ROLLUP: Bitcoin ETF | Coinbase NFT Platform | PleasrDAO Wu Tang Clan | Polygon & Draft Kings | Steam

3rd Week of October, 2021 ***** 📣 POOLTOGETHER | DEFI LOTTERY https://bankless.cc/PoolTogether ***** 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum 🍵 MATCHA | DECENTRALIZED EXCHANGE AGGREGATOR https://bankless.cc/Matcha 🔐 LEDGER | SECURE YOUR ASSETS https://bankless.cc/Ledger 🧙‍♀️ ALCHEMIX | SELF-PAYING LOANS http://bankless.cc/Alchemix ------ Topics Covered: 0:00 Intro 3:15 MARKETS 3:30 BTC Price Swiss Franc: https://twitter.com/BitcoinMagazine/status/1450840947806380032?s=20 6:03 ETH Price JP Morgan: https://twitter.com/CryptoGucci/status/1451186937100845057/photo/1 7:55 ETH/BTC Ratio 12:51 DeFi All Time High 16:40 BED Index https://www.indexcoop.com/bed 17:20 Layer 2 https://l2beat.com/ 18:12 EIP 1559 https://twitter.com/tokenterminal/status/1449737786106523649?s=21 21:10 Polygon Addresses https://twitter.com/sassal0x/status/1448960122399576068?s=20 21:31 Elon Memes https://twitter.com/elonmusk/status/1451015695106560000?s=21 https://twitter.com/elonmusk/status/1451015695106560000?s=2 23:00 RELEASES 24:00 Futureswap v4 https://twitter.com/futureswapx/status/1448382775912923136 25:28 ENS Websites https://twitter.com/BrantlyMillegan/status/1447608175805485069?s=20 26:32 Wyoming DAOs https://twitter.com/banklessDAO/status/1450133430860140547?s=20 28:22 Connext Explorer https://twitter.com/ConnextNetwork/status/1450456240497307659?s=20 29:13 RAISES 29:56 Obol https://www.theblockcrypto.com/post/120960/obol-technologies-seed-funding-crypto-staking-protocol 31:04 Polynomial https://medium.com/polynomial-protocol/polynomial-raises-1-1m-to-build-a-defi-options-marketplace-d8e613740dfc 31:45 Element https://www.coindesk.com/business/2021/10/19/defi-protocol-element-finance-raises-32m-in-series-a-round/ 32:51 Bitwise & Polygon https://twitter.com/0xpolygon/status/1450816681991806976?s=21 33:59 Variant https://decrypt.co/83772/andreessen-horowitz-vets-launch-110m-crypto-ownership-fund 34:47 Galaxy Interactive https://decrypt.co/83769/galaxy-crypto-fund 35:29 FTX $420,690,000 https://twitter.com/CoinDesk/status/1451156573154390020?s=20 36:53 Candy https://www.theblockcrypto.com/linked/121632/nft-startup-candy-digital-raises-100-million-in-series-a-round 38:01 Stronghold https://www.theblockcrypto.com/linked/121444/bitcoin-mining-stronghold-127-million-ipo 38:54 Jobs https://pallet.xyz/list/bankless/jobs 40:30 NEWS 40:45 Bitcoin ETF https://twitter.com/SEC_Investor_Ed/status/1448710749921087488?s=20 49:26 Coinbase NFT Platform https://metaversal.banklesshq.com/p/the-coinbase-nft-platform- 53:11 Wu Tang x PleasrDAO https://twitter.com/pplpleasr1/status/1450859174628405258?s=20 58:18 DraftKings x Polygon https://twitter.com/DraftKingsNews/status/1450089669396475907?s=20 1:00:25 Facebook on Ethereum https://twitter.com/RyanSAdams/status/1450580346286878725?s=20 1:06:30 POAP CryptoPunk Bid https://twitter.com/poapxyz/status/1449058492371906560?s=21 1:09:52 Steam the Incumbent https://twitter.com/verge/status/1449137444654358534?s=21 1:12:36 Ross Ulbricht NFT https://twitter.com/realrossu/status/1450484387531870214?s=21 1:13:34 Andrew Yang https://twitter.com/AndrewYang/status/1450882429674156032?s=20 1:16:11 Economist https://cdn.shopify.com/s/files/1/0535/3509/products/20210918_ECN_NP_NAVA_001_512px.jpg?v=1632199560 1:18:28 Square Mining https://twitter.com/jack/status/1449110239442345995?t=M8bBtoED6AVwLOQPcMaMOA&s=19 https://twitter.com/jack/status/1449110239442345995?t=M8bBtoED6AVwLOQPcMaMOA&s=19 1:21:07 Facebook Metaverse https://www.wsj.com/articles/facebook-to-hire-10-000-workers-in-eu-to-build-up-metaverse-11634536014 1:22:30 Coinbase Policy https://blockworks.co/coinbase-proposes-digital-asset-policy-to-help-chart-regulatory-course/?oly_enc_id=9918E2523689A0T 1:24:00 CeFi Lenders https://twitter.com/Bloqport/status/1450114717175910401?s=20 1:26:44 Australian Regulation https://cointelegraph.com/news/aussie-senate-committee-proposes-overhaul-of-crypto-taxes-daos-and-exchange-licenses?utm_source=Telegram&utm_medium=social https://cointelegraph.com/news/aussie-senate-committee-proposes-overhaul-of-crypto-taxes-daos-and-exchange-licenses?utm_source=Telegram&utm_medium=social 1:28:07 Ape & Bull https://www.reddit.com/gallery/qarb5k 1:31:03 Quick Hits 1:34:00 TAKES 1:35:00 Cave Paintings https://twitter.com/mattmedved/status/1448823527621148673?s=21 1:35:52 My First NFT https://twitter.com/mattmedved/status/1448136034567397377?s=21 1:36:12 NFTs are a Scam https://twitter.com/AdamSacks/status/1450521593684402184?s=20 1:36:57 DAO 2 DAO https://twitter.com/anonngmi/status/1449145793789808640?s=21 1:37:53 Crypto TAM https://twitter.com/trustlessstate/status/1450653292283916292?s=21 1:40:04 New Regulators https://twitter.com/twobitidiot/status/1450560238101336070?s=20 1:40:49 What David’s Excited About 1:45:22 What Ryan’s Excited About 1:47:41 MEMEs of the Week https://twitter.com/androolloyd/status/1450413543279505410?s=20 https://twitter.com/lay2000lbs/status/1448766694328094721?s=20 1:51:33 Closing & Disclaimers ------ https://newsletter.banklesshq.com/p/bankless-disclosures

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:07Ryan Sean Adams?

  Bankless Nation, happy 3rd week of October. David, should I say Uptober? We're talking all-time highs right now. This has been all-time high week. How are you doing? You've got a big smile on your face. You must be happy. You're in your SpongeBob sweat sweater.

• 0:20David Hoffman?

  High Fashion Fridays.

• 0:21Ryan Sean Adams?

  Something's going right.

• 0:22David Hoffman?

  High Fashion Fridays.

• 0:24Ryan Sean Adams?

  That's awesome.

• 0:24David Hoffman?

  Yeah. Gosh, there's so many awesome things happened this week. Like you said, all-time highs for Bitcoin. We got the Bitcoin ETF as well. Lots to unpack there. Also, a DAO takes the mysterious unreleased famous Wu-Tang album from the cold hands of a hedge-fund villain and is now making it accessible for the rest of the world. TBD on that as well. And also, DraftKings and Polygon, a $40 billion public company now on Polygon. Whoa, that's pretty cool. So much to talk about.

• 0:59Ryan Sean Adams?

  Yeah, we've got some details on the Coinbase NFT platform as well. We're going to cover... So much going on, David. Hard to fit it in, but you know, we manage somehow. Sometimes it's it's an hour and a half, sometimes it's two hours. We jam-packed this episode with everything that you need to know in crypto this week. So we'll attempt to do that. Once again, you think we're going to be successful?

• 1:21David Hoffman?

  We're going to try and go real, real fast. So let's go ahead and get right into it, Ryan. But first, we got some announcements. Want to take us through them?

• 1:27Ryan Sean Adams?

  The first is PoolTogether has just rolled out their V4. They wanted Bankless audience to know about it. And this is like my number one. When somebody asks me, "What's the first thing I should use in DeFi?", I always refer to them to PoolTogether. It's either Uniswap or PoolTogether. But I do this because this is a no-loss lottery, right? So they can't get angry at me if they lose anything, because they won't lose something. By depositing their funds into PoolTogether, you put USDC in. It's fun, easy-to-use user interface, just connect to MetaMask, and boom, you're in a Lotto where you can only win. There's no loss in the principal. They generate the earnings based on prizes that are put...

• 2:10Ryan Sean Adams?

  Pushed out to the platform and based on the yield the assets are earning. So it's like a, it's like a, another way to save. It's like a high interest Lotto savings account, actually. And their V4 has even more prizes. Also, it's whale proof. It's really friendly for the, the smaller minnows, only depositing smaller amounts of money. There's near zero transaction fees too, because the hack is you can now deposit into Pool Together using Polygon and not have to pay ETH gas fees. And they're launching with a million dollars in prizes. So really cool to see this. I've won the Lotto before. I don't know if you've ever won the Lotto in Pool Together, but it's like a magic feeling. You go and you check and you're like, oh my God, I won this week. Isn't that awesome?

• 2:55David Hoffman?

  Yeah, if you ever wanted to check the box of winning the lottery, Pool Together might be the best way that you can add that to your Instagram bio or maybe your Tinder, Tinder bio. Just let, let the people know that you won the lottery.

• 3:08Ryan Sean Adams?

  You should not tell anyone you win the lottery, if you win the lottery, folks. That's like, uh, yeah, it's a recipe for, um, you know, too many acquaintances calling you up and, and wanting things. Anyway, guys, check that out. That's at bankless.cc slash pool together and jump in the pool with us. David, all right, all time high week. You ready to get to markets?

• 3:28David Hoffman?

  Let's absolutely do it. It is all time high week for Bitcoin. We crossed the previous all time high of $63,500, setting a new all time high of $67,100. Taking a little bit of a tumble back down to $63,020, but still broke the all time highs.

• 3:49Ryan Sean Adams?

  That's big, man. That's big. So last previous all time high, if I recall correctly, was sometime in April.

• 3:55David Hoffman?

  April 13th, 191 days ago.

• 3:59Ryan Sean Adams?

  So Bitcoin holders, like through this whole bull run, they've, they've had to be very patient because they've watched all of these other assets pump since April. In particular, like we had this alt layer two, alt layer one summer. We had sort of a DeFi 2.0 kind of resurgence as well. And Bitcoin holders, if you are a Bitcoin holder, you've been waiting patiently for this time to come. The big news was going to be the ETF, right? And here it is. It happened this week and that's why we're seeing the Bitcoin pump. Does that explain all of this, David?

• 4:31David Hoffman?

  I think that a broader question that I want to ask is like, we went through an all-time high where we are now, 191 days ago, 27 weeks ago. Then we went through like this period where Bitcoin just got slammed with FUD after FUD after FUD.

• 4:45Ryan Sean Adams?

  Slammed, huh?

• 4:46David Hoffman?

  China FUD, energy FUD, ESG FUD, like regulation FUD. And it took a beating. It went all the way. Like, how low did it get? Like 29,000, 26,000, 7,000 or something before returning back to all-time highs? And so, like, pretty crazy, right? And like, what is it, 27 weeks? Half of a year? Like, there's always the conversation about Bitcoin goes in cycles. Like, was that a mini-cycle? Was that a full-cycle? Does it even matter as a cycle to talk about? Did we just go through like a full like seasonality cycle? I don't really know. Important story is, we are back at all-time highs.

• 5:23Ryan Sean Adams?

  Yeah, the other, I guess, what that means as well is Bitcoin is rising up the ranks in terms of global currency. So it just passed the Swiss franc in terms of value, total value. There's Bitcoin total outstanding supplies more valuable than total outstanding Swiss francs. So it's the 13th largest world currency by market cap at this point in time. Unbelievable, right? What are we, 12 years, 13 years into this experiment?

• 5:51David Hoffman?

  At the same time, that makes it feel so low. I feel like, oh, that's it? Like Bitcoin's only beyond like the only number 13?

• 5:59Ryan Sean Adams?

  Friends, we are early. We're still early, right? It's gonna be moving up these charts. So let's talk about something else that is moving up the charts, and that is the price of ETH this week. So ETH had a good week. Not quite ready to call the all-time high, though, David. We wanted to so much, but we're not there. We almost, we just touched it, right? Like barely touched it, almost got there, but not quite. What is ETH right now? And what was the previous all-time high?

• 6:22David Hoffman?

  Yeah, currently clucking in at $4,100. We started the week at $3,800. And the previous all-time high was $75 higher than was being reported on Coinbase. It always changes depending on which exchange you're looking at. Previous high was $4,375-ish. And so, oh, look, we actually got closer than I thought. So we almost, we missed it by $20-ish, give or take. But interestingly, Ether was up 14.5% on the week, whereas Bitcoin was only up 11% on the week, on the week that Bitcoin had the ETF announcement, which is kind of interesting.

• 6:56Ryan Sean Adams?

  Good news for Bitcoin is good news for ETH as well, right? So people are just asking like, well, if Bitcoin's going with an ETF, then when ETH ETF, it's gotta be happening. And it is rising up the charts as well. We don't have a global currency chart open, but we do have this. Ethereum is now larger than all of the world's global banks. Okay, so it just passed in terms of market cast JP Morgan in market cap. I've been watching this for a while, just because, look, this is bankless and Ethereum is kind of the, you know, bankless money platform for the world. And now it just passed the largest bank in the world. I don't know that they know this is going on, but it's like, it's happening. It's picking them off one by one.

• 7:40David Hoffman?

  Yeah, do they understand that Ethereum is actually a banking competitor to them? It's pretty cool that Ethereum is bigger than the world's largest bank, but I think the bigger land milestone is when Ethereum is bigger than all of the banks combined. That I think is the real time to celebrate.

• 7:56Ryan Sean Adams?

  Well, let's talk about the Bitcoin to ETH chart, shall we? So Bitcoin and ETH always in this tug of war and this in this tension. What are we looking at on the Bitcoin to ETH ratio this week?

• 8:06David Hoffman?

  Yeah, it was a flat on the week, a little bit up, started at 0.064, currently at 0.065. But it's also when looking at that pattern, you see the, again, lower, a higher low is getting painted over the course of the last, like roughly 200 ish days or so. Again, interesting to see Ether, especially in the last two days, really run up against Bitcoin on the, on the, after the news of the Bitcoin ETF. So interesting dynamics, the Ether Bitcoin ratio really putting up a fight.

• 8:38Ryan Sean Adams?

  Do you know what I tweeted out this morning because I genuinely feel this way? I was, I have not been previously at the point of saying like the flippanting of Ether exceeding Bitcoin market cap is inevitable, but now I feel like I'm at that point.

• 8:55David Hoffman?

  Like

• 8:55Ryan Sean Adams?

  What changed? It's going to happen. Well, I mean, I had a very, I had a high confidence interval, probably at the beginning of the year that that would happen. Call it 80%. What changed is ETH became ultrasound bunny, that narrative stuck. EIP 1559, where we're burning ETH every single, every single block, every single day, every single week, okay? The ETH as an internet bond has taken hold. Talking to institutional investors in the way we have, they're all buying ETH, okay? It's being recognized as a reserve asset. Now we have the merge coming and I have incredibly high confidence that that is going to be shipped. Last year at this time, none of the things I mentioned had happened, alright?

• 9:37Ryan Sean Adams?

