Unconfirmed

Latest Episodes:

Dan Morehead of Pantera Capital on Why This Crypto Winter Is Different - Ep.058 Feb 01, 2019

Show notes

Dan Morehead, CEO of Pantera Capital, explains why this crypto bear market is different from the previous one his firm endured, what he believes will give institutional money the confidence to enter the space, and how Pantera's investing approach has changed in this downturn. We also discuss what types of projects and companies Pantera is investing in, how regulatory uncertainty is affecting development of the space, and where innovation is happening. The answer may surprise you.

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CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

Pantera Capital: https://www.panteracapital.com

Dan Morehead: https://twitter.com/dan_pantera

Pantera's December letter: https://medium.com/@PanteraCapital/market-update-pantera-blockchain-letter-december-2018-f48ad020f9d6

Joey Krug's crypto thesis: https://medium.com/@PanteraCapital/a-crypto-thesis-47eaacf861ca

Fidelity launching a Bitcoin custody service in March: https://www.bloomberg.com/news/articles/2019-01-29/fidelity-is-said-to-plan-march-launch-of-bitcoin-custody-service

Why You Shouldn't Trust Crypto Exchange Reports for Your Taxes - Ep.057 Jan 25, 2019

Show notes

Chandan Lodha, cofounder and CEO of CoinTracker, explains why reports from crypto exchanges could be insufficient for filing accurate tax returns to the IRS, how one should track one's crypto transactions in order to not over- or under-pay, and who can use the service. We also discuss how users should treat airdropped coins, new, comprehensive rules on crypto taxation for UK taxpayers and correlations in coin ownership that CoinTracker sees amongst its users.

Thank you to our sponsor!

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links

CoinTracker: https://www.cointracker.io

Chandan Lodha: https://twitter.com/cglodha

Unchained episode on all crypto-related tax issues: https://unchainedpodcast.com/the-tax-rules-that-have-crypto-users-aghast/

CoinTracker integration with TurboTax: https://medium.com/cointracker/cointracker-partners-with-coinbase-and-turbotax-17f37a08bbb

CoinTracker and Coinbase integration (announced after we recorded): https://blog.coinbase.com/new-resources-for-crypto-taxes-b29651c3f5d4

CoinTracker post on UK tax guidance: https://medium.com/cointracker/cryptocurrency-taxation-in-the-united-kingdom-3d99bb81b6b5

CoinTracker Cryptocurrency Coin Correlations: https://medium.com/cointracker/whats-in-your-wallet-cryptocurrency-coin-correlations-6c0aa6274882

When Is a Token Decentralized Enough to Not Be a Security? - Ep.056 Jan 18, 2019

Show notes

The newly formed Blockchain Association recently released a post outlining what it calls the Hinman Token Standard based on a speech given last summer by Bill Hinman, director of the SEC’s Division of Corporation Finance. The Blockchain Association's director of external affairs, Kristin Smith, breaks down what factors are part of the standard, how much weight should be given to remarks he gave at a conference and how decentralization can square with leadership. We also discuss the Token Taxonomy Act, which seeks to amend the Securities Exchange Act to define "digital tokens" and when they are not securities.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

The Blockchain Association: https://theblockchainassociation.org

Kristin Smith: https://twitter.com/KMSmithDC

The Hinman Token Standard: https://medium.com/@BlockchainAssoc/understanding-the-secs-guidance-on-digital-tokens-the-hinman-token-standard-dd51c6105e2a

Token Taxonomy Act: https://www.congress.gov/bill/115th-congress/house-bill/7356

The Ethereum Classic 51% Attack: How It Happened and Why the Price Didn't Crash - Ep.055 Jan 11, 2019

Show notes

Charlie Lee, the creator of Litecoin, discusses this week's 51% attack on the Ethereum Classic blockchain. He describes how the attacker was able to gain control of more than 51% of the network, why it was inexpensive for them to do so, how they profited from their attack and who loses money in such an attack. We talk about what types of blockchains are susceptible to these types of attacks, whether or not Coinbase or other exchange will de-list ETC and why the price of ETC hasn't dropped -- and what that means for cryptoeconomic theories around 51% attacks.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

Coinbase blog identifying the 51% attack: https://blog.coinbase.com/ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de

Charlie's tweet about how a coin that's dominant in its respective mining algorithm will not be vulnerable to 51% attacks: https://twitter.com/SatoshiLite/status/1082369887278837763

Charlie's tweet about how only decentralized blockchains are susceptible to 51% attacks: https://twitter.com/SatoshiLite/status/1082491687169998848

Haseeb Qureshi tweet storm about the ETC 51% attack: https://twitter.com/hosseeb/status/1082815549132816384

