The Breakdown - 2022’s Most Influential Bitcoiners

Starting point is 00:00:00 Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. The breakdown is sponsored by nexo.io, Circle, and Cracken, and produced and distributed by CoinDesk. What's going on, guys? It is Friday, December 9th, and today we are talking about 22's most influential Bitcoiners. Before we dive into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the notes or go to bit.ly slash breakdown pod. All right, friends, well, if you have been on crypto Twitter this week, you have probably

Starting point is 00:00:46 seen a fair bit of hullabaloo and flam about CoinDesk's most influential list. The list came out at the beginning of the week and ranked 50 people in terms of their influence on the crypto industry. According to some Bitcoin maximalists, however, the list was curiously devoid of, well, them. The argument they made was that in a year, that will absolutely be remembered for massive, true scams being revealed. And embarrassing crypto-institutional failures, it was Bitcoin Maxis who were calling all that bad behavior out before it came to light. Now, the arguments some on the other side are making is that Maxis have

Starting point is 00:01:21 gone to extraordinary lengths to say that their Bitcoin space has nothing to do with crypto. So why would they care about whether they appear on a crypto list or not? More antagonistically, some are saying that the fact that Bitcoin maximalists weren't included despite calling out scams is a reflection of a Bitcoiner who cries scam effect in which the constant shrill identification of everything that isn't Bitcoin as a scam makes their warnings when it comes to actual scams ineffectual. Now, of course, there was also a middle-path reaction to this, which was some version of guys who cares about a dumb list. Marty Bent wrote, can't believe people have been spending three days talking about a listicle.

Starting point is 00:02:02 So that's what's been happening, but let's talk about my take. I am predanaterally in the who cares camp. By and large, I believe that this is the type of conversation that only happens on social media in bare markets where everyone is already angry and people have a little of real value to do. I also think that it wouldn't be the worst idea for maximalists who truly care about helping people and spreading the Bitcoin word to do an end of 22, beginning of 23 review of tactics. For as much as people want to reclaim and wrap themselves up in the mantle of toxicity, communication styles matter if you're trying to be an evangelist. But, and this is a big but, in this case, I sort of think Bitcoin maximalists are right to identify this hole in

Starting point is 00:02:44 Coindex's list. And I mean that on the basis of what I perceive that list is trying to do. Now, much more importantly than that, I think that there are a ton of Bitcoiners who deserve to be called out for their contributions over the last year, and so that's what today's show is all about. Before we get into my list, let's talk about CoinDesk's list. Now, an important clarification note, which I think most of you know, the breakdown is distributed in part by CoinDesk, but I have no relationship with CoinDesk's editorial team and never have. The show is and has always been completely editorially independent. However, my read on what the list was trying to do is that the goal wasn't strictly to identify the 50 most influential people in the crypto space. I think it was instead

Starting point is 00:03:25 to tell the story of 2022's crypto industry through the entries. I think this is pretty clear from the number of entries in the list that were, for lack of a better word, villains. You had the head of the Chinese CBDC program. You had the Massalino brothers or McAulino brothers, however you pronounce it, who were quote unquote honored for building a house of card Salana defy system that used re-hypification of total value locked to build up more than 7.5 billion of Salinas 10.5 billion defy ecosystem.

Starting point is 00:03:53 You have Rosal Khan and Dutch, got caught with the stolen Bitfinex coins. You have who they called the four horsemen of the crypto-pocalypse, Doquan, Alex Mishinsky, Suu, and Stephen Elric. They were again, quote-unquote honored for blowing up hard, losing customers and counterparties billions, and generally showing that corporate governance really matters. And then, of course, you have Sam, who is on the list for a very reason that he might have started the list. Related to all this is the entry for Molly White and the skeptics for, quote, being more right than wrong. So clearly this isn't about people who actually influence people in the crypto industry to do or think a certain way,

Starting point is 00:04:29 their presence instead reflects what they represent about the story of the industry this year. Now, there are other entries that I also think reflect other big themes of what happened this year. Rishi Sunak, the former chancellor of the exchequer, who when he was in that position, said he wanted the UK to become a crypto hub, who then became prime minister after the last prime minister spectacularly failed, and Senators Cynthia Lummis and Kirsten Gillibrand for their responsible financial innovation act. I think these are short of stand-ins for the full breadth of regulatory things. If we're looking at other themes that represented this year, there is a ton on Web3 NFTs and Metaverse. In fact, I think CoinDesk might have over-indexed slightly here in terms of