  That's where I was like 80% confident that ETH would flip in Bitcoin. Now I'm like closer to 100%. Like, I think it is inevitable. Now we've just seen probably the most bullish thing that Bitcoin has in store, short of another country maybe adopting Bitcoin in some way, which is the ETF, right? That's kind of the news that everyone is waiting for. And it's up, but like, it's not up that much compared to ETH. So, I'm kind of ready to state that. I know you've been more bullish, you're always like, "Yeah, it's gonna happen, 100%." And now I'm feeling like very close to 100% as well.

• 10:15David Hoffman?

  I think there's some things to unpack here, first off. I actually think that this ETF is not the ETF that should make you bullish, because it's a futures-based ETF, and we'll unpack that, what that means later in the episode. But as opposed to a spot-based ETF, where actually like, demand of the ETF actually creates buying pressure on the spot markets. And so, like, there's something to unpack there. Also, this is just the beginning of the ETF, the Bitcoin ETF story, and overall, I think really meaningful Bitcoin price appreciation is gonna happen when that, the bridge of the ETF actually translates towards more and more companies actually putting Bitcoin exposure on their balance sheets.

• 10:59David Hoffman?

  And so, like, wow, it's just like the first week of the Bitcoin ETF. A lot of institutions are not yet moving their money to do that, but they definitely will in the future. And so, my take here is that like... Bitcoin didn't react so strongly to this ETF, other than breaking all time highs, like decent, like still pretty strong.

• 11:16Ryan Sean Adams?

  That's good in and of itself.

• 11:17David Hoffman?

  It's good, but there's, there's just speculation as like, all right, when, when does this meaningfully actually change the fundamentals of Bitcoin? Is it like right now or is it in the future when these institutions actually come and start using this product? And I will also say like, I'm also very, very bullish on the merge, where I think there's going to be a similar game being played as, does Ether really move up against Bitcoin right before the merge? Or really like, is it going to happen maybe up to a year or two years down the line after the lack of issuance from proof of stake actually does show up in the market? Because remember, where Bitcoin has institutions putting it on its balance sheet, Ether has just like not issuing any Ether and actually being ultrasound money. Ethereum, because of the concept of ultrasound money, the combination of burning transaction

• 12:02David Hoffman?

  fees and minimizing the amount of Ether issuance counts as like, we get as many grayscale as Bitcoin has every single year, like recycle. So it's almost like Ethereum flipping Bitcoin is definitely like on a timer, because like they get Ethereum as a protocol, just gets to generate its own grayscale, like putting, putting Ether on the balance sheet. Anyways, there's a lot, there's a lot of dynamics to unpack with the flipping.

• 12:23Ryan Sean Adams?

  Yeah, for sure. And I'm not going to call a timeline on it. I'm just calling a probability of flipping has gone way up, whether that happens before the merge, after the merge, sometime in the next three to five years. I'm not sure. I just think it's going to happen. More Bitcoin ETF discussion too. We should, we should have that when we get to news, because I feel like the big thing is actually the narrative is actually the US government saying, okay, guys, you can have your Bitcoin ETF now. We won't stop you from having that. Anyway, let's talk about another all time high, David, which is something we've been waiting for, for the entire year. And that is DeFi Pulse, the total locked value in DeFi. What did we just hit, David? The magic number?

• 13:03David Hoffman?

  A hundred billion dollars. I'm pretty sure we said it was going to happen last week. We definitely did. And now we are here. We just, we wanted it to happen. Yeah. Clocking in at a hundred billion dollars locked in DeFi. And then the DPI at the modest $345. So the DeFi tokens not following the amount of value locked inside of their applications.

• 13:25Ryan Sean Adams?

  Look at this. Uh, where were we? Let's see. 2020 this time last year. Look at this, David.

• 13:31David Hoffman?

  Twenty, twenty-two billion. A five, five X in a year.

• 13:35Ryan Sean Adams?

  Yeah. And that was right after, you know, DeFi summer. It's pretty impressive. And if you go back like before DeFi summer.

• 13:42David Hoffman?

  Yeah.

• 13:44Ryan Sean Adams?

  Do you remember when we talked to like

• 13:45David Hoffman?

  Cute little numbers.

• 13:46Ryan Sean Adams?

  Vance Spencer from, uh, Framework and like total locked value is like, I don't know, five, five billion or something.

• 13:53David Hoffman?

  Yeah. Didn't he make some insane prediction about how there's gonna be a hundred billion dollars locked in DeFi?

• 13:57Ryan Sean Adams?

  A hundred billion. We asked him for the run.

• 14:00David Hoffman?

  Yeah. And, and, and we were like, wow, Vance, are you allowed to be that bullish?

• 14:04Ryan Sean Adams?

  Yeah. Are you sure?

• 14:05David Hoffman?

  Is that legal? Is that a legal amount of bullishness?

• 14:07Ryan Sean Adams?

  Yeah. Like stop pumping everything. Yeah. Stop pumping everything Vance, but, uh, he called it.

• 14:13David Hoffman?

  Yep.

• 14:13Ryan Sean Adams?

  And we're not stopping here. I mean, doesn't look like the bull run is showing any signs of stopping. Speaking of which, let's talk about DPI. This is the, um, the top DeFi tokens. What are we looking at on the week?

• 14:25David Hoffman?

  We don't have to talk too much about it. It's a very flat number. It's, it started the week at like roughly $340. It went up to 365 and now we're back at $345. So flat-ish.

• 14:37Ryan Sean Adams?

  It's funny, like some DeFi 2.0 tokens so-called are making a run, but the, uh, the blue chip DeFi tokens are not right now.

• 14:44David Hoffman?

  That's a really, really good, important point. I think we might be actual, actually be able, able to make the claim that the DPI is actually not tracking all of DeFi, because there's a lot of new protocols that have done extremely well recently. Rari Capital, uh, Olympus Dow that aren't included in the DPI. Can you double check and make sure that's true? Can you scroll down and, and look at the holdings?

• 15:03Ryan Sean Adams?

  Oh, I'm pretty sure that's true because many of these tokens are like, um, too young, basically.

• 15:08David Hoffman?

  Yeah. Too young. Yeah. So young, younger DeFi is outpacing older DeFi.

• 15:13Ryan Sean Adams?

  Yeah. Catch up, old man. Come on. Let's talk about the, um,

• 15:18David Hoffman?

  We don't have to. The, the EDPI ratio is gonna be slaughtered at point zero eight four.

• 15:24Ryan Sean Adams?

  Oh my God.

• 15:24David Hoffman?

  So I'm moving my, my flow of my bottom call from point one three to point zero one three.

• 15:30Ryan Sean Adams?

  Don't make calls anymore, David. Just stop calling the bottom. Okay. There is no bottom right here. Well, look, ETH is just looking really strong, particularly against these these blue chip DeFi tokens. And I don't know when that's going to change. I think it I think it will eventually. But it's it's not looking that way right now.

• 15:48David Hoffman?

  In the traditional stock market, we're used to indexes going up against the dollar. But I guess in DeFi, we see indexes going down versus Ether, just because ETH is ultrasound money.

• 15:59Ryan Sean Adams?

  Absolutely. And, you know, I think, to be fair, what you have to actually do in crypto is like you should like something like ETH should be your denominator. For me personally, it's my denominator. It's not actually US dollars and it's not Bitcoin. I know some crypto folks denominate everything in Bitcoin. I don't personally. I denominate in ETH. And so when I'm making an investment outside of Ether, I ask myself, do I expect this investment to appreciate versus ETH? Not against dollars. Dollars is easy, man.

• 16:28David Hoffman?

  It's easy, man. It's a tutorial.

• 16:29Ryan Sean Adams?

  It's easy. Come on. But can you actually appreciate and realize gains versus ETH is the question? And DeFi did for a long time. It hasn't recently. Let's talk about the way you can't lose, though, which is you buy all three. You buy Bitcoin, you buy ETH, and you buy DPI in equal 30, 30, 30, sorry, a third, a third, a third split. This is the bankless bed index. What are we looking at on the week, David?

• 16:56David Hoffman?

  Started the week at $155, hit a high, a new all time high for at $186, in line with all time high season, currently clocking in at $174.

• 17:07Ryan Sean Adams?

  Oh, that's nice. Hidden alt. So Bitcoin all time high, total locked value in DeFi, all time high, bed index, all time high, and just like 20, I don't know, it's like $22 off ETH all time high. So we're doing it. Oh, another all time high. Layer two beat, the total locked value in DeFi is also all time high in this October season, this all time high week. What are we looking at in in total locked value in layer two?

• 17:34David Hoffman?

  Clocking in at $4 billion. So nice to see that four number there. I think this is just going to be another, following the total locks in DeFi, marching up to $100 billion. So some of the leaders this week, Arbitrum, DYDX, Optimism, all individually up about 8%. Looper in clocking in at plus 15% at 130 million. Nice job.

• 17:57Ryan Sean Adams?

  Arbitrum got 60% dominance right now. DYDX coming in second place with 22%, but this is so early. Like, this is not even the first inning of the game here. But this is a chart to watch over the next 12 months for sure as things shake out. Token Terminal, let's talk about this, man. This is a story of EIP 1559. Another reason I'm bullish ETH and bullish on the flipping. Look at this. Users of Ethereum have paid $1 billion in transaction fees over the past 30 days.

• 18:28David Hoffman?

  Okay, so the thing about that Ethereum as a protocol has received $1 billion worth of revenue. If you look at Ethereum like a business that has sustainable economics, Ethereum

• 18:39Ryan Sean Adams?

  A billion a month, baby.

• 18:40David Hoffman?

  Billion a month, a billion a month.

• 18:42Ryan Sean Adams?

  Not too bad. And here's the part that where EIP 1559 comes in, that people used to say, well, you know, so that's all going to miners. Well, no, it's not 83%. Almost 83% of that was burned. That's almost a billion dollars. 824 million was actually burnt and returned to ETH holders. So remember, this is as if every time Apple sells an iPhone, right? A portion of its stock is burnt.

• 19:11David Hoffman?

  83% of the value of an iPhone gets burnt.

• 19:14Ryan Sean Adams?

  83%, right? What is that worth? Even from a, ignore the ultrasound money case, I suppose, or the like reserve currency, monetary premium case, just from a discounted cash flow. Like, if you're, if you're viewing this as Ether as you would a stock, it is, it is supremely undervalued, even at, even at this valuation. And it's just crazy to see. So, look, we got room to run, David. That's what I think. Last time, yeah, go ahead.

• 19:43David Hoffman?

  Yeah, last time that ETH hit these current prices, here's a nice little summary tweet. Last time ETH hit 4K, EIP 1555, gee, oh gosh, 1559 was not live. Ether issuance was roughly 57% higher. 2.3 billion Ether were not burnt. Optimism and Arbitrum were not launched. NFT volume had not done like an insane 4X. And then ETH staked in 2.0 was literally half the amount it is right now. And the total locked value in DeFi was 20% lower. So, nice summary of where we were just about 27 weeks ago in Ethereum land.

• 20:21Ryan Sean Adams?

  Almost 3 trillion, that's the total value of all of crypto. And like, do you remember when Vitalik asked this in 2017, a question of have we earned it? Right? We were almost at a trillion dollars back then, have we earned it? And his answer was implicitly no. This time, I feel like not all of crypto, but I'm talking specifically about Ether, maybe some other assets as well. The question of have we earned it? I feel like is a resounding yes, right? Just look at the cash flows that block space demand is generating right now. And look at all of the development and the path forward. And it feels like this is the beginning, once again, of a bull run and not like, oh, maybe we're kind of the midpoint, I suppose.

• 21:05Ryan Sean Adams?

  But it's not over yet, in my opinion. None of this is financial advice, of course. Let's talk about Polygon as well, because they're hitting some big numbers. What's this number?

• 21:16David Hoffman?

  100 million unique active addresses on Polygon. So congratulations on the Polygon team. And with one of the big stories coming out later in the roll up, it's going to be obvious as to why Polygon has done so well.

• 21:27Ryan Sean Adams?

  It's relieving some traffic from the main chain, which is great as well. Look, Elon Musk, once again, summed it up, the meme master, I guess. What are we looking at here?

• 21:36David Hoffman?

  Yeah, Elon Musk, the markets were so hot this week that Elon Musk tweeted out this meme of just a guy and a girl, obviously a couple of guys like hugging the shit, excuse me, hugging, hugging his girlfriend really, really hard. And they are together watching a TV on the wall where Bitcoin is priced at $69,000 and Ether is priced at $4,200. So Elon Musk, the meme lord, nice job.

• 21:57Ryan Sean Adams?

  Just, just a romantic night. What are you doing? You're not watching Netflix. You're just watching the price of Bitcoin and Ether go up. It's been one of those weeks. Guys, we will be right back with some of the hot releases of the week. And after that news, but before we do, we want to thank the sponsors that made this episode possible.

• 22:14David Hoffman?

  Matcha, everyone's favorite Decks aggregator, has just launched an open beta for gasless trading. So if you're trading more than $5,000 in common ETH and wrapped Bitcoin pairs, then your gas fees on Matcha are free. And that's why you should be using Matcha. Matcha routes your orders across all the various DeFi exchanges on Ethereum, Polygon, Binance Smart Chain, and gives you the best possible price without any trading fees or unnecessary slippage. Matcha has smart order routing that splits your orders across multiple liquidity sources if Matcha sees that it gives you better pricing. Trading on Matcha is super easy because it pooled the liquidity for me into a single and easy-to-use platform and has even saved me multiple times from accidentally picking

• 22:57David Hoffman?

  the wrong Decks to trade on and getting a bad price. Matcha also allows you to make limit orders on-chain so you can set and forget your DeFi trades and they will go through automatically while you're away. So, when you're making a trade, head over to matcha.xyz/banklist, connect your wallet, and start getting some of the best prices and most liquidity when you trade your crypto assets. Alchemix is one of the coolest new DeFi apps on the scene. It introduces self-paying loans, allowing you to spend and save at the same time. Deposit the DAI stablecoin into the Alchemix vault in order to get an advance on the interest it generates. Borrow up to 50% of the total amount of your deposited DAI in the form of AlUSD stablecoin.

• 23:42David Hoffman?

  Here's the craziest part: the loan pays itself back and you cannot be liquidated. Unlock your asset's potential in the Ultimate DeFi Savings Account. And brand-new to Alchemix is the ETH Vault, where you can deposit ETH into the application, borrow Al ETH against your deposits, while having your advance gradually paid back over time. V2 is rapidly approaching, which will allow for even more collateral types, plus a variety of yield strategies to choose from. Harness the power of Alchemix at alchemix.fi. That's A-L-C-H-E-M-I-X dot F-I. Follow Alchemix on Twitter at @AlchemixFI and join the Discord to keep up to date with Alchemix V2 and to get involved in governance.

• 24:28Ryan Sean Adams?

  Alright guys, we are back after all-time high week. Still in all-time high week. Now we're talking about releases. This is the reason that we are getting to all-time highs. So much is being built on top of Ethereum, on top of DeFi, on top of all the protocols we talked about. Let's talk about FutureSwap. FutureSwap is a perpetualist protocol. They just went live on mainnet. David, what's going on here?

• 24:48David Hoffman?

  Yeah, fun fact, this is a nice piece of Ethereum trivia, but actually started off with a yield farming model before Compound actually introduced it to the world. It was so successful that they had to shut down their contracts because so much money flooded in.

• 25:00Ryan Sean Adams?

  They were worried, right?

• 25:01David Hoffman?

  They were worried, yeah.

• 25:02Ryan Sean Adams?

  It was like too early.

• 25:02David Hoffman?

