Bankless - ROLLUP: Kim Kardashian vs Gary Gensler | Credit Suisse Crisis | Celsius Foul Play | ENS NFTs

Starting point is 00:00:00 Gary Gensler versus Kim Kardashian. I can't believe this. This is not on my bingo card. What timeline are we living in, David? Bankless Nation, happy first week of October. David, what time is it? Ryan, it's the Bankless Friday weekly roll-up where we cover the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere. Nonetheless, into the frontier with coffee, with coffee. Grab your coffee, hot tea, join us as we venture into crypto, tell you what happened in the week that was in crypto. is the fastest way to get all of the crypto updates. Every week, David and I do this, comes out on Friday mornings, and we try to consolidate everything you need to know in about 90-ish minutes. Sometimes we get to 90-ish minutes, David. But what are we going to be covering this week? What's coming

Starting point is 00:00:46 in at number one? Coming in number one, Credit Suisse, the three arrows capital of Tradfai, Lehman Brothers 2.0, or a bunch of finger mongering. We will discuss. Ryan, what's coming up after that? We also have Gary Gensler versus Kim Kardashian. I can't believe this. This is not on my bingo card. What timeline are we living in, David? And which one's actually doing the cloud chasing? Because it's not quite clear.

Starting point is 00:01:09 We'll talk about that. What else we got? A smattering of a bunch of other pretty cool stuff. Coinbase documentary. A documentary about Brian Armstrong and the rise of Coinbase, which I'm really excited for. That is coming out today at the time of listening, followed by the Three Arrow's Capital Starry Night NFT Fund liquidation.

Starting point is 00:01:27 So, you know, get ready. Get your wallace ready if you're an NFT collector's because there's some good NFTs coming out. And then, sadly, Salana is down once again. Oh, it's back up now, but it went down once again. Just a tiny outage. Tiny outage. We little outage.

Starting point is 00:01:43 No big deal at all. And of course, guys, if you enjoy this weekly roll up, you can like it, subscribe, rate and review, wherever you're listening, wherever you are watching on YouTube. Make sure you hit that subscribe button so you get notifications as these things. out. All right, David, before we dive in, got to tell them about our friends and sponsors at Galaxy, making crypto fun again, going on some adventures, maybe by yourself, maybe with friends. Into the frontier. That's what this is about. So what is Galaxy doing and how can folks go on adventures?

Starting point is 00:02:14 Galaxy is producing task-based campaigns for us in the Metaverse, in the frontier on the bankless journey. You can go to galaxy.com, G-A-L-X-E dot com and get a task for you to go explore something, whether it's an optimism quest or something, I don't know, on Arbitrum, or something where some project wants you to go do something and you can go and do that thing. And then what do you get, Ryan, you get a little credential, a little badge, a little gym badge, a little gym badge to put in your Web 3 passport that Galaxy gives to you to prove that you did it. So it's a little booklet, like a little Metaverse passport to go and put all your credentials in of how you've explored a part of the Crypto Universe.

Starting point is 00:02:54 There's a link in the show notes to go get your Web3 passport from Galaxy. I should say, like any gamified adventure, of course, some of these campaigns have rewards on the other side, have treasure as well. So this is a learn and earn opportunity for each of these campaigns, a great way to explore crypto during the bear market, during any market. And I do think in the future, David, these sorts of adventures are going to be the way tokens are issued. This is like the new air drop. Some surface area, yeah. There's a lot of surface area here. The new air drop is an adventure drop, I think. All right. Let's get to markets. What is Bitcoin doing in the markets this week? We up, we down. We up a decent amount. Three and a half percent. Bitcoin started the week at below

Starting point is 00:03:36 $20,000 at 19,400-ish. And we are above $20,000, at least at the time of recording, at $20,100. So eyeballs right above waterline. Right above waterline. Let's play that happy music. I'll take a 3.5% in these trying times. How about ETH price? Is that up to, please? Yep. Up a little bit, a little manage a little bit over 1%, very marginally over 1% sort of the week at 1350. We are at 1365. So we went up $15. Okay, $15. Remember when $15 was actually nothing and now it's actually something. There was a time when the price of ETH was just $15. So aren't we blessed? I don't remember that time. Aren't we blessed? These are ancient times. A few remember. Few were here. Eith Bitcoin, the ratio, what are we looking at on the week? Bitcoin ratio down, I think like a

Starting point is 00:04:25 a percent, a little bit over a percent. We are down to 0.678, so flatish. Back in that crap season for the ETH Bitcoin ratio. How are we like historically? We're still up from the July 22 lows, I guess. I'm looking at this from a year-long basis. Yeah, I mean, if you zoom all the way out, the ETH ratio has been fantastic. Like the ETH ratio last bear market, I mean, look at those, David. ETH ratio 2019 into 2020. Remember when it went down to 0.018? That was when I was like, okay, I don't have to go back to school, right? Honestly.

Starting point is 00:05:02 This is still irrational, right? No, no, no. This time was basically like, oh, I'm going to start a newsletter because the ratio shouldn't be this low. And we were like, this is when we started the bankless podcast in 2020. We're like, this is stupid. We started it at the absolute bottom of the ETH. Of the ratio. It's because I felt at the time that DFI and ETH were going completely.

Starting point is 00:05:23 completely underappreciated relative to Bitcoin, which is fantastic in and of itself. So, yeah, look at the trajectory. Since the bankless podcast was launched, David, it's been up only. There's got to be some causation. It's not correlation. All right. Global crypto market cap, we below a trail? Just barely above. 1.0.03 trillion dollars is the total crypto market cap. There's some zeroes in there. Happy music. Well, let's talk about the Fed. Everything hinges upon the these days and we've been talking so much I think all of crypto is talking about a pivot so when is the Fed going to be when merged now when pivot when pivot when is the Fed going to start ratcheting down right it's when is it when our easy monetary policy uh when is that coming

Starting point is 00:06:11 back I mean does that feel like like we're bad Austrians to say that like please Fed give us an easy monetary policy can you please print some more money I mean I love some of that money printer. That's not exactly like why we're saying. It's just like in inevitability, right? At some point we're trying to like forecast what the market's going to do. And because macro markets right now have such an influence over the prices of everything, we're trying to anticipate when Jerome Powell is going to pivot. Because David, it seems inevitable that he has to pivot at some point. I know he's trying to slay, break the back of inflation. Has that already happened yet? Is that just a lagging indicator? I don't know. But we do know there's a lot of.

Starting point is 00:06:53 pressure on the Fed to start this pivot now. We'll go over a few of those pressure points right now. Number one, the stock market has had its worst year in more than a decade, and it keeps getting worse. This is a headline from Time.com, I believe. And this is actually the worst start to any year in the stock market since 2002, post-9-11 year, post-com crash year. the worst start to any year since 2002, and we are down in the S&P around like negative 25%, NASDAQ, negative 32%. So U.S. stocks are heading for their... This feels almost like a 2009 financial crisis in the stock market.

Starting point is 00:07:39 That is one pressure point. Now, you might say, and I might agree with you, actually, that Powell doesn't care about the stock market. It's not supposed to, yeah. I think to some extent that's true. I wonder how much that's true. So that is pressure point one, David. Pressure point two is there's some rattling beginning around the world from other countries that aren't in a position to raise rates in quite the way that the Fed is. The first is the UN, so international body, and they are calling on the Fed and other central banks to halt interest rate

Starting point is 00:08:14 increases. They're saying, I'm going to quote this, the Federal Reserve and other central banks risk pushing the global economy into recession, followed by prolonged stagnations, stagnation if they keep raising interest rates. It's interesting. I didn't know the UN advised on economic policy in this way, but some of these voices are surfacing as well. And further, we are starting to see other central banks begin their soft pivot. Now, the Fed hasn't.

Starting point is 00:08:42 Powell hasn't. But Japan just spent $20 billion on intervention to support the yet. So the US dollar wrecking ball is destroying other fiat currencies, including the yen, is losing ground relative to the dollar. And so Japan is actually printing money to intervene to support the yen. We also talked a little bit about the UK pension crisis last week, David. Well, Bank of England is working to bail that out as well. They are buying long-dated UK government bonds.

Starting point is 00:09:14 That started. That process started last week. So some of these other central banks are beginning to pivot. And I'm thinking this is putting more pressure on Powell for a pivot at some point soon. Now, we're not getting, we're still getting very hawkish messages, I think from Powell and the Fed so far that, you know, they intend to continue raising rates, you know, want to break the back of inflation. But you almost wonder if that lasts, like past maybe November midterms, like past, past, maybe November midterms, like, past. maybe some of this increasing economic pressure from other central bankers. Pass maybe, did you get a chance to see this graph, David?

Starting point is 00:09:54 Yeah, what are we looking at here? Yeah, we're looking at the supply of oil reserves. And so people might have noticed, except in California, I've heard California gas prices are still super high. But gas prices overall are just down. Like I've seen like $3.5 gas in New York, maybe $4. Other people are talking like gasoline prices are down. Well, so is our supply of gasoline reserves. So it used to be at its peak in like 2010, 750 million barrels.

Starting point is 00:10:22 It was at 650 million barrels up until 2020. And it has just dropped off a cliff going down to 350 million barrels. So it's halved. And it hasn't been like that since like 1982. So we have the lowest supply of oil reserves since 1982. And the tweet here, the political tweet, is saying that Biden is on track to practically empty our strategic oil reserves to make sure Democrats get elected in November, as in wanting to push down the price of oil to have political clout say, hey, look what we did.

