration of the mining industry, including why he's decided that specialized chips like ASICs are preferable to generalized chips like GPUs, even if they tend to bring out mining centralization. He also describes Obelisk's new service, Launchpad,which secures exclusive deals to create a custom proof-of-work algorithm for a coin and also the mining equipment for it, in exchange for being the only miner on the market at launch or for a period. He explains why he thinks proof of work is the only really viable type of consensus algorithm and doesn't even see any other potentially workable ones on the horizon. Plus, he has some sharp criticisms of Bitmain and claims that several groups were secretly mining Monero, though he can't reveal how he knows.
David Vorick: https://twitter.com/DavidVorick
https://medium.com/@davidvorick
Siacoin: http://sia.tech
Blog.sia.tech
Obelisk: https://obelisk.tech
Blog.obelisk.tech
David on why Siacoin chose ASICs: https://medium.com/obelisk-blog/choosing-asics-for-sia-4b11695df051
David's long post about the state of cryptocurrency mining: https://blog.sia.tech/the-state-of-cryptocurrency-mining-538004a37f9b
Announcement about Obelisk:
https://medium.com/obelisk-blog/introducing-obelisk-launchpad-b78756eaa74c
Zooko's recap of his conversation with Jihan Wu, CEO of Bitmain: https://forum.z.cash/t/so-i-had-a-videochat-with-jihan-wu/29379
Bitmain's tweets being transparent (account currently disabled): https://twitter.com/BITMAINtech/status/1001376036985028608
Bitmain's blog post about being transparent: https://blog.bitmain.com/en/antiminer-z9-mini-shipments-experiment-radical-transparency/
Thank you to our sponsors!
Preciate: https://preciate.org/recognize/
https://www.blockchainwarehouse.com
This is a recording of a panel discussion I participated in with a couple other reporters and crypto PR people at Consensus. (It was at the same time as Jack's talk, so it's totally understandable if you missed it. Also, the room was freezing. I was shivering the entire time.) The other panelists were Leigh Cuen of CoinDesk, Avi Salzman of Barron's (and my old classmate from grad school!), Jill Richmond of Spark PR, Trey Ditto of Ditto PR, and the discussion was moderated by Frank Chaparro of Business Insider. We discussed whether or not crypto projects and publications should engage in pay to play (I would have hoped the answer to this would obvious to everyone, but alas), coverage that could cause investors to lose money, whether or not the business model of the media industry drives clickbait headlines and why journalists have a responsibility to include more of the nuances in crypto. We also dish up some practical tips and insider info, like how crypto projects can get media coverage, what factors reporters use in deciding whether or not to write about a project they're pitched, and whether or not crypto teams should hire crypto-specific PR firms.
Apologies that there was no mic for the questions from the audience. I've left the questions in, as you can sometimes hear them faintly. I tried my best to have someone or myself recap each question.
For the question about our favorite stories, these were the articles we named
My favorite of mine: my phone hijacking story: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#464b730d38ba
Leigh liked a series I did exposing fake advisors: https://www.forbes.com/sites/laurashin/2017/11/01/alex-tapscotts-crypto-vc-firm-going-public-with-100m-cad-falsely-touted-4-blockchain-stars-as-advisors/#483d3ff31b1f
https://www.forbes.com/sites/laurashin/2017/11/03/cibc-walks-from-tapscotts-nextblock-global-after-falsehoods-revealed-more-misrepresentations-found/#724de0e13cbf
https://www.forbes.com/sites/laurashin/2017/11/05/alex-tapscotts-crypto-vc-firm-aborts-public-listing-will-return-money-after-falsehoods-revealed/#1d4de0a62e27
Leigh's favorite stories: Cryptocurrency in Iran: http://www.ibtimes.com/bitcoin-adoption-rate-iran-surges-despite-censorship-protests-2636607
http://www.ibtimes.com/initial-coin-offerings-are-coming-iran-2653474
Cryptocurrency for sex workers: http://www.ibtimes.com/beyond-bitcoin-blockchain-tokens-sex-industry-2601252
Avi's favorite story: https://www.barrons.com/articles/bitcoin-storms-wall-street-1512188427
Thank you to our sponsors!
Keepkey: https://www.keepkey.com
Token Agency: https://tokenagency.com
Joel Monegro, partner at crypto VC firm Placeholder Ventures, describes how well his seminal blog post, "Fat Protocols," is holding up, why he and his partner Chris Burniske opted to found a crypto VC firm as opposed to a hedge fund, and what main factors they think will determine the success of a blockchain. He also describes how crypto and blockchains fit into the evolution of technology, how the business models in the crypto space will be built, and why their first publicly known investment was in Decred. Plus, he reveals why their firm is called Placeholder.
Placeholder: https://www.placeholder.vc
Joel: https://twitter.com/jmonegro
The Placeholder investment thesis: https://ipfs.io/ipfs/QmZL4eT1gxnE168Pmw3KyejW6fUfMNzMgeKMgcWJUfYGRj/Placeholder%20Thesis%20Summary.pdf
The Fat Protocols Thesis:
https://www.usv.com/blog/fat-protocols
Decred investment thesis: https://www.placeholder.vc/blog/2018/5/12/decred-investment-thesis
Blog post on information technology cycles: https://monegro.org/work/2018/2/20/information-technology-market-cycles-a-brief-history
Joel's blog post on the shared data layer of the blockchain application stack:
http://joel.mn/post/104755282493/the-shared-data-layer-of-the-blockchain
and on the blockchain application stack: http://joel.mn/post/103546215249/the-blockchain-application-stack
Two episodes featuring his partner, Chris Burniske:
http://unchainedpodcast.co/how-to-valuate-a-crypto-asset-s3e08
http://unchainedpodcast.co/want-higher-returns-invest-in-bitcoin-say-arks-chris-burniske-and-coinbases-adam-white
Another episode that I forgot to mention during the show, the interview with Bill Tai, which contains ideas that overlap quite a bit with Joel's:
http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology
Thank you to our sponsors!
Preciate: https://preciate.org/recognize/
Blockchain Warehouse: https://www.blockchainwarehouse.com
This recording is of Blockchain vs. the Surveillance State, a series of talks and a panel from the Oslo Freedom Forum put on by the Human Rights Foundation. In this session, hear presentations from Ryan Shea of decentralized technology platform Blockstack; Galia Benartzi of smart token platform Bancor; Steve Waterhouse of surveillance-free internet project Orchid; and Arthur Breitman from smart contract platform Tezos. Afterward, I moderate a panel among the four speakers that touches on the ways in which blockchains can be used to curb human rights abuses -- but also how bad actors can also use them for nefarious purposes.
Oslo Freedom Forum: https://oslofreedomforum.com
Human Rights Foundation: https://www.hrf.org
The four presentations:
Ryan Shea https://twitter.com/ryaneshea of Blockstack: https://blockstack.org
(Also check out his interview with cofounder Muneeb Ali on Unchained: http://unchainedpodcast.co/blockstack-on-getting-independence-from-google-facebook-and-amazon)
Galia Benartzi https://twitter.com/galiabenartzi of Bancor https://www.bancor.network/discover
Steve Waterhouse https://twitter.com/deseventral of https://orchid.com
Arthur Breitman https://twitter.com/arthurb of https://tezos.com
Be sure also to listen to the Unconfirmed podcast episode with Alex Gladstein of the Human Rights Foundation -- not to be missed if you're interested in the topics discussed during Blockchain vs. the Surveillance State! http://unconfirmed.libsyn.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep021
Thank you to our sponsors!
Blockchain Warehouse: https://www.blockchainwarehouse.com
Keepkey: https://www.keepkey.com
Arthur Hayes, CEO of Bitmex, describes how traders on his platform can make great gains but experience limited losses, how Asia's crypto markets differ from those in the U.S., and why he makes money whether or not crypto prices go up or down. He also describes why ICOs are crap now but why he fully supports the idea in theory and how they should get back to their roots. He also explains why he believes governments will issue digital cash, and why he believes everyday people will be surveilled through these transactions, but will give up this privacy for the sake of convenience. And where does he see this leaving cryptocurrencies? To become needed to transact privately.
Bitmex: https://www.bitmex.com/
Arthur Hayes: https://www.bitmex.com/app/aboutUs
Bitmex blog, with detailed research reports: https://blog.bitmex.com/
Arthur's Crypto Trader Digest: https://us3.campaign-archive.com/?u=db45c09bdf20e1866bb32123f&id=ac43da8d18
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Jonathan Levin, cofounder and chief operating officer for blockchain analytics company Chainalysis, describes how the company was born out of questions he had while a grad student, how they began mapping the Bitcoin blockchain to certain entities, and how their customers, which include government agencies such as the FBI, DEA, IRS, Europol and others, use Chainalysis to help solve Bitcoin crimes. He also reveals what level of detail the software tracks, how privacy coins could affect their work, and what new developments in the technology could decrease current crimes, such as physical extortion of crypto holders. Plus, he answers the question of whether or not Chainalysis's work destroys the fungibility of Bitcoin.
