Bankless - ROLLUP: NEW Apple NFT Policy | ETH is Ultra Sound Money | Lord of the Rings NFTs | Elon Twitter | FTX Stable

Starting point is 00:00:12 Bankless Nation, happy fourth Friday of October. This is the Friday before Halloween. What time is it? Oh, 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 this week, while we're persevering into the frontier, we're doing it in spooky fashion. In spooky fashion. This is, as is tradition on Bankless, at least we did this last year,

Starting point is 00:00:39 neither David nor myself have seen each other's costumes. yet we dressed up in costume for this roll-up. Now, I have not seen what this man looks like. He has not seen what I look like. He says this costume is kind of dressed up, but in a few minutes, a few moments, rather, we're going to do the reveal. We're going to turn the camera on

Starting point is 00:01:00 and see how spooky you really are, David. Can you tell me about your costume? So what kind of prep work went into this? I'll tease a little bit right now. You, Ryan, actually, are not going to see. my costume. What? Yeah.

Starting point is 00:01:16 Okay. That will be obvious to you when I turn on my camera. What's your costume inspired by? Oh, it's an NFT. It's my favorite NFT. It's your favorite NFT. Yeah. You're not a dick butt, are you?

Starting point is 00:01:30 That's going to start with crypto. That'd be so weird, dude. I'm glad I'm not having to see that if that's what you are. So my costume was inspired by some recent events, that's all I'll say. Oh, I fucking know. I know where you are. I know you are.

Starting point is 00:01:45 You ready? On the count of three. Let's phrase start video. One, two, three. What's up, David? It's me. Oh my God. Your favorite crypto YouTube influencer.

Starting point is 00:02:00 This looks like some kind of a like bondage thing we're about to do here. I've got one of these weird like green spandex suits on. But what you're not seeing is I am a green screen. And so Luke is going to put my crypto dick butt over me. No, he's not. That's, I knew it. So you actually can't see my costume because you just see the green screen. Oh my God, dude.

Starting point is 00:02:25 This is weird. This is weird. I'm proud of you for figuring out your background. This background? Oh, wait, you just put that into Zoom. Yeah, that's just in Zoom. It's easy. It's easy.

Starting point is 00:02:35 Screenshot a bit boy, done. Oh, my God. Excuse me. I revealed inspired by a crypto influencer. It's all I'll say. This is not about an individual at all. But notice I'm not wearing glasses. You're not wearing glasses.

Starting point is 00:02:47 Glasses are absent. No glasses, man. Dude, well, should we do this? I have no idea how Luke is going to layer on my crypto dick butt onto my green screen spandex suit. I actually have no idea how you're supposed to see. Like, are those like... Yeah, I had to cut out little eye holes for be able to do this.

Starting point is 00:03:09 I let me tell you, I'm going to be extremely frustrated. frustrated like one hour into this weekly roll-up. I already got you to get this thing off. It's going to be super hot, sweaty. The grossest roll of ever. I can't smile, by the way, because every time I do it, like, it chase my beard. Yeah.

Starting point is 00:03:25 Yeah, this is why you don't have a beard, IRL. Be somber. Yeah, that's the reason. That's the reason. That's the reason. Okay, topics of the week. David, let's give the people what they really want. They're not here for the costumes. They're here for the content, all right?

Starting point is 00:03:38 They're here for the not financial advice part of Thank you. Number one, we've got to talk about ETH being almost deflationary. This is so weird. I can't see your facial reactions. So we're just going with it. Number two, Apple is being real sketchy with NFTs, David. It seems like they want to sterilize them. It's kind of weird. And what else we got, David? And Lord of the Rings, NFTs? Hmm. We're going to see how that lands with the community. Do you think, Ryan, Lord of the Rings fans are also NFT enjoyers? I think there's a high overlap there, but I almost want to buy one, but I'm not going to, and we'll talk about why. When we get to that section, yeah. But before we get in, got to talk about our super serious friends and sponsors. This is a serious tool that you want to use.

Starting point is 00:04:27 It is called push. The push application. So what this does is it reads your on-chain, it reads on-chain data and alerts you to events. So there's all sorts of things if you're a crypto-native that you have to like, remember to do, right? When does your collateral go underwater, for instance, or is your buy set for a specific price point, or is your ENS name about to renew? Rather than having to, like, write these in a calendar or something, you need to be alerted for these on-chain events, and that is exactly what push does. What are we looking at on screen here? Oh, we're just looking at all the various notifications that you could be notified by. So snapshot votes, of course, maker-dow governance decisions, wrecked the dark web of defyed journalism whenever they release an article. But you could imagine so much more as the world of the metaverse gets built out

Starting point is 00:05:17 that you might need to be notified about what's going on in the metaverse. Part of the metaverse is that it is persistent, as in it goes on whether you are in it or not. And so push can notify you by sending push notifications right to where you see them, which is your phone. And so you can either sign up for push as a push notification receiver or as a push notification pusher, regardless of whether you're on the receiving or giving end of push. So check out the link in the show notes.

Starting point is 00:05:47 All right, guys. Ryan, you just are cracking up this whole entire time. No, I just can't have the smile off your face. I'm just subscribing, all right? I'm just subscribing all these opt-ins things in push right now. David, you know your voice sounds a little muffled? And if it does bankless listeners, that's because David is literally wearing a spandex mask over his mouth. You probably can't see that.

Starting point is 00:06:05 There's no body. There is no body. I have to also move the microphone so it's not in front of my body so that the green screen. All right. Let's get in the market, David. It was a good week. It was a good week. Yeah.

Starting point is 00:06:21 What is Bitcoin price looking at right now? Bitcoin started the week at $19,250. It went up 7% to $20,600. Very impressive, 7%. Well done Bitcoin. We love it. We love it. That's super impressive.

Starting point is 00:06:35 We're going to talk about why. maybe in a minute. How about Eath? What's that doing for us? Eith went up 19.2%. What? 19.2%. You don't get those very often. Start of the week at $1,300, ending the week where we are right now at $1550. $1,500. So fantastic week for Eith. Almost a 20% up week. That's a big, big, big. And I'm wondering if this is kind of the, like, less supply on the market, you know, taking shape in that it's like when it goes up, it just It goes up in a hurry.

Starting point is 00:07:06 That was my take as well. I don't know if we're ever going to be able to say that this is because of the burn like with 100% level of confidence. Sure. But we were saying it before that when ether does go up, it's going to go up more aggressively because of the supply restriction out of EIP-1559 and the proof of stake merge. All we need is like crypto-yutuber confidence. That's all we need.

Starting point is 00:07:29 So, yeah, 100%. 100. 10,000% because we are fighting for you okay this is not about us we are fighting for you i hope you guys understand this uh let's not about the money for me let's talk about the single largest liquidation event in ftx history and the runner-up isn't even closed that happened last week a 600 million dollar liquidation event that's because people weren't ready for this big leg up what are we looking at here David. Yeah, we're looking at the crypto prices. We're also looking at on the bottom here,

Starting point is 00:08:07 the aggregation liquidations of all, the global average of liquidations. And there is just this massive green candle implying massive liquidations. And so a lot of bears were shorting crypto, shorting ether, shorting Bitcoin. And when it went, when those prices went up a little bit, we saw a cascading liquidation to the upside, the way that we like it to go. And so there was a short squeeze. So big short squeeze to the tune of $600 million of shorts liquidated. And that's why crypto prices moved so violently. Too many people were bearish. Can you tell me why you would do? Like you're you're a brave, you're a brave man. You're a brave individual, David. But like, would you ever have the balls to like short crypto?

Starting point is 00:08:50 I never. I would never ever short anything. Even like even Tara Luna while it was going down. I was like, I can short that. This thing's going to collapse. But like no. Like there's like crypto. is so irrational, it doesn't make any sense to short. Well, I think some traders learned that. And it wasn't just the 600 million on FTCS. It was crypto traders hit by 1.2 billion worth of short liquidations. And that was earlier this week. So a pretty harsh lesson. This is the reason you don't go margin and you never short crypto, of course, not financial advice, life advice. ETH Bitcoin on the ratio, that's got to have a good week. What are we looking at here? Yeah, ETH is up 11.5% versus Bitcoin. we are coming into the tune of 0.0753.

Starting point is 00:09:35 That ratio would be good. How's your ratio bet holding up, David? Well, it was red before this week, and now it's green. Huh, nice. Good to be green. I definitely could have opened that trade a more opportune opportunity, but over the long term, I just don't care. It's kind of funny. You kind of look like a big green candle right now. If you just like tuck your arms in, hold your arms in.

Starting point is 00:09:58 David is a big green candle right now. Well, no, they can't see that. They just see Dickpot. Oh, man. Well, I'll have to screenshot this for everyone else. Let's like some charts, though. A few coins of note this week. The first is, actually, first let's get a crypto market cap. Are we above a trillion? Yeah, we are above a trillion. One point zero four trillion dollars. We are now, once again, measuring the total crypto market cap with a T instead of a B, which makes me feel good. We love the T's. All right, some charts. Let's look at Aptose. Why'd you want to show us Aptose today, David?

Starting point is 00:10:27 Because it's on the menu. It's on the list. It's on Coin Gecko. Aptos is there trading at $1.0.1.000 billion dollars with a fully diluted valuation of $9.2 billion. So Ryan, are you kidding me? It's almost worth $10 billion? It's almost with $10 billion. So you wonder why there's like all of these VCs are always doing these like Alt Layer 1 like Ethereum killers. And now Aptos is like the Salana killer. And maybe eventually there'll be the Aptos killer. It's because these things keep on coming to market at billions of dollars. So it doesn't matter that they're doing like these $300 million seed rounds. The VCs have to do it because it works. It works every time, every cycle. Every time. With almost like it works in like it seems like

Starting point is 00:11:14 one out of 10 layer one bets. I don't know. I just pulled that number out of nowhere. But like it works a lot of the time. Yeah, it works too much of the time. Such that you're, if you're a rational VC, you almost have to take these bets. Yeah. Dogecoin. What's Doge coin? Doge coin is up 30% on the week. I think it's actually the winner of the week over the seven-day period. Why?

