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    Bankless

    The Ultimate Guide to Crypto Finance. DeFi, NFTs, and cryptocurrencies. Level up. Go bankless.

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    Latest Episodes:
    Why China Builds Faster Than America & The Rest of the World | Dan Wang Oct 08, 2025
    Show notes

    Why does China build so much faster—and what does that reveal about two very different ways of running a society?
    Ryan and David sit down with Dan Wang, author of Breakneck: China’s Quest to Engineer the Future, to unpack China’s “engineers-in-charge” model versus America’s “lawyerly” governance.
    We cover how this shapes daily life and growth (from subways and high-speed rail to batteries, EVs, and drones), common western misconceptions about China (surveillance, social credit, “imminent collapse”), why U.S. capital markets soar while Chinese manufacturing dominates, what an American “abundance agenda” could look like, and Dan’s closing prescription: the U.S. needs ~20% more engineering; China needs ~50% more rights-protecting legalism.


    ------
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    🛞MANTLE | MODULAR L2 NETWORK

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    🌳KGEN | REQUEST A DEMO

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    🐂BULLISH | TRADING COMPETITION

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    💠BIT DIGITAL ($BTBT) | ETH TREASURY

    https://bankless.cc/bit-digital
    We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors


    ------

    TIMESTAMPS


    0:00 Intro

    0:45 US Lawyers vs China Builders

    8:50 Becoming Elite in China vs US

    14:55 Motivating Forces

    18:26 China’s Misconceptions

    24:38 Protests in China

    26:00 US vs China Innovation

    27:59 Digital Authoritarianism

    34:49 Social Credit System?

    36:51 Will China Collapse?

    42:53 China & Crypto

    47:59 China’s Capital Markets

    49:46 Path to Wealth

    54:29 Property Rights

    58:49 Stock Price vs Productivity

    1:02:35 The 1960s

    1:04:56 Abundance Agenda

    1:06:51 US Weakness Relative to China

    1:10:53 The Best of Both Worlds

    1:13:43 Is China a Security Threat?

    1:14:52 US Manufacturing Comeback?

    1:20:20 US Global Talent Hub

    1:25:07 China’s US Misconceptions

    1:27:03 US Success Scenario

    1:29:39 Closing & Disclaimers


    ------

    RESOURCES


    Dan Wang

    https://x.com/danwwang


    Breakneck: China's Quest to Engineer the Future

    https://www.amazon.com/Breakneck-Chinas-Quest-Engineer-Future/dp/1324106034


    ------

    Not financial or tax advice. See our investment disclosures here:

    https://www.bankless.com/disclosures⁠


    LIMITLESS: We Interviewed The Team Behind ChatGPT's #1 Feature Oct 07, 2025
    Show notes

    OpenAI’s personalization leads, Christina Kaplan and Samir Ahmed map the shift from an “assistant with a notebook” to Pulse—the part of ChatGPT that quietly preps your day while you sleep. We unpack how short- and long-term memory work across sessions and why April’s subtle update changed the experience, show how daytime chats stay aligned with overnight prep, and close on the big questions: privacy, consent, and why this is an assistant/representative—not a digital clone.

    ------

    💫 LISTEN TO THE FULL EPISODE
    https://pod.link/1813210890
    https://youtube.com/watch?v=cDrllt2zn5M
    ------
    TIMESTAMPS


    0:00 Intro
    1:03 Why Memory Mattered
    6:00 User Reception
    9:45 Under the Hood: Short vs Long Term
    12:20 Behavior Shift & Data Strategy
    20:26 What is Pulse?


    ------
    RESOURCES


    Christina Kaplan
    https://x.com/ChristinaHartW


    Samir Ahmed
    https://x.com/PageOfSamir


    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠


    The Art of Spending Money: How to Get Rich and STAY Rich | Morgan Housel Oct 06, 2025
    Show notes

    How do you spend money in ways that actually make life better?

    Morgan Housel, author of the new book The Art of Spending Money, explores status vs. satisfaction, the hedonic treadmill, and why money’s best use is buying independence.
    We also cover quiet compounding, a practical 15-stage path to financial freedom, when to spend vs. save, helping kids without spoiling them, and small experiments that raise the utility of every dollar.


    ------
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    🛞MANTLE | MODULAR L2 NETWORK

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    🌳KGEN | REQUEST A DEMO

    https://bankless.cc/KGEN-podcast


    🐂BULLISH | U.S. EXCHANGE LAUNCH

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    💠BIT DIGITAL ($BTBT) | ETH TREASURY

    https://bankless.cc/bit-digital
    We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors


    ------

    TIMESTAMPS


    0:00 Intro

    2:29 Who’s The Book For?

