Bankless - ROLLUP: Genesis Bankrupt | SEC vs Gemini | Bitzlato | New 3AC Exchange GTX | MetaMask Staking | ETH Denver

Starting point is 00:00:00 Gary Gensler and the SEC are charging Gemini and Genesis, charging them with unregistered securities, with selling those, and they're doing all of this after the fact. David, this is a total mall cop move, isn't it? Bankless Nation, it is the third week of January. David, tell them what time it is. Ryan, it is the Friday Bankless Weekly Rollup, where we cover the entire weekly news in crypto,

Starting point is 00:00:28 which continues to be fiasco after fiasco, although entertainment value does increase lately. And so if you are not drinking your coffee, what are you doing? Go grab your coffee because it's going to be a pretty good roll-up. Might be kind of long. We'll see. We'll try and speed this up. It's going to be a long one.

Starting point is 00:00:44 But there's a lot of good stuff to talk about this week. I mean, it's quality, though. It's really good stuff. All these roll-ups is just quality. And I'm drinking my, I think this is my fourth, I want to say, cup of coffee. Nothing like the fourth. Right? What do you want, number one?

Starting point is 00:00:59 Number two? First, the number, it's always downhill after number one. It's true. Till tomorrow, you got to sleep it off and then wake up and, yeah, your eighth isn't tasting as good as your second is it. Are you seriously eat, drink eight cups of coffee sometimes? I'm not going to say I don't, okay? I'm not going to say I don't.

Starting point is 00:01:15 That is insane. I would literally die. Someday we'll have, we'll do flights of coffee together, Dan, you and I. No, I would, can we do flights of beer? Both. First the coffee, then the beer. We'll mix up. We'll do that a permission list.

Starting point is 00:01:29 sell with that. Sounds good. All right. Topics of the week. We've got to discuss the bankruptcy of Genesis. That might actually be happening. Some news broke this week and also the unbundling of digital currency group. It's all wrapped together. What else we're talking about? Yeah, if anyone is interested in buying Coin Desk, you might be in luck. Following that, Gary Gensler, the mall cop, coming in hot, be a mall copy. On that segue. On that segue, beep, beep. And then the big news of the week. Crypto Twitter just struck by fear when rumors of the Department of Justice was going after an international crypto exchange that starts with the letter B, a massive takedown. So hold on to your seats because we got to cover that one. It was absolutely gargantuan news.

Starting point is 00:02:17 I'm going to talk about that too. All right, guys, if you're listening on YouTube, we're watching on YouTube, make sure you like and subscribe. If you are listening to this on the podcast, of course, subscribe to that podcast too. David, before we get in, got to talk. about our friends and sponsors over at the crypto tax calculator because David, you know what seasoned it is? Oh, God. It is tax prep season, my friend. Do you guys hear how just Jubilant Ryan is right now? Do you know, I'm only excited because the tools have gotten better. It used to be so much more painful to do this kind of thing. And that's why we're talking about crypto tax calculator because this is probably the best tool I've seen for those complicated

Starting point is 00:02:55 trades, those complicated defy transactions. You know, the stuff. where you're like on a layer two and then you're interacting with this weird defy-fi protocol and you're like derivative token inside of another app yeah blah blah blah blah you're doing yeah the yield is volatile yeah you're a liquidity farmer somewhere anyway um wouldn't it be nice if you just plug in your eth address and we just calculate what you owe yeah this this is what i mean that is previously what i do but i do it to a human but i'm it makes sense that the AI is stoked about the calculator that you can just plug into your. Don't give it to a. Humans aren't as good as robots, David. How many times do we have to talk about this? That's why I keep you around.

Starting point is 00:03:37 All right. So this will sort out your tax nightmare. So that's why I'm a little excited, a little jubilant, because this is the best tool I've seen for those complicated transactions. They've got L1s and L2s, 600 integrations, coverage for about 300,000 cryptocurrencies. I did not even know that there were that many. Thank you. you got to do is connect your wallet and it spits out what you owe. And so this is a way for DGens to actually do their taxes. If you're DGen thinking about not doing your taxes, I would advise again to that. It's not a good idea. You either do it now or you do it later and it's worse if you do it later. Let me tell you. I've experienced that one. Yeah, do not procrastinate these things. Anyway,

Starting point is 00:04:16 you guys can go to banklust.c.c.c.c.c.comptu tax calculator and sign up. Also, if you sign up with the code, Bank 30. Do you hear that? Bank 30, you get a 30 percent. discount on this puppy. So go check that out in the show notes. Yeah, but if you are in the bankless nation discord, there is a different code for even more percentage off. So if you are a bankless nation member, go into the discord if you are interested in getting that more than 30% discount. Even better, even better. Okay, let's get to the markets, David. What are we talking about on the Bitcoin prices? Are we up? We down? We are up big on the week, starting the week at $18,900, dollars up double digits in bitcoin to where we are currently at 20,900

Starting point is 00:04:59 10% on the week for bitcoin that's big double digits you mean percentage wise double digits percentage wise uh that's big because last week i remember we were up to and now we're above 20k which is a big milestone uh that's feeling pretty good i mean what are the bears doing right now are they retreating are they i think they are covering or buying one of the two we are definitely getting short squeezed out of the bottom right now that's what basically the theme of the last 10 days, I'd say, is short squeeze off the bottom. Usually trader bears have a little denial phase for a while, and I think I've seen some of that on Twitter as well.

Starting point is 00:05:33 Okay, how about Eith? What's that doing for us? Ether price started the week last week at $1,420 up 8% to where we are currently at 1535. We touched $1,620 for the high, the intro week high. This whole Department of Justice fearmongering caused the market to jump down a bunch. We've recovered a little bit, but not too much. So we are currently at $1,5. So up 8% on the week for ether.

Starting point is 00:06:01 It's got to be painful for bears. That's a big week for ETH as well. How about on the ETH Bitcoin ratio, up or down? Yeah, retraced a little bit because of last week's was extremely green. I think last week was something like four or five percent green. I can remember two and a half percent. We are down, two and a half percent. We are down to .0735 on the ratio.

Starting point is 00:06:18 Bitcoin's back, baby. It's back. Never left. It's not dead yet. It's yet. This is, look, global cryptocurrency market cap, David, I can read these charts too. We are above a trillion this week. One trillion dollars.

Starting point is 00:06:33 Wow. It's been three months since a trillion, maybe two. Definitely since prior, I think FTCS caused us to absolutely nuke below a trillion. And now we are at point, one point zero one trillion. You guys will remember at the top of the market in 2021, we hit three trillion. So back above a trillion. The trillionaires club, I guess. for crypto. We've reached it. I remember in 2017, if you go to that peak back in 2017,

Starting point is 00:07:00 I remember sending a message in my, like, crypto chat to all my friends. It was like, baby thing. Yeah, we were at 900,000. We were about to hit one trillion for the first time. And so I, like, I, like, sent out a message like, all right, guys, how many months after we hit one trillion? Will we hit three trillion? And it was like, and this was December of 2017. I was like, all right, is it going to be February or April or June? of 2018 when we hit like three trillion, and turns out it was four more years later. It was for those 48 months rather than four months, right? Or whatever, six months, something like this.

Starting point is 00:07:35 Off by a smidge. Not bad, though. Not bad. So markets feeling good this week. We did get there eventually. Now we've, of course, retraced down below trillion. But we're back. Let's talk about some other market metrics here, David.

Starting point is 00:07:49 One is conversation about the Fed, maybe the Fed cutting interest rates. which is pretty big. The Fed's set to cut interest rates by the end of 2023. This is not the Fed, of course, saying this. This is not Jerome Powell. This is KPMG. So this is an analyst saying this, that the Fed might cut interest rates amid a U.S. recession. I think the exact prediction is this, that in the first half of 2023, that's the half that we're in right now, we will enter a recession. And do you recall what a recession actually is, like the technical definition? Yeah, it's like three quarters in a row of declining growth or something like that. It's like timeboxed too.

Starting point is 00:08:29 Yeah, it's two consecutive quarters of negative growth domestic product. And of course, GDP is the value of all the goods and services that country produces. So that would be two quarters of negative GDP. So KPMG is saying, we'll go into a recession this quarter, and that will cause the Fed to stop cutting interest rates. That is the prediction. Are we not already in a recession? I thought we were. Not technically, right?

Starting point is 00:08:51 We haven't actually technically hit that R word. So the idea being that the Fed might start cutting interest rates at the end of the year. This is sort of what analysts are saying and what the market is saying. That said, what is this tweet telling us? Yeah, this tweet and the next tweet, I think contrasts really well with each other. This is Watcher Guru, one of these like breaking Twitter accounts. U.S. national debt reaches an all-time high of $31.4 trillion. $31.4 trillion.

Starting point is 00:09:21 of collective debt. All-time highs. I mean, it's always reaching all-time highs, and it reached an all-time high again. Yeah, I mean, that's to tell us that the money supply keeps increasing, no matter what the economy is doing, bear or bull, it's always increasing, it seems like.