Starting point is 00:11:35 That's it. I'm so glad you asked, Ryan. It's because Elon Musk bought Twitter. That deal is going through. And so Elon Musk, the pumper of Doge, is now the CEO leader of Twitter. And so as a result, Doge goes from six cents to where it is now at a little over seven and a half cents. So up 30 something percent. Did you see that picture of him, like, walking to the Twitter offices?

Starting point is 00:11:57 Yeah, it was a big ass sink. A kitchen sink. Why was he doing that? I think it was some joke of like, you know, I threw in everything, but even the kitchen sink, something like this. And so he showed up with a sink, you know, for the memes. And Doge itself is a meme coin. So, you know, look at that.

Starting point is 00:12:15 I don't understand it. Eith. And Eith, of course, the big one. Yeah, the number one biggest increase in total crypto market cap came from Eith. So over the seven-day period, like we said, up almost 20%. I'm just looking at the charts and looking at these lows when we were down in the 900s. That was back in June. So a few months ago now.

Starting point is 00:12:37 I'm going to once again flex my bottom tick buy of $897, which doesn't even show up as a low on the coin gecko chart. Like, you just have to take the dub on that one. You know what? I'm going to let you flex that because I respect that. I respect that, David. That was definitely a good buy. I think it could hold up. But there's a big question we're going to get to is have we seen the bottom yet.

Starting point is 00:12:58 But before we do, let's talk about meta. Has meta seen the bottom, David? Meta had an absolutely, this is of course Facebook, formerly Facebook now called Meta. We don't talk about stocks often, but this is notable. If you bought $10,000 worth of meta seven years ago, you would now have $9,546 for the astute listeners. That is less than $10,000 over a seven-year period of time. pretty big miss. Pretty rough.

Starting point is 00:13:28 And earnings came out yesterday. I don't know if you caught some of that, but basically the TLDR is like all of this investment in the Metaverse, not yet paying off. There are other contributing factors to poor earnings, but big losses not paying off yet. You have any other takes here? No, that sounds about right.

Starting point is 00:13:44 But I think if you would expect like, hey, if you're going to invest in the Metaverse, when we literally invented this Metaverse word like a year ago in terms of like investability and infrastructure, Like, you'd expect to take losses early in order to be able to profit and harvest later. So, like, that shouldn't come out as a big surprise. Dude, if it goes down another 25%, this tree is saying, it will be less than the market cap of Ethereum. So Ethereum will flip in meta.

Starting point is 00:14:09 Yeah, meta right now is worth less than Home Depot. Wow, really? Yeah. Yikes. Well. Which kind of makes sense in, like, this whole era of the macro economy, like, commodities, real-world stuff. like building actual housing, makes sense that Home Depot would have like a good valuation versus Metaverse right now.

Starting point is 00:14:31 Yeah, I can't take advice looking at you right now for me in the suit. But yes, I'm going to agree. You're bit boy, bro. How can't take advice from you? I'm a generic crypto influencer. And by the way, thousands of people take advice from crypto influencers. Millions, might I add.

Starting point is 00:14:47 You should see my follower accounts. The big question, though, David, I think the people want to know is, have we bottomed yet? This is a article from Zero Hedge from Drucken Miller, Stanley Drucken Miller, a decade of no returns, he says, is the title of this. And this is based on Druckenmiller's recent comments.

Starting point is 00:15:09 Here's one quote from him. There's a high probability in my mind that the market, at best, is going to be kind of flat for 10 years, sort of like 1966 to 82 time period. This is sort of not just Drucken Miller saying this, but a lot of macro thought leaders saying this as well, that basically we could be in for a flat decade,

Starting point is 00:15:30 a flat or maybe a down decade. And primarily they're talking about, like, bonds, of course, but also equities. And so there's that idea. What do you think of that idea generally? And then we can give kind of the counterpoint to this. When we talk to Lynn Alden and we try to get, hey, Lynn Alden, we're confused and scared. Will you help us, like, tell a story about the history of

Starting point is 00:15:52 stuff and she like pulls in like well this part of this macro world looks like this decade this part of the macro world looks like that decade i think that's what stanley drachamiller is doing is saying like hey like inflation let's go backwards a few decades and say hey let's go you know look at the last time there was inflation and like the stock market didn't move for over a decade i think that's what he's doing um and i think just the broader question is does history rhyme and to and to what degree uh i think the other more relevant question is does how much does crypto get caught up in that Yeah. Yeah. And like we're definitely coupled to macro now, but like we were also coupled to macro. People don't really talk about this often, but we were also coupled to macro in 2018 when crypto prices crashed. Like interest rates were going up in 2018. And then over time, we had the bear market. We had the crypto bear market. Also called the build market. And eventually what happened was that we built so much that we just forced our own decoupling during defy summer. I guess it wasn't totally decoupling because that's also when like steaming. checks were going out. But like it did,

Starting point is 00:16:55 crypto did decouple and like move away from the stock market. So at some point like building crypto will just take over and there's no way that crypto can have like a 10 year flat market because we build too fast. Like stuff happens too quickly. So there's, I think two questions here. So, you know, one question is, is Druck and Miller right about this being the decade of no returns? And the second question is how could that affect crypto if he is right. This is a Vance Spencer's take from framework. What if the Dumeers are wrong? What if the macro podcasters are just relishing in their 50 minutes of fame, run for your life, Annon? I think the take here is like good news or bad news tends to kind of spread virally and crowd out

Starting point is 00:17:38 good news. And sometimes you can be seen as more of an expert if you're predicting, you know, chaos and negative things than in predicting bullishness. And Vance is just like saying, what if everyone's wrong about this? It's almost like Drucken Miller has kind of become a consensus view. There's a question of what if macro is wrong. But then there's also a question of like macro, Druck and Miller could be right on macro, Vance could be right on macro, but like how do you prepare for either case?

Starting point is 00:18:06 And crypto podcast, we are crypto bullish, obviously. But like, do you know what seems pretty compelling is the asset class of crypto? Because it is different than equities. It is also different, of course, than bonds. that it is a type of commodity money whose issuance is decreasing over time. It's actually deflating. And so as long as digital like block space demand increases on something like Ethereum and supply goes down, I think it stands in contrast to other assets, even equities in the market. And so I do really am very optimistic. Even if Drucken Miller is right, I think we will see

Starting point is 00:18:44 a decoupling of macro from crypto at some point during this decade. And that could be an absolutely massive decoupling event too. So I'm still super bullish on the, called the crypto barbell strategy, where you have your crypto, and that's a large majority of your investments. And then you have super safe assets, like dollars, for instance,

Starting point is 00:19:04 like stable coins and crypto. Two start at the bar. Yeah, and then like nothing in the middle. That's my favorite way to approach these markets. Of course, not financial advice, but we'll see what happens next. David, B-USD, the stable coins. The Binance stablecoin. It's on a tear. What's happening here?

Starting point is 00:19:21 Just the total supply is going up. It's crossed $20 billion this month for the first time ever, and now owns more than 15% of all stable coin market share. And according to some data out of the block here, BUSD accounts for 22% of stable coin trading pair volumes. So, Binance, USD, planting a flag. It's here to stay. It's interesting to see who it's taking away from. A little bit of USDC. It looks like, it's taking away from, that's the pink here, DC. And then the bottom, this sort of purple blue is USDT. So it's taking a little bit from USC and a little bit from tether in order to carve out that market share.

Starting point is 00:20:00 Well, that makes sense. We'll do the two other big ones. Wall Street Journal. This is a headline. Andresen Horowitz, A16Z, went all in on crypto at the worst possible time. What do you make of this headline and what's the articles say? Yeah, it's basically just kind of a recap of the state of A16Z's crypto fund thus far. 16 Z, of course, raised $4.5 billion, the largest ever fund to raise anything for crypto ever.

Starting point is 00:20:26 And then it's, but the line here is that the crypto fund has shed 40%, 40%, 40% of its value in the first half of this year. According to people familiar with the matter, says the article. Basically, they deployed a lot of capital at the top. And they says, despite, they still have a ton of cash. And they say, despite the record cash pile, A16Z, and Dreson has dramatically slowed the pace of its crypto investments this year. Mainly, I think what we're really saying is we're just seeing, like, trad media reporting that A16 Z crypto's down bad.

Starting point is 00:20:58 But I think there's no way that all of A16Z was allocating during 2021, where valuations were extremely overpriced without knowing that. It's not like, oh, like, a pitch deck for $100 million valuation. Like, they're smart people at A16C. They kind of know that they were allocating at the top. and I think they're ready to take that. Well, what's funny to me is it's down 40% in crypto. I'm like, I consider that a win.

Starting point is 00:21:26 Well done. Only down 2040%. Yeah, Ether and Bitcoin are down like 85% at the bottom, right? Yeah, it's funny how these headlines come out at these times. All right, guys, we got a lot coming up next. David, what is happening next in the roll-up? Ether, almost ultra-sound, by the time you are listening to this. We're going to continue a little bit of the conversation of,

Starting point is 00:21:47 inflation versus deflation when it comes to ether. And also talk about the security spend over the last 40 days because those numbers get me real excited. And then also as well, Apple wants to sterilize your NFTs. What the hell does that mean? And PayPal continuing to be shady.

Starting point is 00:22:03 So we'll get to all these conversations and more. Ryan, do you know why? You know why? Last year, I painted my crypto punk onto my face. Yeah. And I wore the hat and I actually was my crypto punk. Yeah. You know why I had to do the green screen thing this year?

Starting point is 00:22:17 Because why? Because my crypto dickbutt's naked. You weren't willing to do that for the podcast. Well, what would I do? I have my crypto dick butt. Here I am without a shirt. No, I couldn't do that. I don't know.

Starting point is 00:22:32 Whatever it takes for the views. That's what a crypto influencer would do. If you're a real YouTuber, it's all about those views, David. All right, guys. We'll be right back with more. First, we're going to get to these sponsors. Arbitrum 1 is pioneering the world of secure Ethereum scalability and is continuing to accelerate the Web 3 landscape.

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Starting point is 00:24:37 What are we waiting for? We're, of course looking at our favorite website, ultrasound.money. We're not there yet, but we're so close. The trajectory looks really strong. Ether since the merge 42 days ago has issued 0.009% inflation. That is a total supply of new, net new total supply of 1,200. I actually saw it down to as low as 950 ether since the merge yesterday. So over 42 days, about 1,000 ether has been issued to pay for Ethereum security.