  Mm-hmm. Yeah, too much money came too fast into inaudited contracts, but that was a long time ago. We are now into the V4 of FutureSwap. So if you are a perpetualist trader and you want allegedly 10x more liquid markets with 30x more capital efficiency and is fully composable, including exotic assets like NFTs, FutureSwap might be for you.

• 25:23Ryan Sean Adams?

  Exotic assets like NFTs? I'm actually gonna have to check that out.

• 25:26David Hoffman?

  Leveraged trading punks?

• 25:27Ryan Sean Adams?

  I didn't know that was available. Yeah, very cool. This is cool too. ENS just keeps getting better. That is of course .eth, you know it well. But if you have MetaMask and you type in a .eth domain name, like in your browser window, as long as you have that MetaMask extension in your browser window and you put a slash at the end of it, it'll just load. So if you go to vitalik.eth, you have MetaMask slash, then what pops up? It's the decentralized version of Vitalik's website. I'm gonna try this right now.

• 25:55David Hoffman?

  Yeah, let's do this, actually.

• 25:56Ryan Sean Adams?

  See if this works.

• 25:57David Hoffman?

  Mine didn't work.

• 25:59Ryan Sean Adams?

  Look at this. MetaMask is querying ENS. You might not be logged in, I don't know. And then boom, where are we? This is an IPFS link to Vitalik's website. Which is not loading. Laugh out loud.

• 26:12David Hoffman?

  We're getting there.

• 26:14Ryan Sean Adams?

  I tried it earlier this week and it worked, but like I think the redirect works for whatever reason. The link is down on... Oh, here it is. IPFS. It was just slow. Just a little slow.

• 26:23David Hoffman?

  Is slower decentralization is slow. That's how it works.

• 26:27Ryan Sean Adams?

  So permanent, so permit, very cool to see that. Dot E addresses just keep getting better. This is really cool to see too, David. Have you ever like tried to use a state website, right? It's try to register an LLC or a C corp or something like that?

• 26:40David Hoffman?

  Not if I can avoid it now.

• 26:42Ryan Sean Adams?

  You're trying to pay your taxes or something. Anyway, these state websites are absolutely terrible. It's like they were developed in 2003 and then just like left. They probably have something on staff called like a webmaster who just like maintains the website. I mean, they're absolutely terrible. Every single state is like that. Anyway, one thing that's cool is the Wyoming website, state website where you register a business has just gotten updated and it's gotten updated. And you see this one, you can register an LLC, you can register a nonprofit, you can register a corporation. What's this? You can also register a DAO, a decentralized autonomous organization. Hit that nice start now button with the hover.

• 27:29Ryan Sean Adams?

  And it's very, it's very cool. Like Wyoming law now allows this bridge between DAOs and LLCs. And you know, entities that are state recognized. And because of course, the state of Wyoming recognizes a DAO, then that means the entire federal government of the United States recognizes a DAO. Haven't tried this, haven't done this. I know there are some things that are lacking from this kind of DAO registration, but just the fact that you can do this is a huge, massive step forward.

• 28:03David Hoffman?

  This always reminds me that like crypto is this nebulous like organism from space with a bunch of tentacles. And it's just like grabbing on to the real world in like every single way possible. And now it's found its way to the real world via DAOs.

• 28:16Ryan Sean Adams?

  The crypto octopus has you in its tentacles Wyoming. That's what's going on.

• 28:20David Hoffman?

  You are now part of the hive mind.

• 28:22Ryan Sean Adams?

  Yeah, connects as well. So this is a bridge protocol. We're really excited about these, but they just released an explorer. So you can kind of visualize this. David, this is loading up right now, but what are we looking at here in the connects dashboard?

• 28:35David Hoffman?

  Yeah, I think cross chain cross L2 volume transfers of like cross transfers of USDC ether, USDT, Matic, all these tokens. It's gonna be really, really fun to watch as because this economy is transparent and connects has done a fantastic job making a dashboard of all of these metrics. So you can view the cross chain L2 world, volume, number of transactions, which chains are going to, what assets are being transferred? How much total liquidity there is, how much total volume has been transferred? So congratulations to connects for also cross chaining $100 million since going live with their protocol.

• 29:12Ryan Sean Adams?

  Yeah, that's huge. Guys. Okay, those have been the releases. Let's talk a bit about some of the raises this week. And I think the theme David is money is just rushing into this space. It's piling in and it's not just piling in one area, right? It's not just like the protocols or the layer one level or like the blockchain level. It's saturating all of these different areas, areas we didn't even have a couple of years ago during the last bull cycle. So we got like at the protocol layer investments are flying, the DeFi layer investments are flying. New funds are being created massive like hundreds of millions of dollars. We've got crypto banks that are continuing to raise. We've got NFTs. We've got even mining. Like there are all of these different pools of capital that are raising right now, and maybe we should touch on a few.

• 29:57Ryan Sean Adams?

  The first is from Oball. So this is a, they just raised $6.15 million. And what I think of this is it's making staking more decentralized. There's some cool tech behind this, some cool crypto magic, I would say. But that's at the protocol layer and really cool to see this raise.

• 30:15David Hoffman?

  Very deep down in the protocol layer, and this is the technology here is a shared secret validators, which allows you to split a validator key among multiple parties, kind of like sharing the password. password for running a validating node with 32 ether in it. And this is really, really important for organizations like Lido that have not yet fully figured out how to protocolize the whole validator network that they have. And this is a very important puzzle piece for actually turning that into a completely trustless organization. Oh, the Obol team actually got a grant from Lido, $100,000 to help develop this technology. And this is something that we can also see Rocketpool using. And also overall, just makes it easier to spin up a validating, a decentralized validating network. So pretty cool innovation here.

• 30:59David Hoffman?

  Congratulations to Colin Myers. He's been in this world for a while.

• 31:03Ryan Sean Adams?

  Yeah, he's definitely been instaking for a while. A polynomial is another one. So this is a, I believe, you know, the characterization of like, it's a one inch. It's an aggregator for all of the various DeFi option protocols that are happening right now. They just raised 1.1 million dollars to build out this one inch style marketplace. Kind of cool. Any comments?

• 31:23David Hoffman?

  The options ecosystem on Ethereum is definitely like, it needs to get built out. So it's really nice seeing these aggregators getting added into the whole options marketplace. I mean, options are very basic financial contracts. Ethereum makes a, it makes a ton of sense to have them on Ethereum. Hasn't really seen the adoption that we've wanted to see it yet. But maybe it's something like an aggregator is really what needed to happen to make this done.

• 31:46Ryan Sean Adams?

  The next one is Element doing a big boy raise. Okay, so 30, $32 million in a series A round led by Polychain and A16Z. But the valuation here is $320 million for DeFi protocol. And what these guys are doing is they're sort of splitting the principal in an interest rate. And, and they're, they're making it so that you can essentially get like a fixed rate. You know, all of the DeFi loans you get from Compound or Aave, they're all variable rate. And Element is changing it so that many of these things can be a fixed rate. But that's a big valuation and pretty impressive that they're able to command that. Another X consensus individual, I believe, behind this, super exciting to see.

• 32:30David Hoffman?

  We've had them on the show before, so an old state of the nation. If you want to go find out more about Element, also really pioneering into a brand new governance model, which has gotten a lot of praise from people that I really like in this industry, like Mariano Conti.

• 32:43Ryan Sean Adams?

  We should mention that David and I are investors in the, like, all three of those protocols, actually. We believe, we believe in them that much. Also, David, Polygon, they're getting a Bitwise Invest Fund. So that is happening. Bitwise, of course, is the largest indexing organization, I suppose. They're centralized, of course, but now they're launching a Polygon Fund primarily to invest in Polygon ecosystem of applications. What's happening here?

• 33:12David Hoffman?

  Basically, it's just a wrapper around the Matic token and then making it available for institutional investors who want to invest in the Bitwise Fund. So, I mean, there's a ton of hype around Matic. There's a ton of, like, growing adoption of Matic. And so, Matic Token, in the same way that Ether is a great tool to get exposure to basically everything that happens on Ethereum, Matic is simultaneously a great token to get exposure to everything that happens on Matic. And now, you can get that exposure if you are a legacy TradFi boomer investor and just want Bitwise to do all the hard work for you. You can, so, there's actually going to be, just like, it's a great bridge.

• 33:49Ryan Sean Adams?

  Look, it's better to do that than nothing, right? The worst thing you could do is just sit out of these markets, for sure, because, you know, so if you can't do a MetaMask, then do this, is what I say. Okay, so, also some funds, David. So, the first is Variant. That's a fund we've been pretty excited about. We've had Jesse from Variant on the podcast before. They just launched another $110 million fund. I think this is either their second, either their second or their third. They've also added some new talent whom we've also had on the podcast, Lee Jin. Talk about that.

• 34:23David Hoffman?

  We actually had both of them on the podcast, on a panel, at the same time, talking about the ownership economy. Also on that panel was Cooper Turley, who was an advisor for the Variant Fund. So now, all these three friends are just now running a fund together, focusing on building out the creator-owner economy. And so, they are, have always been bullish on this industry. So, congratulations. The Variant Fund just becoming an absolute giant.

• 34:47Ryan Sean Adams?

  Galaxy Digital Interactive is also raising 325 million as well. David, any comments on this? Another fund, A16Z, you know, Polychain continues to raise all of MultiCoin as well. There's so many, we can't even list them all. But everyone is raised, all of these funds are raising money and they're doing that on the back of these massive successes. And he takes on this Galaxy race.

• 35:12David Hoffman?

  Yeah, Galaxy is of course Mike Novogratz's fund, who has been as bullish as anyone on this space and also been here for a while, beating the same drum. We were big fans of Mike Novogratz. If anyone knows him and can get him on the show, please connect us. We've been trying. Anyways, moving on.

• 35:29Ryan Sean Adams?

  Answer our emails, Mike.

• 35:32Ryan Sean Adams?

  Just do that. The crypto banks are raising too. Look at this, David. $420 million, and this is a memetic number, $420,690,000 from 69 investors. This is FTX raising at a $25 billion valuation. So, you know, SBF just continues to grow, pretty incredible raises here. Not surprising that FTX is now worth 25 billion. So like Coinbase is, I don't know, 60 billion-ish.

• 36:02David Hoffman?

  60, 70, yeah.

• 36:03Ryan Sean Adams?

  I don't know what Binance is. I heard rumor that Binance was trying to raise at one point in time earlier this year at $300 billion, which seemed a little bit rich.

• 36:11David Hoffman?

  Give me a break, CZ.

• 36:12Ryan Sean Adams?

  But like, big money. I mean, these are some of the largest banks in the world now and they're crypto banks. Pretty crazy.

• 36:19David Hoffman?

  How funny was it that we were last week talking about how Sam Self reportedly is, doesn't really believe in crypto and he just has the most nihilistic number of a raise for his company at $420,690,000 from 69 investors. Like, he's in the right industry to do that, but like, come on, like, you have FTX behind you. Can you take things seriously, please?

• 36:42Ryan Sean Adams?

  It's memes all the way down, David. You know this. So yeah, good for them on that raise. The crypto banks continue to raise and they're all in a competition to raise funds and increase their value, of course. There's so many raises, David, you and I can't even keep up. Look, Candy Digital just raised a casual, no clue who these are. It's an NFT startup. Okay, so look at this line, "NFT startup Candy Digital raises $100 million in a Series A round." Okay, so it's a group we've not heard of. It's a startup and they're raising $100 million at a $1.5 billion valuation. Like a unicorn, Insta unicorn by their Series A. How is this happening?

• 37:23David Hoffman?

  SoftBank, I think, might be the answer there. They're involved. But yeah, like it's crazy. The one thing to take away from this is like the NFT industry is so incredibly large that things are happening that even the crypto community isn't being aware of. This is like a part of the NFT world that's just invisible to us because it's so many people that are just not connected to us. Or the other take is that damn, like, things are getting real frothy. People are raising way too much, way too early. Maybe both are true.

• 37:52Ryan Sean Adams?

  Both might be true. Peyton Manning was in on this one, if not some of the crypto natives that we kind of know. But that's what's going on. Like, NFTs are going mainstream. The last raise we'll mention here as a category is the mining category. And this is a mining company called Stronghold. They just raised $127 million in an IPO. Absolutely insane, astounding. Look, man, how much did we just cover? And I bet we covered like 10 to 15% of the raises that happened this week. But it's happening across like funds, crypto banks, NFT market, DeFi, base level protocols, mining companies.

• 38:35Ryan Sean Adams?

  It's happening not just in crypto. There are all of these subcategories that now have multi, like unicorn level companies inside of them, wrapped around them. That's how big crypto has gotten in the last 18 months or so.

• 38:49David Hoffman?

  And that's just the ones that we know about.

• 38:52Ryan Sean Adams?

  Exactly. One thing we do know, of course, is this is the weekly reminder for you to get a job in crypto.

• 38:59David Hoffman?

  Get a job.

• 39:00Ryan Sean Adams?

  Get a job in crypto, guys. I know some people listen when we say this, David, because not a week goes by that I don't hear from somebody who's like, "Oh, I listened to what you said. I actually got a job in crypto. Thank you very much for that."

• 39:14David Hoffman?

  Right. Thank you for the kick in the butt.

• 39:16Ryan Sean Adams?

  You kick in the butt. Sometimes that's what you need, right? And/or an opportunity to explore. And we have the Bankless Jobs Board where you can explore some of the opportunities that Bankless has listed. I'll mention a few. A CTO from E Agro...

• 39:30David Hoffman?

  Agronom.

• 39:31Ryan Sean Adams?

  Agronom. Thank you. Thank you, David. A General Counsel at Smart DeFi, Finance and Operations Guru at Smart DeFi as well, Senior Back End Engineer. You can also be a Blockchain CTO at Merit, a Community Manager at Argon, a founding Blockchain Engineer at Highlight, and a Senior Software Engineer at Popcorn or Community Lead. Of course, a Senior Front End Web Developer is open as well. That's not even like a fraction of all of the job opportunities that we have on this board. Some people from the Ethereum Foundation, they're hiring a Team Lead. Some people from Gauntlet, we've had them on the podcast. Everybody is on this board. Go check out the board. Go scroll if there's a job that

• 40:12Ryan Sean Adams?

  fits your skill set and description, something that piques your interest, and then go hit the subscribe button so you see updates. And we don't have to remind you every week. You actually get an email when a new job launches that you might be interested in.

• 40:26David Hoffman?

  You can just get these automated reminders to get a job. No one comes into crypto, gets a job in crypto, and he's like, "I regret this." So just like, just let that be known.

• 40:36Ryan Sean Adams?

  It does not happen, has not happened. Never been a single person.

• 40:39David Hoffman?

  Impossible.

• 40:40Ryan Sean Adams?

  Impossible. Absolutely. Okay, guys, now let's get to the main event news items. David, let's start here, man. Bitcoin ETF, this is history. It's been eight years in the making, all right? The Winklevoss Twins, all the way back in 2013, they started this. They first applied for a Bitcoin ETF in 2013, hoping that the market was ready to get some retail exposure to ETFs. Didn't happen. Year after year after year, didn't happen.

• 41:07David Hoffman?

  Eight years later.

• 41:09Ryan Sean Adams?

  It finally happened. Okay, so walk us through this, David. What's going on with this new Bitcoin ETF? What is it?

• 41:15David Hoffman?

  Yeah, the ProShares, B-I-T-O, Futures-Based Bitcoin ETF, using the CME for the price reference rate. And so, congratulations, we finally got the Bitcoin ETF. Yay!

• 41:30Ryan Sean Adams?

  How happy are you about this?

• 41:32David Hoffman?