Starting point is 00:09:39 And in stark contrast, the ETH burn is burning. We are at negative 2,170 ETH. So I think these things, to these all-time high of U.S. debt versus burning ether, the rate of eth burn being pretty close to all-time highs is like nicely contrasting with each other. When debt reaches all-time high, it is like, it's like future dollars that need to be burnt

Starting point is 00:10:06 in order to come back to an equilibrium. And we have a debt of $31 trillion that we need to like collectively like burn in order to come back to like zero, to net out. And ether is just burn and ether. Right. It's burn and ether left and right. It's so interesting to watch kind of the, you know, we've talked about Ethereum like a GDP, basically. You know, Ethereum being sort of a digital nation.

Starting point is 00:10:29 Ethereum also has ether and a monetary schedule for Ether. And rather than hitting debt all-time highs, as you said, it actually went deflationary since the merge. So that happened on Sunday, by the way, David. I was kind of looking at these numbers. You know it's dipped into deflationary territory, ultrasound money territory before. But then when blocks-based demand decreased, of course. source issuance, net issuance goes up, now it dropped back down. So, ETH is once again, ultrassound money since the merge. Do you know, the bankless analyst team put together a state

Starting point is 00:11:04 of Ethereum and comparing a quarter, last quarter, so Q4 of 2022 with Q4 of 2021. And we do this every quarter. Ben from our team puts this together. I think it's a fantastic post. A lot of takeaways from this report. But you could see sort of what the GDP, what the economy of Ethereum looks like in a bare market, because Ethereum in last quarter, was definitely in a bare market as compared to the fourth quarter of 2021 when it was kind of up only. And it was pure bull market. So a few metrics to look at. Net revenue, network revenue, that is, was down by 93%. Oh, oh, oh, ouch. What does what does, what does, what does, the Ethereum economy kind of like, I guess, produce, or what is its tax base? Maybe that's a

Starting point is 00:11:55 better way to say it. What is it selling is blocks? And so network revenue was down from about $4 billion in 2021 Q4 to $267 million. And so this is saying just like gas fees are down by 93.8%. That's synonymous, right? And so like network revenue, blocks base sales, gas fees, these are all different words to say the same things. Yeah, blocks-based demand is down $94%. Yeah. Now, this is interesting. So was ETH burned.

Starting point is 00:12:26 And you would sort of expect that. So in Q1 of last year, we were burning a lot more at ETH. EIP 1559 was already implemented. So the burn was down as compared to the previous quarter, 2021, Q4 versus 22 Q4, was down 94% as well. This next metric, I think, is so awesome. What is it? So we have 94% less ether being burned because we have 94% less blocks based demand for Ethereum. And yet, yet the eth inflation rate is down.

Starting point is 00:13:01 I think it's a broken metric because it went from positive to negative. So even with a 94% reduction in Ethereum block space demand, ether inflation is down like over a hundred percent. It was at... 101%. It was at 0.364% yearly inflation rate. Well, actually, for the quarter, that was... For the entire quarter, it increased 0.364%.

Starting point is 00:13:28 Ah, excuse me. Okay. So, yes, the Q4 of 2021, ether inflated. The issuance grew by 0.364%. In this quarter, even with 94% of block space demand leaving the ecosystem, Ether inflation to negative 0.004%. And why did this happen, of course? Because of the merch.

Starting point is 00:13:54 The merge happened. I mean, that's the first full quarter Ethereum's ever had of being deflationary, ultrassound money that happened last quarter, net deflationary in Q4 of 2022. So that is a very bullish metric, I think. And then we have daily active addresses, just down 20%. Actually, not down too much, considering. it's been a bare market. And then read this one,

Starting point is 00:14:15 ETH staked. What is that done? Almost doubled. It was 8.8 million ether staked last year, 2021 Q4, 15.8 million. We were actually at this time of, because this concluded,

Starting point is 00:14:28 this was last quarter, we have like 19 days of January since then, and we're over 16 million staked. So we are almost double since Q4, 2021 of EStaked. You can look at the other aspects of the economy.

Starting point is 00:14:39 You can look at kind of DFI on Ethereum. Of course, DFI, TVL, down 75%. Stablecoin supply is only down 5%, which is impressive. So that stayed pretty steady. People are rotating back into stable coins. They're not exiting to Fiat in a bank account. Yeah, that makes sense. Defi TVL, ether price down like 60, 70%. Stablecoin supply gets a boost as a result of that because like where does that value go? It goes into stable coins. So that's probably why stable coins are only down 5%. Liquid staking deposits also doubled. So that's been huge. And this is why we're kind of the LSD tokens we're talking about last week

Starting point is 00:15:15 increase a whole bunch. NFT volumes is an interesting metric as well. So NFT daily NFT traders is only down 14%, which is interesting based on last year. And the LTEU ecosystem, of course, is sort of a marvel to behold. You know, Arbishop Monthly Active Addresses

Starting point is 00:15:36 is up 730%. Optimism is up 740%. is up 740%. So even though arbitram network revenue and optimism network revenue, they sell blocks base two is down. The active addresses are just up into the right. But also it's important to know that arbitrage from network revenue and optimism network revenue, okay, down 86%, down 63%. Like, we want the Ethereum revenue, layer one revenue to be up, but actually we want layer two revenue to be down because when layer two revenues down, that means layer two transaction fees are also down. And so when Arbitrum released Arbitrum Nitro, when Optimism released Bedrock and all like all their other updates, they were actually making their layer one footprint smaller. And so network revenue going down is actually a sign of success for these things because that means fees are going down.

Starting point is 00:16:25 Yeah. This is really cool. This is what the Ethereum economy looks like in a recession. And you could see a bunch of the markets are, a bunch of the metrics are down. But one thing that's very interesting is supply also goes down. That does not happen. during the recessions of nation state. Usually debt increases during recessions that nation states have, whereas in Ethereum, it's money supply has decreased. So pretty interesting to see. David, why don't you talk about this, too? I know we've been tracking prices of other alternative layer ones. I think the Solana price maybe warrant some discussion.

Starting point is 00:17:02 What's this tweet saying? I think this is coming out of the announcement last week where FTCS found a bunch of like crypto assets under the cushions. And so we've discovered how much FTX owns of Solana, the sole network. FTCS owns 11% of sole tokens of the market cap of Solana, which is a dubious place to be in. $700 billion worth. $700 billion. Like you can't sell that amount into the market and it would send it to zero.

Starting point is 00:17:33 And so like there's this precarious position where this entity that's going through bankruptcy owns 11% of the market cap of Solana. It needs to be liquidated. It needs to be liquidated. I don't know how that happens. That's bad. Right. That is bad.

Starting point is 00:17:48 Yes. So this could be obviously a negative price catalyst on sole tokens. Interesting, we had Anatoly on the podcast recording that just last week. We're going to release that episode too. He definitely thinks Solana has a bright future ahead. So stay tuned for that episode and you'll catch his take there. This was interesting too. Why did the FTT price, this is FTC's native token, why did that spike randomly on Tuesday last week?

Starting point is 00:18:15 Today. We're looking at the two week price action. And actually, this bike on the very far right just happened since we started recording. We are back above $2.30. I mean, DGNs and crypto will trade absolutely anything. Some people just think this thing is a goddamn casino, which it totally is. But yeah, FTT price, the token of FTCX is pumping for some goddamn. What's the market cap with this thing?

Starting point is 00:18:39 Is relative fully diluted valuation. $600 million. How? What the hell, dude? I don't understand. We should start in exchange. News on that, coming later. David, what do we have coming up next?

Starting point is 00:18:53 Bankless starts and exchange. No. We are absolutely not doing that. Someone else is. Well, somebody else is shutting down in exchange. But that'll be the third thing, the third big news of the week that we talk about. First, we got to talk about the DCG, the DCG, fire cell. We got the Genesis bankruptcy, so the bankruptcy is probably starting. I don't think

Starting point is 00:19:12 it's official, but it's looking pretty likely. There's rumors. And then also rumors have surfaced that Coin desk is looking for a buyer. Coin desk, of course, is a subsidiary of DCG. So the unbundling of DCG is underway. And then, beep, Beep, Gary Gensler, Mulkop coming through. Now that he's arrived on the scene, now that DCG and crypto are weak, Gary Gensler comes with his traffic ticket. Save the day. And then save in the day. And then an exchange that starts with the letter B gets charged with the department by the Department of Justice. Oh no, everyone run and hold on. So we're going to get to all of the subjects and more. But first, I'm going to talk about some of these fantastic sponsors to help you go bankless like Cracken, who lets you get your boomer money out

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Starting point is 00:21:04 This last bull market had a ton of them. Did you get them all? Maybe you missed one. So here's what you should do. Go to Earnify and plug in your Ethereum wallet, and Earnify will tell you if you have any unclaimed airdrops that you can get. And it also does poaps and mintable NFTs. Any kind of money that your wallet can claim,

Starting point is 00:21:19 Earnify will tell you about it. And you should probably do it now because some airdrops expire. And if you sign up for Earnify, they'll email you anytime one of your wallets has a new air drop for it to make sure that you never lose anirdrop ever again. You can also upgrade to Earnify Premium to unlock access to airdrops that are beyond the basics and are able to set reminders for more wallets. And for just under $21 a month, it probably pays for itself with just one air drop.