Starting point is 00:10:55 Like, gas prices aren't bad. But that's because we're just, like, draining our supplies. We're draining our reserves. You don't, you know, that's not oil out of the ground. That is, like, oils we've saved up. That's our savings of oil. It has been halved in the last, like, two years. And so I think the story here with everything that you just said and also this,

Starting point is 00:11:11 it's like we can see the sidewalk running out. Like, there's less and less, like, roadway here. We don't really know how much roadways left. But I'm also reminded of that one famous internet gift where like there's a car hurtling towards like a wall. And then as soon as it was about to crash, the camera cuts to a different angle and the car's about to crash again.

Starting point is 00:11:32 And then it's as soon as it gets close to the wall, the camera cuts again. And then the car is further away. So it's one of these things like yeah. It just repeats forever. Yeah. And then one time it actually does crash. But you don't actually know like so we're seeing all the, we're seeing the roadway run out.

Starting point is 00:11:45 but we also don't know how much roadway is left, right? So like we could be talking about this, I don't know, maybe for the rest of the year. It's like, oh, there's a pivot soon. There's a pivot soon. Some one day it will actually happen how much roadway we have left, TBD. Yeah, three months, six months a year. No one knows. I don't even think Powell and the, you know, the Fed actually know what the breaking point might be

Starting point is 00:12:05 and when they will start that pivot. Although if you do trend out this trajectory of oil reserves, it goes to zero in like, guess to me like napkin napkin trajectory here like soon quickly yeah something like this by Christmas we have no oil yeah US strategic reserves I'm laughing about this but

Starting point is 00:12:25 this seems a little serious like this doesn't seem like it's a good thing well this is why this world is so weird right now is like the more bearish things get like the more bullish it becomes because then we have to pivot and print more money so it's just weird weird state of things I guess it's more bullish for commodities it's more

Starting point is 00:12:43 bullish for things that can't be inflated for non-fayat currencies, right? We're definitely living in this in this fiat world, a hollow world per our podcast episode that we just recorded with Ben Hunt that's coming at you guys in a couple of months. He has this phrase he has this phrase he likes to use, calling the world very hollow right now. And I think that's what we're seeing. But some words to look for. If you are looking for signs of a pivot, the language of a pivot maybe comes out us from Matthew Pines. This is a tweet. It won't be QE that is quantitative using. They won't use those terms anymore. It will be restoring financial stability when we see the Fed pivot. It won't be YCC that is yield curve control. It will be fixing market dysfunction. It won't be called a bailout.

Starting point is 00:13:33 It will be extigent and unusual circumstances. It won't be indefinite debt monetization. It will be a targeted limited intervention. This is the Fed double speak, I think. So look for this kind of, these kind of words in the future when you want to tell if the Fed is beginning to pivot. Restoring financial stability, fixing market dysfunction, responding to unusual circumstances, and targeted limited interventions. I think this is... Or words like this, yeah. Yes, this is central bankers speak. This is how they speak when they are intervening. And they have to, They have to use different words than last cycle because those ones don't work anymore. They're dead.

Starting point is 00:14:15 They've gotten bad press. The alpha has been squeezed out of those. We've to invent new words. So watch for that. What's happening in crypto, though? Layer 2 is having a moment? Yeah, so this is the optimism. We've reported on this a number of times every other week or so.

Starting point is 00:14:29 Optimism makes a new highs with transactions per month. And so, what was this last month? September was no exception coming in at 5.1 million transactions in the month of September, which is a new high. And another high was set last month. The high before that was June. The high before that was the month before that. The high before that was the month before that. So, like, optimism is in a transactional bull market. And I'm pretty sure Arbitrum is the same. And so this is, like, and my mental model for how, if we're going to play this bear market out, is that some things just crescendo for the entire bear market. And this is something we're seeing.

Starting point is 00:15:09 It's like demand. Slow build. Slow build. Slow build. You know what this reminds me of is right before DeFi summer 2020. We had like months, many months of like more total lockdown. Total TVL and Defi. Tvile and DFI.

Starting point is 00:15:24 Just bit by bit. Just by bit by bit. And we would look at it and you have to like bring your magnifying glass and like zoom up really close on the charts to actually see the TVL going up. But it was in, you know, increasing. Never stopped going up. And then explosion. As soon as we hit one billion, we hit 10 billion.

Starting point is 00:15:39 we hit 10 billion. And remember when we hit 1 billion? Yeah. Everyone in Ethereum crypto Twitter was talking about one billion locked in TV. Everyone wanted that first tweet. We hit 10 billion like three months later. And then it was, and then it was the defy summer. Yeah. Defy's real. I mean, that kind of proved the use case. But an interesting comparison is compare optimism in Arbitram to Avalanche, which has previously been kind of a darling. And the lines are different here. What are we looking at? Yeah, the lines are different. Yeah, bankless analysis. Both optimism and arbitram have passed avalanche in daily transactions. Now, optimism passed avalanche before, so has Arbitrum a few times. But this time is different. This time is like meaningfully sustained. And avalanche is now both below active use of both optimism and Arbitrum since, I think, the whole month of September. Yeah, almost. And so this is different. And this is what we've always been saying is like these, these, these, Execution optimized monolithic layer ones like Avalanche or Solana are not competing with the Ethereum layer one.

Starting point is 00:16:41 They're competing with Ethereum layer twos. And now Avalanche is behind two of Ethereum's two leading layer twos. So yeah, congratulations to the optimistic roll-up world. I feel like that thesis has taken a long time to play out. Yeah. And now it is maybe starting to play out. Not the end of the story. So we haven't been proven correct yet.

Starting point is 00:17:00 Did you know, by the way, David, still the number one EVM chain in terms of total user or total transactions is still Binance chain. By like a large margin, six million or so, four to six million, I believe, like per month is what we're looking at here.

Starting point is 00:17:18 What's interesting about this chart that we're looking at, it's definitely down. And so it's definitely decreased in the spare market relative to layer twos that are going up. And look, I mean,

Starting point is 00:17:31 Ethereum is kind of steady state. Well, the Ethereum transactions are maxed out. Like we can't have any more transactions on the layer one anymore. That's what's interesting is transactions aren't a perfect proxy for actual usage. So it's just like one measure. It's the missing missing. Value transfer is super important. How much you actually settling. Right, David, what do we got coming up next? Shit. Is credit suites, Ryan, going to trigger a 20, 2008 financial crisis?

Starting point is 00:18:00 Or not, perhaps not. And also is Gary Gensler, the newest influencer on the block? Because he made a video. They made it kind of seem like he wants to be one. So we're going to get into all these stories and so much more right after we talk to some of these fantastic sponsors that make the show possible. In all of my years in crypto, I've never been hacked, scammed, or lost money to a thief. And a lot of that credit goes to my ledger hardware wallet.

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Starting point is 00:19:44 where you can join the community, dive into the developer docs, bridge your assets, and start building your first gap. With Arbitrum, experience Web3 development the way it was meant to be. Secure, fast, cheap, and friction-free. There's some rumors that Credit Suisse is about to trigger another 2008 financial crisis,

Starting point is 00:20:01 another bank collapsing. What do we make of this? Let's start with the story. David, where do these rumors come from? Yeah, the first part of the story ever manifested in the world is this guy, Dave Taylor News on Twitter says, Credible Source tells me a major international investment bank is on the brink. As it turns out, he is talking about Credit Suisse. Also, this tweet has since been deleted, which is interesting. And this just got the world of, you know, the world of finance, both in crypto and outside of crypto, just murmuring about Credit Suisse, like whispering about Credit Suisse. And then the Credit Suisse CEO says, that the credit suites is at a, quote, critical moment as bank prepares for latest overall, the Credit Suisse CEO says. And so this felt like it was corroborating what that tweet says,

Starting point is 00:20:48 that Credit Suisse is at a, quote, pivotal moment, whatever that means. And now, as a result of that, Credit Suisse credit default swaps hit a 14-year high. Credit default swap is basically an assurance against the company defaulting. So it's a credit defaulting. So it's, If you have a credit default swap and Credit Suisse defaults, then you make money, basically, on that. This is the thing that happened in 2008 that caused so much like contagion event. And so this tweet here from Grand Steffen says, $600 billion, what Lehman brothers held in assets when they crashed and took the entire economy with them. 2,800 billion credit suites and Deutsche Bank control in the AUM 4.6 times more. And he said he continues, credit suites is at a critical moment now, says the C.E.

Starting point is 00:21:36 what lies in store for the world, and he made a threat about this. Now, this is just me reporting on the actual events and what people are talking about. I am not, I don't think Ryan or I are like anywhere close to being able to like be accurate informants about exactly what's going on in the world of Credit Suisse. And who exactly knows? And who exactly knows. Only credit Suisse management, only a relatively few people who are in the internals of that beast actually know what's happening.

Starting point is 00:22:02 But yeah, go on. But I will defer to somebody who knows much more than me, who's very well researched, which is Kyla Scanlon, and she's put out a great video on this. So I've pulled out some tidbits to talk about here, where she has said, doing some analysis that is decently above board. She goes, the market is pricing in a 1.4% chance of credit suisse going bankrupt. And she did this with just a cross-referencing and a bunch of numbers, which are a little bit confusing. But that's what she came out with. 1.4% chance is what the market is pricing in.

