Unchained

Bits + Bips: Will Rate Cuts and Trump's Policies Spark a Bitcoin Supercycle? - Ep. 737 Nov 20, 2024

Bitcoin and SOL are flirting with all time highs, Ethereum is lagging behind, and the next six months could define the trajectory of crypto markets.

In this episode of Bits + Bips, James Seyffart, Alex Kruger, and guest David Grider unravel the key stories driving the space: What could a meeting between Trump and Coinbase’s Brian Armstrong mean for crypto policy? Could a new Treasury Secretary pick become the industry’s biggest ally? And is Ethereum’s underperformance hiding a major comeback?

Plus, what crypto categories might be winners in the near future.

Show highlights:

What the potential meeting of Trump with Brian Armstrong shows

Which pick for the Treasury Secretary position would be most positive for crypto
Whether Michael Saylor has been driving the bitcoin market
Whether rate cuts are coming in December and what impact it’s having on the markets
How tariffs are not as bad as people think, but massive deportation is, according to Alex
Why a potential Treasury General Account (TGA) rundown would be bullish for the markets
Whether traders will be taking profits at the $90,000 bitcoin level
How ETH has been underperforming and why David sees a silver lining
How the lack of institutional interest in ETH has changed dramatically since the election
Why David is so optimistic about restaking across different ecosystems
What the outlook for crypto regulation looks like in the near future and what will benefit the industry
Why James believes that we’ll have in-kind creations and redemptions for bitcoin ETFs under new SEC leadership
What the future trajectory of bitcoin’s price is and the role of a strategic bitcoin reserve
How different categories within crypto will perform in the markets

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard

Guest:

David Grider, Partner at Finality Capital

Links

Trump and politics:

Markets:

Bitcoin ETF options:

Timestamps:

00:00 Intro
02:31 What a Trump-Brian Armstrong meeting means for crypto
07:36 Who could be crypto’s biggest ally as Treasury Secretary
12:43 Is Michael Saylor driving bitcoin’s rally?
14:46 Whether December rate cuts will shake the markets
19:33 Tariffs vs. deportation: What’s worse for crypto?
26:03 Whether a Treasury General Account rundown would be bullish for markets
30:19 Whether traders will take profits at $90K Bitcoin
35:50 Why ether’s underperformance might hide a comeback
47:15 Whether institutional interest in ETH has turned around
51:49 Why David is bullish on restaking across ecosystems
54:09 What’s next for crypto regulation and industry growth
1:06:55 Whether new SEC leadership would greenlight better bitcoin ETF structures
1:09:10 Whether strategic Bitcoin reserves could drive its price higher
1:17:25 Which crypto categories could lead the next rally

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Are Layer 2s Failing Ethereum? A New Proposal Advocates for Native L2s - Ep. 736 Nov 19, 2024

Martin Köppelmann, co-founder of Gnosis, has proposed that Ethereum should have native rollups—a vision aimed at addressing scalability and decentralization.

Köppelmann critiques the current state of layer 2 solutions, highlighting their limitations in fully inheriting Ethereum’s security and composability.

He proposes a bold alternative: 128 Ethereum-native rollups designed to expand block space, strengthen alignment with Ethereum’s core principles, and ensure long-term viability for developers and users.

Plus, Martin tackles the controversies: Are L2s parasitic? Could native rollups spell the end for existing solutions? And why should they rely on zero-knowledge proofs instead of Optimism?

Show highlights:

Whether the Ethereum scaling roadmap is accomplishing its goals
Why based rollups are not a full solution, according to Martin
What Martin proposes instead
Why Martin is proposing these rollups to be ZK-rollups instead of optimistic
Whether the proposed solution would focus on privacy
What it is about chain abstraction that Martin doesn’t like
How he envisions that these native rollups will solve many composability issues across L2s
Whether the community has embraced this proposal and how likely it is to be implemented
What would happen to current L2s if native rollups get implemented
Why despite being against the current state of L2s, Martin says that they are not parasitic to Ethereum

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Martin Köppelmann, Co-founder and CEO of Gnosis

Links

Previous coverage of Unchained on Ethereum layer 2s:
ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
Are Solana’s ‘Network Extensions’ Just Like Ethereum’s Layer 2s But by a Different Name?
Ethereum Has Had a Banner Year in Most Areas. Except Price.
Should Ethereum Layer 2s Urgently Decentralize Their Sequencers?
Blockworks: Gnosis founder argues Ethereum needs native L2s
Martin’s tweet on USDC yields

Timestamps:

00:00 Intro
01:47 Is Ethereum’s scaling roadmap meeting its goals?
04:07 Why Martin believes based rollups aren’t the full solution
08:11 Martin’s bold proposal for native rollups
12:07 Why ZK-rollups over optimistic rollups
15:56 Whether these rollups should also preserve privacy
17:11 Martin’s issue with chain abstraction
22:35 How native rollups could solve L2 composability problems
26:49 Has the community embraced Martin’s vision?
30:52 What happens to existing L2s if native rollups win
36:06 Whether Martin thinks L2s are parasitic to Ethereum

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How BlackRock, the World's Largest Asset Manager, Took Crypto Mainstream - Ep. 735 Nov 15, 2024

BlackRock’s entry into crypto through its bitcoin ETF (and later on the spot ether ETF) has rewritten the record books, driving massive inflows and reshaping the narrative for institutional crypto adoption.

Robbie Mitchnick, head of digital assets at BlackRock, unpacks the story behind this monumental shift. He shares the journey from skepticism to success, how BlackRock’s ETF has changed the market, and the surprises even he didn’t expect.

Plus, he explains why he believes people mistake bitcoin for a risk-on asset, what the investment case is for Ethereum, and what’s next for crypto in 2025.

Show highlights:

01:31 What and who is driving this massive amount of activity in bitcoin trading
05:05 Why Robbie offers some caution about the future of digital asset regulation
08:35 What about crypto captivated Robbie
13:32Whether Robbie was the one who “orange pilled” BlackRock CEO Larry Fink
14:37 Why Robbie thinks that bitcoin is not a risk-on asset
18:08 The backstory of how BlackRock ended up filing for a spot bitcoin ETF
20:15 How inflows into ETFs surprised Robbie, even considering fairly optimistic projections
24:14 Why BlackRock’s clients always ask about bitcoin’s correlation with other assets
27:22 Robbie’s take on the critique that BlackRock could centralize a decentralized ecosystem
29:34 What his thesis is on stablecoins, payments, and tokenization
31:25 The reasons why Ethereum ETFs have not been as successful as bitcoin
34:14 How Robbie pitches the ether ETF to clients
35:26 Why BUIDL is built on Ethereum, a public blockchain, rather than on a private one
36:48 Why DeFi’s potential is “immense,” according to Robbie
41:56 How bitcoin ETF options will impact the behavior of investors
43:57 What features BlackRock would love to see under a new SEC regime
45:32 What it’ll take for regulators to approve staking in ether ETFs
46:33 Why Robbie is not sure which crypto ETFs might come next
48:16 Whether BlackRock will develop proof of reserves for its ETFs
52:21 Robbie’s outlook for the markets in 2025

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Robbie Mitchnick, Head of Digital Assets for BlackRock

Links

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How Crypto Played the Political Game—and Won 'Bigly' - Ep. 734 Nov 12, 2024

The 2024 elections have reshaped the future of crypto in Washington. With almost $200 million in donations, the Fairshake Super PAC not only backed pro-crypto candidates but also took bold risks by challenging entrenched incumbents. This strategic gamble appears to have paid off, leading to the most crypto-friendly Congress in U.S. history.

In this episode, Coinbase’s Faryar Shirzad and Kara Calvert reveal the behind-the-scenes decisions that drove this unprecedented effort, discuss why crypto needs to transcend partisanship, and explain how this election could usher in long-awaited regulatory clarity. They also delve into the global stakes of blockchain adoption and whether the U.S. can reclaim its leadership as other nations surge ahead in Web3 innovation.

Show highlights:

01:48 The journey of how crypto became so important in this election
04:16 The differences between Fairshake and Stand With Crypto
08:48 How Fairshake decided which candidates to support
12:48 How Washington reacted to the massive influx of money to support pro-crypto candidates
15:51 Why Fairshake stayed out of the Presidential race
18:23 How hard it was for Fairshake to handle its non-partisan stance with both parties
22:32 How the U.S.’s approach to crypto can be compared to how it lost on the cutting-edge technologies of 5G and semiconductors
26:41 What drove the decision to attempt to unseat Sherrod Brown, which ended up giving Sen. Warren more power on the Senate Banking Committee
32:54 Whether Sen. Warren’s anti-crypto stance has been diminished after the elections
35:28 How the industry got past the fiasco of Sam Bankman-Fried and FTX
42:07 Why Faryar believes that “anyone would be an upgrade” from Gary Gensler as Chair of the SEC
46:45 How blockchain technology allows for instant settlements, a feature so needed in capital markets
49:36 What could happen with the SEC’s legal actions against crypto companies now that Gensler will lose his position as SEC chair
53:22 What Faryar and Kara expect the new administration to do around crypto
56:47 How DeFi can be regulated in the U.S. and whether Trump will support the motto “code is free speech”
1:01:37 The perception of Washington insiders about Polymarket
1:04:28 Whether the technology sector will be on the Republican side from now on

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Faryar Shirzad, Coinbase Chief Policy Officer
Kara Calvert, Coinbase Head of US Policy

Links

Previous coverage of the elections on the podcast:

Unchained:

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The Chopping Block: How Prediction Markets Outsmarted the 2024 Election feat. Laura Shin - Ep. 733 Nov 08, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, Laura Shin joins the squad to help break down the aftermath of the 2024 U.S. presidential election and its impact on the crypto landscape. With a new pro-crypto administration on the horizon, they explore what Trump’s stance on blockchain regulation could mean for the industry, from ETFs and stablecoin legislation to the potential of a national Bitcoin reserve. They also dig into the power of prediction markets, which outperformed mainstream media in election coverage, signaling a shift in trust and transparency. From the populist appeal of crypto to the challenges facing a divided Democratic Party, this episode uncovers the political dynamics that could drive innovation or stifle growth in the U.S. crypto market. Expect insights on the forces shaping America’s crypto future and the role of policy in crypto’s place on the global stage.

Show highlights

🔹 Prediction markets outpaced mainstream media in calling the 2024 election, marking a shift in how people track election outcomes.

🔹 Trump’s pro-crypto stance signals potential changes for the industry, from new ETFs to a possible federal Bitcoin reserve.

🔹 The Democratic Party’s anti-crypto stance highlights a disconnect between progressive values and blockchain innovation.

🔹 As prediction markets gain popularity, more Americans rely on them over traditional media for real-time election insights.

🔹 One high-stakes bettor’s multi-million-dollar wager on the election paid off, thanks to a unique strategy involving the "neighbor effect."

🔹 The Democratic Party’s focus on "woke" issues may have contributed to a historic loss, raising questions about the future of these policies.

🔹 With pro-crypto Republicans in control, sweeping legislative changes are expected, from stablecoin laws to crypto tax reforms.

🔹 Crypto’s anti-elite appeal is resonating with populist movements, indicating a potential path for mass adoption.

🔹 The idea of Bitcoin on the U.S. national balance sheet is gaining traction as a pro-crypto administration takes office.

🔹 Political choices could propel or stifle America’s standing as a global leader in blockchain innovation and technology.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Disclosures

Links

Kamala Harris Shouldn’t Just Embrace Crypto. She Must Help It Flourish by Laura Shin:

https://time.com/7111315/kamala-harris-crypto-laura-shin-essay/

How the Trump Whale Correctly Called the Election by Alexander Osipovich

https://www.wsj.com/finance/how-the-trump-whale-correctly-called-the-election-cb7eef1d

Timestamps

00:00 Intro
01:17 Election Night Observations
04:32 Polymarket's Role
06:19 French Whale x Neighbor Effect
14:52 Mainstream Media vs. Prediction Markets
25:54 The Future of Prediction Markets
27:26 Crypto and the Democratic Party's Missteps
30:30 Democratic Party's Superiority Complex
31:38 Crypto's Global Impact and Legislation
43:23 Predictions for Crypto's Future in the U.S.
49:47 The Return of Crypto Companies to the U.S.

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Under Trump, the First Crypto President, Where Will Markets Go? - Ep. 732 Nov 08, 2024

With a friendlier regulatory environment in sight, will crypto finally get its moment?

Jeff Park, head of alpha strategies at Bitwise, joins Unchained to break down what a pro-crypto approach in Washington could mean for the industry, why DeFi tokens such as UNI are thriving, and whether Bitcoin has a place as a strategic national asset.

Plus, Park shares insights into how China will respond to Trump’s economic measures and explains what he means by the “radical portfolio” thesis.

Tune in to find out how this new political era could set the stage for crypto’s long-awaited breakout.

Show highlights:

Jeff’s main takeaways from the intersection of crypto and politics this cycle
Whether crypto has become a partisan issue
Why Jeff highlights the usefulness of Polymarket to track the chances of each candidate
Why Uniswap’s token UNI outperformed the broader market
What sectors of the industry could boom with more regulatory clarity
Whether the idea of using bitcoin as a strategic reserve is feasible
How China will respond to Trump’s economic measures
What is the “radical portfolio” thesis and what’s bitcoin’s role in it

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Jeff Park, Head of Alpha Strategies at Bitwise
The Radical Portfolio Theory

Links

Unchained:

Haralabos Voulgaris’s tweets on gambling:

Expressing concern about gambling addiction
Contrasting gambling now vs. when he started
His opposition to how much gambling is promoted

Timestamps:

00:00 Intro
01:13 Key takeaways on crypto’s role in politics
02:38 Has crypto become a partisan issue?
06:47 Why Polymarket is crucial for tracking election odds
09:29 Why UNI is outperforming the market
11:56 Which sectors could thrive with regulatory clarity?
15:07 Could Bitcoin become a national strategic reserve?
18:32 How might China respond to Trump’s economic policies?
20:17 What is the “radical portfolio” thesis?
29:57 Crypto News Recap

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Bits + Bips: Trump Won and the Question Is: Do You Have Enough Crypto? - Ep. 731 Nov 07, 2024

Donald Trump is headed back to the White House, and the crypto markets are surging in response.

This episode of Bits + Bips dives into what the election means for crypto, the potential crypto IPOs coming soon, why DeFi tokens are outperforming, and what changes in U.S. regulation could mean for investors. Ram Ahluwalia and Noelle Acheson join to explore this unprecedented moment in crypto and how inflation and policy changes may boost Bitcoin and the broader ecosystem.

Show highlights:

Everyone’s initial reactions to Trump’s win
How some crypto companies could have their IPO soon
Whether it’s time to take profits after the substantial run
Why DeFi tokens have been the biggest winners
What the next crypto spot ETF will be and whether we’ll see staking rewards for ETH
Why mainstream media didn’t see the Trump win coming
Why Ram and Alex believe that Kamala Harris was not the right candidate
How Trump won the appeal of the lower class in the U.S.
Whether immigration was key to sustaining the GDP and avoiding a “hard landing”
Crypto’s massive win in Congress
How much impact Elon Musk had in the outcome of the elections
How Polymarket has become a “new source of truth,” according to Ram
Why the Fed doesn’t have a need to accelerate rate cuts
Whether Trump’s policies will be inflationary and whether he’ll go forward with tariffs
Whether the 10-year bond will reach new highs

Thanks to Gemini for sponsoring this episode of Bits + Bips.

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard

Guests:

Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter

Timestamps:

00:00 Intro
01:57 Reactions to Trump’s election win
03:13 Which crypto companies might IPO soon?
09:28 Is it time to take profits in crypto?
17:30 Why are DeFi tokens surging?
20:31 What’s next for crypto ETFs and ETH staking rewards?
28:00 Why mainstream media missed Trump’s victory
33:44 Ram’s thoughts on Kamala Harris’s candidacy
43:52 How Trump gained appeal with lower-income voters
45:41 Did immigration help sustain GDP?
53:11 Crypto’s big win in Congress
56:53 Elon Musk’s influence on the election outcome
1:04:10 Is Polymarket becoming a “new source of truth”?
1:10:30 Why the Fed may not need faster rate cuts
1:13:26 Will Trump’s policies drive inflation?
1:17:08 Will the 10-year bond hit new highs?

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Is There a Better Way to Launch Tokens in Crypto? - Ep. 730 Nov 05, 2024

Crypto networks are meant to be decentralized, community owned systems. But they’re turned out to be dominated by whales and to have more mercenaries who are just interested in getting free tokens to dump them, rather than having long-term believers who want to build the ecosystem. How can tokens be launched in a way that gets token holders aligned with long-term success?

Today’s guests, Mike Dudas, founding partner of 6th Man Ventures, and Matt O’Connor, co-founder of Legion, believe there’s room for improvement. In this episode, they share how Legion aims to reshape the process, focusing on fair distribution, incentivizing organic user growth, and building loyal communities. They explore Legion’s approach to token sales, its compatibility with regulatory frameworks, and why it might be the key to bringing new people into crypto.

Show highlights:

How Legion was born and what its main goal is
The problems with how token launches currently work
Why projects don’t want to return to the ICO model
Whether the criteria to earn a better reputation on Legion is gameable
How Legion actually works and what the role of KYC is
What type of regulatory framework Legion is leveraging
How MiCA’s rules for token offerings allowed for this type of project to emerge
Whether the U.S. should follow Europe in establishing a crypto framework like MiCA
What the business model of Legion is
What the difference is between Legion and other similar platforms such as Cobie’s Echo
Whether token sales is a better distribution mechanism than airdrops

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Mike Dudas, Founding partner of 6th Man Ventures
Matt O’Connor, Co-Founder of Legion
Matt’s open source publication: Tokenomics for Builders

Links

Timestamps:

00:00 Intro
01:49 How Legion was born and its main goal
05:33 What’s wrong with current token launches?
11:13 Why projects avoid the ICO model
13:37 Can Legion’s reputation system be gamed?
26:18 How Legion works and the role of KYC
35:23 The regulatory framework behind Legion
39:06 How MiCA enabled this type of project
44:09 Should the U.S. adopt a framework like MiCA?
46:32 What is Legion’s business model?
50:28 How Legion differs from Cobie’s Echo
53:18 Are token sales better than airdrops for distribution?

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The Chopping Block: 2024 Election Debate feat. Mike Novogratz & Shaun Maguire - Ep. 729 Nov 03, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, Robert Leshner welcomes two special guests: Mike Novogratz, CEO of Galaxy, and Shaun Maguire, general partner at Sequoia Capital, for a one-of-a-kind debate on how the upcoming 2024 U.S. presidential election could shape the future of crypto. With the stakes higher than ever, they explore what a Harris or Trump presidency could mean for crypto regulation, market infrastructure, and the populist undercurrents driving the industry forward. From blockchain voting possibilities to the macroeconomic forces impacting Bitcoin and stablecoins, the conversation pushes beyond policy to the heart of crypto's role in tomorrow's world. This episode delivers crucial insights on the political forces that could redefine crypto’s trajectory in the U.S. and beyond.

Show highlights

🔹 Crypto in the Election Crosshairs: Mike Novogratz and Shaun Maguire debate how a Trump or Harris presidency could reshape the U.S. crypto landscape.

🔹 Deregulation vs. Innovation: Trump’s pro-deregulation stance meets Harris’s pro-innovation campaign promises. Which path is better for crypto growth?

🔹 Crypto's Populist Appeal: How Trump’s base connects with crypto’s populist movement and why that resonates with “the people at the bottom” of the income bracket.

🔹 Deep State and Political Jaywalking: Shaun Maguire dives into the concept of “political jaywalking” and its impact on trust in U.S. elections.

🔹 The Future of Blockchain Voting: Could blockchain-based voting bring transparency to elections? The crew weighs in on the feasibility and timing of decentralized voting.

🔹 Bitcoin's Role in Macro Trends: With U.S. debt surging, Mike and Shaun share their thoughts on Bitcoin as a hedge, whether Trump or Harris takes office.

🔹 The Crypto Political Machine: A look at how crypto insiders engage with political campaigns and the industry’s impact on down-ballot races.

🔹 Wildcard Assets: How a national Bitcoin reserve might impact U.S. fiscal policy – could it ever happen under Harris?

Hosts

⭐️Robert Leshner, CEO & Co-founder of Superstate

Guests

⭐️Mike Novogratz, CEO of Galaxy

⭐️Shaun Maguire, general partner at Sequoia Capital

Disclosures

Timestamps

00:00 Introduction
02:03 Shaun’s Argument for Trump
05:10 Mike's Argument for Harris
11:10 Political Bias and Prediction Markets
18:25 Flynn & Political Jaywalking
24:26 Macroeconomic Implications for Crypto
30:29 Bitcoin Price Predictions Post-Election
32:38 Gold & Central Bank Dynamics
34:41 Nation States & Bitcoin Reserves
37:35 Military Technology & Future Dominance
39:10 Presidential Campaign Issues & AI
47:44 Election Integrity & Blockchain Voting
53:17 Crypto's Influence in Politics
56:42 $WLFI Endeavors
01:00:17 Closing Thoughts

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How Arthur Hayes Has Prepared His Portfolio for the Elections - Ep. 728 Nov 01, 2024

As the 2024 U.S. election draws near, the crypto market is buzzing with speculation on what’s next. Arthur Hayes, co-founder of BitMEX, joins Unchained to discuss how Bitcoin and altcoins might react depending on who wins. Hayes shares his insights on election trade strategies, from the importance of sticking to the majors to his preference for Solana over Ethereum in the short term.

He also dives into whether Trump will fulfill his promises to the crypto community and drops a banger explanation on what could be the next Federal Reserve move. (Hint: it’s not about interest rates.)

Plus, Unchained reporter Veronica Irwin joins the show to discuss her latest scoops on Stand With Crypto’s scoring system and SEC Commissioner Hester Peirce’s stance on whether she would want to become Chair of the agency in replacement of Gary Gensler.

Show highlights:

01:39 How the market could react based on the election outcome
03:53 Has a Trump win been priced in? What if there’s no clear winner?
06:30 Arthur’s short-term trade strategy for the elections
13:00 Will Bitcoin surge, and is an altcoin rotation coming?
16:52 Why Arthur favors SOL over ETH right now
21:28 Whether Layer 2s are parasitic to Ethereum
24:19 Could crypto regulation reform come after the election?
26:12 Whether Trump would deliver on his promises to the crypto community
29:45 The election outlook for memecoins
30:52 Why traders should focus on high-cap AI memecoins
36:41 Why Arthur believes the Fed need to restart quantitative easing
47:55 How much money China will print to tackle its property crisis
52:21 Arthur’s take on Japan’s political shift and economic impact
54:44 Whether Stand With Crypto has been honest with the crypto community
56:20 A potential conflict of interest of one of the top executives
56:58 Stand With Crypto’s affiliation with PAC Fairshake
1:04:19 Whether Hester Peirce will become SEC Chair if Trump wins
1:08:27 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Arthur Hayes, Co-Founder of BitMEX and CIO at Maelstrom
Previous appearances on Unchained:
Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different
Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
How Crypto and Blockchain Technology Could Change Financial Services

Links

Unchained:
Why You Might Have to Wait a Little Longer for a Crypto Bull Market
What Needs to Happen for Altcoins to Finally Pump: Report
Arthur’s latest blog post

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The Chopping Block: AI Memecoins, Trump’s Token Flop, & Ethereum’s Malaise - Ep. 727 Oct 31, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, the crew tackles everything from AI-powered memecoins and the explosive rise of GOAT token to the ongoing rivalry between Ethereum and Solana. They break down the appeal of AI-driven assets, analyze Trump’s World Liberty Finance flop, and debate whether Ethereum’s current fragmentation is hurting its narrative. With Halloween thrills and market chills, this episode delivers insider insights on the trends pushing crypto forward.

Show highlights

🔹 GOAT Token Madness: The latest in AI memecoin hype and how GOAT token captured the attention of investors and Twitter alike.

🔹 Memecoin Stagecraft: Are AI-driven coins here to stay, or is it all clever stagecraft? Our thoughts on the future of AI-based assets.

🔹 AI Meets Memecoins: Is character-driven AI the secret sauce in building compelling memecoins? Exploring the potential of charismatic, interactive assets.

🔹 World Liberty Finance Flop: Trump's crypto token sale misses the mark—are accredited investor rules and lack of memes to blame?

🔹 Trump’s Role in Crypto: How Trump’s “hands-off” approach may have impacted World Liberty’s slow start.

🔹 Ethereum vs Solana: Ethereum’s current challenges and Vitalik’s roadmap defense—can Ethereum reclaim its narrative from Solana’s simpler, single-layer approach?

🔹 Fragmentation in Ethereum’s Ecosystem: How Ethereum’s L2 rollup competition might be confusing new users and hurting its narrative.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Timestamps

00:00 Intro
02:12 The Rise of GOAT Token
11:41 The Future of AI Coins & Meme-Based Value
21:50 The Importance of Attention in Crypto
23:53 Trump's World Liberty Finance Token Sale
31:24 Ethereum's Struggles and Vitalik's Response

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It’s Not Just the Presidency. Congressional Races Matter a Lot for Crypto - Ep. 726 Oct 29, 2024

Subscribe to Unchained’s new regulatory newsletter Unregulated.

With the presidential race in the spotlight, it’s easy to overlook the powerful role that Congress could play in shaping crypto policy in the coming years. From committee chairs to legislative allies, crypto advocates are keenly focused on the outcome of key Congressional races. Kristin Smith of the Blockchain Association and Alex Grieve of Paradigm join us today to break down which races and committees are critical for crypto, why the industry is more visible in Washington than ever, and what the chances are for lame duck legislation this year.

Show highlights:

Why this election is “incredibly important” for crypto
How the presence of Fairshake is increasingly noticed by Washington
Why some committees are more important than others for the industry
Why the Senate Banking Committee is key
Whether Alex and Kristin are concerned about Sen. Warren becoming chair of the Senate Banking Committee
What could happen to the House Financial Services Committee
Who is likely to take on both of the Agricultural Committees, which is in charge of the CFTC
How the Senate Commerce affects the crypto industry
How the members of the House Energy Committee don’t have a strong stance on crypto
What the stance of the Finance Committee on crypto is
Why there is an opportunity in the House Ways and Means Committee
Whether crypto tax legislation is in the works
Who could be the SEC Chair under a Trump or Harris presidency
Who could be the next Chair of the CFTC
Whether Yellen will be replaced on Treasury, with many pro-crypto options on tap
Why the Federal Reserve matters much more if they get to regulate stablecoins
What the odds are for crypto legislation being passed this year

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Kristin Smith, CEO of the Blockchain Association
Kristin’s Op-ed on Unchained: In the Ongoing SAB 121 Fight, Here’s How Crypto Can Move Forward With Bipartisan Support
Previous appearances on Unchained:
Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
What the Crypto Industry Could See Under a Biden Administration
Alexander Grieve, VP of Government Affairs at Paradigm

Links

Previous coverage of Unchained on the elections:
With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto?
Why Congressman Ro Khanna Is Hopeful the Democratic Party Will Embrace Crypto
Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins the Election
Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair

Timestamps:

00:00 Intro
01:55 Why this election is pivotal for crypto
04:50 How Fairshake’s presence is catching Washington’s eye
16:39 Which committees matter most for crypto?
22:49 Why the Senate Banking Committee is crucial
28:54 Concerns about Sen. Warren as potential chair?
38:15 Possible shifts in the House Financial Services Committee
41:47 Who could control the Agricultural Committees and CFTC oversight?
47:35 How the Senate Commerce Committee impacts crypto
51:04 House Energy Committee’s stance on crypto
53:21 Finance Committee’s crypto perspective
55:03 Opportunities in the House Ways and Means Committee
57:28 Is crypto tax legislation in the works?
1:01:23 Potential SEC Chairs under Trump or Harris
1:03:57 Who could be the next CFTC Chair?
1:05:46 Will Yellen be replaced with a pro-crypto Treasury option?
1:08:06 Why the Fed’s role could be pivotal for stablecoin regulation
1:10:46 Odds of crypto legislation passing this year

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The Backstory of How 3 AI Agents Led to the Rise of the Hottest Memecoin, GOAT - Ep. 725 Oct 25, 2024

Subscribe to our new regulatory newsletter Unregulated: https://unchainedcrypto.substack.com/s/unregulated

The two-week-old GOAT memecoin, which hit a market cap of almost $880 million on Thursday, is captivating everyone in crypto. Not because this is memecoin szn, but because its rise was fueled by an AI called Truth Terminal, which is itself a baby of two other AI models.

Teng Yan, founder of Chain of Thought, joins Unchained to break down how this unexpected AI creation has turned into a phenomenon, why it has captured the attention of the crypto world, and what the future holds for AI-driven tokens.

At the end, Laura also discusses with Unchained’s regulatory reporter Veronica Irwin two interesting and important news stories: who Kamala Harris is vetting for SEC chair and how one Senate race could inadvertently give Senator Elizabeth Warren more power over crypto.

Show highlights:

How an AI experiment unexpectedly led to the creation of GOAT and sparked interest in AI-generated subcultures
How "Terminal of Truth" evolved its own personality, gained attention from Marc Andreessen, and began posting about a new "Goat Sea gospel" religion
How the spelling mistake sparked skepticism about the AI model
What happened with the $50,000 in BTC that Marc Andreessen gave to Truth Terminal
Whether an AI can have its own wallet and what the implications are
Whether AI memecoins could start surging on other chains
What we can expect in terms of the proliferation of AI memecoins
What the future looks like for the intersection of crypto and AI
Who Kamala Harris is considering for SEC Chair if she wins the U.S. election
Why one Senate race could give Elizabeth Warren more power over crypto

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Teng Yan, Founder of Chain of Thought
Teng’s article: GOAT: The Gospel of Goatse

Links

Previous coverage of Unchained on GOAT:
GOAT Hits a Record $879 Million Market Cap After Brian Armstrong Offers to Help Truth Terminal
GOAT: How AI Agents Talking Turned Into a $268 Million Memecoin 'Religion'
Infinite backrooms
Andy : https://x.com/AndyAyrey
Andy Ayrey's (creator of Truth Terminal) research paper on LLMtheism:
Truth Terminal's X account
Kaito: GOAT’s mindshare

Timestamps:

00:00 Intro
01:28 How an AI experiment led to the creation of GOAT
06:16 The rise of “Terminal of Truth” and its unexpected evolution
11:57 How a simple spelling mistake raised skepticism
20:09 What happened to the $50,000 in BTC from Marc Andreessen?
21:06 Whether AI models can have their own wallets
24:17 Whether AI memecoins will surge on other chains
26:19 What’s next for the rise of AI memecoins
28:35 The future of AI and crypto’s intersection
31:39 Who Kamala Harris may consider for SEC Chair
34:12 How one Senate race could boost Elizabeth Warren’s power over crypto
40:33 News Recap

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The Chopping Block (feat. Anatoly): Solana's Second Act, SVM vs EVM, & Extension Dilemma - Ep. 724 Oct 24, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. In this episode, the crew is joined by special guest Anatoly Yakovenko, the mastermind behind Solana, for a deep dive into the network’s evolution and future. The conversation kicks off with a look at Solana's rapid rise from its rocky early days to its current status as a blockchain powerhouse. They debate the role of memecoins in Solana’s ecosystem and whether they’re here to stay or just a passing craze. Next, Anatoly opens up about Fire Dancer’s impact on the network’s scaling and performance, sparking a broader discussion about vertical vs. horizontal scaling. Finally, they explore Solana’s ambitious push into the mobile space with the Seeker phone and its implications for the broader crypto industry. Packed with expert insights, bold predictions, and a few surprises, this episode is a must-listen for anyone following the future of blockchain.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Solana’s Rise: Solana’s journey from early turbulence to becoming a blockchain powerhouse.

🔹 Memecoin Frenzy: The explosive growth of memecoins on Solana and their impact on the ecosystem.

🔹 Fire Dancer Impact: How Fire Dancer could revolutionize Solana’s scalability and performance.

🔹 Vertical vs Horizontal Scaling: Is Solana’s vertical scaling approach stronger than Ethereum’s rollups?

🔹 Seeker Phone: Solana’s ambitious push into mobile with the Seeker phone and its potential disruption of the app store landscape.

🔹 ETHOS Phone: How does Ethereum’s new phone compare to Solana’s mobile vision?

🔹 Network Extensions: The introduction of network extensions and whether they align with Solana’s long-term vision.

🔹 App Chains: Could the rise of app-specific chains lead to fragmentation or strengthen Solana’s ecosystem?

🔹 Developer Experience: The challenges of Solana’s development environment and their impact on innovation.

🔹 Ethereum Rivalry: With both networks advancing, how is the competition between Solana and Ethereum shaping up?

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Special Guest

⭐️Anatoly Yakovenko, Co-Founder & CEO Solana Labs

Disclosures

Timestamps

00:00 Intro
02:56 TCB’s Criticisms
05:12 Evolution of Solana's Ecosystem
17:36 Solana's Competition
22:05 What Is Solana's Moat?
28:31 The Role of Atomicity and Composability
34:11 Network Extensions
44:20 First Mover vs. Second Cohort
48:44 Future of Asset Types and Content
52:49 Developer Experience and Token Implementations
1:00:38 Solana Phone vs. EthOS
1:09:16 Thoughts and Criticism

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Bits + Bips: The Real ‘Trump Trade’ & Why Trump's World Liberty Financial Was a Flop - Ep. 723 Oct 23, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Jeff Park of Bitwise to discuss some of the latest developments in the crypto world. They share their thoughts on a controversial ECB paper about Bitcoin, breaking down why they believe the authors missed the mark. They also dive into the rising institutional interest in spot Bitcoin ETFs and how Trump’s momentum in the polls could impact the market, especially for altcoins. Plus, the conversation explores the significance of Bitcoin ETF options and why they could have a larger impact than many expect.

Show highlights:

Why the guys believe that the ECB paper on Bitcoin is a joke
How the Minneapolis Fed report said that prohibiting Bitcoin would allow the government to operate at permanent deficits
The institutional demand for spot bitcoin ETFs
How Trump has been rising in the polls and what the Trump trade looks like at the moment
Whether polls and Poylmarket bets on the U.S. elections are manipulated
How the Fed is putting more focus on jobs than inflation
When the bitcoin ETF options might launch and which issuers will get it first
How memecoins succeed and the rise of AI memecoins like GOAT, fueled by the AI bot truth_terminal
What the $1.1 billion acquisition by Stripe of stablecoin company Bridge means
Why Donald Trump’s World Liberty Financial token sale was a flop

Sponsors:

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Jeff Park, Head of Alpha Strategies at Bitwise

Links

ECB paper on bitcoin: Bitcoin Appreciation Could Be ‘Fuelling The Division Of Society’
Omid Malekan’s rebuttal to the paper by Bindseil & Schaaf (of the ECB)
Minneapolis Fed report: Unique Implementation of Permanent Primary Deficits? | Federal Reserve Bank of Minneapolis
Alex Kruger’s tweet on memecoins
Alex Thorn’s tweet on bitcoin adjusted by inflation

Timestamps:

00:00 Intro
03:08 Why the ECB’s Bitcoin paper missed the mark
10:17 Political motivations behind the Minneapolis Fed report on Bitcoin
14:18 Rising institutional demand for spot Bitcoin ETFs
21:38 How Trump’s poll momentum could impact crypto
32:14 Are election polls and Polymarket bets manipulated?
43:36 Why the Fed is prioritizing jobs over inflation
52:37 When will Bitcoin ETF options launch?
1:01:08 What makes memecoins, including AI memecoins like GOAT, succeed?
1:13:00 The significance of Stripe’s $1.1 billion crypto deal
1:18:02 Why the WLFI token sale was a “flop”

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How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks - Ep. 722 Oct 22, 2024

Africa is quickly becoming one of the most dynamic regions for crypto adoption, but the story unfolding there is very different from what many in the West might imagine.

Chris Maurice, co-founder and CEO of Yellow Card, joins the show to share how stablecoins are already transforming businesses across the continent, solving real-world problems, and taking on SWIFT. Plus, he explains why USDT is the stablecoin of choice there.

He also dives into the long-term economic impact of crypto adoption and explains why anyone serious about business should be paying close attention to Africa.

Show highlights:

What Yellow Card is and the focus on U.S. Dollar stablecoins
The complexities of doing business in Africa
Which African countries have the highest rate of adoption
Chris’s background and his fun story of how he got into working in Africa
How operating a company in Africa is different from other places
Why Yellow Card is currently operating with three stablecoins, and the dominance of USDT
Why Yellow Card only offers centralized stablecoins
Why everyone should pay more attention to the continent, according to Chris

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Chris Maurice, cofounder and CEO of Yellow Card

Links

Previous coverage of Unchained on stablecoins and emerging markets:
Anita Posch on Why ‘Bitcoin Is a Tool for Freedom’ – Especially in Africa
6 Stablecoins That Are Driving the Sector’s Two-Year High in Market Capitalization
Castle Island Ventures’ report: Stablecoins: The Emerging Market Story

Timestamps:

00:00 Intro
02:03 What Yellow Card is and why it focuses on U.S. dollar-denominated stablecoins
04:31 The complexities of doing business in Africa
10:42 Which African countries have the highest crypto adoption
19:17 How Chris got into working in Africa
25:11 How operating in Africa differs from other regions
32:42 Why USDT dominates Yellow Card’s stablecoin business
38:31 Why Yellow Card only uses centralized stablecoins
39:22 Does Africa deserve more attention?

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What's a Fair Value for Crypto Networks Like BTC, ETH and SOL? - Ep. 721 Oct 18, 2024

How do you determine the value of decentralized networks like Bitcoin, Ethereum, or Solana? It’s not as straightforward as traditional investments.

Jon Charbonneau, general partner at crypto investment firm DBA, joins Unchained after writing a paper that dives deep into the complexities of valuing blockchain networks. He explains why applying traditional equity models to networks such as Bitcoin falls short, how tax inefficiencies in staking rewards impact valuations, and whether Layer 2 solutions like Optimism and Arbitrum are helping or hurting the long-term value of Layer 1 blockchains.

Also, he looks at the big question—are these networks sustainable in the long run?

Show highlights:

What motivated Jon to write the paper
What the main points of the paper are
Why tax inefficiencies in staking rewards are a critical factor in valuing decentralized networks and how they differ from traditional corporate taxes
What makes valuing networks tricky, as Jon explains how proof-of-work vs. proof-of-stake systems differ from traditional equity models
How he thinks about valuing Layer 2s and whether they are parasitic to the L1
Whether blockchains are sustainable in the long term

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Jon Charbonneau, co-founder and General Partner at DBA
L1 & L2 Token Value Capture

Links

Timestamps:

00:00 Intro
01:25 What sparked Jon's interest in this topic?
03:35 Key takeaways from the paper
08:30 How staking taxes could change the game
13:46 Why traditional models fail for blockchain
20:10 Are Layer 2s helping or hurting Layer 1s?
26:51 Can blockchains survive long term?
29:20 News Recap

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The Chopping Block: Memecoin Frenzy, Unichain Reaction, & Kamala’s Crypto Agenda - Ep. 720 Oct 16, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. In this episode, the crew dives headfirst into the “Memecoin Supercycle,” sparking a debate on whether these wild, meme-powered coins are just a fleeting obsession or a genuine revolution. They then dissect Uniswap’s bold leap to launch its own chain on the Optimism Superchain, asking if this move could steal the spotlight from Ethereum and forever reshape the DeFi landscape. And just when you think it’s all about tech, they dive into Kamala Harris’ latest crypto play, with an eyebrow-raising appeal to memecoin investors. From soaring hype to DeFi drama and political power moves, this episode is packed with hot takes, spicy predictions, and a glimpse at what might lie ahead in the world of crypto.

Show highlights

🔹 “Memecoin Supercycle” and whether memecoins are on track to overtake traditional altcoins as they fuel a new wave of financial speculation.

🔹 Unichain: Uniswap’s bold move to launch its own chain on the Optimism Superchain, questioning whether this could pull DeFi liquidity away from Ethereum and reshape the crypto ecosystem.

🔹 Kamala Harris’ unexpected crypto appeal in her new “opportunity agenda for Black men,” which includes a vague promise for regulatory protection for digital assets.

🔹 Memecoins vs. VC Coins: Murad’s thesis on memecoins outshining VC-backed tokens sparks a heated debate on whether financial nihilism is driving this trend and what it means for the future of crypto investing.

🔹With the new Unichain possibly diverting DeFi liquidity, the crew ponders whether Ethereum is at risk of losing its dominance as the “home of DeFi.”

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Timestamps

00:00 Intro
2:10 The Memecoin Supercycle
9:13 VC Coins vs. Memecoins
25:30 Unichain: A New Era for Uniswap
31:51 Token Issuance on Ethereum vs. L2s
35:59 Uniswap's Future and Asset Creation
38:30 Predictions for Unichain's Impact
44:11 Retail Flow and MEV Extraction
53:31 Kamala Harris' Crypto Policy
56:05 Trump vs. Harris

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2 Crypto Investors on Why They Believe DeFi Is Poised for a Bull Run - Ep. 719 Oct 15, 2024

DeFi tokens have faced significant challenges in recent years. However, are we now on the verge of a new bull market?

Arthur Cheong, founder and CIO of DeFiance Capital, and Jordi Alexander, founder of Selini Capital and chief alchemist at Mantle, join the show to discuss why they believe DeFi is poised for growth. They dive into how DeFi's security and user experience have improved, the impact of Layer 2 solutions on Ethereum, and whether Ethereum or Solana will drive the next bull run. Plus, they discuss whether interest in memecoins takes attention from DeFi, and why sustainable tokenomics matters when it comes to valuing coins.

Are DeFi tokens finally ready to shine again?

Show highlights:

Why they believe that DeFi is poised for a bull cycle
How DeFi's security and UX have improved
Whether DeFi activity can be sustained in the long term
Why Jordi thinks that Layer 2s are not parasitic to ETH but Arthur thinks they are
Whether the DeFi bull case is stronger on Ethereum, Solana or other chains
Whether the Ethereum Foundation and Vitalik Buterin should be more proactive in supporting DeFi
How memecoins reflect a broader societal problem
The importance of tokens that don’t have big unlocks
How the lack of solid frameworks for valuing tokens might be causing capital misallocation in crypto
Whether a liquid venture investing approach is better for crypto
Why Jordi says that there’s a lot of “potential to unlock” with the overlap of Bitcoin and DeFi

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Arthur Cheong, founder and CIO of DeFiance Capital
Aave, the Core Pillar of Decentralized Finance and Onchain Economy
Liquid Venture Investing in Crypto
Jordi Alexander, Chief Alchemist at Mantle, Founder of Selini Capital

Links

Previous coverage of Unchained on this cycle & DeFi :Has Decentralized Finance Hit Bottom?
Kain Warwick’s tweet on Vitalik being anti-DeFi
Cointelegraph: Vitalik Buterin responds to criticism that Ethereum ‘doesn’t care’ about DeFi
The great return of DeFi, by @tradetheflow

Bitcoin DeFi

L2s and ETH:

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FTX's Ryan Salame Is Going to Prison. Here’s What He Has to Say - Ep. 718 Oct 11, 2024

Ryan Salame, the former CEO of FTX Digital Markets, is headed to prison, but not before sharing his side of the story. Ryan talks candidly about the decisions he made at FTX, why he withdrew millions of dollars worth of assets in the days leading up to its bankruptcy, and the backstory behind the Thai prostitute trading scheme to unfreeze Alameda’s funds in China. He also disputes the claims about his campaign finance violations, while explaining why he thinks Caroline Ellison is “at least as guilty as SBF” and that Nishad Singh lied.

Show highlights:

Ryan’s life pre-FTX and how he got into crypto
His three attempts to quit working at FTX
How Ryan committed campaign finance violations
Why Ryan disputes claims that FTX misled banks and misused customer funds
How Ryan was involved in setting up trading accounts with the identities of Thai prostitutes to unfreeze Alameda’s funds
Whether Ryan was involved in bribing a Chinese official
Why he withdrew millions of dollars worth of assets from his FTX accounts right before its bankruptcy
Why Ryan claims he was cooperative with prosecutors, despite common belief
How he refuses to comment on his wife Michelle Bond's case, but denies wrongdoing
Why Ryan pleaded the Fifth Amendment
His allegations that prosecutors lied to his lawyers about whether they would pursue charges against Michelle
Why he thinks that SBF could have never coerced Caroline Ellison and whether Ellison is “equally guilty” as SBF
Why Ryan believes Nishad Singh lied to save himself and his take on Gary Wang
How, if he didn’t know about the fraud, he could be so certain that Caroline or Nishad lied
Whether the legal advice from FTX’s and Alameda’s lawyers should have been considered in Bankman-Fried's trial
Whether testimony from more employees could have created reasonable doubt in SBF's trial
Why Ryan is going to law school
His plans post-prison
What Ryan learned from the FTX debacle

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Ryan Salame, former CEO of FTX Digital Markets

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The Chopping Block w/ Stani Kulechov: Operation Chokepoint 2.0, Ethereum Innovation Push, & Polymarket Whales - Ep. 717 Oct 10, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Stani Kulechov chop it up about the latest in crypto. In this episode, the crew dives into the latest speculation about Satoshi Nakamoto, spurred by the just-released HBO documentary. They also discuss Ethereum’s big debate over block times and blob storage expansion, exploring whether these changes can keep Ethereum competitive. The conversation gets heated with talk of a Trump whale on PolyMarket, Operation Chokepoint 2.0, and TikTok’s role in onboarding memecoin buyers. Don’t miss this episode packed with crypto conspiracies, performance debates, and insider gossip!

Show highlights

🔹 Who is Satoshi? Speculation about the HBO documentary “Money Electric” possibly revealing Satoshi Nakamoto’s identity.

🔹 Trump Betting Whale on PolyMarket: Discussion about a large whale accumulating Trump shares in Polymarket and addresses conspiracy theories.

🔹 MEV Reduction Through Shorter Block Times: Reducing Ethereum’s block times from 12 seconds to 8 seconds could decrease MEV by making arbitrage harder, with potential UX and cost improvements for Ethereum.

🔹 Blob Space Expansion: Increasing Ethereum’s blob storage for rollups might prevent alternative data availability layers like Celestia from gaining ground, raising whether more blob space is necessary.

🔹 Operation Chokepoint 2.0: New revelations suggest that regulators, possibly spurred by Elizabeth Warren, pressured banks to unbank crypto firms without formal rulemaking, with Tom calling it “shocking” how accurate initial speculations were.

🔹 Ethereum’s Future Performance Debate: Stani suggests Ethereum should continue to innovate and improve Layer 1 performance, advocating for faster block times and more radical changes to maintain its competitive edge.

🔹 DeFi Market Dynamics: The panel dives into how competitive decentralized finance platforms like Aave and Compound maintain resilience in an ever-evolving landscape, with Stani commending Robert’s contributions to the space.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest:

⭐️ Stani Kulechov, Founder & CEO Avara

Disclosures

Timestamps

00:00 Intro
01:09 Mainnet Conference Recap
05:39 HBO & Satoshi Nakamoto
12:55 Election Betting
21:24 World Liberty Financial
31:54 Operation Chokepoint 2.0 Exposed
39:44 Challenges in Crypto Disclosures
50:18 Ethereum's Potential Upgrades
1:03:59 Future of Avara

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Bits + Bips: Why ‘All Assets Will Go Up’ in the Near Future - Ep. 716 Oct 09, 2024

As the PBOC and Fed shift their stances on rates and liquidity flows, the macro landscape is evolving rapidly. In this episode of Bits + Bips, we unpack how these policy changes could spark a massive surge across all asset classes—from equities and bonds to Bitcoin and crude oil.

The hosts, joined by Nikos Kargadouris, a seasoned trader, discuss why liquidity is about to flood the markets, why fears of a U.S. recession may be overblown, and how even memecoins could benefit.

Plus, are central banks close to buying bitcoin ETFs?

Show highlights:

How the PBOC's shift in policies impacted the markets and when we’ll see a “bazooka”
How market complacency and short positions on oil amid geopolitical tensions could lead to mispricing and unexpected volatility
How rising crude oil prices could slow the U.S. economy, despite the country being a net oil exporter
How strong payrolls data reduced market expectations of U.S. rate cuts
Why predictions of a U.S. recession might be off
Whether it matters for crypto who wins the elections
The chances of central banks adopting Bitcoin
What the outlook for memecoins looks like in the next months
Whether the HBO documentary about the identify of Satoshi Nakamoto will be a disappointment

Sponsors:

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Nikos Kargadouris, Chief Investment Officer of a private investment office specializing in cross-asset thematic macro and digital asset strategies.

Timestamps:

00:00 Intro
02:09 Impact of the PBOC’s policy shift and timing of the “bazooka”
15:01 Oil mispricing and volatility due to geopolitical tensions
27:30 Rising oil prices and potential U.S. economic slowdown
35:51 Strong payrolls reducing expectations for U.S. rate cuts
44:11 Why U.S. recession predictions might be wrong
50:10 Can prediction markets reflect U.S. election outcomes?
56:05 Does the election winner matter for crypto?
1:04:43 Memecoin outlook for the next months
1:15:34 Will the HBO documentary disappoint?

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How North Koreans Infiltrated the Crypto Industry to Fund the Regime - Ep. 715 Oct 08, 2024

The crypto community is facing a new kind of threat—North Korean devs are infiltrating crypto companies to steal millions and funnel funds back to the regime in order to bypass sanctions.

In this episode, Sam Kessler, CoinDesk’s deputy managing editor for tech and protocols, and Taylor Monahan, security at MetaMask, explain how North Korea has embedded its operatives into the crypto space, the red flags companies should watch for, and what these hackers are doing once inside crypto firms.

Plus, they share their most interesting stories about how these hackers have gotten hired at crypto companies and the red flags the industry should know about.

Show highlights:

What Sam found in his investigation about North Koreans infiltrating the industry
How Taylor has found that this is a recurring issue
Why Sam and Taylor refer to these infiltrated workers as ‘IT’ workers
The most interesting stories that Sam and Taylor have discovered
The trends in the hiring process that lead to North Koreans being hired and also what the big red flags are
How “easy it is to de-anonymize” addresses and transactions in blockchains
What assets and networks these workers often use to get paid
How, after infiltrating a company, those projects get hacked
How to deal with a situation in which you’ve already hired North Koreans
How to protect a protocol from another type of North Korean hack: by hacking groups
Whether the industry is getting better at security

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Sam Kessler, CoinDesk's deputy managing editor for tech and protocols
CoinDesk: How North Korea Infiltrated the Crypto Industry
Taylor Monahan, Co-Founder of MyEtherWallet
Previous appearances on Unchained:
The QuadrigaCX Case: Taylor Monahan on What We Know From the Blockchain
MyCrypto's Taylor Monahan on Why She's Not a Fan of ICOs

Links

Previous coverage of Unchained on North Korea:
Why North Korea Is Interested in Cryptocurrency
Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp

Others:

DL News: North Korean hackers are infiltrating crypto job boards in a ‘quiet war’ that rakes in $600m
FBI PSA: North Korea Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks
Chainalysis:
2024 Crypto Crime Mid-year Update Part 1: Cybercrime Climbs as Exchange Thieves and Ransomware Attackers Grow Bolder
Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises
Russian and North Korean Cyberattack Infrastructure Converge: New Hacking Data Raises National Security Concerns
ZachXBT: How Lazarus Group laundered $200M from 25+ crypto hacks to fiat from 2020–2023

Timestamps:

00:00 Intro
01:59 Sam's findings on North Korean workers infiltrating crypto projects
04:04 Taylor on the recurring nature of the issue
09:05 Why they’re referred to as ‘IT’ workers
16:17 Most interesting infiltration stories
34:16 Hiring trends and red flags for North Korean operatives
44:02 How easy it is to de-anonymize blockchain transactions
51:05 Assets and networks used for payment
54:06 How infiltrated companies end up getting hacked
58:36 What to do if you've already hired North Korean operatives
1:00:21 How to protect a protocol from being hacked
1:06:22 Is the industry improving in security?

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The Chopping Block: EigenLayer Launch, Celestia Controversy, and Ethereum’s Future - Ep. 714 Oct 06, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into Ethereum’s homestaking crisis and its growing competition from high-throughput chains like Solana. They tackle the explosive drama between EigenLayer and Celestia, including the controversial $82 million token sale by VCs. The discussion also covers Ethereum's future, staking rewards, and how restaking could boost its long-term value. Tune in for a deep dive into the challenges and ethical debates shaping the blockchain space right now!

Show highlights

🔹 Total Fees in DA: Data availability (DA) layers generate relatively low fees compared to other blockchain networks.

🔹 EigenLayer Token Launch: EigenLayer launched at a $6 billion valuation, sparking drama with Celestia over DA performance.

🔹 VC Staking Practices: Polychain sold $82 million in Celestia staking rewards, raising ethical concerns about token vesting practices.

🔹 Ethereum Homestaking Debate: Ethereum’s focus on homestaking is being questioned as it faces competition from faster, high-throughput chains.

🔹 Ethereum vs. Solana: Ethereum is urged to take growing competition from Solana seriously to maintain its market dominance.

🔹 Restaking for Monetary Premium: Restaking in EigenLayer could significantly boost Ethereum’s value and long-term sustainability.

🔹 Staking Rewards and Inflation: Staking rewards protect investors but can lead to ethical issues with inflation mechanics.

🔹 Scaling Ethereum: Critics suggest Ethereum should increase bandwidth and capital requirements to enhance scalability and performance.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Links

Disclosures Related to Employee and Investor Staking by EigenLayer https://docs.eigenlayer.xyz/eigenlayer/information-and-transparency/disclosures

“Polychain invested around $20mil in the Series A&B round of Celestia and have already sold over $82 million worth of $TIA just from staking rewards” by @gtx360ti

https://x.com/gtx360ti/status/1839553081773560045

“I think there's a sane version of this where we recognize that 32 ETH is much more of a barrier than bandwidth reqs” by @VitalikButerin

https://x.com/VitalikButerin/status/1841756178692358587

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Bitcoin's Price Dropped After Iran's Attack on Israel. Is ‘Uptober’ Canceled? - Ep. 713 Oct 04, 2024

October started with hopes for “Uptober”—a positive price trajectory in October—in the Bitcoin community, since, historically, Bitcoin has performed well this month. But things took a turn when geopolitical tensions in the Middle East escalated, raising concerns about how that could affect Bitcoin’s price this month.

In this episode, André Dragosch, European Head of Research at Bitwise, talks about how Bitcoin typically responds to geopolitical shocks, whether this could present a buying opportunity, and how major events like the U.S. elections might shape Bitcoin’s future.

Show highlights:

How Bitcoin’s reacted to the geopolitical escalations
Why André believes this is a buying opportunity
How there was a macro capitulation after the beginning of the unwind of the Japan carry trade in August
Whether Bitcoin can truly act as a safe haven asset
How the clientele of ETFs have changed the market structure for Bitcoin
Whether ‘Uptober’ is canceled
How Andre expects Bitcoin will perform depending on the winner of the U.S. elections

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

André Dragosch, European Head of Research at Bitwise
Bitcoin as a Safe-Haven: Hedging Against Geopolitical Risks

Links

Previous coverage of Unchained on the recent market movements::
Investors Ditch Bitcoin, Scoop Up Gold, as Iran-Israel Tensions Escalate
$500 Million Liquidated From Crypto Markets Cools ‘Uptober’ Enthusiasm
Unchained:
Bitwise CIO Matt Hougan’s thread on how bitcoin & gold have performed
BlackRock’s bitcoin report

Timestamps:

00:00 Intro
01:14 How Bitcoin's price reacts to geopolitical tensions
03:17 Whether this could be a buying opportunity
08:54 Macro capitulation after the start of the Japan carry trade unwind
11:02Can Bitcoin act as a safe haven asset?
16:12 How ETFs have changed Bitcoin's market structure
20:28 Is ‘Uptober’ canceled?
24:17 Bitcoin’s future based on U.S. election outcomes
28:45 News Recap

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Could Bittensor End Up Being the Only Crypto/AI Project That Matters? - Ep. 712 Oct 01, 2024

AI and crypto are two of the hottest topics of the decade, but are there any projects truly making waves at the intersection of both? Bittensor, an open-source, decentralized AI network, is positioning itself as a leader in this space, with its TAO token seeing explosive growth and its model challenging traditional centralized AI companies.

In this episode, we’re joined by Joseph Jacks, aka JJ, founder of OSS Capital, and Sami Kassab, partner at OSS Capital, to explore why they’ve gone all-in on Bittensor. They discuss how Bittensor works, what makes it different from centralized AI models, and why they believe this project could be transformative for both crypto and AI.

Show highlights:

OSS Capital’s background and how they got to invest in Bittensor
Why Sami and JJ are bullish on TAO
What the three roles in the Bittensor ecosystem are
How new subnets incentivize miners to develop AI models
Why it’s so expensive to launch a subnet
Why Bittensor was built on the Polkadot SDK
The pros and cons of rolling out EVM compatibility
What Allora and Commune AI are focused on within the ecosystem
How Bittensor can compete with the big AI companies
The dangers AI poses to humanity and whether Bittensor can mitigate them

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Joseph Jacks, Founder and General Partner of OSS Capital
Sami Kassab, Partner at OSS Capital

Links

Previous coverage of Unchained on Crypto/AI:

Learn more:

Bittensor:

Bittensor’s website
The game theory of TAO
Nous Research leaving Bittensor
Seth Bloomberg’s tweet on “Bittensor’s Network Effects”
Cost of building a subnet
Commune.ai
Allora Network

Timestamps:

00:00 Intro
02:39 Background of OSS Capital and investing in Bittensor
19:06 Why Sami and JJ are bullish on TAO
24:51 The three roles in the Bittensor ecosystem
35:00 How subnets incentivize AI model development
47:50 Why launching a subnet is expensive
50:12 Bittensor’s foundation on the Polkadot SDK
53:00 Pros and cons of EVM compatibility
1:03:03 Focus areas for Allora and Communi
1:06:48 How Bittensor competes with big AI companies
1:09:19 JJ’s take on AI dangers and Bittensor’s role

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Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto - Ep. 711 Sep 27, 2024

With Bitcoin ETF options on the horizon, the crypto market is bracing for significant changes. In this episode, Joshua Lim, co-founder and CEO of Arbelos Markets, joins us to explain what the launch of Bitcoin ETF options means for the broader market. Could they unlock vast amounts of capital and set off a new altcoin boom? Josh also dives into the potential effects on Bitcoin volatility, DeFi lending, and even the onchain options markets. Plus, what could the 2024 U.S. presidential election mean for Bitcoin?

Show highlights:

What are options and why they are significant for bitcoin ETFs
How they will affect the price of BTC
When options will actually launch and what needs to be done
How the launch of IBIT options could lower Bitcoin volatility and compress spreads
Whether dominant players in derivatives will suffer from this launch
How the launch of options could lead to an “altcoin boom”
Why Josh thinks the SEC delayed its decision on ether ETF options
How rising Bitcoin options interest could trigger volatility during major options expiries
What Josh thinks the impact of the US presidential election will be on the markets

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Joshua Lim, Co-founder and CEO of Arbelos Markets

Links

Approval for BlackRock’s IBIT
The Block: Bitcoin ETFs set to attract liquidity and speculation as IBIT options trading gains approval
CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts

Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod -

Timestamps:

00:00 Intro
01:48 What Bitcoin ETF options are and why they’re significant
05:41 Impact on BTC price
08:17 When Bitcoin ETF options will launch
10:03 How IBIT options could reduce volatility
15:53 Will dominant players in derivatives be affected?
20:40 How options could trigger an altcoin boom
24:12 Thoughts on potential ether ETF options approval
24:47 Rising Bitcoin options interest and volatility risks
28:22 Impact of the 2024 US election on crypto markets
31:48 News Recap

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Bits + Bips: Why Bitcoin Is a Leveraged Bet on Global Liquidity - Ep. 710 Sep 26, 2024

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving Bitcoin’s price. They dive into the Federal Reserve's recent rate cuts, the impact of Solana's token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether Bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market.

Is Bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze?

Show highlights:

Alex and Joe’s takeaways from Token 2049 and Solana Breakpoint
Why there’s so little attention on Bitcoin at these conferences
The SOL vs. ETH trade debate
Why Sam thinks that the Fed cut rates to help the Treasury
Whether they think inflation will persist
How China's rate cuts aim to boost its economy amidst export challenges
How Bitcoin's correlation with global liquidity can break down during speculative bull runs, despite its typical sensitivity to liquidity conditions
The pros and cons of the approval of Bitcoin ETF options
Why fears about BlackRock and Coinbase's bitcoin holdings are unfounded, according to James

Sponsors:

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Sam Callahan, Current Free Agent Analyst & Scribe of the NewsBlock
Sam’s research post with Lyn Alden

Links

Coverage of Unchained on Token 2049 and Solana Breakpoint:

SOL vs. ETH

Unchained: SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani
Alex’s tweet: “Ironically $SOLETH is barely up in 2024”

Rate cuts and macro:

Fed Cuts Rates for First Time Since 2020

China:

Reuters: China's central bank unveils most aggressive stimulus since pandemic |

ETF options:

Kamala Harris:

Timestamps:

00:00 Intro
02:55 Takeaways from Token 2049 and Solana Breakpoint
07:14 Little Bitcoin interest me at conferences
12:23 The SOL vs. ETH trade debate
17:32 Sam’s view on the Fed’s rate cuts
28:55 Will inflation persist?
41:14 China’s rate cuts and economic boost
49:44 Bitcoin’s correlation with global liquidity
1:02:43 Pros and cons of Bitcoin ETF options
1:13:23 BlackRock and Coinbase Bitcoin holdings fears

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With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto? - Ep. 709 Sep 24, 2024

The Fed just made its first rate cut in years, slashing 50 basis points off interest rates—but what does this mean for the crypto markets? With Bitcoin lagging behind traditional finance, and the looming U.S. elections, uncertainty is growing.

In this episode, Quinn Thompson of Lekker Capital and Travis Kling of Ikigai Asset Management break down the major factors influencing the markets: from Bitcoin’s sluggish summer and the unwinding of the Japan yen carry trade, to why the 2024 elections could be a pivotal moment for crypto. Are these the catalysts we’ve been waiting for, or should we brace for more turbulence ahead?

Also, they cover which assets could benefit the most under a Trump administration, and why they believe SOL could have a negative catalyst in the near future.

Show highlights:

Why the Fed cut rates by 50 basis points and what the chances of a recession are in the U.S.
Why Bitcoin has underperformed the broader TradFi markets this summer
The risks of the unwinding of the Japan carry trade for crypto
How the election results might matter differently for different sectors of the industry
Whether rate cuts affect stablecoin yields in DeFi
How the approval of Bitcoin ETF options will affect the price of BTC
Whether Bitcoin miners will be affected by AI’s need for computing power
Ether’s lagging performance this year and what might be a huge catalyst for ETH
How SOL will manage through the huge unlock in early 2025
What Quinn and Travis think about investing in memecoins
How the rise of Base will impact Coinbase

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Quinn Thompson, CIO of Lekker Capital
Travis Kling, Founder and CIO of Ikigai Asset Management
Previous appearance on Unchained: With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold

Links

Rate cuts

ETH performance and L2s:

Unchained:
SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani
Ether Has Been a Much Worse Investment Than Both Gold and Silver So Far This Year
Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
Alex Kruger’s tweet: “Ironically $SOLETH is barely up in 2024”

Bitcoin ETF options:

CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts

Mining and AI:

TIME:Why So Many Bitcoin Mining Companies Are Pivoting to AI

Timestamps:

00:00 Intro
02:09 Fed rate cut and recession chances
12:34 Bitcoin’s underperformance this summer
14:56 Risks of Japan carry trade unwinding
21:3 Election impacts on crypto sectors
38:00 Rate cuts and DeFi stablecoin yields
43:00 Bitcoin ETF options
49:31 AI’s impact on Bitcoin miners
54:38 Ether’s lagging performance and future catalysts
1:03:19 SOL’s 2025 unlock concerns
1:10:39 Investing in memecoins
1:18:15 Base’s rise and Coinbase impact

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The Chopping Block: World Liberty Financial, Liquidity Risks, and Global Crypto Adoption - Ep. 708 Sep 23, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week the squad is live from Token2049 in Singapore and joined by special guests Mo Shaikh, CEO and Co-Founder of Aptos Labs, and Arthur Hayes, CIO at Maelstrom. In this episode, they tackle the buzz around Trump’s DeFi projects, the challenges of hosting Token2049 during F1, and the controversy surrounding Iggy Azalea’s cancelled debate. The conversation also covers the macro impact of potential Fed rate cuts, the role of celebrity coins, and the future of global crypto adoption. Don't miss this insightful live discussion in front of the Token2049 audience!

Show highlights

🔹 Token2049 Event: Token2049 faced logistical challenges due to Singapore’s F1 weekend, resulting in heavy traffic and delays for attendees.

🔹 Canceled Celebrity Coin Debate: Iggy Azalea’s debate with Eric Wall about celebrity coins was canceled due to conflicts with Singaporean regulations, which prevented her planned on-stage stunts.

🔹 World Liberty Financial Overview: The Trump family’s DeFi project, World Liberty Financial, is scrutinized for its lack of clear direction and concerns over the 70% insider token pre-allocation.

🔹 Fed Rate Cuts and Market Implications: Potential Fed rate cuts and their impact on the dollar-yen exchange rate could lead to liquidity crises and increased market volatility.

🔹 Celebrity Coins and Memecoins: A look into celebrity coins and memecoins raises questions about their value, considering whether they bring meaningful attention to crypto or are merely speculative distractions.

🔹 Korea vs. Japan in Crypto: Korea’s active crypto trading culture and crypto-friendly policies contrast with Japan’s more cautious, restrictive approach, reflecting different market dynamics.

🔹 Global Crypto Adoption Rankings: Skepticism is expressed regarding India’s top spot in Chainalysis’ Global Crypto Adoption Index, with a case made for Korea ranking higher than 19th.

🔹 Aptos and Mainstream Adoption: Aptos is pushing for mainstream adoption through partnerships in Korea and innovations like the Aptos card, offering integrated cold storage and new financial products.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Mo Shaikh, CEO and Co-Founder of Aptos Labs

⭐️ Arthur Hayes, CIO at Maelstrom

Disclosures

Links

The 2024 Global Adoption Index: Central & Southern Asia and Oceania (CSAO) Region Leads the World in Terms of Global Cryptocurrency Adoption: https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/

Timestamps

0:00 Intro
00:49 TOKEN2049
06:20 $10 Billion FDV? World Liberty Financial
16:10 Allure of Memecoins & Celebcoins
19:06 Beyond Memecoin Adoption
20:27 Global Crypto Adoption Ranking
24:43 Korea vs. Japan's Crypto Scenes
29:19 Macro Trends and Fed's Impact
35:26 Crypto's Resilience Against Regulation
40:00 The Future of Crypto and Decentralization

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The SEC Thinks Crypto Airdrops Are Securities. Here's Why This Lawyer Thinks It's Wrong - Ep. 707 Sep 20, 2024

This week, Republican Representatives Tom Emmer and Patrick McHenry sent a letter pressing SEC Chair Gary Gensler for clarity on how securities laws apply to airdrops.

With billions of dollars worth of tokens airdropped this year alone, projects need clarity more than ever.

In this episode, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, dissects the SEC’s stance on airdrops, why her organization believes the SEC has stretched the legal definition of “compensation” too far, and what Congress might ask Gensler in his upcoming hearing.

Plus, she talks about how the SEC “regrets” any confusion it caused for using the term “crypto assets securities,” since the agency now admits that tokens themselves are not securities.

Show highlights:

Why Amanda believes the SEC’s position on airdrops doesn’t make sense
Why the DeFi Education Fund sued the SEC over the BEBA airdrop
How the SEC’s position on airdrops has been clear for a while, but is “wrong” according to Amanda
Her take on users bypassing the geographic restrictions to claim airdrops in the U.S.
How and why the SEC has changed its language around “crypto assets securities”
How the SEC’s new position on crypto assets implicating securities laws seems to rest on the “embodiment” theory
Why Amanda believes the Supreme Court or Congress may be needed to step in
What Amanda expects Congress to question Gary Gensler about in the hearing next week
Amanda’s takeaways from the first Congressional DeFi hearing last week
How she expects the presidential election will impact the regulatory landscape in the U.S.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Amanda Tuminelli, Chief legal officer of the DeFi Education Fund
Previous appearances on Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
Is This the End of DeFi? Why the US Government Is Going After Tornado Cash

Links

Airdrops:

Blockworks: Republican Reps. ask Gensler for clarity on how securities laws apply to airdrops -
Gabriel Shapiro’s tweet: “We may *disagree* that the position is correct but it's not unclear.”
CoinDesk: Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway
SEC’s amended complaint in the Binance case

BEBA case

DeFi Education Fund suing the SEC

First Congressional Hearing on DeFi

Unchained: First Congressional Hearing on DeFi Highlights Divide Between Republicans and Democrats

Timestamps:

00:00 Intro
01:42 SEC’s stance on airdrops
04:25 DeFi Education Fund’s lawsuit over BEBA
06:47 Amanda: SEC’s position on airdrops is “wrong”
08:27 Users bypassing geographic restrictions for airdrops
12:47 Why the SEC suddenly apologized for using the term “crypto asset securities” for years
16:47 Amanda’s take on what the SEC’s new theory is for why tokens fall under securities laws
17:43 Why Supreme Court or Congressional involvement is likely needed
19:01 What Congress might ask Gensler in a hearing next week
19:59 Key takeaways from the first Congressional DeFi hearing
20:43 Amanda’s take on how the presidential election might impact crypto
23:45 News Recap

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The Chopping Block: SVM vs. EVM, VC Investment in Solana and Memecoins’ Future - Ep. 706 Sep 19, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the squad is joined by special guest Mert Mumtaz, co-founder of Helius. In this episode, the crew dives into the growing rivalry between SVM and EVM, the surge of VC investments in the Solana ecosystem, and the fierce debate over rollups. They also explore the rise and fall of memecoins, Solana’s infrastructure evolution, and the future for high-performance blockchains. Tune in for a high-energy discussion on the cutting edge of crypto!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 SVM vs. EVM Showdown: The team breaks down the growing battle between Solana's SVM and Ethereum's EVM, examining what’s at stake for both ecosystems.

🔹 VC Investments in Solana: As VC interest in Solana surges, the crew discusses how this new wave of funding could reshape the future of blockchain development.

🔹 Memecoin Chaos: The rapid rise and fall of memecoins comes under fire, with a debate on whether they are a net positive or simply speculative noise in the market.

🔹 Solana’s Infrastructure Evolution: Solana's ongoing efforts to improve scalability and performance are highlighted, especially with innovations like Fire Dancer and ZK compression.

🔹 Network Extensions Controversy: A heated discussion on Solana’s push to rebrand rollups as “network extensions,” sparking backlash from Ethereum proponents.

🔹 VC vs. Market Sentiment: The role of venture capital in the crypto space is examined, with insights into whether VCs are driving innovation or creating unsustainable hype.

🔹 Solana Breakpoint Preview: Excitement builds around Solana’s flagship event, with predictions on what key announcements could impact the blockchain’s future.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Mert, Co-founder & CEO at Helius

Disclosures

Timestamps

0:00 Intro
02:02 Impressions of Singapore
07:55 Mert's Journey & Solana Advocacy
15:41 Challenges & Growth in Solana Ecosystem
21:01 EBOLA [EVM Bags Over Logic Affliction]
31:13 Solana's Resilience
34:38 The Rise of SVM and Developer Perspectives
41:41 Network Extensions vs. Rollups
51:08 Future of High-Performance Blockchains
59:47 AI's Impact on Developer Ecosystems
01:06:19 Memecoins and Market Dynamics

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Trump’s Crypto Project May Attract Hackers. That's Why This Security Expert Joined - Ep. 705 Sep 17, 2024

World Liberty Financial (WLF), the Trump-backed DeFi project, launched this Monday.

In this episode, crypto security expert Ogle discusses his role as an advisor to WLF. He dives into why he joined the project, what makes it unique, and how Trump’s involvement could bridge the gap for many who are new to the space.

Plus, Ogle shares his thoughts on the security challenges WLF might face and the project's potential to rival major players in the market.

He also touches on his new L1 blockchain Glue, and why he thinks it will provide a better user experience than what is out in crypto today.

Show highlights:

2:05 Ogle’s background and how he came up with a standard for dealing with crypto hacks
10:28 Where crypto hackers are usually from
13:21 Why he does security work for free
16:57 Why Ogle is advising the Trump family’s DeFi project, World Liberty Financial
22:30 Why some in the crypto community are skeptical of WLF
26:39 His thoughts on how to prevent a crypto hack of a high-profile project
32:52 Why Ogle is not worried about WLF having been forked from the hacked app Dough Finance
33:54 How the Trump family is involved in WLF
41:00 How Donald Trump is excited about the project and actually gets it, according to Ogle
43:49 Why Ogle believes WLF will attract as much traction as the entire market cap of Shiba Inu
47:04 How Ogle's new layer 1 blockchain, Glue, aims to be crypto’s AOL
56:33 Why Glue’s L2s will be specific to certain areas of the industry
1:02:41 When Ogle expects Glue to launch and whether it’ll have a token
1:04:19 How North Korean hackers are now “just so clever, socially”
1:13:56 Ogle’s tips for crypto users

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Ogle, crypto security expert, founder of Glue, and advisor to World Liberty Financial.
Previous appearance on The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money

Links

World Liberty Financial (WLFI)

Glue:

Scams and North Korea:

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The Chopping Block: VC vs. Liquid Funds, Friend.Tech’s Decline, Crypto Startup Exits - Ep. 704 Sep 13, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in crypto. This week the squad is joined by special guest Jason Choi, co-founder of Tangent. In this episode the crew tackles the overvaluation of crypto projects by VCs, Friend.Tech’s 96% token crash, and the ethics of early token launches They also explore how airdrop farming skews user metrics, the volatility of memecoins, and whether VCs are extracting more value from crypto than they contribute. Tune in for insights into the ever-evolving crypto landscape!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Friend.Tech Token Crash: Friend.Tech’s token dropped 96%, highlighting the risks of launching tokens without sustainable product planning and user retention strategies.

🔹 Project Exits and Ethics: Early token launches raise concerns about ethical obligations when teams abandon projects, with accusations of rug-pulling increasing.

🔹 Airdrop Farming’s Impact: Airdrop farming distorts true user engagement, leading to inflated metrics that misrepresent product-market fit and real user growth.

🔹 Venture Capital in Crypto: Low barriers for VCs have led to inflated project valuations, often resulting in overhyped, underdelivered crypto ventures.

🔹 Challenges of Early Token Launches: Early token releases often harm long-term project potential by confusing market signals and damaging user retention.

🔹 VC vs. Liquid Funds: Debate over whether venture capital is extracting value from crypto or whether liquid funds can improve market efficiency.

🔹 Hedge Funds and Market Efficiency: Hedge funds may improve market liquidity, but their impact on long-term crypto growth remains under scrutiny.

🔹 Speculative Markets and Long-Term Value: The crypto market continues to grapple with balancing short-term speculative plays and the creation of sustainable, long-term value.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️Jason Choi, Co-Founder of Tangent

Disclosures

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Bitcoin Is Worth Over $1 Trillion. How Much Will Coinbase’s New cbBTC Grab? - Ep. 703 Sep 13, 2024

On Thursday, Coinbase unveiled cbBTC, a tokenized version of Bitcoin on its Base layer 2 and Ethereum. This launch follows the recent BitGo controversy about the custody arrangement for Wrapped Bitcoin (WBTC) now involving Justin Sun, sparking concerns within the crypto community.

In this episode, Will Robinson, Coinbase’s VP of engineering, discusses the strategic importance of cbBTC, how it differs from other wrapped Bitcoin products, and what this means for the future of Bitcoin within DeFi ecosystems.

Will Coinbase’s reputation as a "trusted custodian" be enough to make cbBTC the go-to choice for Bitcoin in DeFi, or will the industry remain skeptical?

01:54 Why Coinbase launched cbBTC and how it aims to bring Bitcoin into the world of DeFi
04:05 What happens behind the scenes when users mint cbBTC
05:21 What sets cbBTC apart from other wrapped Bitcoin options, according to Will
06:32 Whether Coinbase will expand cbBTC to other layer 2s and where users can already use it on major DeFi platforms
08:45 Will’s response to criticisms about the centralization of cbBTC
12:28 Why Coinbase's cbBTC launch was part of long-term plans, unrelated to the recent controversy around WBTC and Justin Sun
13:31 How Coinbase plans to make money from cbBTC, considering that WBTC has not been a big moneymaker for BitGo
15:38 Why Coinbase has the ability to freeze and blacklist cbBTC addresses
19:34 How Coinbase ensures that Bitcoin backing cbBTC remains the property of token holders and won’t be used as collateral or rehypothecated
20:58 Why Coinbase, a centralized entity, is launching cbBTC, a product for the decentralized, onchain world
23:57 Why Will doesn't want to predict how much demand there'll be for cbBTC

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Will Robinson, VP of Engineering at Coinbase

Links

cbBTC

Unchained: Coinbase’s Wrapped Bitcoin Product cbBTC Launches on Base and Ethereum

BitGo changing custody and its implications:

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Bits + Bips: Why Hasn't This Macro Cycle Boosted the Crypto Markets? - Ep. 702 Sep 11, 2024

As crypto markets continue to struggle, experts weigh in on whether the capitulation phase is finally over and what lies ahead. In this episode, hosts James Seyffart and Joe McCann, along with guest Noelle Acheson, delve into the recent market downturn, the potential for a recession in 2025, and why Bitcoin's divergence from gold is puzzling analysts. They also explore the impacts of upcoming rate cuts, the lingering effects of fiscal dominance, and whether Ethereum ETFs are living up to the hype.

Show highlights:

Why crypto has been down so bad recently despite the macro cycle
The three factors weighing on the bitcoin price for the moment, according to Noelle
The chances of a recession in the U.S. in 2025 and how much the Fed might cut rates
Why the current rate-cutting cycle is unusual, with markets expecting far more cuts than usual, and how a potential spike in inflation could complicate the Fed's response
Why the K-shaped economy endures, driven by the U.S. government's reliance on capital gains taxes
Why fiscal dominance is a growing concern and why bitcoin's recent divergence from gold is puzzling, as they typically move together during crises
Whether retail has been a buyer of the spot Bitcoin ETFs or it’s just onchain traders who are now buying them
Why James says the Ethereum ETFs “have been an absolute flop"

Sponsors:

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter

Timestamps:

00:00 Introduction
03:35 Why crypto is struggling recently
09:16 Three key factors weighing on Bitcoin's price
15:12 Chances of a 2025 U.S. recession and potential Fed rate cuts
25:55 Unusual rate-cutting cycle and inflation risks
32:06 Enduring K-shaped economy and capital gains tax impact
34:37 Concerns about fiscal dominance and Bitcoin’s divergence from gold
54:57 Retail vs. onchain traders in spot Bitcoin ETFs
1:01:43 Whether Ethereum ETFs have been a "flop"

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ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum? - Ep. 701 Sep 10, 2024

Ethereum's Layer 2 solutions are booming, but are they inadvertently holding back the value of ETH itself?

In this episode, Justin Bons and Ryan Berckmans engage in a heated debate over whether L2s are enhancing Ethereum's ecosystem or siphoning off its potential. They discuss the impact of L2s on decentralization, network effects, and whether Ethereum L1 can scale on its own or if the base layer and the rollups now have different incentives. Has Ethereum scaled appropriately for future usage, or was scaling via L2s the wrong roadmap for Ethereum?

Show highlights:

02:43 How Ethereum's rollup-centric roadmap consists of a decentralized Layer 1 (L1) for security with Layer 2 (L2) providing more transaction throughput
04:53 Why Justin is so critical about how L2s centralize Ethereum
14:53 Why, according to Ryan, Layer 2 solutions aren't parasitic to Ethereum but instead enhance its network effects, decentralization, and long-term value
25:35 Why Justin criticizes Ryan’s reliance on "trust me, bro" arguments, questioning the tribalism and authority in claiming the superiority of Ethereum researchers over those from other blockchains
28:15 How Justin thinks the Ethereum L1 could scale and what the tradeoffs are
39:58 Justin’s argument that Ethereum is stuck in the past and his claim that the blockchain trilemma doesn't exist anymore
46:30 Ryan’s take on Ethereum's L1 scaling focuses on solving bandwidth limitations and addressing whether L2s are going to fully decentralize
51:01 Whether SNARKS is the way that Ethereum scales the L1
59:24 Whether L2s will start accepting other tokens to pay for gas
1:05:23 Why Ryan predicts Ethereum's L2 adoption will surge, driving up L1 fees and boosting Ether's value as the leading digital money
1:05:39 Whether based rollups are a good solution for Ethereum to scale without losing all the fees
1:13:21 Why L2s would even try to decentralize and why Justin says that Solana has a better roadmap than Ethereum
1:17:54 Concluding thoughts from Ryan and Justin

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Justin Bons, Founder & CIO of Cyber Capital
Previous appearances on Unchained:
Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
Ryan Berckmans, Ethereum community member and investor

Links

Previous coverage on Unchained of ETH and L2s:
Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name?
Ethereum Has Had a Banner Year in Most Areas. Except Price.
Should Ethereum Layer 2s Urgently Decentralize Their Sequencers?

Others

Justin’s thread on whether L2s are parasitic
Tweet by Zach Rynes, aka ChainLinkGod
Adam Cochran’s tweet on based rollups
Ethereum Foundation September AMA
Vitalkin on L2s
How do layer 2s really differ from execution sharding?
Layers 2s as cultural extensions of Ethereum

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Are All Crypto Funds Basically Engaging in Illegal Activity Now? - Ep. 700 Sep 06, 2024

The SEC and CFTC’s recent actions against Uniswap and Galois Capital could mark a turning point in crypto regulation. With both firms settling on relatively low fines, are we witnessing regulators establish precedent for a broader crackdown on the industry?

In this episode, Larry Florio, general counsel at 1kx, delves into the implications of these settlements, the frustrations asset managers face with regulatory compliance, and whether the SEC’s approach could push the crypto industry into a corner. Will these actions set a precedent for more aggressive enforcement ahead?

Show highlights:

Why the SEC's action against Galois Capital highlights a shift in language, focusing on tokens "offered and sold as securities"
What a qualified custodian is and why the SEC's action against Galois punishes them for using FTX, which could have fit one definition of a qualified custodian if it hadn’t been perpetrating a fraud
How the SEC demands crypto fund managers comply with regulations on qualified custodians while also limiting qualified custodians in crypto
Whether the SEC is effectively banning crypto funds by requiring compliance with impossible rules
How the SEC penalized Galois for giving affiliates better liquidity terms than outside investors
How SEC Commissioner Mark Uyeda’s call for clarity on "crypto asset securities" reflects the industry’s frustration with the lack of clear guidelines from the SEC
Why the CFTC's fine against Uniswap for alleged leveraged transactions may set a precedent for future enforcement actions
How Commissioner Summer K. Mersinger's dissent highlights the unfairness of punishing Uniswap despite their proactive compliance, according to Larry
Whether the New York Attorney General’s subpoenas to VCs about Uniswap signal a renewed adversarial approach to regulating DeFi
The timing of these actions, along with the SEC’s Wells notice to OpenSea

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Larry Florio, general counsel at 1kx

Timestamps:

➡️ 01:51 - The SEC using different language to describe tokens as securities

➡️ 04:53 - Qualified custodians & Galois Capital's use of FTX

➡️ 09:04 - Compliance frustrations for crypto asset managers

➡️ 11:58 - The SEC effectively banning crypto funds?

➡️ 18:22 - Penalty for giving some investors undisclosed preferential treatment

➡️ 18:25 - SEC Commissioner Mark Uyeda’s call for clarity on crypto assets

➡️ 19:35 - CFTC's fine against Uniswap: A troubling precedent?

➡️ 23:09 -Uniswap's compliance efforts & two CFTC Commissioners’ dissents

➡️ 24:56 - NY Attorney General’s subpoenas

➡️ 27:04 - OpenSea’s Wells notice: NFTs as securities?

➡️ 30:34 - Crypto News Recap

Links

Galois Capital:

The Block: SEC charges and settles with crypto-focused Galois Capital over custody issues
Larry Florio’s thread

Uniswap:

CoinDesk:Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products
Blockworks: CFTC Commissioners dissent on Uniswap settlement
Comments from Uniswap counsel
Axios: The SEC has questions for VCs about Uniswap

NY Attorney General’s Subpoenas

CoinDesk: VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources

OpenSea’s Wells notice:

Unchained: If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily

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The Chopping Block: Trump’s World Liberty Financial Unveiled, Memecoin Market Trends, and DeFi Developments - Ep. 699 Sep 05, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the boys tackle the buzz around World Liberty Financial, a controversial DeFi project linked to Donald Trump, and its ties to a previously hacked protocol. They explore the motivations behind the Trump family's involvement in crypto, questioning the legitimacy and future of the project.

The conversation pivots to memecoins, with debates around the sustainability of the memecoin market and the growing influence of platforms like Pump.fun. We explore the thought-provoking discussion on the evolution of financial games in crypto, where both strategies and the game's rules can change dynamically. The squad also reflects on broader crypto market trends, touching on AI-driven markets, decentralized finance, and the shifting regulatory landscape.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 World Liberty Financial, a DeFi project allegedly linked to Donald Trump, sparks controversy with its origins in a hacked protocol.

🔹 Debate on the motivations behind Trump family involvement in crypto, questioning the legitimacy of World Liberty Financial.

🔹 Discussion around memecoins and their market cycles, with concerns about the sustainability and long-term viability of these tokens.

🔹 The concept of dynamically adjusting financial rules in crypto systems, contrasting it with traditional finance.

🔹 Pump.fun reaches $100M in revenue, marking it as a dominant memecoin platform, but also raising questions about the health of the memecoin ecosystem.

🔹 The innovation in memecoins, suggesting that dynamic mechanics could extend the life cycle of these tokens.

🔹 Broader reflections on the future of memecoins, potential market corrections, and how the crypto ecosystem will adapt.

🔹 Speculation on the continued rise of AI-driven markets and the evolving role of decentralized finance in a digital-first world.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Links

Coindesk article: “Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist”

https://www.coindesk.com/business/2024/09/04/in-trump-backed-crypto-project-insiders-are-poised-for-unusually-big-paydays

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Bitcoin Is Just for Libertarians, Right? Two Progressives Disagree - Ep. 698 Sep 03, 2024

As the 2024 elections draw near, Bitcoin and crypto have become hot topics on the political stage. In this episode, Trey Walsh, host of The Progressive Bitcoiner podcast, and Jason Maier, author of “A Progressive’s Case for Bitcoin,” explain why they believe progressive values align with Bitcoin. They discuss how Bitcoin can be a tool for social justice and financial inclusion, challenge misconceptions about its environmental impact, and debate whether making Bitcoin a presidential issue in 2024 was premature.

With Elizabeth Warren attacking crypto and the unfriendly environment for the industry under the Biden administration, the guests also highlight that there’s a slight change in the Democratic party, though they are not certain that the Harris campaign will adopt a pro-Bitcoin stance.

Show highlights:

How Trey and Jason became Bitcoiners
What progressivism means to Trey and Jason, highlighting Bitcoin's alignment with social justice and financial inclusion, beyond its typical libertarian associations
How Jason and Trey persuade skeptical progressives about Bitcoin
Whether they believe that other areas of crypto besides Bitcoin have value
Why they think Bitcoin’s environmental impact is the biggest misconception among progressives
Whether Elizabeth Warren’s focus on consumer protection blinds her to Bitcoin as a tool for financial inclusion
Why Jason believes pushing Bitcoin as a presidential issue in 2024 was premature
Why Trey sees potential hope for pro-crypto policies under a potential Harris administration, despite the hostility of the Biden administration

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Trey Walsh, host of The Progressive Bitcoiner podcast
Jason Maier, author of “A Progressive’s Case for Bitcoin”
Trump and the Future of Bitcoin, Jason’s op-ed

Timestamps:

➡️ 02:06 - How Trey and Jason became Bitcoiners

➡️ 05:14 - Bitcoin, progressivism & social justice

➡️ 11:24 - Persuading skeptical progressives

➡️ 16:19 - Value beyond Bitcoin? Other cryptos

➡️ 21:46 - Environmental impact misconceptions

➡️ 34:36 - Elizabeth Warren & Bitcoin: Consumer protection vs. financial inclusion

➡️ 41:24 - Was making Bitcoin a 2024 election issue premature?

➡️ 55:15 - Potential for pro-crypto policies under Harris?

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The Chopping Block: Telegram's Founder Arrested, OpenSea Under Fire, and Ethereum's Dilemma - Ep. 697 Aug 31, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges.

They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed.

Show highlights

🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates.

🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities.

🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures.

🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement.

🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate.

🔹 Tension between public goods and financial services in Ethereum's future development.

🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem.

🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience.

🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Special Guest

⭐️Rebecca Rettig, Chief Legal & Policy Officer at Polygon Labs

Disclosures

Links

Plurality philosophy in an incredibly oversized nutshell by Vitalik:

https://vitalik.eth.limo/general/2024/08/21/plurality.html

OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer

https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet

Timestamps

00:00 Intro
01:24 Telegram’s Pavel Durov’s Arrest
05:12 Free Speech/Encryption in the Crypto World
09:26 Policy Implications for Tech Platforms
13:57 France's Role and International Reactions
27:49 SEC Targets OpenSea
36:35 SEC’s Jurisdictional Strategies
40:29 Good vs. Bad Actors
45:16 Ethereum Foundation: Public Good or DeFi?
56:43 Vitalik vs. Crypto Twitter

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If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily - Ep. 696 Aug 30, 2024

The SEC’s latest enforcement action is targeting NFTs, and OpenSea is in the crosshairs. In this episode, crypto lawyer Preston Byrne joins to unpack the implications of the SEC's Wells Notice to OpenSea and what it might mean for the platform and the broader NFT market. Could Section 230 of the Communications Decency Act provide a unique defense for OpenSea? Preston also dives into other recent SEC moves, including cases against Stoner Cats, Impact Theory, and more.

Lastly, with the 2024 elections looming and political divides sharpening, is the SEC overreaching in its approach to crypto?

Show highlights:

Why Preston believes that the SEC will go after OpenSea for being an unregistered securities exchange
What the Stoner Cats case was about and why it was not a strong enforcement action, according to Preston
Why OpenSea's defense against the SEC may hinge on Section 230 protections for user-generated content, setting it apart from traditional exchanges like Coinbase or Binance
How the clear-cut promises made by Impact Theory about potential returns made their NFTs resemble securities, unlike the typical art-focused NFTs on OpenSea
Why Nate Chastain’s NFT insider trading case is unlikely to impact the SEC’s potential lawsuit against OpenSea
Whether the $4 million settlement by Dapper Labs over NBA Top Shot NFTs likely represents little relevance to OpenSea's SEC issues
What a Wells notice signals about the SEC's likelihood of suing OpenSea and why they might feel confident about winning this case
How Jonathan Mann and Brian Frye's lawsuit for clarity on NFTs as securities highlights the SEC's potentially overreaching stance in its possible case against OpenSea
How Trump's careful language around his NFT collection likely minimizes SEC risk by avoiding investment promises and focusing on their use as digital collectibles
Whether the SEC's actions could reinforce the divide among crypto voters, with Trump promising a crypto-friendly stance and Harris likely continuing a more adversarial approach

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Preston Byrne, Managing Partner at Byrne & Storm

Links

Wells notice

Original announcement by X by OpenSea’s CEO Devin Finzer
Unchained: OpenSea's Wells Notice From the SEC Could Prove ‘Disastrous’

Recent cases

Unchained: Are NFTs Securities Offerings? Two Artists Sue the SEC to Find Out
The Defiant: NFTs Are Securities? All Eyes Turn to Top Shot Case
Reuters:
US regulator fines Stoner Cats creator for offering NFTs
Ex-OpenSea manager sentenced to 3 months in prison for NFT insider trading
Hester Peirce’s dissent on the Stoner Cats case

Others

Paper: The Economic Reality of NFT Securities.
Mondaq: Defining NFTs: Property, Securities, Or Commodities?

National Post: Trump’s newest NFTs show him as superhero, boxer and motorcyclist

Timestamps:

00:00 - Introduction
02:11 - SEC targets OpenSea: Unregistered exchange?
03:58 - Stoner Cats case: Weak for SEC?
07:42 - OpenSea's defense: Section 230 protections
13:15 - Impact Theory's promises vs. OpenSea's NFTs
15:34 - Nate Chastain's case
17:15 - Dapper Labs settlement: Relevance to OpenSea
18:56 - Wells notice: SEC's confidence to sue
19:48 - Mann & Frye's lawsuit: SEC overreach?
22:39 - Trump’s NFT strategy: Minimizing SEC risk
24:53 - What this Wells notice says about the presidential election
58:25 - News Recap

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Bits + Bips: Fed Moves, Election Plays & DeFi Token Valuations - Ep. 695 Aug 28, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann welcome venture capitalist Rennick Palley to explore the implications of Fed chair Jerome Powell's recent shift from focusing on inflation to employment, analyzing how it might influence crypto and global markets.

Palley also shares some incisive analysis for why he thinks blue-chip DeFi projects might be overvalued, and both McCann and Palley highlight why they are still bullish on memecoins.

Finally, the gang discusses the growing political influence of the crypto industry, the potential impact of Kamala Harris presidential run on future regulations, and whether Justin Sun is using Tron as his “personal piggy bank.”

Plus, what’s the latest with bitcoin ETF option applications, and what Telegram CEO Pavel Durov’s arrest means.

Show highlights:

00:00 Intro
02:41 How Powell's speech signaled a shift from a focus on inflation to employment and what that means for crypto markets
10:25 Why the Fed's proactive stance on the labor market could cement Powell's legacy, and how cutting rates amid high real rates might prevent long-term economic damage
23:47 How a significant payroll revision caused a brief panic, yet the markets dismissed it as noise due to its lagging nature
27:21 What the absence of crypto in the DNC's platform means for the industry, and how Kamala Harris’ presidential run could impact future regulations
34:12 How the surge in crypto contributions to political campaigns highlights the industry's growing influence
37:00 How the growing narrative around undervalued DeFi tokens could play out under a Trump administration, given the perception of Republican support for crypto
43:15 Why blue-chip DeFi projects, despite their dominant market share and attractive business models, may be overvalued, according to Rennick
53:44 Whether Justin Sun uses Tron as his “personal piggy bank”
58:52 Whether investing in memecoins is a good strategy and how to construct a portfolio around them
1:12:59 Why James says that the withdrawal and refiling of bitcoin ETF options applications signals potential progress, and how the SEC’s ongoing review could lead to approval by early 2025
1:19:43 Pavel Durov’s arrest and why Alex believes TON might be a good asset to buy

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Rennick Palley, Czar of Speed, Protector of the Hat.

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How to Build the Fastest Onchain Experience With Monad, Sei, and Eclipse - Ep. 694 Aug 27, 2024

In this episode of Unchained, Keone Hon of Monad Labs, Jay Jog of Sei Labs, and Vijay Chetty of Eclipse Labs share insights on their distinct approaches to scalability and performance in high-throughput blockchains. They discuss the technical advantages of parallelized EVMs, the strategic decisions behind blockchain architecture, and the innovations driving the next generation of high-speed chains.

Show highlights:

00:00 Intro
02:02 How Monad got started and its mission from the very beginning
03:46 The features that enable Monad to be a high-throughput blockchain
07:32 Why Monad chose to make a new blockchain instead of an L2
08:36 Why Keone believes that Monad offers the best experience for developers and why he doesn’t like the ‘Ethereum killer’ description
15:48 Monad’s big venture capital raise and how they’ll use the money
17:30 Monad’s strong community
19:21 The next steps for Monad and whether we’ll see a token soon
20:02 What Sei is and the role of the GameStop saga in the creation of it
21:31 Why Jay believes the EVM developer ecosystem is so strong
25:45 Why Sei pivoted from Cosmos to the EVM that led to the launch of its v2
27:14 What allows Sei to be “the fastest chain, even faster than Solana”
33:03 How Sei DB works, and why Jay says that the monolithic approach has many advantages to the modular one
45:35 How Eclipse works by combining Ethereum, Solana, and Cosmos
53:22 How Eclipse deals with the complexities of its modular architecture
54:54 What ways there are to transact in SOL on Eclipse
55:44 Vijay’s reaction to how Eclipse Labs has responded to the allegations against its founder and former CEO Neel Somani
57:21 How Eclipse aims to attract developers
1:01:15 What areas within crypto Vijay expects will flourish on Eclipse
1:03:49 The next steps for Eclipse and when the mainnet could launch

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Keone Hon, Co-founder and CEO at Monad Labs.
Jay Jog, Co-founder of Sei Labs.
Vijay Chetty, CEO of Eclipse Labs.

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Pendle Ripped in Early 2024, But Usage Has Slowed Down. Can It Recover? - Ep. 693 Aug 23, 2024

Pendle Finance, an innovative protocol that lets users trade yield, surged in popularity earlier this year but is now grappling with a downturn in usage.

In this episode, founder TN Lee shares insights into Pendle's approach, the factors behind its recent success, and the challenges it faces in recovering user engagement and TVL. Plus, since Pendle’s rise was driven by the points narrative, TN talks about how the protocol can keep growing.

Show highlights:

00:00 Intro
01:24 What Pendle is, how the idea for it was born, and how it works
05:06 Why Pendle has exploded this year, even though it launched years ago
12:01 Whether Pendle is an app for sophisticated traders and the most common strategies in the protocol
15:46 How users are able to leverage their earned points in several protocols
19:20 Besides market risks, what the risks are of trading in Pendle and how they try to mitigate them
20:57 Pendle’s recent significant drop in TVL and plans to recover
24:13 If the points narrative ends, will Pendle remain relevant?
27:31 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guestl

TN Lee, Founder of Pendle Finance

Links

Previous coverage of Unchained on Pendle: DeFi Protocol Pendle Reaches All-Time High as Total Value Locked Tops $5.78 Billion

Background Information on Pendle

Introduction
Glossary
Minting
Advanced Yield Trading Strategies
vePENDLE
DeSpread Research report (Sept 2023)
Cointelegraph Research: Deciphering Pendle Finance’s surge

Others:

Crypto News: Major Changes Ahead: Pendle Ends Earn UI, Focuses on V3
Pendle reached its second largest maturity event on July 25
DeFi Llama: Pendle’s TVL

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The Chopping Block: L2 Strategy Debates, Prediction Market Innovations, and Ethereum's Vulnerabilities - Ep. 692 Aug 22, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the boys discuss Ethereum's current standing in the cryptocurrency ecosystem, comparing it to the United States regarding capital concentration despite fewer users.

They also dive into the dynamics of prediction markets, focusing on Polymarket's role in predicting election outcomes. The conversation evolves into an analysis of potential changes to the Ethereum mainnet, driven by competition from Solana and other factors, including block time reductions and gas limit increases. The episode concludes with predictions about Ethereum's possible upgrades in the next six months and a bet among the hosts about the outcome.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 A focused discussion on the utility and accuracy of polls versus prediction markets, particularly highlighting the insights from prediction market platforms like Polymarket.

🔹Exploration of Nate Silver's analytical methods and their application to understanding market dynamics and voter behavior forecasts in the crypto context.

🔹Examination of liquidity issues in crypto prediction markets, referencing platforms like Drift Protocol and their impact on market behavior and reliability.

🔹Analysis of how Solana’s advancements are pushing Ethereum to evolve, particularly in the areas of Layer 1 and Layer 2 scaling solutions.

🔹Discussion on the economic strengths and potential vulnerabilities of Ethereum, likened to the Dutch Disease, where reliance on a dominant resource can lead to broader economic issues.

🔹Speculative insights into the possible future changes in Ethereum’s protocol, including adjustments to block times and gas limits, and their potential impact on the network’s efficiency and user experience.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Links

On the Edge: The Art of Risking Everything a Book by Nate Silver: https://www.amazon.com/Edge-Art-Risking-Everything/dp/1594204128

0:00 Intro

01:52 Polls vs. Prediction Markets

08:04 Nate Silver's On the Edge

15:37 Prediction Markets and Liquidity

22:31 Solana's Influence on Ethereum

25:32 L1 vs. L2s Updates

32:13 Ethereum has Dutch Disease

44:12 Predictions for Ethereum

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How Crypto Tokens Get Launched and How That's Evolved Over Time - Ep. 691 Aug 20, 2024

In this episode, Reed Werbitt, US CEO of Flowdesk, and Hanson Birringer, Head of US OTC Sales, delve into the intricacies of launching a token and the evolving landscape of over-the-counter markets. They discuss what factors teams should consider when choosing market makers and exchanges, how the launch of bitcoin and ether ETFs has impacted the markets, and the role of points systems in attracting users to tokens. The conversation also covers the challenges faced by Bitcoin miners amid recent market developments and the opportunities presented by solving fragmentation.

Show highlights:

00:00 Intro
01:53 Reed’s and Hanson’s backgrounds and what Flowdesk aims to do
05:52 How market makers work with token issuers
11:55 How a token issuer decides where to launch their tokens and what market maker to choose
17:53 Why Binance and OKX are the most desirable exchanges on which to list a token
18:38 Whether the crypto markets have changed with the launch of spot ETFs
19:36 The ideal ways to launch a token, and why it’s important to analyze the type of token
21:55 How points systems have affected the go-to-market strategies
25:38 How the low float/high FDV coins have affected whether Flowdesk engages with a new project
30:29 The benefits of OTC trading and how crypto OTC differs from TradFi OTC
41:54 The challenge of having multiple banking relationships
43:21 How this year’s developments, such as the ETFs and Trump’s promises, have changed the landscape for Flowdesk
46:00 Why solving fragmentation is the next big opportunity, according to Hanson
47:46 Whether the result of the U.S. elections will affect Flowdesk’s business
54:04 How the halving and bitcoin ETFs have affected miners
55:56 The significant differences between the prices of locked tokens vs. their market price

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Polkadot

Guests:

Reed Werbitt, US CEO of Flowdesk and
Hanson Birringer, Head of OTC Sales of Flowdesk

Links

Bloomberg: Crypto Token Listings on Major Exchanges Top Last Year’s Total Already,
Bitget Research & Nansen Research: Discovering Token Potential for Trading & Exchange Listing
Hack VC: 10 Things to Consider When Preparing for your Token Generation Event (TGE),
FlowDesk: How Projects Can Select the Right Market-Making Model
a16zcrypto:
Operational guidelines for token launches, from creation to custody
5 rules for token launches
Keyrock: Crypto Market Making: Basics, Benchmarks, and More,
Openware: Strategies for Effective Crypto Market Making

Token listing issues

Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?
New launches (part 1) - private capture, phantom pricing, by Cobie
Why are all these low float / high FDV coins down bad?, by Dragonfly’s Haseeb Qureshi
Chainalysis: 54% of ERC-20 Tokens Listed on DEXes in 2023 Display Patterns That May Be Suggestive of Pump and Dump Schemes, but Represent just 1.3% of DEX Trading Volume

Market making

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Could dlcBTC Resolve the Issues With Wrapped Bitcoin? - Ep. 690 Aug 16, 2024

In this episode, Aki Balogh, CEO of dlcBTC, explores how Discreet Log Contracts (DLC) can change how Bitcoin works in DeFi by creating a self-sovereign Wrapped Bitcoin. He delves into the mechanics of dlcBTC, its security features, and how it aims to be more decentralized than existing Wrapped Bitcoin solutions like WBTC. Aki also shares future plans for dlcBTC, including integration with Bitcoin Layer 2 solutions and expansion to various blockchain ecosystems.

Show highlights:

00:00 Intro
01:48 Aki’s background and how he got into crypto
04:14 What Discreet Log Contracts (DLC) are and why they are relevant for Bitcoin
07:56 How dlcBTC leverages these types of contracts to build a self-sovereign Wrapped Bitcoin and the differences with the current WBTC
15:41 Aki’s reaction to the news that WBTC will soon be handled by a joint venture between BitGo, Justin Sun and the Tron ecosystem
19:27 The role of attesters in making dlcBTC secure
23:26 How redemptions work in this kind of setup
27:31 Whether dlcBTC is more decentralized than WBTC
28:15 How many attesters the protocol should have to make it more safe and secure
30:05 How dlcBTC, the company, makes money with this product
31:11 Whether dlcBTC will be used in Bitcoin L2s, not just in the Ethereum ecosystem
34:47 What the future plans are for dlcBTC

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Aki Balogh, CEO of dlcBTC.

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The Chopping Block: WBTC Drama, Decentralized AI & SEC Subpoenas - Ep. 689 Aug 14, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and chop it up about the latest news. This week, the gang is joined by Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO.

They dive into the unfolding drama surrounding WBTC and BitGo's strategic shift towards multi-jurisdictional custody in Hong Kong. They also explore the growing buzz around decentralized AI, sparked by Haseeb’s newfound role as an “influencer” in the space, and debate whether these projects can truly succeed.

Moreover, with the SEC reportedly issuing subpoenas to crypto VCs, the discussion turns to the potential implications for token investments and regulatory scrutiny.

Lastly, is this cycle lacking a zero-to-one innovation?

Show highlights:

➡️ 02:22 What MegaETH is and how hotpot DAO was born
➡️ 07:09 Reflections on the Science Blockchain Conference and its academic rebranding across major universities
➡️ 16:55 How Haseeb became an “influencer for decentralized AI” and whether decentralized AI projects will succeed
➡️ 25:45 What BitGo's move to multi-jurisdictional custody with Justin Sun-linked company BitGlobal in Hong Kong means for the future of WBTC
➡️ 40:33 What the SEC's rumored subpoenas to crypto VCs might mean for the future of token investments and underwriter laws
➡️ 48:28 How the current crypto cycle's lack of a "0 to 1" innovation reflects the industry's momentum and sentiment

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest:

Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO

Disclosures

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Bits + Bips: Market Chaos, Fed Missteps & Harris' ‘Crypto Reset’ - Ep. 688 Aug 14, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it.

From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing.

Show highlights:

00:00 Intro
02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR)
09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement”
14:17 Why the Volatility Index (VIX) spiked and whether it could do so again
22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is
27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures
31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July
41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing
45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets
53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry
58:13 Whether Harris will actually do a “crypto reset”
1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC)

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Chris Cecere, GP and Head of global macro and trading at Asymmetric

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Caitlin Long on Why the Fed’s Rejections of Custodia Bank Seem Politically Motivated - Ep. 687 Aug 13, 2024

Custodia, established as a special purpose depository institution in Wyoming, aimed to offer secure banking services for the crypto sector. Despite meeting state requirements and taking extra steps to demonstrate its commitment to safety, Custodia’s application for a Fed master account was met with delays and ultimately denied in an unprecedented 86-page report.

In this episode, Caitlin and Michelle explain why they believe the Fed’s rejection was politically motivated, how this relates to Operation Choke Point 2.0, the appallingly small number of American banks owned by women, where they are in their lawsuit against the Fed, and what this case means for the future of crypto banking in the U.S.

Show highlights:

00:00 Intro
01:52 What Custodia Bank is and how it got started in Wyoming
06:04 How Custodia got into a fight with the Fed to get its master account
09:58 How the dual banking system works in the U.S. and the differences between Custodia and traditional banks
18:15 Why Custodia filed a lawsuit against its own regulator
24:33 Why the Fed denied Custodia its applications and Caitlin’s response to the criticisms
29:57 The political coordination meant to “intimidate” Custodia, according to Caitlin
42:43 The amicus briefs that were filed in favor of Custodia
48:48 Caitlin’s reaction to the Fed’s enforcement action against Customers Bank
53:35 Why Caitlin says that it’s “abusive and corporatist” that the SEC is granting exceptions to big banks
56:03 Why so few banks are owned by women and whether this played a role in Custodia’s denial
59:25 The next steps in Custodia’s case and whether a stablecoin is viable for them
1:05:21 Whether the elections are going to impact the case

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Caitlin Long, Founder & CEO of Custodia Bank
Previous appearances on Unchained:
Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US
Caitlin Long: Why Avanti Will Be a New Kind of Crypto Bank
Michelle Kallen, Partner at Jenner & Block

Links

Timeline

PerkinsCoie: Federal Reserve Issues Final Guidelines for Master Account Access
CoinDesk: Crypto Bank Custodia Sues Federal Reserve
Davis Polk: Crypto bank sues Federal Reserve over delay in master account application
Fed’s 86-page report of its denial of Custodia’s membership
Custodia’s response to the Fed report
Custodia’s amended filing
Judge Scott Skavdahl’s order to dismiss
Davis Polk: District courts refuse to order Federal Reserve to grant master accounts to Custodia

Appeal

Amicus briefs for the appeal

Bitcoin Magazine: The Federal Reserve, Custodia Bank, And The Battle For Sovereignty
Paul Clement on behalf of the Digital Chamber and Global Blockchain Business Council (GBBC)
Don Verrilli for Blockchain Association
State of Wyoming
Americans for Prosperity Foundation
Members of the United States Senate Banking Committee and House Financial Services Committee
Former Sen. Patrick Toomey

Customers Bank:

CoinGeek: ‘Crypto’-friendly Customers Bank hit with Fed Reserve enforcement action

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Crisis and Opportunity: Crypto Market Shifts, Solana vs. Ethereum, and Political Crossroads - The Chopping Block - Ep. 686 Aug 09, 2024

This episode addresses the recent market crash, the Bank of Japan's surprising rate hike, and its global impact. The team also discusses the Science of Blockchain Conference's relocation from Stanford to New York, and the current political landscape affecting crypto, including reactions from key politicians and internal community conflicts. Highlights include Solana's recent performance surge, opportunities in its ecosystem, and the effects of Elizabeth Warren's letter to the CFTC on prediction markets. Tune in for an insightful overview of these significant developments!

Show highlights

🔹 In-depth analysis of the recent U.S. crypto market crash caused by the Bank of Japan’s unexpected rate hike and its impact on global financial markets.

🔹 Discussion on the resilience of DeFi during market turmoil, with highlights on record on-chain volumes and DEX stability.

🔹 Examination of the rebranding of the Stanford Blockchain Conference and its implications.

🔹 Insights into the political landscape affecting crypto, including perspectives on Kamala Harris, Trump's pro-crypto stance, and Elizabeth Warren's opposition to political event betting contracts.

🔹 Analytical focus on the Solana ecosystem, its early investment opportunities, network reliability, UX advantages, and its influence on newer EVM chains.

🔹 Reflections on market trends and opportunities for smart investors to capitalize on new developments.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Links

What Drives Crypto Asset Prices? Adams, Austin and Ibert, Markus and Liao, Gordon, (July 30, 2024). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4910537

Timestamps

00:00 Intro
01:29 SBC
03:57 Market Crash & BOJ
06:58 Crypto Market Reactions and On-Chain Activity
17:41 Fed's Interest Rate Decisions and Market Implications
23:27 Political Landscape and Crypto
38:50 Elizabeth Warren Doesn’t Like Prediction Markets
55:09 Solana vs. Ethereum

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How Crypto Markets Are Reacting Post-Selloff, With Election/Fed Uncertainty Ahead - Ep. 685 Aug 09, 2024

After the unwinding of the Japan carry trade, the weak jobs report, and Jump’s dumping of ETH slammed crypto prices earlier this week, Jason Pagoulatos, head of markets at Delphi Digital, gives his insights on where prices are headed. He explains why he thinks Ethereum has underperformed so far in 2024, how the ETH ETFs might impact the price as outflows from Grayscale’s ETHE dwindle, and how the election, moves by the Fed, and the adoption of Bitcoin ETFs by Morgan Stanley advisors will affect BTC.

Show highlights:

00:00 Intro
01:34 Why the markets have rebounded since the weekend selloff
04:11 The role of Jump in the ETH selloff and why ETH has been underperforming so much this year
14:18 Whether Grayscale’s ETHE slowing down the outflows will reverse the trend for ETH
17:53 Why Jason believes that investment advisors will continue to push bitcoin to their clients
20:18 How the macroeconomic environment is affecting crypto prices now and the impact in the near future

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Jason Pagoulatos, head of markets at Delphi Digital

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Crypto Prices Are Way Down. Is It Time to Buy the Dip? - Ep. 684 Aug 06, 2024

The recent crypto crash has left many investors questioning the way the market is going. In this episode, Jeff Dorman, chief investment officer at Arca, provides a deep dive into the factors behind the crash, the macroeconomic influences at play, and why he remains optimistic despite the downturn. Expressing surprise at Ethereum's underperformance this year, he describes how the Democrats’ handling of crypto is an own goal, and how TradFi and DeFi differ from each other during market upheavals.

Show highlights:

00:00 Intro
01:38 The two main reasons the markets crashed this past weekend
05:29 How the macro environment has affected crypto lately and why the market has gotten “way ahead of itself”
12:44 Why ETH was down so much, more than other cryptocurrencies
16:52 The “most important” shift in crypto policy that has occurred this year
21:19 The Japanese yen carry trade that was one of the key factors in the market meltdown
30:20 Whether Genesis distributing $4 billion in assets had an impact on the market
33:39 Why Jeff believes that the data we have today does not point to a recession in the U.S.
36:49 Why Jeff says he’s "buying the dip”
40:47 Crypto as a political issue and why he thinks Harris winning would not be as bad for crypto as many believe
48:19 Why bitcoin doesn’t always act as a hedge against equity-related or geopolitical risk, in Jeff’s opinion
52:56 What Jeff thinks about the proposals for the U.S. government to buy bitcoin for a strategic reserve
54:15 The stark contrast between TradFi giants halting trading and the permissionless nature of DeFi

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Jeff Dorman, Chief Investment Officer at Arca.
Previous appearances on Unchained:
How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman
3 Things SushiSwap Needs to Get in Order, According to Arca

Links

Market crash:

Japan

SEC:

Eleanor Terret’s tweet on the SEC’s funding
Unchained: Can Gary Gensler Be ‘Fired’ If Trump Becomes President Again?

Others:

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Is It a Good Idea for the US Government to Stockpile Bitcoin? - Ep. 683 Aug 02, 2024

In this episode, George Selgin, senior fellow at the Cato Institute, discusses the recent proposals by Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis for the U.S. government to establish a strategic bitcoin reserve. George provides his insights into the differences between these proposals, their potential implications, and why he believes the government should not be investing in bitcoin or other assets.

Show highlights:

00:00 Intro
01:16 How the Bitcoin proposals by Trump, RFK Jr., and Lummis differ
04:08 Why George believes that Trump’s proposal to not sell the government’s bitcoin is just symbolic
07:36 What the purpose of acquiring BTC is in the Lummis and RFK proposals
11:29 Whether the government should even be investing in bitcoin or other assets
18:53 How would the government buy BTC as per the Lummis bill
25:08 How likely is it that the bill passes through Congress
27:40 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

George Selgin, Senior Fellow and Director Emeritus of the Cato Institute's Center for Monetary and Financial Alternatives

Links

Trump’s proposal:
Unchained:
At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins
Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do?
Lummis proposal:
Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill
Decrypt: There’s a Problem With Senator Lummis’ Bitcoin Reserve Plan, Cato Institute Expert Says
Lummis Introduces Strategic Bitcoin Reserve Legislation
RFK. Jr proposal:
RFK Jr. Proposes 550 Daily Bitcoin Purchase Plan for U.S. Economy | Kennedy24

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Compound Finance Governance, Strategic Bitcoin Reserves, & BitClout's Legal Woes- The Chopping Block - Ep. 682 Aug 01, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into topics like the potential U.S. strategic Bitcoin reserve proposed by Trump and political figures, and its implications for the institutional adoption of Bitcoin. The episode explores the recent turmoil in DAO governance through the example of Compound's voting mishap with a controversial proposal, analyzing the role of activist investors. The squad also reflects on the legal challenges faced by the founder of BitClout, Nader Al-Naji, who was charged with misappropriation of funds, offering insights into the importance of transparent and ethical governance in the crypto industry.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Analysis of the potential implications of U.S. strategic Bitcoin reserves as discussed by presidential candidates, focusing on how this could affect global crypto policies and market reactions.

🔹 Exploration of the influence of regulatory environments on DAO participation, particularly how U.S. funds are hesitant to vote due to potential legal liabilities.

🔹 Examination of the controversial proposal by the 'Golden Boys' on Compound Finance and the role of activist investors in DAO governance.

🔹 Discussion on the complexity and innovation in crypto governance models, with examples of Compound and the challenges faced by DAOs in managing proposals.

🔹 Debate on the role of governance structures and how they can evolve to prevent malicious actions by large stakeholders.

🔹 Review of the SEC and DOJ charges against BitClout founder Nader Al-Naji for misappropriation of funds and misleading investors.

🔹 Overall reflection on the responsibility of crypto project leaders in maintaining transparency and ethical financial practices.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Links

DOJ - Founder Of “BitClout” Digital Asset Charged With Fraud In Connection With Sale Of “BitClout” Tokens: https://www.justice.gov/usao-sdny/pr/founder-bitclout-digital-asset-charged-fraud-connection-sale-bitclout-tokens

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Bits + Bips With Nic Carter: Trump’s Promises, Kamala’s Shift & ETH’s ‘Narrative Problem’ - Ep. 681 Jul 31, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann dive deep with Nic Carter into the game-changing promises Trump is making to the crypto community, Kamala Harris’s unexpected policy shifts, and the explosive rise of Solana.

Plus, Nic reveals his unexpected journey into amateur fighting and tackles the pressing issues around Ethereum ETFs, and what ecosystem he’s been funding more as of late.

Show highlights:

00:00 Intro
01:23 Why Alex believes the conference was one of the most incredible moments in the history of crypto
10:00 Nic’s reaction to Trump mentioning breaking down ‘Operation Chokepoint 2.0,’ a term that Nic himself coined
13:44 Nic’s karate fight and his journey to becoming an amateur fighter
21:42 Why Nic thinks that there’s no chance that the Lummis bill proposing the US government establish a strategic bitcoin reserve will pass
29:31 The significance of Trump’s promises at Bitcoin Nashville
36:26 How Tether is comparable to the Eurodollar system
39:41 What the potential impacts are of the Fed's language during their upcoming meeting
47:17 The implications of the Harris campaign's outreach to reset relations with crypto companies
55:44 How the ETH ETFs launch went and why Nic says that Ethereum has a “narrative problem”
59:34 How Solana has been ripping lately and Joe’s response to some of the criticisms
1:07:22 How Nic, as a VC, sees the ETH vs. SOL debate and how founders are increasingly choosing Solana

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest

Nic Carter, general partner at Castle Island Ventures

Links

Bitcoin Conference:

Trump’s speech:
Unchained:
At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins
Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do?
Lummis proposal:
Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill
The Block: Hong Kong lawmaker advocates for including bitcoin in financial reserves following Trump’s speech |
Democrats/Harris seeking “reset”
Letter from Democratic politicians to DNC chair to put crypto plank in Democratic party platform:

ETH ETFs Debut:

Solana’s ripping:

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Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins the Election - Ep. 680 Jul 30, 2024

As the 2024 elections approach, crypto voters are a real bloc that could be a deciding factor in what looks to be a tight race.

In this episode, Sheila Warren of the Crypto Council for Innovation and Justin Slaughter from Paradigm discuss the significance of Trump appearing at Bitcoin 2024, promising the crypto community pretty much everything on its bucket list, the Democrats’ seeming pro-crypto shift behind the scenes, and the game theory around Gary Gensler’s future (likely not at the SEC).

Plus, they cover the significance (and likelihood of passing) of the Bitcoin Strategic Reserve Bill proposed and to be introduced by Sen. Cynthia Lummis, what would it take for Kamala Harris to show that she truly is a crypto-friendly candidate, and what the Democrats would have to do to undo the damage done by Gensler and win some of the crypto vote.

Lastly, they explore the potential impact on the SEC of the Supreme Court’s decision to overturn the Chevron doctrine.

Show highlights:

00:00 Intro
02:08 The significance of a US Presidential candidate, Trump, embracing Bitcoin
04:59 What Justin’s and Sheila’s takes are on the Democrats' sudden shift towards embracing a pro-crypto agenda and whether they can catch up
15:03 The key factor in Trump's shift from giving crypto platitudes to making substantive promises that top the crypto community’s wish list
20:21 How significant crypto could be in influencing the election, particularly in swing states
23:52 Whether Trump would even be able to fire Gary Gensler as SEC Chair, as he has promised
33:23 How the dynamics between Elizabeth Warren and Kamala Harris differ from the relationship Warren has with Biden
42:48 What could happen with the SEC Commissioner if Harris wins the presidency
50:34 The meaning of the Strategic Bitcoin Reserve in the US
57:55 How JD Vance's status as a Bitcoin owner could influence crypto voters and whether Harris could pick a pro-crypto VP
1:05:43 The chances the Democratic Party adopts a crypto plank, and what it might include
1:09:9 Whether there’s a chance a crypto bill could be passed this year
1:14:49 How the Supreme Court's recent decision to limit agency power by overturning the Chevron doctrine could impact the SEC's approach to crypto regulation
1:20:45 How Harris can establish a new stance on crypto while distancing herself from Biden's administration, without appearing disloyal

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Polkadot

Guests:

Sheila Warren, CEO of Crypto Council for Innovation (CCI)
Justin Slaughter, Policy Director at Paradigm

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Why Congressman Ro Khanna Is Hopeful the Democratic Party Will Embrace Crypto - Ep. 679 Jul 26, 2024

The Democratic Party has faced criticism from the crypto industry for its stance on the sector, but House Representative Ro Khanna is determined to change that narrative.

In this episode, he talks about his efforts to shift the party’s approach, his thoughts on the current regulatory environment, and his vision for a crypto-friendly future. He gives his insights on the implications of the Supreme Court’s overturning of the Chevron doctrine, the potential for a crypto bill this year, and his upcoming remarks at the Nashville Bitcoin conference.

Plus, if you are a single-issue voter, he’s got something to say to you.

Show highlights:

00:00 Intro
01:36 How Rep. Khanna is working to change the Democrat approach to crypto policy in the U.S.
04:54 What Rep. Khanna's response is to formerly Democratic crypto voters, such as Marc Andreessen and Ben Horowitz, who have decided to vote for Trump this election
07:12 What Rep. Khanna would like to see in a potential crypto plank of the Democratic Party platform
07:58 Who Rep. Khanna believes should be the next SEC chair under a potential Harris administration
08:41 His thoughts on Christy Goldsmith Romero's nomination as chair of the FDIC
09:37 Rep. Khanna's perspective on how to convince Democratic Party members about the benefits of crypto
11:21 How Rep. Khanna views the Supreme Court's overturning of the Chevron doctrine and its implications for crypto
13:29 What key points Rep. Khanna will address in his upcoming remarks at the Bitcoin conference
14:16 What broader implications Rep. Khanna sees in the vote and its potential impact on the crypto industry
15:43 Whether a crypto bill could pass this year in Congress
18:11 Crypto Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Ro Khanna, U.S. representative from California
Previous appearance on Unchained: Congressman Ro Khanna: How to Get More Democrats into Web3

Links

Recent coverage of Unchained on politics and the elections:
Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair
Anthony Scaramucci on Why He Supports Biden and Thinks He, Not Trump, Is Best for Crypto
Why Many Democrats, Including the White House, Have Come Around on Crypto
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress

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Apps on the TON Blockchain Have Become Extremely Popular. Is It Sustainable? - Ep. 678 Jul 23, 2024

The Open Network, aka TON, has been on a tear since late February. TVL has skyrocketed 34x since the beginning of the year, reaching over $750 million as of the time of recording. The price of TON has more than tripled from about $2 to $7, and daily active addresses recently exceeded those of Ethereum in May and June. Games with fun names like Hamster Kombat and Catizen are gaining traction, and Pantera Capital, an OG crypto investor, is making its largest investments yet in TON.

In this episode, Alena Shmalko and Jack Booth from the TON Foundation discuss how TON has managed to garner this traction, especially after a rocky start when the SEC went after the original founder, Telegram.

Show highlights:

00:00 Intro
02:13 Alena’s and Jack’s backgrounds and how they ended up at TON
05:35 How TON evolved from its origins with Telegram to its current status and how it began getting traction this year, according to Jack
11:21 How The Open League helped TON grow its TVL and other important metrics
15:40 How Telegram's collaboration with TON has evolved through time and how much they work together
24:47 Whether there are plans for TON to integrate with apps beyond Telegram
30:15 What in TON’s architecture allows it to be extremely scalable
33:20 The mechanics of Notcoin and why it has been so successful
36:49 Whether the rise of games like Notcoin and Hamster Kombat can be sustainable
46:05 The importance of USDT in Ton
51:53 When might a Bitcoin trustless bridge be deployed and why it could be significant
54:43 Whether TON is being used by criminals and what could be done to combat it
58:59 What strategies will lead TON to have $1 billion in TVL by the end of the year

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

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Guests:

Alena Shmalko, Ecosystem Lead at the TON Foundation
Jack Booth, Director of Marketing at the TON Foundation

Links

History & Structure

Notcoin:

Hamster Kombat

Cointelegraph: Hamster Kombat destined for Guinness World Record?

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Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair- Ep. 677 Jul 19, 2024

In this episode of Unchained, Congressman French Hill provides an insider's perspective on the present and future of crypto regulation.

Hill delves into the ongoing legislation and the implications of the FIT21 Bill, shares his views on who should succeed Gary Gensler as SEC chair if Trump is re-elected, and discusses the controversial role of the CFTC in regulating the crypto industry. He also touches on the potential impacts of the Chevron doctrine being overturned by the Supreme Court, Trump’s evolving stance on crypto, and the latest developments in the Binance executive detention case in Nigeria.

Show highlights:

00:00 Intro
01:26 How Rep. Hill's long-time passion for technological advancement led to his involvement in crypto and blockchain
04:00 The current state of ongoing legislation and why Rep. Hill is proud of the FIT21 bill
08:49 Who would be his top pick to chair the SEC if Trump is re-elected as president
11:42 Why he supports having the CFTC regulate the spot crypto markets
12:40 How he thinks teams should launch tokens in the US
15:02 How he thinks the overturning of the Chevron doctrine will impact crypto
20:02 Why Trump changed his mind on crypto, according to Rep. Hill
23:14 Why Congressman Hill is running for chair of the House Financial Services Committee
25:14 The update on Tigran Gambaryan, the Binance executive detained in Nigeria, whom Rep. Hill visited recently
28:13 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Congressman French Hill

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The Chopping Block: Trump's VP Pick, SEC's Future, and Congress' Crypto Legislation - Ep 676 Jul 18, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we invite Laura Shin and special guest Kristin Smith of the Blockchain Association to discuss the latest in crypto politics. We dive deep into JD Vance's VP candidacy alongside Donald Trump and its implications for the crypto industry. We also explore the impact of recent political events on the crypto markets, the potential outcomes of key legislative efforts, and the future of the SEC post-2024 elections. Don't miss this insightful conversation on how the shifting political landscape might shape the future of crypto in the U.S.

Show highlights

🔹The attempted assassination of Donald Trump and its effects on the crypto market, including his announcement of JD Vance as his running mate.

🔹Analysis of Trump's changing stance on crypto, and his increasing willingness to engage with the industry and its leaders.

🔹Explanation of the Vice President's role in setting financial services and innovation policy, especially in a potential Trump administration.

🔹 Speculation on whether Gary Gensler will step down if Trump wins and what this could mean for crypto regulation.

🔹 Overview of recent meetings between crypto executives and White House officials, signaling a shift in the Biden administration's approach to the industry.

🔹 Examination of the significant fundraising by crypto PACs like the Fair Shake PAC and their impact on political and regulatory decisions.

🔹Discussion on the Digital Commodities Act, market structure bills, and the challenges of passing crypto legislation in the current congressional session.

🔹 The evolving bipartisan support for crypto legislation and the importance of maintaining this support for future regulatory clarity.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ founder and CEO of Unchained

Guests

⭐️Kristin Smith, Chief Executive Officer of Blockchain Association

Disclosures

Timestamps

00:00 Intro
02:15 Trump & JD Vance
10:27 Politicians Stance on Crypto Policy
27:41 Crypto's Lobbying Efforts
34:56 Crypto's Political Influence
36:58 SEC Enforcement and Legal Battles
39:19 Speculations on Biden Administration's Crypto Stance
49:48 Legislative Pipeline and Market Structure Bills
01:01:36 Future of Crypto Regulation

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Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt - Ep. 675 Jul 17, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, joined by guest Jack Platts, dive into the market's reaction to the recent assassination attempt on former President Donald Trump, looking at how this event will influence the 2024 U.S. presidential election—and the crypto markets.

They also cover potential rate cuts: Could there be a cut this July? How big might the rate cut be in September? Could the decision ever be influenced by the upcoming election?

They also give their predictions for what percentage of the BTC ETF inflows the ETH ETFs will reach, and James talks about what he’s expecting for Grayscale’s ETHE (hint: his view would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Is it up only now?

Show highlights:

00:00 Intro
01:18 Whether the Trump shooting has settled the election and whether the event caused a “flight to safety”
11:23 How election markets are becoming a place to watch election odds and whether crypto “leans right”
20:16 Whether rate cuts are coming in July or September and how much they’ll cut: 25bps or 50bps
29:06 How Joe views the relationship between global liquidity cycles, rate cuts, and Bitcoin's potential rise
34:41 What new updates there are about the Ethereum ETFs and their expected launch
42:08 Why Solana hasn't outperformed significantly since the Trump news
43:25 What market breadth indicates about the current market rally and the impact of rates in small caps
49:01 Everyone’s predictions of ETH ETF inflows and how much outflows we’ll see on Grayscale’s ETHE
53:04 What’s next for BTC after the German government is out of bitcoin, and with Mt. Gox distributions starting this week

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Jack Platts, Co-Founder & Managing Partner at Hypersphere Ventures

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Iggy Azalea on Memes, OnlyFans, and Her Plans to Make MOTHER a Success - Ep. 674 Jul 16, 2024

Iggy Azalea joins Unchained to share the story of how the $MOTHER token got started (spoiler: there was a brush with a potential scammer), her stresses during the launch, and what she plans to do about the price slumping over 60% since the all-time high. A master of memes and OnlyFans, she talks about how she is using her experience in both realms to make MOTHER a success, even though she has yet to make any money from the token.

She also discusses her beef with Ethereum creator Vitalik Buterin, the allegations that there was insider trading of MOTHER, and how she plans to avoid regulatory action.

Show highlights:

00:00 Intro
01:27 How Iggy got “onchain” and interested in crypto
03:01 How Iggy's understanding of memes and the attention economy influenced her approach to music and now MOTHER
08:09 How a brush with “scammer” Sahil Arora sparked the MOTHER launch
11:56 How Iggy plans to integrate her token into her business ventures and what strategies she's using to achieve this
16:33 Why she chose two market makers – DWF Labs and Wintermute – and why she decided to name the coin "Mother"
23:53 The lessons she learned from her OnlyFans that she is applying to MOTHER
33:54 Iggy’s response to Vitalik Buterin's criticisms of her coin
41:31 What strategies Iggy believes will bring $MOTHER out of its current slump
47:33 How Iggy responds to allegations of insider activity and dumping $2 million worth of her token
55:15 Whether she is concerned about regulators coming after her and what she's doing to prevent that
1:02:55 What Iggy thinks about the criticism regarding celebrities launching memecoins
1:08:49 Whether Iggy has a preference between Solana and Ethereum
1:11:36 How she’s trying to onboard other celebs into crypto, and her plans for integrating $MOTHER into mainstream culture and fan interactions

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

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Guest:

Iggy Azalea, rapper, creator of $MOTHER

Links

DWF labs

CoinDesk:Iggy Azalea's MOTHER Token Jumps Over 50% After Partnering With DWF Labs

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The Chopping Block: The Role of Media in Crypto, Blockworks Op-Ed, and Apps vs. Infrastructure - Ep. 673 Jul 12, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, Jason Yanowitz from Blockworks joins the squad to explore the media's significant role in the crypto industry. They discuss challenges faced by the media in meeting client demands and industry expectations, and highlight financial sustainability and biases. The hosts compare crypto media to mainstream journalism, examining the balance between journalistic integrity and revenue. They critique broader media trends, discussing monopolistic narratives and public dissatisfaction, with a specific look at political coverage. The episode concludes with reflections on the media's evolving role in truth dissemination amidst industry fragmentation.

