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A | Where, where does this stop? David? Are they going to arrest Tim Berners Lee, you know, the creator of the Internet protocols? How about Netscape 1994, who designed HTTPs? Remember Marc Andreessen talked about kind of cryptowars 1.0 when he came on the podcast? He was talking about the battle there. I mean, are the dev... |
B | It's the bankless Friday weekly roll up where we cover the entire weekly news. And crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier. How you doing, Ryan? |
A | We're doing okay. Just okay, though, you know, this, this week felt like a gut punch. And we're gonna talk about some, the bad thing that happened this week and in the show. There's also some good stuff, but I mean, getting the bad thing out of the way. Number one, the Department of Justice has arrested Roman Semenov. ... |
B | We're talking about plenty of good stuff. The arrival of EIP 4844 draws close. This is, of course, the one that scales up layer twos further than they already have. The friend tech debate continues. Is it good or bad? Ron and I did an entire show on that. We will recap it very quickly, but really talk about the big tak... |
A | You know what? We gotta start here, though. This is pretty cool from our friends and sponsors over it. Speaking of cool events, this one's not in Germany, David. But we're throwing a little party, little shindig over at permissionless. This is gonna happen Monday, September 11, from 07:00 p.m. to 10:00 p.m. in Austin, ... |
B | So every once a year, bankless manifests in real life. Could you imagine? That is the permissionless conference. Of course. We've been talking about it endlessly on the weekly roll up for bankless citizens who did not catch it last week or for whatever reason, missive roll up. How dare you? We are throwing a party for ... |
A | I'm gonna buy that man a drink for that debate with SP. |
B | I will also buy. Well, you can get Eric Voorhees. I'll get Dankrat's drink. I'll get Dankrat's drink. |
A | Yeah. |
B | Yeah. |
A | Do you know what? Actually, I got a surprise for you, David, because all the drinks are free. |
B | All the drinks are free. Kraken is actually buying Eric Voorhees a drink. Thank you. Kraken for thanks, Kraken. Yeah. |
A | Well, speaking of Kraken, let's pull up the Kraken price charts. Bitcoin price this week, start of the week. I think we're down from last week. |
B | But tell us the carnage here down 7%. Bitcoin has lost $2,000 off of its market cap, starting the week at $28,000, ending the week at $26,000. You know, last week, we were covering the prices during the dump, and I was like, oh, we almost never get to do this because it always usually dumps right afterwards. |
A | You're excited. |
B | Yeah, because we actually were able to cover the market action. And so, like I said, like, oh, yeah. So it's. We're botting them out. Right now. It's at 1740 or maybe 16. It was 1640. I was like, okay, sweet. We're actually getting the market action. And then afterwards, there was a huge wick all the way down to, like,... |
A | We're going to talk about that. We're going to talk about that in a bit. Why that wick may have been. But before we do, let's talk about a few of the other metrics here. Eth bitcoin ratio, is that flat? |
B | Up 1.5%. Yeah. So this is a bitcoin sell off that dragged the rest of the market down. |
A | All right. And global crypto, market cap. Total market value of crypto. What's that sitting at, David? |
B | Yeah, almost 1.1 trillion. We did drop below a trillion dollars during the bottom. Yeah, but we're back up 10% above a trillion. |
A | Yeah, I don't like bitcoin below 30k, eth below two k, and definitely market cap below a trillion. |
B | Enough buyers kept us above, you know, above $1 trillion. So thank you to. |
A | This is going to be one of. |
B | The shout out to buyers out there. I was a buyer last week. You were buyers? |
A | You were a buyer? Yeah, I was a buyer. I think by proxy, one of the things that I do is buying total crypto market captain above a trillion, though, still, I think this is going to be one of those bad news good news episodes. All right, so that was the bad news. Prices are down a little bit. Let's get into some good ne... |
B | We're looking at a growing area under the curve of the scaling factor, hitting new highs for the week at 5.2 x ethereums. So the aggregate scaling of all layer twos on ethereum are 5.2 x one the base. Ethereum, mainly thanks to Zksync era, actually, interestingly enough, clocking in at 12.2 transactions per second, com... |
A | Oh, bots. Okay. |
B | Actual bots passing money around. And so, like, yeah, like many, many people think like, oh, well, it's bots. It's kind of, it's like illegitimate, illegitimate transaction volume. It's not, it's not real humans. It's real money. Like that's. There's a half a billion dollars being pushed around in ZK sync era. So that'... |
A | Well, that's what you're going to get. When the transactions are so cheap, then the robots can start affording it, right? Cheap transactions are robot transactions. Base flipping arbitrum and optimism by daily transaction count. Wow. |
B | Yep. Coming in at number one at the optimistic roll ups. |
A | Yep, it's a big freaking deal. Look at this chart just straight up. Have you been surprised by Base's adoption, David? |
