ROLLUP: SEC vs Crypto | Evergrande | Robinhood Wallets | Layer 2 Ethereum | Yearn v3 | Coinbase Lend

4th Week of September, 2021 ----- 📣 TracerDAO | Perpetual Pools are now Live on Aribtrum! https://bankless.cc/Tracer ------ 🚀 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 🦄 UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants ------ Topics Covered: 0:00 Intro 3:01 MARKETS 3:14 BTC Price 3:33 ETH Price 4:50 ETH/BTC Ratio 5:17 DeFi Action 7:06 Layer 2 https://l2beat.com/ 7:44 Polygon Users ATH https://twitter.com/MihailoBjelic/status/1440692200447246337?s=19 8:49 Miners Selling Less https://twitter.com/Data_Always/status/1440137774775083008 10:32 Evergrande https://twitter.com/SahilBloom/status/1439920043404546050?s=20 14:00 RELEASES 15:00 Yearn v3 https://twitter.com/iearnfinance/status/1438622112265080849 16:41 Coinvise v3 https://twitter.com/CoinviseCo/status/1438622643658231814?s=19 19:24 College Defi Classes https://twitter.com/RyanSAdams/status/1440037825139777541?s=20 21:25 Zerion Apple Watch Faces https://twitter.com/zerion_io/status/1440020147490770944?s=20 22:43 Robinhood Wallets https://www.theblockcrypto.com/post/118271/robinhood-rolling-out-crypto-wallet-transfer-features 24:47 Bankless DAO Season 2 https://season2.bankless.community/ 26:08 DAO Apparel https://twitter.com/BanklessHQ/status/1440062844217683983?s=20 27:18 Raises SoRare https://www.coindesk.com/business/2021/09/21/european-football-nft-platform-sorare-raises-680m-series-b/ Bitclout Founder https://www.theblockcrypto.com/post/118133/bitclout-creator-decentralized-social-blockchain-200-million-funding-a16z-others Dapper Labs https://twitter.com/CoinDesk/status/1440662318250004488?s=20 32:50 Jobs https://pallet.xyz/list/bankless/jobs 33:30 NEWS 34:05 Gary Gensler https://twitter.com/garygensler/status/1440409729554018307?s=21 43:00 Gary’s Financial Advice https://twitter.com/garygensler/status/1440705940567719944?s=21 47:32 SEC vs Mainnet Conference https://twitter.com/jchervinsky/status/1440010854330732548?s=21 https://twitter.com/twobitidiot/status/1440046283041820672?s=20 50:28 SEC vs Coinbase https://www.coindesk.com/markets/2021/09/20/coinbase-drops-planned-lend-program-after-sec-warning/ 51:55 Audius Partnerships https://twitter.com/AudiusProject/status/1438524417139560450?s=20 52:57 Economist Cover https://twitter.com/theeconomist/status/1438524270175477760?s=10 54:11 0xMaki Stepping Down https://www.theblockcrypto.com/linked/117960/project-lead-behind-2-8-billion-dex-sushiswap-is-set-to-step-down 55:16 Future of Optimistic Ethereum https://medium.com/ethereum-optimism/the-future-of-optimistic-ethereum-7f22d987331 58:00 Snoop Dogg https://twitter.com/SnoopDogg/status/1440038460417474567?s=20 59:41 Time Pieces https://time.com/6100404/timepieces-nft-collection/ 1:00:40 Chainalysis Scraping Data https://twitter.com/CoinDesk/status/1440371592081543177?s=20 1:02:39 NJ & TX vs Celsius https://www.theblockcrypto.com/linked/118015/after-blockfi-new-jersey-and-texas-set-sights-on-celsius-crypto-interest-accounts 1:03:50 Congress vs Self-Directed IRA https://medium.com/cryptozoa/red-alert-congress-wants-to-destroy-your-self-directed-ira-609dae9cf016 1:07:00 TAKES 1:08:00 Build Faster https://twitter.com/RyanSAdams/status/1440022593860472838?s=20 1:10:19 Changing Securities https://twitter.com/raoulgmi/status/1440361603459735556?s=21 1:11:44 Maker Solar Farm https://twitter.com/jp_koning/status/1440318552108462081?s=20 1:14:48 ETH Logo https://twitter.com/avsa/status/756875789182857216?s=20 1:15:25 What David’s Excited About 1:16:32 What Ryan’s Excited About 1:20:08 MEME of the Week https://twitter.com/raoulgmi/status/1440470852722511881?s=21 ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: 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?

  All right, Bankless Nation, you know what time it is. It's Friday morning. David, tell it to them if they don't know.

• 0:13Speaker 01

  Oh, it is the weekly roll up time. And like always, every single week in crypto is absolutely insane, jam packed with news, and we are going to cover all of it in the Friday Bankless Weekly Roll Up.

• 0:24Ryan Sean Adams?

  Two big things to cover this week, David. I know you're at Mousari Mainnet. I want to ask you about that. But Gary Gensler, new sheriff in town. This is like the return of the SEC. So we're going to be talking about everything that the SEC is doing, maybe some of the regulatory flood that's been injected. Also, is Snoop Dogg an NFT connoisseur? Has he been collecting NFTs this entire time? We're going to get to that when we get to the news section as well. But I got to ask you, how's Mainnet, man? You've been gone for a while. These are two back to back conferences. You did M-Con, now you're at Mainnet. How are you feeling?

• 0:59Speaker 01

  Oh, I am absolutely exhausted. I'm going to take today and tomorrow off just because the conference wrapped up yesterday. But it's just been an absolute treat just meeting everyone in real life. Again, not everyone for the first time, but also a lot of people for the first time. In real life, events are just absolutely irreplaceable. And at some point in time, Ryan, you'll have to go to one.

• 1:21Ryan Sean Adams?

  In real life? Are you sure?

• 1:24Speaker 01

  Yeah.

• 1:24Ryan Sean Adams?

  We can't just do this in the metaverse the entire time?

• 1:28Speaker 01

  Absolutely not.

• 1:29Ryan Sean Adams?

  All right. Before we get in, guys, wanted to mention Tracer Dow. They're doing big things in the perpetuals space. I actually got a chance to try them out last week, and they wanted us to let the Bankless Nation know that Tracer Dow perpetuals are now live, now live on Arbitrum. So it's super exciting. This is a way to go 1X, 3X, long ETH, or go short. You could also do the same thing with Bitcoin. They have all of these various trading fairs, pairs. There's also some Tracer Dow rewards if you then in turn take that position in stake. But this is really cool, David, because it's like, one, it's on layer two. So you get an opportunity to try.

• 2:10Ryan Sean Adams?

  Arbitrum and to, you know, try at the bridge to these are, these are tokenized perpetuals. So very little maintenance, very little like requirements in terms of overhead. You just have to get into a position and then hold, you can hold that for a period of time. So really cool new primitive that they are building. And of course you are exchanging directly with the pool. So it's sort of Uniswap like what you need to do that is some USDC, some ETH to pay for gas. Bridge across to Arbitrum and away you go. So we will include a link in the show notes to that really cool primitive.

• 2:45Speaker 01

  Yeah, the big unlock here is that this position is tokenized, which allows it to be composable with the rest of DeFi. So we can now have leveraged tokens interacting with all the other things in DeFi. So that's pretty exciting. Also careful with that leverage.

• 3:00Ryan Sean Adams?

  Yeah, I was going to say, let's get into markets now, Dave, because this is not the week to go long.

• 3:08Ryan Sean Adams?

  Unless you were, unless you were, you know, and unless you're holding for the long term, let's say. But what happened with Bitcoin price this week as I pull up the charts?

• 3:18Speaker 01

  Yeah, Bitcoin, it started the week at the high, high price of $47,800 and then it fell all the way down to $40,500 overall, down 8% at the week. We are currently clocking in at $44,300.

• 3:33Ryan Sean Adams?

  We're going to talk about why in just a moment, but let's look at the ETH price. Same story here, right? We had definitely a downtrend this week. We're not at the very bottom. We've bounced a little bit higher, but what are we looking like right now?

• 3:47Speaker 01

  Yeah, started the week at the high of $3,600 and fell all the way down, almost a full thousand dollars to 2,750. We are currently at $3,150 overall, down 12% on the week.