  There's a big asterisk. There's a big difference between a futures-based ETF and a spot-based ETF. And while we are happy that we have a Bitcoin ETF, the game is not up. It's just the start because...

• 41:46Ryan Sean Adams?

  Okay, what's the difference?

• 41:47David Hoffman?

  Okay, so Bitcoin Futures, offered by the CME, they have monthly contracts that end at the end of every single month, the last day of the month, or the last trading day of the month. I think that's how it works. And so, there's one for October that'll be up in like 10-ish days. There's one for, what's the month that comes after? November, December, January, for the next six months. It's a rolling six months. And then there's also the next December, and then also the December after that. So you can pick, like, which date do you want to make your bet about the future price of Bitcoin?

• 42:19Ryan Sean Adams?

  Sounds good.

• 42:20David Hoffman?

  Right, and there was recently a report that was submitted to the SEC saying that the onshore CME futures markets are actually driving the price discovery of Bitcoin over the spot markets, which I'm a little bit confused about, but I'll take it on faith because people who write that report know way more than me. The problem with this as an ETF model is that the way that the ETF works is that it tracks the price of the next coming futures exchange. So like, if it was like November 2nd, right, the ETF would be tracking the futures price of the next month. And it would be rolling into every single, as the contracts, the futures contracts settle,

• 43:01David Hoffman?

  because it settles once a month, every month, it rolls into the next futures month. And so, there's these things, there's things called contango, where there's actually a discrepancy between the Bitcoin futures price of month 1 to month 2. So like, say, for example... The Bitcoin futures of month one is clocking in at $60,000. And then the next month, people, futures traders have predicted that it's going to be $62,000. The ETF will sell all of the $60,000 valuations of Bitcoin into $62,000 valuations of Bitcoin, and they will actually lose shares along the way. Of course, this can actually happen in reverse. So in theory, it cancels out over time.

• 43:43David Hoffman?

  But really, what this does is this allows a bunch of middlemen and traders and who want to take advantage of this arbitrage opportunity to just kind of milk out just the leakage of value out of this ETF, right? So like, do you know how to trade around terms like contango? Like, is that something that you know how to do? Because if not, other people do, and other people are taking advantage of this.

• 44:06Ryan Sean Adams?

  But you, basically, all you have to do is you just like, the value of an ETF is that it's in a brokerage, right? So it's in somebody's Schwab account, their Fidelity account. They don't have to open up Coinbase. You just buy it with all their other stocks, they buy the ETF. But what you're saying is because it's a futures ETF and not a spot ETF, it's less capital efficient for them to do so, and it's more expensive for them to do so versus a spot ETF, right? The best thing you can do, of course, is get over the hump, go open an account at Gemini or Coinbase and just buy spot market and let like them custody it and then graduate into, you know, going bankless. That's the best thing you can do. But if you're locked into a retirement account, an ETF is the second best.

• 44:49Ryan Sean Adams?

  The problem is, this ETF is a futures-based ETF. It's not a spot-based ETF. And so it's more expensive for you. You're actually losing money versus buying Bitcoin in a spot market on something like Coinbase. Is that right?

• 45:04David Hoffman?

  Yeah, that's exactly right. So if you are interested in just buying and holding BTC Bitcoin on your traditional brokerage, this is actually just not, you're going to lose money over time than if you had just bought actual Bitcoin. And so that actually just puts, people that actually compliantly can't go actually buy Bitcoin at a disadvantage because they have to pay all these fees, all these traders, their arbitrage opportunities, where they could have Just done a spot driven market and the difference, the very important difference about a spot driven market is that when people buy a spot driven market ETF, that ETF goes out and buys Bitcoin and puts it on the balance sheet, right? There's actually Bitcoin there. And so actual ETF demand is actual Bitcoin demand.

• 45:46David Hoffman?

  And so this whole futures based ETF, if it has a ton of demand, it might not actually translate to actual Bitcoin demand. Or at least it will, but it won't be immediate.

• 45:56Ryan Sean Adams?

  In a roundabout way.

• 45:57David Hoffman?

  In a very roundabout way. And really that roundaboutness puts money into the hands of intermediaries and scalpers. And like, when it comes to the SEC who approved this, by the way, what is their job? Their job is to protect investors. And so they are just shoveling investors into the place that they just get scalped. Like, what the hell, dude?

• 46:19Ryan Sean Adams?

  It's, it's, it's not the best ETF. Absolutely, right? I mean, the thing that they could have done is just approved a spot Bitcoin ETF. I guess the argument is that this is a step in that direction. And this is a more gated regulator friendly type approval because they know all of the intermediaries, all of the incumbents that are, you know, are doing this. So I guess it's a big deal that they did approve it, right? That is a step in and of itself that the government came and said, okay, fine, you can have your Bitcoin ETF after eight years of retail asking for it. The question is, how long will it take them to get to a spot ETF? Which is much more, are we gonna have to wait another eight years? God, I hope not.

• 47:01David Hoffman?

  Are they gonna use this as like a defense? Like, we already gave you your ETF. Why do you need another one?

• 47:06Ryan Sean Adams?

  Also, I really want an ETH ETF. I mean, if we have Bitcoin ETF, then where's our ETH ETF? That should be coming down the pike too. So it's kind of like, it's good news, but it's also a little bit like, come on. We could do better, can't we? I hope this is just the first step. One thing that SEC tweeted out shortly before approving this, this is the week before, I guess, is a reminder, before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.

• 47:38David Hoffman?

  This is what, this is the tweet that tipped everyone off like, oh my gosh, there's an ETF coming. Yay.

• 47:42Ryan Sean Adams?

  I, I just think that there are some hidden risks and hidden costs that this type of structure doesn't actually tell you about. And it would be nice if those were acknowledged as well in this kind of a warning.

• 47:58David Hoffman?

  I think in summary, like, we can zoom out and say, oh, the ETF that got approved is the one that is exactly what the incumbents and, and the, the current institutions would want the most and benefits them the most. Uh, shocker. Weird.

• 48:11Ryan Sean Adams?

  But like, this is, this makes sense because regulators know the incumbents. They know how to regulate them. They know how to, you know, put the stranglehold on them if they need to. And all of these new entrants are outside of their control, right? So they feel much less comfortable. So who are they going to let do it? They're going to let kind of their friends, the existing organizations who they already, already regulate do this. I mean, but we want spot. We want spot ETF.

• 48:36David Hoffman?

  We want spot. We want spot.

• 48:39Ryan Sean Adams?

  Grayscale wants spot too, right?

• 48:42David Hoffman?

  Right. So Grayscale has made a big ETF push filing to turn their GBTC fund into a BTC and the ticker name filed for a bit ticker name BTC ETF. Uh, and so they are taking this opportunity to take, they took opportunity by the horns and they are now making a very political move, saying like, hey, give us a spot market. Give us a spot market. So more power to Grayscale.

• 49:04Ryan Sean Adams?

  Well, it, it's interesting. It puts regulators in this position where they're kind of king making, right? It's like, we're going to approve these ETFs, but not these ETFs, right? And so what's, what's the set of criteria by which they'll approve someone's ETF? And I think that's where Grayscale is like, hey, people are buying our trust anyway. We have massive amounts of Bitcoin inside of this thing. Why not just make this an ETF? Let's make it official. All right, David. Second news item of the day is the Coinbase NFT platform. We talked about it. We mentioned it last time that it was coming. That was the news last week. The, the news this week is that we have more details on this. Let me rattle a few more details coming out because this could be absolutely massive, I think, in the NFT space. As far as mainstreaming NFTs, even that much more.

• 49:47Ryan Sean Adams?

  The Coinbase NFT platform will be open, so it's not going to be an invite-only platform. Okay, we do know that. We also know that the Coinbase NFT platform will rely on decentralized storage solutions like IPFS rather than centralized service. So clap, clap, clap. More decentralized, better.

• 50:08David Hoffman?

  We like.

• 50:09Ryan Sean Adams?

  You can mint NFTs on Coinbase and sell them anywhere else. Okay, so they're not going to do this weird lock-in that maybe some other platforms do, maybe a flow, I don't know. List any non-Coinbase NFTs as well. So they're opening this thing up. Another smart move, I think. You will be able to use different currencies and different wallet solutions. They're not going to lock you into the Coinbase proprietary wallet app store experience. Thank God. Also, Coinbase NFT is going to start with support for Ethereum. Good move. And also plans to support minting in markets across other chains as well. Look, that's all good news. This makes them a bit more like, you know, OpenSea, I think.

• 50:49David Hoffman?

  Custodial OpenSea. That's basically what it is.

• 50:53Ryan Sean Adams?

  A custodial OpenSea, and I don't know, I think you'll have the option to do it custodially or non-custodally, it sounds like as well. Like, I think a lot of this minting is going to happen directly on Ethereum. I don't know. The Coinbase wallet is non-custody as well. So I don't know about custody versus non-custody. They'll definitely have a fiat bridge, as we talked about last week, which will give them an advantage, too.

• 51:16David Hoffman?

  Well, even if they're non-custodial, it's really the custodial nature of this that is the actual value add, right? Because we actually don't have a custodial NFT platform. And there's just going to be so many more people who are ready to, who want to get into NFTs but don't really want, care about crypto. And look, Coinbase is a solution for them.

• 51:34Ryan Sean Adams?

  I think the value add is just the making this easy, right? They provided the easy button for Bitcoin. You'd buy it back in like, you know, 2013, 2014, and they did that for ETH. Now they're doing that for NFTs, which is a good move. And they're also mainstreaming it. So this is a breaking announcement last week.

• 51:51David Hoffman?

  This is huge.

• 51:51Ryan Sean Adams?

  Okay, Coinbase is now partnering with the NBA, Women's NBA League as well, like all of the NBA and I believe David, they'll correct me if I'm wrong. This is like a, a brand marketing IP type relationship, right? So Coinbase NFT platform, NBA partnership means they can license NBA's IP, right? So they could create their own, I guess, version of NBA top shots or maybe whatever else the NBA and Coinbase have in store. This almost went under the radar last week. I guess, well, maybe this is like, you know, 10,000 likes, but um, this is huge.

• 52:30David Hoffman?

  It's a very big deal. Yeah. Just collecting the IP from these massive, massive ecosystems, which are basically all based on IP anyways. Really nice victory, really nice W on Coinbase and, and wherever Coinbase puts these NFTs. And I think they'll be able to just let the user deploy the NFTs where on whatever chain they want, maybe. So yeah, anything and everything crypto related from the NBA is now Coinbase. So congrats.

• 52:57Ryan Sean Adams?

  This is a one up on SBF who, you know, put FTX's name on, on some stadium recently, right? Where was that?

• 53:06David Hoffman?

  Miami, Miami.

• 53:07Ryan Sean Adams?

  Miami. Okay. That's right. That's right.

• 53:09David Hoffman?

  And also all the umpires of the MLB.

• 53:11Ryan Sean Adams?

  Well, let's talk about this Wu-Tang Clan forever. Wu-Tang forever. What happened here? Wu-Tang and Pleaser Dow. Match made in heaven.

• 53:19David Hoffman?

  The, the story here is there's a, there's a famous, mysterious Wu-Tang album of which there is only one of. There's one CD and it got sold, I think for, it got auctioned off for $2 million as kind of like a middleman towards the, the, or excuse me, a middle finger towards the middleman of the music industry. This was before blockchain. This was before crypto. So the.

• 53:40Ryan Sean Adams?

  What year are we talking?

• 53:42David Hoffman?

  I can't, I can't remember.

• 53:44Ryan Sean Adams?

  Like 96, something like that?

• 53:46David Hoffman?

  I don't know. Um, so yeah, they, they auctioned off their only, their one of one album that they produced. The Wu-Tang producing album. Uh, yeah, that, that was it. Yeah. And this guy, Martin Scurelli, who's this hedge fund manager who you, everyone might remember for going to jail in 2017 for securities fraud.

• 54:06Ryan Sean Adams?

  And he's. Wait, is this the guy?

• 54:07David Hoffman?

  The guy that jacked up the price of an EpiPen from like 16 cents to $750. Like he's literally this hedge fund insurance guy, like villain, supervillain, hated by the internet. And he has all these douchebag videos of him listening to the Wu-Tang album. And he's like, I'm going to destroy this just because I can. And then he also says, um, uh, some reporter asked him, say, hey, are you ever going to let anyone else listen to the Wu-Tang album? And the guy with like this anger in his face goes, absolutely not.

• 54:38Ryan Sean Adams?

  No way.

• 54:39David Hoffman?

  Yeah, the guy's was really mean, like

• 54:41Ryan Sean Adams?

  He's just being a cartoon villain.

• 54:43David Hoffman?

  Yeah, he's just being a little, that's great. He's a cartoon villain. And he's also in jail now for securities fraud. He'll be in jail for 2024. And because he had to pay off his debts for this fine that he got for securities fraud, he had to auction off the Wu-Tang album. And so Pleaser Dow bought it. Pleaser Dow bought the Wu-Tang album. And so there's, there's Jameis right there, who's the chief pleasing officer over at Pleaser Dow, taking a photo of the one of one famous Wu-Tang album that has never been released to the public. Uh, and Jameis, I know, and Pleaser Dow has a ton of plans as to what to do with this. Uh, here, here's a picture of them and a bunch of other Pleaser Dow members as well. Dude, the, the story is such an amazing story. Uh, so congratulations to, to Jameis.

• 55:27David Hoffman?

  Congratulations to Pleaser Dow, uh, of which I'm a member.

• 55:32Ryan Sean Adams?

  You just had your take, but you, you, here's your take as well. What's the juxtaposition here?

• 55:37David Hoffman?

  Yeah. So, so this, this story got onto the front page of the Rolling Stone. Uh, and Rich, who, uh, used to work at Maker Dow, an old friend of mine, said, this might be the first time I've ever read a trad media crypto story that wasn't dripping in sarcasm or ending with a smug and alarmist hot take. This is a significant shift, talking about the tone of the Rolling Stone article. And so I follow up and say,

• 55:58Ryan Sean Adams?

  I guess it's like, because crypto are the heroes in this case, right?

• 56:01David Hoffman?

  The crypto people are the heroes, right?

• 56:03Ryan Sean Adams?

  This dude's hand.

• 56:04David Hoffman?

  And so, uh, here, here's my take on this. I said, the juxtaposition of a Dow of homies buying a rare cultural artifact from the hands of a scumbag hedge fund manager is exactly the kind of positive PR that crypto needs.

• 56:16Ryan Sean Adams?

  Oh, more of that energy, please. That's cool. This is how it started, how it's going.

• 56:21David Hoffman?

  Right. So here's the story of Pleaser Dow, where Leighton from Pool Together tweets out, "Anyone want to create a quick Dow to bid on this?" This being people pleasers, Uniswap V3 X times Y equals K Uniswap animation. And so Leighton just tweeted this out. A bunch of people said, "Yes, I do." They all hopped into a Dow. They pooled their funds. There's a great story. We ran it on Bankless forever ago about it. And that started off Pleaser Dow, which it was a Dow that was created to buy people pleasers art. And then Pleaser Dow went from just a Dow of people that wanted to buy that one thing into a Dow of people that wanted to buy like all the cultural artifacts. So Edward Snowden NFTs are in there. The Doge NFT is in there. We had Jameis on State of the Nation to talk about this.

• 57:03David Hoffman?

  Now, the physical asset, the Wu-Tang One of One mysterious album is now property of Pleaser Dow. And I know that there are plans in the Pleaser Dow world to actually open this up. So let me actually read out something that Jameis said in the Rolling Stones article. "Pleaser Dow has grand but loosely articulated ambitions to make the album more available to the public, perhaps through listening parties or gallery-style exhibitions, or even to expand ownership of the album to fans, although how that would work would remain up in the air. We believe that we can do something incredible with this piece, said Jameis, to enable it to be shared and ideally owned in part by fans and anyone in the world."