Starting point is 00:21:42 So plug in your wallets at Earnify and see what you get. That's EARNI.fI. And make sure you never lose anotherirdrop. Gary Gensler and the SEC are charging Gemini and Genesis calling them, charging them with unregistered securities, with selling those, and they're doing all of this after the fact. this is a total mall cop move, isn't it? This is ridiculous, dude.

Starting point is 00:22:06 I, can we actually read what the charges are from this CNBC article? Yeah, so according to the SEC and Gary Gensler, Gemini, the Gemini Earn Program and Genesis were selling unregistered securities with a high yield product offered to depositors. Genesis loaned Gemini users crypto, kept a portion of the yield, she held that profit with Gemini and a quote from the SEC. should have registered that product as a securities offering. Okay. Yes. Go on. That's great that that we know this now, that they should have done that, that we are being informed of this now, that they are bankrupt. I'm sure there's a way for this to help retail that has $900 million

Starting point is 00:22:51 stuck in Gemini Earned accounts. This is Tyler Winkle Voss tweeting about this saying it's disappointing that the SEC chose to file an action today. What is he saying in this tweet thread? He's basically saying like, yo, WTF, this doesn't do anything to help further our efforts. This isn't helping like us with the proceedings between Gemini Earn and Genesis. And he says, this action does nothing to further earn users and get their assets back. It's totally counterproductive. And also, the Earn program was regulated by the New York Department of Financial Services. and they've been already in discussions with the SEC about the Earn Program for more than 17 months. That's Gemini has.

Starting point is 00:23:33 Gemini has always engaged with regulators. That's been part of their thing. That's been their brands. We are the compliant crypto exchange. And so Tyler says that even after in discussions with SEC for 17 months, they never raised the prospect of an enforcement action until after Genesis was bankrupt and they paused withdrawals. After it's counterproductive. Right. After it's too late. That's called like some major CYA type move.

Starting point is 00:24:01 Cover Your Ass move by Gensler and the SEC here. Big time. And it doesn't help earn retail get its money back. Actually, it's going to cost both Genesis and Gemini money, which they're already like running on fumes on. And any money that they have to go to deal with this from the SEC is coming out of future depositors, like returns. Like they're already going to get.

Starting point is 00:24:25 like depositors are already going to get like less than 50 cents on the dollar. Now it's going to be like now the SEC is coming in with fines and depositor is going to get 45 cents on the dollar, 30 on the dollar, like less as a result of the SEC. This is a take from Doge Toshi. The SEC charging Gemini and Genesis after users lose their funds is like OpenC blacklisting an NFT after a hacker sells it. Like it doesn't do any good. Why are you, what are you doing? Do you even know what you're doing? But I will carve out OpenC that is just a thing that their lawyers forced them to do. It's not like what they want to do. It's not like they have a bad policy where they are choosing to do this.

Starting point is 00:25:02 It doesn't help. It doesn't help. That's the thing. But both are coming back to regulation. Like they are forced to do that because of regulation. And then the SEC is doing this because, again, regulation. Did you see David Gary Gensler's video? He made a little influencer video.

Starting point is 00:25:16 Yeah, advertising it. Did you see office hours with Gary? Actually, let's place some of the sound behind us. Oh, God. We do that? We have to. Office hours with Gary. All right, let's do it.

Starting point is 00:25:24 What do seatbelts have to do with crypto lending? Chinchillas. So influencer video about this from Gary Gensler. This is the reply. I got a lot of likes. I don't know if he was ratioed here. He's almost ratioed here. It's from Crypto Wendy.

Starting point is 00:25:46 You charge them after the fact, Gary. This impacts retail. Less money to go around, legal fees and fines. It's like running a stop sign that wasn't there and giving someone a ticket. Please give clear guidelines. guidelines that bolster positive growth. Yes, please do that. That's what we've been hoping for. Not more of this. Not more gumming up the works. David, here's a meme on this too. I love this. You know I'm a big sucker for SpongeBob memes. This is the episode. I can't remember. They're

Starting point is 00:26:13 trying to save Bikini Bonner from something. Man, I'm actually sad that I can't remember the detail of this episode. But it's at the end of the episode. They've totally destroyed the city. And it's SpongeBob turning to Patrick and said, we did it, Gary. We saved investors from crypto after like the city just totally destroyed. Very disappointing. So that's what's going on there. Meanwhile, the big question on everyone's mind is Genesis going bankrupt? This came out on Wednesday today, a post from Frank Chapar of the Block. Genesis Global Capital Creditors are negotiating a pre-packaged bankruptcy plan with the firm, a pre-packaged bankruptcy plan. That's interesting terminology.

Starting point is 00:26:54 Apparently, this would allow for a swifter process to go through bankruptcy. If you do this kind of prepackaged deal before you actually enter the bankruptcy proceedings, so it could happen a lot faster than, say, something like FTX, where you're kind of forced. It's negotiated bankruptcy, I guess. And so these are still rumors, I think, but this is actually reported by Bloomberg as well. The headline of this says, Cryptoform Genesis is preparing. to file for bankruptcy. So maybe Bloomberg has a closer source.

Starting point is 00:27:26 It says the crypto lending unit of DCG could file as soon as this week. And I guess, David, that impacts all of DCG, which is digital currency group. Could you just refresh people on the structure of digital currency group and like the things that it owns? Digital currency group, of course, Barry Silbert is the CEO. They own Genesis, which is this asset that is preparing to you. to file bankruptcy, this entire institutional lending and borrowing company. What else is in their portfolio? Yeah, so Genesis of Lending Desk, Grayscale, and the GBTC, ETH-E Trusts, which are kind of actually the source of all the contagion. Also, something that got basically knee-capped by the SEC by not

Starting point is 00:28:11 being able to be turned into an ETF. So, like, the SEC is really just punching us at every single moment. Anyway, sorry. DCG also owns CoinDesk, which we're about to talk about. And just a few other things, this thing called Foundry, Luno, Trade Block, and also just a bunch of private equity investments, venture capital investments throughout the space. You have a take on this. So pretty big, pretty big, like, what do you call these things? Consortiums of subsidiaries?

Starting point is 00:28:36 Pretty big organization. It's a giant organization. Right. Many billions of dollars, kind of a longstanding crypto institutional organization too. David, do you think all this is priced in, or do you think that this is going to cause some more tumultuous times in crypto markets?

Starting point is 00:28:51 Yeah, you said that this is really just rumors at this point. We actually don't know if this is true, but I think everyone is chalking this up just like, yeah, this is going to totally happen. This is going to totally happen. Like something's got to happen and it looks like there's not really too many pass forward. So Genesis preparing for bankruptcy, DCG will probably keep, we'll keep gray scale because that thing is an absolute cash cow. But I think everyone, the fact that markets didn't really nuke when we got this bad, bad news because this perhaps implies a bunch of, of selling pressure implies that this was already priced in. And so the market is like, I don't care about any more bad news. Like I'm not selling at this point because we're already are so down bad. I actually think it's in a way it's good news because we do have to clean this up, right? And it's been in limbo for a period of time. And markets hate uncertainty. This is maybe more certainty. What happens to Coin Desk, David? Yeah. So this is another rumor, but Crypto Publication Coin Desk has hired Lazard, which is a private equity investment bank, I believe, to help facilitate the sale of CoinDest.

Starting point is 00:29:54 So, CoinDesk is a valuable product, a valuable company. And so they are looking for a buyer because DCG needs the money. So CoinDest. Who's going to buy CoinDest, do you? CoinDisc is up for sale. Who wants to buy CoinDisc? Do you think traditional media will buy it? Like somebody like CNBC?

Starting point is 00:30:11 Or do you think this will come internal to crypto? No, I think outside. My bet is somebody outside of crypto, something like a Bloomberg or something like that. Is that, do you have any preference? Is that more bullish? What if someone like CZ buys it? Binance buys Coin Desk? What that would be not great.

Starting point is 00:30:28 Okay. How about Bloomberg? I would like that to keep that in the States, please. Bloomberg buys Coin Desk, what do you think? That'd be great. That'd be awesome. Okay. How about Blockworks Group buys Coin desk?

Starting point is 00:30:41 That would be Chad as fuck. That would be so Chad. Yeah, we'll see what happens. but fire sell of assets, right, in order to... The unbundling of DCG. They're basically probably going to sell everything except for Grayscale, because Grayscale's the cash cow. I mean, there's like a whole conversation there about like how they just like jettisoned Genesis.

Starting point is 00:31:06 They let three errors capital. Genesis let three Rows capital do the gray scale trade. And it was the facilitating mechanism to put a bunch of TVL into Grayscale, which is the Cascao for basically all of DCG. And now they're just selling the records. Yeah, there's a bunch of like bad takes, negative takes about that. Also, DCG has a pretty strong venture arm too with a lot of assets that have appreciated massively in value. And you wonder if some of that's going to be up for auction as well.