• 4:00Ryan Sean Adams?

  Maybe, maybe a combination of like two sort of scares there. One is everything that's going on in China. We'll talk about that in a little bit, but with Evergrande, this is a sort of a real estate property company that has gone completely belly up. But the other was some of this SEC regulatory FUD. You know, these could potentially be signals feeding into this. Some people say, hey, this is all just noise. Anyway, the market was going to go down regardless of what happened. What's your take here?

• 4:30Speaker 01

  Yeah, if I'm not mistaken, equities markets are back up to their high before the the big correction as a result of this China scare. So that's, that's kind of interesting that equity markets are back to, back to normal. Crypto markets not feeling that same relief that equity markets did. And so that kind of lends itself to the whole Gary Gensler, SEC is coming to fight us narrative.

• 4:51Ryan Sean Adams?

  Yeah, I think there might be a piece of that. So we'll get to some of that later. But what are we looking at on the ratio? What are things looking like? This is the ETH to Bitcoin ratio this week.

• 5:01Speaker 01

  Yeah, ETH Bitcoin at 0.07. And so I would say that's right in the middle of the range that it's established since the, or better part of this year. Not too much to say there, other than like, looking pretty healthy.

• 5:14Ryan Sean Adams?

  A little bit up on the week, looking healthy for ETH that is. And total locked in DeFi Pulse, that's taken a plunge as well this week. It's, it's back from the lows. We've got $83 billion locked in DeFi at this point in time. So still that 100 billion mark is eluding us. Every week we say that, but we haven't quite reached it.

• 5:34Speaker 01

  Teasing us, teasing us a lot.

• 5:35Ryan Sean Adams?

  It's teasing us. How about DeFi tokens? How do they look on the week? I'm going to scroll to the week from the month. That's definitely down.

• 5:42Speaker 01

  Yeah, that is a straight line down. Started the week at roughly $410, hit the low of $280. So absolutely punched, came back and reclaimed $320. Overall, down almost 20% on the week.

• 5:56Ryan Sean Adams?

  DPI, DeFi tokens down 20% on the week. Definitely took a beating. How about when you take the DPI, that's the DeFi Pulse tokens, and create a ratio of that versus ETH that looks like we are at the .10 mark right now. So also maybe, maybe flat, maybe a little bit down in the week?

• 6:17Speaker 01

  Overall, that, that trend, that the downtrend that started in March continues to point downward. So not looking so hot for the DPI ETH ratio.

• 6:26Ryan Sean Adams?

  Yeah, it's almost like there was sort of a risk-off event, given this regulatory FUD and maybe the China scare as well, that's hitting the more risky assets a little bit harder in crypto. Let's talk about the BED index. This is where we combine all three and see what it looks like. You'd expect that to be down, though it shouldn't be down as much as DPI. What are we looking at on the week?

• 6:51Speaker 01

  Yeah, down 13% on the week, started at around $160, fell to the low, low price of $114. So another punch to the gut, it then has reclaimed $135. Overall, like I said, down 13% on the week.

• 7:06Ryan Sean Adams?

  Absolutely. Okay, how about Layer 2? How much we have locked in Layer 2 this week? It's looking like $3.3 billion. That's a bit down on the week as well. Any comment here?

• 7:19Speaker 01

  Overall, it's still very, very young for L2s. And so I still kind of think that even with the decline in prices, we're going to see just increased assets actually moving over. And so in combination with more assets moving on to L2s, and then those assets also decreasing in value, we're kind of flat. But I bet you next week, we are resuming up on this.

• 7:38Ryan Sean Adams?

  These are, of course, all true Layer 2s. They don't include proof-of-stake sidechains like Polygon. But of course, Polygon also has a Layer 2 solution called Hermes. And I thought this was interesting. Polygon is apparently seeing all-time-high numbers of users. They just did a 17% increase in daily active users. I've not seen this chart before, but looks like they now have over 200,000 daily active users on the Polygon network at this point in time, which, I mean, that's a lot. That's like, you know, a medium-sized US city, I suppose, now on this Polygon sidechain. And if you look at the growth charts, it's just kind of obviously stick up.

• 8:21Ryan Sean Adams?

  Yeah, it's up only, even despite the downturns. Any takes there?

• 8:25Speaker 01

  Yeah, I think this is just the proof of stake sidechain, not the other components of the Polygon ecosystem. I would like to see the comparables between the proof of stake sidechain and all the other aspects of Polygon. But overall, congratulations to Polygon. Continued success.

• 8:40Ryan Sean Adams?

  I think most of the growth is definitely happening in the sidechain, the proof of stake sidechain right now, although Polygon is trying to expand more into Layer 2, we know that. This is an interesting number as well. We've talked so much, David, about EIP 1559 and the burn. It's interesting if you modeled what would have happened. And apparently, since EIP 1559 was implemented, miners, of course, they have hardware, they have energy costs, they have expenses, they have overhead in the real world. So when they receive ETH, they have to sell it to pay for all of those real-world expenses. Well, now, because they're getting less ETH issuance, effectively, because EIP 1559

• 9:21Ryan Sean Adams?

  is burning it, not giving them that fee issuance, rather than burning it, they are not burning it. So what is this tweet telling us, David?

• 9:34Speaker 01

  They're saying that if we didn't have EIP 1559, miners would have sold over 400,000 Ether. But because we do have EIP 1559, they only have sold 150,000 Ether. So especially this becomes increasingly important under proof of stake, where the value of the Ether represents security of the network. The less and less we can sell Ether, the more and more secure we have a proof-of-stake system. And as we all know, proof of work is basically a race to sell the coin, right? It's proof of selling. And selling reduces security. And we like security.

• 10:09Ryan Sean Adams?

  Yeah, absolutely. And I think this all feeds into the ETH supply shock that we're going to see. This is beginning with EIP 1559. But now, pretty soon, when the merge happens, so maybe call it Q1 of 2020, then we get a 90% decrease in issuance as well. And I think that's going to be a narrative we talk a lot about in the weeks to come. But let's get back to sort of the main macro. You know, I guess conversation here, which is Evergrande. This is Sahil Bloom, who wrote a fantastic thread on what is going on with Evergrande in the China story. We don't usually cover things outside of crypto unless they're big enough, unless they're

• 10:53Ryan Sean Adams?

  macro enough to actually affect crypto. And I think in this case, David, they actually did affect crypto. So Sahil goes through a breakdown of the story. But the TLDR is Evergrande is a Fortune 500 real estate developer in China. At its core, it is a home building business. So it had 1,300 projects across 280 Chinese citizens. It's also a developer. And what it did, it was growing fantastically, spectacularly, sort of a Chinese real estate darling. But it funded this growth through massive amounts of debt.

• 11:35Ryan Sean Adams?

  And I feel like the US banking and real estate industry has heard this story before as well. Here it is playing out in China. What ended up happening is billionaires were created on the way up, the debt burden grew, and now the entire thing is crumbling, the entire thing is dissolving. The debt is kind of weighing Evergrande down, and they're not able to pay their ever-growing obligations. So what's happening, I believe, is the Chinese government is looking to bail them out. But I think there's a global macro scare about a potential Chinese real estate kind of bank debt crisis that's catalyzed by this.

• 12:19Ryan Sean Adams?

  Might not be just Evergrande, it might be some other Chinese companies. And David, we're actually going to have the author of this tweet thread, Sahil Bloom, who's a financial educator, an investor in the space, I think has some great takes. We're going to have him on the podcast on Tuesday to go into this story in a bit more depth, maybe ask some crypto questions as well.

• 12:41Speaker 01

  China has definitely been increasing its relevance with the rest of the world, especially in the last few years or so. And so I think it's definitely an important lesson to learn about how much can Chinese markets impact the rest of the world. Fun fact, China doesn't like it when native Chinese people invest in America. There's definitely capital controls, capital restrictions, but they really, really like it when US investors invest in China because it's kind of like a way to kind of have a hold on the United States markets. So China is very, very privy to this and we are becoming more and more attached to the hip with China as time goes on. So these are some of the questions that we're going to ask Sahil.

• 13:20Ryan Sean Adams?

  Yeah, absolutely. Guys, we will be back with the releases of the week and of course, the news of the week. Going to be talking Gensler, going to be talking Snoop Dog. But before we do, we want to thank the sponsors that made this episode possible.

