Bankless - ROLLUP: 2nd Week of November

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Starting point is 00:01:27 they could only send up to a certain amount and only be able to send them to approved addresses, which is creating one of the most safe environments to hold your assets in, which is why people have put millions and millions of dollars into the Argent wallet that they use on their device. In order to see the Argent wallet in action, go to argent.link slash banklists and download the Argent wallet on iOS or Android today. We're also brought to you by Monolith. Monolith is your cool new defy-fi account, your defy savings account, your defy checking account, except the cool thing about the monolith defy account is that it gets software updates right you actually get to increase the usefulness of this over time so here are some of the features monolith is a smart contract wallet with a lot of the features that you would expect if you've come to know defy and what it is you can

Starting point is 00:02:15 you can add money to it you can put that money to work in compound and accessing yield but you can and you can also swap through uniswap what was cool with monolith is that they will send you a very Sexly Monolith Visa card that connects to your Monolith smart contract wallet on Ethereum. So it's a really awesome tool to live a bankless life with a savings account that gets software updates. So this is something that you're never going to find out in the real world, but you can still do real world things with real money, like buy your groceries.

Starting point is 00:02:48 So that's just fantastic. Coming soon to Monolith, actually already here to Monolith, is now you can buy, die, and get it sent to your wallet directly. right so it's also being an on-ramp so you don't have to go through your centralized exchange like coinbase or gemini or wherever you can just go straight from your bank account right into your monolith checking account smart contract wallet so check them out at monolith.xy z good morning bankless nation we are rolling it up this week this is the second week of november david you ready to roll up the week my friend rolling them up rolling them up every single week we take all the information that's had happened

Starting point is 00:03:26 the world of crypto. We package it into a bite-sized chunk and inject it right into your brain as roll-ups do. We're rolling up the news. All right. So here's what we do every week. The format is the same. We dedicate five minutes to five topics so that you get the entire week into your brain in about 25 minutes. We try to honor that. We try to keep to that. So we go to market releases, news, takes. And then we conclude with what we are excited about right now. So this happens every Friday morning on both YouTube and the bankless podcast. Catch it in both places. David, let's get started with the market, my friend. What is the market saying to you? Do you want to start with Bitcoin? Yeah, today, Bitcoin is pushing above $16,000 a coin. There is not much price history above

Starting point is 00:04:14 this level. So that is pretty exciting. This is what I'm about to comment is just for today. It seems like Ether is taking a little bit of a dip. Wifi is another token that I'm paying attention to that's taking a little bit of a dip. Things seem to be rotating into Bitcoin. We've seen this happen before. Things rotate into Bitcoin, Bitcoin pumps, things rotate into ether, ether pumps, ether rotates into defy-tokens, defy tokens, defy tokens pumps.

Starting point is 00:04:40 Today it's Bitcoin's turn. All right. So all of these markets are connected, but 16K is pretty, like that's a milestone, right? Like we are within striking distance of all-time highs for Bitcoin. At what point is mainstream media going to start doing this? You remember 2017 where it was like every day, CNBC would like be talking about the price of crypto something. We haven't seen that yet, but we got to be getting close.

Starting point is 00:05:04 Yeah, Nick Carter gave out this line recently, quietest bull market ever. I don't, I think we're going to blow. That's a good take. Right? I think we're going to blow past previous all-time highs and there continue to be general silence. Like maybe some people start to tap into it. I don't think we're going to see like the retail hype fomo until something like 30, 40, $50,000.

Starting point is 00:05:26 And it just won't be on people's radar. That's silly because people are missing out on like three to five X gains right there. I'm glad you are tuned in. You're not going to miss out on those gains in crypto guys. We are in the bull market. And this is a website I found. While we're on Bitcoin, David, this is Bitcoin Treasuries. So this actually maps out the amount of Bitcoin on publicly traded balance sheets of

Starting point is 00:05:50 companies. And it's quite a lot. So we've talked about micro strategy. before and square before. I mean, it's starting, right? Like some of the publicly traded companies are starting to put crypto on their balance sheets. That's huge. Right. Yeah. This is a website that Bitcoiners really, really like. Bitcoin treasuries.org. At the bottom, you see a total tally of 814,000 BTC, just under 4% of the total supply of BTC. Although that number does kind of get weighted by Grayscale quite a bit. Grace scale represents way over half of all this. But it's definitely