Starting point is 00:31:32 So before we move on, there's some irony here to pull out. So CoinDesk is for sale, right? Because the parent company, DCG, is underwater because of the Genesis insolvency because of the... Are you going to say they broke the original story of FTX? So CoinDesk broke the original story of FTX about the Alameda balance sheet, which caused CZ to tweet about that, which caused FTT to dump, which caused Alameda to get liquidated, which caused the insolvency of FTX, which created, and that was also triggered by three errors capital. Like all of this, like, contagion, this is what contagion is. And so at the end of this loop of contagion is Genesis going under, which is a DCG product, which that whole thing got pinpricked by. another DCG product. So CoinDesk picked, pricked the bubble that ultimately led to the

Starting point is 00:32:23 unbundling and sale of their parent company. What are you going to do though? It's just good reporting. It's a good job for a coin desk. Honestly like great job. Great, well done coin desk. Wait, that is just good journalism. Well done. But also we're sorry. And sorry about that one. Yeah. Yeah. It's not your fault, but not your fault. But not your fault. But did the right thing for crypto. Thank you. Um, dude, this industry. It's crazy, right? Look, I, I just think, I mean, I think, I think in some ways, every industry is like this, except just crypto is like every other industry, but more so.

Starting point is 00:32:53 And it's like more open and the debates and like things happen on Twitter. And it's, yeah, it's very open. Speaking of open and crazy, there was a massive threat. Almost gave crypto a heart attack earlier this week. But it seemed like a bunch of government organizations were banning together to announce something.

Starting point is 00:33:12 There was like a pre-announced. It was like a simmering throughout Cryptosphere. So here's an, a tweet update. Not only is the DOJ announcing at 12 p.m. Eastern, there's the rumors of an announcement came out of the DOJ, but they will be joined by the FBI, the U.S. Treasury, OFAC, and the state of New York. Wow. Whoa. This happened Wednesday morning. Wednesday morning. Yeah. So rumors got circulated that the DOJ was going after an exchange that started with the letter B. I don't know how that letter B rumor got out there, but it definitely did. Here's another tweet. One of my good

Starting point is 00:33:44 friends told me the DOJ will sue Biance this year. And the fine will be in the hundreds of millions of dollars. Oh, God. This guy's good friend. Oh, good friend. Sources. All right, let's keep on going. This guy's the fear, the fear just hit all-time highs. And so here is a press release out of the Department of Justice. Media advisory department attorney general Lisa Manaco will lead a press conference to announce a major international cryptocurrency enforcement action. The U.S. Department of the Treasury will announce an action in the space. TV coverage will be provided by the network pool. people people were there was so much speculation there was so much fear that morning i can even keep up

Starting point is 00:34:22 with it some people were talking about um validating uh anyone who wasn't o fat compliant and a validator would basically be net banned in the u.s like there was there was talk of this fear off the charts oh yeah there was talk of like every major crypto company you can imagine you know could have been a target for this like as you know super scary and honestly every every single one of my discords and telegrams that I frequent were all like, oh, guys, God, what's it going to be, what's going to be. Get ready. 12 p.m.

Starting point is 00:34:52 All right. So what was it? What did it end up being? Crypto exchange, Bit Lazo. The founder was arrested and it was charged by, do you even know what this exchange is? Bits Lotto. Bits Lotto. Is that how you say this?

Starting point is 00:35:10 I have no clue. I have no clue. That was the big B that they were going after. Well, some finance. I don't even know, man. Okay, so this is a Russian founder of a centralized exchange Bits Lotto. Yes. For laundering in crypto asset crimes.

Starting point is 00:35:27 I think laundered, allegedly laundered more than 700 million funds. The founder, Anatoly Legadolmov, was arrested in Miami. This is it? This is it? This was the big announcement? I had, no, I had never heard of this exchange before. I have never either. This is somebody named Haley Lennon. She's a lawyer, yeah. She says DOG enforcement action against Russian exchange Bits Lotto. I've worked in the space since 2013. Never heard of it. Never heard of it. Honestly, never heard of this exchange. Who knows what they are? So this showed up in the chart. So this is what caused Ether to go from $1,600 down to like $1,4,19. And then this news came out and it just like pumped right back up to like 1550. And we're like, I don't care. I don't care about bits.

Starting point is 00:36:12 lotto. So, of course, you got to appreciate the memes coming out about this, the sense of the relief, of course, but this classic meme, what are you looking at? This is the Army man protecting the sleeping child. Nice missiles and grenades. Yeah. And so we got Celsius, Voyager, Blockfly, knives, and grenades is raining down on this child where the Department of Justice is protecting the child from a feather. The feather is Bit Slato. This is another one.

Starting point is 00:36:36 I love this. This is a picture of the police drug bust, and there's three police hospital. officers at the end of a drug bus and the drug is a single marijuana pipe. Wow. There's like five stores around me in New York that I could buy 50. This is funny. Do you think that, okay, so with the SEC, you know, announcing going after Gemini and Genesis, and then also the DOJ coming up with this announcement, do you think that this is all sort

Starting point is 00:37:08 of PR of these government agencies to be just like, look, we're doing things and we're doing things fast in crypto. See, we're doing something. Right. And so they're just picking the kind of the lowest hanging fruit they can find and making a much bigger deal out of this. Because they can. Yeah, because they can. It just seems like a sort of a theater type game. It's not actually protecting retail. It's not actually helping us moving this industry forward. It's not actually doing their jobs. Yeah. They're hoping maybe to score some points with. I think like crypto natives that are listening to this podcast probably need to put themselves in the shoes of their their parents,

Starting point is 00:37:43 their cousins, I don't know, and they, and they're going to read the headline, the DOJ charges crypto exchange for $700 million of money laundering and the guys are now going to jail. And they're probably going to be like,

Starting point is 00:37:55 nice job, DOJ, well done. And then they're going to hear about like, FTX, Genesis, a gentleman and I earned customers insolvent SEC charge them. And they're like,

Starting point is 00:38:05 nice job. Yeah. Nice. Well done. Government. Like that's exactly what it is. And they don't know the difference. They don't know how much of an absolute

Starting point is 00:38:11 farce this is. They may have never even heard of Binance, for example, and so they can't tell you the difference between the words Binance and Bitslotto is not a lot. No, it's to announce it. You're absolutely right. That's exactly what's going on. Actually, Theo asked in the bankless discord this week,

Starting point is 00:38:28 does this change anything? So what's your answer to that? The Bitslotto news. Does it change anything? I mean, what even is it? This isn't even a thing. So nothing's changing because this isn't even a thing. This is a nothing burger. I think so. It changes nothing fundamentally.

Starting point is 00:38:43 I think what we might see is more of the trend of more agencies coming out with kind of these theatrical performances of who they're going to kind of go after next. And I don't anticipate anything useful coming out of that for investors in retail and crypto. Anyway, that's what's going on right now, but we're not done yet. We got a lot more to cover, David. What's coming up next? There's even more. So the Three Arrow's Capital founders, Ryan, would like you to give. them money for their brand new venture called GTX.

Starting point is 00:39:17 Wow. And so we are going to talk about this amazing investment opportunity that you must invest in right now. We'll talk about the details. Of course, I'm joking. Do not do that. And then also, I want you, bankless listener, to guess, put a number in your head. How many members, individual members of Congress received political donations from SBF and FDX? Think of a number because we'll talk about that number as soon as we give it back.

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Starting point is 00:41:39 formerly of Three Arrow's Capital, have an investment opportunity they'd like you to consider. Oh, oh boy. I'm so excited. Get this, David. They are raising $25 million for a new crypto exchange, and they're calling this GTX. Why they are calling it GTX? I don't know.

Starting point is 00:41:59 No, the answer, Ryan, is because this is the actual real answer. I am not making this up. This is not a joke. The reason why they are calling it GTX is because G comes after. F. That is literally a slide in their pitch deck. After FTX comes GTX. It reminds me of their classic artwork purchase of art blocks right at the top. It looks like a goose. It looks like we like the goose. We like the goose. Do you remember this? How is how is anybody considering investing in this thing? So this isn't actually just a normal crypto exchange. This is an exchange that is meant to be

Starting point is 00:42:33 able to trade claims. So Celsius claims, FTX claims. Genesis claims. Three arrows capital claims? Yeah, probably. I mean, that is not specifically in the deck, but you can only imagine that they are trying to create an exchange to trade claims on all of the insolvent companies of 2022. I'm getting suddenly very bullish because who has better experience with insolvent companies? Right. The founders of three era of them. They created their own demands for this stupid exchange that they're trying to make. You got to build what you know. Come on, David. They're doing. This is actually. pretty bullish. I didn't know that. So it's for distressed assets specifically. It is for

Starting point is 00:43:14 claims on future like rewards of whatever people would get. And so, uh, the idea is that FTCS imploded, leaving more than one million creditors out of pocket. And so here's, here's a total addressable market. The, the one million creditors of the, of 2022 crypto. The exchange offers depositors, the ability to transfer their FTX claims to GtX and receive immediate credit in a token called usdg the pitch deck says so we're we're back to printing funny money and that's the deal man like if you have a claim you can go to gtx and get your FTX claimed here's someone who's actually seen some of the slides giving a commentary on it garlem thanks for uh thanks for finding this um what's 20 i just love the their numbers are getting from one million crypto credit

Starting point is 00:44:09 that are owed money, plus the $2 billion of collective insolvency as a result of 2020. So, like, we know the address of the market. The audacity of this. The audacity of this pitch check. Okay, let's go on. Our roadmap, what's the roadmap looking like? Oh, you first, look, it's a multi-step roadmap. So they're just starting with claims.