Starting point is 00:05:05 sheer numbers, but this has obviously been some of the key themes of this year. Quindisk also included Jerome Powell for the very silly reason of, quote, undermining Bitcoin Safe Haven narrative, which is just wrong on so many levels. I agree entirely that Powell should have a spot, given that monetary policy shifts dictated the entire foundation of markets this year, but reducing that to a glibs statement about Bitcoin and Safe Haven narratives shows such a fundamental misunderstanding of markets. But I digress. The point is that CoinDesk is trying here to tell a story of what happened in crypto as a whole.

Starting point is 00:05:37 And that's why I think Maxis have a point. Like their style or not, this was a year where by and large, the Bitcoiners got it more right about a lot of things than other parts of the industry. One consequence of that, and this is something I've seen on Twitter in the Breakers Discord, and basically anywhere I talk to people, is that many, many folks watched what happened at Luna and 3AC and now FTX and said, fuck this. Bitcoin is the only redeemable thing in this God-forsaken space. Now, on my Sam Bankman fraud show, I discussed both why that's not my answer, but why I think it is a totally reasonable response to all of this. And I think if I were curating that list,

Starting point is 00:06:14 that perspective belonged there, and it should have been better represented. But guess what? It turns out I do have a place where I can curate my very own list. So that's what we're going to do. And to get us started, I actually wasn't the only person to have this thought. Former CoinDesk editor-in-Chief Pete Rizzo wrote up his top 10 Bitcoiners and I'll start reading his list and then add a set of others that weren't there. Rizzo writes, 10 Bitcoin champions worthy of adding to any year-end crypto media influencer list. Corey Clipston, CEO, Swan Bitcoin for calling out the crypto VC Pump and Dump Complex and building a Bitcoin business that poses it. For what it's worth, when I asked people which Bitcoiners they thought should be on an end-of-year influence list, Corey's name came up just about more than anyone else.

Starting point is 00:06:55 Back to Rizzo now. Jack Dorsey, CEO Blocks. For opposing the Web3 narrative, going against the Silicon Valley line and championing Bitcoin in Africa. The dear Gigi, for writing and speeches that illuminate the difference between Bitcoin and crypto with unparalleled depth. Lynn Alden, analyst, for evangelizing Bitcoin for a macro audience, for her eviscerating tweets and her support and advocacy for Lightning as a payments network. I think Lynn is just about due to be back on the breakdown, but I will only note that Pete nailed it here when he talked about her tweets. As good as Lynn's macro analysis is, and I think it's just about the best in the game, her meme game might be even stronger. Back to Rizzo. Haudelanat, for his bravery in supporting truth against

Starting point is 00:07:39 the greatest and most well-capitalized of all industry evils and his multi-year personal sacrifice for Bitcoin. Now, this is obviously an easy one to agree with, and one that was, in fact, on the Coin desk list originally as well. But yeah, being willing to fight Craig Wright in court is not for the faint of heart. Back to Rizzo, and this one I think is super important. David Zell for building a substantial Bitcoin policy presence in Washington, D.C., with a stable of fellows that have tirelessly debunked industry attacks. What he's referring to is the Bitcoin Policy Institute, which brands itself as a think tank studying the future of money, and is created a platform for many really smart, thoughtful bitcoins of all political and philosophical

Starting point is 00:08:19 bents to do research in a meaningful way that can find its way into policy discussions. Super agree with this one from Rizzo, and I think it's an underappreciated take. Next on Rizzo's list, Udi Werthheimer, for challenging the Bitcoin echo chamber and trying to improve the conversation at great personal cost. Now, there's probably no one on this list that people more disagreed with in his mentions, but his response, I think, was very strong and dead on. When someone said, you're right except about Udi, Rizzo said counterarguments that strengthen the Bitcoin argument are good for Bitcoin. Back to Rizzo, Natalie Brunel, coin stories for providing