• 13:32David Hoffman?

  Living a bankless life requires taking control of your own private keys. Not your keys, not your crypto. That's why so many in the bankless nation already have their Ledger hardware wallets, which makes proper private key management a breeze. But the Ledger ecosystem is 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 D apps all in one place, Ledger is where you want to be. Not only does Ledger let you buy crypto assets straight from the app, but it also hooks into decentralized exchange aggregators like Paraswap, which makes sure that you are getting the best prices on your trades without your assets ever leaving your control. DeFi never stops growing and the Ledger Live app grows alongside with it. So click

• 14:16David Hoffman?

  the link in the show notes to see all the DeFi apps that Ledger Live has and stay tuned as more and 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 your Ledger, download Ledger Live and get all of your D apps all in one place.

• 14:34David Hoffman?

  Arbitrum is an Ethereum scaling solution that is going to completely change how we use DeFi. If you've been using Ethereum for the past 12 months, you've probably noticed the high gas fees and the slow confirmation times that have been plaguing DeFi. Too many people want to use Ethereum and it doesn't have enough capacity for all of us. That's where Arbitrum comes in. Arbitrum is a layer two to Ethereum, which means Arbitrum can increase 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. If you're a developer and you want to save on gas costs

• 15:18David Hoffman?

  and make an overall better experience for your users, go to developer offchainlabs.com to get started building on Arbitrum. If you're a user, keep an eye out for your favorite DeFi apps building on Arbitrum. Arbitrum has been working with over 300 teams, including Ethereum's top infrastructure projects, and will be opening up to all users shortly. There are so many apps coming online to Arbitrum, so you may want to pack your bags in preparation for the great migration to the Arbitrum layer two. To keep up to speed with Arbitrum, follow them on Twitter at @Arbitrum and join their Discord.

• 15:54Ryan Sean Adams?

  Guys, we are back with the releases of the week. Let's start with Urn, which is a fantastic DeFi product. We talked about many times on Bankless. Apparently, they have just released their V3 to users. I think this is mainly an innovation, maybe a facelift on their user interface, which is famously not been amazing, and this is an upgrade to that user interface.

• 16:16Speaker 01

  Yeah, Urn has definitely had more interfaces that kind of make it seem like they're not taking things seriously. A lot of colors and random placements. Yeah, it's playful, but this looks a lot more like it's optimized for financially minded people. It looks like it's taking itself a lot more seriously now. So congrats to the Urn team on the fantastic facelift.

• 16:41Ryan Sean Adams?

  Absolutely. Let's talk about the second release, CoinVise V3. This is a, I believe, a social token issuance and maybe administration platform. I don't know a ton of details about this, David, but what's the high-level take?

• 16:57Speaker 01

  Yeah, overall, there's growing infrastructure for social tokens. And that's what CoinVise is doing, is trying to make it easier for people that have communities to manage their community using the token. And so I think as more and more infrastructure like this gets built out, we're only going to see more and more social tokens. And that, in my mind, is a very, very untapped pool of potential. Because influencers like to influence, and if they can get a tool to help them influence even more, they're just going to absolutely adopt that new technology.

• 17:28Ryan Sean Adams?

  Let me ask you, have you changed your mind on social tokens? There was a time where you were super bearish on social tokens.

• 17:34Speaker 01

  I was bearish on personal tokens. Social tokens, I think, are different, but the lines between those two things are blurred.

• 17:42Ryan Sean Adams?

  Why were you bearish? And what makes you less bearish now and more, I guess, embracing of them or enthusiastic about them?

• 17:50Speaker 01

  Yeah, I was getting flashbacks to the ICO days where people are actually raising money on personal tokens. And I did not think that, as an industry, we were ready for that yet. People are saying, like, hey, doing literally a personal token sale, not unlike what we saw during the ICO craze.

• 18:06Ryan Sean Adams?

  Like an IPO, except the P is personal, initial personal offer?

• 18:10Speaker 01

  Yeah, that scared me. And so I voiced my concerns about that. And hopefully, that kind of staved off that whole phenomenon until we were actually ready for it. And now I think we are closer and closer to actually being ready for it. And a big part of that story is actually having the infrastructure.

• 18:28Ryan Sean Adams?

  Social tokens are much different. I mean, there's generally no initial raise, so there's no selling to the public. But you are kind of coordinating a community and giving them rewards. So it's sort of only upside. Are there any other major differences in your mind? It's like, some of the early personal tokens were very much tied to, like, you got to, like, tell someone what to do. Or like issue them commands or some nebulous portion of their revenue upside.

• 18:56Speaker 01

  Yeah.

• 18:57Ryan Sean Adams?

  It was very, it's kind of strange.

• 18:58Speaker 01

  Right. Yeah. I think that a very important differentiator is that social tokens generally are airdropped to communities that already exist. And so they're meant to bolster a community, whereas some personal tokens that I saw were trying to, because of the token existing in the first place, it would make a community. I thought that was just like the putting the cart before the horse.

• 19:16Ryan Sean Adams?

  Well, we're starting to get some infrastructure. That's the story behind coin buys, the ability to mint, airdrop, block and reward, uh, community members. This is also cool, David. I feel like we predicted this for a while. I remember saying this in the early days of Bankless that, you know, we were providing, Bankless is providing education that soon they'll, they'll teach in business schools. And here's Berkeley University as well as, uh, or Berkeley University of California, as well as University of Illinois, Stanford, Imperial College of London, they have a decentralized finance class. Now, I'm not sure if this is, um, actually a free class. It seems like some of the material at least is. I don't know if it's, you know, it provides a credit, but I went through some of the material, David, and it's actually like pretty impressive.

• 20:01Ryan Sean Adams?

  In fact, I saw some sort of, uh, Bankless content in some of the slides. Not directly our content, but like, um, let me show you, let me show you something I think you'll recognize if I can find it here. Uh, remember this?

• 20:15Speaker 01

  Oh, yep. I remember that. Yep.

• 20:18Ryan Sean Adams?

  So like these slides, uh, you know, Bankless and DeFi making its way into university campuses, which is, um, you know, pretty cool to see. I think we saw a little bit of that last year. I mean, I know there've been some general cryptocurrency courses over the years, like what is blockchain, this sort of thing. But this is a DeFi course specifically. And, uh, Berkeley said they needed to offer this because there was overwhelming demand from the student population. Like, no kidding. I mean, if I was a college kid and you were teaching me about DeFi and I unlocked this entire new world. Like this would be my favorite class, like beyond any others. Now, I don't know, university campuses aren't necessarily the best way to learn crypto.

• 20:59Ryan Sean Adams?

  Like you learn crypto and you learn DeFi by, by doing it, by plugging in, by getting involved, by listening to resources like Bankless. But I am super excited that they are starting to teach this because I feel like it's, uh, been totally missed for a while.

• 21:12Speaker 01

  Yeah, no, 100%. I would not miss a single class if I was attending that university.

• 21:19Ryan Sean Adams?

  Are you implying that you used to miss some of your classes, David?

• 21:22Speaker 01

  No, no, never, never, never.

• 21:25Ryan Sean Adams?

  All right, Xerion, this is cool. I've seen some people do this with their NFTs. That is, put their NFT on like an Apple Watch face, right? Because you could do that, you can customize your Apple Watch faces. This is Xerion providing a way for you to do that like automatically. Not sure exactly how it works, we'll include a link in the show notes. But I think if you have an NFT that you want to display and you have an Apple Watch, you can tap into Xerion and just get that set up. So you're displaying your NFT on your Apple Watch. Do you have an Apple Watch, David?

• 21:59Speaker 01

  I used to, but I returned it because I just didn't find myself actually using it all that much.

• 22:03Ryan Sean Adams?

  It's just like a lot of noise, yeah.

• 22:05Speaker 01

  Yeah, it's just like, I don't need my wrist to vibrate. Like, I don't need to be that hooked into a chip all the time. But I do think that there is a very missing world about flexing NFTs in real life, right? As, as, in, with actual like, you know, things that you wear. And so this is, I think, part of that story.

• 22:23Ryan Sean Adams?