Starting point is 00:22:37 That is pricing in a less likely chance of default than Ford, the motor company. Ford being an irrelevant anchor point just to say like, hey, that's like not very likely. And so she is of the opinion that this is not at all a Lehman moment, even though that Credit Suisse is not necessarily like in the clear and not everything is like, you know, good. It's not a Lehman Brothers moment is what she has. taken away from. And so I generally trust Kyla. She knows way more than I do, pays attention to these things way much more than I do. And that is her take. And that is better than I could ever produce here. These are still, these are still just like multiple takes on it, right? It's like it seems

Starting point is 00:23:18 like the market's still trying to figure out the truth here. I mean, the CDS spreads at 14-year highs looks like some sort of market reaction to some negativity. So we don't know. But what does seem true though is like I feel like the market is looking for something like this. You know, this is why tweets like this, you know, the original tweet, what was it? Said something like credible source tells me a major international investment bank is on the brink. That seems like it could be so true. And because we felt this. And if it bleeds, it leads. Yes. And we because we felt this in living memory, some, a rumor like this spreads around the internet in like nanoseconds. And so pretty soon everyone's kind of chanting it. And then it can,

Starting point is 00:23:59 that can actually affect the market. That's what's interesting about this. Here's another take, I guess, on the subject. Like, something is probably foul in the traditional finance market, isn't it? And this is that moment where the tide is going out, and you get to see who's wearing pants, who's wearing shorts, and who's not, which Warren Buffett says. And I think the entire world, the entire market is anticipating

Starting point is 00:24:26 that we're going to find some people. who aren't wearing any shorts, right? This is Dylan Leclair saying that Three Earth's Capital of Tradfyes out there somewhere praying for a bounce here to unload some of their illiquid garbage. I must feel like crypto may have front run

Starting point is 00:24:44 a lot of this. Like, I actually feel like crypto is healthier now than it's been in a long time because we had our de-leveraging moment in May and June. When Three-Rs Capital went bust, we had multiple crypto banks go completely bust.

Starting point is 00:25:02 We already faced the de-leverging event, and you sort of wonder if it's not Credit Suisse, maybe Credit Suisse is healthy, maybe Kyla's wrong. I don't think the market's wrong to have, like, be in high alert status and be watching for something like this. Because of excesses of the last decade or more, David. Crypto has only had, it only had like 18 months of bull market to be able to wind up its leverage.

Starting point is 00:25:28 Yes. The traditional market has had like 12 years to embed leverage and debt deep into the financial system. And that is difficult to unwind. But we just don't know where it's going to pop. It almost seems so, it almost seems too simple for, oh, it's a bank again. Credit default swaps. Like, again, same thing.

Starting point is 00:25:49 It almost seems, it's probably going to happen in some unexpected area. But I guess we'll have to monitor and see what happens from here. What else we got going on? Gary Gensler is up to some things. And Kim Kardashian, how is she involved in crypto? Yeah, the SEC is charging Kim Kardashian for unlawfully touting crypto security. So you might have remember Ethereum Max, Ryan. I think, I can't remember where I saw her promoting this.

Starting point is 00:26:15 Ethereum Max is like she was paid to chill pump this Ethereum Max thing. What is it? It's a grift, basically. Was it like an Ethereum fork of some kind of? Yeah, it's an Ethereum fork. I don't know a single thing about it other than the fact that it was Ethereum Max. She was paid for it. No one in my Twitter circles or friends that ever used it at all.

Starting point is 00:26:39 I'm pretty sure it's a scam through and through. She was paid to promote it. She did promote it on her Twitter. It was extremely cringe. I remember when that was going out. Now she is being charged to settle these charges for a whopping $1.26 million. And I'm being facetious here. that is a, that's pennies for Kim Kardashian.

Starting point is 00:26:57 And probably less than what she got paid for it to promote the damn thing. Well, no, actually, I remember reading this. She got paid like 250K or something to promote it. And she's getting fined 1426. Yeah. It was a bad business decision for her. Wow. It's just raw business decisions.

Starting point is 00:27:12 Yeah, she must have just not understood what it means to promote a security. She probably did not think about that. In good news, David, what this means is we could pay Kim Kardashian 250K to promote bankless. if you're into it. No? No. Wrong crowd, different crowd. Different crowd.

Starting point is 00:27:28 Different cross section. So here's the press release and also an interesting quote from its size that Gary Gensler said. So here's a quote from Gary Gensler saying this is a, this case is a reminder that when celebrities or influencers endorse investment opportunities including crypto asset securities, it does not mean that those investment products are right for all investors. We encourage investors to consider an investment's potential risk and opportunity in light of their own financial goals. Yeah, some normal, normal speak. But like, yeah, yes, Kim, you shouldn't have done this. Yeah, definitely. Definitely she shouldn't have done this.

Starting point is 00:27:59 Like, and then I guess, you know, Gary's coming to the rescue here. But that's interesting. But that's only half the story. Okay, yeah. It's only half the story. The other half of the story starts with this tweet from Mike Dutis who goes, LaMAL, LMAO. Literally everyone hates Gary Gensler, including his own staff.

Starting point is 00:28:15 It's amazing. And he is tweeting out a picture of Charles Gasparino, a three tweets saying SEC enforcement staffers, people that work for the SEC, are complaining that Gary Gensler violated protocol by hyping the Kim Kardashian settlement, appearing on CNBC within minutes of the case being announced. People with direct knowledge have told Fox Business this. They are calling, they, again, the SEC employees are calling this a publicity stunt that has been designed to burnish his reputation to be named Treasury Secretary. They also say Gensler stealthily approached CNBC for his appearance and created a video on the settlement, an unusual move for chairs who

Starting point is 00:28:56 usually allow staff to take credit for actions and pursue broader issues. It's the latest skirmish between Gensler and enforcement departments that continue to lose attorneys amid complaints about Gary's management style and workload. As the SEC dives into non-traditional areas of enforcement, i.e. corporate ESG mandates, SEC has no immediate comment. So the take here is that Gary is doing a, he's doing like a speaking to her, pat himself on the back for going after Kim Kardashian. And this is why I highlighted that $1.26 million fine for Kim Kardashian, which is pennies. She's just going to pay it because she's like, eh, go away. Like, buzz away, fly, get out of my. And then he's going to be like, yeah, we got her. Look what we're doing. We got the bad

Starting point is 00:29:41 guys. We got the bad guys. We were stopping crypto scams and not actually going after the real scams, like Celsius, which was an actual security and actually, like, needed banking regulations, blah, blah, blah, blah. So like, leaving all the actual hard scams, like, freeing clear and going after Kim Kardashian because everyone was like, oh, Gary Gensler is going after Kim Kardashian promoting a crypto security. Nice job, Gary. Nice job. Yeah, it does seem like it's some kind of regulatory cloud chasing here. It's like he's just, he's trying to cash in. And what, like, a great name to do it, like Gensler versus Kardashian. I brought down this kind of wealthy elite influencer

Starting point is 00:30:19 who everyone hates in the name of retail investors. I'm here to protect you, like Captain Gary kind of thing. That's what it feels like a little bit. But, you know, it's not just this tweet. It's the video that was mentioned in this tweet. So this is the Gensler video pushed out on YouTube, high production value, like relatively for a regulatory agency. Like, you know, hey,

Starting point is 00:30:44 who's your editor, Gary? Because we need more editors at bankless. And the title of this video is, use caution with celebrity endorsements of investment products. Should we play part of this video? Yeah, that's it. Sometimes celebrities endorse investment opportunities, like crypto tokens or special purpose acquisition companies. Celebrity endorsements, though, don't mean that an investment product is right for you, or even frankly, that it's legitimate. even if a celebrity endorsement is genuine, each investment has its own risk and opportunities

Starting point is 00:31:22 and may not fit your investment needs. Yeah, so David, that's a flavor of the video. It's office hours with Gary Gensler. It's got this cheerful music that you probably just heard. And like Gary pops up and he tells you that celebrities can't give good investment advice and shouldn't. and, you know, if you're just a normie retail investor, you should be very careful and pay attention to, like, you know, celebrity endorsements around things. First of all, it's just incredibly basic advice.

Starting point is 00:31:56 And, but there's something about this video that just feels like, almost like, you know, financial advisor influencer kind of thing. I don't know. There's something that just doesn't feel genuine about it. influencer. We'll let bankless listeners, you know, get their own kind of take on this and insight into it. But like, how does it strike you? Is this really the explanation? Is Gary kind of like jockeying for some sort of influence, some sort of clout in order to get the next rung up in his career that is Treasury Secretary coming for Jenny Elyleon's job? It's just something, something's just so off about like this, this Mr. Burns type figure. who's doing like a highly edited like influencer type video.

Starting point is 00:32:44 Like he is an influence. He's trying to be an influencer, except he's Gary Gensler. And he just does not look like an influencer. And so the whole thing is just like, it just makes me like shiver, man. It's like weird. It's pretty cringe.

Starting point is 00:33:00 This is a article in fortune, crypto, the crypto side of fortune, I guess, says the SEC's Kardashian find was a dumb publicity stunt. and then talks about it. This is what happens when you're cringe on the internet, Gary. You get called out. You get called out.

Starting point is 00:33:16 This is my, imagine an alternative world where Gary Gensler had gone after Mishensky, the Celsius CEO, before the crash, or the real shilling as a biz entities instead of shilling some Kardashian news that doesn't matter in the grand scheme of things.

Starting point is 00:33:31 This is the end of the day, whether you think that was cringe or you think that was just, you know, Gary, being kind of Gary, and that's who he is, and maybe he's trying to be helpful. give them the benefit of the doubt for a minute. Here's the problem.

Starting point is 00:33:42 It just doesn't matter in the grand scheme of things. Like, no one is really going to be helped by this Kim Kardashian suit. There are so many other scams. Like, this is one thing that we've asked the help of regulators. Like, crypto has scams, doesn't it, David? Like, all sorts of scams. We're about to talk about one, right? And, like, there is work for the regulators to do.