Show highlights

🔹 The Airdrop Era: Examination of the potential end of the airdrop/token narrative.

🔹 Investing in Apps vs Infrastructure: Debate on funding apps versus infrastructure projects.

🔹 Crypto Media Trends: Analysis of shifts in crypto media, major acquisitions, and industry stance.

🔹 Challenges in Crypto Media: Ethical questions and investor pressures media firms face.

🔹 Future of Media: Trends in media companies, prediction markets, and trust dynamics.

🔹 Media Integrity: Exploration of media's perception, skepticism around its business motives, and flawed business models.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Jason Yanowitz, Founder of Blockworks

Disclosures

Timestamps

00:00 Intro
02:30 Airdrops and Token Valuations
04:04 Apps vs. Infrastructure
14:26 Venture's Not a Charity
22:41 Crypto Media Landscape
32:31 Revenue in Media
34:26 Trust as the Cornerstone of Media
35:27 The Blockworks Op-Ed Controversy
38:55 Navigating Media Bias and Trust
44:18 Balaji's Anti-Media Sentiment
49:57 The Future of Media and Truth

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How Satoshi Nakamoto and Vitalik Buterin Inspired Key Parts of Celestia - Ep. 672 Jul 12, 2024

Mustafa Al-Bassam was a teenage hacktivist who outsmarted a US government contractor, shamed the Westboro Baptist Church, hacked Sony a record number of times, and eventually got arrested—though his 80 transgressions got halved for a funny reason.

At the Modular Summit in Brussels, Laura had a fireside chat with Mustafa to discuss how he went from his teenage years as the head of LulzSec and member of Anonymous to founding Celestia, a project aiming to solve key issues in blockchain scalability by going with a modular approach.

He also discussed data availability sampling, why he believes Celestia has achieved significant product-market fit since its launch, and the three key components of Celestia’s road map.

Show highlights:

00:00 Intro
01:47 Mustafa’s origin story and how he became a developer who ended up hacking FBI affiliates and Fox News
05:32 How he hacked a military contractor to the US Department of Defense and Sony
09:16 Why Mustafa was arrested at the age of 16
11:14 What about Bitcoin attracted his attention and got him interested in the industry
15:22 Why he founded Celestia, after doing a PhD in scaling blockchains and understanding the problems of sharding
21:16 What data availability sampling is and why it is important
23:52 Why Mustafa believes that Celestia has had “extreme product market fit” since the launch
26:16 What’s next for Celestia and why Mustafa is so excited about the possibilities that increased block size can enable
29:36 How Celestia is working with zero knowledge accounts for defragmenting liquidity in rollups and access liquidity even within the Cosmos ecosystem
30:57 What the endgame for Celestia and the overall industry looks like, according to Mustafa
37:36 Q&A with the audience
44:44 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Mustafa Al-Bassam, co-founder of Celestia Labs.
Previous appearance on Unchained: Why the Celestia Team Sees a Future With 10,000 Roll-Ups

Links

Previous coverage of Unchained on modular blockchains:
Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate
What Are Modular Blockchains? A Beginner's Guide

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Why the SEC Lawsuit Against Consensys May Hold Little Ground - Ep. 671 Jul 09, 2024

In this episode, crypto lawyers Kayvan Sadeghi and Sam Enzer delve into the SEC's lawsuit against Consensys, which focuses on MetaMask's swaps and staking services, and explore the implications of the SEC's stance on MetaMask acting as a broker-dealer, and the classification of its staking product as a security.

They discuss how recent rulings on Coinbase and Binance challenge the SEC's claims, and whether differing judicial opinions could lead to the Supreme Court.

Also, they talk about the potential impact of the Supreme Court striking down Chevron deference for crypto regulation.

Show highlights:

00:00 Intro
01:22 The key claims in the SEC's lawsuit against Consensys and how they relate to MetaMask's swaps and staking services
03:42 How recent Coinbase and Binance rulings challenge the SEC's claims against Consensys
09:29 Whether differing judicial opinions on whether wallets with private keys act as brokers could end up being decided by the Supreme Court
12:55 How the SEC will substantiate its claims that MetaMask acts as a broker-dealer and that its staking product is a security in Texas legal briefings
17:42 Why a token itself is not considered a security, according to Sam, and how this distinction affects secondary market transactions in the SEC's case against MetaMask
22:14 What Lido and Rocket Pool can do in response to the SEC tangentially naming their liquid staking tokens as securities
31:27 How the SEC and Consensys lawsuits will proceed, and whether conflicting rulings could arise from their parallel tracks
36:35 The key distinctions in the Binance case compared to those of Coinbase and Kraken, and how the Binance ruling might impact future crypto cases
50:08 What Chevron deference means and how its removal impacts crypto
56:49 How the elimination of Chevron deference affects current crypto cases and legislative gridlock

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

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Guests:

Kayvan Sadeghi, partner at Jenner & Block
Sam Enzer, partner at Cahill Gordon & Reindel
Previous episode of Unchained with Sam and Kayvan: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case

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How Crypto Prediction Market Polymarket Signaled Early That Biden Might Drop Out - Ep. 670 Jul 05, 2024

Prediction markets are gaining mainstream traction, particularly with the upcoming US elections. In this episode, Nick Tomaino, founder of 1confirmation, which is an investor in Polymarket, explores how platforms like Polymarket identified the possibility that President Biden might drop out of the campaign before the mainstream media did. He talks about the journey of Polymarket, the challenges it faced, and how it overcame them to provide a credible platform for betting on political outcomes.

Finally, Nick explains why prediction markets are currently illegal in the U.S., the implications of the Supreme Court striking down Chevron deference, and what the future holds for prediction markets in the U.S.

Show highlights:

00:00 Intro
01:28 Why prediction markets like Polymarket finally gained mainstream traction, and how 1confirmation became an early investor
04:01 What challenges Polymarket faced in its journey to mainstream recognition, and how it managed to overcome them
07:22 How prediction markets contribute to bringing more truth to the world, particularly in the context of media narratives and social media algorithms
12:52 What challenges have arisen from conflicts in resolving prediction markets on Polymarket
19:00 How bets are created and how the wording and resolution of prediction markets is managed on Polymarket
21:56 How trading volumes affect the credibility of prediction markets on Polymarket
22:38The regulatory environment of prediction markets in the US and whether the elimination of Chevron deference by the Supreme Court will have a positive impact on these markets
28:35 Crypto News Recap

Visit our website for breaking news, analysis, pop op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Nick Tomaino, Founder & General Partner at 1confirmation

Links

Recent news on Polymarket:

Unchained: Polymarket Hits Record Highs in Monthly Users and Trading Volume Due to Presidential Election
Crypto.news: Polymarket reverses Oracle decision on Barron Trump's involvement in DJT meme coin
Decrypt: Ethereum ETFs Approved by the SEC? Yes—But Don't Bet On It - Decrypt
Dune dashboard: Prediction Markets

Commentary:

Vitalik’s tweet: “Prediction markets and Community Notes are becoming the two flagship social epistemic technologies of the 2020s. Both truth-seeking and democratic, built around open public participation rather than pre-selected elites. I want to see many more things like this.”
Nick Tomaino’s tweet: “2024 will go down in history as the year prediction markets went mainstream.”

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The Chopping Block: Biden's Resignation Odds, Market Predictions, and Chevron Ruling's Impact on Crypto - Ep. 669 Jul 04, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, special guest Laura Shin is sitting in for Tom to discuss the impact of prediction markets on politics and crypto. They explore how prediction markets like Polymarket affect public perception during the presidential election, contrasting their reliability against traditional journalism. The conversation also touches on the implications of prediction markets on insider trading, market manipulation, and the role of expert information. Additionally, they discuss the Supreme Court's overturning of the Chevron doctrine and its potential impact on regulatory shifts in the crypto industry. The episode provides an insightful analysis into how prediction markets could revolutionize journalism and the evolving landscape of crypto regulation.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Discussion on the recent presidential debate and its implications for prediction markets and the crypto industry.

🔹 Overview of the prediction market phenomenon and its growing importance in political forecasting.

🔹 Examination of the recent Supreme Court ruling overturning Chevron Deference and its implications for crypto regulations.

🔹 Debate on whether the ruling will lead to more specific legislation from Congress or if it will hinder effective rulemaking.

🔹 Speculation on how different political figures might impact future crypto legislation and regulation.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Disclosures

Timestamps

00:00 Intro
01:50 Presidential Debate Chaos
04:25 Mainstream Media vs. Prediction Markets
16:48 Insiders in Prediction Markets
30:38 Prediction Markets vs. Sports Betting
38:58 Market Manipulation
50:22 Supreme Court Ruling & Chevron Deference

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Bits + Bips: Ethereum and Solana ETFs and Why Crypto Is Poised for a Breakout - Ep. 668 Jul 03, 2024

Are Solana ETFs on the brink of approval? How might political outcomes influence this decision?

Join hosts James Seyffart, Alex Kruger, and Joe McCann as they delve into the latest buzz around Solana’s potential spot ETFs, dissect the SEC's puzzling delay on Ethereum ETFs, and debate why Bitcoin’s recent performance has diverged from the NASDAQ.

They also discuss the U.S. presidential election, the event that Alex says was the “second most bizarre thing” he’s seen in his life, what the bond market seems to indicate about expectations for a Trump presidency, and how upcoming nonfarm payroll reports and potential rate might affect the markets.

Show highlights:

00:00 Intro
01:47 How political outcomes might influence the approval of spot Solana ETFs
04:16 Whether futures ETFs are 100% needed for an approval of spot crypto ETFs
09:26 The high premium on Grayscale's Solana Trust (GSOL)
13:50 How the outcome of the 2024 U.S. presidential election could impact the crypto industry
20:55 Why the SEC delayed the launch of the Ethereum ETF
24:53 How the upcoming nonfarm payroll report and potential rate cuts impact market volatility and the Federal Reserve's decisions
27:51 How the rise of populist candidates in France and changes in currency markets might affect the US dollar and the broader economic landscape
31:40 How Bitcoin, Ethereum, and Solana performed in Q2, and the surprising outperformance of BONK
34:45 Why Bitcoin's performance diverged from the Nasdaq's recent rally
45:48 How recent movements in long-term bond rates are linked to political changes, such as the rise of right-wing populism and concerns about fiscal responsibility
52:45 How FTX creditors could potentially influence market dynamics, and the irony in the US government using Coinbase as a custodian

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

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How to Figure Out Whether a Crypto Token Is Worth Its Trading Price - Ep. 667 Jul 02, 2024

The problem of low float, high fully diluted valuation (FDV) coins is one that is frequently discussed in crypto. But there’s another wrinkle: investors need to understand the unrealized gains of these coins to really understand the price.

In this episode, Jose Macedo of Delphi Digital and Ari Paul of Blocktower Capital explain the various metrics that reveal what a coin is really worth, why a wave of token unlocks that will be hitting the crypto markets in the next few years are not bullish, and whether there is a better way to design token unlocks for teams and insiders.

Plus, they cover whether venture capitalists are extractive to crypto, whether these games with circulating supply and FDV have caused investors to turn to memecoins, and why they believe the ICO era was better for retail investors.

Show highlights:

00:00 Intro
01:58 Why upcoming token unlocks are creating market jitters
10:22 How the ratio of unrealized gains to market cap influences token price movements
12:22 How some token projects manipulate their reported circulating supply
20:24 Whether and how everyday investors can uncover the truth about token projects
23:37 What secondary market trading says about the potential impact of upcoming token unlocks
34:50 Why Jose believes that the current token launch strategy, despite its flaws, is still favored by insiders and unlikely to change soon
41:02 Why some projects favor decisions that are more likely to result in short-term gains over long-term success
46:36 Why Jose believes that simple time-based token unlocks often work better than complex metrics, and how projects can balance funding with realistic success metrics
53:04 Why Ari believes the SEC's investigations into VCs for acting as securities dealers might be justified, and how these practices resemble pump-and-dump schemes
59:11 With numerous token unlocks looming, why the outlook is bearish for many projects, and what challenges they face in mitigating potential sell-offs
1:05:52 Why many crypto investors might end up holding the bag in the current cycle, despite plans to sell early and avoid losses
1:12:27 What the future role of VCs is in crypto, and how the influx of token unlocks and the rise of memecoins could shape the bull cycle

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Polkadot

Guests:

Jose Macedo, founder at Delphi Labs
Ari Paul, CIO of Blocktower Capital
Previous appearances on Unchained:
Ari Paul on Why Bitcoin Is a Good Value Buy
Ari Paul of BlockTower Capital on the Crypto Downturn and Why It Could Change Direction

Links

High FDV and unlocks:

Unchained:
How ‘Fully Diluted Valuation’ Can Be a Very Dangerous Metric for Crypto Markets to Rely On
Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?
80% of Tokens on Binance Are Down Since Listing Date: SwissBorg Researcher
Cobie newsletter: New launches (part 1) - private capture, phantom pricing
Rocknblock: Token vesting explainer
CoinDesk: 'Liquid Vesting' Is Oxymoronic Blockchain Feature That Lets Early Investors Sell Without Waiting
Jose’s thread that inspired the episode
Ari’s post responding to Jose’s thread
Token.unlocks.app: Token vesting tracker

Solutions:

Hack VC: Potential Solutions to Crypto's Unlock Problem
Colony Lab: Early-Stage Program & Liquid Vesting
Imran Khan’s tweet on Blast https://x.com/lmrankhan/status/1806040646433522149

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Why the Mt. Gox Repayments May Not Hurt the Bitcoin Price Much - Ep. 666 Jun 28, 2024

Ten and a half years after filing for bankruptcy, Mt. Gox is finally set to disburse 142,000 Bitcoin worth nearly $9 billion to creditors between July and October.

Market concern has been growing over the potential impact on Bitcoin prices, but Alex Thorn, head of research at Galaxy, explains why only a small fraction of those bitcoins will be sold. He also discusses the implications of this redistribution on the market, the potential success of Ethereum ETFs, and the chances of a Solana ETF approval.

Show highlights:

00:00 Intro
02:04 Why Alex estimates the amount of bitcoins that creditors sell will be a tiny fraction of the 142,000 to be repaid
13:35 What market shocks could arise from Mt. Gox creditors receiving billions in Bitcoin, and why he believes Bitcoin Cash is the real wild card
18:18 Whether Ethereum ETFs could be as successful as Bitcoin ETFs in attracting investors
23:06 Whether potential outflows from Grayscale's Ethereum Trust will dampen the excitement around Ethereum ETFs
25:07 How the combination of Mt. Gox repayments, Ethereum ETFs, and German and American government Bitcoin sales might affect crypto prices
27:32 The chances the SEC approves a spot Solana ETF

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Alex Thorn, head of research at Galaxy
Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection

Links

Mt. Gox.

Unchained: Crypto Market Sees $300 Million Liquidated as Bitcoin Briefly Drops Below $59,000
CoinDesk: Mt. Gox to Begin Repayments in July

Governments selling:

Unchained: US Government Sends $241 Million in Bitcoin to Coinbase: Arkham
Cointelegraph: German gov’t offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken

Solana ETF

Reuters: Investment manager VanEck files to list first spot Solana ETF in US |

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The SEC Ends Its Ethereum 2.0 Investigation, but Staking Isn't in the Clear - Ep. 665 Jun 25, 2024

Last week, Consensys revealed that the SEC had concluded an investigation into Ethereum 2.0, referring to when Ethereum transitioned from a proof-of-work consensus mechanism to a proof-of-stake one.

In this episode, Laura Brookover, senior counsel & head of litigation and investigations at Consensys, and Sam Enzer, partner at Cahill Gordon & Reindel, explore the implications of this decision on Ether’s status as a commodity versus a security, and why the SEC dropped the pursuit, including whether the shifting political winds played a role. For instance, how much of the decision was influenced by the ETH ETF approvals, Democrats crossing party lines to vote for FIT21 and the repeal of SAB 121, and/or SEC crypto enforcement chief David Hirsch’s resignation?

In this discussion, they also explained why the closure doesn’t necessarily mean that staking, or restaking, is safe from the SEC. Plus, what’s the impact of this closure on the other big crypto cases, such as Coinbase, Kraken, Uniswap, and Ripple?

Show highlights:

02:13 How Consensys managed to get the SEC to reveal that it had concluded its investigation into Ethereum 2.0, and the significance of that move
08:14 The SEC's possible reasoning behind investigating Ethereum after it had switched to proof of stake
15:19 How uncommon is it for the SEC to send a letter concluding an investigation like the one into Ethereum
18:45 Whether recent events around crypto as an election issue, the ETH ETF approvals, votes for FIT21 and the repeal of SAB121, and David Hirsch’s resignation, might be connected to the decision to close this investigation
29:03 Whether the Biden administration has shifted its stance on crypto and whether Gensler should remain as chair
33:24 How the SEC might still go after staking
37:18 Whether restaking, such as pioneered by EigenLayer, is safe from regulatory actions
39:13 Why the SEC might be pursuing different judgments in various jurisdictions for MetaMask and Coinbase Wallet
44:24 What crucial evidence from the closed Ethereum 2.0 investigation could strengthen Coinbase's defense in its ongoing lawsuit
47:58 Why the SEC's aggressive stance on various crypto enforcement actions seems to remain unchanged despite closing the Ethereum 2.0 investigation
52:13 Why Sam and Laura believe Solana should not be considered a security, despite the SEC naming it as such in various crypto cases
58:13 How the SEC’s argument about an “ecosystem” is nonsensical, according to Laura Brookover
01:00:31 What the implications of the closed investigation are for the cases of Kraken and Ripple
01:04:58 What Sam and Laura B. are watching out for in terms of regulation and ongoing legal cases

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Polkadot

Guests:

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys
Previous appearance on Unchained: Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’?
Sam Enzer, Partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
The Real Reason Why the SEC Might Be Going After Ethereum
How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Why SBF’s Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?

For more links visit UnchainedCrypto.com

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LayerZero Fought the Sybils and Airdropped Its Token. Did the Team Win? - Ep. 664 Jun 21, 2024

LayerZero’s token claims went live on Thursday, and as with every recent airdrop, there was plenty of controversy.

In this episode, Bryan Pellegrino, cofounder and CEO of LayerZero Labs, joined to discuss their ambitious anti-Sybil campaign and the subsequent token distribution. He delved into the challenges of ensuring genuine user participation, the decision to offer a self-report option for Sybil attackers, and the complexities imposed by industrial-grade farmers. Bryan shared what he would have done differently and why a mandatory donation to Protocol Guild was imposed.

Also, are airdrops dead? How can the industry improve this not-so-effective distribution method?

Show highlights:

00:00 Intro
01:23 Why LayerZero launched an anti-Sybil campaign with its airdrop, and what challenges they faced in ensuring genuine user participation
04:51 Why LayerZero offered a self-report option for Sybil attackers, and how this strategy revealed both the complexities and the creativity within the crypto community
10:16 How the anti-Sybil campaign uncovered over a million fraudulent accounts
14:34 What Bryan would have done differently in their campaign
17:18 What alternative methods, such as KYC and proof-of-humanity protocols, LayerZero could have used for their anti-Sybil campaign
18:35How LayerZero navigated the cat-and-mouse game with industrial airdrop farmers
23:08 Why they decided to impose a donation to Protocol Guild to claim the ZRO token
32:07 What caused the dramatic drop in LayerZero's activity post-announcement of their anti-Sybil campaign, and why the team is optimistic despite the decline
35:23 LayerZero's plans for future airdrops
38:40 What Bryan thinks the future holds for airdrops in crypto, and how the current broken system can be improved to achieve better distribution and user engagement
42:43 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Bryan Pellegrino, cofounder and CEO of LayerZero Labs

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The Chopping Block: VC Tokens, Memecoins & Celebs, and Seasonal Patterns - Ep. 663 Jun 19, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring discussions around Iggy Azalea's 'Mother' token, Waka Flocka Flame's 'Flocka' token, and other celebrities. We debate the broader implications of these phenomena on the crypto market, address criticisms of venture capital's role in crypto, and explore the seasonal nature of crypto trading. Tune in for an in-depth look at how pop culture intersects with cryptocurrency, shaping current market sentiment.

Show highlights

🔹 Seasonality in Crypto: Exploration of the historical seasonal trends in crypto markets and their implications.

🔹 Memecoins & Celebrities: Insightful discussion on the rise of celebrity-launched memecoins and their impact on the crypto world.

🔹 Market Cycles: Exploration of the different phases in market cycles and their effects on asset creation and liquidation.

🔹 VC Funding in Crypto: Examination of the role of venture capital in the crypto ecosystem and its impact on market dynamics.

🔹 VC vs. Liquid Funds: Debate on whether venture capital funds are beneficial or detrimental to the crypto markets.

🔹 Institutional and Retail Adoption: The importance of growing crypto usage among both institutions and retail investors.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Timestamps

00:00 Intro
01:58 Market Sentiment
07:34 Celebrity Involvement in Crypto
16:00 Celebrity Coins vs Endorsements
25:24 Influencer Economy and Social Tokens
27:41 Legibility and Value of Memecoins
28:37 Crypto Influencers
31:07 VCs vs. Retail
36:50 Future of Crypto Markets
43:53 Institutional vs. Retail Adoption
50:45 Taking on Populist Takes

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Bits + Bips: Iggy Azalea, $MOTHER, and Celeb Coins: Is This the Top of the Crypto Cycle? - Ep. 662 Jun 19, 2024

A few weeks after its launch, Iggy Azalea's MOTHER memecoin is still in the spotlight. Host Joe McCann, who recently had dinner with her in New York, gives the inside scoop on how Iggy’s $MOTHER came to be, plus her plans.

Also, Joe says Iggy is so bullish on Solana because it’s fast and cheap… but James Seyffart counters… nothing can be fast, cheap, and good. Except ETFs.

Guests Phil Bonello and Kelly Greer delve into the role of venture capital in crypto, and more particularly into dynamics between liquid hedge funds and massive token generation events. And James tells a mind-blowing story about how one ETF and obscure SEC rules could cause whiplash to the prices of Apple and Nvidia stock over the next few months.

Plus, after SEC head enforcer David Hirsch resigned from the SEC this week, everyone gave their takes on why. Is Hirsch going to BlackRock, or was he scared about a potential lawsuit?

Show highlights:

00:51 The real story behind Iggy Azalea's MOTHER memecoin and the controversy between Joe and Haseeb Qureshi
07:26 Why Iggy is bullish on Solana, and whether MOTHER is a hopeful case for crypto, reflecting the evolving relationship between entertainment and Web3
12:35 Whether the market has already topped, given the involvement of celebrities in the industry
15:32 Whether VCs are extractive to the overall space, and how liquid funds and token unlocks impact the performance of assets
21:17 Why venture funds and hedge funds have different approaches to liquid crypto investments, and how memecoins are changing the game for allocators
33:18 Why there’s a 0% chance that SOL gets an ETF this year
34:19 What the recent macro trends point to, whether inflation going down is sustainable, and whether rate cuts are coming
43:32 Why Nvidia's rapid growth is about to trigger a multi-billion dollar rebalance in tech ETFs, and how both $NVDA’s and $AAPL’s stock prices might soon seesaw
54:35 The theories about why the SEC’s chief crypto enforcer David Hirsch resigned from the agency (hint: it might have to do with the election)
59:52 Why James believes Ethereum ETFs will launch on July 2 and what amount of inflows the ETH ETFs might garner, esp. considering potential ETHE outflows

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guests:

Kelly Greer, Vice President of Trading at Galaxy
Philip Bonello, Founding Partner at Plaintext Capital

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Anthony Scaramucci on Why He Supports Biden and Thinks He, Not Trump, Is Best for Crypto - Ep. 661 Jun 18, 2024

The political landscape in the US is heating up with the November elections, and the crypto industry is watching closely.

In this episode, Anthony Scaramucci, founder of SkyBridge, doesn’t mince words and explains why he believes Joe Biden is the best choice—even for the crypto voter—in the upcoming election, the significance of the Ethereum ETF approval, and how the industry has overcome significant regulatory hurdles.

Scaramucci also shares his insights on the future of Bitcoin ETFs, the role of younger generations in driving crypto policy, and why Solana might be the next big thing.

Show highlights:

02:05 Why Anthony believes there’s only one choice in this election: Joe Biden
07:03 Why he thinks the crypto industry “has already won”
16:27 Whether the crypto industry should trust Trump with his pro-crypto comments
17:20 Why Anthony is convinced that the Biden administration has stopped its anti-crypto stance, even with the veto of the SAB 121 repeal
21:26 Why Anthony believes crypto is becoming a bipartisan issue, and how younger generations are driving this change in Washington
28:05 What three key elements would ideally be included in crypto legislation to ensure clarity and industry involvement in regulation
30:49 What happened to SkyBridge after selling a stake to FTX, and how they are riding the industry's “upswing”
38:00 What developments in Bitcoin ETFs could signal its recognition as an asset class and drive institutional adoption
40:00 What led SkyBridge to abandon its Bitcoin ETF application
43:23 What Anthony thinks is the best pitch for a spot Ether ETF to TradFi, and how expected inflows compare to Bitcoin ETFs
49:11 Anthony’s praise of Laura’s book
51:55 Why Anthony believes a Solana ETF might be the next big thing in crypto, despite SEC scrutiny and the need for a futures market first
55:20 Why SkyBridge is actively seeking new acquisitions and partnering with Parcl, a Solana-based decentralized real estate trading app
59:44 What Anthony's bullish predictions for Bitcoin and Ethereum are in the current cycle

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Polkadot

Guest:

Anthony Scaramucci, Founder and Managing Partner at SkyBridge

Links

Recent coverage of Unchained on the political scenario in the US:
How the U.S. Government Can Protect the Dollar Through Stablecoins
Why Many Democrats, Including the White House, Have Come Around on Crypto
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress

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The Chopping Block: Iggy Azalea, Hamster Kombat, & Airdrop Insights - Ep. 660 Jun 14, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring Iggy Azalea's new coin 'Mother' and Andrew Tate's 'Daddy.' We discuss how these phenomena influence the broader crypto market, recent trends in airdrops, and the challenge of Sybil resistance. Additionally, we explore the permissionless nature of crypto and the trade-offs involved in fun and chaotic projects, including the explosive rise of 'Hamster Kombat.' Tune in for an in-depth look at how pop culture intersects with the core principles of cryptocurrency, shaping current market sentiment.

Show highlights

🔹 Crypto Market Sentiment: Discussion on the latest market trends and how inflation numbers are impacting the community.

🔹 Memecoins & Celebrities: Analysis of Iggy Azalea's $Mother and the phenomenon of celebrity-launched memecoins.

🔹 Emerging Memecoins: Insights into new memecoins, including issues with fake and hacked accounts.

🔹 Tap-to-Earn Games: Overview of the rapid growth of simple click-based games like Hamster Kombat.

🔹 Airdrop Controversies: Exploration of recent controversies, particularly involving zkSync and LayerZero, and challenges of Sybil attacks.

🔹 Future Airdrop Strategies: Discussion on the evolution and need for clear, ungameable metrics.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

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Are Memecoins the Next Evolution of Wall Street Bets? - Ep. 659 Jun 14, 2024

Nathaniel Popper just published his latest book, "The Trolls of Wall Street," covering the Wall Street Bets phenomenon. Funnily enough, his book comes at a time when there are striking similarities with the current memecoin mania in crypto.

In this episode, Popper explores the rise of online investing communities like Wall Street Bets and their reflection of broader societal changes, particularly among young men.

He also touches on the parallels between the trolling culture of these communities and the rise of figures like Donald Trump, and delves into the hidden dangers and psychological influences of memes in modern investing.

Show highlights:

01:21 The rise of online money communities and the shift towards investing based on ideas rather than traditional financial fundamentals
04:06 How the changing roles of young men in society have influenced the growth of crypto and online financial communities
13:36 How Robinhood's design choices changed retail investing, sparking FOMO and controversy by making trading as easy as a swipe
18:04 The hidden dangers of memes in modern investing, and how they balance fostering community with driving speculation
22:56 Why Trump's ties to the crypto community highlight the mix of serious intent and trolling
30:07 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Nathaniel Popper, author of The Trolls of Wall Street

Links

Previous coverage of Unchained on memecoins:

The book:

Meme culture

WSJ:
Meme Stocks Are Back, but Fund Investors Moved On
Meet the ‘Degen’ Traders Fueling the Latest Meme-Stock Mania
CoinDesk: In Defense of Meme Coins
What else could memecoins be? By Vitalik Buterin

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Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally - Ep. 658 Jun 11, 2024

Robinhood has been in the spotlight for its $200 million acquisition of European crypto exchange Bitstamp. The TradFi app’s venture into crypto is paying off: its recent earnings showed that revenue is growing substantially, and the Bitstamp acquisition is just one way the company will grow the pie.

Johann Kerbrat, general manager of Robinhood Crypto, came on the show to discuss the acquisition, Robinhood's plans for expanding its crypto business internationally and into the institutional market, the company's approach to listing crypto assets, how regulation has affected its business decisions, and its efforts to bridge traditional finance and decentralized finance.

Show highlights:

02:14 How the acquisition of Bitstamp will reshape Robinhood
08:51 Whether Robinhood could list more coins and whether it’s considering more acquisitions
11:54 Whether the U.S.’s unclear crypto regulation influenced the decision to acquire Bitstamp and which other jurisdictions, besides the EU, Robinhood Crypto is eyeing
17:46 Why Johann was disappointed by the Wells notice Robinhood received from the SEC
20:47 Johann’s U.S. crypto regulation wish list and why Robinhood supports the FIT21 bill
24:09 Why Robinhood delisted ADA, MATIC, and SOL, and the process for listing or delisting a coin on the platform
29:49 Johann’s background in crypto and trajectory at Robinhood Crypto
31:35 How Robinhood is uniquely poised to help bring real-world assets and securities on-chain, and how it will handle offerings for institutional investors
37:48 The impact and importance of the introduction of spot bitcoin ETFs
44:26 Why Robinhood decided to offer staking, but only for Solana, not Ethereum
46:11 Whether there’s demand for crypto-native features in the Robinhood platform
48:26 Robinhood’s collaboration with Arbitrum and whether the company might build their own Layer 2
54:29 Johann’s take on the memecoin mania and whether Robinhood could list them
59:26 What Johann thinks about the political fight around crypto in the U.S.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Polkadot

Guest:

Johann Kerbrat, general manager of Robinhood Crypto

Links

Acquisition of Bitstamp:

Robinhood’s crypto business:

Regulatory actions:

Memecoin mania

Ether ETFs:

Unchained:
Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH?
Why the SEC May Not Be Done in Its Legal Battles Over Ethereum
Kerbrat’s statement on ETFs

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How Coinbase Might Bring 1 Billion People Onchain Using Its Smart Wallet - Ep. 657 Jun 07, 2024

Coinbase’s “onchain summer” has kicked off with the launch of its new smart wallet. This interview with Luke Youngblood, founding contributor to Moonwell, gives a peek at how it’s sweetening the pot for developers and users alike.

In this episode, Youngblood describes how smart wallets are different from traditional wallets, how they do away with past security issues, and the more minor potential risks that still do exist with smart wallets. He also gives details on the ways that Coinbase is trying to use its smart wallet to get users onchain: making it much easier to transact onchain directly from their Coinbase accounts, subsidizing gas costs for certain dapps, and making sure everything is web-accessible.

Plus, he explains why Moonwell chose Base, how it is branching out to non-crypto native DeFi users, such as populations that only have mobile phones and not desktop computers in geographies like Africa, Latin America, and Asia, and how the DeFi lending protocol differentiates itself from bigger ones that have established a beachhead on Base.

Show highlights:

(00:00) Intro
(01:40) How smart wallets differ from traditional wallets and embedded wallets
(04:06) Why Luke is excited to be working with Coinbase smart wallet
(06:33) What happens if the user loses the device linked to their smart wallet
(08:12) How hard it would be for a hacker to try to get access to the assets in this smart wallet
(09:36) How Coinbase is initially paying for user gas fees on dapps like Moonwell and other launch partners
(12:02) How Coinbase’s Magic Stand feature enables users to transact onchain straight from their Coinbase accounts
(14:24) How Coinbase might keep paying gas fees for some dapps even after the initial launch period
(16:38) Why the smart wallet is also accessible via the web, and not just through an app
(19:50) Why Moonwell has focused on lending and borrowing
(18:03) Why Moonwell chose to build on Base as opposed to, say, Solana
(21:24) Moonwell’s plans to grow
(23:00) How having access to Coinbase’s user base changes Moonwell’s strategy for attracting users
(26:14) Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Luke Youngblood

Links

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Bits + Bips: Is This the Real Reason the SEC Approved the Ethereum ETFs? - Ep. 656 Jun 05, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, along with guest Hal Press, founder of North Rock Digital, dive into the intricate challenges of pitching the ETH spot ETF to traditional finance and the Federal Reserve’s anticipated next steps. They discuss why Biden vetoed the repeal of SAB 121, and why that veto lends credence to an alternative theory as to why the SEC approved Ethereum ETFs.

Also, they talk about why the spot ETH ETFs are already turning out to be different from the Bitcoin ETFs, Hong Kong's (and perhaps China’s?) crypto ambitions, recent U.S. macroeconomic indicators, and whether or not Roaring Kitty’s recent antics with GME stock are illegal—and how he’s impacting memecoins.

Show highlights:

Why Biden vetoed the repeal of SAB 121 and whether it was priced in
The recent political change around crypto and the surprise Gen Z celebrity who could swing the U.S. presidential election
The impact of the Trump conviction on the crypto industry
Why ETF issuers were caught off guard with the spot ETH ETF approvals
Whether Bitcoin ETF buyers will rotate to Ethereum, and when the products will launch
How the ETH ETF will be pitched to TradFi
Why Alex thinks ETH/BTC will go up
How Hong Kong is trying to become the Wall Street of crypto, according to Joe
The recent macroeconomic indicators in the U.S. and their implications for crypto
The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
Whether what Roaring Kitty is doing with the GME stock is illegal

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

Hal Press, Founder of North Rock Digital

Links

Politics:

Unchained: President Biden Vetoes SAB121 Repeal
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
POLITICO: Crypto super PACs get $25M boost
Fortune: Coinbase donates $25 million to super PAC Fairshake days after Biden vetoes crypto custody bill

Ether ETFs:

Hong Kong

Bloomberg: Hong Kong Says 11 Crypto Exchanges Are Closer to Getting Permits

Other recent events:

TIMESTAMPS

00:00 Intro
01:59 Why Biden vetoed the repeal of SAB 121 and whether it was priced in
08:43 The recent political change around crypto and whether this particular Gen Z celeb could swing the U.S. presidential election
12:07 What the impact of the Trump conviction had in the crypto industry
15:38 Whether Bitcoin ETF buyers will rotate to Ethereum, and when the ETH ETFs will launch
25:53 How the ETH ETF will or should be pitched to TradFi
31:02 Why Alex thinks ETH/BTC will go up
32:48How Hong Kong is trying to become the Wall Street of crypto, according to Joe
36:27 The recent macroeconomic indicators in the U.S. and their implications for crypto
45:15 The massive glitches in the NYSE that showed Berkshire Hathaway going down 99%
49:26 Whether what Roaring Kitty is doing with the GME stock is illegal

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How the U.S. Government Can Protect the Dollar Through Stablecoins - Ep. 655 Jun 04, 2024

In this episode, Laura Shin speaks with former CFTC chairman Chris Giancarlo and former CFTC chief innovation officer Daniel Gorfine on the pressing need for the U.S. to safeguard the dollar. They explain why they believe the future of regulation is the government operating nodes on blockchains rather than regulating intermediaries, why even private USD stablecoins will want a USD central bank digital currency, and how China might export the technology behind the digital yuan—and its surveillance capabilities—to other countries. They also touch on how the upcoming U.S. elections could influence crypto policy, why stablecoins are more than just trading instruments, and what the U.S. must do to maintain its financial leadership.

Show highlights:

How governments should embrace blockchain technology to become better at its job, according to Chris
How the financial system needs to change for the younger generations
Whether the U.S. is losing ground in terms of innovation
Why Daniel thinks stablecoins are much more than a trading instrument for crypto
Why Daniel believes that the U.S. is making the regulation of stablecoins “far more complicated than it needs to be”
How Singapore is already giving licenses to USD stablecoin issuers
Whether the dollar should be trademarked to protect it
How Tether has become one of the most profitable companies per employee in history without being under U.S. jurisdiction
Who should be the next chair of the SEC and the need to regulate DeFi in order for it to become mainstream
Why Daniel thinks that some of the criticism of the FIT21 bill “doesn’t hold water”
Why Chris believes that China is lying about not intending to export the technology behind the digital yuan
Whether algorithmic stablecoins should be banned, as proposed in the Lummis-Gillibrand bill

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

Thank you to our sponsors!

Guests:

Chris Giancarlo, Former Chairman of the US Commodity Futures Trading Commission, author of CryptoDad
Forbes: ‘Elizabeth Warren’s Anti-Crypto Wing Is A Shrinking Iceberg’, Says Former Top Regulator
FoxBusiness Interview: Elizabeth Warren and others have declared war on cryptocurrency: Chris Giancarlo
Op-ed in the FT Banking Risk & Regulation: Can CBDCs be made safe for democracy?
Daniel Gorfine, Founder & CEO of boutique advisory firm Gattaca Horizons, former Chief Innovation Officer at the U.S. CFTC, and adjunct professor at the Georgetown University Law Center
Opinion: Stablecoin and other digital assets are falsely framed as a choice between personal privacy and national security. We can have both. - MarketWatch
Building digital infrastructure for the future of finance

Links

Stablecoins:

Stablecoins Are Defense Tech by Morgan Beller
Unchained:
Opinion: Regulated Dollar Stablecoins Created by a Proposed New Senate Bill Would be Crypto’s Ultimate Trojan Horse
Tether's Record $4.5 Billion Q1 Profit Highlights Its Dominance of the Stablecoin Industry

SAB 121

Unchained: President Biden Vetoes SAB121 Repeal

FIT21

Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Spot Ether ETFs

Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

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The Chopping Block: Crypto Populism: From Celebrity Coins to Politics -Ep. 654 Jun 01, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode explores the buzz around LeBron James' potential memecoin, the recent approval of Ether ETFs, and Biden's shifting stance on crypto policy. We dissect the implications of Trump's pro-crypto promises and the FIT21 legislation. Tune in for a lively debate on celebrity coins, the market's reaction to regulatory changes, and the evolving landscape of political influence in the crypto space.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Celebrity Coins: In-depth discussion on the rise of celebrity-endorsed cryptocurrencies, focusing on LeBron James' potential memecoin and its market implications.

🔹 Ether ETF Approval: Examination of the recent Ether ETF approval, the political motivations behind it, and how it might impact the broader crypto market.

🔹 Biden's Crypto Policy: Analysis of Biden's evolving crypto stance, including recent outreach to the crypto industry and the potential effects on the upcoming elections.

🔹 Trump's Crypto Strategy: Debate on Trump's newfound pro-crypto stance, his promises to the crypto community, and the potential impact on his voter base.

🔹 FIT21 Legislation: Overview of the Financial Innovation and Technology in the 21st Century Act, its key provisions, and the potential for bipartisan support.

🔹 Political Influence in Crypto: Discussion on the increasing influence of politics in the crypto space, including the roles of key figures and the impact of regulatory developments.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Timestamps

00:00 - Intro
02:45 - ETF Approval
07:00 - How deep is this policy shift?
09:00 - FIT21
15:45 - Trump's Pro-Crypto Stance
24:40 - Caitlyn Jenner's Memecoin Launch

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With Ether ETFs in the Works, How Else Might the SEC Pivot on Crypto? - Ep. 653 May 31, 2024

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

After some big wins for the crypto industry (and big losses for the U.S. Securities and Exchange Commission), Jason Gottlieb, partner at Morrison Cohen, delves into how the upcoming US elections could reshape the SEC’s crypto agenda, the political pressures influencing SEC decisions, and the potential impact that a new SEC chair could have.

Gottlieb provides insights into ongoing court battles involving major crypto firms like Coinbase and explores the broader political implications of the Democrats' recent outreach to the crypto industry.

Show highlights:

How the sea change in Congress, the White House, and the Biden campaign affects the SEC’s stance on crypto
Whether the SEC's agenda on crypto has changed, following the sudden reversal on ETH ETFs
Whether the SEC is being pressured politically about crypto and how that could affect its actions between now and the election
How the ongoing legal crypto cases are affected by the SEC’s change of tune
What the implications of a possible new SEC chair would be
How the SEC’s credibility was damaged by the Debt Box case
Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Jason Gottlieb, partner at Morrison Cohen
Previous appearances on Unchained:
The Department of Justice Goes After Its First NFT Insider Trading Case
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer

Links

Previous coverage on Unchained of the recent shift in the US political landscape:
Why Many Democrats, Including the White House, Have Come Around on Crypto
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
Bits + Bips: Is US Politics Driving the ETH ETF Approval?
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

Political turn and ongoing cases:

SAB 121

Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance

FIT21

Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Spot Ether ETFs

Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

TIMESTAMPS:

00:00 Introduction
02:55 The outlook for the SEC’s efforts after the seeming sea change from the Democrats
06:09 Whether the SEC's agenda has changed, after the sudden reversal on ETH ETFs
09:58 Whether the SEC is being pressured politically and whether that will influence its actions between now and the presidential election
15:30 How the ongoing legal crypto cases are affected by the SEC’s change of tune
19:51 What the implications of a new SEC chair would be on court cases winding slowly through the courts
23:52 How the SEC’s credibility was damaged by the Debt Box case
27:59 Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto
34:14 Weekly recap

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Why Many Democrats, Including the White House, Have Come Around on Crypto - Ep. 652 May 28, 2024

Sheila Warren, CEO of the Crypto Council for Innovation, joins Unchained to explore the dramatic shift by Democrats in the last few weeks on crypto. She explains why she believes the overturning of SAB 121 and the House vote for the FIT21 bill were both instrumental to the White House's changing view on crypto and may have played a role in the SEC’s surprising approval of spot ETH ETFs.

Having worked for years on passing crypto legislation and as a lifelong Democrat, Sheila describes what kinds of arguments were persuasive to Democratic members of Congress, addresses some criticisms of the FIT21 bill, and gives her perspective on the debate about single-issue voters.

Show highlights:

The overall attitude toward crypto in Washington going into the House vote on SAB 121 on May 8
The bipartisan votes in the House and Senate to overturn SAB 121
Why, by the time of the Senate vote on FIT21, the White House had had a change of heart about crypto
Why, after the Senate vote to repeal SAB 121, the SEC approved the spot ETH ETFs
Why Sheila is so proud of the passage in the House of the FIT21 bill
How Sheila and CCI approached their discussions with Democrats and what arguments they found effective
Whether the industry has survived the negative image of SBF and FTX
The sea change in the White House between the SAB 121 vote and the FIT21 vote
A high-level description of the FIT21 bill
What kind of authority the bill would give the CFTC over crypto
What the implications of the bill are for launching tokens
FIT21’s approach to regulating DeFi and how the FIT21 bill is "kicking the can" on this topic
The overall political and legislation landscape and the next likely steps for crypto
Whether the ETF approval changes anything about the SEC’s investigation into Ethereum
What Sheila thinks about the 'crypto single-issue voter’ debate

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest:

Sheila Warren, CEO of the Crypto Council for Innovation
Previous appearance on Unchained: Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss

Links

Previous coverage on Unchained of the recent shift in the US political landscape:
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
Bits + Bips: Is US Politics Driving the ETH ETF Approval?
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

SAB 121

Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance

FIT21

CCI: FIT21 Coalition Support Letter
Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?
Sheila’s op-ed on Fortune: The clock is ticking for Democrats on crypto

Spot Ether ETFs

Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

Ethereum Foundation investigation

Fortune Crypto: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim

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Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651 May 24, 2024

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox,Amazon Music, or on your favorite podcast platform.

With crypto becoming more politicized than ever, US Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington DC.

With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C.

She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year.

Show highlights:

Why the SAB 121 approval was bipartisan
Whether President Biden will veto the resolution
How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
How the SEC's approach to regulating the industry "is not the American way"
Whether there is a bipartisan majority in favor of crypto in Congress
How bitcoin has come a long way in terms of adoption
Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
The differences between the Lummis-Gillibrand bill and FIT21
How Sen. Lummis feels about the denial of a master account for Custodia Bank
Whether there's a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
What Sen. Lummis would advise for the industry to accomplish its goals

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651, U.S. Senator from Wyoming

Links

Ether ETFs

SAB 121

Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance

FIT21:

Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Open cases:

Timestamps:

(00:00) Introduction
(02:53) Why the SAB 121 approval was bipartisan
(04:52) Whether President Biden will veto the resolution
(08:40) How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs
(13:23) Why Senator Lummis believes there is a bipartisan majority in favor of crypto in Congress
(20:19) Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
(23:55) The differences between the Lummis-Gillibrand bill and FIT21
(28:59) How Sen. Lummis feels about the denial of a master account for Wyoming-special purpose depository institution Custodia Bank
(30:20) What she thinks about the Biden administration’s ban against a Wyoming-based, Chinese-owned Bitcoin mining company near a nuclear site
(33:44) What Sen. Lummis would advise for the industry to accomplish its goals
(35:04) Weekly Recap

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The Chopping Block: Response to SAB-121, ETH ETF, & More - Ep. 650 May 23, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode covers the anticipated Ether ETF Approval and its market impact, Biden's evolving crypto policy, and the bipartisan repeal of SAB-121. We debate the controversy around High FDV Low Float Tokens and discuss the DOJ indictment for a $25 million MEV exploit. Tune in for insights on memecoin performance, the role of prediction markets in politics, and the increasing participation of retail investors in the crypto market.

Show highlights

🔹 Crypto Regulation: In-depth discussion on SEC Crypto Guidance, focusing on SAB-121 and its implications for the crypto and banking sectors.

🔹 Ethereum ETF News: Examination of the anticipated Ether ETF Approval, the political motivations behind it, and potential market implications.

🔹 Biden Administration Crypto Stance: Analysis of Biden's evolving crypto policy, bipartisan repeal of SAB-121, and how these shifts might affect the upcoming elections.

🔹 High FDV Low Float Tokens: Debate on the controversy surrounding high FDV low float tokens, recent market downturns, and potential market structure issues.

🔹 MEV Exploit DOJ: Overview of the DOJ indictment of two brothers for a $25 million MEV exploit, exploring the legal and ethical implications.

🔹 Memecoin Performance: Insights into current market trends, including the performance of memecoins versus VC-backed tokens, and predictions on future regulatory impacts.

🔹 Prediction Markets in Politics: Exploration of how prediction markets are influencing political stances, particularly Trump's pro-crypto stance and its effects on voter behavior.

🔹 Impact of Regulation on Crypto: Discussion on the increased participation of retail investors in the crypto market and its broader implications.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Links

Haseeb’s “Why are all these low float / high FDV coins down bad?” https://x.com/hosseeb/status/1792257063399403669

Two Brothers Arrested for Attacking Ethereum Blockchain and Stealing $25M in Cryptocurrency:

https://www.justice.gov/opa/pr/two-brothers-arrested-attacking-ethereum-blockchain-and-stealing-25m-cryptocurrency

Tarun’s Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers:

https://arxiv.org/pdf/2207.11835

Timestamps

(00:00) - Intro

(2:20) - Congressional Response to SAB-121

(12:05) - Are memecoiners activists?

(16:09) - Crypto is a new wedge issue

(19:03) - ETH ETF & Regulation softening

(22:23) - Prediction markets steering politics

(30:22) - Being anti-crypto is stupid

(35:38) - "High FDV, Low Float" tokens

(40:16) - Market structure problems

(49:14) - Market price is not sustainable

(55:38) - DOJ vs. MEV Bot Exploit

(1:01:45) - Crypto-on-crypto crime

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Bits + Bips: Is US Politics Driving the ETH ETF Approval? - Ep. 649 May 21, 2024

With ETH spot ETFs now more likely than ever, Bits + Bips hosts James Seyffart, Alex Kruger, and Joe McCann delve into the reasons behind this shift, surmising that the reversal may have come from powers above the SEC—perhaps in the Biden administration.

The three hosts surmise that ETH will likely reach all-time highs, discuss how this changes their election trading strategy and ponder where there is enough institutional demand for ether ETFs. They also look at whether the potential approval could sway the US elections.

Plus, they share insights into stablecoins and how they strengthen the US’s political power globally, dive into the debate on low float/high FDV coins, and also take a peek at what they think could be the potential next crypto spot ETF.

Show highlights:

Why the chances of an ETH ETF suddenly reversed
What the "Coinbase premium" is and how Joe uses it for trading
Why Alex believes that ETH is heading to all-time highs
Whether there's institutional demand for spot ether ETFs
The political pressure that led to this change
Whether the ETH ETF will change the course of the US elections
The broader macroeconomics conditions and how Alex thinks to trade the US elections
How US dollar-pegged stablecoins promote USD hegemony
The debate about high FDV, low float coins, and whether there is a solution
Whether new crypto spot ETFs will be approved

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

Links

Ether ETF approval:

High FDV, low float coins:

Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?

Timestamps:

(00:00) Intro
(01:40) Why the chances of an ETH ETF suddenly reversed
(09:13) Why Alex believes that ETH is heading to all time highs
(11:22) Whether there's institutional demand for ether
(16:46) The political pressure that led to this change
(28:46) The broader macroeconomics conditions and how Alex thinks he’ll trade the US elections
(35:51) How US dollar-pegged stablecoins promote USD hegemony and mirror the Eurodollars market
(40:01) The debate about high FDV, low float coins, and whether there is a solution
(49:52) Whether there are going to be new crypto spot ETFs being approved

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Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday - Ep. 648 May 21, 2024

Just when everyone thought that spot Ether ETFs were going to be denied on Thursday, news broke Monday that they are now likely to be approved, with Bloomberg analysts tripling their odds to a 75% chance of approval.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, and Matt Hougan, CIO at Bitwise Asset Management, say this reversal definitely has to do with politics, citing the fight of Staff Accounting Bulletin 121, a rule that was unfriendly to financial institutions wanting to engage with crypto.

Plus, they delve into the reasons why Michael Sonnenshein stepped down as CEO of Grayscale after 10 years (hint: it has to do with GBTC), what the 13F filings revealed about who’s been buying the spot bitcoin ETFs since the beginning of the year, and what Vanguard’s incoming CEO, Salim Ramji, who was instrumental to getting BlackRock to launch its Bitcoin ETF, could mean for crypto’s future at the asset management firm.

Show highlights:

Why Eric believes the ether ETFs will be approved
Why Matt thinks the Bitcoin ETFs set off a "complete sea change in Washington around crypto"
Whether the spot Ether ETFs will be approved with or without staking
Who the authorized participants and other behind-the-scenes players in the ether ETFs will be
When the ETH ETFs could start trading and why Eric believes they won't be as successful as Bitcoin ETFs
What the 13F filings revealed about the spot Bitcoin ETFs buyers and why their identities are "stunning"
Why Michael Sonnenshein stepped down as CEO of Grayscale
Grayscale’s new mini ETF, BTC
Whether Vanguard's new CEO appointment could mean a change in attitude by the asset management firm towards crypto
What a buffered ETF is and why they could be significant
Matt's prediction for the BTC price
Their outlook on the future of ETFs and developments in the space

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guests:

Matt Hougan, Chief Investment Officer at Bitwise Asset Management
Previous appearances on Unchained:
How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence
Previous appearances on Unchained:
How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?

Links

Ether ETFs

SAB 121

13F Filings

Unchained: Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings

Leadership changes

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Why the DOJ Doesn’t Want These MEV Exploiters to Get Away With It - Ep. 647 May 17, 2024

In this episode, Evan Zinaman, founder and principal at Trailbreak, delves into the first-of-its-kind case of the Bueno brothers, who face Department of Justice charges for exploiting Maximal Extractable Value (MEV) in a cryptocurrency scheme. Accused of manipulating transaction ordering to create an arbitrage opportunity, the brothers are charged with conspiracy to commit wire fraud as well as wire fraud itself.

Zinaman explores the broader implications of MEV exploitation, addresses critics who say that the MEV exploiters just got a taste of their own medicine, and the need for block building participants to consider their legal and compliance responsibilities.

Show highlights:

What the charges against the Bueno brothers are about
How block building works on Ethereum and how the relay was manipulated by the Bueno brothers
The different types of MEV and which ones are acceptable
Why these charges could be seen as a "vanilla fraud," according to Evan
Whether the benefits of MEV outweigh the cons of it
The lack of terms of service in the MEV space
How the regulators' attention to the space has changed over time

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

Thank you to our sponsors!

Guest

Evan Zinaman, Founder & Principal at Trailbreak
Where the Rubber Meets the Road: A MEV-Aware, Functionalist Review of OFAC Risk "on the Base Layer"

Links

The Case:

Unchained: DOJ Alleges Two Brothers Stole $25 Million From MEV Bots Last Year

Research:

Blockchain Transaction Ordering as Market Manipulation by Mikolaj et al

Learn more:

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The Chopping Block: Crypto in US Politics & Roaring Kitty is back! - Ep. 646 May 16, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Laura Shin explore the latest trends in the crypto world. In this episode, we touch on how Donald Trump's pro-crypto statements influence voter behavior in the upcoming U.S. elections. We ask ourselves, is voting based solely on crypto policy a legitimate strategy? What are the implications of the Biden administration's stance on crypto regulations for future electoral outcomes? Following the political discussion, we unpack the recent GameStop and AMC pump and dissect the viability of their business models. We bring to light the broader implications for memestocks and whether the increased capital really saves these companies. Tune in for a detailed exploration of these critical questions affecting the interplay of politics, finance, and cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Crypto's Role in U.S. Politics: Trump's pro-crypto stance at a recent gala and its potential implications for voter behavior are examined.

🔹 Single Issue Voting on Crypto: The legitimacy of voting based solely on crypto policy is debated, with insights into how this could impact the political landscape.

🔹 Opinions on Financial Regulations: The various aspects of financial regulation, including the Biden's administration's stance on crypto, and predictions on how this might influence future electoral outcomes.

🔹 Roaring Kitty’s resurgence and its impact on GameStop's stock prices are discussed, analyzing the ongoing influence of meme stocks in the market.

🔹 Retail's Impact on Financial Markets and the broader implications of retail investment behaviors.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Disclosures

Links

Blockworks article: https://blockworks.co/news/only-a-fool-would-vote-on-crypto-alone

Trump’s 2019 Tweet: https://x.com/realDonaldTrump/status/1149472282584072192

SAB121: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409250

Roaring Kitty Tweet: https://x.com/TheRoaringKitty/status/1789807772542067105

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Erik Voorhees' New Venture: Why AI Desperately Needs Privacy and Uncensorability - Ep. 645 May 14, 2024

Erik Voorhees, a crypto OG, has launched Venice, a private, uncensorable, open-source competitor to OpenAI’s ChatGPT or Anthropic’s Claude, powered by a decentralized crypto network.

In the episode, Erik and Venice’s COO Teana Baker-Taylor delve into the problems with censorship and data in current AI agents, including how they create honeypots of information about users’ search history for hackers, or that they can be absurdly politically correct, such as refusing to create images of Caucasian people. As they point out, there’s also the risk that the companies managing them could be censoring the models to please the Chinese government, in order to access the market in that country. They talk about their plan for Venice to gain market share, considering that DuckDuckGo, a privacy-preserving competitor to Google, has a much smaller market share. And they explain why they intend for Venice to eventually use the compute of Morpheus, or other decentralized crypto-powered compute networks.

They also critique the SEC’s current regulatory approach to crypto, calling it “a joke.” Additionally, they explore the concept of AI agents using cryptocurrencies as their primary currency.

Show highlights:

Why Erik decided to move into artificial intelligence and merge it with crypto
What problems decentralized AI would solve and why it's hard to solve sexist and racist views in LLMs
The differences between ChatGPT and other similar products and Venice AI
Why privacy is so important for users, according to Erik, and how Venice doesn't store the users' information
How central governments could manipulate information to their own benefit and how to avoid it
Whether people will shift from using search engines to LLMs
What Morpheus is and its goal to provide decentralized computation for AI
How Erik and Teana believe crypto and AI will continue to work together
Erik's and Teana's thoughts on some of the recent government actions against founders of crypto privacy services such as Samourai Wallet andTornado Cash
Why Erik believes that the SEC has become a joke

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

Thank you to our sponsors!

Guests:

Erik Voorhees, Founder and CEO of Venice AI
Previous appearances on Unchained:
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit
Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State
Teana Baker-Taylor, COO at Venice AI

Links

Previous coverage on Unchained of crypto/AI:

Venice AI:

Erik’s thread announcing Venice
The Separation of Mind and State

Architecture:

About Morpheus.Network
Messari: What is Akash Network?

LLMs:

MIT Technology Review: LLMs become more covertly racist with human intervention
China Talk: Censorship’s Impact on China’s Chatbots - by Nicholas Welch

Recent cases on privacy:

CoinDesk: Samourai Wallet Founders Arrested and Charged With Money Laundering
Cointelegraph: DOJ’s Tornado Cash arguments show ‘obvious disdain for privacy’ — Lawyer
CNBC: North Korea crypto hacking activity soars to record high in 2023, new report shows
Reuters: Exclusive: UN experts investigate 58 cyberattacks worth $3 bln by North Korea
Erik’s post on the right to have privacy

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The Chopping Block: EigenLayer Airdrop, LayerZero's Sybil Strategy, and Robinhood vs. SEC – What’s Shaping Crypto’s Future? - Ep. 644 May 10, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Avichal Garg from Electric Capital dissect the latest trends in the crypto world. This episode dives deep into the buzz around EigenLayer’s airdrop: What sparked the controversy and how did EigenLayer respond to community backlash? We then explore LayerZero’s unique self-reporting strategy to combat Sybil farmers and analyze Friend.Tech’s bold, no-VC token launch. The discussion heats up with a look at ConsenSys’ proactive lawsuit against the SEC, setting the stage for a showdown over regulatory clarity. We also delve into Robinhood’s decision to challenge the SEC’s Wells Notice amidst soaring earnings, and tackle the ongoing debate between VC-backed tokens and memecoins: Which is captivating the market? Finally, we predict the future of SocialFi and its potential to revolutionize the crypto landscape. Join us for an insightful exploration of these pivotal topics shaping the cryptocurrency ecosystem.

Show highlights

🔹 Breaking down the EigenLayer airdrop controversy and its impact on the community.

🔹 Exploring LayerZero's self-reporting mechanism to combat Sybil attacks.

🔹 Assessing Fantasy Top's growth and its significance in the NFT trading landscape.

🔹 Predicting the trajectory of SocialFi and its potential to reshape the crypto landscape.

🔹 Detailing Consensys’ proactive lawsuit against the SEC over regulatory clarity.

🔹 Robinhood's SEC Challenge and analyzing Robinhood's decision to fight the SEC’s Wells Notice amid record earnings.

🔹 VC Coins vs. Memecoins: Exploring the ongoing debate about the dominance and appeal of VC-backed tokens versus memecoins.

🔹 The Future of SocialFi: Predicting the trajectory of SocialFi and its potential to reshape the crypto landscape.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Avichal Garg, Co-Founder and General Partner at Electric Capital.

Disclosures

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How the Top One-Third of FTX Creditors Are Boosting the Payouts for Everyone Else - Ep. 643 May 10, 2024

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Thomas Braziel, managing partner at 117 Partners, dives into the draft FTX bankruptcy plan, which was praised for paying out at more than 100% in dollar terms, but has a number of intricacies that are drawing criticisms from creditors—including a group that is urging creditors to vote not.

The episode delves into the nuances of the proposed payout, explaining how the estate was able to pay back more than 100% than the dollar value of the claims, why some creditors are being pitted against each other, and why it might get approved even “over the kicking and screaming” of some creditors.

Braziel gives his insights into the the rapid formation of this plan, the controversial role of Sullivan and Cromwell, and the logistical challenges posed by what may end up being paper check payouts.

Show highlights:

Why the plan that was filed this week is such big news
How it was never even possible for creditors to be made whole in crypto asset terms
How the majority of depositors actually had stablecoins on the FTX platform
Why there are “inter-creditor” disputes
What a "cramdown" is and why it's significant in this case
Criticisms of the plan, and why larger investors, especially with crypto holdings, are having their gains socialized
Whether the FTX estate made mistakes by selling some of its positions before they 10x’ed
Why FTX didn't reboot its platform
What conflicts of interest might arise from law firm Sullivan and Cromwell
The tax implications for creditors who are non-US taxpayers
How the claims are going to be distributed
Whether the creditors will favor the proposal and the next steps

Thank you to our sponsors!

Guest

Thomas Braziel, Managing Partner at 117 Partners
Previous appearances on Unchained:
Why FTX Might Try to Claw Back Funds From Retail Customers
Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Will Celsius Survive the Bankruptcy Process?
How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX

Links

Previous coverage on Unchained of the FTX bankruptcy:
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?

Creditors plan:

Unchained: 98% of FTX Creditors to Receive 118% Claims Payout
Thomas’ summary of the plan

Dollarization:

Unchained: Is it Fair That Crypto Bankruptcies Are Denominated in Dollars? Here’s a Solution to Dollarization

Criticism of the plan:

Nicholas Hall’s thread
Sunil Kavuri’s opinion on X
Zach Guzman on the sale of Anthropic

Taxes:

Thomas’ thread on the taxes for creditors

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Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle? - Ep. 642 May 08, 2024

In this first episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann explain why the macroeconomics could point to the markets actually being in a crypto supercycle.

They discuss the recent Federal Reserve meeting and its impact on the markets, as well as the irony that leveraged Ethereum futures ETFs will likely be approved while spot Ethereum ETFs will likely not. James also reveals his pet theory on where the SEC is going with its investigation into ETH. They cover why the bottoming of emerging market currencies in Asia is good for Bitcoin, dismiss the recent Wells notice issued to Robinhood, and speculate that Tether may be the most profitable company per employee in the world.

Agreeing that the current market cycle is different, Seyffart and McCann suggest that there is still a long way to go, and assert that the market may be underweighting the possibility that crypto goes to a $10 trillion market cap in the next few years.

Show highlights:

The Fed's recent decisions and how they lower the chances of more rate hikes
The importance of global liquidity in the performance of risk assets like Bitcoin and crypto assets
Why a bottoming in the value of the yen, yuan and other emerging markets currencies is good for Bitcoin and crypto, according to Joe
The irony that leveraged Ethereum futures ETFs are likely to be approved but spot ETFs are not
James’s pet theory about how the SEC will rule on whether ETH is a security
Whether trading in Hong Kong's crypto ETFs shows how little interest there would be in an ETH ETF compared to spot BTC ETFs
Grayscale’s Bitcoin Mini Trust ETF
Whether people are underweight on a “crazy bonkers rise” in crypto
Why Robinhood's Wells Notice is a "minor story," according to Alex
Whether Tether is the most profitable business per employee in the world
Why James believes that it's not a good idea for the US Congress to be against stablecoins
CZ's sentence and whether it's a "good ending for the story"

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

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Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641 May 07, 2024

In this episode of Unchained, memecoin traders Ansem and Kelxyz unpack everything about memecoins, discussing what makes them valuable and how they evaluate their investment potential. They also address the criticisms and controversies surrounding them, including racism and sexism. (They have a surprising reaction to the latter.) Ansem and Kel argue that memecoins have substance and value, largely due to their popularity and the attention they receive on the internet.

They also discuss the importance of distribution and virality in the success of a memecoin, how the chain any coin is on affects its value, and give their opinions on Runes vs. BRC-20s vs. Solana and Ethereum.

Plus, they talk about their wildest memecoin stories (think: Dogwifhat) and provide their insights on what they think memecoins will become in the future.

Show highlights:

Ansem’s and Kel’s investment theses around memecoins
How Ansem and Kel got into trading memecoins and how they evaluate their potential
Why the coin distribution matters and whether tokenomics is important with memecoins
How to discern between memecoins with genuine vs. fake interest
How memecoins differ across blockchains such as Solana, Ethereum, and Bitcoin
Ansem and Kel’s responses to the criticisms of memecoins
Whether and how memecoins could become safer for users
Kel and Ansem’s surprising reaction to racist and sexist memecoins
Ansem's story on WIF and how a female friend of his fueled its popularity
Whether Bitcoin is “the original memecoin" and how they define memecoin
The future of memecoins and how they believe all memes will become coins

Thank you to our sponsors!

Guests:

Ansem
Kelxyz

Links

Culture:

What else could memecoins be? by Vitalik Buterin
How bad policy favors memes over matter by Chris Dixon
Cointelegraph: Meme coins: Betrayal of crypto’s ideals… or its true purpose?
CoinDesk: The Memecoin Grift and How It Threatens Ethereum Culture

Investment:

CoinGecko: Top Crypto Narratives Gained 39% to 1313% in Q1 2024
Messari: Navigating Memecoin Mania
Kelxyz investment strategy
Decrypt: Crypto Influencer Ansem Explains His Meme Coin Thesis and Why He’s Bullish on Bitcoin Runes
Unchained: What Is Dogwifhat (WIF) and Why Is It Up so Much?

Safer memecoins

Unchained:Half of Solana Presale Tokens Rolled Out Between November and February Were Malicious: Blockaid Study
Cointelegraph: 1 in 6 new Base meme coins are scams, 91% have vulnerabilities
Andre Conje’s proposal

Racist memecoins

Unchained: Offensive Memecoins Proliferate on Solana, Sparking Debate
Crypto.news: Ethereum's Buterin slams Solana's racist meme coins, urges better projects

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Why EigenLayer Gave Away More Tokens After Widespread Criticism of Its Stakedrop - Ep. 640 May 03, 2024

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

EigenLayer has been in the news this week after it announced its ‘stakedrop,’ where it will distribute EIGEN tokens to early users of the restaking platform.

Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective work token” and how it allows for slashing, or penalizing, for externally observable faults, such as data unavailability. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in creating a decentralized community.

They also address criticisms of the token's launch, including geoblocking and the initial non-transferability of stakedrops for the community and explain why they decided to allocate an additional 100 EIGEN tokens for all participants in the stakedrop. Plus, they reveal a target date by when a decision about the token unlock date should be made.

Show highlights:

The buzz around the universal intersubjective work token and what it was created for
What constitutes the digital commons and its two primary characteristics
How the EIGEN token is designed to prevent the necessity of forking an entire blockchain
Whether dapps should evolve into AVSes and EigenLayer’s complementary role to Ethereum, not replacing it
Why the Eigen Foundation was established and how it differs from Eigen Labs
Robert's response to the criticism regarding the exclusion of certain countries
Why EIGEN will be distributed linearly, despite it potentially favoring whales
EigenLayer's announcement of an updated stakedrop, after listening to community feedback
The critique of the vesting schedule and Robert's explanation of when the lock period actually starts
Why Sreeram believes that transfer restrictions are beneficial and empowering for users
What the next steps are for EigenLayer

Thank you to our sponsors!

Guests

Sreeram Kannan, founder of EigenLayer
Previous appearance on Unchained:
Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum
Do You Need to Think Twice Before Restaking Your Assets?
Robert Drost, CEO and executive director of the Eigen Foundation

Links

Airdrop:

Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop
Robert Drost’s threadon the Eigen Foundation
Viktor Bunin’s thread on the token
Unchained:
Eigen Foundation to Allocate an Additional $1,000 in EIGEN Tokens to Over 280,000 Users
Should You Sell ETH Before the Just-Announced EigenLayer Airdrop?

Reaction

CoinDesk: Why Eigenlayer’s Airdrop Is Controversial
Unchained: 5 Reasons E-Beggars Are Not Happy With EigenLayer’s Airdrop

Learn more:

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The Chopping Block: EigenLayer Airdrop Fallout, Shkreli vs. Io.net, and CZ's Sentencing - Ep. 639 May 02, 2024

In this episode, we dive deep into the controversy surrounding the EigenLayer airdrop, discussing the community’s backlash and its broader implications for token distributions in crypto. We also explore the ongoing debate over the efficacy and future of cryptocurrency points programs. The episode also delves into Martin Shkreli’s impactful campaign against Io.Net, highlighting how his public criticisms shed light on project valuations and investor trust. Additionally, we discuss CZ’s recent four-month sentencing, reflecting on the crypto community’s supportive response and considering the Department of Justice's approach to crypto leadership. Tune in to gain expert perspectives on the complex interplay between market movements, regulatory actions, and community reactions in the evolving world of crypto!

Show Highlights

🔹 EigenLayer Airdrop Controversy: Delve into the community's disappointment over the EigenLayer airdrop and explore its implications for future token distributions.

🔹 Debate on Crypto Points Programs: Analyze the effectiveness and future prospects of cryptocurrency points programs.

🔹 Impact of VCs on Market Dynamics: Consider the role of venture capitalists and how investor sentiment is shaped by their actions in the market.

🔹 Martin Shkreli's Campaign Against Io.Net: Discuss how Martin Shkreli significantly impacted Io.Net by publicly criticizing the project's overvaluation.

🔹 CZ's Four-Month Sentencing: Reflect on the crypto community's support for CZ following his four-month sentencing.

🔹 DOJ Sentencing and Prospects for Crypto Leaders: Examine the Department of Justice's approach to sentencing and what it means for future leadership in the cryptocurrency sector.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, Founder of Compound

⭐️Tarun Chitra, Giga-Brain & Grand Poobah at Gauntlet

Disclosures

Links

AI x Web3: Pioneering Decentralized Intelligence - TOKEN2049 Dubai 2024

https://youtu.be/zt_uEHcFiA4

EigenLayer Whitepapter https://github.com/Layr-Labs/whitepaper/blob/master/EIGEN_Token_Whitepaper.pdf

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Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? - Ep.638 Apr 30, 2024

In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin, Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin.

Zamyatin's Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé's Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç's Chainway Labs is building Citrea, a zk-rollup on Bitcoin that aims to create a Bitcoin-backed economy.

All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly.

Show highlights:

Introduction to Build on Bitcoin (BOB), Botanix, and Citrea: How they aim to innovate and expand Bitcoin's capabilities, including their architectural designs that integrate Ethereum users and work toward decentralization and trustlessness
Security Aspects and Integration Strategies: What the security risks associated with BOB, Botanix, and Citrea are, and strategies to enhance decentralization over time
How these Layer 2s influence Bitcoin fees, and how Botanix's integration can leverage the Bitcoin ecosystem, with insights on the potential of Layer 3s and zk-rollups to transform Bitcoin's utility and fee dynamics
How these projects aim to attract Ethereum users and developers, and the reasons why this may be an attractive opportunity for them
How Runes, Ordinals, and BRC-20s operate on Citrea, Botanix, and BOB
How Bitcoin is always a derivative when it’s not in its Layer 1 and the pros and cons of different bridging solutions
The concept of forward secrecy and how it can help improve security in blockchains
Why Willem believes that Layer 3s are possible and bullish for Bitcoin
How "merged mining” resembles Ethereum’s restaking and why it’s positive for Bitcoin

Thank you to our sponsors!

Polkadot

Guests:

Willem Schroé, founder of Botanix Labs
Orkun Kılıç, cofounder of Chainway Labs
Alexei Zamyatin, cofounder of Build on Bitcoin

Links

Recent coverage on Unchained of Bitcoin L2s:
Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again

Build on Bitcoin

BOB learning documents
Announcement of mainnet on May 1st.
Unchained: Bitcoin DeFi App Sovryn to Deploy on Hybrid Layer 2 Network Build on Bitcoin
Alexei’s tweet on BitVM/rollups
Alexei went on a retreat with the inventor of BitVM

Citrea

Unchained: Here's What You Should Know About Citrea, Bitcoin's First ZK Rollup
Whitepaper
Orkun Mahir Kılıç’s interview on Unchained Premium
Citrea learning documents
Clementine -Citrea's BitVM Based Trust-Minimized Two-Way Peg Program

Botanix

CoinDesk: Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin
Botanix and the Future of Bitcoin
Bitcoin Magazine: Spiderchains: A Proof Of Stake Second Layer For Bitcoin
Willem Schroé’s interview on Unchained Premium

Learn More:

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Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’? - Ep. 637 Apr 26, 2024

On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.

The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.

The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous."

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.

Show highlights:

Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far
How they are looking for a Judge to declare that the ETH is not a security
Whether the switch to proof of stake turned ETH into a security
Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet
How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover
Why Hinman’s speech is still relevant today, even after 6 years
Whether the moves by the SEC are related to a motivation to deny ether spot ETFs
How the several cases against the SEC show that the industry “has had enough”
Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there
The implications of a Consensys victory for the industry and what the next steps in the case are

Thank you to our sponsors!

Guest

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys

Links

The lawsuit:

Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security
ConsenSys’s complaint
Bill Hughes’ thread on why Consensys sued the SEC
Consensys is suing the SEC to defend the Ethereum ecosystem

Hinman speech

CryptoLaw: The Hinman Speech Documents

Major questions doctrine

Other SEC cases:

Coinbase
Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
Uniswap
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Ethereum Foundation
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Debt Box
Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
Beba
DeFi Education Fund and Bebasue SEC over airdrop policies
Lejilex
Lawsuit document

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The Chopping Block: Uniswap's SEC Scrutiny, Token2049 Flood Catastrophe, and Bitcoin's Halving Impact - Ep. 636 Apr 25, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹The devastating floods in Dubai and their impact on the Token 2049 conference

🔹 Analysis of Bitcoin's halvening event, exploring whether it's a bullish signal or just market noise.

🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community.

🔹 Explore the dynamics of the Asian market's influence on Bitcoin's secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies.

🔹 Dive into the SEC's Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi).

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, Founder of Compound

⭐️Tarun Chitra, Founder and CEO of Gauntlet

Disclosures

Links

Fighting for DeFi by Uniswap: https://blog.uniswap.org/fighting-for-defi

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The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status - Ep. 635 Apr 23, 2024

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers.

Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US.

Show highlights:

How the Tornado Cash case could set a critical precedent for open-source software
How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake
What the implications of the Tornado Cash case could be for the broader DeFi space
What lessons can be learned from the $62 million hack of Munchables on Blast
How to address the challenge of malicious actors like North Korea using a permissionless system
Whether Coinbase's staking services are considered a securities offering
Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned
Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs
How the Debt Box case order impacts the SEC’s reputation, according to Jake
How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba
The future of DeFi in the U.S. and its potential for success, according to Jake
Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand
How the U.S. Presidential election could impact the future of the crypto industry

Thank you to our sponsors!

Polkadot

Guest:

Jake Chervinsky, Chief Legal Officer at Variant
Previous appearances on Unchained:
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky

Links

Tornado Cash

Jake’s amicus brief with Amanda Tuminelli
Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash

Munchables exploit

Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit

SEC cases:

Coinbase
Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
Uniswap
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Ethereum Foundation
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Debt Box
Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
Beba
DeFi Education Fund and Bebasue SEC over airdrop policies
Lejilex
Lawsuit document

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After the Bitcoin Halving, Will the Runes Protocol Live Up to the Hype? - Ep. 634 Apr 19, 2024

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol.

Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions.

Show highlights:

What Runes is and why Charlie believes that it is the hottest thing since Ordinals
The differences between Runes and BRC-20 fungible tokens
Runes’ unique features, with Charlie pointing out that this is “what the degens really want”
Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners
Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive
Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer
The coolest things that Runes Protocol will enable, according to Charlie
How Taproot Assets and RGB differ from Runes and why they have not taken off
Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods

Thank you to our sponsors!

Guest

Charlie Spears, cofounder of Blockspace Media

Links

Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different

Runes

Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin
Bitcoin Runes Explainer by Charlie Spears

BRC-20s and Ordinals:

Halving

Bitcoin L2s

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Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different - Ep. 633 Apr 16, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

The Bitcoin halving is just around the corner, expected to be on April 19 or April 20.

Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization.

Learn more: Bitcoin Halving: What Is It & How Is It Determined?

Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end.

Show highlights:

How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving
Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility
Whether this cycle could be the "last cycle" or the "supercycle"
Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle
The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin
How artificial intelligence is expected to trigger a productivity boom, according to Will
Why Will considers Coinbase to be mispriced
Whether Bitcoin L2s have a future and if security budgets are a concern
Their views on Bitcoin Ordinals and the Runes Protocol launch
Why Will views DOGE as a purer commodity than ETH
Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps
Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle

Thank you to our sponsors!

Polkadot

Guest:

Arthur Hayes, CIO of Maelstrom.
Previous appearances on Unchained:
Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
How Crypto and Blockchain Technology Could Change Financial Services
Will Clemente, Co-founder of Reflexivity Research
Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is?

Links

This cycle

Naval’s tweet: “The narrative for this cycle is ‘this is the last cycle.’”
Unchained:
Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen
Bitcoin Miners Diversify Their Revenue Streams as Halving Nears
Heatwave by Arthur Hayes
Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter

Bitcoin ETFs:

Macroeconomic conditions

Block size wars

Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’

Bitcoin L2s

Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again

Runes

Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know

Ethena

Hayes’ tweet on Ethena
Unchained:
ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts
Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
What Is Ethena's USDe Synethic Dollar?

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Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? - Ep. 632 Apr 12, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts,Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.

Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.

Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.

Show highlights:

Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges
How the SEC could make a case that some of the tokens traded via Uniswap are securities
What the next steps are in the case, with a lawsuit possibly coming soon
Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit
How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol
Why the DeFi Education Fund recently filed a lawsuit against the SEC
Why Amanda believes in a “proactive counteroffensive strategy” with the SEC
How Amanda would like legislation to be implemented in the U.S.
Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda
Why Amanda thinks Uniswap will ultimately win against the SEC

Thank you to our sponsors!

Guest

Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund
Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash
You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune

Links

Wells Notice

Other cases:

Social media commentary:

Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.
Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company

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The Chopping Block: The EVM Parallelization Dilemma, Solana's Network Congestion, and Avi Eisenberg's Legal Battle - Ep. 631 Apr 11, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we have the CEO/Co-Founder of Monad to explore the fascinating world of Monad and its ambitious endeavor to revolutionize EVM scalability through innovative parallelization techniques. The discussion shifts gears to the recent turmoil in Solana, dissecting the network's congestion issues and the broader implications for blockchain efficiency and scalability challenges. As the conversation deepens, we pivot to the gripping courtroom drama surrounding Avi Eisenberg, challenging the foundational crypto principle of 'code is law' and sparking debate over the legality of smart contract exploitation. Through these discussions, we untangle the complex interplay between technological innovation, regulatory frameworks, and the ethical considerations that define the crypto industry. Join us as we navigate the intricate dynamics shaping the future of blockchain technology, providing insightful analysis on the strategic developments and moral dilemmas at the heart of the digital age. Tune in for a compelling journey through the strategic and ethical battlegrounds that are forging the path forward for crypto and blockchain.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Dive into Monad’s efforts to revolutionize Ethereum with parallelization for higher transaction throughput and efficiency.

🔹 Discussion on Solana's congestion issue, its impact on network performance, and lessons for future scalability.

🔹 Examination of Avi Eisenberg's courtroom saga, challenging the boundaries between legal systems and blockchain autonomy.

🔹 Insight into the scalability challenges facing blockchains and the innovative solutions proposed by new projects.

🔹 Analyzing the ethical considerations in exploiting blockchain vulnerabilities and the responsibility of the crypto community.

🔹 Debate on the future of smart contracts in light of legal challenges and the evolving concept of 'code is law'.

🔹 Perspectives on the balance between innovation and user protection in the rapidly evolving landscape of decentralized finance.

Special guest

⭐️ Keone Hon, Cofounder/CEO at Monad Labs

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, Founder of Compound

Disclosures

Links

The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413

https://unchainedcrypto.com/podcast/the-mango-markets-attacker-on-whether-his-trade-was-ethical-or-not-ep-413/

Nickel Blowup Made a Lot of Trouble by Matt Levine

https://www.bloomberg.com/opinion/articles/2022-03-14/nickel-blowup-made-a-lot-of-trouble

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Polygon’s AggLayer Wants to Be a Hub for Ethereum Layer 2s. Can It Succeed? - Ep. 630 Apr 09, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Polygon Labs CEO Marc Boiron and co-founder Brendan Farmer discussed everything about the AggLayer, a decentralized protocol built by Polygon that enables fast, secure cross-chain interactions and allows different chains to use the same native bridge. This allows users to seamlessly move assets across chains in the AggLayer ecosystem.

The AggLayer aims to unify blockspace so that it feels like a single chain, improving user experience. Boiron and Farmer also discussed the potential for Layer 2 solutions to scale Ethereum, the benefits of zero-knowledge technology, and the future of Polygon's proof-of-stake chain.

Learn more: What Are Zero-Knowledge Proofs?

Show highlights:

Background of Brendan and Marc and how they joined Polygon
A brief description of what Polygon is overall
What the AggLayer is and how it aims to enable the best of monolithic and modular blockchains
How Brendan differentiates the AggLayer from its competitors, such as Optimism's Superchain or Cosmos and why he believes that zk-technology is such a game changer
How the interoperability experience gets better in such a system, according to Marc and Brendan, and what will become possible that's not now
Which chains can use the AggLayer and how it works to improve security across chains
The tradeoffs between the various types of zkEVM provers
How projects should decide their architecture and when it would make sense to tap the AggLayer
Why projects should build on the AggLayer, including layer 1s, according to Marc
How Layer 1s can still join the AggLayer and retain their own consensus and sovereignty
Why Polygon believes that zk-technology is the future of blockchain architecture
Why the Polgyon zkEVM suffered an outage on March 30
Whether Layer 3s are needed to scale the Ethereum ecosystem
Why Brendan believes that EigenLayer is not a good fit for rollups to use
The transition of the Polygon PoS chain to become an Ethereum L2 using the AggLayer
When EIP-4844/Dencun will go live on Polygon

Thank you to our sponsors!

Polkadot

Guests:

Marc Boiron, CEO of Polygon Labs
Previous appearances on Unchained:
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed?
Brendan Farmer, co-founder of Polygon and co-lead of Polygon Zero

Links

AggLayer

zk-Technology

Polygon: Upgrading Every EVM Chain to ZK: Introducing the Type 1 Prover
The different types of ZK-EVMs by Vitalik
Unchained: Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future

Polygon zkEVM

Unchained:Polygon zkEVM Chain Goes Down for 10 Hours
Blockworks: Polygon unpacks zkEVM outage and ‘emergency’ upgrade

Layer 3s

Unchained:Layer 3s Only Exist to Take Value Away From Ethereum: Polygon Labs CEO
0xCygaar on L3s and L2s
Potuz on the benefit of L3s

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Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe? - Ep. 629 Apr 05, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts,Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion.

In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.

Show highlights:

An introduction to what Ethena is and how USDe works
Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"
What the risks of USDe are, including custody, counterparties, and smart contracts
Why Guy is "pleased" with how the ENA airdrop went through
How ENA will be used and what its role will be in the governance of Ethena
Why Ethena is now onboarding Bitcoin as collateral
Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave
Guy's response to the critics who say that Ethena is essentially Terra/Luna
Whether USDe would only work in a bull market
How the Ethena insurance fund works and what it aims to accomplish
What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset

Thank you to our sponsors!

Guest

Guy Young, founder of Ethena Labs.
Previous appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models

Links

Ethena:

Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide
Decrypt:Ethena Just Launched to a $1.2 Billion Market Cap: Here’s What You Need to Know
Dust on Crust by Arthur Hayes

Airdrop:

MakerDAO/Aave controversy:

The Block: MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe
The Defiant: DeFi Projects Clash After MakerDAO Adds Ethena’s USDe As Collateral,

Comparisons to Terra’s UST:

The Defiant: Ethena Stablecoin’s 27% Yield is Triggering Terra-Induced PTSD
Andre Cronje’s thoughts on USDe
Cointelegraph: Ethena Labs founder clarifies USDe stability amid high yield worries

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The Chopping Block: The Dawn of the DeFi Civil War - Ethena, SBF, Blast & More - Ep. 628 Apr 04, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, amidst the crypto bull market's fervor, the boys dissect the launch of Ethena and its repercussions, including a potential DeFi civil war spurred by integration disputes between MakerDAO and AAVE. The conversation then shifts to the broader implications of SBF's sentencing, exploring how this landmark legal decision could reshape the landscape of trust and regulation within the crypto community. Moreover, we tackle the ethical and operational dilemmas faced by Blast in response to a significant hack, debating the merits and risks of potential rollbacks and the preservation of user funds against the backdrop of decentralized ideals. As we navigate through these complex issues, we shed light on the dynamics between decentralization, regulation, and innovation, offering nuanced perspectives on the challenges and opportunities that lie ahead for crypto. Tune in for an insightful journey through the strategic battlegrounds and evolutions that are defining the future of blockchain technology.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Analysis of Ethena's token launch impact on the crypto bull market and the crypto ecosystem

🔹Insight into the ongoing DeFi civil war triggered by MakerDAO's integration of Ethena, extending into Aave's strategic response and the broader DeFi ecosystem.

🔹Examination of SBF's sentencing, exploring its repercussions for crypto regulation, investor trust, and the legal landscape of the crypto industry.

🔹Evaluation of Blast's response to a significant security breach, debating the implications of potential rollbacks for DeFi security and user trust.

🔹Exploration of the balance between DeFi innovation, regulatory challenges, and the need for a stable legal framework to support crypto growth.

🔹Analysis of the crypto community's response to the DeFi civil war, SBF's sentencing, and security issues in decentralized finance platforms.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

Disclosures

Links

MakerDAO Proposal: “Morpho Spark DAI Vault Update” - https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006

AAVE’s Proposal: “Risk Parameters for DAI Update”

https://governance.aave.com/t/arfc-risk-parameters-for-dai-update/17211

Barbara Fried’s SBF sentencing submission

https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.419.0_1.pdf

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The Real Reason Why the SEC Might Be Going After Ethereum - Ep. 627 Apr 02, 2024

On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security.

Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.

The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.

Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETH is a security and what they are looking out for in the next couple of weeks and months.

Show highlights:

Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this
Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security
Whether the number of people working on Ethereum could make the argument that it is decentralized
How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts
Whether the SEC is looking for evidence to deny spot ether ETFs
Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith
The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry
What the possible outcome of this investigation could be, and whether we'll have a court case soon
What the impact would be if ETH were classified a security
Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation
Why Sam believes that the spot ETH ETFs will be denied on May 23rd
How the SEC has already made up its mind even before gathering the facts, according to Sam
Whether the recent judgment on Coinbase's case affects the potential case against the EF
Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales
What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment

Thank you to our sponsors!

Polkadot

Guests:

Sam Enzer, Partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Why SBF’s Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?
Greg Strong, partner at DLx Law
Previous appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify

Links

Ethereum Foundation investigation:

Ethereum’s security status

For more details and links, visit Unchained

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How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence - Ep. 626 Mar 29, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Sam Bankman-Fried (SBF), FTX's co-founder, was sentenced to 25 years in prison and $11 billion in forfeiture for massive fraud, marking a historic moment in the crypto industry. Judge Lewis Kaplan emphasized the sentence's necessity due to Bankman-Fried's risk-oriented decision-making philosophy known as “expected value” and lack of remorse.

Sam Enzer joined Unchained to unpack the sentencing, discussing the fairness of the length, explaining how the $11 billion forfeiture would work and how it’s different from the bankruptcy proceedings. Additionally, Enzer provided insights into the kind of prison SBF would end up in and into the three-year supervised release SBF will face after his prison term. The conversation further delved into the broader impact of the sentencing on the crypto industry, suggesting it could signify the end of a dark chapter.

Show highlights:

Whether the 25-year sentence is fair, according to Sam
What the $11 billion in forfeiture means for SBF
Whether the assets of SBF actually belong to the FTX estate
Where SBF will likely go to prison and why Sam believes that SBF will not go to a maximum security prison
When the clock starts ticking for the 25-year sentence
Why SBF will not be eligible for parole and whether he could get "good time credit"
What the defense will attempt in appealing the conviction
What types of behavior could get SBF enough credit to appeal for a reduced sentence
Why SBF will have to be supervised for three years after his release
How SBF’s philosophy about “expected value,” was the theme of the crime, according to Judge Kaplan
Whether the co-conspirators, such as Caroline Ellison, will be sentenced and serve in prison
Why Sam says that the sentencing represented "the closing of a dark chapter" in crypto

Thank you to our sponsors!

Guest

Sam Enzer, Partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Why SBF’s Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?

Links

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The Chopping Block: Institutional Memecoin Craze, BASE vs. Ethereum, and Legal Clamps on Rogue Exchanges! - Ep. 625 Mar 28, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we're tackling pressing questions: "Are Memecoins a Good Bet for Institutional Investors?" and "Can BASE Catalyze a Shift in Ethereum's DeFi Dominance?" Amidst Ethereum's upgrades, we explore the impact on scalability and the Layer 2 landscape. The legal entanglements of KuCoin with the DOJ and Beba's lawsuit against the SEC prompt a discussion on "What Do These Legal Challenges Mean for Crypto's Regulatory Future?" Additionally, we analyze the Blast Layer 2 security breach, questioning its implications for decentralized finance's security. Plus, a hypothetical scenario with Mr. Beast airdropping his own token leads us to ponder, "Can Celebrity-Endorsed Cryptocurrencies Create Real Value?" Join us as we dissect these pivotal developments, offering insights into the strategic maneuvers and policy shifts shaping crypto's future. Tune in for a compelling narrative on innovation and speculation in the rapidly evolving world of blockchain technology.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 BASE's Growth and Challenges: Discussing BASE's explosive growth amidst Ethereum's upgrades, and how it's shaping the Layer 2 landscape amidst rising gas fees and scalability solutions.

🔹 Beba & DeFi Education Fund vs. SEC: Unpacking the lawsuit against the SEC for clearer airdrop regulations, highlighting its significance for future of airdrops.

🔹 KuCoin's Legal Battle: Insights into KuCoin's indictment by the DOJ, emphasizing the exchange's challenges and the broader implications for crypto regulations.

🔹 Blast L2 Security Incident: Analyzing the $62 million hack on Blast L2, exploring its impact on security perceptions and the debate over centralized control in DeFi.

🔹 Institutional Engagement with Memecoins: Exploring the surprising trend of reputable investment firms and family offices venturing into the volatile world of memecoins.

🔹 The Mr. Beast Coin Hypothesis: Exploring the theoretical impact of a Mr. Beast coin on the crypto economy, debating whether celebrity-backed coins can lead to genuine wealth creation.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

Disclosures

Links

BEBA LLC and DEFI EDUCATION FUND v. SEC - https://www.defieducationfund.org/_files/ugd/84ba66_3f7a8f2ca6614d7381122cb1beeed4a8.pdf

Prominent Global Cryptocurrency Exchange KuCoin And Two Of Its Founders Criminally Charged With Bank Secrecy Act And Unlicensed Money Transmission Offenses - https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally

Tweet “Learn about that touch and the intersection of AI and blockchain” - https://twitter.com/NEARProtocol/status/1772494712525426865

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How Gitcoin 2.0 Could Someday Help Reward People for Doing Good - Ep. 624 Mar 26, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

In this episode, Laura interviews Meg Lister, GM of Grants Labs at Gitcoin, and Kevin Owocki, co-founder of Gitcoin.

They discuss the evolution of Gitcoin from a centralized platform to a decentralized suite of protocols, Gitcoin 2.0, which allows any Ethereum Virtual Machine (EVM) based ecosystem to fund its public goods. They also talk about the various funding mechanisms available, including quadratic funding, retroactive public goods funding, and conviction voting.

Learn more: What Is Retroactive Public Goods Funding?

The team is also exploring more futuristic concepts such as private voting systems, angel investing 2.0, and impact attestations. The ultimate goal for Gitcoin is to create a capital allocation infrastructure that funds what matters to communities, whether they are towns, states, countries, or online interest groups.

Show highlights:

Kevin's background and how he came to found Gitcoin and why Meg joined the company
The differences between Gitcoin 1.0 and 2.0
What quadratic funding is and why it is important in the blockchain ecosystem
The problem of sybil attacks and how Gitcoin Passport aims to solve it
Why Gitcoin has changed its approach to put more focus on scaling Ethereum rather than other types of grants
How Gitcoin is trying to solve capital allocation efficiency with Allo (Capital Allocation) Protocol
What streaming quadratic funding is and how it differs from traditional quadratic funding
How retroactive public goods funding (RPGF) works
What conviction voting is and how it addresses some of the current problems in DAOs
Which projects are using Gitcoin Passport and what for
Why Gitcoin is so focused on the Ethereum ecosystem and whether they will launch in other chains
What the purposes of the GTC token are and how it could become a flywheel for Gitcoin
How Gitcoin can become sustainable long-term, since it's free to use at the moment
The features that are coming down the line for Gitcoin, including privacy and onchain "angel investing"
What the future could look like if Gitcoin succeeds in its mission, according to Kevin

Thank you to our sponsors!

Polkadot

Guests:

Kevin Owocki, Co-founder of Gitcoin
Meg Lister, GM of Grants Labs at Gitcoin

Links

Gitcoin

Gitcoin 2.0 Whitepaper, co-authored by Kevin Owocki and Meg Lister
Public Goods Funding: The New Meta | Kevin Owocki - Gitcoin, presentation at ETH Denver 2024
Gitcoin Entering the End Game
Gitcoin’s Citizen Grants program
Impact report
CoinDesk: Why Crypto’s Most Altruistic Project Is Going (Kinda) Corporate
Blockworks: Gitcoin is restructuring to focus on grants for the Ethereum ecosystem

Allo Protocol

Announcement thread

Web3 Ecosystem Funding

State of Web3 Grants Report
Web3 Innovations in Public Goods Funding
How To Fund Innovation: A Guide to Web3 Grants, Meg Lister for BeIn Crypto

Quadratic funding

ORIGINAL WHITE PAPER, co-authored by Vitalik Buterin

Retro PGF

Unchained: What Is Retroactive Public Goods Funding?

Passport

Introducing Passport - Digital Identity as a Public Good

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How BlackRock’s New Fund on Ethereum Got a Very Crypto Welcome - Ep. 623 Mar 22, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts,Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

On Wednesday, BlackRock, the world's leading asset management firm, announced the launch of a tokenized investment fund, the BlackRock USD Institutional Digital Liquidity (BUIDL) Fund, developed in collaboration with Securitize.

Carlos Domingo, founder and CEO of Securitize, discusses the launch of the fund, which is native to the public Ethereum blockchain and aims to bring an institutional-grade cash management product to crypto institutions, offering faster token issuance, redemption, and transferability.

Learn more: What Is Real-World Asset (RWA) Tokenization? A Beginner's Guide

He also talks about how Blackrock has embraced crypto, how the launch of the fund was “front run” by crypto Twitter, and how Blackrock will deal with issues such as the fund being dusted with ETH tainted by sanctioned Tornado Cash ETH.

Show highlights:

What the BUIDL fund is, its essence and objectives
How the fund rewards its users, with a system similar to crypto airdrops
Whether they were worried about regulatory aspects of bringing this product onchain
Securitize's role in the partnership with BlackRock
How much money flowed into the fund on the first day and who the target investor is
Why BlackRock decided to build this product on Ethereum
What BlackRock's attitude towards crypto is, according to Carlos
How the launch of the fund was frontrun by crypto insiders
How a wallet associated with the fund received unintended funds from North Korean tied wallets and whether Ethereum should implement a mechanism for addresses to approve funds that are sent to it
Whether the contract is secure and what steps Securitize is taking to increase the safety of the users
The roadmap for the partnership between BlackRock and Securitize

Thank you to our sponsors!

Guest

Carlos Domingo, Founder and CEO of Securitize
Previous appearance on Unchained: Could Securitize Democratize Access to Different Asset Classes?

Links

Previous coverage on Unchained of real world assets:
The Catalysts for This Crypto Bull Market: AI, DeFi, Real World Assets?
The Chopping Block: Will Tokenizing RWAs Finally Click This Time?
MakerDAO Has Brought in Real World Assets. Is It Worth the Risk?

BlackRock USD Institutional Digital Liquidity (BUIDL) Fund

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The Chopping Block: Memecoin Presales, MakerDAO’s Endgame, and BlackRock's Blockchain Bet! - Ep. 622 Mar 21, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this week's episode, the squad dives into the riveting dynamics of meme coins and their undeniable sway over market sentiments, alongside a detailed exploration of BlackRock's groundbreaking leap into blockchain with its on-chain fund initiative. Is Solana redefining its role as the new haven for meme coin ventures, signaling a shift in blockchain platform dominance? And with Ethereum's recent 4844 and Dencun upgrades, can it hold its ground as the DeFi ecosystem's backbone amidst escalating competition? We delve into MakerDAO's ambitious 'Endgame' strategy, contemplating its potential to reshape governance within the DeFi sector. The conversation doesn't stop there; we untangle the complex web of crypto conspiracies and debate the evolving definition of 'fair launch' in the decentralized space. This episode is packed with analysis and insights as we navigate the speculative excitement of meme coins, the strategic moves of blockchain giants, and the transformative policies shaping the future of decentralized finance. Join us for a thought-provoking journey as we dissect these developments, with Robert Leshner shedding light on the alpha in Reg D filings, to unravel the narratives that could redefine the crypto ecosystem's future. Tune in for a compelling session that promises to peel back the layers of innovation, speculation, and strategic maneuvering in the ever-evolving crypto landscape.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Unraveling Crypto Conspiracies: Delving into the speculative theories surrounding the surge of memecoins and their potential orchestration by exchanges or other entities.

🔹 Redefining 'Fair Launch' in DeFi: A critique of the shifting meaning of 'fair launch' within the memecoin sector, highlighting the departure from traditional norms.

🔹 Solana as the New Memecoin Haven: Examining Solana's burgeoning role as the preferred platform for memecoin activity and what it signifies for blockchain innovation.

🔹 Ethereum's Technological Upgrades: Analyzing the implications of Ethereum's 4844 and Dencun upgrade for transaction fees, scalability, and the developer ecosystem.

🔹 Debating the Future of memecoins: Insights into the dynamic world of memecoins, from the rise of pre-sales on Solana to the broader implications for the crypto market.

🔹 The Evolution of MakerDAO: Discussion on MakerDAO's transformative 'Endgame' strategy, introducing new governance mechanisms and tokens to revitalize its ecosystem.

🔹 BlackRock's Entry into Crypto: A glimpse into BlackRock's strategic move to launch an on-chain fund, marking a significant step by a major institutional player into the crypto space.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

Disclosures

Links

Pump.fun - https://www.pump.fun

3AC’s Kyle Davies on Why He’s Crypto’s Lloyd Blankfein and Why He’s Not Sorry - https://unchainedcrypto.com/3acs-kyle-davies-on-why-hes-cryptos-lloyd-blankfein-and-why-hes-not-sorry/

MakerDAO Endgame: Launch Season - https://forum.makerdao.com/t/makerdao-endgame-launch-season/23857/1

What Is a Fair Launch in Crypto? - https://www.coingecko.com/learn/what-is-a-fair-launch-in-crypto

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3AC's Kyle Davies on Why He's Crypto's Lloyd Blankfein and Why He's Not Sorry - Ep. 621 Mar 19, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts,Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Few crypto figures have been as vilified as Kyle Davies, the co-founder, along with Su Zhu, of crypto hedge fund Three Arrows Capital, which imploded in mid-2022, losing $3 billion and bringing many pillars of the crypto industry down with it. Davies and Zhu have been accused of, among other things, lying about 3AC’s assets as the firm was imploding, trying to borrow money when the firm was insolvent, and seeking funding from the Mafia, all of which Davies denies.

But he remains unapologetic about 3AC’s demise, saying most, if not all, companies eventually go bankrupt, and that 3AC had a “pretty spectacular” ten-year run. He joined Unchained to explain why he and Su Zhu were ordered to prison in Singapore for non-compliance with the liquidation proceedings, Zhu’s “six weeks meditating” (in prison), where he’s living now, why he and Zhu went to Bali after the bankruptcy, his $25,000-a-month fee for consulting for crypto bankruptcy exchange OPNX, his and Zhu’s current work advising crypto derivatives platform OX.FUN, and what he wishes he would have done differently in terms of 3AC’s wind down.

Show highlights:

Whether Kyle is cooperating with 3AC liquidator Teneo and his opinions of that firm
His and 3AC co-founder Su Zhu’s prison sentences in Singapore
Why Kyle says he didn’t know about the scheduled court date
Why Dubai levied fines against him, according to Kyle
Where he is living now
Whether or not he made misrepresentations about 3AC’s assets to lenders before its implosion, traded when the firm was insolvent, and borrowed money from the mafia
Why Kyle went to Bali after the bankruptcy
His defense of his $25,000 a month fee for consulting for OPNX
Why Kyle thinks his reputation post-3AC was still “huge” because all companies eventually go bankrupt
Gamified derivatives platform OX.FUN, where he is an advisor
His dreams of opening a cloud kitchen chicken restaurant
Why he filed a lawsuit against Sixth Man Ventures’ Mike Dudas
What he could have done differently at the time of 3AC’s collapse
Why Kyle is not sorry 3AC went bankrupt

Thank you to our sponsors!

Polkadot

Guest

Kyle Davies, OX.FUN advisor and co-founder of Three Arrows Capital

Links

Su Zhu’s Arrest

Unchained: Three Arrows Capital Cofounder Su Zhu Arrested in Singapore

3AC Founders’ Assets Frozen

CoinDesk: Court Freezes $1 Billion of Assets of Three Arrows Capital Founders

3AC Ventures

CoinDesk: Bankrupt Hedge Fund 3AC's Return as a VC Stirring Up Crypto Community

Davies and Su’s Post Bankruptcy Lives

New York Times: Their Crypto Company Collapsed. They Went to Bali
New York Magazine: ‘They Are Very Comfortable Lying’: How fallen crypto kingpins Su Zhu and Kyle Davies are dodging prison — and rebranding

OPNX

Wall Street Journal: Founders of Bankrupt Three Arrows Capital Plan Trading Platform for Distressed Crypto Debt
Cointelegraph: CoinFLEX creditors dissatisfied with restructuring to OPNX: Report
Unchained: 3AC Founders’ New Crypto Exchange OPNX to Shut Down
Cointelegraph: OPNX to shut down with mysterious new exchange as replacement
Decrypt: CoinFLEX Creditors React to OPNX Closure: 'They Have Left a Trail of Destruction'

OX.FUN

March 11 Twitter spaces on OX.FUN with Davies and Zhu

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How Ethereum’s Dencun Upgrade Could Lead to the Rise of Millions of Layer 3s - Ep. 620 Mar 15, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts,Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Ethereum’s long-awaited Dencun upgrade finally went live this week, and many L2s immediately saw their transaction fees fall dramatically, as was the intention. Among them was the Coinbase-incubated Base, which was created by Jesse Pollak. Pollak joined Unchained to discuss the impact Dencun was having on Base; how he thinks Layer 1s and Layer 2s will start to differ from one another and eventually spawn a multitude of specialized Layer 3s; his response to criticisms of the increasing use of Layer 2s, what he’s focusing on now, and why he supports using the word “onchain” over “crypto” or “web3.”

Show highlights:

The problem that Dencun is trying to solve
The benefits of blobs and blobspace
How Dencun has already reduced Base’s fees, but also increased its transactions
How Jesse thinks Layer 1s and Layer 2s will start to become differentiated from each other
The rise of Layer 3s
How Jesse addresses criticisms of fragmentation and centralization arising from the increasing use of Layer 2s
Why Jesse is particularly excited about two features of the Dencun upgrade—transient storage and increased composability between L1s and L2s
What Jesse and the Base team are focusing on now
Why Jesse thinks that “onchain” is a better word to describe the industry than “crypto” or “blockchain” or “web3”

Thank you to our sponsors!

Guest

Jesse Pollak, creator of Base at Coinbase

Previous appearances:

The Chopping Block: All About That Base With Jesse Pollak

Links

Recent coverage on Unchained of the Dencun Upgrade and Base:

CoinDesk:

Debating Dencun: Will Ethereum's Big Update Help or Harm the Network?

Jesse’s tweets on Dencun

Blobs / Proto-danksharding

Superchain

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The Chopping Block: The Ups-and Downs of Crypto since 2020 and where we are now! - Ep. 619 Mar 14, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this week's episode the squad asks: Is MakerDAO setting a new precedent for DeFi protocols with its emergency rate hike? How significant is the role of meme coins in the crypto market's volatility, and what does Solana's prominence tell us about the future of blockchain platforms? Can Ethereum maintain its position as the backbone of DeFi amidst the growing competition from layer 1 and layer 2 solutions? This episode delves deep into the whirlwind discussions surrounding MakerDAO's sudden monetary policy adjustments, scrutinizing the balance between stability and adaptability in DeFi's fast-paced world. We explore the fascinating, yet often speculative, universe of meme coins, highlighting their impact on network activity and public perception of cryptocurrency's value. The conversation also navigates the evolving landscape of Ethereum as it faces challenges and opportunities in scalability and functionality. Join us as we tackle these thought-provoking questions, armed with Robert Leshner's expertise, to peel back the layers of complexity surrounding DeFi strategies, the meme coin craze, and Ethereum's strategic positioning. Tune in for a captivating session aimed at decoding these trends and offering insights into their potential to redefine the contours of the crypto ecosystem.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 MakerDAO's Monetary Strategy Shift: Exploring the implications of MakerDAO's emergency rate hike and its potential to redefine monetary policy in DeFi.

🔹 The Meme Coin Madness: Diving into the dynamics of meme coins in the crypto ecosystem, focusing on their impact on market volatility and investor behavior.

🔹 Ethereum's Position in the DeFi Ecosystem: Analyzing Ethereum's challenges and opportunities as it continues to be the backbone of decentralized finance amid rising competition.

🔹 The Crypto Evolution and Reflection: Reflecting on the progress of the crypto industry by comparing current discussions to traditional banking models, highlighting the maturation of the sector.

🔹 Solana's Influence in the Crypto Market: Investigating Solana's growing prominence for meme coin activity and what it signals about blockchain platform developments.

🔹 DeFi Protocols as Financial Antidotes: Discussing the role of DeFi protocols in offering alternatives to traditional financial systems and their potential to disrupt.

🔹 Intellectual Property Rights in a Digital Age: Speculating on the future of IP rights in the era of digital creation and AI, questioning the sustainability of current legal frameworks.

🔹 The Crypto Market's Bullish Trends: Analyzing the current bullish trends in the cryptocurrency market, including Bitcoin and Ethereum's price movements and the factors fueling optimism.

🔹 Governance and DAOs in Crypto's Future: Delving into the significance of decentralized autonomous organizations and governance models for the future of cryptocurrency and blockchain technology.

Hosts

⭐️Haseeb Qureshi, Managing partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

Disclosures

Links

Bitcoin Is Hitting All-Time Highs Around the World (CoinDesk) https://www.coindesk.com/markets/2024/02/29/bitcoin-is-hitting-all-time-highs-around-the-world/

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Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum - Ep. 618 Mar 12, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Sreeram Kannan, founder of EigenLayer, and Olaf Carlson-Wee, founder and CIO of Polychain Capital, an investor in EigenLayer, say that the developer ecosystem around EigenLayer is sprouting up very fast, which reminds Carlson-Wee of the developer excitement in Ethereum’s early days.

They discuss the potential of EigenLayer, which uses a restaking mechanism to allow ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to bolster security for other protocols. They cover how it could turbocharge Ethereum's rollup scaling roadmap and enable Ethereum to become a stack of decentralized software as a service providers. Additionally, they discuss the potential risks associated with restaking as well as how EigenLayer could work with AI.

Show highlights:

Sreeram's explanation of what EigenLayer is and what it allows on Ethereum
why Polychain invested in EigenLayer's seed round
why Sreeram believes that there are not just going to be three modules in blockchains, but thousands
the types of applications that can be built with actively validated services, according to Sreeram
why they both believe that EigenLayer will improve smart contracts
whether EigenLayer will help solve the liquidity fragmentation issue in Layer 2s
what Ethereum inclusion guarantees are and why they are important
the potential risks of EigenLayer and why Olaf doesn’t agree that EigenLayer results in rehypothecation
how attribution claims work in EigenLayer, allowing for "elastic scaling of security"
EigenLayer’s points program and the likelihood of a token
why Sreeram believes that an EigenLayer governance token wouldn't have the same issues as Lido's LDO
whether EigenLayer should be a core part of the Ethereum protocol itself
how AI and EigenLayer intersect and how to have permissionless innovation in the AI space

Thank you to our sponsors!

Polkadot

Guest:

Olaf Carlson-Wee, founder and CIO of Polychain Capital
Previous appearances on Unchained:
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain's Olaf Carlson-Wee
Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Sreeram Kannan, founder of EigenLayer
Previous appearance on Unchained: Do You Need to Think Twice Before Restaking Your Assets?

Links

EigenLayer

Unchained:
What Is Ethereum Restaking? A Beginner's Guide
ETHDenver’s 2024 Hackathon: Onchain Security, AI, and Gaming Fun Dominate the Winning Projects
A16z, Binance Labs Make Investments in EigenLayer Ecosystem
EigenDA Overview
Sreeram’s post on why “building on EigenLayer, therefore, doesn't negate the utility of an AVS token”

Points

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The Chopping Block: Meme Coin Frenzy, Decentralized AI, & Uniswap's Fee Strategy - Ep. 617 Mar 09, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the hot topics stirring the cryptocurrency world. Could Uniswap's fee switch revolutionize DeFi's economic model? What's the real potential of decentralized AI in blockchain, and how close are we to seeing its practical applications? And in the whirlwind of the crypto market, what makes meme coins like Jeo Boden not just viral, but influential? This episode offers a detailed analysis of Uniswap's strategic move to potentially activate fee switches, exploring its implications for liquidity providers and the broader DeFi landscape. We also navigate the promising yet challenging terrain of Crypto AI, dissecting decentralized inference and the feasibility of verifiable training. The phenomenon of meme coins, with a spotlight on Jeo Boden, is dissected for its impact on community engagement and market dynamics. Join us as we probe these intriguing questions, equipped with Robert Leshner's insights, to unravel the complexities of DeFi innovations, Crypto AI's frontier, and the unique ecosystem of meme coins. Tune in for an enlightening session that aims to demystify these trends and provide a clearer understanding of their role in shaping the future of cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Uniswap's Fee Switch Debate: Unpacking the implications of Uniswap's potential fee switch activation and its impact on DeFi's revenue models.

🔹 The Intricacies of Crypto AI: Diving deep into the world of Crypto AI, focusing on decentralized inference and the hurdles of verifiable training.

🔹 Meme Coin Phenomenon: Analyzing the cultural and economic forces behind meme coins like Jeo Boden and their sway in the crypto community.

🔹 Regulatory Winds in Crypto: Discussing the changing regulatory landscape and what Uniswap's move might signal about the future of DeFi regulation.

🔹 Market Predictions and Speculations: Exploring expert predictions on Bitcoin and Ethereum's price movements and the factors driving market optimism.

🔹 Technological Developments and Security: Delving into the significance of memory-safe programming and the White House's surprising tech endorsement.

🔹 Attested Data in the Age of Synthetic Media: Examining the role of cryptographically signed data in ensuring content authenticity in the blockchain era.

🔹 Decentralized Platforms' Disruption Potential: Probing the capability of decentralized platforms to reshape traditional social media models.

🔹 The Economic Model of DeFi: Discussing the potential transformation in DeFi's economic landscape post-Uniswap's fee switch implementation.

🔹 Crypto Culture and Community Dynamics: Investigating the unique cultural aspects of the crypto community, especially around meme coins and their market influence.

Hosts

⭐️Haseeb Qureshi, Managing partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

Disclosures

Links

Bitcoin Is Hitting All-Time Highs Around the World (CoinDesk) https://www.coindesk.com/markets/2024/02/29/bitcoin-is-hitting-all-time-highs-around-the-world/

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How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years - Ep. 616 Mar 08, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts,Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

In this episode, Eric Balchunas, senior ETF Analyst at Bloomberg Intelligence, discussed the performance of Bitcoin ETFs since their launch two months ago.

Balchunas noted that the ETFs' performance exceeded his expectations, with a faster and more intense "second wind" than anticipated. He attributed this to a combination of asset managers buying in, retail interest, and the "ETF effect" where the knowledge of incoming flows encourages non-ETF investors to buy.

Balchunas also predicted that BlackRock's Bitcoin ETF would likely be the most successful of the nine new spot Bitcoin ETFs, while also doubting that any of the smaller issuers would bow out.

He also discussed the potential for spot Ether ETFs, but was less optimistic about their success compared to Bitcoin ETFs.

Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work?

Show highlights:

Why the Bitcoin ETF performance in the past couple of weeks exceeded Eric's expectations
Whether Eric had ever seen the kind of hype around Bitcoin ETFs occur with other ETFs
How there has been a lot of retail interest in these past few weeks
Eric's insights into how bitcoin reached all-time highs again this week
Whether a good portion of the ETF volumes is sustainable and what's driving those large volumes
Whether it's safe to say that BlackRock is the winner among issuers
Whether the smaller issuers in terms of volume and AUM will close their ETFs
When options on Bitcoin ETFs will be approved
Whether in-kind redemptions will be allowed in the near future and the role of politics in that
Whether Grayscale will have to reduce its fees considering the huge outflows from GBTC
Why Eric believes that spot ether ETFs won't have as much demand as the bitcoin ETFs did
Reasons the SEC could use to reject spot ether ETFs
Whether issuers will rebalance their portfolios at the end of quarters
What Eric expects to see in terms of inflows by year’s end

Thank you to our sponsors!

Guest

Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?

Links

Recent coverage on Unchained of Bitcoin’s surge:

Previous coverage on the Unchained podcast of spot Bitcoin ETFs:

Ethereum spot ETF:

BitMEX Blog: Ethereum ETFs & Staking
Eric’s tweet on ether ETFs
Unchained:
Why Spot Ether ETFs Likely Won’t Steal Bitcoin’s Thunder — Even if Staking Is Included
Spot Ether ETFs Could Introduce New Concentration Risk in Ethereum: S&P Global

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The Catalysts for This Crypto Bull Market: AI, DeFi, Real World Assets? - Ep. 615 Mar 05, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

In this episode of Unchained, Alex Pack, managing partner at Hack VC discusses the firm's recent $150 million fundraise, the challenges of raising capital in a bear market, and the firm's focus on early-stage Web3 infrastructure. He also shares his thoughts on the intersection of crypto and AI, the future of DeFi, and the importance of security in the crypto space. Pack believes that the current infrastructure of crypto is still in its early stages and needs significant improvement before it can reach mainstream adoption. He also sees potential in the development of more secure smart contracts and the integration of AI into decentralized applications.

Show highlights:

How Hack VC was able to raise $150 million in a bear market, especially after the blowups of FTX, 3AC, and Terra
Alex's interaction with SBF, whom he calls a "sociopath," and why he didn't invest in FTX
Hack VC's philosophy to "back hackers" in crypto
The goals behind Zuzalu, the new community that resembles Balaji Srinivasan's idea of a network state
What the main focus of Hack VC's investments are, including scalability, AI, and DeFi
Why Alex believes that "we are still so early"
How Alex believes crypto and artificial intelligence will intersect
The role of AI agents and how to use them in decentralized applications
Why he thinks that EigenLayer is a great solution for middleware applications
Alex's opinion on the modular vs. monolithic approach for scaling blockchains
How DeFi survived the last bear market, contrasted with the collapses of CeFi companies like Celsius, BlockFi and FTX
Whether algorithmic stablecoins can ever work and what Alex thinks of Ethena's USDe
How to improve security in crypto, according to Alex
Why the outcome of the Bitcoin ETFs exceeded Alex's expectations
What he believes the catalysts are for the next bull market

Thank you to our sponsors!

Polkadot

Guest:

Alex Pack, Managing partner at Hack VC
Previous appearances on Unchained:
Dragonfly Capital on Why Ethereum Is So Far in the Lead
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

Links

New fund

Stablecoins:

EigenLayer ecosystem

Modular vs. monolithic approach

Crypto x AI crossover

Zuzalu

Decrypt: I Spent a Month Inside Vitalik Buterin’s Social Experiment—Here’s What It Was Really Like

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Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access - Ep. 614 Mar 01, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

After a week in which Bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of ETF inflows in Bitcoin's recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market's future trajectory.

Alex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing Bitcoin's valuation. He also delves into the implications of major financial institutions like Merrill and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an "altcoin season" and shares his price predictions for Bitcoin by the end of the year.

Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work?

Show highlights:

The main drivers for Bitcoin's recent surge, according to Alex
Whether long-term Bitcoin holders are selling due to the recent surge in price
What the MVRV (market value to realized value) Z-score is and how Alex uses this metric to assess the Bitcoin market
Why Alex believes this period in Bitcoin's history is distinct
What the implications of Merrill and Wells Fargo offering Bitcoin ETFs to their customers are, and how this expands Bitcoin's institutional appeal
How the upcoming halving could affect the price, especially since Bitcoin is already closer to all-time highs than previous times ahead of the halving
Why Alex thinks this might be the first time that highs in bitcoin and ether do not lead to an "altcoin season"
Alex's price prediction for Bitcoin by the end of the year

Thank you to our sponsors!

Guest

Alex Thorn, Head of Firmwide Research at Galaxy
Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection

Links

Recent coverage on Unchained of Bitcoin’s surge:

Others:

Previous coverage on Unchained of spot Bitcoin ETFs:

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Famed White Hat Hacker Samczsun on How to Improve Crypto Security - Ep. 613 Feb 27, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Well-known white hat hacker and head of security at Paradigm samczsun recently took the wraps off a new security organization called the Security Alliance (SEAL) that offers a 911 hotline for immediate response to security threats, runs war games to simulate potential security incidents, and provides a safe harbor agreement to protect white hat hackers from legal liabilities.

He joined Unchained to discuss why he and his fellow white hat hackers decided to start the Security Alliance and how it operates, how the safe harbor agreement works, the measures he takes to maintain his anonymity and why, the top security measures people in crypto should take to protect themselves, and what attack areas in crypto Sam still considers “scary.”

Show highlights:

How samczsun got into white hat hacking
The most memorable saves and rescues sam was able to perform
Whether there's a reason why sam is so good at noticing bugs in crypto
The origin of his samczsun handle
What the Security Alliance is and why it was formed
How SEAL would approach a bug or a hack
Whether black hat hackers are trying to exploit open groups
Why the work in the group is volunteered, not paid, and whether that's sustainable
How the SEAL War Games help in training on how to respond to an incident in Web3
What the Safe Harbor Agreement is and what it aims to accomplish for white hat hackers
How sam protects his identity and whether his coworkers know what he looks like
The top security measures people working in crypto should take
How projects should approach the audit for their smart contracts given it's an expensive endeavor
What attack vectors still scare sam

What is ‘White Hat Hacking’?

White hat hacking, often referred to as ethical hacking, is a cybersecurity practice where skilled computer experts use their knowledge for good, employing the same methods as malicious hackers (black hat hackers) but with a significant difference: they do so with permission and for a constructive purpose. These ethical hackers identify vulnerabilities in computer systems, networks, or applications before malicious attackers can exploit them. By detecting and resolving these security weaknesses, white hat hackers help organizations strengthen their defenses against cyber threats.

Thank you to our sponsors!

Guest:

Samczsun, CEO of Security Alliance (SEAL) and Head of Security at Paradigm
Previous appearances on Unchained: The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security

Links

Introducing the Security Alliance
Bloomberg: Paradigm’s Famed ‘White-Hat’ Hacker Unites Peers Against Crypto Attacks,
White Hat Safe Harbor [Github]
Chainalysis: Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises
sam’s tweet on security practices
Halborn: Explained: The Nomad Hack (August 2022)

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Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again - Ep. 612 Feb 23, 2024

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Fifteen years after the birth of Bitcoin, the network is now entering an era of remarkable innovation and change, according to Stacks' co-creator Muneeb Ali.

On this episode of Unchained recorded at the Bitcoin Builders conference, Muneeb explores the complexities and advancements within Bitcoin's Layer 1 and Layer 2. He shares his perspectives on what's fueling innovation in Bitcoin's Layer 1 and discusses the implications of Ordinal Inscriptions amid criticism of it by core developers.

He delves into the various scaling solutions within Bitcoin, highlighting how trust assumptions vary among them, and how BitVM could be a 'game changer'. He goes over the advantages of integrating smart contracts on Bitcoin, and why he considers BTC the only true form of monetary asset.

Show highlights:

What's driving innovation in Bitcoin’s L1
How Muneeb feels about Ordinals Inscriptions in Bitcoin, considering the criticism from some core developers
How, in the recent years, research and development in crypto happened outside of Bitcoin, and how that's changing now, according to Muneeb
The different types of scaling solutions in Bitcoin and how the trust assumptions differ in each of them
Why he feels like BitVM is a 'game changer' and what it enables
What the Nakamoto upgrade is on Stacks
The advantages of having smart contracts on Bitcoin, according to Muneeb
Why he says that BTC is the only asset that is money
The challenges to having privacy in Bitcoin

Thank you to our sponsors!

Guest

Muneeb Ali, co-creator of Stacks
Previous appearances on Unchained:
Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - NFT Crypto
Blockstack On Getting Independence From Google, Facebook And Amazon

Links

Recent news:

Bitcoin L2s:

Learn more:

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The Chopping Block: Starknet's Airdrop, Founder Challenges, and Ethena's Mainnet - Ep. 611 Feb 22, 2024

Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This week the boys dive deep into Starknet's airdrop controversies, the psychological toll of internet backlash on founders, and the groundbreaking Ethena project inspired by Arthur Hayes. This episode questions the effectiveness of airdrop strategies in user engagement, the resilience founders must muster against online criticism, and Ethena's potential to revolutionize crypto finance with its tokenized cash and carry trade. We also tackle the security threats on platforms like GitHub, the balance between egalitarian distribution versus market dynamics, and the transparency required in token economics. What legal challenges arise from token vesting schedules, and how does Ethena innovate in crypto finance inspired by traditional models? Join us for an insightful exploration of these critical topics, aiming to enrich our understanding of cryptocurrency airdrops, founder resilience, and Ethena's ambitious financial mechanisms within the evolving cryptocurrency ecosystem.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Starknet Airdrop Controversy: Exploring the backlash and debates over its distribution mechanics.

🔹 The Psychology of Founders Facing Internet Critique: Discussing the impact of public scrutiny on creators.

🔹 Innovation in Airdrop Strategies: Highlighting the need for creativity to engage and retain users.

🔹 GitHub and Security Risks: Addressing the increase in phishing attacks and noise on developer platforms.

🔹 Efficacy of Airdrops in User Engagement: Evaluating how airdrops influence community involvement and loyalty.

🔹 Egalitarianism vs. Market Dynamics: Debating the balance between fair distribution and economic incentives.

🔹 The Complexities of Vesting Periods: Unpacking the discussions around token unlock schedules.

🔹 Legal Nuances of Crypto Vesting: Exploring the regulatory implications and challenges.

🔹 Transparency in Token Economics: The importance of clear policies for investor confidence.

🔹 The Inspiration Behind Ethena: Tracing the origins and motivations for its creation.

🔹 Cash and Carry Trade Basics: Simplifying the concept and its significance in crypto finance.

🔹 Analyzing Ethena’s Yield Mechanisms: Delving into the strategies and risks of yield generation.

🔹 Risk Mitigation in Ethena’s Protocol: Investigating novel approaches to safeguarding assets.

🔹 The Potential Ripple Effects of Ethena: Speculating on the impact of layered financial products.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Robert Leshner, Founder of Compound

Disclosures

Links

“Is the Short Team Lockup for STRK ‘Misaligned’? No, Says Starkware CEO - Ep. 609”: https://youtu.be/0D0Qyw9TeoY
The Uniswap Airdrop - Lessons for the Industry by jhackworth: https://dune.com/blog/uni-airdrop-analysis
“Dust on Crust” by Arthur Hayes: https://ehandbook.com/dust-on-crust-300d4b5cf3ec

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Why the Celestia Team Sees a Future With 10,000 Roll-Ups - Ep. 610 Feb 20, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Celestia, a data availability layer for blockchains, was launched last October to much fanfare. The platform takes a modular approach to blockchains, allowing developers to post data onto it without the need for smart contracts or execution. This makes it extremely useful for scaling roll-ups and other layer two technologies.

Celestia co-founder Mustafa Al-Bassam and COO Nick White join Unchained to discuss what Celestia is and how it works, how data availability sampling allows for more scalability, how Celestia compares with other data availability layers, whether Celestia could become a data availability layer for Bitcoin, and comparisons between Celestia and Solana.

Show highlights:

Mustafa’s background and how his project called Lazy Ledger ended up becoming Celestia
Nick’s vision for modular blockchains
Why Mustafa believes in the “10,000 roll-up” endgame
Why Mustafa thinks that gaming and NFT chains work better on a modular blockchain
What Celestia is and how it resembles the publication of an article in a newspaper
What data availability sampling (DAS) is and how it works to ensure that the data is available and accurate for validators
How DAS allows for more scalability
What types of applications can be built with this type of modular architecture
Mustafa’s explanation of the concept of Blob stream and blob space
How a roll-up can be an independent or sovereign layer, not just a layer 2 to a layer 1
How Celestia competes with other DA layers, like the future EigenDA
The role of the TIA token in the Celestia ecosystem
How Mufasa hacked the CIA when he was 16 years old and how he transitioned into crypto
Whether Celestia could become a DA layer for Bitcoin layer 2 roll-ups
Whether Solana could end up becoming an Ethereum layer 2 using Celestia for data availability
The proposal to extend the functionality of Celestia without smart contracts in the base layer

Thank you to our sponsors!

Guests:

Nick White, COO at Celestia Labs
Previous appearances on Unchained: Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate
Mustafa Al-Bassam, cofounder and CEO at Celestia Labs

Links

Modular vs. monolithic

Alchemy: Modular vs. Monolithic Blockchains
Visa: Monolithic vs. modular blockchain
Chris Burniske’s tweet on modular vs monolithic
“The horrific inefficiencies of monolithic blockchains” by polynya
Blockworks: A spicy salvo launched in the monolithic vs modular debate
Unchained: What Is the Blockchain Trilemma?

Celestia

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Is the Short Team Lockup for STRK ‘Misaligned’? No, Says Starkware CEO - Ep. 609 Feb 16, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Starknet made news this week for announcing what will be the largest initial airdrop by number of eligible addresses ever. But it faced heavy criticism online for many of the details of the airdrop, from the fact that Ethereum solo takers received almost 22% of the distribution to eligibility requirements that users held at least 0.005 ETH in their wallets as of Nov. 15, 2023 to the fact that the token generation event took place almost two years before the unlock date.

Starkware CEO Eli Ben-Sasson joined Unchained to respond to the multiple critiques of the airdrop and discuss why he and the Starknet Foundation decided on the details that they did.

Show highlights:

What the airdrop criteria was and why they decided to make it that way
Why they allocated so much $STRK to Ethereum solo stakers
Eli’s response to the criticism about how little Starknet network participants got in the airdrop
Why the STRK Token Generation Event (TGE) was done in 2022, only to be airdropped two years later
Why Eli believes that even if the unlock of tokens is in two months, it does not indicate misalignment of incentives
Whether Eli will sell his tokens when they become unvested

Thank you to our sponsors!

Guest

Eli Ben-Sasson, CEO of Starkware

Links

Recent coverage of Unchained on airdrops: Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’
Unchained:
Starknet’s Airdrop Plan Sparks Some Praise but Also Outrage
Starknet’s First Token Distribution Will Be Available to Nearly 1.3 Million Addresses
The Defiant: Starknet Faces Backlash Over Airdrop and Team Unlocks
Loomdart’s tweet on the TGE

Learn more:

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The Chopping Block: Navigating the New Era of Crypto Social Media with Farcaster's Insights! - Ep. 608 Feb 15, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Dan Romero, co-founder of Farcaster, engage in a riveting discussion on decentralized social media and the burgeoning meme coin trend within the cryptocurrency ecosystem. This episode offers an in-depth analysis of Farcaster's innovative mechanisms for user engagement and its significant role in shaping the future of social interactions in the crypto domain. We delve into the mechanics behind meme coins, examining their influence on community dynamics, market behavior, and the broader implications for digital asset valuation. Our conversation navigates through the intricacies of decentralized platforms like Farcaster, probing into their potential to disrupt conventional social media models and foster a new era of user-centric, blockchain-enabled online communities. Join us for a comprehensive exploration of these pivotal developments, enriched with Dan Romero's firsthand insights, as we dissect the evolving landscape of social media in the crypto age and the captivating allure of meme coins, all aimed at providing a deeper understanding of their impact on the global cryptocurrency market.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Decentralized Social Media Evolution: Exploring the growth and challenges of platforms like Farcaster in the decentralized web landscape.

🔹 User Empowerment in Crypto: Analyzing how crypto-native features on platforms empower users through economic incentives and community building.

🔹 The Rise of Social Tokens: Delving into the emergence of social tokens and their role in fostering online communities and creator economies.

🔹 Interactive Crypto Features: Investigating innovative features like Farcaster's frames and their impact on user engagement and content sharing.

🔹 Sustainable Tokenomics: Discussing the sustainability of token models in social platforms and the potential for long-term value creation.

🔹 Behavioral Economics in Crypto: Understanding the psychological factors driving the speculative nature of meme coins and their market dynamics.

🔹 Decentralization vs. Centralization: Debating the balance between decentralized ethos and the need for centralized governance in crypto platforms.

🔹 The Future of Online Identity: Discussing the evolution of online identities in the context of decentralized platforms and blockchain technology.

🔹 Celebrity and Crypto Synergies: Speculating on the future of celebrity involvement in crypto through personalized tokens and endorsements.

🔹 Cross-Platform Crypto Integration: Exploring the possibilities and challenges of integrating crypto-native features across various social and digital platforms.

🔹 Ethical Considerations in Crypto: Delving into the ethical implications of rapid token creation, distribution strategies, and their impact on unsuspecting users.

Hosts

⭐️Haseeb Qureshi, Managing partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Dan Romero, Farcaster Co-Founder

Disclosures

Links

Eugene Wei’s “Status as a Service (StaaS)”: https://www.eugenewei.com/blog/2019/2/19/status-as-a-service
Vitalik Buterin’s forum post on DAICOs: https://ethresear.ch/t/explanation-of-daicos/465/1

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How Decentralized Social Network Farcaster Hopes to Eventually Get to One Billion Users - Ep. 607 Feb 13, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

In the two weeks since Farcaster introduced its Frames feature that allows developers to easily add mini apps to users’ posts, the decentralized social network has become the talk of Twitter, now X, and increased its user base by ten times, according to co-founder Dan Romero.

Romero joins Unchained to discuss why Frames has become so popular, the philosophy behind Farcaster and its client Warpcast, why the crypto component behind Farcaster is being kept to a minimum, how Apple’s new Vision Pro could lead to the creation of a 3D social network on Farcaster, how he and his fellow co-founder’s background at Coinbase helped shape their decisions about building Farcaster, and his vision for eventually getting Farcaster to a billion-plus users.

Show highlights:

What Farcaster is and what problems it’s trying to solve
How and why Farcaster uses blockchain technology in the background
How you can use ENS (Ethereum Name Services) for your handles on Farcaster
How the recovery of accounts works on Farcaster and what the security implications are
What Frames is and why it’s significant for developers and creators
What’s controlled by the protocol vs. the client
What Dan imagines could be built with the new Apple Vision Pro
Whether there’s potential for better economics and ways to monetize content in Farcaster
Why Farcaster is on Optimism, an Ethereum Layer 2, and whether it could be moved to another network
How they are working to build a more decentralized network
What the future of Farcaster and Frames could look like
How Dan’s background at Coinbase shaped the way in which he decided to build Farcaster
What the strategy is for scaling the platform to the numbers more associated with Web2 social media

Thank you to our sponsors!