  Yeah, it totally is. I, I think there's, there's a story of like integrating NFTs and Web3 and crypto into the real world. And now we're putting it on devices. I wouldn't be surprised to see Apple natively support this at some point in time. Like their own Apple NFT, like iNFT or something, I don't know, who knows what they'll brand it as. All right, Robinhood is rolling out wallet, crypto wallets and transfers. Actually, the ability to transfer from Robinhood to a crypto wallet. This is something we've criticized Robinhood for, for a while. Like, it's great you're onboarding people into crypto assets. But these are all like Robinhood crypto assets, right?

• 23:04Speaker 01

  Right.

• 23:05Ryan Sean Adams?

  Users don't retain any custody of their assets. They can't even withdraw it from the platform. So this is Robinhood allowing users to withdraw their Doge, withdraw their ETH, withdraw their Bitcoin, withdraw whatever they purchased on, on Robinhood to real self-custodial crypto, which is a good step. I, I feel like it's somewhat like of a baby step, somewhat like reticent to like clap for this. But like also, it's cool. I mean, Robinhood has an absolutely massive demographic that is not generally crypto native. And this is a way to onboard them into more crypto native tools.

• 23:42Speaker 01

  Yeah, no, this is a very important step for Robinhood to even like key stay competitive with the rest of the crypto world. They needed to be able to onboard actual assets, allow users to actually have a wallet. It's a very, it's a very important thing to actually learn how to manage a wallet and a private key. And like you said, like Robinhood has so much surface area with so many different people. And so I applaud them for making, finally making this move. And Robinhood, like, don't stop, keep going, like, do more stuff.

• 24:09Ryan Sean Adams?

  Yeah, I heard recently, like, 40% of all Robinhood crypto revenue is from Doge, just alone.

• 24:15Speaker 01

  Oh, my God.

• 24:16Ryan Sean Adams?

  Like, Robinhood users love Doge.

• 24:19Speaker 01

  Yeah, I bet you they actually don't care about actually self custody their Doge.

• 24:22Ryan Sean Adams?

  Yeah, I mean, I guess we'll see. This is, this is super, this is great for decentralization, that Robinhood is adding this, they're feeling kind of market pressure and maybe user pressure to add this. We'll see how many people end up using it. But it's nothing but good news, I think, for the crypto industry. Guys, two more.

• 24:38Speaker 01

  I hope Robinhood knows how much, how many support requests they're about to get from people who sent their money to the wrong spot. They're about to get punched with that, for sure.

• 24:46Ryan Sean Adams?

  That is true. All right, two more quick things. One is Bankless Nation, Bankless Dow, Season Two Launch Party, that is happening on October 8, 2021, at 11:00 a.m. That is going to be live on Twitter Spaces. If you're plugged into Twitter, you can access that. This is all about what the Dow is cooking up for Season Two. I paid attention at a high level of this. I'm looking forward to digging in to all of the Season Two plans. But like, I always feel like, you know, hey, Season Two of The Office was like, the best. You know, that's when the show really hit its stride. I feel like Season One for a Dow, this is a period of time, I think, for Bankless Dow, it's like, four or five months. This

• 25:28Ryan Sean Adams?

  next season will be another, I think, three months. This is sort of a period of time where a Dow sprints on various activities. But in Season One, they were really just forming. And now they're starting to hit their stride, figuring out what they're supposed to do, what their purpose in the world is, and they're executing on it. So if you're interested in joining for, to see what's going on in a Dow, to see what's going on in Bankless Dow, go check that out. We'll include a link in the show notes. You can RSVP and put it on your calendar.

• 25:58Speaker 01

  Yeah, season one was all about, all right, we have a DAO now. What do we do with it? And now season two is like, okay, like, we've got the answers. Let's actually start to to build some stuff. So, nice job, DAO.

• 26:08Ryan Sean Adams?

  Speaking of which, one of the answers is apparel. I think they're going to be doubling down on apparel. This is some awesome collegiate apparel that the Bankless DAO is dishing out. What's the story on this, David?

• 26:21Speaker 01

  Yeah, I was recently at MCon, which was Meta Cartel's convention in Denver. And Meta Factory, which is the spinoff out of Meta Cartel that does all of the apparel. They, in collaboration with a DAO, do make the DAO's apparel, right? And the amount of bankless swag I saw at MCon was absolutely insane. It was like at least 50% of the Meta Factory's apparel that I saw there was like bankless DAO apparel. So that was pretty cool. This, this drop right now, if you guys were listening to this on Friday, you have to get it. If you want it, you have to get it today because the sale ends tonight at 11:59 EST. So if you're listening to this on Friday, you have only a few hours left to snag this drop.

• 27:06Ryan Sean Adams?

  And don't forget, when you check out, make sure you put in an ETH address so you receive some robot tokens. They distribute that every once in a while. It's kind of a loyalty program for people that purchase from Meta Factory. All right, let's get to the raises of the week. There are some absolutely massive ones. The first is from SoRare. We've talked about SoRare often. They just raised $680 million.

• 27:28Speaker 01

  That is a large number.

• 27:30Ryan Sean Adams?

  Okay, the valuation of SoRare, this, once again, SoRare is an NFT fantasy football. In the US, we'll call it soccer league. $4.3 billion is the valuation of this Series B investment. Absolutely incredible growth story, of course. All of this is happening on Layer 2 Ethereum, which is super cool to see as well. So this is ZK Rollup Ethereum. I don't, I don't know what they're going to do with all of that money, quite honestly. But I have to imagine there's some massive growth, growth plans that they intend to massively scale, maybe to other sports? What's your take on this?

• 28:07Speaker 01

  Yeah, $680 million is an absolutely monster raise, and I can only imagine that at least some of that is going to go to marketing. And so I think we're going to see a lot of, not just SoRare, but also definitely SoRare, start to market their products in more traditional means, like maybe straight up TV commercials during the commercials behind the actual games that are being played, right? I mean, where do people who care about football, where do they go? They watch TV. So I bet you we see some SoRare commercials coming in shortly.

• 28:38Ryan Sean Adams?

  What I love about this is all of this, like this growth budget goes into bringing more people into the crypto economy, bringing more people into the Ethereum economy and sort of draws all of the normies, right? Maybe you don't care about crypto, you don't care about bankless, you don't care about anything we're talking about in this show, you just want a hot NFT of your favorite, like, football player, okay? And you see a commercial, you're watching, you're watching a game, you see a commercial, you hit click, and before you know it, you're creating an ETH wallet, right? Like, how crazy is that? So congrats on SoRare for that raise. Another big raise, BitClout. So this is a decentralized social network

• 29:20Ryan Sean Adams?

  on the blockchain. I believe this is, this is not on Ethereum, this is sort of a fork of some sort of proof of work chain. They just raised $200 million from A16Z and a few others. I've actually used BitClout, like, once, I think, to collect, like, the BitClout tokens. I think they ported a whole bunch of crypto people's accounts from Twitter onto BitClout. But what's your take here? Is this sort of the decentralized social network future? Do you think this is, this has a future, or what about it?

• 29:54Speaker 01

  Yeah, so this is actually not BitClout, this is the BitClout creator, who apparently the story is that he used BitClout as kind of like a proof of concept, or, you know, or something, just to prove out that this actually, this new product, which is apparently called DSO, for decentralized social. And so apparently it was like the alpha for this, which is now receiving Two hundred million dollars from A sixteen Z and others. Why a proof of work blockchain? I have no clue. But we do know that people like to invest a lot of money into layer ones. And so maybe it was a strategy to optimize for raising funds. But again, like, I don't know why you would build it as an actual blockchain.

• 30:37Speaker 01

  That's what the app layer is for. I'm a little bit confused on that.

• 30:40Ryan Sean Adams?

  Yeah, it'll be interesting to see this one play out. I I'm kind of undecided whether this is like, you know, a great experiment or like genius, or whether it's sort of like, hey, everything's pumping. I better raise some capital now. The last, the the last funding that BitClout founder received, Nater, was from Basis. If you recall, that was an algorithmic stablecoin in like the 2017, 2018 era. And that didn't work out for many reasons, some of which were regulatory. And they the team ended up refunding all of the investors their their money. So, you know, what does that mean? Maybe maybe second time's the charm. I'm not sure.

• 31:23Ryan Sean Adams?