Starting point is 00:34:09 to help clean this industry up, all right? Partner with innovators, those that are providing transparency, give us safe harbors for those that are building truly innovative entrepreneurial products, and then go after the Mishenskys. Like, please help us with this. But like, don't just do the surfacy clout chasing type stuff that, like, where's, where is our Bitcoin ETF? Right. I mean, that would, that would save retail literally tens of millions, hundreds of millions of dollars. Unlock billions of dollars of capital. Right. Like, why don't we work on that together? Right. This is not helpful to us. How about clarity around the difference between like kind of a security and a token that's not a security? And that would unleash the potential of thousands of entrepreneurs.

Starting point is 00:34:57 We're not doing these easy things. Instead, we're going for like the glam, the cheap stuff, the surfacy, the whitewash stuff. It's just, it's stupid. It just feels very like political game. It feels very Congress. It feels very, let's call the bankers in front of our bank committee hearing and yell at them for two hours without actually doing anything. I'm just tired of seeing this. Can you click on his profile picture there on his Twitter account? Like, the guy very clearly really cares about his public image. Yes. Like he is a public image SEC chairman. Yes. Not doing his job. He's made so many videos. He has, he has, that wasn't the only video he's made. If you go back to his YouTube channel, he's made a bunch of videos.

Starting point is 00:35:43 What is short selling? What are crypto trading platforms with Gary Gensler? Rule 10,5B1, insider trading plans. 1.7,000 views. That kind of sucks. Yeah, you should work on that, Gary. What is short selling? 1.9,000 views one month ago. Hoof, bad ROI on these videos, Gary. What you're doing, bro? Can you go back to your job? You do your job? I think one thing that, you know, he could do is definitely is hire someone to do these things, right? Hire somebody with some kind of, you know, charisma, some ability to like, like maybe partner with some other influencers. Like, that would be more effective. It's just very weird to take center stage in this way. But I don't know. Let's go on. Let's talk about the crypto grifters because things that he's left on the table.

Starting point is 00:36:30 Yes, there are some things left on the table. And certainly crypto has its share of grifters that could be gone after. So Celsius top three exactly. apparently they cashed out $42 million before they filed for bankruptcy out of their own platform. So ex-CEO Alex Mischinsky, who we were just talking about, X-C-S-O chief security officer. Is that what that is? Daniel Leon and C-T-O, Newk Goldstein. Wow, that's an unfortunate name. Nuke Goldstein?

Starting point is 00:36:57 Yeah. Wait, their C-T-O's name is Newt-Goldstein? How did I just find out about this? Yeah, wow, that's pretty crazy. This is not, this is a real article, right? This is a real article. This is not a red-b-border. I got screwed over by Newt, Nuke Goldstein?

Starting point is 00:37:13 Yeah. He's got my ETH. These three, the top three execs of Celsius pulled Bitcoin, Ether, U.S.EC, and the cell token, the Celsius token from the custody accounts of Celsius in May before the company suspended all customer withdrawals. Oh, so they got their money out first. They got their money out before the assets were frozen. And so, Mishinsky withdrew about $10 million.

Starting point is 00:37:35 Leon withdrew about $7 million. and the other person withdrew about $6 million. Do you remember that Machinsky tweet? Ryan, that's your money, Ryan. That's your money that they pulled out. Newk Goldstein has your ether. Well, if I had to get screwed, I guess I was going to get screwed by a guy named Nuke.

Starting point is 00:37:52 That just makes sense. Do you remember at the time all this was going on? The rumors were flying, Mishinsky came out on Twitter and he said, stop with the fud. There's nothing to worry about. I forget the exact phraseology of the tweet, but that was post. He tweeted this after. he had just taken all of his money out of Celsius.

Starting point is 00:38:10 Right. Right. It's unbelievable, man. Unbelievable the level of grifter. Grifter. You are calling it out, though, David. What's, uh, you're trying to compete with Gary Gensler on the influencer game. Yeah, I think I'm a better influencer than Gary Gensler. We'll see.

Starting point is 00:38:23 Although I would like to first be labeled as an educator who happens to influence, not an influencer. I know I'm getting into this YouTube world where I do these YouTube optimized stuff or talk about that, but I would just like to plant that flag. I'm an educator first and influencer second. It just sounds like something Gary Gansler would say, David. Wow. I've got that one.

Starting point is 00:38:46 Anyways, there is a brand new bankless YouTube account out there. This is a big news number four of the week. It's the biggest news in crypto. Of course. It's brand new bankless YouTube account. The current bankless YouTube account, you might have noticed if you're watching this on YouTube, is now called bankless shows.

Starting point is 00:39:02 There's a new bankless YouTube account called bankless, where more YouTube optimized videos are going to go. And so I released the first video that I made and it's titled, why is crypto full of scams? And it gives my model, my, uh, my mental model for how I understand the crypto industry to be what it is, which is core devs at the center, crypto believers around them, crypto grifters around the crypto believers that separate the crypto believers from the outside world. And this is people like Alex Mishinsky, Daniel Sesta, Doe Kwan, the people that got really loud. Interestingly, all three people bankless got in a fight with. Uh, and, uh,

Starting point is 00:39:37 Pachinsky is featured in this video. And so definitely go subscribe to this new channel, because we are going to be putting like just newbie optimized short form content, things that you would find on YouTube. Thank you, everyone on the comments who told me that I needed to iron my shirt. Noted, I will do that next time. That's funny. And these are these are brief videos, right? So this is not like a 90 minute roll up. Okay. This is like 10 to 15 minute quick explainers for you guys. So if you're listening, if you're watching, on YouTube right now, make sure you go to this new bankless channel. We'll include a link in the show notes. It's different than bankless shows. And this turn notifications on for this.

Starting point is 00:40:18 All right, David, we get a lot more to cover. What are we talking about next? Coming up next, we got some Maker Dow stuff. Maker Dow is investing $500 million into different kinds of bonds, but also the Winklevoss and Gemini want to also strike a deal with Maker Dow. So Maker Dow making some moves. And then after that, Fidelity, a multi-trillion dollar asset management company has built a pipe straight into ether with an Ethereum index. We're going to talk about that. There's also so many more things to talk about. The ENS markets are blazing hot that they always have been. There's a documentary about coinbase coming out. Salon is down again. And crypto, really awesome heartwarming story about

Starting point is 00:40:58 crypto adoption in Africa, Ryan, which I did not expect, but yet some really good news out of Africa, which is not something we hear about frequently. So all of that and more, right after we talk to some of these fantastic sponsors that make this show possible. The Brave Wallet is your secure, multi-chain on-ramp into Web3, and it's built directly into the Brave Privacy Browser. Gone are the days of managing multiple wallet extensions that put you at risk of fishing, spoofs, and tracking. With the Brave Wallet, you can securely manage your crypto assets across more than 100 different chains, including Ethereum, Layer 2s, Solana, and more, all without downloading risky extensions. The Brave Wallet is easy to set up

Starting point is 00:41:33 and removes the headache of jumping between wallets and extensions. It's lightweight, but packed with great features, like built-in token swaps, buying and holding NFTs with a gallery view, and support for hardware wallets. But also much more than that, because Brave is shipping new features every single month, with a mission to make Web3 easier to navigate for its over 55 million users. Wall extensions are a thing of the past. So get started with Brave's Web3-ready browser today and experience a decentralized web seamlessly without all the clutter. You download the browser at brave.com slash bankless and click the wallet icon to get started. The layer two era is upon us. Ethereum's layer two ecosystem is growing every day, and we need layer two bridges to be fast and efficient in order to live a layer two life.

Starting point is 00:42:13 Across is the fastest, cheapest, and most secure cross-chain bridge. With a cross, you don't have to worry about high fees or long-wade times. Assets are bridged and available for use almost instantaneously. Across's bridges are powered by Uma's optimistic Oracle to securely transfer tokens between Layer 2's and Ethereum. Across's critical ecosystem infrastructure and Across V2 has just launched. Their new version focuses on higher capital efficiency, layer two to layer two to layer two. two transfers and a brand new chain with Polygon, all while prioritizing high security and low fees. You can be a part of Across's story by joining their discord and using a cross

Starting point is 00:42:45 for all of your layer two transferring needs. So go to across.com to quickly and securely bridge your assets between Ethereum, Optimism, Polygon, Arbitrum, or Boba networks. Maker, the stable coin issuer is investing $500 million in U.S. Treasuries and also corporate bonds. David, this is a big move. That's a lot of money, big time. Yeah, what's going on here? So MakerDAO, of course, is allocating $500 million for investing in U.S. Treasuries and corporate bonds. And this is coming from its over-collateralized stable coin supply. 80% of this is going to short-term treasuries, 20% going to investment-grade corporate bonds.

Starting point is 00:43:20 And this was a proposal was presented last June and accepted. So that is what's going on in the world of Maker-Dow. That's a big move. $500 million is not small. What else? You mentioned the Winklevoss before the break. What are they doing? So this is the second time that an exchange has gone over to Maker Dow to make them an offer.

Starting point is 00:43:38 And I think this is coming off of that offer that Coinbase made Maker Dow not too long ago. So Maker is entertaining an offer from Gemini, the crypto exchange from the Winkleweye twins, of course. And they are offering to Pay Maker 1.25% annual issuance rates on deposits of GUSD, the Gemini USD stable coin from the Winkly, from Gemini. and in return, Maker must hold more than 100 million of GUSD in its PAYG stability module, known as the PSM, which is this thing that helps Dye stay at a dollar. So GUSD has definitely been underrepresented, definitely not like a leading stable coin, but this looks like a strategic partnership between Gemini and MakerDA to boost liquidity of GUSD and acceptance inside of DFI. It's just a proposal, right? So they haven't accepted this yet. What's really interesting is like banks negotiating with Dow's.