Starting point is 00:06:23 get a website to watch. Like Ethereum's, we like our ethelots and defy. Bitcoiners like their BTC in balance sheets. Absolutely. And I think Heath will make its way over there at some point to. All right, let's talk, ETH price. So, I mean, you mention it. We're at 460 right now. When you're listening to this, it might be either higher or lower. But I mean, it's tracking Bitcoin, just not quite as aggressively yet. Yeah. Yes. Well, so it's doing really, really well. Like at the height of defy summer like defy yield farming the the peak of ether price was 490 and we're at 460 now which is a really strong resurgence up from the the bottom of the quote unquote defy crash which was like at 310 so ether's ether price action super healthy um just today in the last 24 hours

Starting point is 00:07:10 bitcoin kind kind of has taken the wheel but ether's doing just a bang up job like nice job ether keep going i've got my i've got my tweet scheduled for uh the 475 ether prices hilarious at 475 um it's still pretty funny that you got it scheduled well I mean I'm just going to like I get a notification 475 I know it's time to tweet that's what happens because it's still pretty funny under 500 I think it's funny under 800 I think it's funny we'll see how it goes all right but gray scale our friends at gray scale whom we are having on the podcast on Monday when you're listening to this um Ethereum hit in their ether trust uh hit one billion in assets under management So they're onboarding an awful lot of institutional investors into ETH the asset right now.

Starting point is 00:07:57 That's got to be bullish, right? Absolutely bullish. And this is the metaphor that we gave out on the podcast with Michael Sun and Shine coming out on Monday that Grayscale is the bridge, right? We are building the arc in DeFi. We are building the arc in Ethereum. But Grayscale is offering a fantastic bridge to onboard it onto that arc. And they are being rewarded handsomely for that effort. Okay.

Starting point is 00:08:20 Well, let's talk about what's locked in. in Defi right now. We up or are we down on the week, David, the amount of value locked in Defi. Yeah, last week I think it was roughly around 12.1 billion in Defi. Now we're at 13.45 billion in Defi. So while there has been like that dip in ETH price since the end of DeFi summer, you do not see it in the total value locked in Defi. And so you just went up a billion data. Sorry. We just went up a billion. Over a billion. Like 1.2 billion. That's huge. Do you remember when it hit a billion? When was that? It's like a blur to me.

Starting point is 00:08:53 That was like February. Yeah. Yeah. And now we're just, we're chalking down like one billion dollar marks in Defi. And so like, you know, Ryan and I were super ETH bulls.

Starting point is 00:09:03 But we can take away. We can actually extract like maybe our bias about ether and just looked at the billion dollars in DFI and tell you that DFI is worth at least $13 billion because that's what people have put in here. Absolutely. ETH locked in DFI looked about flat. So some of that value is coming from other places. I bet I know where.

Starting point is 00:09:21 Partially. it's probably coming from defy tokens. I tweeted this out. It's like, this is like Friday, I think I tweeted out. Remember yesterday when defy tokens were dead? Yeah, so a Bitcoin said. One day, things totally flipped. I mean, everyone was suddenly after Defy Summer,

Starting point is 00:09:39 super bearish on defy tokens. And then last week, up to now, we saw a massive resurged. This is the DeFi Pulse Index, which is an indecy of a bunch of the top DeFi tokens and that shot up almost like it almost doubled from this week from last week to this week what's what's your take yeah we were watching and this was this story was told by the wifi chart so so well where wifi kept on plummeting and it capitulated down to like 7000 something somebody opened up a short at

Starting point is 00:10:12 the bottom and then a bunch of wifi community members all banded together to to just squeeze that short and then a bunch of defy tokens just moaned at this event, right? Maybe it was related to other factors as well, but Wi-Fi bounced off the floor at like $7,500 and zoomed up to $18,000 in this space of like one hour. And it's been around that mark ever since. So yeah, people love to hammer on defy tokens when they're bleeding, but that doesn't mean they're dead.

Starting point is 00:10:41 And they're going to come back to bite you. Don't bet against defy tokens. They'll get you. Guys, if you liked Defi C-Sy, season one. You're going to love D-Fi season two. It is coming out soon. I guarantee you. All right. Let's move on from market and talk about some hot releases. We got to start here, David, PayPal. All right, we talked about it a couple of weeks ago in the roundup, but now they are like fully onboarding anybody. They've removed their white list so that users, and they have about 330 million,

Starting point is 00:11:11 if I'm recalling correctly, PayPal users have the ability to purchase crypto within in PayPal. There's no white list anymore. They've taken that off. And they are certainly following Square's lead on that, except they've, like, included more assets than Square has. And it's great. You can just buy Bitcoin, but this you can buy ether. You can buy Bitcoin, including a bunch of things that you probably shouldn't buy, but you can buy them here. Pretty amazing, right, David? Like, did you ever think that you'd see the day? Yeah, I guess I did. I'm happy it's finally here. And you're totally right. They are following in Squares footsteps where Square, I think, made 80% of their revenue last

Starting point is 00:11:52 quarter or profits or something from Bitcoin and Bitcoin alone. And that's run by Jack Dorsey, quote unquote, Bitcoin Maximilus. I think that's a fair take on who he is. Jack, you should come on the show if you listen, Jack. Jack, come on the show because like you're leaving gains on the table by just focusing on Bitcoin. PayPal's going to eat your lunch because you left them there. And so like PayPal is integrating everything, being a little bit more agnostic.