Chainalysis: http://chainalysis.com/
Jonathan Levin: https://twitter.com/jony_levin
Chainalysis report on the changing nature of crypto crime: https://www.chainalysis.com/static/Cryptocrime_Report_V2.pdf
Forbes article on Chainalysis: https://www.forbes.com/sites/thomasbrewster/2018/04/05/snooping-on-bitcoin-is-big-business/#234e6792d198
Usage of Chainalysis by IRS: https://www.thedailybeast.com/irs-now-has-a-tool-to-unmask-bitcoin-tax-cheats
Threats of violence against bitcoin and other crypto holders: https://www.nytimes.com/2018/02/18/technology/virtual-currency-extortion.html
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Jesse Powell, CEO of crypto asset exchange Kraken, explains why he publicly rejected then-Attorney General Eric Schneiderman's request for information from crypto exchanges, why he felt it was a publicity stunt and why Kraken, which stopped serving New York customers after New York's Bitlicense was introduced, doesn't see the market as a top priority. He also talks about why Kraken decided to stop operations in Japan after further regulations were imposed and discusses Kraken's $1 million donation to Coin Center (and its $1 million match). Plus, he gets into why he named the exchange after a Norse sea monster, the dangers of the exchange's margin trading product, and what steps he recommends everyone in crypto take to keep their tokens safe.
Jesse Powell: https://twitter.com/jespow
Kraken: https://www.kraken.com/
Past Unchained episode with Brock Pierce who also had a pre-Bitcoin career involving video game currency (Jesse and Brock were competitors): http://unchainedpodcast.co/this-vc-is-sure-venture-capital-is-about-to-be-disrupted
Kraken's position on regulation (discussion of New York AG request and Japan + guidance for regulators): https://blog.kraken.com/post/1561/krakens-position-on-regulation/
Kraken donation to Coin Center: https://blog.kraken.com/post/1591/kraken-donates-1m-to-coin-center-with-an-additional-1m-matching-during-may/
Kraken down for 40 hours: http://fortune.com/2018/01/12/bitcoin-price-ripple-kraken-down/
Past Unchained episode on taxation of crypto: http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast
Kraken blog post on phone numbers being hijacked: https://blog.kraken.com/post/219/security-advisory-mobile-phones/
My article on the same topic: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#1d79923338ba
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Token Agency: https://tokenagency.com/
This recording of a panel I moderated at Ethereal with Ethereum researcher Vlad Zamfir and GovernX founder Nick Dodson covered the topic that it seems everyone in crypto is discussing these days: governance. We talk about how the community should decide whether or not to unlock the funds frozen by bugs, on-chain governance, what role the Ethereum Foundation plays and what it means that nearly all the people who write Ethereum's code are men.
Nick Dodson: https://twitter.com/iamnickdodson
Vlad Zamfir: https://twitter.com/VladZamfir
If you liked this discussion, also be sure to check out my recent episode with Aya Miyaguchi, executive director of the Ethereum Foundation: http://unchainedpodcast.co/aya-miyaguchi-of-the-ethereum-foundation-on-who-makes-the-final-call-ep59
And this Unconfirmed episode on blockchain ethics with Cara LaPointe of Georgetown: http://unconfirmed.libsyn.com/from-the-bellagio-blockchain-summit-blockchain-ethics-with-georgetowns-cara-lapointe-ep016
Thank you to Ethereal for hosting a great event! https://etherealsummit.com/
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The newly appointed head of the Ethereum Foundation, Aya Miyaguchi, talks about her background as a teacher, at Kraken, helping the Mt. Gox trustee unwind that mess, and the closed process by which she was plucked for her current role. She also describes her goals with the Ethereum Foundation, how the EF believes the Ethereum community should make decisions, how it defines community and more. She also talks about how she hopes to push more financial inclusion with Ethereum, and what she thinks needs to be done to get more women involved in crypto.
Aya Miyaguchi: https://twitter.com/mi_ayako
Ethereum Foundation: https://www.ethereum.org/foundation
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In this show, recorded without the participation of Ripple (explanation included in the show), Ryan Selkis, CEO and founder of Messari and Matt Leising, Bloomberg reporter, discuss Ripple's XRP, the third-largest coin by market cap. We go over whether or not it plays an essential role in Ripple's products, why banks are unlikely to adopt it, and why it's centralized. We also discuss whether or not it's an unregistered security (although the class-action lawsuit alleging XRP is an unregistered security being sold in a "never-ending ICO" came out after we recorded -- link below). We also discuss recent attempts by XRP to get it listed on top crypto exchanges, and how, as Selkis puts it, there's a fine line between some of its business activity and bribes. We also ponder the question: If XRP is meant for banks and financial institutions, why should everyday people own XRP?
Ryan Selkis: https://messari.io/
https://twitter.com/twobitidiot
Matt Leising: https://twitter.com/mattleising
https://www.bloomberg.com/authors/AGfq0QVqo0I/matthew-leising
Full text of class-action lawsuit against Ripple: https://static1.squarespace.com/static/5938711a9de4bb74f63b4059/t/5aebc4112b6a28e0ef4a0381/1525400594617/Coffey+v+Ripple+Labs+Complaint.pdf
Bloomberg article on lawsuit: https://www.bloomberg.com/news/articles/2018-05-04/ripple-hit-with-class-action-suit-over-never-ending-ico
Matt's article on why big banks have no interest in using XRP: https://www.bloomberg.com/news/articles/2018-01-25/ripple-wants-xrp-to-be-bitcoin-for-banks-if-only-the-banks-wanted-it
How Ripple tried to buy its way onto crypto exchanges: https://www.bloomberg.com/news/articles/2018-04-04/ripple-is-said-to-struggle-to-buy-u-s-listing-for-popular-coin
Ryan's post on XRP: https://medium.com/@twobitidiot/i-still-see-you-xrp-815369a539ea
Izabella Kaminska's article on XRP: https://ftalphaville.ft.com/2018/01/05/2197220/the-ripple-effect/
CoinDesk article on XRP: https://www.coindesk.com/ripples-xrp-giving-third-largest-cryptocurrency-second-look/
XRP chat post by David Schwartz: https://www.xrpchat.com/topic/5280-valuation-models-xrp-the-digital-currency-vs-ripple-the-company/?tab=comments#comment-50182
Another post by David Schwartz on how XRP is not required: https://www.quora.com/Is-XRP-not-required-for-the-Ripple-Swift-replacement/answer/David-Schwartz-9
Bitmex post on XRP: https://blog.bitmex.com/the-ripple-story/
The dueling lawsuits between Ripple and R3 over XRP: https://www.forbes.com/sites/laurashin/2017/09/08/blockchain-enterprise-firms-r3-and-ripple-sue-each-other-over-1-billion-of-cryptocurrency/
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Here is the second special episode from the Time Summit, a Bridge Alternatives event, on how institutional investors can do operational due diligence. Suna Said, founder and CEO of family office Nima Capital, Eddie Duszlak of Texas Children's Hospital, and Joel Gantcher of Gantcher Family Partners discuss how they invest in the nascent Web 3.0. They discuss why a year of experience in crypto is so valuable, how they determine who the serious players are in the space and why the speed of disruption from the internet revolution gives them motivation to get into the crypto markets.
Thank you to the Time Summit, a Bridge Alternatives event! https://timesummit.org/
http://bridgealternatives.com/
Suna Said: https://timesummit.org/2018/04/18/suna-said/
Eddie Duszlak: https://timesummit.org/2018/03/06/eddie-duszlak/
Joel Gantcher: https://timesummit.org/2018/04/19/joel-gantcher/
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Quantstamp: https://quantstamp.com/
This talk is from a panel I led on infrastructure in the crypto space at the Time Summit, by Bridge Alternatives, featuring Kayvon Pirestani of director of institutional sales at GDAX, Tim McCourt, CME Group’s managing director and global head of equity products and alternative investments, Michael Moro, CEO of Genesis Trading and Genesis Capital, and Hu Liang, founder and CEO of Omniex. We discussed what infrastructure tools need to be built to get institutional players comfortable with the space, how custodying a digital asset differs from custodying a traditional asset, why they can see institutional players dealing in stablecoins and trading on decentralized exchanges at some point in the future, and what needs to be built out in terms of trading infrastructure for institutional players. (Hint: it turns out Excel and Google Sheets are the biggest competitors for crypto trading infrastructure services.) We also talk about the challenges of building out infrastructure for trading that can suddenly double or quadruple in volume and for a market that runs 24/7/365.
Thank you to Bridge Alternatives and the Time Summit for the panel!
https://www.bridgealternatives.com/
https://timesummit.org/
Kayvon Pirestani: https://timesummit.org/2018/03/19/kayvon-pirestani/
Michael Moro: https://timesummit.org/2018/04/21/michael-moro/
Tim McCourt: https://timesummit.org/2018/03/15/tim-mccourt/
Hu Liang: https://timesummit.org/2018/03/23/hu-liang/
The episode with Mike Belshe where we discuss custodying digital assets and qualified custodians: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future
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Ethereal Summit: https://etherealsummit.com/
Kyle Samani and Tushar Jain, cofounders of Multicoin Capital, dive deeply into their sometimes controversial and unpopular opinions on how the crypto revolution will play out. They describe why they don't think the technology that a team develops early on will play nearly as big a role as some think, why there will be a spectrum of blockchains offering different features with different tradeoffs, and why they're bearish on stablecoins. They discuss why they disagree on whether or not the Lightning Network is revolutionary (and therefore why they disagree on whether Bitcoin is failing). Samani and Jain also explain how they decide whether or not to invest in a token, their strategies for trading and why they don't have to be invested in a project to help out.