Starting point is 00:25:12 Just 1,000 ether, less than 0.01. percent. So we are so close. When's it going to happen? Look, it's kind of like, you know, going up and down on the bottom here. When's it going to happen? It's real, it's real teasing us. I put out a tweet yesterday saying today's today's the day, but like the gas feeds are just only barely above the threshold. So we were burning just a little bit so this could carry on a little bit. But I mean, the trajectory is so good, right? But is this a new glasses emoji on the current supply? I think that is. Wait, what? Do you know nothing triggers me more than glass. is David.

Starting point is 00:25:48 Nothing. That guy wearing his goddamn glasses. The current supply of the shenanigans? What happens

Starting point is 00:25:56 when you click it? I have no idea. It's just glasses. So triggering. It's kind of elite banker money that's what we've fallen for. You tweeted something

Starting point is 00:26:08 about this. Let me read your tweet. Ethereum has spent just $2.3 million on security of the last 40 days because of how efficient proof of stake is, that 2.3 million of costs produced 13.5 billion of security. So that's a pretty good ROI. What are we talking about here?

Starting point is 00:26:27 Yeah, so that number is actually lower now because we burnt more ether since that time. We were actually at $1.8 million spent on security over the last 42 days. And that produced $13.5 billion of security. That $13.5 billion of the security, of course, is the amount of ether that is staked to the Ethereum network that you would have to slash. So that is actually only 66% of the value of all staked ether, because if you want to go backwards on Ethereum, if you want to do a 51% attack, basically you have to slash two-thirds of all ether. This is a crazy stat, man. I can't believe it. That $13.5 billion is two-thirds of the amount of the ether staked to Ethereum.

Starting point is 00:27:06 And we are incentivizing that third to that, which is actually, so like total $20 billion of ether is being staked, give or take. And that $20 billion of security is coming. coming just from $1.8 million of issuance over 42 days. You want to see something crazy, Ryan? Yeah. Scroll down and just read the comments on this. Such a wild stat.

Starting point is 00:27:28 I was, well, okay, that's Victor Bunen. That's like the one positive comment. If you scroll down, I got into, I got into triggers and bickorner. And so the bickhorns just brigated this tweet thread. Oh, really? And now they're all of this making fun of me. Ultra sale and lost nearly 33 million in exploits in the last 30 days. What are you talking about?

Starting point is 00:27:46 with apples or oranges. Ethereum. That's not even relevant. Yeah. So this tweet just got like absolutely brigaded by Bitcoin maxis because they did not like this at all. Effing buffoon. Oh,

Starting point is 00:27:57 I agree with that one, dude. Any comments on OFAC compliance? A monetary policy that can change on a whim is definitely not ultra sound money. Educate yourself. Oh well. I guess some people will see over time. And so here's my take about this.

Starting point is 00:28:12 So we've been talking about the global macro like world right now. we've been calling it war time economies, right? Wartime economies is where the United States is going to inflate the dollar in order to pay for the assurances that Ukraine win the war in Russia. We are inflating the dollar. We're going to subsidize energy in Europe so that Europe doesn't have to pay Russia money to heat Europe. So we're going to inflate the dollar as a result of that.

Starting point is 00:28:42 What wartime economies means to me, Ryan, is that we have these warring, nations that are throwing their fiat currencies at each other, trying to win an economic war against each other, and that comes at the loss of the value of the currency. They are trying to out-expend their economic opponents. Europe is trying to secure the European economy. The United States is trying to secure the American economy. We're trying to end the war. We're trying to end the war in Ukraine by just spending more than Russia. And we're trying to do that so we don't have to you don't have to engage with the Russian economy. And so we're just throwing our currencies at each other.

Starting point is 00:29:19 That's what wartime currencies are. Wars are expensive. Wars are expensive. And the result is a currency inflation and a tax on savers. The people that are basically footing the bill for these wartime economies are bondholders. In stark contrast to ether and the ETH stake rate, Ethereum has no wars. We have very minimal expenditures and we only have savings. And so these things cannot be polar opposites of each other.

Starting point is 00:29:43 Ethereum does one thing and secure the Ethereum economy. The United States nation does many, many things, and it does those things as a loss for the value of the dollar because we're trying to secure more than just the United States economy. And so the contrast here, I think, could not be stronger. Well, this is why, like, I think the ether as an internet bond is going to kind of take off versus sovereign debt. Like, sovereign debt is bonds the debt of nations, right?

Starting point is 00:30:11 And that's what's kind of spiraling out of control. But when you can, instead of buying a sovereign debt, buy an internet bond, non-sovereign debt, right? Or crypto network secured debt, essentially. That's an entirely new asset class. And that's what I mean when we're talking about Druckin-Miller kind of like the flat decade. This is where crypto, I think, could really start to you outpace all of the other assets, equities that are kind of based on nation-state economies and then bonds themselves, of course, are totally tied into nation-state economies.

Starting point is 00:30:41 and then here's a new internet-native network-state economy like Ethereum, and it has completely different economics. It's just going to out-compete them as an asset class. That's at least, I think, a possible prediction for how this turns out. David, we got some weird news coming out of Apple. Here's the headline. Apple refuses to exempt NFTs from the app stores 30% fee. So dealing with another gatekeeper, not the banks this time,

Starting point is 00:31:10 but a big tech gatekeeper. The Apple platform, of course, takes a 30% cut on all app store-related fees. So any app that generates a fee, Apple gets their 30% and they say, hey, crypto should be the exact same.

Starting point is 00:31:25 What's going on with this story? Yeah, there's just a number of rules that Apple has placed. So Apple, apps, excuse me, apps may use in-app purchase to sell and sell services related to non-fundgible tokens, such as minting, listing, and transferring.

Starting point is 00:31:40 Okay, cool. so we can sell NFTs inside of the app store. Great. Except for we have to pay them 30%. Apps may allow viewers to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Okay, so if your NFT does something, it better not do that thing inside of the app store.

Starting point is 00:32:02 And then lastly, apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct. customers through purchasing mechanisms other than the in-app purchase. This is like nation-state capital controls, except it's the Apple ecosystem. Monopoly, basically. It's a monopoly. It's a monopoly.

Starting point is 00:32:23 And they're saying, like, hey, all your taxes belong to us. No commerce shall happen on an Apple device that Apple does not receive a tax on. And that tax is 30%. What's interesting here is like, the posture is like, we're not going to ban NFTs, guys. This is, we're not going to ban NFTs, all right. All we're doing is imposing our regular 30% tax on NFTs. Oh, and by the way, they can't actually do anything. So they can't unlock, they can't have any utility inside of the application.

Starting point is 00:32:53 It just has to be a JPEG, like a pretty picture or something like this, a collectible of some for it. And then we'll allow you to do that, right? It's completely permission. You can view them, yeah. It feels very much like, do you know how Josh Rosenthal, the Crypto Renaissance podcast. It talked about how we are like from a digital perspective living in almost feudal times. Yeah. It's like we don't own any of our own property. We have to ask permission to live. Yeah, big Silicon Valley tech companies are the landlords, right? We are the

Starting point is 00:33:23 plebs. We are the serfs that work their land. And we just accept it. You just accept it. Just take it. Like this does not work. And I'm, I'm so hopeful that Web3 and Crypto will disrupt this monopoly. The pushback on this was really, really strong. And so this is a tweet that with a screenshot says. With Apple's new rules, social networking apps like Facebook, Instagram, Twitter that allow companies to buy boosts for social media posts must use in-app purchases for these transactions. This means when an advertiser wants to boost a post on a social network like Facebook or Twitter using an iOS device, Facebook will be required to give Apple a 30% a 30%. So this is not only like Apple going off to the users and say, hey, users pay a 30% but also going off to Zuckerberg and say, Zuckerberg, you pay Apple. 30% to access anyone that has an iPhone. Wow. So the feudal lords battling the other feudal

Starting point is 00:34:14 lords there as well. What's this tweet from Tim Sweeney? To cryptocurrency enthusiasts, this means Apple is now adding a 30% tax on your so-called true ownership of digital goods. To cryptocurrency distractors, detractors. This shows Apple's motivations are only money. For digital items, they don't support NFTs, they tax. They ban NFTs they don't tax. Yeah. So how do we get out of this, David? Is crypto need to build its own phones? We need our own app store. Do we need to fork Android? Do you know the Salana phone? The Salana people were all up in arms. This was one gigantic advertisement to the whole Salana phone, Solana I like his operating system. The concept. Yeah. And kind of like why they said, justification as to why they need to do this in the first place. So like you got to hand it to them. This is exactly what they were talking about when they made that whole Salana phone to begin with.

Starting point is 00:35:00 I feel like a forked version of the Android maybe is another path to take. But ultimately I think competitive forces will require that. Apple reverse courses reverse course here but we'll see how that plays out it basically goes against the entire nfti industry it does um let's talk about PayPal this is uh do you remember it is a few roll-ups ago remember that thing where PayPal updated their terms of service so they could steal like 2,500 from your account if you have a PayPal account uh they updated their terms of service to say that if you said something they don't like for example for any reason if you verbalize anything that violates their terms of service exactly um and then people got really upset on Twitter about this and kind of media, and they called PayPal

Starting point is 00:35:44 Alfred. PayPal was like, no, no, that was a mistake. Just kidding. We didn't actually add that to the terms. That was a mistake. Don't know how that got out, and they removed it from their terms. Well, last week, they just added this language back in. With no change.

Starting point is 00:36:00 The world wasn't looking. I guess everyone was obsessed with Kanye and like no one was looking. And then this is the terms that they added. the promotion of hate, violence, racial, or other forms of intolerance that is discriminatory gives them essentially the ability to withdraw $2,500 from your bank account. Here's the thing, Dave. It's like, how crazy is this? Like, we have to, I mean, how often have you read your bank's terms of services, right?

Starting point is 00:36:28 Or PayPal's terms of services? Or do you keep up with every update when they release a new terms of service? Absolutely not. No one does. It's impossible. That would be drowning. and that would be, that would be, if I did that, if you read every single terms of service, that would be like a mental disorder and you would need to get help.