B | I mean, as someone who's been playing on friends all week. |
A | No, I mean, from a month ago to now, would you have predicted this chart, base in like a period of weeks, outstripping Ethereum and then also the two largest optimistic roll up chains that have been live for like two years and base beats it in two weeks. |
B | I have the benefit of hindsight right now, but I don't know, it feels pretty obvious. That's why people have been excited about base all along. Like a lot of the l two based contrarians have been like, why is everyone excited? It's just another optimism fork. It's nothing new. And then everyone, the base bulls are like... |
A | I would say a lot of things in crypto do not live up to the hype. I would say even among the people who are hyping it, base has kind of lived up to the hype, at least to this point in time. This is a post from will she hand 1 million trades on friend Tech in the last two weeks? In less than two weeks. That's incredible... |
B | Yeah, I would say so. Yeah. |
A | These are the dune boards. David, what are we looking at here? This is fascinating roll up economics. What do you see in these charts? |
B | Yeah, this is just some great bankless candy right here. This is why we've been bullish on layer twos, fundamentally, is because their economics just check out. This is an economic dashboard from Nifty table. Shout out to nifty table. Thank you for putting this dashboard together. They've got a newsletter@zeroxtrends.c... |
A | 3000 ether in August. What would that translate to 3000 times? |
B | Almost $8 million. Almost $8 million. Thank you to the us dollar chart on the right here. |
A | What I love about this, David, is, you know, in so many, I guess, crypto economic models that are obfuscated or hand waved away, this is like real tangible on chain revenue. And the business model for roll ups for layer twos could not be more simple. What do they do? Ethereum is a wholesaler of ether block space. Ether... |
B | So Ethereum layer one is Costco, and all of the options of roll ups are your local grocery store that goes to Costco buys the goods. Restaurants on packages. Yeah, restaurants. Yeah. Your local distribution center, wherever that is. Yeah. Ethereum is the Costco of blockchains. |
A | Wow. The new narrative. Watch. It's coming from bankless. No longer ultrasound money. |
B | This is a graphic that I saw going through crypto Twitter last week that I thought was pretty cool. Cool. The current layer two landscape, I think this already needs updating because there's definitely some extra op stack chains that aren't in here. These are all the layer two s that are deployed to Ethereum and then a... |
A | Where's polygon? Oh, I see it. No shared code base up here, huh? |
B | Yeah, should be changing soon. So the scheduled live immutable Zkevm, I'm pretty sure that is a polygon Zkevm. So the polygon will have its own ecosystem. I don't know about the no shared code base between arbitrum Nova and Arbitrum one. I thought that that was a shared code base TBG on the accuracy of this whole thing... |
A | There's a lot of them and each of these, this is kind of a new thing to take a look at taking shape. Each of these, I think, will become super chains in and of the himself. Networks of chains, I believe. So we'll talk about that. A little bit more maybe at the end of the show. David, some market news here. Let's get ba... |
B | Bitcoin is at 26,000 at the time of recording, and it dumped down to 25,200 ether. That was, like, below 1550. |
A | That happened last Thursday. |
B | We call this a wick or a flash crash. |
A | Yeah. So it happened last Thursday, the 17th, I believe. Okay, so why? Why did this happen? |
B | So there were rumors that bitcoin was dumped by Elon Musk from SpaceX. So. Thanks, Elon. Turns out that was unsubstantiated. The actual reason was leverage. It was leverage. |
A | Oh, we did one of those things again? |
B | Yes, yes. A bunch of apes loaded up on leverage, and then the buyers ran out and the sellers kept on selling, and then we dumped, and then there was a cascade of liquidations. So over a billion dollars was liquidated on Thursday, both shorts and longs, which just tells you exactly how degenerate some of this. Some corn... |
A | That's all it was. There's no conspiracy, there's no big event, no news. |
B | It was just like when apes pile in, too much leverage, this is what we get. So $835 million of longs were liquidated, along with almost $200 million of shorts. So you can blame the apes for that one. Thank you. |
A | Candles like that, I don't remember when I zoom out, but because I remember, we do these every week, David, so I remember this happening probably, like, five or six times. Candles like this. |
B | This is a regular celebration. Just a cleansing of the apes. Yeah, it's like. |
A | Oh, it is a cleansing. |
B | They'll be back, don't worry. |
A | The good news is now you can buy lower if you're bullish on these assets, so thank you, apes. |
B | This was the largest liquidation event since FTX. |
A | Really? |
B | So there's a fun fact that's pretty freaking big. It's not. Not small. Yeah, go back. One tweet, you can compare the candles. Half as big. I would say, as one. No, that you had the right tweet. Half as big as FTX. So FTX had maybe a double way back here. That's. That's the FTX. Yeah. |