Multicoin: https://multicoin.capital/
Kyle Samani: @KyleSamani
Tushar Jain: @TusharJain_
A blog post that came out after we recorded in which Kyle expands on his contention that technical features will matter less in the long-term success of a network than people think: https://multicoin.capital/2018/04/25/good-artists-copy-great-artists-steal/
Kyle's post on the outlook for coins for store of value, utility tokens and stablecoins: https://multicoin.capital/2018/03/15/paths-to-tens-of-trillions/
More Multicoin thinking around stablecoins: https://multicoin.capital/2018/01/17/an-overview-of-stablecoins/
Previous Unchained episode: Why It's So Hard to Keep Stablecoins Stable: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable
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Paul Walsh had long ago predicted that internet scams would migrate from email to private messaging platforms, but it wasn't until crypto mania took off that his thesis was proved right -- in a big way. In the summer of 2017, the founder and CEO of MetaCert discovered many crypto Slack channels were being overrun by scammers capitalizing on FOMO to get people to inadvertently give them their ether and other tokens. Now, the company has several products to help prevent crypto enthusiasts from being scammed and it also decentralizing its work so the whole world can help classify bad links and proven others from being scammed. In this talk, he describes how the scams work, how Metacert tries to keep people from falling victim, and how best you can protect your own crypto.
MetaCert the company: https://metacert.com
MetaCert the protocol: http://metacertprotocol.com/
Story on phone hijackings:
https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#7125f2f738ba
Link to episode where Mike Belshe and I discuss physical crimes against crypto people: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future
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In this live recording of a panel discussion at the CoinAlts Fund Symposium, Marco Santori, president and chief legal officer of Blockchain, managing director at Grayscale Investments, and Barbara Minuzzi, cofounder and managing partner of Ausum Ventures take stock of the 2017 year and discuss a range of trends they're seeing in the industry. Santori describes what the ICO wave was like from his seat as one of the most in-demand lawyers for ICOs, and why he doesn't actually think that securities (such as a SAFT) can later transform into something that is a non-security. He also talks about how big corporations are thinking about use blockchain technology -- and why we haven't yet seen much activity on that front in the market. We talk about the current clouds over the industry -- custody and regulation -- and Sonnenshein explains why investors choose Grayscale's investment products, such as the Bitcoin Investment Trust, rather that investing in the coin directly, and
Blockchain.info: https://blockchain.info
Grayscale Investments: https://grayscale.co
Ausum Ventures: https://www.ausum.vc
Thank you to the CoinAlts Fund Symposium for hosting the panel: https://www.coinaltsfundsymposium.com
For more on regulatory issues, check out these past episodes:
Perianne Boring and Amy Kim of the Chamber of Digital Commerce on crypto regulation: http://unchainedpodcast.co/the-chamber-of-digital-commerces-perianne-boring-and-amy-kim-on-why-us-crypto-regulation-is-complicated-and-confusing
The Tax Rules That Have Crypto Investors Aghast: http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast
How Crypto and Blockchain Technology Should Be Regulated: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated
Jerry Brito and Peter Van Valkenburgh of Coin Center: http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law
Caitlin Long on How 'Utility Tokens' Are Now Legal in Wyoming: http://unconfirmed.libsyn.com/caitlin-long-on-how-utility-tokens-are-now-legal-in-wyoming
Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean: http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean
For more on custody issues, check out the episode with Mike Belshe of BitGo and its acquisition of Kingdom Trust: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future
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If U.S. crypto regulation seems incredibly convoluted, this is the episode for you. Perianne Boring, the founder and president of the Chamber of Digital Commerce, and its global policy director and general counsel Amy Kim, discuss why U.S. regulation calls crypto assets currency, property, commodities and securities, and how that results in agencies enforcing their own laws without a higher level understanding of the technology. They also discuss what they call the "failure" of the regulatory regime that requires certain types of crypto companies to get licenses from 53 different states and territories and why no firms have so far even gotten close. They also advocate for the technology to be taxed more like currency than property, claiming that the current classification stifles usage of cryptocurrencies as currencies. We also dive into juicy questions like whether ether, which was sold in what we would now call an initial coin offering, is a security and what self-regulation of the crypto space could look like.
Chamber of Digital Commerce: https://digitalchamber.org/
Token Alliance: https://digitalchamber.org/initiatives/token-alliance/
Previous episodes on Unchained and Unconfirmed that touched on regulation:
Live from SXSW: Michael Casey and Paul Vigna, Co-Authors of The Truth Machine, on Why the SEC Has Issued Subpoenas to ICOs
http://unchainedpodcast.co/live-from-sxsw-michael-casey-and-paul-vigna-co-authors-of-the-truth-machine-on-why-the-sec-has-issued-subpoenas-to-icos
Caitlin Long on How 'Utility Tokens' Are Now Legal In Wyoming
http://unconfirmed.libsyn.com/caitlin-long-on-how-utility-tokens-are-now-legal-in-wyoming
SXSW Episode: Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean
http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean
The Tax Rules That Have Crypto Users Aghast
http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast
How Crypto And Blockchain Technology Should Be Regulated
http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated
Is The IRS Justified In Demanding Information On Millions Of Bitcoin Users?
http://unchainedpodcast.co/is-the-irs-justified-in-demanding-information-on-millions-of-bitcoin-users
Federal Prosecutor Kathryn Haun On How Criminals Use Bitcoin -- And How She Catches Them: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them
How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law
http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law
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Through Inforum at the Commonwealth Club, I recently moderated a sold-out discussion on the basics of blockchain technology and cryptocurrency. My guest was Kathryn Haun, a former federal prosecutor who is now teaching a class on cryptocurrency at the Stanford Graduate School of Business and serves on the boards of Coinbase and Hacker One. We go through all the elementary questions most newbies have: what is bitcoin, what is a blockchain, what is Ethereum, what is mining, etc., and give real examples of how this technology could be used. I think it's a perfect primer for people new to crypto -- whether you're listening for tips on how to explain these concepts to your friends and family, or you're a newbie yourself and want a dead-simple explainer. This is the first in a series of talks with Inforum on blockchain and crypto, so stay tuned for future events.
Kathryn Haun: https://www.gsb.stanford.edu/faculty-research/faculty/kathryn-haun
Inforum at the Commonwealth Club: http://inforumsf.org/
http://inforumsf.org/upcoming-events/2018/4/12/blockchain-and-cryptocurrency-the-basics
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Valery Vavilov and George Kikvadze of Bitcoin mining and blockchain software company Bitfury discuss why the firm has partnered with the publicly traded Hut 8, how it plans to branch out into mining other crypto assets, and how it chooses where to open mining operations. They also explain how low the bitcoin price can go before mining will be unprofitable for them, what their new blockchain analytics tools Crystal can do, and why they often choose people outside the blockchain/crypto industry to attend the Blockchain Summit they co-host on Richard Branson's Necker Island. Vavilov also tells the story of a childhood experience that has influenced Bitfury's decision to work so much with governments and regulators, and he and Kikvadze describe the company's new blockchain analytics tool, Crystal, plus its hand in launching other blockchain-and-government-focused organizations such as the Blockchain Alliance and the Blockchain Trust Accelerator.
Bitfury: http://bitfury.com/
Bitfury's origin story as told by Bill Tai: http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology
Hut 8: https://www.hut8mining.com/
Exonum: https://exonum.com/
Necker Blockchain Summit: http://www.neckerblockchainsummit.com/
Blockchain Alliance: http://blockchainalliance.org/
Blockchain Alliance on Unchained:
http://unchainedpodcast.co/how-the-blockchain-alliance-helps-law-enforcement-with-bitcoin-crime-and-developments-like-the-dao
Crystal: https://crystalblockchain.com/
Blockchain Trust Accelerator: https://trustaccelerator.org/
Pilot with Coca-Cola and State Department: https://www.reuters.com/article/us-blockchain-coca-cola-labor/coca-cola-u-s-state-dept-to-use-blockchain-to-combat-forced-labor-idUSKCN1GS2PY
Emercoin: https://emercoin.com/en
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In an intermittent series on cryptoeconomics, Olaf Carlson-Wee and Ryan Zurrer of crypto hedge fund Polychain Capital describe what cryptoeconomics is, what goals it typically helps networks accomplish and what behaviors token systems might someday incentivize. We discuss when cryptoeconomic models don't make sense, how the type of consensus algorithms a blockchain chooses can affect behavior in that system and which consensus mechanisms excite them now. We also dive into whether or not it's desirable for a cryptoeconomic system to depend on a small number of knowledgeable participants, how to manage on-chain governance so networks don't vote themselves into a "black hole," and what disciplines are helpful in designing smart cryptoeconomic systems.