• 57:45David Hoffman?

  Again, think of the juxtaposition behind the head from Man who's like, "I'm going to destroy this so no one can listen to it because I can, because my brand is being an asshole."

• 57:55Ryan Sean Adams?

  Because I'm rich.

• 57:56David Hoffman?

  Because I'm rich. And then this Dow buys it and like, "Hey, we're going to allow everyone to listen to this thing." Like, it's perfect. It's such a perfect story.

• 58:03Ryan Sean Adams?

  I hope it's good.

• 58:08Ryan Sean Adams?

  We don't even know, but I guess we get to find out. That's really cool, man. Very cool. And exactly the kind of press I think crypto needs at this point in time. Let's go to the next one. So many big, every one of these have been big. This is really big in and of itself. A Polygon and DraftKings. Have just entered into a strategic partnership. So DraftKings is a $40 billion publicly traded company for like sports betting, I believe. I've never used it. This is kind of outside of my area, but I believe they are going to include some of their IP and licensing, like NFT type forms. They're going to start deploying that on Polygon. Also, I wouldn't

• 58:50Ryan Sean Adams?

  be surprised if some of the sports betting payment networks shifted to Polygon over time. They're not just announcing this partnership, but they're also becoming validators on the Polygon network, which is pretty cool. And look, a sidechain is a great way to get started in crypto, like low gas fees. You know, the Polygon team is pretty good with the onboarding process. It's all EVM. So if you ever want to go to mainnet, you can quite easily. But major company in a different space that we haven't seen, which is sports betting now coming to crypto. It's pretty cool in and of itself.

• 59:25David Hoffman?

  I really think the DraftKings potentially becoming a validator to the Polygon network is really something to unpack, because we all know that something like Polygon, it's going to take a decent amount of capital to run a validating node. They gotta be like pretty beefy computers. And so it's nice to pair a beefy computer with a $40 billion company that has things at stake on the Polygon network to lose, like their own business. And so that seems to be a really smart strategic alignment between incentives. So really, congratulations on the partnership, Polygon, well deserved. And I mean, gambling is and like speculation is what DraftKings all about.

• 1:00:05Ryan Sean Adams?

  Yeah, this is in our wheelhouse.

• 1:00:06David Hoffman?

  We know about those things. We do, yeah. That's kind of what we do.

• 1:00:09Ryan Sean Adams?

  Not me, of course. I'm just long-term hold.

• 1:00:11David Hoffman?

  Other people, yeah. I don't take leverage.

• 1:00:13Ryan Sean Adams?

  Yes, I've known some people in crypto who have speculated a time or two. Let me say that.

• 1:00:20Ryan Sean Adams?

  That's cool. You know, this is also cool. Again, almost equally big news, I thought. So do you remember in 2018, 2019, Facebook was creating its own Ethereum killer sort of thing, a blockchain. It was going to have a smart contract system. They were launching something at the time that was called Libra, which was going to be kind of the Bitcoin and ETH killer on their entire new blockchain. They came out with a whole like virtual machine that's, you know, compares into the EVM and a whole scripting language rather than solidity. They had Flow and they were just going to eat Ethereum's lunch with this new Facebook chain that was going to like own the entire world and bring crypto.

• 1:01:02David Hoffman?

  They were also inventing their own currency. That was before Libra was or the currency was going to be a dollar stablecoin, but instead a basket of currencies.

• 1:01:10Ryan Sean Adams?

  Exactly. And I remember at this time, David, like the market was in the doldrums. This is before DeFi really took off. Everyone was like, oh no, they're going to come and destroy Ethereum and Bitcoin and Facebook's going to be the new champion. They'll have co-opted this amazing technology. Okay. What just happened is the Novi wallet from Facebook, which is their wallet that like, like is the user interface for this whole thing. They just deployed their first stablecoin. They announced they're going to deploy their first stablecoin. David, guess what it is, man?

• 1:01:40David Hoffman?

  On Ethereum?

• 1:01:41Ryan Sean Adams?

  It's an ERC20 coin on Ethereum.

• 1:01:45David Hoffman?

  Weird how that works. Don't, don't fight Ethereum. Just, just succumb. Just let it happen. Just let it happen.

• 1:01:51Ryan Sean Adams?

  That's what, that's what they, that's what they did, right? So it's an ERC20 on Ethereum. This is not USDC. It's a stablecoin put out there by Paxos, basically, but using Ethereum as the settlement network and essentially resigning themselves to an app on top of it rather than be the base layer protocol. And the reason is quite simple. Something that like we predicted for a while, which is just the protocol sync thesis, right? Facebook simply does not have the credible neutrality to be a base layer system for the world, for identity, for money, for finance. How do we know this? They can't even get their own country to like, accept them. Okay. Like every time Zuckerberg goes in front of, you know, Congress.

• 1:02:36David Hoffman?

  It's chewed apart. It's just like Zuckerberg punching bag time.

• 1:02:39Ryan Sean Adams?

  It's and the reason is like, maybe some of that's deserved, maybe some of that's not. I tend to happen like I tend to believe that like much of that is deserved, but there's also politicians scoring points like I get that whole world too. But like, of course, they can't be a credibly neutral based settlement platform for crypto. Right? Of course they can't be Ethereum. On the other hand, is not owned by any single individual. It is a public girl good for the world. And of course they would use it for their stablecoin, their money system. Anyway, it's just for me, that was kind of full circle and really interesting to see web three or web two can't even compete with web three now.

• 1:03:22Ryan Sean Adams?

  They are using protocols like Ethereum as their base settlement layer. It was inevitable, just people didn't see it in 2018, 2019. Now it's becoming super obvious.

• 1:03:33David Hoffman?

  I think the credible neutrality is definitely an angle, but I think another angle is that building out Ethereum type infrastructure like nodes, V EVMs is hard. Like, that's not a trivial thing. And like, it's not like Facebook doesn't have the technical talent, like Facebook has a lot of technical talent.

• 1:03:49Ryan Sean Adams?

  Yeah.

• 1:03:50David Hoffman?

  But think about the, the culture of that technical talent. It's building Facebook products for Facebook ownership, not open source software for global human coordination.

• 1:03:59Ryan Sean Adams?

  Totally.

• 1:04:00David Hoffman?

  So like, while maybe they do have the technical talent, do they have the technical ethos? No, they do not. They have the zuck ethos.

• 1:04:06Ryan Sean Adams?

  They do. And do you remember like they rug pulled all of their game developers? Remember Facebook released this, this open API, a whole bunch of, you know, game developers built on top of it. And then they would sort of extort some of these games, right? What was the one, the farm game? Do you remember this?

• 1:04:22David Hoffman?

  Oh, yeah.

• 1:04:23Ryan Sean Adams?

  Raise all the rage.

• 1:04:24David Hoffman?

  Yeah, yeah, yeah, yeah.

• 1:04:25Ryan Sean Adams?

  Okay, Farmville, something like this. Okay, I, I never played this, but anyway, Facebook would basically go to the game developers and be like, hey, you're going to do what we say, like, maybe we want to buy your company. Else we'll just shut off our API access to you.

• 1:04:38David Hoffman?

  We're just going to.

• 1:04:39Ryan Sean Adams?

  Yeah, sorry, rug pull. Like, we are the, you know, we are the masters. This is like our platform. If you don't like it, see you later. No wonder no one's trusting them to do this kind of thing. They've done this in the past. So yeah, but here's the interesting thing, David is regulators, I find this just hilarious, are already throwing punches, are already fighting. Elizabeth Warren hates it. She's pissed. It just went live like with this announcement and not hours later, but you know, they, they get a statement from Elizabeth Warren, some other folks in Congress who are like, we gotta stop this. We don't want this to happen. It's funny to me because I don't know if, I'm saying Elizabeth Warren, but it's a whole, it's a kind of a whole group in Washington. She just

• 1:05:24Ryan Sean Adams?

  happens to be that, you know, like the most outspoken, I think, and kind of like the recognized leader of them right now. I don't know if they hate Facebook or crypto more, right? What do you think?

• 1:05:34David Hoffman?

  I think it's amazing when Facebook and crypto collide and Elizabeth Warren just like wakes right up out of bed and be like, something's wrong and I don't like it.

• 1:05:44Ryan Sean Adams?

  Well, what's funny is we actually would say, Elizabeth Warren, that crypto is the solution to your, your Facebook problem. You don't like web two?

• 1:05:55David Hoffman?

  Do you think Elizabeth Warren just thinks that crypto is what Facebook is trying to make their own crypto ecosystem into?

• 1:05:59Ryan Sean Adams?

  I don't know, dude. I just really don't know. I want some of these people to come on bankless. I want them to engage in the crypto community so we could talk about them. You don't like web two? You don't like big tech? You don't like Silicon Valley? Cool. Make it easier for web three to thrive so we can destroy them. Okay. Disruptive innovation. Put the power back in the hands of the peoples. Isn't this what we all want? I hope so. I think we've got some solutions for that tribe. They just don't realize it yet.

• 1:06:24David Hoffman?

  We've thought about these things.

• 1:06:26Ryan Sean Adams?

  We have a plan. We have a plan that's gonna work, we think. It's called crypto. David, this is a funny story too. This is still, I guess, now we're moving to NFTs stuff, but there was a massive bid for a CryptoPunk. You've got a CryptoPunk beside you. I've heard of these things. Okay. So what was this bid? Why was it historic and what happened with this story?

• 1:06:48David Hoffman?

  Yeah. So this guy, Richard, Richard with an E instead of an A, he tweets out, "My punk is not for sale. I don't care what anyone offers me." And so like there's, there's that line that like, you know, everything is for sale for the right price, right? And so the owner of Coapt XYZ, his name's Patricio, he's not, he's not a secret, come, does the most Chad thing ever and offers the largest bid ever for a CryptoPunk. So if this, if Richard had accepted this bid, it would have been the largest CryptoPunk sale ever, clocking in at $10 million, 2.5 thousand ETH. So the guy just says like, oh, what do you mean? Like you're, you're never going to sell your

• 1:07:28David Hoffman?

  punk? Like what about $10 million? And Richard says, no. He says, no.

• 1:07:34Ryan Sean Adams?

  What's so special about this CryptoPunk, David?

• 1:07:36David Hoffman?

  It's not, it's not the punk. It's, it's got 3D glasses. So that's kind of cool, but that's not the point. It's not the point. The, the punk is like a medium, a mid to, to floor punk. It's not, it's not special. It's just that Richard likes it. He's the guy that owns the punk, right? Like, there's probably a valuation on my punk and I probably value it a two to four times higher than that, the fair market valuation.

• 1:07:57Ryan Sean Adams?

  Oh, just two to four? So if I offered you two to four times more than what it's valued, you'd sell it to me?

• 1:08:03David Hoffman?

  Yeah. Yeah.

• 1:08:05Ryan Sean Adams?

  You would?

• 1:08:06David Hoffman?

  Yeah.

• 1:08:07Ryan Sean Adams?

  I'm, I'm not doing that. Like, we're not doing that right now.

• 1:08:09David Hoffman?

  Well, if you offer me two to four times higher than the market price for it, of which I also determine, then yeah, I'd sell you, I'd sell you my punk.

• 1:08:18Ryan Sean Adams?

  Oh my God. Okay. So you're not never sell. You're not like this guy, Richard.

• 1:08:21David Hoffman?

  Well, yeah, I'll just flip it into a different punk.

• 1:08:23Ryan Sean Adams?

  Okay. Okay. What happened with this story?

• 1:08:26David Hoffman?

  Yeah. So, so Richard, he, he doesn't accept the $10 million offer for his punk.

• 1:08:32Ryan Sean Adams?

  God, it's a JPG dude. Someone tell him.

• 1:08:35David Hoffman?

  Okay. So like, I was talking to my friend about this and it's like, the reason why he's doing it is because like, it's cool to deny the, the, the offer, right? It's cool to say no to $10 million.

• 1:08:44Ryan Sean Adams?

  Is it?

• 1:08:45David Hoffman?

  Well, his, his counter argument was like, well, you know, it's also cool, accepting $10 million.

• 1:08:50Ryan Sean Adams?

  I just sold a JPG for $10 million in 2021?

• 1:08:55David Hoffman?

  Yeah. Yeah. So like, follow up tweet coming out of Richard, I think two days later, he tweets out, diamond hands are not my girlfriend's best friend. So he probably told his girlfriend that he declined a $10 million offer.

• 1:09:09Ryan Sean Adams?

  He what? Idiot?

• 1:09:10David Hoffman?

  There's some, some degree of maybe she just like started screaming at him or said, like, why would you do that? Some, some scale of just like, what the hell happened? But yeah.

• 1:09:20Ryan Sean Adams?

  That's incredible. All right. Well, now we know David has a price for his Crypto Punk. But the thing you should have said, David, I think, is use that reverse psychology. You should have said, you should have told me you're never going to sell it. Like this guy, Richard, then I would have valued it higher. Then I would have really wanted it. Somebody listening to this would have really wanted it.

• 1:09:36David Hoffman?

  Yeah, Ryan, if you wanted a punk by now, you would have gotten one. You're still stuck with your turtle.

• 1:09:39Ryan Sean Adams?

  Yeah, yeah, yeah. Stuck with it. My turtle and I are friends, okay?

• 1:09:45Ryan Sean Adams?

  We're having a good time back here. It's just going really slow. That's all. It's not as fast as punks, okay? It's gonna take a while to catch on. Look, this is another big thing. It's another big news event.

• 1:09:55David Hoffman?

  These could have been all could have been news events so far.

• 1:09:58Ryan Sean Adams?

  All right. So what's, what's this one? So here's, here's, I think, the headline. Steam, this is Valve Entertainment. They are banning NFTs, crypto games, on the Steam platform, which I think is the largest, like, gaming platform in the community. And then one of their competitors has something different to say. Why don't you talk about, why are they banning crypto games?

• 1:10:21David Hoffman?

  Yeah, they, they had a game that they actually removed from their platform. I can't remember the, the name of the game, but they, they were on Steam. They had a blockchain integration. They were connected into, into Ethereum. They had NFTs in their game and then they got kicked off of the platform because Steam has, has now a policy of no NFTs, no, no financial assets inside of games.

• 1:10:40Ryan Sean Adams?

  Is this because, like, all crypto is a scam, David? Or is this because, like, it's cannibalizing their business model or something?

• 1:10:47David Hoffman?

  Maybe they don't know the, like, if I have a gracious angle on it, maybe they just don't know the regulations around it. So they, they kicked them off before and now they're going to go do their due diligence and they're going to come back and like, okay, we did, we did the due diligence. We can now accept it, maybe. Or maybe they are just like, oh yeah, blockchain, that's that whole scam thing. Like, no, kick them off, get them out of here. Yeah. Okay. Who knows? Who knows? The story is unfolding.

• 1:11:11Ryan Sean Adams?

  Okay. Yeah. All right. Got it. So then what, what did their competitor say? So Epic had something to say.

• 1:11:16David Hoffman?

  Yeah, yeah. An alternative gaming platform. Epic says, we, we love NFTs and financial assets inside of games. Come build your financial asset games on our platform. And so that story is going to unfold and it's going to be interesting to watch.

• 1:11:29Ryan Sean Adams?