Starting point is 00:12:16 a little bit less political, and they're going to make their revenue too. And it's probably just the first of many payment processors to enable crypto because they want money, because they're money maximumless. Super exciting. I think one of the biggest things to happen this year for sure. All right, let's talk about liquid steak too. So a few problems with ether staking at this stage. It's hard to put less than 32 Ethan.

Starting point is 00:12:39 You've got to run your own validator. You don't have liquidity once you bridge ETH to the beacon chain and ETH too. some folks including Andrew Keyes, formerly of consensus, now at Dharma Capital, huge Eith Bull are creating a solution to that. We actually had them on Meet the Nation this week on our YouTube channel, right? David, can you describe what this is? Because they just announced this on Wednesday, I believe. Yeah, absolutely.

Starting point is 00:13:05 So staking can be hard. Like not everyone is equipped to run a node or be that technical or even manage the uptime of their node. Then you also have to self-custody your assets, a new private key. It can get kind of complicated. In addition to that, you are locking up your ether for an unknown amount of time. It could be more than two years. It could be more than three years in the worst case scenario.

Starting point is 00:13:24 That's a long time to lock up a bunch of capital. And so in order to kind of remediate some of these problems, the, the dumber capital boys are rolling out liquid steak. So you can deposit less than 32 eth. You can deposit more than 32th, but not multiples of 32th. And then you can also get a USDC loan based off your deposit. So while you are locking up your capital, in the deposit contract in the genesis of Ethereum, as you should be because we are all stewards of Ethereum, you can still access the value in your deposited ether. So solving a lot of problems

Starting point is 00:13:56 here. Yeah, stewards of Ethereum, because you should be your patriotic duty. More on that next week, guys. Bankless Nation is going to war next week and we're putting some posts out with some propaganda that I think you're going to love. Anyway, let's move on in the next one, Dharma. So Dharma, different Dharma. This is not Dharma Capital, the fund that we're talking about. This is unrelated. Dharma is also a smart contract wallet. That's pretty fantastic from a user interface perspective. And they release some functionality to give Dharma users the ability to buy tokens in Uniswap directly from a bank account. So you connect your bank account. You can do up to 25K per week and you can buy any token on Uniswap with that super easy. Like click of a button on a mobile

Starting point is 00:14:40 app kind of easy. Defi is getting easier and easier, David. have anything to add here? Yeah, so it's, Dharma is connecting your bank account to Uniswap. Obviously, there's a bunch of steps in the way, but that's what a good company does, is they take a bunch of hard work and then they eliminate that for you as a service. And so you can connect your bank account to like your preferred illiquid, you know, token on Uniswap and just buy it, buy it right then and there, right from your Dharma app. So Tippettah hat to Dharma for also being able to pivot and really move quickly. Because when they started, they were not this. They were a kind of a,

Starting point is 00:15:15 a peer-to-peer borrowing and lending service. And it didn't really work out, except this, then they pivoted into this, and it's been working out great for them. You know, DFI, devi pivots, like are some of my favorite projects now. Avey was sort of a pivot in synthetics. The next one, I want to talk about it really quick, is it was kind of a pivoted to, originally they were creating just a stable coin to compete with Maker. And they pivoted it into an entire synthetics platform.

Starting point is 00:15:39 And now they've just come up with a synthetic oil, basically, that you can buy, right? So this is a oil exposure, oil price exposure as a token that you can purchase. Can you talk about this? Yeah. One of the bull cases for Ethereum or the bull case for Ethereum is that is the settlement layer for all assets, except one of that bare cases for Ethereum is that it's really hard to get off-chain assets onto Ethereum. Like that's a very large unsolved problem.

Starting point is 00:16:06 And so synthetics as a synthetic asset generation platform is kind of a solution to that. It's like we don't actually need the asset itself. we can just make an agreement to produce a synthetic version of that asset. And this is one of the first off-chain assets that synthetic is putting into their ecosystem, using oracles from ChainLink. You can now buy not, you don't, you aren't buying oil. You aren't buying a barrel of oil, but you are buying the value of a barrel of oil, which to like 95% of people who care about oil, that's what they care about, right?