Polychain Capital http://polychain.capital/
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Zooko Wilcox, the founder and CEO of the Zcash company, explains why he wanted to create the privacy coin Zcash, why he believes privacy is essential to decentralization, and how encryption is the way censorship-resistance can be created on a technical level. We talk about the revelation that the NSA was targeting Bitcoin users by gathering details on their devices and how even Zcash users could be targeted the same way, but why Zooko believes most people are more concerned about other threats. We also delve into the Facebook/Cambridge Analytics news and why people don't see to care about privacy and why so few people choose to transact privately in Zcash. He also describes he would feel if he knew that criminals were using Zcash for horrible crimes.
Zcash company: https://z.cash/
Matthew Green's bitter tweet about Cryptokitties raising $12 million when he had to beg VCs to give Zcash a fraction of that amount: https://twitter.com/matthew_d_green/status/976298627759972353
The transaction that Zooko and I dissect during the episode: https://explorer.zcha.in/transactions/eed1d3993e52863fd33f9961672a22d016ca2a63f1e452b7d27fc41f5a2f2664
The Intercept article about the NSA tracking Bitcoin users: https://theintercept.com/2018/03/20/the-nsa-worked-to-track-down-bitcoin-users-snowden-documents-reveal/
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Arianna Simpson, managing partner of investment firm Autonomous Partners, discusses this week's news that Cambridge Analytica had used data from Facebook to perhaps manipulate the 2016 election and whether that could create an opening for blockchain-based decentralized social networks. We also cover the announcement that Andreessen Horowitz, Union Square Ventures and top individual investors invested $12 million in Cryptokitties and why Simpson thinks the area of digital collectibles could take off.
The Facebook/Cambridge Analytica story: https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-trump-campaign.html
Cryptokitties: https://www.coindesk.com/a16z-leads-12-million-funding-for-ethereum-app-cryptokitties/
Why Arianna isn't worried about the downturn: https://www.marketwatch.com/story/the-smart-money-isnt-worried-about-the-bitcoin-selloff-2018-03-19?siteid=rss
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Quantstamp: https://quantstamp.com/
Mike Belshe, the founder and CEO of BitGo, talks about one of the biggest problems facing crypto today: security. We discuss some of the ways BitGo has resolved this issue, whether that still leads to single points of failure, and what the company's recent acquisition of Kingdom Trust (a "qualified custodian" as defined by the 1940 Investment Company Act) means for the space -- hint, it may have to do with ETFs. We also discuss the recent violent crimes against people in crypto and how everyday people should go about protecting their funds.
Mike Belshe: https://twitter.com/mikebelshe
BitGo: https://www.bitgo.com/
A Wired article on the BitGo acquisition of Kingdom Trust: https://www.wired.com/story/why-a-tiny-kentucky-firm-rules-a-corner-of-the-crypto-market/
New York Times article on crimes against crypto holders: https://www.nytimes.com/2018/02/18/technology/virtual-currency-extortion.html
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Bitwise: https://www.bitwiseinvestments.com/unchained
StartEngine:https://www.startenginesummit.com/
At the Founders Organization's Initial Taco Offering, an unofficial SXSW event, the co-authors of the recently released Truth Machine, talked about a wide range of regulatory issues from what the SEC subpoenas mean to whether or not the SEC is investigating the SAFT to whether or not the regulators should address crypto on a federal level. We also discuss central bank cryptocurrencies, how the dollar could be knocked off world reserve currency status, rogue governments issuing cryptocurrencies, the Telegram ICO, ways in which blockchain can be applied to problems such as climate change and how the media is covering crypto.
The Truth Machine: https://us.macmillan.com/books/9781250304964
Michael Casey: http://www.michaeljcasey.com/
Paul Vigna: https://twitter.com/paulvigna
Paul's article on SEC subpoenas: https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266
Michael's essay on China's desire to end the dollar's global dominance: https://www.coindesk.com/political-china-hates-bitcoin-loves-blockchain/
Thank you to our sponsors:
Preciate: https://preciate.org/, to recognize someone in a future episode, go to https://preciate.org/recognize/
and Quantstamp: https://quantstamp.com/
Wyoming now has five blockchain-specific laws. Caitlin Long, cofounder of the Wyoming Blockchain Coalition, describes what these laws are, what they mean, and how our least populous state became a crypto leader. The former chairman and president of Symbiont explains what this could mean for any project that aims to launch a utility token, whether or not ICOs held in Wyoming would only be available to Wyoming residents, and what big issue she thinks remains for the SEC to address.
Caitlin Long: https://www.linkedin.com/in/caitlin-long-/
To read the laws: https://legiscan.com/WY/bill/HB0070/2018
An op-ed Caitlin co-authored with WY House Rep. Tyler Lindholm: https://www.coindesk.com/haven-blockchain-case-wyoming/
Thank you to our sponsors, Onramp http://www.thinkonramp.com/ and Quantstamp: https://quantstamp.com/
Amber Baldet, JPMorgan Chase blockchain program lead, talks about what she was discussing at SXSW with Hyperledger executive director Brian Behlendorf and what themes she heard at the Ethereum Community Conference in Paris. She talks about privacy in financial transactions, how "immutable" blockchains might conflict with a new EU privacy law granting people the "right to be forgotten." And we briefly touch on her work with Jalak Jobanputra's new diversity-focused group Collective Future.
Privacy on Ethereum: https://www.coindesk.com/progress-hot-ethereum-privacy-projects-cooling-off/
The Collective Future: https://www.wired.com/story/for-women-in-cryptocurrency-a-new-effort-to-grow-their-ranks/
https://iapp.org/news/a/blockchain-technology-is-on-a-collision-course-with-eu-privacy-law/
Thank you to our sponsors: Preciate https://preciate.org/ which is seeking suggestions for who to appreciate at https://preciate.org/recognize/
and Quantstamp: https://quantstamp.com/
As a former government official, current board member of Coinbase and professor at the Stanford University Graduate School of Business, Kathryn Haun has a unique and varied view of the crypto space. She doesn't necessarily see the SEC subpoenas as a reason to be alarmed and compares it to her work as a federal prosecutor. We also discuss the FinCen letter and why her take is different from the fear we've seen in the marketplace.
SEC issues 80 subpoeast: https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266?mod=searchresults&page=1&pos=1
The FinCen letter: https://coincenter.org/link/fincen-raises-major-licensing-problem-for-icos-in-new-letter-to-congress
Thank you to our sponsors: Preciate https://preciate.org/ which is seeking suggestions for who to appreciate at https://preciate.org/recognize/
and Quantstamp: https://quantstamp.com/
Preston Byrne, an independent consultant and English lawyer, and Angela Walch, an associate professor at St. Mary’s University School of Law who focuses on blockchain technology, both explain their criticisms of the crypto space, give grades to regulators on their job so far, and how they think major players in the space can improve. They discuss what systemic risks they believe crypto could pose to the wider financial system, how the current activity in the space is accruing "legal debt," and what it's like being a critic in a land of believers.
Preston Byrne: https://prestonbyrne.com/
Angela Walch: https://law.stmarytx.edu/academics/faculty/angela-walch/
Sponsored by Preciate: https://preciate.org/ for https://preciate.org/recognize/ and StartEngine: http://startengine.com/ for https://www.startengine.com/pages/summit
Spencer Bogart, partner at Blockchain Capital, discusses why he think Bitcoin's growing pains are a sign of success, how the SEC regulatory gloom could affect the development of crypto and how a liquidity crunch could affect crypto hedge funds. We also take a peek at the coming platform wars.
Blockchain Capital: http://blockchain.capital/
New crypto hedge funds: https://hackernoon.com/the-fate-of-crypto-hedge-funds-ca5850e8421c
Will Warren, cofounder of decentralized exchange protocol 0x, was working on building tokenized derivatives for Ethereum when he and his cofounder realized there would be no place to trade them. They ended up pivoting to create a decentralized exchange protocol, 0x, that enables companies to use that infrastructure to direct fulfill trade orders without worrying about a Mt. Gox- or Bitfinex-type hacking situation, as users would still retain control of their funds. In this conversation, he talks about the problems with centralized exchanges and how decentralized exchanges can overcome some of their own obstacles including liquidity and problems with front running. He also gives answers to some of the criticisms of the 0x project, including why it needs its own token (ZRX) and what the token's purpose is.
Future Perfect Ventures' founder and managing partner Jalak Jobanputra and I discuss the New York Times article earlier this week about how few women there are in crypto. We discuss some of the surprising comments we saw from women in the space who wish the story hadn't been written and Jobanputra's new effort to increase diversity in crypto, The Collective Future.
The New York Times article:
https://www.nytimes.com/2018/02/25/business/cryptocurrency-women-blockchain-bros.html
Jutta Steiner's tweet: https://twitter.com/jutta_steiner/status/968158503096471553
Meltem Dermirors' tweet: https://twitter.com/Melt_Dem/status/967983438945968130
Elizabeth Stark's tweet: https://twitter.com/starkness/status/968307972597272576
Wired article about The Collective Future: https://www.wired.com/story/for-women-in-cryptocurrency-a-new-effort-to-grow-their-ranks/
Rune Christensen of MakerDAO and Philip Rosedale, founder of Second Life and High Fidelity, discuss why stablecoins are called crypto's holy grail, why they may be what's necessary for mainstream adoption, and all the ways a stablecoin can be constructed. Philip brings in his experience with Second Life's Linden dollars, often called the first true virtual currency, to describe how it was constructed and how he's planning to disseminate the cryptocurrency of his new virtual world, High Fidelity. Plus, we talk about why a digital USD wouldn't be a threat to stablecoins and whether collateralized stablecoins resemble fractional reserve banking or not.