Starting point is 00:08:54 independent Bitcoin media is alive and well, and for being its most eloquent TV advocate. In my list, I'm going to add a number of other Bitcoin content creators as well. Next on Rizzo's list, Naibu Kelle, President El Salvador, for standing up to the world's most powerful economic institutions and continuing to champion Bitcoin in the face of mounting political pressure. Finally, Rizzo writes the Terra developers for completing a proposal that could bring stable coins to Bitcoin without the need for exploitive crypto tokens. For those who don't know, Terra is effectively a protocol that issues assets or enables people to issue assets on the Bitcoin blockchain, but which can be transferred over the Lightning network. So effectively, it allows

Starting point is 00:09:32 Lightning to become a multi-asset network that keeps Bitcoin at the core. Rizzo closes his thread, yes, there are many, many more great Bitcoin voices. This thread is simply pushing back on the idea none are as influential as their crypto industry counterparts. In an ecosystem where innovation is the norm, it's the basics that are in the spotlight. Nexo is a company that has never put the safety of clients' funds in question. With over 50 global licenses, $775 million in insurance, and a real-time audit of custodial assets, Nexo sets an example for security standards in the industry. Apart from keeping their 5 million clients safe, Nexo has kept building. They've just announced their non-custodial

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Starting point is 00:11:08 example for transparency and trust. Regular proof of reserves audits verify your balances are backed by real assets. Industry-leading security keeps your funds and information safe, and award-winning client engagement teams are available for support 24-7. Buy crypto instantly with fast, flexible funding options on Cracken. Download the Cracken app on Google Play or the Apple App Store, or visit crackin.com slash breakdown to join. So I think that was a great list, a good kickoff. I'm glad Rizzo took the time to do this.

Starting point is 00:11:42 I think other people should do this as well. And so here are a few that I thought were worthy of inclusion on top of that. Now, some of these I sourced from people on Twitter. one of the names that came up most often was Jack Muller's from Strike. Jack is interesting because he has all of the chops to be a Bitcoin keyboard warrior. He's got the sharp invective, he's got the elbows ready to go, but at the end of the day, he wants to spend most of his time building and making Bitcoin more usable for real people in the real world.

Starting point is 00:12:09 And I think that's incredibly admirable. Another person who came up frequently was Michael Saylor. And I think that at this point, it's not that there's something new or unexpected from Saylor. it's that even in the context of a bare market, he has continued to be a steady voice for people's long-term commitment to Bitcoin. Now, from here, we're moving more into people that I would include that I didn't see necessarily on a lot of lists. I mentioned Bitcoin content creators as one of the categories of folks that I think should be called out. I think Peter McCormick's

Starting point is 00:12:37 what Bitcoin did, which has long been one of the key shows in the space, has gotten nothing but better. I also like the version of Peter that's more willing to say what he believes, even if it's politically different than what most Bitcoiners believe. Matt O'Dell and Marty Bent are absolute stalwart to the Bitcoin content space. Marty continues to churn out newsletters like it's no one's business. And I love how they've expanded their content footprint as well as moved into other areas like Bitcoin Venture as well. The crypto couple who basically actually just focus on Bitcoin are one of the few content

Starting point is 00:13:05 creators to really have taken advantage of new mediums like TikTok, and I'm excited to see more from them. The list goes on and on. I think Bitcoin-based media is alive and well. Related, I think we should call out that there's also been a strong push into Twitter spaces for Bitcoiners. Folks like Neil Jacobs and Bitcoin Tina have been consistent voices and hosts in those spaces and have made it a real medium that people actually enjoy and keep coming back to. I also think here you have to call out not just Corey from Swan, but the entire

Starting point is 00:13:34 production team and all the content that they do around it. Speaking of Twitter, I don't think you can have a Bitcoin or influential list this year without including Dylan LeClair. Nominally, he's an analyst or researcher. He works with Bitcoin magazine. But really, he's become the emotional Twitter leader in a lot of ways for Bitcoiners, and that's because he understands data and how to use it. He's an example of someone who carries more force for his critique because it's backed up by numbers and questions that are derived from those numbers rather than just suppositions. I think alongside the Udys as good faith critics, you have to include people like Eric Wall as well. And another Eric that needs mention is shapeshift's Eric Voorhees. One of the pivotal moments in crypto