Starting point is 00:44:32 Of course. Okay. After that, there's another circle, which is crypto. They're just starting with FTX claims. and then three errors capital claims come on the market and then they can sell more shit coins. Yeah. And then they go into stocks and trading and they become bigger than Robin Hood. And then they go into FX markets and more.

Starting point is 00:44:50 It's, you know, easy. So how much you're investing, Ryan? Oh, my God. I'm in for half my net worth. I can't believe anyone is investing in this. The same is like the odds that it works are like decently above zero. for at least them to get liquidity and being able to exit and start leverage trading Bitcoin again. Do you know what?

Starting point is 00:45:13 If there was another team launching this, it could actually be somewhat interesting. To you, yeah. I mean, like, again, like you, to your point, like, they know that market. And so, like, if you think that this is a viable product, like, they are actually kind of are the right people from the job. I hate to say it. Why anyone would give these guys money after this is beyond me. But look, people think they can just come back from massive scams in crypto. Well, I don't know if they have any other choice.

Starting point is 00:45:42 This is still what I believe SBF is trying to do. It's kind of a comeback story. New SBF article dropped this week. We'll talk about that. We'll talk about that too. All right, let's move on. Ethereum, good news here. It hits 500,000 validators ahead of the scheduled Shanghai upgrade.

Starting point is 00:45:58 That's a lot of validators, David. Half a million validators, of course, multiply that number by 32, and you have the amount of ether deposited into the B. So congrats to the beacon chain for half a million validators. I got good news for you too, David. The devs are still here. There are now 23,000 monthly active developers in crypto. And if you look at this chart here, I'm going to zoom in a little bit.

Starting point is 00:46:19 This is coming from a report out of the electric capital. And I remember this, I think they do this report every single year. So this is not just some like, rando report from some... They do a great report. This is a great report. Linking in the show notes to definitely go and dive deeper. They're scanning all the public GitHub. Yes.

Starting point is 00:46:34 This is a thorough report. Yeah. And basically it has doubled from 2020. But what's interesting here is, do you see that flatline, like big price appreciation? A whole bunch of developers come into crypto in 2017 at the end of 2018 and then it flattens out. We're again, we're at the leveling out phase 2022 where we're not going to go down very much, but we're probably going to keep pace with the amount of developers we have. We'll build. Price appreciates. It's like a cycle. This happens over and over. In fact, you can just see the accumulation period. So like in 2017, developers go from like, it does a 100x. And then like prices go down 95% while the developers get heads down busy for like 18 months. And then they create the next bull market. And now we're back into that accumulation phase. I remember seeing like members like this in 2018. And it was one of the big like reasons like, okay, I'm not crazy.

Starting point is 00:47:28 Even though my bags are down 95%. My net worth is basically at zero. All the developers are still here. So something's happening. And you'll notice that this chart never goes down. Developers are always up only in crypto. Chris Dixon calls us the innovation cycle. If you want to Google that, you can read an article about this very effect. This is why, you know, we say sometimes like, crypto investing is not hard. I'm like, look at this. The numbers, like, it's telling the story. Yeah.

Starting point is 00:47:54 The area under the curve of that chart is also the rate of progress of crypto, and which is why I'm so bullish on this particular bull market or bear market versus last is because the area under the curve. It's bigger. Magnitude of building happening is the most it's ever been in crypto, ever. 100%. 100%. Cool news from Arbituram.

Starting point is 00:48:13 The Norwegian government is testing a cap table platform on Ethereum using Arbitram layer two scaling. I know you've explored this a little bit, but what are they doing? Yeah, so this is a, the Norwegian government has announced the development of Brock. Brock? Brock? I don't know how to... It's Norwegian. Yeah, Norwegian.

Starting point is 00:48:30 Oh, with a line through it, the Viking language. And so there is a bunch of just like private shareholder cap table information for unlisted companies, companies that are not publicly trading. But the Norwegian government's Brock platform allows these companies to manage their cap table on arbitram. And so it's a cap table management for not yet public companies just to help them make the process more faster, more efficient, more secure. This is a great use of a blockchain. 100%. We have a global permissionless, you know, settlement layer that anyone can program against. Why wouldn't you want to put stocks on this thing? Of course, the New York Stock Exchange is never going to do it. Why? Because they're the incumbent. But Norway's happy to say, oh, look at this technology. It's promising. Let's check that out.

Starting point is 00:49:15 Moving on to some other big news. Metamask enables staking right from the Metamask wallet. You can now deposit your ether straight into Lido or rocket pull straight through the Metamask UI. They also report the APYs that each of these protocols give you. Nice. Decentralized staking as well. Rocket Pool is a much more decentralized option than going to your local exchange. So pretty cool to see this. Also, shout out to all the Rocket Pool homies.

Starting point is 00:49:41 RPL got listed on Binance this week. Immediately jumped like 25%. Yes. It's retrace a little bit. But it's exciting. Coinbase too. What's this about an NFT world? You wanted to highlight this Discord message.

Starting point is 00:49:53 This is from Mullet. One of my favorite Cryptopunk NFTs. Discord screenshot. This was in 2017. Yeah, so this is the Cryptopunk Discord, of course. This account named Cyborg says in the Discord, I'm about to do something either extremely stupid or wonderfully smart, wish me luck, and then not just a few moments later, the Cryptopunk bot that reports all the sales shows up and goes, a zombie punk was sold for a whopping 1.89 ether for $564. And some other person in the Discord goes, goes, whoa, because that was a big sale at the time. For a JPEG. For a JPEG. $560 for a JPEG?

Starting point is 00:50:32 Who's spending this much money in 2017 on JPEGs? Of course, that zombie punk is probably worth 1,000 times more in ether terms. And yeah. Can I just shout out the value of being contrarian, right? Do you know, Ben from our team dug this tweet out was from an old archive as we're migrating from Substack to our new website. It was like surfacing all of these old articles. This was a tweet from 2019 where I said 10x investors know it's not enough to be contrarian. It's not enough to be right. You have to be contrarian right. ETH is contrarian now, even in crypto circles. I think it's contrarian right. We'll see. This was like depth of the bear market where ETH was feeling real bad, 2019. The only people talking about ETH were you,

Starting point is 00:51:18 me, Anthony Zano, D.C. investor, Eric Connor, Cyrus UNessi, like a few other people. That's a pretty small group. It was a contrarian. It was a contrarian. bet. It was always like, yeah, Bitcoin might come back and probably will come back. And I mean a contrarian bet in crypto circles. But so this is also the key, similar to punks, right? A lot of people make contrarian bets. A lot of those contrarian bets are contrarian wrong. Yeah. They're contrarian for good reasons, not bad reasons. Yeah. And then most people make bets that aren't contrarian. And so you have sort of average performance and average returns on those sorts of bets. The thing you want to find in crypto is the contrarian right bets because that's what gives you kind of the 10x returns

Starting point is 00:52:00 and the 30x returns and the 50x returns and this of course eth is up even now in the bear market 10x from the time this tweet this tweet eth was floating at 170 uh and uh you know we're 10x from that i'll say that the last time i felt that ether was contrarian was like in the second half of 2021 when it was salona avalanche luna season that's when i felt like it was theurean was contrarian locally, yeah. On a relative basis, for sure. Yeah, it could be contrary in price to other assets as well. David, we got to answer that question about how many members of Congress got cash from Sam Bankman-Fried. What is the answer to that question? One in three. I guess the article that you're linking at is not showing up, but one in three members of Congress, which comes out to

Starting point is 00:52:50 196 U.S. lawmakers took direct contributions from FTCS and other FTCS executives. I told my wife this and she was like blown away. Yeah. Like that's a third. A third. And now they're trying to unwind all of that.

Starting point is 00:53:09 But FDX was just everywhere. And Sam Begman-Fried was just everywhere trying to infect our government bodies in the United States of America. It's pretty scary, actually. Yeah. The cancer was done. definitely spreading. And cancer, cancer is really the way to explain how that. Corruption is cancer. It was

Starting point is 00:53:24 corruption, yes. Yeah. Exactly. A line from this article was that most of the politicians responded to questions from CoinDesk said that they handed it over to charities to remove the taint of contributions. Can you give it back to the customers? Why didn't you do that? That's messy, I guess. You just gave customer money to charity. I would also love to see what the charities were. be nice if that was transparent. Their own foundations. It could be like air quotes, charities, who knows? Right, right. This is interesting. Digital Dollar Project warns on the U.S. is cautious approach to CDBC's. I think you have a take. This is a white paper that a project called the Digital Dollar Project came out with. And what's the TLDR of this white paper?

Starting point is 00:54:10 I think the subtext is that the Chinese CBDC has been moving ahead, full seam ahead, for years now with real progress. Meanwhile, you and I have made fun of, whatever, like banking, Senate finance banking, whoever at the Federal Reserve, doing research reports about perhaps doing a digital currency for the United States. So this digital dollar project says, hey, guys, like, do something, do something. And so they call the U.S.'s approach to CBDCs an unsustainable position, and they are advocating for either doing a CBTC or allowing the stable coin market to be that. It's like pick one and make forward progress in one of these two directions.