Maker DAO: https://makerdao.com/
High Fidelity: https://highfidelity.com/
HFC: https://docs.highfidelity.com/high-fidelity-commerce/basics/hfc
More info on Linden dollars: https://en.wikipedia.org/wiki/Economy_of_Second_Life
The Hacker Noon post by Haseeb Qureshi: https://hackernoon.com/stablecoins-designing-a-price-stable-cryptocurrency-6bf24e2689e5
IMF SDRs: http://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR
Episode with Bill Tai: http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology
Vitalik's post on collateralized debt obligations for issuer-backed tokens: https://ethresear.ch/t/collateralized-debt-obligations-for-issuer-backed-tokens/525
Other stablecoins:
Tether: https://tether.to/
Basecoin: http://www.getbasecoin.com/
Havven: https://havven.io/
Subscribe to my new show, Unconfirmed! Here's a sample:
Brian Kelly of BKCM talks about token-curated registries, such as the proposal for Messari, by Ryan Selkis, formerly of Digital Currency Group and CoinDesk, and why such TCRs are probably a good idea, but what pitfalls they may face. We also discuss the highly anticipated launch of crypto trading on Robinhood and look behind the scenes at Venezuela's new crypto offering, the petro.
Token curated registries:
Proposal for Messari: https://medium.com/@twobitidiot/a-token-to-self-regulate-tokens-but-really-a61da77e6a7b
TCRs generally: https://medium.com/@ilovebagels/token-curated-registries-1-0-61a232f8dac7
A curated list of resources on TCRs: https://medium.com/@tokencuratedregistry/the-token-curated-registry-whitepaper-bd2fb29299d6
Robinhood launches crypto trading: http://blog.robinhood.com/news/2018/2/21/robinhood-crypto-trading-is-here
https://techcrunch.com/2018/02/22/free-crypto-trading/
Petro:
A good tweet storm on some of the issues surrounding the petro's launch: https://twitter.com/alemacgo/status/966072887319973891
Some meeting having to do with the petro that Laura found amusing -- the guy's smiles begin around 00:25: https://twitter.com/infrabolivar/status/965777624516759552
The cofounder of MyEtherWallet and CEO of newly launched MyCrypto walks us through the nuts and bolts of how MyCrypto works, how it differs from a company like Coinbase, why the keys you get from the site even enable to work offline -- and how the company makes money. She also describes how the crypto community changed in 2017, her crazy sleeping schedule during that year, and how she responds when users ask questions like whether or not an initial coin offering will really deliver on the returns promised. We also cover what it's like being a CEO when running a company was never in her game plan, how she got into crypto after starting off in film school and what her tips are for not losing your crypto.
https://mycrypto.com/
Check out the first episode of Unconfirmed, in which Olaf Carlson-Wee, CEO and founder of Polychain Capital, discusses why an issue facing the Ethereum community right now has him thinking about on-chain governance. If you enjoy the episode, subscribe to Unconfirmed today!
Unconfirmed: Insights and Analysis From the Top Minds in Crypto drops today! The first guest is Olaf Carlson-Wee, CEO and founder of crypto hedge fund Polychain Capital. We discuss the week's news and what is on Olaf's mind these days. It's available on Apple Podcasts, Google Play, Stitcher, Soundcloud, Spotify, TuneIn and wherever you get your podcasts. Check it out and subscribe today!
Online at: www.unconfirmedpodcast.com
Erik Voorhees says the greatest scam perpetrated on mankind is currency debasement -- and that crypto will change all that. In this wide-ranging interview, the CEO of crypto-to-crypto exchange Shapeshift talks about how crypto will take away power from central banks, why he believes "maximalists" -- those who believe one crypto asset will rule them all -- are wrong, and why someday we will look back and see the intertwining of money and state as barbaric and unjust, just as we now see the intertwining of church and state. We also discuss the prospects for Bitcoin in the face of high fees, how regulation will affect the development of crypto and why 2017 was the kind of year he hoped for when he got involved in Bitcoin in 2011.
Shapeshift's products:
https://shapeshift.io/#/coins
https://prism.exchange/
https://www.keepkey.com/
http://coincap.io/
Erik's blog: http://moneyandstate.com/
His blog post addressing maximalism: http://moneyandstate.com/no-non-bitcoin-blockchains-are-not-disrespectful-to-satoshi/
Love Unchained? Please take this extremely brief survey to help us find more sponsors: https://survey.libsyn.com/unchained
Growing up in Argentina, Wences Casares saw his family lose all their money three times due to actions by the government. The so-called "patient zero" of Bitcoin in Silicon Valley explains why he believes that experience predisposed him to seeing the potential in Bitcoin earlier than most people, why it's so hard to explain Bitcoin to Americans and why the company he founded, Xapo, isn't just a Bitcoin vault and wallet company but his best effort at helping to ensure that Bitcoin succeeds. He talks about why he isn't scared of all the new competitors to his service, including Coinbase Custody, why Xapo hasn't branched out into any other crypto assets, and why he believes there's a more than 50% chance that Bitcoin is worth $1 million in five to ten years. Additionally, he still believes the attempt to accommodate more transactions on the Bitcoin blockchain with the SegWit2x fork, which he backed, was wrong -- even though the fees after its failure skyrocketed to as high as $60. Plus -- he reveals what it would look like if Bitcoin became a global standard of value, and why that vision doesn't threaten governments.
Xapo: https://xapo.com/
Wences's Facebook Live with Dan Schulman of PayPal: https://www.facebook.com/DanSchulmanPayPal/videos/1419329821528449/
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Tax attorney Tyson Cross and CPA Jason Tyra discuss all things crypto and taxes, including what types of crypto transactions are taxable events, how you'll be taxed on hard forks -- relevant for those who owned Bitcoin last August 1! -- and whether you can deduct a loss if you lose your private keys or exchange loses your coins. Plus, they reveal the top question they get from crypto enthusiasts and their top recommendations for people who love crypto but want to minimize their tax headache.
Tyson Cross: https://www.bitcointaxsolutions.com/
Jason Tyra: https://www.tyracpa.com/
Show notes: http://www.forbes.com/sites/laurashin/2018/01/23/the-tax-rules-that-have-crypto-users-aghast/
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The 23-year-old whiz dives into who blockchains will someday help, how we transition from Ethereum for digital cats to higher social impact, and why even big companies like JPMorgan, Microsoft and BP are using Ethereum. He also walks through some important technical challenges Ethereum faces with scaling and the shift from a proof-of-work consensus algorithm to proof of stake. And he reveals why he isn't a big believer in on-chain governance. Plus, he talks about his worries and gives us his predictions for 2018.
Show notes: http://www.forbes.com/sites/laurashin/2018/01/09/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy/
Some of Vitalik's blog posts that we discussed: On token sales: http://vitalik.ca/general/2017/06/09/sales.html
Interactive coin offerings: https://people.cs.uchicago.edu/~teutsch/papers/ico.pdf
Blockchain governance: http://vitalik.ca/general/2017/12/17/voting.html
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In this special bonus episode, Laura cover all your basic questions about crypto. What is Bitcoin? What is Ethereum? What is a blockchain? Share this episode with friends, family and anyone who is new to the crypto space and wants to understand what it's all about. Thanks to Elaine Zelby for conducting the interview!
No show notes for this show, but some helpful links:
Phone hijackings: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#1b2acf5a38ba
Bitcoin -- these links are old but the information mostly still applies:
https://www.forbes.com/sites/laurashin/2015/12/11/should-you-invest-in-bitcoin-10-arguments-in-favor-as-of-december-2015/#34fbc792df28
https://www.forbes.com/sites/laurashin/2015/12/28/should-you-invest-in-bitcoin-10-arguments-against-as-of-december-2015/#117fcfe43895
https://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/
https://www.forbes.com/sites/laurashin/2015/12/31/want-to-own-bitcoin-heres-how-to-buy-invest-in-and-store-it/#792fd9d5b9ef
ICOs:
https://www.forbes.com/sites/laurashin/2017/07/10/the-emperors-new-coins-how-initial-coin-offerings-fueled-a-100-billion-crypto-bubble/
https://www.forbes.com/sites/laurashin/2017/07/17/how-to-speculate-in-icos-10-practical-financial-tips/#3b8ca6ff5378
https://www.forbes.com/sites/laurashin/2017/07/18/how-to-speculate-in-icos-and-buy-tokens-an-easy-step-by-step-guide/#376caf8c743a
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Marco Santori, who leads the blockchain technology team at Cooley, and Joshua Ashley Klayman, who leads the blockchain and smart contracts group at Morrisson and Forrester, explain why they disagree on how to ensure a token sale won't run afoul of securities laws, how they think regulation around crypto will likely be formed and why the Bitcliense has made New York a crypto innovation backwater.