  I I can't decide. Maybe I'll have to use BitClout some more and figure it out for myself. David, another raise from Dapper Labs. So, two hundred and fifty million. I feel like they just raised a few months ago. And now they're raising more. Seven point six billion dollar valuation round for Dapper Labs. That that is the maker of NBA Topshots, CryptoKitties.

• 31:51Ryan Sean Adams?

  They have a blockchain as well that is kind of a called Flow. It's sort of an ETH competitor, ETH killer, if you will, specifically for NFTs. Any takes on this?

• 32:02Speaker 01

  Yeah, like you said, they just raised. And so like, there's that Rick and Morty meme of the robot asking Rick what his purpose is. And it's like, what is your purpose? You raise money. Like, where is all this money coming from? Like, I guess we're just aping in hundreds of millions of dollars into L one chains that are application specific. It seems very odd.

• 32:22Ryan Sean Adams?

  Yeah, it seems odd and yet NBA Top Shots has generated a massive amount of revenue. So this is not like the 2017 era ICOs where people were just hoping for things. Dapper Labs actually has revenue it's generated off of this. And one assumes the investors are valuing it based on some of that revenue generation potential. So I'm not sure what this means, but definitely if you're an entrepreneur in the space, now's the time to raise and people are doing it. David, let's talk about jobs because now is also the time to get a job in crypto. If you haven't already done that, one way to do it is go check out the Bankless Job Board. It's got some hot new jobs of the week. The first is a community manager for Aragon.

• 33:05Ryan Sean Adams?

  Aragon is a decentralized autonomous organization protocol, a platform, OGs in the space. Check out that position if you are interested in helping get a community up and going. Also, looking for a founding blockchain engineer at Highlights, a senior software programmer from Popcorn, that community lead position from Popcorn, as well, a senior front-end Web3 developer at Tracer Dow. These are all positions that you can use to kickstart your crypto career if you're not already here.

• 33:39Speaker 01

  100% get a job. We just talked about all these different blockchains and L1s raising a bunch of money. That money could become your salary. So get a job.

• 33:50Ryan Sean Adams?

  Absolutely. All right. News of the week, David. We got to start here. Gary Gensler, new sheriff in town, the revenge of the SEC. So much to talk about with Gary Gensler. Maybe we should start here. They, Gary Gensler did an interview with the Washington Post called "The Way Forward: Cryptocurrency." I don't know if you got a chance to watch this interview, but I know you saw this clip. Any high-level takes on this before we get into the detail?

• 34:20Speaker 01

  Yeah, it feels very much like a nanny Gary Gensler, like coming into our industry and taking care of us and making sure we're super duper protected and we have all the regulations. It's weird, but it's weird that he was really asking for like more transparency out of the financial products that he sees in crypto. I'm like, dude, like, how much more transparency do you want? Literally, it's a public ledger. You can't get any more transparent. Like, what, what are you actually asking for? And so it seems to be like he's just using all of these very basic words to convince people that don't know about crypto that the SEC needs to regulate crypto.

• 34:54Ryan Sean Adams?

  There's definitely been an anti-Gary Gensler, anti-SEC vibe that's, that's going on in cryptos because the SEC feels like, you know, it's increasingly combative with the industry, right? Like cancelling Coinbase lend accounts and removing its ability to, to come to market. And, and this is kind of another step. What I think is interesting is Gary chose not to, at least for this specific interview, I'm glad he's engaging, but he chose to do it in the Washington Post, which is like hardcore institutional media, right? A lot of other crypto media organizations that would love to talk to him, Bankless included. So if Gary or anyone from SEC is, is listening, we'd love to have Gary on

• 35:38Ryan Sean Adams?

  the podcast to talk more about these crypto specific issues. But this was very much for the Washington Post audience and like kind of the institutions. Even the interviewer, I, I felt like, I don't know, David, did you watch the, the, did you get a chance to watch the full interview?

• 35:53Speaker 01

  No, no, I haven't. No, but um.

• 35:56Ryan Sean Adams?

  So I, I watched the video and I had like a few notes, a few takes on this. You want to hear them?

• 36:01Speaker 01

  Absolutely. Hit me.

• 36:02Ryan Sean Adams?

  All right. So like the first is, I think everyone who's listening to this has to realize that Gary Gensler knows his shit. Like, he knows his shit from a technical perspective. So at MIT, he was a professor at MIT and he taught about crypto and blockchain courses. And I saw a number of those courses. He knows what he's talking about. He knows his way around the technology. He knows enough to be dangerous in this space. And his feedback in this interview. Was I find the technology very interesting. He says this, I do think this technology is interesting. It's pushing central banks, he said, it's pushing fintech. That's why he chose to teach it at MIT. So he thinks the technology is like

• 36:45Ryan Sean Adams?

  maybe academically interesting and he thinks that it's a catalyst for change, which he seemed to appreciate. So I guess maybe that's the good side. One other thing that I think came through in this conversation is he's definitely not interested in sitting back. So he wants to be ultra proactive. It kind of is like, hey, Jay Clinton was the old sheriff. You know, he did some stuff, not a lot, but there's a new sheriff in town crypto. And I plan to get ahead of some of these issues. He mentioned that a number of times. He said this quote. I don't think technologies last long, except outside the public policy. Okay. And I feel like he has badged himself and made it part of his mission to bring crypto into public policy.

• 37:31Ryan Sean Adams?

  To like merge those things together, even if like the policy isn't ready for crypto. Maybe the policy was written in the 1930s and does not pertain or needs to be rewritten. I don't think he quite sees it like that. He wants to see a merging. So he intends to be really proactive.

• 37:48Speaker 01

  Okay, those are, those are all interesting takes. I'm worried that Gary Gensler doesn't actually want to talk to crypto people. I think he wants to stay inside of his own comfort zone when it comes to media. He, I remember hearing about how he used the term stable value coins. When he was referring to, when he was referring to stable coins. And people were speculating that that was alluding to stable value funds, which are an SEC

• 38:20Speaker 01

  regulated product. And so I think he's being very strategic with what he says and where he says it. And I, my suspicion is that if he were to come on a show like Bankless or any other crypto show, it would, he wouldn't not be in like friendly territory, right? He wouldn't have the freedom to craft these. Narratives because we would totally call him out on some stuff. We would want, we would drill down into specifics. We would ask the questions that we would want to ask. And we would have, and we would, he would not have the, like the home field advantage. So I'm concerned, I'm worried that like Gary only broadcasts to the crypto industry, but doesn't actually come and join us.

• 39:00Ryan Sean Adams?

  Well, what's interesting is like, and definitely actions speak louder than words, but his words are actually the opposite of that, David. So in the, in the conversation he was having with, with the interviewer of the Washington Post. He, he said this, our door is open, but people aren't coming in. It's kind of like, hey, industry, crypto industry, you guys are a bunch of like cowboys. Like, I understand what you're doing is like technologically disruptive, but if you want to do something, come and ask. Door is open. Just like come ask our permission. We'll have a good faith. Talk about it. And then you'll be off on your way and, um, you know, it'll, it'll all be fine. So he very much maintains a posture of the doors open, but it's again, it's like you're saying, actions speak louder than words.

• 39:45Ryan Sean Adams?

  And if he was serious about opening the door, he would do what Hester Pierce did, I think. What some CFTC commissioners in the past have done. It just like show up at crypto conferences, right? Engage the community, um, talk to us. I mean, we're not criminals. We're not hucksters. We're not like trying to defraud people. We're trying to grow a better, more transparent, open financial system for the world. I think there are some, some shared goals. One of the goals he, he went back to in that conversation, David was like, the interview asked, why does the SEC exist? And it's like to protect investors. Like he said it. I'd, I'd love to dive into what he thinks that means, right? Because like crypto has a shared goal of like wanting to create better conditions for investors as well.

• 40:30Ryan Sean Adams?