  Look, this is the game theory of it, though. This happens at the nation-state level, right? So like China, the US, neither of them like crypto. China bans crypto. US says, "Oh, we love crypto now," right? I'm not saying it's happening exactly that way, but that is like what happens when you have multiple parties who don't have unlimited power. They can't unilaterally ban something. And if they ban it just locally to their own economy, then they give all of their competitors a massive advantage. And it just forces them into a situation where they have to end up capitulating and accepting this. The only question is, how long will it take STEAM to do that? Will they go through a year of pain, two years of pain? Will they go and they try to build their own like blockchain

• 1:12:11Ryan Sean Adams?

  network that is the STEAM blockchain? Will they waste all of this time and money? Or will they just get on board with what's happening in crypto and these open finance protocols? That's up for STEAM. And you know, for Gabe, like where's Half-Life 3? That's all I want to know.

• 1:12:27David Hoffman?

  Yeah. Maybe they're doing some digital assets in Half-Life 3. Who knows?

• 1:12:32Ryan Sean Adams?

  Oh, you think so? You think that's happening?

• 1:12:33David Hoffman?

  They are not.

• 1:12:36Ryan Sean Adams?

  Oh, David, let's talk about this while we're talking NFTs. Ross Ulbricht, what is he doing from jail, from a jail cell with NFTs?

• 1:12:43David Hoffman?

  Ross Ulbricht, the renowned Dread Pirate Roberts from the Silk Road, the very peaceful libertarian who believed in what he was doing and got sent to jail for, I think, two lifetimes for running an illegal marketplace using Bitcoin all back in 2013. He's been in jail ever since, but he has this Twitter account that his mom runs, @RealRossU, Ross Ulbricht. And he says, "We are auctioning off some of my art as an NFT. The proceeds will go towards charities that help prisoners and their families and towards helping me regain my freedom. One project we envision is to help kids travel to visit their mom and dads in prison." So cool, Ross Ulbricht getting into NFTs from jail.

• 1:13:23Ryan Sean Adams?

  Yeah, very

• 1:13:24David Hoffman?

  Free Ross, free Ross.

• 1:13:26Ryan Sean Adams?

  Also, not a Bitcoin max list, I guess.

• 1:13:28David Hoffman?

  Yeah.

• 1:13:28Ryan Sean Adams?

  You've seen these other

• 1:13:30David Hoffman?

  I don't think it ever was.

• 1:13:31Ryan Sean Adams?

  Yeah, I, you know, yeah. Okay, Andrew Yang, what's, what's he up to, man? Okay, so we had him on the podcast. We made this joke toward the end, right? Yeah, cuz he started talking about, hey, I really think this podcast is a historic occasion because it's the first time that Andrew Yang has been on a crypto podcast, been on Bankless. And also, it's sort of the first time where we've had a politician with some name presence. Just do like the crypto handshake. Give crypto the handshake and be like, hey, guys, I'm, you know, I support crypto. And I'm gonna like, let the world know that publicly. And anyway, we had this joke and we said, hey, if this is a momentous occasion, what we should do is create an NFT. And we threw that back to the community and said, hey, community, if anyone, you know, wants to create

• 1:14:14Ryan Sean Adams?

  a, an NFT at the end of the show, go do it. And somebody did it. Actually, this is Crypto Wife, I believe she's known on, and she makes all sorts of memes for Bankless, for the community, is a fantastic artist. And she created this meme for Andrew Yang. So take us from there, David, then what happened?

• 1:14:34David Hoffman?

  Yeah, we, we also got Andrew Yang, andrewyang.eith. We teamed up with Brantley Milligan, got into a Zoom with Andrew, connected him with his first ENS name, andrewyang.eith. So andrewyang.eith actually minted this NFT. And this NFT auction actually just closed about 30 minutes ago, and it sold for 6.9 ETH. So staying true to the memes. I guess we're not taking things seriously today. $28,000 to the Forward Party. So really, like a nice, a nice gracious gesture to the crypto world, saying, hey, I'm here, I'm in it. Like, I'm doing these things. I got andrewyang.eith, minted my NFT, donated to the Forward Party. So really, really pretty cool.

• 1:15:13Ryan Sean Adams?

  Yeah, I'm glad that, you know, somebody did that, somebody stepped that up. And, you know, 7 ETH is not, 6.9 ETH, excuse me, is, is not a small figure. So $28,000, and somebody gets this fantastic NFT. So more politicians will be coming to crypto. Crypto will be coming to politics. This is going to happen, and I think This is just the start of all of this.

• 1:15:35David Hoffman?

  For the listeners out there, the NFC just has a bunch of tip of the hats towards, uh, towards the greater crypto world.

• 1:15:41Ryan Sean Adams?

  They can see it, right?

• 1:15:42David Hoffman?

  Andrew Yang has a chrome laser eyes, rainbow laser eyes, which I think is a nice touch. He's got an Ethereum and a Bitcoin lapel pin. And then there's a bunch of, uh, NFT profile picture icons out there. There's a cool cat, there's a pudgy penguin, there's a crypto punk. And then we also have a bunch of the crypto media, uh, platforms out there. The Defiant, Bankless, Daily Gueye, uh, and then we also have tips of the hat to Gitcoin and Coin Center. Uh, and so a lot of, a lot of crypto thing is being represented here.

• 1:16:10Ryan Sean Adams?

  Yeah, absolutely. And, you know, people sometimes wonder how crypto is moving this fast. Like, how does it accomplish so much, right? Now we have politicians who are incented to come to crypto because they get votes. Maybe they get fundraising, this sort of thing. So do our media publications, David. This is The Economist and they are auctioning off, um, their, the magazine cover. And this is actually a fantastic grab, uh, article. It's called Down the Rabbit Hole, The Promise and Perils of Decentralized Finance. The first article in The Economist I've ever read that actually portrayed a pretty accurate picture of what DeFi is. And now they're auctioning that off. What's really interesting about it is we've said this before, it goes to, you know, it applies to all of our listeners. Crypto literally pays you to learn about crypto. Okay.

• 1:16:54Ryan Sean Adams?

  It pays politicians to advocate for crypto. It pays media companies to put crypto as the title, as the heading of their magazine cover. Okay. Crypto has a built-in incentive mechanism to spread itself, to propagate itself. It's almost like a life form. Okay. It's almost like an advanced intelligence that is working through the mean layer of humanity and propagating itself and spreading itself and has the ability to like self replicate and produce its own energy out of human resources. That's what's happening. And that's why I think is the story. It's like, oh, cool. The Economist released an NFT.

• 1:17:37Ryan Sean Adams?

  Well, they released an NFT, they're going to make money on that. Other magazines will follow, they'll produce more. Articles about crypto and it will escape into mainstream. That's really what's happening here, which I think is super cool.

• 1:17:49David Hoffman?

  I think another illustration for what you're saying is that water flows downstream and crypto is downstream. Therefore, water, which is society, is going to flow downstream to crypto. Now that we've discovered crypto, the natural incentives of everything is society just likes crypto. Once, once again, the most bullish thing about crypto is to be understood. Once you understand it, you are trapped. It's a virus. It sucks you in. The Economist, it caught the crypto virus. It's all in. It's going to spread the crypto virus to all of its neighboring magazine companies. And then it's going to go from there.

• 1:18:23Ryan Sean Adams?

  Absolutely. A lot of readers of The Economist too, like in the traditional world, institutional world. Jack Dorsey, he definitely has the crypto bug, but I wouldn't actually say.

• 1:18:32David Hoffman?

  Specific strain, a specific strain of the crypto bug. Yeah.

• 1:18:35Ryan Sean Adams?

  Just Bitcoin, right? He's immune from all other crypto talk, I think. But he, Square is considering building a Bitcoin mining system. He says it's based on custom silicon and open source for individuals and businesses worldwide. He has this Twitter thread about what Square is doing. And I think the net of this is basically like, hey, proof of work is centralized. I want to make it a bit more open source in efforts to make it less centralized. We're going to create some hardware in Square to do this and some specifications for hardware to do this. So a noble, you know, effort, I, I, I think, I guess.

• 1:19:16Ryan Sean Adams?

  I don't know though. It's just, it's still proof of work, right?

• 1:19:19David Hoffman?

  Is it Square's core competency, which is payments of money? Like, or is it something else?

• 1:19:26Ryan Sean Adams?

  It's funny to me just because I feel like Jack gets Bitcoin and then he just makes it a point just to fixate on Bitcoin. When like, when is Square going to capitulate? Like Square, Square is being like Valve and being like the Steam platform, right? I'm just like, guys, we have this whole DeFi thing. And if you're not careful, some other enterprising fintech, this maybe, God, maybe it's PayPal. Maybe it's even Visa. I don't know. They're going to come and eat your. If you're just obsessing about like Bitcoin, Bitcoin mining, when there's this whole other experiment going on, which is DeFi and Ethereum and like proof of stake, like you could do Bitcoin, but like, why not also do these other things? I guess to be fair, with Twitter, they are doing

• 1:20:10Ryan Sean Adams?

  more with with NFTs, but is Square missing the boat?

• 1:20:13David Hoffman?

  They're not, not yet. The NFT thing actually is not live. You know what is live? Bitcoin tipping. And also, who do you think want, like, what do you think the Twitter populace wants more? Verified NFTs or Bitcoin tipping? Like I said this last time. And also, at the same time, we said this like two or three rollups ago, the total volume transferred of Ether and stable coins is dwarfing all other value ever traded in the crypto world. And Square, you know what Square is doing? Building Bitcoin mining machines. It's so nonsensical. Square, you're a payments company. There's this brand new payments ecosystem. You can build a rollup for your payments and hook into DeFi. Why aren't you doing this? Why are you focused on Bitcoin mining?

• 1:20:53Ryan Sean Adams?

  I'm not even worried about it, David, because they'll just, they'll just be fine, find out later and be late to the party. And like, it'll happen. It's just, you know, I guess, you know, some, some people have to be dragged along, kicking and screaming. Speaking of which, Facebook, I don't know if they're being dragged along, kicking and screaming. They're actually trying to lead the metaverse. They've just hired 10,000 workers in Europe to build up the metaverse. They're actually talking about, David, renaming their company as well. Okay, so they haven't announced the name yet, but they announced their intent to rename Facebook. Must be because all

• 1:21:33Ryan Sean Adams?

  of the negative PR that they've gotten recently. And I would guess it would be something metaverse related. You have any thoughts on like new names for Facebook? Anything good coming to mind?

• 1:21:43David Hoffman?

  God, it's such a, no, I don't. And it's like such a duct tape fix when like, you know what really needs a reorganization?

• 1:21:50Ryan Sean Adams?

  It's a rebrand.

• 1:21:51David Hoffman?

  Is the complete internal structure and business model of Facebook. You can't just like slap on a new name. It's like, oh, yeah, all those old comments?

• 1:22:00David Hoffman?

  Jesus.

• 1:22:01Ryan Sean Adams?

  Yeah, well, so I asked this, this question to Twitter. I was like, what should the, what do you, what should the new Facebook name be? I came up with the term Zucktherium, which I thought was yeah, somewhat clever. Other people said Socialverse, okay, Faceverse, Zuckerverse, or my own personal favorite, Bored Ants Politics Club. That's the new name for Facebook. So maybe some ideas there for, for Zuck and crew as you're thinking about this rebrand. David, let's talk about this Coinbase. They just released a digital asset policy, kind of an alternative policy to all of the bad ones that seem to be floating around governments. What, what are they saying in this policy?

• 1:22:40David Hoffman?

  Yeah, it's basically like a skeleton of a, they're proposing this be the way that policy happens. And it's very logical, very clear, very straightforward, makes a ton of sense. I like all of it. Basically, there are two big things. There's more details in here, but there are two big things is regulate digital assets under a different framework than all the previous assets of the world.

• 1:23:01Ryan Sean Adams?

  Oh, not the ones from the 1940s, a different one?

• 1:23:03David Hoffman?

  Not the ones that we decided with pen and paper, like digital assets need a digital asset framework. So let's make that. That's their big thing. And then their other big thing is designate one regulating body for digital asset markets. Allocate one and make

• 1:23:18Ryan Sean Adams?

  them be- A crypto czar.

• 1:23:19David Hoffman?

  A crypto czar, a crypto regulator, not the SEC, not the CFCC, not the Treasury, not the IRS, make the crypto regulatory body, which just makes a ton of sense. Just pick one, just point to someone and pick one and tell them that they're the regulator so that we can just know that.

• 1:23:37Ryan Sean Adams?

  Can we do the third thing, which is make sure that the new crypto czar is actually good? Remember, we talked about that, that guy in the White House, Tim?

• 1:23:44David Hoffman?

  Pick your battles, Brian. How much, how much you want to ask?

• 1:23:46Ryan Sean Adams?

  Okay, pick any two of the three asks.

• 1:23:49David Hoffman?

  Just allow us to focus our lobbying to one direction.

• 1:23:52Ryan Sean Adams?

  We'll start there. Start there. Good suggestions by Coinbase, to be honest.

• 1:23:56David Hoffman?

  There's a lot more in here. So there's a link in the show notes if you want to read more.

• 1:23:59Ryan Sean Adams?

  Yeah. Meanwhile, I think there's a, there's an attack kind of going on from regulators versus these C-Fi centralized crypto bank lending companies. They're coming after in particular, I believe, Celsius Network and also named as maybe Nexo.

• 1:24:15David Hoffman?

  Yeah.

• 1:24:16Ryan Sean Adams?

  Yeah.

• 1:24:16David Hoffman?

  And the reason why we know that they're going after this, that that actually wasn't public information. The Office of the Attorney General of New York released these documents that had redacted like names. So we actually, there was privacy retained. But you know what they forgot to redact? The file name of the documents that they are showing. So we have in the top left corner of each document, Microsoft Word Celsius letter, and then also Microsoft Word Nexo letter. They just forgot, after doing all the redaction, they just forgot to clear out the names. These are, these are the people that are regulating digital assets, folks.

• 1:24:49Ryan Sean Adams?

  There you go. Well, you know, you gotta watch those document names. They'll get you every time. You also have to watch on calendars, David. It's like, make sure who you're sharing your calendar with. Like some information could be leaked. You ever done that?

• 1:25:00David Hoffman?

  I did not know that that was a thing. Thank you for letting me know.

• 1:25:02Ryan Sean Adams?

  From experience, okay? From experience. Careful what you put on your calendar. Yeah. So, I mean, I think the, the attack has, has kind of begun. A lot of these companies have raised some war chests, I'd say lately. I can't recall, I seem to recall a recent Celsius raise. There's so many, but like BlockFi did recently as well. And so, these companies are gonna fight this. This is only in New York. The question is, does the contagion spread? Do other states join in this? My guess is you'll have some states, maybe like a state of Texas, certainly Wyoming, that will say, fine, New York doesn't want it, we'll take it. Right? And that is the beautiful thing about, again, this game theory playing out and crypto winning in the end. So, all this short-term stuff is, is fun. Also, I

• 1:25:44Ryan Sean Adams?

  will say, like, there are some things regulators could do to help us with these C-Fi companies, right? Because this is not DeFi. We can't right-click, open source, and understand exactly where our interest rate is coming from on Celsius or BlockFi or Nexo, right? We can do that in, in DeFi, but it's not DeFi. So, where there's a trusted intermediary, there is some role for regulators to play. So let's be fair on that. Let's just not like shut things down. Let's without providing clarity.

• 1:26:14David Hoffman?

  It's a great, it's a great pairing. If centralized intermediary, then regulation, because that's what we need to be regulated, right? So those two things go hand in hand. What we get frustrated about is when there is no central intermediary. There's just this application and some people.

• 1:26:32Ryan Sean Adams?

  But we pretend there is.

• 1:26:33David Hoffman?

  But we pretend there is, and therefore we try and regulate it. That's where things get iffy.

• 1:26:38Ryan Sean Adams?