Starting point is 00:54:52 But the current situation is unsustainable, which is something we've been trying to say on the weekly roll-up since I think bankless was incepted. This is an idea that's been around in business circles for a long time from Clay Christensen, which is kind of the idea that the incumbent always gets disrupted because they're on top. They don't think they have to innovate. Of course, you know, Jerome Powell and the dollars on top, it is the world's reserve currency. they don't think they have to do anything new. But, you know, competitors are nipping at their heels and they're out innovating. And this is one key way they're out innovating. Interestingly, the digital dollar project, Ryan, is actually led by Chris Giancarlo,

Starting point is 00:55:29 who we've had on the podcast, a former member of the CFTC. So the guy knows a thing or two. Yeah, he was the head of the CFTC, commissioner. Also, crypto dad. I got his book. Sitting right back there. Good book. Yeah, great guy.

Starting point is 00:55:41 SBF, new post on substack. This guy is now a blogger. What's he saying? New SPF just dropped. his weekly reminder that FDX US is totally solvent and always has been. Just yet another, you know, Excel math blog post from SBF. Not validated. Just take my word for it.

Starting point is 00:55:59 Do you do not need to read this? Like, don't waste your time. But this is just your semi-regular reminder that Sam Bankman-Fried thinks that FTCS is totally solvent and you should too. Do you know what? I still got him on notifications. I need to stop him from all of the craziness in November. But yeah, I'm just sick of it.

Starting point is 00:56:16 I'm sick of hearing from SBF, but he's still posting. He's still posting. God damn. This is some legislation in the EO. It's called MICA, right? This is sweeping European Union crypto legislation. And David, I think we really need to dive in on this legislation on bankless because it's actually happening.

Starting point is 00:56:33 Now, it's been delayed. That's the news this week. It's been delayed until April, which gives EU crypto firms some breathing room. But David, we are having a panel with some experts on MICA. It's happening in the next couple of weeks. so that we can get informed. You know, we're based in the U.S. obviously, and so we often, we see, you know, U.S. regulation. Yeah, we just see.

Starting point is 00:56:54 That's the information that comes closest to us and affects us that we understand. I think we want to dive into Mika and fully understand that. So that is coming down the pike. I've heard that Micah is, you know, so-so, some good, some bad. Some wins, some losses. Yeah, not absolutely terrible for crypto, but also not great. So we'll dive into that in the next couple of weeks and just word that that's, actually been delayed until April.

Starting point is 00:57:18 So some more breathing room there. Got a handful of releases to talk about one inch. The deck aggregator, which is across many, many networks, is coming in into the world of hardware wallets. So a little turn of development here. It's very different. Cool, spiffy new hardware wallet, expected to go on sale later this year. No buttons.

Starting point is 00:57:36 It's a touchscreen. It's one of those e-ink gray scale touch displays. The whole entire thing looks like a screen. So 2.7 inch screen, touch screen, no buttons, gray scale screen. looks kind of like a size of a credit card-ish. Cool. One inch coming into the hardware world of hardware walls. Also coming out is this thing called Den,

Starting point is 00:57:55 which is something that's built on top of NOSIS safe. And so I think what this really is is just like a U.S. A layer on top of NOSIS safe, which can be kind of clunky if you're not used to it. But Den is a brand new way to access NOSIS safe. They're working with over 180 teams, they've said, and secured over $80 million.

Starting point is 00:58:13 dollars and so a new layer on top of den and also coming out of an integration between mean finance and as tech mean as in the average not mean as in the emotion but average mean finance this was actually raised in the bankless nation discord because somebody was asking for a way to do on chain dollar cost averaging that is the simple way to explain what mean finance is if you have stable coins or assets and you just want to have this system do auto dcang for you mean finance is where it's at. They are doing a connection, integration with Aztec network. Astech is a zero-knowledge roll-up. It's actually a zero-knowledge, zero-knowledge roll-up. So one layer of zero-knowledge recursions. That's how they get extra scale and also privacy, which has let mean finance do some extra

Starting point is 00:58:58 cool new features like flexible swap periods, privacy, gases trading, and much more assets. This is actual, actual private defy. Private D-Fi. Money market. Pretty cool here. So cool new stuff to try out in the world of Ethereum. I also have some raises this week, David, a few that are notable. The first is Diva just closes a $3.1 million seed investment. This is another $3.5 million seed investment. This is another distributed liquid staking protocol. So up there try to compete with Lido and Rocket Pool.

Starting point is 00:59:29 And just note, David and I are angel investors. And this one, very supportive of decentralized staking protocols. This one is unique, though. and that is coming with the VT right out of the gate. This is what really attracted me to it. They were emphasizing distributed validator technology right out of the gate. And so what is distributed validator technology? It's you and a bunch of buddies can come together and create a virtual node with all of your computers

Starting point is 00:59:55 that make sure that the note is always online without any risk of redundant signing. So that's why I really like that one. OBL network. OBL Labs. OBL raised $12.5 million in a series A, led by a. by Pantera. OBLE is the pioneer of DVT. So Diva is using DVT. OBL has been pioneering DVD for many, many, many protocols to use. I guess this is a DVT raise week this week. But OBL is just announcing their series A for raised $12.5 million, undisclosed valuation, but also disclaimer, Ryan and I are also investors in Oble Labs in their seed round,

Starting point is 01:00:32 because, again, DVT gets me hot and bothered. Also on the raise list this week, FlashBots is seeking a 50 million dollar investment at a billion dollar valuation. It's a pretty steep valuation for the bear market, but FlashBots is just, I mean, they pretty much own the MEV market share on Ethereum right now, and maybe it's worth that to some investors. Yeah, plus there's a bunch of just absolute gigabrains at FlashBots, so it's definitely some exposure to some frontier level thinkers. Last one, David. This is a sleep to earn protocol called Sleepagotchi? Collectibles?

Starting point is 01:01:11 Sleepagotchy. Do you get paid while you sleep? Is this the idea? I don't know. The title here is 3.5 seed round to continue building a mobile application with gamification to improve sleep health. Social elements and gamification for sleep health. I think the sleep to earn is not the official branding, but that is what is kind of what

Starting point is 01:01:32 you get when you read through the lines. Sleep to earn. Sleep to earn. Whatever happened to just work to earn. Remember those days? I don't know why we need a Ponzi game for every single thing. I mean, I feel like when I do get good sleep, I feel rewarded because of how good that that feels. I don't know if you need to add money on top of that.

Starting point is 01:01:51 But hey, if you can, sleep better. Turn all of my behaviors into financial assets. Let's do it. Coffee to earn. When coffee to earn, if you are doing a coffee to earn investment, I want you to DM me. We'll talk about that every single weekly roll up. Coffee drink or coffee to earn. Yeah, you get coffee reward points.

Starting point is 01:02:10 Cofagotchi. The more we talk about it. Ryan, I've got a new venture I might want to go explain. All we need is Suu and Kyle Davies to be leads in this. Also, we have some questions from the nation coming up. David, we also have a meetup coming up at ETH Denver. So ETH Denver happens in February, and there is going to be a meetup of the bankless nation. So what's going to be happening at this event, and who can attend?

Starting point is 01:02:34 Yeah, so we got a nice little brewery that we've reserved for three hours, four to seven. on a day that is disclosed inside of the bankless nation discord. So again, if you are a bankless nation citizen, there are details in the bankless nation discord for our meetup. Free beer. Free beer. Yeah. Yeah. And there's going to be a stage. We're going to figure out how to do some sort of show, maybe a Q&A session. I don't really know. But beer and content. Beer and content. Who doesn't like that? So live. Yeah, live content. Yeah. So if you are a member of the bankless nation, definitely don't miss that. If you want to go. and if you're going to go to Eat, Denver,

Starting point is 01:03:09 definitely come hang out with us because we're going to all hang out in real life and drink beer. David's going to get loose. Uh-oh. This will not be recorded then. We know that for sure. It's an unrecorded cut.

Starting point is 01:03:24 All right, question from the nation, David. We've got a few. What's the first one here? Who are we looking at? Yeah, this is Spartan Solutions. Of course, who's got, I think, the best PFP inside of the Bankless Nation Discord. I saw somewhere, someone,

Starting point is 01:03:35 explaining that the eth deflationary threshold isn't set, isn't a set gas fee, but changes with the amount of validators there are on the network. Is that correct? And that is correct. That is correct. And so I'm actually going to take this moment

Starting point is 01:03:48 to show the article that's coming out next week. I haven't finished the title, but there are two charts in this title that in this article that will show you, if you keep on scrolling down, that will show you the actual issuance curve of ether. And so this is the amount of ether that is issued versus with the total amount of east staked on the horizontal axis.

Starting point is 01:04:08 So when there is more ether staked, issuance goes up. And so the more ether that is staked to the network, the higher the gas fee is it's needed to become ultrasound because there's more issuance. And so that is the answer. It's not a fixed number. As more ether is staked, more higher gas fees are needed in order to be net deflationary. Interesting. These are good charts.