Starting point is 00:36:43 For sure. And like also, it'd be like a full time, like you don't, there's not even the capacity to do it. It would suck up your entire life. That's how broken it is. I loved a tweet from one commenter who said, where are the immutable terms of service? We can't stay up to date with all the terms of service of the millions of services we use daily. Yeah, particularly banks. Where are the immutable terms of services? David, that's what crypto is. Is that what a, smart contract is. That's what a smart contract is. It's an immutable terms of service where no one can go back and reverse things on you or while you're not looking, change the rules to withdraw 2,500 from your eth address when you're not looking. That's impossible. We have immutable terms of

Starting point is 00:37:23 service. This is why we go bankless. And whether PayPal plays the game of removing it again and it was like just kidding or like it's not really what we meant, how can we trust them? Right. Like how can we trust any banks not to slip these sorts of things in when the opportunity arises. This is why we go bankless. Yeah. And in contrast to terms of service, which is like, you know, 10,000 pages of mostly legal speak, a smart contract, even though like I can't read a smart contract, I don't read code, at least a smart contract is like the minimum viable lines of code needed to do something. So at least they're not adding in and layering in fluff on fluff on legal speak, right? It's extremely precise. It's not subjective.

Starting point is 00:38:03 It can't be settled in courts. And we know any smart contract, unless it's programmed to explicitly withdraw money from your account, it's not going to. It can't. It doesn't have the ability to, nor to update those terms. I would imagine our social media editors, Ryan, like might cut this clip particularly, just like, and just with the line, this is why you go bankless about what we're talking about. Yeah.

Starting point is 00:38:23 And then our costumes are just on Twitter while we're talking about this with no context. Absolutely zero context. This is why you go bankless. The crazy people in costumes are telling you. I feel like, wait, who the hell are these people? I didn't know if I was a Twitter account. This is a serious podcast. All right.

Starting point is 00:38:36 Once a year we do this. Only once a year. It's not costumes every week. This is your first bank lists. We do not dress like this every single week. But David, what do we have coming up next? Some super serious topics. What are they?

Starting point is 00:38:45 Maker Dow had a vote to go either with Rune Christensen's end game or go against it. Mad King Rune is back. Or does their broad community support? We'll have to figure that one out. Also, Lord of the Rings, NFTs, exciting or dud. We'll see what Lord of the Rings and Warner Brothers is doing in Web3. And also, FTX stablecoin? What do you think the FTX stablecoin ticker would be called, Ryan?

Starting point is 00:39:10 FUSC? No. FUSC, FUST. They should. They should. Anyways, all of these conversations and more, right after we get to some of these fantastic sponsors that make the show possible. The Brave wallet is your secure, multi-chain on-ramp into Web3,

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Starting point is 00:41:05 or launch your own portfolio at TruFi.io. DevCon 6, which was, of course, a little over a week ago, but all my interviews are out now. So the DevCon 6 experience, if you want to catch up on DevCon and feel like you didn't miss a beat, all of my DevCon videos are interviews with Vitalik, Dancrad, Justin Drake, Kevin O'Waki,

Starting point is 00:41:26 IMAGuchi, Peter from Geh. The first interview I've ever seen from Peter? These are the protocol devs, yeah. These are the protocol devs. All of these interviews, they're between 10 to 20 minutes long, just bite-sized interviews to catch you up with what happened at DevCon. So don't miss out on DevCon. A bunch of cool stuff happens.

Starting point is 00:41:42 Where's that? That's on YouTube. It's also on the RSS feed, though, right? It's also on the RSS feed. So either way, wherever you're listening to this, they are where you are listening to them. I listen to the Vitalik one. I can't wait to listen to others. DevCon, 6, right?

Starting point is 00:41:55 Because this is Roman numeral. Yes, I missed up my Roman numerals. It's been a while. Who knows? Who uses Roman numerals? anyway. Yeah, it's ridiculous. Yeah.

Starting point is 00:42:03 The fake number system. Okay. Maker Dow, they just, yeah, this is the maker Dow news we were talking about just before the break in two parts. So the first part is the community has approved Coinbase's proposal to custody up to $1.6 billion of USDC with Coinbase Prime. The reason they're doing that is to get a little bit of return on that money. It's interesting that that is all being custody, but I guess it also doesn't matter because it's USDC anyway.

Starting point is 00:42:28 So it's all Coinbase money at the end of the day. That's one part of the Maker news. What's the other part here? Yeah, the other part is the broad Maker-Dow member support of Rune Christensen's end-game plan to break up Maker-Dow into many, many, many meta-dows, smaller DAOs. This is an effort to make Maker-Dow more censorship-resistant, more decentralized, and definitely part of the reaction to tornado cash and some other just regulatory influences. But this has been, of course, controversial, because why?

Starting point is 00:43:00 there has been about 80% in support versus 20% against. 74% was Rune Christensen and all delegates to Rune Christensen. So it's a little bit that it's kind of Rune's way or the highway with how much broad support he has. But isn't the problem here like voter apathy? Like if people wanted to vote something else and just vote something else, it's not like he has all of that economic interest. I wouldn't necessarily call it voter apathy because if it was a bigger deal, then there'd be less apathy.

Starting point is 00:43:33 I think people are kind of just trusting with who they're delegating to. But there's been some controversy, so just it's really hard to outvote Rune. It's really, really hard to outvote Rune. This is HaZu, who is probably the leader of the no side of the end game plan, tweets out, the end game plan is an exceptionally bad proposal, and it's really sad for Maker that it passed the signal, shoved through by rune single-handedly in the face of strong and justified criticism how much of it will actually be implemented

Starting point is 00:44:02 remains to be seen. And so this is not, this is controversial. I would say there's not unanimous support by the maker community on the end game plan yet it went through anyways. Dow's are messy. Is that the takeaway here?

Starting point is 00:44:16 Dows are messy. Especially Maker Dow is especially messy. Yeah, I don't know like what side I'd fall on because it's like, honestly, it's gone beyond me in terms of the intricate details here, so I can't even give you a take here other than Dow's are kind of messing. We've got to fix governance. We've got to figure that out. Layer 2 community grants from the Ethereum Foundation. They are now open. What does this mean, David? Yeah, the Ethereum Foundation launching a grants

Starting point is 00:44:41 initiative to encourage research and development around the layer two applications, education, and ecosystem. That includes stuff like block explorers, compression technology, and just broad education. And so the grant ran has three quarters of $1 million, $750,000 in total grants available. Proposals are due in six weeks starting from a few days ago. So that will take us into December. And so if you have some sort of project and you want to make a proposal about it, no matter what phase of that project in, whether it's just an idea, proof of concept, work in progress, or fleshed out, doesn't matter.

Starting point is 00:45:17 You can submit your project to the EF's grant system. for 2022 layer twos. A lot of great projects that are in the grand system. ENSWROME, ENSWOP, of course. Meanwhile, in the NFT world, NFTs, Reddit NFTs, that is, are picking up steam

Starting point is 00:45:34 and it is definitely showing in the numbers. David, this is a tweet called The Flippening, and we're seeing what, King Reddit alien at the number one spot above Cryptopunks? Is that what just happened? Yeah, yeah, this is volume numbers of ETH traded for the Reddit avatars.

Starting point is 00:45:49 Coming in at 503 ether volume, I think over what must be a seven-day period, maybe a one-day period, versus Cryptopunks coming in number two at 378 Ether traded. This is on an open seat. I actually kind of didn't, this is actually completely unexpected to me

Starting point is 00:46:05 because I kind of thought that if you are collecting, like, Reddit digital collectibles on, like, Polygon, I don't, didn't think that you would be trading these things for a bunch of ether. And not only that, but like spooky season, Reddit collectible avatars coming in at number one, another Reddit collectible is coming at number four at 183.

Starting point is 00:46:27 And so these are actually poking themselves right into the defy NFT ecosystem on Polygon. This is it. Mihalo from Polygon says Reddit NFTs are an amazing example on a huge win for all of Web3, 3 million wallets, 99% unique users, $100 million market cap, and a native Reddit community. Organic, no crypto-twitrude noise and no price pumping. And all of this stuff is just, yeah, that's a good point. And it's all on Polygon.

Starting point is 00:46:50 So congrats to Polygon on this huge win. We thought Reddit was going to be on Arbitrum AnyTrust. What the hell happened there? Yeah, I don't know. But I can say as a crypto YouTube influencer, I'm pretty upset. I didn't get to pump this to these NFTs myself. Couldn't dump on your listeners, huh? That is upsetting because that is your business model.

Starting point is 00:47:09 Do you know, William Pister wrote a fantastic article. If you're looking to find out more, if you're a crypto native, you're not in the Reddit NFT scene, this is almost like we're translating, you know, Normy NFTs for crypto users. And this is, you could see it on Dune Analytics, David. Look at this graph. That's awesome. Reddit NFT usage, up into the right. Up into the right.

Starting point is 00:47:30 Anyway, go check it out if you want to read more about the Reddit collectible avatars, but it's really showing up in the numbers. And it's really cool that ETH is kind of the money for all of these systems as well. Yeah, that's nuts. Yeah, piercing into Normie's face. Speaking of which, Lord of the Rings, haven't you always wanted an NFT for Lord of the Rings? I actually haven't asked myself with that question. I mean, look, I'm a huge Lord of the Rings fans.

Starting point is 00:47:58 Did you watch any of the Rings of Power stuff? Yeah, yeah, they didn't capture my attention, but I watched a few episodes. Yeah, same here. It's not quite the same level. This is the OG, the original Lord of the Rings. And this looks like Warner Brothers is introducing a whole movie experience, a set of NFTs, a collection of NFTs. I think there's about 11,000 NFTs. here as part of their Web 3 movie push.

Starting point is 00:48:23 What's this about, David? If you go back to the first tweet, they are really leaning into the whole Web3 thing. So the tweet reads, introducing a hashtag Web3 movie experience. And like in the little promo trailer, like under the Warner Brothers logo, they have Web 3 in the actual animation.