Arjun Balaji on the Ways Bitcoin Will Improve in 2019 - Ep.054 Jan 04, 2019

Show notes

On the 10th birthday of the Bitcoin network, Arjun Balaji, founder and managing partner at Shomei Capital, explains why doesn't worry too much about potential bugs in the code such as there was last fall, why we'll see improved scalability, privacy and fungibility in the top cryptocurrency in 2019, and why he believes the Lightning Network will foster more developer activity on Bitcoin. He also explains his view that governance tokens and token curated registries will be less popular than they were in 2018 and how such systems further entrench existing power structures. We look at the different waves of crypto funds, how they'll differentiate themselves during the crypto winter, and why we'll see some consolidation in that sector. Plus, he explains why long-term, value from security tokens will be captured by underwriters and why it's unclear who are the right investors for security tokens.

Thank you to our sponsor!

CipherTrace: https://ciphertrace.com/unconfirmed

Episode links:

Arjun's crypto theses for 2019: https://medium.com/@arjunblj/crypto-theses-for-2019-dd20cb7f9895

CVE bug in Bitcoin caught last fall: https://www.coindesk.com/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret

How PowerLedger Aims to Boost Renewable Energy - Ep.053 Dec 28, 2018

Show notes

Jemma Green, cofounder and chairman of PowerLedger, describes how the company, which won the 2018 Extreme Tech Challenge, spearheaded by Sir Richard Branson and CES, is using tokens to solve various energy problems. One is the principal-agent problem in which the landlords of residential buildings don't have an incentive to install renewables because the tenants are the ones who would recoup the savings. Another is that, as more people install renewables, the grid is becoming less robust and more expensive. She describes the two types of tokens PowerLedger has, how that enables peer-to-peer trading but also involves the utilities, which pilots they have going now, how they're enabling energy asset financing and their work with carbon credits.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

PowerLedger: https://www.powerledger.io

Jemma Green: https://twitter.com/msjemmagreen

PowerLedger wins the Extreme Tech Challenge: https://medium.com/power-ledger/power-ledger-named-winner-in-extreme-tech-challenge-on-necker-island-423bcaa5e082

PowerLedger's pitch at XTC: https://medium.com/power-ledger/xtc-2018-power-ledgers-final-pitch-d69b66a329c6

Australian Financial Review Article that came out after we recorded on how small PowerLedger's uptake is so far: https://www.afr.com/business/energy/how-to-make-and-lose-2-billion-on-blockchain-20181212-h1914w

Bloomberg's Matt Leising on Why It Appears Tether Has Sufficient Dollar Reserves - Ep.052 Dec 21, 2018

Show notes

Bloomberg reporter Matt Leising, who obtained bank statements from Tether's bank, Noble Bank in Puerto Rico, found that for those months, the number of dollars in the bank matched the amount of Tether outstanding. He talks about what this means, whether it matters that both Tether and Noble Bank were founded by Brock Pierce, and whether it matters that the statements are not the most recent. We also touch on other investigations involving Tether, including the CFTC's investigation into whether Tether is fully backed by dollar reserves, the Department of Justice's investigation into whether Tether was used to manipulate the Bitcoin price, and why both Tether and Bitfinex have had such a hard time maintaining banking relationships.

Thank you to our sponsor!

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

Matt Leising: https://www.bloomberg.com/authors/AGfq0QVqo0I/matthew-leising

https://mobile.twitter.com/mattleising

His story on Tether: https://www.bloomberg.com/news/articles/2018-12-18/crypto-mystery-clues-suggest-tether-has-the-billions-it-promised?srnd=premium

CFTC subpoeanas Tether and Bitfinex:

https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc

Bitfinex moves to Noble Bank: https://www.bloomberg.com/news/articles/2018-05-24/bitfinex-said-to-find-bank-in-puerto-rico-after-wells-fargo-exit

Tether moves to Deltec bank: https://www.bloomberg.com/news/articles/2018-11-02/bank-tied-to-tether-goes-quiet-on-relationship-with-crypto-firm

DOJ’s investigation into whether Tether was used to manipulate the Bitcoin price: https://www.bloomberg.com/news/articles/2018-11-20/bitcoin-rigging-criminal-probe-is-said-to-focus-on-tie-to-tether

Consensus: Invest 2018: Financial Products in 2019 and Beyond - Ep.051 Dec 19, 2018

Show notes

This special episode is a recording of the closing fireside chat I had at Consensus: Invest, titled “Financial Products: 2019 and Beyond,” with Jan Van Eck, president and CEO of the Van Eck Securities Corporation, and Mike Belshe, cofounder and CEO of BitGo. During the talk, we discuss SEC chairman Jay Clayton’s comments earlier that day that the main barrier to a Bitcoin ETF was market manipulation. We dive into how well the problem of custody has been solved for potential financial products, and what the entrance of Bakkt and Fidelity could mean for the space in 2019.