Show notes: http://www.forbes.com/sites/laurashin/2017/12/12/how-crypto-and-blockchain-technology-should-be-regulated/
Marco Santori: https://www.cooley.com/people/marco-santori
Joshua Ashley Klayman: https://www.mofo.com/people/joshua-klayman.html
The SAFT white paper: https://saftproject.com/
The Cardozo Blockchain Project SAFT response, "Not So Fast": https://cardozo.yu.edu/sites/default/files/Cardozo%20Blockchain%20Project%20-%20Not%20So%20Fast%20-%20SAFT%20Response_final.pdf
Are ICOs For Utility Tokens Selling Securities? Prominent Crypto Players Say Yes: https://www.forbes.com/sites/laurashin/2017/10/02/are-icos-for-utility-tokens-selling-securities-prominent-crypto-players-say-yes/#107e96e34fa4
IRS Nabs Big Win Over Coinbase In Bid For Bitcoin Customer Data: https://www.forbes.com/sites/kellyphillipserb/2017/11/29/irs-nabs-big-win-over-coinbase-in-bid-for-bitcoin-customer-data/
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The executive chairman of AngelList and partner at crypto hedge fund MetaStable explains how blockchains are changing the entrepreneurship model, his philosophy for crypto investing, and what kind of threat crypto could someday pose to governments. We also dive into why blockchains represent a new form of governance, his philosophy for investing in tokens and why he believes there will only be five or fewer winners among the money-like tokens.
Show notes: http://www.forbes.com/sites/laurashin/2017/11/28/naval-ravikant-on-how-crypto-is-squeezing-vcs-hindering-regulators-and-bringing-users-choice/
AngelList: https://angel.co/
MetaStable: http://metastablecapital.com/
CoinList: https://coinlist.co/
https://www.forbes.com/sites/laurashin/2017/05/18/want-to-hold-an-ico-coinlist-makes-it-easy-and-legal/
Zcash: https://z.cash/
BlockStack: https://blockstack.org/
https://www.forbes.com/sites/laurashin/2017/09/05/blockstack-on-how-to-take-control-from-google-facebook-and-amazon/
Bitwise Hold 10: https://www.bitwiseinvestments.com/
https://www.forbes.com/sites/laurashin/2017/10/02/new-crypto-index-fund-to-launch-with-backing-from-naval-ravikant/
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Days after the SegWit2x fork was called off, Nathaniel Popper, New York Times tech reporter and author of the book Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money, put this latest suspenseful chapter in Bitcoin's history into context. He discusses why he thinks Bitcoin has become such a vicious, polarized community, why so many of the early Bitcoiners ended up becoming supporters of big blocks, and what could happen to Bitcoin now that new money is entering the system but transactions are expensive and often backlogged. We also dive into who Satoshi Nakamoto might be, whether there are any viable Bitcoin businesses other than ones buying and selling Bitcoin and where regulation of the space is likely to go.
Show notes: http://www.forbes.com/sites/laurashin/2017/11/14/what-bitcoins-history-says-about-its-future/
Digital Gold: https://www.harpercollins.com/9780062362490/digital-gold
Nathaniel's story on ICOs: https://www.nytimes.com/2017/10/27/technology/how-floyd-mayweather-helped-two-young-guys-from-miami-get-rich.html?rref=collection%2Fbyline%2Fnathaniel-popper
His story on who Satoshi Nakamoto may be: https://www.nytimes.com/2015/05/17/business/decoding-the-enigma-of-satoshi-nakamoto-and-the-birth-of-bitcoin.html?_r=0
As Bitcoin faces the biggest test in its nine-year history, two players on opposing sides -- Mike Belshe of BitGo and Bitcoin protocol developer Matt Corallo -- debate how the community got here and what the definition of Bitcoin is -- whether the white paper or price determines it. We also look at how the upcoming hard fork could affect Bitcoin Cash, and debate whether or not censorship on the Bitcoin subreddits has influenced people’s views on the block size debate. Plus, they give their best post-hard fork predictions.
For reference: Will This Battle For the Soul of Bitcoin Destroy It? https://www.forbes.com/sites/laurashin/2017/10/23/will-this-battle-for-the-soul-of-bitcoin-destroy-it/
Show notes: http://www.forbes.com/sites/laurashin/2017/10/31/what-will-happen-at-the-time-of-the-bitcoin-hard-fork/
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Chris Burniske of Placeholder Ventures has recently come out with a new book, "Cryptoassets: The Innovative Investors' Guide to Bitcoin and Beyond" that dives into what crypto assets are, what makes them a new asset class, and how you calculate a valuation for such a network. He applies what is known as the equation of exchange (MV = PQ) to crypto assets and describes why the velocity of crypto assets -- the frequency with which they change hands during a particular time frame -- is likely to be much higher than for traditional assets, and discusses why he gives crypto assets much higher discount rates, which are used to determine what you should pay now for something will be worth more later. Plus, we talk about why the financial incumbents are in for a rude awakening from public blockchains.
Show notes: https://www.forbes.com/sites/laurashin/2017/10/17/how-to-value-a-crypto-asset/
Book: https://www.bitcoinandbeyond.com/
Chris's Medium post on crypto asset valuations: https://medium.com/@cburniske/cryptoasset-valuations-ac83479ffca7
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Tired of having your friends and family say cryptocurrencies are a Ponzi scheme, nothing backs them, they're in a bubble and only criminals use them? In this episode, Amanda Gutterman, chief marketing officer of ConsenSys, and Jamie Smith, global chief communications officer of Bitfury, tackle every common misconception of Bitcoin, Ethereum and cryptocurrencies. This is an episode you'll want your friends and family to listen to. Plus: Gutterman and Smith talk about how they did the seemingly impossible: create gender-balanced crypto conferences.
Da Hongfei of NEO and Patrick Dai of Qtum tell us just how crazy China's ICO craze was getting, with mooncake companies, celebs and Ponzi schemers all jumping on the blockchain train. They also explain what the reaction was to the ICO and bitcoin exchanges ban, how they're refunding investors (if the investors want to be refunded -- a big if) and what the future of crypto is in China.
Show notes: http://www.forbes.com/sites/laurashin/2017/09/19/from-blockchains-to-mooncakes-two-chinese-crypto-founders-on-the-ico-and-bitcoin-exchanges-ban/
Qtum: https://qtum.org/
NEO: https://neo.org/
Previous episodes mentioned in the podcast:
Interview with Smith & Crown: https://www.forbes.com/sites/laurashin/2017/08/22/the-high-speed-world-of-icos-smith-and-crown-discuss-cryptoeconomics-and-the-future-of-tokens/
Interview with Bobby Lee: https://www.forbes.com/sites/laurashin/2017/03/21/bobby-lee-ceo-of-btcc-on-why-the-chinese-probably-arent-using-bitcoin-to-evade-capital-controls/
Ryan Shea and Muneeb Ali, the cofounders of Blockstack, on how their tools enable users to control their own data, why the internet should have universal usernames but no company should control that, and why Blockstack’s storage system still allows users to choose centralized options like Google Drive and Dropbox. They also talk about how other blockchain systems are thinking about scaling wrong, why they launched a developer fund, and why a developer would choose Blockstack over Ethereum.
Show notes: http://www.forbes.com/sites/laurashin/2017/09/05/blockstack-on-how-to-take-control-from-google-facebook-and-amazon/
BlockStack: https://blockstack.org/
Brian Lio, CEO of cryptofinance research site Smith and Crown, and head of research Matt Chwierut discuss how they do their research, how they decide which projects to cover in-depth rather than just list and when they provide advisory services for teams. They also discuss how they think the blockchain and crypto space will develop, the best structures for token sales, and why they joke that financial institutions haven't heard anything Smith and Crown has said.
Smith and Crown: https://www.smithandcrown.com/
Show notes: http://www.forbes.com/sites/laurashin/2017/08/22/the-high-speed-world-of-icos-smith-and-crown-discuss-cryptoeconomics-and-the-future-of-tokens/
Afghan entrepreneur Roya Mahboob has launched numerous companies, but it was a blogging platform that presented her with the problem of how to pay her (mostly female) users, 99% of whom did not have bank accounts. And even if they did get paid, their families would often confiscate the money. She found her solution in Bitcoin, and later launched a new startup, Digital Citizen Fund, that trains girls in blockchain technology and Bitcoin. Mahboob, named one of the 100 most influential people in the world by Time magazine in 2013, funded the Afghan girls' robotics team that made news recently, and describes what went on behind-the-scenes. She also tells us about her other ventures, EdyEdy, her coffee/tea venture Digital Citizen Brew, and the marketplace for Afghan goods that she is launching -- which will accept Bitcoin or perhaps its own token.
Show notes: http://www.forbes.com/sites/laurashin/2017/08/08/how-bitcoin-solved-this-serial-entrepreneurs-problems/
Digital Citizen Fund: http://digitalcitizenfund.org/
Roya's Time 100 description, written by Sheryl Sandberg: http://time100.time.com/2013/04/18/time-100/slide/roya-mahboob/
Bitcoin core developer Eric Lombrozo and OB1 CEO Brian Hoffman debate whether SegWit2x is the best path forward, discuss who supported it and why, and whether the potential for a hard fork harms the price. They also discuss what happens to the power of core developers now that a change they didn’t support might get pushed through, what their ideal solutions for increasing transactions on the network are, and how much power miners should have.