Starting point is 00:48:42 And it's kind of confusing as to what that means. But it does look like some sort of immersive experience where you get to explore parts of the, the Lord of the Rings world. I don't know how you would do that. I guess with your TV remote, you would navigate it on your TV. It reminds me of those old weird, like,

Starting point is 00:49:01 DVD games that you would play. DVD menus. But, I mean, they're leaning into it and there are collectible things. I don't even know what you collect, but there are things that you can mint. There are NFTs that you can mint. Like what they actually are minting,

Starting point is 00:49:16 I don't really know. But the point is that they unlock things. So I'll read from the articles here. Users can pick from two options for the Lord of the Rings NFTs. There are the mystery conditions when users can randomly mint a common, uncommon, or rare NFT, respectively based on the Shire, Rivendell, and Mines of Moria locations in the film. Mining one of these NFTs also gives users access to the extended 4K version of the film, eight hours of special features and commentary, as well as location-specific images in AR collectibles.

Starting point is 00:49:45 This option contains 10,000 NFTs costing $30 each. So you get the movies, too. It's like, you get eight hours of content. So this is, this is a, this is an NFT access thing, uh, that gives you stuff. A new way to buy the DVD sort of thing. Exactly. Exactly. The second option is an epic edition costing $100 for $999 NFTs, include image galleries and

Starting point is 00:50:05 AR collectibles to the Shire Rivendell and Mines of Moria in addition to the extended 4K film and eight hours of special features. So like this is, again, this is what NFTs are for. These are for the super fans. Maybe you're like watching this. I'm like, I don't really come confused. But the super fans are watching this thing and be like, I'm like, I'm like, I'm totally buying those. I don't care what they are. And so that's what's going on here. All they need

Starting point is 00:50:24 is 10,99 people to buy one of these things. And there's definitely a lot of Lord of the Rings fans out there who are probably super stoked to buy one of these things. Yeah, also in crypto, right, the Venn diagrams got to be like pretty close there. Decent. Reinh might be one of these people. Yeah, I might be one of these. Maybe. I've been called a fan. But do you know, I almost bought one of these or I almost like investigated it, but I have no idea what chain it's on, what using is something I've never heard of called Aleuve.io, the content blockchain. So I don't know very much about this.

Starting point is 00:50:57 Unless an NFT is somehow secured by Ethereum. The website is kind of 2017 vibes. A little strange, a little sketch. Oh, they got a white paper though. They got a white paper. It's a 2022 white paper. Yeah, the kind of thing doesn't really work. It's like the blockchain tab on the top right there.

Starting point is 00:51:15 Yeah. Token model, like our blockchain technology background. Like, I don't know. It's like plain as a thing. Like, what's the, what is an NFT if you don't have,

Starting point is 00:51:26 um, is your kind of settlement guarantees or if you don't know what the settlement guarantees are? No, it's like a top shock kind of thing where like they don't really care about the settlement guarantees. I guess. Well,

Starting point is 00:51:35 you know, but like a brand new blogger, the problem, the problem, like settlement guarantees is one thing. If you want to give up settlement guarantees, fine. But like, you got to hook yourself into the rest of the ecosystem. Like there's network effects to Ethereum. Yeah, for sure.

Starting point is 00:51:47 Oh, God. This website's so curious. The content blockchain. Look, it's a start, though, and... I had never heard of this thing. No, I've never heard of this thing either. It's a start, though, and, you know, there are more experiments coming down the pike,

Starting point is 00:51:58 including this one from Willwright. Did you ever play games like the Sims or SimCity or anything? Oh, totally. Sim Tower. Remember Sim Tower? Okay. I did the Sims. I did SimCity.

Starting point is 00:52:09 Did you play the Sims, or were you just like me, and you just made the houses over and over again? You make the houses, and then you make the pool, and then you put the Sims in the pool, and then you remove the ladder. That was my favorite. thing to do. Wow.

Starting point is 00:52:21 That's pretty mess. That's pretty mess. It's not real, David. Says the AI. One of my friends would put them into a room with a toilet and a computer and make them write books to make money. And that's the only thing that they could do. I wonder how many people were playing Sims just to do like weird dark things like this.

Starting point is 00:52:40 Just to torture their Sims. Anyway, beside the point, we'll write the great leader behind the Sims, all of the, you know, Sim City, all of those games. He's now making. a blockchain game. He is excited about including NFTs, but is also kind of down on NFTs. I think there's a quote here where he says, I don't really want to be in the business of selling NFTs.

Starting point is 00:53:02 So that's off the table. Will Wright says emphasizing his interest is in blockchain's ability to allow for secure transactions between players. Pretty cool, though. Make sense. Have a legendary game developer starting to do things on chain as well. Yeah, I would imagine just like, we talk about how. Stable coins are just way better than like bank transfers, PayPal, Venmo.

Starting point is 00:53:23 The UX of stable coins is just way better. And I think that's what he's leaning into here. He says like, you can just make transactions happen between players without having to sign up for some like third party intermediaries. No banks. Just like, you know, change. Like users and transactions. Imagine like a sim economy. They're like pretty badass.

Starting point is 00:53:39 Oh my God. It's like you have cities. You mean a metaverse economy? I mean you have this whole simulated economy, but it's actually real. Like it actually has some kind of like real economic ties. I bet someone like Will Wright could do that. Sounds like a metaverse, bro. Bitcoin, Salvadorians.

Starting point is 00:53:53 They have been surveyed recently, of course, Salvador, and the leader of El Salvador recently adopted and legalized Bitcoin as legal tender. In fact, it kind of made it mandatory in sort of a weird authoritarian move. But actually 77% of Salvadorians surveyed think the government should stop spending public money on Bitcoin.

Starting point is 00:54:16 What's your take on this? Yeah, I feel like it shouldn't come as a surprise when El Salvador, which, you know, has a lot of room for improvement, I'm assuming, as a country where, and like all the citizens are like, hey, instead of buying Bitcoin, can you invest in public infrastructure? I mean, I feel like that's a pretty simple take to have as a citizen of a country. Yeah, I mean, what is Bitcoin actually doing to help the lives of El Salvadorians, right? That'd be the question I would be asking as a citizen, obviously. And Bekelly just seems to be about talking about how great Bitcoin is and like popping the prize being part of that kind of

Starting point is 00:54:50 of the in-group of Bitcoin. Well, he took his laser eyes off a couple months ago. Did he? So maybe that's diminishing. Bear Market does that. Remove laser eyes. FDX. They could launch their own stable coin, maybe via partnership, says Sam Bankman freed.

Starting point is 00:55:05 It doesn't surprise me, David. He saw B-U-S-D in the market section gaining on USDC. Every major crypto bank has got to have a stable coin, don't they, to enter this world? 100%. And FTX is so big that it doesn't, they don't even have to try super hard to make their stable coin competitive, right? They'll just brute force it.

Starting point is 00:55:23 What does that mean? Which is fine. We're going to just have tons of crypto bank backed stable. Yeah, I think every single crypto bank will have its own stable coin. All the major ones. Which follows the history of banks, right? Like, that's kind of how banks started, is that before there was like universal unit of accounts,

Starting point is 00:55:37 like there were individual banknotes. And that's what, yeah, USEC is the banknote of Coinbase. BUSD is the banknote of Binance. FTX needs a bank now. This is, by the way, you know, people say, bankless hates regulation or defy people hate, no, this is a great spot for regulation. We should have some regulation around centralized custodian stablecoins like this to make sure that they are fully backed, to make sure that they are audited, to make sure that, you know, kind of the rules do apply, because where there is centralization, there needs to be some regulation.

Starting point is 00:56:06 Sam Banker-Fried said this, he's kind of hinting at it. We certainly could. We know how to do it, but I think you'll be hearing something from us on that topic in the not too distant future. So, yeah, it's definitely coming, definitely happening. What else might be coming is Twitter working on a wallet prototype that supports crypto deposit and withdrawal. Definitely a far deviation away from, you know, 240 characters. But who do I know? What do I know? Yeah, I think this would be amazing.

Starting point is 00:56:34 I think it would be really cool to see Twitter. What would you do, though? I would deposit and withdraw. I don't know. But okay, but like here's the big move for Twitter, right? Elon is, I think it's completely official now. I saw a picture of him entering Twitter headquarters with a kitchen sink. And I think the kitchen sink, by the way, just means, I think he's just saying, you know, I'll throw in the kitchen sink at this deal.

Starting point is 00:57:01 The deal seems to be done. And Elon is crypto, very crypto-pilled. He's a little strangely doge-pilled, I guess. Doge-pilled, yeah. But like he's very... Crypto pill might be a little generous. Yeah, maybe that is generous. What do you think Elon thinks about crypto?

Starting point is 00:57:16 I don't know. We should get him on, Elon. Don't play this clip in the ass. He'll never come on with us looking like this. This is interesting, David. Elizabeth Warren and others are mad that crypto is hiring a whole bunch of former government employees. There's been, I believe... That our fault?

Starting point is 00:57:34 200 government officials have left their public service posts to move into senior positions at crypto startups. lawmakers say. So, Wow. Sounds like some code. Senator Warren, AOC and others penned a slew of letters on October 24th to a number of U.S. financial

Starting point is 00:57:50 watchdogs about this. Here's what's interesting, okay? I think there's like, I think there's one take which is like, oh, this is another industry buying regulators, right? We've seen this before. We're going to see it again. Revolving door, bad thing, right? That's one take. And there might be some truth to that.

Starting point is 00:58:06 I'm sure like their paychecks are better in crypto, right? and some people are leaving for the money. That's for sure. The other side of it, and this is the side that often goes unacknowledged, I think by those in government who are very anti-crypto,

Starting point is 00:58:19 is like maybe, just maybe. The good people are leaving because they're sick of the incumbent protection racket that many regulatory agencies are running, and they want to find a better way to serve the public because crypto is a public good as well. Do you know, it's like, I think there's this hubris

Starting point is 00:58:39 among some in government, not all in government, that the only public good that can be created must come from regulators and government itself, right? And that could not be further from the truth. Yeah, that sounds like coercion. So I don't know. I don't know what the take is here. It's like, but I think a lot of people are like, look, if I was, if I was working to SEC and I saw this sort of thing Gary Gensler was doing, which is like outside of mission, I would say, it's not being financial transparency, it's not protecting the interests of retail investors. I'd be frustrated by that, and I'd like want to go back to the mission. I feel like part of that mission is fulfilled with open finance, right? It's like transparent, on-chain, fully auditable, completely permissionless.