Guest:

Dan Romero, Co-founder of Farcaster
Coinbase’s Pragmatic Crypto Culture by Dan Romero

Links

Farcaster architecture

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How Crypto’s Version of 'Survivor' Ended Up With the Most Heartwarming Ending Feb 10, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Crypto: The Game captivated a large swath of the crypto community this past week. The game, modeled after “Survivor,” was the brainchild of Dylan Abruscato, Tyler Cagle and Bryan Lee. The intention of the game, which was played virtually but also unfolded in real life, was to ruthlessly vote people off to determine a single winner. Throughout, multiple psy-ops operations created chaos. Despite all that, the competition ended up fostering numerous friendships (including for Unchained reporter Sage Young, whose coverage is below) and resulted in a shocking, but heartwarming ending.

On Friday afternoon, after the winner was announced, we hosted a Spaces with Dylan, the winner, and some of the more notable players, which we’re releasing here. In the discussion, we cover the inspiration for the game, some of the behind-the-scenes surprises, who was causing chaos for various teams and how, and why the winner may be one of the winning-est contestants ever.

Guest:

Dylan Abruscato, founder of Crypto: The Game

Links

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Why One Solana Builder Is Still Optimistic About the Network - Ep. 606 Feb 09, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

On Tuesday, Solana suffered a network outage, just shy of a year since its last shutdown. The blockchain had to quickly get a new version out and notify its validators to upgrade to it and restart their systems before blocks could be produced again, resulting in downtime of roughly five hours. This was previously something that had happened regularly to the blockchain, but seemed to have been largely addressed over the past year.

Lucas, the CEO of Jito Labs, which builds infrastructure for Solana and staged a highly successful airdrop last year that helped rejuvenate the blockchain, joined Unchained to discuss what caused the outage, whether it’s something that builders on Solana should be concerned about for the future, recent improvements Solana has made to its technology, whether the implementation of Firedancer would have prevented this incident, and the promise of the Solana phone.

Show highlights:

What caused the Solana blockchain’s outage this week
Whether Solana needs to have better quality control
Whether the halt of the network affects the builders in the space
What recent developments in the infrastructure surrounding Solana give Lucas confidence in the network
Whether the Firedancer client that’s now in development would have prevented this week’s outage
The promise of the Solana phone
Whether the network going down presents a setback for the Solana community in terms of recognition and momentum
Whether financial companies will consider using Solana if these issues keep occurring

Thank you to our sponsors!

Guest

Lucas Bruder, CEO of Jito Labs

Links

Recent coverage of Unchained on Solana:
Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’
Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate
Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans

Outage

Unchained: Solana Back Online Again After Suffering 5-Hour Outage
Matthew Sigel’s explanation for why the outage happened
Mert’s tweet on how Solana prioritizes security over liveness
CoinDesk: Can We All Stop Pretending That Solana Is in Beta?

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The Chopping Block: Is Farcaster the Web3 Social Layer? - Ep. 605 Feb 08, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tarun Chitra, and Robert Leshner chop it up about the latest news and with special guest, and Farcaster aficionado Ted! This episode zooms in on Farcaster Frames: How are they revolutionizing the platform? We examine Farcaster's transformation and its impact on the future of social media: Can Farcaster redefine decentralized communication? Delving into its user base, we ask: What makes Farcaster's community unique? How do airdrop strategies and global hub distribution shape its ecosystem? And what's next for decentralized social networks like Farcaster? Join us for an insightful discussion on these pivotal questions impacting the crypto sphere.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Farcaster frames launch: Revolutionizing user engagement in crypto communities.

🔹 Social Media Evolution: Farcaster's Rise from Niche Network to Powerhouse.

🔹 Global dynamics: Farcaster's u.s. focus vs. Lens' worldwide appeal.

🔹 Decentralized platforms: the unique soul of Farcaster and Lens communities.

🔹 Airdrop strategies: boosting Farcaster's growth and user engagement.

🔹 From social networks to media: Farcaster's balancing act.

🔹 Overcoming adoption barriers: user reluctance vs. Farcaster's innovations.

🔹 A shift in content, authenticity and interaction on Farcaster.

🔹 Expanding Farcaster's ecosystem globally.

🔹 Farcaster's vision: the future of decentralized social networks.

🔹 Discovering Farcaster: overcoming hesitation, embracing curiosity.

Hosts

➡️Haseeb Qureshi, Managing Partner at Dragonfly

➡️Tarun Chitra, Managing Partner at Robot Ventures

➡️Robert Leshner, Founder of Compound

Guest

⭐️ Ted, the Farcaster Fangirl #1

Disclosures

Links

Why Farcaster Frames are important: How a failed Facebook bet is coming to fruition in Web 3 By Antonio García Martínez

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2 Lawyers on How the U.S. Can Finally Regulate DeFi - Ep. 604 Feb 06, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Trying to regulate DeFi is a huge challenge because in a truly decentralized system, there should be no centralized actors to make and enforce rules for. This could make combating illicit finance challenging since traditionally, regulation has been targeted at centralized intermediaries. Yet Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs; Michael Mosier, the co-founder of boutique law firm Arktouros; and Katja Gilman, senior lead for public policy at Polygon Labs, published a paper last week that proposes to do just that.

Rebecca and Michael join Unchained to discuss what prompted them to write the paper, what the difference is between "onchain CeFi" and "genuine DeFi," how targeting high-risk wallets can be one part of the solution, how critical communications transmitters (CCTs) are another piece of the puzzle,and what next steps they are pursuing.

Show highlights:

The motivations behind their paper and Michael and Rebecca’s legal backgrounds
Why Michael views the Bank Secrecy Act as outdated in the context of DeFi
How critical KYC and AML compliance is for the integrity of DeFi
What Rebecca identifies as the principal risks in the DeFi sector
Why their proposal targets the protocol layer for effective DeFi regulation
How "onchain CeFi" differs fundamentally from "genuine DeFi"
Whether a decentralized protocol can be effectively regulated when controlled by a DAO
How if DeFi were to be classified as critical infrastructure by the Cyber and Information Security Agency (CISA), it would impact the sector
Whether the critical components of blockchain networks, such as RPCs, can be regulated effectively
How categorizing wallets based on risk can be one part of the solution to fighting illicit finance
Why Rebecca considers Tornado Cash a prime example of “genuine DeFi”
What steps Rebecca and Michael plan to take next following the publication of their paper

Thank you to our sponsors!

Guest:

Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs
Previous appearances on Unchained:
Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Kik’s Surprising Move in Its Lawsuit With the SEC
Michael Mosier, cofounder of Arktouros PLLC

Links

Previous coverage of Unchained on the topic: Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So
Full paper: Genuine DeFi as Critical Infrastructure: A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance
Rebecca’s thread
Coin Center: Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act

Tornado Cash

Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?

Illicit funds in crypto:

Unchained: How Much Money Are Terrorists Actually Raising in Crypto?

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The Chopping Block: Points or Airdrops, Which Is the Better Engagement Model for Crypto Projects? - Ep. 603 Feb 03, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news and with special guest Aevo's Co-Founder - Julian Koh. This episode zeroes in on the latest buzz around the Jupiter ($JUP) airdrop: What's the real story behind Jupiter’s valuation and controversy? We peel back the layers of Jupiter's token strategy and its impact on market dynamics. The dialogue then shifts to the innovative approaches of Aevo (formerly Ribbon Finance) in pre-launch derivatives and the burgeoning trend of airdrop farming: How are Airdrop strategies altering the landscape of token valuation and investor behavior? The debate intensifies as we tackle the contentious battle between points systems and traditional airdrops: Are points a revolutionary engagement tool or a complex web of incentives? With the resurgence of ICOs and the strategic pivot of Ribbon Finance, we explore the implications of rebrands on the crypto ecosystem. Join us for an in-depth exploration of these critical topics and their profound impact on the world of cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹 Jupiter Airdrop Deep Dive: Unraveling the complexities and controversies behind the Jupiter ($JUP) airdrop.

🔹 Valuation Variance: Examining the fluctuations in Jupiter token valuation and their market repercussions.

🔹 Community Engagement: Evaluating the effectiveness of @weremeow's live streams in shaping community perceptions.

🔹 Airdrop Discontent: Analyzing the liquidity dynamics and user dissatisfaction stemming from airdrop strategies.

🔹 Innovations in Derivatives: Exploring Aevo's unique approach to pre-launch derivatives in the DeFi space.

🔹 The Airdrop Farmer's Dilemma: Discussing the strategies used by airdrop farmers to hedge against price volatility.

🔹 Points vs. Airdrops Debate: Delving into the pros and cons of points systems compared to traditional airdrop mechanisms.

🔹 Rebranding Strategies: Assessing the impact of token rebrands, with a focus on Ribbon Finance's evolution.

🔹 Pre-IPO Markets and Crypto: Drawing parallels between traditional pre-IPO conversion markets and crypto points systems.

🔹 The Uncertainty Factor: Considering how the allure of uncertainty influences engagement and investment in crypto.

🔹 Protocol Dynamics: Investigating the effects of airdrop farmers on the health and engagement of blockchain protocols.

🔹 ICO Resurgence: Discussing the potential comeback of Initial Coin Offerings and their role in the crypto funding landscape.

🔹 Stress Testing with Points: Highlighting innovative uses of points for protocol stress testing like Eigenlayer.

🔹 Referral Systems in Crypto: Analyzing the impact of referral-based points systems on protocol engagement and growth.

Hosts

⭐️Haseeb Qureshi, Managing partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Julian Koh, Aevo's Co-Founder

Disclosures

Links

Jupiter LFG Launchpad Blog Article - https://station.jup.ag/blog/jupiter-lfg-launchpad
Blockworks: “Jupiter airdrop draws criticism, but support remains strong” - https://blockworks.co/news/jupiter-airdrop-draws-criticism
Proposal: “Merge Ribbon Finance into Aevo” - https://gov.ribbon.finance/t/rgp-33-merge-ribbon-finance-into-aevo/709
Weremeow’s Twitch Stream: https://www.twitch.tv/weremeow

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Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’ - Ep. 602 Feb 02, 2024

While Solana DeFi protocol Jupiter staged what was by most measures a very successful airdrop launch on Wednesday, achieving a market cap of close to $800 million, the company’s critics pointed out numerous ways the company seemed to unfairly enrich itself in the process. While Jupiter’s founder, who goes by the pseudonym Meow, acknowledges he might have done some things differently, he finds the criticisms of the launch mostly based on “bad faith” and misinformation.

Meow joined Unchained to discuss the thinking behind the launch mechanics of JUP, how the prior launch of memecoin WEN served as a dry run for JUP, whether the aggressive pricing strategy of JUP was a mistake, and what he hopes to achieve with Jupiter next, including the possibility of enabling companies of all kinds to list themselves publicly on chain.

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

What Jupiter is and how it extends its functionality beyond mere token swapping
What users are primarily utilizing the dollar-cost-average feature of Jupiter for
Meow’s background in crypto and how he ended up in the Solana ecosystem
Why a launchpad seemed the ideal choice for Jupiter's token launch
What prompted the decision to release WEN, a memecoin, before launching JUP
Meow's response to criticisms regarding the launchpad's mechanics
Whether the aggressive pricing strategy for Jupiter was a misstep
How Meow feels about being targeted for criticism
What's on the horizon for Jupiter as a platform following the airdrop

Thank you to our sponsors!

Guest:

Meow, cofounder of Jupiter

Links

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A16z Crypto’s Chris Dixon on How Blockchains Can Save the Internet - Ep. 601 Jan 30, 2024

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Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Chris Dixon, founder and managing partner of a16z crypto, believes the Internet’s early ideals of democratization and community ownership have been subverted by the consolidation of power into just a few small companies like Facebook and Google. He’s written a new book called Read Write Own in which he writes about this phenomenon, and argues that blockchain technology can help reverse the trend by providing an environment in which developers and entrepreneurs can once again build direct relationships with their audiences.

Dixon joins Unchained to discuss criticisms of crypto VC firms, how he feels now about a16z’s previous investment in Facebook, how crypto has become overly politicized in the U.S., why Facebook’s Libra project was ultimately shut down, the significant promise of restaking and EigenLayer in particular, and why he believes that creator royalties are essential for the NFT market.

Show highlights:

what inspired Chris to write his new book and why he thinks the crypto industry is misunderstood
what the current problems of the Internet are and how just a few companies control most of the revenue
how Chris explains the concept of blockchains to the layman
the importance of property rights in the real world and how blockchains make this better
how Chris responds to the criticism that venture capital firms “dump on retail” and what a proper allocation of tokens to VCs is
what the best designs are to achieve good governance in decentralized networks
how the crypto industry has become politicized in the U.S.
what Chris thinks about a16z’s investment in Facebook
why Facebook’s Libra project was shut down and his takeaways from the venture
what lessons Chris learned from the 2022 crypto debacle, with the collapse of FTX, Terra, Celsius, 3AC, etc.
where Chris sits in the debate about modular vs. monolithic networks
how restaking and EigenLayer could “unlock a bunch of new design possibilities,” according to Chris
the role of open source software in driving a better environment and better projects
how decentralized social networks could attract new levels of adoption
whether creator royalties are necessary and why Chris believes that they are “non-negotiable”

Thank you to our sponsors!

Popcorn Network

Guest:

Chris Dixon, founder and managing partner of a16z crypto, author of Read Write Own
Previous appearance on Unchained: Chris Dixon on How Trust Is the Best Lego

Links

Tokenomics

Unchained: What Is Tokenomics? A Beginner's Guide

Venture Capital

Unchained: Does Venture Capital Investment Violate the Ethos of Crypto? Sequoia Says No

Modular vs. monolithic

Restaking

Royalties

The 2022 debacle

Unchained: Collapses, Bankruptcies, and Fraud: How 2022 Became the Year of Crypto Carnage

SocialFi

Unchained: What Is SocialFi? A Beginner’s Guide

Crypto & AI

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The Black Swan Event That Could Cause a Fork in Ethereum (Again) - Ep. 600 Jan 26, 2024

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Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

This week a major potential risk to Ethereum was highlighted by a bug that surfaced in Nethermind, a minority execution client. While the bug was fixed quickly, it raised the question of what would happen to the blockchain if Geth, which is used by more than two-thirds of validators and so is considered a “supermajority client,” had a bug. The situation could potentially result in a catastrophic fork of Ethereum.

Ethereum developer Lefteris Karapetsas joined Unchained to discuss the different scenarios of what could happen, the potential impact of a supermajority client issue on staking services such as Lido, why he feels the incentive system is poorly designed, and what other solutions are out there to address the lack of client diversity.

Show highlights:

What a consensus issue is in Ethereum and what happened with Nethermind last weekend
Why it would be a big problem if a supermajority client had a bug
The potential impact on staking services such as Lido
Why Lefteris feels like he is reliving the historic Ethereum DAO hack all over again
Whether the largest entities running nodes will start pursuing client diversity
How the data on the prevalence of specific Ethereum execution clients is not verifiable or programmatic, making it less transparent and difficult to analyze
Why Lefteris believes that the incentive system is not designed to achieve client diversity
Whether there are developments in the works to try to solve the lack of client diversity

Thank you to our sponsors!

Guest

Lefteris Karapetsas, Founder of Rotkiapp
Previous appearance on Unchained: Is Code Law? Should the Hacker Be Punished? The DAO Creators Disagree

Links

Unchained:
Most Ethereum Staking Pools Are Using Just One Execution Client, Potentially Increasing Risks to the Network
The Chopping Block: Data Availability & Why It’s Important
CoinDesk: Bug That Took Down 8% of Ethereum's Validators Sparks Worries About Even Bigger Outage
The Defiant: Ethereum Software Client Centralization Sparks Concern
Crypto.news: Nethermind rolls out urgent fix for block processing bug in Ethereum client
Lukasz Rosmej’s tweet that minority client Nethermind had a consensus issue
Lefteris’ tweet on a supermajority Ethereum client bug
Coinbase CEO Brian Armstrong's tweet on what he’d do in a censorship resistance request scenario
Run the majority client at your own peril! by Dankrad Feist

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The Chopping Block: Data Availability & Why It’s Important - Ep. 599 Jan 25, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week kicks off with a crucial question: Are the latest trends in crypto ETFs signaling a major shift in the investment landscape? We delve into the market's nuanced response to these ETFs and what it means for investors. How important is client diversity for Ethereum's stability and future growth? The squad engages in a lively debate on this topic. With the advent of Proto-Danksharding, how might Ethereum's scalability be impacted, and what are the implications for the blockchain ecosystem? We further examine the user experience across blockchain platforms, particularly comparing Solana and Ethereum in terms of their user interfaces and transaction dynamics. Looking to the future, what breakthroughs and challenges can we anticipate in blockchain technology? Join us for an in-depth exploration of these key questions and their profound impact on the world of cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

🔹 ETF Market Analysis: Dissecting the impact of GBTC and other ETFs on the crypto market.

🔹 Client Diversity in Ethereum: Debating the pros and cons of multiple clients for network resilience.

🔹 Proto-Danksharding Effects: Assessing its potential to lower rollup costs and enhance scalability.

🔹 User Experience in Crypto: Exploring how fees and speeds affect user interactions on various platforms.

🔹 Solana vs. Ethereum UX: Comparing their user interfaces, focusing on transaction costs and latency.

🔹 Blockchain's Future Trends: Delving into predictions and emerging innovations in the blockchain world.

🔹 Ethereum's Protocol Evolution: Discussing the roadmap and future developments in Ethereum.

🔹 Scalability Solutions: Evaluating different approaches to scaling blockchains effectively.

🔹 Layer 2 Dynamics: Analyzing the growth and challenges of Layer 2 solutions on Ethereum.

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Vitalik's post about Cypherpunk values: https://vitalik.eth.limo/general/2023/12/28/cypherpunk.html
PolyMarket for gas price per blob after EIP 4844: https://polymarket.com/event/gas-price-per-blob-1-month-after-eip-4844?tid=1706149992794
Tweet thread from DC investor: https://twitter.com/iamDCinvestor/status/1749410364666606075
Ethereum's Proto-Danksharding and EIP-4844: https://www.eip4844.com/
Ethereum 2.0 Clients Dashboard: https://clientdiversity.org/#distribution
Solana's Firedancer: https://github.com/firedancer-io

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OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever - Ep. 598 Jan 23, 2024

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Polychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin’s rise past the single digits in 2012 to the ICO craze of 2017 to 2021’s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an “incentive vortex” that will replace the world’s preoccupation with country-backed currencies.

Carlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin’s distribution strategy is a “disaster,” and the strange places that the intersection between crypto and AI could take us.

Show highlights:

Why Olaf sees the current market as the cusp of another bull run and how his thesis has remained consistent since 2011
How the launch of spot Bitcoin ETFs marks a significant milestone
Why criticisms of the crypto space are really criticisms of money in general
The fundamental differences between Web3 applications and the Web2 ecosystem and why they matter
The importance of fair token distribution in enhancing the value of Web3 projects
When Olaf expects Bitcoin to replace legacy financial systems
The areas and technologies Olaf and his fund are keen to invest in
Why Olaf thinks a modular blockchain architecture is superior to a monolithic one in the long term
How EigenLayer is innovating to enable new types of applications and whether it competes with Celestia
How Polychain managed to avoid being hurt by the major market blowups of 2022, including Terra and FTX
The evolution of the space from an ideologically driven to a more pragmatic approach
The significance of incentive design in crypto ecosystems and the trade-offs involved in system design
Olaf’s perspective on the recent rise of points systems
The growth of privacy-focused crypto projects and the potential for private blockchains to become the norm
Why he thinks Worldcoin’s distribution strategy is a “disaster”
Olaf’s interest in the intersection of AI and crypto and potential developments in this area
His bullish outlook on SocialFi and Web3 gaming

Thank you to our sponsors!

Popcorn Network

Guest:

Olaf Carlson-Wee, founder and CIO of Polychain Capital
Previous appearances on Unchained:
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain's Olaf Carlson-Wee
Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital

Links

Olaf Carlson-Wee

Forbes:
This Man Has Been Living On Bitcoin For 3 Years
Why This Hedge Fund CEO Once 'Put Most Of My Meager Life Savings Into Bitcoin'
TechCrunch: The future is a decentralized internet
Blockworks: Why Polychain Capital Founder Never Sells His Crypto
CoinDesk: Olaf Carlson-Wee: Crypto Is the Great Wealth-Redistribution Machine

Restaking/EigenLayer

Unchained:
DeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion
Do You Need to Think Twice Before Restaking Your Assets?
Olaf’s tweet on EigenLayer

Crypto + AI

Olaf’s tweet: “in crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests”

Visit Unchained for more links and details

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Why the SEC’s Case Against Coinbase Is So Significant for Crypto - Ep. 597 Jan 19, 2024

On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security.

Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case.

Show highlights:

Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem
What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services
How Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed
What the “major questions doctrine” entails and its critical role in this dispute
Why Sam perceives the judge as “extremely skeptical” of the SEC's stance
Whether inconsistencies surfaced in the SEC lawyers' arguments
What “strict liability” means and its frequent mention in this legal battle
What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales
Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case
Whether Judge Failla might reject the motion to dismiss, and when

Thank you to our sponsors!

Guest

Sam Enzer, partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
Why SBF's Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?

Links

Previous coverage of Unchained on the Coinbase case and the topic of securities:
SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
Coinbase’s Legal Action Against the SEC: How It Will Likely Unfold
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’

Coinbase vs. SEC

Other cases

Kraken

CNBC: Crypto exchange Kraken settles with SEC for $30 million, will close US staking operation

XRP

Unchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security

Terraform Labs

Reuters: Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law

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The Chopping Block: When Will the ETF Hype End? - Ep. 596 Jan 18, 2024

Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This episode delves into the complexities and market impact of crypto ETFs: Are they a game-changer for investors? The team also examines the controversies surrounding Tether, exploring its stability and the implications of recent scandals. They then shift focus to the burgeoning world of asset-backed securities and crypto casinos: What potential and challenges do they present? NFTs and their evolving role beyond digital art are scrutinized, along with the integration of crypto technology in devices like the Solana phone. Tune in for a thought-provoking discussion on these critical developments shaping the future of cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

🔹 ETF Performance Analysis: Grayscale Bitcoin Trust and Competitors.

🔹 Circle IPO: Impact on Stablecoin Market and Financial Ecosystem.

🔹 Tether Controversy: Financial Backing and Southeast Asian Scams.

🔹 Vivek Ramaswamy's Political Future: Influence on Crypto Policy.

🔹 Asset-Backed Securities (ABS) in Crypto: Opportunities for Investors.

🔹 Crypto Casinos: Rise in Popularity and Move Toward Transparency.

🔹 NFTs in Mainstream Culture: Adoption and New Use Cases.

🔹 Crypto and Traditional Finance: Stablecoins like USDC and Tether.

🔹 Crypto Integration in Devices: Solana Phone and Market Adoption.

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Blockworks: Tether says UN needs more blockchain education in response to USDT report by Casey Wagner
UNODC: Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat
CNBC: Costco sold more than $100 million in gold bars last quarter by Spencer Kimball
Number Go Up: Inside Crypto's Wild Rise And Staggering Fall by Zeke Faux
CNBC: BlackRock CEO Larry Fink: Bitcoin ETF approvals are ‘stepping stones’ towards tokenization

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How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock - Ep. 595 Jan 16, 2024

Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading.

Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market.

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why Matt Hougan regards the first week as a massive success for Bitcoin
How Matthew Sigel emphasizes the costs and benefits ETFs offer to retail investors
The strategic marketing approaches of VanEck and Bitwise aligning with Bitcoin community values
The reasons for Bitwise's standout performance in the first days of trading, according to Matt
Whether the introduction of Bitcoin ETFs will reshape the broader ETF landscape
Matt's perspective on why some financial institutions resist Bitcoin, and their eventual openness to crypto
Whether the established players in finance feel threatened by the rise of open source technologies
Whether Gary Gensler’s statement after the approval is “totally crazy”
Why data for the various ETFs in the market should be analyzed on a weekly or monthly basis
The ongoing fee competition and how smaller entities can compete against giants like BlackRock and Fidelity
Grayscale's strategies to remain competitive with higher fees and the possibility of launching a new, low-fee ETF
How investment advisors might adapt to these new crypto products and the potential for mainstream adoption
Matthew’s predictions for when BTC investors, both short-term and long-term, will take profits
Why they are both closely monitoring Ethereum's performance and the prospects for a spot ether ETF in the market

Thank you to our sponsors!

Guests:

Matt Hougan, Chief Investment Officer at Bitwise Asset Management
Previous appearances on Unchained: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Matthew Sigel, Head of Digital Assets Research at VanEck.

Links

Approval:

Unchained:
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals
Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto
David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand

First days of trading

Visit Unchained for more links and details

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Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs - Ep. 594 Jan 12, 2024

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Unless you've been living under a rock, you probably heard that spot Bitcoin ETFs were finally approved by the SEC this week. That set the stage for 11 such offerings from the likes of BlackRock, Fidelity, and ARK 21Shares to begin trading on Thursday. On this episode of Unchained, Nate Geraci, president of the ETF Store; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence; and James Seyffart, research analyst at Bloomberg Intelligence discussed the initial record trading volumes, the mechanics of how the funds work, the botched roll-out process, the pointed commentary from SEC commissioners, the potential for future Ethereum spot ETFs and predictions for total inflows. Plus, they explain why brokerage firms like Vanguard, Merrill and others were blocking customer access to the ETFs.

Show highlights:

The initial impact and trading volumes on the launch day of the ETFs
How BlackRock’s ETF, IBIT, had a lot of volume in pre-market and what that means
Why Eric was surprised that BlackRock proceeded with a waiver for its ETF, but realized that it was “genius marketing”
Whether there’s a problem that ETFs don’t trade 24/7, unlike BTC itself
Why James says the spot ETFs are not going to have significant premiums or discounts to NAV
What the percentage premium is and how it will play out with spot Bitcoin ETFs
Whether the SEC will ever allow in-kind creation and redemption
Why Nate and Eric believe that the SEC’s denials of spot Bitcoin ETFs for a decade was “completely suboptimal” for retail investors
How the SEC commissioners pointedly disagreed with each other in their comments and dissents
The politics of the approval process
Whether Ethereum spot ETFs will be approved next
Why some big platforms and brokerages are not offering the spot Bitcoin ETFs
How RIAs will respond to the ETF and whether there’s going to be mainstream adoption by advisors

Thank you to our sponsors!

Guests

James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Nate Geraci, President of The ETF Store

Links

Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF

Approval:

Unchained:
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals
Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto
David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand

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The Chopping Block: Unraveling the SEC Hack, Futarchy, and Twitter Trolls - Ep. 593 Jan 11, 2024

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast. Tune in for an engaging exploration of these pivotal questions shaping the future of cryptocurrency.

Show highlights:

🔹The concept of Ethereum alignment and its origins

🔹The SEC's Twitter account being hacked and a fake BTC ETF approval tweet

🔹Fees for different ETF issuers and Grayscale's fee reduction for GBTC

🔹The SEC's Twitter account being hacked and the fake BTC ETF approval tweet

🔹The potential use case of prediction markets in Taiwanese elections

🔹Imprisonment of individuals in Taiwan for betting on the election through PolyMarket

🔹Discussion on the concept of futarchy and its potential implementation

🔹The prevalence of centralized exchanges and their impact on user adoption

🔹Gwart's role as an observer and heckler in the crypto space

🔹Building infrastructure for onboarding users in crypto

🔹The dichotomy between the ideal of decentralization and the reality of user adoption

🔹Criticism of DAO governance and lack of significant innovation

Hosts

Haseeb Qureshi, Managing Partner at Dragonfly
Robert Leshner, Founder of Compound
Tom Schmidt, General Partner at Dragonfly
Tarun Chitra, Managing Partner at Robot Ventures

Guest

Gwart, Crypto Twitter Icon

Disclosures

Links

Justin Drake on Bankless’ “57 - Ultra Sound Money | Justin Drake”: https://youtu.be/bWqhn1hXvVc
Justin Drake on “ETH’s Biggest Upgrade Since EIP1559 | MEV Burn w/ Justin Drake and Dom”: https://youtu.be/nb7x7n8Ga3U
Eliezer Yudkowsky – “AI Alignment: Why It's Hard, and Where to Start”: https://youtu.be/EUjc1WuyPT8
Eliezer Yudkowsky - “Why AI Will Kill Us, Aligning LLMs, Nature of Intelligence, SciFi, & Rationality”: https://www.dwarkeshpatel.com/p/eliezer-yudkowsky
Vitalik Buterin’s “An Introduction to Futarchy”: https://blog.ethereum.org/2014/08/21/introduction-futarchy
Arthur Breitman’s “Towards Futarchy in Tezos”: https://medium.com/tezos/towards-futarchy-in-tezos-54a7b8926967
“More arrests for betting crypto on Taiwan election via blocked website” by Jono Thomson (Taiwan News, Staff Writer): https://www.taiwannews.com.tw/en/news/5070386

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Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday - Ep. 592 Jan 09, 2024

It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely schedule, and whether all the applications are likely be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be.

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

What the recent 19b-4 and S-1 filings say about how close the ETFs are to approval
Whether Hashdex's existing futures ETF impacts its treatment in the spot Bitcoin ETF process
The likely timeline for trading to start post-ETF approval
The possibility of simultaneous launches for all approved ETF issuers
The SEC's concerns about ensuring a fair launch, informed by the BITO experience
Eric’s surprise at JP Morgan's involvement as an Authorized Participant
Why the SEC is approving the ETF despite Gensler’s stance against crypto
What extreme cases Eric believes might cause the ETF not to be approved
How BlackRock's low fees set a challenging benchmark for competitors
The potential for an issuer to offer even lower fees than current players
How issuer margins are thin due to marketing fees, and the impact of waivers
James’ theory about why Grayscale might be keeping the fee on GBTC so high
Predictions about which issuer(s) will gain the bulk of assets under management
The rumor about BlackRock introducing substantial liquidity on the ETF's first day
Eric and James's expectations for ETF inflows and market dynamics

Thank you to our sponsors!

Guest:

James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Will a Spot Bitcoin ETF Finally Get Approved?

Links

Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF

Fees

Unchained: Fee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF Applicants
Caitlin Long’s tweet warning about no fees
Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees

Market participants:

Others:

Better Markets’ letter: The SEC Must Follow the Law and Reject Spot Bitcoin ETPs Which Will Inflict Massive Investor Harm
FXSTREET: BlackRock might be on track to create history with $2 billion inflows in spot Bitcoin ETF in a week
Eleanor Terrett of Fox News’ tweet on Better Markets’ letter
Scott Johnson of Van Buren Capital’s estimate

Learn more:

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The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share - Ep. 591 Jan 05, 2024

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

The past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale’s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs.

Show highlights:

Why the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF’s price alignment
The reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs
How the Matrixport report led to a 7% drop in BTC value
The importance of seed funding for ETFs and its impact on their stability and growth
The pivotal role of distribution in an ETF and why Spencer emphasizes its significance
Whether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF
The potential impact of changes in the Grayscale board on its aspirations to launch an ETF
How the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF
Whether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy
Spencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF

Thank you to our sponsors!

Guest

Spencer Bogart, General Partner at Blockchain Capital

Links

Matrixport report

Why the SEC will REJECT Bitcoin Spot ETFs again
Jihan Wu’s tweet defending the analyst
Unchained: Why Did Bitcoin's Price Dip as ETF Approval Nears?

Market participants:

8-As

The Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications

Fees

Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees

Grayscale:

Unchained: DCG CEO Silbert, President Murphy Exit Grayscale Board

Learn more:

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The Chopping Block: If Vitalik Is the Pope of Crypto, Is Justin Sun the Inverse Pope? - Ep. 590 Jan 03, 2024

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Laura Shin, the host of Unchained, to discuss the latest post from Ethereum co-founder Vitalik Buterin, who argues that crypto needs to get back to its idealistic cypherpunk roots. Is Vitalik the Pope of crypto, as Haseeb argues, and is there even a need for such an exemplary-type figure? And how do other influential crypto folks like Solana’s Anatoly Yakovenko and Tron’s Justin Sun fit into this dynamic? The gang also discusses the likely imminent approval of a spot Bitcoin ETF in the U.S. and what it might mean for Bitcoin’s price and Ordinals Inscriptions.

Show highlights:

Who won the group’s bet on what the circulating supply of PayPal’s stablecoin, PYUSD, would be at the end of the year
The Orbit Bridge hack and how the potential involvement of North Korea could be a problem for the industry
How Vitalik’s post urging for a return to the cypherpunk ideals sparked a debate within the community
Whether Vitalik is like “the Pope of crypto” and whether there’s even a need for one
Why it’s so important to keep the cypherpunk ethos, according to Tarun
Why Tom believes, after reading Vitalik’s post, that the wrong lessons are being learned
How Vitalik and Solana’s Anatoly Yakovenko could represent the religious leaders of two different approaches
Whether Justin Sun is the “inverse of Vitalik”
How GBTC holders are the most impacted ones given that the spot Bitcoin ETFs will be created and redeemed in cash
Whether the SEC is picking favorites in the Bitcoin ETF landscape
What could happen to the price of BTC if the ETF is approved
Whether the rise in Bitcoin’s price will increase fees so much that it crowds out Ordinals Inscriptions

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest

Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained

Disclosures

Links

Cypherpunk ideals

Make Ethereum Cypherpunk Again by Vitalik Buterin
Quotes on Vitalik’s post on X
Business Insider: 'Heed these words of warning:' Ethereum founder threatens to leave if the crypto community doesn't grow up
The Block: Solana Labs CEO: It ‘doesn’t really matter’ if the network goes down again

Spot Bitcoin ETF

PayPal’s PYUSD bet:

The Chopping Block: Curve Crisis Concludes With a Whimper, PayPal’s PYUSD Raises New Questions

Orbit Bridge hack

Unchained: Orbit Chain Announces 'Significant Clue' in $81 Million New Year's Eve Hack
The Block: Orbit Chain's bridge reportedly hacked for $81.5 million

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Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate - Ep. 589 Jan 02, 2024

In this episode of Unchained, Anatoly Yakovenko, co-founder of Solana Labs, Nick White, COO at Celestia, and Chris Burniske, partner at VC firm Placeholder discuss the differences between modular and monolithic, or integrated, blockchains, with Solana epitomizing the monolithic approach and Celestia the modular one. They all agree that both approaches have their merits and will likely coexist, but argue each lends itself to specific use cases and developer preferences.They also discuss what will drive the next crypto bull cycle, and each gives their best predictions for a specific development in the crypto industry in the next few years.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

Chris’s explanation of the modular vs. monolithic approach in blockchains
What drove Anatoly to prioritize speed in Solana's architecture and its impact on the network
What Celestia is and how it represents the first modular blockchain network
Whether developers and users will gravitate more towards modular or monolithic blockchains
How Solana, as one of the fastest blockchains, is gearing up to handle massive usage and scalability
Why Chris views Celestia as a frontrunner in the data availability sector
How Nick perceives the philosophical similarities and executional differences between Celestia and Solana
Whether there's potential for Solana to transition into a modular blockchain in the future
Why Chris believes that the Solana Virtual Machine (SVM) might surpass the Ethereum Virtual Machine (EVM) in user adoption
What challenges Bitcoin faces in developing actual Layer 2 solutions, especially considering its "doomers storage" issue
What could drive the next crypto bull market
Top predictions for 2024 and beyond
Anatoly’s perspective on how a significant hack could pose a serious setback for the entire industry

Thank you to our sponsors!

Guests:

Anatoly Yakovenko, cofounder of Solana Labs
Previous appearances on Unchained:
Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans
Will Solana Be the Execution Layer and Ethereum the Settlement Layer?
Can Solana Seize Marketshare From Ethereum With Serum?
Anatoly Yakovenko on Why Solana Is Building the SAGA
Chris Burniske, partner at Placeholder
Previous appearances on Unchained:
Two VCs on Why This Is the Perfect Time to Invest in Crypto
2022 in Review + How Cobie and Chris Burniske Are Playing the New Year
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
How To Value A Crypto Asset
Nick White, COO at Celestia Labs

Links

Modular vs. monolithic

Alchemy:Modular vs. Monolithic Blockchains
Visa: Monolithic vs. modular blockchain
Chris Burniske’s tweet on modular vs monolithic

“The horrific inefficiencies of monolithic blockchains” by polynya

Blockworks: A spicy salvo launched in the monolithic vs modular debate
Unchained: What Is the Blockchain Trilemma?

Celestia

Spot Bitcoin ETF:

Ledger ConnectKit incident

Unchained: Ledger Library Compromised, Causing Confusion and Panic in Crypto Community

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The Chopping Block: How Jito Helped Put Solana on the Map Again - Ep. 588 Dec 29, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Lucas Bruder, co-founder and CEO of Jito Labs, an infrastructure provider that mitigates the impact of maximum extractable value (MEV) on Solana — specifically spam and wasted block space. He and the gang discuss how the Jito airdrop this month helped rejuvenate Solana; how Jito differs from Flashbots, its counterpart on Ethereum; Solana’s potential scalability; and how Solana believers have been vindicated by the developments of the last few months.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why Jito is a crucial development in the Solana ecosystem and its potential impact on network performance
What sets Jito apart from its counterpart on Ethereum, Flashbots, in terms of functionality and benefits
Whether Solana's speed uniquely influences Jito's effectiveness compared to Flashbots
Lucas' explanation of maximum extractable value (MEV) and how it operates within the Solana network, providing insight into its complexities and advantages
Whether Solana's infrastructure could sustain block production if the AWS integration encounters disruptions
How the Jito airdrop may have rejuvenated the Solana network, potentially marking an end to its "ice age"
What recent surges in on-chain activity in Solana indicate about the network's health and user engagement
Where MEV fees in Solana are directed and who benefits from this value accrual within the ecosystem
Whether Solana dapps are evolving their architectures to mitigate MEV opportunities and enhance network security
How Tarun envisions the design of Solana's fee market for optimal efficiency and fairness
Whether Solana has the inherent capacity for infinite scalability and what potential bottlenecks might impede this growth

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest:

Lucas Bruder, CEO of Jito Labs

Links

MEV:

Previous coverage of Unchained on MEV:

Jito:

Solana’s recent activity and bull run:

Solana’s model:

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Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves - Ep. 587 Dec 29, 2023

Take the Unchained 2023 survey!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

As 2023 nears its end, the crypto community is abuzz with speculation: will the relentless crypto winter give way in 2024? Crypto OG Arthur Hayes is confident that crypto is on an upswing. According to Hayes, these market cycles are historically recurrent, indicating a potential bull run in the near future.

In this episode, Hayes offers his insights on a range of compelling topics, from what he believes will be a resurgence of central bank money printing between 2024 and 2027 to the effect spot Bitcoin ETFs will have on crypto markets.

He also shares his views on the post-FTX blockchain landscape, the dynamics of Ethereum and memecoins, and why he thinks Tether won’t last.

Show highlights:

Why Arthur believes that central banks across the globe might resort to printing money again between 2024 and 2027
Why he's anticipating a bull run in the crypto market within the next year
Whether the financial system established post-World War II is on the verge of a breakdown
What Arthur recommends investors should do in the event of a spot Bitcoin ETF launch
Why he is confident that the launch of a Bitcoin ETF won't immediately lead to a massive surge in prices
How, according to Arthur, the collapse of FTX actually validated the resilience of the blockchain ecosystem
Whether the DCG crisis is likely to have a far-reaching impact on the crypto industry
Why Arthur maintains a bullish stance on ETH and the Ethereum ecosystem, despite labeling it a “shitcoin”
Whether he sees the use of the Bitcoin blockchain for trading memecoins (BRC-20s) as problematic
Why Arthur thinks Tether's dominance will be challenged with the entry of major U.S. banks into the stablecoin market
Why he firmly believes that AI systems will favor Bitcoin over traditional forms of money
Why, in Arthur's view, China may not aim to become the issuer of the global reserve currency
The investment strategy of Arthur’s family office, Maelstrom

Thank you to our sponsors!

Guest

Arthur Hayes, CIO of Maelstrom.
Previous appearances on Unchained:
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
How Crypto and Blockchain Technology Could Change Financial Services

Links

Macroeconomics

CoinDesk: The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes
Bad Gurl by Arthur Hayes
The Periphery by Arthur Hayes
Arthur Hayes’ tweet: “the U.S. banking crisis is back”

Bitcoin ETFs and markets

Forbes’ Billy Bambrough on Arthur Hayes’ hot ETF take - “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin.”
Blockworks: Institutional custody of bitcoin could kill it, cautions Hayes
Arthur’s tweet on cash or in-kind Bitcoin ETFs
Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Arthur’s meme on BlackRock

SBF and FTX

White Boy by Arthur Hayes
White Man by Arthur Hayes
New York Magazine: The Original King of Crypto Is Back Arthur Hayes rubbed success in the Feds’ face and got busted. Now he’s returning to a shell-shocked industry.

CZ and Binance

For more detail and links visit Unchained!

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2023 Crypto Year in Review: Is a Bull Market Around the Corner?- Ep. 586 Dec 26, 2023

Take the Unchained 2023 survey!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

In 2023, the crypto industry began with post-FTX fallout such as Operation Chokepoint 2.0, the failures of banks serving the crypto industry and the SEC's Wells Notice against Coinbase.

Meanwhile, Bitcoin Ordinals brought innovation to the Bitcoin network, while Ethereum's Shanghai upgrade introduced new functionalities.

The criminal trial of Sam Bankman-Fried was the dramatic climax of the year, as lawmakers’ concerns about crypto being used for terrorist financing brought crypto into the mainstream conversation. The year ended with Binance's substantial settlement with the U.S. government and spot Bitcoin ETFs in the horizon, ushering in what looks like the beginnings of another bull market.

Thank you to our sponsors!

Links

DCG

Unchained:Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?

Reuters:Crypto lending unit of Genesis files for U.S. bankruptcy

CELSIUS

Unchained:

Operation Chokepoint 2.0

WSJ: Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin

The Verge: Kraken pays a $30 million fine and shuts down crypto staking in the US

Unchained:

Bitcoin Ordinals

Unchained:

Signature, Silvergate, SVB, USDC depeg

Investopedia: What Happened to Silicon Valley Bank?

CNBC: Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure

Unchained:

Reuters: Signature Bank failure due to 'poor management,' US FDIC report says

The Verge: Silvergate has collapsed

Ethereum’s Shanghai upgrade

Unchained:

CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella

PROMETHEUM

Unchained:

SEC vs. Binance and Coinbase

Unchained:

RIPPLE

Unchained:

CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP

Visit our site to see more details and links!

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Crypto Points Systems Are a 100x Opportunity, But Founders, Be Wary - Ep. 585 Dec 22, 2023

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Over the past year, the crypto industry has seen the rise of a new trend: the adoption of points systems.

Li Jin, cofounder of Variant Fund, says that while points systems have long been a staple in the Web2 domain, their integration into the crypto ecosystem could have pitfalls.

She covers how these points are currently being leveraged within crypto applications in the hopes of driving user engagement and retention, why they’re taking off now, and why they’re off-chain. She also points out that, if implemented poorly, they could engender disloyalty instead of leading to sustainable communities, and urges founders to be thoughtful about the design of these systems, especially about how points translate to economic value.

Show highlights:

What points are in crypto and their role in rewarding user behavior
Examples of popular projects that have successfully implemented points systems
Why points mechanisms are gaining traction in crypto, offering benefits of tokens without the downsides
Whether points, which are currently off-chain, will eventually move on-chain, and the implications for users and founders
How points can incentivize inorganic behavior, drawing from Li Jin's experience in the Web2 sector
The potential pitfalls of points systems and how they can sometimes create more disloyalty than loyalty
Identifying which crypto projects are best suited for using points, and the importance of product-market fit
Why keeping the economic value of points ambiguous can enhance user engagement and loyalty
Whether points are being used by projects to navigate around regulatory challenges
Future developments in points systems, including the potential of bringing points on-chain for a universal loyalty system

Thank you to our sponsors!

Guest

Li Jin, cofounder and General Partner at Variant Fund
Previous appearances on Unchained:
Will Every Piece of Media Enter the Internet as an NFT? Variant Fund Says Yes
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!

Links

Points

Li’s Newsletter: Lessons on Points Programs for Crypto Apps
Li’s comments on the topic:
Tweet 1 on points entering “the crypto app zeitgeist”
Tweet 2 on points discounting the cost of the product
Tweet 3 on points and product-market-fit
Tweet 4 on how points can “distort activity”
CoinDesk:
Crypto Points: Off-Chain Derivatives That Everyone is Talking About
Web3 Loyalty Programs Are a Trojan Horse for Good Crypto Policy
DL News: Why DeFi protocols love to offer ‘points’ before airdrops

Projects using points

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Why Swan CEO Cory Klippsten Is Still Convinced That Bitcoin Is Headed to $1 Million - Ep. 584 Dec 19, 2023

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Swan founder and CEO Cory Klippsten is all-in on Bitcoin. Not only does he believe that Bitcoin is poised to reach $1 million by 2030, he also thinks most alt-coins add little to no value and will eventually all go to zero. Accordingly, his company is a massive bet on the future of Bitcoin, from educating people about the world’s first crypto and convincing them to eventually self-custody, to making private equity investments in the Bitcoin ecosystem, to eventually planning to launch the first US Bitcoin-only trust company to create a safer environment for investors.

Here he talks to Unchained about his crypto journey, the likely impact of spot Bitcoin ETFs on crypto adoption and prices, his extreme skepticism about Bitcoin Ordinals, when he first knew Sam Bankman-Fried was a fraud and why he thinks that crypto VCs have done a “massive disservice” to the world.

Show highlights:

What Swan Bitcoin is, its origin story and the future trajectory envisioned by Cory
Cory's journey into crypto, his journalism background and the shift to a Bitcoin-centric focus
How Cory is navigating discussions with hedge funds, family offices, and insurance companies in anticipation of a Bitcoin spot ETF
Swan’s Bitcoin-only investment strategies
How lending and borrowing with Bitcoin is evolving
Cory's private equity investments within the Bitcoin ecosystem
The rationale behind Swan launching the first US Bitcoin-only trust company
Swan's stance on financial privacy, especially after warning customers that banks might close their accounts if they used mixers
Cory's reasoning for advising against "trading" the Bitcoin spot ETF launch
Predictions on when BTC might reach new all-time highs
Cory's perspective on Bitcoin Ordinals and their impact on the Bitcoin mempool
The concerns about decreasing block rewards and the future security of Bitcoin
Why Cory was convinced of FTX's fraudulent nature after reviewing the balance sheet that led to SBF's downfall
Why he thinks that VCs have done a "massive disservice” to the world

Thank you to our sponsors!

Guest:

Cory Klippsten, CEO of Swan Bitcoin

Links:

Swan Bitcoin:

Bitcoin ETFs:

FTX

CoinDesk: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet

Ordinals:

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The Chopping Block: Crypto’s Best and Worst in 2023 - Ep. 583 Dec 15, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, after an incredibly eventful year for crypto, The Chopping Block crew makes its picks for the best and worst of 2023, including its biggest winners and losers, biggest surprises, best memes, best or worst pivots, biggest flops, best comeback stories, favorite podcast guests and predictions for 2024. Hear why some in the gang consider Solana to be the year’s biggest winner, Circle the biggest loser, MicroStrategy the best and worst pivot, Coinbase the best comeback and a renewed boom in crypto lending one of the top predictions for 2024.

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Surprises:

Flops:

Winners:

Memes:

Favorite guests:

Others

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Why the SEC May Want Cash Creation of Spot Bitcoin ETFs - Ep. 582 Dec 15, 2023

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Unchained is doing its annual survey. Let us know what we’re doing well, how we can improve, what you’d like to see more of, and generally, how we can serve you better. The survey also helps us find sponsors whose products and services would appeal to you. Plus, participating gives you an opportunity to win Unchained merch! Five randomly selected respondents will receive one free Unchained t-shirt or mug — your choice. Click here to participate. Thanks so much!

The long-awaited approval of a spot bitcoin ETF looks to be mere weeks away, and Bloomberg ETF analyst James Seyffart joins Unchained to discuss the final issues and considerations, especially the battle over whether the new funds will feature in-kind vs. cash creation and redemptions, which appears to be one of the last main sticking points in negotiations between the SEC and fund companies. He also discusses the specific impact of an ETF approval on Grayscale, which runs the $26.6 billion Grayscale Bitcoin Trust, and why he thinks the SEC has thrown in the towel on trying to classify Ethereum as a security.

Show highlights:

Why James views the multitude of potential issuers meeting with the SEC as a positive sign for the future of ETFs
When James anticipates the ETFs will actually be listed on exchanges, which differs from their approval dates
The crucial differences between in-kind versus cash creation and redemptions in ETFs and their impact on market dynamics
How the choice of in-kind or cash creation and redemptions influences the overall cost structure of these financial products
Whether the current actions of ETF issuers suggest a "bending the knee" approach to the SEC's preference for cash creations and redemptions
How the selected ETF model will specifically impact Grayscale and the future of its GBTC offering
The potential strategies behind BlackRock's private trust, especially in terms of integrating its Bitcoin holdings into its prospective ETF
Why James holds a more cautious outlook for the approval of an Ethereum spot ETF compared to his confidence in Bitcoin ETFs

Thank you to our sponsors!

Guest

James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10

Links

Previous coverage on spot Bitcoin ETFs:
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks
Understanding the ETF creation and redemption mechanism
Nate Geraci’s tweet on in-kind/cash
James comments “the people want in-kind”
James: “I think everyone is gonna have to bend the knee to cash creates and redeems.”
Eric Balchunas suggests the SEC is only letting cash-create ETFs launch initially

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How Binance Will Open All Its Activity to the U.S. Government - Ep. 581 Dec 12, 2023

Unchained is running its annual survey to better serve you.

Please answer our annual survey here.

The record $4.3 billion settlement reached between Binance and the U.S. government over charges of money laundering and sanctions violations calls for the world's largest crypto exchange to maintain an independent compliance monitor for the next five years. Michael Dawson, a partner at WilmerHale, and Dorothy DeWitt, founder and CEO of Tolt Strategies, a former director at the CFTC and former general counsel at Coinbase, dissect the intricacies of this arrangement, delving into the roles and responsibilities of the compliance monitor, the potential impact on Binance's operations and the broader implications for the crypto industry.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what exactly is a compliance monitor, and why it's essential in the Binance settlement
which regulatory agencies the monitors report to and their significance
why the DOJ insisted on including a compliance monitor in its settlement with Binance
how Binance’s compliance monitor is expected to create a “ripple effect across the industry,” according to Michael
why Binance, despite being a non-U.S. entity, is subject to a U.S.-appointed monitor
Dorothy's perspective on why more monitorships might be appointed in the crypto industry going forward
how much the monitorship will cost Binance and the factors influencing their choice of monitor
whether the government will be able to discover other crimes with all this new information, which will be used by other agencies such as the IRS and the FBI
who might be appointed as the compliance monitor for Binance and why Michael favors Patrick McHenry
what constitutes the SAR lookback and AML program consultancy
what could happen when the government gets to look at all past transactions
what happens if the monitor discovers any wrongdoing within Binance
whether the monitorship is likely to impact Binance's business operations
advice from Dorothy and Michael for Binance's new CEO on navigating these challenges
why predicting the future of Changpeng Zhao, Binance's ex-CEO, is complex, according to Dorothy

Thank you to our sponsors!

Guests:

Michael Dawson, partner, Financial Institutions Group at WilmerHale
Dorothy DeWitt, founder and CEO of Tolt Strategies and former Director of the Division of Market Oversight at the CFTC

Links

Settlement

The CFTC’s guidance on monitorships

CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions

Other monitors at crypto companies

Coinbase (independent monitor): Press Release- January 3, 2023: Superintendent Adrienne A. Harris Announces $100 Million Settlement with Coinbase, Inc. after DFS Investigation Finds Significant Failings in the Company’s Compliance Program | Department of Financial Services
Robinhood Crypto (independent compliance consultant): Press Release- August 2, 2022: DFS Superintendent Harris Announces $30 Million Penalty on Robinhood Crypto for Significant Anti-Money Laundering, Cybersecurity & Consumer Protection Violations | Department of Financial Services (ny.gov)

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Market Forecaster Raoul Pal Says There’s a Good Chance Bitcoin Will Hit $100K-$200K in 2024 - Ep. 580 Dec 08, 2023

Unchained is running its annual survey to better serve you.

Please answer our annual survey here.

The likely impending approval of spot bitcoin ETFs has already sparked a major rally in the price of bitcoin and other cryptocurrencies, but will the bull run continue once the funds are up and running? On this episode of Unchained, the founder and CEO of Global Macro Investor, Raoul Pal, describes why a spot bitcoin ETF is such a significant development, likening it to a free trade agreement with the traditional financial world. He also discusses what effect a spot Ether ETF is likely to have on Ether prices, the relative merits of Ether vs. Solana, the usefulness of BRC-20 tokens and why 2024 is likely to be a very good year for crypto and the economy as a whole.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

How Pal sees crypto as creating a new parallel financial system that a spot Bitcoin ETF will soon offer entrée to
what he believes will be the key catalysts for the upcoming bull market in crypto
why Raoul is predicting a "very strong 2024" for the crypto market, including his outlook for the price of Bitcoin
how he thinks investors and institutions will respond to the potential launch of an ETH spot ETF
why Raoul is bullish on both Ethereum and Solana
what developments in the Solana ecosystem are making Raoul particularly optimistic
which network Raoul expects to emerge as the winner in the blockchain space
why he views BRC-20s and Ordinals inscriptions as positive developments for Bitcoin

Thank you to our sponsors!

Guest

Raoul Pal, cofounder and CEO of Real Vision

Links

Bitcoin ETF and markets:

Ordinals and BRC-20s

Solana vs. ETH

Unchained: Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans

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The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security - Ep. 579 Dec 07, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they are joined by Samczsun, an anonymous security researcher at Paradigm, who delves into the intricacies of crypto security, ethical hacking and the shifting landscape of smart contract vulnerabilities. He also discusses his strong feelings about the “Code Is Law” philosophy and gives tips on how people in crypto can best protect their online security.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what led Sam to a career in crypto security and his current role at Paradigm
how Sam uncovered one of crypto's most legendary vulnerabilities
why security experts like Sam choose the path of white hat hackers over black hats
The craziness of the KyberSwap hacker's proposal
parallels that Robert draws between this case and Avi Eisenberg's Mango Markets exploit
what advice Sam has for the KyberSwap hacker
whether Sam, as a security expert, trusts storing his money on-chain
how the Platypus hack ruling by a French judge challenges the 'Code Is Law' philosophy
what the Security Alliance aims to achieve and its impact on the industry
how Sam suggests individuals should practice personal crypto security, including the importance of using password managers and hardware wallets, and avoiding SMS two-factor authentication

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound and Superstate
Tom Schmidt, general partner at Dragonfly

Disclosures

Guest:

Samczsun, security researcher at Paradigm

Links

Hacks

Episode with Ogle: The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money
Unchained: $48 Million Drained from KyberSwap in Hack
Kyberswap hacker's latest message
Cointelegraph:
KyberSwap hacker offers $4.6M bounty for return of $46M loot
Platypus exploiters walk free after claiming to be ‘ethical hackers’

Code is law:

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Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans - Ep. 578 Dec 05, 2023

Unchained is running its annual survey to better serve you.

Please answer our annual survey here.

Solana’s native token SOL has been one of the best-performing cryptos of the year, up more than 500% so far, but you wouldn’t have guessed that would be the case given how closely tied the blockchain was to FTX, which held huge amounts of SOL and was a big supporter of the platform. The blockchain also experienced numerous outages in 2022. But Anatoly Yakovenko, Solana’s co-founder, says the discipline imposed by FTX’s collapse, as well as improvements to the technology, have made Solana stronger.

On this episode of Unchained, Yakovenko talks about the impact of FTX’s collapse, his early impressions of Sam Bankman-Fried, the SEC’s designation of SOL as a security, how entrepreneurs are leaving the U.S. because of the regulatory risk, SOL’s share of the stablecoin market, and why he thinks it’s inevitable that finance will eventually run on something like Solana.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

How the Solana ecosystem weathered the FTX crisis
How FTX’s collapse was like ripping off a band-aid for Solana
Anatoly's initial impression of SBF as a “super genius”
Why, despite SOL's strong 2023 performance, the Solana ecosystem hasn't experienced a corresponding growth in active developers
What factors Anatoly believes contribute to the relatively low number of daily active wallet addresses in Solana
How Solana addressed and rectified the outage issues that were so frequent in previous years
Why Anatoly draws a parallel between Ethereum and Windows 95, and Solana and Windows 2000
Why he's not worried about Jump Crypto building a client for the blockchain
The ongoing debate within Solana on open-source versus closed-source culture, and the potential for future shifts
How the Solana Foundation is handling the SEC's classification of SOL as a security
Whether there's a trend of developers and founders relocating from the United States in search of a more supportive ecosystem
Why Solana holds a low market share of stablecoins across various blockchains, and the implications of this trend
Why Anatoly considers trading volume a more critical metric than Total Value Locked (TVL) in assessing blockchain success
How Web3 gaming has been flourishing on Solana
Why Anatoly is confident that DeFi will find its rightful place on the Solana network
The future plans for the Saga phone after its market challenges
What Anatoly thinks is the number one focus for Solana for the near term

Thank you to our sponsors!

Guest:

Anatoly Yakovenko, Co-founder of Solana Labs
Previous appearance on Unchained: Will Solana Be the Execution Layer and Ethereum the Settlement Layer?
Previous appearance on Unchained: Can Solana Seize Marketshare From Ethereum With Serum?
Previous appearance on The Chopping Block: Anatoly Yakovenko on Why Solana Is Building the SAGA

Links

Unchained: Solana Saga review
Decrypt: Mad Lads NFTs Hit All-Time High as Backpack Taps FTX Lawyer for Exchange Launch
Op-ed by Anatoly on Fortune: Solana co-founder: 'To keep the next great American founder in America, Congress must regulate crypto. But first lawmakers should learn how it works'

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The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money Ep. 577 Dec 01, 2023

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang sits down with Ogle Crypto, a veteran negotiator in crypto hacks, to discuss the recent KyberSwap exploit, which involved an almost $50 million loss across various chains.

Ogle shares how he initially became a negotiator, including his first case in which he tracked down a group of hackers from Hong Kong when they fled to Great Britain after stealing $24 million in funds. Ogle also shares his negotiation tactics, the typical profile of hackers he encounters today and his empathetic approach towards these often young and financially struggling individuals.

Then the group raises concerns around the hype and marketing strategies of Blast, a new Layer 2 on Ethereum offering “native yields” that achieved $620 million of TVL in less than two weeks.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

How KyberSwap's sophisticated security was breached, resulting in an almost $50 million loss across various blockchain networks.
Why Tarun suspects the behind-the-scenes workings of an organized group, rather than a lone attacker, in the KyberSwap incident.
The evolution of crypto hacks towards more systematic and professional negotiations with hackers.
Ogle's journey into the world of crypto hack negotiations, highlighted by a fascinating case of pinpointing hackers who had fled Hong Kong.
Ogle's strategic approach to negotiating with hackers, balancing empathy and tactical communication.
Profiling the typical hackers in these scenarios, focusing on their youth, origins, and backgrounds.
Ogle's perspective on why he often finds a sense of understanding towards these young, misguided hackers.
Assessing the crypto industry's response to white hat hackers: Are they adequately rewarded for safeguarding the digital frontier?
The curious surge of investments into Blast, Ethereum's new Layer 2 contender, amidst swirling concerns and skepticism.
Robert's take on why the Blast phenomenon could signal a troubling trend, surpassing the chaos of 2017, paralleled by Tarun's analogy to a “decentralized Herbalife.”
Were Blast’s marketing tactics misleading or merely overly optimistic?

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Guest

Ogle Crypto, Crypto sleuth and negotiator

Links

Hacks

Unchained: $48 Million Drained from KyberSwap in Hack
Kyberswap’s hacker latest message
HackerNoon: Mark Cuban's Bane: How Iron Finance's $TITAN Crypto Crashed From $60 to $0
Cointelegraph: KyberSwap hacker offers $4.6M bounty for return of $46M loot

Blast

Unchained: Blast Surges to $300M TVL, Rapidly Gaining on Top Ethereum L2s Amid Concerns
DefiLlama: Blast TVL

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Why Presidential Candidate Vivek Ramaswamy Is So Pro-Crypto - Ep. 576 Dec 01, 2023

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Please answer our annual survey here.

Vivek Ramaswamy is likely the biggest supporter of crypto among the current crop of presidential candidates. But his enthusiasm comes not from an inherent love of the technology or its principles themselves, but a dissatisfaction with what he calls the “administrative state” that’s stifled innovation in a number of important industries, crypto among them.

On this episode of Unchained, Ramaswamy discusses his radical plan to slash the number of people working at federal agencies; his three-point crypto policy plan based on the freedom to code as a protected form of expression, the freedom of financial self-reliance, and the freedom to innovate free from regulatory overreach; why the current orientation of the U.S. government towards regulation of the crypto industry by enforcement isn’t helping anyone; his plans to stabilize the U.S. dollar by pegging it to a basket of commodities that could eventually include Bitcoin; why he’s so opposed to central bank digital currencies; and what industries he thinks could benefit from the use of blockchain technology.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Vivek, who has a background in biotech, fell down the “crypto rabbit hole”
how the administrative branch of government doesn't work like it's supposed to, according to Vivek
why he believes the government poses a threat to the future of crypto
how he would respond to a situation in which the code of a smart contract is exploited
how Vivek would prevent the use of crypto for illicit ends
why he thinks that the current status quo in terms of crypto regulation is the “worst of all worlds”
Vivek’s plan to stabilize the U.S. dollar by pegging it to a basket of commodities, potentially including Bitcoin
why he is so against the creation of a central bank digital currency in the U.S.
how blockchain technology can be used to help the U.S. maintain its technological supremacy

Thank you to our sponsors!

Guest

Vivek Ramaswamy, 2024 U.S. Presidential Candidate
Vivek on The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation

Links

Original speech unveiling his crypto policy plan at the North American Blockchain Summit 2023
Unchained: GOP Candidate Vivek Ramaswamy Makes the Case for Reduced Crypto Regulation
Bloomberg: Ramaswamy’s Crypto Deregulation Plan Is Scaring the Industry
CoinDesk: Ramaswamy Shares Crypto Plan, Making Him the Only GOP Candidate Who Has One

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Why the Crypto Industry Is So Upset About the IRS’ Proposed New Tax Reporting Rules - Ep. 575 Nov 28, 2023

The IRS sparked a storm of controversy when it released proposed new rules for crypto transaction reporting earlier this year. The new rules seek to define who is considered a broker, what types of transactions need to get reported, and the kinds of digital assets that need to be included, but many in the industry consider them overly broad and ultimately unworkable.

Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at tax software firm CoinTracker, discuss the crypto industry’s specific objections to the proposed new rules, and what might be a better way forward. They also delve into how the regulations would apply to stablecoins and NFTs, potential blockchain-based solutions for the reporting requirements, and what the likely outlook and timeline for the proposals to come into effect are.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

What the newly proposed IRS regulations around crypto are and when they are likely to go into effect
what entities qualify as a broker and why this may pose a problem
what the implications for the industry are if these regulations were passed
the number of additional reports the IRS is expecting to receive if these regulations are adopted
how the regulations would apply to stablecoins and NFTs
what the five types of brokers are under the proposed regulations and the three types that they exclude, according to Shehan
the unprecedented amount of comments submitted
what suggestions Coinbase and CoinTracker have in mind for better tax regulation
why Lawrence thinks that DeFi exchanges should be treated the same as centralized ones
whether people should have privacy concerns about the new proposals
what some blockchain-based solutions for tax reporting are, such as attestation tokens
what the next steps for the IRS proposed regulation are
how long it will take to actually implement these regulations

Thank you to our sponsors!

Guests:

Shehan Chandrasekera, Head of Tax Strategy at CoinTracker
Lawrence Zlatkin, VP of Tax at Coinbase

Links

Previous coverage of Unchained on crypto taxes, with appearances from Shehan and Lawrence:

Proposed rule:

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Sam Bankman-Fried Whisperer Tiffany Fong Spills Some Tea - Ep. 574 Nov 24, 2023

Tiffany Fong has had an unusual route to crypto fame. After losing most of her life savings in the Celsius bankruptcy, she began posting on YouTube about her experiences and eventually received some leaked documents, which she shared with The New York Times and on her channel. The leaks gave her some visibility, and that’s when Sam Bankman-Fried began following her on Twitter.

Fong unexpectedly managed to carve out a relationship with the one-time crypto mogul, and after he was arrested last November, she chatted often and even met with him while he was under house arrest. From there, she became known for posting details of her conversations with Bankman-Fried and documents he shared with her, and went on to attend every day of his trial in person and do videos on them.

On this episode of Unchained, Fong shares why she thinks SBF opened up to her, whether she ever had a romantic relationship with him, her unpleasant encounter with Sam Bankman-Fried’s mother at the trial, why she doesn’t really consider herself a crypto influencer, and what her plans are now that the trial is over.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what Tiffany did before getting into crypto
how Tiffany lost most of her life savings in the Celsius bankruptcy and how that jumpstarted her journey into the content creation space
how she got in touch with Sam Bankman-Fried and got him to speak with her after FTX’s collapse
the conversations Tiffany had with SBF during his house arrest
Tiffany's response to the rumors about a romantic relationship with SBF
how Tiffany reacted to the DOJ reaching out to her for information before the SBF trial
why she decided to go to the courtroom every day during the SBF trial
Tiffany’s unpleasant encounter with SBF's mom, Barbara Fried
how Tiffany feels about crypto, and why she doesn’t consider herself a "crypto influencer"
what Tiffany’s career plans are now that the SBF trial is over

Thank you to our sponsors!

Guest

Tiffany Fong, Crypto content creator

Links

Unchained:
RollingStone: The Crypto Whistleblower at the Center of the Sam Bankman-Fried Storm

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The Chopping Block: What Does Binance’s Record $4.3 Billion Settlement Mean for Crypto? - Ep. 573 Nov 23, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang breaks down the record $4.3 billion settlement between Binance and the U.S. government — whether it was fair, the chances CEO Changpeng Zhao will face any jail time, whether it was ultimately a good thing for Binance and for the U.S., and what this changes for the industry going forward. They also delve into the SEC’s lawsuit against Kraken, and the drama around Sam Altman’s firing from Open AI and what it says about corporate governance and crypto companies.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

the details of the settlement between Binance and the Department of Justice
how a core part of Binance’s business model was to allow bad actors on its platform, according to Robert
why Binance had to settle with the U.S. government even though it's not an American company
why Tom believes that the settlement represents a "very bad lesson"
whether U.S. market makers should be liable in cases like these
how the crypto community has reacted to the settlement
what the settlement means for the future of the crypto industry
whether the new SEC lawsuit against Kraken is just a “copy-and-paste” of its suit against Coinbase
The drama around Sam Altman’s removal from his role as CEO of OpenAI
Why Robert thinks that the OpenAI board was “silly and dumb”
What the problems at OpenAI say about its innovative governance structure

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Binance Settlement

SEC Charges Against Kraken

Unchained: Crypto Exchange Kraken Accused by SEC of Violating Securities Law

OpenAI

The Verge: Sam Altman returns as CEO of OpenAI
Unchained: Worldcoin Falls and Rises After Sam Altman-OpenAI Saga

Haseeb’s tweet on accelerationism

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Why Financial Advisors Are So Excited About a Spot Bitcoin ETF - Ep. 572 Nov 21, 2023

According to surveys of financial advisors, only 12% are currently recommending that clients invest in Bitcoin, while 47% of advisors personally own Bitcoin and a whopping 77% say they are waiting for a spot Bitcoin ETF to become available so they can offer it to their clients.

On this episode of Unchained, Ric Edelman, founder of the Digital Assets Council of Financial Professionals and author of “The Truth About Crypto,” explains how this should all lead to high demand once the first spot Bitcoin ETFs become available, although it will take some time for them to allocate. Edelman also discusses how FTX’s implosion impacted advisor perceptions of crypto, why investors have not been that excited by crypto futures ETFs, and which Bitcoin ETF issuers he believes are likely to be the big winners.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how regulatory confusion keeps financial advisors away from recommending Bitcoin to their clients
how the collapse of FTX affected financial advisors’ interest in crypto, according to Ric
how the knowledge level of financial advisors about Bitcoin is "extraordinarily low"
why 77% of investment advisors are willing to buy a spot Bitcoin ETF
why there wasn't a huge interest from advisors after the launch of Bitcoin futures ETFs
the percentage of client portfolios that he expects they will allocate to BTC
why Ric thinks there won't be huge inflows immediately after the approval of spot BTC ETFs
how financial advisors will decide whose ETF to buy, among the 12 potential issuers
why he believes spot Ethereum ETFs have great growth potential
why he thinks tokenization might be the "next big thing" that will increase institutional activity

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Thank you to our sponsors!

Guest:

Ric Edelman, Founder of the Digital Assets Council of Financial Professionals
Previous appearance on Unchained: Financial Advisors Control $5 Trillion in Investor Wealth. Are They Buying Bitcoin?

Links

Previous coverage on spot Bitcoin ETFs:

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Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So - Ep. 571 Nov 17, 2023

In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains.

Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

What the IRS's proposed broker rule entails for crypto tax reporting and why this could have a negative impact on the industry
What responsibilities brokers in the crypto space now face
Why the IRS didn’t use Congress's amended language from the infrastructure bill
Why Peter argues that the IRS’s new proposed broker rule on crypto is unconstitutional and the principles at stake
The alternative approaches Peter suggests the IRS could adopt for more effective and fair regulation
Why Peter has concerns for crypto developers about the potential application of the Bank Secrecy Act
What actions Coin Center is undertaking to advocate for changes in the Bank Secrecy Act to better align with crypto realities
Why Coin Center is appealing in its lawsuit against the Treasury Department over the OFAC sanctions on Tornado Cash

Thank you to our sponsors!

Guest

Peter Van Valkenburgh, director of research at Coin Center
Previous appearances on Unchained:
Why the SEC Is Probing Yuga Labs and Coin Center Is Suing Treasury
How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law
Why the SEC's Proposed Rules Affecting DeFi Could Violate the First Amendment

Links

IRS Crypto Regulation

Coin Center: Electronic Cash, Decentralized Exchange, and the Constitution
The Blockchain Association’s letter opposing tax regulations proposed by the IRS
CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule
Patriot Act
California Bankers Assn. v. Shultz

Bank Secrecy Act

Tornado Cash

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How Much Money Are Terrorists Actually Raising in Crypto? - Ep. 570 Nov 14, 2023

The recent Wall Street Journal article that claimed Hamas raised $130 million via cryptocurrency has sparked considerable debate, especially after Sen. Elizabeth Warren used it as her sole source to ask for tighter regulations around crypto. However, the veracity of this claim has come under scrutiny.

Yaya Fanusie, Jessi Brooks, and Andrew Fierman delve into the veracity of reported figures, the methodology behind them, and the subsequent industry responses that sought to correct the public record. They examine the political implications of cryptocurrency, its use in funding organizations, and the nuanced role of stablecoins in this digital economy. Additionally, they address the broader challenges in regulating crypto to prevent illicit funding, emphasizing the need for factual accuracy and a comprehensive approach to understanding and tackling such complex issues.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how the Wall Street Journal article claimed that Hamas and other militant groups in Palestine raised $130 million via crypto
why Yaya, who spent some time in his career doing research on terrorist financing, found those numbers odd
why Jessi believes that there's been a loss of focus on facts and accuracy
Andrew's explanation of the post by Chainalysis that corrected the record
why it's so difficult to make a confident assessment of how much money is being funneled to terrorist groups
whether crypto has become politicized
why is it so important to focus not only on the crypto fundraising but also the other avenues, according to Jessi
the role of USDT and other stablecoins in fundraising terrorist organizations
how North Korea is a much more sophisticated actor than Hamas in its know-how about crypto
how the government has tried to respond to the illicit usage of crypto, such as the OFAC sanctions on Tornado cash
the challenges to creating regulations to prevent the use of illicit activity in crypto

Thank you to our sponsors!

Guests:

Yaya Fanusie, Director of anti-money laundering and cyber risk at the Crypto Council for Innovation
Previous appearance on Unchained: How Widespread Is Money Laundering in Crypto?
Hamas has been experimenting with crypto for years: Yaya Fanusie, appearance on FOX Business
Jessi Brooks, CCO and Legal Officer at Ribbit Capital
Previous appearance on Unchained: How This DOJ Strike Force Hunts Down Cryptocurrency Criminals
Andrew Fierman, Head of Sanctions Strategy at Chainalysis

Links

Fundraising report and corrections:

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The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation - Ep. 569 Nov 13, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang welcomes Republican presidential candidate Vivek Ramaswamy, who discusses his mission to end the U.S. government’s regulatory overreach of the crypto industry, the parallels between crypto and the biotech industry where he came from, whether “code is law” is an appropriate framework for crypto regulation, how Bitcoin could be a check on the Fed, and how less regulation would actually lead to fewer, not more, instances of fraud like FTX.

Ramaswamy is promising to release a comprehensive crypto policy plan this week.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what Vivek thinks about crypto and why he is interested in this topic as a presidential candidate
why he believes the SEC is engaging in “unconstitutional overreach” when it comes to crypto
what the similarities are between early-stage biotech and early-stage crypto investing
whether current regulatory requirements create a "false blanket of security"
how Vivek would act to make sure the SEC doesn't overreach
how the system should respond to less regulation in terms of fraud and innovation
how stablecoins can reinforce the value of the dollar and Bitcoin can help discipline the Fed, according to Vivek
whether Bitcoin is an asset that the Fed should buy for its balance sheet
why Vivek believes it was a mistake to abandon the gold standard in the 1970s
the gang's debrief of the conversation: what stood out, where they agree or disagree with Vivek
their reaction to the conviction of Sam Bankman-Fried

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Guest

Vivek Ramaswamy, American entrepreneur and U.S. presidential candidate

Links

Fox Business: Ramaswamy woos pro-crypto voters, says he’ll build new policy framework for digital assets
Axios: Ramaswamy goes after regulators at crypto event
CoinDesk: Vivek Ramaswamy Is Drafting a 'Crypto Policy Framework'
WSJ: Stablecoins Can Keep the Dollar the World’s Reserve Currency
Decrypt: What Stops the Fed From Buying Up Bitcoin?
Forbes: What Happened In 1971?
Unchained: SBF Trial, Day 18: Sam Bankman-Fried Found Guilty on All 7 Counts in Swift Verdict

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How Can OpenSea Regain Dominance After Layoffs and the NFT Market Decline? - Ep. 568 Nov 10, 2023

Last week, OpenSea, the former frontrunner in the NFT marketplace, confirmed the layoff of half its workforce as the NFT markets seemed to bottom out.

gmoney, NFT collector and founder of 9dcc, joins Unchained to provide insight into the once-dominant NFT marketplace’s fall from grace. He talks about the competitive dynamics that challenge the platform's market share and whether a token launch could help. In addition, gmoney delves into why the NFT market has been “abysmal,” what could potentially catalyze its revival, and how he thinks creator royalties will evolve.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

whether OpenSea 'rested on their laurels' after becoming the market leader
whether the fact that its competitor Blur launched a token was a reason for OpenSea's fall
whether OpenSea not immediately following other platforms such as Blur in making creator royalties optional led to some of its decline
how gmoney wants to incentivize people to pay creator royalties
why the NFT market has gone down and what gmoney's thesis for NFTs is
what catalysts could cause the next NFT bull run, according to gmoney
how NFTs make it possible for certain groups to access new forms of credit
whether Ethereum can be displaced from its leadership position in the NFT market
what gmoney thinks could revive OpenSea’s prospects
Whether Blur's model is to blame for the decline in the NFT market
how gmoney thinks Blur should act to retain its market dominance

Thank you to our sponsors!

Guest

gmoney, NFT collector and founder of 9dcc

Links

Previous episodes of Unchained and The Chopping Block debating NFT Royalties:
The Chopping Block: Did Blur Cause a Decline in the NFT Market?
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
Are NFT Royalties the Way? How to Build a Sustainable Creator Economy
Decrypt:
Did Blur Really Crash the NFT Market?
OpenSea’s move to make creator royalties optional for NFT trades
Blur Overtakes OpenSea as Ethereum NFT Trading Skyrockets
The Crypto Times: Blur Jumps Nearly 30% Within Days While OpenSea Layoffs
Cointelegraph: OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch
CoinDesk: NFT Lending Platform Blend Sparks Concerns Over Ecosystem Liquidity
The Information:Coatue Cuts Value of OpenSea Stake by 90% as Fund’s Returns Sag
Axios: The fight over a shrinking NFT market as marketplaces foresee next big boom

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The Chopping Block: Did Blur Cause a Decline in the NFT Market? - Ep. 567 Nov 09, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they explore the enigmatic 'unhinged scale' metric, consider whether recent layoffs could have been anticipated, and examine the challenges facing the NFT market. They also provide a somewhat critical look at the events of the recent BAYC Apefest and share their takeaways on how Solana survived the Sam Bankman-Fried and FTX fiasco.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

What the unhinged scale metric is and why SBF ranks the highest in that metric
Whether the companies doing layoffs could have predicted the market moves in a better way
Whether people and the press are being too harsh on the companies reducing their workforce
How the NFT market is a much harder environment than everything else, given the extreme volatility
Whether the model used by Blur caused the value of NFTs to go down
What’s more important in the NFT market: the supply or the demand
The BAYC ‘Apefest’ that caused eye damage to some participants and whether someone sabotaged the meetup
Tarun’s takeaways from the recent Solana conference in Amsterdam
Whether the people who survived the Solana market crash are like ‘cockroaches after a explosion’
Why Haseeb believes that Solana represents the most incredible story in the history of Layer 1s
Whether crypto gaming studios should focus on building ‘dumber’ games rather than AAA ones
Why “nature is a Ponzi scheme,” according to Tarun

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Previous episodes of Unchained and The Chopping Block debating NFT Royalties:
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
Are NFT Royalties the Way? How to Build a Sustainable Creator Economy
Decrypt:
Ava Labs Confirms Layoffs, Affecting 12% of Avalanche Studio's Employees
Did Blur Really Crash the NFT Market?
Cryptotimes.io: Blur Jumps Nearly 30% Within Days While OpenSea Layoffs
Cointelegraph: OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch

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A 20+ Year Sentence? Why the Evidence Against SBF Was Too Hard to Overcome - Ep. 566 Nov 07, 2023

In this episode of Unchained, Laura does a detailed unpacking of the historic Sam Bankman-Fried trial and verdict with defense lawyer Sam Enzer and former Southern District of New York prosecutor Rich Cooper. They discuss what a thorough job the government did in presenting its case, whether the government will pursue a second trial on campaign finance charges, why it takes so long for sentencing to occur, what the differences between this case and the Bernie Madoff case are, and what Bankman-Fried’s likely sentence will be.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how the cross-examination of SBF showed to the jury that he was unreliable, according to Rich
why the charge conference with the jury is important to the prosecution for “protecting the record”
why the closing argument of the prosecutors was so effective
what “conscious avoidance” is and how the prosecutors tried to prove that SBF was guilty of that
why SBF’s tweet last November that "FTX is fine" was the hardest part of the trial for the defense, according to Enzer
why Enzer wasn’t surprised by how quickly the jury made its decision
what SBF’s strongest argument is for an appeal
why Enzer "hopes" that there won't be a second trial against SBF and whether he will plead guilty to the additional charges
why the sentencing occurs so many months after the verdict
how this case is similar, but also different, from the Bernie Madoff case
how many years SBF could spend in prison, according to Enzer and Cooper
when cooperating witnesses such as Caroline Ellison, Nishad Singh, and Gary Wang are likely to get sentenced

Thank you to our sponsors!

Guest:

Sam Enzer, partner at Cahill Gordon & Reindel.
Previous appearances on Unchained:
Why SBF's Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial?
Rich Cooper, Former SDNY prosecutor

Links

Visit www.unchainedcrypto.com for more!

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Two Genesis Creditors Describe Their Frustrations With the Bankrupt Crypto Lender - Ep. 565 Nov 04, 2023

Two Genesis creditors, BJ and Branden, who prefer to use pseudonyms for security reasons, spoke with Unchained about the alleged fraud by the crypto lender and its parent company, Digital Currency Group (DCG). The discussion is one of the first times Genesis creditors have spoken with a media organization about the situation.

BJ and Branden explain how they gave more loans to Genesis after it took a $1.1 billion hit from the liquidation of Three Arrows Capital and how they then came to be members of the ad hoc group, a collective of Genesis customers who came together to try and save the company from bankruptcy.

They talk about how they now want DCG to pay back the $1.1 billion it owes over a shorter timeframe and to pay back any Bitcoin in actual Bitcoin. The discussion with Unchained followed shortly after New York Attorney General Letitia James filed a lawsuit against Genesis, along with its parent company Digital Currency Group, and Gemini Trust.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what NYAG Letitia James alleged in the lawsuit against Gemini, DCG, and Genesis
how BJ and Branden became creditors of Genesis, including the role of the influence of MicroStrategy's Michael Saylor
how Genesis claimed it got into what it called a “liquidity mismatch”
how, after the Three Arrows Capital collapse, BJ and Branden were reassured that Genesis had "no issues" and "was back to business"
whether the trading and lending units of Genesis were all part of the same company and why that distinction is important
what the difference is between the ad hoc group and an unsecured creditors committee
what the creditors are proposing in order to get their assets back
why the creditors want to be paid in crypto, not in USD
whether the case will go to litigation and what Silbert can do to avoid it

Thank you to our sponsors!

Guests:

Branden, Creditor of Genesis
BJ, Creditor of Genesis

Links

Previous coverage of Unchained on Genesis and DCG:

NYAG Lawsuit

Genesis, Gemini, DCG disputes

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SBF Trial, Day 18: Sam Bankman-Fried Found Guilty on All 7 Counts in Swift Verdict Nov 03, 2023

The downfall of former FTX CEO Sam Bankman-Fried from king of the crypto world to crypto scammer is complete.

A Manhattan jury of nine women and three men took less than five hours Thursday afternoon, day 18 of the high-profile trial, to convict Bankman-Fried on seven counts of fraud and conspiracy for stealing billions of dollars of his customers’ assets.

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, a multi-million scheme designed to make him the king of crypto,” said Damian Williams, U.S. attorney for the Southern District of New York in remarks following the verdict.

The guilty verdict came a year to the day after crypto publication CoinDesk published a story showing balance sheet irregularities at Bankman-Fried’s investment company, Alameda Research, that suggested the ties between Alameda and FTX were unusually close. Bankman-Fried now faces potentially decades in prison. Sentencing is scheduled for March 28.

After listening to Judge Lewis Kaplan read through 60 pages of instructions, jurors quickly concluded that Bankman-Fried was responsible for decisions that led to an $8 billion hole in its balance sheet, including the use of customer assets for political donations, investments and his own personal use. Prosecutors had reiterated this theme in a stinging, Thursday morning rebuttal.

And jurors rejected whole-hog Bankman-Fried’s defense team’s narrative that Bankman-Fried was being villainized for being a poor manager who didn’t create sufficient risk management systems. They also did not buy into Bankman-Fried’s claim that he was unaware of the severity of his company’s financial problems and that his inner circle, three of whom testified earlier in the trial as part of plea agreements, were to blame.

“We respect the jury’s decision,” said Bankman-Fried’s lead attorney, Mark Cohen. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to fight the charges against him.”

U.S. attorney Wiliams called Bankman-Fried’s crimes “ fraud” as “old as time,” and said his office had “no patience for it.”

He added: “This case moved at lightning speed, that was a choice, not a coincidence.”

Catch up on Unchained’s previous coverage:

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SBF Trial, Day 17: Closing Arguments Ask: ‘Villain or Good-Faith Actor?’ Nov 02, 2023

Prosecutors and defense attorneys in the trial of former FTX CEO Sam Bankman-Fried closed their arguments with similar stories to their opening statements more than three weeks ago: a tale of two Sams.

On Wednesday morning, day 17 of the trial, the government took jurors on a final grand tour of Bankman-Fried’s alleged lies, evasions and misdirections that they said aimed to hide the ugly truth of a gaping $8 billion hole in the crypto exchange’s balance sheet from investors and regulators, and that reflected his indifference to spending customer assets.

Assistant U.S. Attorney Nicholas Roos said that as the person overseeing FTX and the separate trading entity, Alameda Research, to which FTX funneled customer deposits, Bankman-Fried was the only person who could have been responsible for decisions that led to the deficit – criminally so.

“He told a story and he lied to you,” said Roos, who punctuated his more than two-hour presentation with metadata readings and time tables that seemed to devastatingly illustrate SBF’s ongoing awareness of his company’s financial debacle.

But in the afternoon, Bankman-Fried’s defense team portrayed him in softer tones, as a math nerd with no ill-intent and guilty only of bad management, particularly his failure to install adequate risk management protections. Attorney Mark Cohen said that the government had failed to prove its case as it sought to create a Hollywood villain responsible for the disappearance of the funds, cartooning his dress and personal habits to make their case. At one point, he seemed to appeal to jurors’ emotions, reminding them that Bankman-Fried had lived a big life and now faces prison.

Bankman-Fried faces potentially decades in prison on a total of seven counts of wire fraud and conspiracy. The prosecution will have an opportunity for rebuttal on Thursday, and jurors could begin deliberating his fate before the end of the day..

Often raising his voice for dramatic effect, Roos highlighted earlier testimony from Bankman-Fried’s inner circle and Google metadata indicating his awareness of the balance sheet woes to show his involvement in the company’s oversight. Bankman-Fried testified on Monday that he was unaware of the problems, suggesting others were to blame.

And Roos used the time tables to demonstrate separately that Bankman-Fried had lied to Congress about protecting customer assets even as he paid off loans using them, and that he had spent heavily on investments, political contributions and personal items, even after he knew of the massive balance sheet hole.

“This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake,” Roos thundered.

Visit UnchainedCrypto.com for prior episodes

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The Chopping Block: Nic Carter on Hamas’ Crypto Funding, SBF’s Courtroom Collapse, and Dramas Involving Lido and dYdX - Ep. 564 Nov 02, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner chop it up about the latest news. This week, the gang sits down with guest Nic Carter of Castle Island Ventures, whose tweet thread pushed the Wall Street Journal to correct its story that Hamas had raised tens of millions in crypto. Carter discusses the challenges in tracking how much crypto Hamas has actually received, the declining prospects for Sam Bankman-Fried’s acquittal, and ongoing dramas surrounding staking protocol Lido and decentralized exchange dYdX.

Show highlights:

Why the cross-examination has not gone well for Sam Bankman-Fried
how the Wall Street Journal misinterpreted data and may have overstated the amount of crypto donations flowing to Hamas for terrorist activities
why it’s difficult to pinpoint how much funding Hamas has raised in crypto donations
how extensive crypto funding for terrorists is believable to many outside observers of the industry, even recently some of its supporters in Congress, but does not reflect reality
Why Hamas has decided on its own to stop trying to raise funds in crypto
how Lido is upset at the way Layer Zero has pre-marketed its bridge
why dYdX’s pivot to decentralization with fees going into its token is a positive development but does not give the protocol the moral high ground to attack erstwhile competitors such as UniSwap.

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly

Guest

Nic Carter, general partner at Castle Island Ventures

Disclosures

Links

Previous coverage by Unchained on the trial of Sam Bankman-Fried:

Hamas

Unchained:Binance Helps Israel Police Freeze Hamas Crypto Accounts: Report
Unchained: Bitcoin Slips to $27.4K Amid Escalating Israel-Hamas War but Long-Range Impact Remains Uncertain
Nic Carter Twitter thread: Can crypto-twitter OSINT outperform the WSJ’s chain analysis?
Nic Carter Tweet: Liz Warren wyd?
The Wall Street Journal: The Wall Street Journal and Liz Warren double down on the Hamas crypto canard
Washington Post: U.S. to warn crypto firms against financing Hamas, terror groups
CoinDesk: The Hamas Funding Story Is Why Crypto Is Sick of the Mainstream Media

Layer Zero/Lido

dYdX

Examining dYdX’s Path to Profitable DeFi

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SBF Trial, Day 16: In Final Cross Examination, SBF Gets Caught Again by His Own Words Nov 01, 2023

For a second, consecutive day, prosecutors pounded away at Sam Bankman-Fried’s credibility, asking the former FTX CEO to explain his obliviousness about how Alameda had spent $8 billion of FTX customer funds.

Prosecutors and the defense both rested their cases on Day 16 of the high-profile trial. Both sides will make their closing arguments on Wednesday and jurors could begin deliberating the following day.

While Bankman-Fried claimed that he thought “it was permissible” for Alameda to use FTX customers’ fiat deposits, he also admitted that he didn’t tell his employees not to spend that money or create measures to segregate FTX customer funds from Alameda’s.

Prosecutor Danielle Sassoon also grilled him on why he didn’t look into who had spent the FTX customer money. “So it’s your testimony that while you were CEO of Alameda some unknown people spent $8 billion without your knowledge?” prosecutor Danielle Sassoon asked Bankman-Fried, who replied that he didn’t agree that was his testimony.

Bankman-Fried later said that he had asked former Alameda CEO Caroline Ellison to explain the $8 billion in spending but did not fire anyone. Under subsequent defense questioning, Bankman-Fried said that he had wanted to look ahead.

Earlier in the day, Sassoon had honed in on Bankman-Fried’s allegedly close relationship with government officials in the Bahamas, and presented an email in which he said that the company had “segregated funds for all Bahamian customers on FTX and that it would be “more than happy to open up withdrawals for all Bahamian customers on FTX.” The communication came Nov. 9, 2022, a few days after FTX had halted customer withdrawals as awareness of its financial problems grew.

Catch up on Unchained’s previous coverage:

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SBF Trial, Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence Oct 31, 2023

In a trial during which he has suffered many low points, former FTX CEO Sam Bankman-Fried may have reached a nadir on day 15 as prosecutor Danielle Sassoon used his own words to show stark contradictions from his earlier testimony and a seemingly callous disregard for customer assets.

The tenacious, methodical Sassoon punctuated her more than four hours of interrogation on Monday afternoon with devastating audio and visual evidence of Bankman-Fried, including memos to himself, internal FTX and Alameda documents, and testimony to Congress that countered statements he’d made under his defense team team’s kinder questioning. In one instance, Sassoon showed a Signal chat in which Bankman-Fried expressed his interest in purchasing MAPs token, a direct refutation of his testifying that he “was not involved at all in any way” in trading.

In another instance, she illustrated Bankman-Fried’s alleged lack of regard for his Twitter followers, showing a screenshot of a Twitter DM with Kelsy Piper in which he admits to being insincere about his support for regulation that protects customers, telling Piper at one point, “just PR, fuck regulators.”

Bankman-Fried claimed not to remember a spreadsheet with seven, different balance sheets created by then Alameda Research CEO Caroline Ellison to make the company’s balance sheet look better than it was, a key piece of evidence that Ellison addressed in her testimony. Sassoon presented Google metadata showing Bankman-Fried had read the document.

Dressed in a light gray suit with a purple tie, Bankman-Fried claimed repeatedly not to remember other events or his responses in conversations, and he answered other questions with curt yeses and nos, unlike the windy, often convoluted responses that he provided to his defense team earlier in the day and on Monday. And as Sassoon continued to catch him in contradictions, he seemed to grow irritable and occasionally rocked back and forth in his chair.

Prosecutors will continue their cross-examination on Tuesday followed by redirect for one or two hours before the defense closes its case. The prosecution will then call two rebuttal witnesses.

Catch up on Unchained’s previous coverage:

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Why SBF's Testimony So Far Has Likely Already Doomed Him - Ep. 563 Oct 30, 2023

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that former FTX CEO Sam Bankman-Fried did about as well as he could in his testimony Friday but that he was unlikely “to withstand the scrutiny” of what prosecutors have already said will be a robust cross-examination when he takes the stand Monday.

Enzer noted that Bankman-Fried’s attempts to explain why he thought his trading shop, Alameda Research, could borrow billions in dollars of FTX customer assets “defies common sense,” and that the company’s own terms of agreement or any other communications offered no justification for this belief. A Thursday hearing without the jury present, in which the defense gave a preview of some arguments it wanted to make, ended up giving the government answers from SBF that it can now use against him. Enzer also said that Bankman-Fried’s contention that his biggest mistake – a failure to implement proper risk management – did not constitute criminal fraud, did not address the core of the government’s case; namely, that he lied about how FTX was handling customer deposits.

Show highlights:

why Enzer thinks Sam Bankman-Fried’s testimony is unlikely to sway jury sentiment or withstand cross-examination
why the evidentiary hearing in which SBF testified without a jury may hurt his cause
the purpose of the evidentiary hearing
how Judge Lewis Kaplan hinted at what he thought about SBF’s testimony
how Bankman-Fried is likely to fare against prosecutor Danielle Sassoon in what she has promised will be a robust cross-examination
how the defense tried to recast SBF’s image by humanizing him
why the defense now has the strongest grounds for an appeal than it previously did
what the jury is likely to make of SBF’s contention that he was in the dark about core allegations
why the prosecution said it will call rebuttal witnesses
what a charge conference is and why that will take place after SBF testifies

Thank you to our sponsors!

Guest:

Sam Enzer, partner at Cahill Gordon & Reindel

Links

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SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Oct 28, 2023

Sam Bankman-Fried took the stand before a jury for the first time in his criminal trial for allegedly defrauding FTX customers. The exchange’s co-founder and former CEO tried to recast the image that prosecutors spent nearly three weeks shaping of an executive who defrauded customers and dismissed the concerns of the three members of his inner circle, all of whom named him as their co-conspirator earlier in the trial.

Responding to his defense team’s gentle questioning, SBF spent large parts of his testimony, offering alternative, often long-winded explanations for actions and behavior that prosecutors allege demonstrated intent to evade legal and regulatory scrutiny of the business he created. He admitted to making mistakes, which supported his defense team’s “failed entrepreneur” strategy, and none more significant than a failure to create a dedicated risk management team.

Bankman-Fried denied committing any crimes or attempting to defraud anyone and said that he believed funds used for sponsorships, real estate purchases, political donations, venture investments and payments to lenders did not come from customer funds. At times, he attempted to shift blame for certain decisions on the inner circle, who he insisted had the authority to take action “on behalf of the company without consulting” him.

SBF described former CEO of Alameda Research, Caroline Ellison, his on-and-off girlfriend, as a good trader and researcher who did not act on his stated concerns about the FTX trading arm’s exposure to market risk and importance of hedging. Ellison, who agreed to a plea deal with prosecutors, testified early in the trial that Bankman-Fried had asked her to manipulate Alameda balance sheets at Bankman-Fried’s direction to make them seem less risky to lenders and that Alameda had used FTX customer funds for its own investments. Prosecutors have promised a robust cross-examination next week. Whether they or Bankman-Fried’s version of events is more persuasive for jurors remains uncertain.

Catch up on Unchained’s previous coverage:

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How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection - Ep. 562 Oct 27, 2023

In a recent report, Alex Thorn, head of research at Galaxy, predicted that inflows to spot bitcoin ETFs would rise above $14 billion in the first year following the potential approval by the Securities and Exchange Commission of multiple applications the agency is considering. Thorn called the availability of this product significant because it will give financial advisors and wealth managers accessibility to digital assets in a way that will be acceptable to clients seeking exposure to crypto. He also believes approval of a spot BTC ETF could occur this year before the holidays, and draws comparisons between bitcoin and gold as investment products.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Alex believes this is a significant moment for Bitcoin
how, in Bitcoin, retail had access to this asset before institutions
why Alex expects the spot Bitcoin ETF approved this year
what the capital inflows Galaxy expects to be in the first years and how they arrived at those numbers
whether the addressable market will increase significantly for Bitcoin
what will be the average percentage of assets adding BTC exposure
why Alex compares Bitcoin to gold, and what he learned after comparing both types of assets
how much the price of Bitcoin will increase after the first year of the ETF approval, according to Galaxy's report
how the several spot Bitcoin ETFs will be differentiated

Thank you to our sponsors!

Guest

Alex Thorn, head of firmwide research at Galaxy

Links

Previous coverage of Unchained on spot Bitcoin ETFs:
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF
Unchained:
Bitcoin Soars Past $35,000 Amid Spot ETF Optimism
Bitcoin ETFs Explained: What Are They & How Do They Work?
CoinDesk: BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets
12 spot bitcoin ETFs in consideration by the SEC
Galaxy: Sizing the Market for a Bitcoin ETF
Alex’s thread drawing out highlights from the report
Alex’s thread on the potential for a “gamma squeeze”
CoinShares Digital Asset Funds Flow Weekly

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SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers Oct 27, 2023

In a courtroom drama minus the jury, Sam Bankman-Fried (SBF) took the stand for what can be best described as a “test run.” The hearing aimed to help the judge decide what evidence will be admissible in the actual trial. SBF's performance under Assistant U.S. Attorney Danielle Sassoon's questioning was less than stellar. His verbose answers and frequent apologies contrasted sharply with Sassoon's pointed questions, at times making him appear evasive. The hearing also touched on SBF's use of encrypted messaging app Signal and his company's data retention policy.

Catch up on Unchained’s previous coverage:

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The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF - Ep. 561 Oct 26, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the four discuss Bitcoin’s price surge over the past week amid growing optimism that a spot BTC exchange traded fund would win regulatory approval, an erroneous Wall Street Journal story about crypto funding to the terrorist group Hamas and AI and crypto illiteracy among leading U.S. lawmakers.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

the reasons why the price of Bitcoin has gone up so much in the last week
whether Bitcoin is decoupling from the traditional stock and equity markets
why Robert is convinced that Bitcoin pumped this much due to the BlackRock ETF news
what an ETF is and why it could be a big deal for Bitcoin
whether the analogy to the gold ETFs works for Bitcoin
how an inaccurate report from the Wall Street Journal about Hamas' usage of crypto sparked so much criticism within the crypto community
why that crypto is not a good venue for illicit financing
how the US political class is 'illiterate' about AI and crypto, according to Tarun

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Recent coverage of Unchained on spot Bitcoin ETFs:

Bitcoin ETFs

Unchained:
Bitcoin Soars Past $35,000 Amid Spot ETF Optimism
Bitcoin ETFs Explained: What Are They & How Do They Work?
South China Morning Post: China’s stock market fund outflows add to biggest capital flight since 2016: Goldman

Regulation:

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Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 - Ep. 560 Oct 24, 2023

James Seyffart, market analyst at Bloomberg Intelligence, and Matt Hougan, chief investment officer at Bitwise Asset Management, feel quite certain a spot Bitcoin ETF will launch in the next few months.

First, the SEC decided not to appeal a court’s rejection of Grayscale’s application to convert its bitcoin trust to a spot ETF. Second, there’s been a change in the way the SEC has been treating the many other spot Bitcoin ETF applications—requesting miniscule tweaks in disclosure language. And even though other legal hiccups are occurring—the NY Attorney General’s lawsuit against Grayscale parent company, DCG, the SEC’s potentially renewed vigor in the Ripple case, and Cointelegraph’s incorrect tweet about a bitcoin ETF—the SEC needs a PR win right now. According to them, this means good things not just for spot Bitcoin ETFs but also, shortly thereafter, Ethereum ETFs.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the SEC did not appeal a decision in the Grayscale case
whether the NYAG lawsuit against DGC, the parent company of Grayscale, will affect the prospects for GBTC being converted into an ETF
how likely it is that GBTC will be converted into an ETF and what needs to happen for that to occur
why the SEC probably wants Grayscale to "completely refile," according to James
why the recent changes in the ETF applications are "relatively modest," according to Matt
whether the incorrect Cointelegraph tweet about a spot bitcoin ETF will be used by the SEC to bolster its market manipulation argument
an overview of the deadlines of the different applications
what happened at the launch of Ethereum futures ETFs and how it was different from the launch of Bitcoin futures ETFs
whether the approval of a spot Bitcoin ETF will pave the way for a spot ether ETF
what the impact is of all the negative PR for the SEC and Chair Gary Gensler after losing many cases
what the differences between the various ETFs are and how they will compete in the market
Lightning round questions: volumes after launch, inflows in the first year, projections for BTC price

Thank you to our sponsors!

Guests:

James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearance on Unchained: Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Matthew Hougan, CIO of Bitwise
Previous appearances on Unchained:
The 2 Types of Investors Driving Interest in Crypto
Bitwise’s Latest Plans to Get a Bitcoin ETF Approved

Links

ETFs:

Previous coverage of Unchained on ETFs:

Ripple:

SEC Drops Charges Against Ripple CEO and Chairman - Unchained Crypto

Market manipulation

NYAG lawsuit:

NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud

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The Chopping Block: A Rough Week 3 for SBF, DCG Troubles, Fees at Uniswap - Ep. 559 Oct 21, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the four discuss – and disagree about – Uniswap’s new fees, SBF trial week 3, and DCG potentially being taken out by the NY Attorney General.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

What happened recently on the criminal trial against Sam Bankman-Fried, including testimonies from Caroline Ellison, Nishad Singh
why Robert doesn't like the cartoonist and how Tarun is friends with a stenographer
how Nishad Singh confirmed what everyone suspected about the cross-collateral risk engine at FTX
why Haseeb believes that the NYAG's lawsuit against DCG, Genesis, and Gemini is "brutal"
how DCG resembles the Roman Empire, according to Haseeb
what Robert thinks about the introduction of the Uniswap Labs new fees, considering he was in a similar situation with Compound Labs'
how can companies that build open-source protocols monetize their efforts
whether the implementation of the fees will reduce the total volume for Uniswap

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Previous coverage by Unchained on the trial of Sam Bankman-Fried:

Uniswap:

Unchained: Uniswap Labs to Charge 0.15% Fee on Certain Tokens

NYAG lawsuit:

Unchained: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud

Reddit:

Unchained: Reddit to Discontinue Community Points Citing Scalability and Regulatory Issues, Sparking Community Backlash

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Another Bad Week for Sam Bankman-Fried in His Criminal Trial - Ep. 558 Oct 20, 2023

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that compelling evidence from Sam Bankman-Fried’s inner circle had increased the difficulty for the fallen FTX CEO to convince a jury of his innocence. Former FTX head engineer Nishad Singh said that he became suicidal after understanding the full magnitude of FTX’s misuse of customer funds, while ex-chief legal counsel Can Sun helped show how SBF allegedly lied to lawyers.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

Sam (Enzer’s) thoughts on how the trial is going for the defense
what Nishad Singh's emotional testimony revealed about SBF
how Singh felt "betrayed" by Bankman-Fried, who may have been a big brother figure to him
why the defense went much harder after Singh in its defense than it did the other members of the inner circle
whether the jury felt empathy with Singh about his suicidal feelings
what the rationale was behind the order of the witnesses
why Sam believes that the accounting professor Peter Easton's testimony was "damning" for the defense
whether the testimony of former FTX general counsel proved that SBF lied to his own lawyers
why the communications between SBF and his lawyer, which are generally privileged, were divulged in court
why Sam believes that it's likely that SBF will testify, although he would advise him not to

Thank you to our sponsors!

Guest

Sam Enzer, partner at Cahill Gordon & Reindel.
Previous appearances on Unchained:
Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial?

Links

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SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF Oct 20, 2023

On the 12th day of the SBF Trial, former FTX General Counsel Can Sun testified about a $7 billion deficit in customer funds. Sun, who was responsible for crafting FTX's terms of service, expressed shock at the deficit and revealed that Sam Bankman-Fried had asked him for legal justifications. Sun also mentioned that Nishad Singh, a key witness and former head of engineering at FTX, looked emotionally drained days before the company's collapse.

Sun's testimony took a dramatic turn during a meeting with Bankman-Fried and others, where it was confirmed that FTX lacked sufficient funds to cover customer withdrawals. This meeting solidified Sun's suspicions that Alameda Research had misappropriated FTX customer deposits.

The day concluded with Robert Boroujerdi of Third Point stating that Bankman-Fried had omitted significant details that would have altered the firm’s decision to invest $60 million in the now failed crypto exchange. That investment is now worth zero. The trial will resume in a week, adding more suspense to this unfolding legal drama.

Catch up on Unchained’s previous coverage:

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SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Oct 19, 2023

The courtroom was abuzz on Wednesday as financial and technical experts took the stand in the ongoing criminal trial against Sam Bankman-Fried. Accounting professor Peter Easton, a standout witness, presented a detailed analysis showing that Alameda had spent customer funds on VC investments, real estate, and political and charitable donations. Easton, who had previously worked on high-profile cases like Enron and Worldcom, said that by the end, the gap between what FTX owed to customers and what it had on hand was $8.8 billion.

The defense, led by attorney David Lisner, attempted to challenge Easton's methods. Lisner questioned the accounting of the fiat@ftx internal account, which tracks customer deposits. Easton admitted to lumping amounts owed to customers from FTX’s bank accounts with what was owed to customers from Alameda's bank accounts, giving the defense an opportunity to question his accuracy.

The day also saw other witnesses, including a former FTX lobbyist and a Google employee, both of whose relevance was questioned by Judge Kaplan. The judge criticized the prosecution for wasting time with witnesses who seemed to offer little to the case.

Catch up on Unchained’s previous coverage:

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SBF Trial, Day 10: Defense Tries But Fails to Undercut Nishad Singh's Credibility Oct 18, 2023

On day 10 of the Sam Bankman-Fried trial, SBF’s defense team tried to discredit Nishad Singh, a key witness for the prosecution. Despite their efforts, Singh's testimony about FTX's financial mismanagement and Bankman-Fried's questionable ethics remained largely unchallenged. The defense's line of questioning focused on Singh's memory and inconsistencies in his statements, but prosecutors were quick to counter these points in their redirect.

FBI Agent Richard Busick presented an analysis of Bankman-Fried's phone locations, revealing his connections to influential political figures like former U.S. President Bill Clinton and New York City Mayor Eric Adams.

Can this information impact the jury's perception of Bankman-Fried as the trial continues to unfold?

Catch up on Unchained’s previous coverage:

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SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender Oct 17, 2023

The third week of the criminal trial against Sam Bankman-Fried began Monday. Nishad Singh, one of three key witnesses for the prosecution, testified about the alleged misuse of customer funds and a toxic work environment at FTX, created by Sam Bankman-Fried. Singh's account echoed earlier testimony by former Alameda CEO Caroline Ellison and former FTX CTO Gary Wang and raised questions anew about the company's venture investments, excessive spending on sponsorships, and attempts to deceive regulators. Singh also described his growing concerns about Bankman-Fried's lavish spending, even as the company faced mounting financial difficulties.

Catch up on Unchained’s previous coverage:

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Why These Lawyers Say It's Over for SBF--But His Only Hail Mary Is to Testify - Ep. 557 Oct 16, 2023

Samson Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLX Law, dissect the second week of the criminal trial of Sam Bankman-Fried. At this point, the prosecution’s star witness, former Alameda Research CEO Caroline Ellison, has testified, as well as another prominent insider, co-founder Gary Wang. Both Enzer and Strong believe that it’s already over for the defense, but agree that the only thing that could turn it around is testimony from SBF himself—but that runs the risk of the defendant significantly increasing his sentence.

Find out how they thought the more salacious details of Ellison’s testimony, concerning alleged bribes to Chinese government officials, would affect the jury, and why Enzer believes introducing that testimony may have been risky for the government.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or your favorite podcast platform.

Show highlights:

Whether the prosecution gave the defense any fodder for its failed entrepreneur theory
How SBF and Ellison’s romantic relationship could affect the jury’s deliberations
The jury’s reaction to Ellison saying SBF’s belief was that “don’t lie, don’t steal” didn’t fit into his philosophy of utilitarianism
Why the defense didn’t object to the mention of alleged bribes to Chinese government officials the first time
Why the defense attorney complained about photos shown of SBF and his hair
How the jury might react to the testimony involving alleged Chinese government bribes, Thai prostitutes, and Saudi prince
How Ellison crying in her testimony could affect the jury
Why the defense didn’t ask Ellison about not hedging
Why the cross-examination of Gary Wang was limited in its success for the defense
What caused a moment of tension between Zac Prince and the defense
Why Greg and Sam think SBF shouldn’t testify, but believe it’s his only, very risky, chance
If convicted, how many years do they think SBF’s prison sentence will be?

Thank you to our sponsors!

Guests:

Sam Enzer, partner at Cahill Gordon & Reindel.
Previous appearances on Unchained:
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial?
Greg Strong, partner at DLx Law

Links

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SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges Oct 13, 2023

On the eighth day of the SBF trial, former BlockFi CEO Zac Prince took the stand, serving as a strong witness for the defense, while offering a detailed look into how Alameda Research's borrowing from FTX differed from traditional crypto lending, and the impact of FTX’s and Alameda’s collapse on BlockFi, which subsequently filed for bankruptcy.

The defense team tried to pin BlockFi’s loans to Alameda on BlockFi executives ignoring advice from its own credit team, but Prince twice corrected defense attorney Mark Cohen that, for the document in question, the executives did follow the advice of their credit team. The defense also tried to raise the notion that BlockFi would have declared bankruptcy no matter what had happened with FTX and Alameda, but Prince also held his ground that the collapse of SBF’s empire resulted in BlockFi’s own bankruptcy.

Catch up on Unchained’s previous coverage:

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How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision - Ep. 556 Oct 13, 2023

The second week of Sam Bankman-Fried’s criminal trial is underway, bringing emotional testimony from SBF’s ex-girlfriend and former Alameda CEO Caroline Ellison, along with some surprising stories about alleged bribes to Chinese officials and discussion about reaching out to the Saudi Crown Prince for help. Ari Redbord, Global Head of Policy at TRM Labs, discusses why the question of who was actually in charge is so critical to the case, the defense’s strategy to discredit Caroline Ellison, and why sidebars in the courtroom can get so heated.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why Caroline Ellison is a critical witness on a "number of levels," according to Ari
What a software developer at FTX revealed about whether SBF was directing trades
Why a lawyer’s body language is something the jury looks out for
Why there have been so many sidebars in the trial and why they can sometimes get heated
The reason why the lawyers, particularly the defense team, have been so repetitive with their questions
Considering the long prison sentence SBF is facing, why Ari "doesn't understand" SBF’s decision to push forward with the trial
Whether, after three days of testimonies, Ellison has come out as a credible witness for the jury
Why the defense is facing an "uphill fight" and whether testimony from SBF would serve as a final Hail Mary for them

Thank you to our sponsors!

Guest

Ari Redbord, Global Head of Policy at TRM Labs.
Previous appearances on Unchained:
Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says Yes
The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?
How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?

Links

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SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? Oct 13, 2023

Day seven of Sam Bankman-Fried’s criminal trial saw the defense team unable to discredit Caroline Ellison, despite multiple attempts. The defense's questions often seemed aimless, failing to draw any substantial conclusions. Ellison remained steadfast, revealing that SBF had plans to buy Telegram around the time Alameda "borrowed" $14 billion of FTX customer money.

Defense attorney Mark Cohen tried to portray Ellison as the one in charge of Alameda, but she clarified that SBF was the ultimate decision-maker. Ellison also disclosed that she had considered resigning from Alameda but was persuaded by SBF to stay, emphasizing his control over the firm.

The day continued with testimony from Christian Drappi, a former Alameda employee, who corroborated Ellison's account. Zac Prince, founder of the bankrupt crypto lending firm BlockFi, briefly took the stand, setting the stage for his testimony to continue the next day.

Catch up on Unchained’s previous coverage:

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The Chopping Block: Gabriel Shapiro on Why Sam Bankman-Fried May Be a ‘Sociopath’ - Ep. 555 Oct 12, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and chop it up about the latest news. This week, the crew is joined by Gabriel Shapiro, general counsel at Delphi Labs, to talk about the key points in the criminal trial of Sam Bankman-Fried and his lackluster defense strategy so far. They also delve into Michael Lewis’ book and his depictions of SBF’s “lore and backstory,” and discuss how SBF’s “quirks of character” may have actually enticed investors.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

How Haseeb's previous comments on Sam Bankman-Fried’s intentions "didn't age well" after developments in the trial
Why Gabriel believes that SBF is a "sociopath" and should have taken a plea deal if offered
Shortcomings in the defense’s strategy and why Gabriel believes they’re “grasping at straws”
How the fake numbers of FTX insurance fund highlight the weaknesses of a centralized exchange
Why Matt Huang, cofounder of VC firm Paradigm, agreed to testify in such a high-profile trial, and why Haseeb as a VC himself wouldn't have done it
Whether SBF understood the technical components of crypto and why he sounded like ChatGPT in his responses, according to Tarun
Whether VCs are to blame for investing in FTX or what lessons VCs need to take away from the SBF debacle.
The differences and similarities between SBF and Binance CEO Changpeng Zhao

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest:

Gabriel Shapiro, General counsel of Delphi Labs
Previous appearances on Unchained:
Are DAOs Strong Enough to Survive the Regulators?
What Does Mango Markets Exploiter Avi Eisenberg’s Arrest in Puerto Rico Mean for DeFi?

Disclosures

Links

Previous coverage of the trial elsewhere:

NYT: What FTX’s Sam Bankman-Fried and J.P. Morgan Have in Common
Forbes: Sam Bankman-Fried Knew Plenty About His Alameda Research Hedge Fund–And Sent Details To Forbes Just Months Ago
Tarun's tweet on insurance funds being onchain

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SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life Oct 12, 2023

Day 6 of the SBF trial was marked by emotional testimony from Caroline Ellison, who shed tears as she detailed the financial chaos within Alameda and FTX. She also recounted dramatic incidents such as an alleged bribe by Alameda to a Chinese government official, creating accounts using the IDs of Thai prostitutes, and an attempt to raise money by selling FTX shares to a Saudi prince.

Ellison discussed the financial turmoil that began with the crypto market crash and how it led to desperate actions, allegedly directed by SBF. She revealed the manipulation of balance sheets, the use of FTX customer funds for risky investments, and the ethical compromises made to keep Alameda afloat.

The day also delved into the secretive culture within Alameda and FTX, highlighting the use of disappearing messages on Signal for sensitive discussions, and what was really happening behind the scenes as FTX began to implode.

Catch up on Unchained’s previous coverage:

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SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? Oct 11, 2023

Caroline Ellison, former CEO of Alameda Research and SBF's ex-partner, took the stand to reveal the alleged financial mismanagement at Alameda and FTX, which she claimed was at Bankman-Fried’s direction. The cross examination of Gary Wang finally began to show how SBF’s lawyers plan to defend him, though Wang largely appeared to be a yes man who simply trusted and followed his friend and co-founder.

Ellison's revelations included Alameda's hidden trading of FTT to prop up its price, her warnings to SBF about Alameda’s inability to pay back its lenders if he put billions more into venture investments, and his views on risk and “expected value.” For instance, she claimed he said if, with a coin toss came up tails and would mean Earth’s destruction, he would toss the coin if there it was twice as likely that it would more than double prosperity on Earth. However, her testimony seemed designed to preemptively rebut the defense’s potential argument that Alameda needed to borrow customer funds because she had not hedged.

Catch up on Unchained’s previous coverage:

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SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? - Ep. 554 Oct 09, 2023

The first week of the criminal trial of former FTX CEO Sam Bankman-Fried has come to a close, with his former friends and FTX colleagues Adam Yedidia and Gary Wang delivering powerful testimonies that are forming the foundations for the prosecution’s arguments — arguments that the defense may have a difficult time surmounting. Sam Enzer, partner at Cahill Gordon & Reindel, and Brian Klein, partner at Waymaker, discuss Alameda’s special privileges coded into the FTX software, the reason why a scorched FTX customer may have been chosen as the first witness, and why upcoming key witnesses are going to be a “real problem” for the defense.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or your favorite podcast platform.

Show highlights:

What we learned about the prosecution and defenses strategies after the first week of the trial
How the jury being mostly professionals may impact deliberations
Why Brian believes someone “out of the mainstream” would make an ideal juror for the defense
Why Sam believes the defense’s opening was stronger than the prosecution’s
Which arguments may be the most difficult for Sam Bankman-Fried's lawyers to defend
Why the defense’s “building a plane as you’re flying” analogy may come back to hurt them in closing
Why Sam believes the order of the witness testimony so far is helping the prosecution build the foundation of its case
Whether Adam Yedidia’s testimony was effective at establishing him as a credible witness
Whether the fact that some witnesses are cooperating to avoid jail time will impact the jury’s decision
What Gary Wang, former CTO of FTX, revealed about Alameda's special privileges coded into FTX software and how it wasn’t an “oversight”
Whether Judge Kaplan is growing impatient with the defense
Whether the prosecution's objections were sustained reasonably by Judge Kaplan
Why upcoming insider witnesses pose a “real problem” to the defense
Why it's "not even an open question" that the defense team will appeal if they lose the case

Thank you to our sponsors!

Guest:

Sam Enzer, partner at Cahill Gordon & Reindel.
Previous appearance on Unchained: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
Brian Klein, partner at Waymaker
Previous appearance on Unchained: SBF Behind Bars: Why Revoked Bail Is a Big Deal for Crypto’s Biggest Trial

Links

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SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Oct 07, 2023

Laura reports on the testimony of Gary Wang on Thursday, who described Alameda’s special privileges that were programmed into FTX’s code as early as July 2019, a few months after the exchange launched.

These privileges included Alameda’s ability to have a negative balance on its FTX account. This meant that Alameda was able to transfer and withdraw more funds than it had, essentially “borrowing from the exchange.” Those funds, Wang said, belonged to FTX customers, and at the time that FTX declared bankruptcy, Alameda had borrowed $8 billion from the exchange.

Wang said Alameda had a $65 billion line of credit — far higher than any other customer on the exchange. He also revealed details about FTT, the cryptocurrency that FTX had created, and the concerns that were raised about how the tokens were allegedly used to boost Alameda’s balance on the site.

If you need to catch up, don’t miss our recent coverage on the trial:

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Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? - Ep. 553 Oct 06, 2023

The blockbuster trial of Sam Bankman-Fried wrapped up its third day, with multiple witnesses, including former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX cofounder Gary Wang, taking the witness stand. Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the main takeaways from the trial so far, the surprising testimonies given by former close associates of SBF, and how the prosecution and defense plan to paint a picture of who SBF is to the jury.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

What Josh's biggest takeaways from the trial are so far
Why Josh felt that the jury had “a lot to take in” in order to understand the basics of the case
Whether the different backgrounds of the jury will affect the outcome of the trial
Why the prosecution is arguing that regardless of the technical aspects of the case, the key issue is fraud
How the defense plans to argue that SBF did not intend to defraud investors
Why the selection of the first witness, a former FTX customer, is an "interesting" choice, according to Josh
What is the fiat@ftx.com account and how it contributed to FTX’s undoing
How they discovered the $8 billion hole in the FTX balance sheet and SBF's reaction at the time
What an email revealed about the lack of corporate governance in FTX and Alameda

Thank you to our sponsors!

Guest

Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters
Previous appearances on Unchained:
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
How Crypto And Blockchain Technology Should Be Regulated

Links

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SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact Oct 06, 2023

Laura reports on the testimony of three witnesses on Thursday, including one who declared that “FTX defrauded all of its customers” and another stating that he had committed financial crimes at the direction of Sam Bankman-Fried.

Former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX and Alameda co-founder Gary Wang filled in the details of different aspects of FTX and Alameda’s business. Huang’s testimony detailed how Paradigm expressed concern about FTX’s lack of corporate controls and how the company was “owned and controlled by Sam.” Wang has only started his testimony but has already said he implemented advantages for Alameda into FTX’s code at Bankman-Fried’s direction.

Yedidia’s account had the most emotional details, describing how he had a strong belief in the company, to the point where, when employees began leaving FTX, he had messaged Bankman-Fried that he loved him and wasn’t going anywhere, but that it flipped once he realized “FTX defrauded all of its customers.” Find out what new information caused him to have a change of heart in this episode.

If you need to catch up, don’t miss our recent coverage on the trial:

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SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’ Oct 05, 2023

Laura reports on the opening statements of the prosecution and defense, which painted a portrait of Sam Bankman-Fried as power-hungry and discussed how he allegedly managed to fumble customer funds.

Next witnesses are set to include Matt Huang, cofounder and managing partner at crypto VC firm Paradigm, and Gary Wang, former CTO of FTX.

Tune in to get the latest updates and insights on a case that could have far-reaching implications for the crypto industry.

If you need to catch up, don’t miss our recent coverage on the trial:

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The Chopping Block: Michael Lewis Swindled, SBF’s Effective Altruism Ruse, Ethereum Protocol Enshrinement - Ep. 552 Oct 04, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they discuss the wildest claims in Michael Lewis’ new book on Sam Bankman-Fried, debate whether SBF’s effective altruism was ever genuine, and whether Ethereum should enshrine more features onto its protocol.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

Michael Lewis’ interview on “60 Minutes” and the wildest claims in his new book
Whether SBF would have paid Donald Trump $5 billion not to run for president
Why Lewis characterizing FTX’s downfall as a bank run is misleading
Whether FTX executives, in the moment of the collapse, fled to their parents’ homes
Was SBF genuine in his belief in effective altruism or was it clever branding
Whether we will still be talking about the SBF trial years down the line
The debate on whether Ethereum should enshrine more features onto its core protocol
Whether Lido poses a centralization risk to the Ethereum ecosystem
Predictions on how the SBF trial will play out and whether SBF has a trick up his sleeve

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

SBF’s trial:

Protocol enshrinement:

Others:

Cryptoslate: Terra's Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show

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SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family Oct 04, 2023

Laura reports on a noticeably composed Bankman-Fried and delves into the jury de-selection process, revealing potential jurors with surprising crypto ties. The government's stance on a plea deal is finally clarified, and a long list of potential witnesses from the crypto world is unveiled.

Tune in to get the latest updates and insights on a case that could have far-reaching implications for the crypto industry.

If you need to catch up, don’t miss our recent coverage on the trial:

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SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case - Ep. 551 Oct 03, 2023

The high-stakes trial of Sam Bankman-Fried is set to begin on October 3, and the FTX founder and former CEO will have to answer for his role in the cryptocurrency exchange’s downfall, which led to billions in losses. Both the prosecution and defense are currently preparing for what is set to be a significant milestone for the crypto industry. Kayvan Sadeghi, partner at Jenner & Block and Sam Enzer, partner at Cahill Gordon & Reindel, discuss the differences between a civil and criminal trial, what the jury selection process might look like, and what arguments the prosecution and defense might use to support their cases.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

The difference between a civil and criminal trial and why it's difficult for the defense to prepare while Sam Bankman-Fried is in jail
Whether SBF was offered a plea deal and if so, why he didn't take it
What the process of vetting jurors looks like and what both sides are looking for
What a pre-opening jury charge is and why Judge Lewis A. Kaplan might choose to use it
The importance of intent when it comes to SBF’s charges
The pros and cons of the defense using the argument that the FTX founder was receiving poor legal advice
What charges SBF is facing and whether the defense or prosecution has the upper hand
How the opening statements of both the prosecution and the defense might play out
Whether SBF will be put on the stand and why that could be a "dangerous" move, according to Sam
How the defense could respond to testimony from key witnesses like Caroline Ellison or Gary Wang
How Judge Kaplan being a "tough sentencer" could impact SBF’s jail sentence, according to Sam

Thank you to our sponsors!

Guests:

Kayvan Sadeghi, partner and co-chair of Fintech & Crypto Assets at Jenner & Block
Previous appearance on Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
Samson Enzer, partner at Cahill Gordon & Reindel.

Links

Previous coverage from Unchained on Sam Bankman-Fried and FTX:

Details of the trial:

SBF’s defense team:

Key witnesses:

Jury selection:

CoinDesk: Sam Bankman-Fried Can Ask DOJ Witnesses About Drug Use

Cointelegraph:Sam Bankman-Fried’s political donations can be surfaced in trial, rules judge

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The Chopping Block: Which DeFi Metrics Are Still Useful in a Bear Market? - Ep. 550 Sep 30, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the group sits down to discuss why U.S. crypto conferences are quieter than they have been in the past, which DeFi metrics are still useful for measuring a changing market, and advice for NFT founders on how to continue to innovate.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why Tarun says that the U.S. is “dead as a doorknob” for crypto for crypto conferences
Main takeaways from recent crypto conferences such as Token2049 in Singapore and Permissionless in Austin
How the metrics in DeFi keep changing, and which ones still have merit
What are “chart crimes” and the gang's advice for entrepreneurs pitching to VCs
Why Haseeb doesn't think that token economics are as useful as everyone thinks
The Stoner Cat settlement with the SEC and how it impacts the broader conversation about whether NFTs are securities
Legal drama between the co-founders of the Milady NFT project
Advice for NFT founders on how to achieve success in a changing market

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

NFTs

Token2049:

Haseeb’s panel on alt L1s

DeFi and metrics:

Regulation

Unchained: U.S. House Lawmakers Urge SEC's Gensler to Approve Spot Bitcoin ETFs

The Block: Gensler takes heat from lawmakers over his approach to regulating crypto

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Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out - Ep 549 Sep 29, 2023

The trial of Sam Bankman-Fried, the founder and former CEO of bankrupt cryptocurrency exchange FTX, is set to begin on October 3. The 31-year-old is accused of committing wire fraud and conspiracy to commit other types of fraud, in relation to the dramatic collapse of his crypto empire last year, which led to billions in losses. Nik De, CoinDesk's managing editor for global policy and regulation, discusses the importance of jury selection, the potential testimony of key witnesses, and how many years Bankman-Fried may face if he is found guilty.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why SBF's lawyers keep requesting the FTX founder be released
Why the jury selection is so important and how long it could take
Why the DOJ opposed the proposed questions for the jury
Why the Judge agreed with the DOJ in blocking some of the witnesses proposed by the defense team
How the defense team may try to discredit some of the proposed witnesses
Whether the argument of SBF receiving “poor legal advice” holds any ground
What role the political donations made by SBF may play in the trial
How many years SBF could face if he were to be found guilty

Thank you to our sponsors!

Guest

Nik De, CoinDesk's managing editor for global policy and regulation
Previous appearances on Unchained:
How SEC Chair Gary Gensler's Views on Crypto Have Changed Since His MIT Days
Why the Ooki DAO Case Could Hurt Participation in DAOs

Links

Previous coverage from Unchained on Sam Bankman-Fried and FTX:

SBF’s defense team motions:

Key witnesses:

Jury selection:

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Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin - Ep. 548 Sep 26, 2023

Bitcoin Ordinals have exploded in popularity since their launch by developer Casey Rodarmor in January, changing the NFT game with millions of inscriptions to date. But what comes next for Bitcoin-based digital artifacts? Danny Yang and Bill Tai, cofounders of Metagood and creators of NFT collection OnChainMonkey, discuss why they will move OnChainMonkey from Ethereum to Bitcoin, Rodarmor’s proposal to change the Ordinals inscription numbering system, and why they believe more creators should consider moving to Bitcoin.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

How the idea for Metagood came up
What is give-to-earn and how it is used to reward OnChainMonkey holders
The differences between Ethereum versus Bitcoin when it comes to digital assets
The creative potential of Bitcoin Ordinals
Why OnChainMonkey will move from Ethereum to Bitcoin
Thoughts on Casey Rodarmor’s Bitcoin Ordinals proposal to change the inscription numbering system
What are recursive inscriptions
How to convince NFT creators to leave other blockchains for Bitcoin

Thank you to our sponsors!

Guest:

Bill Tai, cofounder of Metagood and creator of OnChainMonkey
Previous appearances on Unchained:
https://unchainedcrypto.com/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology/
Danny Yang, cofounder of Metagood and creator of OnChainMonkey

Links

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Why FTX Might Try to Claw Back Funds From Retail Customers- Ep. 547 Sep 22, 2023

As lawsuits continue to pile up in the FTX saga, FTX chief John Ray III is focused on clawing back funds from former affiliates to pay back creditors. But how might that play out in court? Founder of 117 Partners Thomas Braziel, who specializes in the trading of bankruptcy claims, explains the different paths Ray may choose to go down and the potential outcomes of these cases.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

The chances of FTX winning in court against Sam Bankman-Fried’s parents
The case against Barbara Fried and Joseph Bankman
Whether civil cases could turn into criminal ones
Whether bankruptcy proceedings and the criminal case against Sam Bankman-Fried are a coordinated effort
What retail clawbacks are and the likelihood that FTX will pursue them

Thank you to our sponsors!

Guest

Thomas Braziel, founder of 117 Partners
Previous appearances on Unchained:
Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Will Celsius Survive the Bankruptcy Process?
How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX

Links

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The Chopping Block: Will Warren of 0x on Its Settlement With the CFTC - Ep. 546 Sep 21, 2023

Welcome to The Chopping Block – where crypto insiders chop it up about the latest news. This week, Haseeb Qureshi and Tom Schmidt speak to Will Warren, cofounder of 0x Labs, to discuss why the CFTC issued them a Wells Notice, how they responded to regulatory scrutiny, and how other countries may offer a blueprint for crypto regulation.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the CFTC issued a Wells Notice to 0x
how a decentralized application addresses the issue of geolocalization of users
how the team at 0x worked together with the CFTC to avoid violating the Commodity Exchange Act (CEA) again
what are the implications of the settlement and who's liable for offering services
why it's so hard for crypto projects to follow the rules without clear regulatory guidance
why Haseeb says that the SEC wants this industry to “not exist”
how lack of regulatory clarity may be stunting US innovation
whether there's a conflict of interest between the companies building protocols and the protocols themselves

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly

Guest

Will Warren, cofounder of 0x Labs

Disclosures

Links

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Zeke Faux's Crypto Adventures and His Relationship With Former FTX CEO SBF - Ep. 545 Sep 19, 2023

Zeke Faux, author of 'Number Go Up,' shares his findings after making a deep dive into the world of crypto. From skepticism to a full-blown investigation, Faux recounts his journey that led him to the heart of crypto, meeting some of the most eccentric characters in the industry. As a Bloomberg investigative reporter, Faux brings a critical eye to the crypto sphere, unearthing the bizarre, the risky, and the downright astonishing facets of what the crypto community calls a financial revolution.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what the book 'Number Go Up' is about
Zeke's background as an investigative reporter for Bloomberg
whether Zeke is skeptical about crypto
why Zeke thought it was a big deal to investigate Tether, the issuer of USDT
whether he had a conclusion on the fact that he couldn't find anything big about Tether
why Zeke says that Sam Bankman-Fried had a sloppy approach to risk management
why Zeke believes that SBF did not give so much money to charity even though he's an effective altruist
how projects like STEPN and Axie Infinity are 'clearly not the future of finance,' according to Zeke
how SBF had such an open relationship with the media that helped him when the FTX collapse happened
what Zeke found out investigating pig butchering scams in Cambodia
how Zeke’s attempt to buy a Mutant Ape to get into an Ape Fest in New York City taught him about crypto’s bad user experience

Thank you to our sponsors!

Guest:

Zeke Faux, author of ‘Number Go Up’

Bloomberg: 11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall

Links

Tether

Sam Bankman-Fried and FTX

Pig butchering scams

Unchained: How This Prosecutor Is Spearheading the Fight Against Crypto ‘Pig Butchering’ Scams

Crypto in developing countries

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With Execs Leaving and Market Share Declining, Can Binance Survive? - Ep. 544 Sep 15, 2023

In the wake of FTX’s collapse, Binance – already the biggest exchange in the world by a large margin – has continued to grow. But a series of challenges, including billions of dollars worth of customer outflows, the winding down of its stablecoin BUSD and the SEC and CFTC lawsuits related to its U.S. operations have challenged its market dominance. Steven Ehrlich, director of research at Forbes Crypto, joins the show to discuss how Binance has been dealing with a deluge of bad news and how it plans to forge a path forward.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how the collapse of FTX impacted Binance and its market dominance
how Binance has been losing market share over the past few months
why Steven believes that Binance.US is in a "very tenuous situation"
whether Binance is feeling stronger now that the SEC experienced a partial loss in the Ripple case
the consequences of consumers losing trust in Binance, according to Steven
the speculation around the recently filed sealed motion filed by the SEC
whether the theory that Binance is the next FTX has some merits
how Binance.US needs to recuperate some market volume to increase its revenue

Thank you to our sponsors!