  Help us crypto czar. We know you're out there. We hopefully maybe, maybe a bankless listener is going to be the future crypto czar. Well, in Australia, they're doing some things right, though. It seems like at least there's, I believe this was a report that the Australian Parliament has issued, and they called for an overhaul of basically the regulatory clarity with respect to crypto. They called for new laws to govern DAOs, to centralize autonomous organizations, an overhaul of capital gains tax in DeFi, a tax discount when crypto miners are using renewable energy. I don't know if these ideas will actually be implemented, but this is what it looks like, folks. It's not that hard, right?

• 1:27:20Ryan Sean Adams?

  The crypto industry is asking for some very simple things, clarity above all, but like also some friendlier treatment of this industry as a whole, like make it a home in your country. Make the industry feel like you are welcoming it as you welcome the internet as a new technological innovation, all the people that support it. Hopefully, Australia is heading in that direction and providing an example to other Western countries. It's just very sensible.

• 1:27:48David Hoffman?

  Agreed. Agreed. I want that for myself.

• 1:27:52Ryan Sean Adams?

  You want that?

• 1:27:52David Hoffman?

  In the United States.

• 1:27:53Ryan Sean Adams?

  Do you want to move to Australia?

• 1:27:55David Hoffman?

  No, not really.

• 1:27:56Ryan Sean Adams?

  Time zones are tough.

• 1:27:57David Hoffman?

  Yeah.

• 1:27:58Ryan Sean Adams?

  Yeah, great place with time zones, right? Poor Anthony Sisana.

• 1:28:01David Hoffman?

  Poor all the way over there. He's on a lockdown as of today, so congratulations to him.

• 1:28:05Ryan Sean Adams?

  That's great. That's good news. Hey, talk about this. This is happening in the financial sector in New York. What's this showing, this picture?

• 1:28:13David Hoffman?

  Yeah, so not the first time that this has happened, but definitely the biggest statue to get dropped in, in front of the NYSE. There's this famous bull in front of the New York Stock Exchange. Once upon a time, I think after the 2008 crisis, there was that, that like, you know, five, six, seven year old statue of a girl who's like very defiantly putting her hands up on her hips against the bull, kind of a statement against like the 1% versus 99%. Now, there is this massive ape that got dropped right in front of this bull. So we have this bull and this ape just staring each other down. And in addition to that, a ton of bananas got thrown around the bull. And so this was done, this is a tip of the hat to, for those that remember Harambe, the, the gorilla that unfortunately had a

• 1:28:58David Hoffman?

  young child fall into its pit and the gorilla was like, you know, taking, playing with a child, hanging out with a child. A very, very fearful parents as this gorilla could absolutely just rip this child apart with one hand. And so Harambe was shot by, shot dead by the caretakers so that the child wouldn't be killed and there wouldn't be a bunch of like, you know, court lawsuits. And then this Harambe ape got just, you know, martyred by the internet and is now a beloved internet icon. And so this artist came and made a Harambe statue and dropped it in front of Wall Street. But like, there was no connection to like Wall Street bets or ape culture, but it's one of those things like not, no official connection, but it's one of those things like, they knew, they knew, there's now a massive ape in front of the stock market.

• 1:29:41Ryan Sean Adams?

  Just feel like this has just nailed the zeitgeist of being this new era that we've entered into, right? Like, the, the stock market is neither bull nor bear. It's ape now, right? And Harambe, like, he was killed by the institutions, wasn't he? Right? Not doing anything wrong, okay?

• 1:29:59David Hoffman?

  Just being, just playing with a kid.

• 1:30:01Ryan Sean Adams?

  Yeah, I mean, and inside of a zoo? Like, what's the metaphor there? Like, capture it, be in a cage and just like, trying to live his life? I don't know. There's, there's metaphors on metaphors and the fact that this is a stare down between the bull and the ape. Think, wow, this is how we're entering the 2020s, folks. This is what it is. This is the new era.

• 1:30:21David Hoffman?

  Ape culture.

• 1:30:21Ryan Sean Adams?

  Perfect.

• 1:30:22David Hoffman?

  You know how I keep on seeing, saying that crypto is moving closer to society and society is moving closer to crypto? Well, if there's a goddamn ape in front of the stock market, that's a clear sign that society and crypto are coming closer and closer.

• 1:30:35Ryan Sean Adams?

  It's just, and it's not like we're advocating like ape culture and degeneracy here, right?

• 1:30:40David Hoffman?

  It's what the monetary policy is incentivizing.

• 1:30:43Ryan Sean Adams?

  You've made a mockery.

• 1:30:45David Hoffman?

  Yeah, of your markets.

• 1:30:47Ryan Sean Adams?

  Of your markets. You've made a mockery of it. Central banks, people in charge, institutions. And so how can you expect us to take it seriously? Right? Like the whole meme stock phenomenon, the whole GME phenomenon, we could go on, but this is brilliant. I love this art. Anyway, uh, let's go through some quick hits, David.

• 1:31:05David Hoffman?

  Very quick, here we go.

• 1:31:06Ryan Sean Adams?

  Go to takes. Okay. The CBOE acquires Eris X. So this is the CBOE expanding. Eris X was a crypto derivatives market. Now they're getting a little bit bigger. Uh, this is all very legal crypto and spot trade, crypto spot trading and derivatives. Uh, and I guess the CBOE is continuing to expand through these acquisitions.

• 1:31:27David Hoffman?

  Next up, we have Societe Generale. We talked about them. They're the bank, third largest bank in France that recently submitted a governance proposal to MakerDAO. They are shopping for a crypto custodian. So if you are a crypto custodian and you want to be bought by a big bank, uh, Societe Generale, you might, uh, find love there.

• 1:31:44Ryan Sean Adams?

  Yeah, find love there. Wow. It's like classified ads, I guess, for, uh, for custodians. BlackRock CEO says there's huge opportunities in digital currency. Particularly in this article, he meant kind of stable coins, other things, non-threatening things. But he's kind of in the Jamie Dimon camp of saying Bitcoin is useless. There's actually a quote in this article from Jamie Dimon that reminded me of where Jamie Dimon comments on, um, Bitcoin. This is of course the JP Morgan CEO. He says this, "Makes no difference to me. I don't think you should smoke cigarettes either, but our clients are adults. They disagree. That's what makes markets." I love that he compares owning Bitcoin to smoking cigarettes. My God, one of those things gives you cancer. The other just gives you more money.

• 1:32:28David Hoffman?

  Jamie Dimon capitulating to the market.

• 1:32:31Ryan Sean Adams?

  I guess. All right. What's next, David?

• 1:32:33David Hoffman?

  Uniswap hires a former Obama spokesperson as head of communications and regulatory conversations around DeFi swirl in DC. Interesting.

• 1:32:43Ryan Sean Adams?

  You swap getting political as well, DeFi getting political. Axie is now a top 500 website in the US. Site ranked 476. Axie definitely going mainstream, also with that global appeal. Guys, we will be right back with the takes of the week. These are some hot takes and of course, the meme of the week. You won't want to miss it, but before we do, we want to thank the sponsors that made this episode possible.

• 1:33:05David Hoffman?

  Arbitrum is an Ethereum scaling solution that's going to completely change how we use DeFi and NFTs. And now it's live and has over 100 projects deployed. Gas fees on Ethereum L1 suck. Too many people want to use Ethereum and it doesn't have enough capacity for all of us. And that's why teams like Arbitrum have been hard at work developing layer two solutions that makes transactions on Ethereum cheap and instant. Arbitrum increases Ethereum's throughput by orders of magnitude at a fraction of the cost of what we are used to paying. When interacting with Arbitrum, you can get the performance of a centralized exchange while tapping into Ethereum's level of security and decentralization. This is why people are calling this Ethereum's broadband moment, where we get to add performance onto decentralization and security.

• 1:33:46David Hoffman?

  If you're a developer and you want to save on gas costs and overall make a better user experience, go to developers off chain labs.com to get started building on Arbitrum. And if you're a user, keep an eye out for your favorite DeFi apps being built on Arbitrum. Many DeFi applications on the Ethereum L1 are migrating over to layer twos like Arbitrum and some are even skipping over the layer ones entirely and deploying directly on layer two. There's so many apps coming online to Arbitrum. So go to bridge.arbitrum.io now and start bridging over your ETH or any of the tokens listed and start having the DeFi or NFT experience that you've always wanted. Living a bankless life requires taking control over your own private keys. Not your keys, not your crypto. That's why so many in the bankless nation already have their Ledger hardware wallet, which makes proper private key management a breeze.

• 1:34:31David Hoffman?

  But the Ledger ecosystem is much more than just a secure hardware wallet. Ledger is the combination of the Ledger hardware wallet and the Ledger live app. And if you're used to seeing All of your crypto services and favorite DeFi apps all in one spot. Ledger Live is where you want to be. Not only does Ledger let you buy your crypto assets straight from the app, but it also hooks into all of the DeFi apps and services that you're used to. Using Ledger Live, you can stake your Ethan Lido, swap on DEXs like Paraswap, or display your NFTs with Rainbow. You can also use Wallet Connect inside of Ledger Live to connect to all the other DeFi apps that keep coming online. DeFi never stops growing, and the Ledger Live app grows alongside with it.

• 1:35:12David Hoffman?

  So click the link in the show notes to see all of the DeFi apps that Ledger Live has, and stay tuned as more apps come online. And if you don't have a Ledger hardware wallet, what are you even waiting for? Go to ledger.com, grab a Ledger, download Ledger Live, and get all of your DeFi apps all in one space.

• 1:35:30Ryan Sean Adams?

  All right, guys, we are back with the takes of the week. The first one from Medvan, he says this. Today's NFTs are the cave paintings of the metaverse. I like that analogy. Cave paintings of the metaverse, very early on.

• 1:35:43David Hoffman?

  Yeah, you think JPEGs, or excuse me, NFTs of the future are just gonna be JPEGs? Think again, think again.

• 1:35:48Ryan Sean Adams?

  All right, these are just, this is cave painting times. We're gonna, we're gonna evolve from here. Medvan with another take. I bought my first Bitcoin on Coinbase in 2013. Many will buy their first NFT on it, too. This goes back to the story we're talking about. This is a mainstream moment, I think, for NFTs, and Coinbase is gonna be right there, helping to onboard the world.

• 1:36:08David Hoffman?

  Matt, two for two with great takes.

• 1:36:11Ryan Sean Adams?

  Good job, Matt. Good week. Another NFT take, why don't you read this one? David from Adam Sachs.

• 1:36:15David Hoffman?

  Yeah, this was great. Adam Sachs says, "Look, NFTs are a scam, but websites that give you, that get you to post your hard work for free in exchange for hearts and likes, that's the real stuff."

• 1:36:27Ryan Sean Adams?

  It's amazing. What a great way to describe all of social media. We do all of this stuff for free, I suppose. We don't even own the property on top of it, we're just renting. You ever think about that, David? Like, your Twitter account is not your Twitter account.

• 1:36:41David Hoffman?

  Rented, yeah.

• 1:36:42Ryan Sean Adams?

  Something you're borrowing from a

• 1:36:43David Hoffman?

  I'm making more and more valuable, although I don't have ownership over it.

• 1:36:48Ryan Sean Adams?

  No equity, sir. It's not even yours.

• 1:36:50David Hoffman?

  My Twitter account.

• 1:36:50Ryan Sean Adams?

  You're just a renter, and web to social media are our landlords.

• 1:36:55David Hoffman?

  Our serfs, yeah.

• 1:36:57Ryan Sean Adams?

  Let's talk about this. Dow to Dow is going to be the new B to B. This is anon intern not going to make it Dow to Dow.

• 1:37:04David Hoffman?

  I can't hear like one time of a Dow spinning up without them being like, okay, here's our token swap targets. Like I want to do a token swap at this Dow and that Dow and that Dow. And it just makes this mesh network of Dow alignment incentives. It makes it very like hard to rip, right? When bridges are built and they're built steadily, it's hard to rip that ecosystem.

• 1:37:25Ryan Sean Adams?

  Yeah, it is. Yeah. Every Dow launches with like five or 10 like different partnerships, basically, or like, you know, that's the very first thing you do. And Dows can't really work well with non-digital organizations either. That just doesn't work. So talking about a new Dow economy, B to B, by the way, for folks who aren't familiar, that stands for business to business, which is a whole like industry subsector, of course. And now it's going to be Dow to Dow. These are the new capital formation entities. David, here's a take from you. I'm going to read this one.

• 1:37:56David Hoffman?

  Read the first tweet first.

• 1:37:58Ryan Sean Adams?

  Oh, really? I have to do? Okay. What? This is from David Greider?

• 1:38:02David Hoffman?

  Yeah, we had him on the podcast once before.

• 1:38:04Ryan Sean Adams?

  That's right, David. Hey, David, I hope you're listening. David says, what is the total addressable market for crypto? What if the total addressable market for crypto, rather, isn't digital gold or the internet sector? What if it's all government spending? So he's saying, what if the total addressable market size is different? We always talk about like eight trillion in gold. That's what Bitcoin's going to be worth. Or we compare it to the internet. And he's saying, what if it's all government spending? And then you replied and you said, I think TAM for crypto is just everything, to be honest. So what do you mean by this?

• 1:38:40David Hoffman?

  Yeah, everyone loves to play that game. It's like, oh, yeah, here's Bitcoin's valuation. It should be at least gold. Here's Ethereum's valuation. It should at least be all the FAANG stocks. Like, here's how much the government's in debt. Bitcoin should... Dude, the total addressable market for crypto is every financial asset that exists. We are going to consume everything. We are literally a better financial asset platform, exchange network than anything that's ever come before it. So if you don't think some, any valuable asset isn't going to find a token on Ethereum to embody it, you're wrong. The total addressable market for crypto is everything that has value.

• 1:39:19Ryan Sean Adams?

  Are you going to limit that just to the Earth, David? Or would you expand that to the solar system, to the galaxy, to the multiverse? Are we talking the total addressable market size of like, all of the possible universes in existence? Is that how big this is?

• 1:39:32David Hoffman?

  I'm not an expert on interplanetary block production and propagation. I don't know, like, it's eight minutes.

• 1:39:38Ryan Sean Adams?

  We run up against some speed of light issues, I think.

• 1:39:40David Hoffman?

  It's eight minutes to get to the moon. I don't know how fast an Ethereum block can get there for actually make a network work. But once we solve that problem, yes, if, once we solve that problem, yeah, then the value of the sun will be a token on Ethereum.

• 1:39:53Ryan Sean Adams?

  Watch for David's next piece on the total addressable. Ethereum has a settlement layer for the multiverse.

• 1:40:01David Hoffman?

  Interplanetary settlement layer.

• 1:40:03Ryan Sean Adams?

  Absolutely. This is Ryan Selkis's tweet. I love this one. He says, "We need a US regulatory agency that will protect investors from the other US regulatory agencies." A little snarky, kind of fun.

• 1:40:15David Hoffman?

  Going back to how we want to say cryptozart, just centralize all the regulatory energy into one place, so we can just all focus there.

• 1:40:22Ryan Sean Adams?

  I mean, that's what Coinbase says, but what if we don't like the person? What if we don't like the guys doing that?

• 1:40:26David Hoffman?

  Then we can all yell at him collectively, rather than having to split our energies between Warren, Yellen, Gensler, like, no, just make one person that we get to be the person to yell at.

• 1:40:36Ryan Sean Adams?

  Apply pressure.

• 1:40:37David Hoffman?

  Yeah.

• 1:40:37Ryan Sean Adams?

  But ideally, it's that number three. It's somebody who's good. Back to that, hopefully. We'll see where we get. Okay, those guys, those are the takes for the week, or do we have another? No, next we have memes. But before we do, what are you excited about, David? What are you excited about?