Thank you to our sponsors!

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

Thank you to Consensus: Invest for inviting me to moderate! https://www.coindesk.com/events/consensus-invest-2018/agenda

Van Eck: https://www.vaneck.com

BitGo: https://bitgo.com

The comments with SEC chairman Jay Clayton that we reference at the beginning: https://www.coindesk.com/sec-jay-clayton-consensus-invest-video

An article on what he said: https://www.coindesk.com/clayton-sec-ico-funding-security-offering

Why ConsenSys Is 'Shifting From Experimentation to Excellence' - Ep.050 Dec 14, 2018

Show notes

ConsenSys's Andrew Keys talks about the company's recent pivot, called "ConsenSys 2.0," toward greater efficiency, accountability and focus on revenue, why it laid off about 150 people, and what areas it plans to generate revenue from. He explains what the company's mission and goals were in ConsenSys 1.0, how its new priorities will resemble those of more traditional companies, and whether it will retain its flat, unhierarchical structure. Plus, he reveals that the company has "years" of runway left, even as it toys with taking on outside investment.

Thank you to our sponsor:

CipherTrace: http://ciphertrace.com/unconfirmed

Episode links:

ConsenSys: https://consensys.net

Andrew Keys: https://twitter.com/consensysandrew

Jeff Kauflin's article about ConsenSys: https://www.forbes.com/sites/jeffkauflin/2018/12/05/cryptopia-in-crisis-billionaire-joe-lubins-ethereum-experiment-is-a-mess-how-long-will-he-prop-it-up/

Unconfirmed episode about ConsenSys with Jeff: http://unconfirmed.libsyn.com/how-consensys-got-so-big-but-accomplished-so-little-ep049

Joe Lubin's letter to ConsenSys staff about the 2.0 pivot: https://breakermag.com/exclusive-consensys-letter-to-staff-details-major-strategy-shift/

CoinDesk article about restructuring: https://www.coindesk.com/lubin-wont-rule-out-layoffs-amid-refocusing-at-consensys

13% of staff cut at ConsenSys: https://www.coindesk.com/consensys-confirms-layoffs-projecting-13-of-staff-at-startups-to-be-cut

Town Hall questions: https://www.coindesk.com/consensys-town-hall-shows-staff-shaken-at-ethereums-largest-startup

WSJ article about layoffs: https://www.coindesk.com/lubin-wont-rule-out-layoffs-amid-refocusing-at-consensys

How ConsenSys Got So Big But Accomplished So Little - Ep.049 Dec 07, 2018

Show notes

Despite having Joe Lubin's billions at its back, and despite having 1,200 employees to build apparently anything they wanted in the Ethereum ecosystem, ConsenSys has accomplished very little and has little revenue -- so it's finally facing the music and laying off 13% of its employees. Jeff Kauflin, staff writer at Forbes, who wrote a great story on how ConsenSys is flailing, discusses how the company got to this place. (Hint: asteroid mining and college diplomas on a blockchain are part of the answer.) We talk about whether any ConsenSys projects actually have some traction, how much of the new focus has to do with the downturn in the crypto markets -- particularly bitcoin and ether, which are rumored to comprise most of Lubin's wealth -- and what ConsenSys's difficulties mean for Ethereum.

Thank you to our sponsor!

CipherTrace: https://ciphertrace.com/unconfirmed

Episode Links:

Jeff Kauflin's stories on Forbes: https://www.forbes.com/sites/jeffkauflin/#6083b54463ae

On Twitter: https://twitter.com/JeffKauflin

Jeff's story on ConsenSys: https://www.forbes.com/sites/jeffkauflin/2018/12/05/cryptopia-in-crisis-billionaire-joe-lubins-ethereum-experiment-is-a-mess-how-long-will-he-prop-it-up/#c3354702f0a6

Letter from Joe announcing new focus on efficiency and revenue: https://breakermag.com/exclusive-consensys-letter-to-staff-details-major-strategy-shift/

CoinDesk article reporting layoffs at ConsenSys: https://www.coindesk.com/consensys-confirms-layoffs-projecting-13-of-staff-at-startups-to-be-cut

Joe Lubin's estimated personal wealth as of early 2018: https://www.forbes.com/sites/laurashin/2018/02/07/joseph-lubin-ethereum-ether-consensys-crypto-cryptocurrency/#58d513863575