Show notes: http://www.forbes.com/sites/laurashin/2017/07/25/why-november-will-be-the-real-test-for-bitcoin/
Back story referenced in this episode:
The different sides in Bitcoin threatening to cut each other out: https://www.forbes.com/sites/laurashin/2017/03/21/is-this-massive-power-struggle-about-to-blow-up-bitcoin/#33e4c5047325
New York agreement: https://www.forbes.com/sites/laurashin/2017/05/23/bitcoin-agreement-promises-to-resolve-years-long-impasse/#6ed7d8dd448d
Economic activity moving to other blockchains: https://www.forbes.com/sites/laurashin/2017/06/07/bitcoin-is-at-an-all-time-high-but-is-it-about-to-self-destruct/#2c563f8dcb31
Brian's company: https://ob1.io/
Eric's company: https://ciphrex.com/
In this episode, coming one day after the release of my Forbes cover story online, I answer listener questions, starting with my background, the history of the podcast, whether or not I trade or invest in crypto, and what tokens I think have the strongest real-world application. If you haven't read the cover package, I highly recommend you do so now:
Cover story: https://www.forbes.com/sites/laurashin/2017/07/10/the-emperors-new-coins-how-initial-coin-offerings-fueled-a-100-billion-crypto-bubble/
Sidebars: https://www.forbes.com/sites/laurashin/2017/07/10/return-of-the-day-traders/
https://www.forbes.com/sites/laurashin/2017/07/10/how-crypto-tokens-work-a-close-look-at-golem/
https://www.forbes.com/sites/laurashin/2017/07/10/not-so-tiny-bubbles-the-top-25-crypto-assets/
https://www.forbes.com/sites/laurashin/2017/07/10/cryptos-in-wonderland-12-of-the-weirdest-wackiest-coins/
And if you haven't listened to the episode with Olaf Carlson-Wee, I strongly suggest you check that out now as well:
iTunes: https://itunes.apple.com/us/podcast/why-the-first-employee-of-coinbase-launched-a-hedge-fund/id1123922160?i=1000382301347&mt=2
Google Play: https://play.google.com/music/m/Dg3qrzci54ppzevdqvztwap2yiu?t=Why_The_First_Employee_Of_Coinbase_Launched_A_Hedge_Fund-Unchained_Big_Ideas_From_The_Worlds_Of_Bloc
I also get philosophical, fielding listener questions about whether blockchain is a Ponzi scheme, whether greed will undercut the democratic possibilities offered by blockchain and whether this isn't really a bubble but just a new form of exponential growth.
I also cover security in this episode, and would like to point readers to this story that explains the phone hijacking situation: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/
Some tips on how to protect yourself: https://www.forbes.com/sites/laurashin/2016/12/21/hackers-are-hijacking-phone-numbers-and-breaking-into-email-and-bank-accounts-how-to-protect-yourself/#720a302f4e1b
Other episodes referenced in this podcast are the ones with Coin Center, Kathryn Haun, Michael Casey, Elizabeth Rossiello and Matt Roszak. Please give a listen to those as well if you haven't!
The DCG director of development talks about why she thinks identity will be the first tangible application of blockchain technology that consumers experience, why DCG supports Ethereum Classic as an investment vehicle and yet still supports Ethereum as a protocol, and how bitcoin itself as a global currency hasn't taken off as much as she thought when she first got into the industry. She also explains what the top regulatory issue is for blockchain startups and projects -- it's a lot more mundane than you might expect -- and why she doesn't, at this point, have a lot of confidence in crypto hedge funds. Plus, she makes suggestions on how ICOs could improve and reveals her top picks for new tokens.
Show notes: https://www.forbes.com/sites/laurashin/2017/06/13/why-digital-currency-groups-meltem-demirors-is-concerned-about-the-ico-craze/
The phone hijacking article referenced in the episode: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/
DCG: http://dcg.co/
Ethereum Classic Investment Trust: https://grayscale.co/ethereum-classic-investment-trust/
The Civic CEO and cofounder explains how his upbringing in South Africa and his experience at former company Gyft led him to launch a startup focused on identity. It was also at Gyft that he realized how enthusiastic the bitcoin and cryptocurrency crowd is and how a business could harness that enthusiasm to grow its user base. We discuss why the ICO craze has only just gotten started and how cultural differences could make the scams and speculation worse than in previous bubbles. Plus, Lingham explains what risks in bitcoin investors aren't pricing in and why he believes the odds of a split in bitcoin are currently greater than 50%.
Don't forget to take the Unchained podcast survey: https://www.surveymonkey.com/r/unchained
Civic: https://www.civic.com/
Show notes: http://www.forbes.com/sites/laurashin/2017/05/30/bitcoin-oracle-vinny-lingham-on-why-bitcoin-is-overpriced/
More on ICOs: https://www.forbes.com/sites/laurashin/2017/05/16/icos-why-people-are-investing-in-this-380-million-phenomenon/#ff1983411a18
The risks of a split in Bitcoin: https://www.forbes.com/sites/laurashin/2017/03/21/is-this-massive-power-struggle-about-to-blow-up-bitcoin/#5c5658677325
Don't forget to take the Unchained podcast survey: https://www.surveymonkey.com/r/unchained
Developers of new cryptocurrencies are raising gobs of money with little more than a white paper. Though real advances are likely to emerge from the trend, the bubble could get worse before it gets better. William Mougayar, organizer of the upcoming Token Summit, and Nick Tomaino, cohost, discuss where ICOs are going wrong now, what best practices would help the space mature, and how to separate ICO wheat and chaff.
Show notes: https://www.forbes.com/sites/laurashin/2017/05/16/icos-why-people-are-investing-in-this-380-million-phenomenon/
Links:
Token Summit: http://tokensummit.com/
The Business Blockchain: http://thebusinessblockchain.com/
Startup Mangement: http://startupmanagement.org/
The Control: https://thecontrol.co/
Runa Capital: http://www.runacap.com/
Episodes referenced:
Brock Pierce of Blockchain Capital and Stan Miroshnik of The Argon Group: https://www.forbes.com/sites/laurashin/2017/04/18/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/
Olaf Carlson-Wee of Polychain Capital: https://www.forbes.com/sites/laurashin/2017/03/07/why-this-hedge-fund-ceo-once-put-most-of-my-meager-life-savings-into-bitcoin/#6c20ccd14e15
Jerry Brito and Peter Van Valkenburgh of Coin Center: https://www.forbes.com/sites/laurashin/2016/10/18/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law/#11112aa960e6
Thanks to all the listeners who've let me know what you want to hear more of, what you like about the show, and who you want to see as guests. If you haven't yet, have a say in the direction of the show -- tell me what you like, what the podcast could do better, and who you are: https://www.surveymonkey.com/r/unchained
Jerry Cuomo has been at IBM his whole career and says that the emergence of blockchain technology is the second time in his career he has seen a breakthrough that will affect the lives of everyday people. IBM's VP of blockchain technologies talks about the company's work in areas as diverse as food safety in its project with Walmart, how blockchains will interact with Internet of Things devices and how it's approaching its identity work. Plus, he dives into what security for a permissioned blockchain looks like, whether IBM will lock its clients into its software, and what exactly its role is with the Hyperledger Foundation.
Show notes are available here: http://www.forbes.com/sites/laurashin/2017/05/02/ibms-jerry-cuomo-on-everything-from-blockchain-security-to-hyperledger-to-the-internet-of-things/
IBM blockchain: https://www.ibm.com/blockchain/
We also reference my interview with Kathryn Haun of the Department of Justice: https://www.forbes.com/sites/laurashin/2016/11/01/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them/
Don't forget to take the Unchained Podcast survey! http://surveymonkey.com/r/unchained
Blockchain Capital's recent BCAP token offering is a harbinger of things to come in venture capital and private equity, says the firm's managing director Brock Pierce. And Stan Misohnik, the CEO and cofounder of a new investment bank focused on cryptocurrency called The Argon Group, seconds that. Pierce talks about how his career in cryptocurrency started with video games, how Blockchain Capital's three funds have evolved over time, why he is taking the step to disrupt himself, and why his phone number is being handled by the office of T-Mobile's president. And Miroshnik explains how his background in capital markets helped him see the business opportunity and why the BCAP token issuer was based in Singapore.
Show notes: http://www.forbes.com/sites/laurashin/2017/04/18/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/
Blockchain Capital: http://blockchain.capital/
The Argon Group: https://argongroup.com/
Blockchain Capital III Digital Liquid Venture Fund: https://blockchaincapital.tokenhub.com/
The phone hijacking article Brock and I reference: http://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/
The episode with Jerry Brito and Peter Van Valkenburgh of Coin Center: https://www.forbes.com/sites/laurashin/2016/10/18/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law/
Please take the Unchained podcast survey! https://www.surveymonkey.com/r/unchained
The bitcoin community is mired in a civil war. In this episode of the Unchained podcast, supporters of opposing sides -- former Bitcoin Core developer Jeff Garzik and Litecoin creator Charlie Lee -- explain why nuclear options are on the table. The discussion touches on whether high transaction fees are bad for the network or a necessary evil, which would be considered the "true" bitcoin if the currency split in two, and whether the cryptocurrency is already centralized, or controlled by a few. We also discuss why bitcoin can't just look at the playbook of other open source projects to get past this stalemate. And they give advice to current bitcoin owners wondering whether to sell or hold through this bitcoin game of chicken.