Starting point is 00:59:25 This is a way to protect the people and disrupt the banks, right? There's so many wins, I think, for a lot of these lawmakers and regulators in crypto, if they could just see it. But that is another take on what's going on. What do you think? My take here is now you care about the revolving door? What about the revolving door for like the banking industry? Like the, that's the bigger deal that where like that's where the corruption happens. Crypto is literally the uncorruptible side. Anyways, like that's my take. That's Steve's take. Oh, now, yeah. Also, you're just jealous that we're having fun. Yeah, well, I mean, this, this podcast has been fun so far, David. It's really fun. You remember Kyle Roche, Ryan? Remember that guy?

Starting point is 01:00:07 Is that the sketchy crypto lawyer, dude? That's the guy, yeah, the guy with the, who denied the claims that he had a formal relationship with Avalanche Labs, Ava Labs, to basically sue and kneecap all of their competition. Anyways, he is starting a new law firm. And so the claim here is that he's starting it because he kind of has to, because his, like, name has been so incredibly tainted that he had to start a new law firm because his old law firm, which, like, named Roche and partners. whatever. Anyways, starting a new law firm. That's great. I mean, I could use a lawyer, but probably not Kyle Rich. Sounds like the right lawyer for BitBad. Excuse me, you. Yeah, for me. I'm, uh, you know, as a YouTube influencer, I'm pretty excited about lawsuits generally. Um, all right. On the releases side of things, sound market is releasing, I believe,

Starting point is 01:01:01 their first, maybe secondary market for buying their first sound and FTs. Okay, what's this? what are we looking at? Oh, that's what it is. Yeah, we're looking at the first, the first ever secondary market for music NFTs with a 0% listing fee. So congrats to sound. Have you bought one?

Starting point is 01:01:18 I have not bought a music entity. Because I don't, I don't want to, I'm not like here to like speculate on music NFTs. As soon as my favorite bands start listing music NFTs, I will start buying. I think I want to. But that's, that's the point. I think I want to do one just to test though.

Starting point is 01:01:31 If anyone has any good artist recommendations for like a first, a test, just like not, you know, maybe not an artist. I'm super serious about, but just like to test. I'd like to see what it's like, see what the experience is like. I think you're supposed to find an artist that you like the music of. That's a lot of work.

Starting point is 01:01:47 And I'm going to make a hot take, Ryan, that the music that you like and the people, musicians that are minting music NFTs, those event diagrams might not overlap a lot. I can't, should I be offended by that? It's a bankless nation. Well, I'm also speaking from personal experience. Like my boomer taste in music where I listen to, you know, the grateful dead, Bruce Springsteen and the sheep dogs. and the sheep dogs.

Starting point is 01:02:08 The sheep dogs, which 99.9% of listeners are not familiar with, but they are like a perfect intersection of the Black Keys and the Grateful Dead, and they're from Canada, and they wear Canadian tuxedo

Starting point is 01:02:20 a hundred percent of the time. They will not be minting music and they'll use any time soon. David's got some rocker, rocker music taste. It's pretty good. Big time. Socket scan.

Starting point is 01:02:30 What are they up to? Socket scan. This is socket. Dot Tech, formerly known as Mover, have introduced socket scan.io, the first multi-chain explorer. And so I think we've talked about socket a few times, but if you have asset A on chain A and you

Starting point is 01:02:47 want asset B on chain B, socket scan will obfuscate every single possible route to get that trade and hop done and just make it super easy for you. And so they've released socket scan to see all the various ways that you can go across the multi-chain ecosystem. Pretty cool. Full disclosure, both David and I are angel investors on that one. You can see disclosures in the show notes, as always. David, it's jobs time.

Starting point is 01:03:14 This is our opportunity to tell you on a weekly basis. We're not going to stop doing this. You need to get a job in crypto. So think about your job right now. Is it in crypto? If the answer to that question is no, it should be. That's something to change, yeah. And you got to go to bank this.

Starting point is 01:03:29 We have a special job, actually. I would like to highlight Ryan. So if you can go ahead and click that first job scriptwriter, scriptwriter at bankless. So this person, this job is going to work very closely with yours truly. And if you think that you can write the easiest and most digestible explanations of what is Ethereum, what is DeFi, what are NFTs, what are smart contracts. Anyone, Ryan, can explain these things using 90-minute podcasts.

Starting point is 01:03:58 That's easy. It's harder to do it in five to 15 minutes in just 1,000 to 2,000. words. So, you know, the meme is like it's actually hard to write, to communicate in less words, and this is what we are looking for. So if you think that you can explain in what is Defi in a short way of possible, in a way that you would see me expressing this on our new YouTube channel, write a script. I write a script for your preferred what is blank about crypto and send it over. And if it's a good script, if I like it, we might hire you as a formal scriptwriter to start banging these things out.

Starting point is 01:04:35 these are going to be the videos that the world sees because banklists can explain things better than anyone that's what we do uh and the idea of these is what is ethereum doesn't get the the you know 10 15 20 000 views but gets 200 000 plus views on youtube and becomes the canonical videos for how to explain ethereum crypto nfts defy smart contracts to the world so that's my challenge and call to action if you guys want to work with me writing scripts uh write a script send my help and if i like it well Help us help on board the world, guys. We also got some things from a Swell Network, a senior smart contract engineer. Another senior front-end engineer.

Starting point is 01:05:12 This thing is different in a green screen, too. It looks way better. Senior backend engineer, swell again. Uniswop Labs, director of product management for platform. Uniswop Labs, developer relations lead. Uniswap Labs as well. Senior front-end engineer. OpenHedge needs an engineer.

Starting point is 01:05:25 Optimism, ahead of security, optimism and infrastructure. Engineer for DevOps. Rabbit hole, coin shift. I could go on. All of the listings are there for. you on bagless stoppalat.com slash jobs. You can find all of those things. Guys, we've got a lot more coming up. David, what's happening next? Oh, what's coming up next? We've got some questions from the nation, which I think are pretty good this week. And also some hot takes from crypto

Starting point is 01:05:47 Twitter and beyond. So make sure to like and subscribe to these videos wherever you are listening to them. And we will get to all of these hot questions and cool takes from crypto Twitter. As soon as we get back from some of these fantastic messages from these fantastic sponsors. Sequence is the all-in-one developer platform you need to build Web3 games and applications. For your users, Sequence is a smart wallet, and it's the easiest, most intuitive onboarding your users will ever experience, and comes with all the features users need to feel empowered in the Web3 world. Multi-chain support, NFT display, and users can buy SFTs, NFTs, and crypto directly with a credit or debit card. For developers, Sequence is the plug-and-play platform for Web3 games and apps.

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Starting point is 01:07:36 the improvements made by the rust tooling ecosystem, letting the fuel development environment go beyond the limitations of the EVM. If you want to learn more, there's a link in the show notes to see how you can get involved with a fuel network. All right, guys, last part of the roll-up, David's getting real, real sweaty in that green spandex he's wearing. These are the questions from the nation. If you have a question for the nation, make sure you send that in via Twitter. The ask goes out every Wednesday. You could reply, get your question into the show. This question from claudia.eath.

Starting point is 01:08:05 You often mention that you participate as advisors at certain projects. We'd love to know how this cooperation actually works in your case. And with what aspects do you usually help these projects? David, you want to take that? Yeah, sure. So we're advisors for three main projects, optimism, ZK Sync and Mycelium. It's different for every single team. And I mean, our main skill, I would say, is just narrative and storytelling and getting the

Starting point is 01:08:32 teams to get what they are building into kind of what I was saying with the scriptwriter into as few words as possible that are punchy and like can stick inside of people's brains. I think we're really good at memes. And so what optimism is doing, when optimism explains what they're doing, they'll take like, you know, a very technical route that takes a lot of time. And then Ryan and I kind of understand it at a much higher level that I think is more understandable by a broader set of people. And so we'll help them kind of craft and just storytell what they're doing. So it's more digestible and more receptive to a wider audience, which helps on a number of fronts.

Starting point is 01:09:08 So, you know, broad just understanding, but also it attracts more talents, attracts more developers. So I'd say that's one of the main skills that we do. But then also just general connections, advice, just like lessons from the history of crypto that we've been to. Uh, sometimes, uh, company A wants to be connected to company B and we know both of its companies. So that's just super easy for us. Um, but it's, it's, it's also just case by case. So every single team that we advise has their own needs. Uh, and Ryan and I are generally scaled it, a wide variety of scales. And so we just help them out. Anything you would add to that? Uh, I would not add anything else to that, David. Uh, other than I'm also an advisor for

Starting point is 01:09:45 Polygon too, just for sake of complete. Oh yeah. Yeah. Uh, here's a question. Could a group of ultra wealthy people, Bezos, Musk, etc., team up and buy a bunch of Eath, stake it, and take over the network. How safe is the Ethereum network from China? If China makes quantum computing work, could they attack Bitcoin? So a lot of questions about like, what if, uh, safety, security? Yeah, what if crypto really gets attacked by either super wealthy people or by nation state level actors? What is Ethereum's defense mechanism for these types of attacks? Right. Okay, so let's start with the first question. Could a group of ultra wealthy people, Bezos, Musk, etc., team up and buy a bench of Eath, stake it and take over the network. It's really that last part, take over the

Starting point is 01:10:26 network that is, like, doing a lot of work here. What does that mean? Are they staking, buying their Ease staking it and they have like over 66% of all eat staked? Well, if they just do that, that's fine because they're not like doing anything malicious. What I think we're concerned about is if they like start doing malicious things. Maybe they, if they have 66 they can do crazy stuff. They can mint new ether. They can censor certain people, certain contracts. They basically can dictate things. Well, that's where we go into a user-activated softwork. And so this is kind of like the nuclear threat. But if you're telling me that ultra wealthy people are going to buy 66% of all ether, not all ether, but all-staked ether, and then stake it to the network to influence it, this is when we would, the cool thing about proof of stake is you can actually identify these people. and their influence over Ethereum.

