Weekly Roundup 11/27/20 (What we are thankful for, USDC in Venezuela, is GBTC behind the rally?) (EP.151)
Play • 38 min

Nic and Matt return with a special Thanksgiving issue of OTB. In this episode: 

  • How Castle Island VC was almost Brink VC
  • The difference between financialized walled-garden gold and its Bitcoin equivalent
  • How USDC is being used in Venezuela via AirTM
  • How stablecoins are now tools of geopolitical power projection
  • Vaneck lanches an ETN on the Deutsche Bourse
  • Is GBTC the cause of the rally
  • The OCC proposes fair access to banking services
  • A few people and organizations that we're thankful for
    • Chaincode Labs
    • Bitcoin Optech
    • Greg Schvey and Adam Ludwin
    • Caitlin Long
    • John Pfeffer
    • Fidelity Digital Assets
    • Coin Center
    • Three Arrows and CMS Holdings
  • Should thanksgiving turkey trots be cancelled?

Content mentioned in this episode: 

Sponsor notes:

Withum is a forward-thinking, technology-driven advisory and accounting firm committed to helping our clients be more profitable, efficient and productive in today’s complex business environment. Our Digital Currency group is proud to partner with members of the cryptocurrency community. Get to know us at withum.com/crypto.

ROLLUP: 2nd Week of January
🚀 SUBSCRIBE TO NEWSLETTER: http://bankless.substack.com/ ✊ STARTING GUIDE BANKLESS: https://bit.ly/37Q17uI ❤️ JOIN PRIVATE DISCORD: https://bit.ly/2UVI10O 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 👕 BUY BANKLESS TEE: https://merch.banklesshq.com/ ----- GO BANKLESS WITH THESE SPONSOR TOOLS: ⭐️ AAVE - BORROW OR LEND YOUR ASSETS https://bankless.cc/aave 🚀 GEMINI - MOST TRUSTED EXCHANGE AND ONRAMP https://bankless.cc/go-gemini 💳 MONOLITH - GET THE HOLY GRAIL OF BANKLESS VISA CARDS https://bankless.cc/monolith 📈 KWENTA | DEVIRATIVES TRADING WITH INFINITE LIQUIDITY https://bankless.cc/kwenta ----- BTC Price In the last 7 days: - Touched $42,000 - Fell down to $31,000 - Regained $40,000. - Currently at $39,500 ETH Price - Touched $1,350 - Fell to $900 - Currently above $1,200 TVL in DeFi - From $22.8 to $23.3B $DPI - From $185 to $208 $MKR particularly interesting price action Retail entering; judging by exchange twitter followers https://twitter.com/lawmaster/status/1348220777498353665?s=20 Market Dumps because of overleverage: https://twitter.com/kaiynne/status/1348486588045668353?s=20 Numbers are bigger now Price swings, volume https://twitter.com/MessariCrypto/status/1348769821220069382?s=20 Coinbase volume https://twitter.com/lawmaster/status/1348895884315156481?s=20 Reminder: ETH futures on the horizon https://www.cmegroup.com/media-room/press-releases/2020/12/16/cme_group_to_launchetherfuturesonfebruary82021.html RELEASES Tether on a ZK Rollup https://www.theblockcrypto.com/post/90738/tether-usdt-hermez-ethereum-layer-2-scaling-solution-zk-rollups Nexus mutual offering insurance on exchanges https://www.coindesk.com/nexus-mutual-decentralized-insurance-cover-coinbase-binance-kraken-gemini Bitcoin hashrate tokenized on Ethereum https://www.theblockcrypto.com/post/90847/poolin-bitcoin-hashrate-token-pow-defi Connecting all the rollups with Vector? https://medium.com/connext/vector-0-1-0-mainnet-release-9496ae52c422 Cloudflare and IPFS - Your ethereum address is now accessible by any browser without an extension https://blog.cloudflare.com/cloudflare-distributed-web-resolver/ ETH staking inside Argent https://www.argent.xyz/blog/liquid-eth-staking-in-argent/ Synthetix announces Optimistic Rollup transition plan https://blog.synthetix.io/the-optimistic-ethereum-transition/ Coinbase Asset Hub https://blog.coinbase.com/introducing-coinbase-asset-hub-our-open-invitation-to-asset-issuers-f9d5f0be609d NEWS Gemini going public?? https://www.theblockcrypto.com/linked/91251/winklevoss-twins-weighing-taking-gemini-public Gemini BTC credit card https://techcrunch.com/2021/01/14/gemini-is-launching-a-credit-card-with-bitcoin-rewards/ Gary Gensler is new SEC chair. https://www.reuters.com/article/us-usa-biden-sec-exclusive/exclusive-biden-to-name-gary-gensler-as-u-s-sec-chair-sources-say-idUSKBN29H2PQ We did it. https://twitter.com/valkenburgh/status/1349717095425183747?s=20 Anchorage Becomes First OCC-Approved National Crypto Bank - CoinDesk https://www.coindesk.com/anchorage-becomes-first-occ-approved-national-crypto-bank Morgan Stanly owns 10% of Microstrategy https://www.coindesk.com/morgan-stanley-boosts-stake-in-bitcoin-laden-microstrategy-to-10-9 70,470 BTC, 10.9% is MS’s, 7681 BTC claimed to morgan stanly Pakistan using funds to mine BTC https://decrypt.co/53918/pakistan-is-now-using-government-funds-to-mine-bitcoin 2.5% of ETH supply in Gnosis safe https://twitter.com/gnosisSafe/status/1349685149408112646?s=20 TAKESSushi on the rise https://twitter.com/ashwath_22/status/1349090698788626432?s=20 Erik Voorhees on protocol competition https://twitter.com/ErikVoorhees/status/1349548038822502400?s=20 Brian Brooks “Get Ready for Self-Driving Banks” https://www.ft.com/content/c1caca5b-01f7-41be-85a4-3ecb883f2417 Bitcoin is less risky as NGU https://www.coindesk.com/bitcoin-bill-miller-cnbc-volatility-risk Ryan on ICOs - were ICOs net good or net bad? https://twitter.com/RyanSAdams/status/1347599685356314626?s=20Starting pistol for Web3 decentralization https://twitter.com/FEhrsam/status/1348316470258794496?s=20 Mark Cuban on internet tech stocks https://twitter.com/RyanSAdams/status/1348698853072130057?s=20 Bitcoin in race for adoption ahead of CBDCs https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies ----- Don't stop at the video! Subscribe to the Bankless newsletter program http://bankless.substack.com/ Visit the official Bankless website http://banklesshq.com/ Follow Bankless on Twitter https://twitter.com/BanklessHQ Follow Ryan on Twitter https://twitter.com/ryansadams Follow David on Twitter https://twitter.com/TrustlessState ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case
53 min
The Delphi Podcast
The Delphi Podcast
Tom Shaughnessy
Taking Crypto Mainstream: Do Kwon Covering Terra, Mirror and Anchor
Delphi Digital analyst Jonathan Erlich hosts Do Kwon, Co-Founder and CEO of Terraform Labs, to discuss all things Terra. The conversation dives into Terra’s vision and impressive 2020, as well as into Chai and some exciting recent developments such as Mirror and Anchor. The full interview transcript is available here! Every Delphi Podcast is dropped first as a video interview for Delphi Digital Subscribers. Our members also have access to full interview transcripts. Join today to get our interviews, first. - Show Notes: (1:30) – (First Question) - Do Kwon’s Background and what brought him to Crypto. (3:18) – How Do Kwon defines Terra? (6:41) – Terra´s Stablecoins Walkthrough. (9:01) – Peg Stability. (11:06) – Thoughts about Chai / Chai´s Success. (16:01) – UX from the Merchant Perspective. (18:53) – How Terra benefits from Chai? (23:01) – 3 Announcements around Chai. (31:13) – Smart Contracts for Terra. (37:50) – Mirror’s Competitive Advantages. (40:34) – Thoughts about Value accrual in Mirror. (43:47) – Mirror Regulation. (46:33) – Mirror’s Sustainability / The liquidity mining campaign ends, What’s Next? (50:45) – Anchor: A new Savings and Lending Protocol. (56:48) – Thoughts about Anchor’s development. (57:28) – What can we expect from Terra for 2021? Music Attribution: * Cosmos by From The Dust | https://soundcloud.com/ftdmusic * Music promoted by https://www.free-stock-music.com * Creative Commons Attribution 3.0 Unported License * https://creativecommons.org/licenses/by/3.0/deed.en_US Resources: * Do’s Twitter: https://twitter.com/d0h0k1 * Terra Site: https://terra.money/ * Mirror Site: https://mirror.finance/ * Anchor Site: https://anchorprotocol.com/ * Jonathan’s Twitter: https://twitter.com/JonathanErlichL * Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More * Our Video interviews Can Be Viewed Here: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q * Access Delphi’s Research Here: https://www.delphidigital.io/ Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product or service. Delphi’s transparency page can be viewed here.