Show notes: https://www.forbes.com/sites/laurashin/2017/04/04/why-bitcoin-may-split-in-two-and-how-to-prevent-it/
Other links:
- Bloq: http://bloq.com/
- Coinbase: https://www.coinbase.com/
- Litecoin: https://litecoin.org/
This episode was sponsored by OnRamp: http://www.thinkonramp.com/
Bobby Lee, CEO of BTCC, one of the world's longest-running cryptocurrency exchanges, talks about whether Chinese people are using bitcoin to evade capital controls, how bitcoin trading in China has changed since a government crackdown in early January, and how he came up with the idea for no-fee trading in the early days of bitcoin.
Read the show notes.
Other links:
- BTCC
- Mobi
- Bitcoin Foundation
This episode was sponsored by OnRamp.
Olaf Carlson-Wee is the founder of Polychain Capital, a hedge fund that has invested $15 million into digital assets and has gotten backing from storied venture capital firms Andreessen Horowitz and Union Square Ventures. In this episode, Carlson-Wee recounts war stories from the early days of bitcoin, including how he learned about bitcoin before his computer science professors, bought bitcoins with cash and created “the Bitcoin SAT” to make hires at Coinbase. He also describes how to separate cryptocurrency scams from legitimate ventures, how he plays blackjack against a smart contract and why launching a digital asset hedge fund means he can no longer earn and spend mostly in bitcoin.
Read the show notes.
Other links:
- Polychain Capital
- Coinbase
- Golem
- Tezos
This episode was sponsored by Onramp.
Fredrik Voss, Nasdaq's head of blockchain initiatives, discusses what the company has accomplished with the technology and how his firm evaluates whether potential projects could benefit from a blockchain solution. He also reveals what is likely to really slow adoption of distributed ledgers (hint: not the tech itself) and gives advice to other companies looking to incorporate it.
Read the show notes and my magazine story on Chain and its work with Nasdaq.
This episode was sponsored by Onramp.
The SEC will make a decision on a proposed bitcoin ETF by March 11. Will it approve? An optimist and pessimist weigh in, touching upon bitcoin’s liquidity, the impact recent events in China have had on its trading, as well as proposals for bitcoin ETFs by other companies. Plus, they reveal what impact an ETF could have on the bitcoin market.
Read the show notes.
Other links:
- Needham & Company
- Global Advisors
- Gemini
This episode was sponsored by Onramp.
The IRS found three entities using bitcoin to evade taxes and has now demanded the records of millions of users at Coinbase, the largest U.S. cryptocurrency exchange. An accountant and an attorney specializing in cryptocurrency discuss whether the IRS is overreaching, how this "unprecedented" case differs from previous ones pursued by the IRS, and what they think the ultimate outcome will be.
Read the show notes.
Other links:
- Coinbase
- Berns Weiss LLP
- Global Tax Accountants
- Brian Armstrong's response on Medium
- My magazine feature on Coinbase
This episode was sponsored by Onramp.
CME Group handles three billion contracts worth about $1 quadrillion annually. So why is it making a foray into bitcoin, whose market capitalization is a mere $16 billion? Sandra Ro, CME's head of digitization, explains its first cryptocurrency products, the Bitcoin Reference Rate and the Bitcoin Real-Time Index, as well as a forthcoming blockchain-based product, Royal Mint Gold. She also reveals which other cryptocurrencies have piqued her interest and which other physical world assets she thinks could be traded by blockchain.
Read the show notes.
Other links:
- CME's Bitcoin Reference Rate
- Bitcoin Real-Time Index
- Royal Mint Gold
Kathryn Haun put away the DEA and Secret Service agents who tried to make off with more than $800,000 in stolen bitcoin while investigating the darknet Silk Road marketplace. She talks about how the blockchain technology underlying Bitcoin made it possible to uncover their theft, why she believes blockchain will create a lot of good, and what she does when the very people behind tumblers and mixers -- technology that makes her work more difficult -- turn to her when they are the victims of crimes. Along the way, we learn about the habits of cryptocurrency criminals and get a fascinating view into the world of "breeder documents."
As blockchains and cryptocurrencies evolve, there are times when the technology outpaces the law. That's when Coin Center steps in. The non-profit, which represents the technology, not the industry, and aims for regulators to keep a mostly hands-off attitude, has already helped shape questions around which types of Bitcoin wallet providers are financial institutions and whether new coins being offered represent securities. And answering these questions has drawn it back into previous cases involving everything from Florida orange groves to Manhattan co-ops to golf club memberships.
Cornell University computer science professor Emin Gun Sirer, an influential figure in the cryptocurrency and blockchain space, describes his ideas for improving security in the space, his skepticism about how to scale these networks, and how the last time financial institutions invested in their systems appears to be for Y2K. He also tells us how growing up in an environment where he saw a lot of scams helps him find problems in code, explains why Bitcoin is the “universal bug bounty,” and reveals how two high school students saved burgeoning cryptocurrency network Ethereum “like in the movies — just before the clock was going to expire.”
Michael Casey, senior advisor at MIT's Media Lab and author of the Age of Cryptocurrency, spent 18 years at the Wall Street Journal -- a good portion of that covering currency markets. But he says it wasn't until he learned about Bitcoin that he really understood what money was. In this episode of Unchained, he explains why, plus discusses why he thinks China will play a key role in moving the world to a cryptocurrency- or blockchain-based trade settlement system, what that could mean for the U.S. dollar as a reserve currency and what he thinks is the most cutting-edge work being done in blockchain.
Tyler and Cameron Winklevoss, CEO and President, respectively, of cryptocurrency exchange Gemini, talk about the importance of regulation in a sector once associated in popular culture with illicit activity. The twin brothers, who were the first to file with the SEC for a Bitcoin ETF, recount how they went from competing in the Olympics to launching a cryptocurrency company, explain why they believe private blockchains are really just distributed databases, and discuss why we've seen so many hacks of Bitcoin exchanges. They also touch on an emerging trend, app-coins or new cryptographic tokens being used to run, say, peer-to-peer versions of Dropbox or Reddit.
“Shifting from a perspective of 'only humans control money' to 'machines and software control money' is really radical and it changes a lot of things,” says the popular blockchain and Bitcoin author and speaker Andreas Antonopoulos. Antonopoulos discusses why the real magic of blockchain is decentralization, why criticisms that Bitcoin is a waste of energy are wrong, and why he now charges a 20% premium to be paid by wire transfer instead of bitcoin. And if you're amazed by the idea of a self-driving car, wait until you hear his description of how the taxis of the future might operate.
Read the show notes.
Jason Weinstein and Alan Cohn, partner and of counsel, respectively at law firm Steptoe & Johnson, discuss their work with the Blockchain Alliance, a coalition of both blockchain and cryptocurrency companies as well as law enforcement agencies including Interpol, the FBI, the SEC, Europol and others. Find out how crime in Bitcoin is similar to all types of crime, what genuinely new questions are being raised, and how various law enforcement agencies might think about even recent developments like the emergence of the DAO and the subsequent DAO hack.
As blockchain technology remakes financial services, some companies will be better positioned than others, says Adam Ludwin, CEO of Chain, which has partnered with incumbents like Visa, Citi and Nasdaq. Ludwin describes which types of firms will emerge winners and the mindset of the executives who really get it. He also explains why he is certain central banks will one day issue digital currency.
Invest in oil and gold? In this episode, the co-authors of a compelling white paper explain the four reasons why they believe you may soon be investing in digital oil and digital gold instead. Find out why their analysis prompted Burniske to say of bitcoin, "That's an investor's dream," why White mentioned the saying, "On the blockchain, no one knows you're a refrigerator," and how well ARK's investment in bitcoin has performed.
Bill Tai, a venture capitalist who got his start as a computer chip designer in the 1980s, places blockchain in the context of the broader technological revolution of the last three decades. He also reveals how Bitfury, a company in which he's an investor and board member, built a more efficient chip though the designers had never been formally trained; what blockchain advocacy group was founded in Sir Richard Branson's hot tub; and how he formed MaiTai Global, a series of kiteboarding-and-tech events in some of the most glamorous destinations around the world.
Matt Roszak, a venture capitalist for 20 years, discusses how his new company Bloq, cofounded with former Bitcoin core developer Jeff Garzik (from talks they began on Necker Island last year), serves enterprise clients and envisions a multi-chain future in which different blockchains can connect with each other. He also gives his thoughts on business models in a decentralized future and the influence China will play on the development of Bitcoin and blockchain technology. Plus, we find out what happened in his tennis game against Sir Richard Branson.
Elizabeth Rossiello talks about how she went from being a credit ratings analyst for microfinance investors to heading up an "international mobile money" company for sub-Saharan Africa that uses Bitcoin's rails. Along the way she reveals how convoluted, expensive and unreliable the movement of money into and out of Africa can be -- many people sending money in envelopes via regional buses and even traditional banks having to send money from Africa to Asia via North America. With BitPesa's fast and inexpensive international solution, companies are opening up new markets and people sending remittances no longer have to pay exorbitant charges.