  But the SEC's, uh, like way forward means protecting investors from like 4% yield on a Coinbase lend account. Right? Like, is that really protecting investors? But one of the things I was, the reason I watched the full interview too, is I, I was trying to figure out like new cop on the beat. He said that they have robust authorities over crypto and they're going to use them. These are some of his words. It's like, I was trying to figure out. Where's the SEC going to target next? And it felt to me, if you read between the lines, he sort of inferred some of this too, is if you raised money, if you're an ICO, like, look out, okay? Number one. So if you raised money from unaccredited investors in the US, I think you have a target on your

• 41:14Ryan Sean Adams?

  back. Number two, stablecoins, I feel like have a target on their back as well. I'm not sure how that's going to play out. I think that's going to be a combination SEC plus Treasury, trying to take some sort of action. Maybe it'll require congressional, like, new legislation through that process. But I think that's got sort of a target on its back, particularly centralized stablecoins, right? So the USDCs of the world. And the third area is lending and staking, which he didn't get into a lot. But like, those three areas, I feel like have targets on their back. And particularly, he kept using the term platforms, which I think means more centralized

• 41:58Ryan Sean Adams?

  exchanges, centralized entities. So the Coinbase's and Gemini's and BlockFi's of the world. Less so decentralized finance. He actually said something positive about decentralized finance being a catalyst for change. But if I was in those three areas, I would be, like, relatively worried, I guess.

• 42:19Speaker 01

  Yeah, no, I do think that the SEC is kind of like prepping for bigger and bigger moves when it comes to the crypto world.

• 42:29Ryan Sean Adams?

  Yeah, absolutely. I mean, he's clearly sort of an institutionalist. I don't think this is the end of the world, right? I think there'll be some enforcement actions, but like, at the end of the day, it'll be fine. I do feel like, David, crypto is kind of like DDoS attacking the regulators, right? So like, how do you bring thousands of tokens, like, to court? And like, do you even have the staff to go do that, right? I mean, this goes to a conversation we'll talk about a little bit later. But this was also interesting. At the same time, this conversation about crypto was published in the Washington In post, Gary Gensler tweeted this right after, which was a, an appeal to freshmen in college

• 43:13Ryan Sean Adams?

  or any college student to start saving early and start saving regularly, right? So if you stock away $5 a week, you know, 8% yields, I guess that's investing in the stock market, you know, by the time you're 65, you'll have $100,000, right?

• 43:33Ryan Sean Adams?

  I think this felt to many in crypto like the wrong time for this sort of, you know, this sort of appeal to millennials and Gen Z. What's your take on this?

• 43:45Speaker 01

  Yeah, I generally have more nefarious thoughts about this because like he's, he's saying like, hey, just save $5 a week. All you gotta do is save $5 a week. The United States printed 26% of all outstanding dollars last year. And so like, if we want to view like the value that, and that changes the value of what you save. And when he's saying like, you know, save $5 a week, what he's saying is, hey, but put $5 a week into your bank account. So the banks can go get the yield, right? And this is what banks do. They take your money and then they get even more yield on it. And they don't give you back all of the yield that they get. They keep it for themselves. And so like Gary Gensler, who like, like you said, is an institutionalist.

• 44:29Speaker 01

  To me, he's just advocating, he's, he's like indoctrinating all of these young folks in the world to like be a part of the banking system, which has cut out so many returns from so many of its customers for the last like decades. And so it's, it's very much the opposite of the values that I stand for. And it's, it's the same advice that we've heard for the last like 30 years. And I, I think there's a lot of institutions out there that are taking advantage of that, the fact that like this is the quote unquote, like formal advice, like, oh yeah, save $5 a week. That's not working for people. It hasn't been working for people.

• 45:05Ryan Sean Adams?

  It just feels like an elite baby boomer take on this, right? It's like millennials, if only it stopped spending money on coffee, and he actually mentioned coffee, coffee and avocado toast, right? And just save your money and and put it in the bank account, right? Then you too could be rich one day, right? It's like, nothing against long-term thinking and and saving, but like, the reason I don't think it's actually effective indoctrination, David, is because college students aren't dumb, right? They're looking at a point zero one percent interest rate in their savings account, and they're going like, wow, like, like, why? And and they're looking at the stock market, right? And, you know, eight percent average, maybe, over the long run?

• 45:50Ryan Sean Adams?

  But they evaluate stocks versus crypto, and what do you think they're buying? So, you know, I I think Gary Gensler is about to have a bunch of college students who are like asking questions about crypto during his office hours, rather than rather than people asking, you know, how they can save their money and put it in a bank account. It just feels like patronizing. I don't know, it's like crypto is the largest opportunity for our for our generation, for millennials, for for Gen Z, and to not acknowledge that it even exists or that it's viable, and to like crack down on it without giving viable alternatives, I think is is terrible, is short-sighted.

• 46:33Ryan Sean Adams?

  It's frustrating, it's annoying, and no wonder they're getting some pushback on this stuff.

• 46:38Speaker 01

  Yeah, and this is why literally every other generation gets frustrated by the boomers, right? Because the boomers just say, think that because it worked for my generation, it'll work for your generation too, forgetting that like, the boomers haven't let go of all of the institutions that made them made their generation one of the wealthiest generations of all time. And so, like I said, it's very, very nefarious, where he's cracking down on Coinbase, Lend's products, while he's saying, oh, yeah, save five, but but meanwhile, don't look at this crypto thing, save five dollars a week. And like, like you said, he's talked about like, hey, instead of going out for coffee, you can make coffee at home. Alright, so you're just gonna suck the joy out of life? Like, hey, like, coffee at the coffee shop tastes better.

• 47:19Speaker 01

  And he's saying like, no, suffer, suffer and save so you can put the money in the banks.

• 47:24Ryan Sean Adams?

  I mean, we haven't even addressed like student debt and the rising costs of going to university, which is like a whole nother can of worms. But let's keep going because we're not done with the SEC story. Another thing that happened while you were there was an attendee, actually a speaker at the Missouri

• 47:40Speaker 01

  They're at the Mainnet conference, right?

• 47:42Ryan Sean Adams?

  The Mainnet conference was actually served papers, right? Subpooned by the SEC. There's some conversation, like, we don't know who exactly this person, who this person was. Some say it's the, one of the founders of the TerraChain, Do Kwon, I believe. Others, like, there's some conflicting reports about that. It almost doesn't matter. It's like, wow, the SEC actually, when they show up at a crypto conference, they show up to serve someone papers?

• 48:11Speaker 01

  Right.

• 48:11Ryan Sean Adams?

  That's an interesting message. Do you think there was some signal about this?

• 48:15Speaker 01

  Oh, absolutely. I mean, even if they didn't intend for that signal to be signaled, they should have, they should still understand what they're doing, right? Like, maybe they, maybe they didn't intend to intimidate everyone, but that was the net outcome of what they did, right? And so regardless, it's an intentional choice.

• 48:31Ryan Sean Adams?

  Was that the vibe at Missouri? Were people like, oh shit, like, SEC just...

• 48:36Speaker 01

  People are still coming to terms with it. There wasn't too much conversation about it, but I do know that Ryan Selkis was like fired up.

• 48:42Ryan Sean Adams?

  Let's talk it, let's look at his tweet. But before we do, Jake, Jake says this, "Two reasons the SEC might do this." This is Jake Trivinsky. "The target lives outside of the US and is hard to serve at home. The SEC knew they'd be in New York City and took advantage of the chance for personal service. Number two, the SEC wanted everyone to see this happen live to send a message or intimidate the industry." That second one is, is particularly concerning. This is what Ryan Selkis said. Why don't you read it out, David?

• 49:12Speaker 01

  Yeah, Ryan says, "If you're wondering when I actually decided to run for Senate, it's when these effers came to my event, didn't buy a ticket, and served one of the speakers a subpoena. Enough talk, more war on our out-of-control regulatory state." Ryan was definitely like feeling himself at this conference. First off, it was a fantastic conference, a huge success. And it's the conference that Ryan Selkis, who's the person like leading the charge into trying to... Uh, you know, reform governance, so go reform our, our, our politics.

• 49:43Ryan Sean Adams?

  Create more transparency, right, too?

• 49:45Speaker 01

  Right. Yeah, totally. Uh, and so like, i- it's kind of, it's kind of ironic that like, the, the guy that cares the most about this issue was throwing a conference and the SEC showed up to serve one of his speakers there. He follows up this tweet saying, Selkis 2024, time to activate the crypto political machine.

• 50:01Ryan Sean Adams?

  Do you think he's actually gonna run for Senate?

• 50:04Speaker 01

  I hope so.

• 50:05Ryan Sean Adams?