Starting point is 01:11:19 And so you can say, hey, this Ethereum address is doing things that are misaligned with the community. And we are going to, for the first thing we would do is we would probably just kick them out of the validator pool. So, hey, get out of here. Stop staking. And if they come back into the validator pool and start staking again, then we would probably do a user-activated software where we actually social slash their ether. And this is the nuclear threat. The idea is to never do this. But if somebody or a group of people have such a high amount of ether, this is kind of our only choice as a community.

Starting point is 01:11:50 And this is why it does not matter who owns what percentage of ether. At the end of the day, there's always the nuclear option of the user-activated soft fork, the social slashing event, to take over any power. Which is why Ethereum always is ultimately settled by layer zero, by the people. And so if Chads, if like super wealthy people are doing things that the community doesn't like, the community always has the final say. And that is because of user-activated software. And I would say that also answers the second question, how safe is Ethereum network from China? And if China makes quantum computing work, could they attack Bitcoin? Generally, like, the whole threat is that quantum computing is coming.

Starting point is 01:12:30 It's going to threaten Bitcoin. It's going to threaten externally owned addresses on Ethereum. Quantum computing is generally a threat to the current state of crypto. And this is why we, in the Ethereum world, we are going to be pivoting away from these EDSCA signature schemes that are externally owned accounts. We're going to have to create smart contract wall that don't do these things. We already have the solution for this in Ethereum land. Bitcoin, I don't think, has a solution towards the quantum computing threat. And that's been one of the big concerns behind Bitcoin.

Starting point is 01:13:01 And so if China does make a computing network work, could they attack Bitcoin? what they would do is they would be able to break the signature schemes of like super old wallets, right? Like wallets that mined Bitcoin in 2009, 2009, 2010, 2011, they could break a wallet, basically. They could brute force their way into finding the private keys for wallets. This is also the same threat for Ethereum, but we have a solution for this in theory. Bitcoin would need to do a hard fork to prevent this from happening. And I don't know how I see that happening. Watch the MoonMath episode with Justin Drake.

Starting point is 01:13:35 our first ever episode with Justin Drake to learn more about this. I think one other practical measure is like if you're trying to, if you have to buy 66% of staked eth, it's going to cost a lot of money. And it's going to make the ether price go up. It's going to make the ether price go up. I mean, if you're buying that much ETH, I mean, expect to be buying at the end of that, I don't know, ETH at like $30,000 or more because it's going to shoot up that high. There's not that much supply in the market to make this kind of a purchase.

Starting point is 01:14:02 So you'd have to covertly do it. That's the cool thing. is like if you want to attack Ethereum, what you have to do is you have to make all current ether holders extremely wealthy. That's like one of the big defense mechanisms. I think they're way better. Honestly, if we got into nation state attacks episode,

Starting point is 01:14:15 there are way better nation state attacks, in my opinion, like to be much more subversive. That's how they'd actually attack it. Like something like Stuxnet, you know, behind the scenes, get something in the code somehow,

Starting point is 01:14:25 start contributing the project. It'd be like that. Not this kind of economic attack. Also jailing a lot of people. Maybe. What is this question? Will Ryan grow a voluminous stash from Movember? I personally believe this might end the bear market.

Starting point is 01:14:38 At least we should try. I think he's on to something. Unfortunately, David, the mustache is not in the future. It's never been. Nothing voluminous. It would just be something that is just like, you know, kind of prepubescent, I think, almost in terms of its thickness. Have you ever tried?

Starting point is 01:14:55 I have. It just is not something that anyone really wants to see, to be honest. I just don't have the... I disagree. I think we've been for much much to see it. Well, this is a taste of it. What are you looking at today? You want more of this?

Starting point is 01:15:07 That is like a Gandalf beard, bro. Yeah, it could be shaped. It could be taken in. David, should we get to some of the takes? Some takes. Some takes. You want to read this take from Jake? Yeah, take from Jake.

Starting point is 01:15:18 Contrary to widespread belief, traditional finance is not safe for consumers or investors. Sure, it's dressed up to look that way, but it's neat and tidy image is a thin veil for institutionalized discrimination, exclusion, and exploitation. crypto offers a different approach. Traditional finance is just institutionalized discrimination, exclusion, and exploitation. Because it's been institutionalized, we think it's normal.

Starting point is 01:15:45 That is the take from Jake. And crypto is definitely a different approach to this much more credibly neutral system without that exclusion, exploitation, and discrimination if we get it right. What are your thoughts on this? Yeah, I think one of the reasons why crypto gets so much flack is that All of our, like, mistakes and errors and hacks are out in the open. Yeah. Like, we don't have the luxury of being a centralized company with, like, walls around it to hide all our mistakes.

Starting point is 01:16:10 The backroom deals are harder to, like, there's really no backroom on chain. Exactly. Yeah, which is, which is good. Which is good. Uh, what's this take? This is a, this is a poll that you put up. And this is Dave tweeting out, who pays for security in Bitcoin? He has three options here.

Starting point is 01:16:27 Miners, number one. Transactors, number two. And holders, number three. and the percentages from this poll came in very interestingly. Yeah. So before we read out the percentages and also the right answer, I want listeners to take a moment and reflect on who they think. There's a correct answer here.

Starting point is 01:16:44 Who pays for security in Bitcoin? Where does Bitcoin get its security from? Minors, transactors, or holders. Are you asking 100% of the security, or are you asking for the vast majority of the security? Those are different? Yeah, the vast majority. The vast majority.

Starting point is 01:17:02 Yeah, there's one answer that it really sticks above the rest. There's an answer David really wants. Justify it. Miners, transactors, or holders. Where does Bitcoin get its security fund? Okay. So my gut would be, like my default answer to this would be holders, of course. But I'd also probably put an asterix there around some of these other things.

Starting point is 01:17:21 Maybe miners would have an asterisk for me, and I could explain why. But what is the correct answer? The correct answer is where does Bitcoin source its energy is from holders, from holders. This is not an opinion. This is 100% fact. Source its energy. Do you mean like it's economic energy?

Starting point is 01:17:38 You're talking about it's like it's actual, it's actual security defense is not energy. I mean, we say that as a shortcut, but it's actual security defense is also capital. It's just like pure money, right, to overcome. It's economic security. That's what you mean when you say power. These are crypto economic systems. They are secured through economics. So people that answered miners.

Starting point is 01:17:59 Okay. So the numbers for who answered, this poll also stuck out to me. So who pays for security in Bitcoin? 21% of people said minors, 25% said transactors and 33% said holders. And so while the majority, the biggest one was the correct answer holders, it's not, these numbers are way too close. So who pays for security in Bitcoin? Miners do not pay for security. They are the people that you pay for security. They are the people being paid for security. They are profiting off of the people that pay for security.

Starting point is 01:18:35 That's why they exist. Why would miners pay for security? It's their business model to supply security that Bitcoin purchases from the miners. So that we can cross that off. And 21% of people said minors, which means 21% got the opposite of the answer, the inverse answer. The other, both transactors and holders are technically correct. because the transaction fee, when you pay a transaction fee for Bitcoin, that goes to the miners. And so that is a transfer from transactors to miners.

Starting point is 01:19:05 And 25% of people said transactors. But we'll pull off some stats here in a second. But the real answer, Ryan, is holders coming in at 33%, which was the biggest answer. But it's between the two miners and transactors, the more people got this answer wrong than correct. And so what we are looking at here on coin metrics are the two sources of money that is being paid towards miners for miners to protect Bitcoin. And we are looking at $19.5 million in daily issuance that got paid to Bitcoin miners that is minted versus $275,000 of total transaction fees from transactors paid to miners. So that is $19.5 million of new issuance versus $275,000 of fees

Starting point is 01:19:55 from transactions. Like 95% or something? That is 98.7% of Bitcoin security came from issuance, which is inflation, which means that holders are the people who are being diluted, who are being inflated, are the people that are bearing the cost of Bitcoin security. And so this is why the answer is unequivocally, well, excuse me, not unequivocally, the answer is 98.7% correct that Bitcoin holders. are the people that pay, that subsidize for Bitcoin security. Holders pay for security. And the ratio

Starting point is 01:20:34 of transaction fees to issuance is 1.3%. David. So Bitcoin is 1.3% paid securities paid for by transactors. Okay. So a couple things. So one thing to think about is the analogy of kind of the nation state, right? It's like, who pays for the security of America? And the answers are like military or taxpayers, right? Income taxpayers, excise taxpayers. That's kind of the breakdown. And of course the answer is not the military because they receive the funds. The answer always is who pays for security for America? It's the taxpayers.

Starting point is 01:21:07 The taxpayers are always paying. It's taxpayers and bondholders. And bondholders. Anybody who's holding the money is essentially paying an inflation tax. But let me ask you, so why are you so passionate about this technicality here? Like, why does it matter so much? Is it just because there's such a delta in terms of like people don't know what the right answer is? is and you're sort of disturbed by that or you think that a lot more education needs to be done?

Starting point is 01:21:31 This is a lack of education as to how these systems work. The economics of them. The economics of it, right. And so like last weekend I put out some tweets that the Bitcoiners really didn't like. I said like the Bitcoin, BTC, the asset, does not have a relationship with energy. Bitcoin does, but BTC, the asset does not. And like just some tweets that would really go against Bitcoin or narratives. And like I was received tons of like hate from Bitcoin, the Bitcoin Maxis, which is normal for me. But like even like other people are like, why can't, you know, Bitcoin and Ethereum just get along? And like the reason why I, I feel compelled to like do this is because the Bitcoin Maximilist narratives are wrong about Bitcoin. They are

Starting point is 01:22:17 telling a story of, about Bitcoin. That is not what Bitcoin is. And like, Bitcoin, and like, Bitcoin is great. It is fantastic. It is truly a marvel to this universe. The narrative that Bitcoin Maximilus say about Bitcoin is completely divergent from that. And so when people say like, oh, Bitcoin Ethereum, why can't we just get along? I would love to get along with people that tell the true story about what Bitcoin is. But the Bitcoin maximalist narratives are not that, are not what's being told. And that is what grinds my gears, Ryan, and why I feel compelled to, again, this is about education, about who pays for security in Bitcoin. It is whole. holders. It is issuance. It is inflation. And that is a truth that we have to swallow as Bitcoiners.