• 1:40:52David Hoffman?

  I think that this whole Wu-Tang album thing, I think, is just such a great microcosm of what I want to see happen moving forward. I want to see DAOs make a bunch of PR statements and PR moves that get picked up and reported on that are in direct opposition, in direct contrast.

• 1:41:11Ryan Sean Adams?

  Like, positive?

• 1:41:12David Hoffman?

  Yeah, positive contrast to the rest of the world, right?

• 1:41:15Ryan Sean Adams?

  Like, the opposite of the parasite guy. That's an analogy in that, like, the parasite guy who jacked up the price of EpiPens, right?

• 1:41:23David Hoffman?

  Exactly.

• 1:41:23Ryan Sean Adams?

  It's terrible PR for Wall Street, for, you know, hedge fund managers and big finance guys.

• 1:41:27David Hoffman?

  Makes people hate them.

• 1:41:28Ryan Sean Adams?

  You want the opposite of that to happen.

• 1:41:30David Hoffman?

  Right, right. Like, no, I want a DAO to distribute ownership of this prized cultural artifact that is like a meme about how it's a walled garden and break down those walls and share it with everyone. Share the culture, share the value. The way that, and this is how I think crypto is going to mainstream itself in terms of cultural acceptance, is that we fix all of the problems that society has, story by story. There's a meme that we ran about a number of rollups ago. It was like, like, broken existential crisis about the future of the world. There was a big crack in the asphalt and there was a Band-Aid spanning the crack and the Band-Aid was labeled a DAO with the homies, right? Like, we have the answers and we just need these stories to propagate through the rest of the world

• 1:42:14David Hoffman?

  to show the world that, hey, we can fix stuff here in crypto. Crypto is here to help you live your life. And I think this is the first story of many. I kind of see, specifically with Pleaser DAO, but also with these cultural artifacts, it's like crypto is building this arc and DAOs are going to like buy up all the cultural icons, all the cultural stories, and get them on the arc to make them part of the digital world. I think that's gonna be kind of cool.

• 1:42:37Ryan Sean Adams?

  Do you know what's so, so interesting about that, that hope and that aspiration, though, is it depends so much on the layer zero, which is the people layer, okay? Right? Because some people can be assholes, right? And some people are not. Some people are good people. They, you know, see pie-expanding things, they are altruistic, right? And so, our layer zero has to be awesome. It can't be full of like, Wall Street assholes. I'm not saying all, you know, Wall Street people are assholes. I'm saying that there are many assholes on Wall Street.

• 1:43:12David Hoffman?

  Tens of thousands for them.

• 1:43:13Ryan Sean Adams?

  Okay, so how do we prevent that? Because there are a lot of...

• 1:43:19Ryan Sean Adams?

  You know, parasitic individuals who've come to crypto and are looking to scam individuals. We see very much this countervailing force of individuals who are here for the long term. But like, it's not a given. I mean, crypto could become, at the layer zero, just as toxic as, you know, organizations and entities that have atrophied in the real world. And like, that's why our layer zero is incredibly important to protect. Like, we have to create a culture of like, doing good for the world. If we want this industry to be successful and sustaining for generations. And it's not a given. Like, we actively have to make that choice, I think. Yeah, what's your thought?

• 1:44:04David Hoffman?

  I have a ton of thoughts on that. And this is actually kind of like, one of the subjects of one of the articles I'm trying to write. We have this open, public, transparent ledger. And that transparency, because everyone can see everyone else doing stuff, that transparency, in my mind, actually incentivizes open, collaborative, transparent nature in the society that surrounds these things, right? Because we incentivize collaboration on-chain, you know, money legos, we incentivize collaboration off-chain, in the layer zero. And so there's this culture, at least in the Ethereum world, there's this culture of like, everyone checking on everyone else to make sure that everyone else is being good. It's like, we're making, we're, as a society around Ethereum is a collaborative society. And when somebody does something wrong that we don't like,

• 1:44:48David Hoffman?

  everyone acknowledges that and knows that. And it's like, it's a social checking system, social collateral, social clout. And we have this society that is like, trying to guide people into this positive sun, some collaborative, like, honorable, like, society around Ethereum. And I think the nature of a transparent blockchain actually incentivizes that.

• 1:45:09Ryan Sean Adams?

  Well, to the extent we are able to do that, I think we will create a lasting movement that is that is good for the world. So let's hope. And that's definitely why we're here for sure. And I know many bankless listeners are here for those reasons as well.

• 1:45:21David Hoffman?

  Absolutely. Ryan, what are you excited about?

• 1:45:24Ryan Sean Adams?

  I'm just gonna say all time high, man, feeling good. What a great week, right?

• 1:45:27David Hoffman?

  It was a great week.

• 1:45:29Ryan Sean Adams?

  It was a great week. I feel like, you know, this time, ETH has earned it, right? I felt in 2017 like something was off. It felt very bubbly, like there wasn't a lot of substance behind what was going on, right? There was definitely something. There was a vision and a promise and a hope, but there wasn't substance. This time we have substance. The 2021 bull run has been just, you know, phenomenal. I think it's, you know, going to continue in the future. One of the last things I'll say, and you know, what I'm excited about this week is actually after our conversation that we recorded this week with Eric Peters, new podcast, by the way, comes out on Monday. For podcast listeners, this is with a guy who

• 1:46:15Ryan Sean Adams?

  made the the largest institutional purchase of Bitcoin and Ether in 2020. So this is kind of a traditional hedge fund. And he really set all of my worries about regulators and nation state destroying crypto to rest. So tune into that episode to hear exactly why, but just with a very pragmatic approach. I think from time to time in my crypto journey, I've always been worried like, oh, you know, are the regulators going to come squash this thing? Is the nation state going to like, disallow it? Are they going to ban it? And Eric doesn't think that's very likely. In fact, he thinks that there are a number

• 1:46:55Ryan Sean Adams?

  of escape patches that like, prevent that from being the case. So I guess what I'm saying is, I'm feeling good, all time high. Everyone enjoy the bull run. It's gonna be fine. It's gonna be fun. We'll probably get more regulatory FUD, other sorts of, you know, FUD that's coming in the future, that's fear, uncertainty and doubt. Don't worry about this. Think about the long term in the long run. I've never been more bullish and I've never felt more that crypto is completely inevitable. So that's what I'm excited about this week, man.

• 1:47:28David Hoffman?

  Yeah, this will be the second time I've reviewed the water flows downstream metaphor. Like the regulators are just trying to stop water flowing downstream. Eventually water finds its way around the dam, like it'll get around it.

• 1:47:40Ryan Sean Adams?

  Yeah, absolutely. All right, David, meme of the week time. We've got two hot ones this week.

• 1:47:44David Hoffman?

  Two hot memes.

• 1:47:45Ryan Sean Adams?

  Let's do this one. I love this.

• 1:47:47David Hoffman?

  Spoil our listeners.

• 1:47:48Ryan Sean Adams?

  Yeah. Well, I feel spoiled by this meme. Why don't you talk about it?

• 1:47:52David Hoffman?

  Okay, so this meme went was just went around the whole world. I had like three of my friends show me this meme on Instagram. That's how I know it's a big deal because all my normie friends sent it to me. So this is Frodo leaning over Gollum's shoulder while Gollum sits at a computer, looking at a picture of the ring, the Lord of the Rings ring. And Frodo says to Gollum, you can't own the precious physically, but you can pay to have your name listed as its owner in an online distributed database.

• 1:48:24Ryan Sean Adams?

  Oh, my God.

• 1:48:25David Hoffman?

  I can't tell if it's a knock on it's definitely a knock on NFTs, but I think it's in jovial jest.

• 1:48:30Ryan Sean Adams?

  It's totally hilarious and Gollum's got this like incredulous look on his face.

• 1:48:34David Hoffman?

  He just doesn't quite get it, but he's doing it anyways and doesn't know why.

• 1:48:38Ryan Sean Adams?

  Do you have a Gollum voice? I want you to do this.

• 1:48:40David Hoffman?

  I do not have a Gollum voice.

• 1:48:41Ryan Sean Adams?

  You don't? Okay. I'm not gonna, I'm not gonna show my Gollum voice. I do have one, but you know, that's for another podcast.

• 1:48:48David Hoffman?

  Wow.

• 1:48:48Ryan Sean Adams?

  Not, not a crypto podcast.

• 1:48:50David Hoffman?

  Rugged by Ryan.

• 1:48:51Ryan Sean Adams?

  Next time, maybe. All right.

• 1:48:54David Hoffman?

  Meme number two.

• 1:48:56Ryan Sean Adams?

  Yeah, what's this? What are we looking at?

• 1:48:57David Hoffman?

  Okay, so this is that meme that's going around where there's like an iconic figure and it ends in like, or really, really long. I really, I don't get why. But like this one is the tax optimizer. And there's a bunch of just like, like things, attribute characteristics of the tax optimizer. Prefers selling at a loss, no taxable gains, thinks the tax rate is 100%. Did you hold that for 12 months for long terms gains? Only takes profits to pay taxes. Always says the words, just wait for taxes. Taxes wants to set you up with their accountant. You should have seen the taxes I paid in 2017. You know, that's a taxable event, right? Just a bunch of behaviors that like, there are certain

• 1:49:39David Hoffman?

  people out there. You guys might know one. He's on this podcast right now.

• 1:49:43Ryan Sean Adams?

  Okay, I'm feel, I, come on, man. I am feeling attacked right now, okay, by the tact optimizer meme. Because this guy looks a lot like me, number one, and these attributes sound super familiar, familiar in the way I think sometimes, but uh, yeah, look, I, I think these memes are hilarious because they kind of characterize individuals and like the tendency to go overboard on something, right? In a, in a, like in a playful, fun way. And like, I have definitely fallen prey to being like, the tax optimizer, but like, there, there's another trap, I think, which is like, the crypto dude that never thinks about taxes and doesn't even factor that into any equation whatsoever,

• 1:50:26Ryan Sean Adams?

  right? And I'm, I'm always like, to that person, I want to say like, oh, are you like, not going to like, live in your, in your country anymore? Are you going to like, be a fugitive in the, in like, in the nation that you see? Then if you don't want those things, don't piss off the IRS, like, pay your taxes, right?

• 1:50:43David Hoffman?

  Certainly.

• 1:50:44Ryan Sean Adams?

  But there is truth in that you can't let, affect the way you like, trade and make decisions. And if you overindex on that and just care about like, you know, taxes and optimizing those things, you're going to miss out on opportunities. When I've made mistakes, I've probably done that before.

• 1:51:01David Hoffman?

  I do have to say, I'm definitely on the opposite side of the spectrum than Ryan is, and that is why I pay someone else to care about my taxes for me. So if you are the opposite of what Ryan is, but you also don't want to go to jail, and you know that you're somebody that is not a tax optimizer, go find someone and pay them to care for you. That's, that's, that's my alpha there.

• 1:51:22Ryan Sean Adams?

  In the words of the tact optimizer then, David, I want to set you up with my accountant, sir.

• 1:51:28Ryan Sean Adams?

  Can I help with that?

• 1:51:30David Hoffman?

  Alright, we got it.

• 1:51:31Ryan Sean Adams?

  See, it is me. It is me. Guys, none of this has been tax advice. God knows it wasn't financial advice either. ETH is risky, Bitcoin is risky, all of DeFi is risky. You could lose what you put in, but we are headed west. This is the frontier. It's not for everyone, but thanks for joining us on the Bankless journey.

• 1:51:49David Hoffman?

  And if you're on the YouTube, here's a five-minute video about Jameis going and discovering the Wu-Tang album and listening to it. Here we go.

• 1:52:28Speaker 02

  It's acquisition of the Wu-Tang album. Well, and he has beef. He has beef, you know? He does. He does. This album, this Shaolin, I'm gonna erase all your [BLEEP] in this album. Right here, man. [BLEEP] right here.

• 1:52:50Speaker 02

  Turn on the camera!

• 1:53:14Speaker 03

  This is like the OG NFT, right? The original fight against the middleman who are rent-seeking. And crypto is the same ethos. Wu-Tang Clan was prescient in understanding that conflict...

• 1:53:35Speaker 03

  What's up, man? Jameis.

• 1:53:38Speaker 04

  Nice to meet you.

• 1:53:40Speaker 03

  You ready?

• 1:53:40Speaker 04

  Yeah, man, excited.

• 1:53:44Speaker 03

  Do you want me to give you a top five?

• 1:53:46Speaker 04

  Give me the top five cookie bangers.

• 1:53:47Speaker 03

  Okay.

• 1:53:52Speaker 03

  It's the only CD that exists, right? The only version of this? If one thing goes wrong, that's it.

• 1:54:10Speaker 03

  I'm very lucky to be here right now doing this.

• 1:54:17Speaker 03

  That is incredible.

• 1:54:22Speaker 04

  Get up.

• 1:54:31Speaker 03

  Take care.

• 1:54:35Speaker 03

  There would be scuffs from Martin Shkreli on the CD case.

• 1:54:39Speaker 04

  Yeah, I mean, we spoke to that yesterday a little bit. I definitely think we should get his take on it as well.

• 1:54:51Speaker 03

  Nice to meet you, finally. All right.

• 1:54:53Speaker 04

  I've been disguising it.

• 1:55:02Speaker 04

  It's from the original, huh?

• 1:55:05Speaker 03

  They have these little watch gears down here.

• 1:55:11Speaker 03

  Let's just go.

• 1:55:18Speaker 03

  It's not scary at all.

• 1:55:23Speaker 03

  Okay.

• 1:55:27Speaker 03

  You hear that? What's that?

• 1:55:31Speaker 04

  The disc moving around, I guess, while it reads it.

• 1:55:36Speaker 03

  It's making me nervous.

• 1:55:44Speaker 03

  Could just be reading it in DLC, I think.

• 1:55:48Speaker 03

  Which is... Definitely fucked my shit up right now.

• 1:55:56Speaker 03

  Alright, we're gonna try this over ten.

• 1:56:03Speaker 03

  Please work.

• 1:56:14Speaker 03

  That's more like it.

• 1:56:18Speaker 03

  That's the best sound though. Second best sound. Jesus Christ. That was a lot. Alright.

• 1:56:42Speaker 03

  Oh my god, this is so good. Let's go.

• 1:56:47Speaker 04

  If you need us, we're here, man. Congratulations.

• 1:56:50Speaker 03

  Hey.

• 1:56:51Speaker 04

  Wait to see what the world's gonna say.

• 1:56:52Speaker 03

  One chapter closes, another one opens.

• 1:56:56Speaker 04

  Exactly. You guys were sipping on that champagne?

• 1:56:58Speaker 03

  Yeah, maybe a little bit.

• 1:57:02Speaker 03

  Pleaser does mission is always in flex. There is no definitive methodology that we apply to each acquisition. We're going to be looking for iconic pieces that resonate with internet history, with culture, with the populace at large across the entire world.

• 1:57:34David Hoffman?

  Hey, we hope you enjoyed the video. If you did, head over to Bankless HQ right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence. We recommend joining our daily newsletter, podcast, and community as a Bankless Premium subscriber to get the most out of your bankless experience. You'll get access to our market analysis, our alpha leaks and exclusive content, and even the bankless token for airdrops, raffles and unlocks. If you're interested in crypto, the bankless community is where you want to be. Click the link in the description to become a bankless premium subscriber today. Also, don't forget to subscribe to the channel for in-depth interviews with industry leaders,

• 1:58:15David Hoffman?

  Ask Me Anythings and weekly rollups where we summarize the week in crypto and other fantastic content. Thanks everyone for watching and being on the journey as we build out the bankless nation.