Starting point is 00:14:12 culture this year was the debate between Eric and SBF. Now, folks like Ryan, Sanselkis report that in D.C., SBF was perceived to have won that debate, but that was not the case in crypto-Twitter. Eric spoke to that point not as some Bitcoin maximalist, but as someone who has lived inside and deeply believes in the values that emanate from Bitcoin and are built into Bitcoin, and can be manifest in many ways even outside of Bitcoin. In some ways, that debate helped soften the ground for what would happen next. Speaking of principled voices, in a world where exchange leaders have proven dubious or fraudulent, Cracken's Jesse Powell stands as a clear exception, someone who has again embodied the values of Bitcoin for more than a decade now and has built

Starting point is 00:14:57 those values into his company in real and practical ways. I was proud and excited that Cracken wanted to get involved with this sort of back-to-basics mode of the breakdown, and I've been excited to have Jesse on the show to talk about how we recalibrate as an industry. Speaking of foundational principles in Bitcoin in the real world, no list of influential Bitcoiners is complete without Alex Gladstein from the Human Rights Foundation. There is no one else in the space who does as much to connect the discussions of Bitcoin that we're having in general over here, in the digital world, in the Western world, with where Bitcoin is finding its greatest and most important traction, in the developing world, in places that are under autocratic rule,

Starting point is 00:15:36 under unstable monetary regimes. We need more bridges and they're out there if you look for them, but Gladstein has used every little bit of attention and influence he's acquired to continue. continue to tell those stories and make that a central piece of Bitcoin or self-understanding. Troy Cross has emerged as a new Bitcoin voice this year, someone who speaks eloquently not just about how Bitcoin isn't an environmental threat, but actually can be part of the solution. Troy is part of the broader Bitcoin Policy Institute space as well, and testament to how valuable having that institution up and running might be in the future. Deeper behind the scenes in a world of very, very easy, fast-returning investments that might turn

Starting point is 00:16:15 into nothing, you have principled investors like Elise Colleen and her Stillmark Ventures, which have funded some of the most important emergent Bitcoin projects in a variety of areas including lightning, mining, and more. Speaking of which, I don't think you can have a Bitcoin influential list without talking about the Lightning entrepreneurs. We had Graham Krizik from Voltage on here the other week, and we have more Lightning founders coming up soon. There's the Trust Machines crew, and not everyone agrees with their approach to bringing defy and other types of functionality to Bitcoin, but they're making a huge, bet that Bitcoin at the center of a true decentralized ecosystem is going to happen and putting their

Starting point is 00:16:50 money, time, and energy where their mouth is. In a year that's been extremely tough, you have to also call out miners. Miners are dealing now with depressed prices and still heightened competition, difficulty that's high, hash rate that's high, an incredible, incredible economic pressure that is crushing so many. But you still have folks like Matt Lostrow, who was also on the show a couple weeks ago, who were out there innovating with his giga energy around things like gas flare mining. Now, to be clear, I did not go through every bitcoiner that I could think of and comprehensively make this list. This is effectively off the top of my head last night as I was reflecting on this. I'm sure there are people I missed who I will cringe when I realized I missed.

Starting point is 00:17:30 The point is, there are lots of them out there. It sometimes feels to me like Bitcoiners who join Bitcoin Twitter start to get convinced that the best way they can contribute to Bitcoin is by quote-unquote defending it, aka getting into constant fights, calling everything scams, and generally being completely intolerant to anything that isn't in the Bitcoin Twitter orthodoxy. Now, people can do whatever they want in their social networks, but I will say concretely that there are better ways to contribute. Creating content, having real conversations offline with family and friends, doing research,

Starting point is 00:18:02 writing articles, talking about what needs to be built, reviewing BIPs, literally fucking anything other than arguing on the internet. The list of folks I mentioned above is a tiny fraction of the bitcoinsers out there who are doing exactly that. And I'd love for us Bitcoiners in 2023 to celebrate those types of actions even more. For now, thanks again to everyone that I've mentioned on this show for all of your contributions to such an important Bitcoin space. Thanks to my sponsors, nexus.io, circle, and Crackin for supporting the show. And thanks to you guys for listening. Until tomorrow, be safe and take care of each other. Peace.

The Breakdown - 2022’s Most Influential Bitcoiners

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