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A | And here we are not just. Just over halfway through 2023, Quan is in jail in Montenegro, waiting to be extradited to the United States. Sam Bankman Fried is under house arrest. Can only assume he's going to jail. Mashinsky's going to jail. Suzu and Kyle Davies are still on the run, but they're completely ostracized fro... |
B | Bankless nation. It is the third Friday of July, and it is time for what, David? |
A | It's the bankless Friday weekly roll up, Ryan, where we cover the entire weekly news and crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier, no matter where we are in the world. As you can tell, I'm in a kind of a cramped little. This is the most cramped podcast recording setu... |
B | It looks good, actually. So David's in Paris, and by the way, bankless nation, this is the first time we are actually doing an episode in three weeks. All right. |
A | This is my Ryan's first podcast in three weeks, which is the longest time that we've gone since starting this podcast. |
B | Yeah, so we've had. David's been off climbing mountains, and you've got some more mountains to climb, by the way. |
A | I've got one. |
B | So we queued up some podcasts. We put those out for you for the last. And I've been doing some solo episodes. David's got one more mountain. How has it been so far? |
A | It's been pretty good. Let me tell you. The whiplash between being on a mountain and then the next day flying to Paris to go to Ecc. So, like, from mountain to crypto conference in under 24 hours was a lot. I was sitting on the plane, there was a few moments I had halfway up the mountain. I was like climbing, climbing ... |
B | You choose to do? |
A | That's what I choose to climb out. Yeah. And then. And then just a day and a half later, I'm on a flight to go to Paris, and I'm, like, ten days behind on anything crypto related. Like, crypto is a new industry. Ten days later, I was, like, sitting around like, mandy, I need to catch up on crypto. What do people do? Ho... |
B | Yeah, you know, it is really useful. I mean, bankless, I think for me and for you, David has just been about kind of a journey of creating content, exploring subjects that we would have wanted to explore otherwise. So it's just kind of a chronicling of that journey. I'm glad you found the roll up so useful, David. That... |
A | I am. I was very satisfied. |
B | Okay. Very remind people what Anthony did. |
A | A great job. A huge shout out to Anthony Cesano for tapping in three times over the last, like, five weeks or so. |
B | Yeah, I mean, he really is the third podcast co host, even if he doesn't know it. |
A | Yeah, he's better than us. |
B | Okay, so what are you doing in Paris? You said a crypto conference. What conference is that? |
A | Eth, CC. So I'm at the Ethereum community conference. So I actually, ECC is interesting because it was the super spreader event right before COVID So it was the last Ethereum conference before we shut down conferences. And then it was also the first conference in 2021 that started things up again. So this is the third ... |
B | I always like to ask, because, as you know, I don't go to these things. I only go to, like, one conference a year. And that is permissionless, which is coming up, by the way. When is that coming? That's the next one you're doing. That's in September. |
A | That is next. Permissionless is next. Yeah. |
B | All right, so bankless nation. Make sure you grab a ticket if you already haven't. But ethcc is different. Uh, my impression, it's very, it's kind of a technical type, type of track. Very technical. My favorite question to ask people, and we'll get into some of the events, some of the um, announcements that were made a... |
A | Yeah, since it's at the same venue every single year. I walked up to the venue this year and there's always people like kind of hanging out outside. If you don't, people come without tickets and so they come and just hang out outside and then people take a break outside. So there's always people hanging out outside the... |
B | I like those words. Calm but relentless is a really interesting way to describe it. And there was a bankless party event as well that we had for bankless citizens. This is a photo from one of these. So what was the vibe there? |
A | Yeah, this is the bankless team. So this is at the end of the party. We took a team photo. Party was great for all the bankless citizens. Shout out to all the bank citizens that were out there. I talked to John ice cool from the Dow quite a lot there. And just a number of other people, you know, while talking to all th... |
B | Oh, really? |