Starting point is 01:04:31 Where did you get these charts? That is from Colin Myers, who is actually the, founder of Obel. Ah, very cool. Yeah, that's, I'm looking forward to that post, David. I haven't read that yet. Here's another question from Luke, Luke Eith Walker. Why does bankless measure whether ETH is deflationary asset against the supply that existed

Starting point is 01:04:49 at the merch? He's right, we do do that. In fact, we just did that in the market section. Shouldn't we analyze whether it is deflationary in comparison to its peak supply? According to Alterstown.Money, peak supply happened on October 7, 2022, and ETH has been deflationary, therefore, and therefore in my mind, an ultrasound asset since then. So I think he's making the point that, hey, the entire last quarter, ETH has basically been deflationary, but whenever I see you guys talk about it, you're always pointing to this ultrasound money

Starting point is 01:05:19 chart, which, you know, there's a dial on this where you can see, like even this, this is since merge, ETH supply, since merge. And that's what ETH, Luke ETH Walker is asking. Yeah, so this is unpacking, revealing. the dirty little secret of ultrasound money is that it's actually not clearly defined what it is. So, ether has been ultra-sound sense, and depending, like, ether has been deflationary since the merge. Yeah, you can pick a date. You can pick a date, right?

Starting point is 01:05:48 And actually, like, this specific supply of ether at the day of the merge is just an arbitrary number that doesn't really mean anything. I think, and there's a number of different ways to define ultrasound. I think the correct way to define what ultrasound money is is the theoretical. maximum amount of supply reduction that is safe for a crypto economic protocol, which is a mouthful of a definition. But even when ether inflates, as in when the supply is going up, under that definition, it's still ultrasound because ether between the combination of EIP-1559 and proof of stake is the theoretically maximum amount of supply reduction that you could get in

Starting point is 01:06:29 that environment, even though it is still inflating. Well, I think you can measure on time, periods too though, right? To his point, this is just arbitrarily ETH to supply. But at the beginning of the episode, we also talked about ETH supply in Q4 of last year of 2022. And it was deflationary by negative 0.004% actually. So in that time period, it was deflationary. I think the ETH supply since the merge date will become less relevant over time. It still might be a factor, but still happen relatively quickly. We might start looking at this on the monthly, quarterly, an annual basis instead. I think that's right.

Starting point is 01:07:06 But yeah, the interaction between the words deflationary and ultrasound is like an unknown science that we're just kind of loosely talking about. Oh, you're saying we're making this up as we go. Abs of fucking looting, dude. That's how all language and all memes work, actually, at the basement level.

Starting point is 01:07:22 Breaking bankless is making it up as they go. Here's another take from necrosis, or a question, rather. I see a lot of fud about L2s being very centralized. How centralized are layer twos and what are their plans to become more decentralized and trustless as they grow? This was asked in the bankless discord. Of course, what's your answer for necrosis here? Yeah, so this is a very good question.

Starting point is 01:07:47 How centralized layer twos are is it's not an easy thing to say in one sentence, but you are on the mark that layer twos have various degrees of centralization. Many layer twos are just a multi-sig, arbitram and optimism, just multi-sigs. I believe that's true But there are other things as well To increase the security of these things And Vitalik actually at Roll Up Day in Bogota Did a talk on this And so yes to say

Starting point is 01:08:14 Layer 2 rollups are decently centralized In their current form today We do have the path to uncentralize them To decentralize them And Vitalik talks about that in this video That I've linked timestamped the link in the show notes If you want to get that question answered the TLDR is there are multiple layers of redundancy that are able to be built where like you could

Starting point is 01:08:37 have a multi-sig but you could also have the actual fraud proof. We're worried about fraud proofs and bugs and so we need to have a multi-sig. There's a bunch of nuances there. It's not enough to go into but if you want to learn more about this topic, there is a Vitalik talk in the show notes. And Layer 2B is doing a great job kind of covering this, right? They have sort of the level of centralization, the decentralization. of each of these layer two. I think the point that Vitalik is making in this presentation today is that almost all roll-ups are still on training wheels.

Starting point is 01:09:08 Right. But the idea of training wheels is training wheels can be taken off. And then it's a real bike, a real decentralized roll-up. If you're a side chain, you're always going to have those training wheels. It's not, it's not even training wheels. Like you are, yeah, you are training wheels or you're a tricycle. You're not even a bike. There's something else. So that is the point.

Starting point is 01:09:27 and I don't know the timeline on some of these things, but... Every single way or two has got their own timeline. Yeah, they're all in race. Exactly. They love to fight about how far they are on the race, though. That is true. Let them fight. They love fighting about that, yeah.

Starting point is 01:09:40 More decentralization is better. David, let's get to some takes. Here's one for Ryan Selkis. He's talking about Gensler, our favorite star of this episode. Gensler attacked Coinbase. He cozies up to SBF, biggest fraud since made off, spit in the face of retail investors by rejecting spot ETFs, and spent more time finding bankrupt entities and Kardashians than fixing problems.

Starting point is 01:10:02 He's a crooked cop on the beat, not a public servant. Ryan Selk has always dropping the fire on Gensler. Love it. He's been doing it for a long time. I don't know. Like, this is probably the most critical interpretation of what Gensler is doing. But David, I honestly, forgive the actions. I can't say he's wrong about this.

Starting point is 01:10:20 He's super right. Yeah, I really wouldn't want to drive the point home. Gensler attacked Coinbase. Coinbase had their own version of Gemini Earn, which was not going to get plugged into Genesis. It was going to be their own yield source. It was going to be native to them. And the SEC says, if you guys ship this product,

Starting point is 01:10:37 we're going to sue you for selling unregistered securities. And then Coinbase was like, oh, scared. We're not going to offer that. And so we had the safe outcome. And the SEC was like, no, you can't have that. And then it's so dumb, dude. You know that movie The Departed? Have you ever seen that with like Leonardo DiCaprio?

Starting point is 01:10:54 Do you know how it's like there really were no good guys in that movie? It's like all the cops were bad to you. It's like not to say that crypto doesn't have its share of bad guys and villains. It totally does. But that also doesn't mean all of the cops trying to kind of regulate this industry are good and doing the right thing. I think we have some bad guys in those circles as well. Here's another take. What's this one from Vorhees? So Eric Forhey says, Wild West is not a term of disparagement, but the embracing of the frontier. and a celebration of permissionless individualism. God, all of those words just warm my soul.

Starting point is 01:11:31 Warm my soul. Yeah, so I gave this a retweet because I wanted to add, this was hot on the heels of Gary Gensler calling crypto a Wild West. Oh, he said that again? Yeah, he says the crypto is a Wild West that needs to get rained in. So Eric Forgey's tweeted that. I retweeted Eric Forgeys and I say, I'm in crypto because it's the Wild West. That's why I'm here.

Starting point is 01:11:52 Gary Gensler's labeling of crypto as a Wild West that, needs to be reined in is the same mindset that motivated frontiersmen to go west in the first place to get free from tyranny and oppression. So like the irony here is that Gary Gensler's the dude that motivated people to go west in the first place. That's why we're doing this. It's why we're doing bankless. This is the frontier. It's not for everyone, but we're headed west. That's every single bankless episode. It's definitely for me. From inception. Yeah, I agree with that before he sees it too. Sousoo, how to take this week. I'm going to read out that take. Owning crypto in cold storage when done properly is one of the most anti-fragile

Starting point is 01:12:29 financial acts one can take. Trading crypto aggressively is one of the most fragile financial acts one can take. He would know. I've learned the hard way. As many others have this past cycle, stay humble and stack sats, baby. Just stay humble and stack sats. Stay humble. I mean, this is just a Suu take that is... It was celebrated. Look at all these likes, David. Yeah, yeah. Okay, but the only reason why we're putting this take in here is because of a production. addiction that was made by Eric Wall, where Suzu and Kyle Davies miraculously become influential Bitcoin maximalist. I did not expect this to happen this quickly, but this is that. This is, this is that. And so Hunter- The SciOps works. Like, he's not wrong in this stake, but he's obviously

Starting point is 01:13:12 playing an influential game. Why is anyone listening to this guy right now? Right. Well, Bitcoiners are listening to them, to him because he's saying the Bitcoin are words. He's saying stay humble stack stats. And the Bitcoin is like, yeah, those are our words. So if you say the thing the tribe wants you to in social media, the tribe will celebrate you, no matter why the reason that you're saying them or if you actually believe them. So then you can just manipulate the mob by saying things that the mob likes to hear. Is that what you're telling me? Yeah, that's right.

Starting point is 01:13:39 Well, that really sucks, David. Anyways, let's burn a bunch of ether, right, Ryan? I mean, like, geez, if we reprob up these influencers again as influencers, like, we almost deserve it, don't we? This is your take. I'm going to read it out. Bitcoin will hit its supply cap in the year 2140. That's when issuance finally goes out, right? It approaches zero and it kind of hits zero, I guess, at that point. The ETH supply hit its cap last year. Wow. Tell me about that. First of all, justify that. Explain that one. How does that work? Yeah, so there's a prediction. There's a claim being made here. But the Bitcoin supply, we know the Bitcoin supply curve around. 2140, it will stop issuing Bitcoin and it'll be... That's the year.

Starting point is 01:14:26 That's the year. 214. In 120 years, roughly, in 120 years, roughly, in 120 years, zero more Bitcoin will be issued. And then I follow up and say, the supply cap for ether hit its cap last year, which I'm claiming is like the supply of ether is down only because now it's ultrasound. That, in theory, could not be true. We could technically stop having so much gas fees and then we would issue more, but I'm claiming that that's not going to happen.