Guest

Steven Ehrlich, director of research at Forbes Crypto

Links

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Jeremy Allaire on Circle's ‘Multi-Decade’ Strategy and Where Stablecoin Regulation Is Headed - Ep. 543 Sep 12, 2023

It’s been a busy year for USDC issuer Circle, with several new product launches and partnerships, a crypto banking crisis to contend with, the entry of PayPal into the stablecoin business, and plenty of new global regulatory developments, including a bill in the U.S. now making its way through Congress. Circle co-founder and CEO Jeremy Allaire joins Unchained for an in-depth discussion on the reasons behind Coinbase’s investment in Circle, how Circle has emerged stronger from the banking crisis, what he thinks of PYUSD, what he likes and doesn’t like about the current U.S. stablecoin bill, and his thoughts on what the final bill will look like.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Circle and Coinbase created the Center Consortium and why Coinbase acquired a stake in Circle
whether Circle is aiming to be acquired or become a public company, and why Jeremy is pursuing a "multi-decade" strategy
why Circle partnered with MercadoLibre and the stablecoin usage in Latin America [may need to cut if embargo does not stick]
how the company has been supporting developers to build applications
why Circle is launching native USDC on so many new blockchains
what the purpose of cross-chain transfer protocol (CCTP) is and what the big problems with bridges are
how Circle responded to Silicon Valley Bank’s collapse and why the world began to feel that "it's not safe to be exposed to the US"
Jeremy's thoughts on the launch of PayPal's stablecoin, PYUSD
why having stablecoin legislation is a "national priority," according to Jeremy
why Jeremy is a proponent of a fully reserved banking system
why he thinks the US needs to "aggressively" take action to preserve the global reserve currency status of the US dollar
how China’s national digital currency is likely to develop
how crypto can provide a better way of providing identity without giving up privacy
why blockchain technology is much more than just a financial regulatory matter

Thank you to our sponsors!

Guest:

Jeremy Allaire, cofounder, Chairman and CEO of Circle
Previous appearances of Jeremy on Unchained:
Crypto on Every Corner: Driving Adoption With Jeremy Allaire and Meltem Demirors
Circle’s Jeremy Allaire and Sean Neville on Why Crypto Will Be Bigger Than the Web
Jeremy Allaire on Why the US Government Needs a New Category for Digital Assets

Links

Unchained:
Coinbase Acquires Equity Stake in Circle Amid USDC Updates and Market Challenges
Will PayPal’s PYUSD Steal Market Share From Tether and Circle?
The Fall of SVB: What Happened and How It Affects Crypto
CoinDesk:
U.S. Stablecoin Bill Takes Big Step Despite Fight From Democrats, White House
Circle Seeks to Make Crypto Payments Easier With New 'Programmable Wallets'
Written Statement of Jeremy Allaire Before the United States House Committee on Financial Services, “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem”
South China Morning Post: Head of crypto firm Circle accepts ban in mainland China, but sees role for yuan-backed stablecoins
TechCrunch:Solana Pay integrates plug-in with Shopify for USDC payments
Decrypt: News Explorer — Circle Partners With Mercado Libre to Bring USDC to Chile
Jeremy’s comments on the launch of PYUSD

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Could This Vitalik-Backed Protocol Bring Privacy to a Regulated Crypto World? - Ep. 542 Sep 08, 2023

Earlier this week, Ethereum co-founder Vitalik Buterin and four co-authors published a paper describing a smart contract protocol called privacy pools that would enable crypto users to associate their funds with those being used for legitimate purposes versus those being used in criminal activity such as hacks or money laundering. The protocol addresses one of the main shortcomings of coin mixer Tornado Cash, which has been sanctioned by the U.S. government.

Chainalysis chief scientist Jacob Illum, one of those co-authors, discusses the impetus for the paper, the technology behind privacy pools and how they would work in practice, who would provide some of the necessary organization to operate the pools, and some of the early criticisms of the paper.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what the current state of crypto privacy is and what the motivation was to write this paper
what privacy pools are and how they work
how zero-knowledge proofs are the key technology behind privacy pools
what the role of association set providers is in making this new technology work
what would happen in different potential scenarios, such as a "bad address" being discovered after a transaction has been made
how the protocol would protect the privacy and identity of the users
how law enforcement, credit score agencies and other organizations could have "special viewing privileges" of transactions, according to Jacob
how the community has been reacting to the recently published paper
Jacob’s response to criticisms the paper has received from industry players
why Chainalysis participated in the paper given that many people see them as 'anti-privacy'

Thank you to our sponsors!

Guest

Jacob Illum, chief scientist at Chainalysis

Links

Unchained: Tornado Cash Cofounder Arrested, Another Sanctioned by U.S. Government
CoinDesk: Crypto-Mixing Service Tornado Cash Blacklisted by US Treasury
Blockchain Privacy and Regulatory Compliance: Towards a Practical Equilibrium
Matt Corallo’s tweet
Crypto lawyer Preston Byrne’s tweet
Previous coverage of Unchained on Tornado Cash:
The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever'
The Chopping Block: Why DeFi May Be Over-Complying With Tornado Cash Sanctions
Preston Van Loon on Ethereum’s Merge and His Lawsuit Against Treasury Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?

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The Chopping Block: Why Circle CEO Jeremy Allaire Is So Optimistic About Stablecoins' Future - Ep. 541 Sep 07, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the group sits down with Circle CEO Jeremy Allaire to discuss how the USDC stablecoin issuer responded to the banking crisis that started at the end of 2022, what PayPal’s new stablecoin offering means for Circle and the rest of the industry, and whether central bank digital currencies (CBDCs) represent real competition for stablecoins.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how the collapse of FTX and other companies led to a de-banking crisis for the industry
what the Circle Reserve Fund is
how the banking crisis in early 2023 caused a "flight from safety"
how regulatory clarity has improved in the aftermath of the banking crisis
why Jeremy actually hopes PayPal's recently launched PYUSD is successful
why Tarun believes Central Bank Digital Currencies (CBDCs) are one of the most "boring concepts" within the industry
whether CBDCs pose a threat to businesses that issue stablecoins such as Circle
Whether the status quo on stablecoins in the U.S. of knowing-your-customer on redemption and minting, but not on holding, is likely to continue.

Hosts:

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tarun Chitra, managing partner at Robot Ventures

Guest:

Jeremy Allaire, CEO of Circle

Disclosures

Links

Learn more about your ad choices. Visit megaphone.fm/adchoices

Friend.tech: The Legal and Tax Ins and Outs of This Year’s Hottest Crypto App - Ep. 540 Sep 05, 2023

Friend.tech, a decentralized social media platform in which you can buy and sell “keys” in your friends on X (formerly known as Twitter) whose value can go up and down, has become a viral sensation, racking up as many as 100,000 users since launching on August 10. Should keys be considered securities and thus regulated by the SEC? How should gains and losses be taxed? And how private should users assume their communications and transactions on the platform are? Securities and banking law professor at George Mason Law School JW Verret, and tax partner and co-head of the Digital Assets and Blockchain Practice at Fried Frank Jason Schwartz, share their thoughts.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Friend.tech works and how the price of keys is determined
how Friend.tech is different from many other past attempts at creating a decentralized social media platform
whether the keys offered by Friend.tech could be deemed securities by the SEC
what wrapped Friend.tech tokens are and whether these could be considered securities
why the traditional approach to crypto taxation is bad for most Friend.tech taxpayers
what the tax implications of Friend.tech airdrops are
what Friend.tech users should assume about their privacy on the app
what the future holds for Friend.tech

Thank you to our sponsors!

Guests:

J.W. Verret, Associate Professor of Law at George Mason Law School
Previous appearance on Unchained: Coinbase's Legal Action Against the SEC: How It Will Likely Unfold
Jason Schwartz, tax partner and co-head of the Digital Assets and Blockchain Practice at Fried, Frank
Friend.Tech Shows How Complicated Taxing Crypto Transactions Can Be by Jason Schwartz

Links

Decrypt: Friend.tech Renames Its Token—But Is It Even Legal?

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Does Grayscale’s Win Against the SEC Mean a Spot Bitcoin ETF Will Be Approved? - Ep. 539 Sep 01, 2023

This week’s emphatic ruling in favor of Grayscale in its suit against the SEC to convert its massive bitcoin trust into an ETF generated plenty of hopium among the bitcoin faithful that a spot bitcoin ETF will get approved soon and open a flood of investment in bitcoin. What are the odds of that truly happening now, though, and if it did, how much additional money could wind up being invested in bitcoin as a result? Also, which companies’ applications would get approved first and how would the various products compete with one other? Bloomberg’s senior ETF analyst Eric Balchunas separates the hype from the reality in answering these questions and more.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Bloomberg increased the likelihood of a Bitcoin ETF being approved this year from 50% to 75%
how the ruling exceeded the expectations of the legal analysts at Bloomberg
why it's important that the ruling was a bipartisan decision
whether, from a legal perspective, it's "weird" to deny a spot ETF but approve a futures one
how a spot Bitcoin ETF would act as a bridge for Baby boomers to invest in crypto
what the two most likely SEC responses to the ruling are
what the likely timelines for an SEC spot Bitcoin ETF approval or disapproval would be
whether Gary Gensler's agency will approve Ethereum futures ETFs in the U.S.
why BlackRock's and Fidelity's ETFs are more likely to be approved first, according to Eric
how the different ETFs would compete in the market
why spot Bitcoin ETFs pose a serious threat to crypto exchanges' businesses
Eric's estimate of how much additional money would pour into Bitcoin if a spot Bitcoin ETF is approved

Thank you to our sponsors!

Guest

Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence

Links

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The Chopping Block: Coinbase’s Paul Grewal on Why the SEC Is Going After Crypto So Aggressively - Ep. 538 Aug 31, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra, chop it up about the latest news. This week, the gang goes in depth with Coinbase chief legal officer Paul Grewal to discuss Grayscale’s win in its court case against the SEC, Coinbase’s ongoing dust-up with the SEC, the onerous new crypto reporting regulations proposed by the U.S. Treasury, and the unsettling legal arguments behind the government crackdown on Tornado Cash.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Paul considers the court ruling in favor of Grayscale in its case against the SEC “nothing short of monumental”
how much it actually matters if a spot Bitcoin ETF gets approved
what options the SEC has now to pursue its position
why BlackRock may have applied for its spot Bitcoin ETF when it did
how the SEC 'changed its tune' and went from approving Coinbase’s S1 to suing them in a federal court, according to Paul
how the collapse of FTX may have affected the SEC’s view of Coinbase
why Coinbase has decided to wage its battle against the SEC so publicly
when Paul expects a final decision to be made on the SEC’s lawsuit against Coinbase
what Paul would do to regulate the digital asset industry if he were Gary Gensler
whether the Treasury Department’s extensive proposed reporting regulations mean the crypto industry is “screwed”
why Paul believes that the government’s crackdown on Tornado Cash is "dead wrong on the law"

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest:

Paul Grewal, chief legal officer of Coinbase
Previous appearances on Unchained:
Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’

Disclosures

Links

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Oracles: Does the Backbone of DeFi Need Fixing? - Ep. 537 Aug 29, 2023

Oracles are all about bringing important data (mostly asset prices) onto the blockchain. As such, they’re a key part of decentralized finance. But oracle provider Pyth sees room for improvement as it relates to being more real-time than crypto incumbents like Chainlink. Mike Cahill, the CEO of a brand new Pyth-linked firm called Douro Labs, joins the show to explain the opportunity he sees in building better oracles.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Pyth Network works and what the upcoming Perseus upgrade consists of
Mike’s background in traditional finance
why oracles are necessary in crypto and what the challenges are for oracle providers
whether it’s hard for traditional institutions to participate in crypto protocols
what the four types of oracle solutions are and how they differ
how Pyth determines which data providers are allowed in the network and how that will change if it becomes more decentralized
why Mike compares the scalability of Pyth to how Facebook grew
why Douro Labs is being launched and why it will be solely focused on Pyth for now
the factors driving Pyth’s growth, according to Mike
Mike’s opinion on the current state of the crypto market and what the endgame is for Pyth

Thank you to our sponsors!

Guest:

Mike Cahill, CEO at Douro Labs.

Links

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Is This the End of DeFi? Why the US Government Is Going After Tornado Cash - Ep. 536 Aug 25, 2023

On Wednesday, the U.S. Government indicted Tornado Cash developers Roman Storm and Roman Semenov for three counts of conspiracy involving a staggeringly large number: $1 billion in criminal proceeds. The U.S. Department of Justice attached North Korean hackers to a large portion of this sum, alleging that Tornado’s privacy tech enabled nefarious deeds. Amanda Tuminelli, chief legal officer of the DeFi Education Fund, joins the show to assess whether the U.S. Government got it right or is merely misguided in its understanding of how blockchain technology works. Should Tornado Cash devs be held to account for the criminal use of their software?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the U.S. Government says the cofounders of Tornado Cash facilitated money laundering
what the difference is between the concealment of potential proceeds of a crime versus the facilitation of that crime
why Amanda believes that if the government understood the technology they wouldn’t be making these allegations
whether the charges and the indictment will have implications for all software developers
whether these allegations could mark the “end of DeFi” in the U.S.
whether front-end applications in DeFi will need to mandate KYC checks for all users
how the charges appear to contradict earlier FinCEN guidance
how the DOJ will use the involvement of North Korean hackers to “make it look bad” for the jury
what the future of the case will look like and whether there will be a motion to dismiss the indictment

Thank you to our sponsors!

Guest

Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund

Links

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The Chopping Block: All About That Base With Jesse Pollak - Ep. 535 Aug 24, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, Coinbase’s Jesse Pollak talks about the ambitious goals of Base, the new Optimism–based blockchain from the publicly traded crypto giant. With the viral success of Base-based Friend.Tech, Jesse discusses the Base team’s ambitious goals to onboard “a million builders, a billion users.” Is this the long-heralded path to scaling Ethereum?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Jesse says it’s still “day one” for Base
the reason behind Base’s “one million developers, one billion users” slogan
what the advantages of Base are compared to other layer 2 blockchains
how Base accounts for the fact that it doesn’t have a token to incentivize developer activity
how MEV bots represent a big part of the transactions on Base, especially with the emergence of Friend.Tech
why Friend.Tech found early success despite being similar to previous efforts
Jesse’s response to the fact that fault proofs are not live on any of the OP Stack chains
how much of the revenue generated by Coinbase’s sequencer will be distributed to Optimism
whether Base and Optimism Mainnet compete with each other
how layer 2 chains are choosing different design paths and how that differentiates them

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest

Jesse Pollak, lead contributor at Base

Disclosures

Links

Unchained: Coinbase Launches a New Layer 2 on Ethereum
CoinDesk: Social Platform Friend.tech Gains 100K Users in Days Even in Depths of a Bear Market
TechCrunch: Friend.tech hype is skyrocketing, but will it actually reach the stars?

Decrypt: Base Daily Transactions Outpace Ethereum on Friend.tech Frenzy

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Can Maker’s Rune Christensen Fix the Sad State of DAO Governance? - Ep. 534 Aug 22, 2023

The height of the last bull run was when MakerDAO cofounder Rune Christensen felt most disillusioned by DeFi and DAOs. “I didn’t even see how Maker was going to survive,” Christensen tells Laura Shin in the latest episode of Unchained. Now Christensen is leading an effort to help DAOs escape their trough of disillusionment. He says the ambitious “Endgame Plan” for MakerDAO seeks to overcome “the central issue of voter apathy.” Will it work or are DAOs doomed to fail?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

the disillusionment that comes with the growth of DAOs and the need for a new approach
Rune’s insights into the challenges that most DAOs face
how Maker plans to implement alignment engineering through tools, gamification, and incentives
what each phase of Maker’s “Endgame Plan” seeks to accomplish
the strategy behind Maker’s rebranding, including the launch of new tokens while maintaining MKR and DAI
the importance of governance boundaries in ensuring that participants follow the rules and contribute constructively
the goal to reach a state of ossification and certainty, similar to Bitcoin
the challenges of renaming tokens and the decision to keep the original brands
why Rune believes that Phase 2 of the Endgame Plan will change the industry
how SubDAOs will work to align incentives, improve the organization, and avoid ponzi schemes
what Maker’s “Atlas” is and how it intends to set boundaries
how Maker plans to use artificial intelligence
the role of delegates in the DAO and how users choose them
the difference between “dovish” and “hawkish” governance
what the motivation was for launching the Spark lending protocol
why the DAI Savings Rate (DSR) is not offered to American investors and Rune’s take on DeFi regulation
why South Korea and Japan are the best crypto environments in the world, according to Rune
whether Maker should be doing more to mitigate the influence of “whales,” given that Rune owns about 10% of the MKR supply

Thank you to our sponsors!

Guest:

Rune Christensen, Cofounder of MakerDAO
Previous appearances on Unchained:
Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat
Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85
The Chopping Block: How to Manage MakerDAO, With Hasu and Rune
Rune Christensen of MakerDao on Its $15 Million From Andreessen Horowitz
Why It's so Hard to Keep Stablecoins Stable

Links

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SBF Behind Bars: Why Revoked Bail Is a Big Deal for Crypto’s Biggest Trial - Ep. 533 Aug 18, 2023

Lawyer Brian Klein joins the show to explain why Sam Bankman-Fried being locked up makes it “much tougher” for his legal team. This week, the judge presiding over the case said SBF went too far in attempting to intimidate key witnesses – chief among them former Alameda Research co-CEO (and ex-flame) Caroline Ellison. Will a jail cell change SBF’s defiant tune ahead of a hotly anticipated October trial date? Klein weighs in.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the detention of SBF changes the dynamics of the trial preparation
why Brian believes that the appeal to the detention won’t prevail
whether these new conditions will lead to a request for a delay of the trial
whether the fact that SBF is now in jail will make him more interested in a plea deal
why both the prosecution and the defense have filed motions to limit allowable evidence and what that means for the trial
what the short-term future of the trial looks like
how long a trial like this would take to play out

Thank you to our sponsors!

Guest

Brian Klein, partner at Waymaker

Links

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The Chopping Block: How Wintermute Avoids ‘Zombie’ Exchanges, Base’s Early Success, Bank Fraud in the AI Era - Ep. 532 Aug 17, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, Wintermute CEO Evgeny Gaevoy joins the show to discuss market making when the crypto markets are quiet. Plus, an analysis of Base’s prospects following a surge of early interest. Also: Do you think bank fraud is going to run rampant in the AI era?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how prop shops like Wintermute view the current state of the crypto market
how an organization like WIntermute interacts with DeFi platforms
Tarun and Evgeny attempt to squash some past beef
why Evgeny believes that some exchanges are “zombies”
whether this is a good time to build an exchange and how Evgeny would do it
how Base accomplished a big surge in its TVL and daily volumes
whether it’s possible for Coinbase to balance the decentralized nature of building a blockchain with a desire to minimize scams
how L2 sequencers have the power to censor transactions and the analogy to proof-of-authority chains
how friend.tech, the social app built on Base, works and why it got so much attention
why the crypto cognoscenti seemed to like friend.tech but hated BitClout, which is basically the same thing
what is the role of biometrics in securing crypto wallets and assets
whether bank fraud will increase or decrease because of advances in AI

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tarun Chitra, managing partner at Robot Ventures

Guest:

Evgeny Gaevoy, CEO of Wintermute Trading
Previous appearance on Unchained: How Traders Are Thinking About the Merge — and a Potential ETHPoW Chain

Disclosures

Links

Unchained: Coinbase Layer 2 Base Sees 80% Rise in Total Value Locked
CoinDesk: Is Friend.tech a Friend or Foe? A Dive Into the New Social App Driving Millions in Trading Volume
Halborn: Explained: The Wintermute Hack (September 2022)
Forbes: Layer 2 Wars Heat Up As Coinbase Launches Base

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Anita Posch on Why ‘Bitcoin Is a Tool for Freedom’ – Especially in Africa - Ep. 531 Aug 15, 2023

Educator Anita Posch has spent months on the ground in Africa onboarding new users into the world of Bitcoin. In the West, bitcoin may seem extraneous; but in her telling, bitcoin in Zimbabwe, Zambia, and other African countries is essential. “Bitcoin can be one of the solutions for people who are disempowered, who are outlawed, the misfits,” says Posch. “Bitcoin is for them because no one can take it away from you.”

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what Anita does for Bitcoin education and why she was inspired to do this
how people in developing countries are constantly getting scammed
how the Central Bank of Zimbabwe acts as an intermediary in business operations
whether people in these countries use BTC or stablecoins for their day to day expenses
what the differences are between the several Bitcoin communities around the world
how in Zimbabwe people could get arrested for transacting in Bitcoin
why Bitcoin is essential to human rights, according to Anita
whether Bitcoin can help to tackle the issue of discrimination against women, particularly in finance
why Anita is “very sad” about the launch of Worldcoin
why she was against Bitcoin Ordinals in the first place and whether she has changed her mind
what Anita’s new Bitcoin learning program aims to accomplish

Thank you to our sponsors!

Guest:

Anita Posch, founder of Bitcoin for Fairness, author of (L)earn Bitcoin, and host of the Anita Posch show.
Online Learning and Scholarship Program
Website
45min Documentary: How Bitcoin Enforces Human Rights
13 min Keynote: Bitcoin empowers Africa and Africans empower Bitcoin

Links

Previous coverage of Unchained mentioned in the episode:
Orb Outrage: Worldcoin Cofounder Defends Project Amid Backlash
Why CoinFund Believes Worldcoin Could Become More Popular Than Bitcoin
Bitcoin’s BRC-20 Mania: Is It Sustainable?

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Will PayPal's PYUSD Steal Market Share From Tether and Circle? - Ep. 530 Aug 11, 2023

A major player has entered the stablecoin wars. PayPal went deeper down the crypto rabbithole this week with the launch of its Ethereum-based PYUSD. The dollar-backed stablecoin now puts PayPal in competition with the likes of Tether and Circle for quickly sending value around the world on-chain. José Fernández da Ponte, PayPal’s crypto SVP, joins the show to unpack how the fintech giant is building a long-term strategy around blockchain-based payments.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why PayPal decided to launch a stablecoin
how long it will take for stablecoins to reach mainstream adoption and what the advantages of stablecoins are
how PYUSD will differentiate from other giants in the stablecoin space such as USDT and USDC
whether the U.S. stablecoin bill influenced the launch of PYUSD
why stablecoins should be regulated at the state level
whether PayPal plans to launch stablecoins pegged to other fiat currencies
how Paxos will provide attestation reports for PYUSD
why Jose thinks gaming is a huge opportunity for stablecoin payments
what the rationale was for launching an ERC-20 on Ethereum
how PayPal plans to monetize the stablecoin
why PayPal’s expectations for PYUSD in the short-term are “moderate”

Thank you to our sponsors!

Guest

José Fernández da Ponte, SVP of Blockchain, Crypto and Digital Currencies at PayPal

Links

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The Chopping Block: Curve Crisis Concludes With a Whimper, PayPal’s PYUSD Raises New Questions - Ep. 529 Aug 10, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, a quiet conclusion to that Curve thing everyone was animated about. Plus, major developments from Web2 giant PayPal as it continues its journey down the crypto rabbithole. Also, is Maker’s juiced DAI Savings Rate the new Anchor? The gang discusses.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how The Chopping Block got that sweet, sweet Red Bull money
what to make of the Curve hacker’s message after they returned the funds
does Curve trying to dox the hacker proves that Arkham’s model is right?
the lessons from the Curve situation and whether DeFi needs to change
how DeFi protocols could prevent situations where a single entity holds a significant percentage of a token’s total supply
how the enhanced DAI Savings Rate triggered PTSD from other stablecoins (ahem, Anchor)
what the consequences are of increasing the DSR
the gang’s prediction on how much PYUSD will be minted by the end of 2023

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

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Orb Outrage: Worldcoin Cofounder Defends Project Amid Backlash - Ep. 528 Aug 08, 2023

Worldcoin is getting hit from all sides. Following a popular launch in late July, critics from the crypto community and public sector alike are coming out in droves with concerns about privacy, data protection, and tokenomics. Worldcoin co-founder Alex Blania joins the show to address the recent criticism and reiterate the project’s lofty goals. “It sounds crazy,” he said, “so you really need to understand the technology to understand why it’s not concerning.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Worldcoin believes in the idea of a universal basic income (UBI)
how World ID actually works, from the initial “orb” scan to actually using the app
Alex’s comments on the rise of a black market for World IDs
whether Worldcoin is storing people’s biometric data
how people don’t really understand the nuances of getting their irises scanned and why it’s fine that the “average person will not understand how crypto works,” according to Alex
whether Worldcoin took into consideration the various regulations around the world
what the purpose of the WLD token is
why the project decided to launch the token with a low float
how Alex got convinced to join Worldcoin and become one of its leaders
why Alex believes that Worldcoin will become a “very powerful technology” that will be the main project for onboarding people to crypto

Thank you to our sponsors!

Guest:

Alex Blania, cofounder of Worldcoin
Previous appearances on Unchained: Is Sam Altman's Worldcoin the End of People's Privacy?

Links

Previous coverage of Unchained on Worldcoin: Why CoinFund Believes Worldcoin Could Become More Popular Than Bitcoin
Unchained:
Worldcoin Can Be More ‘Widely Distributed’ Than Bitcoin, CoinFund Executives Say
Worldcoin Launches Token on Mainnet, Plans to Deploy 1,500 Eyeball Scanning Orbs
Is Sam Altman's Worldcoin the End of People's Privacy?
CoinDesk:
Worldcoin Could Enable Wider Distribution of Crypto Than Even Bitcoin, Says CoinFund
Worldcoin Releases Tokenomics, Report Geofenced for Some Countries
The Block: German authorities probe Worldcoin project over privacy: Reuters
Reuters: Kenyan government suspends activities of Worldcoin in country
Rest of World:Why are people lining up for Worldcoin eyeball scans? “Easy $50,”
What do I think about biometric proof of personhood? By Vitalik Buterin
MIT Technology Review: Deception, exploited workers, and cash handouts: How Worldcoin recruited its first half a million test users
Ouriel Ohayon’s video

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What Does the Curve Crisis Say About DeFi? - Ep. 527 Aug 04, 2023

While it’s now mostly contained, the Curve crisis has exposed some of the systemic risks in the world of DeFi. Sam Kazemian, founder of Frax Finance, joins the show to discuss what DeFi needs to do to get better – and what builders should learn from a novel attack that was ultimately about much more than $50 million in drained funds.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how the Curve exploit occurred and why this hack is different
how the attack triggered a crisis in major lending platforms like Aave, Fraxlend, and Abracadabra
what Curve founder Michael Egorov’s solution was to the potential liquidation of his several loans
whether this situation proves that DeFi is not as good as promised
what can be done to prevent these kinds of issues in the future, particularly with large loans in DeFi that could potentially bring down the ecosystem

Thank you to our sponsors!

Guest

Sam Kazemian, founder of Frax Finance

Links

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The Chopping Block: Who’s to Blame for the Curve Hack? - Ep. 526 Aug 03, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Laurence Day, smart-contract sleuth and co-founder of Wildcat Finance, joins the show to discuss the ramifications of the Curve Finance exploit that has the DeFi world talking.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Curve Finance, one of the most prominent DeFi protocols, got hacked
why maintaining different coding languages and clients is so hard
whether developers are responsible for this kind of attack
whether Curve founder Michael Egorov’s loans in Aave and Fraxlend have put DeFi at risk
how the loan in Fraxlend impacted the liquidation price of the Aave loan
Tarun’s reaction to the situation, given that his firm Gauntlet has tried to mitigate these risks in the past
how people in the community worked together to keep DeFi safe and resilient
why Tarun got canceled on LinkedIn
what happened with the BALD meme coin mania on Base

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest:

Laurence Day, co-founder of Wildcat Finance

Disclosures

Links

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Why CoinFund Believes Worldcoin Could Become More Popular Than Bitcoin - Ep. 525 Aug 01, 2023

CoinFund’s Jake Brukhman and Chris Perkins join Unchained to dissect their recent $158 million seed round and the transformation of the investment landscape following the 2022 crypto carnage. As backers of Worldcoin, they confront criticisms about the project's approach of distributing money to individuals who may not fully comprehend the underlying technology. They also delve into why the Coinbase lawsuit could potentially boost the industry, share their perspectives on current crypto legislation, and explore the intersection of AI and crypto.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

how the fundraising crypto environment changed this past year after the 2022 carnage
what the impact of FTX’s alleged fraud has been
why Chris and Jake believe that the SEC’s lawsuit against Coinbase is bullish for the industry
why Jake believes there's no massive consumer application in web3 yet
how institutions have been building during the bear market
whether Worldcoin solves the sybil resistance problem in crypto and whether it could become more decentralized than Bitcoin
Jake's response to the criticism surrounding the centralization and privacy issues in Worldcoin
the ethical implications of giving free money to people who may not fully understand how their biometric data is being used
what the Composite Ether Staking Rate (CESR) is and what are its two main applications
how the foundational web3 + AI intersection is happening in the compute area
why Chris believes that the crypto market structure bill is not perfect
whether creating proper stablecoin legislation is a very important opportunity for the US
how DeFi should be regulated to ensure that privacy gets protected

Thank you to our sponsors!

Guests:

Chris Perkins, President of CoinFund
Jake Brukhman, Founder and CEO of CoinFund

Links

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Rep. Ritchie Torres on Why Congress Should Make Clear Crypto Laws - Ep. 524 Jul 28, 2023

Crypto markets are under the gun from SEC Chairman Gary Gensler’s ‘regulation by enforcement’ policy. Meanwhile, a divided political landscape creates gridlock on Capitol Hill. Democratic Representative Ritchie Torres (NY-15) claims regulators have overstepped their bounds, while generational divide in the Democratic party slows appropriate regulatory legislation from passing.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why stablecoins are less dangerous than fractional reserve banking
How the current system fails to protect retail investors
Why Democrats and Republicans have flipped traditional stances on regulation
Increased skepticism after the FTX meltdown
Regulation by enforcement an abuse of power
If and when a digital asset is an investment contract
What he views as Prometheum’s planned political stunt
Resolving crypto’s long term problems responsibly

Thank you to our sponsors!

Guest

Ritchie Torres, U.S. representative

Links

Fortune: Ritchie Torres went from crypto ‘newbie’ to key ally in Washington. Now he could shape the industry’s post-FTX future
NY Daily: A liberal case for cryptocurrency
CoinDesk: Rep. Ritchie Torres: We've Seen a 'Weaponization of the SEC' From Gensler Against Crypto Industry
U.S. Financial Service Committee: McHenry, Thompson, Hill, Johnson Release Digital Asset Market Structure Proposal
Bloomberg Law: McHenry Says White House Torpedoed Bipartisan Stablecoin Deal
NBC: Sen. Cynthia Lummis: Crypto regulation bill could prevent another FTX-style crisis
Rep. Torres’s open letter to Gensler following the Ripple decision
Rep. Torres’ speech

Previously on Unchained

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The Chopping Block: NFA for Founders, Worldcoin and UniswapX Launch, Hamster Racing - Ep. 523 Jul 27, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they debate whether infrastructure is being over-invested in, explore the potential of UniswapX and the controversial launch of Worldcoin’s token, and dive into the curious world of hamster racing in crypto.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Tarun thinks EthCC Paris was much better than ETH Denver
whether VCs are overinvesting in infrastructure
why Haseeb believes that founders should focus on building applications rather than infrastructure
whether the WRLD token is a new “Sam coin”
what everyone thinks about Worldoin and the need to develop proof of personhood in crypto
what is going on with hamster racing and whether this is the reason "normies hate crypto"
UniswapX and its benefits (and tradeoffs)
whether there is a shift toward intents-based trading

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

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Two VCs on Why This Is the Perfect Time to Invest in Crypto - Ep. 522 Jul 25, 2023

Despite the doom and gloom, Placeholder VC partners Chris Burniske and Joel Monegro are highly bullish on the present moment. “We’re all going to look back on this period and remember it as fondly as we remember ‘18 and ‘19,” Monegro tells Laura Shin. The two long-term investors explain why the confluence of macroeconomic factors and crypto-native (and AI) innovations make this the ideal time to invest in a Web3 future. They cut their teeth on Bitcoin, they grew up with Ethereum; hear what they think is next.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Chris says crypto’s four-year cycle will likely play out once again
the role of interest rates in asset valuation
whether the crypto industry has learned its lessons from the “crypto carnage” of 2022
whether there’s a future for KYC’d DeFi
when failing in crypto should be considered a crime, as in the Do Kwon case
what could happen with the rate hikes and how the macroeconomic environment affects the markets
how the ruling in the Ripple case impacts the development of new crypto companies and user adoption
whether Joel felt relieved by the ruling, considering Placeholder has invested in many tokens that were named as securities by the SEC
what Joel thinks of the new crypto bill in Congress and how he wishes that smart contracts were used to self-regulate the industry
what Joel and Chris think of the delicate situations of crypto giants such as Binance and DCG
whether the fat protocol thesis still holds up and whether it colors Placeholder’s current investment thesis
why most of the Layer 1s will become rollups, according to Chris
why Chris is bullish on Solana, despite the massive collapse in value following the FTX debacle
how NFTs will play a significant role in “establishing the provenance of content”
whether AI agents will become crypto power users

Thank you to our sponsors!

Guests:

Chris Burniske, partner at Placeholder VC
Previous appearance on Unchained:
2022 in Review + How Cobie and Chris Burniske Are Playing the New Year
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market
How To Value A Crypto Asset
Joel Monegro, partner at Placeholder VC.
Placeholder’s Joel Monegro on the Fat Protocols Thesis

Links

Fat Protocols by Joel Monegro
The Blockchain Application Stack by Joel Monegro
Decred Thesis by Joel Monegro and Chris Burniske
WSJ:
Binance Lays Off Over 1,000 Employees
Binance Cuts Back Employee Benefits, Citing Decline in Profit
CoinDesk: Unpacking the Latest Lummis-Gillibrand Bill Draft
Reuters: US SEC accepts six spot bitcoin ETF proposals for review

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Why the SEC Doesn’t Want the Ripple Case to Go to the Supreme Court - Ep. 521 Jul 21, 2023

If the SEC wants to appeal last week’s judgment in the Ripple case, it better act fast. So says Bill Hughes, regulatory chief at Ethereum booster ConsenSys and one of the many crypto policy pros assessing the ramifications of U.S. district judge Analisa Torres’ decision. The regulatory agency’s decision to appeal hinges on a number of factors, Hughes says, including that this Supreme Court will likely be unkind to SEC Chair Gary Gensler’s interpretation of how to regulate crypto. But of course, a political calculus is also in play, and suddenly U.S. lawmakers have a slew of crypto bills and amendments to choose from. How will it play out?

Show highlights:

whether the SEC is going to appeal the recent Ripple ruling and whether Judge Analisa Torres would allow it
what the risks are for the SEC of taking the case to the Second Circuit
why Bill believes that the SEC’s chances are not good at the Supreme Court
what the motivation is behind the new DeFi bill in the U.S. Senate
how that bill would impact the different stakeholders in a DeFi project
why the crypto community should put its focus on the stablecoin and market structure bills first, according to Bill
how the SEC has been dropping lawsuits days prior to Congressional debates about crypto

Thank you to our sponsors!

Guest

Bill Hughes, senior counsel and director of global regulatory matters at ConsenSys.

Links

Previous coverage of Unchained on the Ripple case:
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
The Chopping Block: Should XRP Holders Really Be Rejoicing?
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
CoinDesk:Ripple's Legal Win Means It's Time for Crypto to Stand Up to the SEC
Unchained:
U.S. Senate Bill Calls for Strict KYC and AML Regulations for DeFi
SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
Bill’s thread on the Lummis-Gillibrand amendment
S.Amdt.712 to S.2226 - 118th Congress (2023-2024)

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Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress - Ep. 520 Jul 18, 2023

XRP isn’t itself a security; it depends on how it’s sold. So said a federal judge last Thursday in the SEC vs. Ripple case and the implications are significant. Jake Chervinsky, chief policy officer at the Blockchain Association, and lawyer Kayvan Sadeghi, partner at Jenner & Block, join the show to discuss two major ramifications. One: U.S. District Judge Analisa Torres dealt a major blow to the legal theory underpinning the SEC’s case against Coinbase. Two: This order really “lights a fire” under U.S. lawmakers to act on a pair of crypto bills in Congress.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why this is an “extraordinary victory” for the industry, according to Jake
whether Judge Torres made the right decision
how the SEC could seek an interlocutory appeal to halt the case, though it’s unlikely
what are the pending items in the case that need to be resolved
why the order that Judge Torres issued is not a final judgment
why it is more important to look at the transaction, not at the nature of the asset, to determine whether something should be deemed a security
whether the SEC has the authority to call digital assets securities
the significance of the “major questions doctrine”
how the order in the Ripple case will affect other cases like the Coinbase one
whether exchanges should re-list XRP
why this case could be instrumental in steering the direction of crypto regulation in the U.S.
whether other crypto tokens like SOL or MATIC should feel relieved with this new ruling
why Jake says that this case will speed up the chances of crypto legislation getting passed
what the differences are between the current crypto bills that are being proposed
whether SEC Chair Gary Gensler should recuse himself from enforcement actions in the crypto industry

Thank you to our sponsors!

Guests:

Jake Chervinsky, chief policy officer at the Blockchain Association
Previous appearances on Unchained: The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Kayvan Sadeghi, partner at Jenner & Block and co-chair of the fintech and crypto assets practice.

Links:

Previous coverage of Unchained on the Ripple case:
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
The Chopping Block: Should XRP Holders Really Be Rejoicing?
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security

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The Chopping Block: Should XRP Holders Really Be Rejoicing? - Ep. 519 Jul 15, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, crypto lawyer Stephen Palley joins an emergency live show to unpack Thursday’s judgment in the Ripple case. Crypto markets are pumping after a judge handed Ripple Labs a partial victory in its fight against the SEC. But is the jubilation warranted? “I can understand why people are happy,” said Palley, a partner at Brown Rudnick LLP. “I’m just a little more cautious on what happens next.”

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Judge Analisa Torres ruled that retail sales of XRP do not violate U.S. securities laws
how the court denied summary judgment on some issues relating to Ripple’s Brad Garlinghouse and Chris Larsen
why “Footnote 16” of the ruling was so “surprising,” according to Stephen
whether the SEC will appeal the case and how that process could unfold
why Coinbase, Kraken and other exchanges re-listed XRP and whether that’s a safe step
whether Coinbase will cite the Ripple judgment in its lawsuit against the SEC
how this ruling does not represent a binding precedent
why, even though this is a win for Ripple, it shouldn’t be used for investment strategy
why Haseeb thinks the SEC should “fire their press department”
whether the SEC’s case is “stronger than people on Twitter might like to believe”
how, if proven, the allegations against Celsius founder Alex Mashinsky are “straight-up fraud”
why Stephen says that a lot of the enforcement activity focused on DeFi was an “absolute misuse of resources”

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest:

Stephen Palley, litigation partner at Brown Rudnick

Disclosures

Links

Previous coverage of Unchained on the Ripple case:
New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now?
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
Unchained:
SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
Former Celsius CEO Alex Mashinsky Arrested in New York - Unchained Crypto
CoinDesk:
Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
Ripple Labs Ruling Throws U.S. Crypto-Token Regulation into Disarray
The Washington Post: Ripple ruling threatens SEC’s crypto regulation push

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New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now? - Ep. 518 Jul 14, 2023

The SEC and Ripple have been locked in a legal tug of war for years, stirring up waves of controversy and debate in the crypto community. Finally, Judge Analisa Torres has given an order establishing that XRP buyers trading on exchanges were not, in fact, engaging in a securities transaction, a decision that could have far-reaching implications for the industry. Lewis Cohen, co-founder of DLx Law, unpacks the details of this pivotal case and what it might mean for the future of cryptocurrency regulation.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the SEC lawsuit against Ripple has such historical significance in the crypto industry
how Judge Torres split the case into two categories
why the 'programmatic buyers' did not meet the four prongs of the Howey test
why the institutional sales constituted an investment contract
what makes the Ripple case different from the Kik and Telegram cases
whether the new ruling by Judge Torres will have an impact on how other crypto projects deal with their offerings
why, in the event of an appeal, Lewis expects a Second Circuit decision to take at least one year
whether Judge Torres' decision will impact the ongoing cases against crypto exchanges like Coinbase
why Lewis thinks the XRP order will not change the likelihood that spot bitcoin ETFs get approved
how there's no way to deal with information asymmetries in digital assets now

Thank you to our sponsors!

Guest

Lewis Cohen, Cofounder DLx Law
Previous appearances on Unchained: The Lummis/Gillibrand Crypto Bill: Is the ‘Ancillary Token’ Approach the Best

Links

Previous coverage of Unchained on the Ripple case:
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know
Ripple's XRP: Why Its Chances of Success Are Low
CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets Are not Securities
Paradigm Files Amicus Brief in SEC’s Lawsuit Against Ripple
The Block: Lummis, Gillibrand to introduce revised comprehensive crypto bill

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The Chopping Block: Will Tokenizing RWAs Finally Click This Time? - Ep. 517 Jul 13, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest crypto news. This week, the crew is joined by Goldfinch co-founder Blake West to talk about the momentum around asset tokenization. Whether it’s private credit (what Goldfinch specializes in) or U.S. Treasurys (what Robert’s new venture Superstate will tackle), real-world assets (RWAs) are en vogue among the crypto set. What’s driving this fresh interest in an old concept that has failed to take off?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Blake got into RWAs
why Robert launched his new company Superstate
why Robert hates the term “real-world asset”
why the only actual RWA in the blockchain space is the U.S. dollar, aka stablecoins
why other non-native crypto assets have struggled to migrate onto blockchains
how having on-chain T-bills could push demand for stablecoins
why private credit is a good thing to bring on chain, according to Blake
what the not-so-obvious benefits of bringing these things onto blockchains are
whether Arkham’s model of de-anonymizing people goes against the ethos of crypto

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest:

Blake West, cofounder of Goldfinch

Disclosures

Links

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When AI and Blockchain Meet, How Can Each Technology Benefit? - Ep 516 Jul 11, 2023

In recent months, ChatGPT, Bard and other new artificial intelligence (AI) products have revolutionized numerous industries. But how this nascent technology can work with crypto and blockchain technology is still relatively unexplored. In this episode, Illia Polosukhin and Jason Warner delve into the transformative potential of AI and crypto coming together.

They explore a wide array of applications, from AIs managing Decentralized Autonomous Organizations (DAOs), to DAOs being used to help open source AIs, to blockchain technology making the inner workings of AIs more transparent.

Tune in to this episode for a deep dive into the fusion of AI and crypto.

Show highlights:

Illia's and Jason’s backgrounds, including how Illia’s work in artificial intelligence (AI) got him into crypto
what AI actually encompasses and how to define it
why Jason says that "it works right now, it's machine learning and if you're raising money, it's AI"
how blockchains can facilitate the provision of resources for training data
the problem of attribution in training AI models
how OpenAI and Midjourney hold a lot of power at the moment, according to Illia
why open source code helps build better AI systems
how LLMs are being used to audit code in the blockchain ecosystem
up to what point AI can be used for crypto trading
why misinformation is a human problem, not an “AI problem,” and how blockchain technology can help solve this issue
how blockchains can be used to verify facts to combat misinformation
whether AI can help mitigate attacks on DeFi protocols
how DAOS and AI can work together and whether AI can coordinate a company
what’s missing in terms of infrastructure for DAOs to thrive with AI
how to structure regulation with this rapidly evolving technology

Thank you to our sponsors!

Guests:

Illia Polosukhin, cofounder of NEAR.
Previous appearance on The Chopping Block: The Chopping Block: Why AI Will Change the Course of History in Crypto
Jason Warner, founder at Poolside.

Links

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Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For? - Ep. 515 Jul 07, 2023

In 2022, crypto crime hit an all-time high. A staggering $3.8 billion in crypto was stolen, with DeFi protocols bearing the brunt of these thefts, accounting for 82% of the total losses. Amid this alarming scenario, has a beacon of hope emerged in ERC-7265?

The proposal aims to create a 'circuit breaker' safety layer for DeFi contracts, potentially revolutionizing security measures in the crypto space. Could this be the key to bolstering security and paving the way for mass adoption of DeFi? Will it essentially centralize protocols? Tune in to find out.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what ERC-7265 is meant to do and why they called it a 'circuit breaker’
how the idea would actually work on chain
how this ERC could make DeFi applications more centralized, rather than decentralized
what can be done to prevent small teams from seizing funds
how different teams will be able to design the circuit breaker as they want
what unsafe arbitrary calls and unprotected flows are
why Philippe believes that this proposal will help newer teams improve their security
how the ERC can pave the way for a more decentralized protocol
what will it take for protocols to start adopting the new standard

Thank you to our sponsors!

Guest

Philippe Dumonet, Cofounder of DeReg

Links

Chainalysis 2022 report
The Block: Ethereum community proposes new standard to mitigate DeFi hacks
Philippe’s thread on ERC-7265

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ERC-6551: Is This the Next Big Leap in NFT Innovation? - Ep. 514 Jul 04, 2023

The ERC-721 token standard on Ethereum ignited the frenzied world of NFTs. Yet, as the dust settled, their limitations became apparent. Enter ERC-6551, a new standard designed to overcome these challenges.

Benny Giang and Jayden Windle, cofounder and founding developer of Future Primitive, respectively, delve into the transformative potential of ERC-6551, a standard which allows every NFT to have a smart contract wallet associated with it. They discuss the exciting new possibilities it unlocks in the spheres of gaming, the metaverse, identity, messaging, and more.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what ERC-6551 is and how the idea was born
the differences between NFT token standards
the four big categories of applications for this new token standard
why Benny thinks that "network playable characters" will solve many of the problems in the digital space
how the token bound accounts work and whether they can interact with existing wallets
the security implications of using ERC-6551
what Future Primitive does in the web3 space
how creators can benefit from this new development
whether it's possible for soulbound tokens to work with token bound accounts
how blue chip NFT collections are using ERC-6551, if at all
what could go wrong with token-bound accounts that are combined with AI
what new things are being envisioned with this new standard

Thank you to our sponsors!

Guests:

Benny Giang, cofounder of Future Primitive
Jayden Windle, founding developer of Future Primitive
Previous appearance on Unchained: Your NFTs Can Do Much More Than You Think

Links

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Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision - Ep. 513 Jun 30, 2023

From “hush money” allegations to a prospective FTX relaunch, it’s been a crazy week for those following the legal saga of Sam Bankman-Fried’s collapsed crypto empire. Perhaps few are following it more closely than 507 Capital founder Thomas Braziel, who specializes in the trading of bankruptcy claims. He explains the significance of a spate of recent headlines and shares newsworthy tidbits from his meeting with new FTX honcho John J. Ray III.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

what the Daniel Friedberg lawsuit revealed about the whistleblowers of FTX
how FTX used allegedly false claims in its Series C funding round
whether Friedberg’s former law firm, Fenwick & West, will suffer legal consequences
how John Ray is prosecuting the allegedly fraudulent transactions made by FTX
what stood out to Thomas in his personal dealings with John Ray
what the timeline is for filing a reorganization plan for FTX
what the odds are of an FTX 2.0 relaunch, according to Thomas
why Thomas says that FTT won’t play a role in the potential FTX recovery
whether the decision to redact the identities of FTX customers was right

Thank you to our sponsors!

Guest

Thomas Braziel, Founder of 507 Capital
Previous appearances on Unchained
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Will Celsius Survive the Bankruptcy Process?
How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX

Links

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The Chopping Block: Why the Azuki Elementals Drop Was a Big Flop - Ep. 512 Jun 29, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest crypto news.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the Azuki new NFT collection 'Elementals' caused such a controversy among holders
why Robert bought an Elemental and what was he expecting
who the Michael Milken of NFTs is, according to Tarun
how BitGo 'pulled a Binance' on Prime Trust
how Prime Trust, a crypto custodian, collapsed and was put into receivership
whether what Prime Trust did can be considered fraud and how the situation highlights DeFi's 'long term advantage'
why the majority of blockspace is EVM-compatible
what the problems are with current Layer 2 rollups such as Optimism and Arbitrum
why rollups are so 'political' in the Ethereum ecosystem
what makes Arbitrum better than Optimism, according to Tarun
what shared sequencers are and whether they will be the future in crypto
Why Haseeb is not so bullish on the app-chain thesis

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

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Prometheum and Paradigm in Debate: Can the Status Quo Work for Crypto? - Ep. 511 Jun 27, 2023

Aaron Kaplan, co-CEO of Prometheum, the trading platform that recently acquired a special-purpose broker dealer license for digital asset securities, has become a major lightning rod in the crypto community. Does the firm represent, as Kaplan has argued, a compliant path forward for crypto in the United States? Or, as Paradigm Special Counsel Rodrigo Seira maintains, does it only demonstrate that the SEC’s crypto regime is simply unworkable? The two join the show to debate the specifics – and it certainly gets heated.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

whether it is even possible to compliantly register a crypto exchange in the U.S. following SEC Chair Gary Gensler’s recent public statements
which tokens Prometheum can list, if any
why Rodrigo and Aaron disagree over what constitutes a security
whether the Howey Test applies in secondary market transactions for tokens sold pursuant to a SAFT
why Aaron says that Paradigm should reassess its entire thesis and that the status quo benefits venture capital firms like Paradigm
why Rodrigo says Prometheum has a license, but not a business
who would be responsible for providing required disclosures for a decentralized network like Ethereum
how many tokens Aaron expects to list on the Prometheum platform
whether Aaron and Prometheum had specific discussions with the SEC about what tokens are securities
Aaron’s response to allegations that the Chinese Communist Party is infiltrating the U.S. financial system through Prometheum
whether Aaron had previewed the questions he was asked by representatives in his Congressional hearing
what they believe should be included in disclosures about tokens if federal securities laws didn’t exist and guidelines for disclosures were written from scratch
what Aaron has to say about the Blockchain Association’s recent FOIA request
whether Prometheum is open to being acquired by other entity

Thank you to our sponsors!

Guest:

Aaron Kaplan, co-CEO and co-founder of Prometheum.
Previous appearance on Unchained:
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
Aaron’s written testimony
Rodrigo Seira, special counsel at Paradigm.
Rodrigo’s thread on Prometheum

Links

Unchained:
Crypto Community Unearths Questionable History of SEC-Aligned Prometheum
Former SEC Cyber Chief Calls the Agency’s Way of Labeling Tokens Securities ‘Not Fair’
Investopedia: Schwab and Fidelity-Backed Crypto Exchange EDX Goes Live, Adds More Backers
CoinDesk:
Gary Gensler’s Catch-22 Vision of ‘Regulated’ Crypto Brokers
Key Takeaways From House Hearing on Future of Digital Assets
The Crypto Basic: Prometheum Founder Says SEC Will Win Ripple Lawsuit, XRP Community Reacts
Digital Asset Investor’s video on SEC setting up a Chinese back door into crypto
Thread from Blockchain Association’s Marisa Coppel
Adam Cochran points out a slew of details that call Prometheum into question.
Matt Walsh questions how Kaplan can be called a securities expert since the law school he earned his degree from is now unaccredited by the American Bar Association.
A clip from Aaron’s exchange with U.S. Rep Mike Flood

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The Chopping Block: Is BlackRock’s ETF Proposal Breathing Life Into Bitcoin? - Ep. 510 Jun 24, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest crypto news. With BTC topping $30,000, the gang tackles the apparent surge in institutional bitcoin interest, with BlackRock’s spot ETF application spawning a bumper crop of similar bids. Why did all these TradFi players act at the same time? That, plus a look at the drama surrounding SEC-friendly Prometheum’s Congressional testimony and what Haseeb and Robert see as the trading platform’s many “red flags.”

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

the not-so logical reasons why the markets are up
whether GBTC’s ETF conversion will also get approved if BlackRock’s bitcoin ETF gets the SEC go-ahead
how all the applications were ready and were “waiting for some sign,” according to Robert
whether Grayscale will have to sell the underlying assets of its GBTC trust
why a bitcoin spot ETF is more retail-friendly than a bitcoin futures one
how plausible it is that London becomes a leading crypto hub
the drama around Prometheum’s testimony before Congress
the “shady” details of Prometheum’s track record, according to Haseeb
why Tarun says that the venture-funded exchanges have “completely failed on many different levels” and what tokens he would list
what happened with Curve founder Michael Egorov’s loan on Aave and why Gauntlet, Tarun’s company, advocated freezing the CRV market in the lending protocol
why the Aave community rejected the proposal

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

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Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF - Ep. 509 Jun 23, 2023

The SEC has swatted down so many spot bitcoin ETF applications that crypto diehards simply gave up caring. Then comes TradFi giant BlackRock – at the height of the SEC’s crypto crackdown, no less – with an ETF application that has seemingly changed the calculus. Bloomberg Intelligence ETF watcher James Seyffart joins the show to unpack the odds of BlackRock being the first to win approval, and what it would mean for other players in the space chasing down TradFi’s “holy grail.”

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why the SEC rejected all of the previous bitcoin spot ETF applications
what makes the application from BlackRock, the world’s largest asset manager, different
what a 19b-4 filing is and how it relates to the BlackRock application
whether BlackRock “knows something,” considering the recent enforcement actions against major crypto exchanges
why being a first mover is a considerable advantage in the ETF market
whether BlackRock choosing Coinbase as a custodian is a risk, given that the SEC is in a legal battle with Coinbase
what’s different about a spot bitcoin ETF, and why a bitcoin futures ETF is not enough
what are the differences between the applications filed by BlackRock, Invesco, WisdomTree and Valkyrie
which are the applications that are most likely to be approved, according to James
what the impact will be of Grayscale’s lawsuit against the SEC over the denial of its proposal to convert GBTC to an ETF
why James says that Gary Gensler could be thinking like a politician as it relates to spot bitcoin ETFs

Thank you to our sponsors!

Guest

James Seyffart, Research analyst at Bloomberg Intelligence

Links

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Uniswap Founder Hayden Adams on How ‘Hooks’ Make v4 Different - Ep. 508 Jun 20, 2023

The announcement of the upcoming launch of Uniswap v4 sparked fresh versions of old debates. Is it OK for DeFi’s leading DEX to not be fully open source at launch? What counts as composability and what counts as plagiarism? Is Uniswap’s dominance a threat to decentralization? Founder Hayden Adams joins the show to respond to the critics and explain the novel features of Uniswap v4.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Uniswap was born and how it has evolved since 2018
how the SushiSwap vampire attack was a win for Uniswap
whether the new version of Uniswap brings it closer to the true ethos of Ethereum
what the problems were with the previous fee model and how the new v4 approaches fee tiers
an explanation of “hooks,” the most important feature of the new code
what Hayden thinks the most common uses of hooks will be
how v4’s time-weighted average market maker (TWAMM) feature works
whether Hayden is worried that hooks will be engineered to do rug pulls
what Hayden thinks about v4’s new “singleton” approach
how EIP-1153 (if implemented) will make Uniswap v4 more efficient
when Hayden estimates that the v4 code will be deployed
why Uniswap decided to go with a four-year business license
Hayden’s response to allegations that Uniswap plagiarized Crocswap for its v4 code
whether there’s a risk that U.S. authorities blacklist certain transactions on v4
whether it is possible to add KYC and AML compliance into v4 pools
why Hayden is sad about the U.S. approach to regulating crypto
why he believes that Uniswap will not become a centralizing force

Thank you to our sponsors!

Guest:

Hayden Adams, founder of Uniswap

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SEC’s Hester Peirce Tackles ‘Frustrating’ Crypto Regulation – And Why It’s So Slow - Ep. 507 Jun 16, 2023

SEC Commissioner Hester Peirce has a reputation in the industry for being more supportive of crypto than her peers. After a rough year for the industry, Peirce weighs in on whether the agency was right in recently naming several crypto tokens as securities, the state of the current regulatory framework, and the slow pace of change. “All I can say is that I’ve been at the agency for over five years, and it’s very frustrating to me that in that time we haven’t done something more productive,” Peirce tells Unchained.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what would Peirce do to regulate crypto if she were chair of the SEC
whether the SEC was right in alleging that SOL, ADA, MATIC, and more are securities
why Peirce says the SEC’s current approach will take many years to find a resolution
whether special purpose broker-dealer licenses are a solution
why Peirce believes that the existing regulatory framework is not enough to oversee digital assets
her views on the pressing need to find a way to make existing regulations comport with a technology that doesn’t require intermediaries
whether the fact that many SEC employees worked on the Hinman speech reflects the opinion of the agency as a whole
why Peirce is “very frustrated” after five years of working at the SEC
why she’s been seen as the “Crypto Mom” and why she thinks it’s so important to provide a clear regulatory framework

Thank you to our sponsors!

Guest

Hester M. Peirce, SEC Commissioner

Links

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The Chopping Block: Why Uniswap V4 Creates a Bigger Attack Surface Area - Ep. 506 Jun 15, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner, chop it up about the latest news. In this episode, Robert stirs the debate over Hinman's 2018 speech and what it means for the debate at the SEC over whether BTC and ETH should be considered securities, the similarities between Ethereum and Solana, and how Binance.US is dealing with a move to freeze its assets. Moreover, the group kicks off with a brief history lesson on the infamous PEPE meme!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

where the PEPE meme comes from
whether Mark Zuckerberg and the project Libra played a role in the animosity toward crypto
why Robert says that Hinman's speech in 2018 was crafted with broad inter-agency work, in contrast to what the SEC has been saying
how the documents show that the SEC didn't believe there was enough clarity to classify ETH as a security
whether these documents diminish Gary Gensler's claims that almost everything in crypto is a security
the similarities between Ethereum in 2017 and Solana at the moment
what the drama is in Solana around forking Alameda coins
what the new features of the Uniswap V4 draft code are
whether the 'hooks' in the new code facilitate rug pulls and introduce much more complexities
how Binance.US has dealt with the SEC lawsuit and request to freeze its assets
Robert's crazy idea to use Uniswap V4 and why Tarun killed it
what extreme sports represent crypto more accurately

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

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Hong Kong's New Crypto Regulation: Will It Attract the Industry? - Ep. 505 Jun 13, 2023

On June 1, Hong Kong implemented new crypto regulations to license exchanges. Two experts – Angelina Kwan, CEO of Stratford Finance (and former COO of BitMEX), and Adrian Lai, founder and managing partner of Newman Capital – weigh in on the new rules in Hong Kong, which tokens can be listed, recent reports that China may be sanctioning this activity, and how the crypto community is responding so far. Plus, they dissect the latest developments of the digital yuan, whether China will ever embrace public blockchains, and the shifting global regulatory landscape for crypto, and more.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

Angelina’s and Adrian’s backgrounds in crypto in Hong Kong
how crypto in Hong Kong has evolved over the years
what the new Hong Kong Securities and Futures Commission (SFC) rules consist of, including which tokens will be allowed in the newly licensed exchanges
how the Hong Kong Monetary Authority (HKMA) has taken onboarding crypto companies in the banking system very seriously
why Angelina says that crypto companies have already stopped leaving Hong Kong
how some people are worried how a potential crackdown on crypto in China could affect Hong Kong
why the SFC has committed to issuing a paper on tokenization and why it is particularly interested in real estate
the importance of the development of the digital yuan
whether the new regulations in Hong Kong mean that China is prepared to adopt crypto in the mainland
how China is 'excelling' at adopting real-world use cases, according to Angelina
why you can't say “NFTs” in China and why the metaverse represents a “huge problem,” according to Adrian
whether China will let public blockchains succeed
how the global regulatory landscape has been changing and what it means for the future of digital assets
whether Africa is the next frontier of growth and what role the Middle East is playing

Thank you to our sponsors!

Guests:

Angelina Kwan, CEO of Stratford Finance
Adrian Lai, founder and managing partner of Newman Capital

Links

CoinDesk:
Hong Kong Securities Regulator to Accept License Applications for Crypto Exchanges Starting June 1
How Hong Kong Is Gearing Up to Regulate Stablecoins
Cointelegraph:
Hong Kong’s regulatory lead sets it up to be major crypto hub
China doles out millions in digital yuan in bid to boost adoption: Report
Chinese city public servants to receive digital yuan salaries starting May
TechCrunch:
Hong Kong’s crypto rules help it fit in more than stand out, but experts say that’s good
A peek into China’s stance on web3
CNBC: One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China’s crackdown
Bloomberg: Hong Kong’s Crypto Hub Ambitions Win Quiet Backing From Beijing
Hong Kong Securities and Futures Commission: SFC concludes consultation on regulation of virtual asset trading platforms
South China Morning Post: Hong Kong’s crypto market will not have ‘light-touch regulation’, HKMA chief says as city prepares new rules
Forkast: China: Zhengzhou City proposes metaverse plan

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SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’- Ep. 504 Jun 09, 2023

On Monday, it was Binance. On Tuesday, Coinbase. Electric Capital General Counsel Emily Meyers joins the show to read between the lines of an action-packed week for Gary Gensler’s SEC. Meyers lends her lawyerly eye to the key differences between the two lawsuits, the SEC’s potential strategy, and whether federal legislation will beat the courts in providing clarity.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Emily thinks the SEC’s actions don’t represent the end of crypto in the U.S.
what the similarities and differences are in the lawsuits against Coinbase and Binance
why it’s fundamental to the SEC’s allegations that the court determines that at least one of the named tokens is in fact a security
whether Coinbase and Binance will file motions to dismiss
whether allegations against Binance are comparable to those against FTX
whether Gary Gensler’s interactions with Binance in 2019 raise ethical questions about his involvement in the case
why Emily thinks that Gensler’s approach to crypto is not aligned with the SEC’s mission to protect investors
why the SEC allowed Coinbase to go public and is now suing them
how the SEC sued Coinbase only after the exchange sued the agency first
whether the Third Circuit will press the SEC to issue the rules that Coinbase has petitioned for
why Emily believes that there’s not an effective path for crypto companies to properly register in the U.S.
why the SEC has listed large-market-cap tokens such as SOL, ADA, and MATIC but has not gone after ETH

Thank you to our sponsors!

Guest

Emily Meyers, general counsel at Electric Capital

Links

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The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility - Ep. 503 Jun 08, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner, chop it up about the latest news. In this episode, the Blockchain Association’s Jake Chervinsky breaks down the cases against Binance and Coinbase – and how they are different from FTX – what it means for the crypto industry, and who may be next.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why Jake believes that the Binance lawsuit didn’t present major surprises
Whether the SEC is trying to ban the crypto industry by enforcement
How Binance has been allegedly doing a huge amount of wash trading
Whether Gemini is next on the SEC’s enforcement action list
How CZ and Coinbase CEOs have responded to the complaints
How the market reacted to the lawsuits
What the differences are between the Binance case and FTX
Why the SEC is alleging that Coinbase is operating as an unregistered broker, exchange, and clearing agency
Whether token issuers can bring action against the SEC for harming their business or reputation
Whether the crypto industry doesn’t take the SEC seriously
Whether the EOS settlement in 2019 shows how inconsistent the SEC has been in its crypto enforcement actions
Whether these cases will have an impact in Congress and accelerate legislation
What would happen if Gary Gensler stops being the chair of the SEC

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest

Jake Chervinsky, chief policy officer at the Blockchain Association
Previous Unchained Appearances:
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
All Things Crypto Regulation With Jake Chervinsky

Disclosures

Links

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What’s Next for Wallets After Ledger Recover Outrage? - Ep. 502 Jun 06, 2023

Wallet security was in the spotlight after the announcement of Ledger Recover, but the crypto community doesn’t need to “freak out,” according to Itai Turbahn, co-founder and CEO of Dynamic Labs, and Ouriel Ohayon, CEO of ZenGo. The two CEOs join the show to talk about the challenges of bringing self-custody to the masses. For many, “not your keys, not your coins” is actually “your keys, your problem.”

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

the problems that may arise when managing your own keys
the misconceptions that people have about hardware wallets
why Ouriel says that Ledger is going in the right direction but made a major mistake
how multi-party computation can be a solution to the problem of securing your own keys
what are other ways to solve it, such as Shamir’s secret sharing (SSS) and multisigs
the tradeoffs between security and user experience
how Dynamic Wallet works by linking multiple wallets to a single account
whether “passwordless authentication” is the future of security
how can users protect themselves from “bad transactions” and what are companies doing to help
whether open source contributes to more security in the wallet landscape
how account abstraction will change the user experience
whether security is the key to the future of crypto

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The Chopping Block: Will Modular Blockchains Win? - Ep. 501 Jun 03, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner, chop it up about the latest news. In this episode, the gang answers audience questions, digs into the discourse around rollups, and debates whether modular blockchains will vanquish existing monoliths.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

How someone asked people to just give them money, and raised over $1 million
Answering audience questions from Twitter, including ‘what’s Tarun’s favorite drug?’
Whether there’s tension between Haseeb and Tarun
How the incoming generations of crypto people (e.g. “Class of 2017”) have changed over the cycles
The five-level explainer on what a rollup is
Why everyone’s debating the ontology of rollups and why Haseeb still thinks blockchains are like religions
Tarun’s take on the modular blockchain thesis and why Haseeb is skeptical
Whether app chains like the ones in Cosmos will become dominant
Whether one of the top 4 chains will be modular in the next five to 10 years

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

Binance Feed: Bored Ape NFT Holder Ben.eth Launches Third Crusade of Memecoin Psychopathy
Rollups, Rigor, and Reality by Kelvin Fichter
Rollups Are L1s (& L2s) a.k.a. How Rollups *Actually Actually Actually* Work by Jon Charbonneau
Haseeb’s question on Twitter
Previous episode of The Chopping Block on the L1 debate: Why Are We Still Building Layer 1s?

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Laura Shin Reflects on 500 Episodes of ‘Unchained’ - Ep.500 Jun 02, 2023

If a year in crypto is like a decade in other industries, then Laura Shin has seen a lot. To commemorate the 500th episode of “Unchained” (actually, there’s about 150 more under a different brand name), Laura hops on the other side of the microphone to field questions from Unchained Contributing Editor Zack Seward about standout moments dating back to 2018. From the early rise of Binance to a charged interview with Terra founder Do Kwon, Shin takes you behind the scenes for rare insights into her process, her favorite moments, and how key episodes have aged.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Highlighted episodes:

Sept. 25, 2018: How Binance Became the Most Popular Crypto Exchange in 5 Months
March 26, 2019: Vitalik Buterin on Whether or Not Ethereum Is ‘Blowing It’
April 8, 2022: Here’s Why USDN De-Pegged From the Dollar – And Why UST Might Too
Dec. 23, 2022: Martin Shkreli Explains Why Sam Bankman-Fried Got Lucky With His Judge
Aug. 3, 2021: Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss
May 23, 2023: Ex-CFTC Commissioner Berkovitz Says ‘DeFi Should Be Regulated’ – But How?
March 18, 2022: Punk6529 on the Significance of Bored Ape Yacht Club and CryptoPunks
Oct. 18, 2022: Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success’
July 31, 2018: Meltem Demirors and Jill Carlson on the Shitcoin Waterfall
Aug. 10, 2021: Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake
Dec. 28, 2021: Why NFT OG Mitchell Chan Has Released Just One Project This Year
Oct. 28, 2022: The Mango Markets Attacker on Whether His ‘Trade’ Was Ethical or Not
Feb. 7, 2018: Xapo’s Wences Casares on How Bitcoin Makes a Fairer World

Thank you to our sponsors!

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These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler - Ep. 499 May 30, 2023

“Lack of regulatory clarity” is the catchall complaint levied against U.S. regulators by most major players in the crypto industry. But the founders of Bosonic and Prometheum disagree. Both firms have spent years chasing the necessary regulatory approvals to compliantly trade digital assets, including those seen as securities. Last week, Prometheum secured a potentially landmark approval to operate as a special purpose broker-dealer for digital asset securities. Prometheum co-founder Aaron Kaplan and Rosario Ingargiola, founder of Bosonic, which earlier secured a similar approval, discuss why big players like Coinbase need to quit carping in the court of public opinion and do the hard work of getting approved.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what Bosonic and Prometheum Capital do
how Aaron and Rosario started working in crypto
what it means to be a special purpose broker-dealer
what the three-step letter from the SEC is and why it's relevant for scaling a digital asset business
how exchanges work in traditional finance and how crypto differs
why Aaron believes there’s a “pathway forward for crypto in the U.S.”
whether the argument that there’s a lack of regulatory clarity is convenient for crypto incumbents
why Aaron agrees with SEC Chair Gary Gensler on his stance that everything except BTC is a security
how a token registration would work and what the nuances would be
why Coinbase’s approval to be a publicly traded company does not mean that the SEC is in line with the business
whether ETH is a security, with Aaron arguing it is and Rosario saying it’s a commodity
what the different requirements are for national securities exchanges and alternative trading systems
what Aaron and Rosario would tell existing crypto companies as it relates to compliance
whether regulation kills innovation

Thank you to our sponsors!

Crypto.com

Guests:

Aaron Kaplan, co-CEO and co-founder of Prometheum
Rosario Ingargiola, Founder and CEO of Bosonic

Previous coverage of Unchained on crypto regulation:

Links

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Ethereum L2s Are About to Be the Hot New Thing in NFTs - Ep.498 May 26, 2023

It’s in the name: mint.fun. Co-founder Luke Miles joins the show to talk about his platform’s efforts to make NFTs more discoverable, accessible and fun. He also shares his on-the-ground perspectives on emerging trends in the NFT space – everything from Bitcoin Ordinals to the rise of Ethereum L2s as NFT hot spots. With last cycle’s NFT mania in the rearview, what’s next?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what mint.fun is and what problems it solves for NFT users
how it is different from popular NFT marketplaces such as OpenSea and Blur
why mint.fun is also launching on Ethereum layer 2s
Luke’s thoughts on the current state of the NFT market
why the narrative has shifted from PFP projects delivering a roadmap to the ‘single creator narrative’
the difference between open-edition mints and limited editions
why NFTs on layer 2s are “about to have a moment,” according to Luke
whether mint.fun will launch on other blockchains
what Luke thinks of Ordinals and the BRC-20 mania

Thank you to our sponsors!

Guest

Luke Miles, CEO of mint.fun

Links

Dune dashboard
Fundrop
Recent coverage on BRC-20s: Bitcoin’s BRC-20 Mania: Is It Sustainable?
Unchained:
What Is NFT Farming? A Beginner's Guide
Music NFTs: What Are They & How Do They Work?
A Guide to Yuga Labs: The Most Important NFT Company
Exploring the NFT blue chips
What Is an NFT Marketplace?

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The Chopping Block: Why Everyone Is Talking About EigenLayer - Ep. 497 May 25, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner, chop it up about the latest news. In this episode, EigenLayer founder Sreeram Kannan explains his vision for providing “decentralized trust” to new projects on Ethereum. Was Vitalik Buterin’s recent “re-staking” post a shot across EigenLayer’s bow?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Sreeram has transitioned from academia into the world of crypto
why he believes that crypto is the “coordination highway”
what EigenLayer is – explained to a five-year-old, a high schooler, a day trader, a developer, and a crypto professor
how middleware enables technology innovation
where the value accrues if there’s no token for securing a blockchain
whether Vitalik is right in being concerned about the risk of corrupting validators
what EigenLayer did to minimize risks and externalities to Ethereum
whether protocols and applications will fork if they get hacked and whether Ethereum will “bail them out”

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Guest

Sreeram Kannan, founder of EigenLayer
Previous appearances on Unchained:
Do You Need to Think Twice Before Restaking Your Assets?

Disclosures

Links

Don't overload Ethereum's consensus by Vitalik Buterin

Previous coverage of Unchained on Ethereum staking:

Learn more:

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Ex-CFTC Commissioner Berkovitz Says ‘DeFi Should Be Regulated’ – But How? - Ep. 496 May 23, 2023

In the SEC’s push to rein in the crypto sector, one question looms large: Is ETH a security? Dan Berkovitz, a former CFTC commissioner and SEC general counsel, and Colin Lloyd, a partner at law firm Sullivan & Cromwell, assess the current state of the regulatory turf war in the U.S., shedding light on some of Washington’s unanswered questions.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how an asset can be both a commodity and a security
what it means that bitcoin and ether were listed as non-security futures
whether The Merge may have changed regulators’ views on the classification of ETH
who would be responsible for determining that ETH is a security
what Colin and Dan say about ETH being a security or not
what would happen if any regulator, be it the CFTC or SEC, determined that ETH is a security
how and whether DeFi applications should be regulated
why it is important to consider the “human initiative” behind DeFi platforms
the implications of having a technology that allows for the sale of securities without an intermediary
the implications of the SEC’s proposal to change the definition of an exchange
how new technologies were integrated with the regulatory system in the past and how that differs from the current approach of the SEC
the problems of trying to regulate a technology that’s changing so fast
how other jurisdictions have been taking a more proactive approach to regulating digital assets

Thank you to our sponsors!

Crypto.com

Guests:

Dan Berkovitz, former General Counsel at the SEC and former Commissioner at the CFTC.
Previous appearance on Unchained: Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss
Colin Lloyd, partner at Sullivan & Cromwell

Previous coverage of Unchained on crypto regulation:

Links

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The Chopping Block: Wizards vs. Laser Eyes for the Future of Bitcoin - Ep. 495 May 20, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner, chop it up about the latest news. In this episode, Taproot Wizards instigator Eric Wall joins the show to discuss the rise of Ordinals and what it means for the future of Bitcoin. Will inscriptions and BRC-20 tokens bring a slew of Ethereum-style problems to the original blockchain?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Eric has set up a “war” between the “laser-eye tribe” and the “magicians”
how the Bitcoin maxi community is different from the normal Bitcoin user base
whether Ordinals fixes the lack of demand for Bitcoin block space
what Taproot is and what it enabled on the Bitcoin network
the MEV problem that could arise in Bitcoin now that demand for block space is going up
whether Bitcoin’s values resemble a religion
whether the increased demand for Bitcoin block space is good for the network, even if it’s fueled by JPEGs and “shitcoins”
why so many people got worried about Ledger Recover
why Robert thinks that Ledger’s new service is “terrifying” and why Haseeb is not so concerned
whether Bitcoin is becoming a unit of account once again

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly

Guest

Eric Wall, cofounder of Taproot Wizards

Previous appearances on Unchained:

Disclosures

Links

CoinDesk:
Ledger Bats Back Criticism of New Wallet Recovery Service
The Blocksize Wars Revisited: How Bitcoin's Civil War Still Resonates Today
Nic Carter: There's No Such Thing as High Fees on Bitcoin
Unchained:
‘Backdoor’ for Seed Phrases? Ledger’s New Recovery Feature Spooks Users
‘Technically’ Possible to Extract User Keys? Ledger Addresses Deleted Tweet
Haseeb Qureshi’s thread on Ledger Recover

Previous coverage of Unchained on Ordinals and BRC-20s:

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The Ugly Tradeoffs of Ledger’s New Recovery Service - Ep. 494 May 19, 2023

Ledger, the crypto industry’s leading hardware wallet manufacturer, rolled out a new recovery feature this month that caused an uproar. The recovery service has dangerous implications for crypto self-custody, says Foundation Devices Head of Content “Seth For Privacy.” He joins the show to discuss the downsides of closed-source code and the security risks that come with compromising for mainstream adoption.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how Ledger Recover works and why it caused an outrage in the crypto community
why the fact that Ledger’s code is not open-source could be considered a problem
what the concerns are about handing over additional data to Ledger
how darknet markets have always existed for fake ID verifications and how it relates to Ledger’s new feature
some of Ledger’s previous security lapses
why introducing a trusted third party undermines one of Bitcoin’s most central tenets
whether Ledger’s move is a “net good for society,” and whether people actually want a service like this in a hardware wallet
whether something will go wrong with Ledger in the future

Thank you to our sponsors!

Guest

Seth for Privacy, blogger and head of content at Foundation Devices

Links

Ledger CTO Twitter thread on Ledger Recover
CoinDesk: Ledger Bats Back Criticism of New Wallet Recovery Service, CoinDesk
Unchained: ‘Backdoor’ for Seed Phrases? Ledger’s New Recovery Feature Spooks Users
Ledger Recover webpage
Haseeb Qureshi’s thread on the Ledger controversy

Past Ledger security issues

CoinDesk: Crypto Wallet Maker Ledger Loses 1M Email Addresses in Data Theft
Cointelegraph: Ledger data leak: A ‘simple mistake’ exposed 270K crypto wallet buyers

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Bitcoin’s BRC-20 Mania: Is It Sustainable? - Ep. 493 May 16, 2023

Ordinal theory has unleashed a new wave of NFTs, memecoins and innovation on Bitcoin — but not without controversy. Bitcoin educator Dan Held and Bitcoin Frontier Fund Managing Partner Trevor Owens join the show to discuss the breakneck rise of BRC-20s and why they’re both bullish on what memecoins mean for the original blockchain.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what ordinal theory is and how it enabled Bitcoin “NFTs”
how the Ordinals Protocol differs from the ERC-721 token standard used by many Ethereum NFTs
how BRC-20s work by relying on some off-chain mechanisms
why Bitcoin is not a “dinosaur chain,” according to Dan
why Trevor says BRC-20 memecoins are superior to those on Ethereum
what the practical utilities of BRC-20s are, if any
why transaction fees in Bitcoin rose so much and why it’s healthy for the network
whether innovation is coming back to Bitcoin
whether Satoshi Nakamoto would have approved of Bitcoin NFTs
the role of speculation in fueling bitcoin adoption
the current and future state of layer 2s on Bitcoin
why Dan says BRC-20s “absolutely” solve the problem with Bitcoin’s security budget
why it’s hard to determine an “appropriate” amount for the security budget of Bitcoin
how the NFT market could be shaped after the rise of Ordinals and BRC-20s
what needs to be developed so that BRC-20s can flourish

Thank you to our sponsors!

Crypto.com

Guests:

Dan Held, Bitcoin educator and marketing advisor at Trust Machines
Trevor Owens, managing partner at Bitcoin Frontier Fund

Previous coverage of Unchained on Ordinals:

Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - NFT Crypto

Links

Unchained:
How to Create a Bitcoin Ordinal
Bitcoin Core Developers Mull Getting Rid of BRC-20 Transactions
Binance Briefly Halted Bitcoin Withdrawals Amid Network Congestion
Domo’s thread on BRC-20s
Anita Posch’s comments.on the high fees
Nic Carter: There's No Such Thing as High Fees on Bitcoin
Nic Carter’s MIT presentation: MIT Bitcoin Expo 2019 - 10 years of Bitcoin: Evaluating its Performance as a Monetary System
Decrypt: Michael Saylor: Bitcoin Ordinals Are a ‘Catalyst’ for Adoption
[bitcoin-dev] [Mempool spam] Should we as developers reject non-standard Taproot transactions from full nodes?

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The Chopping Block: Do Aragon Association Members Get 'Fat Salaries' With 'Zero Accountability'? - Ep. 492 May 14, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. In this episode, they talk about the recent issues surrounding the Aragon Foundation, the likelihood of Montenegro becoming an ETH hub, the BRC-20s mania, and much more!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Zuzalu is “Burning Man in the daytime”
whether Montenegro could become the “ETH El Salvador doppelganger”
why the Aragon Foundation alleged that they were under attack
why Aragon has “missed the boat on a lot of everything that’s happened in DAOs”
whether the Aragon Foundation is “suckling on the teat of the DAO for a fat salary”
whether Arca was right about wanting the Aragon treasury to be part of the on-chain governance
how on-chain governance can do even more than many of the investment banking functions that exist currently
why some Bitcoin developers want to censor BRC-20 transactions
why the way XEN works gives Haseeb a headache
whether Binance CEO CZ invented the memecoin PEPE
what the impact of Jump and Jane Street decreasing their market making activity is
where the next market makers will come from

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly

Disclosures

Links

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The IRS Wants $44B From Bankrupt FTX. How Is That Possible? - Ep. 491 May 12, 2023

News emerged this week that the U.S. Internal Revenue Service (IRS) placed $44 billion in claims on the FTX bankruptcy estate. Now creditors of the defunct crypto exchange are worried that the taxman is going to gobble up funds that would otherwise be used to make users partially whole. Wassielawyer, a lawyer specializing in restructuring and insolvency, joins the show to explain what’s going on, how that huge number is even possible, and why the so-called “trust argument” is not going to be the silver bullet that some FTX customers are dreaming of.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

whether the numbers of the IRS claim are even correct
how these claims may affect all customers and unsecured creditors of FTX
whether FTX CEO John Ray will fight the claims
what the trust argument is and how it could potentially save (or not) FTX’s creditors
in what currency the investments made by creditors would be returned
why the Three Arrows Capital case differs from FTX and Mt. Gox
why what FTX allegedly did is similar, but different, from what Celsius or Voyager did

Thank you to our sponsors!

Guest

Wassielawyer, a lawyer specializing in restructuring and insolvency

Previous appearances on Unchained:

Links

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Writing the Book on FTX’s Downfall: ‘It Was All Just Sam’ - Ep. 490 May 09, 2023

Longtime crypto reporter Brady Dale has beat Michael Lewis to market with the first book on the dramatic collapse of FTX. In stores today, “SBF: How the FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy,” tells the tale of the outsized role that Sam Bankman-Fried played in the FTX-Alameda death spiral. Drawing on years of reporting and interviews with SBF himself, the book charts the rise and fall of the one-time crypto wunderkind. “It became clear to me that Sam got really addicted to fame,” said Dale.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

Brady’s background and how he came to cover crypto
how covering the space for a crypto outlet is different from a more mainstream publication
how Brady was able to finalize his book so fast
what Brady’s favorite parts of the book are
who was really responsible for the collapse of the FTX empire
whether Sam Bankman-Fried will plead guilty
whether FTX will make a comeback
how SBF thinks differently from other people, and how it led to his downfall
why Brady thinks the “dot-com bust” for crypto has yet to arrive
whether crypto has betrayed its cypherpunk ideals

Thank you to our sponsors!

Crypto.com

Guests:

Brady Dale, writer and reporter at Axios, and author of “SBF: How the FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy”

Previous coverage of Unchained on Sam Bankman-Fried and FTX:

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$630M Due Next Week: Is DCG at Default Risk? - Ep. 489 May 05, 2023

The Genesis bankruptcy is about to take a high-stakes turn with a $630 million payment from Digital Currency Group (DCG) due by May 11. Barry Silbert’s DCG, the parent company of Genesis, is on the hook for the massive payment, but doubts are swirling as to whether the crypto conglomerate can cover it. Lumida Wealth CEO Ram Ahluwalia joins the show to unpack what could happen to Genesis creditors, Gemini Earn users, and the markets should DCG fail to cover its debt obligations.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

whether DCG will be able to pay its debt to the Genesis bankruptcy estate
the ways DCG can “plug the hole”
what the likelihood of DCG filing for bankruptcy is
how FTX’s intent to claw back $3.9 billion from Genesis would affect DCG
whether Gemini Earn customers will be made whole
why Ram says that asymmetric information has plagued the bankruptcy process
whether the creditors should accept the latest term sheet
how the Grayscale lawsuit against the SEC could impact DCG’s cash flow

Thank you to our sponsors!

Guest

Ram Ahluwalia, CEO & Founder of Lumida Wealth

Links

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Do You Need to Think Twice Before Restaking Your Assets? - Ep. 488 May 02, 2023

In this episode, Sreeram Kannan, founder of EigenLayer, and Konstantin Lomashuk, cofounder of Lido Finance, discuss the complex world of staking in Ethereum's post-Shanghai ecosystem.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how the staking ecosystem in Ethereum looks after the full completion of the Merge
what EigenLayer is and why it's called that
whether EigenLayer's model is more similar to Polkadot or, actually, to Ethereum Layer 2s
what the risks of restaking are, for both projects and users
how Lido is working to keep Ethereum decentralized and censorship-resistant
what superfluid staking is and whether it could be done on Ethereum
how EigenLayer incentivizes alignment between the delegator and the stakers
whether there's a risk that Lido could become a governance layer for Ethereum
what can be done to increase staking services adoption

Thank you to our sponsors!

Crypto.com

Guests:

Sreeram Kannan, founder of EigenLayer
Konstantin Lomashuk, cofounder of Lido Finance

Previous coverage of Unchained on Ethereum staking:

Learn more:

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The Chopping Block: Why Are We Still Building Layer 1s? - Ep. 487 Apr 29, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in digital assets. In this live episode from Consensus 2023, they are joined by Avery Ching, chief architect of Aptos, to discuss the latest SEC enforcement actions, an embarrasing admission by audit firm Certik, and crypto’s impact on the coming election.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

everyone's impressions of the conference
why Korea has become a hub for crypto adoption
why there's no benchmarking infrastructure to compare data across blockchains
how Sui decided not to airdrop a token and what the implications for future airdrops are
whether CertiK bears responsibility in the Merlin DEX rugpull
whether the US elections have an effect on how the SEC is playing the case with Coinbase
what impact AI will have on the crypto industry

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly

Guest

Avery Ching, cofounder and CTO of Aptos

Disclosures

Links

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Coinbase's Legal Action Against the SEC: How It Will Likely Unfold - Ep. 486 Apr 28, 2023

Major crypto exchange Coinbase has decided to take action to get an answer from the Securities and Exchange Commission: this week, they filed a court action seeking to compel Gary Gensler’s agency to give specific rulemaking on crypto assets. J.W. Verret, associate professor of law at George Mason Law School, talks about how both parties are playing this game, how it could change the Howey test, and much more.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

whether there's a long-term chess strategy being played by Coinbase
whether the case could actually change the Howey test
why the 'West Virginia vs. EPA' is important for crypto
what the SEC's strategy is and why the Kraken settlement was an “overreach,” according to J.W.
whether the SEC could develop a new framework for crypto assets
how the Ripple case will unfold and how long it will take if it is appealed

Thank you to our sponsors!

Guest

J.W. Verret, Associate Professor of Law at George Mason Law School

Previous coverage of Unchained on the SEC’s actions:

Links

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Gary Gensler vs. Crypto: What Will the SEC Attack Next? - Ep. 485 Apr 25, 2023

Two lawyers, Josh Klayman, head of digital assets at Linklaters, and Marc Boiron, chief legal officer at Polygon Labs, offer their takes on the SEC’s recent crypto crackdown. They share what they heard from SEC Chair Gary Gensler’s Congressional testimony, whether this crackdown was inevitable or sparked by FTX, and why a proposed change to the definition of an exchange could be an existential threat for DeFi in the U.S.

Show highlights:

what Gary Gensler’s approach to crypto was when he took office
whether the FTX collapse had any impact at all on the SEC’s recent actions
whether the actions against Coinbase are “inappropriate”
what the differences between Coinbase and Kraken staking services are
why the concept of “exemptive relief” is important for exchanges
whether the SEC is looking to go after AMM-based decentralized exchanges
why SEC Commissioner Hester Peirce says that complying with a new proposal wouldn’t be possible for much of DeFi
why, according to Marc, the industry should be “pushing very hard” against the newly proposed definition of an exchange
whether the SEC’s ability to pursue enforcement actions against ETH is diminished by the statements of the previous SEC chair

Thank you to our sponsors!

Guests:

Josh Klayman, head of blockchain and digital assets at Linklaters,
Marc Boiron, chief legal officer at Polygon Labs.
Sufficient Decentralization

Previous coverage of Unchained on the SEC’s actions:

Links

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The Chopping Block: Are Layer 2s Stealing Ethereum’s Thunder? - Ep. 484 Apr 22, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra chop it up about the latest news. In this episode, the gang plays “guess the chart” and takes a deep dive into the booming world of Ethereum Layer 2s.

Show highlights:

how much Layer 2s are spending to post data to Ethereum
whether L2s suck up all the value of ETH
the challenge of providing a good user experience across multiple rollups
how the underlying technology of security is not improving but attackers are getting more sophisticated
whether centralized lending in the industry is dead
why crypto users still hold stablecoins that yield much lower than Treasury bills
the new approach to bringing real-world assets and tokenized yields to blockchains
whether all L2s are running via proof of authority
whether alternative Layer 1s are dead or are actually more important than ETH L2s

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly

Disclosures

Links

Hildebert’s charts

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‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer - Ep. 483 Apr 21, 2023

It got heated this week on Capitol Hill with SEC Chair Gary Gensler testifying before the House Financial Services Committee on his agency’s efforts to rein in the U.S. crypto industry. Jason Gottlieb, partner at Morrison Cohen, unpacks what was said and whether we’ll continue to see more crackdowns from the U.S. securities regulator.

Show highlights:

Whether ETH is a security and what would be the impact if it was declared as such by the SEC
Whether the SEC is harming investors
What the potential impacts of the SEC lawsuit against Bittrex are
Why the case against crypto exchange Beaxy could serve as a precursor to a potential case against Coinbase
How the SEC’s lack of clear regulation is pushing crypto out of America, according to Jason
Why the SEC is trying to expand the definition of an exchange and its possible effects on DeFi

Thank you to our sponsors!

Guest

Jason Gottlieb, Partner at Morrison Cohen & Chair of the Digital Assets Department

Previous appearances on Unchained: The Department of Justice Goes After Its First NFT Insider Trading Case

Previous coverage of Unchained on the SEC’s actions:

Links

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Why MEV Will Always Be Controversial - Ep. 482 Apr 18, 2023

Maximal extractable value, or MEV, is a mainstay of the Ethereum landscape. But the process of validators reaping profits from handling new blocks is not without controversy. Ethereum Foundation researcher Justin Drake and bloXroute Labs CEO Uri Klarman assess the current state of MEV. Hear them disagree about the path forward for making Ethereum fairer for all its economic actors.

Show highlights:

what MEV is and how it has evolved over time
the nuances of the newly proposed MEV Blocker and why it’s important for users
whether it’s possible to enable “back-running” while preventing front-running
how to give power back to blockchain users
what the differences and similarities are among several projects trying to solve MEV
how “MEV Burn” will be like the EIP-1559 to what Justin calls contention
whether EigenLayer can help solve MEV problems
whether wallets and DEXs could be doing something different to prevent MEV and generate more revenue
how “exclusive order flow” could be detrimental to DeFi users
what proposer-builder separation (PBS) is and whether it will change MEV distribution
why Uri doesn’t think PBS is the right step forward for Ethereum

Thank you to our sponsors!

Crypto.com

Halborn

Guests:

Justin Drake, researcher at the Ethereum Foundation
Uri Klarman, CEO of bloXroute Labs

Links

Previous coverage of Unchained on MEV:
Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate
The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum

MEV Blocker

CoinDesk:MEV Blocker Wants to Help You Outrun the Front-Runners
MEV Blocker
Unchained: Ethereum Builders Join Forces to Launch MEV Blocker

MEV Distribution

MEV Smoothing

Committee-driven MEV smoothing - Economics

MEV Burn

Burning MEV through block proposer auctions - Economics

Proposer-Builder separation

Proposer-builder separation | ethereum.org
Vitalik Buterin’s tweet

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The Chopping Block: Are VCs Bad for Crypto? - Ep. 481 Apr 15, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news. In this episode, they’re joined by Unchained’s Laura Shin to debate FTX revival rumors, what the U.S. Treasury got wrong about DeFi, and whether VCs are antithetical to crypto’s core principles.

Show highlights:

how much ETH is getting unstaked and deposited after Shapella
the market reaction following the successful implementation of the upgrade
whether FTX could reopen after its massive collapse
why Robert thinks rebooting the exchange is a “terrible” idea
whether FTX could do the same thing as Bitfinex and issue a debt token for creditors
how the U.S. government misunderstands decentralized finance, in stark contrast with regulators from other parts of the world
whether DeFi front-ends should be subject to the Bank Secrecy Act
whether VCs go against the principles of crypto
the difference between democratizing finance and democratizing fundraising

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly

Guest

Laura Shin, author, and CEO of Unchained

Disclosures

Links

Shapella:

Previous coverage of Unchained on the upgrade:
Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum?
Ethereum's Shapella Upgrade - What to Expect?
How Will ETH React to Ethereum’s Shanghai Upgrade?
Unchained:
Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live
Ethereum Surges Past $2,000 Post-Shanghai, $2 Billion Staked Withdrawals Pending
Nansen: The Shanghai Upgrade Dashboard
CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella

FTX:

Unchained: FTX Could Reopen Crypto Exchange, Recovers $7.3 Billion in Assets

Treasury Report:

Unchained: Poor DeFi Cybersecurity Presents Risks for National Security, Says U.S. Treasury

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Laura’s 10-Year Anniversary of Self-Employment: A Personal Message Apr 15, 2023

Laura’s 10-Year Anniversary of Self-Employment: A Personal Message

Laura Shin, the host of Unchained, celebrated her 10-year anniversary of self-employment on Wednesday, April 12. She tells her story and has a message that she hopes will help others on their journeys.

Links:

Original Twitter thread

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Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum? - Ep. 480 Apr 14, 2023

This week’s major Ethereum upgrade, Shapella (it was really two upgrades, Shanghai and Capella, in one), brings the network’s multi-year journey to proof-of-stake to a close. With validator withdrawals now live, the Ethereum Foundation’s Tim Beiko explains Shapella’s significance, why EIP-4844 is the next big thing, and what else is on Ethereum’s roadmap.

Show highlights:

how Ethereum transitioned from a proof-of-work consensus mechanism to proof-of-stake
what the concerns about enabling withdrawals among developers were
why the upgrade has “de-risked” staking on Ethereum
whether there are going to be more solo stakers now that The Merge is fully completed
what’s next in the roadmap of Ethereum and how EIP-4844 will decrease the cost of posting data for Layer 2s
what “proposer-builder separation” is and what it intends to solve

Thank you to our sponsors!

Crypto.com

Railgun DAO

Guest

Tim Beiko, head of the Ethereum protocol developer calls

Previous appearances on Unchained: Why Ethereum's Merge Was Delayed and Why It Won't Reduce Gas Fees Much

Previous coverage of Unchained on the upgrade:

Ethereum's Shapella Upgrade - What to Expect?

How Will ETH React to Ethereum’s Shanghai Upgrade?

Links

Unchained: Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live
Nansen: The Shanghai Upgrade Dashboard
CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella

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Are DAOs Strong Enough to Survive the Regulators? - Ep. 479 Apr 11, 2023

How can decentralized autonomous organizations (DAOs) be more resilient? Gabriel Shapiro, general counsel at Delphi Labs, and Fatemeh Fannizadeh, lawyer and researcher at Geneva-legal.ch, survey the landscape and offer their insights on what will fuel the next wave of DAO innovation. Are new rules from U.S. states like Wyoming and Utah a boon for DAO creation? Or will the proceedings against Ooki DAO by U.S. regulators cast a pall on this emerging segment of the Web3 world?

Show highlights:

how Gabriel and Fatemeh determine whether something is actually a DAO
the pressing legal issues around DAO formation
where the liabilities lie in these types of organizations
Delphi Labs’ new “borg” concept and the problems it aims to solve
what jurisdictions are more appropriate for different DAOs
the nuances of Wyoming’s DAO LLC law
Utah’s Introduction of LLDs – limited liability DAOs – and why it is innovative
why the CFTC filed a lawsuit against Ooki DAO
whether governance token holders are liable for the DAO’s actions
how the Ooki lawsuit will impact how DAOs structure their activities in the future
what happened in the MakerDAO case and its implications
why Fatemeh and Gabriel disagree on whether the Mango DAO’s agreement to not pursue actions against Avi Eisenberg was legally binding

Thank you to our sponsors!

Guests:

Gabriel Shapiro, general counsel at Delphi Labs
Previous appearances on Unchained:
What Does Mango Markets Exploiter Avi Eisenberg’s Arrest in Puerto Rico Mean for DeFi?
Fatemeh Fannizadeh, lawyer and researcher at Geneva-legal.ch
Lawmakers In New Hampshire And Utah Recognize DAOs As Legal Persons

Links

MakerDAO:

CoinDesk: Crypto Investors' $28M ‘Black Thursday’ Lawsuit Against DeFi Giant Maker Dismissed by US Judge

Mango Markets:

Tornado Cash

Ooki DAO:

Unchained: Why the Ooki DAO Case Could Hurt Participation in DAOs
CoinDesk: Interpreting the CFTC’s Lawsuit Against Ooki DAO

Wyoming law

Legal Nodes: Wyoming LLC as a DAO Legal Wrapper: What You Need to Know

Utah

The National Law Review: Utah Passes Innovative DAO Legislation

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Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ - Ep. 478 Apr 07, 2023

Amidst a wide-ranging crackdown on all kinds of crypto players, Representative Tom Emmer talks about recent enforcement actions, the classification of cryptocurrencies as securities or commodities, the potential impact of US regulatory actions on the country’s global economic power, and the Federal Reserve's upcoming payment system. He touches on the importance of innovation and entrepreneurship in the crypto industry and the role of government in fostering these developments.

Show highlights:

why Rep. Emmer thinks there's an operation to cut crypto off from the banking system
how, as he puts it, Sen. Elizabeth Warren has been 'dancing on the grave' of the recent banking failures
how the interest in crypto in Congress has changed over time, especially after the Infrastructure bill in 2021
whether the CFTC lawsuit against Binance represents an "appropriate" use of enforcement actions
why Rep. Emmer says that bureaucrats are trying to polarize blockchain technology
how the US’s attitudes toward crypto could affect the country’s global power
why he is against FedNow, the new Federal Reserve's payment system

Thank you to our sponsors!

Guest

Congressman and House Majority Whip Tom Emmer

Previous appearances on Unchained: Rep. Tom Emmer, One of the Most Active Crypto Congress Members, on Taxes and DeFi

Links

Operation Choke Point 2.0:

Coverage of Unchained Podcast on the topic: Is the Government Trying to Kill Off Crypto in the US?
Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs

Enforcement actions

Unchained:
CFTC Sues Binance and CZ Over US Regulatory Violations
SEC Issues Coinbase a Wells Notice
Coverage of Unchained Podcast on the recent regulatory crackdown:
Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’

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The Chopping Block: Is Ether the Only ‘Organic Yield’ in Crypto? - Ep. 477 Apr 06, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. In this episode, they are joined by Laura Shin, author, journalist, and host of Unchained, to discuss the drama around the Arbitrum governance’s proposal, the MEV attack on Ethereum, the Shanghai upgrade… and much more!

Show highlights:

what the intentions behind Arbitrum Foundation's ratification poll were
why Tarun says that it was suggested by a crypto lawyer
what will happen to Ethereum staking after the Shanghai upgrade
how ETH provides 'organic yield,' according to Tarun
whether staking makes ETH a security
how a validator on Ethereum got slashed after a $25 million MEV attack
the drawbacks of how Proof of Stake requires a locked stake, while Proof of Work allows joining and leaving freely
whether Tarun should cut his hair (yes, this was actually discussed)

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly

Guest

Laura Shin, author, and host of Unchained

Disclosures

Links

Arbitrum DAO

Unchained:Arbitrum Backtracks on AIP-1 After Community Backlash

MEV attack

Unchained:Rogue Ethereum Validator Slashed After $25 Million MEV Bot Attack

Euler hack

Unchained:Euler Hacker Returns All $200 Million Stolen in Exploit

Shanghai:

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Is the Government Trying to Kill Off Crypto in the US? - Ep. 476 Apr 04, 2023

Brian Quintenz, head of policy for a16z crypto, and Nic Carter, general partner at Castle Island Ventures, talk about Operation Choke Point 2.0, the relationship between the government and the crypto industry, the status of different tokens as securities or commodities, and potential future developments in the space

Show highlights:

what the original Operation Choke Point was like
the "evidence" that shows that Operation Choke Point 2.0 against crypto is real, according to Nic
how hard it is for crypto companies to get banked in the U.S.
whether crypto had anything to do with the current banking crisis
whether agencies such as the CFTC and the SEC are performing coordinated action against the industry
how the collapse of FTX changed the approach of banking regulators toward crypto
whether the U.S. needs to change its regulatory approach to maintain its status as a global leader
whether crypto is a threat to the U.S. dollar and the financial system
how Tether has benefited from the recent regulatory events
why Brian says that the SEC has already demonstrated that BTC and – also ETH -- are not securities

Thank you to our sponsors!

Crypto.com

Halborn

Guests:

Brian Quintenz, head of policy for a16z crypto
Nic Carter, general partner at Castle Island Ventures
Did The Government Start A Global Financial Crisis In An Attempt To Destroy Crypto?
Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs

Previous coverage of Unchained on the banking situation:

Previous coverage of Unchained on the recent regulatory crackdown:

Links

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Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto - Ep. 475 Mar 31, 2023

In this episode, Austin Campbell, a professor at Columbia Business School, discusses the recent allegations made by the CFTC against Binance, and whether or not criminal charges will be brought against company officers such as CEO Changpeng Zhao, or CZ, or former Chief Compliance Officer Samuel Lim. He also sheds light on how this case could shape which agency will have regulatory authority over crypto assets.

Show highlights:

what the CFTC's allegations against Binance are
whether Binance and its employees will face criminal charges
what the two most likely scenarios for Binance are, according to Austin
how regulators got so many details and so much information from CZ's phone
whether CZ is personally liable and whether the US could extradite him
how the CFTC used the complaint to state that BTC, LTC, ETH, and some stablecoins are commodities
Why Austin believes Coinbase would be the "single biggest winner" if Binance US is shut down
how this case is going to help determine which agency has jurisdiction to regulate crypto assets

Thank you to our sponsors!

Guest

Austin Campbell, professor at Columbia Business School and Managing Partner at Zero Knowledge Consulting

Previous coverage on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown

Links

CFTC vs. Binance

Unchained: CFTC Sues Binance and CZ Over US Regulatory Violations
Bloomberg’s Matt Levine: The CFTC Comes for Binance
Previous coverage on Unchained: The Chopping Block: Is This the Beginning of the End for Binance?

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The Chopping Block: Is This the Beginning of the End for Binance? - Ep. 474 Mar 30, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. In this episode, they discuss Binance's recent regulatory issues, the potential impact on the crypto markets, the CFTC's stance on tokens, and also touch on Do Kwon's arrest and Hong Kong's approach to crypto regulation.

Show highlights:

whether the chief compliance officer of Binance was aware of how the exchange was evading compliance
how the CFTC contradicted the SEC about some tokens being securities
whether Binance was trading against its customers
what the future of Binance looks like after the CFTC lawsuit
how the Do Kwon arrest coincided with Vitalik running an experiment in Montenegro
how the SEC's Wells Notice against Coinbase will affect the exchange
whether all the regulatory actions are coordinated
what would happen to the crypto markets if Binance goes down
how Hong Kong’s approach to crypto regulation contrasts with that of the US

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly

Disclosures

Links

CFTC vs. Binance

Unchained:CFTC Sues Binance and CZ Over US Regulatory Violations

Coinbase Wells Notice

Previous coverage of Unchained: Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
Coinbase:
We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.
The Crypto Securities Market is Waiting to be Unlocked. But First We Need Workable Rules.
Unchained:
SEC Issues Coinbase a Wells Notice
U.S. Supreme Court Hears First Crypto Case: Coinbase Arbitration Dispute
Bloomberg: Coinbase (COIN) Gets SEC Wells Notice Over Crypto Offerings

Do Kwon

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Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future - Ep. 473 Mar 28, 2023

In this episode, Stanford cryptography professor Dan Boneh and a16z General Partner Ali Yahya elevate our knowledge of zero-knowledge proofs and their applications in the blockchain world. Listen as they dive into the intricacies of succinct proof systems, the difference between SNARKs and STARKs, the magic of recursive SNARKs, and why zero-knowledge systems are essential to the evolution of Ethereum.

Show highlights:

how Ali became a general partner at a16z Crypto and why Dan started working on “the science of blockchains”
what a succinct proof system is
analogies for understanding zero-knowledge proofs
the difference between SNARKs and STARKs and whether centralization can be fully avoided
how zero-knowledge technology became so crucial for blockchains
the reasons to push computations off-chain and the applications of this technology
why zkEVMs are essential to help Ethereum scale
why privacy is important not only in financial transactions but also in other areas like social networks and gaming
the challenges that arise from trusted setups and whether it would be possible to create false proofs
how to mitigate the trusted setup problem with different proof systems
what is being built to make zero-knowledge proofs cheaper to create
whether a privacy-focused technology can be pursued while staying compliant with regulations
how zero-knowledge proofs can improve the security of blockchain bridges

Thank you to our sponsors!

Guests:

Ali Yahya, general partner at a16z crypto
Dan Boneh, professor of computer science and electrical engineering, Stanford University; and senior research advisor, a16z crypto
Using ZK Proofs to Fight Disinformation

Links

Unchained: zkEVM: The Computing Overhaul to Help Scale Ethereum
Previous coverage of Unchained on zero-knowledge:
Can You Trace Monero? 'It's Hard - But Not Impossible,' Says Nick Bax
a16z crypto:
Privacy-Protecting Regulatory Solutions Using Zero-Knowledge Proofs: Full Paper
zkDocs: Zero-knowledge Information Sharing
How the Coming Privacy Layer Will Fix the Broken Web
CoinDesk: Polygon Rolls Out Zero-Knowledge, Privacy-Enhanced Identification Product

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Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Ep. 472 Mar 24, 2023

Paul Grewal, Coinbase’s chief legal officer, shares his concerns about the SEC’s recent warning that it would pursue legal action against the crypto exchange. With the U.S. markets regulator failing to provide clear rules on digital assets, Grewal discusses the implications for Coinbase and for the future of crypto in the United States.

Show highlights:

why Grewal was not surprised by the Wells notice
how Coinbase asked the SEC multiple times for clear rules and got no response, according to Grewal
how the SEC is withholding information about which rules Coinbase allegedly broke, according to Grewal
Coinbase’s efforts to disclose everything about its operations
whether Grewal thinks there was a change in the regulators’ approach after the collapse of FTX
why Grewal thinks this is not the right way to go to keep crypto in the United States
the jurisdictional fight between the CFTC and the SEC
whether Coinbase will proceed with litigation
why Grewal thinks the Wells notice is a “shot at crypto as a whole”
why Coinbase believes that its products are “fully compliant”
what opportunities the U.S. Congress has to legislate blockchain technology

Thank you to our sponsors!

Crypto.com

Railgun DAO

Guest

Paul Grewal, chief legal officer at Coinbase

Previous appearances on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown

Links

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The Chopping Block: Why AI Will Change the Course of History in Crypto - Ep. 471 Mar 22, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, NEAR co-founder and former Google AI researcher Illia Polosukhin joins the show to discuss the intersection of crypto and machine learning.

Show highlights:

whether Signature was shut down because of its crypto arm
whether banking crypto is riskier than banking other industries
how Balaji’s $1 million BTC bet is just highly effective marketing
whether the Fed is doing quantitative easing again
how the artificial intelligence industry has changed over the years
why Illia says that “open source always wins”
the intersection of blockchain technology and AI
whether a broken Tesla could become the world’s greatest investor

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly

Guest

Illia Polosukhin, co-founder of Near

Disclosures

Links

Signature and Banking

Balaji’s bet

Coin Edition: Balaji Bets $1M on Bitcoin Price, Says US Hyperinflation Is Underway

Artificial Intelligence:

Richard Sutton: The Bitter Lesson
Facebook: Introducing LLaMA: A foundational, 65-billion-parameter large language model
Stanford: Alpaca: A Strong, Replicable Instruction-Following Model

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Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Ep. 470 Mar 21, 2023

Caitlin Long, founder and CEO of Custodia Bank, and Meltem Demirors, chief strategy officer of CoinShares, share their concerns about crypto in the U.S. following a wild week in the banking sector. With Signature Bank’s takeover looking like a targeted takedown and crypto-friendly upstarts like Custodia being shadowbanned by the Fed, the two longtime experts look ahead at the fights to come. Is USDC next to land in regulators’ crosshairs?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

how crypto is viewed as a “big, scary, and strange” industry
how Signature and Silvergate became so important for the crypto industry with SEN and Signet
why Caitlin says it’s “crystal clear” that we are now in Operation Choke Point 2.0, with U.S. regulators pushing to debank the crypto industry
why Caitlin says the Fed’s vote against Custodia’s application was preordained
whether Sen. Elizabeth Warren had an impact on the current crisis
how everything comes down to game theory
whether VCs are responsible for causing the bank run
whether the rollback in 2018 of certain provisions of the Dodd-Frank Act played a role in the recent collapse
Caitlin’s hot takes on what happened with Signature Bank
the unique characteristics of Custodia’s business model as a bank
how stablecoins challenge the current financial system
why it’s so important for crypto to improve its public perception

Thank you to our sponsors!

Guests:

Meltem Demirors, Chief Strategy Officer at CoinShares
Caitlin Long, founder and CEO of Custodia Bank

Links

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Jim Bianco on Why the Banking System Has Always Been Broken - Ep. 469 Mar 17, 2023

Jim Bianco, president and macro strategist at Bianco Research, explains what’s causing the recent cascade of bank failures. Yield seekers taking their money elsewhere are putting banks under strain. However, the Signature Bank takeover by New York regulators is “a little fishy,” Bianco says. He adds that DeFi has been holding up strong, providing an “alternative to this unstable system that we have right now.”

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

why Jim thinks this is a liquidity crisis, not a solvency crisis
the role of crypto and tech startups in the recent bank run
how people have been pulling out of crypto in the past 18 months
why the traditional fractional reserve system for banks is broken
why crypto projects like Aave and Compound are solutions
why Jim says the Fed is a “legal counterfeiter”
why money moving around so fast is a challenge to our antiquated financial system
whether Signet, Signature Bank’s digital payments platform, is the real reason why regulators shut the bank down
whether the Fed will succeed or fail with FedNow, its instant payment system

Thank you to our sponsors!

Crypto.com

Railgun DAO

Guest

Jim Bianco, President and founder of Bianco Research

Links

Unchained:
The Fall of SVB: What Happened and How It Affects Crypto
Was Signature Bank Actually Insolvent?
Circle to Bring On New Banking Partner for USDC Minting, Redemption
Regulators Close Signature Bank Following SVB Collapse
Silvergate to Wind Down Operations in ‘Voluntary Liquidation’
CNBC: Long-awaited Fed digital payment system to launch in July
Ram Ahluwalia’s tweet on the Fed

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The Chopping Block: Was Crypto Just Debanked? - Ep. 468 Mar 16, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week: Silicon Valley Bank went belly up and knocked USDC off its peg with it. For good measure, Signature Bank was taken over by regulators. After a hellish weekend, what did we learn?

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what happened with Silicon Valley Bank
why USDC depegged and reached a low of 88 cents
how Maker responded to the depegging of USDC
whether DeFi responded flawlessly to the chaotic events
how Haseeb’s VC fund, Dragonfly, was ensnared in SVB’s collapse
what Tarun thinks made Elizabeth Warren change her tune on SVB
whether Signature Bank was shut down because of its crypto-related activities
why bonds are not marked to market by banks
which company is going to issue the euro-dollar stablecoin
how BTC has been outperforming the NASDAQ since the FTX collapse
how Euler Finance got hacked for almost $200 million
whether flash loans should be banned
the rules around crypto and finance in the Middle East
why DeFi is a fundamental innovation that’s better than many financial systems across the world

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly

Disclosures

Links

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How Will ETH React to Ethereum’s Shanghai Upgrade? - Ep. 467 Mar 14, 2023

ETH staking began in December 2020. With Ethereum’s Shanghai upgrade, which could happen as early as mid-April, withdrawals of staked ETH will finally be enabled. Will validators rush to cash out? Or will Shanghai bring more institutional stakers into the fold? Christine Kim, VP of research at Galaxy Digital, joins the show to discuss how Etheruem’s latest upgrade will affect the network, and maybe even ETH’s price.

Show highlights:

how Christine became an Ethereum expert
what you need to know about Ethereum’s Shanghai upgrade
when Shanghai is expected to go live on mainnet
what the difference is between Shanghai and Capella
possible outcomes following the activation of staked ETH withdrawals
whether Shanghai makes ETH staking more attractive to institutions
why Christine thinks there won’t be much impact on ETH’s price
how Shanghai will impact liquid staking providers
upgrades that are coming to Lido and Rocket Pool
what will happen in Ethereum’s subsequent upgrade: Cancun
what “proto-danksharding” is and how it will help Ethereum scale
what New York Attorney General Letitia James got wrong when she said ETH is a security
how Ethereum development has become more and more decentralized over the years
the next steps in Ethereum’s roadmap
why Christine is still concerned about Lido and staking centralization
what zkEVMs are and why they play a key role in the future of Ethereum scaling

Thank you to our sponsors!

Guest:

Christine Kim, Vice president of research at Galaxy Digital

Twitter

Links

Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum?

In the Recent Crypto Market Meltdown, What Role Did Lido’s stETH Play?

Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake

ETHDenver presentation: Staked ETH Withdrawals: A Step-By-Step Overview with Christine Kim

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The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks - Ep. 466 Mar 11, 2023

BitMEX founder Arthur Hayes, fresh out of home confinement after settling charges with the U.S. government, joins “The Chopping Block” with Haseeb Qureshi, Robert Leshner, and Tarun Chitra. The early crypto pioneer pulls no punches in his assessment of SBF, TradFi’s failings, and how crypto traders lost the plot in trusting CeFi middlemen.

Show highlights:

why Arthur travels with stuffed animals, and what his favorite brands are
what factors led Sam Bankman-Fried to success
how Bill Clinton seems to be related to many multibillion-dollar downfalls
whether everyone in crypto thinks that prices are eventually going up
what’s the thesis behind Maelstrom, Arthur’s new investment arm
why he’s bullish on decentralization but also game to trade “dog shit”
what the impact of Silvergate’s failure will be on the crypto industry
what would Arthur have done if he was the CEO of Silvergate
the role of rising interest rates in understanding Silvergate’s downfall
why holding Tether’s USDT is not so different from USDC
why crypto needs alternatives to dollar-backed stablecoins
the real reasons why the U.S. Treasury is worried about stablecoins

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound

Guest

Arthur Hayes, cofounder of BitMEX

Disclosures

Links

Unchained:
Silvergate to Wind Down Operations in ‘Voluntary Liquidation’
Silvergate Confers With FDIC to Avoid Closing Down: Report
Silvergate Shuts Down Crypto Payments Network
Bloomberg: Silvergate Had a Crypto Bank Run
NYMAG: Arthur Hayes, the Original King of Crypto, Is Back.
Arthur’s posts:
White Boy
Dust on Crust

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Grayscale v. SEC: Who Won This Week’s Hearing? - Ep. 465 Mar 10, 2023

Elliott Stein, senior litigation analyst at Bloomberg Intelligence, shares his insights from a court hearing this week on the SEC’s rejection of Grayscale’s bid to convert GBTC into a spot bitcoin ETF. Stein says federal appellate court judges seemed skeptical of the SEC’s arguments for why bitcoin futures ETFs are OK while bitcoin spot ETFs aren’t. Who’s likely to win the case and what does it mean for the crypto industry as a whole?

Show highlights:

why Grayscale filed the lawsuit against the SEC
why Grayscale believes that a bitcoin futures ETF is essentially the same as a spot ETF
what the SEC disagrees
why the judges pushed back against the SEC’s arguments
why Elliott changed his mind about who will win the case after the hearing
what would happen if Grayscale ends up winning the lawsuit and whether the SEC could go back on its previous approvals
whether other companies applying for a bitcoin spot ETF would benefit from Grayscale winning the case
whether this case could have an impact on the jurisdictional battle between the SEC and the CFTC
why Elliott is keeping an eye on other cases such as Ripple, Terraform Labs, and insider trading at Coinbase

Thank you to our sponsors!

Crypto.com

Railgun DAO

Previous coverage of Unchained on Grayscale and GBTC:

Guest

Elliott Stein, Senior Litigation Analyst for the Financials Sector at Bloomberg Intelligence

Twitter

Links

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ETH Denver Debate: Should Testnet ETH Be Free or Have a Price? - Ep. 464 Mar 07, 2023

LayerZero launched a testnet bridge that allows users to swap mainnet ETH for Goerli ETH (GoETH), which led to a sudden emergence of a liquid market for GoETH tokens.

This was a hugely controversial decision, as many in the Ethereum community believe that testnet tokens should remain free.

At ETH Denver, Laura moderated a panel discussion about this hot topic with Bryan Pellegrino, cofounder and CEO of LayerZero Labs, Greg Markou, founder of Chainsafe and Matt Garnett, software engineer for the Ethereum Foundation.

Show highlights:

why LazerZero launched a testnet bridge for Goerli ETH (GoETH)
the three reasons why Greg is opposed to Goerli ETH having a price
why Bryan believes it is impossible for a permissionless testnet to have free tokens
the three types of constituencies that use testnets
whether the Sepolia testnet solves the issues with Goerli
the upcoming Holli testnet and the problems it aims to solve
how to create a permissionless testnet that takes into account the needs of developers from all over the world
whether LayerZero’s move will create more problems in the future

Thank you to our sponsors!

Panel

Bryan Pellegrino, cofounder and CEO of LayerZero Labs.

Greg Markou, founder of Chainsafe

Matt Garnett, software engineer for the Ethereum Foundation

Links:

Unchained: Goerli Testnet ETH Is Now Being Monetized
CoinDesk: Start of the End? Testnet Goerli Ether Spikes to $1.60 as Traders Jump on Opportunity Meant for Developers
LayerZero blog post: Public Goods by LayerZero.
Alchemy: What is the Sepolia testnet?
Ethereum (ETH) Developer Announces Plan To Launch New ‘Holli’ Testnet Later This Year

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn , Amazon Music, or on your favorite podcast platform.

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The Chopping Block: Is Coinbase’s Base ‘the Binance Smart Chain for White People’? - Ep. 463 Mar 04, 2023

In-person at ETH Denver, crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest crypto news. This week, Kyle Samani, scion of Solana, joins the show.

Show highlights:

why Coinbase decided to launch Base, a layer 2 on Ethereum and whether developers are building on it
how Coinbase might make money from it
whether it will be a permissioned, KYC’ed chain that requires users to reveal their identities
Kyle's opinion on the allegedly fraudulent operations of FTX, in which his firm, Multicoin Capital, was an investor
how due diligence changed in the investing space after the collapse of FTX
what the future of Paxos looks like now that its primary source of revenue, BUSD, was impacted
why Kyle thinks the latest nearly 20-hour outage of Solana is different from previous outages
what he’s excited about in Solana now
how Jump, a VC firm, was able to “hack back” $150 million in previously stolen assets after a court order

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly

Guest

Kyle Samani, managing partner at Multicoin Capital

Disclosures

Links

Base

Unchained:
Coinbase Launches Ethereum Layer 2 Network ‘Base’
Video

Solana

Unchained: Solana Attempts Two Chain Restarts After Near 20-Hour Outage

FTX

Unchained: FTX’s Nishad Singh Charged With Fraud After Guilty Plea

Wormhole

Coindesk: Oasis Exploits Its Own Wallet Software to Seize Crypto Stolen in Wormhole Hack

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Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - Ep. 462 Mar 03, 2023

Muneeb Ali, co-creator of Stacks, discusses the Bitcoin trend that has everyone – or at least, many Bitcoiners – buzzing: Bitcoin ordinals. Ali explains why it is that they’ve taken up block space, pushed Bitcoin fees higher, and caused controversy in the community. Plus, he explains why the phenomenon has generated excitement about Stacks.

Show highlights:

how Ordinals technology works to enable NFTs in the Bitcoin blockchain
the difference between NFTs in smart contracts platforms like Ethereum vs. NFTs in Bitcoin
the way in which the Taproot upgrade allowed Ordinals technology to exist
what security measures to take in order to protect one’s Bitcoin NFTs
why the Bitcoin maxi community reacted negatively to Ordinals
why Stacks jumped so much in price after the release of Ordinals
what Muneeb thinks is the significance of Yuga Labs launching NFTs on Bitcoin

Thank you to our sponsors!

Guest

Muneeb Ali, co-creator of Stacks

Twitter
Previous appearance on Unchained: Blockstack On Getting Independence From Google, Facebook And Amazon

Links

Unchained: BAYC Creator Yuga Labs to Launch Bitcoin Ordinal NFTs
Decrypt:What Are Ordinals? A Beginner's Guide to Bitcoin NFTs
Dune: Ordinals - Inscriptions on Bitcoin

Episodes about Bitcoin mentioned in the show:

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Have Crypto Detectives Killed the Cypherpunk Dream? - Ep. 461 Feb 28, 2023

Andy Greenberg, senior writer for WIRED and author of “Tracers in the Dark,” takes us inside the world of crypto-tracing crimebusters and voices the ambivalence of Bitcoin – a cypherpunk creation – eroding financial privacy. Hear how the longtime crypto scribe got law enforcement and sleuthing firms like Chainalysis to open up about their major wins in taking down darknet kingpins.

Show highlights:

why Andy thought early on that Bitcoin would enable crypto anarchy
how blockchain analytics started being used to tackle crime
why the IRS Criminal Investigation unit was more open to discussing its techniques
how Andy learned many new things about already well-known stories when writing about them for the book
the methods used to bring down the “biggest dark-web drug lord” in history
did AlphaBay’s Alexandre Cazes really kill himself in a Thai prison?
how researcher Sarah Meiklejohn developed tools to deanonymize Bitcoin
why she’s now uncomfortable that her techniques were adopted by Chainalysis and sold to law enforcement
what Andy feels about the importance of privacy
how Monero is harder to trace than Bitcoin but not untraceable
what the impact of zero-knowledge technology will be for blockchain analytics firms
whether the cypherpunk ethos is dead
why the mystery of Satoshi Nakamoto’s identity will never die

Thank you to our sponsors!

Guest

Andy Greenberg, senior writer for WIRED and author of “Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency”

Links:

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Is Asia Going to Lead the Next Bull Run? - Ep. 460 Feb 24, 2023

Emily Parker, CoinDesk’s executive director of global content, joins the show to discuss the Asian crypto markets. From Hong Kong to Tokyo, Parker sees bullish signs in recent developments. Hear why she thinks China and Japan are closely watching as the U.S. clamps down on the crypto industry.

Show highlights:

how Hong Kong is trying to create a regulated environment for crypto
whether Beijing and Chinese officials support Hong Kong’s initiative
what was China’s motivation to make it harder to buy and hold crypto
whether Asian countries will lead the next bull run
what the crypto environment looks like in Japan and how it differs from the U.S.
how Japan responded to major crypto hacks and meltdowns
what Japan is doing in terms of stablecoin regulation and adoption
how Japanese authorities are trying to establish guidelines for DAOs
whether people in Asia have different attitudes and views toward crypto and investing in general

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Railgun DAO

Guest

Emily Parker, executive director of global content at CoinDesk.

Twitter
Previous appearance on Unchained: Crypto in China: What It Really Looks Like

Links

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The Chopping Block: The Inside Story of How Blur Toppled NFT Giant OpenSea - Ep. 459 Feb 22, 2023

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, it’s time for a case study: Special guest Pacman, founder of Blur, explains how his upstart NFT marketplace fought OpenSea and won.

Show highlights:

what it’s like to launch a token
why Blur was created and what its strategy was for competing with OpenSea
why royalties remain a lightning rod in the NFT community
how Blur designed its liquidity mining program and the lesson learned from failed designs
the reasons why Blur succeeded in the NFT marketplace environment
Pacman’s reaction to OpenSea’s decision to not enforce royalties
why forking the Blur code won’t work for new marketplace competitors
why the NFT market remained strong in the depths of a bear market
why Pacman thinks AMMs for NFTs won’t work
whether the “death of royalties” is good or bad for the ecosystem

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly

Guest

Pacman, founder of Blur

Twitter

Disclosures

Previous coverage on NFT royalties:

Links

Dune: Blur VS OpenSea
Blog post: How to earn royalties on Blur
OpenSea’s response
Unchained:
OpenSea Eliminates Marketplace Fee, Makes Creator Royalties Optional
Blur Airdrops 360M Tokens to NFT Traders

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Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown - Ep. 458 Feb 21, 2023

A settlement with Kraken, a proposed custody rule, and lawsuits against Paxos and Terraform Labs. “This week has been a very long year,” said Polygon Labs Chief Policy Officer Rebecca Rettig. She joins Coinbase Chief Legal Officer Paul Grewal to interpret what’s going on with the SEC. Is it just one big push to cripple the crypto industry? “The fact that we’re all … trying to read tea leaves speaks to a failure in the system that relies upon one-off enforcement actions rather than a public rulemaking process,” said Grewal.

Show highlights:

how the implosion of FTX sped up regulatory actions
whether the SEC will go after other staking services
why the statement that crypto firms should just register with the SEC is “disingenuous”
what seems to be behind the decision to target the BUSD stablecoin
whether SEC enforcement actions will be detrimental to innovation in the U.S.
what features would make stablecoins securities
why the SEC is alleging that the UST stablecoin is a security
why “expansion of jurisdiction” is at the heart of the SEC’s proposed crypto custody rules
why Paul thinks that forcing crypto innovation offshore could become a national security issue for the U.S.

Thank you to our sponsors!

Guests:

Paul Grewal, Chief Legal Officer at Coinbase:

Twitter

Rebecca Rettig, Chief Policy Officer at Polygon Labs:

Twitter

Links

WIRED:Confusion Spirals in Crypto as the US Cracks Down
Unchained:
Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed
SEC Wants Tougher Rules for Crypto Custody
SEC Sues Do Kwon and Terraform Labs
WSJ:
Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token
Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin
Bloomberg:US Crackdown Seeks to Push Crypto Back to the Fringes of Finance
SEC:
Pocketful of Quarters, Inc.
Statement on Safeguarding Advisory Client Assets Proposal
CoinDesk: SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms
Jesse Powell’s tweet

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Is Gary Gensler on a Mission to Put Crypto Down for Good? - Ep. 457 Feb 17, 2023

Mike Selig, counsel at Willkie Farr, has plenty to talk about this week, with a slew of actions from Gary Gensler’s SEC putting the future of crypto in the U.S. in question. From Kraken’s custodial staking settlement to action against BUSD issuer Paxos, the former CFTC law clerk voices concern that coordination among regulators could choke off the industry’s growth. Hear how Selig thinks Gensler’s SEC is working to bring crypto markets “within the regulatory perimeter.”

Show highlights:

whether regulators are using the FTX case to go against crypto as a whole
what likely caused the NYDFS action against Paxos for BUSD
whether there’s a coordinated effort to undermine the crypto markets
how issuers could argue that stablecoins aren’t securities
why there are limited implications for staking as a whole after Kraken’s SEC settlement
how the regulators are “discouraging access and participation in crypto markets at the banking level”
the differences between Gary Gensler’s SEC and that of his predecessor, Jay Clayton
how the Gensler administration is skeptical of governance and DAOs
why the SEC’s crypto custody rule proposal is refreshing, albeit not perfect

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Crypto.com

Guest

Mike Selig, counsel at Willkie Farr

Twitter

Links

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The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed? - Ep. 456 Feb 15, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Polygon Chief Legal Officer Marc Boiron joins the show to examine the SEC’s recent enforcement ramp-up.

why Marc thinks NYDFS coming after Paxos is the most interesting thing to analyze in the SEC-BUSD spat
whether the SEC and NYDFS actions against Paxos were coordinated
whether a stablecoin is a security and why the SEC might be inclined to go after Paxos
how a stablecoin could resemble a money market fund
whether the SEC action against BUSD consolidates Tether's dominance
why Robert is nervous about the ramifications of the Paxos situation for all of crypto
the unique characteristics of Kraken's staking services that led to settlement with the SEC
the meaning of the settlement for other custodial staking services and staking in general
why Robert voted in favor of the Uniswap governance proposal
why Haseeb is fine with how a16z voted in the proposal
how on-chain governance should be approached

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Guest

Marc Boiron, chief legal officer at Polygon

Links

Disclosures

BUSD shutdown

SEC vs. Staking

Ethereum ETH Staking Deposits

Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges

Coinbase’s staking services are not securities. And here's why. - Blog

Uniswap governance drama

Unchained episode on the topic: Chris Blec on Why He Believes a16z’s Uniswap Vote Exposes DeFi as a Farce - Ep. 454
Wormhole vs. LayerZero posts
Wormhole
LayerZero
Explanation video from Unchained

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How This Prosecutor Is Spearheading the Fight Against Crypto ‘Pig Butchering’ Scams - Ep. 455 Feb 14, 2023

Erin West, Deputy District Attorney of California’s Santa Clara County, has heard firsthand tales of scammers preying on victims for hundreds of thousands of dollars. She joins the show to explain the scamming technique known as “pig butchering,” how it is estimated to have raked in tens of billions worldwide, and why it has led to suicide in some cases. West makes the case for why victims need empathy and how law enforcement is working with exchanges to claw back scammed funds.

Show highlights:

Erin’s background and how she started investigating crypto crimes
what exactly the “pig butchering” method entails — and why it’s called that
what kind of people scammers are targeting
the devastating stories that have arisen from these crypto scams
fresh intel on where the fraudsters are located
whether the scammers may be connected to foreign governments
how the victims are often turned away by U.S. law enforcement agencies
how Erin’s agency was able to return almost $1 million to victims late last year
what local agencies can do to address these problems
how law enforcement agencies around the U.S. are lacking crypto education
the workshops Erin has been leading to help such agencies get educated
the relatively low number of NFT-related scams her agency has dealt with so far
what Erin recommends for victims of “pig butchering” scams

Thank you to our sponsors!

Links

SIM Swaps and Pig Butchering scams:

Forbes: Hackers Have Stolen Millions Of Dollars In Bitcoin -- Using Only Phone Numbers

WIRED: What Is a Pig Butchering Scam?

Podcast on Indian telemarketing scams: Chameleon: Scam Likely — Campside Media

Guests:

Erin:

LinkedIn

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Chris Blec on Why He Believes a16z’s Uniswap Vote Exposes DeFi as a Farce - Ep. 454 Feb 10, 2023

Chris Blec, DeFi researcher and founder of the Blec Report, explains why he believes the involvement of Andreessen Horowitz (a16z) in a contentious Uniswap governance proposal flies in the face of crypto’s core value: decentralization. He argues that the venture capital firm’s ability to potentially sway the vote in favor of a portfolio company undermines claims that DeFi is “people-powered.” The vote, which is not yet concluded, is the latest venue for people to debate the merits of DeFi governance and whether one token really should equal one vote.

Show highlights:

why a16z decided to vote against a key section of the Uniswap governance proposal
the problem Chris sees with the current design of DAOs
whether there is a parallel to be drawn between TradFi and DAO governance
why Chris says people are mistaken when they think about the goals of crypto VC
whether the fact that some VCs control so much voting power goes against the ethos of decentralization
how Chris thinks VCs are funding lobbyist groups to push for their interests, not those of crypto as a whole
why Chris believes the "one token, one vote" system doesn't work
some alternatives that could be pursued to help the issue of whale token voting
whether regulators will come after DAOs and especially the ones that are using current governance mechanisms

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Crypto.com

Guest

Chris Blec, DeFi researcher and founder of the Blec Report

Links

Unchained: Does a16z Control Uniswap?
CoinDesk: Contentious Uniswap Vote Highlights the Opaqueness of Decentralized Governance

Related Twitter threads:

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Everything You Need to Know About Filing Your 2022 Crypto Taxes - Ep. 453 Feb 07, 2023

Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, give a full accounting of everything U.S. crypto traders should be aware of as we inch closer to April 18. The two tax experts discuss the latest on how the IRS is approaching crypto taxation, going deep on everything from staking rewards to NFT royalties. Just a heads up: This interview is meant for informational purposes only and should not be construed as financial or tax advice.