Starting point is 00:44:29 Yeah. I think it's like, yeah, and Dow's negotiating with banks. Like this whole treasury story that you're getting into, this bank called Syngum is the one executing it. And it's working with Black Rock Switzerland to allocate part of the $500 million or $250 million of the $500 million. And I'm just kind of like, well, what is Maker itself? It's such an interesting entity.

Starting point is 00:44:54 It's not just a protocol. It is a protocol, but they've built kind of this like Dow, you know, soft tissue layer of human governance around it for risk management that can actually interact with real world. So it's kind of like, it's almost like a crypto-native bank, question mark. It's something like that. And yeah, it's a very interesting entity. And I mean, working with Black Rock, working with Gemini, you know, negotiating with Winklevoss twins. This is a decentralized autonomous organization doing that, and it kind of blows my mind sometimes.

Starting point is 00:45:27 Yeah, it's pretty, pretty sci-fi. Anyways, moving on, Fidelity has revealed its Ethereum Index Fund straight between Fidelity clients and Ether. And so with $50,000 minimums, sadly, it has generated about $5 million in sales already, and this thing's brand new. So $5 million in sales between Fidelity investments and its clients and Ether. So there's now a nice, big, fat, fat, pipe. pipeline between fidelity and ether, which is what we like if we want boomers to buy our bags. Well, this is Fidelity. Look, Fidelity did this in 2020 with Bitcoin. And now they've become friendly with ether, which is great. And like, we have to, like, I guess, Fidelity has to put these sorts of trust together in the absence of having a freaking ETF, which we all need. Come on.

Starting point is 00:46:14 We need an EF for both Bitcoin and Ether, but we don't have it. But, you know, fidelity is absolutely massive, David. Like, are all corporate, you know, a whole bunch of U.S. Corporate 411 K's, for example, all managed by Fidelity. And if you're just like slaving away in the office, in a corporate job, and you want to buy some crypto in your 401K, it's really

Starting point is 00:46:34 like infidelity. It's really hard to do that. So providing on ramps to that is a good thing. And hopefully this turns into something that's a bit more retail friendly, consumer friendly, or at least has Fidelity continue to apply the pressure to regulators? Because I think they take the phone calls of

Starting point is 00:46:51 banks, David. They're not taking my phone call, they're not taking your phone call. Maybe they're not even taking Brian Armstrong's phone call, but I think they're listening to the Fidelity's of the world. And so Fidelity calls and it's like, hey, we have demand for products and maybe they'll pick up the phone and listen to them. In ENS News, we got another all-time high. ENS is all-time high. I believe, is this sales in September, David? No, this is domain registrations. Ah, registrations. New ENS names have been registered as also, which, which is sales, is this. with ANS renewals.

Starting point is 00:47:24 And so names that were already registered also got renewed. Big big. Just like how optimism and Arbitrum are having their slow crescendoes of transaction volume, ENS is having its maybe faster crescendo of registrations.

Starting point is 00:47:38 So BNS bull market continues. Bullish ENS. I've still haven't sold my air drop, David. I'm just holding. I like that protocol. Look at this. These are the top, the highest all-time sales of dot-eath names.

Starting point is 00:47:50 And what's cool about this website is, of course, all of this is, like, publicly available data. You don't have to scrape any databases. It's just, like, all on chain. So you can come up with these sorts of dashboards. But coming in at number one, the biggest. Dot-Eath sale ever. You ready for it?

Starting point is 00:48:08 Hit me. Paradigm.com. That's a long, that's a large number of digits. That's $1, $2,3, 4,67, eight digits. Wow. $2 million for this. 420Eth. ABC.com.Eth was only,

Starting point is 00:48:22 spent a quarter million dollars. Wow. So I'm assuming that's paradigm, the investment company, venture fund. That comes into number one, PJFI, pjafi.e. I don't know why that's worth so much. Almost $500 million? $0.00.0.000. I could see that. Half a million dollars on $500 million.

Starting point is 00:48:38 Excuse me, sorry, half a million dollars. ABC.eath. What else we got? Depak.eath. Went for 75th. Porno. Eth, of course. 140. I think we talked of ArtDow.

Starting point is 00:48:52 these are the top 10 196. I'm just glad we got bankless.eath when we got it. Yeah. In hindsight, the $2,000 we spent on bankless. dot ether is an absolute deal. Somebody would have squatted that and tried to sell it for, what do you think? 200,000, 300,000?

Starting point is 00:49:08 Yeah, it's a stupid number. Somewhere between paradigm and porno. I bet they would have tried to charge us. Because it's a good brand. Speaking of good brands, Moonbirds, the Dow launched. So they just launched a Dow.

Starting point is 00:49:23 2.6 million in Eath in the Dow. Also some NFTs. What are your thoughts on this? It's pretty cool that Kevin Rose and Proof seeded the Dow with this $2.6 million. So, hey, you guys have a Dow now. Also, you guys have $2.6 million. Go play with it, I guess.

Starting point is 00:49:42 No, actually. So here's the cool thing. It's not just go play with us, play with it and do whatever you want. It's kind of focused. The focus is empowering creatives, that are building towards furthering the Moonbird's ecosystem, reputation, and lore. That's a bit more specific.

Starting point is 00:49:59 So reputation and lore, right? So I can imagine this DAO specifically doing a function that DAO's do very well, which is like, hey, generate a whole bunch of ideas and spread those ideas. So I actually kind of like some more focused, targeted DAO's, because sometimes if you give DAO's a complete blank slate, they don't really know what to do. They're kind of like, oh, a little bit here, a little bit here. Sometimes they're walking around like a zombie without a brain, right? And if you give it a focus and you say, here's some money, here's some things the community can do and it becomes kind of like a grant

Starting point is 00:50:35 funding mechanism, I think that could be successful. So I think that's what they might be doing here. Of course, we'd have to talk to Kevin Rose to get all the details. But a nice narrow scope Dowl might be a good refresher compared to some of the DAWs we've seen recently. This is really cool. Here's a tweet thread out of Brian Armstrong saying, big announcement. We've been working with director Greg Coe on a documentary about cryptocurrency and Coinbase over the last three years. And it will be coming out this Friday. That's today, if you're listening to this on Friday, on Amazon Prime slash iTunes slash YouTube. You can watch the trailer. You watch the trailer in the show notes. I got goosebumps when I watched this. Really? This is going to be awesome. Why? Why did you get goosebumps?

Starting point is 00:51:15 It's just like watching Brian Armstrong like practice a pitch in 2011. about like how to pitch coinbase. It's like, dude, like... It goes all the way back to 2011, huh? Yeah, it goes real far back, right? There's Fred Erism. And so, like, I mean, there's a lot of really cool people here. David Chom is featured in here.

Starting point is 00:51:34 Oh, really? Vitalx in here. Yeah, it's just like, it's... Oh, there's Matt from Hogan. Yeah, Matt from Hogan from Bitwise, right. Like, I think it's going to be great. And this is, I think, uh, really going... It's going to be very useful to help explain CryptEye's,

Starting point is 00:51:49 to the outside world. Movies, documentaries. There's like, there's like two other Ethereum movies. Like there's the Infinite Garden and Cammy Russo's

Starting point is 00:51:57 documentary. It's also going to come out. And I think this is going to be a great way to onboard people to crypto. And like, here's the story of like these people that have been grinding this out for years.

Starting point is 00:52:07 Do you know that the guy who's making this, Greg Coz? He also made the documentary I really love, came out like four or five years ago called AlphaGo. And this is about deep mind.

Starting point is 00:52:19 which is an AI that I believe Google created to beat the Go champion of the worlds, right? So you know, this links into maybe your story at the end. Yes. Some especially you met. Don't, do not spoil that. I will not spoil that story. The first AI beat a chess player in what year. Was that 1999, 2000, something like this?

Starting point is 00:52:43 That was, God, I don't know. When was that? Okay, around that. I should know this. But before that, it was thought inconceivable, like a difficult problem for an AI to actually beat a human chess player. And then an order of magnitude, more complexity is actually the game Go, which is a strategic game. It's very popular in the East, less so in the West, but it's kind of like the chess of the East, right? Very popular in places like Korea.

Starting point is 00:53:10 And this chronicled this effort of deep mind and AI to take on the world's big. best go champions. And I won't, I guess I could spoil it because it's like five years after, but like the AI wins in the end. And it's this whole battle. Yes. Maybe that's, maybe that's the entire. Yeah, maybe that's the entire era that we're living in.

Starting point is 00:53:33 The AI wins in the end. Okay. So it beats the humans. And yeah, it's a really cool story because there's some drama. It's very hard for the world alpha go players to kind of like come to grips with this. Anyway, great documentary, going into a complicated subject, and actually, like, helped me understand neural network AI type systems and also Go, which I had no previous understanding your knowledge of,

Starting point is 00:53:59 through documentary format. So it helped mainstream that, to me, maybe we could do the same with crypto. Yeah. That was a great way to full circle this. It's like, oh, complicated, complicated story. We have a great storyteller. They're going to tell the Coinbase story very well. So excited for this. I'm going to watch this perhaps on my flight to be. Bogota. Are you? Yeah. In other NFT news, Three Arrow's Cryptopunk and other Starry Night collections on Ethereum,

Starting point is 00:54:25 their NFTs are set to be liquidated. So the Starry Night Fund, which was, of course, Three Arrow's Capital's NFT fund, is in the hands of a liquidator Tenio, apparently. That has the goose in it, doesn't it? Yes, I believe so. Yeah. Art blocks, Cryptopunks, like all this stuff, getting liquidated. So if you are an NFT collector with cash on hand, you might be able to score.