Starting point is 00:16:37 And so this is now an option. You can now purchase quote unquote oil on Ethereum. Yeah. And it's backed at the, end by store of values, right? Basically, this is a bullcase for Ether as well as some of these synthetics will be based on the value of Ether at the very bottom layer. So super cool stuff. David, let's get to some news. If you want to live a bankless life, you need to get a hardware wallet. There is no alternative for storing your crypto in a self-sovereign fashion. That's why I

Starting point is 00:17:08 have four ledgers that I use to manage my different crypto assets using the Ledger Live account as well. Ledger Live is like your home base for managing your Ethereum, DeFi, and crypto accounts. It does a really good job of aggregating all of your different Ethereum wallets if you are the type of person that uses more than one, but you can also add other cryptocurrencies like Bitcoin or Cosmos or whatever your preferred blockchain is. And then it will display an aggregate portfolio of all your accounts at the main page. One thing that Ledger is doing a really good job of is enabling all the money verbs that me and Ryan talked about with the bankless skill cube enabled in the ledger live app so right now in the ledger live app you can buy

Starting point is 00:17:49 sell lend swap and stake your crypto assets which is doing a really good job of fulfilling all of the money verbs in the bankless skill cube something that's new to ledger live is ledger swap where you can swap assets one for another directly inside the ledger live application ensuring trustlessness in your financial activity on ethereum and on bitcoin if you want to learn more about what you can do with a ledger the blog post the power of ledger live on the ledger website where they share some of the more advanced things that you can do with your ledger that you might not have known about there's a link in the show notes that will take you to the ledger shop where you can get your preferred ledger hardware wallets i personally like the ledger nano x but i also have both they're both great options when you own

Starting point is 00:18:34 a ledger you own your own assets in the way that they have been designed to be held by the user and the user alone. So go get your ledger today to make sure that you are as self-sovereign as possible. The bankless state in the nations are brought to by WIREN. WIREN is DFI's first self-building community-run project, which I just get really, really excited about. Wynne is a system that seeks out yield in DFI, and it does that in a number of different ways. A very aggressive way is with the vaults where you can deposit your preferred asset of choice, and different DFI experts will come in and generate a strategy for what to do with your deposited token, right? And so it'll go find ways to get yield in that deposited token in Defy.

Starting point is 00:19:19 For those who want to just earn yield on their stable coins, the Earn system is for you, where you can deposit your preferred stable coin, and YRN will go and figure out which money market on Defy and Defy is producing the best interest rate, whether it's DYDX, it's compound or AVE, it looks around DFI to see where the yield is coming from, and it directs stablecoins,

Starting point is 00:19:39 automatically so you don't have to. Check them out at whyearn.finance to get started. And also check out the stats page to see what other people are doing as well. David, let's get to some news. I think the big news event probably of the week was that infura went down. Can you tell folks what infura is if they're not familiar and why that outage caused such a stir? Yeah, like I mentioned earlier, sometimes running a note is hard, right? like sometimes your computer goes down.

Starting point is 00:20:10 Ethereum as a node requires a little bit more intensive of a node operation than normal blockchains like Bitcoin. And so people use Inferra. So inferior will run your node for you and then you can just use Inferra as your quote unquote end of point. Some Bitcoin or Maxis won't like this because they are always about running your own node.

Starting point is 00:20:30 And then there's something that happened with optimism. They accidentally triggered, I think it was actually on purpose. There's another backstory to that. We won't go into it. They triggered some contract on Ethereum that caused certain versions of Geth. And Geth is one of the clients for Ethereum 1.0, certain versions of Geth to like come out of sync with other versions of Geth. And so people that were on that older version of Geth actually started working on a different fork of Ethereum. And this has since been resolved.

Starting point is 00:20:58 And, you know, Ethereum, people are joking about how Ethereum went down. That's not true. We just had two for a brief moment in time. And now we're back on to the one fork. and then people are learning how to deal with this, right? And so there's been a decent number of ecosystem responses to figuring out how to solve and make sure this problem doesn't happen again in the future.