Show highlights:

what’s new this year when it comes to reporting crypto transactions
why staking is now firmly on the IRS’s radar
how capital gains tax works for crypto
the types of crypto transactions that are taxable as income
the five situations where a crypto user incurs a taxable event
the types of crypto activity that are not taxable
what crypto holders can do to make tax time easier
the IRS forms you need for various types of crypto transactions
typical mistakes that crypto users make when it comes to filing their taxes
why there’s not much you can do if you have assets stuck in Voyager, Celsius or other bankrupt crypto firms
why you might consider arguing a “theft loss deduction”
what to know about the Ethereum Merge as it relates to taxes
things NFT creators should be aware of during tax time
how the U.S. tax system can or cannot be applied to DeFi
what tax forms you can expect to receive if you’re a Coinbase customer
how corporations holding crypto may soon see favorable changes to current accounting rules
why $5,000 is a key threshold for crypto donations

Thank you to our sponsors!

Links

Previous coverage of crypto taxes on Unchained:

Guests:

Shehan:

Lawrence:

Twitter

Links:

Digital Assets | Internal Revenue Service
IRS CCA 202302012 (Crypto charitable donations)
IRS CCA 202302011 (Coins which have substantially lost in value. Ex: Luna)
MiCA – Overview of the New EU Crypto-Asset Regulatory Framework (Part 1) | HUB | K&L Gates
CNBC:President Joe Biden to sign the bipartisan infrastructure bill⁠ into law—here's how crypto investors will be impacted
S&P Global:What the US infrastructure bill means for cryptocurrency brokers and owners

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The Chopping Block: Why Canto, Up Nearly 500% This Month, Has Its Haters - Ep. 452 Feb 04, 2023

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they cover:

why Bitcoin maximalists are mad about Bitcoin NFTs
why Robert thinks Bitcoin is not a good blockchain on which to build things
why Canto, a layer 1 blockchain, surged in price and activity and why Haseeb is anti-Canto
how Ethereum will have multi-dimensional fee structures
what the role of applications in generalized blockchains should be and why they think they shouldn't be enforced at the base layer
the accusations against the LayerZero team and their response
the battle to provide the bridging services to Uniswap

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Links

Disclosures

Bitcoin NFTs:

Canto:

The Block: Layer 1 blockchain Canto sees surge in trading activity
Canto - Lending

LayerZero controversy:

James Prestwich’s tweet
Bryan Pellegrino’s response
Explanation of the situation by Bartek

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Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way' - Ep. 451 Feb 03, 2023

Following the release of Celsius' examiner report, Kadhim Shubber, an investigative reporter at The Financial Times, dives into the controversial business practices of the lender, how the company inflated the CEL token, the use of customers' money, and much more.

Show highlights:

how Celsius used investors’ money to prop up the price of CEL
the reasons why Celsius inflated the CEL token
where the money to pay rewards to investors came from
blatant misstatements from Alex Mashinsky and how his team tried to cover him
how the company leveraged Bitcoin to fill the hole in its balance sheet
who was responsible for Celsius' shady business practices
Celsius' poor investment decisions
whether Mashinsky is at risk of facing criminal charges

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Crypto.com

Guest

Kadhim:

Twitter

Links

Final report of Shoba Pillay, examiner
Financial Times:Crypto lender Celsius misused customer funds for years, examiner finds
Unchained:7 Revelations From Celsius’ Examiner Report
CoinDesk:Celsius Used New Customer Funds to Pay for Withdrawals: Independent Examiner
The Block:Tether denies it borrowed $2B from Celsius, as described in court report
Blockchain News:Celsius' Official Creditor Committee Denies Rejected Bids
Ram Ahluwalia’s take on the Celsius bankruptcy examiner report

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Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss - Ep. 450 Jan 31, 2023

Sheila Warren, CEO of the Crypto Council for Innovation, and Miller Whitehouse-Levine, Policy Director of the DeFi Education Fund, offer insider takes on how lawmakers and regulators are viewing crypto after FTX’s catastrophic failure. Both expect heightened activity in the U.S. from what they’re calling the “Crypto Congress.” Will this be the year for stablecoin regulation? Is DeFi still in the crosshairs? What about Ripple’s fight with the SEC? The two crypto policy experts look to the U.S. and beyond for what regulatory battles lie ahead in 2023.

Show highlights:

why the current environment in Washington makes it difficult to pass new legislation
whether the opinion of members of Congress on crypto has changed in the aftermath of FTX’s alleged fraud
how Elizabeth Warren and others are using the FTX collapse to prove their anti-crypto stance
whether it’s possible to prevent a fallout like FTX from ever happening again
why Miller believes that this year Congress will be “absolutely obsessed” with crypto
what stablecoin legislation would look like, and why stablecoins are more likely to be regulated sooner
why Sheila thinks Ripple could win its case against the SEC
why they believe the SEC’s failure to approve a spot Bitcoin ETF is a logical inconsistency
why they think it’s not possible to apply TradFi rules to DeFi technology
how more policymaker education needs to be done
how OFAC sanctioning Tornado Cash sparked many conversations among researchers and policymakers
the role of the government in preserving national security
how MiCA took an appropriately slow approach to imposing DeFi regulations
the impact of China and India adopting digital currencies
why Miller thinks China’s digital yuan is “the apotheosis of a totalitarian technology”

Thank you to our sponsors!

Crypto.com

FTSE

Links

Previous coverage of Unchained on crypto legislation:

Guests:

Sheila:

Twitter

Miller:

LinkedIn

FTX

CNBC: House Republicans move to regulate crypto industry with a new subcommittee

MiCA

Others

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The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum - Ep. 449 Jan 28, 2023

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Flashbots co-founder Phil Daian joins the show to go deep on what maximal extractable value (MEV) means and how it’s shaping the Ethereum ecosystem.

Show highlights:

how Phil started working in MEV and why he believes it resembles 'Alice in Wonderland'
Phil's definition of MEV and when he realized this was an actual problem
how Flashbots was born
the story of how Vitalik didn't care about sandwich attacks at the time Uniswap was released
whether it's possible to minimize MEV via more competition
the never-ending debate about whether MEV should be accepted
why Tarun thinks the concept of fair ordering is against nature
how Bitcoin uses social norms to solve its weaknesses
how Google is being called out in court for creating auction to front run its customers
how Flashbots worked prior to and after Ethereum's Merge
why Flashbots complies with OFAC sanctions
what is the Suave project and how it aims to decentralize Flashbots
what the future of MEV looks like

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly Capital

Guest:

Phil:

Twitter

Disclosures

Links

The Block: Flashbots seeks up to $50 million at a billion-dollar valuation

CoinDesk: Opinion: Miners, Front-Running-as-a-Service Is Theft

CNN: DOJ sues Google over its dominance in online advertising market

Unchained:51% of Ethereum Blocks Are OFAC Censored

Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390

The Cost of Decentralization in 0x and EtherDelta

Previous coverage of Unchained on MEV:

Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate

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Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF - Ep. 448 Jan 27, 2023

Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm’s case against the SEC, which has denied requests to turn Grayscale’s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case “tender offer” would entail and whether DCG CEO Barry Silbert has any say over GBTC’s fate.

Show highlights:

why Grayscale charges higher fees than, say, the average ETF
what Grayscale will do if it loses its case against the SEC
why Grayscale has not filed for Regulation M relief
Michael's comments on Gemini liquidating 31 million shares of GBTC
the reason behind the October 2022 timing of Grayscale changing GBTC's “authorized participant”
the relationship between Grayscale and DCG, and Barry Silbert's involvement in Grayscale's operations
why the trust agreement of GBTC was changed

Thank you to our sponsors!

Crypto.com

Guest

Michael Sonnenshein:

Twitter

Links

CNBC:Court sets date for oral arguments in Grayscale's challenge of SEC's bitcoin ETF decision
Reuters:
Grayscale would appeal lawsuit against SEC if court rejects case, CEO says
Ruling in Grayscale-U.S. SEC lawsuit likely within a year
MarketWatch:Grayscale may ‘ultimately’ consider tender offer for bitcoin trust, CEO says
CoinTelegraph:Grayscale terminates Bitcoin trust material agreements with Genesis
CoinDesk: Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs
Bloomberg: Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust
Bitcoinist: Here's What A Reg M Will Entail For Genesis, DCG And Bitcoin
Why Investment Experts Say a Spot Bitcoin ETF Would Be Superior to Bitcoin Futures ETFs by Laura Shin
Andrew Parish’s tweet on the possibility of the case going to the Supreme Court
Grayscale’s End of Year CEO Letter to Investors
Ycharts: GBTC Discount or Premium to NAV

Previous coverage of Unchained on GBTC:

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The Chopping Block: Will Genesis Creditors Be Made Whole? - Ep. 447 Jan 25, 2023

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they covered:

why the markets were up so much recently
how and why Genesis entered into bankruptcy
why the hole in DCG's financials are potentially much bigger than previously reported
the differences between the bankruptcies of FTX and Genesis
whether 3AC founders Su Zhu and Kyle Davies will find success with their new exchange
what will happen to GTBC now that a huge portion has already been liquidated
whether Tarun is predicting "the start of a new supercycle"
the large percentage of vested SOL held by the FTX estate
how SBF is still trying to win the public

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Links

Disclosures

Genesis:

FTX:

3AC/GTX:

Unchained: 3AC Founders Are Raising $25M for ‘GTX’

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Not Just FTX: One Skeptic’s Take on Why Crypto Is a Scam - Ep. 446 Jan 24, 2023

James Block, crypto skeptic and author of the Dirty Bubble Media newsletter, rose to prominence with a timely post predicting FTX’s insolvency. The blogger, a doctor by day, explains why he sees crypto as an unregulated morass of would-be securities and outright “Ponzi schemes.” From an early interest in Tether to connecting the dots on Celsius, Block explains why he does what he does and why almost all of crypto is just “regulatory arbitrage.”

Show highlights:

how James got into crypto and why he started writing about the space
why James chose "Dirty Bubble Media" for the name of his publication
the problems with the legitimacy of crypto projects
the reasons to be bearish on Coinbase
why the question of whether Bitcoin has intrinsic value is highly subjective
whether every token in crypto is a scam and whether regulations will hit stablecoin issuers hard
how FTX used tokens to create fictitious value worth billions of dollars
why Celsius and FTX were closely linked, and the difference between both cases
ties James found between FTX's European subsidiary and a company doing binary options, an industry characterized by fraud
how he believes financial fraud is similar throughout history — it doesn't repeat, but it rhymes
James’s concerns around Signature Bank and its "questionable tactics"
why Genesis and DCG got into trouble and how James thinks the situation will likely play out
whether exchange tokens are securities and why he believes they have very little value
why he says BNB resembles OneCoin's pyramid scheme
James's contrarian take on the Avi Eisenberg case

Thank you to our sponsors!

Crypto.com

DeFi Saver

Links

Guests:

James Block:

FTX:

Dirty Bubble Media:

DCG

Dirty Bubble Media: Digital Currency Grift
Unchained:SEC Charges Gemini and Genesis With Sale of Unregistered Securities

Binance

Dirty Bubble Media: The Binance Scam Chain

Signature

Bloomberg: Binance Says Signature Sets Transaction Minimum Amid Pullback

Mango Markets

Celsius

Dirty Bubble Media: Anatomy of a (fake) Market
Unchained:NYAG Sues Celsius’s Alex Mashinsky for Defrauding Investors

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Why Crypto Developer Activity Continues to Grow Despite the Bear Market - Ep. 445 Jan 20, 2023

Maria Shen, partner at Electric Capital, unpacks the venture firm’s latest Developer Report. Hotly anticipated among crypto observers, the annual report captures which chains developers are building on. Despite 2022’s price carnage, the report finds developer interest remains strong. Ethereum is the leading chain by far but EVM-compatibility is emerging as a major force in winning developers’ hearts and minds. Shen unpacks Bitcoin’s stability, Terra’s implosion, and many more insights from crypto’s open-source code repos.

Show highlights:

why the report "undercounts" developers and how it defines active developers
how developers represent a fundamental measure of the health of emerging technologies like crypto
the meaning of developer numbers going up even when prices plummet
why in recent years the speed of developer growth jumped so drastically
what happened after the number of developers reached an all-time high in June 2022
the role of Terra in the decline of developer activity in 2022’s second half
why Ethereum dominates the ecosystem and whether it will continue to be the leader
the benefits of being part of “the EVM universe”
why the number of Bitcoin developers has remained flat over the last year
whether looking at the number of developers in the NFT ecosystem is even relevant

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Crypto.com

Guest

Maria Shen:

Twitter

Electric Capital Developer Report

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How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX - Ep. 444 Jan 17, 2023

From 3AC to FTX (and possibly more to come), it’s boom times for those trading crypto bankruptcy claims. Thomas Braziel, founder and CEO of 507 Capital, gives a crash course on bankruptcy law, offering the latest updates on the FTX, Celsius, and Three Arrows Capital cases. Plus, insight on how 2023 could finally be the year Mt. Gox creditors get (some) closure.

Show highlights:

how Tom got into crypto with the Mt. Gox bankruptcy and whether "crypto distressed" is an emerging asset class
how buying bankruptcy claims is also a way to buy crypto assets at a discount
how to determine how much value creditors are owed in a crypto bankruptcy
what the marketplaces for buying and selling claims are like
whether it's possible to tokenize bankruptcy claims
whether crypto tokens should be treated as property
what is likely to happen when Mt. Gox creditors are returned their BTC
the importance of Celsius' separation of custodial assets vs. assets in interest-bearing accounts
the likelihood of Celsius being acquired
why the fact that FTX recovered $5 billion in assets is "amazing"
why so many stakeholders disputed the ownership of the $450 million in Robinhood shares
why there's so much difference in the prices of FTX, Voyager, BlockFi and Celsius claims
whether the customer list of FTX should be kept private
what type of creditors are Gemini Earn customers

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Crypto.com

DeFi Saver

Links

Guests:

Thomas:

Twitter
507 Capital
Previous appearances on Unchained:
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Will Celsius Survive the Bankruptcy Process?

Episode Links:

Celsius

FTX

CoinDesk:
FTX Creditor Claims Going for 13 Cents on the Dollar on Bankruptcy Marketplace Xclaim
After Bankruptcy, FTX User Claims Pay Cents on the Dollar
Fortune: Sam Bankman-Fried's lawyers just filed a claim to keep his $450 million in Robinhood shares
Reuters: U.S. Trustee files objection to FTX's planned asset sales
Thomas Braziel’s prediction on the FTX claims
Connor Grogan’s take on the $5 billion in assets

DCG/Gemini:

Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster

3AC

Kyle Davies’ comments

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The Chopping Block: Why Gemini Users Are Mad at Genesis and DCG - Ep. 443 Jan 14, 2023

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news.

Show topics:

Haseeb’s TL;DR of the ongoing situation between DCG, Genesis and Gemini
whether DCG committed fraud because of a misrepresentation of its financials
why DCG did Genesis a favor by absorbing the losses from exposure to Three Arrows Capital
what's required to force an entity into bankruptcy
why Cameron Winklevoss would request Barry Silbert to step down as DCG CEO
the SEC’s probe into the investors of FTX and whether the regulators will fine them
whether there will be on-chain assets for trading FTX bankruptcy claims
what Tarun thinks of the future of NFTs and what needs to be built for them to thrive
why Robert thinks most NFTs are “hot garbage”
what the value behind NFTs is and whether they need a utility
whether the massive layoffs are good for the industry and how many companies over-hired during the bull market

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Links

DCG/Gemini:

FTX:

Layoffs:

Why We Missed On Inflation, and Implications for Monetary Policy Going Forward | by Neel Kashkari

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DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini? - Ep. 442 Jan 13, 2023

Gemini has accused Digital Currency Group CEO Barry Silbert of fraud after allegedly misrepresenting the financials of his company. The accusations follow a dispute over the return of $900 million in assets owed to Gemini Earn’s users. Karim Dandashy, CFA and portfolio manager at XBTO Group, discusses everything about the ongoing drama between Genesis, its parent company DCG, and Gemini.

Show highlights:

the fraud accusations against DCG CEO Barry Silbert
all the details disclosed in Barry's response
whether Genesis will file for chapter 11 bankruptcy protection
the meaning of the $1.1 billion promissory note being not callable
the EDNY and SEC investigation on transfers between DCG and a subsidiary – potentially Genesis
whether the 1% interest rate charged for the loan was suitable considering the nature of Genesis' business
whether DCG could sell its venture investments to plug the hole
why Bitvavo rejected an offer from DCG to return 70% of the $300 million owed to them
what Karim would do if he was leading DCG

Thank you to our sponsors!

Crypto.com

Guest

Karim:

Previous coverage of Unchained on DCG and Genesis:

Genesis/Gemini:

Unchained:
Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster
DCG Under Investigation by DOJ and SEC: Report
Genesis CEO Says Firm Needs More Time to Find a Solution
Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith and Stall Tactics’
Genesis Warns of Bankruptcy If Funding Plans Fail: Report
Financial Times: DCG’s crypto broker Genesis owes creditors more than $3bn
Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism
CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts
Decrypt:
Dutch Bitcoin Exchange Bitvavo Says DCG’s Payback Plan ‘Not Acceptable’
Sam Andrew’s thread
Ram Ahluwalia on DCG CEO’s update to shareholders
Ryan Selkis on the definition of the current assets

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What Does Mango Markets Exploiter Avi Eisenberg's Arrest in Puerto Rico Mean for DeFi? - Ep. 441 Jan 10, 2023

Gabriel Shapiro, general counsel at Delphi Labs, and Collins Belton, managing partner at Brookwood P.C., dive into the controversial case of Avi Eisenberg, the self-described “applied game theorist” who was arrested in Puerto Rico on Dec. 26 on market manipulation and fraud charges. The two crypto lawyers discuss the case’s potential impact on DeFi and DAO governance — and whether “code is law” stands a chance in the courtroom.

Show highlights:

whether Avi’s manipulation of the markets constitutes fraud
debating the crypto maxim “code is law”
whether it’s wrong to use DeFi code in a “smarter way”
how the Mango Markets exploit happened due to poor governance management
whether crypto should be regulated from the securities angle or the commodities angle
the consequences of Avi’s arrest for the DeFi space
whether MEV could constitute market manipulation, even if it’s democratized for everybody
the role of DAOs and whether early-stage projects should maintain some level of centralization
how DAOs could be designed to have better mechanisms in order to deal with potential issues
whether members of the Mango Markets DAO are liable because of their role in designing the system
how Avi was “naive” to think he could avoid legal liability by returning the funds
why Gabe thinks credit protocols are socially positive and why he hopes that prosecutors won’t “throw everyone in jail”

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DeFi Saver

Links

Guests:

Gabriel:

Twitter
Delphi Labs
Gabriel’s Twitter thread on the case
Previous appearances on Unchained:
The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know

Collins:

Twitter
LinkedIn
Previous appearances on Unchained:
How the Greatest Decentralizing Force for Crypto Projects Is the SEC

Episode Links:

Previous coverage of Unchained on Avi Eisenberg and the Mango Markets exploit:

Mango Markets exploit

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Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? - Ep. 440 Jan 06, 2023

Ram Ahluwalia, CEO and cofounder at Lumida, talks about the ongoing dispute between Gemini and Digital Currency Group (DCG), specifically focusing on the actions and statements of DCG CEO Barry Silbert and Gemini’s cofounder Cameron Winklevoss. Ram discusses various aspects of the conflict, including the potential commingling of assets between DCG and its subsidiary Genesis and the options available to Gemini if DCG does not cooperate.

Show highlights:

how Cameron Winklevoss’s tweets attempt to put Barry Silbert in the same class of actors as Celsius and BlockFi
whether the assets of DCG and Genesis are commingled
what Gemini’s options are if DCG does not commit to cooperate
whether Gemini will file an involuntary petition for Genesis to enter chapter 11 bankruptcy
why Barry's statement that DCG didn't borrow $1.675 billion from Genesis is "very surprising" to Ram
why it is relevant whether Genesis has a liquidity issue or an insolvency one
whether a class-action lawsuit alleging Gemini's earn product is an unregistered security has any merit
the essential role of the $1.1 billion promissory note and whether Genesis will drag DCG into bankruptcy
if DCG goes under, what would happen to Grayscale
whether Valkyrie is going to become the hero and save GBTC
why DCG needs to accept the credit committee terms, according to Ram

Thank you to our sponsors!

Crypto.com

Guest

Ram:

Twitter
Ram Ahluwalia’s thread on Fir Tree and Valkyrie
Previous appearances on Unchained:
Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
Why Genesis Could Very Well Be Insolvent, Not Just Illiquid

Previous coverage of Unchained on DCG and Genesis:

Genesis:

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Could the Crypto Markets Revive in 2023? Two Researchers Discuss - Ep. 439 Jan 03, 2023

Lucas Nuzzi, head of R&D at CoinMetrics, and Larry Cermak, VP of research at The Block, discuss the current state of the crypto market, including the potential for contagion effects and the challenges faced by VC companies. They also delve into the mining industry and the issues surrounding MEV and Ethereum. The conversation also touches on stablecoins, DeFi activity and NFT trading, and the potential dangers of Binance's dominance in the industry.

Show highlights:

how the collapse in 2022 of FTX and other behemoths will affect the industry in 2023
why there's been a lot of forced selling in the markets recently
why the industry could still be headed to more contagion effects
the characteristics of the current bear market, how it differs from previous ones, and the role of the macroeconomic environment
why it's very hard to predict how prices will behave in 2023
why VC firms will have to focus on long-term projects rather than speculation
what's going to happen in the Bitcoin mining industry in 2023 considering the current tough situation
why Lucas thinks that Bitcoin "drastically overpays for security"
why MEV is a concerning issue and how it represents a single point of failure for Ethereum
how the narrative of alternative layer 1s has changed and why the focus will shift to layer 2s
whether there is a need to develop better blockchain monitoring tools
why stablecoin issuers have a very good business model given the interest rate environment
what are the problems of stablecoins and how they will be regulated
why DeFi activity and NFT trading were down so heavily in 2022 and whether the downtrend will change
how Binance's dominance is "terrifying" and whether it could hurt the industry
Lucas' concerns about the lack of transparency around Binance's BNB token

Thank you to our sponsors!

Links

Guests:

Lucas :

Larry:

Twitter
The Block Research
Previous appearances on Unchained:
Larry Cermak of The Block on What 90% of Bitcoin Trading Is For

The year in crypto:

FTX

Previous coverage of Unchained on Sam Bankman-Fried and FTX:

NFTs:

MEV:

BTC Mining:

Contagion:

Genesis/DCG:
Unchained:
Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
Genesis Owes Creditors At Least $1.8B: Report

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Why Martin Shkreli Thinks SBF's New Judge Could Still Be Lenient - Ep. 438 Dec 30, 2022

Martin Shkreli, entrepreneur, investor and convicted white-collar criminal, talks about the new judge assigned to the case against Sam Bankman-Fried, whether Sam’s going to plead guilty or not, and the potential involvement of his family in the lawsuit.

Show highlights:

whether Sam Bankman-Fried truly did not have money to post bail
why the government did not restrict Sam's usage of the internet and social media
why Martin thinks the new judge assigned to the case, Judge Lewis Kaplan, is good for SBF
how many years Judge Kaplan could sentence SBF to, given his unusual work experience
whether there's still a chance that Sam could paint this case as a business failure
how defense attorneys will likely try to exploit the romantic relationship between Ellison and SBF in their favor
why it is unlikely that SBF will plead guilty on the January 3rd arraignment date
what a telemarketing fraudster case has to do with FTX
how the prosecutors could indict SBF's family if he doesn't plead guilty
how a jury would be selected
whether Sam has enough funds to pay for a decent lawyer and how that's going to affect the case
how Martin learned about crypto while he was in prison
how prisoners engage with crypto while incarcerated
whether Sam could run a business from prison

Thank you to our sponsors!

Crypto.com

Guest

Martin:

Socials
Previous appearances of Martin on Unchained:
Martin Shkreli Explains Why Sam Bankman-Fried Got Lucky With His Judge - Ep. 435
Videos on SBF:
Which Gang Will Sam Bankman Join In Prison? | Martin Shkreli Gives Prison Advice to FTX CEO
My Boy Sam Bankman Is Facing Life in Jail for Sure | Martin Shkreli Predicts the FTX Court Hearing

Episode Links

Previous coverage of Unchained on Sam Bankman-Fried and FTX:

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The Chopping Block Recaps 2022: Crypto's Biggest Winners and Losers and Best Memes - Ep. 437 Dec 28, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the year 2022 in the crypto industry and share their biggest winners and losers of the year, what were the best mechanisms, the biggest surprises and the best memes, and their predictions for the upcoming year.

Show topics:

why stablecoin bulls performed so well in 2022, as well as journalism, DeFi, and the EVM
how the reputation of the industry suffered tremendously in 2022
how Solana had to endure multiple hacks and challenges and whether it’s having its “ETH moment”
whether ETH is the only crypto with good tokenomics
why MEV has seen such a massive adoption, even if it’s technically not good for crypto
why the investment landscape changed so much in June
whether Arbitrum is the winner among layer 2s on Ethereum and the role of retroactive airdrops
why so many lending companies went bust this year
whether proof of reserves is a useful concept
whether developers will go back to build on Ethereum rather than alternative layers 1s

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Links

Last year's episode:

The Chopping Block... 2021 in Crypto: The Biggest Winners, Biggest Losers, and Best Memes - Unchained Podcast

FTX:

Tornado Cash

Solana

Terra:

Others:

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Collapses, Bankruptcies, and Fraud: How 2022 Became the Year of Crypto Carnage - Ep.436 Dec 27, 2022

This episode of Unchained looks back on a tumultuous year for the cryptocurrency industry in 2022. Significant events such as the bankruptcies of FTX, Three Arrows Capital, Celsius, Voyager, BlockFi, and the collapse of Terra/LUNA, led to billions being lost due to market plunges and also due to numerous hacks.

This year also brought the Ethereum Merge, one of the most awaited events in crypto's short history. Amidst the turmoil, true believers like Chris Burniske saw a silver lining, while the crypto community watched for the further fallout of this year’s crypto contagion to play out.

Thank you to our sponsors!

DAO attacker revealed:

Ukraine War:

Hacks and exploits:

Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky - Unchained Podcast

Terra collapse:

Bankruptcies - 3AC, Celsius and Voyager:

Tornado Cash:

The Merge:

Do Kwon comes on Unchained:

Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success’ – Ep. 408

NFT royalties:

FTX Collapse:

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Martin Shkreli Explains Why Sam Bankman-Fried Got Lucky With His Judge - Ep. 435 Dec 23, 2022

Martin Shkreli, entrepreneur and investor, talks about what Sam Bankman-Fried’s potential life in prison could look like. As a former white-collar criminal, Martin had a lot to say about prison culture, how judge selection affects sentencing, and more.

Show highlights:

why Martin says that the prosecution part of the case is the most difficult to endure
why he thought Sam had "no chance at bail" (although shortly after we recorded, news broke that Sam had been released on what is believed to be the largest bail bond ever – $250 million)
whether SBF should plead guilty and hope to be favored by his cooperation
what jails in New York are like and how the other inmates might treat SBF
whether SBF will be in danger if he goes to prison and Martin's suggestions for him if he wants to survive
why the FTX's case is so unprecedented, especially considering the current sentencing guidelines
Martin's take on Ronnie Abrams, the judge in charge of the case, and why her selection will be good for SBF
whether Caroline Ellison made a mistake by pleading guilty to so many counts
why Gary Wang would likely face a tough time in prison for ratting out SBF

Thank you to our sponsors!

Crypto.com

Guest

Martin:

Episode Links

Previous coverage of Unchained on Sam Bankman-Fried and FTX:

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2022 in Review + How Cobie and Chris Burniske Are Playing the New Year - Ep. 434 Dec 20, 2022

What a year. Cobie, crypto investor and host of UpOnly, and Chris Burniske, partner at Placeholder Ventures, sift through 2022’s rubble for clues as to what lies ahead in 2023. The two bright lights of Crypto Twitter weigh in on SBF’s fraud, how to succeed through the bear market, and what remains promising despite the gloom and doom.

Show highlights:

why 2022 is “the hangover of 2021”
why this year’s big meltdowns were different and dispiriting
why it was actually a year to remind us of why we’re all here
how the underlying protocols didn’t skip a beat
how to survive the bear market
what Chris feels guilty about in the wake of Alameda’s collapse
why Cobie hopes SBF spends life in jail
whether people will actually use decentralized alternatives – or if banking-like relationships will prevail
what Chris sees as the 2023 version of proof-of-stake in 2017
why Cobie thinks bitcoin is an area of opportunity over the next few years
whether the multichain thesis (“Solunavax”) will ever rise again
whether the contagion is over
if disgraced figureheads deserve a second chance
a lightning round lookback on 2022

Thank you to our sponsors!

Guests:

Cobie:

Twitter
Substack
UpOnly
Previous appearances on Unchained:
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market

Chris:

Twitter
Placeholder VC
Previous appearances on Unchained:
Chris Burniske: A Blank Slate of State
Chris Burniske of Placeholder on the Downsides of ICOs

The year in crypto:

FTX
Unchained:
CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX
Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
Terra:
CoinDesk: The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA
Three Arrows Capital
CNBC’s full interview with Three Arrows Capital’s Kyle Davies on the downfall of the defunct crypto hedge fund
CoinDesk: Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding
DeCrypt: Bankrupt Three Arrows Capital Owes $3.5B to Creditors, Including $2.3B to Genesis
Binance
Unchained:Binance Passes Withdrawal ‘Stress Test’ After $3B in Daily Outflows
Forbes: Kevin O’Leary Points Finger At Binance For FTX Crash In Senate Testimony
Silvergate
The Block: Silvergate CEO seeks to reassure investors over crypto contagion
The Financial Times: Silvergate: from tiny local lender to bank behind the crypto boom
Genesis/DCG:
Unchained:
Genesis Warns of Bankruptcy If Funding Plans Fail: Report
On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves

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The Chopping Block: Was FTX a Scam From the Very Beginning? - Ep. 433 Dec 17, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, and Tarun Chitra were joined by Laura Shin to chop it up about the latest news.

Show topics:

the details of the SEC and CFTC complaints
how crypto traders have always speculated about Alameda's preferential treatment
whether many people knew about the mismanagement of funds and alleged fraud
why Haseeb thinks SBF was a "f*cking psycho"
how helpful Tarun believes a testimony from Sam Trabucco, former co-CEO of Alameda, would be
why Alameda and FTX lost billions of dollars, and the poor diligence of SBF's venture investments
Sam's "ineffective altruism"
why a bull market wouldn't have solved the insolvency problems of FTX
whether SBF will fight extradition and how long it would take
how Sam's consistent use of Facebook and his anti-Maker stand shows he was not a crypto-native
why Laura thinks that The Block CEO's undisclosed loans represent a "total betrayal"
Robert's take on the ineffectiveness of the government's control of information
why Binance is under scrutiny and whether it's the "next FTX"

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound

Guest:

Laura Shin, author, host of Unchained

Episode Links

FTX:

Binance:

The Block

Unchained: The Block CEO Steps Down After Revealing He Was Secretly Funded By SBF

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How Much Prison Time Is FTX's Sam Bankman-Fried Facing? - Ep. 432 Dec 16, 2022

Ari Redbord, head of legal and government affairs at TRM Labs, discusses all the charges that Sam Bankman-Fried is facing and their potential outcomes.

Show highlights:

the charges against SBF and why the criminal indictment is the most important
whether SBF testifying in Congress would have complicated the DOJ's criminal case against him
why it is complicated to state how much prison time Sam is facing
the ways in which Bankman-Fried can reduce his sentence by cooperating with authorities
why it's so unprecedented that the indictment came only one month after the collapse of FTX
whether other senior FTX executives are providing prosecutors with information to reduce their charges
the reasons why SBF is being held in The Bahamas and the likelihood of him being extradited
how much the case will be delayed if SBF's lawyers fight the extradition
Ari's thoughts on whether this case will go to trial

Take Unchained's 2022 survey!

Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!

Thank you to our sponsors!

Crypto.com

Guest

Ari:

Twitter
Previous appearances on Unchained:
Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No

Episode Links

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How Will the FTX Collapse Affect Silvergate? A Bear and a Bull Debate - Ep. 431 Dec 13, 2022

Ram Ahluwalia, CEO and cofounder of crypto-native investment advisor Lumida, and Marc Cohodes, individual investor and former hedge fund manager, have a heated debate about Silvergate, a crypto-friendly bank that plays a key role in integrating crypto with traditional finance and is currently under scrutiny due to its ties with FTX and Alameda. Both Marc and Ram have a vested interest in Silvergate. Marc is shorting the stock, while Ram is longing it.

Show highlights:

why Silvergate plays such a vital role in the movement of money within the crypto industry
whether Silvergate runs proper KYC and AML practices
whether Silvergate has a $1 billion hole in its balance sheet
whether regulators will go after Silvergate as they are doing with FTX
why Marc thinks the FTX collapse wouldn't have happened without Silvergate
whether Silvergate was complicit with FTX’s activities or simply negligent
why Ram believes this case is different from JPMorgan's involvement with Madoff
what regulatory actions might come in the near future for Silvergate
why Ram thinks regulators will go to "great lengths" to avoid a bank failure
what would it take for Ram and Marc to change their minds

Take Unchained's 2022 survey!

Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!

Thank you to our sponsors!

Guests:

Ram:

Twitter
Ram’s thread on Silvergate
Ram’s previous appearances on Unchained:
Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It?
Why Genesis Could Very Well Be Insolvent, Not Just Illiquid

Marc:

Twitter

Episode links:

Class action lawsuit against Silvergate
The Block:Silvergate CEO seeks to reassure investors over crypto contagion
Letter from Senators Elizabeth Warren, John Kennedy, and Roger Marshall
The Guardian:JP Morgan Chase to pay more than $2bn in penalties for Madoff ties
The Financial Times:Silvergate: from tiny local lender to bank behind the crypto boom
WSJ:Crypto Is Taking a Few Small Banks on a Wild Ride
Bloomberg:
These Banks Were Left Holding the Bag in Crypto Implosion
An Obscure Bank Found Its Key to Success. Then FTX Collapsed
CoinDesk: Crypto Bank Silvergate Says Its BlockFi Digital-Asset Deposit Exposure Totals Less Than $20M
New York Post: Crypto ‘smart’ money? Big traders fell for Sam Bankman-Fried
NBC: Sen. Warren demands answers from Silvergate Bank about its business dealings with FTX
Dylan LeClair’s Twitter thread

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Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years - Ep. 430 Dec 09, 2022

TuongVy Le, partner and head of regulatory & policy at Bain Capital Crypto, discusses how the legal process for Sam Bankman-Fried in the wake of the FTX scandal could play out.

Show highlights:

the allegations that Bankman-Fried manipulated the market during the Terra crash
the motivations for Bankman-Fried's media appearances
what the selection of Mark Cohen as a lawyer says about the potential charges and the case
why SBF hasn't been arrested yet
how the US investigating the potential involvement of Bahamian government officials could complicate cooperation of an arrest of SBF in the Bahamas
why this case is very different from Bernie Madoff's
what evidence would be needed to say, legally, that SBF committed fraud
the potential outcomes of the legal case for SBF and how many years of prison time he could face

Take Unchained's 2022 survey!

Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!

Thank you to our sponsors!

Crypto.com

TuongVy :

Twitter

Episode Links

FTX:

Investigations:

Others:

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Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? - Ep. 429 Dec 06, 2022

Ram Ahluwalia, CEO and co-founder of crypto-native investment advisor Lumida, and Samuel Andrew, crypto author and analyst, talk about the financial situation at Genesis and parent company Digital Currency Group (DCG). The collapse of FTX has dealt crypto lender Genesis another major blow, with the firm halting withdrawals and DCG stepping in to help. Now the two face a range of suboptimal outcomes in the face of massive debts. Ahluwalia and Andrew discuss what could come next, and what should be learned from the recent debacles.

Show highlights:

why Genesis and DCG are so important for the crypto sector
Ram's explanation of the "Grayscale trade" and why it is relevant to understand the current crisis
the ghost of Three Arrows Capital and the origins of Genesis' problems
why Sam thinks Genesis was "reckless" in its loan underwriting
what a spot Bitcoin ETF would mean for Grayscale's revenue
what options Genesis and DCG have to weather the storm
whether it makes sense for Genesis to file for bankruptcy
why Ram thinks Genesis lending product needs to be be shut down
why Gemini and its Earn program loom large in the Genesis situation
the risks of enforcement action from regulators
what the most likely outcome is for Genesis and DCG and whether creditors will be made whole
whether there will be broader contagion stemming from Genesis and what other crypto companies could be in trouble
the problems of leverage and why crypto's "shadow banks" need regulation

Take Unchained's 2022 survey!

Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!

Thank you to our sponsors!

Crypto.com

Chainalysis

Minima

Ram:

Twitter
Ram’s thread on GBTC
Previous Unchained episodes:
Why Genesis Could Very Well Be Insolvent, Not Just Illiquid

Sam:

Episode Links

Genesis:

FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn

WSJ: Rising Tether Loans Add Risk to Stablecoin, Crypto World

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The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? - Ep. 428 Dec 03, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news.

Show topics:

highlights of Sam Bankman-Fried's interview with the New York Times
whether SBF knew what was going on in his companies, and how that impacts potential prosecution
why Genesis and DCG are in financial trouble
whether Genesis will file for bankruptcy or go through a restructuring process
revelations from BlockFi's bankruptcy filing
new info on why FTX bailed out BlockFi last summer
what is going on with Binance’s recovery fund
how Avi Eisenberg tried to pull off an attack on Aave
how the banking industry works and whether Changpeng Zhao is the closest thing to a central bank in crypto
how DeFi responds in a crisis, and how it contrasts with CeFi’s recent implosions

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Episode Links

FTX:

Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
NYT: Sam Bankman-Fried’s interview
Bill Ackman’s tweet
Interview with Tiffany Fong
Previous coverage of Unchained on FTX:
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
Is the Collapse of Crypto Lending Over, or Is It Just Starting?
Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX?
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

BlockFi:

Genesis:

Ryan Selkis’ tweet on Genesis
Unchained:
Genesis Warns of Bankruptcy If Funding Plans Fail: Report
On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M
Previous coverage of Unchained on Genesis:
Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

DeFi

Pancakeswap flipped Uniswap in TVL
Unchained:
Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt’
Aave Freezes 17 Low-Liquidity V2 Pools and Votes to Migrate 26 Assets to Ethereum V3
Compound Finance Slashes Borrow Caps for 10 Markets

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Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months - Ep. 427 Dec 02, 2022

Adam Cochran, partner at Cinneamhain Ventures, talks about the collapses suffered during this year, their impacts on big traditional finance players, and what’s coming in the crypto markets in the near future.

Show highlights:

whether Sam Bankman-Fried lied during his interview at the Deal Book Summit
why SBF kept the number of FTX's engineers at such a low number
why Adam is optimistic about Genesis and DCG
what options Genesis have to raise liquidity
the significance of a potential meltdown of DCG in the crypto industry
why Adam is worried about Grayscale Bitcoin Trust (GBTC)
what lessons can be learned from this crypto winter
Adam's prognosis for crypto lending and for the crypto markets in general
the impact of the bankruptcy of BlockFi and all the other centralized lenders

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Adam:

Twitter
Thread on community buyout
Previous Unchained episodes:
Why 3AC’s Collapse Could Spell the Start of a Crypto Credit Crunch

Episode Links

BlockFi:

Genesis:

Bloomberg: Genesis Creditors Seek Options to Keep Crypto Brokerage Out of Bankruptcy
Semafor: Online news site CoinDesk attracts suitors amid crypto crash
Unchained:
Genesis Warns of Bankruptcy If Funding Plans Fail: Report
On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves
WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash
Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M
The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'
Previous coverage of Unchained on Genesis:
Why Genesis Could Very Well Be Insolvent, Not Just Illiquid
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

FTX:

Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen

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'The Last Big Whale': Why the Crypto Contagion of 2022 Eventually Hit Genesis - Ep. 426 Nov 29, 2022

Michael Jordan, founder at DBA and former co-head of investments at Galaxy Digital, and Alex Pack, managing partner at Hack VC, talk about the potential insolvency of Genesis and DCG, the cycle of credit expansion, and the importance of DeFi to prevent these situations.

Show highlights:

what will happen with Genesis and its parent company DCG
where the insolvency of Genesis might have come from
how the expansion of crypto lending in 2021 is impacting the markets and the role the Fed played in this expansion
how the Terra collapse kickstarted a ton of contagion effects in crypto companies
Alex's story of why he did not invest in Alameda in 2018
whether it is possible to prevent the "FTXs of the future"
the importance of assessing the quality of collateral assets
the story of when SBF called DeFi a "Ponzi black box"
the mystery of where FTX Ventures got the $2 billion it planned to invest

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Michael:

Twitter
Previous Unchained episodes:
Is the Collapse of Crypto Lending Over, or Is It Just Starting?

Alex:

Twitter

Episode Links

Previous coverage of Unchained on Genesis and FTX:

Genesis:

FTX Collapse:

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Gabriel Haines on How He Came to Make His Hilarious, Yelling Crypto Videos - Ep. 425 Nov 25, 2022

Gabriel Haines, a crypto content creator, comes on this 2022 Thanksgiving edition of Unchained to talk about his videos and leave a positive message for these holidays.

Show highlights:

how Gabriel started doing his very unique type of videos
Gabriel's hummus eating competition
how Gabriel's videos are "quite not professional"
how Gabriel is monetizing some of his videos with NFTs
whether NFTs are a solution for content creators
how Lee, Gabriel's wife, has also started creating some funny videos
how Web3 is going to change the traditional version of media in the Internet

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Gabriel:

Twitter
Gabriel’s video with a machete

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The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'? - Ep. 424 Nov 22, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news concerning the collapse of FTX.

Show topics:

the statements of newly appointed CEO John Ray in the first day declaration
why Tarun, Robert and Haseeb think SBF is possibly delusional or at least in denial
whether the assets of FTX and Alameda were commingled from the beginning or whether they had been separate and at a certain point, FTX loaned money to Alameda
whether the Bahamian government was the 'FTX' hacker
the theories of why Alameda started falling
how regulators and legislators are assessing the failure of FTX
whether SBF will get a pardon like Mark Rich and the chances of him being charged criminally
whether Genesis will go insolvent and its potential contagion effects

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Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Episode Links

Previous coverage of Unchained on FTX:

FTX Collapse:

First declaration document
Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet
SBF tweet: FTX files for Chapter 11 bankruptcy protection
WSJ: FTX’s Sam Bankman-Fried Cashed Out $300 Million During Funding Spree
Vox interview with SBF: Sam Bankman-Fried tries to explain himself
NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed
Arthur Hayes’s article on SBF: ‘White Boy’

NYT: Elizabeth Holmes Is Sentenced to More Than 11 Years for Fraud

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Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion - Ep. 423 Nov 21, 2022

Kevin Zhou, cofounder of Galois Capital, and Jesse Powell, cofounder of Kraken, talk about why FTX collapsed, the warning signs, and whether it’s a catalyst for self-custodial adoption.

Show highlights:

the root causes of the FTX collapse, according to Jesse and Kevin
whether there were warning signs of all the risks that were to come
the importance of learning from mistakes, even for new people in the space
Kevin's response to the stuck funds in FTX
the debate about utilitarianism and SBF's effective altruism
whether the philosophy behind founders matters
Kevin's and Jesse's theories of how FTX and Alameda lost billions of dollars
how Alameda and FTX's books were commingled
whether people will start using self-custodial wallets
whether the fall of FTX vindicates BTC maximalism
whether regulation has been beneficial or harmful for American customers
the role of venture capital firms and their "mixed incentives"

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Kevin:

Twitter
Previous Unchained episodes:
How Traders Are Thinking About the Merge — and a Potential ETHPoW Chain
Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge.
The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash

Jesse:

Twitter
Previous Unchained episodes:
Jesse Powell, CEO of Kraken, on Drawing a Line With Regulators

Episode Links

Previous coverage on Unchained of FTX:

FTX Collapse:

First declaration document
Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen
Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet
SBF tweet: FTX files for Chapter 11 bankruptcy protection
Vox interview with SBF: Sam Bankman-Fried tries to explain himself
NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed
Bloomberg: Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX

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Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? - Ep. 422 Nov 18, 2022

Wassielawyer, a lawyer specializing in restructuring and insolvency, explains the first declaration from new FTX CEO John Ray in the company’s bankruptcy case.

Show highlights:

why CEO Ray said there's been a complete failure of corporate controls in FTX
how there was no separation of accounts between Alameda and FTX
whether FTX US customers are in a better position to recuperate their assets
why FTX's Bahamas unit is seeking protection under chapter 15 of the US bankruptcy code
why there's a jurisdictional battle, according to Wassie
whether the Bahamian government is responsible for letting deposits out of the platform
how former CEO Sam Bankman-Fried is trying to save the company

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Wassielawyer:

Episode Links

Previous coverage of Unchained on FTX:

FTX Collapse:

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The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater - Ep. 421 Nov 16, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra were joined by Laura Shin, CEO of the show, to chop it up about the collapse of FTX.

Show topics:

Haseeb's explanation of the blowup of FTX
whether FTX was a Ponzi scheme
Sam Bankman-Fried's strategy to become a billionaire
the weird sale of Serum, a project backed by SBF
the lack of proper accounting practices in FTX and Alameda
whether FTX did not have a proper and large enough security team
the likelihood that FTX’s volume numbers are fake
why Haseeb thinks this is one of the biggest catastrophes in venture history
the role of media in building SBF's character and the revindication of journalism
whether venture capital firms run propaganda for their portfolio companies
whether VC culture enabled this collapse to happen
the story of how Sam convinced Tom Brady to invest in FTX
the debate about effective altruism and whether SBF's EA caused his mistakes
whether FTX's failure will set the crypto industry back

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tom Schmidt, general partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures

Guests

Laura Shin, author, host of Unchained

Episode Links

Previous coverage of Unchained:

FTX Collapse:

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Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In - Ep. 420 Nov 15, 2022

Wassielawyer, a lawyer specializing in restructuring and insolvency, and Thomas Braziel, founder and CEO of 507 Capital, talk about the bankruptcy of FTX.

Show highlights:

what the bankruptcy process of FTX is expected to look like
why FTX got to the the point of filing for bankruptcy protection
why Wassie thinks Alameda is dead
why FTX filed for bankruptcy in the US given that it's a Bahamian company
how FTX's balance sheet is composed and whether it includes Alameda
whether Justin Sun will be dragged into the bankruptcy
how FTX's terms of service differ from Celsius’s and Voyager’s
how the $600 million hack affects the bankruptcy proceeding
whether it's worth it to spend millions of dollars in law firms to go after the hacked money
what's the impact of the 192 million FTT tokens that were printed Saturday night
what will happen with the fork of Serum and the forked tokens
the consequences for all the projects that FTX invested in
why Wassie thinks that tokenizing the liabilities could be a good potential solution
how the FTX's bankruptcy affects Voyager's proceedings and customers
whether FTX’s bankruptcy has put BlockFi in trouble

Take Unchained's 2022 survey!

Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!

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Minima

Wassielawyer:

Twitter
Thread on community buyout
Previous Unchained episodes:
Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?

Thomas:

Twitter
507 Capital
Previous Unchained episodes:
Will Celsius Survive the Bankruptcy Process?

Episode Links

Previous coverage of Unchained on FTX:

FTX Collapse:

Contagion:

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Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets - Ep. 419 Nov 11, 2022

Erik Voorhees, founder of ShapeShift, and Jordan Fish, aka Cobie, crypto investor and host of UpOnly, talk about the collapse of FTX.

Show highlights:

the links between FTX and Alameda
what kickstarted the blowup of FTX
why Erik and Cobie think that Bankman-Fried's behavior was “sociopathic”
why the $10 billion hole is so shocking to Cobie considering the advantages that FTX had as a company
whether this would have ever happened if the prices hadn’t plummeted in the bear market
the tension between advocates of privacy and those who want to limit criminal activity
why Erik believes that SBF’s donations to both political parties are bribery
whether regulators can prevent an exchange from collapsing
whether Changpeng Zhao did a better job at investigating FTX than anyone at the SEC
the likelihood that this will result in criminal charges
how blockchain technology is the solution to the problem of centralized exchanges doing things in the dark
Tether’s decision to freeze USDT owned by FTX
Erik’s response to Bitcoin maximalists who say FTX was caused by altcoins
whether it is a mistake for exchanges to issue their own tokens
how big the contagion could be in the industry
why nobody should leave a significant amount of their net worth in a centralized exchange
Erik’s message to regulators
whether SBF was aligned with the values and the ethos of crypto

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Erik:

Twitter
ShapeShift
Previous Unchained episodes:
Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit
Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State

Cobie:

Twitter
Substack
UpOnly
Previous Unchained episodes:
Cobie and Chris Burniske on How to Navigate a Crypto Bear Market

Episode Links

Previous coverage of Unchained:

FTX Collapse:

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
SBF’s video talking to regulators
Unchained coverage:
FTX May File for Bankruptcy After Binance Walks Off the Deal
FTX Needs $8B to Meet Investor Withdrawals: Report
Tron Founder Justin Sun Says He Is Working With FTX on a Solution
US DOJ Joins SEC and CFTC Probe of FTX
FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
Sequoia Capital Writes Off $214M FTX Investment to Zero

Binance’s dropped deal with FTX

Crypto regulation

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The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? - Ep. 418 Nov 09, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt were joined by Nic Carter, reformed Bitcoin Maxi, and Laura Shin, CEO of the show, to chop it up about Binance’s buyout of FTX.

Show topics:

Haseeb's tl;dr of Binance's possible acquisition of FTX
whether Alameda is the new Three Arrows Capital
the implications of FTX's collapse for regulators and lawmakers
what will happen to all the companies that lent money to Alameda
Sam Bankman-Fried's emergency effort to raise billions of dollars
whether there could be criminal charges against FTX
why FTX was not as profitable as other derivative exchanges
what the probabilities are of Binance actually buying FTX
whether the enterprise value of FTX is negative
Tom's concerns about the concentration in the industry
how FTX's implosion will impact crypto venture capital firms
whether Solana can survive without SBF's support
how the lack of transparency kicked off this situation and how blockchains help solve this issue

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tom Schmidt, general partner at Dragonfly Capital

Guests

Nic Carter, reformed Bitcoin Maxi
Nic’s proof of reserves
Laura Shin, author, host of Unchained

Episode Links

Previous coverage of Unchained:

Sam Bankman-Fried on How to Prevent the Next Terra and 3AC

Acquisition of FTX

Crypto regulation

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Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate - Ep. 417 Nov 08, 2022

Lyn Alden, founder of Lyn Alden Investment Strategy, and Udi Wertheimer, a recovering Bitcoin maxi, talk about Bitcoin Maximalism, how Bitcoin is developing, and what’s the future of Bitcoin’s security model.

Show highlights:

What the definition of Bitcoin maximalism is
whether BTC maximalism is toxic
whether Vitalik Buterin is still a bitcoiner and how Bitcoiners became the 'token police', according to Udi
why Lyn thinks Bitcoin has been attacked by the media since the beginning
the attacks by Bitcoin maximalists on Nic Carter and Andreas Antonopoulos
how adoption kicked in during previous cycles and why it benefitted BTC
what the different types of Bitcoiners are
what developments are being made around Bitcoin
the importance of Bitcoin being permissionless
what the use cases for Bitcoin are and whether it’s still a highly speculative asset
whether people care about using decentralized payment tools
how Lyn defines ‘ultra sound money’ and why she thinks that Bitcoin is better at that than ETH
whether Bitcoin’s security model needs to be fixed
why being able to run a node is essential for censorship resistance

Take Unchained's 2022 survey!

Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!

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Udi:

Twitter
Substack
Previous Unchained episodes:
Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’

Lyn:

Twitter
Website
Previous Unchained episodes:
How Will Inflation Impact Crypto?
Is Ethereum a Good Investment?
Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin

Episode Links

Previous Coverage of Unchained:

Bitcoin’s culture and security

Bitcoin Maximalism Is Dead, Long Live Bitcoin Maximalism by Pete Rizo
Setting the record straight by Nic Carter
The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis
Geeks, MOPs, and sociopaths in subculture evolution by David Chapman
Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin Bons’ thread on BTC security model
A (brief and incomplete) history of censorship in /r/Bitcoin by John Blocke

Ultra sound money

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The Chopping Block: Can Exchange CEOs Like SBF Be Crypto True Believers? - Ep. 416 Nov 05, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry.

Show topics:

Elon Musk’s acquisition of Twitter – and its effect on DOGE
the irony that people working in centralized companies want to decentralize Twitter
whether Twitter is going to become like Facebook
why Twitter has been the most pro-crypto among big tech companies
why Tarun thinks Binance Pay is an impressive product
whether it is possible to run a decentralized social media for billions of users
the debate between Sam Bankman-Fried and Erik Voorhees about crypto regulation
whether crypto exchange CEOs are true believers in the philosophy of crypto
why Haseeb believes Sam Bankman-Fried is a very honest person
how Reddit used a simple strategy to gain massive adoption
whether it is necessary to rebrand NFTs

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Episode Links

Twitter acquisition

What Are the Potential Impacts of Musk’s Twitter Purchase?
Sam Bankman-Fried, founder and CEO of FTX, will receive between $50 million and $100 million from Elon Musk’s purchase of Twitter.
Vitalik Buterin said Musk’s idea of charging $8 a month for a blue check on Twitter could “damage the blue check's anti-scam role.”
Binance CEO Changpeng Zhao said he would join Twitter’s board if Elon Musk asked him to.

Crypto regulation

Alameda’s Balance Sheet Sparks Controversy

Trojan Horse of NFTs? Reddit Onboards 3M Wallets as Trading Volume Soars

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Bitcoin Miners Going Bankrupt? Here's How Crypto Winter Is Impacting the Industry - Ep. 415 Nov 04, 2022

Nick Hansen, cofounder and CEO of Luxor Technologies, talks about the Bitcoin mining industry, why some miners are struggling while others are succeeding, and the next steps for the industry.

Show highlights:

the current state of the Bitcoin mining industry
why miners have the lowest margin environment ever
why there are so many mining rigs sitting latent
how to calculate the profitability of mining cryptocurrency
why miners are not moving to other countries for lower energy prices
what the impact of a Core Scientific bankruptcy would be
whether finance pools to aid struggling miners are helpful
why some miners are succeeding in this environment
whether Bitcoin miners can adopt renewable resources and help with the transition to green energy
how the mining industry is going to change in the following years

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Thank you to our sponsors!

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Nick

Episode links

Troubled miners:

Miners currently weathering the storm:

Green energy:

Solar-Powered Bitcoin Miner Aspen Creek Raises $8M Despite Bear Market

Finance Pools:

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Are NFT Royalties the Way? How to Build a Sustainable Creator Economy - Ep. 414 Nov 01, 2022

Sterling Crispin, artist and software developer and Holly Herndon, host of the Interdependence podcast, talk about the problems that creators face, some potential solutions, and the debate over creator royalties.

Show highlights:

how Holly and Sterling got into crypto
how Holly used the Holly Plus Project to pay royalties
how NFTs change the economic experience of being a creator
how creators make money and why it is so difficult for most of them
whether NFT royalties are necessary for artists
why creators are the ones that should decide to charge royalties or not
how the enforcement of royalties also occurs in the traditional art world
whether NFT royalties only benefit big players vs. smaller creators
what shifts could make paying royalties a norm, the way paying for music streaming became a norm over piracy
other solutions to helping creators earn from their work besides NFT royalties
whether NFT creators should use blocklists
whether people objecting to blocklists can be hypocritical about decentralization
whether creators can build their own marketplaces
how a profit-sharing model among creators could work

Thank you to our sponsors!

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Sterling:

Twitter
Website
Blog post: NFTs and Crypto Art: The Sky Is not Falling

Holly:

Episode Links

Previous episodes of The Chopping Block debating NFT Royalties:
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
The Chopping Block: Was This Gary Gensler’s Most Liked Tweet?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?

NFT Royalties

Magic Eden
Magic Eden Moves to Optional Royalties and Heats Up the Debate
MetaShield
Solana Could Get Enforceable NFT Royalties Via New Metaplex Standard
Why NFT royalties are almost impossible to enforce on-chain
Galaxy Digital report showing that Nike and Yuga Labs earned the most in NFT royalties.
Royalties in NFTs: Yes, no, and why?
Royalties Chaos Shows Ethereum NFT Market 'More Serious' Than Solana: Fidenza Artist Tyler Hobbs
Artists’ Royalties by BlackBox.art
On Royalties by foobar
Kyle Samani thread on verticalization

Potential solutions

Collector Royalties
Collector Royalties Eligibility Expansion — Aug ‘21
How do they work
Profit Sharing
Cardinal Labs
Metaplex Standard
Exchange Royalties Guarantee

NFTs for n00bs: A brief history of tokens and tulips, NFT aesthetics, energy dramas, fan

brigades, social tokens and the metaverse with Daniel Keller

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The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413 Oct 28, 2022

Avraham Eisenberg, blogger at DeepFi Value – more commonly known as the Mango Markets attacker – shared his insights about the exploitation of code, his personal story, and why there’s hatred directed towards profitable traders.

Show highlights:

Laura’s description of the Mango Markets exploit
the way in which code gets used in a different way from the original intention
why Avi decided to return part of the funds he got from exploiting Mango Markets
Avi’s clarification of a misconception regarding the bad debt of Mango Markets
the difference between arbitrage trades and exploits
why people making profitable strategies are hated, according to Avi
how Avi got into crypto and the story of his failed online business
whether it is possible to run non-zero-sum games
what he thinks of Compound’s decision to pause activity on illiquid assets

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Avi

Mango Markets exploit

Avi’s online business story Compound Votes to Pause Activity for Illiquid Crypto Assets

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Eric Wall and Udi Wertheimer on Why Bitcoin Maximalism Is 'Like a Shitcoin Community' - Ep. 412 Oct 25, 2022

Eric Wall, crypto blogger and investor, and Udi Wertheimer, a recovering Bitcoin maxi, discuss everything about Bitcoin Maximalism, whether BTC can survive, and whether Ethereum constitutes a threat for Bitcoin.

Show highlights:

how Eric and Udi got involved with Bitcoin
what Bitcoin was like in the first days
how Bitcoin maxis appear to have a script to engage in discussions
the philosophy behind Bitcoin maximalism
why Eric believes Bitcoin maximalism is like a “weird cult”
how Eric thinks that the BTC community has an unspoken rule forbidding criticisms
whether Bitcoin has lost intellectual power
why people have recently been turning away from Bitcoin maximalism
why the poor Bitcoin culture doesn't mean it's the end for Bitcoin, according to Eric
the perception of the Lightning network and how people are not interested in faster blockchains
whether Bitcoin should increase the use cases of the blockchain, like DeFi, NFTs, and stablecoins
El Salvador's adoption of BTC and whether it had an impact
what happens to internet subcultures and how the behavior of Bitcoiners could be predicted
whether Ethereum is a threat to Bitcoin

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Udi:

Twitter

Eric:

Episode Links

Previous Coverage of Unchained:

Bitcoin Culture and Security

The Rise and Fall of Bitcoin Cultureby Paul J. Dylan-Ennis
Geeks, MOPs, and sociopaths in subculture evolution by David Chapman
Surprisingly, Tail Emission Is Not Inflationary by Peter Todd
Justin Bond’s thread on BTC security model
A (brief and incomplete) history of censorship in /r/Bitcoin

Ultra sound money

El Salvador:

Previous Coverage of Unchained: Bitcoin in El Salvador: Why Would Cypherpunks Support Government-Mandated Bitcoin Adoption?
El Salvador’s Bitcoin Paradise Is a Mirage by Nelson Rauda

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The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever' - Ep. 411 Oct 22, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry.

Show topics:

Everyone’s impression of Laura’s interview with Do Kwon
The importance to differentiate failure and fraud
The Mango Markets hack and whether code is law
What happened with the BNB hack and the concerns it raised about decentralization
Magic Eden’s decision to enable optional royalties and the debate about NFT royalties
How creators are going to find a way around the royalties, according to Robert
Whether NFTs should be treated as securities

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Episode Links

Laura’s interview with Do Kwon:

Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success’

Hacks

NFT Royalties

Magic Eden
Magic Eden Moves to Optional Royalties and Heats Up the Debate
TCB Debate
Tom’s tweet: “turns out people don’t want to pay royalties”
Robert’s request for a startup
Previous episodes of The Chopping Block debating NFT Royalties:
The Chopping Block: Was This Gary Gensler’s Most Liked Tweet?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?

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Fat Man Terra Speaks: Do Kwon Is a ‘Sociopath’ and a ‘Charismatic Manipulator’ - Ep. 410 Oct 21, 2022

Fat Man Terra, the anonymous Twitter account dedicated to bringing Do Kwon to justice, reacts to my recent interview with Do Kwon and says what he thinks it revealed about his personality.

Show highlights:

why Fat Man Terra created the Twitter account
whether Terra was used to enrich insiders
how Fat Man believes Do Kwon evaded questions in the interview with Laura
whether Do lied about Chai to misrepresent the success of UST and LUNA
why Fat Man believes some people will never admit wrongdoing
what he thinks of Do’s response to the stories of people losing everything and whether he is actually sorry
what he calls Do’s lack of transparency about his history
what he believes is the need to make an example out of the collapse of Terra and Do’s failure

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Fat Man Terra

Twitter

Laura’s Interview with Do Kwon

Other Coverage of Unchained on Do Kwon and Terra:

Fat Man Terra’s thread with several devastating stories related to the collapse of Terra

SDT pre-mine

CoinDesk Korea article

Chai

WSJ article
Do’s tweets about Chai:
2.5 million users
Tweet in May 2021
Tweet in May 2021 #2
Tweet in January 2021

Abracadabra Degenbox

$2.7 billion cash out
TFL Exit Liquidity dashboard on Dune

Basis Cash

CoinDesk article

Luna Foundation Guard

Allegations against Do Kwon

SBS news reporting Do moved funds to the Virgin Islands
Seoul Police Probe Allegation of Embezzlement by Terraform Staff
South Korea Launches Investigation into Company Behind Luna Crypto Crash
Class action against Do Kwon
Korean prosecutors are looking into Terra
Red Notice
“Not on the run”

Kwon’s Passport

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The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! - Ep. 409 Oct 19, 2022

Welcome to The Chopping Block! Host Haseeb Qureshi partnered with Zhuoxun Yin, cofounder of Magic Eden, to debate Unchained host Laura Shin and Li Jin, cofounder at Variant Fund, on the topic of NFT Royalties.

Show highlights:

What NFT royalties are
Why Laura believes zero NFT royalties is a bad business decision prioritizing short-term needs over long-term ones and that it will turn creators off from the industry
How charging royalties is not sustainable, according to Haseeb
Why royalties are the best mechanism to align incentives between creators and holders, according to Li
The technical limitations of NFT royalties on a general-purpose blockchain like Ethereum or Solana
How to align incentives between NFT creators and holders
Why the prices of NFTs would go up if royalties are not enforced
Whether the NFT market will change in the future
Whether it is possible to create a standard that enforces royalties in a smart contract
The creators’ reaction to Magic Eden moving to optional royalties
The possibility of a bifurcation of the NFT market

Hosts

Haseeb Qureshi, managing partner at Dragonfly

Guests

Laura Shin, author, and host of Unchained

Zhuoxun Yin, cofounder of Magic Eden

Li Jin, cofounder of Variant

Episode Links

Magic Eden Optional Royalties - Unchained Coverage
Post-debate poll
Tool Metashield
The standards innovation paradox by Li Jin
X2y2 flexible royalties
Previous episodes of The Chopping Block debating NFT Royalties
The Chopping Block - Ep. 405
The Chopping Block - Ep. 386
Article: Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties
Article: NFT Royalties: Why artists love them, and traders don’t

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Do Kwon of Terra: 'It Was Never Really About Money or Fame or Success' - Ep. 408 Oct 18, 2022

Do Kwon, cofounder of Terraform Labs, discusses the charges against him, gives a message to Terra victims, answers allegations about potential fraud and non-transparent business practices, and much more.

Show highlights:

whether Do finds the charges based on the Capital Markets Act legitimate
why he doesn’t want to discuss his location
whether the South Korean government is lying about the accusations against him
what happened with the BTC held by the Luna Foundation Guard
whether Do regrets being so arrogant in his tweets
what he would say to the people who lost huge amounts of money in Terra or family members of people who committed suicide due to its collapse
the decision to set Anchor’s yield near 20%
why Terra had a large SDT pre-mine that was not proactively disclosed
whether Do’s actions show he didn’t think that the algorithmic mechanism was sufficient to keep UST pegged to the dollar
whether Terraform Labs cashed out $2.7 billion using Degenbox
why there were no disclosures about Chai terminating its agreement with Terra
why the Terra blockchain went through a hard fork without a public discussion
the failure of the basis cash stablecoin, also worked on by Do Kwon
whether an algorithmic stablecoin can work
the week of the UST depeg and what happened to the funds held by LFG
where the 3 million Luna unlocked per month by Project Dawn went
when the LFG will return funds to UST holders
what Do would do differently if he had the chance to go back

* Quick correction*

At 7min 18sec, I misspoke, the Korean government posted a pdf for Do Kwon’s passport revocation, not his arrest warrant.

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Episode Links

Do Kwon:

Twitter

Previous Coverage of Unchained on Do Kwon and Terra:

Devastating Stories

One man commits suicide
Fat Man Terra’s thread with several stories

SDT pre-mine

CoinDesk Korea article

Anchor yield

JTBC article reporting core devs wanted a lower yield

Chai

WSJ article
Do’s tweets about Chai:
2.5 million users
Tweet in May 2021
Tweet in May 2021 #2
Tweet in January 2021

Abracadabra Degenbox

$2.7 billion cash out
TFL Exit Liquidity dashboard on Dune

Project Dawn

Launch
The Defiant article

Basis Cash

CoinDesk article

Luna Foundation Guard

Allegations against Do Kwon

SBS news reporting Do moved funds to the Virgin Islands.
Seoul Police Probe Allegation of Embezzlement by Terraform Staff
South Korea Launches Investigation into Company Behind Luna Crypto Crash
Class action against Do Kwon
Was LUNA a Security?
Korean prosecutors are looking into Terra
Red Notice
“Not on the run”
Kwon’s Passport

SEC Actions Against Terra

SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra
Terraform Labs Loses US Appeal over SEC Subpoena

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Why the SEC Is Probing Yuga Labs and Coin Center �Is Suing Treasury - Ep. 407 Oct 14, 2022

Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center’s lawsuit against the US Treasury over the sanctions on Tornado Cash.

Show highlights:

whether there’s an over-reliance on the Howey Test and how a token being non-fungible doesn’t mean it’s not a security
what constitutes an investment contract and how it works in the Metaverse
the consequences for NFT holders and issuers if the NFTs are considered securities
why Coin Center is suing the US Treasury over the Tornado Cash sanctions
Who the plaintiffs are
whether this lawsuit differs from the one Coinbase is supporting
how to solve the issue of bad actors like North Korea using tools such as Tornado Cash to launder money
the remedy Coin Center is looking for in the lawsuit against the Treasury
how long the lawsuit could take to be resolved

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Peter

Twitter

SEC probe into Yuga Labs

Unchained article
CrypTones thread on land sales

Coin Center lawsuit over Tornado Cash sanctions

Coin Center lawsuit and statement
Unchained article
Coinbase Backs Tornado Cash Lawsuit Against U.S. Treasury
North Korean hacks
Treasury Press release on the sanctions
Previous coverage of the Tornado Cash sanctions on Unchained:
Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury

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Zaki Manian and Jack Zampolin on Why ATOM Is 'Dogecoin for Academics' - Ep. 406 Oct 11, 2022

Zaki Manian, cofounder of Sommelier Protocol and cofounder of Iqlusion and Jack Zampolin, founder of Strangelove Ventures, discuss everything about Cosmos, the new white paper, and how to improve MEV capture for ATOM holders.

Show highlights:

how Jack and Zaki got involved with crypto and Cosmos
what the Sommelier protocol is, the role of Iqlusion, and what Strange Love does
the basics of Cosmos and application-specific blockchains (ASB)
why would a project choose to be an ASB rather than an application on a blockchain
whether Cosmos can achieve network effects
the reasons behind launching a new white paper for Cosmos
why the team decided to pursue interchain security
whether there would be an increase in fees with so many chains relying on the Cosmos Hub for security
how much economic value the Cosmos Hub will end up securing if the proposal gets passed
how the Cosmos Treasury could be used to fund development
the role of the Interchain Scheduler to capture MEV
whether centralized exchanges are going to start trading against the customers
the new issuance model proposed for ATOM
the role of an active governance community to make Cosmos more decentralized
what problems Liquid staking solves
how USDC will launch on a consumer chain

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Jack:

Twitter

Zaki:

Twitter

Episode Links

Previous Coverage of Unchained on Cosmos:

How Osmosis Is Trying to Improve the Crypto User Experience

New white paper

Interchain security

Paper
The Block article
The DeFi investor thread

ATOM 2.0

Show topics:

Whether crypto optimism is different in Asia than in the United States
How Sam Bankman-Fried has been doing some work with US regulators
How the CFTC lawsuit against Ooki DAO changed people’s perspectives about the regulator
Whether the lawsuit could make all DeFi illegal and the role of DAOs to coordinate governance
The SEC settlement with Kim Kardashian for $1.26 million, Gensler’s video explaining the case and whether it was a publicity stunt
Why Tarun would fire almost everyone at the CFTC and the SEC to hire more technical people
How the NFT QQL collection censored a marketplace in its code
What the whole purpose of NFTs is, according to Haseeb
The debate around NFT royalties and their enforcement
How a huge portion of the blocks in Ethereum are generated by Flashbots and whether it represents a centralizing force
Whether MEV should be stopped or accelerated

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly Capital

Guest

Laura Shin, author, and host of Unchained

Episode Links

The lawsuit against Ooki DAO

Previous Coverage of Unchained on Ooki DAO:
Why the Ooki DAO Case Could Hurt Participation in DAOs
Kristin Smith on Why Crypto Legislation Could Be Passed by Year’s End
CFTC Filing
$250,000 fine
Nik’s article
CFTC Commissioner Summer Mersinger’s dissenting statement
CFTC serving the members of the Ooki DAO via their forum
Tim Copeland’s article on what’s next for DAOs
A federal court ruled that the CFTC legally served Ooki DAO through a website help bot.
The LeXpunK Army filed a motion for amicus status in the SEC case against bZx/Ooki DAO.
Crypto group DeFi Education Fund argued that the CFTC should properly serve Ooki DAO’s actual members, not just the DAO at large.

NFT Royalties

Tyler Hobbs’ QQL $17 million collection
QQL blacklist explanation
NFT platform hits back
Previous episode of The Chopping Block debating NFT Royalties
Article: Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties
Article: NFT Royalties: Why artists love them, and traders don’t

SEC charges against Kim Kardashian

The SEC fined reality TV star Kim Kardashian $1.26 million for promoting a crypto security without proper disclosure.
Fortune article on the Kim Kardashian settlement as publicity stunt
eMax price spiked
Gary Gensler’s video

Flashbots and MEV

Post-merge relay drama
What is MEV
Proposer-Builder separation:
MEV Boost
Flashbots auctions
Previous Coverage of Unchained on MEV: Why Is Ethereum Trying to Maximize Value From Users?

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Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End - Ep. 404 Oct 07, 2022

Kristin Smith, Executive Director of the Blockchain Association, comes to talk about Tornado Cash, the lawsuit against Ooki DAO, the SEC charges against Kim Kardashian, and crypto legislation.

Show highlights:

whether regulators did not understand the implications of sanctioning smart contracts
the necessity of having a conversation around financial privacy
whether the government wants sanctions compliance at the base layer
the reasons behind the CFTC lawsuit against Ooki DAO
why the SEC settled charges with Kim Kardashian and whether it was a publicity stunt
the chances of the different crypto bills becoming law
why Kristin thinks stablecoin legislation won’t come this year
whether the CFTC being the main regulator of crypto settles the question of crypto being securities or commodities

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Kristin

Twitter

The lawsuit against Ooki DAO

Previous coverage of Unchained on Ooki DAO: Why the Ooki DAO Case Could Hurt Participation in DAOs
CFTC Filing
$250,000 fine
CoinDesk’s Nik De’s analysis
CFTC Commissioner Summer Mersinger’s dissenting statement
Jake Chervinsky’s opinion
Ooki DAO’s options
CFTC serving the members of the Ooki DAO via their forum
Tim Copeland’s article on what’s next for DAOs
A federal court ruled that the CFTC legally served Ooki DAO through a website help bot.
The LeXpunK Army filed a motion for amicus status in the SEC case against bZx/Ooki DAO.
Crypto group DeFi Education Fund argued that the CFTC should properly serve Ooki DAO’s actual members, not just the DAO at large.

Tornado Cash

Treasury Press release
Previous coverage of the Tornado Cash sanctions on Unchained:
Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury

Legislation

Digital Commodities Consumer Protection Act of 2022
Europe’s MiCa bill
Previous coverage of Unchained on legislation:
Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto
Congressman Ro Khanna: How to Get More Democrats into Web3
Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers

SEC charges against Kim Kardashian

The SEC fined reality TV star Kim Kardashian $1.26 million for promoting a crypto security without proper disclosure.
Fortune article: The SEC’s Kardashian fine was a dumb publicity stunt

Stablecoins

Stablecoin Draft Bill
Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year

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Sam Bankman-Fried on How to Prevent the Next Terra and 3AC - Ep. 403 Oct 04, 2022

Sam Bankman-Fried, founder and CEO of FTX, discusses his views on crypto regulation, macroeconomics, and the role of FTX in a decentralized industry.

Show highlights:

whether the market has already bottomed and the influence of macroeconomics
why Sam thinks regulation could have a significant impact on the crypto industry
the impact of the Terra collapse, Sam’s thoughts on stablecoins, and the importance of disclaimers
what the industry can do to prevent high leverage from crypto companies like Three Arrows Capital
how crypto lenders should manage risk in a sustainable way
whether the crypto collapses affected the opinion of lawmakers and regulators
the topics and proposals that Sam is discussing with regulators and his philosophy on financial regulation
what Sam thinks about building a centralized entity in a decentralized space
what it would take for FTX to move back to the United States
why Sam’s political donations more commonly support Democrats, among which are some prominent critics of crypto
whether he makes political donations based solely on candidates’ crypto stances
the role of FTX in the TradFi market and whether crypto and TradFi will evolve toward or away from each other
concerns about potential conflict of interests between FTX and Alameda Research
the impact of the Merge, the value proposition of Ethereum and whether it affects the narrative of Bitcoin as digital gold
how FTX is positioning itself in this macroeconomic environment
the type of acquisitions FTX is interested in

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Episode Links

Sam:

Twitter

Bailouts and Acquisitions

Stablecoins and Regulation

Bankman-Fried Says He’s ‘Surprisingly Optimistic’ U.S. Will Devise Crypto Rules Within A Year
Stablecoin Draft Bill
Yellen cites UST stablecoin risk after it loses its dollar peg
Previous Coverage of Unchained on Stablecoins and Regulation:
Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto
Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed

Donations and Politics

Alameda Research Concerns

Crypto Quant Shop With Ties to FTX Powers Bankman-Fried's Empire

Collapse of Crypto Companies

FTX proposal to clear derivatives

New method of clearing
Previous coverage on Unchained:
FTX Wants to Compete with CME – Here’s Why It’s a Big Deal

Interest in buying Twitter

Text messages reveal Sam Bankman-Fried's guru told Elon Musk the crypto billionaire was 'potentially interested' in buying Twitter

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Why the Ooki DAO Case Could Hurt Participation in DAOs - Ep. 402 Sep 30, 2022

Nikhilesh De, CoinDesk's managing editor for global policy and regulation, comes to talk about the CFTC lawsuit against Ooki DAO and the potential consequences across the crypto industry.

Show highlights:

the enforcement action against Ooki DAO and the CFTC’s arguments behind it
whether bZx’s statements that the DAO would be beyond the reach of regulators made it a target for the CFTC
whether the broader implication of these charges could mean that all DeFi is illegal
whether the hacks of bZx made it a high-profile target
the CFTC Commissioner Summer Mersinger's dissenting statement and her concerns
who the targets of the CFTC enforcement action are
the consequences of the lawsuit for token holders and how to determine which token holders are liable
why the CFTC chose to post a notice in the Ooki DAO forum and whether that is sufficient notice
what the next steps for DAO members are and whether there will be wide community support

Thank you to our sponsors!

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Nik

Twitter

Previous Coverage of Unchained on regulation:

The lawsuit against Ooki DAO

CFTC Filing
$250,000 fine
Nik’s article
CFTC Commissioner Summer Mersinger’s dissenting statement
Jake Chervinsky’s opinion
Ooki DAO’s options
CFTC serving the members of the Ooki DAO via their forum
Tim Copeland’s article on what’s next for DAOs

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How Will the Legal Case Against Do Kwon Play Out in South Korea? - Ep. 401 Sep 27, 2022

Zack Guzman, journalist and Coinage host, and Jongbaek Park, partner specializing in blockchain and crypto assets at Bae, Kim & Lee, discuss how the case in South Korea against Do Kwon and TerraForm Labs will likely go, whether Do Kwon is on the run, and what his sentence could be.

Show highlights:

Jongbaek’s and Zack’s disclosures regarding Terra
how big the Terra phenomenon was in South Korea and how Do Kwon was perceived in the country
whether Do Kwon posed any conditions for his interview with Zack
what Do Kwon is being charged with
the colliding opinions on which tokens are considered securities
whether the collapse of Terra had any negative impact on the South Korean President’s image
whether Do Kwon feels like a charge for violating the capital markets law is unfair
whether Do Kwon is “on the run,” despite his denials
how the potential revocation of Kwon’s passport could make him go back to Korea
whether Terra was a failure or a fraud, and how prosecutors are looking into it
whether Terra was centralized
the chance of prosecutors going after other people from Terraform Labs and the probability of the entity’s assets being frozen
how much jail time Kwon could be facing and whether he is prepared to go to prison

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Guests:

Jongbaek

Zack: Twitter

Episode Links

Previous Coverage of Unchained on Do Kwon and Terra:

SEC Actions Against Terra

SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra
Terraform Labs Loses US Appeal over SEC Subpoena

Allegations against Do Kwon

Seoul Police Probe Allegation of Embezzlement by Terraform Staff
South Korea Launches Investigation into Company Behind Luna Crypto Crash
Class action against Do Kwon
Was LUNA a Security?
Korean prosecutors are looking into Terra

Do Kwon

Stablecoin Regulation

Haseeb Qureshi’s summary of the Terra collapse:

Zack’s Interview with Kwon

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The Chopping Block: Why ETH Dumped So Hard After the Merge - Ep. 400 Sep 24, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry.

Show topics:

Why the ETH price slumped after the Merge even though it was successful
Whether the BTC security model is flawed and why Robert thinks Bitcoin will change
Why Tarun thinks Bitcoin won’t change and why he’s bearish on Bitcoin development
Whether the Lightning Network can succeed with so many competitors getting better more quickly
ETHPoW’s performance after the Merge, whether it’s dead and why Robert wouldn’t rule out the PoW fork
Why Haseeb thinks the criminalization of the collapse of Terra is a bad precedent
The broader impacts of the Terra meltdown and whether Do Kwon not disclosing the fact that he had been involved with Basis Cash, which failed, is problematic
The House’s draft bill on stablecoins and whether it is necessary to study algo stablecoins
What happened with the Wintermute hack
Why Tarun thinks the Wintermute team is incompetent
Whether there is any positive news in crypto lately
Who would be a better pick for deploying treasury funds between Three Arrows Capital and Wintermute
What Haseeb, Tom, Robert and Tarun are excited about

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital

Episode Links

Post Merge

ETHPoW

ETH issuance

Do Kwon and Terra

Red Notice

“Not on the run”

Kwon’s Passport

Wintermute hack

House’s Draft Bill on Stablecoins

Bloomberg’s Article

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Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto - Ep. 399 Sep 23, 2022

Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more.

Show highlights:

the structural differences between crypto tokens and securities
why Sen. Toomey is demanding crypto legislation
why “regulation by enforcement” does not provide clarity
how to determine if a token is decentralized
whether proof of stake consensus turns tokens into securities
Sen. Toomey’s take on the new framework for stablecoin regulation
whether it is appropriate to ban algorithmic stablecoins
the importance to make disclosures so that regular users understand the risks of crypto
how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto
whether the US Treasury made a mistake with the Tornado Cash sanctions
what the government should take into account in regards to a central bank digital currency (CBDC)
why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries
the likelihood of any of the crypto bills passing soon

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Messari

Sen. Toomey

Twitter

Previous Coverage of Unchained on regulation:

SEC Views

Gary Gensler’s comments on PoS tokens

Sen. Toomey’s opinion

White House Reports

Stablecoins

Stablecoin Draft Bill
Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year
Sen. Toomey’s framework for payment stablecoins that he released last spring

Tornado Cash

Treasury Press release
Previous coverage of the Tornado Cash Sanctions on Unchained:
Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury

Ian Balina charges

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Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off - Ep. 398 Sep 21, 2022

In a heated debate, Eric Wall, crypto blogger and investor, and Justin Bons, founder and chief investment officer of Cyber Capital, discuss Bitcoin’s security model, whether there are fundamental flaws in its design, and which is the best consensus mechanism.

Show highlights:

why Justin stopped believing in Bitcoin and why he calls it “technically one of the worst cryptocurrencies”
how Eric’s views on Bitcoin changed over time
the problems they see with Bitcoin’s security
why Eric attacks BTC maximalism, even when he is a Bitcoiner
how the Bitcoin community will change in the next decades, and why the security problem is a challenge that could be solved
whether BTC should increase its inflation and whether that would break the store of value proposition
why Justin thinks that BTC fails as money and won’t play a relevant role in the future
what happened around the time of the blocksize debate back in 2015-2017
whether there’s something wrong with Bitcoin’s culture and why Eric compares it to a doomsday cult
why Ethereum has external dependencies that can impose systemic risks, according to Eric
whether proof of stake or proof of work is a better consensus mechanism
whether Ethereum is more censorship resistant than Bitcoin
why BTC is a speculative asset and what Justin believes is needed for crypto to finally flourish

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a16z

Justin:

Twitter

Eric:

Episode Links

Previous Coverage of Unchained:

Bitcoin’s Security, Blocksize and Culture

Surprisingly, Tail Emission Is Not Inflationary by Peter Todd

Justin’s thread that kicked off the debate

A (brief and incomplete) history of censorship in /r/Bitcoin

Theory On Bitcoin Governance; Three Stage Model by Justin Bons

Centralization:

Ethereum Post-Merge Centralization

Lido’s validators

BTC Centralization

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Did the Merge Make Ethereum 'the Most Secure Blockchain in the World'? - Ep. 397 Sep 16, 2022

Justin Drake, researcher at the Ethereum Foundation, talks about the Merge, how this transition affects Bitcoin, where Ethereum’s road map is going, and more.

Show highlights:

how Justin was feeling prior to and during the Merge
whether the upgrade is complete or there are other things to watch out for
why Ethereum has slashing and why it is a better form of removing any attackers
the concern about centralization due to liquid staking derivatives providers, like Lido or Coinbase
how the Merge affects MEV and the long-term vision of proposer-builder separation
whether the Merge puts pressure on BTC to also transition to proof of stake
what impact ETH’s more deflationary nature will have on BTC’s narrative as digital gold
why Ethereum is the settlement layer for the internet of value
whether there is a winner take all dynamic in the blockchain industry
why Ethereum is more secure than Bitcoin, according to Justin
what Justin thinks about the ETHPoW fork and its team and the risks of interacting with the ETHPoW fork
the next steps in Ethereum’s roadmap

Thank you to our sponsors!

Justin

Previous Coverage of Unchained on the Merge:

The Merge:

Vitalik announcement of the Merge
Ethereum carbon emission reductions
A guide on the Merge by Dan Chen from Sequoia Capital

ETH Post-Merge Dynamics:

Ultra sound money
ETH issuance and burn
Cumberland on the Ethereum dynamics after the merge
Miles Suter on the implications of the Merge
The triple point asset

Post Merge MEV:

PMCGoohan’s tweet
Pintail on post-Merge MEV

ETH Proof of Work

Poloniex announces a different token
ETHPoW team Mainnet announcement

Ethereum’s roadmap:

ETH Vision

Haym on Ethereum’s roadmap

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The Chopping Block: ETHPoW Is 'a Terrible Way to Fork the Blockchain' - Ep. 396 Sep 14, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Emin Gün Sirer, the emperor of Avalanche, also joined the conversation

Show topics:

Gün’s take on the Ava Labs conspiracy story and whether there was any truth in the videos
The impact of the Merge on ETH issuance and energy usage
What’s going on with the ETHPoW fork, and how the team has been messing up
The TL;DR of the technical side of Ethereum scaling, explained by Tarun
How, in the beginning, proof of stake was designed to resemble proof of work
What Ethereum miners are going to do after the Merge
Whether increasing hash rates spike prices of PoW coins
How the Basic Attention Token is like the Stanford prison experiment
Whether the fights between Gün and other founders were positive or negative
How an exchange delisted every privacy coin
Whether Coinbase's support of the lawsuit against the US Treasury over Tornado Cash was a PR move
How this moment in history resembles the 90s and the rise of the internet
Whether there are blockchain-haters and what the crypto industry can do better
How there can’t be a single chain to meet every need
How FTX and Coinbase have different approaches to regulation
How would everyone celebrate a successful Merge and whether there’s a chance of it failing

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound

Guest

Emin Gün Sirer, Founder and CEO of Ava Labs

Episode Links Ava Labs Accusations:

Tornado Cash

Treasury Press release
Coinbase supports lawsuit against US Treasury
Huobi delisting privacy coins
Previous coverage of the Tornado Cash Sanctions on Unchained:

ETH Proof of Work and Miners:

ChainID missing; the request from Coinbase

CoinDesk article

The ETHPoW team said the fork will be deployed within 24 hours of the Merge

ETHPoW team’s promise to abolish EIP-1559

ETHPoW first blocks

The Merge:

Ethereum Foundation Merge announcement.
Ethereum carbon emission reductions.

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How Traders Are Thinking About the Merge -- and a Potential ETHPoW Chain - Ep. 395 Sep 13, 2022

Kevin Zhou, co-founder of Galois Capital, and Evgeny Gaevoy, founder and CEO of Wintermute, discuss how to trade the Ethereum Proof of Work fork, what the market is telling about the Merge, and whether the Merge affects Bitcoin.

Show highlights:

what will happen at the time of the Merge according to Kevin and whether there’s uncertainty
when the ETH Proof of Work chain will emerge and how that affects trading opportunities
the mistakes of the ETHPoW team, like repealing EIP-1559
what percentage of ETH market cap ETHPoW will accrue
what the first few blocks of ETHPoW will be like
what the strategies are to earn the ETHPoW airdrop and what the on-chain activity looks like
whether there is an “up-only” monoculture in Ethereum
what stETH is, how it should be priced and what the futures market indicates
where the value of a chain comes from and the likelihood of ETHPoW failing catastrophically
how to protect from replay attacks
the price action of ETH after the Merge
how ETH becoming deflationary affects Bitcoin’s narrative as digital gold
how the ESG-friendly image of Proof of Stake could affect the narratives of ETH and BTC

Thank you to our sponsors!

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Ava Labs

a16z

Kevin:

Twitter

Evgeny:

Twitter

Episode Links

Previous Coverage of Unchained on the Merge:

ETH Proof of Work:

ChainID missing; and the request from Coinbase
Kevin’s analogy

CoinDesk article

ETHPow Token

Summary of Kevin’s thoughts

ETHPoW team’s promise to abolish EIP-1559

ETHPoW first blocks

Tether supports PoS

Circle (USDC) supports PoS

ETH Trade

Ether’s backwardation
Eth-Flexive by Arthur Hayes
Whether Ethereum’s Merge is priced in
Gauntlet’s view on the Merge
BTC correlation with stocks

ETH Post-Merge Dynamics:

Onchain Wizard post
Cumberland on the Ethereum dynamics after the merge
Miles Suter on the implications of the Merge

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Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury- Ep.394 Sep 09, 2022

Preston Van Loon, cofounder and Ethereum core developer at Prysmatic Labs, talks about the Merge, its impact on an environmental level, and why he is a plaintiff in the lawsuit against the Treasury Department over Tornado Cash.

Show highlights:

what the Merge is on a technical level and what its impact will be
whether the proof of stake consensus mechanism makes the network more decentralized and secure
what happens if the Merge fails and whether there’s a contingency plan
why Preston founded Prysmatic Labs and how Prysm works
what the next steps are for Ethereum and what the community is working on
whether Preston thinks a proof of work Ethereum fork would succeed
when and how Ethereum’s high fees and scaling issues are going to be resolved
why Preston joined the lawsuit against the US Treasury over the Tornado Cash sanctions
how Preston would celebrate a successful Ethereum Merge

Thank you to our sponsors!

Preston

Episode Links

Previous Coverage of Unchained on the Merge:

Lawsuit against the US Treasury:

Coinbase is supporting a lawsuit against the Treasury Department by six users of Tornado Cash.
Fortune article on the lawsuit
Why Preston joined the lawsuit.

The Merge:

Ethereum Foundation Merge announcement.
Ethereum carbon emission reductions.

ETH Post-Merge Dynamics:

Cumberland on the Ethereum dynamics after the merge
Miles Suter on the implications of the Merge
The triple point asset

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Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH - Ep. 393 Sep 06, 2022

Arthur Hayes, cofounder of BitMex, discusses how he’s trading the Merge, the impact of macroeconomic policy in the markets, his career as a writer, and much more.

Show highlights:

how crypto is reconfiguring how humans do finance over the internet
why Arthur initially thought Ethereum was worthless
how NFTs allow users to trade human culture and will unlock trillions of dollars of value
why Ethereum doesn’t even need to be deflationary
whether other layer 1s can take some market cap from Ethereum
why Arthur thinks that a successful Merge is understated and why this is a valid reason for hedging
why he thinks an Ethereum proof of work chain won’t succeed and how Arthur will trade ETHPoW
why LDO, Lido’s token, is a riskier bet but has more potential gains
how he believes the Shanghai upgrade will impact ETH’s price
whether the Merge affects BTC’s narrative as digital gold and whether the inflation hedge theory of Bitcoin still holds
why Bitcoin is a measure of USD liquidity and why the Fed rates don’t matter as much as everyone thinks
whether hedge funds and institutional investors would want to invest in crypto given the high correlation with traditional markets
what Arthur believes the impact of a potential US recession would be on the crypto markets
why he believes the real economy is not relevant to the financial markets
whether algorithmic stablecoins are doomed to fail
how the credit cycle works and how it repeats again and again
Arthur’s method for identifying good projects to invest in
how Arthur became such a good writer
whether BTC is money and the religious aspect of the Bitcoin culture

Thank you to our sponsors!

Crypto.com

Ava Labs

a16z

Arthur:

Episode Links Previous Coverage on Unchained:

Arthur’s posts discussed during the show:

Eth-Flexive
Ether, a double digit shitcoin
Teach me Daddy (on USD liquidity and Macroeconomics)

Macroeconomics:

Adam Cochran on the Fed’s QT
Pantera Capital’s newsletter

ETH Trade:

Whether Ethereum’s Merge is priced in
Gauntlet’s view on the Merge
BTC correlation with stocks

ETH Post-Merge Dynamics:

Cumberland on the Ethereum dynamics after the merge
Miles Suter on the implications of the Merge
The triple point asset

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The Chopping Block: Why DeFi May Be Over-Complying With Tornado Cash Sanctions - Ep. 392 Sep 03, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt chop it up about the latest news in the digital asset industry. In this episode, Jill Gunter, the empress of Espresso, also joined the conversation.

Show topics:

Whether product management is the new consulting
What is going to happen with macroeconomics and whether monetary policy is data-driven
Why Jill’s faith is getting renewed, especially after listening to Fed authorities
The TL;DR on the Ava Labs conspiracy story
Why the industry needs a decentralized RPC
The role of Flashbots and Ethermine in censoring transactions
Potential over-compliance from the biggest crypto projects on how to deal with sanctioned addresses
Whether social slashing allows Ethereum to stay uncensored
The importance of educating regulators on crypto
What Haseeb thinks lawyers would recommend to Coinbase about validating transactions from sanctioned addresses
The significance of both transactional and application-layer privacy
How stablecoin providers need to implement some basic levels of privacy
Why corporations do not run Ethereum and whether users are pro-OFAC restrictions

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
https://twitter.com/hosseeb
Tom Schmidt, general partner at Dragonfly Capital
https://twitter.com/tomhschmidt

Guest

Jill Gunter

Twitter: https://twitter.com/jillrgunter

Episode Links

Tornado Cash

Treasury Press release
Tornado Cash developer arrested
Circle freezes USDC in sanctioned wallets
Crypto exchange dYdX blocked accounts that received funds from Tornado Cash
What the sanctions mean for privacy coins
Celebrities get dusted
Previous coverage of the Tornado Cash Sanctions on Unchained:
Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?

Ava Labs Accusations:

Social Slashing and Censorship on ETH

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How a16z’s New NFT Licenses Hope to Solve Rights Problems for Creators and Buyers - Ep. 391 Sep 02, 2022

Miles Jennings, general counsel at a16z crypto, talks about its new “can’t be evil” NFT licenses and how they help to solve many problems within the NFT industry. Show highlights:

what “can’t be evil” NFT licenses are and what problems they solve
what can these licenses achieve for content creators
which are the five rights that the licenses address
whether the NFT licenses help resolve hate speech issues for creators
why a16z described its licenses as “can’t be evil”
how these licenses will be enforced
how anyone buying NFTs should now be able to understand what they are buying
why previous attempts to create standardized NFT license didn’t succeed
why Miles thinks these new NFT licenses are going to succeed

Thank you to our sponsors!

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Messari: https://mainnet.events/

Guest Miles

Twitter: https://twitter.com/milesjennings

“Can’t be evil” NFT licenses:

a16z article: https://a16zcrypto.com/introducing-nft-licenses/
Miles’ thread: https://twitter.com/milesjennings/status/1564991860824674305?s=20&t=pJEE9HfA9DnC_9PlsGelEw
Wiki article: https://www.nftstandards.wtf/NFT/NFT+License

Previous coverage on Unchained:

What legal rights NFTs come with: https://unchainedpodcast.com/what-exactly-do-you-get-when-you-buy-an-nft-three-lawyers-discuss/
Understanding intellectual property rights with NFTs: https://unchainedpodcast.com/excited-about-your-bored-ape-or-crypto-punk-make-sure-you-understand-your-ip-rights/
Punk 6529 on how rights helped Bored Apes succeed: https://unchainedpodcast.com/punk6529-on-the-significance-of-bored-ape-yacht-club-and-cryptopunks/

IP issues around prominent NFT collections:

Galaxy Digital report on NFT owners being misled about rights: https://decrypt.co/107827/bored-apes-moonbirds-misled-buyers-nft-ip-rights-galaxy-digita
CryptoPunks gets IP rights: https://decrypt.co/107184/as-cryptopunks-nft-owners-get-commercial-rights-yuga-hopes-to-secure-their-legacy-as-artwork
Bored Apes’ more permissive license helps it become more valuable than Crypto Punks: https://www.thedefiant.io/bored-apes-yacht-club-cryptopunks-copyright-fight
Moonbirds controversy ignites after move to CC0 license: https://www.thedefiant.io/moonbirds-cc0-license-nfts

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Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390 Aug 30, 2022

Show highlights:

the legal meaning of the OFAC sanctions on Tornado Cash and why it is causing complications
how legislation is built for the fiat world, and how in DeFi and crypto there’s no clarity
how miners have changed their behavior prior to the Merge
whether a proof of work chain or a proof of stake chain would be more censorship resistant
whether laws apply to validators in a PoS chain
the ways in which the government could provide more clarification
the different entities involved in Proof of Stake
the liabilities for each entity in PoS and what secondary liability is
how the task of the bidder can be described as a mathematical optimization problem
whether Lido is exposed to US regulations
how long would it take for a large staker like Coinbase to stop being a validator
how a user-activated soft fork works and the conditions in which a fork could happen
whether social slashing is enforceable considering it is not in the protocol
the likelihood of Ethereum becoming a permissioned system
the role of Flashbots’ relay code and what it means for Ethereum’s censorship resistance
how DeFi’s exposure to US-based institutions can affect the likelihood of the chain complying with sanctions
whether DAI is just wrapped USDC
how MakerDAO is trying to be more independent of USDC
why US-based companies will choose a conservative path, considering the lack of guidance
the importance of educating the regulators
how cash and crypto are the only remaining private payment methods

Thank you to our sponsors!

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Ava Labs: https://avax.network

a16z: https://link.chtbl.com/HObAJQDL?sid=unchained

Andrew

Twitter: https://twitter.com/propelforward

Martin

Twitter: https://twitter.com/koeppelmann

Previous Coverage of the Tornado Cash Sanctions on Unchained:

Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No: https://unchainedpodcast.com/is-trm-labs-blocking-addresses-from-defi-protocols-ari-redbord-says-no-ep-387/
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/

Social Slashing and Censorship on ETH

Axios summary of the situation: https://www.axios.com/2022/08/23/how-transactions-might-be-censored-after-ethereum-changes-next-month

BitMex research on how the sanctions affect Ethereum: https://blog.bitmex.com/ofac-sanctions-ethereum-pos-some-technical-nuances/

Ethermine banning transactions: https://twitter.com/takenstheorem/status/1560690035955011585?s=20&t=59hWdhr8_O-hYA8uYnZJ8w

Nic Carter’s article: https://www.coindesk.com/layer2/2022/08/25/if-ethereum-starts-slashing-it-burns/

Eric Wall’s article on social slashing: https://ercwl.medium.com/the-case-for-social-slashing-59277ff4d9c7

CoinDesk article: https://www.coindesk.com/tech/2022/08/23/as-censorship-on-ethereum-begins-could-this-open-sourced-code-help-counter-it/?outputType=amp

Hetzner banning Ethereum users: https://twitter.com/koeppelmann/status/1563146729314467840?s=20&t=ubFhCQqrQyHKfflgMHEmJw

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With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? - Ep. 389 Aug 26, 2022

Travis Kling, Chief Investment Officer at Ikigai Asset Management, talks about how ETH changes after the Merge, what factors are going to affect its price action, and whether it can decouple from traditional assets.

Show highlights:

how the supply and demand dynamics of ETH will change after the Merge
why he believes the Merge is the most significant catalyst in crypto history
what the risks are in terms of price action
whether there is an estimate of how much ETH will be locked up and how this lockup resembles Mt. Gox’s BTC
the impact that being a deflationary asset will have on the price of ETH and whether it will actually become deflationary after the Merge
how activity levels have been decreasing in the Ethereum network
whether ether is underpriced or overpriced, and how to evaluate it
how institutional money is sitting on the sidelines at the moment after all the de-leveraging events that happened this year
how the Merge affects BTC’s narrative and value-proposition
how institutions have never been more interested in ether
what the futures market is saying about the price action of ether
whether ETHPoW has any value and how to trade it
how macroeconomics has been impacting the crypto markets and whether ETH can decouple from the macro setups

Thank you to our sponsors!

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Travis

Twitter: https://twitter.com/Travis_Kling

ETH Post-Merge ETH Dynamics:

Ultra sound money dashboards: https://ultrasound.money/
Dune dashboards on the Merge: https://twitter.com/DuneAnalytics/status/1562021273575751680?s=20&t=HELDvcJ6gI3Z5RmVsGHdiA
Cumberland on the Ethereum dynamics after the Merge: https://res.cloudinary.com/drw/image/upload/v1661351279/comm-cumberland/uploads/The_Ethereum_Merge_-_Derivative_Market_Opportunities_Changes_to_SupplyDemand_Dynamics_1_zwearq.pdf
Miles Suter on the implications of the Merge: https://twitter.com/milessuter/status/1560070819518234624?s=20&t=qjolzcydMY_nTU__vZNciQ
Robert Leshner on the Ethereum Merge: https://twitter.com/rleshner/status/1559727104903757826?s=20&t=cKkI7b_Hj7dDe0DKmgP13g
The triple point asset: https://newsletter.banklesshq.com/p/ether-a-new-model-for-money
Previous coverage of Unchained:
- Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake: https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/
- Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge: https://unchainedpodcast.com/why-kevin-zhou-believes-ethereum-will-have-3-forks-after-the-merge-ep-381/
- Why Ethereum’s Merge Was Delayed and Why It Won’t Reduce Gas Fees Much: https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/

ETH Trade

Whether Ethereum’s Merge is priced in: https://www.coindesk.com/layer2/2022/08/22/is-ethereums-merge-priced-in/
Arthur Hayes on the ETH trade: https://blog.bitmex.com/eth-flexive/
ETH flips Bitcoin open interest: https://www.coindesk.com/markets/2022/08/01/ether-flips-bitcoin-in-options-market-for-the-first-time/
“Max bidding” by Arthur Hayes: https://cryptohayes.medium.com/max-bidding-7a1c56c1cd07
Gauntlet’s view on the Merge: https://medium.com/gauntlet-networks/gauntlets-view-on-the-merge-7c79e39e4b59

Macroeconomics

Arthur Hayes on USD liquidity conditions and how it affects assets:https://cryptohayes.medium.com/teach-me-daddy-33e7a66dfe76
Adam Cochran on the Fed’s QT: https://twitter.com/adamscochran/status/1562077260819173378?s=20&t=Jh2DRYu-nr2mRg_4kJEFqA
Pantera Capital’s newsletter: https://panteracapital.com/blockchain-letter/ethereum-tightening-more-than-fed/

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Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate - Ep. 388 Aug 23, 2022

Stephane Gosselin, cofounder and chief architect of Flashbots, and Uri Klarman, CEO of bloXrouteLabs, joined Unchained to discuss everything about MEV, an especially important topic now with the Merge coming.

Show highlights:

what MEV is, how it works under Proof of Work
some examples of MEV, like frontrunning and arbitrage
how MEV is a rabbit hole full of monsters
the role of Flashbots in the MEV industry and how Flashbots enabled a reduction of gas fees for users
how MEV-geth functions and how it relates to auctions systems
how bloXroute, Uri’s company, is working with MEV
where Stephane and Uri disagree on MEV, despite agreeing on many fundamental things
how MEV changes with the implementation of Proof of Stake
what MEV-Boost is and the problems it solves
what proposer-builder separation is and the motivation behind this idea
whether DeFi would flourish more if there wasn’t frontrunning and why MEV-Boost doesn’t prevent it
what externalities MEV-Boost or proposer-builder separation (PBS) would solve for users
how MEV exists in other industries and in traditional finance
why Flashbots’ own investors would rather trade on a fair-sequenced rollup than on Flashbots
how the number of MEV extractors has been decreasing and whether this would end up centralizing MEV
whether exploiting certain types of MEV is illegal
how other chains are trying to solve frontrunning, like Osmosis with threshold encryption
what are the levers that can be pulled to solve MEV, according to Uri
how eradicating MEV can positively affect the price of ETH, and by how much
whether validators can potentially share MEV profits with users
how to determine if a network has a good MEV supply chain

Thank you to our sponsors!

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Show Links Uri:

Twitter: https://twitter.com/uriklarman

Stephane:

Twitter: https://twitter.com/thegostep

Previous coverage of MEV on Unchained:

The Debate Over Ethereum MEV: Should It Be Minimized or Boosted?: https://laurashin.bulletin.com/the-debate-over-ethereum-mev-should-it-be-minimized-or-boosted
The Other Side(s) of Ethereum's MEV Argument: https://laurashin.bulletin.com/the-other-side-s-of-ethereum-s-mev-argument

MEV

What is MEV: https://ethereum.org/en/developers/docs/mev/#:~:text=Maximal%20extractable%20value%20(MEV)%20refers,of%20transactions%20in%20a%20block
Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation
Uri’s blog post: https://medium.com/@uri_61495/flipping-the-table-on-the-mev-game-dc31df8baaf7
MEV Profit sharing validators: https://www.recvc.com/mev-2-0-the-rise-of-mpsvs/
Panel conversation mentioned in the episode (39:53): https://youtu.be/UKfBFV1TuEM?t=2393
Sealed auction design: https://ethresear.ch/t/mev-sgx-a-sealed-bid-mev-auction-design/9677
Priority Gas Auction (PGA): https://www.mev.wiki/terms-and-concepts/priority-gas-auctions#:~:text=What%20is%20a%20priority%20gas,up%20fees%20for%20other%20users.
Dune’s dashboard - amount of MEV extractors: https://dune.com/queries/1171509
The MEV Game of the Crypto Economy: Osmosis' Threshold Encryption vs. SGX of Flashbot?: https://mirror.xyz/infinet.eth/SFjR1H1-RMnKoIoPjqkxpauVPrLYGqLHQP1dY9FHvx4
Bank of International Settlements report on MEV: https://www.bis.org/publ/bisbull58.pdf

Flashbots

Flash Boys 2.0 paper: https://arxiv.org/pdf/1904.05234.pdf
Flashbots Dashboard: https://dashboard.flashbots.net/
Flashbots auctions: https://docs.flashbots.net/flashbots-auction/overview
Flashbots relay open source: https://twitter.com/hasufl/status/1559908331145265156?s=20&t=gtHe5sVetxQXVKfZL2VMYg
MEV Boost: https://www.alchemy.com/overviews/mev-boost
MEV in ETH PoS: https://writings.flashbots.net/writings/mev-boost-call-for-testing

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Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No - Ep.387 Aug 19, 2022

Ari Redbord, Head of Legal and Government Affairs at TRM Labs, talks about the sanctions on Tornado Cash, and the role of blockchain analytics tools in crypto.

Show highlights:

Ari’s background as a federal prosecutor and his work for the US Treasury
why regulators sanctioned Tornado Cash, according to Ari
why the Ronin hack was important for regulators to start taking DeFi hacks more seriously
the fact that for the first time the Treasury Department sanctioned software
whether the Office of Foreign Assets Control (OFAC) messed up
whether regulators understood the impact on regular users
the role of TRM and blockchain analytics tools in mitigating risk
how decentralized applications use tools like the ones provided by TRM to comply with regulations and to block addresses
why, if Ari were a regulator, he would focus on regulation guidance
whether the sanctions on Tornado Cash are unconstitutional
what the future of privacy in crypto looks like and whether the government is going after privacy technologies

Thank you to our sponsors!

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Ari

Twitter: https://twitter.com/ARedbord

Tornado Cash

Treasury Press release:
https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019
Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/
Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/
TRM Labs blog post:
https://www.trmlabs.com/post/how-defi-platforms-are-using-data-from-trm-labs-to-respond-to-tornado-cash-sanctions
Tornado Cash post on compliance: https://tornado-cash.medium.com/tornado-cash-compliance-9abbf254a370
Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/
Second Coin Center article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/
Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court
Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets
Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/
The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/
What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/
Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/
Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul
Previous Coverage of Unchained:
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/

** For more episode links and details visit the Unchained website **

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The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? - Ep. 386 Aug 18, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Laura Shin, host of Unchained and author of The Cryptopians, also joined the conversation.

Show topics:

What Tornado Cash is and why it got sanctioned by the OFAC
The difference between Tornado Cash and blender.io
Whether privacy is dead as a category and whether regulators are going after it
How these sanctions have a negative impact on the funding of privacy projects
How people within the industry can have different points of view, even when they understand the technology
Whether the ban of Tornado Cash only means that malicious groups will just go and use other protocols
Why regulation by enforcement sucks
The asymmetry between the government’s sanction and the effort needed to push it back.
What changes after the Merge for ETH in terms of centralization
Whether some MEV solutions make Ethereum more centralized
Why MEV is intrinsic to blockchains and whether it is impossible to get rid of it
Why Proposer-Builder Separation is helpful for the network
Whether MEV is illegal and the plausibility of major exchanges not extracting MEV
Why Facebook has an MEV extraction business model, according to Tarun
How some NFT exchanges are not enforcing royalties
What Sudoswap is and how it works
How the royalties were there to bootstrap the supply side of NFTs
Why Tarun thinks music NFTs will never happen
The economic reasoning around royalties
The differences between NFT marketplaces like OpenSea and Magic Eden
Whether NFTs have a real-world use
How Dragonfly’s acquisition of Metastable brought Laura some old memories

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
https://twitter.com/hosseeb
Tom Schmidt, general partner at Dragonfly Capital
https://twitter.com/tomhschmidt
Tarun Chitra, managing partner at Robot Ventures
https://twitter.com/tarunchitra

Laura

Twitter: https://twitter.com/laurashin

Episode Links

Tornado Cash

Treasury Press release:

https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019

Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/

Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/

Second Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/

Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court

Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets

Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/

The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/

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Coinbase CPO Surojit Chatterjee Explains Why He Believes the Exchange Will Win- Ep. 385 Aug 16, 2022

Surojit Chatterjee, chief product officer at Coinbase, comes to talk about what products Coinbase is building, how it can thrive in such a competitive landscape, how to onboard billions of users into crypto, and much more.

Show highlights:

how Surojit got into crypto and ended up at Coinbase
what sets Coinbase apart from the competition
how to bring billions of customers to crypto
Surojit’s mental model of a bridge between the fiat world and the crypto world
how Coinbase is integrating its main app with Web3
whether crypto can become a utility rather than an investment asset
how Coinbase is building a product in such a way that it attracts even “crypto-native” people
what happened with Coinbase NFT Marketplace’s failure and whether the company will keep investing in NFTs
whether Coinbase has lost crypto-embedded people among its employees
how the partnership with BlackRock indicates how far crypto has come
the amount of money that institutions could potentially pour into crypto
how Coinbase will prevent itself from having the largest percentage of staked ETH
how the company is monetizing the Coinbase wallet and what would happen to revenue if the trading volume were to move from the exchange to Coinbase wallet swaps
why Coinbase is suffering a decline in trading volume
whether Coinbase can compete with newer exchanges like FTX and Binance and why Surojit still thinks Coinbase will win
why it is important to keep investing and building through this crypto winter
Surojit’s take on the frontrunning of coins about to be listed on the platform
why the Howey test (which determines whether something is a security) is outdated
how Coinbase understands securities, and whether the firm thinks the tokens listed on the platform are securities
how can Coinbase compete with decentralized exchanges like Uniswap
why Surojit is worried about regulatory clarity and stablecoins
how hacks and security give the crypto industry a bad reputation
what Surojit’s dreams are for the industry

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Ava Labs: https://www.avax.network/

Show Links

Surojit:

Twitter: https://twitter.com/surojit

Coinbase Q2 2022 Earnings:

NFT Marketplace:

Coinbase NFT launch: https://decrypt.co/99561/coinbase-nft-marketplace-150-users-first-day-public
NFT Market data: https://dune.com/Marcov/0x-NFT-Market
Gamestop NFT stats: https://dune.com/dataisking420/gamestopnft-stats
Gamestop’s performance against Coinbase: https://decrypt.co/105069/gamestop-ethereum-nft-sales-dwarf-coinbase-nft

Partnerships

** For more episode links and details visit the Unchained website **

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Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? - Ep. 384 Aug 12, 2022

Jerry Brito, executive director of Coin Center, talks about Tornado Cash, why it was sanctioned, and what this means for privacy in crypto.

Show highlights:

what Blender.io is and how it relates to Tornado Cash
how hackers have used Tornado Cash to launder money
whether the Office of Foreign Assets Control made a mistake, according to Jerry
how Americans were affected by the sanctions
why Jerry believes OFAC should have done an analysis to estimate how many people would be impacted by its decision
whether the sanctions should have been aimed at North Koren wallets and not the protocol
whether the sanctions are unconstitutional and whether Coin Center will litigate this
how Jerry believes Circle freezing USDC complicated everything
what the famous people who received 0.1 ETH from random accounts via Tornado Cash should do
what would happen if someone forked the Tornado Cash code and deployed a copycat smart contract to a new address
whether the sanctions signal the beginning of a privacy war on crypto
how regulators are applying the same traditional rules with crypto as they use with centralized entities

Thank you to our sponsors!

1inch: https://1inch.io/

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Jerry

Twitter: https://twitter.com/jerrybrito

Tornado Cash

Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/

Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/

Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets

Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/

The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/

What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/

Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/

Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul

Hacks linked to Tornado Cash

Ronin: https://www.cnbc.com/2022/04/15/ronin-hack-north-korea-linked-to-615-million-crypto-heist-us-says.html

Harmony: https://decrypt.co/104138/north-korean-attackers-behind-100m-harmony-hack-report

Crypto.com: https://www.wired.com/story/crypto-hack-nso-group-security-news/

Nomad: https://decrypt.co/106459/crypto-bridge-nomad-exploited-190m-frenzied-free-for-all

Previous Coverage of Unchained: Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks?: https://unchainedpodcast.com/will-the-nomad-mass-looting-change-how-law-enforcement-treats-defi-hacks-ep-382/

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The Chopping Block: How to Manage MakerDAO, With Hasu and Rune - Ep. 383 Aug 11, 2022

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news in the digital asset industry. In this episode, Hasu, the gourmand of governance and Rune Christensen, chief mischief maker at MKR, discuss how to manage a DAO, their respective visions for MakerDAO, and much more.

Show topics:

What MakerDAO is, how DAI works and whether it is the “central bank” of DeFi
How the visions for MakerDAO of Hasu and Rune differ
Whether Maker should only hold highly liquid collateral assets
Hasu’s mental model of DAI as eurodollars
The role of real-world assets in backing DAI
What the purpose of a DAO is and how it differs from a legal entity
Whether people behave in their purest form within a DAO
How DAI can create positive externalities and make a better world
How crypto holders are not only in it for the money but also for the philosophy
What the “decentralized stablecoin trilemma” is
Whether there’s a need for dollar-denominated collateral for DAI to work
What “clean money” is according to Rune
Why Rune thinks having a single council is not viable due to the political risks and whether the solution is to have multiple councils
How to keep the principal-agent problem in check, according to Hasu
Why Hasu believes council members wouldn’t pursue their own interests and go against the benefit of MKR token holders
Whether a council would be corruptible and the dangers that it entails
What kind of interests should be represented in the council
Whether Maker can create more synthetic assets
The iron law bureaucracy and how it relates to governance
How to design the DAO to be steered in alignment with the token holders
Whether ossification is a feature to be pursued, and where innovation happens
How complexity is very expensive for an organization

Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital
https://twitter.com/hosseeb
Tom Schmidt, general partner at Dragonfly Capital
https://twitter.com/tomhschmidt
Robert Leshner, founder of Compound
https://twitter.com/rleshner

Hasu

Twitter: https://twitter.com/hasufl

Rune Christensen

Twitter: https://twitter.com/RuneKek

Episode Links

MakerDAO

Hasu’s governance proposal: https://vote.makerdao.com/address/0xafaff1a605c373b43727136c995d21a7fcd08989#delegate-credentials
Rune’s proposal - the endgame: https://forum.makerdao.com/t/the-endgame-plan-parts-1-2/15456
Proposal to add a lending oversight core unit: https://forum.makerdao.com/t/mip39c2-sp33-adding-lending-oversight-core-unit-love-001/15098
Previous Coverage of Unchained:
Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/
Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/
The Rise of MakerDAO: A Personal Journey: https://unchainedpodcast.com/the-rise-of-makerdao-a-personal-journey/

Real World Assets:

Huntingdon Valley Bank (“HVB”) proposal: https://forum.makerdao.com/t/huntingdon-valley-bank-hvb-rwa-collateral-onboarding-risk-assessment/15828
$500 million allocation proposal: https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922

The stablecoin trilemma: https://fluid.ch/stablecoin-trilemma/#:~:text=A%20deeper%20dive%20into%20the,decide%20on%20the%20stablecoin%20supply.

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Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks? - Ep. 382 Aug 09, 2022

Layne Haber, Co-founder of Connext Network, discusses the Nomad bridge hack, how it happened, and what can be done to prevent these exploits.

Show highlights:

what Nomad is and how it works
how the hack occurred and what the vulnerability was
how much TVL the protocol had and how much of it was drained
why the Nomad hack was unique
how this exploit resembled the DAO hack on Ethereum
the bounty program that Nomad offered and how hackers responded to it
how Nomad is working with law enforcement, and the reasons why law enforcement has decided to get involved
how Nomad has partnered with TRM Labs to help with tracking the hackers
whether privacy developments in the crypto ecosystem will make it harder for law enforcement to track down hackers
why cross-chain hacks happen so often
what Layne thinks can be done to improve bridge security
what mechanism can be implemented to prevent errors that enable these types of mass looting
what Layne expects to see in the next few weeks around the Nomad exploit

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Ava Labs: https://www.avax.network/

Oasis: https://oasisl.ink/3Bo612R

EPISODE LINKS Layne

Twitter: https://twitter.com/LayneHaber

Nomad Hack:

https://www.theblock.co/post/160731/nomad-cross-chain-crypto-bridge-suffers-possible-exploit
Sam Sun explaining the hack: https://twitter.com/samczsun/status/1554252024723546112?s=20&t=SHIZQRqJ00mmuZVXFKXuZg
Nomad’s bounty program: https://twitter.com/nomadxyz_/status/1555293965049630722?s=20&t=RxH5UuWbBXiRLqu5gHDNyg
Pranay Mohan’s thread: https://twitter.com/pranaymohan/status/1556402131325915137?s=20&t=RxH5UuWbBXiRLqu5gHDNyg
$36 million recovered: https://twitter.com/nomadxyz_/status/1556681397993058304?s=20&t=makkX3SX1ezAXQSd6fdZYA

Cross-chain security:

Chainalysis article: https://blog.chainalysis.com/reports/cross-chain-bridge-hacks-2022/
Adam Cochran on crypto bridges: https://twitter.com/adamscochran/status/1554473323073093634?s=20&t=8YFw6sPEGfjvh12q8w7p-Q
Vitalik’s take on cross-chain applications: https://old.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/
Previous Unchained coverage:
- The Chopping Block: How to Improve DeFi and Cross-Chain Bridge Security: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/
- Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/

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Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge - Ep. 381 Aug 05, 2022

Kevin Zhou, co-founder of Galois Capital, comes to talk about the possibility of a Proof of Work chain on Ethereum after the Merge, the LUNA death spiral, how he plans to play the Merge, and much more...

Show highlights:

how Kevin got started in crypto
what Galois Capital is and what its investment thesis is
why Kevin was more vocal than most about the possibility of the LUNA death spiral
whether Kevin made money out of the Terra collapse and what was his strategy
what the difficulty bomb in Ethereum is
the potential scenarios that could arise after the Merge
whether the public is not considering the risks of the Merge
how the fact that everybody was telling the same narrative about ETH made Kevin suspicious
how Chandler’s statement about forking Ethereum made it a lot more likely that it would happen
the groups behind the encouragement of a proof-of-work Ethereum chain
whether there is a value proposition for a Proof of Work chain
how Kevin used The Cryptopians to remember how the DAO fork went
what replay protection is and why it is important when forking a chain
why anyone would want to keep the difficulty bomb in a potential proof of work chain
Kevin’s predictions about the market cap of the potential Ethereum forks
how a proof of work chain of Ethereum would function without the biggest stablecoins like USDT and USDC
whether Tether is going to support Ethereum 2
why Kevin writes using metaphors related to history and gaming and how those analogies relate to Ethereum
how Kevin wanted to “stick it” to the Ethereum Foundation by offering his services
whether Vitalik trolled Kevin on Twitter
whether Kevin will apply the same strategy he used with ETC after the DAO fork

Thank you to our sponsors!

1inch: https://1inch.io/

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Kevin

Twitter: https://twitter.com/Galois_Capital

ETH2

What is the Merge?: https://ethereum.org/en/upgrades/merge/

Proof of Work Chain

Kevin’s analogy: https://twitter.com/Galois_Capital/status/1554053321165512705?s=20

Haseeb’s answer to Kevin’s arguments: https://twitter.com/hosseeb/status/1554163977806000128?s=20

Chandler Guo’s proposal: https://decrypt.co/106409/prominent-chinese-ethereum-miner-wants-to-resist-merge-create-fork

Kevin’s consulting offer: https://twitter.com/Galois_Capital/status/1553090706708856832?s=20

BitMEX researchers on the possibility of an Ethereum PoW chain: https://blog.bitmex.com/ethpow-vs-eth2/

CoinDesk article: https://www.coindesk.com/layer2/2022/08/03/who-will-mine-ethereum-after-its-gone/

Poloniex’s announcement: https://twitter.com/poloniex/status/1555085757450272768?s=21&t=jkjNGieNXdY5SgT2e9xhoQ

Justin Sun’s support of ETHW: https://twitter.com/justinsuntron/status/1555112296006922240?s=21&t=jkjNGieNXdY5SgT2e9xhoQ

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How Will Inflation Impact Crypto? Lyn Alden and Mauricio Di Bartolomeo Explain - Ep.380 Aug 02, 2022

Lyn Alden, founder of Lyn Alden Investment Strategy, and Mauricio di Bartolomeo, cofounder of Ledn, discuss how inflation could affect the digital asset industry. Show highlights:

how Mauricio’s upbringing in Venezuela and firsthand experience with inflation led him to Bitcoin
what a “long-term debt cycle” is and why Lyn thinks the 2020s could be similar to the 1930s and 1940s
the difference between inflation and hyperinflation
how inflation changes consumer investing and purchasing decisions
what the impact of inflation is on Bitcoin
how Russia’s war on Ukraine will continue to impact inflation
how rising interest rates will affect Bitcoin and stablecoin adoption
what type of economic environment is worst for BTC growth
whether Bitcoin is an inflation hedge
why Lyn is long-term bullish on stablecoins and Bitcoin
what effect a global recession would have on Bitcoin
how global inflation has changed adoption rates for BTC in developing economies
how Venezuelans use and perceive Bitcoin
why Lyn and Mauricio are excited about Lightning Network in developing countries
what Lyn and Mauricio think about El Salvador’s adoption of BTC and its billion dollar BTC bond
how Ledn, as a lending company, was able to navigate the Celsius/Voyager crash
how Lyn analyzes the risks associated with firms like BlockFi
what lessons Lyn and Mauricio have learned in 2022 about digital assets and the economy

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Ava Labs: https://www.avax.network/

Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program

Episode Links Lyn Alden

Twitter: https://twitter.com/LynAldenContact
Website: https://www.lynalden.com/
Previous Unchained episodes:
- Is Ethereum a Good Investment: https://unchainedpodcast.com/lyn-alden-and-raoul-pal-is-ethereum-a-good-investment/
- Why Bitcoin Now: https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/

Mauricio di Bartolomeo

Twitter: https://twitter.com/cryptonomista
LInkedIn: https://www.linkedin.com/in/mauricio-di-bartolomeo-780284101

Other topics

Electronic Money Licence: https://www.theblockcrypto.com/post/75845/aave-uk-fca-emi-license-defi
Unsecured Loans: https://www.theblockcrypto.com/post/70678/aave-launches-new-service-for-unsecured-peer-to-peer-loans-on-ethereum
Flash Loans: https://www.theblockcrypto.com/genesis/93740/flash-loans-as-a-capital-boost-tool

Aave Version 2: https://medium.com/aave/the-aave-protocol-v2-f06f299cee04 + https://github.com/aave/protocol-v2/blob/master/aave-v2-whitepaper.pdf

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Lyn Alden and Raoul Pal: Is Ethereum a Good Investment? - Ep.211 Feb 09, 2021

Lyn Alden, CEO and founder of Lyn Alden Investment Strategies, and Raoul Pal, CEO & cofounder of Real Vision Group & Global Macro Investor, explain their thinking about Ethereum and its native token, and talk about their perspective on GameStop. In this episode, we discuss:

why Raoul views ether as similar to bitcoin at a macro level (1:25)
why Lyn decided ETH was not currently investable (5:06)
an analysis of utility protocols (John Pfeffer’s paper) (6:55)
counterarguments to John Pfeffer’s paper (9:31)
how to allocate between BTC and ETH (11:22)
why Raoul also invested in other coins beyond BTC and ETH (11:47)
whether Metcalfe's law applies equally to all kinds of networks (13:35)
why Lyn views Ethereum’s use case as circular, and why that makes it less investable (15:09)
whether Ethereum 2.0 and Ethereum Improvement Proposal 1559, and whether that could make ETH more investable (21:20)
the impact of fees on the value of Ethereum (23:36)
Raoul's views on what S-Curves and the Lindy Effect indicate about the development of a currency (25:22)
how high fees make DApps less attractive, while low fees potentially decrease demand for ETH (27:06)
how Lyn believes demand for DeFi is to circumvent compliance and know-your-customer processes, and she doesn't also see that as a downside for Bitcoin (33:10)
how the regulators are behind innovation in cryptocurrencies, particularly around taxation (36:32)
Raoul's and Lyn's predictions for the ETH price by end of 2021 (41:45)
what GameStop says about the democratization of financial information (45:32)
whether smart contracts could play in preventing situations similar to what happened with GameStop and/or Robinhood (49:03)
how blockchain technology could be used to prevent a situation in which the hedge funds could short more shares than existed (54:03)
how the GameStop/Robinhood saga is a giant advertisement for self-custody (54:53)
whether r/WallStreetBets' behavior was market manipulation or not (56:53)

Thank you to our sponsor!

Crypto.com: http://crypto.com

Episode links:

Lyn Alden: https://twitter.com/LynAldenContact

Lyn Alden Investment: https://www.lynalden.com/

Raoul Pal: https://twitter.com/RaoulGMI

Real Vision: https://www.realvision.com/contributor/raoul-pal

Global Macro Investor: https://www.globalmacroinvestor.com

Raoul's tweet storm on Ethereum: https://twitter.com/RaoulGMI/status/1347013567799848961?s=20

Lyn Alden’s research paper on Ethereum: https://www.lynalden.com/ethereum-analysis/

Raoul Pal’s tweet: ETH equals BTC: https://twitter.com/raoulgmi/status/1347013567799848961?lang=en

John Pfeffer’s paper: https://s3.eu-west-2.amazonaws.com/john-pfeffer/An+Investor's+Take+on+Cryptoassets+v6.pdf

Network effects and Metcalfe’s Law: https://saylordotorg.github.io/text_developing-new-products-and-services/s04-12-there-is-power-in-numbers-netw.html

Quantity Theory of Money: https://saylordotorg.github.io/text_economics-theory-through-applications/s30-01-the-quantity-theory-of-money.html

How Will the Government React to GameStop?: https://www.coindesk.com/gamestop-regulators-response

GameStop and Crypto trading: https://cryptonews.com/exclusives/are-gamestop-style-surges-in-crypto-any-different-from-old-p-9151.htm

Robinhood Raises Extra funds: https://www.theblockcrypto.com/linked/93258/report-robinhood-billions-raised-investors-1

Possible role of blockchain in trading: https://cointelegraph.com/news/cardano-foundation-ceo-says-blockchain-could-prevent-gme-type-showdowns

Caitlin Long: https://www.forbes.com/sites/caitlinlong/2019/05/16/naked-shorting-in-the-uber-ipo-it-couldnt-happen-on-a-blockchain/?sh=f2a0dcd4737d

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Everything You Need to Know About Your 2020 Crypto Taxes - Ep.210 Feb 02, 2021

In this episode, Shehan Chandrasekara, head of strategy at CoinTracker, and Dan Hannum COO at Zen Ledger, take a deep dive into the world of crypto taxes. Over an hour and fifteen minutes they tackle a bevy of topics ranging from why the IRS is asking about your crypto history to explaining the proper way of reporting yield farming income. Shehan and Dan give up their hard-earned tax secrets and tips learned through building their respective cutting-edge crypto tax software. Here is a list of talking points covered in the discussion:

how the IRS is handling crypto this year (1:20)
where to start with reporting crypto and what constitutes a taxable event (5:59)
bitcoin corner cases:
- mining, with a description of calculating cost basis (19:48)
- wages (27:01)
- peer-to-peer transactions outside of exchanges (28:23)
defi and taxes:
- yield farming — and how it's like Russian nesting dolls (31:45)
- how the IRS taxes earned interest (36:32)
- airdrops (40:15)
crypto transactions that are not taxable: purchases, withdrawals, and stablecoins (46:28)
navigating tax documents (51:24-58-10)
NFT’s and social tokens (57:14)
tax loss harvesting (1:03:09)
how having coins on platforms like Robinhood and Paypal can have an effect on your taxes (1:05:05)
proposed tax changes (1:06:50)
crypto tax software and tips for the upcoming year (1:10:29)

Thank you to our sponsor!

Crypto.com: http://crypto.com

Episode links:

Guests

Shehan Chandrasekara: https://twitter.com/TheCryptoCPA
Dan Hannum: https://twitter.com/DHannum8

Software

CoinTracker: cointracker.io
ZenLedger: zenledger.io

Accounting

LIFO, HIFO, FIFO: https://www.forbes.com/sites/shehanchandrasekera/2020/09/17/what-crypto-taxpayers-need-to-know-about-fifo-lifo-hifo-specific-id/?sh=7077f8e936aa (written by Shehan)
1040 Question: https://fortune.com/2020/09/28/the-irs-is-adding-a-cryptocurrency-question-to-form-1040-for-2020/
1099 Misc: https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
1099 B: https://www.irs.gov/forms-pubs/about-form-1099-b

Regulatory research:

2014 IRS Tax Guidance: https://www.irs.gov/pub/irs-drop/n-14-21.pdf
IRS Virtual Currency page: https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies
IRS gains and losses: https://www.irs.gov/pub/irs-pdf/p550.pdf
Equipment write-offs: https://www.section179.org/section_179_deduction/
IRS sues Coinbase: https://www.theverge.com/2017/11/29/16717416/us-coinbase-irs-records
How holding crypto at PayPal or Robinhood or any platform that does not allow you to transfer to an address off-platform could affect your taxes: https://www.forbes.com/sites/shehanchandrasekera/2021/01/28/exiting-robinhood-could-create-a-tax-nightmare-for-crypto-users/?sh=106b74a84ad6
De minimis exemption: https://www.investopedia.com/ask/answers/09/series63-050509.asp#:~:text='The%20De%20Minimis'%20exemption%20means,period%20with%20a%20physical%20address.
FinCEN intends to apply FBAR to cryptocurrency held offshore: https://www.coindesk.com/fincen-foreign-crypto-exchange-disclosure-rule

Backstory:

Bitcoin Cash Fork: https://www.coindesk.com/bitcoin-cash-has-split-into-two-new-blockchains-again

Yield farming and social tokens:

Crypto tax guides

BlockFi: https://blockfi.com/crypto-tax-laws
Coinbase: https://www.coinbase.com/learn/tips-and-tutorials/crypto-and-bitcoin-taxes-US

Nerd Wallet: https://www.nerdwallet.com/article/investing/bitcoin-taxes

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Why Bitcoin Now: Michael Saylor on the Best Way for Companies to Buy Bitcoin - Ep.209 Jan 26, 2021

Michael Saylor, CEO and founder of Microstrategy, explains how he decided the publicly traded business data firm needed to put its excess cash in bitcoin and what happened afterward. In this episode, we discuss:

why Microstrategy decided to buy Bitcoin, and how the pandemic spurred that
whether his previous experience with Microstrategy stock imploding after accounting irregularities were revealed had any bearing on the company's decision to buy bitcoin
the reactions of the officers and board members to his suggestion to invest in bitcoin
why they put all the excess cash into bitcoin as opposed to some percentage
what parts of the bitcoin industry could be improved to better serve corporate interests
whether Microstrategy intends to take any money off the table at the top of any future bubbles and reinvest when the price hits a new low
whether it hurts Microstrategy that GAAP rules require the company to mark Bitcoin down to the lowest price it traded at during the quarter
how his life has changed since Microstrategy bought bitcoin
what he thought of Citi downgrading Microstrategy stock
what he thinks of Renaissance Technology being the third-largest buyer of Microstrategy stock since the summer
what will happen to Microstrategy stock in a bitcoin bear market
whether or not there was any further conversation after his tweets with Elon Musk
what types of companies, and how many, have been talking with him, expressing interest in buying bitcoin
what will happen at the Bitcoin for Companies conference
what type of bitcoin data products they are contemplating offering
what he thinks will happen to the USD’s global reserve currency status
what it would take for him to sell any bitcoin

Thank you to our sponsors!