A | They're like, yeah. They're like, there's a lot of dads. We have a lot of dads. So shout out to all the dads that listen to bankless. But, like, there are a lot of people who really care and really care deeply about crypto, and they're living like, they're like, it's a lawyer with two kids. Or, like. And why I call thi... |
B | It's just like a warrior society, right? |
A | Yeah. And he's asking the Athenians who want to join the fight, and it's like, what's your profession? And one guy says, like, oh, I'm a blacksmith. And like, oh, what's your profession? It's like, oh, I'm a cobbler. And like, oh, what's your profession? I'm a farmer. We're the Athenians. Like, it's just this very dive... |
B | I really love that description of bankless as the Athenians. I feel like an Athenian myself, so that's, that's really cool to hear, David. I see a lot of plants at this venue. Intentional, David. |
A | Yeah. So I wish I could say I picked this place, but Rachel, who is in the middle, she picked, she picked this place. Curator of vibes. The drinks were fantastic. I had a number of head chaining cocktails, so I got a little loose. And because we had this beautiful event sponsored by Sega, all the drinks for the bankles... |
B | Drinks, and the next time the band gets back together, of course, is that permissionless? And hope, the Athenians, the bankless citizens show up for that one. Anyone who's listening, of course, you can catch that in Austin, Texas, September 11 through 13th. There's a link in the show notes to tap into this. David, you ... |
A | Yeah, I actually signed up for one more here at ECC, but we'll talk about that later. So you called ECC a very technical conference, and you're totally right. Like, for people that, like, hear me and Ryan talking about conferences and hear the crypto industry talking about conferences, ECC is like. It's like, you know,... |
B | If you only go to one. If you only go to one. |
A | If you only go to one, it's permissionless. |
B | This is me. I only go to one. This is one. I go. |
A | From your personal experience, we got a. |
B | Lot to cover this week. David, man, we're talking about conferences. It's good to catch up with you, but there's so much going on in crypto. I'm glad you stayed up to date on the roll up, but topics of the week, Alex Mashinsky, remember that guy scammer from Celsius? He was just charged by the SEC, the CFTC, and the FT... |
A | I know the ripple case happened right after you stopped recording with Anthony last week, and then you added that little bit. But we're gonna get the reactions from the ripple case. I actually have a take. I think Ripple actually lost, but crypto still won. So that's my. That's my hot take about that. |
B | Talk about that. |
A | Yeah. And then also I interviewed Hayden Adams about this next announcement. Uniswap X. I interviewed him right before eth ccdhdemdev. So we're going to go into what is Uniswap X. It's a brand new protocol to pair with the Uniswap amms. We also got an l one that wants to become an l two, and we'll talk about all the EC... |
B | Before we get into it, guys, want to give a shout out to our friends and sponsors over at stator protocol. This is a new ETH staking protocol. It is decentralized. One of my favorite things about this is that it is permissionless. So similar to some of the decentralized protocols out there like rocket pool. And second,... |
A | That is the, the bankless way that 1.5 x boost. What that means is you are getting a little bit extra from the SD cardinal token paid as incentives. So token incentives is where that boost come from. If you want that boost, there's a link in the show notes so you can go and get started with Stater. |
B | David, let's talk markets, man, it's been too long. Where are we at this week on bitcoin? |
A | I'm not going to get out the words out of my head about the bank. Let's meet up where everyone is that they just chuckle when we do the prices, but we're doing them anyway. We're doing them anyway. Bitcoin last week, seven days ago, 30,900. It's currently down Thursday afternoon 4% to 29,700. So down 4%. Bitcoin down 4... |
B | I think pricing in the crab market is difficult because it just doesn't change from week to week. It's kind of, I mean, this is. |
A | Basically in single digits a lot. |
B | Yeah. How about ether? Me as well. What's ether on the week? |
A | Down 3%. So 1930 to 1890. So down 3%. And then, of course, that means the ratio. It's up. It's up a little bit more than a percent. |
B | Hanging out, you would call it. |
A | I would call it a negligible week. |
B | This feels like our crab market numbers, right? 30k. |
A | These are big crab markets. |