Starting point is 00:21:17 Yeah, so the cool thing I think about this is this just increases the anti-fragility of Ethereum. So similar to how we had pretty large gas fees over the summer and that actually led to a good outcome, which is more development on Ethereum's layer two, right? So we had projects actually take layer two, seriously and speed the development of it. I think a lot of DFI projects and Ethereum users as a whole will start to diversify their reliance on infura to other service providers. So either running nodes

Starting point is 00:21:49 themselves, of course, that's an option. But there are a slew. This is a website with almost a dozen different infura-like service providers that you can acquire data from and use instead of fear us in fear so we do have some redundancy here and i do think it increases the uh antifragility of of ethereum when we have events like this it kind of exposes the soft underbelly i guess of of some centralization in the network yeah that's absolutely right and this just goes back to the very common line what what doesn't kill it makes it stronger and so there if you're on twitter you saw a bunch of just fighting about it in the theory bitcoiners were having their their heyday it's like like, oh, it's centralized.

Starting point is 00:22:32 But to me, I wasn't impacted by it. Like, didn't stop me from getting what I wanted to get done. And now it's once again not stopping anyone else from getting what they want to get done. And Bitcoiners will see this website, Ethereum nodes.com, and they'll look at it in skepticism and say, here's 14 nodes that you can delegate your trust to. That's not running your own node.

Starting point is 00:22:51 But I'm a fan of Vitalik's view on this, where it just takes a herd immunity type thing where only a percentage of the Ethereum world needs to run their own node. in order for Ethereum to be adequately decentralized. Not every single person needs to run a node. And that's actually quite ridiculous to think that every single person in the world is going to run a node.

Starting point is 00:23:10 So long as we have a curated list of people that are running nodes in good ways, then I'm fine with it. Yeah, and by the way, some of these node providers purport to be much more decentralized than in Fuera. So I haven't looked at Pocket, but I've heard very good things about its approach to decentralization of these things too. All right, let's move on.

Starting point is 00:23:29 So Zapper, our friends has done. Zapper. We did an AMA with them earlier this week. They just snagged some funding. Talk about that. Yeah, Delphi Digital. I really like all the Delphi Digital's like placements of their funding. Every time they make a funding round, I'm like, that was a good move. And I also got funded by Coinbase as well. So Zapper is just this way to interact with DFI in a way that's really efficient. Like sometimes in DFI, you need to go to Uniswap and then you need to go to compound and then you need to go and do something else. Zapper just, bundles it all together and makes it really easy to do stuff. And so I feel like this is a pretty

Starting point is 00:24:04 strong case that like Zapper is the front end of like Ethereum in a way. Like if you just want to get something done, you go to Zapper. Yeah, you know, I really like Delphi's approach too because they almost take like an activist investor type role where they'll go in not only invest, but they'll also assist with token economics and financial models and that sort of thing sort of improve on the design of the token. So that's a really good, really good take. Really good strategy. there. All right, Binance, what's up with this? Our friend CZ, he's pledging 100K to Gitcoin grants. Are there strings attached? What is this? Is this just a gesture of goodwill? There's never any strings attached with donations to Gitcoin. So that's just fantastic. Yeah,

Starting point is 00:24:47 I mean, I don't know why CZ is doing this other than being an altruist. And so good for him. Like tip of the hat, thanks for funding Bitcoin. Maybe it's good PR, but regardless, credit where it's due. I mean, good job, CZ. More of that, please. We'll upgrade CZ to chaotic neutral. Yeah, exactly. All right, cipher trace. They put out a report this week, and they said basically half of the 2020 crypto hacks were from D5 protocols and exchanges.

Starting point is 00:25:13 But I read through the summary of this report. There's a lot of like D5FUD here where it talks about people, criminals using defy without AML KYC, how it's unregulated, how it's a huge vector for money laundering. And that sort of stuff, I think just. puts fear in the heart of regulators. Of course, if you're a company like CipherTrace, maybe that's what you want because if, you know, regulators will buy your products that way. But I got to be honest, I don't love it. It kind of sends a shiver up my spine when you've got companies in the industry talking in this way. What's your take on this? Yeah. So there's two things to note here.

Starting point is 00:25:53 CipherTrace is not going to solve DFI hacks, right? They're just going to be able to help find the culprits, which I guess is okay. Maybe that's a defense. mechanism, but the right way to solve defy hacks is stopping it at the source, not by threat of punishment, but by improving your code, right? Like, if you got hacked, your code was weak, so it needs to be better. That's how you stop a defy hack. The other take I have on this is that the title of this is half of 2020 crypto hacks are from defy protocols and exchanges. What about value? Because if we talk about how much value was hacked, centralized exchange hacks dwarfed defy hacks by orders of magnitude. Like, defy hacked are trumped change, small money in comparison to the amount of value that's hacked from centralized exchanges.

Starting point is 00:26:37 And so maybe the number of hacks is more, but the total amount of value that's stolen from centralized exchanges is way larger. Definitely, the Q-Coyne hack alone, that was like 220 million, something like that, if you recall. All right. Ray Dalio. Do you know Ray? Do you like Ray? Yeah, his book principles, fantastic book. Everyone should read it.