Crypto.com: http://crypto.com

1inch: http://1inch.exchange

Episode links:

Michael Saylor: https://twitter.com/michael_saylor

Microstrategy: https://www.microstrategy.com/en

Bitcoin for Corporations: https://www.microstrategy.com/en/resources/events/world-2021/bitcoin-summit

Microstrategy purchases an additional $10 million in bitcoin:

https://www.microstrategy.com/content/dam/website-assets/collateral/financial-

documents/financial-document-archive/Form-8-K_jan-22-2021.pdf

Unchained interview with Saifedean Ammous:

August 11, 2020: Microstrategy adopts Bitcoin as its primary reserve asset:

August 11, 2020: Microstrategy makes tender offer to purchase up to $250 million of its common stock:

September 11, 2020: Microstrategy to purchase $60.5 million of common stock:

Plan to offer $550 million in convertible notes: https://www.theblockcrypto.com/linked/87120/microstrategy-550m-convertible-notes-bitcoin

Microstrategy announces over $1 billion in Bitcoin purchases in 2020:

Michael Saylor’s 2013 tweet on Bitcoin: https://twitter.com/michael_saylor/status/413478389329428480?s=20

Forbes expose on unusual accounting practices by Microstrategy back in 2000: https://www.forbes.com/global/2000/0306/0305024a.html?sh=46312df01674

April 2000 profile of Michael in The New Yorker: https://archives.newyorker.com/newyorker/2000-04-03/flipbook/034/

SEC enforcement action against Microstrategy: https://www.sec.gov/litigation/admin/34-43724.htm

Forbes profile after the SEC enforcement action: https://www.forbes.com/2000/12/18/1218faces.html?sh=523061e03bf9

Forbes announcing Microstrategy would restate earnings after its expose: https://www.forbes.com/2000/03/20/mu3.html?sh=21efe89d1ee6

Summary of SEC action:

Citi downgrading MSTR:

Renaissance Technologies has been third-largest buyer of Microstrategy’s stock since the summer: https://www.theblockcrypto.com/linked/87194/renaissance-technologies-microstrategy-bitcoin

Microstrategy contemplating bitcoin data products: https://www.theblockcrypto.com/post/85310/microstrategy-bitcoin-data-products

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The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know - Ep.208 Jan 19, 2021

Stephen Palley, partner at Anderson Kill. and Gabriel Shapiro, partner at BSV Law, discuss the SEC's lawsuit against Ripple and two executives, Chris Larsen and Bard Garlinghouse. In this episode, they explain:

what was so "egregious" that the SEC went after two executives, Chris Larsen and Brad Garlinghouse, were charged
why their sales showed an information asymmetry, and why that matters
why the complaint comes close to being a fraud case, but why the SEC didn't charge them with fraud
why the idea that XRP is a currency and therefore cannot be a security will likely not fly
why it's unlikely the case will go to the Supreme Court
the SEC's case for why XRP is a security, and Ripple's role in it
how even on a technical level, the XRP network is centralized
how strong the SEC's case is against Larsen and Garlinghouse
Stephen's and Gabriel's predictions on how the lawsuit will play out
how this will likely impact XRP investors
whether or not Ripple could become an SEC-reporting company and XRP a security
what happened with Ripple's lead investor in its most recent fundraising round
whether or not the SEC might go after exchanges or other players who made money off XRP or collaborated with Ripple around XRP trading
what this means for Coinbase, in particular, because it's going public later this year
what Ripple's defense, in its summarized Wells submission, was
how this case compares to some of the other big SEC/crypto securities cases, Kik/Kin and Telegram
whether there might ever be a digital token that is determined to be a security for specific transactions but not others
what the wider implications of the case are for the rest of the crypto industry

Thank you to our sponsors!

Crypto.com: http://crypto.com

1inch: https://1inch.exchange

Episode links:

Stephen Palley: https://twitter.com/stephendpalley

Gabriel Shapiro: https://twitter.com/lex_node

SEC lawsuit against Ripple: https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf

SEC lawsuit against Ripple being close to a fraud case: https://twitter.com/stephendpalley/status/1341523294344896515?s=20

Former SEC commissioner Joe Grundefest on the case: https://www.theblockcrypto.com/linked/89164/former-sec-commissioner-says-ripple-lawsuit-will-cause-multi-billion-dollar-losses-to-innocent-third-parties

Other lawsuit against Ripple: https://www.courtlistener.com/recap/gov.uscourts.cand.334410/gov.uscourts.cand.334410.115.0.pdf

Technical assessment of Ripple network: https://cryptobern.github.io/noconsensusripple/

Tetragon’s case against Ripple: https://twitter.com/stephendpalley/status/1346531087971999749?s=20

What the case means for exchanges: https://www.coindesk.com/coinbase-delist-xrp-exchanges-dilemma

Coinbase suspends trading in XRP: https://blog.coinbase.com/coinbase-will-suspend-trading-in-xrp-on-january-19-2e09652dbf57

https://www.coindesk.com/coinbase-suspends-xrp-trading

Lawsuit against Coinbase: https://www.bloomberg.com/news/articles/2020-12-30/coinbase-sued-over-xrp-commissions-after-sec-pursues-ripple?sref=m9L277rN

https://twitter.com/stephendpalley/status/1344352455895691269?s=20

People in the industry thinking for a while that XRP is a security: https://www.theblockcrypto.com/genesis/57366/xrp-is-probably-a-security-dont-at-me

Mary Jo White: https://www.coindesk.com/former-sec-chair-represents-ripple-xrp-lawsuit

Ripple’s Wells submission: https://ripple.com/wp-content/uploads/2020/12/Ripple-Wells-Submission-Summary.pdf

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Willy Woo: How Bitcoin Reaches up to $300,000 by End of Year - Ep.207 Jan 12, 2021

Willy Woo, a prominent on-chain Bitcoin analyst and author of the “The Bitcoin Forecast,” a market intelligence newsletter, explains the parabolic activity of Bitcoin in the past month. We cover:

why he thinks Bitcoin has more than doubled in the last month
what the "double pump" market is and why Bitcoin may see two rallies this cycle
what stage of the Bitcoin bull market we are currently in
who is buying, and how they've differed from previous investors
who still is yet to buy this cycle
why Bitcoin hitting new all-time highs mean that we're in "uncharted price discovery"
how his "top cap model" shows Bitcoin could be around $95k by end of year
and how if certain trends accelerate, it could reach $200,000-$300,000 by year's end
how the pandemic impacted Bitcoin’s price
what on-chain movements he's seeing that make him call the current cycle of Bitcoin "whale spawning season”
how to gauge the increasingly rapid investor activity
what to expect from Bitcoin and Ethereum in 2021

Thank you to our sponsors!

Crypto.com: http://crypto.com

1inch: http://1inch.exchange

Episode links:

Willy Woo: https://twitter.com/woonomic

Woobull.com: http://charts.woobull.com

Willy on Unconfirmed: https://unchainedpodcast.com/willy-woo-on-why-its-an-extremely-great-time-to-buy-bitcoin/

Fibonacci traces tweet: https://twitter.com/woonomic/status/1347433551906500614?s=20

Bitcoin reflexivity: https://twitter.com/woonomic/status/1344189627997949952/photo/1

Who has been buying recently: https://twitter.com/woonomic/status/1347127159538688002?s=20

Double pump bull market: https://twitter.com/woonomic/status/1346889817792004096?s=20

Buying by long-term holders: https://twitter.com/woonomic/status/1346827893322616833/photo/1

What percentage of the Bitcoin supply is liquid: https://insights.glassnode.com/bitcoin-liquid-supply/

Premium above NVT Price: https://twitter.com/woonomic/status/1346797291668029440/photo/1

Accumulation of BTC before the OCC announcement: https://twitter.com/woonomic/status/1346296294797582336/photo/1

Will never see a $20k BTC again: https://twitter.com/woonomic/status/1345660018541019138?s=20

Bitcoin as investment vs. tech: https://twitter.com/woonomic/status/1345221723751206912?s=20

NVT Ratio: http://charts.woobull.com/bitcoin-nvt-ratio/

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Central Bank Digital Currencies: How Should Privacy Be Built In? - Ep.206 Jan 05, 2021

This panel, from a panel for the fifth anniversary of Hyperledger, features Rob Palatnick, managing director of global head of technology research and innovation at the DTCC and chairman of the Hyperledger board, Matthieu Saint Olive, Codefi payments product manager and CBDC advisor at ConsenSys, and Robert Bench, assistant vice president at the Federal Reserve Bank of Boston. In this discussion on the current outlook on central bank digital currencies (CBDCs), they cover:

what main problems CBDCs can solve
whether CBDCs should be open sourced
why building a new technology for CBDCs is preferred over using existing tech
how concerns over CBDCs and their privacy implications differ across countries
what possible pain points or opportunities CBDCs pose for central banks
whether CBDCs should be blockchain-based
to what extent CBDCs will be distributed and open networks, and whether fees would be charged for transactions
how central banks are thinking about methods of adoption, like whether they will bank directly with retail customers or still use commercial banks
how developers balance the drawbacks and benefits of blockchain-based CBDCs with different stakeholders
whether stable coins will be replaced by or coexist with CBDCs
and what the future holds for the continued development of CBDCs

Thank you to our sponsors!

Crypto.com: http://crypto.com

1inch: http://1inch.exchange

Episode links:

Rob Palatnick: https://www.dtcc.com/our-experts/robert-palatnick

Brian Behlendorf: https://twitter.com/brianbehlendorf?lang=en

Matthieu Saint Olive: https://twitter.com/msaintolive?lang=en

Robert Bench: https://www.bostonfed.org/home/people/bank/robert-bench.aspx

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2020 Highlights: The Biggest News Stories of the Year in Crypto - Ep.205 Dec 29, 2020

Host Laura Shin recaps the biggest stories of the year in crypto, with clips from shows throughout the year. In this episode, we cover how the pandemic drove Bitcoin to new all-time highs, how regulation began to come for the crypto space in a big way, plus new trends in DeFi, corporate structures, and how ETH will change as an asset.

Thank you to our sponsors!

Crypto.com: http://crypto.com

1inch: https://1inch.exchange

Episode links:

Meltem Demirors on Bitcoin’s behavior during the recession https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/

Mike Novogratz and Raoul Pal on Bitcoin’s relation to fiat https://unchainedpodcast.com/why-bitcoin-now-mike-novogratz-and-raoul-pal-on-the-single-greatest-brand-of-the-last-10-years/

Chamath Palihapitiya on Bitcoin as a financial hedge https://unchainedpodcast.com/chamath-palihapitiya-why-bitcoin-will-be-the-category-winner/

Cathie Wood and Dan Tapiero on corporate adoption of Bitcoin https://unchainedpodcast.com/why-bitcoin-now-bitcoin-under-a-biden-administration/

Dave Jevans and Siân Jones on regulation and VASPs https://unchainedpodcast.com/why-the-travel-rule-is-one-of-the-most-significant-regulations-in-crypto/

Jake Chervinsky and Kristin Smith on the Swiss Rule and self-hosted wallets https://unchainedpodcast.com/everything-you-need-to-know-about-the-looming-battle-over-privacy-in-crypto/

Jeremy Allaire and Kristin Smith on Mnuchin’s proposed FinCEN rule https://unchainedpodcast.com/why-is-the-proposed-fincen-rule-for-unhosted-wallets-being-pushed-so-quickly/

Jessi Brooks and Zia Faruqui on cryptocurrencies facilitating illicit activity https://unchainedpodcast.com/how-this-doj-strike-force-hunts-down-cryptocurrency-criminals/

Brian Brooks on Americans accepting more privacy restrictions https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/

Meltem Demirors on privacy being under attack https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/

Haseeb Qureshi on the maturation of DeFi https://unchainedpodcast.com/why-decentralized-trading-has-10xed-in-a-few-months/

Vitalik Buterin on risks that still exist in DeFi https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/

Taylor Monahan and Dan Guido on DeFi security https://unchainedpodcast.com/defi-security-with-so-many-hacks-will-it-ever-be-safe/

Vitalik Buterin reflecting on the last five years of Ethereum https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/

Ryan Watkins on Ethereum 2.0 https://unchainedpodcast.com/ethereum-2-0-what-you-need-to-know/

Olaf Carlson-Wee on DeFi impacting the traditional corporate structure https://unchainedpodcast.com/olaf-carlson-wee-if-there-is-a-money-losing-exploit-the-money-is-gone/

Andrew Cronje on shifting corporate structures https://unchainedpodcast.com/andre-cronje-of-yearn-finance-on-yfi-and-the-fair-launch-im-lazy/

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Why Is the Proposed FinCEN Rule for Unhosted Wallets Being Pushed So Quickly? - Ep.204 Dec 22, 2020

Jeremy Allaire of Circle Pay and Kristin Smith of the Blockchain Association explain the impact of and motivation behind Treasury Secretary Steve Mnuchin’s proposed FinCEN rule that targets “unhosted” wallets. In this episode, they cover:

what the new FinCEN rule says, and how it would impact unhosted or self-hosted wallets, as well as crypto businesses
why they believe this is really politically motivated and unilateral midnight rule making by Secretary Mnuchin
what other bureaucrats and policymakers think should be done instead
whether the rule only affects businesses rather than individuals
what information will be recorded according to the rule
ways to circumvent compliance
how the rule affects DeFi and Web3
the procedural hurdles Mnuchin took to propose the rule, and what they recommend the crypto community to do try to stop the implementation of the rule
how the rule comports with European GDPR regulations
which government entities will be tasked with making the regulatory changes the space needs
why President-Elect Joe Biden’s administration may be more favorable for the space

Thank you to our sponsors!

Crypto.com: http://crypto.com

1inch: http://1inch.exchange

Episode links:

Jeremy Allaire: https://twitter.com/jerallaire

Kristin Smith: https://twitter.com/kmsmithdc

Circle: https://www.circle.com/en/

The Blockchain Association: https://theblockchainassociation.org

Stories on proposed rule:

https://www.coindesk.com/fincen-proposes-kyc-rules-for-crypto-wallets

https://www.theblockcrypto.com/post/88347/treasury-crypto-wallets-reporting-rule

Effect on DeFi: https://twitter.com/jerallaire/status/1340060806088671232?s=20

https://twitter.com/jchervinsky/status/1340050400871911424?s=20

Coin Center response: https://www.coincenter.org/a-midnight-rule-for-cryptocurrency-transaction-reports/

Brian Armstrong’s earlier tweet thread: https://twitter.com/brian_armstrong/status/1331745196887867393

Collins Belton’s tweet thread: https://twitter.com/collins_belton/status/1340051986008350721?s=20

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All the Ways Crypto Can Make Gaming More Fun - Ep.203 Dec 15, 2020

Marguerite deCourcelle is co-founder and CEO of Blockade Games, which is releasing the role-playing game game Neon District the day this episode comes out. She discusses her background in art, how her love of video games led her to discover Bitcoin in the early days of the cryptocurrency, and how she helps create the next phase of web 3.0 content creation and distribution. Topics include:

how Marguerite became involved in crypto and what led her to co-found Blockade Games
her work on Pineapple Arcade and Plasma Bears
the problems she sees with gaming and how blockchain technology can solve them
how Blockade Games is utilizing blockchain tech
Neon District, a blockchain-based RPG game with active gameplay and animation that uses NFTs and farming
the difference between ERC-721 and ERC-1155 tokens and how each is utilized in Neon District
how they have been marrying NFTs with DeFi through the NIFTEX exchange
how an open economy challenges the dynamics of gameplay and how they account for this in their game design
why a decentralized profile can be so powerful in gaming
the types of users Blockade Games hopes to attract with Neon District
why they are using the Matic Network
how blockchain tech within a game changes the business model for Blockade as opposed to a traditional gaming company
whether she thinks conventional gaming companies will be disrupted by blockchain technology
the problems in content creation business models and distribution and how she thinks blockchain can solve them
her personal token, COIN, how it is connected to CRED and how the two work together and people earn them
what Coin Artist Liquidity Mining is and how it works

Thank you to our sponsors!

Crypto.com: http://crypto.com

1inch: http://1inch.exchange

Episode links:

Marguerite: https://twitter.com/coin_artist

Coin Artist: https://coinartist.io

Yield farming NFTs: https://www.coindesk.com/nfts-yield-farming-defi-buzz-explained

Crypto puzzles: https://www.coindesk.com/theres-more-money-to-win-in-the-310-bitcoin-challenge-heres-some-hints

Blockade Games's seed round: https://www.coindesk.com/bitcoin-puzzle-artists-blockchain-gaming-startup-valued-at-13-million

CoinDesk podcast network with Marguerite: https://www.coindesk.com/what-artists-love-about-crypto

Delphi Digital podcast with Marguerite: https://www.delphidigital.io/podcasts/marguerite-decourcelle-building-towards-a-neon-future/

Delphi Digital report on Coin's E-den syndicate: https://www.delphidigital.io/reports/social-tokens-the-rise-of-the-coins-e-den-syndicate/

OpenSea store for Alex Botez chess pieces: https://opensea.io/collection/get-pwnd

Blog post about the Alexandra Botez collaboration: https://coin-artist.medium.com/bringing-chess-to-ethereum-5969d9cfa07a

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Can Gavin Wood's Polkadot 'Make Blockchain Great Again'? - Ep.202 Dec 08, 2020

Gavin Wood, founder of Polkadot, Kusama, and Parity, discusses what he calls the "meta-protocol," Polkadot. In this episode, he talks about:

his vision for Polkadot and the problems he set out to solve when conceiving it
why he considers Polkadot a meta-protocol
the implementation of parachains and parathreads, how they are defined and how they differ
parachain auctions and candle auctions
how DDoS attacks can be prevented on parachains
initial parachain offerings and how they differ from initial coin offerings and avoid the regulatory problems that were so common with ICOs
on-chain governance on Polkadot and how it works
how immediate implementation of proposals that pass consensus will prevent forks
his answer to those who point to Parity's history with security lapses as cause for concern about Polkadot's security
how he sees Polkadot co-existing with Ethereum
whether Polkadot is working toward composability
how the Web3 Foundation and Parity plan to use their collective stake of DOTs within the network
how he plans to address the possibility that DOT could be labeled a security
how he imagines Polkadot will serve the enterprise world and how Polkadot will benefit enterprise blockchains

Thank you to our sponsors!

1inch: https://1inch.exchange

Crypto.com: https://www.crypto.com

Episode links:

Gavin Wood: https://twitter.com/gavofyork

Polkadot: https://polkadot.network

Kusama: https://kusama.network

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Ethereum 2.0: What You Need to Know - Ep.201 Dec 01, 2020

Ryan Watkins and Wilson Withiam, senior research analysts at Messari, explain the nuts and bolts of Ethereum 2.0, including how it will transform ETH as an asset and why they believe it will be Ethereum’s most ambitious upgrade yet. Topics include:

the different phases of Ethereum 2.0 and the functions they serve
the problems Ethereum hopes to solve with this upgrade
the technical requirements needed to ensure the launch can happen
the new proof of stake consensus and why Ethereum is leaving proof of work behind
the requirements necessary to maintain a validator node on the Ethereum 2.0 network
why users won’t be able to use their ETH once it is staked on Ethereum 2.0
the incentives and services that will allow users staking on Ethereum 2.0 to continue using their ETH on Ethereum 1.0
whether the appeal of DeFi is a threat to Ethereum 2.0 staking
how Ethereum 2.0 incentivizes client diversity
the monetary policy of “minimum necessary issuance” that supports Ethereum 2.0
how Ethereum 2.0 will allow ETH to achieve the unprecedented combination of a store of value, a capital asset, and a commodity
what will be done in the short term to help ease the scaling problem while ETH 2.0 is being built
whether scalability can be efficiently addressed in time to prevent migrations to other blockchains
and the most significant risks Ethereum 2.0 is facing

Thank you to our sponsor!

Crypto.com: https://www.crypto.com

Episode links:

Ryan Watkins: https://twitter.com/RyanWatkins_

Wilson Withiam: https://twitter.com/wilsonwithiam

Messari Crypto: https://messari.io/

Messari report on Ethereum 2:0: https://messari.io/road-to-eth2

Amount of ETH in the Ethereum 2.0 Deposit Contract: https://etherscan.io/address/0x00000000219ab540356cBB839Cbe05303d7705Fa#analytics

https://www.stakingrewards.com/earn/ethereum-2-0

ETH issuance based on amount staked: https://docs.ethhub.io/ethereum-basics/monetary-policy/#proof-of-stake-impact

Dan Elitzer article on DETH: https://medium.com/ideo-colab/the-deth-of-ethereum-98553866e81b

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What Fidelity Is Doing With the Bitcoin It's Mined - Ep.200 Nov 24, 2020

Christine Sandler, head of sales and marketing at Fidelity Digital Assets, talks about how 30 years in traditional finance and an early retirement led her to Coinbase, and, eventually, Fidelity Digital Assets. She discusses the history of Fidelity's involvement in crypto, how they became one of the first to enter the space, and what the future holds. Topics include:

what Fidelity Digital Assets is and Christine's role there
Christine's background in traditional finance, how she was drawn into the world of cryptocurrencies, eventually working at Coinbase, and how she found her way to Fidelity Digital Assets
the role Fidelity sees itself playing in the digital asset space
how the client base for digital assets has changed over time
how Fidelity approaches the difficulties around explaining what bitcoin and crypto is, and the most common questions they receive
how the pandemic has changed the conversation around digital currencies
the types of services and products Fidelity is considering for the future
the differences Fidelity sees in how international investors are approaching digital currency
Fidelity's plans for a Bitcoin index fund and whether they are considering offering futures
how financial institutions and institutional investors fit into a world of decentralized finance founded with the ethos of excluding them
the regulatory improvements Fidelity is hoping to see
what a Bitcoin ETF would mean for Fidelity
how Fidelity might use a central bank digital currency in its business
Fidelity's thoughts on offering proof of stake services
whether a more deflationary Ethereum might attract more institutional investors
and whether Fidelity will offer Ethereum in the future

Thank you to our sponsor!

Crypto.com: https://www.crypto.com

Episode links:

Christine Sandler: https://twitter.com/shoegalnyc

Fidelity Digital Assets: https://www.fidelitydigitalassets.com/overview

Twitter: https://twitter.com/DigitalAssets

Christine leaves Coinbase for FDAS: https://www.coindesk.com/fidelity-poaches-coinbase-institutional-sales-head-christine-sandler

Fidelity Center for Applied Technology: https://fcatalyst.com/overview

Fidelity Digital Assets looking to become prime broker: https://www.theblockcrypto.com/daily/68920/fidelity-digital-assets-eyes-service-for-introducing-crypto-funds-to-big-investors

How the client profile has changed: https://www.theblockcrypto.com/daily/42342/the-client-profile-is-changing-fidelity-digital-assets-exec-says-new-players-are-entering-the-crypto-fold

How to Explain Cryptocurrencies and Blockchains to the Average Person

Unchained episode: https://unchainedpodcast.com/how-to-explain-cryptocurrencies-and-blockchains-to-the-average-person/

Fidelity expands crypto business to Europe: https://www.coindesk.com/fidelity-to-expand-institutional-crypto-business-to-europe

Fidelity obtains New York Trust Charter: https://www.coindesk.com/fidelity-gets-a-new-york-trust-charter-to-custody-bitcoin-for-institutions

Bitcoin Index Fund: https://www.forbes.com/sites/michaeldelcastillo/2020/08/26/fidelity-president-files-for-new-bitcoin-fund/?sh=13aa335445c9

Fidelity survey of 800 institutional investors: https://www.fidelitydigitalassets.com/bin-public/060_www_fidelity_com/documents/FDAS/institutional-investor-study.pdf

FDAS hiring: https://www.fidelitydigitalassets.com/articles/engineering-hiring-initiative?ccmedia=owned&ccchannel=social&cccampaign=hiring_blog&cctactics=twitter

Kingdom Trust:

https://www.coindesk.com/fidelity-digital-assets-to-custody-bitcoin-in-kingdom-trust-retirement-accounts

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Everything You Need to Know About the Looming Battle Over Privacy in Crypto - Ep.199 Nov 17, 2020

Jake Chervinsky, general counsel at Compound Labs, and Kristin Smith, executive director of The Blockchain Association, talk about the storm brewing in the cryptosphere involving self-custody and privacy. In this episode, they cover:

the differences between hosted and self-hosted wallets and how transactions between them differ
why the ability to transact from self-hosted wallets is so important
compliance and regulation in the traditional financial world and how it could affect self-custody
the “Swiss rule” and what it could mean for the rest of the world
the proposal by FinCEN to lower the threshold for collecting data on transactions from $3,000 to $250
how regulators might achieve their goals without “dragnet” surveillance
how the amount of crime and money laundering in the traditional financial system compares to that in the crypto world
why OTC brokers are considered the most significant money laundering risk in crypto, and how that risk might be mitigated
how different political environments can influence the value of peer to peer transactions
whether Americans should be willing to give up some of their financial privacy in favor of security
what the recent statement by the DOJ's cryptocurrency enforcement framework labeling anonymous transactions as "high-risk activity indicative of possible criminal conduct" could mean for privacy coins like Monero and Zcash
Gary Gensler's appointment as head of Biden's financial policy transition team and whether to view it as a positive or negative for crypto
whether they think the incoming Congress will be in favor of more surveillance or more privacy
whether there might eventually be regulations for developers who write code for self-hosted wallets
how potential rules regarding self-custody could affect non-monetary items like NFTs
and the next big developments they are watching out for regarding this issue

Thank you to our sponsor!

Crypto.com: http://crypto.com

Episode links:

Jake Chervinsky: https://twitter.com/jchervinsky

Compound Labs: https://compound.finance

Kristin Smith: https://twitter.com/kmsmithdc

The Blockchain Association: https://theblockchainassociation.org/

https://twitter.com/BlockchainAssn

FinCen NPRM: https://www.federalregister.gov/documents/2020/10/27/2020-23756/threshold-for-the-requirement-to-collect-retain-and-transmit-information-on-funds-transfers-and

Coin Center commentary on lowering FinCEN threshold: https://www.coincenter.org/app/uploads/2020/10/Coin-Center-Comment-FinCEN-FRB-250-threshold.pdf

Unchained episode about the FATF travel rule: https://unchainedpodcast.com/why-the-travel-rule-is-one-of-the-most-significant-regulations-in-crypto/

The choice of Gary Gensler to lead the financial policy transition team:

https://www.wsj.com/livecoverage/trump-biden-election-day-2020/card/peMRHGPJasECSPLezSFx

https://www.coindesk.com/biden-confirms-gary-gensler-will-lead-financial-policy-transition-team

Shapeshift delists Zcash: https://www.coindesk.com/shapeshift-delists-privacy-coin-zcash-over-regulatory-concerns

Jessie Liu interview on Unchained: https://unchainedpodcast.com/what-you-need-to-know-about-the-dojs-cryptocurrency-enforcement-framework/

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Why Bitcoin Now: Bitcoin Under a Biden Administration - Ep.198 Nov 10, 2020

In this episode, Dan Tapiero, founder of 10T Holdings and Gold Bullion International, and Cathie Wood, CEO and CIO at ARK Invest, discuss the long election week in the U.S. and how they believe Bitcoin will behave in a post-election world. They also talk about:

how a changeover from a Trump to a Biden administration could affect Bitcoin
how the prospect of legal challenges from the Trump administration might affect Bitcoin
whether they think the presidential election influenced Bitcoin’s precipitous price jump in the first week of November
what it takes to change the mind of a Bitcoin skeptic in the investment world
whether gold investors are becoming more resistant or more embracing of Bitcoin
whether Democratic control of the Senate would affect Bitcoin
how they expect the new wave of rising coronavirus cases and lockdowns to affect economies and Bitcoin
the new inflation policy introduced by Federal Reserve chairman Jerome Powell and how it will affect Bitcoin
the recent Bitcoin halving and how they expect Bitcoin to perform over the next year
how banking will change over the next few years and how that will affect Bitcoin
their thoughts on central bank digital currencies and how an increase in CBDCs might affect Bitcoin
what factors they are looking at right now when thinking about what could happen with Bitcoin over the next year

Thank you to our sponsor!

Crypto.com: https://www.crypto.com

Episode links:

Cathie Wood: https://twitter.com/cathiedwood

Ark Invest: https://ark-invest.com/

Yassine Elmandjra: https://twitter.com/yassineARK

Dan Tapiero: https://twitter.com/DTAPCAP

10T Holdings: https://10tfund.com/

Gold Bullion International: https://bullioninternational.com/

Unchained with Brian Brooks: https://unchainedpodcast.com/acting-comptroller-of-the-currency-brian-brooks-on-crypto-banks/

Jerome Powell speech on targeting inflation of 2%: https://www.cnbc.com/2020/08/27/powell-announces-new-fed-approach-to-inflation-that-could-keep-rates-lower-for-longer.html

Bitcoin-gold correlation: https://coinmetrics.io/correlation-charts/#assets=btc-gld

Bitcoin-S&P 500 correlation: https://coinmetrics.io/correlation-charts/#assets=btc-s&p

Forbes profile on Cathie Wood: https://www.forbes.com/sites/antoinegara/2020/10/05/how-cathie-wood-beat-wall-street-by-betting-tesla-is-worth-more-than-1-trillion/?sh=12d44f813d45

ARK Invest Bitcoin white papers: https://ark-invest.com/white-papers/bitcoin-part-one/

https://ark-invest.com/white-papers/bitcoin-part-two/

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Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin - Ep.197 Nov 03, 2020

In this seventh installment of the Why Bitcoin Now series, Meltem Demirors, the chief strategy officer at Coinshares, and Lyn Alden, the founder of Lyn Alden Investment Strategy, discuss the state of Bitcoin since June, amidst the presidential election – which takes place on the date of publication of the show -- and a global pandemic. Topics discussed include:

the significance of bitcoin staying above $10k for over three months
why the pandemic has created the conditions for which Bitcoin was designed
how the markets may react to a Trump or Biden win
why they believe, no matter which party wins, there will be massive deficits and a money-printing debt spiral
why other countries see opportunities to erode the supremacy of the US dollar
why Bitcoin has shown that it’s possible to have money without state
how the current record unemployment and massive stimulus efforts during the pandemic have impacted Bitcoin
the increasing interest in Bitcoin from traditional investors
the IMF’s recent call for a “New Bretton Woods moment” and how it may impact crypto
China’s DCEP central bank digital currency and the effects it may have on increasing China’s trade leverage
why the pandemic has made clear the importance of bringing more Bitcoin mining onshore
whether or not Bitcoin will be able to remedy growing wealth inequality
why privacy/encryption will be the main issue Bitcoiners need to watch from the coming administration

Thank you to our sponsors!

Crypto.com: https://www.crypto.com

Episode links:

Lyn Alden: https://twitter.com/LynAldenContact

Lyn Alden Investment Strategy: lynalden.com

Meltem Demirors: https://twitter.com/Melt_Dem

Coinshares: https://www.coinshares.com/

Lyn’s post on how the economy and stock market perform under Democratic vs. Republican presidents: https://www.lynalden.com/presidential-elections/

US stimulus spending: https://datalab.usaspending.gov/federal-covid-funding/#section-tracking

IMF New Bretton Woods speech: https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment

Stocks in a bubble: https://www.longtermtrends.net/sp500-price-earnings-shiller-pe-ratio/

Meltem on the financialization of internet infrastructure: https://medium.com/coinshares/the-financialization-of-compute-connectivity-66beaffe7501

BitOoda report on Bitcoin mining: https://bitooda.medium.com/bitcoin-mining-hashrate-and-power-analysis-bitooda-research-ebc25f5650bf

Bloomberg wealth report: https://www.bloomberg.com/news/articles/2020-10-08/top-50-richest-people-in-the-us-are-worth-as-much-as-poorest-165-million

Cash app’s Bitcoin sales: https://www.theblockcrypto.com/linked/74001/square-q2-bitcoin-cash-app

JPMorgan research note on Bitcoin: https://fortune.com/2020/10/26/jp-morgan-chase-bitcoin-predictions-analyst-jpm-cryptocurrency/

https://twitter.com/DTAPCAP/status/1319703750450302980?s=20

Forbes interview with Daniel Masters of Coinshares: https://www.forbes.com/sites/michaeldelcastillo/2020/10/24/jp-morgan-veteran-daniel-masters-explains-how-blockchain-will-end-commercial-banks/#77ec4f6a6bdd

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Acting Comptroller of the Currency Brian Brooks on Crypto Banks - Ep.196 Oct 27, 2020

Brian Brooks got his start in traditional finance before joining Coinbase in 2018 and is currently the acting comptroller of the currency. In this episode, he discusses:

how his background in traditional financial services led him to take a position at Coinbase
whether the role blockchain and crypto will likely play in the financial future is being recognized at the federal level
whether or not banks have always had the authority to custody crypto for their customers
how he expects things to unfold in the coming years as banks begin to become more involved in crypto custody
his thoughts on Kraken and others launching crypto banks and whether it will lead to the founding of other crypto banks
how his office is pushing for a national fintech charter, and how it could affect less crypto-friendly states
whether banks that work with crypto companies supporting unhosted wallets are prohibited from holding stablecoin reserves
whether or not OCC regulations cover DeFi, and the regulatory challenges that open source protocols present
whether he sees a time when governments and regulators participate in the governance of crypto platforms
what roles he thinks public and private sectors, as well as commercial banks, should play in the creation of a central bank digital currency
what stance the OCC might take around privacy in blockchain transactions
how U.S. regulators can offer more clarity to the crypto industry
and how he thinks the pandemic, its effect on the economy, and the government’s response through stimulus will affect the crypto industry

Thank you to our sponsor!

Crypto.com: https://www.crypto.com

Episode links:

Brian Brooks: https://twitter.com/BrianBrooksOCC

Office of the Comptroller of the Currency: https://www.occ.gov

Letter to authorize banks to provide crypto custody services for customers: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1170.pdf

The significance of the letter for banks and crypto companies: https://www.forbes.com/sites/matthougan/2020/07/27/the-occs-notice-on-crypto-is-a-really-big-deal/#13aad8806301

The OCC’s statement on federally chartered banks and crypto custody: https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html

His support for a federal licensing framework for crypto companies: https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms

Questions about the OCC’s stablecoin guidance

https://www.coindesk.com/questions-occ-first-guidance-stablecoins

CSBS “One Company, One Exam” policy: https://www.coindesk.com/csbs-firms-explained

Battle with states over federal licensing program: https://www.politico.com/news/2020/08/31/currency-comptroller-reshape-banking-406393

FinCEN’s 2019 Regulatory Guidance: https://www.fincen.gov/news/news-releases/new-fincen-guidance-affirms-its-longstanding-regulatory-framework-virtual

Federal Reserve says it is exploring a central bank digital currency: https://www.coindesk.com/fed-reserve-evaluating-digital-dollar-but-benefits-still-unclear-says-chairman

His view that a CBDC should be designed by the private sector:

https://www.theblockcrypto.com/post/69216/heres-how-brian-brooks-disagrees-with-fed-chair-jerome-powell-on-the-digital-dollar

The OCC’s Financial Inclusion Project: https://www.occ.gov/topics/consumers-and-communities/minority-outreach/project-reach.html

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How This DOJ Strike Force Hunts Down Cryptocurrency Criminals - Ep.195 Oct 20, 2020

Magistrate judge Zia Faruqui, and Jessi Brooks, assistant U.S. attorney in the national security section at the United States Attorney’s Office, have prosecuted several cryptocurrency-related cases, many of them amongst the most well-known. In this episode, they talk about:

how they came to be involved in the prosecution of so many cases involving cryptocurrency
the nature of civil forfeiture cases
the Al-Qassam Brigades case, which led to the largest ever seizure of a terrorist organization’s cryptocurrency accounts, and the terrorist organization’s use of dynamic addresses in an attempt to elude detection by authorities.
how Al Qaeda used Telegram to pursue cryptocurrency donations
the case involving ISIS and counterfeit PPE for COVID
the process of seizing funds from unhosted wallets
the North Korean affiliated Lazarus Group, and how they were able to amass $2580 million worth of cryptocurrency
the methods hackers will use to cash out stolen crypto funds to fiat
how different government agencies in the U.S., as well as in other countries, are coordinated when tackling these cases
the Welcome to Video case and how they went about prosecuting a person in a foreign country
how they’ve seen the use of cryptocurrencies by criminals evolve over time
and whether or not they think decentralized exchanges will make it easier for criminals and hackers to cash out

Thank you to our sponsor!

Crypto.com: https://www.crypto.com

Episode links:

Jessi Brooks: https://www.linkedin.com/in/jessica-brooks-8289ab32/

Zia’s Faruqui: https://www.linkedin.com/in/zia-faruqui-a73ba11a5/

Three terror-finance cybercrime cases: https://www.justice.gov/opa/pr/global-disruption-three-terror-finance-cyber-enabled-campaigns

The Al-Qassam Brigades case: https://www.justice.gov/opa/pr/global-disruption-three-terror-finance-cyber-enabled-campaigns

Scam PPE site: https://www.wired.com/story/isis-allegedly-ran-a-covid-19-ppe-scam-site/

Civil forfeiture complaint against North Korea-affiliated hackers, Lazarus Group:

https://www.justice.gov/usao-dc/pr/united-states-files-complaint-forfeit-280-cryptocurrency-accounts-tied-hacks-two

https://www.justice.gov/usao-dc/press-release/file/1310411/download

https://blog.chainalysis.com/reports/lazarus-group-north-korea-doj-complaint-august-2020

Welcome to Video indictment: https://www.justice.gov/opa/pr/south-korean-national-and-hundreds-others-charged-worldwide-takedown-largest-darknet-child

Dark Scandals: https://www.forbes.com/sites/kellyphillipserb/2020/03/13/dark-deja-vu-irs-announces-charges-in-takedown-of-multi-million-dollar-child-exploitation-website-funded-by-bitcoin/#4a09b2ac28ae

https://www.justice.gov/usao-dc/press-release/file/1257581/download

Jonathan Levin from Chainalysis on Unchained: https://unchainedpodcast.com/how-bitcoin-led-to-the-demise-of-the-largest-child-porn-site/

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SEC Commissioner Hester Peirce on BitMEX, DeFi and a Token Safe Harbor - Ep.194 Oct 13, 2020

Hester Peirce, AKA “Crypto Mom,” was just confirmed to a second term as SEC Commissioner of the Securities Exchange Commission in August. In this episode, she talks about:

the reasons for her dissent in the Unikrn Settlement and what she believes would have been a proper penalty
the current status of her token safe harbor proposal
her thoughts on fair launch projects as opposed to traditional VC-backed tokens
her view on how the SEC should view airdrops
her thoughts on whether existing securities laws could be tweaked as opposed to implementing a safe harbor
whether she thinks DeFi governance tokens should be considered securities
her thoughts on DeFi playing its own regulatory role
her thoughts on the Securities Clarity Act introduced in Congress
the chances of a Bitcoin ETF being approved by the SEC in the future
the charges against BitMEX and the effect it may have on the industry in general
stablecoins, and how they might raise securities issues
and whether she thinks that all securities could one day be tokenized

Thank you to our sponsor!

Crypto.com: https://www.crypto.com

Episode links:

Hester Peirce: https://twitter.com/HesterPeirce

SEC: https://www.sec.gov

Her dissent on the Unikrn settelement: https://www.sec.gov/news/public-statement/peirce-statement-settlement-charging-token-issuer

Unconfirmed interview on her safe harbor proposal: https://unchainedpodcast.com/sec-commissioner-hester-peirce-on-her-safe-harbor-proposal/

Her token safe harbor proposal: https://www.sec.gov/news/speech/peirce-remarks-blockress-2020-02-06

Unchained interview with Cmr. Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/

Proposal in The Block on ways to amend existing securities law instead of issuing a token safe harbor: https://www.theblockcrypto.com/post/57207/case-for-reg-a-response-commissioner-peirce-sec-token

Is UNI a security: https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate

FCA banning crypto derivatives and ETNs: https://www.coindesk.com/fca-bans-sale-of-cryptoderivatives-to-retail-consumers-in-uk

https://www.theblockcrypto.com/post/79911/uk-regulator-fca-bans-crypto-derivatives-retail-users

Securities Clarity Act: https://www.theblockcrypto.com/post/78231/uniswap-token-security-debate

Statement on ATS’s: https://www.sec.gov/divisions/marketreg/mr-noaction/2020/finra-ats-role-in-settlement-of-digital-asset-security-trades-09252020.pdf

SEC chairman Jay Clayton says all stocks could be tokenized: https://www.theblockcrypto.com/post/79783/all-stocks-tokenized-sec-chairman-clayton

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Can Solana Seize Marketshare From Ethereum With Serum? - Ep.193 Oct 06, 2020

Sam Bankman-Fried, the CEO of FTX and Alameda Research, and Anatoly Yakovenko, the co-founder and CEO of Solana Labs, discuss the Project Serum ecosystem that they are building on the Solana blockchain, and the unique approach to scaling the Solana blockchain is taking.

In this episode, they talk about:

their backgrounds, and how they became involved in crypto
why Solana takes a different approach to scaling and how it is implemented
why they think a relatively lower number of nodes is sufficient to protect from attacks or collusion
what the vision for Solana is, who they see using it, and how Serum fits into that vision
why they think there haven’t been more crypto projects migrating to Solana yet
Solana’s proof-of-history algorithm and how it works
how Solana plans to attract DeFi developers
why Serum was made interoperable with Ethereum
the types of traders they are hoping to attract with Serum, and what their experience will be like on the platform
why Project Serum is an ecosystem and not just an order book exchange
how high-frequency trading firm Jump Trading came to adopt Serum
how Serum will manage trading tokens from different chains
the purpose of Serum’s two tokens, SRM and MSRM
and what’s in store for Project Serum in the future

Thank you to our sponsors!

Crypto.Com: https://www.crypto.com

Gods Unchained: https://playgu.co/unchainedpod

Episode links:

Anatoly Yakovenko: https://twitter.com/aeyakovenko

Solana: Solana.com

Sam Bankman-Fried: https://twitter.com/SBF_Alameda

Project Serum: https://www.projectserum.com

Project Serum on Twitter: https://twitter.com/projectserum

Solana CoinList auction in March: https://www.theblockcrypto.com/linked/59952/blockchain-project-solana-raises-1-76m-from-its-launch-auction-on-coinlist

Solana network stats: https://explorer.solana.com

The Block Research on Solana: https://www.theblockcrypto.com/genesis/76615/solana-blockchain-overview

Proof of history:

https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274

Serum: https://www.theblockcrypto.com/daily/72924/ftx-dex-serum-solana-blockchain

Tether: https://medium.com/solana-labs/tether-to-bring-usdt-to-the-solana-network-77864184b20

Jump Capital: https://www.theblockcrypto.com/post/76826/veteran-market-maker-jump-trading-forays-into-defi-to-provide-liquidity-for-ftxs-solana-based-dex

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Why Bitcoin Now: Andreas Antonopoulos and Dan Held on Bitcoin’s Monetary Policy - Ep.192 Sep 29, 2020

Andreas M. Antonopoulos, speaker, educator, and the author of Mastering Bitcoin, Mastering Ethereum, and The Internet of Money, Volumes 1, 2, and 3, and Dan Held, growth lead at Kraken Digital Asset Exchange, discuss the core features of Bitcoin's monetary policy, including how it differs from traditional central bank monetary policy, what gives it value and yet how it seems to have derived value from thin air. Plus, we talk about how the coronavirus pandemic will affect Bitcoin. In this episode, we cover:

how monetary policy in general is defined
the core feature of Bitcoin’s monetary policy, and how it differs from previous forms of money
the similarities and differences between Bitcoin and gold
why the hard cap on Bitcoin is unique and so important
the difficulties in analyzing and classifying Bitcoin
whether or not transaction fees alone can sustain the network once all 21 million Bitcoin have been minted
if Bitcoin will be able to fulfill its original vision of democratizing finance and serving as an everyday medium of exchange
why they think Bitcoin has recently been more correlated with the stock market
their thoughts on the stock to flow model and whether it works for Bitcoin
how they think the coronavirus, unprecedented quantitative easing, and increasing inflation will impact Bitcoin’s adoption and price
how crypto banks that don’t conduct fractional reserve banking or lending might change the economy

Thank you to our sponsors!

Crypto.com: http://crypto.com

Gods Unchained: https://playgu.co/unchainedpod

Episode links:

Andreas Antonopoulos: https://aantonop.com

On Twitter: https://twitter.com/aantonop

YouTube: https://www.youtube.com/c/aantonop/

Dan Held: https://www.danheld.com

On Twitter: https://twitter.com/danheld

Dan Held on Bitcoin's monetary policy: https://medium.com/the-bitcoin-times/information-theory-of-money-36247aebdfe1

Dan Held on Bitcoin's security model: https://www.danheld.com/blog/2019/6/16/bitcoins-security-is-fine

Unchained interview with Saifedeam Ammous: https://unchainedpodcast.com/why-bitcoin-now-saifedean-ammous-on-why-bitcoin-is-the-most-advanced-form-of-money/

Mises’ Regression Theorem: https://mises.org/library/bitcoin-regression-theorem-and-emergence-new-medium-exchange

Stock to flow model: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25

https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12

Why the stock-to-flow model is wrong: https://www.coindesk.com/why-the-stock-to-flow-bitcoin-valuation-model-is-wrong

Federal Reserve announcement about letting inflation run higher than normal to achieve a 2% target rate of inflation: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm

Kraken launching the first crypto bank: https://unchainedpodcast.com/the-first-crypto-bank-what-kraken-financial-will-do-and-how/

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How Matthew Leising Confronted His Suspects in the DAO Attacks - Ep.191 Sep 22, 2020

Matthew Leising, a reporter at Bloomberg who began covering crypto in 2015, is out with a new book Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All. In this episode, he discusses:

the catalyst that led to him writing his new book, which covers the early history of Ethereum and the DAO attack of 2016
why he thought the story of the DAO hack was compelling enough to make a book, and how he went about reporting it
the surprising things he learned about Ethereum’s early days and Vitalik
the twists and turns during his quest to discover the identity of the DAO attacker
why he thinks separate people were responsible for the two biggest DAO attacks
his meeting in Tokyo with one of the prime suspects of a copycat DAO attack
why he decided to end his story at the Ethereum hard fork and chose not to write about Ethereum Classic
what he feels the long-term significance of the DAO and the hard fork has been for Ethereum
why he thinks the lessons of the DAO are not being heeded today
what he thinks the next chapter of Ethereum will be and how it will unfold
the differences he’s found as a journalist covering crypto as opposed to covering more traditional finance
and how the book is about more than just the DAO

Thank you to our sponsors!

Crypto.com: https://www.crypto.com

Gods Unchained: https://playgu.co/unchainedpod

Episode links:

Matthew Leising: https://twitter.com/mattleising

Out of the Ether: The Amazing Story of Ethereum and the $55 Million Heist that Almost Destroyed It All: https://www.wiley.com/en-us/Out+of+the+Ether%3A+The+Amazing+Story+of+Ethereum+and+the+%2455+Million+Heist+that+Almost+Destroyed+It+All-p-9781119602934

Matt's original Bloomberg article on the DAO attack, "The Ether Thief": https://www.bloomberg.com/features/2017-the-ether-thief/

Excerpt in Bloomberg: https://www.bloomberg.com/news/articles/2020-09-16/a-trip-down-the-crypto-rabbit-hole-in-search-of-the-dao-hacker

Excerpt in CoinDesk: https://www.coindesk.com/55m-hack-ethereum-down

Decrypt's interview with Matt about the book: https://decrypt.co/41952/book-sheds-new-light-on-ethereums-55-million-dao-hack

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Andre Cronje of Yearn Finance on YFI and the Fair Launch: 'I'm Lazy' - Ep.190 Sep 15, 2020

Andre Cronje, the developer of yearn.finance, talks about all things DeFi and the past, present, and future of yEarn. In this episode, he discusses:

what Yearn Finance is, and what led him to develop it and eventually open it to the public
his history and background, leading up to the development of Yearn
the processes and mechanisms involved in yEarn v1 and yEarn v2
why he decided to do a "fair launch" of the YFI token, despite being in debt as a result of building Yearn
why he felt that a Decrypt article about him in August was a "horrible hatchet job"
why he disagrees with what he sees as the current anti-VC narrative
his thoughts on the phenomenal rise in YFI's price and why the price of a YFI token still doesn't matter
how and why he decided governance participation would be a requirement for earning tokens in the Balancer/yCurve/YFI pool
the governance processes in Yearn and his thoughts on whether or not a Compound-style form of governance would be better
how he might mitigate whales dominating the vote
what he means by "I test in prod" and how people have misinterpreted his meaning
why he briefly walked away from DeFi
whether he agrees that YFI could be a new structure to replace existing traditional business structures
his response to the allegations by XAR Network
whether he would consider moving Yearn to another blockchain
his vision for what Yearn can become
and how much YFI he currently owns personally

Thank you to our sponsors!

Crypto.com: http://crypto.com

Gods Unchained: https://playgu.co/unchainedpod

Episode links:

Andre Cronje: https://twitter.com/AndreCronjeTech

Yearn Finance: https://yearn.finance

https://docs.yearn.finance

CoinDesk on Yearn: https://www.coindesk.com/what-is-yearn-finance-yfi-defi-ethereum

The Block report on yEarn Finance: https://www.theblockcrypto.com/genesis/75189/defis-yield-aggregator-dao-yearn-finance

Post introducing $YFI: https://medium.com/iearn/earning-yfi-y-curve-fi-53b5fd347f0f

Delegated vaults: https://medium.com/iearn/delegated-vaults-explained-fa81f1c3fce2

V2: https://medium.com/iearn/yearn-finance-v2-af2c6a6a3613

Delphi Digital report on yETH yVault: https://www.delphidigital.io/reports/yeth-now-do-you-understand/

yETH collateralization ratio: https://defiexplore.com/cdp/13972

Tony Sheng newsletter: https://tonysheng.substack.com/p/yfi-ponzinomics

Yearn Governance: https://medium.com/iearn/yearn-governance-forum-7b7c9d0300ac

yInsure Finance: https://medium.com/iearn/yinsure-finance-a-new-insurance-primitive-77d5d4217896

Delegated funding DAO vaults: https://medium.com/iearn/delegated-funding-dao-vaults-7ab05a63d7ba

Siege Rhino question about governance: https://twitter.com/SiegeRhino2/status/1303415750238101504?s=20

Andre’s “Building in DeFi Sucks” post: https://medium.com/@andre_54855/building-in-defi-sucks-b8fdfda0ef58?source=---------17------------------

Andre quits in February: https://decrypt.co/21068/founder-of-promising-defi-project-abandons-the-toxic-cryptosphere

Andre close to quitting in August: https://decrypt.co/37995/exclusive-yfi-andre-cronje-broke-quitting-defi

What Andre wishes he had known before building Ethereum dapps: https://medium.com/iearn/things-i-wish-i-knew-before-building-ethereum-defi-dapps-cd6bf0f07a16

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Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone' - Ep.189 Sep 08, 2020

Olaf Carlson-Wee, the founder and CEO of Polychain Capital, goes deep into yield farming, fair launches and how decentralization will upend the traditional notion of the corporation. In this episode, he talks about:

when it makes sense for a team to introduce a liquidity mining scheme, and when it doesn't
the difference between yield farming and ICOs when it comes to investing
his thoughts on YFI, as well as YAM, and the pace at which unaudited DeFi projects are
moving forward
the three advantages he sees in automated market makers as opposed to centralizedexchanges
his thoughts on Uniswap and SushiSwap and why he's not sure Uniswap will make a token
his thoughts on fair launches and whether he thinks they will threaten traditional crypto VCs
whether the CRV token launch really was instigated by someone unrelated to the team
his thoughts on the yEarn yETH vault and what it says about where the DeFi space is going
what he sees as the pros and cons of rebasing
why he sees projects like YFI as a new kind of corporation
whether he thinks Ethereum will scale fast enough to meet the demand already being put on it
why he thinks systems like Polkadot are going to expand what is possible in the same way that Ethereum expanded beyond what was possible with Bitcoin
whether he thinks the yields from yield farming will pull investors away from staking on Ethereum 2.0
what he thinks DeFi teams should do to improve security
Bitcoin on Ethereum and what he believes it could mean for DeFi in the future
the chatter around a potential public offering from Coinbase, and what's in store for Polychain in the future

Thank you to our sponsor!

Crypto.com: https://crypto.com/

Episode links:

Olaf Carlson-Wee: https://www.linkedin.com/in/olafcw/

Polychain Capital: https://polychain.capital

Previous interviews with Olaf on Unchained and Unconfirmed: https://unchainedpodcast.com/why-the-first-employee-of-coinbase-launched-a-hedge-fund/

https://unchainedpodcast.com/to-the-moon-and-back-with-polychains-olaf-carlson-wee/

https://unchainedpodcast.com/special-episode-with-cnbcs-crypto-trader-olaf-carlson-wee-on-why-this-crypto-winter-is-different-from-previous-ones-ep-028/

https://unchainedpodcast.com/all-things-cryptoeconomics-pt-1-with-olaf-carlson-wee-and-ryan-zurrer-of-polychain-capital/

Why trading on automated market makers has risen so quickly: https://unchainedpodcast.com/why-decentralized-trading-has-10xed-in-a-few-months/

Launch of yEarn/YFI: https://medium.com/iearn/yfi-df84573db81

Dex volume over time: https://defiprime.com/dex-volume

YAM recap: https://www.theblockcrypto.com/post/74810/yam-token-market-cap-collapses-by-more-than-90-flaw

YAM team’s plans going forward: YAM Post-Rescue Attempt Update. At approximately 6PM UTC, on Wed August… | by Yam Finance | Aug, 2020 | Medium

SushiSwap vs. Uniswap: https://unchainedpodcast.com/sushiswap-takes-on-uniswap-which-should-win-and-why/

Ian Lee of IDEO CoLab Ventures on fair launches vs. VC coins: https://synthesis.substack.com/p/fair-launches-will-disrupt-crypto

And on fast-follower forks: https://synthesis.substack.com/p/fast-follower-forks-in-defi

CRV token launch: https://www.theblockcrypto.com/genesis/74921/the-story-of-the-botched-crv-launch

yEarn's yETH vault: https://www.coindesk.com/yearn-finance-yeth-vault-defi-triforce

Ethereum's transition to 2.0: https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/

Security in DeFi: https://unchainedpodcast.com/defi-security-with-so-many-hacks-will-it-ever-be-safe/

Whether Coinbase will do a token offering when it goes public: https://unchainedpodcast.com/will-coinbase-do-a-token-offering-when-it-goes-public/

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Why Decentralized Trading Has 10Xed in a Few Months - Ep.188 Sep 01, 2020

Haseeb Qureshi, managing partner at Dragonfly Capital, and Dan Robinson, research partner at Paradigm, discuss the explosion in decentralized exchange activity on automated market makers from $1 billion earlier this year to more than $10 billion in August.

Why trading in automated market makers has 8xed in a few months
how automated market makers work, and how specific dexes can specialize for the assets being traded on them
why traders would prefer to trade on a dex vs. a centralized exchange
how incentivized pools have drawn traders and liquidity
why trading on a dex seems can be more appealing than on a centralized exchange
why trading on dexes now mirrors trading on Binance in 2017
how "DeFi is the hottest coolest place where people are making a lot of money"
the difference between the metrics of liquidity, trading volume and total value locked for a dex
why AMMs are capital inefficient
what it means that fees paid on Uniswap are about half of those paid on Bitcoin
what the purpose of liquidity mining is
why Haseeb doesn't think that dexes have network effects and that once professional market makers come in the space, Uniswap will lose market share
whether users will use DeFi directly through the dexes or through another interface
why Dan thinks that DeFi is now comparable to financial investment in the 1970s
whether or not yield aggregators like yEarn make it harder for AMMs to compete
what happened with the CRV token launch
initial dex offerings or initial DeFi offerings, like the UMA token launch
whether, because of the high fees on Ethereum and the how long its transition to Ethereum 2.0 will take, DeFi activity could move to another blockchain such as Solana
where DeFi will go over the next few years

Thank you to our sponsor!

Crypto.com: http://crypto.com

Episode links:

Haseeb Qureshi: https://twitter.com/hosseeb

Dan Robinson: https://twitter.com/danrobinson

Haseeb’s post on the rise of AMMs: https://medium.com/dragonfly-research/what-explains-the-rise-of-amms-7d008af1c399

Haseeb's post on how Uniswap could be un-bundled: https://medium.com/dragonfly-research/unbundling-uniswap-the-future-of-on-chain-market-making-1c7d6948d570

Dex volume: https://defiprime.com/dex-volume

Trading volume on centralized exchanges: https://www.theblockcrypto.com/genesis/74539/july-by-the-numbers-a-look-at-crypto-exchange-volumes-open-interest-and-miner-revenue

Incentivized pools: https://pools.fyi/#/?tag=incentivized

Top dexes by trading volume: https://www.coingecko.com/en/dex

Ethereum transaction fees: https://bitinfocharts.com/comparison/ethereum-transactionfees.html

Uniswap website visits 15x in July: https://messari.io/article/uniswap-total-website-visits-grew-15x-in-july

Website traffic to DeFi platforms explodes in July: https://www.theblockcrypto.com/post/74231/defi-platforms-web-traffic-july

Fees paid to various crypto projects: https://cryptofees.info

Curve reaches $1 billion in TVL: https://www.theblockcrypto.com/linked/75014/curve-becomes-third-defi-protocol-to-hit-1-billion-in-total-value-locked

The Block on dex aggregators: https://www.theblockcrypto.com/genesis/69468/dex-aggregators-user-experience

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Why Bitcoin Now: Saifedean Ammous on Why Bitcoin is the Most Advanced Form of Money - Ep.187 Aug 25, 2020

Saifedean Ammous is an economist and the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, which has been translated into 20 languages. In this episode, he discusses:

the basic tenets of Austrian economics and why it is the only school where Bitcoin is possible
historical examples of currencies and how they lost their monetary value
the stock-to-flow model and how Bitcoin fits into that model
the three functions, or descriptive properties, of money and why Bitcoin fulfills these functions
the concept of sound money
the idea of time preference in economics and why he believes it is so important
the distinction between debt and money, and why they are not the same
the significance of difficulty adjustment and why he believes it is the crowning achievement of Bitcoin
why he views Bitcoin as the best store of value humanity has ever invented
the metrics he watches when assessing Bitcoin
what he thinks is in store for Bitcoin in the future, and whether he still thinks central banks will buy Bitcoin as a reserve currency
his thoughts on Ethereum and other digital currencies
and his predictions for Bitcoin in the next year

Thank you to our sponsor!

Crypto.com: https://crypto.com/

Episode links:

Saifedean Ammous: https://twitter.com/saifedean

Saifedean’s website: https://saifedean.com

The Bitcoin Standard: https://saifedean.com/book/

Invest Like the Best episode with Saifedean: http://investorfieldguide.com/ammous/

What Bitcoin Did episode with Saifedean: https://www.whatbitcoindid.com/podcast/saifedean-ammous-on-understanding-bitcoin-economics

Plan B’s stock-to-flow model applied to Bitcoin: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25

https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12

Essay on why the stock-to-flow model is wrong: https://www.coindesk.com/why-the-stock-to-flow-bitcoin-valuation-model-is-wrong

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Why Bitcoin Now: David Chaum and Adam Back Reflect on the Crypto Wars - Ep.186 Aug 18, 2020

David Chaum, the inventor of eCash and CEO of xx network, and Adam Back, the inventor of Hashcash and the cofounder and CEO of Blockstream, discuss their involvement in digital currency well before Bitcoin existed. In this episode, they discuss:

how they each became enamored with the idea of digital currency years before such an idea was widely discussed
the crypto wars of the 1990s and the U.S. government’s attempts to control access to advanced cryptography
Digicash, the creation of eCash, and the difficulties of implementing the system with the technology available at the time
the innovation of blind signatures used in eCash
what caused the demise of Digicash, and David's role in that
the development of Hashcash and the problems Adam was trying to solve by creating it
their initial reactions to learning about Bitcoin for the first time
how they think Bitcoin might improve in the future
the stock-to-flow Model, and where they believe the Bitcoin price might go next
why the Hashcash proof-of-work mechanism became so widely used

Thank you to our sponsor!

Crypto.com: https://crypto.com/

Episode links:

Adam Back: https://twitter.com/adam3us

Blockstream: https://blockstream.com

Adam's website: http://www.cypherspace.org

David Chaum: https://twitter.com/chaumdotcom

Elixxir: https://elixxir.io

XX Network: https://xx.network

Previous Unchained episode on the history of digital currency: https://unchainedpodcast.com/why-bitcoin-now-the-history-of-digital-currency/

Wired article on “e-money”: https://www.wired.com/1994/12/emoney/

Translated Dutch article on why DigiCash failed: https://cryptome.org/jya/digicrash.htm

Aaron Van Wirdum's Bitcoin Magazine series on the history of digital currency: https://www.whatbitcoindid.com/podcast/the-beginners-guide-to-bitcoin-part-3-bitcoins-pre-history-and-the-cypherpunks-with-aaron-van-wirdum

David Chaum's e-Cash: https://bitcoinmagazine.com/articles/genesis-files-how-david-chaums-ecash-spawned-cypherpunk-dream

Hashcash: https://bitcoinmagazine.com/articles/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block

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Why Bitcoin Now: The History of Digital Currency - Ep.185 Aug 11, 2020

Aaron van Wirdum is the technical editor at Bitcoin Magazine. Finn Brunton is the author of “Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency.” In this episode, they tackle the history of digital currency. Topics include:

the motivations behind the earliest attempts to create digital currencies, and who was behind those attempts
the Extropian philosophy and how digital currency was born out of it
how the cypherpunks came together and eventually began implementing tools that would lead to the creation of digital currencies
the problems faced during the development of digital money, from double-spending to privacy, centralization, and spam
the development of a public key protocol and why it was so significant
the characteristics of earlier forms of digital currency like e-cash, hashcash, b-money, and bit gold, as well as their differences
the original purpose of proof-of-work and how it was developed
Hal Finney’s essential contributions to the creation of earlier digital currencies, and later, Bitcoin
previous implementations of blockchain and how Bitcoin came to reinvent and utilize it
which previous digital currencies come closest to Bitcoin
and who they think Satoshi Nakamoto is …

Thank you to our sponsors!

Crypto.com: https://crypto.com

Episode links:

Aaron Van Wirdum: https://twitter.com/AaronvanW

Finn Brunton: http://finnb.net

Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency: https://press.princeton.edu/books/hardcover/9780691179490/digital-cash

Aaron's Bitcoin magazine series on the early days of digital currency: https://bitcoinmagazine.com/articles/genesis-files-how-david-chaums-ecash-spawned-cypherpunk-dream

https://bitcoinmagazine.com/articles/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block

https://bitcoinmagazine.com/articles/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it

https://bitcoinmagazine.com/articles/genesis-files-bit-gold-szabo-was-inches-away-inventing-bitcoin

Aaron on What Bitcoin Did discussing the stories: https://www.whatbitcoindid.com/podcast/the-beginners-guide-to-bitcoin-part-3-bitcoins-pre-history-and-the-cypherpunks-with-aaron-van-wirdum

Breaker Mag Interview with Finn Brunton about his book: https://breakermag.com/new-book-reveals-cryptos-radical-origins/

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Why The Travel Rule Is One Of The Most Significant Regulations In Crypto - Ep.184 Aug 04, 2020

Dave Jevans, CEO of CipherTrace, and Siân Jones, Senior Partner at XReg Consulting, give the lowdown on the Financial Action Task Force’s travel rule and how it applies to businesses in the crypto space. They discuss:

their background and journey into crypto
what the travel rule is
the consequences for countries that are not compliant
whether the regulation will apply to staking providers in the future
the type of companies and transactions that will be covered under the travel rule
the type of information that has to be provided
how banks comply with the travel rule and whether crypto companies can use the same system
the different open standards available for sharing information
how the information will get shared between entities who use different travel rule solution providers
the “sunrise problem” in which different companies implement their compliance systems at different times
the security of user data being shared between different entities
how it applies to central bank digital currencies and centralized stablecoins
how the rule would affect privacy coins
the inherent contradiction between the cypherpunk philosophy and regulatory compliance
unintended consequences of the travel rule
how the travel rule may play out in the coming years

A glossary of terms discussed in the episode:

FATF: Financial Action Task Force, an intergovernmental organization that develops policies to combat money laundering and terrorist financing

VASP: virtual asset service providers, who are custodial entities that run fiat-to-crypto or crypto-to-crypto exchanges, or run businesses related to transfer and safekeeping of virtual assets and financial services.

FinCEN: Financial Crimes Enforcement Network, the United States federal bureau that analyzes information about financial transactions in order to fight money laundering, terrorist financing, and other financial crimes

FCA: Financial Conduct Authority, the financial regulatory body of the UK

Thank you to our sponsors!

Crypto.com: https://www.crypto.com

Tezos: https://tquorum.com/

Episode links:

Dave Jevans: https://twitter.com/davejevans

CipherTrace: https://ciphertrace.com/

Sian Jones: https://twitter.com/COINSULT

XReg Consulting: https://www.xreg.consulting/

Financial Action Task Force (FATF): https://www.fatf-gafi.org/

The Osaka conference where crypto got serious about FATF’s travel rule: https://www.coindesk.com/inside-the-osaka-conference-where-crypto-got-serious-about-fatfs-travel-rule

Will Osaka be crypto’s Bretton Woods moment? https://forkast.news/will-osaka-be-cryptos-bretton-woods-moment/

InterVASP Messaging Standard: https://intervasp.org

OpenVASP: https://openvasp.org

OpenVASP white paper: https://openvasp.org/wp-content/uploads/2019/11/OpenVasp_Whitepaper.pdf?cache=1

FATF report on “so-called stablecoins”: http://www.fatf-gafi.org/media/fatf/documents/recommendations/Virtual-Assets-FATF-Report-G20-So-Called-Stablecoins.pdf

OKEx’s Korea arm delisted privacy coins: https://www.theblockcrypto.com/post/39724/okex-korea-delisting-all-privacy-coins-including-monero-zcash-and-dash-as-these-violate-fatfs-travel-rule

Some of the potential FATF compliance solutions:

Travel Rule Information Sharing Alliance (TRISA): https://trisa.io/

Coinbase’s messaging board solution: https://www.theblockcrypto.com/daily/72293/coinbase-exchanges-fatf-travel-rule-solution

CoolBitX: https://www.theblockcrypto.com/post/56853/coolbitx-raises-16-75m-series-b-to-help-crypto-exchanges-comply-with-fatfs-travel-rule

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Vitalik Buterin on Ethereum's Five-Year Anniversary - Ep.183 Jul 28, 2020

Vitalik Buterin, co-founder of Ethereum, shares his thoughts on the five-year anniversary of Ethereum, challenges with ETH 2.0 and criticisms about DeFi. We discuss:

his thoughts and feelings ahead of Ethereum’s five-year anniversary
how to address the high gas fees on the Ethereum network
whether the complexity of Ethereum 2.0 creates a risk for the security of the network
whether staking will lead to a higher focus on ETH price and issues such as monetary policy
how he looks at the ETH price with its significance for security in Ethereum 2.0
how proof of stake systems can be more democratic
whether staking lends itself to the kind of securitization that looks similar to mortgage-backed securities
his concerns about DeFi
the most optimal way for DeFi projects to distribute their tokens
his thoughts about Bitcoin on Ethereum
inherent risks to Ethereum users connected to China’s Blockchain Service Network (BSN)
his views on DCEP, other CBDCs and Libra
the indictment of Ethereum Foundation staff member Virgil Griffith for allegedly helping North Korea to circumvent sanctions
how he plans to make the Ethereum Foundation more transparent
whether lack of diversity would impact the success of Ethereum in the long term
where he would like to see Ethereum in the next five years

Thank you to our sponsors!

Crypto.com: https://www.crypto.com

Tezos: https://tquorum.com/

Episode links:

Vitalik Buterin: https://twitter.com/VitalikButerin

Ethereum: https://ethereum.org/en/

Vitalik’s blog: https://vitalik.ca

Median gas price: https://blockchair.com/ethereum/charts/median-gas-price

Average gas price: https://blockchair.com/ethereum/charts/average-gas-price

Solutions to gas price problem: https://www.coindesk.com/ethereum-developers-consider-new-fee-model-as-gas-costs-climb

Reddit AMA with the Ethereum 2.0 Research team, including Vitalik: https://old.reddit.com/r/ethereum/comments/ho2zpt/ama_we_are_the_efs_eth_20_research_team_pt_4_10/

Paper on how DeFi lending could undermine security in a POS system: https://arxiv.org/abs/2001.00919

Vitalik tweet on yield farming: https://twitter.com/VitalikButerin/status/1278337657194655744

Abra settlement with SEC and CFTC: https://www.coindesk.com/sec-cftc-hit-crypto-app-abra-with-300k-in-penalties-over-illegal-swaps

Maya Zehavi’s comments on what this could mean for DeFi: https://twitter.com/mayazi/status/1282696180741414918

China’s BSN using public chains, including Ethereum: https://www.coindesk.com/chinas-blockchain-infrastructure-to-extend-global-reach-with-six-public-chains

Unchained interview about DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

Charges against Virgil Griffith: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrest-united-states-citizen-assisting-north-korea

More on Virgil Griffith case: https://www.coindesk.com/usa-v-virgil-griffith-what-we-know-and-dont-in-the-bombshell-crypto-sanctions-case

Unchained interview with human rights activist Yeonmi Park on what life is like in North Korea: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/

Unchained interview on why North Korea is interested in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/

Case against Steven Nerayoff: https://www.justice.gov/usao-edny/pr/two-arrested-extortion-startup-cryptocurrency-company

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Camila Russo on the Most Pivotal Moments in Ethereum's History - Ep.182 Jul 21, 2020

Camila Russo, founder of The Defiant and author of a new book on Ethereum, "The Infinite Machine," speaks about how currency controls in Argentina got her interested in crypto and explains why she chose to tell the Ethereum story. She discusses:

how she started covering the crypto space
what it was like living through currency controls in Argentina
why she started focusing on Ethereum instead of Bitcoin
what’s in her new book, The Infinite Machine
the most pivotal moments in Ethereum’s history
possible risks to Ethereum 2.0 because of delays
whether competing protocols could take market share away from Ethereum
the most surprising aspect of the Ethereum story
starting her own DeFi-focused media platform, The Defiant
why she launched ‘CAMI’ tokens and how they are used
the significance of ERC-20 tokens having a higher market cap than ETH
her predictions about trends and promising projects in the DeFi space

Thank you to our sponsors!

Crypto.com: https://www.crypto.com

Tezos: https://tquorum.com/

Episode links:

Camila Russo: https://twitter.com/CamiRusso

The Infinite Machine: https://www.harpercollins.com/products/the-infinite-machine-camila-russo

The Defiant: https://thedefiant.substack.com/

Excerpt from The Infinite Machine on CoinDesk: https://www.coindesk.com/sale-of-the-century-the-inside-story-of-ethereums-2014-premine

Decrypt review: https://decrypt.co/35466/the-incredible-story-of-ethereum-the-infinite-machine

Camila on what Ethereum has accomplished in five years: https://www.coindesk.com/five-years-on-ethereum-really-is-the-minecraft-of-crypto-finance

Hidden Forces podcast with Camila: https://podcasts.apple.com/us/podcast/rise-ethereum-future-defi-transformation-crypto-media/id1205359334?i=1000484635053

Camila in the Keen On podcast: https://lithub.com/camila-russo-on-ethereum-and-the-future-of-the-internet/

Ethereum 2.0 phase 0 may not go live until 2021: https://www.theblockcrypto.com/linked/71155/eth-2-phase-0-ama-2021

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Why Bitcoin Now: Michael Casey and Niall Ferguson on How Bitcoin Fits in the History of Money - Ep.181 Jul 14, 2020

Niall Ferguson, Milbank Family Senior Fellow at the Hoover Institution at Stanford University, and the author of numerous books including The Ascent of Money: A Financial History of the World and most recently, the Square and the Tower: Networks and Power from the Freemasons to Facebook, and Michael Casey, chief content officer at CoinDesk and coauthor of two books on crypto, The Age of Cryptocurrency and The Truth Machine, discuss the history of money and the macro environment for Bitcoin. We cover:

how they became involved in crypto
historically, what has made things money, or how people have decided that something is money
the difficulty of managing fiat currency
modern monetary theory and the role of the state in the financial system
Satoshi’s message in BTC’s genesis block and what that indicates about Satoshi's intentions with Bitcoin
whether a more transparent, blockchain-based financial system could eventually lead to a new financial order
how Bitcoin behaves like an option on digital gold, and when it will behave like digital gold
whether Bitcoin is simply a reversion to previous forms of money that weren’t controlled by the state
how crypto/blockchain and fintech innovation from startups and the Chinese government will affect the USD
how a hypothetical war between the US and China would affect the dollar's dominance
how China's DCEP could disintermediate banks
how Bitcoin fits into all of the different macro conditions facing the global economy
whether Libra is going to be the initial gateway getting people into our digital currency world
how well the recovery from coronavirus will go, and how it will affect the development of the crypto space in the near-term

Thank you to our sponsors!

Crypto.com: https://crypto.com

Tezos: https://tquorum.com/

Episode links:

Niall Ferguson: http://www.niallferguson.com

The Ascent of Money: https://www.penguinrandomhouse.com/books/302900/the-ascent-of-money-by-niall-ferguson/

Michael Casey: https://www.michaeljcasey.com

Money Reimagined: https://www.coindesk.com/tag/money-reimagined

The Age of Cryptocurrency: https://us.macmillan.com/books/9781250081551

The first episode in the Why Bitcoin Now series: Mike Novogratz and Raoul Pal on 'the Single Greatest Brand' ofo the Last 10 Years: https://unchainedpodcast.com/why-bitcoin-now-mike-novogratz-and-raoul-pal-on-the-single-greatest-brand-of-the-last-10-years/

How Niall got into Bitcoin:

http://www.niallferguson.com/journalism/finance-economics/bitcoin-may-go-pop-but-its-revolution-will-go-on

Niall and Michael at Consensus: https://www.coindesk.com/disruption-money-and-a-world-of-change-feat-niall-ferguson

Unchained interview with Chamath Palihapitiya, who believes Bitcoin is a hedge on everything blowing up: https://unchainedpodcast.com/chamath-palihapitiya-why-bitcoin-will-be-the-category-winner/

Carlota Perez at CoinDesk's Consensus: https://www.coindesk.com/video/carlota-perez-on-blockchains-and-technological-revolutions

Unchained interview about the DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

Unchained interview with Christopher Giancarlo about a digital dollar: https://unchainedpodcast.com/christopher-giancarlo-why-the-us-needs-to-have-a-digital-dollar/

Unconfirmed episode with Michael about Libra: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/

Unchained episode with a co-creator of Libra: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/

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DeFi Yield Farming: Why It's All the Rage But Risky - Ep.180 Jul 07, 2020

Dan Elitzer, investor at IDEO CoLab Ventures, and Will Price, data scientist at Flipside Crypto, discuss the yield farming craze. In this episode, we cover:

the goals of protocols offering liquidity mining
the goals of users yield farming right now
whether users of Compound will have much awareness of COMP in the future
how Compound is trying to dampen inorganic activity and properly align incentives
how incentives in one DeFi protocol can screw up another's such as changes in Compound's liquidity mining program causing Dai to lose its peg
whether the activity created by liquidity mining is sustainable and how
whether Compound is overvalued and how to determine valuations for DeFi tokens
the security risks that come with trying yield farming
how teams can keep their protocols safe given the composability of DeFi and the growing number of developments in the space
whether the yield farming craze will cause the price of ETH to rise and why the prevalence of stablecoins might prevent that
whether new DeFi tokens could push flagging layer 1s out of the top 10
what will happen if even more Bitcoin comes to DeFi
how the next big thing in DeFi might be trying to stack yield across protocols and eventually prime brokerage protocols

Thank you to our sponsor!

Crypto.com: https://www.crypto.com

Episode links:

Dan Elitzer: https://twitter.com/delitzer

IDEO CoLab Ventures: https://www.ideocolab.com/ventures/

Will Price: https://twitter.com/will__price

Flipside Crypto: https://flipsidecrypto.com

Total value locked in Compound: https://defipulse.com/compound

What liquidity bootstrapping pools are: https://medium.com/balancer-protocol/building-liquidity-into-token-distribution-a49d4286e0d4

Dan on earning more from borrowing USDT than lending it on Compound: https://twitter.com/delitzer/status/1272642107128164354

Tony Sheng on how yield farming works and how much you can earn from it: https://twitter.com/tonysheng/status/1274393189231689728

And his followup on the risks of yield farming: https://twitter.com/tonysheng/status/1274780457729617920

The purpose of COMP for governance: https://medium.com/compound-finance/compound-community-ownership-ee0ed1252cc3

https://medium.com/compound-finance/expanding-compound-governance-ce13fcd4fe36

Risks of so much BAT being held in Compound: https://twitter.com/spencernoon/status/1276897377446776832?s=20

https://twitter.com/defiprime/status/1277026665952980992?s=20

https://twitter.com/devops199fan/status/1274732220192829441?s=20

Cyrus of MakerDAO concerned about the risks COMP poses to the Dai peg: https://forum.makerdao.com/t/upcoming-comp-farming-change-could-impact-the-dai-peg/2965

Dan Guido and Taylor Monahan on Unchained discussing DeFi security: https://unchainedpodcast.com/defi-security-with-so-many-hacks-will-it-ever-be-safe/

Twitter discussion on whether ETH price will rise due to yield farming: https://twitter.com/RyanSAdams/status/1274781676875452421

What will happen to other Layer 1s? https://twitter.com/Shaughnessy119/status/1274376237239189504?s=20

Aquaponic yield farming: https://bankless.substack.com/p/aquaponic-yield-farming

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Why Bitcoin Now: Mike Novogratz and Raoul Pal on 'the Single Greatest Brand' of the Last 10 Years - Ep.179 Jun 30, 2020

This episode is the first in a series, Why Bitcoin Now, that takes a deeper dive into Bitcoin and the history of money in the macroeconomic environment of the coronavirus. Mike Novogratz, founder, CEO and chairman of Galaxy Digital, and Raoul Pal, founder and CEO of Global Macro Investor and Real Vision Group, tell us where they think Bitcoin is going amidst this macro uncertainty and the global crisis due to the coronavirus. We discuss:

why Bitcoin’s price hasn't risen in price due to the global turmoil, and instead fell with the rest of the market on Black Thursday
why quantitative easing is the catalyst for institutional investors to turn to Bitcoin, but why that takes time, and why registered investment advisors may be on the cusp
why they think retail investors will continue to buy Bitcoin despite record unemployment
why Bitcoin will benefit from social unrest
why any particular country's success in dealing with the coronavirus won’t really lessen the economic impact there
whether China's first-mover advantage with the DCEP and its comprehensive enterprise blockchain initiatives will undermine the global dominance of the US dollar
why they believe there will ultimately be a dollar-based stablecoin
why they believe Libra will be a strong player in the future of stablecoins
how election outcomes, and in particular a potential movement to break up Big Tech, could affect Bitcoin and the vision for Web3
whether Ethereum, and staking, will see more adoption from institutional investors
why they believe yield farming is ultimately not sustainable, but still profitable
the impact the Bitcoin halving will have in this macroeconomic environment

Unchained is hiring!

Check out our job listing for a remote editorial assistant here!

Thank you to our sponsors!

Crypto.com: https://crypto.com

Kelman Law: https://crypto.law

Stellar: https://www.stellar.org

Episode links:

Mike Novogratz: https://twitter.com/novogratz

Galaxy Digital: https://www.galaxydigital.io

Raoul Pal: https://twitter.com/RaoulGMI

Real Vision: https://www.realvision.com

Unchained interview with Kyle Samani on what happened in the crypto markets on Black Thursday: https://unchainedpodcast.com/teetering-on-the-edge-how-black-thursday-exposed-the-flaws-in-the-crypto-markets/

Unconfirmed interview with Antoine Le Calvez on what happened on BitMEX during Black thursday: https://unchainedpodcast.com/what-happened-on-bitmex-during-black-thursday/

Unchained interview with Chamath Palihapitiya on Bitcoin: https://unchainedpodcast.com/chamath-palihapitiya-why-bitcoin-will-be-the-category-winner/

Brian Armstrong tweet about deposits to Coinbase the same size as the $1,200 stimulus check: https://twitter.com/brian_armstrong/status/1250907110730170370?s=20

China's DCEP and blockchain initiative: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

Unchained interview on Libra: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/

Unconfirmed interview with the Libra Association's Dante Disparte: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

Unconfirmed interview with Michael Casey on why it would it would be good if Libra rivaled the USD: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/

Christopher Giancarlo's digital dollar project: https://unchainedpodcast.com/christopher-giancarlo-why-the-us-needs-to-have-a-digital-dollar/

Ethereum 2.0 staking: https://www.coindesk.com/3-ways-staking-will-upend-the-economics-of-ethereum

Unconfirmed with Kain Warwick on COMP's launch: https://unchainedpodcast.com/why-comp-5xed-on-day-1-and-what-this-means-for-a-defi-bull-market/

Unconfirmed interview with Tony Sheng on yield farming: https://unchainedpodcast.com/how-you-can-double-your-money-or-lose-everything/

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Chamath Palihapitiya: Why Bitcoin Will Be 'the Category Winner' - Ep.178 Jun 23, 2020

Chamath Palihapitiya, the CEO of Social Capital and chairman of Virgin Galactic, talks about a wide range of issues, including Bitcoin, COVID, civil unrest, and broad economic trends and forecasts. We discuss:

Whether his economic forecasts have shifted throughout COVID
Why he believes a debt crisis will occur
How he views the success of BTC as a hedge against the ruling class
How the economic pendulum will swing back toward consumers
Why he doesn't mind if big corporations and hedge funds get wiped out
Whether he subscribes to the thesis that Bitcoin is uncorrelated
Why the pandemic has not spurred institutional adoption of crypto
Why he sees no merit in Ethereum
How the economy will become more decentralized in the future and whether blockchain will be a part of it
Why he prefers SPACs over ICOs
Why he started capital as a service
Why he believes the government should bust up large corporations

Unchained is hiring!

I'm looking for a remote editorial assistant. If you love crypto and have journalism experience, get in touch! https://unchainedpodcast.com/seeking-remote-editorial-assistant/

Thank you to our sponsors!

Crypto.com: https://crypto.com

Stellar: https://www.stellar.org

Kelman Law: https://www.kelman.law

Episode links:

Chamath Palihapitiya: https://twitter.com/chamath

Social Capital: https://www.socialcapital.com/

Turmoil at Social Capital: https://www.theinformation.com/articles/social-capital-founder-gives-his-account-of-turmoil-at-firm

https://observer.com/2018/09/chamath-palihapitiya-social-capital-turmoil/

https://medium.com/@chamath/the-reports-of-our-death-have-been-greatly-exaggerated-11bcc80ee4ab

2019 interview with Kara Swisher: https://www.vox.com/podcasts/2019/3/4/18247010/chamath-palihapitiya-social-capital-happiness-identity-crisis-kara-swisher-teddy-schleifer-podcast

Chamath on Recode Decode in 2020: https://podcastnotes.org/recode-decode/chamath-palihapitiya-kara-swisher-investing/

Fed buying up to $250 billion in individual corporate bonds: https://markets.businessinsider.com/news/stocks/federal-reserve-begins-individual-corporate-bond-purchases-secondary-market-relief-2020-6-1029309910

CNBC interview where he says Bitcoin is an uncorrelated hedge: https://www.youtube.com/watch?v=-2gDmcU8bDw

https://www.cnbc.com/video/2017/12/12/social-capitals-palihapitiya-bitcoin-is-going-to-1-million-in-the-next-20-years.html

SPAC: https://www.wsj.com/articles/the-modern-ipo-is-useless-lets-reinvent-it-1506361770?mod=searchresults&page=2&pos=13

China’s blockchain efforts: https://www.coindesk.com/from-banking-giants-to-tech-darlings-china-reveals-over-500-enterprise-blockchain-projects

Capital as a service:

https://caas.socialcapital.com

https://medium.com/social-capital/from-experiment-to-product-capital-as-a-service-one-year-later-6d8b4b9c038b

2019 investor letter: https://www.socialcapital.com/annual-letters/2019

At Stanford GSB: https://www.youtube.com/watch?v=PMotykw0SIk

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Christopher Giancarlo: Why the US Needs to Have a Digital Dollar - Ep.177 Jun 16, 2020

At an event at the NYU Stern School of Business, Christopher Giancarlo, former CFTC Chairman and co-founder of the Digital Dollar Foundation, discusses his proposal for a US central bank digital currency (CBDC), and how that fits into the broader geopolitical environment. We cover:

Why he has focused on pushing for a US digital dollar after leaving the CFTC
How a US CBDC would be different from other stablecoins
How the proposal is designed to build off of the traditional banking infrastructure
What pilot programs would look like
How a digital dollar would foster economic inclusion even though using the digital dollar requires owning a smartphone
How it would handle privacy
How the network would be secured
Whether the US is falling behind China in terms of central bank digital currencies and blockchain exploration
Whether Libra will be a proxy for the digital dollar
How COVID-19 has affected the discourse around a digital dollar
Whether the election will affect the future of the digital dollar

Unchained is hiring!

Check out our job listing for a remote editorial assistant here! https://unchainedpodcast.com/seeking-remote-editorial-assistant/

Thank you to our sponsors!

Crypto.com: https://crypto.com

Kelman Law: https://crypto.law

Stellar: https://www.stellar.org

Episode links:

Chris Giancarlo: https://twitter.com/giancarlo

Digital Dollar Project : https://www.digitaldollarproject.org

Previous Unchained interview with Chris: https://unchainedpodcast.com/christopher-giancarlo-on-the-craziness-of-becoming-crypto-dad/

Chris and Daniel Gorfine’s WSJ op-ed advocating for a digital dollar: https://www.wsj.com/articles/we-sent-a-man-to-the-moon-we-can-send-the-dollar-to-cyberspace-11571179923

Digital dollars in stimulus bills — March: https://www.coindesk.com/house-stimulus-bills-envision-digital-dollar-to-ease-coronavirus-recession

April: https://www.coindesk.com/digital-dollar-reintroduced-by-us-lawmakers-in-latest-stimulus-bill

Pew Research on smartphone adoption: https://www.pewresearch.org/internet/fact-sheet/mobile/

FDIC survey on the unbanked and underbanked: https://www.fdic.gov/householdsurvey/2017/2017execsumm.pdf

Banks keeping some of customers’ stimulus money: https://www.nytimes.com/2020/04/16/business/stimulus-paychecks-garnish-banks.html

Why a digital dollar is politically more feasible at this moment than before: https://www.coindesk.com/the-overton-window-opens-for-a-digital-dollar

Ohio Senator Sherrod Brown also proposes digital dollar: https://www.coindesk.com/us-senate-floats-digital-dollar-bill-after-house-scrubs-term-from-coronavirus-relief-plan

Philadelphia Fed paper: https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2020/wp20-19.pdf

Receptivity in Congress to the idea of a digital dollar: https://www.coindesk.com/how-a-flurry-of-digital-dollar-proposals-made-it-to-congress

Libra white paper: https://libra.org/en-US/white-paper/#cover-letter

Congressional hearing on using FedAccounts and for stimulus: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406612

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Rep. Warren Davidson: 'I Think Bitcoin Is a Great Store of Value' - Ep.176 Jun 09, 2020

U.S. House Representative, Warren Davidson, contextualizes the state of crypto legislation in terms of widespread civil unrest, COVID-19, and global shifts in power. He explains where crypto plays a role in these paradigm shifts and talks about:

Why he believes in crypto, and how he came into the space
How his Token Taxonomy Act creates regulatory clarity for token issuers
What four conditions tokens would have to meet to not be considered securities
Other features of the Token Taxonomy Act, including a de minimus exemption for taxes and no taxation of crypto-to-crypto trades
How the pandemic and coronavirus-related fiscal stimulus affects the prospects for the Token Taxonomy Act
What he thinks about China's blockchain push and its DCEP digital yuan
Whether and how that creates a credible threat to US dominance in global markets
Whether Libra could be a counterweight
How a shift toward digital currencies could undermine the global reserve status of the USD and whether that affects the US's ability to enforce sanctions
How outcomes of the upcoming election will affect the potential passage of crypto-friendly regulation
Why it is easier for crypto legislation to be more bi-partisan than other bills
What help he needs from the industry right now to push along crypto-friendly bills

Thank you to our sponsors!

Crypto.com: https://crypto.com

Kelman Law: https://crypto.law

Stellar: https://www.stellar.org

Episode links:

Rep. Warren Davidson: https://twitter.com/WarrenDavidson

His House page: https://davidson.house.gov

Press release on the Token Taxonomy Act: https://davidson.house.gov/media-center/press-releases/token-taxonomy-act-address-blockchain-innovation-flight-america

Token Taxonomy Act on GovTrack: https://www.govtrack.us/congress/bills/116/hr2144

Text of the Token Taxonomy Act: https://www.govtrack.us/congress/bills/116/hr2144/text

Letter requesting IRS clarify some crypto tax policies: https://www.coindesk.com/us-lawmakers-ask-irs-to-clarify-crypto-tax-rules-around-airdrops-forks-in-new-letter

Congressman Patrick McHenry on Unchained discussing his “permanent beta testing” idea for crypto: https://unchainedpodcast.com/congressman-patrick-mchenry-bitcoin-will-be-of-enormous-value/

Unchained interview on the DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

Unchained interview with Libra co-creator Christian Catalini: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/

Unchained with Christopher Giancarlo on his proposal for a digital dollar: https://unchainedpodcast.com/christopher-giancarlo-on-the-craziness-of-becoming-crypto-dad/

Secretary Steve Mnuchin on Libra and a digital dollar: https://www.bloomberg.com/news/articles/2019-12-05/mnuchin-powell-see-no-need-for-fed-to-issue-digital-currency

Video in which Rep. Davidson says “shitcoin”: https://www.coindesk.com/lawmakers-amp-up-pressure-on-facebook-to-halt-libra-cryptocurrency-development

Meltem Demirors and Jill Carlson on the Shitcoin Waterfall on Unchained: https://unchainedpodcast.com/meltem-demirors-and-jill-carlson-on-the-shitcoin-waterfall-ep-74/taxes

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How to Decentralize a Crypto Project Without Harming Security - Ep.175 Jun 02, 2020

Jesse Walden of Variant Fund, and Robert Leshner of Compound explain all of the problems associated with the decentralizing process in terms of governance and compliance, pulling from their own lessons and their commentary on other projects. We cover:

Why projects must start with some level centralization
How projects can both monetize and not put their code at risk of being forked
How they can decentralize while also maintaining security, especially for composable DeFi projects that may become vulnerable as new technology and new protocols are introduced
How and when to distribute the token so as not to attract only speculators and also not trip regulatory wires
How Compound’s current governance works, how it is decentralizing, why they decided to use a governance token, and what Compound (the company) will do after full decentralization
Why open-sourced projects are still able to extract profits, even after a fork
Whether or not teams should have admin keys, such as what was used in response to the bZx attacks
Whether or not projects should be upgrade-able
What Block.One, which raised $4 billion in an ICO, did right to only pay a $24 million fine to the SEC

Thank you to our sponsors!

Crypto.com: https://crypto.com

Kelman Law: https://crypto.law

Stellar: https://www.stellar.org

Episode links:

Jesse Walden: https://twitter.com/jessewldn

Robert Leshner: https://www.linkedin.com/in/rleshner/

A16z Crypto startup school: https://a16z.com/crypto-startup-school/

Compound: https://compound.finance

Progressive Decentralization playbook: https://jessewalden.com/progressive-decentralization-a-playbook-for-building-crypto-applications/

What recent moves by the SEC say about mutability when it comes to crypto networks: https://a16z.com/2019/10/22/mutability-sec-recent-cases/

Compound’s $COMP token: https://medium.com/compound-finance/compound-governance-5531f524cf68

More on Compound’s governance token: https://www.coindesk.com/compound-extends-defi-ethos-to-itself-launches-governance-token

Unchained discussion about bZx attacks: https://unchainedpodcast.com/the-bzx-attacks-unethical-or-illegal-2-experts-weigh-in/

Eric Wall tweet storm on admin keys: https://twitter.com/ercwl/status/1229198599264907264?s=20

tBTC shutting down: https://twitter.com/keep_project/status/1262483526437556228

More on tBTC: https://www.coindesk.com/bug-forces-shutdown-of-bitcoin-backed-ethereum-token-tbtc

Unchained interview about tBTC in which Matt Luongo explains the admin key: https://unchainedpodcast.com/tbtc-what-happens-when-the-most-liquid-crypto-asset-hits-defi/

Is the SEC trying to kill the SAFT? https://www.coindesk.com/with-kik-and-telegram-cases-the-sec-tries-to-kill-the-saft

Block.One settlement with SEC: https://www.coindesk.com/eos-maker-block-one-settles-with-sec-over-unregistered-securities-sale

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Ready Layer One: Who Competes With Ethereum? - Ep.174 May 26, 2020

This week’s Unchained is my panel at Ready Layer One! We talk everything layer one with four key players and projects -- Illia Polosukhin of NEARprotocol, Zaki Manian of Cosmos, Rob Habermeier of Polkadot, and Arthur Breitman of Tezos — to find out how these projects plan to compete with Ethereum and attract developers and users. We discuss:

What platforms they are building and at which stage in development they are
How they differentiate themselves from Ethereum, and what problems they believe need to be solved
How they plan to attract devs in an industry of network effects
Whether or not Bitcoin and Ethereum are direct competitors
Whether, in the long run, crypto will be more winner-take-all or there will be multiple, interoperable chains
How they plan to bring new users into the space
How they think the transition to ETH2.0 will shake up the existing blockchain space

Take our survey!

Tell us what would you like to see from Unchained! Please take a moment to fill out the survey to let us know what you'd like from the show: surveymonkey.com/r/unchained2020.

Crypto.com has offered our survey respondents a chance to win a metal MCO Visa card -- and Crypto.com will stake these cards indefinitely! Ten lucky winners will enjoy card benefits including free Spotify, free Netflix and 3% back on all spending, and they’ll earn extra interest on their crypto deposit and more! Thanks, Crypto.com! Again, take the survey now: surveymonkey.com/r/unchained2020.

Unchained is hiring!

Come work at Unchained! We have an opening for a remote editorial assistant — find out more about the gig and apply here: https://unchainedpodcast.com/seeking-remote-editorial-assistant/

Thank you to our sponsors!

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Stellar: https://www.stellar.org/

Episode links:

Illia Polosukhin: https://twitter.com/ilblackdragon

Near protocol: https://near.org

Zaki Manian: https://twitter.com/zmanian

Cosmos: https://cosmos.network

Rob Habermeier: https://twitter.com/rphmeier

Polkadot: https://polkadot.network

Arthur Breitman: https://twitter.com/ArthurB

Tezos: https://tezos.com

Near protocol on mainnet: https://near.org/blog/near-mainnet-genesis/

Electric Capital report on the number of developers in Ethereum: https://unchainedpodcast.com/electric-capital-on-the-coins-punching-below-their-weight/

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Listen to CZ Compare Binance to Bitcoin - Ep.173 May 19, 2020

Changpeng Zhao, aka CZ, cofounder and CEO of Binance, and I kicked off the Ethereal Virtual Summit with a fun fireside chat! He talked about Binance’s current operations, its plans for the future, and the crypto industry as a whole. He explains:

Why he thought the questions I asked him in our first interview were misleading
Whether Libra’s new plans are affecting Binance’s strategy for Venus
What impact China’s DCEP will have on crypto
Why the confluence of circumstances caused by COVID are a “perfect storm” for crypto, and how this will affect crypto in the long-term
Whether the Binance Smart Chain will leech away Ethereum developers and users
Why he thinks competition in the industry only grows it
How Binance can own CoinMarketCap without affecting its objectivity
What he says to the class-action lawsuit against Binance, him and the other cofounders of Binance accusing them of offering unregistered securities
How he views the role of Binance in governance in delegated proof-of-state systems, such as when Binance flip-flopped on a contentious hard fork in Steem
Where Binance is headquartered

Unchained is hiring! Check out the job posting here! https://unchainedpodcast.com/seeking-remote-editorial-assistant/

Thank you to our sponsors!

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Stellar: https://www.stellar.org/

Episode links:

CZ: https://twitter.com/cz_binance

Binance: https://www.binance.com/en

My first interview with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/

Details on BUSD: https://www.theblockcrypto.com/post/38607/binance-launching-its-own-usd-pegged-stablecoin-busd-with-paxos-as-custodian

Binance announcement about BUSD: https://binance.zendesk.com/hc/en-us/articles/360032604131-Binance-Announces-Open-Blockchain-Project-Venus-

BUSD marketshare: https://www.coindesk.com/binance-stablecoin-busd-tops-100m-but-lags-behind-rivals

Venus as the One Belt, One Road initiative of Libra: https://twitter.com/DoveyWan/status/1163364542233006082?s=20

Venus focusing on developing countries: https://www.coindesk.com/binance-is-pitching-its-stablecoin-as-a-government-friendly-libra-competitor

Binance’s acquisition of CoinMarketCap: https://www.coindesk.com/binances-coinmarketcap-acquisition-is-a-bet-that-crypto-really-is-for-the-masses

125x leverage: https://www.binance.com/en/blog/393707200802271232/5-Things-You-Need-to-Know-About-Binance-Futures-125x-Leverage

The Block report on BNB’s latest token burn: https://www.theblockcrypto.com/genesis/62306/a-closer-look-at-binances-bnb-burns

Lee et al. vs. Binance: https://www.scribd.com/document/455203877/Lee-et-al-vs-Binance

Estimate that Binance earned $46 million in profit in 2018:

https://www.theblockcrypto.com/genesis/10491/analysis-binance-brought-in-446-million-in-profits-in-2018-despite-the-bear-market

Binance used Steem tokens on its exchange to help vote out Steem validators: https://steempeak.com/witness/@ura-soul/ura-soul-witness-update-anarchy-vs-empire-tron-replaces-top-witnesses-and-takes-over-the-steem-blockchain

CZ’s initial tweet about the how Binance handled the Steemit fork: https://twitter.com/cz_binance/status/1234565384327585792?s=20

Binance reverses course: https://www.coindesk.com/steem-will-hard-fork-in-just-hours-over-community-fears-of-justin-sun-power-grab

Binance not authorized to operate in Malta: https://www.theblockcrypto.com/linked/56603/binance-is-not-authorised-to-operate-in-malta-says-the-countrys-financial-regulator

CZ on Binance not being based in Malta and decentralized: https://twitter.com/cz_binance/status/1230860647086338048

Binance shut down Shanghai offices: https://www.theblockcrypto.com/post/47922/binances-shanghai-office-shut-down-following-police-raid-sources-say

Links to topics we did not have time to cover:

Binance removes all references to Visa from its credit card: https://www.theblockcrypto.com/post/60886/binance-quietly-scrubs-visa-mentions-from-its-payment-card-website

Opening mining pool: https://www.coindesk.com/binance-crypto-exchange-is-launching-its-first-bitcoin-mining-pool

Investment in startups in Africa: https://www.coindesk.com/binance-backed-crypto-payments-app-as-race-for-africa-heats-up

In-browser trading: https://www.coindesk.com/brave-partners-with-binance-to-develop-in-browser-crypto-trading

https://brave.com/binance/

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The Third Bitcoin Halving Just Happened: What Now? - Ep.172 May 12, 2020

Amanda Fabiano, director of Bitcoin mining at the Fidelity Center for Applied Technology, and Christopher Bendiksen, head of research at CoinShares, discuss the third Bitcoin halving, which occurred hours before the publication of this episode. They discuss:

the significance of the halving
what effect it could have on price and what Amanda and Christopher think of Dan Morehead's projection that it could reach $115,000 next year
how macroeconomic events like the coronavirus and quantitative easing could impact uptake of Bitcoin
how the halving could affect miners and hash rate
how the halving could influence the environmental impact of Bitcoin
why mining was the first activity Fidelity pursued with Bitcoin
what they think needs to happen in Bitcoin to foster more adoption
why hash rate derivatives will be a crucial step
what the outlook is for institutional adoption of Bitcoin
plus, is it halving or halvening?

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Plus, Crypto.com has offered our survey respondents a chance to win a metal MCO Visa card -- Crypto.com will stake these cards indefinitely! Ten lucky winners will enjoy card benefits including free Spotify, free Netflix, 3% back on all spending, earn extra interest on their crypto deposit and more! Thanks, Crypto.com! Again, take the survey now! https://www.surveymonkey.com/r/unchained2020

Thank you to our sponsors!

Crypto.com: https://crypto.com/

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Stellar: https://www.stellar.org/

Episode links:

Amanda Fabiano: https://twitter.com/_amanda_fab

Fidelity Center for Applied Technology: https://www.fidelitylabs.com

Christopher Bendiksen: https://twitter.com/C_Bendiksen

Coinshares: https://coinshares.com

Coinshares’ 5 Popular Bitcoin Halving Theories: https://coinshares.com/research/5-popular-btc-halving-theories

Coinshares’ December 2019 Bitcoin Mining Report: https://coinshares.com/assets/resources/Research/bitcoin-mining-network-december-2019.pdf

Unconfirmed episode with Dan Morehead: https://unchainedpodcast.com/a-bitcoin-price-of-115000-next-year/

Bitcoin stock-to-flow ratio: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25

Fidelity opens trading to institutional customers: https://www.bloomberg.com/news/articles/2019-05-06/fidelity-said-to-offer-cryptocurrency-trading-within-a-few-weeks

Fidelity Digital Assets signs first exchange: https://www.coindesk.com/fidelity-digital-assets-to-sign-up-its-first-crypto-exchange-by-end-of-the-year

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El Auge de MakerDAO: Un Viaje Personal - Ep.171 May 06, 2020

Hi everyone, this is an essay by Mariano Conti of MakerDAO that was so popular, personal and relatable, especially to those living in Latin America, that we decided to have Mariano translate it and read it in Spanish. Share it with your Spanish-speaking friends who still don’t understand what crypto is about, to show how it solved real-world problems for at least one person.

Mariano Conti, jefe de contratos inteligentes de MakerDAO, nos lee su ensayo sobre su experiencia personal con criptomonedas, desde el punto de vista de un Argentino cuya familia ha experimentado períodos de hiperinflación, y de un freelancer que recibe pagos por su trabajo desde varios países. Mariano describe la evolución de Maker desde Dai de Colateral Único (ahora Sai) hasta Dai Multi Colateral, y también brinda su perspectiva de los eventos del Jueves Negro y las subastas de deuda subsecuentes que el protocolo debió llevar a cabo para regularizar su situación.

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DeFi Security: With So Many Hacks, Will It Ever Be Safe? - Ep.170 May 05, 2020

Dan Guido, cofounder and CEO of Trail of Bits, and Taylor Monahan, founder and CEO of MyCrypto, discuss all the recent hacks in DeFi, how it can be made more safely and who is responsible.

We tackle:

the Hegic security incident: whose responsibility it was to make sure the contract was secure — the auditor (Trail of Bits) or the team (Hegic) — what Trail of Bits was saying in its audit summary, and how to read between the lines of an audit summary
how long an audit should be
upgradeability: particularly around when more advanced technology and contracts interface with older technology/contracts
centralization vs. decentralization: whether contracts can be made safely while maintaining adhering to the principle of decentralization, why Taylor would prioritize centralization and security, and how teams can create different levels of risk for users
bug bounties: why asking what amount they should be is the wrong question
the security threats posed by oracles
and what a checklist for DeFi teams might look like

Thank you to our sponsors!

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Stellar: https://www.stellar.org

Episode links:

Dan Guido: https://twitter.com/dguido

Trail of Bits: https://www.trailofbits.com

Taylor Monahan: https://twitter.com/tayvano_

MyCrypto: https://mycrypto.com

Initial tweet by Hegic calling the security issue a typo: https://twitter.com/HegicOptions/status/1253937104666742787?s=20

Hegic tweet saying, “It’s not a security issue”: https://twitter.com/HegicOptions/status/1253954145113038849?s=20

Trail of Bits saying it will no longer work with Hegic: https://twitter.com/dguido/status/1254260725431894020?s=20

Taylor breaks down the audit summary: https://twitter.com/MyCrypto/status/1254058121342803968?s=20

Molly Wintermute’s Medium post on requesting a week audit vs. three-day review: https://medium.com/@molly.wintermute/post-mortem-hegic-unlock-function-bug-or-three-defi-development-mistakesthat-i-feel-sorry-about-5a23a7197bce

Unconfirmed episode with Haseeb Qureshi on the Lendf.me attack: https://unchainedpodcast.com/haseeb-qureshi-on-the-unbelievable-story-of-the-25-million-lendf-me-hack/

Unchained interview showing Matt Luongo's approach to kill switches and upgradeability with tBTC: https://unchainedpodcast.com/tbtc-what-happens-when-the-most-liquid-crypto-asset-hits-defi/

Discussion of the bZx attacks on Unchained: https://unchainedpodcast.com/the-bzx-attacks-unethical-or-illegal-2-experts-weigh-in/

Issue with Curve contract: https://blog.curve.fi/vulnerability-disclosure/

Compound bug bounty program: https://compound.finance/docs/security#bug-bounty

Taylor on “upgradeability makes things more insecure”: https://twitter.com/tayvano_/status/1222564979657723904?s=20

Synthetix oracle incident, allowing a bot to profit $1 billion: https://unchainedpodcast.com/how-synthetix-became-the-second-largest-defi-platform/

Taylor’s tips on how to get more ROI on an audit: https://twitter.com/MyCrypto/status/1254061500244713474?s=20

Tips to follow before getting an audit: https://blog.openzeppelin.com/follow-this-quality-checklist-before-an-audit-8cc6a0e44845/

Resources for security in DeFi:

crytic/building-secure-contractsGuidelines and training material to write secure smart contracts - crytic/building-secure-contractsgithub.com

https://consensys.github.io/smart-contract-best-practices/

https://forum.openzeppelin.com

https://swcregistry.io

https://diligence.consensys.net/blog/2020/03/new-offering-1-day-security-reviews/

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tBTC: What Happens When the Most Liquid Crypto Asset Hits DeFi? - Ep.169 Apr 28, 2020

Matt Luongo, CEO of Thesis, the parent company of Fold and Keep, describes the just-launched tBTC, his plan for a censorship-resistant Bitcoin-Ethereum bridge. He explains his personal reasons for wanting such a platform, why tBTC is different from other versions of Bitcoin on Ethereum, and how it works -- including the process of becoming a signer in minting tBTC, how the system will handle crises, the reason for high collateralization levels, why staking assets are limited, and the necessity of a work token, Keep. He also discusses the economics behind tBTC-backed tBTC, his vision for DeFi, how tBTC could buffer an ETH crash, and the reasoning behind minimal governance mechanisms -- playing into why institutions trust BTC more than ETH. Plus, he contrasts the Bitcoin and Ethereum communities and talks about the possibility of tBTC2.0.

Thank you to our sponsors!

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Kraken: https://www.kraken.com

Episode links:

Matt Luongo: https://twitter.com/mhluongo

Thesis: https://thesis.co/

Keep: https://keep.network/

Fold App: https://foldapp.com/

tBTC white paper: https://docs.keep.network/tbtc/index.pdf

Initial reveal: https://twitter.com/mhluongo/status/1162481737525583873?s=20

Announcement on Keep blog: https://blog.keep.network/bridging-bitcoin-and-ethereum-b2f9923630a7?gi=5c9040ed3a72

Some criticism of tBTC: https://twitter.com/peterktodd/status/1162728205607985152?s=20

Matt on the Breakdown podcast: https://www.coindesk.com/will-defi-matter-in-a-post-coronavirus-world-feat-matt-luongo

Matt on Sendwyre podcast: https://blog.sendwyre.com/announcing-tbtc-with-james-prestwich-and-matt-luongo-of-cross-chain-group-c424e2b0b40c?gi=d1e8b53ca80e

How tBTC works: https://defipulse.com/blog/what-is-tbtc/

The Block on tBTC: https://www.theblockcrypto.com/daily/55284/inside-tbtc-the-bitcoin-backed-erc-20-token-that-could-go-live-in-march

Keep raises $7.7 million: https://www.forbes.com/sites/justinoconnell/2020/04/03/coinbase-co-founder-invests-in-project-to-bridge-bitcoin-and-ethereum/#368a6f737df4

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Why Nothing Is More Viral Than a Store of Value - Ep.168 Apr 21, 2020

Cathie Wood, CEO and CIO of ARK Invest, and Yassine Elmandjra, ARK's thematic analyst, discuss their investment strategy with disruptive innovation, and how blockchain technology, especially Bitcoin, plays a major role in it. They explain why the unique market circumstances due to the coronavirus have led to more correlation between crypto and the traditional financial markets, but also why, in the long-term, it will ultimately be uncorrelated. We cover why they think crypto in the age of COVID-19 will see new opportunity, and when there will be a recovery of the larger economy. They also share, from an investor standpoint, their growing conviction in Bitcoin due to its long-term value proposition compared to other chains like Ethereum. Plus, we talk about the future outlook for central bank digital currencies, and how Libra will launch, albeit differently, than expected.

Thank you to our sponsors!

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Episode links:

Cathie Wood: https://twitter.com/cathiedwood?lang=en

Yassine Elmandjra: https://twitter.com/yassineARK

Yahoo Finance interview on ARK’s big ideas for 2020: https://finance.yahoo.com/video/cathie-wood-talks-ark-invests-222723696.html

Keynote on State of Digital Assets at Volt Capital summit: https://www.youtube.com/watch?time_continue=2729&v=c50TMCKsktA&feature=emb_logo

ARK’s Q&A video conference on COVID-19: https://ark-invest.com/research/bis2020?utm_campaign=BIS%202020&utm_medium=email&_hsenc=p2ANqtz--kCZDJ0VuIxNViHjN7KR7qOryEusndZqMfNp7JMkD4AIZJCv8otUtZm8YgPdmVYTZb3ylv4ysbxt8fRIUvngkRLcyvIw&_hsmi=85729999&utm_source=hs_email&utm_content=85729999&hsCtaTracking=14ee7e75-5bf4-46f8-8c8c-f5aeb84b32a7%7C5f5d3a43-f10e-4792-92de-96ef495eb5c6

Feature on Cathie Wood: https://www.bloomberg.com/opinion/articles/2020-02-18/cathie-wood-s-tesla-bet-puts-ark-invest-in-spotlight

Her views on Zcash: https://www.theblockcrypto.com/post/12660/cathie-wood-on-the-block-the-crypto-revolution-is-coming-jump-on-or-get-out-of-the-way

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The Rise of MakerDAO: A Personal Journey - Ep.167 Apr 14, 2020

Mariano Conti of MakerDAO, head of smart contracts at MakerDAO, reads from his essay about his personal experience with cryptocurrency, particularly as an Argentine whose family has experienced periods of hyperinflation, and as a freelancer accepting payment from foreign countries. He describes the evolution of Maker from single-collateral Dai (now Sai) to multi-collateral Dai, and also gives his perspective on the events of Black Thursday and the subsequent debt auctions the protocol undertook to right itself.

Thank you to our sponsors!

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Kraken: https://www.kraken.com

Episode links:

Mariano Conti: https://twitter.com/nanexcool

Linda Xie’s essay about crypto memes on Unchained : https://unchainedpodcast.com/how-memes-can-help-crypto-go-mainstream/

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The Most Forkable DeFi Protocols on Ethereum - Ep.166 Apr 07, 2020

Kyle Samani of Multicoin Capital reads from his essay on how defensible each of the major DeFi protocols on Ethereum are, and what that says about Ethereum's defensibility. He evaluates how easy it would be from an effort and capital standpoint to fork each of the major DeFi protocols, and makes a strong case for how and why he thinks protocols like Maker are quite defensible, and why he believes certain dexes are less so.

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Why Decentralization Isn’t as Important as You Think - Ep.165 Mar 31, 2020

In this essay, Haseeb Qureshi of Dragonfly Capital explains why he thinks the focus on decentralization can be overhyped. He looks at why decentralization can be important but then makes it clear, by dissecting when it is important and when it’s not, and to whom it does and doesn’t matter, that it isn’t the be-all end-all goal for every endeavor. He talks about which questions we should be asking beyond just, “is it decentralized,” and also explains why that question doesn’t even make sense.

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Teetering on the Edge: How Black Thursday Exposed the Flaws in the Crypto Markets - Ep.164 Mar 24, 2020

Kyle Samani, managing partner at Multicoin Capital, dissects Black Thursday, March 12, the day the crypto markets plunged twice amid the wider sell-off in the markets due to the coronavirus. He offers several theories for the first price drop that day, how that set off a series of liquidations on various exchanges, and then why liquidations stopped for about 12 hours before the next wave, which triggered the next price slump. He also describes why, at that point, the crypto market structure broke, as arbitrageurs attempted to move collateral from one exchange to another but could not because both the Bitcoin and Ethereum blockchains became congested, setting off a downward spiral particularly in Bitcoin, as miners began turning off equipment due to the falling BTC price. This led, ultimately, to there being $200 million worth of positions to liquidate on BitMEX, but only $20 million worth of bids on the entire BitMEX order book. Then we cover what happened next that ultimately saved the price of BTC dropping to $0 on BitMEXT.

Next, we discuss the second fall in prices that day, and how that affected MakerDAO, with congestion on the Ethereum blockchain preventing keepers from being able to liquidate undercollateralized vaults. A clever keeper sent a bid to liquidate a vault with a higher gas price, but realizing that there was no competition, bid $0, walking away with $4.5 million, and a total of $8 million being won this way. We covered how the price of ETH fell to $88 but because oracles weren't properly updating, the last price of ETH on MakerDAO was at $101 — a dollar higher than the $100 where a bunch of liquidations would have occurred, which would have likely put more downward pressure on ETH, resulting in another downward spiral.

Kyle also evaluates some of the technical options for preventing these issues in future times of volatility, why many of them aren't promising but what is.

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Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Episode links:

https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/

Links from news recap:

Kyle Samani: https://twitter.com/KyleSamani

Multicoin Capital: https://multicoin.capital/

Multicoin blog part 1: https://multicoin.capital/2020/03/17/march-12-the-day-crypto-market-structure-broke/

Part 2: https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/

Theory that BitMEX’s maintenance was to prevent a collapse in Bitcoin: https://twitter.com/SBF_Alameda/status/1238306306043162625

https://www.theblockcrypto.com/genesis/58918/money-2-0-stuff-free-price-auctions

How traders took advantage of the roiling markets: https://www.theblockcrypto.com/post/59172/surfing-the-spread-crypto-market-turmoil-arbitrage

More on the liquidations in MakerDAO: https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6

https://blog.makerdao.com/usdc-approved-by-maker-governance-as-the-third-collateral-type-of-the-maker-protocol/

MakerDAO weighs emergency shutdown: https://www.coindesk.com/defi-leader-makerdao-weighs-emergency-shutdown-following-eth-price-drop

MakerDAO adds USDC as collateral: https://www.coindesk.com/makerdao-adds-usdc-as-defi-collateral-following-black-thursday-chaos

Kain Warwick on USDC as Dai collateral: https://twitter.com/kaiynne/status/1239795250882740225?s=20

Eva Beylin on USDC as Dai collateral: https://twitter.com/evabeylin/status/1240039492985085952?s=20

Huobi’s derivatives platform introduces circuit breaker:

https://www.theblockcrypto.com/linked/59210/huobis-derivative-platform-now-includes-a-circuit-breaker-function

Debate over circuit breakers in crypto:

https://twitter.com/TusharJain_/status/1238311534767595520

https://www.coindesk.com/does-crypto-need-circuit-breakers-last-weeks-price-crash-ignites-a-debate

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Chris Burniske: A Blank Slate of State - Ep.163 Mar 17, 2020

In this essay, Chris Burniske of Placeholder Capital talks about what kind of world crypto entrepreneurs are creating and want to be creating with the systems they build. He talks about different kinds of values, the dangers of only pursuing market values, and why crypto has a unique opportunity now to recalibrate those market values and incorporate more of the societal virtues we hold dear. Then he dives into which values he hopes to imbue into crypto networks and how that informs his thinking as a VC in the space.

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Why Africa Is Poised to Be the Next Hub for Crypto Development - Ep.162 Mar 10, 2020

Soona Amhaz, general partner at Volt Capital, and Yele Bademosi, founder of Microtransaction, explain why they believe Africa is poised to become a hub for crypto development. They give some interesting stats on how crypto is currently used and traded on the continent, plus talk about how these factors interplay with the region’s unique demographics and the status of some of the continent’s fiat currencies to create what could be a unique environment for increased crypto activity. They end with what they think crypto entrepreneurs should be working on to help further that development.

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Episode links:

Soona Amhaz: https://twitter.com/soonaorlater

Yele Bademosi: https://twitter.com/YeleBademosi

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ETH Denver Fireside Chat With 2 of the Most Crypto-Friendly Governors in the Nation - Ep.161 Mar 03, 2020

In this fireside chat from ETH Denver, crypto-friendly governors Jared Polis of Colorado and Mark Gordon of Wyoming discuss how they each became interested in crypto and blockchain, how their states became friendly to the industry and how to resolve some of the thornier problems in crypto regulation, such as the state-by-state money transmission licensing regime. We also dive into the details on some of the regulations in their states, such as the regulations that make it possible to hold state-specific ICOs, what types of companies are taking advantage of those, and whether there's a bipartisan attitude toward crypto regulation.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Episode links:

CO Governor Jared Polis: https://twitter.com/jaredpolis

WY Governor Mark Gordon: https://governor.wyo.gov/

CO Governor Jared Polis’s background:

https://gazette.com/election/profile-entrepreneur-jared-polis-sees-governor-s-race-as-a/article_af2d0222-c1b2-11e8-8b2b-afa916b3b182.html

Governor Polis’s letter to SEC chairman Jay Clayton and then-CFTC chairman Christopher Giancarlo on crypto regulation: https://www.coindesk.com/lawmakers-renew-calls-us-lead-crypto-innovation

Colorado’s Digital Token Act: https://www.coindesk.com/colorado-could-be-next-in-the-race-to-bank-crypto-and-cannabis

https://leg.colorado.gov/sites/default/files/2019a_023_signed.pdf

https://thetokenist.io/colorado-signs-digital-token-act-into-law-some-digital-assets-exempt-from-securities-requirements/

Wyoming passes three crypto-friendly laws: https://www.coindesk.com/wyoming-lawmakers-pass-three-bills-in-boost-for-states-crypto-industry

Wyoming laws: https://www.wyoleg.gov/Legislation/2018/HB0070

https://www.forbes.com/sites/caitlinlong/2019/03/04/what-do-wyomings-new-blockchain-laws-mean/amp/

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The bZx Attacks: Unethical or Illegal? 2 Experts Weigh In - Ep.160 Feb 25, 2020

Maya Zehavi, blockchain consultant, and Zubin Koticha, cofounder and CEO of Opyn, discuss the two recent bZx attacks, whether they were hacks or arbs and whether they were unethical or illegal. They also look at whether flash loans are to blame, how much transparency DeFi teams should have about vulnerabilities on their platforms, how much bug bounties should be for DeFi, and whether flash loans means the amount of bug bounties should be higher. We also talk about whether DeFi should institute circuit breakers, when those would make sense, and whether these attacks could happen to anybody or whether bZx isn't up to the standards needed in this community. We also cover how bZx should handle the under-collateralized loans left on their platform, whether Chainlink will be a sufficient solution to prevent these attacks in the future, and whether DeFi insurance should cover these kinds of attacks. Plus, Maya and Zubin explains why they're happy the attacks happened and have made them more optimistic. And Maya reveals why she has a pizza slice emoji in her Twitter profile.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Episode links:

Maya Zehavi: https://twitter.com/mayazi

Zubin Koticha: https://twitter.com/snarkyzk

Opyn: https://opyn.co/

Description of first attack: https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction

Description of second attack: https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction

https://www.theblockcrypto.com/daily/56413/experts-weigh-in-on-bzx-attacks-flash-loans-highlight-the-need-to-improve-defi-security-models

https://www.theblockcrypto.com/linked/56134/defi-lending-protocol-bzx-exploited-a-portion-of-eth-lost

Unconfirmed episode about the attacks: https://unchainedpodcast.com/how-2-defi-attacks-made-almost-1-million-in-profit/

1inch.exchange blog post: https://medium.com/@1inch.exchange/yes-we-hacked-bzx-fulcrum-but-one-month-ago-3f7e5c437ee3

1inch exchange-Fulcrum dispute: https://www.theblockcrypto.com/post/56579/bzx-attacks-and-1inch-exchange-allegations-heres-what-the-teams-have-to-say

Nexus Mutual payouts: https://defirate.com/nexus-mutual-first-payouts/

Nexus Mutual blog post: https://medium.com/nexus-mutual/bzx-flash-loan-event-55753d19e52b

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Democracy in the Age of Cryptography - Ep.159 Feb 18, 2020

Santiago Siri, the cofounder and president of Democracy Earth, reads from his essay on how governance and identity change in the age of cryptography.

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Alex Gladstein on a World Without Bitcoin - Ep.158 Feb 11, 2020

Alex Gladstein, chief strategy officer at the Human Rights Foundation, reads his essay, A World Without Bitcoin.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

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How Memes Can Help Crypto Go Mainstream - Ep.157 Feb 04, 2020

Linda Xie, cofounder at Scalar Capital, reads her essay on how the crypto community can successfully use memes to help people understand the technology.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unchained

Crypto.com: http://crypto.com/

Kraken: http://kraken.com/

Episode links:

Linda Xie: https://twitter.com/ljxie

Scalar Capital: https://scalar.capital/

Read Linda's full essay at: https://unchainedpodcast.com/how-memes-can-help-crypto-go-mainstream/

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The Rogue 100: How Cryptocurrency Criminals Cash Out - Ep.156 Jan 28, 2020

Jonathan Levin, co-founder and CSO of Chainalysis, and Kim Grauer, head of research, discuss the company's 2020 Crypto Crime Report, which explores how cryptocurrency criminals, who perpetrate hacks and scams and send out ransomware and more, cash out. We cover how criminals are turning their illicit crypto into fiat currency, why exchanges are a prime avenue for money laundering, and how over-the-counter brokers are playing a large role. They talk about a group of OTC brokers they describe as the Rogue 100, what their transactions look like, and what can be done to help stop criminals from cashing out. Jonathan and Kim talk about the PlusToken scam, the largest Ponzi scheme in crypto and how Chainalysis determined that it was likely driving down the price of Bitcoin. They also explain the trends in exchange hacks and how the most prolific hackers have grown more sophisticated, giving some examples of how the Lazarus Group, a cybercriminal syndicate linked to the North Korean government has become more advanced. Finally, we also discuss ransomware and terrorism financing and what trends they are seeing there.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

Kraken: https://www.kraken.com

Crypto.com: https://crypto.com

Episode links:

Chainalysis: https://www.chainalysis.com/

Jonathan Levin: https://twitter.com/jony_levin

Kim Grauer: https://twitter.com/KimberlyGrauer

Previous Unchained interview with Jonathan: https://unchainedpodcast.com/how-chainalysis-helps-solve-crimes-jonathan-levin-tells-all-ep-62/

Unconfirmed episode on how Bitcoin led to the demise of the largest child porn site: https://unchainedpodcast.com/how-bitcoin-led-to-the-demise-of-the-largest-child-porn-site/

Money laundering report: https://blog.chainalysis.com/reports/money-laundering-cryptocurrency-2019

https://fortune.com/2020/01/15/crypto-criminals-brokers-launder-billions/

Exchange hacks report: https://blog.chainalysis.com/reports/cryptocurrency-exchange-hacks-2019

Unchained interview with Priscilla Moriuchi on why North Korea is interested in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/

Plus Token report: https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price

Terrorism financing report: https://blog.chainalysis.com/reports/terrorism-financing-cryptocurrency-2019

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Brendan Eich on How Brave Is Working to Decentralize - Ep.155 Jan 21, 2020

Brendan Eich, CEO and president of Brave, discusses his history in tech prior to crypto, including working at Netscape, how he created Javascript in 10 days and his short stint as CEO of Mozilla, what problems with ads that Brave is trying to solve, and why Brave needs the Basic Attention Token. He explains why Bitcoin wouldn't work for cryptocurrencies on the platform, why they use BAT over stablecoins, and how Brave strips ads from publishers' webpages, but doesn't from Facebook or Google, and how it causes collateral damage to publishers. He talks about how the browser is a middleman, how Brave works with Uphold and why it doesn't require KYC unless the users wants to cash out on his or her Brave rewards. He also explains why he isn't worried that BAT could meet the four prongs of the Howey test, what it will look like when Basic Attention Token is decentralized and why he doesn't know if publishers are earning back in BAT the ad revenue that Brave blocks.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unchained

Crypto.com: http://crypto.com/

Kraken: https://kraken.com/

Episode links:

Brendan Eich: https://twitter.com/BrendanEich

Brave: https://brave.com/

Basic Attention Token: https://basicattentiontoken.org/

BAT white paper: https://basicattentiontoken.org/wp-content/uploads/2017/05/BasicAttentionTokenWhitePaper-4.pdf

Brave Rewards: https://support.brave.com/hc/en-us/articles/360027276731-Brave-Rewards-FAQ

Brave privacy policy: https://brave.com/privacy/

https://brave.com/privacy/#dev-detail

BAT Growth: https://batgrowth.com

Publishers on BAT: https://batgrowth.com/publishers/website

Brendan Eich admits Brave is semi-decentralized: https://thenextweb.com/hardfork/2018/11/23/brave-blockchain-cryptocurrency-browser/

How Brave hurts publishers: https://practicaltypography.com/the-cowardice-of-brave.html

Publishers send cease and desist to Brave: https://www.coindesk.com/bitcoin-browser-brave-responds-cease-desist

Whether BAT is necessary for Brave: https://micky.com.au/just-3-9-of-brave-browser-users-have-bat-in-their-wallets/

BAT ICO: https://www.coindesk.com/35-million-30-seconds-token-sale-internet-browser-brave-sells

Vitalik blog post on token sales: https://vitalik.ca/general/2017/06/09/sales.html

BAT roadmap: https://basicattentiontoken.org/bat-roadmap-1-0/

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Why Catherine Coley Isn't Worried About BNB Being a Security - Ep.154 Jan 14, 2020

Catherine Coley, the CEO of Binance US, talks about her background as a foreign exchange trader, how and why she made the leap into crypto, and how she became the CEO of Binance US. We discuss how Binance US differs from Binance, who Binance US's target customers are, how Binance decides which coins to list, what's on Catherine's wish list to regulators, and whether Binance US will be connected to or cut off from the global, open financial system Binance is building. We also cover why Binance US launched with Tether as its stablecoin, why the company is also focusing on BUSD, how they became comfortable using BNB token on the exchange, whether or not they worry that BNB could be considered a security. Catherine talks about whether the company will offer leverage, lending, staking, etc., and where Binance US's future revenue could come from as exchange fees trend to zero. We also cover what Catherine has learned from working customer support for Binance US and and how she compares the US and Asian crypto markets.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

Kraken: https://www.kraken.com/

Crypto.com: http://crypto.com/

Episode links:

Catherine Coley: https://twitter.com/cryptocoley

Binance US: https://www.binance.us/en

Binance US on Twitter: https://twitter.com/BinanceAmerica

Binance US blog: https://www.binance.us/en/blog

Crypto Rating Council: https://www.coindesk.com/coinbase-led-crypto-ratings-council-draws-skepticism-from-legal-experts

Telegram notice about Grams and Ton: https://telegram.org/blog/ton-gram-notice

CZ’s 2020 New Year’s message: https://www.binance.com/en/amp/blog/419417682154909696/Binance-2020-New-Year-Message-Building-Foundations--

Binance US joins Chamber of Commerce Executive Committee: https://www.binance.us/en/blog/419943835304939520/BinanceUS-Joins-the-Executive-Committee-of-the-Chamber-of-Digital-Commerce

Multicoin Capital report, Binance is Blitzscaling: https://multicoin.capital/2019/11/07/binance-is-blitzscaling/

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Dragonfly Capital on Why Ethereum Is So Far in the Lead - Ep.153 Jan 07, 2020

Alex Pack, founding partner of Dragonfly Capital, and Haseeb Qureshi, Dragonfly managing partner, talk about why Dragonfly has a global focus, how they choose investments, and why they try to be as agnostic as possible about asset type. They also discuss why most protocols, including Bitcoin, still look like venture bets, why, at the moment, Bitcoin looks like a better investment than anything built on top of Bitcoin, and why Lightning hasn't yet taken off and why they think it won't. We also cover what the future holds for Bitcoin. They explain what they think will happen in the smart contract platform race, why Ethereum is so far in the lead and whether anything will become an Ethereum killer. We also cover Libra, and how Libra affects their investments in stablecoins, why Xi Jinping's "blockchain, not crypto" emphasis is a dead end, whether blockchain-based identity is an investable area, what they think the killer app is or will be and their predictions for 2020. Also, Haseeb, a former professional poker player, describes how poker playing is similar to crypto trading.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

Kraken: https://kraken.com/

Crypto.com: https://crypto.com/

Episode links:

Alex Pack: https://twitter.com/alpackap

Haseeb Qureshi: https://twitter.com/hosseeb

Dragonfly Capital: https://www.dcp.capital/

Dragonfly Capital’s blog: https://medium.com/dragonfly-research

Forbes on Dragonfly Capital’s $100 million initial raise: https://www.forbes.com/sites/alexkonrad/2018/10/09/new-fund-dragonfly-bridges-china-us-crypto/#572aeb953c9a

Venture Beat story: https://venturebeat.com/2018/10/09/dragonfly-capital-partners-scoops-up-100-million-for-cryptocurrency-investments/

https://www.globenewswire.com/news-release/2018/10/09/1618445/0/en/Dragonfly-Capital-Partners-Unveils-100-Million-Inaugural-Fund-for-Cryptocurrencies-Bridges-Gap-between-East-and-West.html

DeFi cannibalizing POS security: https://medium.com/dragonfly-research/how-defi-cannibalizes-pos-security-84b146f00697

Mimblewimble blog post: https://medium.com/dragonfly-research/breaking-mimblewimble-privacy-model-84bcd67bfe52

Haseeb’s 2020 article on CoinDesk: https://www.coindesk.com/what-defi-needs-next-year-three-priorities

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Unchained Year in Review: The Best of 2019 - Ep.152 Dec 31, 2019

In this Best of 2019 episode, I selected the clips that seemed most representative of what crypto was about this year, which I call, The Year Things Got Geopolitical. My only regret is that none of the clips about DAOs lent themselves well to this episode. However, years from now, after we’ve got global stablecoins pinging around the world at a high transactions-per-second rate, the crypto community has made peace with U.S. regulators, and more of our lives seems to take place in the borderless digital world, perhaps we'll find it ironic that DAOs were burbling up right around the same time.

Thank you to our sponsors!