    5:49 There’s No Universal Formula

    12:59 What People Want

    19:36 Money as a Curse

    22:03 Taking a Step Off

    26:59 Holding vs Spending

    30:26 Identity Traps

    33:50 Secret to Contentment

    37:32 External vs Internal Benchmarks

    40:41 Making an Impact

    42:37 Social Debt

    50:51 Quiet Compounding

    55:10 Financial Freedom

    1:02:20 Money & Parenting

    1:09:48 Balancing Saving & Spending

    1:14:44 Small Purchases

    1:16:59 Trying New Things

    1:19:29 Morgan’s Financial Decisions

    1:21:37 Closing & Disclaimers


    ------
    RESOURCES


    Morgan Housel

    https://x.com/morganhousel?lang=en


    The Art of Spending Money

    https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/0593716620


    ------

    Not financial or tax advice. See our investment disclosures here:

    https://www.bankless.com/disclosures⁠


    ROLLUP: Uptober Rally | Tom Lee $1B ETH Buy | Vanguard Flips to Crypto | Stripe Stablecoin Play Oct 03, 2025
    Show notes

    In this week’s Weekly Rollup, Uptober kicks off with Bitcoin and Ethereum surging toward all-time highs as Tom Lee drops another $1B into ETH and Vanguard finally opens its doors to crypto ETFs.


    We cover Stripe’s push to break the Tether–Circle duopoly with its new stablecoin platform, Cloudflare’s surprising entry into onchain payments, and Swift teaming up with Consensys on blockchain rails. Plus, Zcash rockets 200%, Ethereum’s Lighter perps exchange goes live, and Circle sparks debate with plans for reversible USDC.

    ---
    📣0G | CRYPTO X AI

    https://bankless.cc/OGAI

    ---

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    🛞MANTLE | MODULAR L2 NETWORK

    https://bankless.cc/Mantle


    🌳KGEN | REQUEST A DEMO

    https://bankless.cc/KGEN-podcast


    🐂BULLISH | U.S. EXCHANGE LAUNCH

    https://bankless.cc/bullish


    💠BIT DIGITAL ($BTBT) | ETH TREASURY

    https://bankless.cc/bit-digital

    *We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors*


    ---

    TIMESTAMPS & RESOURCES


    0:00 Intro


    3:38 U.S. Government Shutdown

    https://www.bbc.com/news/articles/crrj1znp0pyo


    7:13 Markets

    https://x.com/pumatheuma/status/1973717212025553313 - ZK Szn??

    https://x.com/CoinDesk/status/1971565473218113771

    https://www.strategicethreserve.xyz/

    https://www.bankless.com/read/news/another-week-another-buy-bitmine-stacks-234k-eth

    https://x.com/Jrag0x/status/1972643353918677497

    https://x.com/smyyguy/status/1971585912602796266

    https://x.com/fundstrat/status/1972948825578131523

    https://www.reuters.com/sustainability/boards-policy-regulation/us-regulators-probe-stock-moves-before-companies-made-crypto-treasury-2025-09-26/


    24:57 Plasma nailed its go-to-market

    https://x.com/Plasma/status/1972660468561965173

    https://www.coingecko.com/en/coins/plasma

    https://defillama.com/chains

    https://blockworks-research.beehiiv.com/p/plasma-s-defi-shockwave

    https://x.com/lemiscate/status/1972337762205339788

    https://x.com/ajwarner90/status/1972823448897634648

    https://x.com/RyanSAdams/status/1973436365225468336


    32:35 Everyone gets a Stablecoin! The duopoloy is dead!

    Phantom announced Cash stablecoin

    https://x.com/phantom/status/1973035201950617617

    https://x.com/useCash/status/1973035307139477561

    https://stripe.com/blog/introducing-open-issuance-from-bridge

    https://x.com/zcabrams/status/1973052207911129557

    https://x.com/nic__carter/status/1973399535092171216


    38:43 Cloudflare launched their own stablecoin on Base

    https://x.com/CoinbaseDev/status/1970477072792592484

    https://x.com/eastdakota/status/1971226533831582073

    https://x.com/Kira_sama/status/1971237126378504230

    https://x.com/Rewkang/status/1970782770805813392

    https://x.com/RyanSAdams/status/1973753405894992073


    44:18 Lighter - Ethereum Zk Perps

    https://x.com/Lighter_xyz/status/1973508660061180363

    https://defillama.com/protocol/lighter


    50:06 More crypto TradFi mainstream!