Starting point is 00:26:56 I love Ray's stuff, especially his stuff on, um, monetary policy, but he had kind of a bearish take on Bitcoin. He said there are three problems with it. And crypto in general, he called it digital currency in general. One, you can't take Bitcoin and buy things with it, right? So it's not a medium of exchange. Two, it's too volatile. And three, if it did become a threat to governments, governments would shut it down, make it illegal. So, you know, we had our conversation with Raoul Paul that we put out on Monday. and he's sort of diffused number three, where he basically said, sure, a government could try to ban it, but then another government in some other country will not ban it.

Starting point is 00:27:37 This is kind of what happened with the gold ban, FDR's gold ban, the U.S. banned it. Other countries didn't. The U.S. ultimately had to take away its ban, and the countries that didn't ban benefit it. So the game theory there, I think, says that, you know, maybe that won't play out the way Dallio thinks it will, But you know what I was struck by, David, is just like Dahlio kind of gets the whole modern monetary policy, how it's going to inflation, how like fiat currencies are going well. But like, he's just at the starting line when it comes to understanding crypto.

Starting point is 00:28:12 And this is exactly where everyone starts. They always say crypto's not a good. Medium exchange is too volatile and governments will ban it. Like that's where I started. When I first learned about crypto, I was like, oh, it will never work because of those three reasons. So I actually think this is bullish. I do think Dalia will come around at some point.

Starting point is 00:28:28 Yeah, yeah. So he's also interestingly made really positive statements about Ethereum. Like he has historically said like Bitcoin is kind of like a pet rock and Ethereum is much more interesting in the same vein as the CFTC chairman a while ago. So like he, I don't get what he is all about with crypto. Like I can't get if he's bullish or if he's bearish or if he's skeptical or if he's not skeptical. He seems to be a little bit all over the place. I'm curious to see how he does develop his mental models because a lot of people listen to Ray Delio. And so what he does say does carry a lot of weight.

Starting point is 00:29:02 You know, it's funny, though. He actually, I watched that interview. He actually ended the Yahoo finance interview and he said, yeah, so that's why Bitcoin will never win or digital currencies will never win. And you know what? We'll win gold. I just thought to myself, guys, like, buddy, I know like no millennials is buying gold right now. Right? Like, just look at the demographics.

Starting point is 00:29:21 I mean, we're not buying gold. So maybe that's true now. Maybe that's true even for boomers. It's not necessarily going to be true in the next, you know, in the decades to come. That's exactly right. All right. We could talk a lot more about what the government is doing. The final boss as we call it, I'll go through these really quick, but ShapeShift had to

Starting point is 00:29:40 delist Zcash, which is an anonymous cryptocurrency. Don't love hearing about that. IRS is coming after Coinbase for tax information. So, guys, FYI, If you're doing crypto trades on Coinbase, the IRS knows, like, get right with a tax person or else. They will definitely find you. Bitcoin mining pools, some of them, one of them is at least implementing KYC. I don't love that either, right?

Starting point is 00:30:08 In the same token, we've got some good news coming from the final boss, as we call it, the nation state, which is central bank digital currencies are coming. They've got to embrace crypto. They've got to embrace at least networks like Ethereum in some way. way, the Fed is researching central bank digital currencies. An article came out about that, highlighting the issues on the block, we'll include it in the show notes. Also, Lebanon is the next country to step up and say, we're doing a central bank digital currency. Every week we're talking about this, David. Yeah, it seems to be there's just like this good cop, bad cop going on with centralized governments, right, where, you know, the Bitcoin and DFI get the bad cop and

Starting point is 00:30:47 the central bank's digital currencies get the good cop. Because like this, technology is valuable. And so people are going to figure out how to use it. You know, every single week on this, on the weekly roll-ups, we talk about, you know, X country rolled out central bank digital currencies and, you know, X token got, you know, it got the purview of the nation's date, you know, down on it. This week it's Zcash and this week it's Lebanon. Like, I wonder what it's going to be next week. We will see. Yep, absolutely. All right. We've done markets, news, releases. Let's go to takes. What's on your mind right now, David? So for those people that follow me on Twitter, they know I went to war with the green frogs,

Starting point is 00:31:24 the green frogs of Twitter, the green frog army. So I want to clarify a few of the points because this is what's been going on in my head. Wait, wait, who are the green frogs for people who aren't like in the in the whole scene here? Yeah, so the green frogs are the pepe frogs, right? And they've actually been a thing before crypto, right? We saw the green pepe frogs being kind of loosely associated with the rights movement, then the movement that elected Donald Trump, this kind of of like army of like individuals generally anonymous that are you know on on their computer and are meming themselves into existence and it's a very good strategy to go viral right it's a leveraging meme culture is leveraging internet virality to help bootstrap a movement right and the allegedly