Starting point is 00:54:46 a pretty cool NFT. Three years capital starting starting nights at the top of the, the bull market. That was the top. That was the, they funded that fund at the very top. At the very top. Salana went down again last weekend.

Starting point is 00:55:03 This one actually made me sad. Salana back online after the latest outage. It was down in September. Sorry, it was down for 18 hours. That was September of 2021. This time, I don't know, it was down? It looks like five hours?

Starting point is 00:55:19 Five hours? Five hours, yeah. Why did it get down? What happened? It looks like there was a validator that signed two blocks, which is bad, because that's forking the blockchain. And because of this, the remaining validators, I think, couldn't find the chain. They were confused as to which chain was the correct one, because there were two versions

Starting point is 00:55:39 of Solana. And so both of them just didn't progress. And so the Blana, the Solana blockchain just whole. I want to ask you. So I want to ask this question of you, right? So this is a question I tweeted out. If a blockchain keeps going down, it is still worth billions of dollars, which Salon definitely is, do we conclude from this that the market doesn't value blockchain uptime? Well, remember when Ethereum Classic kept on getting 51% attacked and it would pump the price? This was in 2019, no, because it was in the news. Uh, attention. It's all it. Yeah. This was not a price pump. This was just kind of, not. No. Because it was in the news. Uh, attention. It's all it takes. Well, this was not a price pump. This was just kind of. nothing to happen. It was just the market shrugged it off. I tweeted this up. I think if you're Solana holder, you're in, you have, you just, I don't know. Well, no, Anatoly responded somewhere in the tweets. And it totally has something to the effect of like, actually, this is a strength because see how fast Solana can actually recover.

Starting point is 00:56:37 What? Yes, that is a take. Here you go. What? The whole point of decentralization is to recover from arbitrary catastrophic failure without loss of state. including bugs in the code. Maybe doing so so quickly and reliably is important as well. That was his take.

Starting point is 00:56:54 That's a bold take, Anatoly. I mean, I get the point. You can recover your blockchain, but centralized companies can recover databases. That's not the hard part. That's not hard. It's interesting, right? Because the market doesn't seem to care, David.

Starting point is 00:57:09 So, you know, there's all sorts of other explanations. But I'm curious, yours, what do you think? Yeah, so you put out that tweet. like three two or three weeks ago saying like facts. Salana has had over two months of uninterrupted uptime. That was September 10th. So we're basically one month later. So now it was three months.

Starting point is 00:57:27 They had a three month streak. Salana going down during the bull market, I think it's, I mean it's not really excusable, but it's more excusable when there's high activity. But Solana going down in the bear market, like they need to get this number of days without incident high. they need to not be going down?

Starting point is 00:57:48 Because you need to be dependable of a blockchain. If you're going to have the future of finance on your ecosystem, you need to not go down and you need to prove to the world that you're not going to go down. So during times of depressed activity and you're still going down, you are burning that chance of growing the Lindy effect of saying that Salana is not going to go down. Does it matter?

Starting point is 00:58:06 If there's a social recovery, if a bunch of validators just meet and the discord and reboot the network. It doesn't matter. It matters to the current set of users. We're talking about we need to onboard the rest of users, and the rest of the world hopefully will care if their financial system goes down. I'm coming to the conclusion

Starting point is 00:58:24 that Salon is kind of playing a different game than Ethereum. Oh, it's always been thinking of it. I don't, and I think that maybe that's always been, and maybe that's why sometimes the communities talk past each other. Yeah. Because if you're like hardcore Bitcoin Ethereum values, you're like, your chain can't go down. It's a layer freaking one.

Starting point is 00:58:40 It's like a property rights system for the entire world. You can't go down. If it goes down, it's dead. But I don't think Salana is competing there. I think it's competing against other almost like open fintech type of applications where sometimes things go down in those worlds. If your chain goes down, people will not issue valuable assets on your chain as much. And I don't see how Solana can say that they don't want that.

Starting point is 00:59:09 And that's a goal optimized KPI is how many valuable assets are being issued on Solana. And if the more Salana goes down, the less comfortable people are going to feel doing things on So you're saying it makes them less scalable, like socially because they're less dependable and dependability, scalability and all of these things. Yeah. It's to be determined. But I mean, good luck to the Salana community as you guys continue as Salana continues to iron out those bugs. Also, stuff happening in the crypto community in Africa. This was a really cool report put out by chain analysis. Chain analysis, I should say. What is this saying? Yeah, so some tidbits from this report saying this report shows strong crypto usage and adoption rates in the region of sub-Saharan Africa. With highly educated young people and low job prospects, crypto is a, quote, way to feed their family, says Convexity Fandler ad didji-O-1-N-B. Ooh, I'm sorry about that. Small retail payments in sub-Saharan Africa are powering exponential crypto adoption and usage, with the region conducting the world's highest proportion, 80% of crypto retail payments less than $1,000.

Starting point is 01:00:13 according to the chain analysis report. The report also highlights how peer-to-peer transactions are more common in sub-Saharan Africa than anywhere else in the world. At about 6% of all crypto transaction volume, Africa's peer-to-peer transactions dwarf those of Central and Southern Asia, the region with the second highest volumes in that category. And the report continues and says, many Africans have integrated crypto into everyday life. Besides retail transactions, remittances, and commercial transactions have also been key drivers for Africa's high adoption and usage rates.

Starting point is 01:00:41 Did not expect to see a report. like this, but that's really good news. This is, this is just some, the fundamental adoption of crypto that's not speculative. That's not shenanigans. It's not like NFTs, like going JPEGs. This is like real utility being leveraged by, by sub-Saharan Africa. Yeah, I think this is really cool to see in, in places in Africa. It's, you know, it's peer-to-peer, small transactions, improving people's lives. It's underreported as well, because it's not kind of a big news event happening in the West. And honestly, David, I want to do. dedicate some cycles to explore the cryptocurrency community in Africa.

Starting point is 01:01:18 I've not talked much to that community. I know there's a bankless Africa chapter. Actually, that's rocking it and doing some things. So maybe there's some opportunity to get an update from them. David, speaking of updates, a negative update from Alex, the arrested tornado cash developer. He is staying in jail after his appeal was rejected. This is from the block. David, what refresh people? Who is Alex Percef? And what was this appeal about? Alex Pritzv was the tornado cash developer that was arrested in the Netherlands and has been waiting to hear why he's been arrested. And so I believe he appealed to be either released or just to, hey, can I hear why I'm arrested? And that repeal was rejected.

Starting point is 01:02:02 Not only that, David. This story goes on. It was not only rejected and he has to stay in jail. They're actually auctioning off. his car, starting to take his property. What? Yeah. This is from the article, property seizure and auction. At the moment, they've only taken a car. This is his wife talking, but I think they can come and take something else at any moment. I don't feel safe.

Starting point is 01:02:29 Prosecutors will sell all of our legal property at auction, leaving me with nothing. Yo, what the hell? Arrest the guy for creating... Dude, this is the Netherlands. Don't, you're not charging him with anything. You're leaving him in jail. No charges. Absolutely no charges.

Starting point is 01:02:48 For all we know, the only thing he did was create an open source smart contract code on Ethereum that was used without his permission by some nefarious actors, but completely without his permission. Now he's in jail. Doesn't know why. They won't tell him. And they're auctioning off his freaking property, stealing his property. stealing his property. Let's call it stealing, because that's what it is. The government does it. They call it seizure, but it's stealing. What is happening here? I don't get it. Right? What do you even do about this? I don't know. I mean, we're not in the Netherlands. We've tweeted about it before. We've talked about it before. There are locations we've directed people to donate to the cause, this legal defense. There was get coin grants that were raised, continuing to talk about it.

Starting point is 01:03:39 continue to keep it in the news cycle, I think is really important. Continuing to tweet about it is really important. I don't know. This is the Netherlands. This is like the quote unquote, like a Western liberal democracy. That's insane. It's infuriating. It's infuriating.

Starting point is 01:03:55 So our thoughts with Alex will continue keeping you guys updated about this. In happier announcements, Ryan. You know Google's 10% time? Have you heard about this? Yes. Yeah. So like on Fridays, like if you work at Google, you can go work on something that you're passionate about. Is it 20% or something? Or 20%? Okay, I think it's 20%. Yeah, yeah. Policy

Starting point is 01:04:13 Google, on Fridays, you could go do something that you want to do. Sounds good. Intrinsic work just pick something. Okay. So consensus is doing something very similar with their employees saying, hey, on Fridays or like, I don't know, 20% of your time, go work for a Dow. So there's a partnership between consensus and bankless Dow to develop what they are calling the first ever Dowlationship where consensus employees and bankless Dow are going to work. together to build out bankless Dow. So that is pretty damn cool, I'd say. That is awesome. Big move by Bankless Dow to get that set up. Funny, we had absolutely nothing to do with this. It just happens in the background. And I think Bankless Dow is doing great work and excited about

Starting point is 01:04:57 the new energy that consensus is bringing there. And the first Dowlationship. So use that 20% time well consensus. They're also using their development time well, because this is a new portfolio viewer from Metamask, the makers of Metamask. So you can now click a link and like Zerian or Zappers style, start to see what is in your portfolio. Really cool release, really cool app. This is a bank. dot E portfolio. See some bank tokens in there, among other things. And yeah, really cool to see. Another release coming out of Aztec. They said they are thrilled to announce oil or finance as the first yield protocol supporting Aztex 46-26 bridge. I will explain what that is. First, Euler is a money market like compound or AVE that provides yield to assets.