Starting point is 01:22:59 Maxliss, you just got clapped back by a dickbutt, and I don't know how that feels. But that's what just happened, in case you were wondering. Here's a good take. Included this last minute. Really important one, I think, really interesting one from Jin Carlo. Elon is pushing Twitter towards crypto. Zuck is pushing meta towards crypto. Reddit is going all in on crypto. You're seeing these things. Collectively, that's billions of It's just hard to overstate how much of the internet is about to change in the next few years. That, my friends, is a bullish tweet. And I think the bull case for crypto, Web 2 is coming on board.

Starting point is 01:23:35 Maybe not Apple. But all of these social media platforms know that they have to support a digital property rights system inside of their platforms. And that digital property rights system is crypto. It's effectively. It's Ethereum. It's Bitcoin. These types of blockchain networks. Super bullish, man.

Starting point is 01:23:52 Anything to add to that? I'm on board. You know what? I'm on board too. And I got to ask you what you are excited about. What are you bullish on this week, David? Ryan, I think you can guess what's coming. I already gave a little bit of a pitch for crypto dick butts,

Starting point is 01:24:08 but what I'm bullish on, Ryan, are crypto dickbuss. And one of the reasons why is because crypto dick butts first were a meme before. And so this is like the NFT of the meme. The meme has already been around. And so the NFT version of the meme is also going to be around. So that's my first bullish crypto dickbutt thing. It's like, it's all like dickbutts have been a meme, not just on the internet. Like dickbutts were drawn as cave paintings back in like thousands and thousands of years ago.

Starting point is 01:24:37 And so the NFT version of like what is a very, it's in crypto dickbuts man are in our DNA. I swear to God. Yeah. Yeah, this is right. And so of course the NFT crypto dickbots is. also going to be around for a very long time. The other cool thing about crypto dickbuts is the lore behind them. Every good community, every good cult needs a lore. And the lore about like how crypto dickbuts are just like searching for their long lost home around the planet. And they need to find out their home,

Starting point is 01:25:08 which is the island of Gooch Island. And so I am bullish, Ryan, on crypto dickbuts because I am one. Wow. That was a, that was a heck of a shout out for this community. How many, how many do you own, David? I own two crypto dicklets. Okay, so here's your challenge. They are in my disclaimers and disclosures. Get me to buy one. What's it going to take to get me bullish on these things? Because right now, I am not bullish at all on these things.

Starting point is 01:25:34 Do you want one with or without glasses? They have one with glasses? They have nerd glasses. Are you serious? Wait. Are you in character out? No, I'm, I'm, I'm me. I'm just me, David.

Starting point is 01:25:46 I'm really excited about glasses right now. It's just something about last week. Just switched me on to the glasses thing. Yeah, I'll find you. It's still probably not going to be enough, though. Not going to be enough. It's just like, it's strange, man. I don't know, like.

Starting point is 01:26:00 They all come around. It's strange. Okay. Well, David, David's into this. That's exciting. I'm excited that you're excited. I'm not quite there yet. I'm excited.

Starting point is 01:26:08 Ryan, where are you excited about that? You know what I'm excited about is Bankless Brazil. All right. So, David, you and I were on a podcast with the Bankless Brazil earlier this week. And this is a community that started from the original bankless podcast and the newsletter in Brazil. And there's a Portuguese version of bankless and podcast form and newsletter form. You can see all the details. They have Discord, everything else.

Starting point is 01:26:33 They have merch. And we're talking to the bankless Brazil folks. And it just struck me how global the crypto movement is and how global the bankless movement is. Right. So they've been experiencing like 20 to 30. percent monthly growth, not annualized growth, monthly growth in their community. And it's because what they were saying is Brazil, the people of Brazil are hungry for crypto right now. I mean, we think inflation is bad in the U.S. It's like, what, 8% or something? Do you know the Brazilian

Starting point is 01:27:03 currency, the Rial, has lost 90% of its value relative to the dollar. Not relative to CPI, that's relative to the dollar. So you've got to stack the dollar on top of 90%. Right. Inflation on inflation. It's stacking. And so this community is built kind of from the ground up, public goods funded. They're doing like local community meetups. They're talking about how like the crypto economy has allowed them essentially to shelter some of their wealth and some of their economic opportunities. The ability to log in from the internet from anywhere in Brazil and work for a crypto company, a web three company, get paid in stable coins, get paid in, you know, assets like ETH. This is so transformational, I think. and it's not just happening in Brazil. Did you know 8 million people in Turkey are using crypto right now? And so all of this struck me

Starting point is 01:27:57 is sometimes we're in the U.S. we get stuck in kind of the U.S. bubble regulatory. It's our battle against the banks. It's a battle against Wall Street, that sort of thing. You know where I think some of this could come from, the revolution of crypto is emerging countries and emerging markets, where they just straight like leapfrog over Wall Street.

Starting point is 01:28:15 It's like, we don't need Wall Street. We don't need U.S. European banks, right? We have Ethereum. We have a bankless money system, and we could build our financial infrastructure on that. So I'm really excited to see where crypto goes and develops in emerging markets. I think sometimes in the U.S., when we hear about crypto and going bankless, we just get complacent about it. It's like, my bank's good enough. Like, it kind of works.

Starting point is 01:28:40 It works okay. This is not the case in places in South America and in places like Turkey. inflation is ravaging you. And then after inflation, it's capital controls. You can't get your money of the banking system. None of this is very digital. And so the need in emerging countries is very strong. And I'm just bullish about the worldwide bankless community. That podcast made me. Yeah, the lesson I think I really took away from that podcast with them is that the sense of urgency out of Brazil. And I think that's probably also occurred. There was that report out of Africa not too long ago from the chain analysis Africa report saying like crypto just has unprecedented levels of adoption in Africa from payments and just like access to dollars.

Starting point is 01:29:25 I think like we definitely have like this U.S. privilege where 8% inflation is bad and that's causing a lot of just like bad times like hard times for a lot of Americans. but it's just different versus the sense of urgency that's coming out of places like Brazil where bad is an understatement. And the amount of urgency of getting off of the dollar system and getting onto something that can actually not destroy capital along the way for people's lives is much more than we experience here in the United States. And so the idea that crypto adoption, like base principles crypto adoption of going back to our roots of store of value and payments is still like still huge for most of the world. And we forget

Starting point is 01:30:12 about that here in America while we talk about things like crypto-dicts. And Ryan comes in and saying, well, what about Bankless Brazil? And I'm like, well, we'll let Bankless listeners, you know, DickBats have their place do. You know, fun games as well. But yeah, this is all part of a very important mission. And it gave me that worldwide scope. I mean, the Bankless Brazil folks were just like, hey, for people in America, crypto is seen as an investment. But like for here, it's like a way out. It's like a necessary.

Starting point is 01:30:42 It's not an investment. We need this. It's a tool in order to live and survive in our economy. And that just struck me. Man, you're making BitBoy look really. It's just a generic crypto influencer, David. There's no, I don't know who Bit Boy is. All right.

Starting point is 01:30:59 So we get to the meme of the week. You know, I stumbled across this. This is floating around. Do we need a meme of the week this week? I'm a dick butt. You're a crypto influencer. Well, let's do this then. It's an AI tweet generator.

Starting point is 01:31:11 So this is an AI. It's a tweethunter.io that will generate tweets from any popular Twitter account that you want. So do you want an AI to generate a pomp tweet? Let's see what it looks like. No. I ran out of trials. We can't. But I got the AI earlier to generate a Vitalik tweet.

Starting point is 01:31:29 Do you want to read this? Vitalik.eat. kind of says to anyone who's working on an Ethereum 2.0 project, one, your goal should be create a protocol that is as safe as possible and maximally open to your hard fork strategy should be no hard forks. That's a good thing. Wait, your hard fork strategy should be no hard forks. That's not something Vitalik would say, David. Well, okay, so this is an AI that's like this. This isn't actually Vitalik, but I'll go ahead and try and interpret this. The goal should be to answer and align with your community in a way that doesn't incentivize

Starting point is 01:32:07 that works and by the way incentivize do you know he does the asterix thing where he like puts like the bold it's kind of like the emphasis yeah i also do that too because the a i caught that i agree with goal number one that that makes sense i could see him saying this but and working on an ethereum two dot o project he doesn't say ethereum too yeah right that doesn't say that and then the second one is your hard fork strategy should be no hard force no he would never say that. Yeah, I don't even know if that makes sense. Anyways, I think we got one more. This is one that it generated from me. This one made me laugh so fucking. So this is the Ryan Sean Adams AI. Otherwise, I'm wearing. The tweet reads, ETH is 50% down. Not because Eath is a bad asset.

Starting point is 01:32:48 Not because Eth is a bad store of value. Not because Heath is a bad store value. Not because ETH is a bad store of value. Not because ETH is a bad store value. Not because Eth is a bad store of value. Not because Heath is a bad store of value. Not because Eth is a bad store of value. Not because. Okay, this is weird, because I can see myself writing this. Should I just like... You just know the AI was going to go on saying not because ETH is a bad sort of value as long as the Twitter tweet would allow it. Should I just like feed this into you like my Twitter? Like just read the EDI. These are your tweets, bro.

Starting point is 01:33:18 These are not my tweets, all right? These are actually your tweets. I would not... ETH is more than 50% down, okay? I could see that I would, myself saying some these lines. You would absolutely structure it to it. We'll see how it goes. Let me all start using these.

Starting point is 01:33:31 Outsource. All right, that's it, man. I think we have a moment of Zen this week. Should you tee that up? So you're going to hear a moment of the Zen right after you also hear Ryan give, his regular risks and disclaimers. Of course, risks and disclaimers. Crypto, all of it is risky. You could lose what you put in.

Starting point is 01:33:44 But we are headed west. This is the frontier. It's not for everyone. But we're glad you're with us on the bankless journey. Thanks a lot. It's for the people. Trying to tell you, this is about money for me. It's me.

Starting point is 01:33:56 I'm here fighting for all the money. Glass is on. This is about money. Money for me. It's me. I don't know who the F you are. This is about money for me. It's me.

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