Kraken: https://www.kraken.com

Crypto.com: http://crypto.com/

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Unchained Interview with Vitalik Buterin: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/

Unchained Interview with Hester Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/

Unchained Interview with Ted Livingston: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/

Unchained Interview with Glen Weyl and Santiago Siri: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/

Unchained Interview with Christian Catalini: https://unchainedpodcast.com/a-libra-co-creator-on-how-facebook-will-make-money-from-calibra/

Unchained Interview with Martin Chorzempa and Dovey Wan: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

Unchained Interview with Emily Parker: https://unchainedpodcast.com/crypto-in-china-what-it-really-looks-like/

Unchained Interview with Sandra Ro: https://unchainedpodcast.com/sandra-ro-why-crypto-friendly-laws-are-coming-in-the-us/

Unchained Interview with Patrick McHenry: https://unchainedpodcast.com/congressman-patrick-mchenry-bitcoin-will-be-of-enormous-value/

Unchained Interview with David Andolfatto: https://unchainedpodcast.com/fed-economist-on-the-prospect-of-the-usd-losing-global-reserve-status-who-cares/

Unchained Interview with Yeonmi Park: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/

Unchained Interview with Alex Gladstein: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/

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For Your Normie Friends: Answers to the Most Basic Crypto Questions - Ep.151 Dec 24, 2019

This fall, I had an idea to do a crypto show for my normie friends, and figured I’d release it over the holidays, when maybe my regular listeners would be with the very people in their lives who could benefit from such an episode. I solicited questions from my own real-life friends, edited down the repeats and tried my best to make the explanations as simple as possible. I cover basic explanations of Bitcoin, blockchain and Ethereum, plus we go into questions around mining and electricity usage, and why anyone would use cryptocurrency. I hope this clears things up for some of your friends and family — and gets some of them to go down the crypto rabbit hole.

Thank you to our sponsors!

Givewell: http://givewell.org/unchained

CipherTrace: http://ciphertrace.com/unchained

Kraken: http://kraken.com

Crypto.com: http://crypto.com

Episode links:

Previous beginner episodes:

Crypto 101: https://unchainedpodcast.com/crypto-101-everything-you-need-to-know-about-bitcoin-ethereum-blockchains-icos-and-more/

How to Explain Cryptocurrencies and Blockchain to the Average Person: https://unchainedpodcast.com/how-to-explain-cryptocurrencies-and-blockchains-to-the-average-person/

Interviews with Vitalik Buterin: 2017: https://unchainedpodcast.com/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy/

2019: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/

Episode with Wences Casares: https://unchainedpodcast.com/xapos-wences-casares-on-how-bitcoin-makes-a-fairer-world/

Lolli: https://unchainedpodcast.com/how-to-get-7-of-your-purchases-back-in-bitcoin/

Cryptocurrency to evade surveillance: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/

KHmap.live interview: https://unchainedpodcast.com/an-interview-with-the-anonymous-developer-of-hkmap-live/

North Korea's interest in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/

Bitwise: https://unchainedpodcast.com/bitwises-latest-plans-to-get-a-bitcoin-etf-approved/

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Why North Korea Is Interested in Cryptocurrency - Ep.150 Dec 17, 2019

Priscilla Moriuchi, director of strategic threat development at Recorded Future and non-resident fellow at Harvard Kennedy School, explains North Korean usage of the internet and how it has changed over time, how it is reserved only for the few most senior people in the regime, and what the mobile devices of the other 25 million citizens connects to, and who is watching the activity on those devices. She also describes the various ways North Korea has shown an interest in cryptocurrency, how it's been determined that North Korea is engaging in those activities, such as cryptocurrency exchange hacks and malware, and its seeming interest in Monero. We also discuss how they convert crypto to fiat, and how well the government seems to have connected its cryptocurrency activities with its other real-world criminal networks used for other activities such as smuggling, drugs and counterfeiting cigarettes and US dollars. We also talk about which North Koreans have been trained to carry out such attacks and how and why they carry them out abroad rather than in North Korea. She also covers why Ethereum researcher Virgil Griffith's visit to North Korea, even if he were dispensing "public" information, would have been helpful in a country where everyone but a tiny elite is denied access to the internet.

Thank you to our sponsors!

Givewell: http://givewell.org/unchained

CipherTrace: http://ciphertrace.com/unchained

Kraken: https://www.kraken.com

Crypto.com: http://crypto.com

Episode links:

Priscilla Moriuchi: https://www.linkedin.com/in/priscilla-moriuchi-410297127/

Recorded Future: https://www.recordedfuture.com

Recorded Future on North Korea’s internet activity: https://www.recordedfuture.com/north-korea-internet-activity/

Full report: https://go.recordedfuture.com/hubfs/reports/north-korea-activity.pdf

Recorded Future report on North Korea’s interest in cryptocurrency: https://www.recordedfuture.com/north-korea-cryptocurrency/

Full report: North Korea targeting South Korean cryptocurrency exchanges: https://www.recordedfuture.com/north-korea-cryptocurrency-campaign/

Full report: https://go.recordedfuture.com/hubfs/reports/cta-2018-0116.pdf

Podcast: https://www.stitcher.com/podcast/recorded-future-inside-threat-intelligence/e/52982550

Priscilla on why Virgil’s attendance at a blockchain conference in North Korea was helpful to the regime: https://www.businessinsider.com/north-korea-virgil-griffith-cryptocurrencies-bad-idea-analyst-2019-12

Priscilla on how North Korea uses cryptocurrencies to evade sanctions: https://www.vox.com/world/2018/2/28/17055762/north-korea-sanctions-bitcoin-nuclear-weapons

North Korea’s interest in Monero: https://www.wsj.com/articles/in-north-korea-hackers-mine-cryptocurrency-abroad-1515420004

North Korea’s plan to build its own version of the Petro, I mean, Bitcoin: https://www.vice.com/en_us/article/9ke3ae/north-korea-is-building-its-own-bitcoin

DOJ Complaint against Virgil: https://www.justice.gov/usao-sdny/press-release/file/1222646/download

Virgil’s Facebook post inviting others to North Korea: https://www.facebook.com/virgil.gr/posts/10112756681859159

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Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp - Ep.149 Dec 10, 2019

In light of the questions around whether or not Virgil Griffith's talk at a blockchain conference in Pyongyang could have helped everyday North Koreans, Yeonmi Park, a North Korean defector, human rights activist, board member of the Human Rights Foundation and author of “In Order to Live, A North Korean Girl's Journey to Freedom,” talks to Unchained. She tells us about her life growing up in North Korea, how she thought the "dear leader" could read her thoughts, why freedom of thought is not allowed in North Korea, and how a South Korean had to teach her that Kim Jong Il was fat and not starving for the North Koreans, as she had been taught. She talks about what happened after her father was sent to a prison camp for selling copper, silver and nickel, how three generations of her family were then tainted and put in the "hostile" class of the caste system, and how watching the movie Titanic introduced her to the concept of romantic love. She tells the story of how, because of hunger, she fled to China — right into the hands of human traffickers, but decided to stay because of what trash cans in China signified to her, and describes the first time she heard the word "free." She also covers the difficulty of her transition to freedom and how reading George Orwell's Animal Farm was a turning point for her.

We discuss why the strategy for liberating North Korea is mostly about getting outside information in, who benefits from tours to North Korea and why lifting sanctions would only help the regime. She also explains why the only people who would have benefited from Griffith's talk would have been North Korean elite, and how any actions in line with what the dictator wants help him maintain power. She says the best ways to improve the situation in North Korea are to boost awareness of what is happening, empower the people there by getting outside information in and helping during the rescue, as 300,000 defectors, most of them women and girls living as sexual slaves, are hiding in China.

Thank you to our sponsors!

Givewell: http://givewell.org/unchained

Kraken: https://www.kraken.com

Crypto.com: https://crypto.com/

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Yeonmi Park: https://yeonmi.com/

Yeonmi Park on Twitter: https://twitter.com/YeonmiParkNK

Facebook: https://www.facebook.com/OfficialYeonmiPark/

Instagram: https://www.instagram.com/yeonmi_park/

YouTube: https://www.youtube.com/channel/UCpQu57KgT7gOoLCAu3FFQsA

Human Rights Foundation: https://hrf.org/

In Order to Live: https://www.penguinrandomhouse.com/books/318940/in-order-to-live-by-yeonmi-park-with-maryanne-vollers/

One of the first speeches by Yeonmi that went viral: https://www.youtube.com/watch?v=Ei-gGvLWOZI

Yeonmi's TED talk: https://www.ted.com/talks/yeonmi_park_what_i_learned_about_freedom_after_escaping_north_korea

New York Times video op-ed with Yeonmi's message for President Trump: https://www.nytimes.com/2018/06/11/opinion/north-korea-trump-kim-human-rights.html

DOJ complaint against Virgil Griffith: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrest-united-states-citizen-assisting-north-korea

Economist video on the efforts to get outside information into North Korea: https://www.youtube.com/watch?v=XVRQpfXGQyc&app=desktop

Guardian article on North Korean defector activist groups attempting to get outside information into North Korea: https://amp.theguardian.com/global/2016/aug/27/north-korea-defectors-ian-birrell

Wired article on getting outside information in: https://www.wired.com/2015/03/north-korea/

The story of Otto Warmbier: https://www.gq.com/story/otto-warmbier-north-korea-american-hostage-true-story

South Korean woman shot for crossing line at a resort in North Korea: https://www.theguardian.com/world/2008/jul/12/korea

Unchained interview with Alex Gladstein of the Human Rights Foundation: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/

Unconfirmed interview with Alex Gladstein: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep-021/

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How Synthetix Became the Second-Largest DeFi Platform - Ep.148 Dec 03, 2019

Kain Warwick, founder of Synthetix, talks about synthetic asset issuance platform, which enables people to create tokens that track the price of assets in traditional and crypto finance. We discuss the various types of assets available, why changing the monetary policy helped the ecosystem take off, why people would buy synthetic Bitcoin over Bitcoin itself, and why Uniswap has been pivotal to Synthetix's success. He covers the role the SNX token plays, why people minting synths must be over-collateralized by about 700%, and some of the changes coming down the pike, including futures, tweaks to the inflation rate, and a new oracle system. He also explains what happened when a trader made the system insolvent — and how they negotiated with the trader to keep it alive — how he thinks about decentralization and why the system's governance might one day be handled by a DAO.

Thank you to our sponsors!

GiveWell: http://givewell.org/unchained

Kraken: https://kraken.com/

CipherTrace: http://ciphertrace.com/unchained

Crypto.com: http://crypto.com/

Episode links:

Synthetix: https://www.synthetix.io/

Synthetix on Twitter: https://twitter.com/synthetix_io

Kain Warwick: https://twitter.com/kaiynne

Havven transforming into Synthetix: https://blog.havven.io/havven-is-transforming-into-synthetix-2fdf727b8892

Synthetix overview: https://blog.havven.io/synthetix-overview-f4a5a6c41210

How Synthetix works: https://www.synthetix.io/how-it-works/

Synthetix lite paper: https://www.synthetix.io/uploads/synthetix_litepaper.pdf

Changing monetary policy: https://blog.synthetix.io/synthetix-monetary-policy-changes/

Oracle hack: https://www.coindesk.com/synthetix-trader-rolls-back-broken-trades-that-netted-1-billion-profit

Synthetix response to oracle incident: https://blog.synthetix.io/response-to-oracle-incident/

How staking works on Synthetix: https://www.stakingrewards.com/asset/synthetix-network-token

https://help.synthetix.io/hc/en-us/articles/360020245314-How-can-I-earn-Synth-exchange-rewards-

Reddit complaint by trader who initially made the system insolvent: https://www.reddit.com/r/ethereum/comments/d4edxm/the_synthetix_dapp_deleted_my_balance/

Efforts to resolve the front running problem: https://sips.synthetix.io/sips/sip-6

Synthetix and Chainlink: https://blog.synthetix.io/synthetix-and-chainlink/

Kain’s tweets on the censorship vector stack: https://twitter.com/kaiynne/status/1197265019169169409?s=20

https://twitter.com/kaiynne/status/1197265044204998656?s=20

Unconfirmed episode on Uniswap: https://unchainedpodcast.com/how-uniswap-quickly-became-one-of-the-most-popular-dexes/

Defiant interview: https://thedefiant.substack.com/p/theres-a-pipeline-of-etf-like-tokens

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Why CoinMarketCap Launched Its Liquidity Metric - Ep.147 Nov 26, 2019

Carylyne Chan, chief strategy officer at CoinMarketCap, and Gerald Chee, head of research, discuss the history of CoinMarketCap, why the founder Brandon Chez initially focused on circulating supply to calculate market cap, how the ICO craze has changed the way CoinMarketCap defines circulating supply and how the kimchee premium on the Bitcoin price in Korea at the end of 2017 is influencing the future direction of the website. We cover why CoinMarketCap is branching out into other areas such as metrics, blockchain explorers, hosting conferences and more, how the site has made money historically, the demographics, geographical distribution and behaviors of users on the site, and how CoinMarketCap's web traffic is 90% correlated to the Bitcoin price. We talk about the fake volume problem, how CoinMarketCap decided to address it with a new liquidity metric, the new Data Accountability and Transparency Alliance they formed, and why they are working with some of the exchanges identified by Bitwise as being the most egregious in faking volumes, and how those exchanges fare when it comes to CMC's new liquidity metric. We also cover some of the other ways companies have tried to address the fake volume issue, how CoinMarketCap tries to identify the "true price" for any cryptocurrency (and why USDT makes this hard), and what the circulating supply of Ripple should be.

Thank you to our sponsors!

Kraken: https://kraken.com/

CipherTrace: http://ciphertrace.com/unchained

Crypto.com: http://crypto.com/

Episode links:

CoinMarketCap: https://coinmarketcap.com/

Twitter: https://twitter.com/CoinMarketCap

Carylyne Chan: https://twitter.com/carylyne

Gerald Chee: https://www.linkedin.com/in/gerald-chee-8340a0161/

History of CoinMarketCap: https://blog.coinmarketcap.com/2019/05/01/happy-6th-birthday-data-alliance-block-explorers-and-more/

Incident in which CoinMarketCap shaved $100 billion off the total market cap of crypto assets when Chez decided to remove South Korean exchanges from its calculations: https://www.wsj.com/articles/the-programmer-at-the-center-of-a-100-billion-crypto-storm-1516708800

CoinMarketCap's new interest for crypto loans page: https://www.theblockcrypto.com/post/43460/coinmarketcap-now-publishes-interest-rates-on-cryptocurrencies-allowing-users-to-compare-and-choose

Bitwise report on fake trading volume: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf

The 10 exchanges Bitwise says have real volume: https://www.bitcointradevolume.com/

CryptoCompare Q3 Exchange Benchmark Report: https://www.cryptocompare.com/media/36569367/cryptocompare_exchange_benchmark_2019_11pdf.pdf

DATA: https://coinmarketcap.com/data-transparency-alliance/

Messari benchmarks: https://messari.substack.com/p/more-reliable-cryptoasset-benchmarks

Messari report on Ripple’s “circulating supply”: https://messari.io/article/messari-research-ripple-s-market-cap-is-likely-overstated-by-6-1-billion

Ripple’s response to Messari report: https://www.coindesk.com/xrp-market-cap-may-be-overstated-by-billions-messari-report-estimates

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Why China Aims to Replace Cash With the Digital Yuan - Ep.146 Nov 19, 2019

Martin Chorzempa, research fellow the Peterson Institute, and Dovey Wan, founding partner at Primitive Ventures, discuss China's new blockchain push and the forthcoming DCEP. They cover how the blockchain initiative is part of an effort to set global blockchain standards, how it fits into the larger U.S.-China trade war as well as the threat from Facebook's Libra, and why part of the motivation behind the DCEP may stem from the shadow banking system in China. They also talk about how the DCEP might work, why it aims to be like cash, and ways in which a successful digital currency could be used to help internationalize the renminbi, but why other countries will likely still resist becoming more dependent on China's currency. We also explore what "controlled anonymity" will look like in the DCEP, why it might actually be preferable to transacting via WeChat Pay or Alipay and whether or not Chinese people will become interested in Bitcoin due to this exposure to blockchain technology.

Thank you to our sponsors!

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Crypto.com: https://crypto.com/

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Martin Chorzempa: https://www.piie.com/experts/senior-research-staff/martin-chorzempa

https://twitter.com/ChorzempaMartin

Dovey Wan: https://twitter.com/DoveyWan

Xi Jinping’s speech: https://www.coindesk.com/president-xi-says-china-should-seize-opportunity-to-adopt-blockchain

Cryptography law: https://www.coindesk.com/chinas-congress-passes-cryptography-law-effective-jan-1-2020

China’s 500 enterprise blockchain projects: https://www.coindesk.com/from-banking-giants-to-tech-darlings-china-reveals-over-500-enterprise-blockchain-projects

Changchun Mu, the deputy director of the payment and settlement department of the PBOC, on how DC/EP aims to replace the M0 money supply (banknotes and coins): http://www.cf40.org.cn/uploads/newsletter/20190803.pdf

Dovey’s article on how the digital yuan will affect the M0 money supply: https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-again

China’s already very digital economy: https://www.piie.com/blogs/realtime-economic-issues-watch/who-likes-facebooks-libra-currency-not-chinese

Reaction of Chinese dissident to China’s blockchain push: https://www.coindesk.com/bitcoin-dissident-sees-dark-warnings-in-chinas-blockchain-push

Unconfirmed interview with Alex Gladstein of the Human Rights Foundation: https://unchainedpodcast.com/why-the-digital-yuan-could-one-day-be-seen-as-a-blunder/

The commercial entities involved in helping to release the DCEP: https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#95e9d351a516

How they will be involved: https://twitter.com/DoveyWan/status/1191807688570626048?s=20

”Controlled anonymity“: https://twitter.com/ChorzempaMartin/status/1162071943568338944?s=20

Problems that could arise with the DCEP: https://www.scmp.com/economy/china-economy/article/3035797/blockchain-endorsement-chinas-xi-jinping-could-lead-fraud-and

People with poor social credit banned from buying plane and train tickets: https://www.theguardian.com/world/2019/mar/01/china-bans-23m-discredited-citizens-from-buying-travel-tickets-social-credit-system

The FT on why China’s currency will not replace the USD: https://ftalphaville.ft.com/2018/09/19/1537329600000/China-s-currency-will-not-replace-the-US-dollar/

2000 speech by Bill Clinton: https://archive.nytimes.com/www.nytimes.com/library/world/asia/030900clinton-china-text.html?mcubz=2&module=inline

Change in plans to eliminate the Bitcoin mining industry: https://www.coindesk.com/sichuan-should-work-to-remain-attractive-to-crypto-mining-policy-advisor

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Christopher Giancarlo on the Craziness of Becoming 'Crypto Dad' - Ep.145 Nov 12, 2019

Former CFTC chairman Christopher Giancarlo talks about how his experience of the financial crisis piqued his interest in blockchain technology, why the CFTC thought the introduction of Bitcoin futures would help pop the 2017 Bitcoin bubble, and how "there's no simple answer" to explain when a token goes from being a security to a commodity. He discusses why he believes there needs to be a "refresh" of regulations written decades ago that are difficult to apply in a digital world, why he thinks Libra represents a fundamental generational change and why he thinks the project should be allowed to go forward. We also cover the Chinese digital yuan, why the USD should not assume that its global dominance today will translate into global dominance tomorrow, and his own proposal for a digital dollar, which he dubs "Zelle + JPMorgan Coin." Plus, he gives the behind-the-scenes look at why he decided to speak "as a dad" in the Congressional hearing that made him an overnight crypto celebrity.

Thank you to our sponsors!

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CipherTrace: http://ciphertrace.com/unchained

Crypto.com: http://crypto.com

Episode links:

Christopher Giancarlo: https://twitter.com/giancarloMKTS

https://www.cftc.gov/About/Commissioners/JChristopherGiancarlo/index.htm

CFTC: https://www.cftc.gov/

Chamber of Digital Commerce: https://digitalchamber.org/

Let the technology evolve before regulating/CFTC is behind on regulating: https://www.coindesk.com/cftc-chair-says-regulator-is-behind-on-blockchain

Popping the Bitcoin bubble: https://www.coindesk.com/trump-administration-popped-2017-bitcoin-bubble-ex-cftc-chair-says

Talks with Facebook pre-Libra launch: https://www.coindesk.com/facebook-holds-talks-with-cftc-over-globalcoin-cryptocurrency-report

The introduction of Bitcoin futures helping to pop the crypto bubble: https://www.frbsf.org/economic-research/publications/economic-letter/2018/may/how-futures-trading-changed-bitcoin-prices/

Wall Street Journal op-ed proposing a digital dollar: https://www.wsj.com/articles/we-sent-a-man-to-the-moon-we-can-send-the-dollar-to-cyberspace-11571179923

Initial confusion over LedgerX not receiving approval or disapproval within 180 days to launch Bitcoin futures: https://www.coindesk.com/what-happened-why-the-first-us-physical-bitcoin-futures-contracts-havent-launched

CoinDesk article with emails from LedgerX on CFTC dispute: https://www.coindesk.com/ledgerx-claims-personal-animus-drove-ex-cftc-chair-to-stall-approvals

Commodity Exchange Act: https://legcounsel.house.gov/Comps/Commodity%20Exchange%20Act.pdf

Emails sent from LedgerX to the CFTC: https://static.coindesk.com/wp-content/uploads/2019/09/19-00104-FOIA-Records.pdf

Paul Chou’s blog post summarizing what happened: https://blog.ledgerx.com/let-me-set-the-record-straight/

More context from Noelle Acheson on the dispute: https://www.coindesk.com/derivatives-drama-the-unintended-consequences-of-crypto-regulation

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A Libra Co-Creator on How Facebook Will Make Money From Calibra - Ep.144 Nov 05, 2019

Christian Catalini, co-creator of Libra and chief economist at Calibra, explains why Facebook made the design choices it made for Libra, reveals whether the team was prepared for the regulatory blowback it received after publishing the white paper, and talks about what it means for Libra now that nearly all the initial payment company members have left the Association. He describes how Facebook defined stability for Libra, whether the Chinese renminbi could ever be added to the reserve the way it is part of the IMF special drawing rights basket, and if so, what the Libra or Calibra would do if the Chinese government tried to censor individuals or transactions in the system. We also cover the tension between the desire to have strong know-your-customer and anti-money laundering processes on the platform but then also to bank the unbanked, who often don't have strong government identification. We also discuss how Facebook will make money from Calibra, what it would take for Facebook to let the Libra Association go forward without it, and why Facebook, which not too long ago was trying to woo China to enter the Chinese market, now says it is the best counterweight to a Chinese digital yuan. Plus, he answers how Facebook and Calibra will handle privacy.

Thank you to our sponsors!

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com/

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Christian Catalini: https://twitter.com/ccatalini

Libra: https://libra.org/en-US/

Calibra: https://calibra.com/

Libra white paper: https://libra.org/en-US/wp-content/uploads/sites/23/2019/06/LibraWhitePaper_en_US.pdf

Letters to payment companies from Congress: https://www.schatz.senate.gov/imo/media/doc/Signed%20Letters%20re%20Libra%20to%20Patrick%20Collison,%20Ajaypal%20Banga,%20and%20Alfred%20Kelly.pdf

Mark Zuckerberg's testimony in front of Congress: https://www.c-span.org/video/?465293-1/facebook-ceo-testimony-house-financial-services-committee

Reported breakdown of the Libra reserve: https://www.reuters.com/article/us-facebook-libra-basket/u-s-dollar-to-be-main-currency-underpinning-facebooks-libra-spiegel-idUSKBN1W522K

Calibra — can send money at low to no cost: https://newsroom.fb.com/news/2019/06/coming-in-2020-calibra/

Chargebacks in Libra: https://www.theverge.com/2019/6/18/18682838/facebook-digital-wallet-calibra-libra-cryptocurrency-kevin-weil-david-marcus-interview

Asian central banks not too open to Libra: https://www.bloomberg.com/opinion/articles/2019-10-22/facebook-scaling-back-libra-will-please-asian-central-banks

Unconfirmed interview about UN work with blockchain-based vouchers: https://unchainedpodcast.com/the-un-world-food-programmes-blockchain-based-food-vouchers-for-syrian-refugees-with-robert-opp/

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Bitwise's Latest Plans to Get a Bitcoin ETF Approved - Ep.143 Oct 29, 2019

Hunter Horsley, cofounder and CEO of Bitwise Asset Management, and Matt Hougan, global head of research at Bitwise, describe their vision for Bitwise, its current funds and indices, as well as how it handles things like forks and airdrops. Then they give their reaction to and interpretation of the SEC disapproval of their Bitcoin ETF proposal, as well as what their focus will be now to try to get a Bitcoin ETF approved. We also discuss their general thesis around how the crypto space will develop, whether or not indices and funds around the top 100 assets will ever make sense, their ideas on how to value these networks and whether or not the company would ever try to compete in the DeFi space. Plus, don't miss our conversation on Bitcoin IRAs.

Thank you to our sponsors!

Crypto.com: http://crypto.com/

Kraken: https://kraken.com

CipherTrace: https://ciphertrace.com/unchained

Episode links:

Bitwise: https://www.bitwiseinvestments.com/

Hunter Horsley: https://twitter.com/HHorsley

Matt Hougan: https://twitter.com/Matt_Hougan

Unchained interview with Spencer Bogart: https://unchainedpodcast.com/spencer-bogart-on-the-20-trillion-in-store-of-value-assets/

Bitwise 10 Private Fund fact sheet: https://static.bitwiseinvestments.com/FactSheet/bitwise10/Bitwise-10-Private-Index-Fund-Investor-Class-Fact-Sheet.pdf

Bitwise 10 Offshore Index Fund: https://static.bitwiseinvestments.com/FactSheet/bitwise10-offshore/Bitwise-10-Index-Offshore-Fund-Investor-Fact-Sheet.pdf

Grayscale Bitcoin Investment Trust: https://grayscale.co/bitcoin-trust/

Bitwise Ethereum Fund: https://static.bitwiseinvestments.com/FactSheet/ethereumFund/Bitwise-Ethereum-Fund-Investor-Class-Fact-Sheet.pdf

SEC order disapproving the Bitwise Bitcoin ETF proposal: https://www.sec.gov/rules/sro/nysearca/2019/34-87267.pdf

Matt on CNBC discussing the Bitcoin ETF proposal: https://twitter.com/CNBC/status/1181309471349526530?s=20

Bitstamp/BitMEX trading manipulation: https://twitter.com/DoveyWan/status/1129246233917382656

Jake Chervinsky’s tweet about how the SEC is unlikely to approve a Bitcoin ETF under Chair Jay Clayton: https://twitter.com/jchervinsky/status/1182149164177608704?s=20

Unchained interview with Jake: https://unchainedpodcast.com/all-things-crypto-regulation-with-jake-chervinsky/

SEC commissioner Hester Peirce’s dissent to the disapproval of the Winklevoss Bitcoin ETF: https://www.sec.gov/news/public-statement/peirce-dissent-34-83723

Van Eck’s withdrawal of the Bitcoin ETF proposal: https://www.coindesk.com/vaneck-solidx-withdraw-bitcoin-etf-proposal-from-sec-review

Chris Burniske on how to value these networks: https://unchainedpodcast.com/how-to-value-a-crypto-asset/

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Congressman Patrick McHenry: 'Bitcoin Will Be of Enormous Value' - Ep.142 Oct 22, 2019

Congressman Patrick McHenry, or 'Mr. Fintech' to his peers in the House, is announcing the reintroduction of the Financial Services Innovation Act, a bill that would create what he calls "permanent beta testing," or many jurisdictions call "regulatory sandboxes," in which entrepreneurs can apply for regulatory approval to conduct innovative experiments. The bill is intended to get regulators into a position where their default leans more toward yes than no. He describes how this would affect teams that want to conduct ICOs, how it would square with the phenomenon of some token teams trying to raise through Reg A+, and whether it would allow exchanges without BitLicenses to operate in New York. He also discusses what type of digital currency he believes is best suited to compete against a Chinese digital yuan, and says the government is currently looking into whether or not the Federal Reserve has the authority to issue a digital dollar.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unchained

Crypto.com: https://crypto.com

Kraken: https://www.kraken.com

Episode links:

Congressman McHenry: https://mchenry.house.gov/

On Twitter: https://twitter.com/PatrickMcHenry

The House Libra hearings from July 2019: https://www.youtube.com/watch?v=9-ZTkCNW0w8

Financial Services Innovation Act explainer: https://www.alta.org/file.cfm?name=McHenry-Bill-Explainer

Introduction of the bill in 2016: https://www.wsj.com/articles/u-s-house-bill-aims-to-set-up-sandbox-for-fintech-innovation-1474539893

https://www.natlawreview.com/article/financial-services-innovation-act-us-wants-sandbox-too

Congressman McHenry’s interest in fintech: https://www.politico.com/agenda/story/2016/09/patrick-henry-mr-fintech-interview-000214

CNBC article on how Libra is being slowed by regulation while China’s central bank digital currency speeds ahead: https://www.cnbc.com/2019/10/15/china-races-to-launch-a-cryptocurrency-that-could-rival-facebooks.html

Fortune article: https://fortune.com/2019/10/16/if-libra-fails-china-wins-the-ledger/

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Think a DAO Will Automate Things? Think Again - Ep.141 Oct 15, 2019

Mariano Conti, the head of smart contracts for MakerDAO and creator of SelloutDAO, and Peter Pan, the summoner for Metacartel DAO, discuss all things DAOs, including how Peter started Metacartel DAO after being rejected from MolochDAO, and why Mariano initially voted against Peter joining. (Peter eventually joined.) They also discuss how they came to form YangDAO, why Mariano almost rage quit MolochDAO after the YangDAO formed, and how other MolochDAO members felt about SelloutDAO, which Mariano describes as an experiment in "on-chain corruption." We discuss how DAOs are actually heavily built on trust and why they require a lot of social coordination off-chain. They also discuss funding for LAOs, which have a legal entity such as an LLC affiliated with them, why Metacartel is launching a LAO, and which types of projects should be funded by DAOs vs traditional corporate structures. We also cover governance issues at MakerDAO, why it has a CEO, and what role leadership in general plays in a DAO.

Thank you to our sponsors!

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Mariano Conti: https://twitter.com/nanexcool

Peter Pan: https://twitter.com/pet3rpan_

MakerDAO: https://makerdao.com/en/

https://chat.makerdao.com

Metacartel DAO: https://www.metacartel.org/

https://twitter.com/meta_cartel

SelloutDAO: https://selloutdao.com/

Unchained interview with Ameen Soleimani of MolochDAO: https://unchainedpodcast.com/molochdao-could-this-decentralized-autonomous-organization-help-ethereum-scale-faster/

Unchained interview with Santiago Siri: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/

DAO Revival: https://www.coindesk.com/in-berlin-a-dao-renaissance-begins

https://www.bloomberg.com/news/features/2019-10-05/crypto-rebels-trip-over-each-other-en-route-to-financial-utopia

Andy Milenius’s account of MakerDAO’s change from a decentralized to a centralized project: https://www.scribd.com/document/407743542/Zandy-s-Story

CoinDesk story on the rift: https://www.coindesk.com/darkest-days-yet-purple-pill-tell-all-details-years-long-rift-at-heart-of-makerdao-stablecoin-project

Two most recent MakerDAO votes: https://vote.makerdao.com/executive-proposal/keep-the-stability-fee-set-to-a-total-of-105-per-year

https://vote.makerdao.com/executive-proposal/lower-the-stability-fee-by-2-to-a-total-of-85-per-year

https://vote.makerdao.com/polling-proposal/qmpem83sxjjwe1jvn2csdtetn4r3j95ejuzpbmtxef4lu5

Unchained interviews with Rune Christensen of MakerDAO: Part 1: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/

Part 2: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/

MakerDAO vulnerabilities:

ETH could have been stolen: https://hackerone.com/reports/684092

https://thenextweb.com/hardfork/2019/10/03/makerdao-security-vulnerability-ethereum-dai-stablecoin-collapse-theft-cryptocurrency/

The LAO: https://medium.com/openlawofficial/the-lao-a-for-profit-limited-liability-autonomous-organization-9eae89c9669c

Critique of the LAO: https://prestonbyrne.com/2019/09/03/the-lao-demystified/

MakerDAO launching multi-collateral Dai: https://www.coindesk.com/makerdaos-multi-collateral-dai-token-is-launching-nov-18

https://blog.makerdao.com/breaking-launch-date-of-multi-collateral-dai-announced-at-devcon-5/

Are DAO’s legal? https://www.coindesk.com/new-interest-in-daos-prompts-old-question-are-they-legal

Unconfirmed interview with Uniswap: https://unchainedpodcast.com/how-uniswap-quickly-became-one-of-the-most-popular-dexes/

Unconfirmed episode with Ryan Zurrer about resurrecting the DAO: https://unchainedpodcast.com/why-ryan-zurrer-would-like-to-see-a-new-dao/

Unchained interview with Aragon: https://unchainedpodcast.com/how-aragon-hopes-to-improve-on-democracy/

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Fed Economist on the Prospect of the USD Losing Global Reserve Status: 'Who Cares?' - Ep.140 Oct 08, 2019

David Andolfatto, senior vice president at the Federal Reserve Bank of St. Louis, gives his thoughts on Facebook's Libra, including why regulatory issues will make it hard to compete with the US dollar, and why Bitcoin wouldn't have such issues. He also says, "who cares?" about the US dollar losing global reserve status, pointing out that many prosperous countries have currencies that don't function as global reserves. He tells us how he would design a central bank digital currency, and why, even if central banks enabled citizens to open accounts with them, thus bypassing commercial banks, it wouldn't drive banks out of business. We also cover how that could affect fractional reserve banking and credit creation, the People's Bank of China's soon-to-be-issued digital yuan, and why blockchains haven't yet substantially helped the unbanked, as they were originally touted to do.

Thank you to our sponsors!

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Crypto.com: https://crypto.com

Episode links:

St. Louis Federal Reserve: https://www.stlouisfed.org

David Andolfatto: https://research.stlouisfed.org/econ/andolfatto/sel/

David's blog: http://andolfatto.blogspot.com

Letter from House Reps to Fed Chair Jerome Powell: https://static.coindesk.com/wp-content/uploads/2019/10/Foster-Hill-US-Crypto.pdf

Talk on blockchain, cryptocurrency and central banks: https://www.stlouisfed.org/dialogue-with-the-fed/blockchain

https://www.stlouisfed.org/~/media/files/pdfs/dwtf/blockchain_082918.pdf?la=en

Blog post on cost efficiency of a centrally managed ledger: http://andolfatto.blogspot.com/2017/12/fedcoin-and-blockchain.html?spref=tw

David’s paper on the impact of central bank digital currency private banks: https://s3.amazonaws.com/real.stlouisfed.org/wp/2018/2018-026.pdf

Raskin and Yermack paper: https://ccl.yale.edu/sites/default/files/files/Raskin_Max_and_Yermack_David_The%20Future%20of%20Central%20Banking.pdf

David on FedCoin: http://andolfatto.blogspot.com/2015/02/fedcoin-on-desirability-of-government.html

Philadelphia Federal Reserve banker Patrick Harker on a G20 CBDC being inevitable: https://www.reuters.com/article/us-usa-fed-harker-digital/feds-harker-digital-central-bank-currency-inevitable-idUSKBN1WH1L4

Related Unchained interview: Dong He and Yan Liu on central bank digital currencies: https://unchainedpodcast.com/the-imf-on-how-to-design-central-bank-digital-currencies/

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Crypto in China: What It Really Looks Like - Ep.139 Oct 01, 2019

Emily Parker, cofounder of Longhash, describes what the company, which has an Asia-focused incubator and data media site does, how she ended up launching an Asia-focused company, why she’s seeing US crypto teams and ICOs going to Singapore, why the Chinese government cracked down on crypto, and what misconceptions she sees about crypto in China. She explains how the Chinese still trade Bitcoin and cryptocurrencies despite the ban, why Tether plays a big role, how the China ban has affected crypto entrepreneurship and how the upcoming People's Bank of China digital currency could impact crypto. We also discuss how the attitude toward crypto has changed in Japan over time, why so many crypto teams are settling in Singapore, and whether or not the philosophies of censorship-resistance or decentralization resonate in China.

Thank you to our sponsors!

Crypto.com: https://crypto.com

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Longhash: LongHash.com

Longhash's Twitter: https://twitter.com/longhashdata

Emily Parker: Emilyparkerwrites.com

Emily Parker on Twitter: https://twitter.com/emilydparker

Emily Parker on LinkedIn: https://www.linkedin.com/in/emily-parker-738034142/

Longhash's incubator: https://incubator.longhash.com

BTC trading by US EST and PST vs. China: https://www.longhash.com/news/american-traders-lead-on-bitcoin-rally-while-asian-traders-not-so-bullish

Bitcoin metrics on Longhash: https://www.longhash.com/livecharts/bitcoin-social-metrics

Emily's interview with SEC commissioner Hester Peirce: https://www.longhash.com/news/in-cryptocurrency-will-asia-surpass-the-us-exclusive-interview-with-sec-commissioner-hester-peirce

Unchained interview with commissioner Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/

Longhash article showing more ICOs in Singapore than in US in Q1 2018: https://www.longhash.com/news/how-singapore-became-asias-ico-hub

Longhash's graphic showing money transmitter laws in the US: https://www.longhash.com/news/is-cryptocurrency-money-depends-on-your-state

Longhash on ICOs fleeing the US: https://www.longhash.com/news/after-years-of-regulatory-uncertainty-icos-are-fleeing-the-united-states

Unchained interview with Primitive Ventures: https://unchainedpodcast.com/asia-edition-mining-a-crypto-yuan-and-the-two-main-reasons-the-chinese-are-interested-in-crypto-ep-102/

Unchained interview with Da Hongfei and Patrick Dai (not Lai!): https://unchainedpodcast.com/from-blockchains-to-mooncakes-two-chinese-crypto-founders-on-the-ico-and-bitcoin-exchanges-ban/

Unchained interview with CZ of Binance: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/

Emily's interview with Coincheck's president: https://www.longhash.com/news/lessons-from-the-largest-crypto-hack-in-history-exclusive-interview-with-coincheck-president-toshihiko-katsuya

Longhash deck of cards of crypto players: https://www.longhash.com/news/fiftyfour-players-in-the-blockchain-industry-transformed-into-a-real-deck-of-cards

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Spencer Bogart on the $20 Trillion in Store-of-Value Assets - Ep.138 Sep 24, 2019

Spencer Bogart, general partner at Blockchain Capital, the first VC firm to tokenize one of its funds, talks about how well offering tokenized shares has worked out, why it didn't do so for the following fund, the appeal of security tokens generally and what advantages tokenized securities offer over non-blockchain platforms like Second Market, in which investors can trade shares in private companies. He also explains what entrepreneurs are looking for from VCs now that they have more ways to raise from the crowd, how Blockchain Capital decides between investing in equity vs. tokens when there is an option, and why the firm believes there will only be five or fewer dominant blockchains. He describes why he thinks it's likely Bitcoin will take the lion's share of the market, noting its $200 billion market cap vs. the $20 trillion in other store-of-value assets such as gold, real estate and art, and whether or not it's possible to invest in Lightning, the second layer built on top of Bitcoin. We also cover the Bitcoin ETF proposals, stablecoins, how crypto might take off in video games and its 66x return within two years on its investment in Block.One.

Thank you to our sponsors!

Simbachain: https://simbachain.com

Kraken: https://kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Blockchain Capital: https://blockchain.capital/

Spencer Bogart: https://twitter.com/CremeDeLaCrypto

Unchained interview with Brock Pierce: https://unchainedpodcast.com/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/

BCAP Q2 Nav: https://blockchainloop.com/blockchain-capital-releases-q2-2019-bcap-token-nav/

Upgrading of BCAP to Securitize platform: https://www.globenewswire.com/news-release/2018/09/04/1565117/0/en/BCAP-Tokens-to-be-Upgraded-Utilizing-Securitize-Platform.html

Funding of Securitize: https://www.coindesk.com/coinbase-backs-security-token-startups-12-75-million-funding-round

Blockchain Capital’s fourth fund: https://www.prnewswire.com/news-releases/blockchain-capital-closes-fund-iv-at-150-million-300617495.html

Story about Blockchain Capital trying to separate itself from Brock Pierce: https://decrypt.co/6876/is-blockchain-capital-trying-to-scrub-co-founder-and-mighty-ducks-star-brock-pierce-from-its-history

Interview with Brock Pierce in which he describes leaving Blockchain Capital: https://hackernoon.com/brock-pierce-interview-tales-from-the-bitcoin-floor-e479693a49bd

Lightning Network statistics: https://bitcoinvisuals.com/lightning

Tweets from LNBig on how they earned $0.10-$0.30 a day on Lightning fees: https://twitter.com/lnbig_com/status/1163055682964348934?s=20

https://twitter.com/lnbig_com/status/1159538637597487104?s=20

LNBig on how they spent $1,000 or so to open their Lightning channels: https://www.reddit.com/r/btc/comments/bxh0ny/lightning_network_capacity_takes_a_sudden_dive/eq9x4i9/

Profitability of running a lightning node: https://www.reddit.com/r/Bitcoin/comments/a9dmzw/how_profitable_is_running_a_lightning_node/

Letter to the SEC: https://blockchain.capital/examining-bitcoins-valued-attributes-a-letter-to-the-sec/

Blog post about Bitcoin’s likely dominance: https://blockchain.capital/the-past-future-of-blockchain-where-were-going-and-why/

Spencer's Reddit post with questions/concerns about MakerDAO: https://www.reddit.com/r/MakerDAO/comments/asb9n6/a_couple_questions_concerns_about_maker_and_mkr/

+ tweetstorm: https://twitter.com/cremedelacrypto/status/1103428046621618178

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Olga Feldmeier on Why Switzerland Has Welcomed Crypto - Ep.137 Sep 17, 2019

Olga Feldmeier, CEO of SmartValor, describes how her upbringing in Ukraine when it was undergoing 10,000% and 5,000% annual inflation helped her understand the potential in Bitcoin years later, and helped her connect with Wences Casares, CEO of Xapo. She also talks about how Xapo was able to get regulated in Switzerland, without having to get a banking license, and why she believes Switzerland has been open to the crypto industry. She explains why she is now focused on security tokens and tokenizing other real-world assets with her venture SmartValor, why it is also licensed in Lichtenstein, why it is aiming to make South Korea its second home, and what her view is on Facebook's Libra.

Thank you to our sponsors!

Simbachain: https://simbachain.com

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Smart Valor: https://smartvalor.com/en/

Olga Feldmeier: https://twitter.com/OlgaFeldmeier

Forbes interview with Olga: https://www.forbes.com/sites/montymunford/2018/07/30/qa-with-olga-feldmeier-cryptoqueen-and-ceo-smart-valor/#e3a3c9f3bcd1

Untold Stories interview with Olga (episode 14): https://cms.megaphone.fm/channel/untoldstories?selected=BWG5775450315

Xapo receives approval to operate as a financial intermediary in Switzerland: https://blog.xapo.com/xapo-regulatory-status-in-switzerland/

SmartValor white paper: https://res.smartvalor.com/public/SMART-VALOR-WhitePaper.pdf

SmartValor launches in Switzerland: https://www.coindesk.com/smart-valor-launches-regulated-crypto-exchange-in-switzerlandBusiness Insider interview on tokenizing physical objects:

https://www.businessinsider.com/smart-valor-ceo-tokenization-of-everything-icos-bitcoin-future-value-2018-1

Smart Valor makes South Korea its second home: https://news.smartvalor.com/korea-update/

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Why LocalBitcoins Stopped Cash Trades and Has a New CEO - Ep.136 Sep 10, 2019

Sebastian Sonntag, the new CEO of LocalBitcoins, and Mika Impola, software developer at LocalBitcoins, explain why the peer-to-peer bitcoin trading company has a new CEO, why it stopped cash trades and what kind of response they've received from the community about it. They describe how the service works, how it has changed over time, the range of payment options available amongst sellers on the site, and how peer-to-peer trading differs from country to country. Plus, we cover why it suspended buying in Iran, how regulation is changing the site in general, how it handles forks and what Sonngtag's plans are for the company.

Thank you to our sponsors!

Simbachain: https://simbachain.com/

Kraken: https://kraken.com/

CipherTrace: http://ciphertrace.com/unchained

Episode links:

LocalBitcoins: https://localbitcoins.com/

LocalBitcoins blog: https://localbitcoins.com/blog/

LocalBitcoins names a new CEO: https://localbitcoins.com/blog/localbitcoins-names-a-new-ceo/

LocalBitcoins stops cash trades: https://www.coindesk.com/localbitcoins-removes-cash-for-crypto-trading-option

New Finnish AML regulations: https://localbitcoins.com/blog/aml-features-update/

LocalBitcoins’ new ID verification system: https://localbitcoins.com/blog/id-verification-update/

LocalBitcoins trading volume across countries: https://coin.dance/volume/localbitcoins

LocalBitcoins trading in Venezuela: https://coin.dance/volume/localbitcoins/VES/BTC

LocalBitcoins suspends buying in Iran: https://www.coindesk.com/localbitcoins-bans-bitcoin-buying-in-iran-in-blow-to-rising-crypto-commerce

Bitcoin Cash hard fork decision: https://localbitcoins.com/blog/bitcoin-bcash/

Bitcoin Maven: https://www.latimes.com/business/la-fi-bitcoin-sentencing-20180709-story.html

Hack on LocalBitcoins forums: https://www.coindesk.com/localbitcoins-reveals-security-breach-with-some-crypto-wallets-affected

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How Aragon Hopes to Improve on Democracy - Ep.135 Sep 03, 2019

Luis Cuende, the CEO of Aragon One, describes the Aragon Network, how it aims to create new systems better for human coordination and the roles of the various parts of the ecosystem, such as Aragon One, the Aragon Association, the Aragon Court, Aragon Nest and the Aragon Network token. He describes the various parts of the Aragon Network, such as a finance app and voting app, how the network can be used both by decentralized organizations as well as centralized companies, and how he thinks decentralized autonomous organizations (DAOs) interact with real-world legal jurisdictions. We discuss how disputes are handled in Aragon, what the token, ANT, is used for, and why Aragon is contemplating building its own blockchain instead of sitting atop Ethereum, as it currently does. We also talk about how Aragon is governed, how it hopes to someday decentralize its governance and other ways Aragon can reach Cuende's ideal governance. Plus, we cover a few controversial votes in Aragon and the role of whales in such systems.

Thank you to our sponsors!

Simbachain: https://simbachain.com/

Kraken: https://www.kraken.com/

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Aragon Network: https://aragon.org/network/

Luis Cuende: https://twitter.com/licuende?lang=en

Aragon white paper: https://github.com/aragon/whitepaper

Breaker Mag article about Aragon: https://breakermag.com/can-aragon-make-decentralized-autonomous-governance-work/

Vitalik Buterin's proposals on DAICOs: https://ethresear.ch/t/explanation-of-daicos/465

Aragon Governance Proposals (AGP): https://github.com/aragon/AGPs/blob/master/AGPs/AGP-1.md

Vote against funding Polkadot: https://www.coindesk.com/voters-on-ethereum-app-veto-proposal-to-fund-polkadot-blockchain

Unchained episode about Polkadot: https://unchainedpodcast.com/paritys-jutta-steiner-and-gavin-wood-on-polkadot-substrate-and-the-frozen-funds/

Unchained episode about Ethereum 2.0: https://unchainedpodcast.com/vitalik-buterin-on-whether-or-not-ethereum-is-blowing-it/

Unchained episode with Ameen Soleimani of MolochDAO: https://unchainedpodcast.com/molochdao-could-this-decentralized-autonomous-organization-help-ethereum-scale-faster/

Stats on Aragon: https://scout.cool/aragon/mainnet

Unchained episode about Melon protocol: https://unchainedpodcast.com/how-melon-could-make-asset-management-easier/

Autark, the decentralized SpaceX: https://www.autark.xyz

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After Years of Secret Work, Decred Adds a New Feature: Privacy - Ep.134 Aug 27, 2019

Jonathan Zeppettini, international ops lead and chief evangelist for Decred, aka "Decred Jesus," announces the launch of the coin's privacy feature. He first describes how Decred came out of some developers' frustrations of trying to work with Bitcoin Core developers, and how that led them to realize a couple of issues with Bitcoin's governance around the funding of development and giving other stakeholders a say in the development of the coin. He explains how Decred addresses those issues, how governance in Decred works, what tickets are used for in the system and why it uses a hybrid POW/POS system. We discuss the comparatively high participation rates in Decred, how it's resistant to contentious hard forks, and what Politeia is. Plus, he gives the scoop on Decred's new privacy feature, how it works, why it was developed in secret, and how the plan to make it more decentralized in the future. Plus, he talks about how Decred plans to decentralize its own governance.

Thank you to our sponsors!

Crypto.com: https://www.crypto.com

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Decred: https://decred.org

Jonathan Zeppettini: https://twitter.com/jz_bz

Decred in brief: https://decred.org/brief/

Jacob’s 2015 post on the challenges with Bitcoin: https://blog.companyzero.com/2015/11/bitcoins-biggest-challenges/

Placeholder VC on why it invested in Decred: https://www.placeholder.vc/blog/2018/5/12/decred-investment-thesis?rq=decred

Smith and Crown's Decred report: https://sci.smithandcrown.com/research/decred-report

Voting in Decred: https://storage.googleapis.com/smithandcrown-asset-engine-prod/images/voting-cycle.original.png

Politeia: https://blog.decred.org/2017/10/25/Politeia/

CoinDesk article on Politeia: https://www.coindesk.com/one-of-investors-favorite-governance-blockchains-is-handing-over-20-million

DiceMix “paper”: https://www.ndss-symposium.org/wp-content/uploads/2017/09/ndss201701-4ruffingSlides.pdf

Brave New Coin post: https://bravenewcoin.com/insights/decred-price-analysis-a-sustained-increase-in-mining-activity-2

Coinbase may list Decred: https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-4d2ecbcbd38c

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Sandra Ro: Why Crypto-Friendly Laws Are Coming in the US - Ep.133 Aug 20, 2019

Sandra Ro, the CEO of the Global Blockchain Business Council and former head of digitization at CME, explains what the GBBC does, how it chooses partners, and what level of involvement they have with projects under the GBBC umbrella. We discuss some of the more controversial projects, such as the Voatz pilot that conducted election voting using blockchain technology, as well as how she responds to people saying many "blockchain" projects could instead use a database. She also reveals why she believes that the US will eventually lead the world on crypto regulation, why she thinks that there's strength in the fragmentation in US regulations and what she thinks is the best way forward on the BitLicense. Plus, she gives us the inside scoop on what it took for her to get CME to launch Bitcoin futures.

Thank you to our sponsors!

Crypto.com: https://www.crypto.com/

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Sandra Ro: https://twitter.com/srolondon

GBBC: https://gbbcouncil.org/

Previous Unchained interview with Sandra: https://unchainedpodcast.com/what-is-one-of-the-worlds-largest-derivatives-exchanges-doing-with-bitcoin/

Controversy over Voatz: https://slate.com/technology/2019/07/west-virginia-blockchain-voting-voatz.html

Episode with Jake Chervinsky: https://unchainedpodcast.com/all-things-crypto-regulation-with-jake-chervinsky/

Jeremy Allaire on Unconfirmed on why the US needs a new category for digital assets: https://unchainedpodcast.com/jeremy-allaire-on-why-the-us-government-needs-a-new-category-for-digital-assets/

Fred Wilson on crypto regulation in the US: https://avc.com/2019/05/defendcrypto-org/

Ted Livingston on why Kik set up DefendCrypto.org: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/

Unchained interview with Juthica Chou: https://unchainedpodcast.com/ledgerx-on-the-reasons-to-trade-bitcoin-options/

Patent for physically settled cryptocurrency derivatives contracts: https://www.coindesk.com/cme-explores-cryptocurrency-derivatives-contracts-in-patent-filing

Ro named to New York State Digital Currency Task Force: https://www.coindesk.com/new-york-legislature-names-initial-members-to-crypto-task-force

The Libra Association's Dante Disparte on Unconfirmed: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

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The IMF on How to Design Central Bank Digital Currencies - Ep.132 Aug 13, 2019

Dong He, deputy director of the monetary and capital markets department of the IMF, and Yan Liu, Assistant General Counsel at the legal department of the IMF, talk about central bank digital currencies (CBDCs): the current level of interest among central banks in issuing them, what concerns they need to address when designing them, and how commercial banks might be affected, depending on the design of the CBDC. We discuss how privacy could be built into such a currency while also fulfilling anti-money laundering and counter terrorist financial regulations and how a CBDC could affect the IMF's ability to achieve its goal of financial inclusion. Plus, we also cover how crypto assets being widely adopted could influence economies, as well as Facebook's Libra.

Thank you to our sponsors!

Crypto.com: https://www.crypto.com/

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

IMF: https://www.imf.org/

Dong He: https://www.linkedin.com/in/donghe

Yan Liu: https://blogs.imf.org/bloggers/yan-liu/

Speech by IMF managing director Christine Lagarde on the case for new digital currency: https://www.imf.org/en/News/Articles/2018/11/13/sp111418-winds-of-change-the-case-for-new-digital-currency

He’s speech on monetary policy in the digital age: https://www.imf.org/external/pubs/ft/fandd/2018/06/central-bank-monetary-policy-and-cryptocurrencies/he.htm

Article on how crypto assets could reduce the demand for central bank money: https://www.imf.org/external/pubs/ft/fandd/2018/06/central-bank-monetary-policy-and-cryptocurrencies/he.pdf

The IMF on Libra: https://www.imf.org/~/media/Files/Publications/FTN063/2019/English/FTNEA2019001.ashx

Unconfirmed episode with Michael Casey on why it would be good if Libra rivaled the US dollar: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/

Also check out this Unchained episode from the Oslo Freedom Forum, which dived deeply into the issues around privacy vs. keeping out bad actors: https://unchainedpodcast.com/oslo-freedom-forum-2019-protecting-financial-freedoms-in-the-digital-age/

And this Unchained episode with Alex Gladstein of the Human Rights Foundation, which covered similar issues: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/

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All Things Crypto Regulation With Jake Chervinsky - Ep.131 Aug 06, 2019

Jake Chervinsky, general counsel at Compound, goes over a plethora of crypto regulatory issues, such as those related to securities law such as the SEC vs. Kik case, Ripple, stablecoins, no-action letters, Blockstack and more. We also discuss whether there should be one regulator for crypto matters in the US, whether it makes sense to create a new category for digital assets instead of applying laws for securities, commodities, etc., to digital tokens, and why he thinks Libra will likely not launch in its proposed form. He also gives his odds on a Bitcoin ETF being approved soon, talks about the tension between privacy and financial regulation and reveals what he thinks is the biggest regulatory issue in DeFi that no one's talking about.

Thank you to our sponsors!

Crypto.com: https://www.crypto.com/

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Jake Chervinsky: https://twitter.com/jchervinsky

Compound: https://compound.finance/

Unchained interview with Compound CEO Robert Leshner: https://unchainedpodcast.com/how-youll-earn-interest-on-your-crypto-with-compound-ep-82/

Unchained with Ted Livingston of Kik about its intention to fight the SEC in court: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/

Kik's Wells response: https://www.kin.org/wells_response.pdf

SEC no-action letter to Quarters: https://www.coindesk.com/sec-clears-blockchain-gaming-startup-to-sell-quarters-tokens

SEC Commissioner Hester Peirce on the first no-action letter for a token: https://www.sec.gov/news/speech/peirce-how-we-howey-050919

Unconfirmed episode on Blockstack’s Reg A+ filing: https://unchainedpodcast.com/blockstacks-reg-a-filing-and-the-future-of-token-offerings%e2%80%8b/

Decrypt article on issues with issuing a token under Reg A+: https://decrypt.co/7839/blockstack-token-offering-historic-but-dance-with-sec-far-from-over

How much Ripple has sold recently: https://twitter.com/lawmaster/status/1154276254775947264?s=20

Jake’s tweet storm on the Libra hearings in Congress: https://twitter.com/jchervinsky/status/1151875713903005697?s=20

Jeremy Allaire’s testimony to Congress: https://www.banking.senate.gov/imo/media/doc/Allaire%20Testimony%207-30-19.pdf

Unchained interview with Jeremy Allaire on regulations: https://unchainedpodcast.com/jeremy-allaire-on-why-the-us-government-needs-a-new-category-for-digital-assets/

Push for new crypto regulations: https://www.wsj.com/articles/lawmakers-push-for-new-bitcoin-rules-11562405401

Tax issues: https://fortune.com/2019/07/29/here-comes-the-irs-the-ledger/

Bitcoin ETF: https://twitter.com/jchervinsky/status/1111734963798458369?s=20

Jake’s tweet storm on Bakkt: https://twitter.com/jchervinsky/status/1059828623471972354?fbclid=IwAR259I8Q2NSNmQ_PEb6l__XatWhmqj9U8gocHRoeb-JXizviI9T62rMuQC8

The latest on Bakkt: https://www.coindesk.com/bakkt-is-supposed-to-start-testing-its-bitcoin-futures-contracts-today

Sanctions coming to crypto: https://www.coindesk.com/get-ready-for-crypto-sanctions-enforcement

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LedgerX on the Reasons to Trade Bitcoin Options - Ep.130 Jul 30, 2019

Juthica Chou, chief operating officer of LedgerX, talks about the company's new license to offer its derivatives to retail investors and the resulting platform, Omni. She walks through what call and put options are, how they work and why people and companies purchase them as opposed to just buying or selling bitcoin directly. We discuss why LedgerX believes physically settled bitcoin options are superior to cash-settled ones, how LedgerX handles hard forks, and other contracts focused on the technicals of crypto networks it could offer such as its halving contract. Plus, she describes what it was like to be building a Bitcoin-centered company during the "blockchain not Bitcoin" era.

Sign up for the Virtues of the Crypto Revolution retreat with me, Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures at Omega Institute!!

Thank you to our sponsors!

Crypto.com: https://www.crypto.com/

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

LedgerX: https://www.ledgerx.com

Juthica Chou: https://twitter.com/juthica

LedgerX blog posts introducing Omni: https://blog.ledgerx.com/the-long-game/

https://blog.ledgerx.com/introducing-omni-powered-by-ledgerx/

https://www.coindesk.com/cftc-approves-ledgerx-to-settle-futures-in-real-bitcoin

https://www.coindesk.com/ledgerx-reveals-bid-to-beat-bakkt-to-physical-bitcoin-futures-launch

CNBC interview with Ari Paul about why he bought $50,000 Bitcoin call option: https://www.cnbc.com/video/2017/12/26/man-behind-massive-bet-that-bitcoin-could-hit-50000.html

Cheddar interview: more opportunity with the retail market:

https://cheddar.com/media/ledgerx-wins-u-s-regulatory-approval-to-trade-bitcoin-futures

Bitcoin halving contract: https://blog.ledgerx.com/a-new-type-of-contract-for-a-new-type-of-asset/

https://www.coindesk.com/ledgerx-unveils-betting-market-for-2020s-bitcoin-block-reward-halving

Ledger on how to it would handle the Bitcoin Gold hard fork: https://www.ledgerx.com/s/LedgerX-LLC-Notice-to-Participants-2017-10.pdf

Call option for $100k Bitcoin by December 2020: https://www.bloomberg.com/news/articles/2019-07-16/anybody-can-now-bet-on-bitcoin-100-000-with-new-call-options

Unchained interview with Dan Morehead of Pantera Capital: https://unchainedpodcast.com/pantera-capital-how-bitcoin-could-reach-356000-in-a-few-years/

Cboe stops listing Bitcoin fuures:

https://www.coindesk.com/cboe-puts-brakes-on-bitcoin-futures-listing

https://www.wsj.com/articles/cboe-abandons-bitcoin-futures-11552914001

Why CME’s futures saw more volume than Cboe’s: https://www.coindesk.com/cme-cboe-bitcoin-futures

How Bitcoin futures will be taxed: https://blog.ledgerx.com/less-taxation-with-digitization/

Doomschain clock/attitude toward private blockchains: https://blog.ledgerx.com/updating-the-doomschain-clock/

Oracle blog post: https://blog.ledgerx.com/how-to-talk-to-the-oracle/

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Pantera Capital: How Bitcoin Could Reach $356,000 in a Few Years - Ep.129 Jul 23, 2019

Dan Morehead, founder and CEO of Pantera Capital, and Joey Krug, co-chief investment officer of Pantera and founder of Augur, discuss where we are in the development cycle of blockchain technology, how Bitcoin, if stays on past trend lines, could hit $42,000 by year's end and $356,000 a couple years after that, and why the biggest challenges now are around scaling and onboarding. We also cover what the adoption of the technology will mean long-term — how creating assets and markets will no longer be the realm of a privileged view — but why payments may be one of the last areas to be disrupted. Morehead and Krug also talk about how Libra walks the line between decentralized and centralized, and it's unclear how Libra will become decentralized. Plus, hear how they respond to questions about the SEC vs. Kik.

Sign up for the Virtues of the Crypto Revolution retreat with me, Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures at Omega Institute!!

Thank you to our sponsors!

Crypto.com: https://www.crypto.com/

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Pantera Capital: https://www.panteracapital.com

Dan Morehead: https://twitter.com/dan_pantera

Joey Krug: https://twitter.com/joeykrug

Dan Morehead on Unconfirmed: https://unchainedpodcast.com/dan-morehead-of-pantera-capital-on-why-this-crypto-winter-is-different/

Unchained with Joey Krug: https://unchainedpodcast.com/joey-krug-on-how-augur-is-like-any-other-tool-ep-79/

A Crypto Thesis: https://medium.com/@PanteraCapital/a-crypto-thesis-47eaacf861ca

Unconfirmed about Congressional hearings on Libra: https://unchainedpodcast.com/why-the-congressional-hearings-on-facebooks-libra-were-good-for-bitcoin/

Unconfirmed about why it would be good if Libra rivaled the USD: https://unchainedpodcast.com/why-it-would-be-good-if-libra-rivaled-the-us-dollar/

Unconfirmed with Dante Disparte of the Libra Association: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

Some crypto industry players fed up with US regulators: https://www.forbes.com/sites/laurashin/2019/05/29/crypto-companies-and-investors-fed-up-with-the-sec/#3f348ad7701c

The SEC vs. Kik: https://unchainedpodcast.com/kin-sets-up-5-million-defendcrypto-org-to-take-on-the-sec/

Bitcoin ETF: https://www.cryptoglobe.com/latest/2018/10/pantera-capital-ceo-sec-doesnt-want-widows-and-orphans-buying-bitcoin-etfs-i-think-an-etf-is-years-away/

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How to Keep Your Crypto From Being Stolen Via Your Phone - Ep.128 Jul 16, 2019

Rich Sanders, cofounder and chief security officer of CipherBlade, and Harry Denley, director of security of MyCrypto.com, discuss the phone porting phenomenon: who's behind these thefts, how they perpetrate them, who is targeted, how to recognize the signs you're a victim and how to the hackers are adapting to people protecting themselves. They cover how you can protect yourself, which accounts to protect, what kinds of email addresses and numbers to set up, how to set them up, how to separate them from anything valuable, and which two-factor authentication methods could work instead. Plus, they go over how to report a theft, to whom you should report, and what information to include.

Thank you to our sponsors!

Crypto.com: https://crypto.com

Kraken: https://kraken.com

CipherTrace: https://ciphertrace.com/unchained

Episode links:

MyCrypto: https://mycrypto.com/

https://twitter.com/MyCrypto

https://medium.com/mycrypto

CipherBlade: https://cipherblade.com

The SIM Swapping Bible: https://medium.com/mycrypto/what-to-do-when-sim-swapping-happens-to-you-1367f296ef4d

My Forbes story covering the phone hijacking phenomenon: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#1964ddb738ba

Michael Terpin, awarded $75 million in case after losing $24 million in crypto: https://www.coindesk.com/crypto-investor-awarded-over-75-million-in-sim-swapping-hack-case

Cody Brown who lost $8,000 on Coinbase due to a phone hijacking: https://medium.com/@CodyBrown/how-to-lose-8k-worth-of-bitcoin-in-15-minutes-with-verizon-and-coinbase-com-ba75fb8d0bac

BitGo engineer losing his money via SIM porting: https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124

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How the Caribbean Got on the Road to Central Bank Digital Currencies - Ep.127 Jul 09, 2019

Gabriel Abed, founder of Bitt.com and Vice President of the board of directors, describes how he went from mining Bitcoin to persuading governors of central banks to not quash Bitt's goal to create central bank digital currencies in the Caribbean and getting the Eastern Caribbean Central Bank to pilot one starting next year. He tells the tale of how Overstock came to invest in Bitt, how he brought on a new CEO to take over the company he founded, and how he teamed up with Polymath to create a new company that became the single largest shareholder of the Barbados Stock Exchange. He also describes Digital Asset Capital Management, an investment firm he launched, and why he's still a Bitcoin maximalist despite working on and investing in other types of cryptocurrencies.

Virtues of the Crypto Revolution retreat with Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures: https://www.eomega.org/workshops/virtues-of-the-crypto-revolution

Thank you to our sponsors!

Crypto.com: https://www.crypto.com

Kraken: https://www.kraken.com/

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Bitt.com: https://www.bitt.com/

Gabriel Abed: https://www.linkedin.com/in/gabrielabed/

mMoney in Barbados: https://www.mmoneybb.com/

Digital Asset Capital Management: https://dacm.io/

Overstock announces $4 million investment in Bitt.com, to total $16 million over time: https://bitcoinmagazine.com/articles/overstock-invests-in-bitt-to-launch-official-digital-currencies-in-the-caribbean-islands-1459961581

Second Overstock investment in Bitt.com of $3 million: https://www.coindesk.com/overstock-venture-arm-invests-3-million-in-blockchain-payments-startup

CoinDesk on the meaning of Bitt's work with the Barbadian digital dollar: https://www.coindesk.com/how-a-tiny-island-could-give-cryptocurrency-a-big-boost

Bitt’s pilot with Eastern Caribbean Central Bank:

https://www.coindesk.com/eastern-caribbean-central-bank-takes-step-toward-digital-currency-roll-out

Partnership with Centrale Bank van Curaçao en Sint Maarten (CBCS) to look into issuing a central bank-backed digital currency for Curaçao and Sint Maarten:

https://www.coindesk.com/bitt-partners-with-dutch-caribbean-islands-to-explore-central-bank-crypto

Bitt's identity work: https://www.coindesk.com/bitt-reveals-big-plans-blockchain-powered-caribbean-settlement-network

Crypto activity in Bermuda and the Caribbean:

https://www.nytimes.com/2018/07/29/technology/cryptocurrency-bermuda-malta-gibraltar.html

Bermuda's crypto regulatory framework:

https://finance.yahoo.com/news/why-bermuda-is-going-crypto-with-new-regulatory-framework-130512103.html

Unchained interview with CZ of Binance: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/

Unchained interview with Bitfury: https://unchainedpodcast.com/bitfury-on-the-ways-it-collaborates-with-governments-and-why-its-partnered-with-a-public-company/

Unchained interview with Sandra Ro: https://unchainedpodcast.com/what-is-one-of-the-worlds-largest-derivatives-exchanges-doing-with-bitcoin/

Unconfirmed interview with Dante Disparte: https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

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How Asia's Trading Culture Results in a Vastly Different Crypto Scene - Ep.126 Jul 02, 2019

Luis Buenaventura, founder of Bloom Solutions, and Leo Weese, president of Bitcoin Association of Hong Kong, discuss the crypto scene in Asia — how it differs from that of the West, and how it differs within the region. We also cover the regulatory climate there, how Korean traders occasionally stuff their pockets with cash and hop flights to Hong Kong, and whether the Hong Kong protests have had any impact on interest in BItcoin. Leo and Luis also talk about Binance and what they think are the top crypto projects in the region. Plus, they reveal Asia's perception of Tron.

LAST WEEK to take the Unchained Podcast survey!

Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, — including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019

Thank you to our sponsors!

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Luis Buenaventura: https://twitter.com/helloluis

Bloom: https://www.bloom.solutions/

Leo Weese: https://twitter.com/LeoAW

The Bitcoin Association of Hong Kong: https://www.bitcoin.org.hk/

On Twitter: https://twitter.com/bitcoinorghk?lang=en

Panel from the Oslo Freedom Forum, where I met Leo and Luis: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-3-reasons-bitcoin-matters/

Previous Asia scene episode: https://unchainedpodcast.com/asia-edition-mining-a-crypto-yuan-and-the-two-main-reasons-the-chinese-are-interested-in-crypto-ep-102/

Crypto Garage: https://cryptogarage.co.jp/en

Bitspark: https://www.bitspark.io

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Alex Gladstein of the Human Rights Foundation on the 3 Reasons Bitcoin Matters - Ep.125 Jun 25, 2019

In recent years, the Human Rights Foundation and Alex Gladstein, its chief strategy officer, have become forces in the Bitcoin and cryptocurrency community. In this episode, he discusses why Bitcoin is important for human rights, its three most important characteristics, and why Facebook's Libra project should be helpful to the adoption of the technology, at least in the short-term. He also describes how Bitcoin is just part of other movements that have become more open, such as governments shifting toward democracies and information becoming freer via the internet. He talks about how he thinks the technology can get wider adoption, why HRF supports the Open Money Initiative, and whether or not Bitcoin can help the North Korean people, rather than enriching its government, which has been the case so far.

Read the full show notes on Forbes: http://www.forbes.com/sites/laurashin/2019/06/25/how-bitcoin-can-help-in-the-fight-for-human-rights/

Take the Unchained Podcast survey!

Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, — including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019

Thank you to our sponsors!

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

The Human Rights Foundation: https://hrf.org/

Alex Gladstein: https://twitter.com/gladstein

Last year's Unconfirmed episode with Alex: https://unchainedpodcast.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep-021/

This year's panel discussion on finances and freedom from the Oslo Freedom Forum: https://unchainedpodcast.com/oslo-freedom-forum-2019-protecting-financial-freedoms-in-the-digital-age/

Alex's essay for Time on why Bitcoin matters for freedom: https://time.com/5486673/bitcoin-venezuela-authoritarian/

Alex's response to Bitcoin critics: https://medium.com/@alexgladstein/a-human-rights-activists-response-to-bitcoin-critics-d50e6760ee80

The Open Money Initiative: https://www.openmoneyinitiative.org/

https://www.coindesk.com/whats-holding-back-bitcoin-in-venezuela-this-group-is-investigating

How Bitcoin could help improve foreign aid: https://edition.cnn.com/2019/05/23/perspectives/bitcoin-foreign-aid/index.html

Unchained episode with Bill Tai:

https://unchainedpodcast.com/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology/

Eric Wall's posts on Bitcoin privacy and wallets: https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-i-how-private-is-bitcoin-e3a4071f8fff

https://medium.com/human-rights-foundation-hrf/privacy-and-cryptocurrency-part-ii-bitcoin-wallets-2f68099b055f

What Bitcoin Did episode with Mahsa Alimardani: https://www.whatbitcoindid.com/podcast/wbd-live-bitcoin-around-the-world-panel-at-the-oslo-freedom-forum

Thae Yong Ho, the highest-ranking North Korean defector, at the Oslo Freedom Forum 2019: https://youtu.be/HmnBvsHl0qY?t=2662

Unchained episode with Jimmy Song: https://unchainedpodcast.com/jimmy-song-on-why-bitcoin-will-be-the-winning-cryptocurrency-ep-69/

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Not Sure a Cryptoeconomic System Will Work? Gauntlet Can Help - Ep.124 Jun 18, 2019

Tarun Chitra, cofounder and CEO of Gauntlet, describes how his company enables crypto teams to run through simulations to see how their design choices will affect the project once it is trading. Using the cofounders' background in quantitative finance and high-frequency trading, Gauntlet uses tools from behavioral economics as well as game theory, plus real-world information such as exchange data to model outcomes after 100,000 blocks. We discuss how it makes its assumptions, how proof of stake differs from proof of work, and how the initial token distribution can affect the eventual concentration of tokens. He also reveals what design choice tends to have the greatest impact, as well as what main factor crypto teams aren't thinking about that they should be. Plus, he talks about his involvement in the launch of Facebook's Libra project, and gives us his thoughts on the design choices Facebook made regarding the consensus algorithm, programming language and the structure of the coin.

See the full show notes on Forbes! http://www.forbes.com/sites/laurashin/2019/06/18/how-to-make-cryptoeconomics-work-in-live-trading/

Take the Unchained Podcast survey!

Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, — including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019

Thank you to our sponsors!

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode Links:

Gauntlet: https://gauntlet.network

Tarun Chitra: https://twitter.com/tarunchitra?lang=en

Gauntlet blog posts: https://medium.com/gauntlet-networks?source=logo-23cfbaf25c9a

Unchained episode with Olaf Carlson-Wee of Polychain from Consensus 2019: https://unchainedpodcast.com/to-the-moon-and-back-with-polychains-olaf-carlson-wee/

Zero Knowledge podcast episode with Tarun Chitra: https://www.zeroknowledge.fm/61

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Oslo Freedom Forum 2019: Protecting Financial Freedoms in the Digital Age - Ep.123 Jun 11, 2019

In this panel, recorded at the Oslo Freedom Forum 2019, I moderated what an attendee described as a "lively" discussion on the relationship between finances and freedom with Bitcoin author and educator Jimmy Song; Alena Vranova, Head of Strategy at Casa; and Coin Center founder Jerry Brito. We talked about what it's like to live under a regime where people don’t have a lot of financial freedom, how the move to a cashless society is leading to a surveillance state, and how we're seeing the emergence of a corporate surveillance state. We talked about how cryptocurrency could bring us more financial freedom, how crypto is/should be regulated, privacy coins and the imminent Financial Action Task Forces rules that require crypto exchanges and other services send each other information on customers for each transaction. Plus, we discuss bad state actors using crypto.

Read the show notes on Forbes!

http://www.forbes.com/sites/laurashin/2019/06/11/how-bitcoin-and-cryptocurrencies-can-further-financial-freedom/

Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, -- including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019

Those of you interested in learning more about Casa, or about protecting your Bitcoin investment generally, should check out my interview with CEO Jeremy Welch. https://unchainedpodcast.com/how-casa-makes-it-harder-for-someone-to-steal-your-bitcoins/ Thank you to Casa for donating!

Thank you to our sponsors!

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Oslo Freedom Forum: https://oslofreedomforum.com

Human Rights Foundation: https://hrf.org

Jimmy Song: https://twitter.com/jimmysong

Alena Vranova: https://twitter.com/AlenaSatoshi

Jerry Brito: https://twitter.com/jerrybrito

Programming Blockchain: https://programmingblockchain.com

Casa: https://keys.casa

Coin Center: https://coincenter.org

FATF rules: https://www.coindesk.com/beyond-kyc-global-regulators-appear-set-to-adopt-tough-new-rules-for-crypto-exchanges

How regulation could spur the development of technology in the crypto space toward more P2P:

Vitalik blog post on this: https://vitalik.ca/general/2019/05/09/control_as_liability.html

Michael Casey on the topic: https://www.coindesk.com/the-cat-and-mouse-game-of-crypto-regulation-enters-a-new-phase

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Peter Smith, CEO of Blockchain, on Its Dark Pool, Crypto Lending Operation and Intention to Go Public - Ep.122 Jun 04, 2019

Peter Smith, the CEO of Blockchain, discusses how the company got started, why the company is focused on users owning their own private keys and how that is what enables all the most interesting applications of blockchain technology. He talks about the full range of customers and markets they serve, their lending business and their dark pool. We also discuss regulation, SegWit, nation-states getting involved in crypto and why Blockchain plans to go public.

Thank you to our sponsors!

Kraken: https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Peter Smith: https://twitter.com/OneMorePeter

Blockchain: https://www.blockchain.com

Wired article on the short period when cofounder Ben Reeves worked with Brian Armstrong: https://www.wired.com/2014/03/what-is-bitcoin/

Dovey Wan tweet on manipulative trade on Bitstamp/Bitmex: https://twitter.com/DoveyWan/status/1129246233917382656

Fortune article on Blockchain launching an exchange: http://fortune.com/2018/02/15/blockchain-google-coinbase/

SEC guidance mentioning airdrops: https://www.sec.gov/files/dlt-framework.pdf

FinCen guidance mentioning hosted vs. unheated wallets: https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf

Blockchain's Airdrop of XLM: https://www.theblockcrypto.com/2018/11/06/stellar-is-airdropping-125-million-to-blockchain-wallet-users/

The Wall Street exodus from crypto: https://www.crowdfundinsider.com/2019/01/143834-is-the-exodus-from-wall-street-to-crypto-reversing-jamie-selway-leaves-blockchain/

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Kin Sets Up $5 Million DefendCrypto.org to Take on the SEC - Ep.121 May 28, 2019

Ted Livingston, CEO of Kik and the founder of the Kin Foundation, and Patrick Gibbs, partner at Cooley, announce the formation of the $5 million DefendCrypto.org fund at Coinbase Custody to fight the SEC in court. Kik and Kin are hoping that a lawsuit would eventually result in a new Howey test for crypto tokens, to determine which ones are a security. In this episode, they explain has happened so far between them and the SEC to bring them to this point and what their main arguments are. Plus they defend themselves against some of the evidence against their case and we discuss what they can expect going forward.

Read the full show notes on Forbes.com: http://www.forbes.com/sites/laurashin/2019/05/28/kin-launches-5-million-defendcrypto-fund-to-take-on-the-sec/

Thank you to our sponsors!

Kraken: Https://www.kraken.com

CipherTrace: http://ciphertrace.com/unchained

Episode links:

DefendCrypto: https://www.defendcrypto.org

Kik: https://www.kik.com

Kin: https://www.kin.org

Ted Livingston: https://twitter.com/ted_livingston

Patrick Gibbs of Cooley: https://www.cooley.com/people/patrick-gibbs

Kik’s Wells response: https://www.kin.org/wells_response.pdf

Kin white paper: https://www.kin.org/static/files/Kin_Whitepaper_V1_English.pdf

The DAO report: https://www.sec.gov/litigation/investreport/34-81207.pdf

Kathryn Haun of A16z Crypto's blog post: https://a16z.com/2019/05/15/kik-and-the-sec-whats-going-on-and-what-does-it-mean-for-crypto/

Importance of the Kik and Kin Foundation case by the Blockchain Association: https://medium.com/@BlockchainAssoc/the-potential-kik-and-the-kin-foundation-case-has-major-consequences-for-the-open-blockchain-de8ed616a1c

Breaker Mag on Kik's fight with the SEC: https://breakermag.com/how-kiks-looming-sec-fight-could-unfold-and-why-it-will-define-blockchains-future/

Video of Ted at the San Francisco Meetup: https://youtu.be/rqN7srwqRf8

https://www.theblockcrypto.com/2019/01/31/video-shows-kik-ceo-discussing-ico-pre-sale-it-will-become-super-valuable/

Kik chooses Stellar: https://www.coindesk.com/two-chains-no-more-kik-selects-stellar-over-ethereum-for-crypto-token-launch

Kik chooses Stellar and Ethereum: https://www.coindesk.com/ethereum-and-stellar-mobile-messenger-kik-embraces-two-blockchains

Next Web story: https://thenextweb.com/hardfork/2018/12/06/kik-kin-cryptocurrency-blockchain-2/

Kik pre-sale: https://www.coindesk.com/mobile-messenger-kik-raises-50-million-ahead-75-million-ico

https://www.coindesk.com/why-big-investors-are-betting-real-money-on-a-kik-cryptocurrency

SEC Framework: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets

Token Taxonomy Act: https://medium.com/@BlockchainAssoc/the-token-taxonomy-act-is-back-and-we-need-it-more-than-ever-d2cbf0154776

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How to Trade on Crypto Exchanges Without Fear of Hacks - Ep.120 May 21, 2019

Sharon Goldberg, CEO of Arwen and Boston University computer science professor, describes how the protocol enables people to trade on crypto exchanges without making their coins vulnerable to exchange hacks, how this differs from trading on a decentralized exchange, and how Arwen would function if the exchange you were using on was hacked during a trade. She also discusses how Arwen works with any custody solution, how they choose which coins to support and what other features they are considering adding in the future.

Read the full show notes on Forbes: http://www.forbes.com/sites/laurashin/2019/05/21/how-to-trade-on-crypto-exchanges-without-your-coins-getting-hacked/

On May 27th I will be hosting a conversation about the future of finance and human rights at the Oslo Freedom Forum in Norway. As the world continues to move toward a cashless society, paper currency is disappearing. Companies like Facebook, Apple, and TenCent are becoming increasingly influential in the digital payment space. We'll discuss how individuals and companies can preserve and protect financial freedoms in the digital age. I'll be joined by Bitcoin author and educator Jimmy Song; Casa chief technology officer Alena Vranova; and CoinCenter founder Jerry Brito. To register to attend, you can visit oslofreedomforum.com today -- use discount code "unchained25" to get 25% off your ticket price!

Thank you to our sponsor:

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Arwen: https://www.arwen.io

Sharon Goldberg: https://twitter.com/goldbe

How Arwen prevents exit scams: https://medium.com/arwensecure/how-arwen-prevents-exit-scams-55d1a9de32b

How Arwen protects traders from a hacked exchange: https://medium.com/arwensecure/unleashing-mt-fox-4e8b20a11dea

Forbes article on Arwen: https://www.forbes.com/sites/ktorpey/2019/01/28/this-startup-is-fixing-the-biggest-security-hole-in-bitcoin-exchanges/#5f68d5905812

The Block on Arwen: https://www.theblockcrypto.com/2019/02/05/a-startup-is-launching-a-solution-that-protects-users-from-exchange-hacks/

https://www.coindesk.com/crypto-startup-wants-you-to-trade-on-exchanges-without-trusting-them

Kucoin launching Arwen: https://www.coindesk.com/kucoin-exchange-traders-can-now-self-custody-their-crypto-assets

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Parity's Jutta Steiner and Gavin Wood on Polkadot, Substrate and the Frozen Funds - Ep.119 May 14, 2019

Jutta Steiner, CEO of Parity, and Gavin Wood, who goes by the title "chief white space officer," describe the network Parity plans to launch later this year, Polkadot, how it aims to solve scalability, interoperability and security and when a developer would choose to build a dapp on Ethereum vs. a parachain on Polkadot. We also discuss another one of their products, Substrate, which enables developers to easily customize blockchains, and perceived competition between Ethereum and Polkadot. Plus, we talk about the frozen funds of Parity and other crypto teams, and why Jutta and Gavin think the community should upgrade in a way that would enable the funds to be unlocked.

Be sure to check out the full show notes on Forbes! http://www.forbes.com/sites/laurashin/2019/05/12/how-polkadot-hopes-to-help-blockchains-scale/

Thank you to our sponsors!

CoinDesk/Consensus: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don’t miss this three-day experience! Register today: www.consensus2019.com. Use promo UNCHAINED300 to save $300 on your pass.

CipherTrace: https://ciphertrace.com/unchained

Episode links:

Parity: https://www.parity.io

Jutta Steiner: https://twitter.com/jutta_steiner

Gavin Wood: https://twitter.com/gavofyork

Polkadot light paper: https://polkadot.network/Polkadot-lightpaper.pdf

Polkadot Wiki: http://wiki.polkadot.network/en/latest/

Gavin's 2014 blog post on Web 3: https://gavwood.com/dappsweb3.html

Gav’s keynote on the journey to Web 3

https://www.youtube.com/watch?v=lH1pEE0W3ug

Chain Fibers article in the Ethereum Wiki: https://github.com/ethereum/wiki/wiki/Chain-Fibers-Redux

Web 3.0 vision:

https://medium.com/@gavofyork/why-we-need-web-3-0-5da4f2bf95ab

More explanation of Polkadot, Substrate, Consensus, Governance, etc.: http://wiki.polkadot.network/en/latest/polkadot/learn/relevant-links/

Upgradeability without hard forks via Substrate

https://medium.com/polkadot-network/never-fork-again-438c5e985cd8

Controversy around Afri Schoedon’s tweet:

https://breakermag.com/exclusive-afri-schoedon-on-his-contentious-split-from-ethereum/

Dothereum: https://twitter.com/dothereum?lang=en

https://www.reddit.com/r/dothereum/

Gavin and Vitalik Buterin discussing competition between Ethereum and Polkadot: https://www.youtube.com/watch?time_continue=1&v=vRqJK16t4-I

Why not to fork for the frozen funds:

https://medium.com/@avsa/avoid-evil-twins-every-ethereum-app-pays-the-price-of-a-chain-split-e04c2a560ba8

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How Tagomi Makes Large Crypto Trades Cheaper and More Efficient - Ep.118 May 07, 2019

Jennifer Campbell and Kevin Johnson, cofounder and COO, respectively, of Tagomi, describe how Tagomi helps institutional players make larger crypto trades more efficiently and at the best price possible, plus analyze how that was executed. They contrast it with the pre-Tagomi process for doing large crypto trades, how their software, which functions as a sort of "Kayak.com" for crypto trading, works on the backend, and how they keep funds held on exchanges secure. Plus, we compare today's crypto trading infrastructure to the early days of electronic trading in traditional financial markets, and look down the road at how they'll accommodate trends such as staking and decentralized exchanges.

For more, check out the full show notes on Forbes.com: http://www.forbes.com/sites/laurashin/2019/05/07/how-to-make-large-crypto-trades-without-moving-the-market/

Thank you to our sponsors!

ConsenSys/Ethereal: Head to Etherealsummit.com with my discount code LAURA20 to get 20% off tickets to Ethereal Summit New York, May 10th to 11th at Pioneer Works in Brooklyn.

CoinDesk/Consensus: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don’t miss this three-day experience! Register today: www.consensus2019.com. Use promo UNCHAINED300 to save $300 on your pass.

CipherTrace: https://ciphertrace.com/unchained

Episode links:

Tagomi: https://tagomi.com

Twitter: https://twitter.com/tagomisystems

Forbes article on Tagomi: https://www.forbes.com/sites/jeffkauflin/2019/02/15/crypto-finance-grows-up-tagomis-new-tools-could-draw-institutions-into-the-crypto-market/#6c9bf98c13a0

Bloomberg video featuring Jennifer and Greg: https://www.bloomberg.com/news/videos/2019-03-04/meet-tagomi-the-end-to-end-crypto-solution-video

Bloomberg article on comparisons to early days of electronic trading in equities: https://www.bloomberg.com/news/articles/2018-12-17/former-goldman-electronic-trading-head-sees-parallels-in-crypto

WSJ Article on Tagomi: https://www.wsj.com/articles/peter-thiel-backed-venture-to-help-big-investors-bet-on-bitcoin-1525176121

Tagomi receiving BitLicense: http://fortune.com/2019/03/27/bitcoin-peter-thiel-tagomi-bitlicense/

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Want to Connect Blockchains? Cosmos Has Tools for Coders - Ep.117 Apr 30, 2019

Jae Kwon, founder and CEO of Tendermint and president of the Interchain Foundation, and Ethan Buchman, cofounder of Tendermint and Cosmos and technical director of the Interchain Foundation, discuss the various technologies that form the Cosmos/Tendermint system. When the Cosmos network launched on March 13, it was built on what is the blockchain equivalent of an operating system, a consensus algorithm called Tendermint, Cosmos is like the world wide web (for blockchains) built on top, and the Cosmos Hub is a specific blockchain that exists in the system that can be used to connect other blockchains. We discuss all the above, as well as how secure the chain is, and how governance works in the system.

Check out the full show notes on Forbes: http://www.forbes.com/sites/laurashin/2019/04/30/cosmos-a-world-wide-web-for-blockchains/

Thank you to our sponsors!

CoinDesk/Consensus: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don’t miss this three-day experience! Register today: www.consensus2019.com. Use promo: UNCHAINED300 to save $300 on your pass.

ConsenSys/Ethereal: Head to Etherealsummit.com with my discount code LAURA20 to get 20% off tickets to Ethereal Summit New York, May 10th to 11th at Pioneer Works in Brooklyn.

CipherTrace: https://ciphertrace.com/unchained

Episode links:

Cosmos: Cosmos.network

Cosmos.network/launch

Luni: Luni.io

Tendermint: Tendermint.com - company and product

Interchain Foundation: Interchain.io

Cosmos intro/FAQ: https://cosmos.network/intro

Cosmos white paper: https://cosmos.network/resources/whitepaper

Chart showing number of transactions vs. validators: https://medium.com/paradigm-fund/cosmos-network-the-internet-of-blockchains-is-coming-9ce956c7b78

The Control on Cosmos: https://thecontrol.co/into-the-cøsmos-433586b82865

Paradigm’s description of Cosmos: https://medium.com/paradigm-fund/cosmos-network-the-internet-of-blockchains-is-coming-9ce956c7b78

Bitfish’s response to Game of Stakes, in which it grew to 55% of the network: https://medium.com/bitfishlabs/bitfish-response-to-gos-5-24eaeeea9876

CoinDesk on Cosmos launch: https://www.coindesk.com/a-blockchain-to-connect-all-blockchains-cosmos-is-now-officially-live

Cosmos vs. Polkadot: https://tokeneconomy.co/the-state-of-crypto-interoperability-explained-in-pictures-654cfe4cc167

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Charlie Lee on How Litecoin Can Be Truly Successful - Ep.116 Apr 23, 2019

Charlie Lee, the creator of Litecoin and aka SatoshiLite, discusses how he came to launch Litecoin, how the "fair" launch may have helped its success, why he didn't work on it for a stretch, and what inspired him to devote all of his time to it — but not own any litecoins. We also discuss his vision for Litecoin, why he believes stablecoins aren't superior, why he's considering enabling private Litecoin payments, and how he feels about the perception that he sold his litecoins near the all-time high, leaving others holding the bag.

Read the full show notes on Forbes.com: http://www.forbes.com/sites/laurashin/2019/04/23/charlie-lee-on-why-litecoins-goal-is-to-be-used-for-payments/

Read Charlie’s additional answers: https://unchainedpodcast.com/the-cutting-room-floor-charlie-lee/

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

CoinDesk: Since 2015, Consensus has been recognized as the most influential blockchain and digital assets event of the year. Hot-button topics such as adoption challenges, privacy,blockchain innovation, capital formation and more take centerstage as experts and pioneers give voice to the new developments and innovations occurring around the globe. Don't miss this three-day experience! Register today: www.consensus2019.com. Use promo: UNCHAINED300 to save $300 on your pass.

Episode links:

Litecoin: http://litecoin.org

Charlie on Twitter: https://twitter.com/SatoshiLite

Charlie on Unconfirmed, discussing the 10th anniversary of the Bitcoin white paper: https://unchainedpodcast.com/charlie-lee-aka-satoshi-lite-on-the-10-year-anniversary-of-the-bitcoin-white-paper-ep-044/

Charlie on Unconfirmed, discussing the Ethereum Classic 51% attack: https://unchainedpodcast.com/the-ethereum-classic-51-attack-how-it-happened-and-why-the-price-didnt-crash-ep-055/

Unchained interview with Charlie's brother, Bobby Lee:

https://unchainedpodcast.com/bobby-lee-ceo-of-btcc-on-why-the-chinese-probably-arent-using-bitcoin-to-evade-capital-controls/

CoinDesk on Charlie’s work after Coinbase:

https://www.coindesk.com/life-coinbase-can-charlie-lee-keep-litecoins-revival-alive

CoinDesk profile: https://www.coindesk.com/coindesk-most-influential-2017-3-charlie-lee

Charlie selling his LTC: https://www.reddit.com/r/litecoin/comments/7kzw6q/litecoin_price_tweets_and_conflict_of_interest/

WSJ article on selling his LTC: https://www.wsj.com/articles/cryptocurrency-founder-tries-a-new-play-sell-it-all-1513873355?mod=searchresults&page=1&pos=3

Multicoin Capital report on Litecoin: https://multicoin.capital/2018/09/14/debunking-market-narratives-litecoin-ltc-edition/

Magical Crypto Friends: https://www.youtube.com/channel/UCVVDsIYJBQ_C7Bh_aI3ZMxQ

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Why Beam Thinks Businesses Will Use Its Cryptocurrency - Ep.115 Apr 16, 2019

Alexander Zaidelson, the CEO of Beam, a cryptocurrency being built on the MimbleWimble protocol, talks about how he came to start Beam, how it differs from Grin, another cryptocurrency being built on MimbleWimble and what types of users the cryptocurrency is targeting. See the full show notes at: http://www.forbes.com/sites/laurashin/2019/04/16/how-businesses-might-one-day-use-cryptocurrency/

Interested in a weekend of yoga, nature, healthy food and talking crypto? Then join me, Meltem Demirors of CoinShares and Jalak Jobanputra of Future Perfect Ventures at Omega Institute in Rhinebeck, NY, from September 20-22. Sign up today! https://www.eomega.org/workshops/virtues-of-the-crypto-revolution

Thank you to our sponsor!

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Beam: https://www.beam.mw

Medium: https://medium.com/beam-mw

Overviews of Grin vs. Beam:

https://bitcoinmagazine.com/articles/battle-privacycoins-what-we-know-about-grin-and-beams-mimblewimble/

https://www.coindesk.com/grin-and-beam-a-tale-of-two-coins-being-built-on-mimblewimble

Comparisons of Beam to Zcash and Monero:

https://medium.com/beam-mw/whats-the-difference-between-monero-zcash-and-beam-953eafd89354

Beam Roadmap: https://medium.com/beam-mw/mimblewimble-beam-roadmap-2019-b2c7f38fc106

Beam emission schedule: https://medium.com/beam-mw/mimblewimble-emission-schedule-215551948259

Beam FAQ: https://www.beam.mw/faq

The Block on Mimblewimble: https://www.theblockcrypto.com/2019/01/08/mimblewimble-history-technology-and-the-mining-industry/

Wallet vulnerability: https://medium.com/beam-mw/mimblewimble-wallet-vulnerability-report-7b8e88dc7e

Blockchain stoppage: https://www.coindesk.com/beam-cryptocurrency-experiences-brief-blockchain-stoppage

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Grin: A More Private, Lighter Bitcoin - Ep.114 Apr 09, 2019

Daniel Lehnberg and Michael Cordner, core team members of Grin, discuss the first implementation of the MimbleWimble protocol, named after a tongue-tying curse in Harry Potter. We discuss the many ways in which Grin is similar to Bitcoin: its origin story, its goal to be "digital cash," as Satoshi's paper was subtitled, and even its emission schedule. We discuss how Grin is private, how it is lighter weight than the Bitcoin blockchain, and the philosophy behind Grin, which stands in stark contrast to the many ICOs.

For the full show notes, go to http://www.forbes.com/sites/laurashin/2019/04/09/a-nimbler-more-private-version-of-bitcoin/

Thank you to our sponsor!

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Grin: https://grin-tech.org

Grin newsletter: https://grinnews.substack.com

Daniel Lehnberg: https://twitter.com/lehnberg?lang=en

Michael Cordner: https://twitter.com/yeastplume?lang=en

MimbleWimble white paper: https://scalingbitcoin.org/papers/mimblewimble.txt

Grin Intros:

https://github.com/mimblewimble/grin/blob/master/doc/intro.md

https://github.com/mimblewimble/grin/blob/master/doc/grin4bitcoiners.md

Circle Research report on MimbleWimble technology:

https://research.circle.com/crypto-reports/mimblewimble

Grin's monetary policy — visually, easier to see how its similar in effect to Bitcoin's: https://github.com/mimblewimble/docs/wiki/Monetary-Policy

https://www.tokendaily.co/blog/on-grin-mimblewimble-and-monetary-policy

Questions about whether Grin got the incentives right: https://twitter.com/nlw/status/1091319888562532355

https://twitter.com/TusharJain_/status/1091316903346429952

Tracking YeastPlume’s funding: https://grin-tech.org/yeastplume

Ignotus Peverell post noting his disappointment in funding for YeastPlume: https://www.grin-forum.org/t/solved-early-disappointments/3682

Interview with Ignotus Peverell: https://breakermag.com/grin-founder-ignotus-peverell-on-life-after-launch-and-the-path-forward/

Conversation with Grin developers: https://medium.com/@BHEXOfficial/bhex-original-ignotus-grin-as-bitcoins-younger-more-nimble-brother-612efadd0478

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SEC Commissioner Hester Peirce on Why You Shouldn't Have to Be Rich to Get Rich - Ep.113 Apr 02, 2019

In a fireside chat I moderated with SEC Commissioner Hester Peirce held by the Blockchain Digital Asset Forum, in conjunction with the NYU Stern Executive MBA program, on March 26, 2019, she explained where her reputation as 'Crypto Mom' comes from — a desire to look at the world with fresh eyes and say, are there things we can do things better? We also discussed a Bitcoin ETF and the prospects for one after Bitwise released a report showing a health legitimate market, as well as initial coin offerings and what will happen to the hundreds of ICO issuers that had initial coin offerings that look much like the ICOs that have already had enforcement actions against them. She described the process that occurs when something like an application for a Bitcoin ETF is submitted to the SEC, whether or not there's a lot of disagreement amongst the commissioners about how to regulate crypto, how much they work to persuade each other to come over to their side and whether Chairman Jay Clayton's opinion overrules everyone else's or whether majority rules. Plus, we covered dexes, stablecoins and security tokens.

View the full show notes on my Forbes page: http://www.forbes.com/sites/laurashin/2019/04/02/sec-commissioner-hester-peirce-on-why-you-shouldnt-have-to-be-rich-to-get-rich/

Thank you to our sponsor!

CipherTrace: http://ciphertrace.com/unchained

Episode links:

SEC Commissioner Hester Peirce: https://twitter.com/HesterPeirce

SEC: https://www.sec.gov

Event link: https://www.eventbrite.com/e/fireside-chat-with-sec-commissioner-hester-peirce-and-laura-shin-tickets-58327939437

Hester's dissent to the Bitcoin ETF disapproval: https://www.sec.gov/news/public-statement/peirce-dissent-34-83723

Bitwise's report: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf

SEC enforcement action against Munchee: https://www.sec.gov/litigation/admin/2017/33-10445.pdf

SEC enforcement action against Paragon: https://www.sec.gov/litigation/admin/2018/33-10574.pdf

SEC enforcement action against Airfox: https://www.sec.gov/litigation/admin/2018/33-10575.pdf

SEC enforcement action against Gladius: https://www.sec.gov/litigation/admin/2019/33-10608.pdf

Speech by William Hinman, SEC director of the Division of Corporate Finance, on ether not being a security: https://www.sec.gov/news/speech/speech-hinman-061418

Token Taxonomy Act: https://www.congress.gov/bill/115th-congress/house-bill/7356

Unchained episode with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/

SEC enforcement action against Zachary Coburn of EtherDelta: https://www.sec.gov/litigation/admin/2018/34-84553.pdf

DTC report on blockchains for securities: http://www.dtcc.com/news/2019/march/13/dtcc-outlines-guiding-principles-for-post-trade-processing-of-tokenized-securities

Thank you to Lawson Baker at TokenSoft (disclosure: a previous sponsor) for helping me think through some of the issues for this episode.

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Vitalik Buterin on Whether or Not Ethereum Is 'Blowing It' - Ep.112 Mar 26, 2019

At the first Unchained Live, Vitalik explained why he thought it was "inevitable" Ethereum would lose some of its lead, when he would be upset if Ethereum were overtaken by a competitor, and whether the Ethereum 2.0 road map was too long. We also discussed why a strain of Ethereum maximalism is emerging, how the foundation sets its funding priorities, whether or not the community should adopt inflation funding for development of the blockchain and why he thinks the MolochDAO experiment likely won't garner much investment. For the full summary, go to http://www.forbes.com/sites/laurashin/2019/03/26/vitalik-buterin-on-why-ethereum-has-lost-some-of-its-lead/.

Thank you to our sponsors!

Quantstamp, the venue sponsor for Unchained Live: http://quantstamp.com/unchained

Columbia School of Professional Studies, the networking sponsor: http://sps.columbia.edu/podcast

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Previous Unchained interview with Vitalik Buterin: https://unchainedpodcast.com/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy/

Unchained episode about MolochDAO: https://unchainedpodcast.com/molochdao-could-this-decentralized-autonomous-organization-help-ethereum-scale-faster/

Zcash interview: https://unchainedpodcast.com/zcashs-zooko-wilcox-on-why-he-believes-privacy-coins-will-be-used-more-for-good-than-bad/

Unchained interview with Glen Weyl and Santiago Siri referencing radical markets: https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/

0x interview: https://unchainedpodcast.com/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future/

Augur interview: https://unchainedpodcast.com/joey-krug-on-how-augur-is-like-any-other-tool-ep-79/

Dharma interview: https://unchainedpodcast.com/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep-80/

Compound interview: https://unchainedpodcast.com/how-youll-earn-interest-on-your-crypto-with-compound-ep-82/

dYdX interview: https://unchainedpodcast.com/how-dydx-allows-you-to-take-a-short-position-in-one-token-ep-86/

Unchained episode on MakerDAO, part 1: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/

Part 2: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/

Unconfirmed episode about superfluid collateral and echoes of the 2008 financial crisis: https://unchainedpodcast.com/how-to-earn-money-on-collateral-in-defi-and-why-thats-risky/

Unconfirmed episode about Uniswap: https://unchainedpodcast.com/how-uniswap-quickly-became-one-of-the-most-popular-dexes/

Dfinity interview: https://unchainedpodcast.com/dfinitys-dominic-williams-on-how-its-blockchain-nervous-system-is-not-an-ai-ep-78/

100th episode of Unchained featuring a poem about crypto and the podcast: https://unchainedpodcast.com/100th-episode-past-guests-and-listeners-take-over-the-show-ep-100/

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MolochDAO: Could This Decentralized Autonomous Organization Help Ethereum Scale Faster? - Ep.111 Mar 19, 2019

Ameen Soleimani, CEO of Spankchain, comes on the show to discuss his latest effort to fund Ethereum development through the decentralized autonomous organization MolochDAO. He describes how it works, plus we cover competition in the smart contract space and whether we're seeing the emergence of Ethereum maximalism.

Full show notes are back on Forbes.com! See the full recap of this week's recap of the episode at http://www.forbes.com/sites/laurashin/2019/03/18/how-could-ethereum-development-be-funded-perhaps-through-this-decentralized-autonomous-organization/.

Thank you to our sponsor!

CipherTrace: http://ciphertrace.com/unchained

Episode links:

MolochDAO website: MolochDAO.com

MolochDAO on Twitter: https://twitter.com/MolochDAO

MolochDAO white paper: https://github.com/MolochVentures/Whitepaper/blob/master/Whitepaper.pdf

Moloch Github: https://github.com/molochventures/moloch

State of Ethereum 2.0 report: https://docs.google.com/document/d/1PS0k9MaKPdPwEw3Uh9rq7USjq7LcSpT6ICQUXRij4YE/edit#heading=h.kdbgcss2wsc

Ameen's tweet storm on MolochDAO: https://twitter.com/ameensol/status/1084652403889065989?s=19

MolochDAO tweetstorm with update on members, etc.: https://twitter.com/MolochDAO/status/1100516720563806209?s=19

MolochDAO presentation at ETHDenver: https://www.youtube.com/watch?v=abTRJZcmPwI

Post by Dino Mark, Vlad Zamfir and Emin Gun Sirer, A Call for a Temporary Moratorium on the DAO: http://hackingdistributed.com/2016/05/27/dao-call-for-moratorium/

Ameen on the importance of ETH price: https://twitter.com/ameensol/status/1090319128810815489

Ryan Zurrer's position on ether fund recovery: https://medium.com/@rzurrer/evolution-dogma-a-proposed-path-towards-ether-fund-recovery-9810f213e8ee

r/Ethereum decision on moderators: https://www.reddit.com/r/ethereum/comments/azyqdu/a_statement_call_for_discussion_from_some_of_the/

Ameen on the timeframe for developing Ethereum 2.0 relative to development on potentially competitive chains like Polkadot: https://www.reddit.com/r/ethereum/comments/ajc9ip/ama_we_are_the_eth_20_research_team/eewscyf/

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How Binance Could Become the First Decentralized Autonomous Corporation - Ep.110 Mar 12, 2019

Tushar Jain and Kyle Samani, managing partners of Multicoin Capital, discuss Binance, Binance Chain and BNB token, and why they believe Binance will become the first centralized company to successfully decentralize itself and migrate the value in itself to its token. We cover what Binance, the centralized company has so far achieved in terms of trading volume, fiat on-ramps, and regulatory arbitrage, and whether the company has any more regulatory risk than any other exchange. We also look at the features of Binance Chain, how they compare to other decentralized exchanges such as 0x, and why Multicoin believes that it will have more liquidity than previous dexes. We then explore BNB token — how it works now, the regulatory risk for BNB token, and how it will function on the dex. Finally, we touch on Binance's decentralization strategy overall and how it could fail.

Thank you to our sponsor!

CipherTrace: https://ciphertrace.com/unchained

Episode links:

Multicoin Capital: https://multicoin.capital

Kyle Samani: https://twitter.com/KyleSamani

Tushar Jain: https://twitter.com/TusharJain_

Multicoin Capital BNB report: https://multicoin.capital/2019/02/19/binance-coin-analysis-and-valuation/

Unchained episode with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/

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Venue Announcement for Unchained Live Mar 10, 2019

Get your tickets now for Unchained Live with Vitalik Buterin! https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176 It will take place March 20th at 6pm at Columbia Journalism School in the Joseph D. Jamail Lecture Hall. Hope to see you there!

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How Melon Could Make Asset Management Easier - Ep.109 Mar 05, 2019

Mona El-Isa, the cofounder and CEO of Melonport, explains how Melon, the asset management protocol which recently launched on Ethereum, makes launching a fund easier and less expensive, plus gives investors even more transparency into the manager's decisions. She describes who will be using Melon, how the funds using Melon access liquidity if the protocol only connects to decentralized exchanges, what happens if bugs are found in the protocol's smart contracts, and how know-your-customer processes are handled. Noting that the company Melonport will now be winding down, she talks about how the protocol will be managed going forward. Plus, we dive into the MLN token.

Thank you to our sponsor!

http://ciphertrace.com/unchained

Episode links:

Melonport: https://melonport.com

Launch of Melon 1.0: https://medium.com/melonport-blog/melon-v1-0-zahreddino-60105f51988d

Front and back office functions in a traditional fund vs. a Melon-based fund: https://medium.com/melonport-blog/what-is-melon-2018-edition-3437f3d064d8

Management fees in Melon: https://medium.com/melonport-blog/management-and-performance-fees-in-a-melon-fund-f1df2a26abd9

Integration with Kyber: https://medium.com/melonport-blog/kyber-network-melon-3f6bcfa2d328

Melonport will not exist by DevCon V: https://www.youtube.com/watch?v=YTLSnS4DTak&t=882s

Melon governance: https://medium.com/melonport-blog/introduction-to-the-melon-governance-system-f6ff73c70eb0

MLN token: https://medium.com/melonport-blog/everything-you-always-wanted-to-know-about-melon-but-were-too-afraid-to-ask-9ea3fda6d71f

Melonomics 1: https://medium.com/melonport-blog/melonomics-part-1-aligning-interests-through-token-unification-d0b98a02de46

Melonomics 2: https://medium.com/melonport-blog/melonomics-part-2-the-melon-engine-48bcb0dae65

Melonomics 3: https://medium.com/melonport-blog/melonomics-part-3-counting-melons-7632afad844c

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How Blockchains Can Help Create Little Democracies Everywhere - Ep.108 Feb 26, 2019

Glen Weyl, a political economist and social technologist, the coauthor of Radical Markets and a principal researcher at Microsoft, and Santiago Siri, the founder of Democracy Earth, discuss how blockchains can be used to create borderless democracies that can reach any citizen on earth and can be used not just by nation-states but in all kinds of communities such as the workplace, church or a social network like Facebook. We cover concepts such as quadratic finance and quadratic voting, and look at how forcing voters to have a budget for their votes changes voting behavior. We also dive into what needs to be put in place for blockchain-based voting systems to work, why identity solutions are crucial but also so hard to get right, and how we can prevent token-based governance systems from becoming plutocracies. Plus, we surmise that blockchain-based governance might be the 21st century political experiment and that someday, we may all be citizens of multiple communities.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unchained

Microsoft: https://twitter.com/MSFTBlockchain and https://aka.ms/unchained

Episode links:

Democracy Earth: https://www.democracy.earth

Santiago Siri: https://twitter.com/santisiri

Radical Xchange: https://twitter.com/RadxChange

Glen Weyl: https://twitter.com/glenweyl

Radical Xchange conference in March: radicalxchange.org

Radical Markets: https://press.princeton.edu/titles/11222.html

Democracy Earth white paper: https://www.dropbox.com/s/sifogl4zimwkkei/Democracy%20Earth%20-%20Social%20Smart%20Contract%20-%20Paper%20v0.2.pdf?dl=0

Democracy Earth cofounder Pia Mancini on early work with digital democracy: https://www.ted.com/talks/pia_mancini_how_to_upgrade_democracy_for_the_internet_era?language=en

Santi on how blockchains could revolutionize democracy: https://www.youtube.com/watch?v=UajbQTHnTfM

Wired article on Democracy Earth: https://www.wired.com/story/santiago-siri-radical-plan-for-blockchain-voting/

CoinDesk feature on Glen Weyl: https://www.coindesk.com/coindesk-most-influential-blockchain-2018-glen-weyl

Vitalik Buterin blog post on Radical Markets: https://vitalik.ca/general/2018/04/20/radical_markets.html

Paper by Vitalik, Zoe Hitzig and Glen on quadratic financing: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3243656

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Unchained Live With Vitalik Buterin Feb 20, 2019

In case you haven’t heard, I’m doing a live podcast recording with Vitalik Buterin, the creator of Ethereum. What is a live podcast recording? It's a podcast performed by me and the guest on a stage, in front of an audience.

Vitalik and I will be discussing Ethereum 2.0, Polka Dot, Substrate, what happened with Afri this week and more. And you’ll have an opportunity to ask questions.

It’ll be in New York City the evening of March 20th, which is one month from today. The doors open at 6, the show starts at 7. We will be announcing the venue soon.

Get your tickets here! https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176

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Why Future Perfect Ventures Did Not Invest in ICOs - Ep.107 Feb 19, 2019

Jalak Jobanputra, founder and managing partner of Future Perfect Ventures, talks about how, in 2014, her experience as an investment bank and VC, her global background, and her observation that new streams of data were becoming available led her to launch her first fund, which ended up being 70% invested in blockchain. She describes what it was like selling LPs on the nascent technology in 2014, how her latest fund, which will be more than $50 million, is different and how it's drawing LPs who thought they could make money through liquid hedge funds invested in tokens. She talks about why she thinks early-stage technologies can't be IPO'ed -- and why FPV shied away from ICOs -- but why her second fund is capable of investing in tokens. She also explains how the space is still lacking in early-stage VCs with knowledge of the blockchain sector, why New York launched the New York Blockchain Center and whether crypto is becoming more diverse.

Come See Unchained Live With Vitalik Buterin!

Wednesday, March 20th, doors at 6, show at 7, venue TBD

Get your tickets now!

https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unchained

Tokensoft: https://www.tokensoft.io

Microsoft: https://twitter.com/MSFTBlockchain and https://aka.ms/unchained

Episode links:

Future Perfect Ventures: Futureperfectventures.com

Twitter: https://twitter.com/jalak

Blog: Thebarefootvc.com

Jalak op-ed on Bitcoin at $10,000 in Recode: https://www.recode.net/2017/11/29/16716014/bitcoin-price-10k-ethereum-blockchain-cryptocurrency-value-creation-global

Profile of Jalak in Breaker Mag: https://breakermag.com/why-one-of-blockchains-first-vcs-thinks-the-developing-world-will-lead-the-way/

Jalak on the 10th birthday of the Bitcoin white paper: https://breakermag.com/remembering-the-bitcoin-whitepaper-part-3-the-thinkers/

New York Blockchain Center: https://www.nycedc.com/press-release/nycedc-open-nyc-s-public-private-blockchain-center

Wired story on the Collective Future: https://www.wired.com/story/for-women-in-cryptocurrency-a-new-effort-to-grow-their-ranks/

Unconfirmed episode with Bill Barhydt of portfolio company Abra: https://unchainedpodcast.com/how-abra-enables-you-to-buy-5-of-an-etf-like-token-of-the-top-10-cryptos-ep-040/

Unchained episode with Elizabeth Rossiello of portfolio company Bitpesa: https://unchainedpodcast.com/bitpesas-elizabeth-rossiello-on-necker-island/

Unchained episode with Vinny Lingham of portfolio company Civic: https://unchainedpodcast.com/civics-vinny-lingham-on-when-crypto-demand-will-catch-up-with-the-technology/

Unchained episode with Josh Stein of portfolio company Harbor: https://unchainedpodcast.com/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep-77/

Unchained episode with Riccardo Spagni of portfolio company Tari: https://unchainedpodcast.com/moneros-riccardo-spagni-aka-fluffypony-on-how-he-feels-about-monero-being-used-for-crime-ep-93/

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How Casa Makes It Harder for Someone to Steal Your Bitcoins - Ep.106 Feb 12, 2019

Jeremy Welch of personal key security system Casa describes the company's various services and products, including its $10,000-a-year premium service for HODLers of at least $500,000 worth of cryptocurrency and the Casa node. He explains how he came to start Casa, why using seed phrases for managing security of crypto hardware devices is so problematic, and how customers should set up the keys in their possession for the company's multi-signature solution, in which any transaction requires the use of three of five keys. We go on at length at about potential ways in which an attacker could still force a target, say, at gunpoint, to move money to the hacker's wallet. We also discuss why the company doesn't offer a multi-sig solution for ether, why people choose to run Casa's Bitcoin/Lightning node and where people are using Lightning.

Unchained Live With Vitalik Buterin in New York City: Get your tickets here!

https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

Microsoft: https://twitter.com/MSFTBlockchain and https://aka.ms/unchained

TokenSoft: https://www.tokensoft.io

Episode links:

Casa: https://keys.casa

Jeremy Welch: https://twitter.com/jeremyrwelch

The Cutting Room Floor: Jeremy Welch of Casa, in which Jeremy answers by email the remaining questions we didn't get to:

https://unchainedpodcast.com/the-cutting-room-floor-jeremy-welch-of-casa/

Casa blog post on the evolution of Bitcoin key management: https://blog.keys.casa/the-evolution-of-bitcoin-key-management/

Ways to store your crypto: https://blog.keys.casa/crypto-101-storing-your-cryptocurrency/

Forbes on Casa's $2 million seed funding: https://www.forbes.com/sites/jeffkauflin/2018/03/02/bitcoin-thieves-beware-super-secure-wallet-maker-casa-raises-2-million/#4c5b2e544230

Casa's seven guiding principles: https://medium.com/casa/seven-guiding-principles-at-casa-92f43e5e546a

Announced after we recorded: Casa's new browser extension: https://blog.keys.casa/casa-browser-extension/

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Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85 - Ep.105 Feb 05, 2019

Rune Christensen, CEO and cofounder of MakerDAO, explains how multicollateral Dai will work, what happens if one type of collateral fails, and what happens when someone's collateralized debt position with multicollateral Dai needs to be liquidated. He also discusses who gets to participate in the various levels of governance with the MKR token, who owns those tokens and what the purpose of the Maker Foundation is. We also cover whether the CFTC would consider collateralized debt positions to be derivatives and therefore under its purview, how Dai is being used and how much education is required for people to use the system.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unchained

Microsoft: https://twitter.com/MSFTBlockchain

Tokensoft: https://www.tokensoft.io

Episode links:

MakerDAO: https://makerdao.com/en/

Rune Christensen: https://twitter.com/RuneKek

Previous Unchained episode on stablecoins with Rune and Philip Rosedale of High Fidelity: https://unchainedpodcast.com/why-its-so-hard-to-keep-stablecoins-stable/

Unconfirmed episode with Rune on Andreessen Horowitz’s $15 million investment: https://unchainedpodcast.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep-039/

Part 1 of my interview with Rune: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/

Digital Asset Research report on MakerDAO: https://www.digitalassetresearch.com/our-products/#in-depth-research

CFTC smart contracts primer prohibiting derivatives contracts that are traded on exchanges that are supposed to be registered with the CFTC and are not. https://www.cftc.gov/sites/default/files/2018-11/LabCFTC_PrimerSmartContracts112718.pdf

Nice recap of how Dai has performed as ETH has dropped in price: https://medium.com/@mikeraymcdonald/single-collateral-dai-9-months-in-review-b9d9fbe45ab

MKR Tools website: https://mkr.tools/tokens/dai

Description of Maker Tools: https://medium.com/@mikeraymcdonald/announcing-the-new-mkr-tools-e32466f1c3db

Maintaining its peg as ETH dropped:

https://medium.com/makerdao/volatile-times-dai-as-a-safe-haven-2f017453e9f1

MakerDAO and Wyre partnership: https://www.prnewswire.com/news-releases/makerdao-and-wyre-give-businesses-immediate-access-to-dai-stablecoin-in-over-thirty-countries-including-usa-300696400.html

ETH in DeFi projects: https://mikemcdonald.github.io/eth-defi/

Placeholder VC blog post: https://www.placeholder.vc/blog/2019/1/23/maker-investment-thesis

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Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat - Ep.104 Jan 29, 2019

Rune Christensen, CEO and cofounder of MakerDAO, explains the intricacies of the MakerDAO system, which includes the stablecoin Dai, which is pegged to $1, backed by collateral, and whose governance is managed by holders of the MKR token. He describes how the current version of "single-collateral" Dai, is backed by ether, how Dai is created with a collateralized debt position and what happens when the value of the collateral falls too low. He also talks about the roles of various players in the system, such as keepers, oracles and MKR token holders. We also cover how the system handles black swan events or other emergencies. The MakerDAO system is so complex, however, that we will reconvene for a part 2 to describe the rest of the system and how a multi-collateral Dai will function.

Thank you to our sponsors!

Tokensoft: https://www.tokensoft.io

Microsoft: https://twitter.com/MSFTBlockchain

CipherTrace: http://ciphertrace.com/unchained

Episode links:

MakerDAO: https://makerdao.com/en/

Rune Christensen: https://twitter.com/RuneKek

Previous Unchained episode on stablecoins with Rune and Philip Rosedale of High Fidelity: https://unchainedpodcast.com/why-its-so-hard-to-keep-stablecoins-stable/

Unconfirmed episode with Rune on Andreessen Horowitz's $15 million investment: https://unchainedpodcast.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep-039/

MakerDAO white paper: https://makerdao.com/en/whitepaper/

Decreasing the stability fee: https://medium.com/makerdao/decreasing-the-stability-fee-1f9fe50cf582

Unchained episode on generalized mining with Jake Brukhman and Tushar Jain: https://unchainedpodcast.com/coinfunds-jake-brukhman-and-multicoins-tushar-jain-on-generalized-mining-ep-92/

Laura's TEDx talk: https://unchainedpodcast.com/lauras-tedx-talk-how-crypto-could-allow-more-people-to-be-their-own-boss-ep-047/

USD Coin's banking partners: https://support.usdc.circle.com/hc/en-us/articles/360015278272-Who-are-the-banking-and-financial-partners-you-are-using-for-USDC-

TrueUSD's trust companies and their correspondent banks: https://blog.trusttoken.com/who-are-the-correspondent-banks-and-trustee-partners-for-trueusd-e12508f0d5a2

Learn more about your ad choices. Visit megaphone.fm/adchoices

Tyler and Cameron Winklevoss on Being the 'Fastest Tortoise in the Race' - Ep.103 Jan 22, 2019

Gemini's Tyler and Cameron Winklevoss, who serve as chief executive and president, respectively, discuss their new ad campaign -- what they mean when they say crypto needs rules, why they agree in certain respects with some of their critics, and what the general reaction has been. They discuss why they launched a stablecoin, why they chose the stablecoin structure of dollar reserves and GUSD's role in an arbitrage involving a Chinese exchange and a competing stablecoin. They also explain how they intend to make a Bitcoin ETF a reality, what they think of SEC Commissioner Hester Peirce's dissent and what they intend for the Virtual Commodity Association. Plus, the brothers talk about why their goal is to be "the fastest tortoise in the race."

Thank you to our sponsors!

Tokensoft: https://www.tokensoft.io

Microsoft: https://twitter.com/MSFTBlockchain

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Gemini's new ad campaign: https://www.wsj.com/articles/winklevosses-cryptocurrency-exchange-says-the-revolution-needs-rules-11546599600

Negative reaction to Gemini ad campaign from crypto community:

Erik Voorhees: https://twitter.com/ErikVoorhees/status/1081204430857416706

Gemini USD gets approval of New York Department of Financial Services: https://www.bloomberg.com/news/articles/2018-09-10/controversial-crypto-coin-tether-to-get-regulated-competitors

Past episodes with other stablecoin projects:

USDC/Circle: https://unchainedpodcast.com/circles-jeremy-allaire-and-sean-neville-on-why-crypto-will-be-bigger-than-the-web-ep-71/

TrueUSD: https://unchainedpodcast.com/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep-77/

MakerDAO: https://unchainedpodcast.com/why-its-so-hard-to-keep-stablecoins-stable/

https://unchainedpodcast.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep-039/

Bloomberg reporter Matt Leising on Tether: https://unchainedpodcast.com/bloombergs-matt-leising-on-why-it-appears-tether-has-sufficient-dollar-reserves-ep-052/

Trading of GUSD for Pax and cashing out via Huobi:

https://medium.com/paxos/regulation-in-the-crypto-world-part-i-leading-the-way-into-the-light-11e54d16b035

https://www.theblockcrypto.com/2019/01/04/gemini-gave-trading-firms-a-stablecoin-discount-and-it-caused-big-headaches-for-one-of-its-rivals/

GUSD distribution on Etherscan: https://etherscan.io/token/tokenholderchart/0x056fd409e1d7a124bd7017459dfea2f387b6d5cd

Cameron and Tyler's AMA on Reddit: https://www.reddit.com/r/IAmA/comments/adk0ua/we_are_cameron_and_tyler_winklevoss_cofounders_of/edhlb3b/

SEC commissioner Hester Peirce's dissent on Bitcoin ETF decision: https://www.sec.gov/news/public-statement/peirce-dissent-34-83723

Bitcoin Cash launch on Gemini: https://medium.com/gemini/bitcoin-cash-is-now-available-on-gemini-cc75299d892f

The 51% attack on Ethereum Classic: https://unchainedpodcast.com/the-ethereum-classic-51-attack-how-it-happened-and-why-the-price-didnt-crash-ep-055/

Gemini year in review

https://medium.com/gemini/geminis-2018-year-in-review-1cd0815dd45e

Virtual Commodity Association: https://medium.com/gemini/joining-the-virtual-commodity-association-8bdf3b2f803e

Gemini's new mobile app:

https://medium.com/gemini/introducing-the-gemini-mobile-app-crypto-on-the-go-1448d2ae74fa

USD Coin's banking partners: https://support.usdc.circle.com/hc/en-us/articles/360015278272-Who-are-the-banking-and-financial-partners-you-are-using-for-USDC- TrueUSD's trust companies and their correspondent banks: https://blog.trusttoken.com/who-are-the-correspondent-banks-and-trustee-partners-for-trueusd-e12508f0d5a2

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Asia Edition: Mining, a Crypto Yuan and the Two Main Reasons the Chinese Are Interested in Crypto - Ep.102 Jan 15, 2019

In this wide-ranging episode, Eric Meltzer and Dovey Wan of Primitive Ventures describe how Asia is weathering the crypto downturn: how have the low prices affected miners, how has this affected Bitmain's prospects for an IPO and how, despite a ban on crypto exchanges, Chinese crypto users have been trading. We also discuss more broadly how crypto projects and startups differ between China and the U.S., how crypto is upending Silicon Valley's dominance, and how differences in regulation are affecting entrepreneurship in the space. Plus, Eric and Dovey address whether or not the surveillance state is motivating Chinese interest in crypto.

Thank you to our sponsors!

Tokensoft: https://www.tokensoft.io

Microsoft: https://twitter.com/MSFTBlockchain

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Primitive Ventures: http://primitive.ventures

Eric Meltzer: https://twitter.com/wheatpond

Dovey Wan: https://twitter.com/DoveyWan

Binance was more profitable than Deutsche Bank in quarter 1 of 2018: https://www.ccn.com/binance-surpassed-germanys-biggest-bank-deutsche-in-profitability/

Bitmain and Huobi layoffs: https://www.scmp.com/tech/blockchain/article/2179513/chinas-cryptocurrency-giants-bitmain-and-huobi-plan-lay-offs-amid

Hong Kong regulators reluctant to allow crypto firms to IPO:

https://www.scmp.com/business/banking-finance/article/2178747/hong-kong-regulators-say-ipos-cryptocurrency-businesses-are

Report that China wants an "orderly exit" from crypto mining: https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

Chinese op-ed on why the People’s Bank of China should consider a yuan-pegged cryptocurrency: https://www.coindesk.com/pboc-op-ed-pushes-use-case-for-yuan-pegged-crypto-stablecoins

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Ledger on How Consumers and Institutions Should Be Safeguarding Their Private Keys - Ep.101 Jan 08, 2019

Eric Larcheveque, cofounder and CEO of Ledger, and Demetrios Skalkotos, global head of Ledger Vault, describe the company's three main offerings: its hardware wallets, the new software-as-a-service product for institutions, and an Internet of Things offering for transactions involving physical assets. They also describe how the company scaled for a massive increase in demand in 2017, who their customers are and how the company has responded to vulnerabilities found in its products. Plus, they explain why they don't put tamper-proof packaging on their hardware wallets.

Thank you to our sponsors!

TokenSoft: https://www.tokensoft.io

Microsoft: https://twitter.com/MSFTBlockchain

CipherTrace: http://ciphertrace.com/unchained

Episode links:

Ledger: https://www.ledger.com

Eric Larcheveque: https://twitter.com/EricLarch

Demetrios Skalkotos: https://twitter.com/DemoSkalkotos

Introduction of Ledger Vault: https://medium.com/ledger-on-security-and-blockchain/ledger-vault-nyc-office-brings-crypto-security-to-institutional-investors-ec9ee3445850

Three part-series on hardware wallets: https://medium.com/ledger-on-security-and-blockchain/ledger-101-part-1-do-you-really-need-a-hardware-wallet-7f5abbadd945

Ledger's description of BOLOS: https://medium.com/ledger-on-security-and-blockchain/a-closer-look-into-ledger-security-our-custom-operating-system-bolos-ab608bcb0839

Blog post from Saleem Rashid: https://saleemrashid.com/2018/03/20/breaking-ledger-security-model/

Demonstration of attacks on hardware wallets at 35c3: https://wallet.fail

Ledger's response: https://medium.com/ledger-on-security-and-blockchain/chaos-communication-congress-in-response-to-wallet-fails-presentation-17bcd166a052

Ledger Donjon: https://medium.com/ledger-on-security-and-blockchain/ledger-donjon-3e04e0ce49a9

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100th Episode: Past Guests and Listeners Take Over the Show - Ep.100 Jan 01, 2019

To celebrate the 100th episode of Unchained, I talk a little about what this podcast means to me and thank everyone who's helped me with it. Then I let past guests and listeners take it away with their comments and predictions for 2019. Thank you to everyone who sent in submissions -- and to the listeners and sources who've helped me along the way!

Thank you to our sponsors!

TokenSoft: https://www.tokensoft.io

Microsoft: https://twitter.com/MSFTBlockchain

CipherTrace: http://ciphertrace.com/unchained

Episode links:

My TEDx talk: https://www.youtube.com/watch?v=w-Ew7PW4LCo

Facebook working on a stablecoin: https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers

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RERUN: Xapo's Wences Casares on How Bitcoin Makes a Fairer World - Ep.99 Dec 25, 2018

Growing up in Argentina, Wences Casares saw his family lose all their money three times due to actions by the government. The so-called "patient zero" of Bitcoin in Silicon Valley explains why he believes that experience predisposed him to seeing the potential in Bitcoin earlier than most people, why it's so hard to explain Bitcoin to Americans and why the company he founded, Xapo, isn't just a Bitcoin vault and wallet company but his best effort at helping to ensure that Bitcoin succeeds. He talks about why he isn't scared of all the new competitors to his service, including Coinbase Custody, why Xapo hasn't branched out into any other crypto assets, and why he believes there's a more than 50% chance that Bitcoin is worth $1 million in five to ten years. Additionally, he still believes the attempt to accommodate more transactions on the Bitcoin blockchain with the SegWit2x fork, which he backed, was wrong -- even though the fees after its failure skyrocketed to as high as $60. Plus -- he reveals what it would look like if Bitcoin became a global standard of value, and why that vision doesn't threaten governments.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unchained

Microsoft: https://twitter.com/MSFTBlockchain

Episode links:

Wences Casares: https://twitter.com/wences

Xapo: https://xapo.com/

Wences's Facebook Live with Dan Schulman of PayPal: https://www.facebook.com/DanSchulmanPayPal/videos/1419329821528449/

To learn more about Wences, read New York Times reporter Nathaniel Popper's book, Digital Gold: https://www.harpercollins.com/9780062362506/digital-gold/

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Mike Novogratz on Why Bitcoin, "a Big FU to the System," Needs Institutions - Ep.98 Dec 18, 2018

Mike Novogratz, founder and CEO of Galaxy Digital Holdings, describes the company's services and products, why it's launching a credit offering, and why he pivoted from his original intention to launch a crypto hedge fund and then pivoted again from working with ICOs to serving institutional players. He talks about why, if he had the chance to go public again, he wouldn't do it, why Galaxy's stock fell so precipitously one day that trading was halted, and why he thinks the SEC has made it clear the ICO markets are closed. He also talks about why, on the way to democratizing finance, the crypto markets need to "take a step back" and start with institutions, why decentralization is important, and why he thinks the launch of Bakkt is the most important news in the crypto space this year. Plus, Mike surmises as to how consumers will start using crypto, but believes it won’t replace fiat in the Western world.

Thank you to our sponsors!

Microsoft: aka.ms/unchained

CipherTrace: https://ciphertrace.com/unchained

Episode links:

Galaxy Digital: https://www.galaxydigital.io

Galaxy Digital's losses so far this year: https://www.bloomberg.com/news/articles/2018-11-28/novogratz-s-crypto-trading-desk-lost-136-million-in-nine-months

https://www.bloomberg.com/news/articles/2018-07-26/novogratz-s-galaxy-digital-sees-134-million-loss-on-crypto-drop

Unchained episode about security tokens: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77

Unchained interview with Philip Rosedale of High Fidelity: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable

Unconfirmed episode with Tom Jessop of Fidelity Digital Assets: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043

Unchained podcast with Arthur Hayes of Bitmex: http://unchainedpodcast.co/arthur-hayes-of-bitmex-on-why-countries-will-turn-to-digital-cash-ep63

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How Crypto and Blockchain Technology Could Change Financial Services - Ep.97 Dec 16, 2018

This is a special episode of Unchained from the CME Global Leadership Conference in Naples, Florida. There, I spoke with Arthur Hayes, CoFounder and CEO of Bitmex, Dan O’Prey, chief marketing officer of Digital Asset, and Alexis Ohanian, Co-Founder & Executive Chairman, Reddit and Co-Founder of Initialized Capital. We cover how public and permissioned chains will compete or complement each other, how blockchain technology will affect incumbent financial services, and how it has already proven itself (hint: as a store of value is one answer). We discuss whether or not crypto represents a new asset class, why the crypto winter is helping to improve the space, and what the launch of Bakkt and Fidelity Digital Assets could mean going forward.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

Microsoft: https://twitter.com/MSFTBlockchain

Episode links

CME's Global Financial Leadership Conference: https://www.gflc.com

Arthur Hayes: https://twitter.com/cryptohayes

Bitmex: https://www.bitmex.com

Dan O'Prey: https://www.linkedin.com/in/danoprey/

Digital Asset: https://www.digitalasset.com

Alexis Ohanian: https://twitter.com/alexisohanian

Initialized Capital: https://initialized.com

Unconfirmed episode with Tom Jessop's Fidelity Digital Assets: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043

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Coinbase's Listing Process: Why It's Adding Many More Coins and How It Decides - Ep.96 Dec 11, 2018

Coinbase has departed from its conservative roots and begun adding many more coins. Dan Romero, vice president of Coinbase, explains how its listing process works, how it tries to prevent insider trading, and why it's listed coins that had ICOs, even though the SEC has indicated all coins that were offered in ICOs at least started off as securities. He also talks about Coinbase's international expansion, how regulations around crypto differ in Japan vs. the U.S., and the importance of banking relationships for crypto companies. Plus, we dive into how Coinbase plans to weather competition on multiple fronts -- from Robinhood, Square and Binance on its consumer side, and from Fidelity and Bakkt on the institutional side -- how its decentralized projects could affect its current revenues and how it is staffing now for any future hype cycles that could increase crypto adoption by an order of magnitude.