Starting point is 00:32:08 Russia used this as a tactic to get Donald Trump elected into office in 2016 and I think that we are seeing that same engineering play out using green frogs on crypto Twitter and other mediums as well. And I'm not convinced that ChainLink at all did this intentionally. I think actually Green Frogs associated with ChainLink was much more of a bottom-up system, like a bottom-up community engagement because these things need community. But in the same way that like you can only do the immaculate conception of Bitcoin once, you can only do the immaculate ICO of Ethereum once, you can only do the immaculate

Starting point is 00:32:46 like YFI liquidity mining once. only get the Immaculate Green Frog community once. And now there's a bunch of other projects with tokens that are trying to leverage green frogs to bootstrap their community. And I'm just having none of it. It's just BS. Like, no, like you only get to do that once. And I'll give Chainlink the past.

Starting point is 00:33:05 But any other project that tries to bootstrap their community by green frogs, like, no, they're trying to dump their token on you. Who's doing this? Say names. What are the projects are doing this? Avalanche is what I'm talking about. Okay. And like when you're saying the green frogs,

Starting point is 00:33:19 they doing? Are they like hiring some kind of a group or it's a small set of actors that are creating these pseudonym anonymous accounts and basically mass spamming? They're not real people. It's just a handful. It's like a single entity kind of thing. Or is this more decentralized? Because that's, that's what they would say. It's like, no, we're individuals, David. We're all decentralized. How do you know the difference? Yeah, it is not, it's a non-humogenous thing. And there are green frogs that are completely stock puppets that are engineered to boost a token. And then there are people that just like memes. And so like it's a and it's hard. And this is why like when I go to war with the green frogs, it's hard to like actually defend my position because there are totally

Starting point is 00:34:01 examples where I'm wrong. And some guy just has a green frog Twitter account that he enjoys being part of the green frog. It's always the exception. Right. But there's also like one individual that makes 10 green frog accounts and they put on the avalanche cap. And then the Avalanche blockchain has their telegram where they're giving away avalanche tokens to these accounts who like and retweet and engage with just to spur fake engagement, right? And that's the part that I'm pointing out. And so I'm kind of ready to throw the baby out of the bathwater, out with the bathwater in order to make sure that everyone needs to know that you don't have to engage with these green frogs. They're not the most valuable type of engagement in your L1. It's not really the community that you're

Starting point is 00:34:42 looking for. And are you doing this just to kind of like, you know, tell people about this, raise awareness sort of thing? Because it does feel a little bit like whackamil, right? Like every time you hit one, you know, five more are going to pop up. I think the reason why I'm doing this is I just want to signal to people that like the green frogs aren't as legitimate as they need to be. Like one green frog account does not equal one human account. Like and this is not a war on and on Twitter accounts or and on Reddit accounts or whatever. You get to be anonymous. But if you, are anonymous under the green frog banner or are trying to just like bootstrap fake engagement.

Starting point is 00:35:17 Like that's not the same. Like there are plenty of annon accounts that I think are really valuable, but they generally aren't green frogs. Yeah, they're real people under that. Yeah, makes sense, man. All right, Ryan, what's on your mind? Well, maybe I'll talk, I'll talk the main thing. So the main thing on my mind is when we had that conversation, AMA with Zapper, the question came up, hey, are you guys supporting defy on other chains? That made me think, like, Defy and other chains. What chains actually can contain something like defy, which gets to sort of the definition of what is defy? I put out this Twitter poll, and of course it's biased towards whoever follows me, which is biased towards like the things I talk about. But I asked a question about

Starting point is 00:35:59 each major network that maybe claims defy in some way. So is Bitcoin defy? It was my first question. And it was interesting. The result from that was about 50-50. So 50% of people said no. 50% of people said yes. I asked the question, is Ethereum DFI? 80% said yes, 20% said no. Is Binance chain defy? That is, of course, a chain from, you know, finance that has some sort of distributed consensus,

Starting point is 00:36:31 delegated proof of stake. The results were 20% yes and 80% no. So skewed the opposite way. Is Pocodot DFI? that came out the same as Bitcoin, about 50-50, is Cosmos D-Fi, 37% yes, and 63% no. I want to get your take. What does all that tell you? Does it tell you nothing, or is this some reflection of sentiment?