  I mean, we need more crypto native people in the halls of our government. This is kind of the bottom line. This is the only way this is going to change. Either we convert them and convince them and, you know, show them the values of crypto or someone crypto native actually enters their turf. Uh, so I hope he does something like this. Um, definitely a lot of messages happening from the SEC. I, I guess this last one, this, this was kind of a, a quiet dropping, uh, from Coinbase, but um, apparently Coinbase dropped, formally dropped their planned lend program. This is a program to lend out crypto assets like Bitcoin and ETH.

• 50:41Ryan Sean Adams?

  Um, stuff like this happens at Celsius and BlockFi and, uh, Gemini, but they, they plan to drop it after the SEC warning. So, uh, some terms of service, I guess, were updated to say that. So the SEC basically scared Coinbase into not offering a 4% yield account to retail investors, which rather than not have your coffee, would be a good way for college kids to save money. In the future.

• 51:10Speaker 01

  On a, on a fintech app on their phone where they're comfortable with, no, no less. I'm kind of bummed that Coinbase didn't take this opportunity to take the fight to the SEC. Um, but

• 51:20Ryan Sean Adams?

  Who knows though, right?

• 51:21Speaker 01

  In the background.

• 51:21Ryan Sean Adams?

  They could be playing some different type of game. Uh, who knows how they're playing it. It seemed very clear, at least from their social indications, that, that Coinbase does intend to fight in some way. Um, so we'll see how that shapes up. Anyway, that's Gary Gensler, new sheriff in town. We'll see what the SEC does next. Feels like it shook up some crypto markets long term. I don't think this will be anything to worry about, but in the short term, who knows? Let's talk about some Ethereum stuff.

• 51:49Speaker 01

  Is that we can't be regulated.

• 51:51Ryan Sean Adams?

  Yeah, absolutely. Okay, talk about some Ethereum stuff. What's Audius doing here, David?

• 51:57Speaker 01

  Yeah, Audius has on boarded a ton of celebrities. Katy Perry, Nas, Steve Aoki, the chain smokers are all part of the Audius family now. And so they were, the celebrities are doing a part of an investment round for Audius, which is exactly what Audius needs because Audius is a music platform. And so this is a web three platform using web three incentives and tokens to bootstrap an alternative to something like Spotify. And I think that's, that's pretty cool. I was talking with a girl here at the, at the conference about how she wrote a song and then put it on Audius and because it like landed on like the number one slot for Audius for a day or so,

• 52:37Speaker 01

  she was airdropped a bunch of Audius tokens. So the contributors, the value creators are getting governance control over these platforms, which is just good incentive alignment. I bet the SEC has something to say about that, too.

• 52:51Ryan Sean Adams?

  Yeah, it's super cool that that's actually what's happening, though.

• 52:56Ryan Sean Adams?

  This, this is cool as well. The Economist had a story that they ran late last week, on Friday of last week, called Down the Rabbit Hole. This is all about decentralized finance. That was actually a really good framing of decentralized finance as well. But like, I have to comment on this. I feel like the magazine covers are getting better. Right? We had that Please or Doubt magazine cover in Fortune, which is fantastic. We've got this Economist, Down the Rabbit Hole. I mean, this is what crypto natives call it all of the time. We're going down the rabbit hole. This is, you know, Journey West, you know, these are our metaphors that they're using. They got this story around decentralized finance largely right. Our magazine covers are getting way better than they were in 2017.

• 53:38Ryan Sean Adams?

  I feel like the, the big cover I remember from 2017 was Olaf Karlsson, We on the cover of, I think it was Ink Magazine, like with, I don't know, just. Looking like, um, how would you even characterize this? Looking like this was sort of a, you know, um, a money run. And, you know, the ICOs were just like this big kind of scam or flash in the pan. Now our magazine covers are actually reflecting what's really going on in crypto. It's refreshing.

• 54:08Speaker 01

  Totally. Hundred percent.

• 54:10Ryan Sean Adams?

  Um, Zero X Mackie is stepping down. David, what does this mean for the Sushi Swap project?

• 54:16Speaker 01

  Yeah, Zero X Mackie, he's basically been the lead dev behind Sushi Swap. Uh, ever since, uh, he took over control from the guy that, uh, started it, whose name escapes me. Uh, but he's been the core contributor towards Sushi Swap since basically day one. Uh, and he has, um, there's been a transaction. People noticed this when they saw a transaction that removed his address from the, uh, governance contract on EtherScan. Uh, and then he has, then yet, then he, uh, then he confirmed that yes, indeed he is stepping down. Uh, moving into, uh, what he is calling an advisor role. Um, we don't know why, um, but at the end of the day, he could just be tired or burnt out or just wants to move on.

• 54:55Speaker 01

  Um, and so I, I guess cheers to Zero X Mackie for taking a new step in life.

• 55:02Ryan Sean Adams?

  We get to see what happens when a pretty large leader of a project leaves a decentralized project. Does, does it all collapse or does it keep on going? My, my bet is on the latter, but, um, this is definitely a good experiment to see. Um, David, let's talk layer two stuff. This is a blog post from the optimism team called the future of optimistic, uh, the future of optimistic Ethereum. What is this post about and what are they talking about here?

• 55:29Speaker 01

  Yeah, this is the optimism team, uh, broadcasting their design philosophy about how they are doing optimistic rollups. Uh, and so instead of having just a massive suite of code, a gigantic code base and deploying on Ethereum, optimism is going for what they are calling a minimum diff. As in like how minimized can they make the difference between optimism and Ethereum? And so, uh, what they are doing is literally removing as many lines of code as possible, while also still having optimistic rollups. Uh, and the benefit of this is that when you remove all the, as, as many lines of code as possible, when you have an app on the Ethereum main chain. It is extremely easy to just port it over to Optimism.

• 56:12Speaker 01

  And having that minimum diff allows for what they are calling one-click deployment. And so you don't actually have to modify any code. The O E V M, the Optimism Ethereum virtual machine, is supposed to be minimally differentiated from the E V M, which means anything that's built on Ethereum can easily get deployed towards Optimism. And overall, like, less code means less bugs, like, generally. And so reducing code surface area is reducing bug and exploit surface area. And so the Optimism team has been hard at work in trying to get that minimum diff as minimum as possible. And so they have released this blog post talking about all the lines of code that they have removed, and they are going to roll out this new version of Optimism in October, I believe.

• 56:59Ryan Sean Adams?

  Part of the story here is that Layer 2 just keeps marching on, right? So like, we have time to cover all of the updates, but DAI was just released on Arbitrum, for example. U S D C and U S D T is now enabled if withdrawing from Arbitrum using the HOP network, so there's no delay period on these types of withdrawals. Aztec, which is another rollup that we haven't talked about, they're now raising their transaction throughput to 100,000 per transaction. We've got 1 inch on Arbitrum. So like, Layer 2 is just evolving, and it's coming to incorporate all of the tools that you might find on Layer 1. And I think that's going to continue in the future at even accelerated rate now.

• 57:44Speaker 01

  100%, yeah. No, we are about to, again, we've been saying it for a while, but it's also becoming more and more true, the rate of growth of L2s is becoming exponential.

• 57:52Ryan Sean Adams?

  And so are the celebrity endorsements of things that are going on in crypto and NFTs. I want to start our NFT conversation with this. Look, is Snoop Dogg an NFT connoisseur? Has he been this guy Cosmo Medici all along? He tweeted this out on September 20th, that was, you know, four days ago now. I am Cosmo Medici. Apparently Cosmo Medici is like a well-known NFT account, sort of a connoisseur of NFTs, deep in the space, but a pseudo-anonymous account. No one actually knows who he or she is, at least, we didn't think we did, until Snoop Dogg tweeted this out, that he is that person. What's your take on this, David? Do you think he is Cosmo Medici?

• 58:35Speaker 01

  I think Snoop Dogg has a friend who is guiding him down the NFT rabbit hole and maybe they share accounts or something, but like the language that Cosmo Midishi talks about when he tweets is not something I would see Snoop Dogg saying. But who knows? Maybe I'll just take him at his word.

• 58:55Ryan Sean Adams?