A | Almost an FTX worth. Huh. And it's just leverage. Apes being apes. |
B | Yep. |
A | David, you know, I spent the morning reading a fantastic Arthur Hayes article. Oh, really? Interesting. |
B | Please download me. I didn't. |
A | Yeah, I mean, you got to read it yourself. I can't, like, put put this man's words into. Into my own. But I'll give you the punchline. Let me give you the punchline. |
B | Yeah. |
A | All right. So he says this. The Fed wants to cool us domestic inflation, but the more they simultaneously raise rates and reduce their balance sheet, the more stimulus will be handed to rich asset holders. Okay. Okay. So the more they do this thing. Yes. The more they raise rates, the more they do the quantitative tigh... |
B | They have a bunch of debt and they raise rates. |
A | Yeah. The us government has to pay interest on all of their debt. And they have a lot of freaking debt. And so now they have to debunk themselves. |
B | Right. |
A | Rather than like one or 2% interest, they now have to pay over 5% interest. All right. This amounts to a lot of money. So this is the federal current government expenditures, interest payments. Right. And we talked about that in a previous. We talked about that in the previous roll up. So as of the second quarter, 2023... |
B | Because an asset holder stimmy check. Right. |
A | An asset holder stimmy check. Right. And who are the asset holders disproportionately? |
B | Obviously, people are wealthy people, probably listeners of this podcast. |
A | I mean, people who are not living paycheck to paycheck, people who have some spare assets to invest. Right. I mean, this is. We're talking about like top 10% types of individuals. And so effectively, this $1 trillion per year, David, it goes to them. And what are they going to do with it? This is what Arthur is saying.... |
B | That's what Ryan does on weekends. |
A | Seriously. They're spelling it out. And he talks about this new era of fiscal dominance that is the key phrase here. And fiscal dominance occurs when the central bank must set up policies not to maintain stable prices, but to ensure the federal government can afford to fund itself in the debt market. What this means is... |
B | Well, thank you for distilling that, brother. |
A | I feel bullish on what, though? |
B | My takeaway is that I am bullish on assets. |
A | There you go. |
B | Specifically risk on assets. |
A | There you go. In crypto, assets that aren't tied to fiat. David, what's this? What are we looking at here? |
B | Yeah, just something to add to the markets. Lido staked ether. Mantle, formerly bitdao, which got funded out of this bybit exchange. So this bybit exchange was just printing money throughout the bull market. They realized that, hey, eventually the best case thing to do is to decentralize. So we're gonna make bitdao. An... |
A | This dow as well. The mantle Dao has a ton of ether on the balance sheet. |
B | Yeah, 40,000 is not all of it. Like a few hundred thousand. Minority of it. Yeah. |
A | And they're investing a lot of this into the, into the mantle ecosystem. |
B | Mantle is a sponsor of bankless. |
A | Disclaimer, David, what do we have coming up next? |
B | Coming up next, one of the Tornado cash co founders, developers was arrested and the other sanctioned. So bad day. We're going to talk about these details and the significance of them and what they represent in the crypto Wars 2.0, which does not seem to be ending anytime soon. Ethereum about to launch a brand new test... |
A | An open source developer of privacy technology was just arrested by the us government. Name is Roman. There's another co founder who has not been located but was also sanctioned. David, this is really bad news in the Tornado cash case. Not the first time this has happened. Of course, we've talked about Alexei Purcev, w... |
B | So before we get confused, there are two romans that we need to talk about. There is roman storm and Roman Semenov. Both are co founders of Tornado Cache. It's coincidence that their names are both Roman. Roman storm, resident of Auburn, Washington, not too far away from where I grew up. And then Roman Semenov of Russi... |
A | Yeah, I guess a few. This is definitely a gut punch, as I said earlier, for all of crypto, and we'll talk about the reactions and implications. Just a few points. So what you were reading from was partially a press release from the US Department of Treasury. They are the ones kind of authoring the full press behind thi... |
B | And importantly, they are not being charged for anything more than that. They're not being charged for aiding and abetting. We weren't liaising with anyone so far. As far as we know, they are only being charged for being builders of tornado cash. |
A | Well, for deploying it. And then this is the other key point, not taking preventative measures to block North Korea from accessing. So it's very clear that North Korea and this Lazarus group, they are unsafe reactors, they are stealing money from crypto hacks and bridges and that sort of thing. They did use tornado as ... |
B | This is the big missing thing from this charge from the Department of Justice is they said they could have taken preventative measures without actually, they just are waving this idea around without actually providing any details. |
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