1 hr 1 min
The Blockchain Debate Podcast
The Blockchain Debate Podcast
Richard Yan
Motion: Tether has always been acting in bad faith (Bennett Tomlin vs. Larry Cermak, co-host: Patrick McKenzie)
Guests: *Bennett Tomlin (@bennetttomlin)* *Larry Cermak (@lawmaster)* Host: *Richard Yan (@gentso09) Patrick McKenzie (@patio11, special co-host) * Today’s motion is “Tether has always been acting in bad faith.” This topic is very relevant for today’s markets because Tether is simultaneously an incredibly important, if not the most important, source of on-ramp liquidity for crypto, and a controversial, legally-challenged, blackbox operation that make market participants worry about their undesirable dealings and, worse, imminent collapse. We previously had a similar debate on this with Matthew Graham from Sino Global Capital vs Cas Piancey, the independent crypto commentator and Tether skeptic. So definitely check that out. Today’s debaters are Larry from the Crypto publication and Bennett Tomlin, another crypto commentator and Tether skeptic. The episode was also co-hosted by Patrick McKenzie, who also did extensive independent research on Tether. If you’re into crypto and like to hear two sides of the story, be sure to also check out our previous episodes. We’ve featured some of the best known thinkers in the crypto space. If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter. Please note that nothing in our podcast should be construed as financial advice. Source of select items discussed in the debate (and supplemental material): * Paper claiming unbacked Tether drove BTC price: * https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 * Papers dispelling the above notion: * https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3175876 * https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3508006 * Patrick McKenzie comprehensive history of Tether: https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/ * Bennett Tomlin blog: https://bennettftomlin.com/ * The Block publication: https://www.theblockcrypto.com/ * Amy Caster Tether timeline: https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/ Guest bios: Bennett Tomlin regularly publishes articles about fraud in the crypto space via his blog. His dayjob is data scientist and fraud investigator in the pharmacy benefits area. Larry Cermak is Director of Research and Analysis at The Block, a crypto research, analysis and news outlet geared toward institutional investors. Patrick McKenzie is a Tokyo-based entrepreneur and commentator. He wrote a thorough recount of the Tether controversy on his personal website. Patrick works for the Internet at Stripe. All comments are his own.
1 hr 16 min
Once BITten!
Once BITten!
Daniel Prince
@Bitcoinbeach - Want To Live In A #Bitcoin Community On A Beach? #103
$35,375 Today's guest on the show is Michael from @Bitcoinbeach in El Zonte in El Salvador. Are you sick of your temperate or political climate? Have you dreamed of living in or visiting a growing #Bitcoin community? Listen to Michael explain how this project began with a clandestine meeting and how they have been educating the local community to help them understand #Bitcoin. How many different nationalities are living at @Bitcoinbeach and are there any Britcoiners out there? Will El Salvador be one of the first countries to adopt a #Bitcoin standard? How is this project changing the shape and feel of the local community in El Zonte? Will #Bitcoin companies locate or set up field offices in EL Zonte and use @Bitcoinbeach as the perfect testing ground for new products/services for the #Bitcoin community. What is life like in El Zonte, what kind of accommodation can you find, what services are available to families and how do Michael and other families educate their kids? How did Michael fall into the rabbit hole and how did paying upwards of 30k per year in credit card fees within his business help drive his understanding of the power of #bitcoin. A huge thank you to Michael for taking the time to come on the show to talk about the @Bitcoinbeach project. I stand on the shoulders of giants, these guys are amazing. Thank you: @coinfloor @swanbitcoin for your trust and support. @adamwoodhams1 for producing the show. @jimreapermusic for creating www.once-bitten.com @hodlerthanthou and the Britcoiners @twentyoneism. Shills and Mench’s: www.coinfloor.co.uk/bitten www.swanbitcoin/bitten https://elzonteartsandlearning.org/escuela-libre-el-zonte/ https://www.amschool.edu.sv/
1 hr 14 min