Thank you to our sponsors!

Microsoft: aka.ms/unchained

CipherTrace: https://ciphertrace.com/unchained

Altlending: https://altlending.com

Episode links:

Coinbase: https://www.coinbase.com/

Dan: https://twitter.com/dwr

Coinbase Listing: https://listing.coinbase.com

Digital Asset Framework: https://listing.coinbase.com

Coinbase's new listing process: https://blog.coinbase.com/new-asset-listing-process-a83ef296a0f3

Announcement that they were exploring adding Cardano, Basica Attention Token, Stellar Lumens, Zcash and 0x: https://blog.coinbase.com/coinbase-is-exploring-cardano-basic-attention-token-stellar-zcash-and-0x-9e44f0eb823f

News announced after we recorded: Coinbase considering offering 31 new assets: https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-92ba4ab7f465

Interview with Will Warren of decentralized exchange 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future

Coinbase investigates insider trading of Bitcoin Cash: http://fortune.com/2017/12/20/coinbase-bitcoin-insider-trading/

Coinbase finds no insider trading of Bitcoin Cash: http://fortune.com/2018/07/24/coinbase-insider-trading/

Unchained episode on Coinbase/IRS case: http://unchainedpodcast.co/is-the-irs-justified-in-demanding-information-on-millions-of-bitcoin-users

Link to Alistair Milne's tracking of total Coinbase customer base: https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu-Qv9SS1ck2iPt6Kw9a55z0k/edit#gid=0

Coinbase adding USDC: https://blog.coinbase.com/coinbase-and-circle-announce-the-launch-of-usdc-a-digital-dollar-2cd6548d237

Unchained episode with Circle: http://unchainedpodcast.co/circles-jeremy-allaire-and-sean-neville-on-why-crypto-will-be-bigger-than-the-web-ep71

Unchained episode with Rune Christensen of MakerDAO: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable

Unconfirmed episode with Rune: http://unconfirmed.libsyn.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep039

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Ari Paul on Why Bitcoin Is a Good Value Buy Today - Ep.95 Dec 04, 2018

Ari Paul, CIO of BlockTower Capital, explains why he likes how short-term trades concentrate risk in investment, why, "no matter what," he thinks Bitcoin is a good-value buy today, and how big university endowments investing in crypto now could eventually lead institutions to go from having a fear-of-loss attitude about crypto to having FOMO. He also dives into why he's not as excited about generalized mining as some of BlockTower's crypto fund peers and who he thinks is really well-poised in that space. We also discuss why Bitcoin futures didn't have a positive impact on the price and what effect Bakkt and Fidelity launching their crypto products could have. Plus, he responds to people who accused him of insider trading when a private conversation in which he mentioned Stellar was acquiring enterprise blockchain startup Chain was released.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

Altlending: https://altlending.com

Episode links:

Ari Paul: https://twitter.com/AriDavidPaul

BlockTower Capital: https://www.blocktower.com

Harvard, Stanford, MIT endowments invest in crypto: https://www.theinformation.com/articles/harvard-stanford-mit-endowments-invest-in-crypto-funds

Yale endowment invests in a16z and Paradigm: https://www.cnbc.com/2018/10/05/yale-investment-chief-david-swensen-jumps-into-crypto-with-bets-on-two-silicon-valley-funds.html

Bitcoin Cash hard fork recap: https://bitcoinmagazine.com/articles/week-2-how-bitcoin-cash-hash-war-came-and-went-and-not-much-happened/

Unconfirmed episode on Bitcoin Cash hard fork with Aaron Van Wirdum: http://unconfirmed.libsyn.com/the-bitcoin-cash-hard-fork-bitcoin-abc-vs-bitcoin-sv-ep046

Unchained episode with Riccardo Spagni of Monero: http://unchainedpodcast.co/coinfunds-jake-brukhman-and-multicoins-tushar-jain-on-generalized-mining-ep92

Unchained episode with Jake Brukhman and Tushar Jain of Multicoin Capital: http://unchainedpodcast.co/coinfunds-jake-brukhman-and-multicoins-tushar-jain-on-generalized-mining-ep92

Unconfirmed episode with Fidelity's Tom Jessop: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043

Ari's private conversation in which he mentioned Stellar was acquiring Chain: https://hackernoon.com/ten-questions-for-ari-david-paul-of-blocktower-capital-dcd8d81ef27e

IMF managing director Christine Lagarde's talk on the case for central bank digital currencies:

https://www.imf.org/en/News/Articles/2018/11/13/sp111418-winds-of-change-the-case-for-new-digital-currency

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How Donating Crypto Can Help You Save on Taxes - Ep.94 Nov 27, 2018

Connie Gallippi, the founder and executive director for BitGive, and Joe Waltman, the executive director of GiveCrypto.org, discuss charitable giving in crypto -- what problems in philanthropy it solves, what level of transparency they can achieve and how they measure impact. Connie explains why she has chosen to work with existing non-profits and Joe, why GiveCrypto is working on its own initiatives, and why its working thesis is that crypto will be especially helpful in places with broken money or broken government. They also dive into the tax implications of donating crypto directly -- namely that donors can offset taxes on gains, particularly by donating their oldest coins before the end of the calendar year. Connie talks about how BitGive needs to ensure it doesn't hold or convert money in order to avoid money transmitter regulations, and Joe, how GiveCrypto has to ensure it's not giving money to bad people, such as money launderers or people or entities under economic sanctions. Plus, the two discuss why a space that so often espouses the ideals of democratization of finance gives so little and what it will take for it to donate more.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained

Episode links:

Bitgive: https://www.bitgivefoundation.org

GiveTrack: https://www.givetrack.org

BitGive Twitter: https://twitter.com/BitGiveOrg

GiveCrypto: https://www.bitgivefoundation.org

GiveCrypto Twitter - https://twitter.com/givecrypto?lang=en

BitGive's five-year report: https://d1i1964a5wuyjt.cloudfront.net/2018/11/5-year-deck-021118_compressed-1.pdf

Joe's work trial for GiveCrypto: https://medium.com/givecrypto/givecrypto-work-trial-a-new-financial-system-a-new-opportunity-7f564b65aff5

GiveCrypto's October report: https://medium.com/givecrypto/givecryptos-october-monthly-report-5c191bc03b56

Unconfirmed episode with Robert Opp of the UN World Food Programme: http://unconfirmed.libsyn.com/the-un-world-food-programmes-blockchain-based-food-vouchers-for-syrian-refugees-with-robert-opp-ep017

Episode with Elizabeth Rossiello of Bitpesa: http://unchainedpodcast.co/bitpesas-elizabeth-rossiello-on-necker-island

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Monero's Riccardo Spagni, aka Fluffypony, on How He Feels About Monero Being Used for Crime - Ep.93 Nov 20, 2018

Riccardo Spagni, the lead maintainer for Monero, describes the four pillars of Monero's privacy, makes the case for why it would still be valuable even if BItcoin were to adopt privacy, and explains the ways in which its privacy is stronger and weaker than Zcash's. He also discusses his new project, Tari, and how it could enable a new world of natively digital assets such as tickets, loyalty points and in-game assets, and how it will relate to Monero. He also explains his view on the fact that Monero is one of the top currencies used on the dark web and appears to have been in demand by bad state actors such as North Korea. Plus, he gives us his backstory, which includes gel-based nail polish and bikinis, and the origin of his nickname, Fluffypony.

Thank you to our sponsors!

CipherTrace: https://ciphertrace.com/unchained

Altlending: https://altlending.com

Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained

Episode links:

Riccardo Spagni: https://twitter.com/fluffypony?lang=en

Monero: https://getmonero.org

Tari: https://www.tari.com

Wired article on Monero's traceability: https://www.wired.com/story/monero-privacy/

Laura's listener mail episode: http://unchainedpodcast.co/listener-mail-laura-answers-your-questions-on-the-markets-velocity-privacy-and-more-ep88

Unchained episode with Zooko Wilcox of Zcash: http://unchainedpodcast.co/zcashs-zooko-wilcox-on-why-he-believes-privacy-coins-will-be-used-more-for-good-than-bad

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CoinFund's Jake Brukhman and Multicoin's Tushar Jain on Generalized Mining - Ep.92 Nov 13, 2018

Jake Brukhman of CoinFund and Tushar Jain of Multicoin Capital discuss a new trend among crypto funds: generalized mining, also called mining 2.0, in which investors participate in the networks in order to seed activity on them. For instance, an investor might offer disk space on a file storage network or provide capital on a decentralized lending network. They explain why it makes more sense to do this in the early days of a network than when it's matured, whether this will lead away from a peer-to-peer vision for crypto toward more professionalization and how this affects the basic premise of the fat protocols thesis. We also discuss how this impacts how crypto funds hire, do their accounting and reporting and structure their LP agreements.

Thank you to our sponsors!

Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained

Altlending: https://altlending.com

WeTrust: WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained

Episode links:

Jake Brukhman: https://twitter.com/jbrukh?lang=en

CoinFund: https://coinfund.io

Tushar Jain: https://twitter.com/TusharJain_

Multicoin Capital: https://multicoin.capital

Jake's post on crypto borrowing: https://blog.coinfund.io/crypto-borrowing-and-staking-networks-e7d2d64a81a4

Tushar's post on generalized mining: https://multicoin.capital/2018/10/23/the-evolving-role-of-crypto-investors/

Jake on LivePeer as a case study: https://blog.coinfund.io/livepeer-cryptoeconomics-as-a-case-study-of-active-participation-in-decentralized-networks-19a932415e0e

Unchained episode with MakerDAO: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable

Unconfirmed episode with Rune Christensen of MakerDAO: http://unconfirmed.libsyn.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep039

Initial witness offerings, by Jake's partner Alexsandr Bulkin: https://blog.coinfund.io/iwos-with-adapt-a-creative-technological-solution-to-a-regulatory-problem-513b0bc811ff

Jake's post on fat protocols not being an investment thesis: https://blog.coinfund.io/fat-protocols-are-not-an-investment-thesis-17c8837c2734

Unchained interview with Joel Monegro, the author of the fat protocols thesis: http://unchainedpodcast.co/placeholders-joel-monegro-on-the-fat-protocols-thesis-today-ep65

Videos that Jake mentions at the end of the show:

Generalized Mining, An Introduction & Primer by Jake Brukhman, CEO of CoinFund: https://youtu.be/ceex9CN2YZU

Panel #1: Supply Side Services | Generalized Mining and The Third-Party Economy: https://youtu.be/Cr6H2FcidjY

Panel # 2: New Role of Crypto Investors | Generalized Mining and The Third-Party Economy: https://youtu.be/zakQc07GRXA

Panel #3: Staking Economic Design | Generalized Mining and The Third-Party Economy: https://youtu.be/ydViUpTZens

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Down 94% Since Winter, What Has Happened to ICOs? - Ep.91 Nov 06, 2018

After the ICO craze of 2017, such offerings have raised extremely little so far this fall, with total sales in October down 94% since February, according to Token Data. Why? And where to next? Andy Bromberg, president of CoinList, and Marco Santori, president and chief legal officer of Blockchain, discuss the changing nature of token sales. Andy reveals how the projects approaching CoinList have changed over the last year, how investors are changing their approach to due diligence in the space, and how CoinList complies with various regulations. Marco explains the origin of the SAFT framework, what laws would apply outside of securities regulation and why rulings in civil lawsuits and no-action letter are likely the next way we'll get regulatory clarity. We also discuss why the Civil token sale failed, why airdrops could be a better than ICOs for seeding usage on networks and how to figure out which wallets to target in an airdrop. Plus: Marco and Andy disagree on one aspect or how regulation could apply to airdrops.

Thank you to our sponsors!

WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained

Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained

Episode Links

Andy Bromberg: https://twitter.com/andy_bromberg

CoinList: https://coinlist.co

Marco Santori: https://twitter.com/msantoriESQ

Blockchain: https://www.blockchain.com

Autonomous Next data on September ICOs down 90% since January: https://next.autonomous.com/thoughts/crypto-september-icos-90-down-from-january-but-venture-funding-is-ray-of-hope

Token Data on October ICOs down 94% since February: https://twitter.com/TokenData/status/1057953301440983040

SAFT project: https://saftproject.com

Previous episode with Marco and Joshua Ashley Klayman including her concerns about the SAFT framework: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated

SEC Director of Finance Bill Hinman's comments that ether is not a security (5:25): https://finance.yahoo.com/news/sec-announces-ether-not-security-162658147.html

Jay Clayton's comments that every ICO he's seen is a security: https://www.coindesk.com/sec-chief-clayton-every-ico-ive-seen-security/

Civil token sale: https://tokenfoundry.com/projects/civil

Blockchain's Airdrop program: https://www.blockchain.com/airdrop

CoinList's Airdrops program: https://airdrops.coinlist.co

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Reflections on the 10-Year Anniversary of the Bitcoin White Paper - Ep.90 Oct 30, 2018

For this episode on the eve of the Bitcoin white paper's 10-year anniversary, Nathaniel Popper and Paul Vigna, reporters who cover Bitcoin and crypto for The New York Times and The Wall Street Journal, respectively, and who have written books about it, discuss wide-ranging questions regarding the first cryptocurrency. We explore why it succeeded where previous digital currencies failed, what role the financial crisis and Satoshi's disappearance played in its success and how it compares to the development of the internet. We also look at the "blockchain, not Bitcoin" debate, the scaling debate and the merits of on-chain governance, and how scandals involving centralized services such as the Equifax hack and the Facebook/Cambridge Analytica breach will affect its development. Finally, we discuss its potential as a global reserve currency, potential abuse of crypto assets by bad state actors, and whether and how regulators can regulate decentralized technologies. Plus, Paul and Nathaniel give their thoughts on the next 10 years.

Thank you to our sponsors!

Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unchained

Onramp: http://www.thinkonramp.com

WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unchained

Episode links:

Bitcoin white paper: https://bitcoin.org/bitcoin.pdf

Nathaniel Popper: https://twitter.com/nathanielpopper

https://www.nytimes.com/by/nathaniel-popper?8qa

Digital Gold: https://www.harpercollins.com/9780062572066/digital-gold/

Paul Vigna: https://twitter.com/paulvigna

https://www.wsj.com/news/author/7296

Age of Cryptocurrency: https://us.macmillan.com/books/9781250081551

The Truth Machine: https://us.macmillan.com/books/9781250114570

Edward Bernays' Propaganda: http://www.igpub.com/propaganda/

CFTC Commissioner Brian Quintenz's speech discussing how they would prosecute illegal prediction markets: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz16

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Numerai's Richard Craib on How to Crowdsource Good Predictions - Ep.89 Oct 23, 2018

While many companies like to use buzzwords like crypto, blockchain, AI and encryption, Numerai actually combines all these technologies in a novel way. Founder Richard Craib discusses how his hedge fund started off crowdsourcing good financial models from data scientists to optimize its trading strategies in global equities. He then explains how it airdropped a token, the Numeraire, to those data scientists, giving them the option to stake some Numeraire for models they were especially confident in, and how staked models have higher returns. He also describes Numerai's new Erasure protocol, which helps build a marketplace for predictions for sellers who could profit more from selling their predictions than trading on them, and for buyers who can now use the signal of staking to filter between good and bad data. We dive into the protocol's "griefing" process, in which buyers can punish sellers, as well as the thorny issue of whether selling predictions based on proprietary information could constitute insider trading. Plus, we explore whether or not other hedge funds would really want to buy a token created by another hedge fund, and what Numerai's plans are to become more decentralized.

Thank you to our sponsor!

Onramp: http://www.thinkonramp.com

Episode links:

Numerai: https://numer.ai

Richard Craib: https://twitter.com/richardcraib

My Forbes article on the Numeraire: https://www.forbes.com/sites/laurashin/2017/02/21/this-is-the-worlds-first-cryptocurrency-issued-by-a-hedge-fund/#3cda45f360b6

Erasure: https://erasure.xxx

Announcement about Erasure: https://medium.com/numerai/numerai-reveals-erasure-unstoppable-peer-to-peer-data-feeds-4fbb8d92820a

Unchained episode with Olaf Carlson-Wee of Polychain Capital: http://unchainedpodcast.co/why-the-first-employee-of-coinbase-launched-a-hedge-fund

Unchained episode with Joey Krug of Augur: http://unchainedpodcast.co/joey-krug-on-how-augur-is-like-any-other-tool-ep79

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Listener Mail: Laura Answers Your Questions on the Markets, Velocity, Privacy and More! - Ep.88 Oct 16, 2018

This week, because I was busy with my TEDx talk and my book, I decided to do an episode in which I answer your questions. Thank you to everyone who submitted one, and I'm so sorry I didn't get to all your questions. In this episode, I talk about what's necessary to gain wider adoption, how I think the next bull run will manifest and how Bitcoin would behave in a serious financial crisis. Plus, I reveal which areas of the industry I think will blossom, and which areas I'm less optimistic about. I also answer what people who are just getting into the technology can do in the space, why the oracle problem is so challenging and how it can be resolved, and what the velocity problem is, and whether it applies especially to Ethereum. I also delve into privacy coins, whether or not the lower overall crypto market volatility we're seeing now will continue, and where this trend with stablecoins is going. There are a LOT of episode links -- be sure to check them out!

Thank you to our sponsors!

Altlending: https://altlending.com

Blockdaemon: http://blockdaemon.com/unchained/

Episode links:

Senate hearing on cryptocurrencies: https://www.c-span.org/video/?452837-1/senate-banking-panel-explores-cryptocurrencies-blockchains

Tweets with me, Nouriel and Vitalik: https://twitter.com/laurashin/status/1050782831859752960

My conversation with Soona Amhaz of Token Daily about Nouriel Roubini on Unconfirmed: http://unconfirmed.libsyn.com/how-were-misusing-the-word-decentralization-ep041

Milken Institute panel featuring Nouriel Roubini: http://www.milkeninstitute.org/videos/view/cryptocurrencies-irrational-exuberance-or-brave-new-world

Skeptics' Episodes:

Preston Byrne & Angela Walch: http://unchainedpodcast.co/the-skeptics-episode-preston-byrne-and-angela-walch-on-what-the-industry-and-regulators-get-wrong-in-crypto

Meltem Demirors & Jill Carlson: http://unchainedpodcast.co/episode-74

Singularity University episode discussing usbaility: http://unchainedpodcast.co/singularity-university-global-summit-how-do-we-get-consumer-adoption-ep83

My Forbes article on phone hijacking: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#2ada233b38ba

USV blog post on apps and infrastructure: https://www.usv.com/blog/the-myth-of-the-infrastructure-phase

CryptoKitties episode: http://unchainedpodcast.co/what-makes-a-cryptokitty-worth-140000-ep75

Token Foundry standards: https://blog.tokenfoundry.com/token-foundry-standards/

Civil: https://civil.co

Forbes magazine feature on blockchain not Bitcoin, featuring Chain: https://www.forbes.com/sites/laurashin/2015/09/09/bitcoins-shared-ledger-technology-moneys-new-operating-system/#66bb2f4c7dd1

Recent episode with Barry Silbert: http://unchainedpodcast.co/barry-silbert-on-what-wall-street-says-privately-about-crypto-vs-what-it-says-publicly-ep87

Decentralized Finance series:

0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future

Dharma: http://unchainedpodcast.co/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep80

Compound: http://unchainedpodcast.co/how-youll-earn-interest-on-your-crypto-with-compound-ep82

dYdX: http://unchainedpodcast.co/how-dydx-allows-you-to-take-a-short-position-in-one-token-ep86

Institutional money:

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Barry Silbert on What Wall Street Says Privately About Crypto Vs. What It Says Publicly - Ep.87 Oct 09, 2018

Barry Silbert, founder and CEO of Digital Currency Group, which has invested in 130 crypto ventures worldwide, describes his company, its strategy for investing in the crypto space, and how his perspective on the development of the space has changed since he first launched in 2014. He also explains why he's not a big believer in decentralization, like many others in the space, why he's not bullish on ICOs, and why he also is a bigger proponent of Ethereum Classic than Ethereum. We also touch on regulation and how he thinks that will affect the development of crypto, why Grayscale launched an investment vehicle for a little-known cryptocurrency, and why he's excited about Decentraland. Plus, he reveals what Wall Street says publicly about crypto vs. what it says privately and reflects on his role in the New York Agreement -- a failed attempt to bridge a divide in the Bitcoin community.

Thank you to our sponsors!

Altlending: https://altlending.com

Blockdaemon: http://blockdaemon.com/unchained/

If you're interested in sponsoring Unchained or Unconfirmed, email Raelene at laurashinpodcast@gmail.com.

Episode Links:

DCG: https://dcg.co

Barry Silbert: https://twitter.com/barrysilbert

Grayscale: https://grayscale.co

Genesis: https://genesistrading.com

CoinDesk: https://www.coindesk.com

New York state Bitlicense: https://www.dfs.ny.gov/legal/regulations/bitlicense_reg_framework.htm

Decentraland: https://decentraland.org

GBTC: https://grayscale.co/bitcoin-investment-trust/

Radar Relay: https://www.radarrelay.com

The Unchained interview with 0x, the decentralized exchange with which Radar Relay works: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future

Blog post announcing the New York Agreement: https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77

Unchained podcast on the failure of the compromise: http://unchainedpodcast.co/what-bitcoins-history-says-about-its-future

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How dYdX Allows You to Take a Short Position in One Token - Ep.86 Oct 02, 2018

Antonio Juliano, founder of dYdX, explains how this protocol for derivatives will enable you to take a short position in a single token, why they are starting with protocols shorting and margin lending and how these protocols work vs. how shorting and margin lending work today. The former employee of Coinbase also discusses how the protocol determines the prices of the assets involved, how low liquidity affects the trading of the derivatives and who dYdX's users will be. He also talks about how the company, which has raised money from Andreessen Horowitz, Polychain Capital and others, plans to make money despite not currently having a token. Plus, we discuss dYdX's plans to create protocols for derivatives that are not fully collateralized and the risks that come with that.

Thank you to our sponsor!

Blockdaemon: http://blockdaemon.com/unchained/

Interested in sponsoring Unchained or Unconfirmed? Reach out to Raelene at laurashinpodcast@gmail.com.

Episode links:

dYdX: https://dydx.exchange

Antonio Juliano: https://twitter.com/antoniomjuliano

dYdX white paper: https://whitepaper.dydx.exchange

Expo: https://www.expotrading.com

https://medium.com/dydxderivatives/introducing-expo-ffe74a328f85

Investments in dYdX: https://techcrunch.com/2018/08/03/short-ethereum/

Unchained episode about decentralized exchange protocol 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future

Unchained episode about decentralized debt protocol Dharma: http://unchainedpodcast.co/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep80

Unchained episode about decentralized money market protocol Compound: http://unchainedpodcast.co/how-youll-earn-interest-on-your-crypto-with-compound-ep82

Unchained interview with Josh Stein of Harbor: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77

Unchained interview with CryptoKitties: http://unchainedpodcast.co/what-makes-a-cryptokitty-worth-140000-ep75

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The Oslo Freedom Forum in New York: Why Decentralization Matters - Ep.85 Sep 28, 2018

In this fascinating and compelling panel on Why Decentralization Matters at the Oslo Freedom Forum in New York, I spoke with Alejandro Machado, a researcher at Zcash; Amber Baldet, founder and CEO of Clovyr, a decentralized software and developer tools company; Andy Bromberg, cofounder and president of CoinList, a compliant token offering platform; and Megha Rajagopalan, correspondent for Buzzfeed and former China bureau chief.

In this discussion, we cover what is happening in authoritarian regimes like China and Venezuela that highlight the importance of decentralized technologies, how people in those countries are using crypto assets, and how technologists think about decentralization and censorship-resistance. We also talk about the usability issues of decentralized technologies and how people in authoritarian regimes can even get access to them. Plus, we also look at how bad state actors are also using the same technology to oppress people or evade sanctions.

Thank you to our sponsors!

StartEngine: https://www.startengine.com

Episode links:

PC Mag story on how cryptocurrency is both "an oppressor and a lifeline" in Venezuela: https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline

Naval on Unchained talking about how money is now speech: http://unchainedpodcast.co/naval-ravikant-on-how-crypto-is-squeezing-vcs-hindering-regulators-and-bringing-users-choice

Google's Dragonfly project: https://theintercept.com/2018/09/14/google-china-prototype-links-searches-to-phone-numbers/

For more on how decentralization and blockchain technology can help Alex Gladstein of the Human Rights Foundation on Unconfirmed: http://unconfirmed.libsyn.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep021

A previous interview with Amber Baldet on Unconfirmed: http://unconfirmed.libsyn.com/sxsw-episode-amber-baldet-blockchain-program-lead-at-jpmorgan-on-the-potential-clash-between-blockchains-and-the-right-to-be-forgotten

A previous interview with Andy Bromberg on Unconfirmed: http://unconfirmed.libsyn.com/coinlists-andy-bromberg-on-the-one-big-regulatory-issue-facing-crypto-ep030

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How Binance Became the Most Popular Crypto Exchange in 5 Months - Ep.84 Sep 25, 2018

In this fast-paced and exhilarating conversation, Changpeng Zhao, aka "CZ," tells the pivotal business decisions that led users to flock to the brand-new Binance in the summer and fall of 2017, catapulting it from obscurity to become the world's most popular crypto exchange within five months. He also describes his regulatory stance, why he focuses on small jurisdictions and why he lets token teams hire their own lawyers to determine whether their coins are securities or not. He explains the company's insider trading and market manipulation policies and how BNB coin works. Plus, he disputes the notion that stocks have better information due to disclosure rules, lays out Binance's current mission and delineates the differences in the crypto communities in North America, Europe and Asia.

Thank you to our sponsors!

Altlending: https://altlending.com

Blockdaemon: https://blockdaemon.com/unchained/

If you're interested in sponsoring Unchained or Unconfirmed, reach out to Raelene at laurashinpodcast@gmail.com.

Episode links:

Binance: https://www.binance.com

CZ: https://twitter.com/cz_binance

Binance white paper: https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf

Unchained interview with Bobby Lee: http://unchainedpodcast.co/bobby-lee-ceo-of-btcc-on-why-the-chinese-probably-arent-using-bitcoin-to-evade-capital-controls

Unchained interview with Da Hongfei on China bad on ICOs: http://unchainedpodcast.co/from-blockchains-to-mooncakes-two-chinese-crypto-founders-on-the-ico-and-bitcoin-exchanges-ban

Epicenter BTC's interview with CZ: https://www.youtube.com/watch?v=dEaxQneanIY

Binance's "creative" approach to regulation: https://www.bloomberg.com/news/articles/2018-03-28/crypto-s-billionaire-trading-king-has-suddenly-run-into-problems

Unchained interview on crypto regulation in the US: http://unchainedpodcast.co/the-chamber-of-digital-commerces-perianne-boring-and-amy-kim-on-why-us-crypto-regulation-is-complicated-and-confusing

Unchained interview with Coin Center: http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law

Binance's purchase of TrustWallet: http://fortune.com/2018/07/31/binance-trust-wallet-acquistion/

Binance's $1 billion investment fund: https://techcrunch.com/2018/06/01/binance-1-billion-investment-fund/

Forbes cover story on CZ: https://www.forbes.com/sites/pamelaambler/2018/02/07/changpeng-zhao-binance-exchange-crypto-cryptocurrency/

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Singularity University Global Summit: How Do We Get Consumer Adoption? - Ep.83 Sep 21, 2018

This is a recording of the full "blockchain block" of the Singularity University Global Summit in late August. It features a talk by me on the power of decentralization, Abra CEO Bill Barhydt on the evolution of Bitcoin, and Atlas Holdings Group CEO Mickey Costa on distributed autonomous organizations. Following are two panels. The first is on where we are in the development of crypto and how we get consumer adoption with Bill and Galia Benartzi of Bancor. The second is on blockchain for good, with Cara LaPointe of the Beeck Center for Social Impact and Innovation at Georgetown University and Anne Connelly of Singularity University. It was a great day for a lot of stimulating discussion on where we are in crypto's development and how we can steer it in the direction we want.

Thank you to our sponsor!

StartEngine: https://www.startengine.com/unchained

Episode links:

Singularity Global Summit: https://su.org/summits/su-global-summit/

Singularity University Global Summit 2018 program: https://su.org/wp-content/uploads/2018/08/SUGS_PROGRAM_2018_AUGUST-21_V4-1.pdf

Bill Barhydt: https://twitter.com/billbarhydt

Abra: https://www.abra.com

Mickey Costa: https://twitter.com/mickeycosta

Atlas: https://atlas.money

Galia Benartzi: https://www.bancor.network

Bancor: https://www.bancor.network

Cara LaPointe: http://beeckcenter.georgetown.edu/cara-lapointe/

Anne Connelly: https://su.org/about/faculty/anne-connelly/

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How You'll Earn Interest on Your Crypto With Compound - Ep.82 Sep 18, 2018

Robert Leshner, founder of Compound, describes how its protocol will enable people to earn interest on crypto assets, and why he thinks this will be crucial to crypto becoming mainstream. He also describes how the company is currently building an interest rate model -- a task so difficult that an early version "blew up" the Ethereum virtual machine -- and why using one of its smart contract-based money markets is both riskier and less risky than using an exchange. We talk about who will use Compound and how, which coins they're going to launch with, and how Compound plans to make money.

Thank you to our sponsors!

AltLending: https://altlending.com

StartEngine: https://www.startengine.com/unchained

Episode links:

Compound: https://compound.finance

Robert Leshner: https://twitter.com/rleshner

Intro to Compound: https://medium.com/compound-finance/introducing-compound-the-money-market-protocol-4b9546bac87

TechCrunch article on Compound: https://techcrunch.com/2018/05/16/cryptocurrency-compound-interest/

Unchained interview with Nadav Hollander of Dharma: http://unchainedpodcast.co/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep80

Unchained interview with Joey Krug of Augur: http://unchainedpodcast.co/joey-krug-on-how-augur-is-like-any-other-tool-ep79

Unchained interview with Danny An of TrustToken, which is creating TrueUSD: http://unchainedpodcast.co/harbor-and-trusttoken-on-why-they-dont-mind-being-unsexy-ep77

Unchained interview with Will Warren of 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future

Unchained interview with Vitalik Buterin: http://unchainedpodcast.co/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy

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Tuur Demeester on Why He's a Bitcoin Maximalist and Bearish on Ethereum - Ep.81 Sep 11, 2018

Founder and CEO of Adamant Capital Tuur Demeester explains what factors he considers when valuing crypto assets, why this has led him to become a Bitcoin maximalist, and why he doesn't think Ethereum can scale. We also discuss why he doesn't have much faith in any of the smart contract platforms that are vying in this space. He also describes why he believes proof of work is superior to proof of stake, and why he's excited about the Lightning Network and the apps being built on top.

Thank you to our sponsors!

StartEngine: https://www.startengine.com/unchained

The Sun Exchange: https://thesunexchange.com

Episode Links:

Tuur Demeester: https://twitter.com/TuurDemeester

Tuur's critique of proof of stake: https://medium.com/@tuurdemeester/critique-of-buterins-a-proof-of-stake-design-philosophy-49fc9ebb36c6

Why Tuur is bearish on Ethereum: https://medium.com/@tuurdemeester/im-not-worried-about-bitcoin-unlimited-but-i-am-losing-sleep-over-ethereum-b5251c54e66d

https://medium.com/@tuurdemeester/why-im-short-ethereum-and-long-bitcoin-aee5b1c198fd

Unchained interview with David Vorick of Siacoin, Nebulous and Obelisk: http://unchainedpodcast.co/why-asics-may-be-better-than-gpus-even-if-they-tend-toward-mining-centralization-ep67

For a recap of the battle between big and small block factions in Bitcoin: http://unchainedpodcast.co/what-bitcoins-history-says-about-its-future

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Nadav Hollander on How Dharma Could Create New Forms of Debt - Ep.80 Sep 04, 2018

Nadav, founder of Dharma protocol, explains how it enables the borrowing and lending of crypto assets, what would happen in the case of default, and why it would make sense to do it in a decentralized fashion rather than using one of the many fintech companies in the lending space. He talks about what effect he thinks decentralized credit markets could have on the market capitalization of all debt, why it will likely enable forms of debt currently unimaginable, and who could benefit most from this protocol. He also dives into why Dharma doesn't currently have a token, how or whether it could work on a non-Ethereum blockchain and ways the for-profit company could someday make money.

Thank you to our sponsors!

StartEngine: https://www.startengine.com/unchained

The Sun Exchange: https://thesunexchange.com

Episode links:

Nadav Hollander: https://twitter.com/NadavAHollander

Dharma protocol: https://dharma.io

The Dharma white paper: https://github.com/dharmaprotocol/WhitePaper/blob/master/DharmaWhitepaper.pdf

To understand the similarities with Dharma, check out the 0x interview with Will Warren: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future

New types of debt possible with Dharma: https://twitter.com/NadavAHollander/status/1032754247341756416

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Joey Krug on How Augur Is Like Any Other Tool - Ep.79 Aug 28, 2018

Joey Krug, cofounder of Augur and co-chief investment officer at Pantera Capital, talks about what Augur is and is not, why it’s difficult to create new financial markets today and whether or not Augur markets could curb fake news. He explains why the teams burned its escape hatch key and whether he’s worried that Augur’s crowdsale would be considered an unregistered securities offering, plus answers whether he would benefit financially if assassination markets pop up on Augur. We also discuss what he sees happening in the market in his role as co-chief investment officer at Pantera Capital, what problems he think need to be resolved before Augur and dapps can take off, and which projects he believes have the greatest potential to democratize finance.

Thank you to our sponsors!

Start Engine: https://www.startengine.com/unchained

The Sun Exchange: https://thesunexchange.com/

Episode Links:

Joey Krug: https://twitter.com/joeykrug?lang=en

Augur: https://www.augur.net/

Pantera: https://www.panteracapital.com/

Joey on Unconfirmed: https://unconfirmed.libsyn.com/joey-krug-on-how-to-create-a-regular-cryptocurrency-ep022

Augur FAQ: https://www.augur.net/faq/

Predictions Global: https://predictions.global/

Assassination markets on Augur: https://www.coindesk.com/the-first-augur-assassination-markets-have-arrived/

SEC action against Sand Hill Exchange: https://www.sec.gov/news/pressrelease/2015-123.html

Listen to the Unchained interview with 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future

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Dfinity's Dominic Williams on How Its Blockchain Nervous System Is Not an AI - Ep.78 Aug 21, 2018

Dfinity's Dominic Williams talks about how Dfinity is an internet computer that can host our software and data, instead of it being held by centralized services. He describes the consensus algorithm, threshold relay, and why he believes Dfinity will be much more secure than Bitcoin. We also dive into Dfinity's governance mechanism, the "blockchain nervous system." Williams, who has written about the "AI-managed environment provided by the blockchain nervous system" and talked about how Dfinity upgrades the "code is law paradigm" to "the AI is law paradigm," explains on the show that the blockchain nervous system is not an AI and is manually controlled by users.

Thank you to our sponsors!

StartEngine: https://www.startengine.com/unchained

The Sun Exchange: https://thesunexchange.com

Episode links:

Dfinity: https://www.dfinity.org

Dominic: https://twitter.com/dominic_w?lang=en

Dfinity as decentralized cloud: https://medium.com/dfinity/the-decentralized-cloud-vision-of-the-dfinity-blockchain-f68449c49be2

Dfinity consensus algorithm: https://medium.com/dfinity/dfinity-white-paper-our-consensus-algorithm-a11adc0a054c

Threshold relay: https://dfinity.org/pdf-viewer/pdfs/viewer?file=../library/threshold-relay-blockchain-stanford.pdf

Posts where Dominic has described Dfinity's governance system as an AI:

https://medium.com/dfinity/dfinity-in-a-nutshell-a-non-technical-introduction-ec45ec5967c1

https://medium.com/dfinity/the-dfinity-blockchain-nervous-system-a5dd1783288e

Phi: https://dfinity.org/pdf-viewer/pdfs/viewer?file=../library/phi-dfinity-extended-v2.pdf

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Harbor and TrustToken on Why They Don't Mind Being Unsexy - Ep.77 Aug 14, 2018

Josh Stein, CEO of Harbor, and Danny An, cofounder and CEO of TrustToken, talk about security tokens and tokens backed by real-world assets, often called an unsexy area of crypto. They explain the strategies their teams are using to tackle the tokenization of what currently constitute $250 trillion in assets, what kinds of new behaviors and business opportunities "faster, cheaper, more liquid" assets could open up, and how they'll comply with regulations across all jurisdictions for markets that are global and trade 24/7/365.

Thank you to our sponsors!

StartEngine: https://www.startengine.com/unchained

The Sun Exchange: https://thesunexchange.com

Episode links:

Harbor: https://harbor.com

Trust Token: https://www.trusttoken.com

True USD: https://www.trusttoken.com/trueusd/

An overview of security tokens: https://medium.com/@apompliano/the-official-guide-to-tokenized-securities-44e8342bb24f

More on Harbor and security tokens: http://fortune.com/2018/05/18/security-token-harbor-ce

More on True USD: https://venturebeat.com/2018/07/18/trusttoken-readies-sale-of-more-trueusd-asset-based-tokens/

The PICO: https://medium.com/harborhq/introducing-the-private-ico-pico-3e8b782924c1

Episode with Meltem Demirors and Jill Carlson: http://unchainedpodcast.co/episode-74

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Live From Distributed: Amber Baldet, Matthew Roszak and Lily Liu on 'Innovate or Reinvent?' - Ep.76 Aug 08, 2018

In July in San Francisco, I moderated a panel at "Distributed 2018: Unlocking the Global Power of Decentralized Business." The title of our discussion was "Innovate or Reinvent?" and the panelists were Amber Baldet, cofounder and CEO of Clovyr, Matt Roszak, cofounder and chairman of Bloq, and Lily Liu, cofounder of Earn.com. We had a wide-ranging discussion, which included topics such as how the "Crypto 50" combined have more budget for blockchain development services than Fortune 50 companies, how developing in the blockchain space and revolutionize an existing market requires that the new offering be many times better than existing options, and why enterprise needs to wait to get permission rather than ask for forgiveness, which doesn't hinder new projects. We also discussed how government is also a competitor in the space, that building entities don't include only decentralized projects and corporations, and how regulation could affect the development of the space.

Thank you to our sponsors!

DACC: https://www.digitalassetcustody.com

Quantstamp: https://www.quantstamp.com

The Sun Exchange: https://www.thesunexchange.com

Episode links:

Distributed conference: https://2018.distributed.com

Amber Baldet: https://twitter.com/AmberBaldet

Clovyr: https://clovyr.io

Matt Roszak: https://twitter.com/MatthewRoszak

Bloq: https://www.bloq.com

Lily Liu: https://twitter.com/calilyliu

Earn.com: https://earn.com

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What Makes a CryptoKitty Worth $140,000? - Ep.75 Aug 07, 2018

Roham Gharegozlou, CEO of Dapper Labs, the company behind CryptoKitties, and Benny Giang, Dapper Labs’ head of Asia, describe how employees at venture studio AxiomZen came up with the idea for CryptoKitties, what problems it exposed in crypto (beyond scaling!), and how CryptoKitties can teach people the value of decentralization. They also defend the $140,000 price tag on one kitty, explain how they plan to grow from the current 300 users per day that the blockchain is logging, and surmise that if it weren't for user experience issues, CryptoKitties could have been 100 times bigger. Plus, they talk about the Kittyverse.

Thank you to our sponsors!

DACC: https://www.digitalassetcustody.com

Quantstamp: https://quantstamp.com

The Sun Exchange: https://thesunexchange.com

Episode links:

CryptoKitties: https://www.cryptokitties.co

AxiomZen/Dapper Labs: https://www.axiomzen.co

Roham Gharegozlou: https://www.linkedin.com/in/roham

Benny Giang: https://www.linkedin.com/in/bennygiang/

The $140,000 CryptoKitty: https://www.nytimes.com/2018/05/18/style/cryptokitty-auction.html

Fundraising news: https://techcrunch.com/2018/03/20/cryptokitties-raises-12m-from-andreessen-horowitz-and-union-square-ventures/

CryptoKitties on HTC's new phone: http://fortune.com/2018/07/11/cryptokitties-app-htc/

Listen to previous episodes of Unchained with these CryptoKitties investors:

Chris Dixon: http://unchainedpodcast.co/chris-dixon-on-how-trust-is-the-best-lego-block-ep70

Naval Ravikant: http://unchainedpodcast.co/naval-ravikant-on-how-crypto-is-squeezing-vcs-hindering-regulators-and-bringing-users-choice

Bill Tai: http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology

William Mougayar: http://unchainedpodcast.co/icos-why-people-are-investing-in-this-380-million-phenomenon

"Developers all the way down" -- Unchained episode with Meltem Demirors and Jill Carlson: http://unchainedpodcast.co/episode-74

Listen to my previous interview with Arianna Simpson on Unconfirmed about CryptoKitties: http://unconfirmed.libsyn.com/arianna-simpson-of-autonomous-partners-on-privacy-cryptokitties-and-crypto-regulation

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Meltem Demirors and Jill Carlson on the Sh*tcoin Waterfall - Ep.74 Jul 31, 2018

In this hilarious skeptics' episode, Meltem Demirors, chief strategy officer of CoinShares, and Jill Carlson, an independent consultant, explain why they think crypto needs fewer moral arguments and more empirical evidence, and how there's too much focus on financial engineering, but not enough focus on winning hearts and minds. They also explain why people are not machines where "you put in a token and get out an action," what the "sh*tcoin waterfall" is, and why cryptoeconomics isn't anything new. Plus, they give their tips for working in the space.

Thank you to our sponsors!

DACC: https://www.digitalassetcustody.com

Preciate: https://preciate.org/recognize/

Quantstamp: https://quantstamp.com

Episode links:

Meltem on Twitter: https://twitter.com/melt_dem

On Medium: https://medium.com/@Melt_Dem

Jill on Twitter: https://twitter.com/_jillruth

AirTM: https://www.airtm.io

Fat protocols thesis: http://www.usv.com/blog/fat-protocols

Amber Baldet's tweet about the finger guns guy: https://twitter.com/amberbaldet/status/1006286345122275331

Meltem's tips on working in crypto: https://medium.com/@Melt_Dem/so-you-want-to-work-in-crypto-57961ca074c4

Jill's tips on working for yourself: https://medium.com/@jillcarlson/working-alone-165ababeafc2

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Kathleen Breitman and Ryan Jesperson of Tezos on Why They Wouldn't Do Its Token Sale Differently - Ep.73 Jul 24, 2018

Kathleen Breitman, CEO of Dynamic Ledger Solutions, the company behind the Tezos protocol, and Ryan Jesperson, president of the foundation, discuss the Tezos initial coin offering, which was the largest ICO at the time of sale. Kathleen explains why she wouldn't do anything differently, except for the choice of foundation head, Johann Gevers, with whom Kathleen and her co-creator and husband, Arthur Breitman, ended up in multiple disputes. She muses as to why many people initially praised Gevers and then later revealed that he was not liked or that he'd defrauded them when they'd worked for him. Ryan and Kathleen also explain how they will attempt to help Tezos compete in the competitive smart contract platform space, despite the fact that Tezos is built in less well-known computer languages, and they explain why they've chosen delegated proof of stake as their consensus protocol, despite the criticism that it could create a plutocracy.

Tezos: https://tezos.com

Kathleen Breitman: https://twitter.com/breitwoman

Ryan Jesperson: https://www.linkedin.com/in/ryan-jesperson-23b0053a/

Thank you to our sponsors!

Preciate: https://preciate.org

Quantstamp: https://quantstamp.com

The Sun Exchange: https://www.thesunexchange.com

Podcast links:

Wired story on Tezos: https://www.wired.com/story/tezos-blockchain-love-story-horror-story/

Unconfirmed episode with Gideon Lewis-Kraus, author of the Wired cover story: http://unconfirmed.libsyn.com/behind-the-tezos-scandal-conflicts-of-interest-self-dealing-and-bullying-ep024

Unconfirmed with Caitlin Long on Wyoming blockchain laws: http://unconfirmed.libsyn.com/behind-the-tezos-scandal-conflicts-of-interest-self-dealing-and-bullying-ep024

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How Widespread Is Money Laundering in Crypto? - Ep.72 Jul 17, 2018

Yaya Fanusie, director of analysis at the Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies, and Tom Robinson, chief data officer and cofounder of blockchain analytics firm Elliptic, discuss how common money laundering is in crypto, how jihadist groups are using it, and how privacy coins (really Monero) affect their work. (The reason why the dark markets haven't much used Zcash surprised me.) We also discuss bad state actors using cryptocurrency, such as Venezuela's efforts with the metro and North Korea's alleged Bitcoin ransomware attacks, and how, leaving aside bad state actors, central bank cryptocurrencies would compete with decentralized ones. Plus, we discuss what impact OFAC blocked addresses list will have.

Thank you to our sponsors!

Preciate: https://preciate.org

Quantstamp: https://quantstamp.com

Yaya Fanusie: https://twitter.com/SignCurve

Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies: http://www.defenddemocracy.org/csif

Tom Robinson: https://twitter.com/tomrobin

Elliptic: http://www.elliptic.co

Yaya and Tom's report on Bitcoin laundering: http://www.defenddemocracy.org/content/uploads/documents/MEMO_Bitcoin_Laundering.pdf

New AML regulations on cryptocurrencies in Europe: https://www.elliptic.co/our-thinking/5th-aml-directive-eu-regulation-cryptocurrency

Money laundering in ICOs: https://www.elliptic.co/our-thinking/ico-risk-why-aml-compliance-matters

Yaya's op-ed on the Venezuelan metro in CoinDesk: https://www.coindesk.com/crypto-investors-stay-away-venezuelas-petro/

Russia's blockchain plans: http://thehill.com/blogs/pundits-blog/technology/346476-blockchain-technology-may-give-russia-its-next-sputnik-moment

What jihadists are doing with crypto assets: https://www.thecipherbrief.com/article/exclusive/international/terrorist-networks-eye-bitcoin-cryptocurrencys-price-rises

https://www.thecipherbrief.com/column/private-sector/the-new-frontier-in-terror-fundraising-bitcoin

Yaya's essay on self-policing in CoinDesk: https://www.coindesk.com/crypto-community-must-use-blockchain-self-police/

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Circle's Jeremy Allaire and Sean Neville on Why Crypto Will Be Bigger Than the Web - Ep.71 Jul 10, 2018

Jeremy Allaire, cofounder and CEO of Circle, and Sean Neville, cofounder and president, discuss why they think the internet of value will be even bigger than the internet of information and how all assets will be tokenized. They also talk about why they're launching a stable coin, how their services in payments, exchange and investing will compete against decentralized versions of the same, and how they chose the assets for Circle Invest -- and why XRP didn't make the cut. They also address the investor presentation circulated that claimed the SEC would not pursue enforcement against Poloniex for prior activity and explain why Circle took investment from Bitmain despite negative sentiment against the mining equipment manufacturer. And they explain how Circle could compete once Wall Street incumbents begin to offer competitive services in crypto.

Thank you to our sponsors!

Clarity PR: http://clarity.pr

Preciate: https://preciate.org/recognize/

Links:

Circle.com: https://www.circle.com/en/

Circle's plans around a federal banking license and brokerage and trading registration: https://www.bloomberg.com/news/articles/2018-06-06/circle-in-talks-with-u-s-to-become-licensed-bank-trading-venue

Acquisition of Poloniex: https://blog.circle.com/2018/02/26/circle-acquires-poloniex/

XRP in a screenshot of Circle Invest, but offered after launch: https://www.coindesk.com/circle-adds-monero-crypto-investment-app/

The Circle Asset Framework: https://www.circle.com/marketing/pdfs/en/circle-asset-framework.pdf

Nathaniel Popper's tweet showing the Circle investor deck indicating the SEC won't pursue action against Poloniex: https://twitter.com/nathanielpopper/status/968202570719117313?lang=en

Circle's stable coins + Bitmain investment: https://blog.circle.com/2018/05/15/circle-announces-usd-coin-bitmain-partnership-and-new-strategic-financing/

Unchained episode on stable coins: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable

Unchained episode with David Vorick, which includes some comments on Bitmain: http://unchainedpodcast.co/why-asics-may-be-better-than-gpus-even-if-they-tend-toward-mining-centralization-ep67

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Chris Dixon on How Trust Is the Best Lego Block - Ep.70 Jul 03, 2018

Chris Dixon, partner at Andreessen Horowitz, talks about the new $300 million crypto fund he is leading with Kathryn Haun, the new general partner of Andreessen, and how a16z came to hire its first female GP. The long-time crypto entrepreneur also discusses his theory of how crypto will grow -- and why Cryptokitties was one example of how that might happen -- his nights-and-weekend theory of technological change, and his view that writing software and smart contracts is similar to writing a novel. Additionally, he explains how someday, it will seem funny we didn't have concepts of ownership and money in the digital world, why Andreessen is investing almost exclusively in crypto-first projects and why he believes that the ability to create trust software will be the best Lego block for building things like money, finance, digital goods and more.

Thank you to our sponsors!

Blockchain Warehouse: https://www.blockchainwarehouse.com

Clarity PR: http://clarity.pr

Preciate: https://preciate.org

LINKS:

The a16z $300 million crypto fund: https://a16zcrypto.com

Katie Haun's appointment as GP: https://a16z.com/2018/06/25/katie-haun/

My previous interviews with Katie Haun -- Unchained: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them

Unconfirmed: http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean

Chris on decentralization: https://medium.com/@cdixon/why-decentralization-matters-5e3f79f7638e

On how tokens can reverse the centralization of the internet: https://medium.com/@cdixon/crypto-tokens-a-breakthrough-in-open-network-design-e600975be2ef

Chris mentioned Placeholder Ventures -- if you haven't heard my interview with the firm's Joel Monegro, check it out: http://unchainedpodcast.co/placeholders-joel-monegro-on-the-fat-protocols-thesis-today-ep65

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Jimmy Song on Why Bitcoin Will Be the Winning Cryptocurrency - Ep.69 Jun 26, 2018

In an episode of strong positions, Blockchain Capital partner and Bitcoin educator Jimmy Song explains why private blockchains will never work, why smart contracts will never work, and why Bitcoin will be the one and only valuable cryptocurrency. He also gives his definition sound money, describes why Bitcoin is sound money, and talks about how he finds new companies to invest in if he believes Bitcoin is already the winner. Plus, he recounts the story of his buzz-generating debate with ConsenSys's Joe Lubin at the Consensus conference, which ended with a challenge to come up with a bet in Bitcoin, and what terms Jimmy would like to make the bet on. Lubin, it's your move.

Jimmy Song on Twitter: https://twitter.com/jimmysong

Medium: https://medium.com/@jimmysong

Blockchain Capital: http://blockchain.capital/

Programming Blockchain: http://programmingblockchain.com

Off Chain with Jimmy Song on Youtube: https://www.youtube.com/channel/UCEFJVYNiPp8xeIUyfaPCPQw

Medium post on smart contracts: https://medium.com/@jimmysong/the-truth-about-smart-contracts-ae825271811f

Jimmy's rebuttal to the responses to his post: https://medium.com/@jimmysong/crypto-keynesian-lunacy-16bb9193a58

Video of Amber Baldet, Joe Lubin and Jimmy's panel at Consensus -- video 31 under Day 1: https://www.coindesk.com/events/consensus-2018/videos/

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Live From the World Economic Forum Industry Strategy Meeting: Breaking the Blockchain Hype - Ep.68 Jun 20, 2018

This is a live recording from a panel I moderated at the World Economic Forum Industry Strategy Meeting. The speakers included Shwetha Shetty Senior Director, Corporate Strategy Group, of SAP, Adam Ludwin, CEO of Chain, Brian Behlendorf, executive director of HyperLedger the Linux Foundation and Sheila Warren, project head of blockchain and distributed ledger technology at the World Economic Forum.We dive into the pros and cons of using blockchains for elections. which types of problems are best-suited to be solved by blockchain, why B2B applications of blockchain might come before B2C products and what kinds of identity-related data might be safe to put on a blockchain. Plus, Adam reveals some entertaining anecdotes about Silicon Valley safaris and how old World’s Fair tickets could have an analog to blockchain systems today.

Episodes I referenced during the discussion in case listeners want to dive more into the elections topic:

Tomicah Tillemann episode on the blockchain voting pilot in West Virginia: http://unconfirmed.libsyn.com/battling-corruption-with-blockchain-technology-tomicah-tillemann-of-the-blockchain-trust-accelerator-ep018

Alex Gladstein episode with more on blockchain-based voting: http://unconfirmed.libsyn.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep021

Tweets about blockchain-based voting:

Matt Blaze’s objecton to blockchain-based voting: https://twitter.com/mattblaze/status/1002921011854143488

Vitalik’s response: https://twitter.com/VitalikButerin/status/1004203105611726849

Tomicah Tillemann’s response: https://twitter.com/TomicahTD/status/1004325810252197888

To address the question at the end about blockchain-based passports:

2 Katie Haun episodes on using blockchain-based systems to solve the problems of "breeder documents" and fraud, waste and abuse:

Fraud, waste and abuse: http://unchainedpodcast.co/live-from-inforum-at-the-commonwealth-club-blockchain-and-cryptocurrency-the-basics-with-kathryn-haun

Breeder documents: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them

Episode with Vinny Lighal, founder of Civic, which is working on a blockchain-based identity solution: http://unchainedpodcast.co/bitcoin-oracle-vinny-lingham-on-why-bitcoin-is-overpriced

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Why ASICs May Be Better Than GPUs Even if They Tend Toward Mining Centralization - Ep.67 Jun 19, 2018

David Vorick, CEO of Nebulous, which operates Siacoin and a new subsidiary, Obelisk, describes what he's discovered in his exploration of the mining industry, including why he's decided that specialized chips like ASICs are preferable to generalized chips like GPUs, even if they tend to bring out mining centralization. He also describes Obelisk's new service, Launchpad,which secures exclusive deals to create a custom proof-of-work algorithm for a coin and also the mining equipment for it, in exchange for being the only miner on the market at launch or for a period. He explains why he thinks proof of work is the only really viable type of consensus algorithm and doesn't even see any other potentially workable ones on the horizon. Plus, he has some sharp criticisms of Bitmain and claims that several groups were secretly mining Monero, though he can't reveal how he knows.

David Vorick: https://twitter.com/DavidVorick

https://medium.com/@davidvorick

Siacoin: http://sia.tech

Blog.sia.tech

Obelisk: https://obelisk.tech

Blog.obelisk.tech

David on why Siacoin chose ASICs: https://medium.com/obelisk-blog/choosing-asics-for-sia-4b11695df051

David's long post about the state of cryptocurrency mining: https://blog.sia.tech/the-state-of-cryptocurrency-mining-538004a37f9b

Announcement about Obelisk:

https://medium.com/obelisk-blog/introducing-obelisk-launchpad-b78756eaa74c

Zooko's recap of his conversation with Jihan Wu, CEO of Bitmain: https://forum.z.cash/t/so-i-had-a-videochat-with-jihan-wu/29379

Bitmain's tweets being transparent (account currently disabled): https://twitter.com/BITMAINtech/status/1001376036985028608

Bitmain's blog post about being transparent: https://blog.bitmain.com/en/antiminer-z9-mini-shipments-experiment-radical-transparency/

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Live From Consensus: What the Media Really Thinks About Crypto - Ep.66 Jun 13, 2018

This is a recording of a panel discussion I participated in with a couple other reporters and crypto PR people at Consensus. (It was at the same time as Jack's talk, so it's totally understandable if you missed it. Also, the room was freezing. I was shivering the entire time.) The other panelists were Leigh Cuen of CoinDesk, Avi Salzman of Barron's (and my old classmate from grad school!), Jill Richmond of Spark PR, Trey Ditto of Ditto PR, and the discussion was moderated by Frank Chaparro of Business Insider. We discussed whether or not crypto projects and publications should engage in pay to play (I would have hoped the answer to this would obvious to everyone, but alas), coverage that could cause investors to lose money, whether or not the business model of the media industry drives clickbait headlines and why journalists have a responsibility to include more of the nuances in crypto. We also dish up some practical tips and insider info, like how crypto projects can get media coverage, what factors reporters use in deciding whether or not to write about a project they're pitched, and whether or not crypto teams should hire crypto-specific PR firms.

Apologies that there was no mic for the questions from the audience. I've left the questions in, as you can sometimes hear them faintly. I tried my best to have someone or myself recap each question.

For the question about our favorite stories, these were the articles we named

My favorite of mine: my phone hijacking story: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#464b730d38ba

Leigh liked a series I did exposing fake advisors: https://www.forbes.com/sites/laurashin/2017/11/01/alex-tapscotts-crypto-vc-firm-going-public-with-100m-cad-falsely-touted-4-blockchain-stars-as-advisors/#483d3ff31b1f

https://www.forbes.com/sites/laurashin/2017/11/03/cibc-walks-from-tapscotts-nextblock-global-after-falsehoods-revealed-more-misrepresentations-found/#724de0e13cbf

https://www.forbes.com/sites/laurashin/2017/11/05/alex-tapscotts-crypto-vc-firm-aborts-public-listing-will-return-money-after-falsehoods-revealed/#1d4de0a62e27

Leigh's favorite stories: Cryptocurrency in Iran: http://www.ibtimes.com/bitcoin-adoption-rate-iran-surges-despite-censorship-protests-2636607

http://www.ibtimes.com/initial-coin-offerings-are-coming-iran-2653474

Cryptocurrency for sex workers: http://www.ibtimes.com/beyond-bitcoin-blockchain-tokens-sex-industry-2601252

Avi's favorite story: https://www.barrons.com/articles/bitcoin-storms-wall-street-1512188427

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Placeholder's Joel Monegro on the Fat Protocols Thesis Today - Ep.65 Jun 12, 2018

Joel Monegro, partner at crypto VC firm Placeholder Ventures, describes how well his seminal blog post, "Fat Protocols," is holding up, why he and his partner Chris Burniske opted to found a crypto VC firm as opposed to a hedge fund, and what main factors they think will determine the success of a blockchain. He also describes how crypto and blockchains fit into the evolution of technology, how the business models in the crypto space will be built, and why their first publicly known investment was in Decred. Plus, he reveals why their firm is called Placeholder.

Placeholder: https://www.placeholder.vc

Joel: https://twitter.com/jmonegro

The Placeholder investment thesis: https://ipfs.io/ipfs/QmZL4eT1gxnE168Pmw3KyejW6fUfMNzMgeKMgcWJUfYGRj/Placeholder%20Thesis%20Summary.pdf

The Fat Protocols Thesis:

https://www.usv.com/blog/fat-protocols

Decred investment thesis: https://www.placeholder.vc/blog/2018/5/12/decred-investment-thesis

Blog post on information technology cycles: https://monegro.org/work/2018/2/20/information-technology-market-cycles-a-brief-history

Joel's blog post on the shared data layer of the blockchain application stack:

http://joel.mn/post/104755282493/the-shared-data-layer-of-the-blockchain

and on the blockchain application stack: http://joel.mn/post/103546215249/the-blockchain-application-stack

Two episodes featuring his partner, Chris Burniske:

http://unchainedpodcast.co/how-to-valuate-a-crypto-asset-s3e08

http://unchainedpodcast.co/want-higher-returns-invest-in-bitcoin-say-arks-chris-burniske-and-coinbases-adam-white

Another episode that I forgot to mention during the show, the interview with Bill Tai, which contains ideas that overlap quite a bit with Joel's:

http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology

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From the Oslo Freedom Forum: Blockchain vs. the Surveillance State - Ep.64 Jun 06, 2018

This recording is of Blockchain vs. the Surveillance State, a series of talks and a panel from the Oslo Freedom Forum put on by the Human Rights Foundation. In this session, hear presentations from Ryan Shea of decentralized technology platform Blockstack; Galia Benartzi of smart token platform Bancor; Steve Waterhouse of surveillance-free internet project Orchid; and Arthur Breitman from smart contract platform Tezos. Afterward, I moderate a panel among the four speakers that touches on the ways in which blockchains can be used to curb human rights abuses -- but also how bad actors can also use them for nefarious purposes.

Oslo Freedom Forum: https://oslofreedomforum.com

Human Rights Foundation: https://www.hrf.org

The four presentations:

Ryan Shea https://twitter.com/ryaneshea of Blockstack: https://blockstack.org

(Also check out his interview with cofounder Muneeb Ali on Unchained: http://unchainedpodcast.co/blockstack-on-getting-independence-from-google-facebook-and-amazon)

Galia Benartzi https://twitter.com/galiabenartzi of Bancor https://www.bancor.network/discover

Steve Waterhouse https://twitter.com/deseventral of https://orchid.com

Arthur Breitman https://twitter.com/arthurb of https://tezos.com

Be sure also to listen to the Unconfirmed podcast episode with Alex Gladstein of the Human Rights Foundation -- not to be missed if you're interested in the topics discussed during Blockchain vs. the Surveillance State! http://unconfirmed.libsyn.com/alex-gladstein-of-the-human-rights-foundation-on-the-first-crypto-war-ep021

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Arthur Hayes of Bitmex on Why Countries Will Turn to Digital Cash - Ep.63 Jun 05, 2018

Arthur Hayes, CEO of Bitmex, describes how traders on his platform can make great gains but experience limited losses, how Asia's crypto markets differ from those in the U.S., and why he makes money whether or not crypto prices go up or down. He also describes why ICOs are crap now but why he fully supports the idea in theory and how they should get back to their roots. He also explains why he believes governments will issue digital cash, and why he believes everyday people will be surveilled through these transactions, but will give up this privacy for the sake of convenience. And where does he see this leaving cryptocurrencies? To become needed to transact privately.

Bitmex: https://www.bitmex.com/

Arthur Hayes: https://www.bitmex.com/app/aboutUs

Bitmex blog, with detailed research reports: https://blog.bitmex.com/

Arthur's Crypto Trader Digest: https://us3.campaign-archive.com/?u=db45c09bdf20e1866bb32123f&id=ac43da8d18

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How Chainalysis Helps Solve Crimes: Jonathan Levin Tells All - Ep.62 May 29, 2018

Jonathan Levin, cofounder and chief operating officer for blockchain analytics company Chainalysis, describes how the company was born out of questions he had while a grad student, how they began mapping the Bitcoin blockchain to certain entities, and how their customers, which include government agencies such as the FBI, DEA, IRS, Europol and others, use Chainalysis to help solve Bitcoin crimes. He also reveals what level of detail the software tracks, how privacy coins could affect their work, and what new developments in the technology could decrease current crimes, such as physical extortion of crypto holders. Plus, he answers the question of whether or not Chainalysis's work destroys the fungibility of Bitcoin.

Chainalysis: http://chainalysis.com/

Jonathan Levin: https://twitter.com/jony_levin

Chainalysis report on the changing nature of crypto crime: https://www.chainalysis.com/static/Cryptocrime_Report_V2.pdf

Forbes article on Chainalysis: https://www.forbes.com/sites/thomasbrewster/2018/04/05/snooping-on-bitcoin-is-big-business/#234e6792d198

Usage of Chainalysis by IRS: https://www.thedailybeast.com/irs-now-has-a-tool-to-unmask-bitcoin-tax-cheats

Threats of violence against bitcoin and other crypto holders: https://www.nytimes.com/2018/02/18/technology/virtual-currency-extortion.html

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Jesse Powell, CEO of Kraken, on Drawing a Line With Regulators - Ep.61 May 22, 2018

Jesse Powell, CEO of crypto asset exchange Kraken, explains why he publicly rejected then-Attorney General Eric Schneiderman's request for information from crypto exchanges, why he felt it was a publicity stunt and why Kraken, which stopped serving New York customers after New York's Bitlicense was introduced, doesn't see the market as a top priority. He also talks about why Kraken decided to stop operations in Japan after further regulations were imposed and discusses Kraken's $1 million donation to Coin Center (and its $1 million match). Plus, he gets into why he named the exchange after a Norse sea monster, the dangers of the exchange's margin trading product, and what steps he recommends everyone in crypto take to keep their tokens safe.

Jesse Powell: https://twitter.com/jespow

Kraken: https://www.kraken.com/

Past Unchained episode with Brock Pierce who also had a pre-Bitcoin career involving video game currency (Jesse and Brock were competitors): http://unchainedpodcast.co/this-vc-is-sure-venture-capital-is-about-to-be-disrupted

Kraken's position on regulation (discussion of New York AG request and Japan + guidance for regulators): https://blog.kraken.com/post/1561/krakens-position-on-regulation/

Kraken donation to Coin Center: https://blog.kraken.com/post/1591/kraken-donates-1m-to-coin-center-with-an-additional-1m-matching-during-may/

Kraken down for 40 hours: http://fortune.com/2018/01/12/bitcoin-price-ripple-kraken-down/

Past Unchained episode on taxation of crypto: http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast

Kraken blog post on phone numbers being hijacked: https://blog.kraken.com/post/219/security-advisory-mobile-phones/

My article on the same topic: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#1d79923338ba

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Live From Ethereal: Eep! How Should Ethereum Be Governed? - Ep.60 May 20, 2018

This recording of a panel I moderated at Ethereal with Ethereum researcher Vlad Zamfir and GovernX founder Nick Dodson covered the topic that it seems everyone in crypto is discussing these days: governance. We talk about how the community should decide whether or not to unlock the funds frozen by bugs, on-chain governance, what role the Ethereum Foundation plays and what it means that nearly all the people who write Ethereum's code are men.

Nick Dodson: https://twitter.com/iamnickdodson

Vlad Zamfir: https://twitter.com/VladZamfir

If you liked this discussion, also be sure to check out my recent episode with Aya Miyaguchi, executive director of the Ethereum Foundation: http://unchainedpodcast.co/aya-miyaguchi-of-the-ethereum-foundation-on-who-makes-the-final-call-ep59

And this Unconfirmed episode on blockchain ethics with Cara LaPointe of Georgetown: http://unconfirmed.libsyn.com/from-the-bellagio-blockchain-summit-blockchain-ethics-with-georgetowns-cara-lapointe-ep016

Thank you to Ethereal for hosting a great event! https://etherealsummit.com/

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Aya Miyaguchi, of the Ethereum Foundation, on Who Makes the Final Call - Ep.59 May 15, 2018

The newly appointed head of the Ethereum Foundation, Aya Miyaguchi, talks about her background as a teacher, at Kraken, helping the Mt. Gox trustee unwind that mess, and the closed process by which she was plucked for her current role. She also describes her goals with the Ethereum Foundation, how the EF believes the Ethereum community should make decisions, how it defines community and more. She also talks about how she hopes to push more financial inclusion with Ethereum, and what she thinks needs to be done to get more women involved in crypto.

Aya Miyaguchi: https://twitter.com/mi_ayako

Ethereum Foundation: https://www.ethereum.org/foundation

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Ripple's XRP: Why Its Chances of Success Are Low - Ep.58 May 08, 2018

In this show, recorded without the participation of Ripple (explanation included in the show), Ryan Selkis, CEO and founder of Messari and Matt Leising, Bloomberg reporter, discuss Ripple's XRP, the third-largest coin by market cap. We go over whether or not it plays an essential role in Ripple's products, why banks are unlikely to adopt it, and why it's centralized. We also discuss whether or not it's an unregistered security (although the class-action lawsuit alleging XRP is an unregistered security being sold in a "never-ending ICO" came out after we recorded -- link below). We also discuss recent attempts by XRP to get it listed on top crypto exchanges, and how, as Selkis puts it, there's a fine line between some of its business activity and bribes. We also ponder the question: If XRP is meant for banks and financial institutions, why should everyday people own XRP?

Ryan Selkis: https://messari.io/

https://twitter.com/twobitidiot

Matt Leising: https://twitter.com/mattleising

https://www.bloomberg.com/authors/AGfq0QVqo0I/matthew-leising

Full text of class-action lawsuit against Ripple: https://static1.squarespace.com/static/5938711a9de4bb74f63b4059/t/5aebc4112b6a28e0ef4a0381/1525400594617/Coffey+v+Ripple+Labs+Complaint.pdf

Bloomberg article on lawsuit: https://www.bloomberg.com/news/articles/2018-05-04/ripple-hit-with-class-action-suit-over-never-ending-ico

Matt's article on why big banks have no interest in using XRP: https://www.bloomberg.com/news/articles/2018-01-25/ripple-wants-xrp-to-be-bitcoin-for-banks-if-only-the-banks-wanted-it

How Ripple tried to buy its way onto crypto exchanges: https://www.bloomberg.com/news/articles/2018-04-04/ripple-is-said-to-struggle-to-buy-u-s-listing-for-popular-coin

Ryan's post on XRP: https://medium.com/@twobitidiot/i-still-see-you-xrp-815369a539ea

Izabella Kaminska's article on XRP: https://ftalphaville.ft.com/2018/01/05/2197220/the-ripple-effect/

CoinDesk article on XRP: https://www.coindesk.com/ripples-xrp-giving-third-largest-cryptocurrency-second-look/

XRP chat post by David Schwartz: https://www.xrpchat.com/topic/5280-valuation-models-xrp-the-digital-currency-vs-ripple-the-company/?tab=comments#comment-50182

Another post by David Schwartz on how XRP is not required: https://www.quora.com/Is-XRP-not-required-for-the-Ripple-Swift-replacement/answer/David-Schwartz-9

Bitmex post on XRP: https://blog.bitmex.com/the-ripple-story/

The dueling lawsuits between Ripple and R3 over XRP: https://www.forbes.com/sites/laurashin/2017/09/08/blockchain-enterprise-firms-r3-and-ripple-sue-each-other-over-1-billion-of-cryptocurrency/

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How Institutional Investors Can Do Due Diligence in the Crypto Space - Ep.57 May 06, 2018

Here is the second special episode from the Time Summit, a Bridge Alternatives event, on how institutional investors can do operational due diligence. Suna Said, founder and CEO of family office Nima Capital, Eddie Duszlak of Texas Children's Hospital, and Joel Gantcher of Gantcher Family Partners discuss how they invest in the nascent Web 3.0. They discuss why a year of experience in crypto is so valuable, how they determine who the serious players are in the space and why the speed of disruption from the internet revolution gives them motivation to get into the crypto markets.

Thank you to the Time Summit, a Bridge Alternatives event! https://timesummit.org/

http://bridgealternatives.com/

Suna Said: https://timesummit.org/2018/04/18/suna-said/

Eddie Duszlak: https://timesummit.org/2018/03/06/eddie-duszlak/

Joel Gantcher: https://timesummit.org/2018/04/19/joel-gantcher/

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What Will Make Institutional Players Comfortable Entering Crypto? - Ep.56 May 05, 2018

This talk is from a panel I led on infrastructure in the crypto space at the Time Summit, by Bridge Alternatives, featuring Kayvon Pirestani of director of institutional sales at GDAX, Tim McCourt, CME Group’s managing director and global head of equity products and alternative investments, Michael Moro, CEO of Genesis Trading and Genesis Capital, and Hu Liang, founder and CEO of Omniex. We discussed what infrastructure tools need to be built to get institutional players comfortable with the space, how custodying a digital asset differs from custodying a traditional asset, why they can see institutional players dealing in stablecoins and trading on decentralized exchanges at some point in the future, and what needs to be built out in terms of trading infrastructure for institutional players. (Hint: it turns out Excel and Google Sheets are the biggest competitors for crypto trading infrastructure services.) We also talk about the challenges of building out infrastructure for trading that can suddenly double or quadruple in volume and for a market that runs 24/7/365.

Thank you to Bridge Alternatives and the Time Summit for the panel!

https://www.bridgealternatives.com/

https://timesummit.org/

Kayvon Pirestani: https://timesummit.org/2018/03/19/kayvon-pirestani/

Michael Moro: https://timesummit.org/2018/04/21/michael-moro/

Tim McCourt: https://timesummit.org/2018/03/15/tim-mccourt/

Hu Liang: https://timesummit.org/2018/03/23/hu-liang/

The episode with Mike Belshe where we discuss custodying digital assets and qualified custodians: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future

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Multicoin on the 1 Thing Crypto Teams Miss in Their Quests for Success May 01, 2018

Kyle Samani and Tushar Jain, cofounders of Multicoin Capital, dive deeply into their sometimes controversial and unpopular opinions on how the crypto revolution will play out. They describe why they don't think the technology that a team develops early on will play nearly as big a role as some think, why there will be a spectrum of blockchains offering different features with different tradeoffs, and why they're bearish on stablecoins. They discuss why they disagree on whether or not the Lightning Network is revolutionary (and therefore why they disagree on whether Bitcoin is failing). Samani and Jain also explain how they decide whether or not to invest in a token, their strategies for trading and why they don't have to be invested in a project to help out.

Multicoin: https://multicoin.capital/

Kyle Samani: @KyleSamani

Tushar Jain: @TusharJain_

A blog post that came out after we recorded in which Kyle expands on his contention that technical features will matter less in the long-term success of a network than people think: https://multicoin.capital/2018/04/25/good-artists-copy-great-artists-steal/

Kyle's post on the outlook for coins for store of value, utility tokens and stablecoins: https://multicoin.capital/2018/03/15/paths-to-tens-of-trillions/

More Multicoin thinking around stablecoins: https://multicoin.capital/2018/01/17/an-overview-of-stablecoins/

Previous Unchained episode: Why It's So Hard to Keep Stablecoins Stable: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable

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Paul Walsh of MetaCert on How Not to Get Scammed Out of Your Crypto Apr 24, 2018

Paul Walsh had long ago predicted that internet scams would migrate from email to private messaging platforms, but it wasn't until crypto mania took off that his thesis was proved right -- in a big way. In the summer of 2017, the founder and CEO of MetaCert discovered many crypto Slack channels were being overrun by scammers capitalizing on FOMO to get people to inadvertently give them their ether and other tokens. Now, the company has several products to help prevent crypto enthusiasts from being scammed and it also decentralizing its work so the whole world can help classify bad links and proven others from being scammed. In this talk, he describes how the scams work, how Metacert tries to keep people from falling victim, and how best you can protect your own crypto.

MetaCert the company: https://metacert.com

MetaCert the protocol: http://metacertprotocol.com/

Story on phone hijackings:

https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#7125f2f738ba

Link to episode where Mike Belshe and I discuss physical crimes against crypto people: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future

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Trends in Crypto: Marco Santori, Michael Sonnenshein and Barbara Minuzzi on 2017 and What's Next Apr 22, 2018

In this live recording of a panel discussion at the CoinAlts Fund Symposium, Marco Santori, president and chief legal officer of Blockchain, managing director at Grayscale Investments, and Barbara Minuzzi, cofounder and managing partner of Ausum Ventures take stock of the 2017 year and discuss a range of trends they're seeing in the industry. Santori describes what the ICO wave was like from his seat as one of the most in-demand lawyers for ICOs, and why he doesn't actually think that securities (such as a SAFT) can later transform into something that is a non-security. He also talks about how big corporations are thinking about use blockchain technology -- and why we haven't yet seen much activity on that front in the market. We talk about the current clouds over the industry -- custody and regulation -- and Sonnenshein explains why investors choose Grayscale's investment products, such as the Bitcoin Investment Trust, rather that investing in the coin directly, and

Blockchain.info: https://blockchain.info

Grayscale Investments: https://grayscale.co

Ausum Ventures: https://www.ausum.vc

Thank you to the CoinAlts Fund Symposium for hosting the panel: https://www.coinaltsfundsymposium.com

For more on regulatory issues, check out these past episodes:

Perianne Boring and Amy Kim of the Chamber of Digital Commerce on crypto regulation: http://unchainedpodcast.co/the-chamber-of-digital-commerces-perianne-boring-and-amy-kim-on-why-us-crypto-regulation-is-complicated-and-confusing

The Tax Rules That Have Crypto Investors Aghast: http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast

How Crypto and Blockchain Technology Should Be Regulated: http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated

Jerry Brito and Peter Van Valkenburgh of Coin Center: http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law

Caitlin Long on How 'Utility Tokens' Are Now Legal in Wyoming: http://unconfirmed.libsyn.com/caitlin-long-on-how-utility-tokens-are-now-legal-in-wyoming

Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean: http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean

For more on custody issues, check out the episode with Mike Belshe of BitGo and its acquisition of Kingdom Trust: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future

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The Chamber of Digital Commerce's Perianne Boring and Amy Kim on Why U.S. Crypto Regulation Is Complicated and Confusing Apr 17, 2018

If U.S. crypto regulation seems incredibly convoluted, this is the episode for you. Perianne Boring, the founder and president of the Chamber of Digital Commerce, and its global policy director and general counsel Amy Kim, discuss why U.S. regulation calls crypto assets currency, property, commodities and securities, and how that results in agencies enforcing their own laws without a higher level understanding of the technology. They also discuss what they call the "failure" of the regulatory regime that requires certain types of crypto companies to get licenses from 53 different states and territories and why no firms have so far even gotten close. They also advocate for the technology to be taxed more like currency than property, claiming that the current classification stifles usage of cryptocurrencies as currencies. We also dive into juicy questions like whether ether, which was sold in what we would now call an initial coin offering, is a security and what self-regulation of the crypto space could look like.

Chamber of Digital Commerce: https://digitalchamber.org/

Token Alliance: https://digitalchamber.org/initiatives/token-alliance/

Previous episodes on Unchained and Unconfirmed that touched on regulation:

Live from SXSW: Michael Casey and Paul Vigna, Co-Authors of The Truth Machine, on Why the SEC Has Issued Subpoenas to ICOs

http://unchainedpodcast.co/live-from-sxsw-michael-casey-and-paul-vigna-co-authors-of-the-truth-machine-on-why-the-sec-has-issued-subpoenas-to-icos

Caitlin Long on How 'Utility Tokens' Are Now Legal In Wyoming

http://unconfirmed.libsyn.com/caitlin-long-on-how-utility-tokens-are-now-legal-in-wyoming

SXSW Episode: Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean

http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean

The Tax Rules That Have Crypto Users Aghast

http://unchainedpodcast.co/the-tax-rules-that-have-crypto-users-aghast

How Crypto And Blockchain Technology Should Be Regulated

http://unchainedpodcast.co/how-crypto-and-blockchain-technology-should-be-regulated

Is The IRS Justified In Demanding Information On Millions Of Bitcoin Users?

http://unchainedpodcast.co/is-the-irs-justified-in-demanding-information-on-millions-of-bitcoin-users

Federal Prosecutor Kathryn Haun On How Criminals Use Bitcoin -- And How She Catches Them: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them

How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law

http://unchainedpodcast.co/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law

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Live From Inforum at the Commonwealth Club: Blockchain and Cryptocurrency: The Basics, With Kathryn Haun Apr 15, 2018

Through Inforum at the Commonwealth Club, I recently moderated a sold-out discussion on the basics of blockchain technology and cryptocurrency. My guest was Kathryn Haun, a former federal prosecutor who is now teaching a class on cryptocurrency at the Stanford Graduate School of Business and serves on the boards of Coinbase and Hacker One. We go through all the elementary questions most newbies have: what is bitcoin, what is a blockchain, what is Ethereum, what is mining, etc., and give real examples of how this technology could be used. I think it's a perfect primer for people new to crypto -- whether you're listening for tips on how to explain these concepts to your friends and family, or you're a newbie yourself and want a dead-simple explainer. This is the first in a series of talks with Inforum on blockchain and crypto, so stay tuned for future events.

Kathryn Haun: https://www.gsb.stanford.edu/faculty-research/faculty/kathryn-haun

Inforum at the Commonwealth Club: http://inforumsf.org/

http://inforumsf.org/upcoming-events/2018/4/12/blockchain-and-cryptocurrency-the-basics

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Bitfury on the Ways It Collaborates With Governments and Why It's Partnered With a Public Company Apr 10, 2018

Valery Vavilov and George Kikvadze of Bitcoin mining and blockchain software company Bitfury discuss why the firm has partnered with the publicly traded Hut 8, how it plans to branch out into mining other crypto assets, and how it chooses where to open mining operations. They also explain how low the bitcoin price can go before mining will be unprofitable for them, what their new blockchain analytics tools Crystal can do, and why they often choose people outside the blockchain/crypto industry to attend the Blockchain Summit they co-host on Richard Branson's Necker Island. Vavilov also tells the story of a childhood experience that has influenced Bitfury's decision to work so much with governments and regulators, and he and Kikvadze describe the company's new blockchain analytics tool, Crystal, plus its hand in launching other blockchain-and-government-focused organizations such as the Blockchain Alliance and the Blockchain Trust Accelerator.

Bitfury: http://bitfury.com/

Bitfury's origin story as told by Bill Tai: http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology

Hut 8: https://www.hut8mining.com/

Exonum: https://exonum.com/

Necker Blockchain Summit: http://www.neckerblockchainsummit.com/

Blockchain Alliance: http://blockchainalliance.org/

Blockchain Alliance on Unchained:

http://unchainedpodcast.co/how-the-blockchain-alliance-helps-law-enforcement-with-bitcoin-crime-and-developments-like-the-dao

Crystal: https://crystalblockchain.com/

Blockchain Trust Accelerator: https://trustaccelerator.org/

Pilot with Coca-Cola and State Department: https://www.reuters.com/article/us-blockchain-coca-cola-labor/coca-cola-u-s-state-dept-to-use-blockchain-to-combat-forced-labor-idUSKCN1GS2PY

Emercoin: https://emercoin.com/en

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All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital Apr 03, 2018

In an intermittent series on cryptoeconomics, Olaf Carlson-Wee and Ryan Zurrer of crypto hedge fund Polychain Capital describe what cryptoeconomics is, what goals it typically helps networks accomplish and what behaviors token systems might someday incentivize. We discuss when cryptoeconomic models don't make sense, how the type of consensus algorithms a blockchain chooses can affect behavior in that system and which consensus mechanisms excite them now. We also dive into whether or not it's desirable for a cryptoeconomic system to depend on a small number of knowledgeable participants, how to manage on-chain governance so networks don't vote themselves into a "black hole," and what disciplines are helpful in designing smart cryptoeconomic systems.

Polychain Capital http://polychain.capital/

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Zcash's Zooko Wilcox on Why He Believes Privacy Coins Will Be Used More for Good Than Bad Mar 27, 2018

Zooko Wilcox, the founder and CEO of the Zcash company, explains why he wanted to create the privacy coin Zcash, why he believes privacy is essential to decentralization, and how encryption is the way censorship-resistance can be created on a technical level. We talk about the revelation that the NSA was targeting Bitcoin users by gathering details on their devices and how even Zcash users could be targeted the same way, but why Zooko believes most people are more concerned about other threats. We also delve into the Facebook/Cambridge Analytics news and why people don't see to care about privacy and why so few people choose to transact privately in Zcash. He also describes he would feel if he knew that criminals were using Zcash for horrible crimes.

Zcash company: https://z.cash/

Matthew Green's bitter tweet about Cryptokitties raising $12 million when he had to beg VCs to give Zcash a fraction of that amount: https://twitter.com/matthew_d_green/status/976298627759972353

The transaction that Zooko and I dissect during the episode: https://explorer.zcha.in/transactions/eed1d3993e52863fd33f9961672a22d016ca2a63f1e452b7d27fc41f5a2f2664

The Intercept article about the NSA tracking Bitcoin users: https://theintercept.com/2018/03/20/the-nsa-worked-to-track-down-bitcoin-users-snowden-documents-reveal/

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Unconfirmed - Ep.008 - Arianna Simpson of Autonomous Partners on Privacy, Cryptokitties and Crypto Regulation Mar 23, 2018

Arianna Simpson, managing partner of investment firm Autonomous Partners, discusses this week's news that Cambridge Analytica had used data from Facebook to perhaps manipulate the 2016 election and whether that could create an opening for blockchain-based decentralized social networks. We also cover the announcement that Andreessen Horowitz, Union Square Ventures and top individual investors invested $12 million in Cryptokitties and why Simpson thinks the area of digital collectibles could take off.

The Facebook/Cambridge Analytica story: https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-trump-campaign.html

Cryptokitties: https://www.coindesk.com/a16z-leads-12-million-funding-for-ethereum-app-cryptokitties/

Why Arianna isn't worried about the downturn: https://www.marketwatch.com/story/the-smart-money-isnt-worried-about-the-bitcoin-selloff-2018-03-19?siteid=rss

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Mike Belshe on What BitGo's Kingdom Trust Acquisition Means for Crypto and How Security Will Develop in the Future Mar 20, 2018

Mike Belshe, the founder and CEO of BitGo, talks about one of the biggest problems facing crypto today: security. We discuss some of the ways BitGo has resolved this issue, whether that still leads to single points of failure, and what the company's recent acquisition of Kingdom Trust (a "qualified custodian" as defined by the 1940 Investment Company Act) means for the space -- hint, it may have to do with ETFs. We also discuss the recent violent crimes against people in crypto and how everyday people should go about protecting their funds.

Mike Belshe: https://twitter.com/mikebelshe

BitGo: https://www.bitgo.com/

A Wired article on the BitGo acquisition of Kingdom Trust: https://www.wired.com/story/why-a-tiny-kentucky-firm-rules-a-corner-of-the-crypto-market/

New York Times article on crimes against crypto holders: https://www.nytimes.com/2018/02/18/technology/virtual-currency-extortion.html

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Live from SXSW: Michael Casey and Paul Vigna, Co-Authors of The Truth Machine, on Why the SEC Has Issued Subpoenas to ICOs Mar 18, 2018

At the Founders Organization's Initial Taco Offering, an unofficial SXSW event, the co-authors of the recently released Truth Machine, talked about a wide range of regulatory issues from what the SEC subpoenas mean to whether or not the SEC is investigating the SAFT to whether or not the regulators should address crypto on a federal level. We also discuss central bank cryptocurrencies, how the dollar could be knocked off world reserve currency status, rogue governments issuing cryptocurrencies, the Telegram ICO, ways in which blockchain can be applied to problems such as climate change and how the media is covering crypto.

The Truth Machine: https://us.macmillan.com/books/9781250304964

Michael Casey: http://www.michaeljcasey.com/

Paul Vigna: https://twitter.com/paulvigna

Paul's article on SEC subpoenas: https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266

Michael's essay on China's desire to end the dollar's global dominance: https://www.coindesk.com/political-china-hates-bitcoin-loves-blockchain/

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Unconfirmed: Caitlin Long on How 'Utility Tokens' Are Now Legal In Wyoming Mar 16, 2018

Wyoming now has five blockchain-specific laws. Caitlin Long, cofounder of the Wyoming Blockchain Coalition, describes what these laws are, what they mean, and how our least populous state became a crypto leader. The former chairman and president of Symbiont explains what this could mean for any project that aims to launch a utility token, whether or not ICOs held in Wyoming would only be available to Wyoming residents, and what big issue she thinks remains for the SEC to address.

Caitlin Long: https://www.linkedin.com/in/caitlin-long-/

To read the laws: https://legiscan.com/WY/bill/HB0070/2018

An op-ed Caitlin co-authored with WY House Rep. Tyler Lindholm: https://www.coindesk.com/haven-blockchain-case-wyoming/

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SXSW Episode: Amber Baldet, Blockchain Program Lead at JPMorgan, on the Potential Clash Between Blockchains and the Right to Be Forgotten Mar 15, 2018

Amber Baldet, JPMorgan Chase blockchain program lead, talks about what she was discussing at SXSW with Hyperledger executive director Brian Behlendorf and what themes she heard at the Ethereum Community Conference in Paris. She talks about privacy in financial transactions, how "immutable" blockchains might conflict with a new EU privacy law granting people the "right to be forgotten." And we briefly touch on her work with Jalak Jobanputra's new diversity-focused group Collective Future.

Privacy on Ethereum: https://www.coindesk.com/progress-hot-ethereum-privacy-projects-cooling-off/

The Collective Future: https://www.wired.com/story/for-women-in-cryptocurrency-a-new-effort-to-grow-their-ranks/

https://iapp.org/news/a/blockchain-technology-is-on-a-collision-course-with-eu-privacy-law/

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Unconfirmed: SXSW Episode: Former DOJ Prosecutor Kathryn Haun on What the SEC Subpoenas and FinCen Letter Likely Mean Mar 14, 2018

As a former government official, current board member of Coinbase and professor at the Stanford University Graduate School of Business, Kathryn Haun has a unique and varied view of the crypto space. She doesn't necessarily see the SEC subpoenas as a reason to be alarmed and compares it to her work as a federal prosecutor. We also discuss the FinCen letter and why her take is different from the fear we've seen in the marketplace.

SEC issues 80 subpoeast: https://www.wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266?mod=searchresults&page=1&pos=1

The FinCen letter: https://coincenter.org/link/fincen-raises-major-licensing-problem-for-icos-in-new-letter-to-congress

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The Skeptics' Episode: Preston Byrne and Angela Walch on What the Industry and Regulators Get Wrong in Crypto Mar 13, 2018

Preston Byrne, an independent consultant and English lawyer, and Angela Walch, an associate professor at St. Mary’s University School of Law who focuses on blockchain technology, both explain their criticisms of the crypto space, give grades to regulators on their job so far, and how they think major players in the space can improve. They discuss what systemic risks they believe crypto could pose to the wider financial system, how the current activity in the space is accruing "legal debt," and what it's like being a critic in a land of believers.

Preston Byrne: https://prestonbyrne.com/

Angela Walch: https://law.stmarytx.edu/academics/faculty/angela-walch/

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Unconfirmed: Spencer Bogart on Bitcoin's Maturation and the SEC Overhang on Crypto Mar 09, 2018

Spencer Bogart, partner at Blockchain Capital, discusses why he think Bitcoin's growing pains are a sign of success, how the SEC regulatory gloom could affect the development of crypto and how a liquidity crunch could affect crypto hedge funds. We also take a peek at the coming platform wars.

Blockchain Capital: http://blockchain.capital/

New crypto hedge funds: https://hackernoon.com/the-fate-of-crypto-hedge-funds-ca5850e8421c

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Will Warren of 0x on Why Decentralized Exchanges Are the Future Mar 06, 2018

Will Warren, cofounder of decentralized exchange protocol 0x, was working on building tokenized derivatives for Ethereum when he and his cofounder realized there would be no place to trade them. They ended up pivoting to create a decentralized exchange protocol, 0x, that enables companies to use that infrastructure to direct fulfill trade orders without worrying about a Mt. Gox- or Bitfinex-type hacking situation, as users would still retain control of their funds. In this conversation, he talks about the problems with centralized exchanges and how decentralized exchanges can overcome some of their own obstacles including liquidity and problems with front running. He also gives answers to some of the criticisms of the 0x project, including why it needs its own token (ZRX) and what the token's purpose is.

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Unconfirmed - Ep.003 - The Gender Imbalance in Crypto: Jalak Jobanputra on Why It's a Problem and Her Effort to Fix It Mar 02, 2018

Future Perfect Ventures' founder and managing partner Jalak Jobanputra and I discuss the New York Times article earlier this week about how few women there are in crypto. We discuss some of the surprising comments we saw from women in the space who wish the story hadn't been written and Jobanputra's new effort to increase diversity in crypto, The Collective Future.

The New York Times article:

https://www.nytimes.com/2018/02/25/business/cryptocurrency-women-blockchain-bros.html

Jutta Steiner's tweet: https://twitter.com/jutta_steiner/status/968158503096471553

Meltem Dermirors' tweet: https://twitter.com/Melt_Dem/status/967983438945968130

Elizabeth Stark's tweet: https://twitter.com/starkness/status/968307972597272576

Wired article about The Collective Future: https://www.wired.com/story/for-women-in-cryptocurrency-a-new-effort-to-grow-their-ranks/

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Why It's so Hard to Keep Stablecoins Stable Feb 27, 2018

Rune Christensen of MakerDAO and Philip Rosedale, founder of Second Life and High Fidelity, discuss why stablecoins are called crypto's holy grail, why they may be what's necessary for mainstream adoption, and all the ways a stablecoin can be constructed. Philip brings in his experience with Second Life's Linden dollars, often called the first true virtual currency, to describe how it was constructed and how he's planning to disseminate the cryptocurrency of his new virtual world, High Fidelity. Plus, we talk about why a digital USD wouldn't be a threat to stablecoins and whether collateralized stablecoins resemble fractional reserve banking or not.

Maker DAO: https://makerdao.com/

High Fidelity: https://highfidelity.com/

HFC: https://docs.highfidelity.com/high-fidelity-commerce/basics/hfc

More info on Linden dollars: https://en.wikipedia.org/wiki/Economy_of_Second_Life

The Hacker Noon post by Haseeb Qureshi: https://hackernoon.com/stablecoins-designing-a-price-stable-cryptocurrency-6bf24e2689e5

IMF SDRs: http://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR

Episode with Bill Tai: http://unchainedpodcast.co/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology

Vitalik's post on collateralized debt obligations for issuer-backed tokens: https://ethresear.ch/t/collateralized-debt-obligations-for-issuer-backed-tokens/525

Other stablecoins:

Tether: https://tether.to/

Basecoin: http://www.getbasecoin.com/

Havven: https://havven.io/

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Introducing Unconfirmed - Brian Kelly on Token-Curated Registries, Robinhood Crypto Trading and the Petro - Ep.002 Feb 23, 2018

Subscribe to my new show, Unconfirmed! Here's a sample:

Brian Kelly of BKCM talks about token-curated registries, such as the proposal for Messari, by Ryan Selkis, formerly of Digital Currency Group and CoinDesk, and why such TCRs are probably a good idea, but what pitfalls they may face. We also discuss the highly anticipated launch of crypto trading on Robinhood and look behind the scenes at Venezuela's new crypto offering, the petro.

Token curated registries:

Proposal for Messari: https://medium.com/@twobitidiot/a-token-to-self-regulate-tokens-but-really-a61da77e6a7b

TCRs generally: https://medium.com/@ilovebagels/token-curated-registries-1-0-61a232f8dac7

A curated list of resources on TCRs: https://medium.com/@tokencuratedregistry/the-token-curated-registry-whitepaper-bd2fb29299d6

Robinhood launches crypto trading: http://blog.robinhood.com/news/2018/2/21/robinhood-crypto-trading-is-here

https://techcrunch.com/2018/02/22/free-crypto-trading/

Petro:

A good tweet storm on some of the issues surrounding the petro's launch: https://twitter.com/alemacgo/status/966072887319973891

Some meeting having to do with the petro that Laura found amusing -- the guy's smiles begin around 00:25: https://twitter.com/infrabolivar/status/965777624516759552

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MyCrypto's Taylor Monahan on Why She's Not a Fan of ICOs Feb 20, 2018

The cofounder of MyEtherWallet and CEO of newly launched MyCrypto walks us through the nuts and bolts of how MyCrypto works, how it differs from a company like Coinbase, why the keys you get from the site even enable to work offline -- and how the company makes money. She also describes how the crypto community changed in 2017, her crazy sleeping schedule during that year, and how she responds when users ask questions like whether or not an initial coin offering will really deliver on the returns promised. We also cover what it's like being a CEO when running a company was never in her game plan, how she got into crypto after starting off in film school and what her tips are for not losing your crypto.

https://mycrypto.com/

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Unconfirmed's First Episode: Olaf Carlson-Wee of Polychain Capital on Governance Feb 18, 2018

Check out the first episode of Unconfirmed, in which Olaf Carlson-Wee, CEO and founder of Polychain Capital, discusses why an issue facing the Ethereum community right now has him thinking about on-chain governance. If you enjoy the episode, subscribe to Unconfirmed today!

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Go Check Out My New Podcast, Unconfirmed! Feb 16, 2018

Unconfirmed: Insights and Analysis From the Top Minds in Crypto drops today! The first guest is Olaf Carlson-Wee, CEO and founder of crypto hedge fund Polychain Capital. We discuss the week's news and what is on Olaf's mind these days. It's available on Apple Podcasts, Google Play, Stitcher, Soundcloud, Spotify, TuneIn and wherever you get your podcasts. Check it out and subscribe today!

Online at: www.unconfirmedpodcast.com

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Shapeshift's Erik Voorhees on How Crypto Will Separate Money and State Feb 13, 2018

Erik Voorhees says the greatest scam perpetrated on mankind is currency debasement -- and that crypto will change all that. In this wide-ranging interview, the CEO of crypto-to-crypto exchange Shapeshift talks about how crypto will take away power from central banks, why he believes "maximalists" -- those who believe one crypto asset will rule them all -- are wrong, and why someday we will look back and see the intertwining of money and state as barbaric and unjust, just as we now see the intertwining of church and state. We also discuss the prospects for Bitcoin in the face of high fees, how regulation will affect the development of crypto and why 2017 was the kind of year he hoped for when he got involved in Bitcoin in 2011.

Shapeshift's products:

https://shapeshift.io/#/coins

https://prism.exchange/

https://www.keepkey.com/

http://coincap.io/

Erik's blog: http://moneyandstate.com/

His blog post addressing maximalism: http://moneyandstate.com/no-non-bitcoin-blockchains-are-not-disrespectful-to-satoshi/

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Xapo's Wences Casares on How Bitcoin Makes a Fairer World Feb 06, 2018

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Growing up in Argentina, Wences Casares saw his family lose all their money three times due to actions by the government. The so-called "patient zero" of Bitcoin in Silicon Valley explains why he believes that experience predisposed him to seeing the potential in Bitcoin earlier than most people, why it's so hard to explain Bitcoin to Americans and why the company he founded, Xapo, isn't just a Bitcoin vault and wallet company but his best effort at helping to ensure that Bitcoin succeeds. He talks about why he isn't scared of all the new competitors to his service, including Coinbase Custody, why Xapo hasn't branched out into any other crypto assets, and why he believes there's a more than 50% chance that Bitcoin is worth $1 million in five to ten years. Additionally, he still believes the attempt to accommodate more transactions on the Bitcoin blockchain with the SegWit2x fork, which he backed, was wrong -- even though the fees after its failure skyrocketed to as high as $60. Plus -- he reveals what it would look like if Bitcoin became a global standard of value, and why that vision doesn't threaten governments.

Xapo: https://xapo.com/

Wences's Facebook Live with Dan Schulman of PayPal: https://www.facebook.com/DanSchulmanPayPal/videos/1419329821528449/

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The Tax Rules That Have Crypto Users Aghast Jan 23, 2018

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Tax attorney Tyson Cross and CPA Jason Tyra discuss all things crypto and taxes, including what types of crypto transactions are taxable events, how you'll be taxed on hard forks -- relevant for those who owned Bitcoin last August 1! -- and whether you can deduct a loss if you lose your private keys or exchange loses your coins. Plus, they reveal the top question they get from crypto enthusiasts and their top recommendations for people who love crypto but want to minimize their tax headache.

Tyson Cross: https://www.bitcointaxsolutions.com/

Jason Tyra: https://www.tyracpa.com/

Show notes: http://www.forbes.com/sites/laurashin/2018/01/23/the-tax-rules-that-have-crypto-users-aghast/

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Vitalik Buterin, Creator Of Ethereum, On The Big Guy Vs. The Little Guy Jan 09, 2018

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The 23-year-old whiz dives into who blockchains will someday help, how we transition from Ethereum for digital cats to higher social impact, and why even big companies like JPMorgan, Microsoft and BP are using Ethereum. He also walks through some important technical challenges Ethereum faces with scaling and the shift from a proof-of-work consensus algorithm to proof of stake. And he reveals why he isn't a big believer in on-chain governance. Plus, he talks about his worries and gives us his predictions for 2018.

Show notes: http://www.forbes.com/sites/laurashin/2018/01/09/vitalik-buterin-creator-of-ethereum-on-the-big-guy-vs-the-little-guy/

Some of Vitalik's blog posts that we discussed: On token sales: http://vitalik.ca/general/2017/06/09/sales.html

Interactive coin offerings: https://people.cs.uchicago.edu/~teutsch/papers/ico.pdf

Blockchain governance: http://vitalik.ca/general/2017/12/17/voting.html

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Crypto 101: Everything You Need To Know About Bitcoin, Ethereum, Blockchains, ICOs, And More Dec 26, 2017

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In this special bonus episode, Laura cover all your basic questions about crypto. What is Bitcoin? What is Ethereum? What is a blockchain? Share this episode with friends, family and anyone who is new to the crypto space and wants to understand what it's all about. Thanks to Elaine Zelby for conducting the interview!

No show notes for this show, but some helpful links:

Phone hijackings: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/#1b2acf5a38ba

Bitcoin -- these links are old but the information mostly still applies:

https://www.forbes.com/sites/laurashin/2015/12/11/should-you-invest-in-bitcoin-10-arguments-in-favor-as-of-december-2015/#34fbc792df28

https://www.forbes.com/sites/laurashin/2015/12/28/should-you-invest-in-bitcoin-10-arguments-against-as-of-december-2015/#117fcfe43895

https://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/

https://www.forbes.com/sites/laurashin/2015/12/31/want-to-own-bitcoin-heres-how-to-buy-invest-in-and-store-it/#792fd9d5b9ef

ICOs:

https://www.forbes.com/sites/laurashin/2017/07/10/the-emperors-new-coins-how-initial-coin-offerings-fueled-a-100-billion-crypto-bubble/

https://www.forbes.com/sites/laurashin/2017/07/17/how-to-speculate-in-icos-10-practical-financial-tips/#3b8ca6ff5378

https://www.forbes.com/sites/laurashin/2017/07/18/how-to-speculate-in-icos-and-buy-tokens-an-easy-step-by-step-guide/#376caf8c743a

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How Crypto And Blockchain Technology Should Be Regulated Dec 12, 2017

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Marco Santori, who leads the blockchain technology team at Cooley, and Joshua Ashley Klayman, who leads the blockchain and smart contracts group at Morrisson and Forrester, explain why they disagree on how to ensure a token sale won't run afoul of securities laws, how they think regulation around crypto will likely be formed and why the Bitcliense has made New York a crypto innovation backwater.

Show notes: http://www.forbes.com/sites/laurashin/2017/12/12/how-crypto-and-blockchain-technology-should-be-regulated/

Marco Santori: https://www.cooley.com/people/marco-santori

Joshua Ashley Klayman: https://www.mofo.com/people/joshua-klayman.html

The SAFT white paper: https://saftproject.com/

The Cardozo Blockchain Project SAFT response, "Not So Fast": https://cardozo.yu.edu/sites/default/files/Cardozo%20Blockchain%20Project%20-%20Not%20So%20Fast%20-%20SAFT%20Response_final.pdf

Are ICOs For Utility Tokens Selling Securities? Prominent Crypto Players Say Yes: https://www.forbes.com/sites/laurashin/2017/10/02/are-icos-for-utility-tokens-selling-securities-prominent-crypto-players-say-yes/#107e96e34fa4

IRS Nabs Big Win Over Coinbase In Bid For Bitcoin Customer Data: https://www.forbes.com/sites/kellyphillipserb/2017/11/29/irs-nabs-big-win-over-coinbase-in-bid-for-bitcoin-customer-data/

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Naval Ravikant On How Crypto Is Squeezing VCs, Hindering Regulators And Bringing Users Choice Nov 28, 2017

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The executive chairman of AngelList and partner at crypto hedge fund MetaStable explains how blockchains are changing the entrepreneurship model, his philosophy for crypto investing, and what kind of threat crypto could someday pose to governments. We also dive into why blockchains represent a new form of governance, his philosophy for investing in tokens and why he believes there will only be five or fewer winners among the money-like tokens.

Show notes: http://www.forbes.com/sites/laurashin/2017/11/28/naval-ravikant-on-how-crypto-is-squeezing-vcs-hindering-regulators-and-bringing-users-choice/

AngelList: https://angel.co/

MetaStable: http://metastablecapital.com/

CoinList: https://coinlist.co/

https://www.forbes.com/sites/laurashin/2017/05/18/want-to-hold-an-ico-coinlist-makes-it-easy-and-legal/

Zcash: https://z.cash/

BlockStack: https://blockstack.org/

https://www.forbes.com/sites/laurashin/2017/09/05/blockstack-on-how-to-take-control-from-google-facebook-and-amazon/

Bitwise Hold 10: https://www.bitwiseinvestments.com/

https://www.forbes.com/sites/laurashin/2017/10/02/new-crypto-index-fund-to-launch-with-backing-from-naval-ravikant/

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What Bitcoin's History Says About Its Future Nov 14, 2017

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Days after the SegWit2x fork was called off, Nathaniel Popper, New York Times tech reporter and author of the book Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money, put this latest suspenseful chapter in Bitcoin's history into context. He discusses why he thinks Bitcoin has become such a vicious, polarized community, why so many of the early Bitcoiners ended up becoming supporters of big blocks, and what could happen to Bitcoin now that new money is entering the system but transactions are expensive and often backlogged. We also dive into who Satoshi Nakamoto might be, whether there are any viable Bitcoin businesses other than ones buying and selling Bitcoin and where regulation of the space is likely to go.

Show notes: http://www.forbes.com/sites/laurashin/2017/11/14/what-bitcoins-history-says-about-its-future/

Digital Gold: https://www.harpercollins.com/9780062362490/digital-gold

Nathaniel's story on ICOs: https://www.nytimes.com/2017/10/27/technology/how-floyd-mayweather-helped-two-young-guys-from-miami-get-rich.html?rref=collection%2Fbyline%2Fnathaniel-popper

His story on who Satoshi Nakamoto may be: https://www.nytimes.com/2015/05/17/business/decoding-the-enigma-of-satoshi-nakamoto-and-the-birth-of-bitcoin.html?_r=0

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What Will Happen At The Time Of The Bitcoin Hard Fork? Oct 31, 2017

As Bitcoin faces the biggest test in its nine-year history, two players on opposing sides -- Mike Belshe of BitGo and Bitcoin protocol developer Matt Corallo -- debate how the community got here and what the definition of Bitcoin is -- whether the white paper or price determines it. We also look at how the upcoming hard fork could affect Bitcoin Cash, and debate whether or not censorship on the Bitcoin subreddits has influenced people’s views on the block size debate. Plus, they give their best post-hard fork predictions.

For reference: Will This Battle For the Soul of Bitcoin Destroy It? https://www.forbes.com/sites/laurashin/2017/10/23/will-this-battle-for-the-soul-of-bitcoin-destroy-it/

Show notes: http://www.forbes.com/sites/laurashin/2017/10/31/what-will-happen-at-the-time-of-the-bitcoin-hard-fork/

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How To Value A Crypto Asset Oct 17, 2017

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Chris Burniske of Placeholder Ventures has recently come out with a new book, "Cryptoassets: The Innovative Investors' Guide to Bitcoin and Beyond" that dives into what crypto assets are, what makes them a new asset class, and how you calculate a valuation for such a network. He applies what is known as the equation of exchange (MV = PQ) to crypto assets and describes why the velocity of crypto assets -- the frequency with which they change hands during a particular time frame -- is likely to be much higher than for traditional assets, and discusses why he gives crypto assets much higher discount rates, which are used to determine what you should pay now for something will be worth more later. Plus, we talk about why the financial incumbents are in for a rude awakening from public blockchains.

Show notes: https://www.forbes.com/sites/laurashin/2017/10/17/how-to-value-a-crypto-asset/

Book: https://www.bitcoinandbeyond.com/

Chris's Medium post on crypto asset valuations: https://medium.com/@cburniske/cryptoasset-valuations-ac83479ffca7

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How To Explain Cryptocurrencies And Blockchains To The Average Person Oct 03, 2017

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Tired of having your friends and family say cryptocurrencies are a Ponzi scheme, nothing backs them, they're in a bubble and only criminals use them? In this episode, Amanda Gutterman, chief marketing officer of ConsenSys, and Jamie Smith, global chief communications officer of Bitfury, tackle every common misconception of Bitcoin, Ethereum and cryptocurrencies. This is an episode you'll want your friends and family to listen to. Plus: Gutterman and Smith talk about how they did the seemingly impossible: create gender-balanced crypto conferences.

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From Blockchains To Mooncakes: Two Chinese Crypto Founders On The ICO And Bitcoin Exchanges Ban Sep 19, 2017

Da Hongfei of NEO and Patrick Dai of Qtum tell us just how crazy China's ICO craze was getting, with mooncake companies, celebs and Ponzi schemers all jumping on the blockchain train. They also explain what the reaction was to the ICO and bitcoin exchanges ban, how they're refunding investors (if the investors want to be refunded -- a big if) and what the future of crypto is in China.

Show notes: http://www.forbes.com/sites/laurashin/2017/09/19/from-blockchains-to-mooncakes-two-chinese-crypto-founders-on-the-ico-and-bitcoin-exchanges-ban/

Qtum: https://qtum.org/

NEO: https://neo.org/

Previous episodes mentioned in the podcast:

Interview with Smith & Crown: https://www.forbes.com/sites/laurashin/2017/08/22/the-high-speed-world-of-icos-smith-and-crown-discuss-cryptoeconomics-and-the-future-of-tokens/

Interview with Bobby Lee: https://www.forbes.com/sites/laurashin/2017/03/21/bobby-lee-ceo-of-btcc-on-why-the-chinese-probably-arent-using-bitcoin-to-evade-capital-controls/

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Blockstack On Getting Independence From Google, Facebook And Amazon Sep 05, 2017

Ryan Shea and Muneeb Ali, the cofounders of Blockstack, on how their tools enable users to control their own data, why the internet should have universal usernames but no company should control that, and why Blockstack’s storage system still allows users to choose centralized options like Google Drive and Dropbox. They also talk about how other blockchain systems are thinking about scaling wrong, why they launched a developer fund, and why a developer would choose Blockstack over Ethereum.

Show notes: http://www.forbes.com/sites/laurashin/2017/09/05/blockstack-on-how-to-take-control-from-google-facebook-and-amazon/

BlockStack: https://blockstack.org/

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The High-Speed World Of ICOs: Smith and Crown Discuss Cryptoeconomics And The Future Of Tokens Aug 22, 2017

Brian Lio, CEO of cryptofinance research site Smith and Crown, and head of research Matt Chwierut discuss how they do their research, how they decide which projects to cover in-depth rather than just list and when they provide advisory services for teams. They also discuss how they think the blockchain and crypto space will develop, the best structures for token sales, and why they joke that financial institutions haven't heard anything Smith and Crown has said.

Smith and Crown: https://www.smithandcrown.com/

Show notes: http://www.forbes.com/sites/laurashin/2017/08/22/the-high-speed-world-of-icos-smith-and-crown-discuss-cryptoeconomics-and-the-future-of-tokens/

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How Bitcoin Solved This Serial Entrepreneur's Problems Aug 08, 2017

Afghan entrepreneur Roya Mahboob has launched numerous companies, but it was a blogging platform that presented her with the problem of how to pay her (mostly female) users, 99% of whom did not have bank accounts. And even if they did get paid, their families would often confiscate the money. She found her solution in Bitcoin, and later launched a new startup, Digital Citizen Fund, that trains girls in blockchain technology and Bitcoin. Mahboob, named one of the 100 most influential people in the world by Time magazine in 2013, funded the Afghan girls' robotics team that made news recently, and describes what went on behind-the-scenes. She also tells us about her other ventures, EdyEdy, her coffee/tea venture Digital Citizen Brew, and the marketplace for Afghan goods that she is launching -- which will accept Bitcoin or perhaps its own token.

Show notes: http://www.forbes.com/sites/laurashin/2017/08/08/how-bitcoin-solved-this-serial-entrepreneurs-problems/

Digital Citizen Fund: http://digitalcitizenfund.org/

Roya's Time 100 description, written by Sheryl Sandberg: http://time100.time.com/2013/04/18/time-100/slide/roya-mahboob/

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Why November Will Be The Real Test For Bitcoin Jul 25, 2017

Bitcoin core developer Eric Lombrozo and OB1 CEO Brian Hoffman debate whether SegWit2x is the best path forward, discuss who supported it and why, and whether the potential for a hard fork harms the price. They also discuss what happens to the power of core developers now that a change they didn’t support might get pushed through, what their ideal solutions for increasing transactions on the network are, and how much power miners should have.

Show notes: http://www.forbes.com/sites/laurashin/2017/07/25/why-november-will-be-the-real-test-for-bitcoin/

Back story referenced in this episode:

The different sides in Bitcoin threatening to cut each other out: https://www.forbes.com/sites/laurashin/2017/03/21/is-this-massive-power-struggle-about-to-blow-up-bitcoin/#33e4c5047325

New York agreement: https://www.forbes.com/sites/laurashin/2017/05/23/bitcoin-agreement-promises-to-resolve-years-long-impasse/#6ed7d8dd448d

Economic activity moving to other blockchains: https://www.forbes.com/sites/laurashin/2017/06/07/bitcoin-is-at-an-all-time-high-but-is-it-about-to-self-destruct/#2c563f8dcb31

Brian's company: https://ob1.io/

Eric's company: https://ciphrex.com/

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Listener Qs: Laura On Ponzi Schemes, Bubbles, Greed And More Jul 11, 2017

In this episode, coming one day after the release of my Forbes cover story online, I answer listener questions, starting with my background, the history of the podcast, whether or not I trade or invest in crypto, and what tokens I think have the strongest real-world application. If you haven't read the cover package, I highly recommend you do so now: Cover story: https://www.forbes.com/sites/laurashin/2017/07/10/the-emperors-new-coins-how-initial-coin-offerings-fueled-a-100-billion-crypto-bubble/ Sidebars: https://www.forbes.com/sites/laurashin/2017/07/10/return-of-the-day-traders/ https://www.forbes.com/sites/laurashin/2017/07/10/how-crypto-tokens-work-a-close-look-at-golem/ https://www.forbes.com/sites/laurashin/2017/07/10/not-so-tiny-bubbles-the-top-25-crypto-assets/ https://www.forbes.com/sites/laurashin/2017/07/10/cryptos-in-wonderland-12-of-the-weirdest-wackiest-coins/

And if you haven't listened to the episode with Olaf Carlson-Wee, I strongly suggest you check that out now as well: iTunes: https://itunes.apple.com/us/podcast/why-the-first-employee-of-coinbase-launched-a-hedge-fund/id1123922160?i=1000382301347&mt=2 Google Play: https://play.google.com/music/m/Dg3qrzci54ppzevdqvztwap2yiu?t=Why_The_First_Employee_Of_Coinbase_Launched_A_Hedge_Fund-Unchained_Big_Ideas_From_The_Worlds_Of_Bloc

I also get philosophical, fielding listener questions about whether blockchain is a Ponzi scheme, whether greed will undercut the democratic possibilities offered by blockchain and whether this isn't really a bubble but just a new form of exponential growth.

I also cover security in this episode, and would like to point readers to this story that explains the phone hijacking situation: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/ Some tips on how to protect yourself: https://www.forbes.com/sites/laurashin/2016/12/21/hackers-are-hijacking-phone-numbers-and-breaking-into-email-and-bank-accounts-how-to-protect-yourself/#720a302f4e1b

Other episodes referenced in this podcast are the ones with Coin Center, Kathryn Haun, Michael Casey, Elizabeth Rossiello and Matt Roszak. Please give a listen to those as well if you haven't!

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Why Digital Currency Group's Meltem Demirors Is Concerned About The ICO Craze Jun 13, 2017

The DCG director of development talks about why she thinks identity will be the first tangible application of blockchain technology that consumers experience, why DCG supports Ethereum Classic as an investment vehicle and yet still supports Ethereum as a protocol, and how bitcoin itself as a global currency hasn't taken off as much as she thought when she first got into the industry. She also explains what the top regulatory issue is for blockchain startups and projects -- it's a lot more mundane than you might expect -- and why she doesn't, at this point, have a lot of confidence in crypto hedge funds. Plus, she makes suggestions on how ICOs could improve and reveals her top picks for new tokens.

Show notes: https://www.forbes.com/sites/laurashin/2017/06/13/why-digital-currency-groups-meltem-demirors-is-concerned-about-the-ico-craze/

The phone hijacking article referenced in the episode: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/

DCG: http://dcg.co/

Ethereum Classic Investment Trust: https://grayscale.co/ethereum-classic-investment-trust/

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'Bitcoin Oracle' Vinny Lingham On Why Bitcoin Is Overpriced May 30, 2017

The Civic CEO and cofounder explains how his upbringing in South Africa and his experience at former company Gyft led him to launch a startup focused on identity. It was also at Gyft that he realized how enthusiastic the bitcoin and cryptocurrency crowd is and how a business could harness that enthusiasm to grow its user base. We discuss why the ICO craze has only just gotten started and how cultural differences could make the scams and speculation worse than in previous bubbles. Plus, Lingham explains what risks in bitcoin investors aren't pricing in and why he believes the odds of a split in bitcoin are currently greater than 50%.

Don't forget to take the Unchained podcast survey: https://www.surveymonkey.com/r/unchained

Civic: https://www.civic.com/

Show notes: http://www.forbes.com/sites/laurashin/2017/05/30/bitcoin-oracle-vinny-lingham-on-why-bitcoin-is-overpriced/

More on ICOs: https://www.forbes.com/sites/laurashin/2017/05/16/icos-why-people-are-investing-in-this-380-million-phenomenon/#ff1983411a18

The risks of a split in Bitcoin: https://www.forbes.com/sites/laurashin/2017/03/21/is-this-massive-power-struggle-about-to-blow-up-bitcoin/#5c5658677325

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ICOs: Why People Are Investing In This $380 Million Phenomenon May 16, 2017

Don't forget to take the Unchained podcast survey: https://www.surveymonkey.com/r/unchained

Developers of new cryptocurrencies are raising gobs of money with little more than a white paper. Though real advances are likely to emerge from the trend, the bubble could get worse before it gets better. William Mougayar, organizer of the upcoming Token Summit, and Nick Tomaino, cohost, discuss where ICOs are going wrong now, what best practices would help the space mature, and how to separate ICO wheat and chaff.

Show notes: https://www.forbes.com/sites/laurashin/2017/05/16/icos-why-people-are-investing-in-this-380-million-phenomenon/

Links: Token Summit: http://tokensummit.com/ The Business Blockchain: http://thebusinessblockchain.com/ Startup Mangement: http://startupmanagement.org/ The Control: https://thecontrol.co/ Runa Capital: http://www.runacap.com/

Episodes referenced: Brock Pierce of Blockchain Capital and Stan Miroshnik of The Argon Group: https://www.forbes.com/sites/laurashin/2017/04/18/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/ Olaf Carlson-Wee of Polychain Capital: https://www.forbes.com/sites/laurashin/2017/03/07/why-this-hedge-fund-ceo-once-put-most-of-my-meager-life-savings-into-bitcoin/#6c20ccd14e15 Jerry Brito and Peter Van Valkenburgh of Coin Center: https://www.forbes.com/sites/laurashin/2016/10/18/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law/#11112aa960e6

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IBM's Jerry Cuomo On Everything From Blockchain Security To Hyperledger To The Internet Of Things May 02, 2017

Thanks to all the listeners who've let me know what you want to hear more of, what you like about the show, and who you want to see as guests. If you haven't yet, have a say in the direction of the show -- tell me what you like, what the podcast could do better, and who you are: https://www.surveymonkey.com/r/unchained

Jerry Cuomo has been at IBM his whole career and says that the emergence of blockchain technology is the second time in his career he has seen a breakthrough that will affect the lives of everyday people. IBM's VP of blockchain technologies talks about the company's work in areas as diverse as food safety in its project with Walmart, how blockchains will interact with Internet of Things devices and how it's approaching its identity work. Plus, he dives into what security for a permissioned blockchain looks like, whether IBM will lock its clients into its software, and what exactly its role is with the Hyperledger Foundation.

Show notes are available here: http://www.forbes.com/sites/laurashin/2017/05/02/ibms-jerry-cuomo-on-everything-from-blockchain-security-to-hyperledger-to-the-internet-of-things/

IBM blockchain: https://www.ibm.com/blockchain/

We also reference my interview with Kathryn Haun of the Department of Justice: https://www.forbes.com/sites/laurashin/2016/11/01/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them/

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This VC Is Sure Venture Capital Is About To Be Disrupted Apr 18, 2017

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Blockchain Capital's recent BCAP token offering is a harbinger of things to come in venture capital and private equity, says the firm's managing director Brock Pierce. And Stan Misohnik, the CEO and cofounder of a new investment bank focused on cryptocurrency called The Argon Group, seconds that. Pierce talks about how his career in cryptocurrency started with video games, how Blockchain Capital's three funds have evolved over time, why he is taking the step to disrupt himself, and why his phone number is being handled by the office of T-Mobile's president. And Miroshnik explains how his background in capital markets helped him see the business opportunity and why the BCAP token issuer was based in Singapore.

Show notes: http://www.forbes.com/sites/laurashin/2017/04/18/this-vc-is-sure-venture-capital-is-about-to-be-disrupted/

Blockchain Capital: http://blockchain.capital/

The Argon Group: https://argongroup.com/

Blockchain Capital III Digital Liquid Venture Fund: https://blockchaincapital.tokenhub.com/

The phone hijacking article Brock and I reference: http://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/

The episode with Jerry Brito and Peter Van Valkenburgh of Coin Center: https://www.forbes.com/sites/laurashin/2016/10/18/how-coin-center-is-helping-define-the-big-fuzzy-gray-area-of-blockchain-and-cryptocurrency-law/

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Why Bitcoin May Split In Two And How To Prevent It Apr 04, 2017

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The bitcoin community is mired in a civil war. In this episode of the Unchained podcast, supporters of opposing sides -- former Bitcoin Core developer Jeff Garzik and Litecoin creator Charlie Lee -- explain why nuclear options are on the table. The discussion touches on whether high transaction fees are bad for the network or a necessary evil, which would be considered the "true" bitcoin if the currency split in two, and whether the cryptocurrency is already centralized, or controlled by a few. We also discuss why bitcoin can't just look at the playbook of other open source projects to get past this stalemate. And they give advice to current bitcoin owners wondering whether to sell or hold through this bitcoin game of chicken.

Show notes: https://www.forbes.com/sites/laurashin/2017/04/04/why-bitcoin-may-split-in-two-and-how-to-prevent-it/

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Bobby Lee, CEO Of BTCC, On Why The Chinese Probably Aren't Using Bitcoin To Evade Capital Controls Mar 21, 2017

Bobby Lee, CEO of BTCC, one of the world's longest-running cryptocurrency exchanges, talks about whether Chinese people are using bitcoin to evade capital controls, how bitcoin trading in China has changed since a government crackdown in early January, and how he came up with the idea for no-fee trading in the early days of bitcoin.

Read the show notes.

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Why The First Employee Of Coinbase Launched A Hedge Fund Mar 07, 2017

Olaf Carlson-Wee is the founder of Polychain Capital, a hedge fund that has invested $15 million into digital assets and has gotten backing from storied venture capital firms Andreessen Horowitz and Union Square Ventures. In this episode, Carlson-Wee recounts war stories from the early days of bitcoin, including how he learned about bitcoin before his computer science professors, bought bitcoins with cash and created “the Bitcoin SAT” to make hires at Coinbase. He also describes how to separate cryptocurrency scams from legitimate ventures, how he plays blackjack against a smart contract and why launching a digital asset hedge fund means he can no longer earn and spend mostly in bitcoin.

Read the show notes.

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Why Nasdaq Is Even More Optimistic About Blockchain Than It Was 3 Years Ago Feb 21, 2017

Fredrik Voss, Nasdaq's head of blockchain initiatives, discusses what the company has accomplished with the technology and how his firm evaluates whether potential projects could benefit from a blockchain solution. He also reveals what is likely to really slow adoption of distributed ledgers (hint: not the tech itself) and gives advice to other companies looking to incorporate it.

Read the show notes and my magazine story on Chain and its work with Nasdaq.

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With Deadline Looming, Will The SEC Approve A Bitcoin ETF? Feb 07, 2017

The SEC will make a decision on a proposed bitcoin ETF by March 11. Will it approve? An optimist and pessimist weigh in, touching upon bitcoin’s liquidity, the impact recent events in China have had on its trading, as well as proposals for bitcoin ETFs by other companies. Plus, they reveal what impact an ETF could have on the bitcoin market.

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Is The IRS Justified In Demanding Information On Millions Of Bitcoin Users? Jan 24, 2017

The IRS found three entities using bitcoin to evade taxes and has now demanded the records of millions of users at Coinbase, the largest U.S. cryptocurrency exchange. An accountant and an attorney specializing in cryptocurrency discuss whether the IRS is overreaching, how this "unprecedented" case differs from previous ones pursued by the IRS, and what they think the ultimate outcome will be.

Read the show notes.

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What Is One Of The World's Largest Derivatives Exchanges Doing With Bitcoin? Jan 10, 2017

CME Group handles three billion contracts worth about $1 quadrillion annually. So why is it making a foray into bitcoin, whose market capitalization is a mere $16 billion? Sandra Ro, CME's head of digitization, explains its first cryptocurrency products, the Bitcoin Reference Rate and the Bitcoin Real-Time Index, as well as a forthcoming blockchain-based product, Royal Mint Gold. She also reveals which other cryptocurrencies have piqued her interest and which other physical world assets she thinks could be traded by blockchain.

Read the show notes.

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Federal Prosecutor Kathryn Haun On How Criminals Use Bitcoin -- And How She Catches Them Nov 01, 2016

Kathryn Haun put away the DEA and Secret Service agents who tried to make off with more than $800,000 in stolen bitcoin while investigating the darknet Silk Road marketplace. She talks about how the blockchain technology underlying Bitcoin made it possible to uncover their theft, why she believes blockchain will create a lot of good, and what she does when the very people behind tumblers and mixers -- technology that makes her work more difficult -- turn to her when they are the victims of crimes. Along the way, we learn about the habits of cryptocurrency criminals and get a fascinating view into the world of "breeder documents."

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How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law Oct 18, 2016

As blockchains and cryptocurrencies evolve, there are times when the technology outpaces the law. That's when Coin Center steps in. The non-profit, which represents the technology, not the industry, and aims for regulators to keep a mostly hands-off attitude, has already helped shape questions around which types of Bitcoin wallet providers are financial institutions and whether new coins being offered represent securities. And answering these questions has drawn it back into previous cases involving everything from Florida orange groves to Manhattan co-ops to golf club memberships.

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What Does Cornell’s Emin Gun Sirer See As The Main Security Threats In Cryptocurrency? ‘Everything’ Oct 04, 2016

Cornell University computer science professor Emin Gun Sirer, an influential figure in the cryptocurrency and blockchain space, describes his ideas for improving security in the space, his skepticism about how to scale these networks, and how the last time financial institutions invested in their systems appears to be for Y2K. He also tells us how growing up in an environment where he saw a lot of scams helps him find problems in code, explains why Bitcoin is the “universal bug bounty,” and reveals how two high school students saved burgeoning cryptocurrency network Ethereum “like in the movies — just before the clock was going to expire.”

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Why A Wall Street Journal Currency Reporter Didn't Understand Money Until He Learned About Bitcoin Sep 20, 2016

Michael Casey, senior advisor at MIT's Media Lab and author of the Age of Cryptocurrency, spent 18 years at the Wall Street Journal -- a good portion of that covering currency markets. But he says it wasn't until he learned about Bitcoin that he really understood what money was. In this episode of Unchained, he explains why, plus discusses why he thinks China will play a key role in moving the world to a cryptocurrency- or blockchain-based trade settlement system, what that could mean for the U.S. dollar as a reserve currency and what he thinks is the most cutting-edge work being done in blockchain.

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Why Tyler And Cameron Winklevoss Fell In Love With Bitcoin Sep 06, 2016

Tyler and Cameron Winklevoss, CEO and President, respectively, of cryptocurrency exchange Gemini, talk about the importance of regulation in a sector once associated in popular culture with illicit activity. The twin brothers, who were the first to file with the SEC for a Bitcoin ETF, recount how they went from competing in the Olympics to launching a cryptocurrency company, explain why they believe private blockchains are really just distributed databases, and discuss why we've seen so many hacks of Bitcoin exchanges. They also touch on an emerging trend, app-coins or new cryptographic tokens being used to run, say, peer-to-peer versions of Dropbox or Reddit.

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Blockchain 101 With Andreas Antonopoulos: How Bitcoin Makes Each Of Us As Powerful As A Bank Aug 23, 2016

“Shifting from a perspective of 'only humans control money' to 'machines and software control money' is really radical and it changes a lot of things,” says the popular blockchain and Bitcoin author and speaker Andreas Antonopoulos. Antonopoulos discusses why the real magic of blockchain is decentralization, why criticisms that Bitcoin is a waste of energy are wrong, and why he now charges a 20% premium to be paid by wire transfer instead of bitcoin. And if you're amazed by the idea of a self-driving car, wait until you hear his description of how the taxis of the future might operate.

Read the show notes.

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How The Blockchain Alliance Helps Law Enforcement With Bitcoin Crime And Developments Like The DAO Aug 09, 2016

Jason Weinstein and Alan Cohn, partner and of counsel, respectively at law firm Steptoe & Johnson, discuss their work with the Blockchain Alliance, a coalition of both blockchain and cryptocurrency companies as well as law enforcement agencies including Interpol, the FBI, the SEC, Europol and others. Find out how crime in Bitcoin is similar to all types of crime, what genuinely new questions are being raised, and how various law enforcement agencies might think about even recent developments like the emergence of the DAO and the subsequent DAO hack.

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Chain's Adam Ludwin On Who Is Best Poised To Benefit From Blockchain Technology Jul 26, 2016

As blockchain technology remakes financial services, some companies will be better positioned than others, says Adam Ludwin, CEO of Chain, which has partnered with incumbents like Visa, Citi and Nasdaq. Ludwin describes which types of firms will emerge winners and the mindset of the executives who really get it. He also explains why he is certain central banks will one day issue digital currency.

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Want to Diversify Your Portfolio? Try Bitcoin, Say ARK's Chris Burniske And Coinbase's Adam White Jul 12, 2016

Invest in oil and gold? In this episode, the co-authors of a compelling white paper explain the four reasons why they believe you may soon be investing in digital oil and digital gold instead. Find out why their analysis prompted Burniske to say of bitcoin, "That's an investor's dream," why White mentioned the saying, "On the blockchain, no one knows you're a refrigerator," and how well ARK's investment in bitcoin has performed.

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MaiTai Global's Bill Tai On Why Blockchain Is The 6th Wave Of Technology Jun 28, 2016

Bill Tai, a venture capitalist who got his start as a computer chip designer in the 1980s, places blockchain in the context of the broader technological revolution of the last three decades. He also reveals how Bitfury, a company in which he's an investor and board member, built a more efficient chip though the designers had never been formally trained; what blockchain advocacy group was founded in Sir Richard Branson's hot tub; and how he formed MaiTai Global, a series of kiteboarding-and-tech events in some of the most glamorous destinations around the world.

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Bloq's Matt Roszak on Necker Island: Connecting Multiple Blockchains, China and Tech Cooperatives Jun 14, 2016

Matt Roszak, a venture capitalist for 20 years, discusses how his new company Bloq, cofounded with former Bitcoin core developer Jeff Garzik (from talks they began on Necker Island last year), serves enterprise clients and envisions a multi-chain future in which different blockchains can connect with each other. He also gives his thoughts on business models in a decentralized future and the influence China will play on the development of Bitcoin and blockchain technology. Plus, we find out what happened in his tennis game against Sir Richard Branson.

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BitPesa's Elizabeth Rossiello on Necker Island Jun 14, 2016

Elizabeth Rossiello talks about how she went from being a credit ratings analyst for microfinance investors to heading up an "international mobile money" company for sub-Saharan Africa that uses Bitcoin's rails. Along the way she reveals how convoluted, expensive and unreliable the movement of money into and out of Africa can be -- many people sending money in envelopes via regional buses and even traditional banks having to send money from Africa to Asia via North America. With BitPesa's fast and inexpensive international solution, companies are opening up new markets and people sending remittances no longer have to pay exorbitant charges.

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