B | Yeah. This is where we are crab, by the way. It just is a market that goes back and forth, back and forth, and thats sort of where we are before this influx of new money, which, wheres it going to come from? I think thats a major theme for us this year in 2023. 2024. But whats the ratio look like? Any change there? |
A | Okay. Up a percent. A little percent and a half .063 market cap. |
B | I think we're above a trillion. |
A | I'm not even 1.1.3 trillion. We at 1.3. You saw, you said 1.3 trillion last week with Sazzle. That was the first time we hit 1.3. |
B | I mean, that feels big, right? To be above a trillion. That's another big number for me. Let's talk about trad five. David, you remember stocks, those things that you could, they're like tokens. They're like ERC 20s. |
A | But honestly, like, I forgot about stocks. I only look at the charts that you have pulled up, the Nasdaq and the spinous. Well, look at them. |
B | It's a nice looking chart. |
A | I shouldn't have forgotten about stocks. Let me tell you that. They're almost at all time highs both in the Nasdaq and the spy are almost at all time highs, which is around where crypto set its all time highs. Crypto set its all time highs at the end of 2021 and going into 2022, the spy and Nasdaq did the same. And the... |
B | Yeah, what gives? Where's our bull market? |
A | Where's our all time highs? |
B | You know, and I, it's funny because people in crypto are bragging about, like, how, you know, bitcoin and ether are decoupled from stocks now. Great. That is, I'm, like, basically coupled in the wrong direction. That's not fun. That's bad. |
A | Yeah. This is a take from Anthony Cesano where he said Max Payne for crypto investors is watching stocks hit all time highs while Ethan BTC, BTC are range bound, aka Crab market ultra pain is selling crypto for stocks just before crypto starts a new bull market. And like I comment below this, and I say the year is 2019... |
B | I'm feeling zero fomo. Like I just go ahead, rally stocks. Like, I don't care. Like we are so well positioned right now in crypto. I'm just like, okay, that's great. Go do your thing. |
A | In fact, it's like now that the discrepancy is there between spy and nasdaq all time highs and crypto is still flat like that, it would be dumb to chase that because you, the discrepancy is bullish for us, for crypto assets and it makes permission to be bullish. |
B | Well, do you permission to be bullish? Is that the theme for the episode? Do we have permission for the episode? |
A | Yes. Yes. There's, I've put this in the agenda a number of times. There's, this is the first of many reasons in this roll up why bankless listeners, I think you have permission to be bullish now. If you are a bullish person on crypto and your friends are saying, haha, you're dumb for being in crypto, you're like, no, y... |
B | I totally agree. I think I am. I've never, should I say I've never been more confident about crypto, but, like, I just feel like we are so well set up. It feels good. The spring is coiling right now and. |
A | Like, it resonates with what I'm seeing here at ECC and all the hard problems about like, sequencers and layer twos and zk stuff, all of that, all the hard problems coming into fruition, being solved, man. Okay, again, theme of the episode, it'll be, it's a reoccurring theme. We'll keep going. |
B | Okay, well, be patient. You have permission to be bullish now. As David Hoffman, my co host, says, good to have you back, man. I like that bull energy. Okay, how about go the protocol? That's gho. This is Ave this is a stablecoin that launched on top of Aave. They've hit 4 million in market cap in two days and are prob... |
A | Yeah, just it's pretty similar to Dai from Makerdao, except this is go from Aave. Pretty, pretty similar. If your mental model starts there, you're off to a great start. So Ave, you know, it's an. Has assets in its vaults and it has extra margin because people deposit more than they withdraw. And so you can mint go fro... |
B | Yeah, that's cool. |
A | And then also similarly, this is, I would say, another theme of what I've noticing is a lot of parallel development. Makerdao, this is aside from the news of this week, but Makerdao is doing its spark protocol, which is aave for Makerdao. So Aaves got a stable coin, and Makerdao has got a lending facility. So all these... |
B | Well, Bakerdao has always had a lending facility. What do you mean by this? |
A | It is. It's different. It's being compartmentalized now. So the stablecoin and the lending. Yeah, so it's got an aave. So aave is different than Makerdao. And now Makerdao, the system, as a vertical, has the credit facility, which is dai, and then the money market facility, which is aave. |