Blockcrunch: For Global Crypto Investors | Investment Theses | Project Breakdowns  | Industry Trends
Blockcrunch: For Global Crypto Investors | Investment Theses | Project Breakdowns | Industry Trends
Jason Choi
Ponzis or Game-changer? Algorithmic Stablecoins Part I - Ben Simon, Mechanism Capital, Ep. 128
Algorithmic stablecoins like Ampleforth, Basis Cash, Empty Set Dollar and Frax are all the rage...but do these ostensible "ponzi" games have have any lasting value? In Part 1 of our 2 part series, Mechanism Capital analyst Ben Simon(@benjaminsimon97) joins us in discussing: * The economic origins of algorithmic stablecoins * The main trade offs of algo stable models * How algo stables compare to other trustless stablecoins * Ampleforth vs. Basis Cash Jason Choi (@MrJasonChoi). This show is not financial advice; show host and guest may hold some of the assets discussed. ------------- Sponsors ------------- BITTREX GLOBAL: You can now trade tokenized stocks like Google, Netflix, Amazon and Alibaba on Bittrex Global. Users can trade 24/7 globally, even purchase fractions of a share. Sign up now: https://global.bittrex.com/discover/tokenized-stocks. RADIX: Radix is the first layer-one protocol specifically built to serve DeFi. Decentralized finance applications are currently built on protocols that are not fit for purpose, leading to congestion, hacks and developer frustration. Radix changes this by introducing a scalable, secure-by-design, composable platform with a DeFi specific build environment to make it easy to build and launch scalable DeFi. Find out more at www.radixdlt.com NEXO: Borrow and lend crypto at market-beating rates: Nexo.io ------------- Disclosures ------------- Musical credits: Underground Stars by Loxbeats https://spoti.fi/34tPBBO Creative Commons — Attribution 3.0 Unported — CC BY 3.0 Free Download / Stream: https://bit.ly/underground-stars Music promoted by Audio Library https://youtu.be/vpJDMD2EzkA Disclaimer: Jason Choi is an investor at Spartan Capital, the hedge fund arm of The Spartan Group. All opinions expressed by Jason and podcast guests are solely their own opinions and do not reflect the opinion of The Spartan Group and any of its subsidiaries and personnel. This podcast is for information purposes only and should not be relied upon as a basis for investment decisions.
32 min
Bitcoin Audible (previously the cryptoconomy)
Bitcoin Audible (previously the cryptoconomy)
Guy Swann
Read_485 - Why Bitcoin Is Not a Ponzi Scheme [Lyn Alden]
“From the beginning, Bitcoin has remained an open source and fully transparent project, and has the most organic growth trajectory of the industry. Given available information, the market has priced it as it sees fit, out in the open.” - Lyn Alden Bitcoin is a Ponzi, say the detractors. Their arguments never seem anymore sophisticated, and sound increasingly desperate as Bitcoin continues to defy their view. Is there any truth to this? Well Lyn Alden decides to break it down for us, using a range from the most narrow, to the most broad view of a Ponzi, and lays out Bitcoin’s history, network effects, & open nature against it, to make the rather obvious case in hindsight, that Bitcoin, is indeed, Not a Ponzi scheme. Check out the original for a few great graphics and charts to better visualize the argument, and to support/follow the work both of LynAlden, and the excellent Swan Bitcoin blog: https://www.swanbitcoin.com/why-bitcoin-is-not-a-ponzi-scheme-point-by-point/ Support the show at GuySwann.com and start auto-buying your Bitcoin stack using the best service in the space! Get $10 FREE for signing up with my link and support the podcast at the same time: swanbitcoin.com/guy Don’t forget to explore our awesome sponsors and their products at the links below: BitBox - Minimal, user friendly, secure, Swiss made, open source, hardware wallet (guyswann.com/BitBox) LVL.co - The first Free, no-fee exchange & Bitcoin banking services! (guyswann.com/lvl) --- Send in a voice message: https://anchor.fm/thecryptoconomy/message
1 hr 5 min
The "What is Money?" Show
The "What is Money?" Show
Robert Breedlove
The Saylor Series | Episode 8 | Bitcoin and Immortal Sovereignty