Starting point is 01:05:43 And ASSEC is a private layer two, privacy layer two. And so you can now use and get access to oilers yield privately on ASSEX, on the ASSE private layer two. But they also have this 4662 bridge. That's an EIP number or an ERC number. Basically, it's their yield bridge. And so prior to EIP 4662626, every single integration between ASSEC and compound, Asseq and Abe, Aztec and Euler, was like a one-off bridge, a unique bridge. 4-6-26 is what they're calling one bridge to rule them all.

Starting point is 01:06:16 And so a yield bridge between Aztec and money markets throughout DFI. So any place that you can get yield, anything that's a tokenized fault, you can bridge right into Aztec. So defy and yield becoming a little bit more private these days. Private yield. Private yield sounds really cool. I hope they don't get OFACT in the coming weeks and coming months. we if they do we're investors Ryan so we're relevant here that's right uh you should mention that as well let's get to raises now uniswap labs they look to be raising about 200 million dollars

Starting point is 01:06:49 in a new round of funding this is a report from tech crunch not completely confirmed but this deal would give uniswop labs the lab side not the token the lab side kind of the equity side a one billion dollar valuation so we'll have to see how that emerges we got more raises to find Capital. What are they up to you, David? Yeah, Arthur Chong's Defiance Capital, which was originally spun out from Three Arrow's Capital. And so I think he hit, he got a, Defiance took a gut punch when Three Arrow's Capital went down. Reputationly. At least. Also, also they had to, I think, liquidate some of Defiance's assets because it was owned by three of those capital. Pretty brutal. Yeah. But Arthur is bringing Defiance back, raising $100 million, raising $100 million to invest in liquid tokens.

Starting point is 01:07:34 So can Arthur bring defiance back from the dead? Looks like he's doing it. So congrats to him. And the last raise of the week, Horizon is thrilled to announce that they've raised $48 million in a series A to make Web3 easy. Horizon and their wallet sequence is a platform for both having an awesome wallet that's very easy to use that is integrated into Web3 games and Web3 things. And it's also a builder platform. So they also have this integration with Skyweaver, Nifty Swap, a few other things. So congratulations on the raise to Horizon.

Starting point is 01:08:06 Also, they are a bankless sponsor for Q4. So that is the disclaimer there. Their smart contract wallet looks pretty badass, man. I love the UX of this. David, we should get to jobs. Jobs. I'm sure with all these raises, companies are hiring in the jobs market this week. Let's run through it.

Starting point is 01:08:22 I guess maybe Uniswap is raising, but we know they're hiring for sure, because number one, we got a developer relations lead at Uniswop Labs, senior front end engineer at Uniswap Labs, a senior backend engineer for the trading platform at Uniswop Labs. There's a lot of jobs already. Solid World Dow is hiring a senior Web3 developer, Rubicon, a smart contract engineer. Bankless needs a social lord molecule ahead of engineering.

Starting point is 01:08:47 Bankless is a growth marketer. Economy needs a lead designer, rabbit hole, a tech lead. I could go on, but I don't have to because these jobs will be in your inbox. If you go to bankless.pallet.com and you enter your email address, they will be shipped to you directly. You also hear about them on the bankless weekly roll up, but don't wait. Get alerts from these jobs and check out the bankless job boards. All right, David, what's coming up next? Coming up next, questions from the nation.

Starting point is 01:09:14 What categories of crypto things are going to come out in the bear market as well as an EVM compatibility, as well as all the takes from the week? A question from Amin Soleimani, hypothetically speaking, if you wanted to use Ethereum, to wage a war, how would you go about it? So that is a take that's coming up next right after we talk to some of these fantastic sponsors that make the show possible. If you've been listening to Bankless,

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Starting point is 01:10:51 of course earning you more crypto when you use it. So enhance your financial life with NXO, who ensures all credit lines are over collateralized with insurance on all custodial assets. Nexo, the right place for your crypto. So click the link in the show notes to join over 5 million users who are getting the most out of their crypto. Questions time. If you have a question for David and I on the rollup, then make sure you follow Bankless HQ on Twitter. It tweets out what question do you have every Wednesday. And if you reply to that tweet, we may read your question out on the roll-up. This is the first one. I think this question is coming from...

Starting point is 01:11:27 Go see it back, yeah. This question is coming from Mike Finity. Mike asks, are there any new categories in the Ethereum space that are emerging that some of us may not know about yet? David, secret, hidden categories in the Ethereum space that are emerging that people don't know about. Tell us, drop that alpha, my friend. Yeah, there's this one category that's being built out, which requires ZK roll-ups. It has to be on a ZK roll-up because of how many transactions it's going to require.

Starting point is 01:11:54 But there's a world of physical simulation, like physical space simulation, like gravity, objects, colliding objects, that when an object moves or collides, that's a transaction. Game physics? Game physics. Yes. Game physics on ZK roll-ups.

Starting point is 01:12:12 And so it's, you can, why this is important is you can make a verifiable, provable, position of a physical object, like fizzy, physical, digital, you know, a digital but physical object in the metaverse. And you can make this, you can provide coordinates, you can provide velocity, you know, mass, magnitude, direction. You can, on a provable layer that is a universally shared truth on the internet create a physically, like, mapped out space, physical space.

Starting point is 01:12:41 I've seen demos of this kind of thing before. I've seen prototypes of this kind of thing before, but it always seems so abstract that I don't even, I can't yet grok it, I can't get it. Other than this link between, like, as we've always said, what is the blockchain for? Well, it's for securing property in the metaverse. And so you were talking about physical manifestations of property secured by something like Ethereum, but like, how does that manifest? It's more just like objects. Like we need a single shared source of truth of a bunch of physical space, except again,

Starting point is 01:13:14 it's not physical, it's digital, but it's, physically represented digital space. And if we have a single shared source of truth on this thing, it makes that platform credibly neutral. And so you can imagine a digitally represented physical space that is being rendered at the periphery because we have this same source of truth as to what objects are where.

Starting point is 01:13:32 Okay, so, but like what do you do with something like this? I mean, first you have to build it and so this is like still very much like under construction. But I think it's a better question is like, what can't you do with it? Yeah, there's a lot out there. This is a topic of in the Zero Knowledge Podcasts with Anna Rose. She did an episode on this with a bunch of ZK teams.

Starting point is 01:13:55 But it's just like a commonly shared source of truth for like games and space. It feels like to me, it feels like this is a new primitive that we just don't know what to do yet on the application layer. And we might see it manifest in cool ways. It's definitely emerging. Definitely something that probably few people knew about. And did you say what's the place to find out more that? Anna Rose is a zero knowledge podcast. It's an older podcast. I'll see if I can find it and put in the show notes. Cool. We got another question from a crypto dude. vet. What is the significance of ZKSync 2.0 getting EVM compatible?

Starting point is 01:14:28 Is it that you can port smart contracts over from ETH layer one with little or no changes in their code or is there something more to it? No, it's largely that. If previously, like for example, a Starknet, Starkware has their Cairo coding language, you can't just take solidity code and put it on Starknet. You can put it on ZK Sync because it's EVM compatible. So it's near one-to-one compatibility of all, anything that's ever been on an EVM chain, Binance smart chain, optimism, Arbitrum, the Ethereum Layer 1, like Avalanche. 95% of all the apps. Yes. If it's an app that's already built, you can just be put right on ZK Sync out of the box. And so that's why that's why everyone is super bullish on EVM compatibility. It's a really big deal. All right, David, let's go to takes of the weeks.

Starting point is 01:15:13 this is from Amin. He's asking the question. Hypothetically speaking, if you wanted to use Ethereum to wage a war, how would you go about it? Of course, that came from Amin. If you wanted to use Ethereum

Starting point is 01:15:24 to wage a war, I don't know what he's thinking about on October 4th, what he's thinking about on a casual Tuesday for Amin. But your answer was interesting. You said,

Starting point is 01:15:36 start a podcast. What are you talking about? I actually want to leave that one up to the listener. I'll leave that one hanging there. Really, that's all you're going to say. Yeah.

Starting point is 01:15:46 If you wanted to use Ethereum to wage a war, how would you go about doing it? And David says, start a podcast. We don't call it Bankless Nation for nothing. Huh. Are we talking metaphorical war? Are you just going to... Aene is talking a literal war. I'm talking...