B | There's definitely. This is a meta pattern. There's definitely a lot of convergence here. Like, one thing, I'm sorry, so much convergence is like, there's a ton of convergence on layer twos as another big. |
A | Theme that's going on. |
B | This was completely unsettled two years ago. Anyway, let's keep going on. Do you do any whale watching, David, I'm talking about crypto whales. All right, well, I don't either, but. |
A | This one, I don't. I feel too jealous of people who I see moving their funds after icos, after eight years. I'm like, man, you got to remember. |
B | There'S one address out there. There's still some massive whales out there. This address awakened after eight years and just moved $116 million to Kraken. Oh, our friends and sponsors Kraken. What other exchange would you use? Of course, it's got to be kraken. |
A | To sell your ethic. ICO. Imagine investing in the ethereum. ICO. And not making a single transaction. And the next thing you do is you send it to Kraken to sell it. Like, I don't. I wonder if they, like, lost their private keys and magically found it somehow, which is best day ever for them. Or they just have the bigge... |
B | Maybe it's just patience. So you wrote that thing from. I mean, how much was this when they. |
A | Twenty five cents. Twenty five. Thirty three cents. |
B | Okay, well, that. That was the price of ether, right? So it's 100 at the Ico price. |
A | Yeah. |
B | Oh, no, it's 61k worth of ether times, you know, $0.25, whatever that is. I don't know, 15,000. $15,000, something like this. So $15,000. Okay. Buy this thing, wait eight years, and then you send it to cash out, presumably at 116 million. Wow. That is a patient investor right there. |
A | I can't. They must have had another address. They never. Because, like, they never got themselves, like, I don't know, a house, a car. Yeah. Like, they never glowed up their life in eight years when they had access to hundreds of millions of dollars multiple times. |
B | Patience. Who knows? Wow. What are the chances that way? |
A | That's insanity to me. |
B | Listening to this right now and us talk about this individual, and they're like, yep, that was me. They're bankless. Listener, maybe. David, we got a lot more to talk about. What else we got coming up next? |
A | Coming up next, we got miss key arrested on fraud. But I have a conversation starter that actually starts with a Nick Carter take, which leads into our second reason of the week as to why we're allowed to be bullish. Ripple put the SEC on its heels, and I also have a take as to why Ripple actually lost, but crypto stil... |
B | Look, I think it showcases the value of the bear market as well. If prices didn't go down and we didn't see the collapse that we saw, if we just continued to go straight up, then all of these frauds would still be here in this industry, and we'd have that toxic cancer inside of the body and not even know it. I mean, so... |
A | They'd be the minority. |
B | They'd be the minority. We saw the same thing in 2019, too. All of the good, all of the ideas were tested. We had a whole bunch of icos that were just, like, raising ungodly amounts of money. For what? Like slides, white papers. Remember, it was the white paper season. Create a white paper, raise, $50 million in a toke... |
A | Trey? Yeah. So last week, that course case came out finally. We knew it was coming, but we didn't know this specific dates. And then it finally comes out. And the TLDR of the case is that it's both a win and a loss for both the SEC and ripple. Both sides won and lost, depending on which part of the case that we're talk... |
B | Yeah, I think that some would argue that. Well, let's say, let's assume that Ripple and XRP is actually selling, selling vapor, of course. Right. So they could continue selling those tokens to the public as long as its not in an investment contract. In fact, they did do that. And that act in itself was not a security. ... |
A | Imagine Gary Gensler knows a single retail investor. I think hes saying, oh yeah, the retail investor whispered in my ear that theyre disappointed. Im like, well, Gary, the retail investors whispered in my ear that theyre super happy. So actually, I think retail investors are celebrating. |
B | Yeah. By the way, it's not my opinion that we need no protection for retail investors in this whole, like, to the extent there are centralized parties, then of course we need protection. We're just celebrating Alex Machinsky and SBF. It was a centralized service that regulators and enforcers of the law are actually pro... |
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