Michael Saylor joins me to discuss anthropology, energy, and technology from first principles as we build the intellectual foundation necessary to truly grasp the historic significance of Bitcoin. 00:00:00 - Episode Trailer 00:01:06 - Swan Bitcoin 00:03:22 - Robert’s Intro 00:05:48 - Life converts entropy into order “A dead thing can go with the stream, only a living thing can swim against it” 00:08:17 - The first engineered monetary system 00:09:15 - Networks further the human race 00:09:59 - The highest calling of humanity is to extract order from the chaos Engineering – the honorable profession 00:11:07 - Bitcoin as a Medium of Exchange 00:11:28 - Peer to peer cash means settlement network 00:11:56 - High frequency transactions are unnecessary & irrelevant 00:13:12 - Centralized networks are best for MoE 00:14:06 - Privacy & Compliance 00:14:38 - Large transactions are more valuable 00:15:08 - High Frequency SoV, Low Frequency MoE 00:16:23 - Tax Challenges to MoE 00:17:38 - Accounting System Challenges to MoE 00:18:48 - Treasury Strategy for BTC “Put it in the vault and throw away the key” 00:19:48 - Challenges of paying employees in Bitcoin 00:22:18 - Tax treatment is controls currency selection 00:23:28 - Bitcoin not practical as currency 00:24:00 - The option to settle is more important than the action itself 00:24:33 - “An armed society is a polite society” R.A. Heinlein 00:25:35 - The ability to cash settle is the deterrent “Absolute power corrupts absolutely” 00:26:48 - The optionality keeps everyone honest in a free market 00:28:08 - “Just because you can do a thing doesn’t mean you should do a thing” -Stoics “The loudest man in the room is the weakest man in the room” – American Gangster 00:28:48 - No need to flaunt power Don’t get distracted by shiny objects. 00:29:38 - SoV is much more valuable than MoE 00:30:45 - Challenges of Privacy Coins Meyer Lansky, Pablo Escabar examples 00:31:55 - Bitcoin as a Unit of Measure 00:31:58 - Bitcoin is a universal language of economic truth 00:32:49 - Bitcoin will always be a standard unit of economic energy Bitcoin vs. Ounce of Gold 00:34:24 - Too much emphasis on MoE UoM, Not enough on SoV 00:34:48 - Non-constructive Crypto debates 00:35:17 - $300 billion Crypto Pond vs. $300 trillion Asset Ocean 00:36:48 - Crypto Market Segmentation 00:39:18 - Alt-coin experiments & DeFi 00:40:04 - Crypto Theory - Emergence of Magic in Cyberspace 00:40:23 - Crypto Networks vs. Digital Networks 00:41:14 - Crypto is for Immortal Sovereignty & Antifragility Crossing Time & Domains 00:43:18 - Limitations of Crypto Architecture 00:44:36 - “If you want to go fast, go alone. If you want to go far, go together.” 00:45:48 - Plants vs. Animals – Genetic Tradeoffs 00:46:10 - Trust in Man, Company, Government, or Crypto? 00:46:28 - Solving problems with combination of tools 00:46:58 - Crypto Network is a life form in cyberspace 00:48:38 - One shot to create new form of crypto life 00:49:38 - Genetic similarities – no recalls allowed 00:50:23 - Ethereum Challenges 00:51:32 - Competition between Crypto Assets, Applications, & Currencies 00:52:28 - Defective Genetic Mutations 00:54:48 - Bitcoin Network Dominance among Crypto Assets 00:55:14 - Challenges of Proof of Stake 00:56:02 - Stablecoins as Crypto-Currencies 00:57:48 - Regulatory Arbitrage 01:00:07 - Crypto-Applications 01:00:50 - Digital Exchanges vs. Crypto Exchanges 01:00:50 - Risk Management & Crossing the Street 01:02:18 - Digital Network Advantages when integrated with Bitcoin 01:02:48 - Essence of the Crypto Value Proposition – Longevity 01:03:48 - Powering Digital Networks with a Crypto Network 01:05:48 - Rockefeller Estate Management 20th Century Approaches to Immortal Sovereignty 01:07:48 - Bitcoin is to Banking what YouTube is to Broadcasting 01:09:08 - Bitcoin Trust Structure 01:10:58 - Hybrid Solutions with People, Digital, & Crypto Networks 01:12:28 - Cyber Guild System 01:14:08 - Domains in Perpetuity – Monuments in Cyberspace 01:14:48 - Perpetuating Values – What do you love? 01:15:58 - Endowments via Bitcoin 01:17:04 - Tragedy of the Commons -Park in the Port of Naples 01:19:33 - Casting a Magic Spell with Crypto 01:20:48 - Bitcoin can be the source of “Magic Power” 01:22:24 - Fantasy Magicians, Spells, Curses, & Limits of Power 01:22:48 - Money is Power 01:23:48 - The power & reach of John D. Rockefeller 01:26:48 - Dominant Digital Networks & Bitcoin 01:28:12 - Market Forces & Ideology will Define the Future 01:28:48 - Role of the Maximalists & Citizen Soldiers 01:30:56 - Robert's Outro 02:12:13 - End -- See My Work: https://linktr.ee/breedlove22 Contribute Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7 Stack sats: https://www.swanbitcoin.com/breedlove/ Twitter: https://twitter.com/Breedlove22
2 hr 12 min
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