Starting point is 01:16:00 I've expanded the scope a little bit to be like, yeah, but also like narrative wars and, you know, community alignment, stuff like that. There you go. All right. All right, leave it there. Take from Ryan, Sean Adams says, too many of y'all taking VC money in crypto when y'all should be bootstrapping. Look, Hayden Adams built Uniswap in a cave with the $65,000 grant in a box of scraps. Nice, nice reference there. That's the power of crypto. Just because of VC wants to give you $10 million. It doesn't mean you need it more building, less raising. Nice. Bootstrapping, friends,

Starting point is 01:16:28 bootstrapping. Like, like, seriously, we don't need tens of millions of dollars to build what we're calling defy two-dotto. Like, we don't need it. And I think too many teams raise too quickly. So this is like immaturity. Or some of it's like there's a glitory. There's a glit. in having a large VC with a brand name, write you a check, right? I, like, this is the power of Ethereum's, right? One developer, a very small team, weekends, evenings, evenings can crank out some very powerful piece of code. And you need to find out if you have product market fit

Starting point is 01:17:03 before you actually know if you need the VC money to scale this thing out. And I think too many people are skipping that step. and it's to their detriment because kind of spin their wheels I would love to see more bootstrapping and less money

Starting point is 01:17:22 right out of the gate and so that's my encouragement for product teams right now because even in this bear market David it seems like the VC money is still flowing like the private deals

Starting point is 01:17:31 are getting done or seeing massive raises every single week sometimes that's right but like you need the money to scale you don't need the money to actually prove

Starting point is 01:17:41 and get some market validation in crypto. You can do that with a small team with a box of scraps, as Hayden Adams showed us. Last take of the week here is, I don't know if this is a take, but it was funny. Das Stormy 1.E says,

Starting point is 01:17:55 POV, you're listening to Bankless with Trustless State and Ryan Schott Adams talk about the most famous sports figures in the world, and then it's the giff of Michael Scott, just like bearing his face in his hands. Oh, wow, we really screwed up last week.

Starting point is 01:18:05 Yeah, it turns out we were talking about Roger Federer and the doll, like two of the most famous, like tennis players. I had no idea. I had no idea. That's brutal. We've been outed as a...

Starting point is 01:18:15 Not a sports fan. This is not a sports podcast. All right, guys. We talk crypto. We have like... We'll talk like geopolitics and we'll talk economics, but apparently not sports. That is not a prerequisite for understanding crypto. The consistency that I got this take across Twitter, YouTube comments, telegram,

Starting point is 01:18:35 Discord, my friends, like, dude, guys, that was Roger Federer. And what's the... Nadal? What's the Nidal's full name on me? I apologize. Don't, don't dig us deeper, David. We apologize to the entire bankless sports tennis playing community. Yes, but I will say this in our defense, okay? Learning about sports is an opportunity cost to learning more about crypto. I've never been able to justify. I'm like, I could learn more about a sport and watch a game, or I could learn more about crypto. And I always

Starting point is 01:19:06 choose the other thing. It feels like one of the trauma. Like, pay attention to sports, pay attention to crypto and like have a podcast and you get to pick two of those things. And I know which ones I've picked. All right. Yeah. That's right. Me too, David. I'm with you. But sorry, on behalf of the sports celebrities. The people that have chosen to not pick a podcast. Yeah. It's totally fine to have a sports life outside of crypto. It's totally fine. We support you. Anyway, in a different world, I would like to challenge bankless listeners. All right. I didn't know who Roger Federer is, but do you know who this is? Because this is Ryan, what I'm bullish on this week. Let me look. So first of all, I see on the right, it's David in a three-piece suit. Yeah.

Starting point is 01:19:50 Look at snazzy with that gray vest, buttoned up, a nice tie, and with a gentleman to his left. Now, this gentleman has a flag of Ukraine. Nope. That is a, there's a story behind that flag. You're not going to guess what that flag is. Oh, that's not, okay. It's very small. That is, the story behind that flag is that is the Russian flag, but the red of the Russian is removed because they are trying to remove the blood of Putin and what he's doing in Ukraine. That's a big spoiler. It's an older, it's an older person. So should we give people like a few more seconds to? Yeah.

Starting point is 01:20:25 So I'll keep on giving hints. This is at the Oslo Freedom Forum gala. And that's my last hint. Actually, that's all I got. It's someone that, it's also someone that David highly esteems, clearly. You can tell him from his voice and the big smile in his face. Look at the camera. Your boy is stoked in this photo.

Starting point is 01:20:42 Very excited. I know who it is. This is Gary Kasparov, who is the last world's best chess player to be the world's best chess player before he was beat by an AI, deep blue by IBM in 1994. That is personal hero mine. Not only is he a fantastic chess player. I don't know if the Bankless Nation knows, but I play a ton of chess. At Gary's level. not at Gary's level

Starting point is 01:21:07 but he is also just a freedom fighter and like very much I believe shares a lot of the ethos and values that I do and I think Bankless does and he's also

Starting point is 01:21:17 a great podcast guest and hopefully he will one day be coming on the podcast that's what this was all about is Gary please come on the podcast we know you listen to Bankless well so the story

Starting point is 01:21:28 the story here is that this is a you know this gala they try and raise money they sell like people put things up for auction Gary put up a chess game for auction at the gala. A game of chess with Gary Kasparov.

Starting point is 01:21:42 Yes. And I bid on that and I won. And so I get to play a game of chess with Gary Kasparov and I'm fucking stoked. Dave, we got a utility NFT, which is you can cash in for a game of chess with Gary Kasparov. That's awesome, man. If I can rotate this into a podcast, however, I totally will. Perhaps. We'll figure this out.

Starting point is 01:22:02 Just host it at your house. Just put the camera. I sent in my wire this morning, so it's locked in. There you go. That's awesome, man. Yeah, he's a great individual. I've heard him on many podcasts. That gets, by the way, to what I'm bullish about this week,

Starting point is 01:22:15 because that's what you were bullish about. Just meeting one of your idols, Gary Kasparov. I am bullish on podcasts in general. Oh, yeah? That's good. Yes. So I've been doing some podcast binging. I know some of your favorite podcasts, but I probably don't know all of them, David.

Starting point is 01:22:30 But, like, Lex Friedman, I listen to a lot. Sam Harris. I listen to it all a lot. I think podcasts are like the only digital media source that is somehow not yet a slave to the algorithm. And what I mean is like podcasts aren't like timeline sorted, right? You have to actively go and subscribe to a podcast. And this makes it a very unique media form.

Starting point is 01:22:57 Like all of the RSS feeds are self-sovereign. They're not hosted by anyone. You can select whatever podcast player you want. And so much of the time, like I, all of the media that we see is just arguing. It's like, like, they call it debates, but it's mostly people talking past each other. And like all sorts of, like we're all siloed in these algorithmic information bubbles. And podcasts, to me, at least the ones I listen to, are like a breath of fresh air. Like Lex Friedman will actually have a conversation with somebody who actually listen to the other person.

Starting point is 01:23:32 try to understand what they're saying, right? Rather than just freaking like, optimize for the algorithm, yeah. Yeah, optimize for the algorithm. It's like a deep, rich conversation. And I'm just glad that we've preserved this because I feel like in this hollow world, going back to what Ben Hunt was talking about,

Starting point is 01:23:50 there's just all this hollow media out there and podcasts have not yet succumb to that. So I was just appreciative, and I'm bullish of podcasts themselves. You said earlier in the episode, If you want to start a war, start a podcast. If you want to start a movement, maybe that's another way, a revolution, start a podcast. And you know why this works so well?

Starting point is 01:24:11 And then how this is related is RSS feeds are a decentralized technology. They totally are, dude. It's like TCPIP, SMS, and RSS. Yeah. So anyway, bullish on podcasts in general. This is why we love this forum. I mean, we put our stuff out on YouTube. YouTube's important.

Starting point is 01:24:28 We're doing like, you know, channels for it. But like, we will always have a podcast. a podcast. Like, it's just a pure, it's a fantastic, you can't stop us. It's a fantastic form of communication. And David, you taught me that because, you know, you got me into podcasts, man. I appreciate that. Thank you. It took me like four times, four messages to convince you to do a podcast. And as soon as that ball was rolling, it was off, off the races. I've long been a consumer, right? I didn't know that anyone would actually tune in and listen to us talk about crypto like every week. But this, this is, I guess also a,

Starting point is 01:25:02 question to the bankless nation is what podcast do you guys like what do you recommend who should we listen to as well i want to leave a comment drop a comment in the comment section yes leave the comment in the comment in the section um all right meme of the week time you ready for this that's that meme in the week we got two memes of the week this week this week uh so this one is uh titled this time is different and in this is the weak doge versus very strong buff doge meme so you got the weak doge in 2008 saying, oohf, 2008, we made some bad loans. And in 2022, we have ripped very strong doge.

Starting point is 01:25:36 And that caption is, the global economy is a gigantic Ponzi scheme. Yeah, things seem worse this time around. Is this what this is implying? Yeah. It's like, oh, 2008, that's cute. The entire global economy is a Ponzi. Different order of magnitude we're dealing with in these 2020s.

Starting point is 01:25:55 And I thought this one was a nice continuation. So this is a cartoon illustration of what is a Wall Street banker with a suit and tie, standing on top of a pile of money pointing down at a lady holding a Bitcoin sign. And this banker is saying, your Ponzi scheme is killing the environment. And I thought that that was just a nice way to round this meme of the week off. Yeah. I guess it's just a matter of preference in terms of which Ponzi do you prefer because it's all Ponzi's all the way down. That's what it seems like, David.

Starting point is 01:26:23 Yes. Yeah. All right. Well, this is the time to remind folks, after we just talked about Ponzi, that crypto is risky. All right, you can lose what you put in. So is Bitcoin, so is Eith. So is Defi.

Starting point is 01:26:36 This is definitely not for the faint of heart. It's not for everyone, but we're glad you're with us on the bankless journey. Thanks a lot. Hey, we hope you 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. podcast and community as a bankless premium subscriber to get the most out of your bankless

Starting point is 01:27:02 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 to become a bankless premium subscriber today. Also, don't forget to subscribe to the channel for in-depth interviews with industry leaders, ask me anythings, and weekly roll-ups where we summarize the week and crypto and other fantastic content. Thanks everyone for watching and being on the journey as we build out the bankless nation.

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