    https://x.com/MorphoLabs/status/1972913932802421202

    https://finance.yahoo.com/news/swift-teams-ethereum-software-giant-190506673.html

    https://www.theblock.co/post/372706/swift-blockchain-ledger-consensys

    https://x.com/Louis_Tellier/status/1973692818452337125

    https://cointelegraph.com/news/circle-examines-reversible-stablecoin-transactions


    57:36 With new Sora, the need for zk proving reality 100x-ed

    https://youtu.be/qeORiYlsEH4?t=374

    https://x.com/pumatheuma/status/1973258262939312433


    1:01:52 CEO of Polymarket gets flipped off
    https://x.com/shayne_coplan/status/1972675295564931242
    https://x.com/nickpreszler/status/1972748902240780589


    1:04:44 Closing, Disclaimers, & Moment of Zen

    https://x.com/coinbase/status/1972731382830072129


    ---

    Not financial or tax advice. See our investment disclosures here:

    https://www.bankless.com/disclosures


    The State of Authoritarian Tech | Steven Feldstein Oct 02, 2025
    Show notes


    Authoritarian regimes are upgrading their playbook — from surveillance cameras and spyware to algorithmic censorship and AI-driven policing. Steven Feldstein, senior fellow at Carnegie and author of The Rise of Digital Repression, joins Bankless to map the expanding world of repression technology.
    We cover everything from Nepal’s protest movement to China’s sophisticated censorship stack, the global spyware industry, and the unsettling rise of predictive policing and AI in warfare. Along the way, Feldstein explains how financial repression and social credit systems extend state power into the economic sphere — and where crypto fits into the story of resistance.

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    🐂BULLISH | U.S. EXCHANGE LAUNCH
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    💠BIT DIGITAL ($BTBT) | ETH TREASURY
    https://bankless.cc/bit-digital
    We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors


    ---
    TIMESTAMPS


    0:00 Intro
    1:54 The Toolkit of Digital Repression
    4:22 Nepal Protests & Freedom Tech
    13:32 China’s Integrated Control Playbook
    19:48 Who Builds And Sells Repression
    28:51 Vendors, Dual-Use, Governance Risks
    36:04 Democracies Use These Tools Too
    45:00 AI Supercharges Repression
    51:57 Crushing Mobilization & 3.5% Rule
    58:55 Blunt Backfires, Iran Copies China
    1:07:43 How Repression Tech Spreads
    1:13:29 Financial Repression, Crypto Workarounds
    1:18:48 How To Resist, Practically
    1:23:44 Closing Thoughts

    ---
    RESOURCES


    Steven Feldstein
    https://x.com/stevejfeldstein


    The Rise of Digital Repression:
    How Technology is Reshaping Power, Politics, and Resistance
    https://stevejfeldstein.com/


    ---
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures


    Was That the Top? Bitcoin, ETH, & Q4 Setup | Michael Nadeau's DeFi Report #6 Sep 30, 2025
    Show notes

    Is this really the cycle top, or just a reset before Q4 fireworks? Michael Nadeau from The DeFi Report joins Ryan to decode the latest onchain and macro data. We dig into Bitcoin’s key levels, ETH’s $4K line, and why September’s liquidation event might have cleared the path for new highs in Q4. Michael explains what a “mini alt season” tells us about dominance, where fresh capital could come from, and how to think about positioning ahead of year-end.
    Michael Nadeau & The DeFi Report:
    https://x.com/JustDeauIt
    https://thedefireport.io/research/is-the-top-in
    ——————
    📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24
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    ——————
    BANKLESS SPONSOR TOOLS:

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    🛞MANTLE | MODULAR LAYER 2 NETWORK
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    🎩DEGEN | JOIN THE COMMUNITY
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    🌳KGEN | REQUEST A DEMO
    https://bankless.cc/KGEN-podcast

    🏄SURF | UPGRADE YOUR CRYPTO RESEARCH
    https://bankless.cc/surf
    ——————
    TIMESTAMPS
    0:00 Introduction to Crypto Fundamentals
    1:43 Recapping the Summer Market
    2:11 Analyzing the Mini Altcoin Season
    6:54 Examining Long-Term Holder Behavior
    7:35 Bitcoin vs. Altcoins: Market Dynamics
    12:38 The Next Phase of the Cycle
    14:41 Bitcoin's Critical Price Levels
    17:12 Moving Averages: Key Indicators
    20:40 Current State of the Altcoin Market
    26:34 Insights on Ethereum’s Future
    27:44 Liquidation Events and Market Sentiment
    31:22 Understanding Global Liquidity
    34:42 Macro Economic Outlook
    38:41 Impact of Rate Cuts on Crypto
    47:41 Future Capital Inflows into Crypto
    49:37 Monitoring Market Cycles & Conditions
    50:49 Closing & Disclaimers
    ——————
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures


    Crypto vs. Banks: Who Controls America’s Money? | Summer Mersinger Sep 29, 2025
    Show notes

    Crypto vs. Banks — the proxy war for the future of money is heating up.
    Summer Mersinger, CEO of the Blockchain Association and former CFTC Commissioner, joins Bankless to unpack the battle over the GENIUS Act, why banks are fighting to roll it back, and how stablecoins have become the frontline. From Elizabeth Warren’s fading influence to the $700M bank lobbying machine, we explore what’s really happening on Capitol Hill, the global stakes for stablecoins, and how upcoming U.S. policy could reshape innovation, regulation, and consumer freedom.

    ---

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    BANKLESS SPONSOR TOOLS:


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    🛞MANTLE | MODULAR LAYER 2 NETWORK
    https://bankless.cc/Mantle


    🎩DEGEN | JOIN THE COMMUNITY
    https://bankless.cc/degen


    🌳KGEN | REQUEST A DEMO
    https://bankless.cc/KGEN-podcast


    🏄 SURF | UPGRADE YOUR CRYPTO RESEARCH
    https://bankless.cc/surf


    ---
    TIMESTAMPS


    0:00 Intro
    1:12 The GENIUS Act Victory
    8:49 How Laws Really Get Made
    16:17 The Bank Lobby vs. The Crypto Lobby
    20:29 The Shifting Politics of Crypto
    27:29 Will Banks Go Crypto?
    33:10 International Dimension
    37:14 CFTC, SEC, and Market Structure
    52:26 DC Drama & Leadership Vacancies
    55:42 Prediction Markets & Policy Battles
    1:00:07 Looking Ahead to 2026
    1:02:15 Closing Thoughts

    ---
    RESOURCES


    Summer Mersinger
    https://x.com/SKMersinger


    Blockchain Association
    https://x.com/BlockchainAssn


    ---
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures


    ROLLUP: Markets Down | Tether $500B Raise | South Park x Polymarket | Gensler Grilled Sep 26, 2025
    Show notes

    In this week’s Weekly Rollup, we break down “Downtemper” market moves as Bitcoin and Ethereum slide, and examine why Vitalik Buterin is calling low-risk DeFi Ethereum’s true backbone. We highlight Tether’s ambitious $500B raise, Polymarket’s mainstream moment on South Park, and Gary Gensler’s testy CNBC appearance. We also cover Paul Atkins’ push for pro-crypto regulation, the heated debate over whether Base should be regulated like Nasdaq, and the surprising deletion of 86 million bank accounts in Vietnam as digital ID mandates expand.
    ------
    📣0G | CRYPTO X AI
    https://bankless.cc/OGAI
    ------
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    🛞MANTLE | MODULAR LAYER 2 NETWORK
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    🎩DEGEN | JOIN THE COMMUNITY
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    🌳KGEN | REQUEST A DEMO
    https://bankless.cc/KGEN-podcast
    🏄SURF | UPGRADE YOUR CRYPTO RESEARCH
    https://bankless.cc/surf
    ------
    TIMESTAMPS & RESOURCES
    0:00 Intro
    4:16 Markets
    https://x.com/PeterSchiff/status/1971193227807162797
    https://x.com/tomleeupdates/status/197097365172296 1041
    https://x.com/TheOneandOmsy/status/1969076691478696325
    7:38 BitGo IPO
    https://x.com/jseyff/status/1969143764535972186
    9:51 Tether $500B Raise
    https://www.reuters.com/business/crypto-firm-tether-eyes-500-billion-valuation-major-raise-round-bloomberg-news-2025-09-23
    17:06 Polymarket / South Park
    https://x.com/Polymarket/status/1970829572842065995
    https://x.com/aleximm/status/1971063404308918630
    https://x.com/Polymarket/status/1971137036863275056
    https://x.com/martypartymusic/status/1970125767460950181
    23:43 Gary Gensler / Paul Atkins / CFTC / Clarity Act
    https://x.com/altcoindaily/status/1968814029943480623
    https://www.foxbusiness.com/video/6379979495112
    https://x.com/vronirwin/status/1969775136959270993
    https://x.com/amandalfischer/status/1970254506374938992
    https://www.coindesk.com/policy/2025/09/10/trump-s-cftc-hopeful-quintenz-takes-his-dispute-with-tyler-winklevoss-very-public
    https://x.com/BrianQuintenz/status/1965855208195412356
    https://www.theblock.co/post/371778/white-house-patrick-witt-market-structure-bill
    39:25 Vitalik / DeFi / Coinbase
    https://vitalik.eth.limo/general/2025/09/21/low_risk_defi.html
    https://x.com/RyanSAdams/status/1969794415595077997
    https://youtu.be/ADiEX92S58E
    https://x.com/brian_armstrong/status/1968708504547364921
    43:53 Synthetix Perp Dex
    https://x.com/synthetix_io/status/1970237341760655656
    https://www.bankless.com/podcast/how-synthetix-brings-perps-back-to-the-ethereum-l1-kain-warwick?ref=bankless.ghost.io
    48:12 Base / Nasdaq Debate
    https://thedefiant.io/newsletter/defi-daily/should-base-be-regulated-as-an-exchange
    https://x.com/iampaulgrewal/status/1970206735206900038
    https://x.com/MaxResnick1/status/1970250612399825075
    https://x.com/VitalikButerin/status/1970258498996048247
    https://x.com/jchervinsky/status/1970571188993958214
    https://x.com/danrobinson/status/1970557854190051463
    57:53 Coinbase + Cloudflare x402
    https://x.com/CoinbaseDev/status/1970477072792592484
    https://x.com/balajis/status/1952582943689556453
    59:19 Vietnam Bank Account Purge
    https://x.com/alanvibe/status/1967643742653042698
    https://x.com/RyanSAdams/status/1969390296812196325
    1:03:47 Closing & Disclaimers
    ------
    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠


    What's Next for Crypto ETFs, ETFs vs DATs, Crypto ETF Explosion & Institutional Inflows | James Seyffart Sep 25, 2025
    Show notes

    James Seyffart from Bloomberg Intelligence joins to break down the state of crypto ETFs and their explosive growth.


    We cover the rise of Bitcoin and Ethereum ETFs, the debate between ETFs and DATs, and the institutional inflows reshaping the market. James explains how advisors, hedge funds, and sovereign wealth funds are participating, the regulatory hurdles around staking ETFs, and why basket products may be the next big wave.


    We also explore the implications of tokenized ETFs, the S&P 500’s gatekeeping of crypto companies, and what to watch for in the coming months as approvals and new products hit the market.


    ------

    TIMESTAMPS


    0:00 Intro

    1:18 DATs vs ETFs

    6:18 DATs Final Equilibrium

    9:21 ETFs 1-Year Check-in

    23:42 Crypto Indexes

    30:41 ETF Approval Process

    41:03 Solana ETF

    44:17 BTC & ETH ETFs

    56:11 What’s Driving the Price?

    59:39 Crypto Companies in the S&P

    1:07:17 Blackrock Tokenized ETFs?

    1:13:59 Key Outcomes

    1:19:14 Closing & Disclaimers


    ------

    RESOURCES


    James Seyffart

    https://x.com/JSeyff

    https://www.linkedin.com/in/jamesseyffart


    Bloomberg Intelligence

    https://www.bloomberg.com/professional/products/bloomberg-terminal/research/bloomberg-intelligence/


    ------

    Not financial or tax advice. See our investment disclosures here:

    https://www.bankless.com/disclosures⁠


    Vitalik Declares DeFi Ethereum’s Killer App | Ryan & David Sep 24, 2025
    Show notes

    Vitalik Buterin just declared DeFi as Ethereum’s “killer app.” In his new post, he compares it to Google Search, the dependable core business that powers everything else.
    Ryan and David break down why Vitalik believes DeFi has finally earned this title, how it survived the volatility of the last cycle, and what it means for ETH as collateral, culture, and revenue. They cover the Google analogy, the risks DeFi has outgrown, and why this moment could define Ethereum’s future.
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    TIMESTAMPS
    0:09 DeFi: Ethereum's Core Business
    3:50 The Significance of Vitalik's Article
    5:27 Vitalik's Perspective on DeFi Maturity
    9:27 The Stability of DeFi vs. TradFi
    12:20 Core Low-Risk DeFi Activities
    14:47 DeFi's Global Accessibility
    15:37 DeFi and Ethereum's Cultural Goals
    17:56 Economic Contributions of DeFi
    21:24 ETH as a Store of Value
    26:05 The Noble Purpose of DeFi
    30:48 Alignment of DeFi with Ethereum
    34:45 Google Analogy: DeFi's Backbone
    39:27 Vitalik's Pride in DeFi
    41:49 Marketing Messages and Ethereum
    1:04:37 Closing & Disclaimers
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    RESOURCES
    Vitalik’s Post
    https://vitalik.eth.limo/general/2025/09/21/low_risk_defi.html
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    Not financial or tax advice. See our investment disclosures here:
    https://www.bankless.com/disclosures⁠


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