Starting point is 00:37:00 Yeah, I think you didn't do a very good job parameter. Oh, boy, parameterizing. Parameterizing? Yeah. I'm going to cut this out. Parameterize. I think you could have done a little bit better job parameterizing your statements. Because like what does it mean to be defy, right?

Starting point is 00:37:18 Like is an L1 defy or is an L1 a host of defy? I believe that Bitcoin itself is a representation of defy, even though it doesn't host defy. And so I think in, at least with Bitcoin, you got people that were answering that question from two different angles and then maybe you kind of got your results muddy a little bit. That's my take. Yeah.

Starting point is 00:37:38 Well, so the reason I asked that simple question, because we often use the term defy in such a simple way, where we just say, this is defy, or that's not defy. And it's almost like, this is pure and that is not pure sort of thing. But I do genuinely believe that there has to be some sort of cutoff on your layer one where, like, look, if it's controlled by CZ, right, and just a handpicked set of people, like, how can we call anything built on top of that decentralized? Sure. Like, to me, that probably skews over the line. And it was interesting that 80% of voters sort of agreed. Yeah, I think that 20% of people that think that Binance chain is defy, there's your margin of error right there, 20%.

Starting point is 00:38:27 Well, that's interesting. The word is just very tricky. And I think that defy is going to be continued to be used in marketing and not sort of a real way. But anyway, that's been. something on my mind. Do you want to switch to you, let's close this out. What are you excited about, David? So second week of November, what's exciting? Yeah, and we've been putting a ton of content out on the bankless newsletter and podcast, and it's going to continue to be that way because I'm just super excited about eth staking, right? It's such an important part about what ether is and what it will be into the future. People, and we said this line on a previous bankless, uh, bankless, uh, YouTube video, the bulk, the bullet, it's so bullish that Bitcoin is being understood. It's bullish to be

Starting point is 00:39:16 understood. Right. And and like when you're in the crypto industry, like sometimes you feel like this like crazy conspiracy theorist revolutionary, revolutionary about how like, oh, all the world is going to come to crypto. If more people understood that, we wouldn't feel so crazy. And if more people understood that, then the price of these things would go up. Right. And so I think people are coming to learn that Bitcoin is like gold, except in this new. evolution of gold except now it's Bitcoin. And I think people are going to come to learn that ether and the ETH stake rate is an evolution on the bond market, right? This is something we've been hammering over and over again on the bank list show. The bond market's massive. It's the biggest

Starting point is 00:39:56 industry or market cap in the world, right? And so there's never ever been before a hard money bond market before proof of stake Ethereum. And so that's what I'm really excited about seeing manifest into the world and people coming to understand this. I said that before, but looked it up after our last show where we talked about this. So gold is about $8 trillion. The sovereign bond market is about $57 trillion, right? And that feels to me like the total adjustable market that ether, staked ether, is competing in. So pretty massive, pretty cool.

Starting point is 00:40:29 Yeah, I know you're excited about this too. And so we're going to be beating this from for a long time on the banquet show. Absolutely. Absolutely. What are you excited about? You know, I'll just say one thing. Look, it's been a long winter. It's been a long crypto bear run and where we've been sort of plateauing for a while.

Starting point is 00:40:45 I'm excited about the bull run, David. I feel like we're in it, like at the early stages, but I feel much more secure in saying that we have entered the bull market. So for some folks watching, this could be their first. Remember? It's like it was my first back in 2017 to see a full on bull market. And they're fun. it's going to get a lot crazier if this is your first bull run that you've seen expect things to get crazy expect things to get out of hand emotions will run hot emotions will run hot

Starting point is 00:41:19 scams will persist it will probably get crazier than you think but buckle up because we're in the bull run and it feels it feels good all right guys you guys you guys know that we are perma bulls on the bankless podcast but that's for a reason in the bear market you're always kind of like, oh my gosh, what if the bull market never comes? And so like now the fact that it's actually here, like we kind of get really excited about it. So, you know, we're a primables, but we like to bring the energy. So all right, guys, thanks for listening to the weekly roll-ups. Again, we do this every Friday morning. Drink your coffee because we are bringing the energy. It's on the podcast. It's on the YouTube. If you're watching the YouTube, there's a bunch of awesome graphics that you

Starting point is 00:41:58 can follow along with just in case you want a little bit more of that information injected into your brain. So subscribe to the YouTube, subscribe to the podcast, and subscribe to the newsletter where we are about to put out so much content about East Staking. Like Ryan alluded to, we are going to war next week. There are going to be a ton of hot memes coming out of the bankless show. So stay tuned for all of that. Take care, guys.

Bankless - ROLLUP: 2nd Week of November

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