Starting point is 01:14:51 but I'm saying, let's contrast these things. Bitcoin supply stops inflating in the year 2140. Ether supply stopped inflating last year. That was my spicy take of the week. Wow. You might be wrong a little bit on that, like in that maybe it peaks this year, but like I think you'll be mostly right. Yeah. It's just like the thesis of... I'm placing money that I'm right. And so that means about $120 million. So that means what you're saying is ethel will never hit $121 million.

Starting point is 01:15:21 in terms of supply. Well, yeah, I mean, go up to the peak of issuance right after the merge, like whatever that peak is. I'm saying that supply of ether will not be greater than 120,000, 533,000, which is this peak, which happened to hit last year. That's a very precise estimate. Yeah, exactly. And I've got like 15,000 ether.

Starting point is 01:15:40 Yeah, 15,000 ether of wiggle room. So we need to not issue 15,000 ether, and I will be right. There you go. From this point, from this moment. Tell me what you're bullish on. and it can't be ETH. I'm bullish on an article about ETHER. So it is ETH.

Starting point is 01:15:59 And so I've got an article that's going out a week from today, which is Thursday for bankless listeners. You're just teasing that same article, right? Yeah, we tease the article. And so you can start to read a little bit about it. But it goes out next week. I was just hit with a whiff of inspiration this last weekend, and I just banged out an article.

Starting point is 01:16:18 And I'm actually pretty proud of it. It's about how Ethereum automatically balances itself. Gas fees, the ETH stake rate, this is a loop of signaling that allows the Ethereum economy to self-manage itself. And what is the process? What is the project of crypto-economics? It's about making self-governing financial systems. And so there is a system that has been created between gas fees, between the ETH stake rate, between the supply of Staked ETH, the heat of the defy economy. and all of these things create an equilibrium that allows Ethereum to induce economic activity during cold seasons

Starting point is 01:16:56 and pull back economic activity when things get too hot. And it does it automatically. Where the Fed tries and does this manually, Ethereum does this automatically. And the thing about the Fed is that the Fed is actually its own source of chaos. And so the Fed is trying to maintain stability in the economy. But then the economy is looking at the Fed and being like, oh, they're raising interest rates. Trade, trade, trade. And so the Fed is actually a source of chaos into the system.

Starting point is 01:17:21 Ethereum does not have that source of chaos. And so it is a magically auto-balancing financial system. That article comes out on Thursday next week, along with a video as well, if you are a video-minded person. And then inside of the bankless nation, there is going to be a Q&A session, discussion, a book club, if you will, for anyone that has any questions. So that will happen on Friday a week from the time you are listening to this at 3 p.m. Eastern. I'll go into the little water cooler video voice chat inside of the bankless nation Discord, and we'll have a little Q&A. So if you read this article and you want to ask questions and talk about it and unpack it a little bit more with me,

Starting point is 01:17:56 I will be there on Friday, 3 p.m. Eastern Time, so I will see you there. It really is an algorithmic monetary policy, which is kind of cool. And it's also what sort of Bitcoin has promised from inception, except Bitcoin does not have a balanced algorithm. It's too fragile. In other words, yeah, supply decreases and then security goes out the window. I mean, transaction, like if a Bitcoin was solely dependent on transaction fees, I saw the stat the other day, it'd be about $2.5 million in Bitcoin security spent per day. The cost of

Starting point is 01:18:27 attack is just like minuscule in the millions of dollars, just not sustainable. And yeah, I think that's still a much underappreciated aspect of Ethereum and the Ethereum economy. Well, that's what I'm bullish on. What are you bullish on? another underappreciated aspect of what we're doing here in crypto and the Ethereum economy, and that is New Frontiers. And really the inspiration for this, David, was that episode we had with Arbitrum, where it's my first time to really talk to some of the participants in the Arbitrum community. That was the episode that came out earlier this week.

Starting point is 01:18:59 If you want to learn about Arbitrum, what people are doing, go check that out. And I guess I had two observations under the kind of this motif of New Frontiers. The first is this allows for much more diversity, like rather than monoconial. cultures. So what I was struck with is the Arbitrum community is so very, very different from Ethereum Mainnet and from the application of ecosystems and players on Ethereum Mainnet. And I know we're going to talk to optimism in the coming weeks, that community and Polygon as well. I think optimism is going to be more different still. And like Polygon, that's a whole another variation. It reminds me before crypto, David, believe it or not, I used to travel a lot,

Starting point is 01:19:39 like a whole lot. And I've probably visited almost every state in the U.S., at least the continental U.S. Sounds awful. Yeah, it was a lot of travel, but you get like airports and that sort of thing, but you have the ability to kind of experience each state in the U.S. And you realize how diverse the U.S. actually is. Like, you know, going to somewhere like Alabama is much different than going to somewhere like, you know, Washington State, you know, two totally different experiences of the U.S. which is very different from New York.

Starting point is 01:20:10 And there's a different feeling the West Coast versus the East Coast versus the Midwest. And so culturally it's different. There are also different laws for every kind of state and every geography. But it's interesting because somehow this diverse set of jurisdictions and states, as they're called, with borders,

Starting point is 01:20:29 all works, right? Because they have the same set of shared values. What makes them American? If you go down to kind of the shared values that the founders kind of put together, it's in the Constitution, a decentralized protocol, right? Layer 1 protocol. Yeah.

Starting point is 01:20:42 And that's what's so cool is what I'm seeing in Arbitrum is it's not similar. It's not the same as Ethereum, but it's kind of an echo of the value system, yet it's its own independent culture and set of applications. And also set of new frontiers, too. Like we've just opened up and layer two these vast new lands to basically settle. And so entrepreneurs can go out there and build new things. users can go out there and use new products. Governors can go out there and kind of figure out how to govern these ecosystems as well.

Starting point is 01:21:16 And yet, it's somewhat like the United States as well, which is like this shared experiment of all of these different states, right, where if one state develops an innovation, it can pass it on to another state and they all sort of level up together. And so... Leveling up together while retaining their cultural differences. Yeah, exactly. So if the Arbitrum community, you know, Game 5 really takes off there, let's say, in sort of treasuring ecosystem, they develop some sort of groundbreaking wallet type application that is super easy to use. That can be exported to every other state, every other layer two in Ethereum.

Starting point is 01:21:50 It's just so exciting to me to see all of this come together and to realize, here's the net of it, is to realize we are just like not even 1% through this journey here. like I was almost you know part of me was sort of lack of imagination really is just like oh the set of applications that we have in Ethereum in 2019 and 2020 they are going to be the like the big pockets of culture and inspiration for the no like there's going to be all of this innovation across all of these layer twos and we are just getting started and so that means there's far more opportunity 99% of the opportunity is still ahead of us in the crypto economy. me and we're just like a few steps on that on that road so new frontiers is what's really exciting to me and seeing these layer two's blossom has really nailed that home for me yeah and i think the angle you're really uh touching on is like the social scalability of the layer two system which is like what what's what's your vibe are you like does arbitrum fit your vibe or does optimism fit your vibe like what vibe do you want because there's a layer two for you uh like are you trying to like re-orchestrate human governance and create like a new digital like digital state because

Starting point is 01:23:01 that's what optimism is trying to do with their two-tier token model. Are you in the big world of defy and gaming? Because that's what that's what Arbishopam's all about? Like what do you want on Polygon? You got Manchied in over there and like Avagacchi. So like what's your vibe? Because we got a layer two for you. And the cool thing is this is also true outside of crypto because the cultural differences are all across the alt layer ones. But when you do the same thing, the social scalability on Ethereum, like you're all in the same ecosystem. So you have composable communities because you can exist both on arbitram and on optimism at the same time. And you can't do that on the layer ones. And so this is all about like social scalability.

Starting point is 01:23:35 Like how can the layer two ecosystem map on to the values and cultures that we found out in the real world? Yeah. It's it's really cool. And it's I think one of the most exciting times to be in crypto honestly is January, 23 because we're just we're just starting this journey. All right, David, we got one meme of the week. It's a powerful meme. What are we looking at here? Cyrus UNessi. This is the meme. It's kind of a esoteric meme of the two people at the gate lowering or raising the gates. One guy says to the other, rampant money printing caused the worst inflation in 40 years. Raise the interest rates. And then the next panel is, the government is going to default on debt this Thursday. Lower the interest rates. And then following,

Starting point is 01:24:16 eggs are $12 a carton. Raise the interest rates just a little bit. Just a little bit. I love the image of it. It's just like one guy through raw human strength, just like cranking this thing. and it's just medieval and it kind of doesn't work and it's non-automated. That's really what's happening right now with the economy, isn't it? Exactly. Sadly, no moment of done this week. Well, we got to end it there, guys. We will end with our usual risks and disclaimers, of course, and just to remind you, crypto is risky. We always say that at the end of every bankless episode, you could definitely lose what you put in, but we are headed west. This is the frontier. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot.

Starting point is 01:24:55 enjoyed the video, if you did, head over to Bankless HQ right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence. We recommend joining our daily newsletter, podcasts, and community as a bankless premium subscriber to get the most out of your bankless experience. You'll get access to our market analysis, our alpha leaks, and exclusive content, and even the bankless token for airdrops, raffles, and unlocks. If you're interested in crypto, the bankless community, is where you want to be. Click the link in the description

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