  Yeah, I mean, absolutely. I mean, he says it point blank and the Cosmo Midishi account confirms it. They definitely have a totally different style of communication, but it seems obvious that somehow Snoop Dogg, if he is not Cosmo Midishi, is intimately involved in this account and this NFT collection. And wow, I mean, Snoop's got like, what? Almost 20 million followers.

• 59:18Speaker 01

  Oh, my God.

• 59:19Ryan Sean Adams?

  And he's a business person, right? Like, he's a talented individual, really great at this sort of thing. So I'm not surprised that he saw NFTs early as well. Snoop, if you're listening, or Cosmo Midishi, should I say, we want you on the Bankless Podcast. You need to come here and tell us about your crypto journey, sir. We'd enjoy that. David, let's talk about Time Magazine. They're releasing some NFTs too. What's going on here?

• 59:45Speaker 01

  Yeah, this actually just happened about an hour before we are recording this, but Time Magazine has Time Pieces, great name, a first of its kind collection of more than 4,500 original NFTs from over 40 artists around the world. So Time Magazine, getting into NFTs. And this is one of those NFTs drops that spiked gas riffis, there was insane demand, not everyone got all of the pieces that they want. They were all priced at .1 ETH and they apparently all sold out extremely quickly. So congratulations for Time for getting into the world of NFTs.

• 1:00:20Ryan Sean Adams?

  Yeah, they're definitely early, at least from the mainstream media side, to tap into this and do it in a very crypto-native way, which is super cool. We mentioned before, I think like their editor in chief of Time, maybe their CEO, he is, you know, he has an Ethereum address, right? He's .ETH. So they're definitely very plugged into this scene, which is great. And I guess this next thing is an item from the regulatory section sort This is Chainalysis. Apparently, they've been scraping data this entire time, and they have been secretly operating a Bitcoin Block Explorer site called walletexplorer.com. And they've actually been scraping users' IP addresses who visit this site and interact with it

• 1:01:03Ryan Sean Adams?

  to find leads for who? For law enforcement clients. This is like a honeypot for crypto users. And they're using it to essentially narc on people who law enforcement is interested in. I guess I'm not surprised, but what's your take on this?

• 1:01:22Speaker 01

  I mean, yeah, what do you expect? We have an open, transparent, permissionless ecosystem where the ledger is fully auditable. Like, what do you expect is going to happen? It's a little bit nefarious that they propped up a Block Explorer, and they are using that information that people are giving them to, again, narc on them and report. So like, when you type in your address into the Block Explorer, the Chainalysis links that to your IP address, making the association of, "Well, if you put this address in, it's probably yours." So like, kind of F you, Chainalysis, for doing that, but also, like, it's what do you expect? It's an open, permissionless ledger that we all have. So this is kind of the activities that you would expect to come when everyone can view the ledger.

• 1:02:04Ryan Sean Adams?

  Yeah, crypto definitely remains a system that it's not smart to do illegal things on, right? Because it is so public, and because companies like Chainalysis exist. Which is why I never understood that angle coming from politicians and others that, like, crypto facilitates all of this nefarious activity. It's like, if you're doing nefarious activity, you're doing it with $20 bills, $100 bills, like, Benjamins, right? You're not doing it with crypto. At least you shouldn't be. Because Chainalysis can figure out exactly who you are and narc on you. All right, regulatory stuff. After BlockFi, New Jersey and Texas, these are two states who went after BlockFi, calling their lending product a security,

• 1:02:49Ryan Sean Adams?

  and trying to ban it in those states. They're now going after another centralized crypto lending company called Celsius and their crypto interest accounts. Is this just the vice starting to tighten a little bit more, David?

• 1:03:04Speaker 01

  Yeah, a hundred percent. And we're just gonna, like I said, we're going to just see this more and more and more. It's again, kind of a bummer that lending platforms which allow people to save money because they're not in like these approved methods are getting the the vice. It's kind of sad.

• 1:03:21Ryan Sean Adams?

  I don't know what's going to happen here, whether this is going to drive more people to DeFi, do you think? Or whether the vice is going to grip even tighter? And some of this is going to start going out after like developer, software developers of DeFi lending products. You have any thoughts on that?

• 1:03:40Speaker 01

  Well, if they do, it'll be interesting because you can't regulate DeFi. We'll see. We'll see how they do it. Maybe they just go after the people. Don't like it.

• 1:03:50Ryan Sean Adams?

  I, one of our first articles on Bankless was about self-directed IRAs. Because I thought this was like a super tool for retail investors. You basically set up a self-directed IRA and you can break your IRA account. This is for American investors, of course, who have these IRA retirement accounts, 401k retirement accounts. You can break it out of brokerage jail. So you essentially, rather than only being able to invest your retirement account in like an E-Trade or a Charles Schwab or a Fidelity, you can buy crypto with it outside of these accounts using a self-directed IRA.

• 1:04:29Ryan Sean Adams?

  Well, Congress wants to destroy the self-directed IRA, wants to prohibit you from doing it, only approved assets. This would essentially kill the whole crypto self-directed IRA. And this language is embedded inside of the infrastructure bill, most perniciously. And of course, you know, if you read this entire post, you can, you can get into the details of why they say they're doing it. A few actors outside of crypto have been using it to harbor, like to evade taxes, basically, in a nefarious way. And so now all of Congress is coming down on the self-directed IRA and saying, you can no longer use this. To me, this is just another example.

• 1:05:14Ryan Sean Adams?

  Sample of like legislative regulatory overreach in our in our financial markets is completely unnecessary. They they they are killing a tool that retail investors would actually use to better their lives, restricting a very small minority who would be using this to for tax evasion purposes. So super frustrating. I feel like all the regulatory news this week has been bad. This is just another bit of bad regulatory news.

• 1:05:41Speaker 01

  And when we zoom out and remind ourselves that nation states like to account for everything and they like to have their approved assets as the assets that people touch. They don't like crypto assets because it's outside of the control of the nation state. So this is just based off of that truth, like this is some of the right reaction we get from that.

• 1:06:02Ryan Sean Adams?

  Yeah.

• 1:06:03Speaker 01

  If they can't control it, they don't they don't want it.

• 1:06:05Ryan Sean Adams?

  And it's so hard to know whether this is an attack directly on on crypto. Maybe it's probably not. It's definitely an attack on financial freedom, right? Which is uh which is particularly troubling. Yeah, it's kind of the same thing. Absolutely. All right, guys. I am tired of talking about all of the regulatory stuff that is going on. So we're going to get to the takes of the week. But before we do, we want to thank the sponsors that made this bankless episode possible.

• 1:06:27David Hoffman?

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• 1:07:08David Hoffman?

  Matcha also allows for 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. New to Matcha is an integrated fiat on-ramp, so you can purchase crypto directly with your credit or debit card and have that fiat be instantly traded for Any token that has liquidity. When you're making a trade, head over to matcha.xyz slash bankless and connect your wallet to start getting the best prices and most liquidity when you trade your crypto assets. Bankless is proud to be supported by Uniswap. Uniswap is a new paradigm in asset exchange infrastructure. Instead of a cumbersome order book system where trades are matched with other humans, Uniswap is an autonomous piece of software on Ethereum, which is what Ryan and I call a money robot.

• 1:07:52David Hoffman?

  No human counterparties or centralized intermediaries, just autonomous code on Ethereum. Input the token you want to sell and receive the token you want to buy. Something brand new in the Uniswap ecosystem is the Uniswap Grants Program is now accepting applications for grants. We have been saying this for a while and we'll say it again. DAOs have money and they are in need of labor. If you think that you have something to contribute to the Uniswap DAO, apply for a grant to Uniswap. Just look at the size of the Uniswap Treasury. It's almost $3 billion. This mountain of capital is looking for labor. Do you have something of value to contribute to the Uniswap DAO? No matter how big or small your idea is, you can apply for a uni-grant at unigrants.org

• 1:08:36David Hoffman?

  and help steer Uniswap in the direction that you think it should go. That's exactly what we did to get Uniswap to be a sponsor for Bankless and you can do the same for your project. Thank you, Uniswap, for sponsoring Bankless.

• 1:08:48Ryan Sean Adams?

  All right, guys, we are back with some of the hot takes of the week. This is a take from me. Why don't you read it, though? I said we weren't going to talk about anything regulatory, but here we are talking about something regulatory. What's this take?

• 1:09:01Speaker 01

  Yeah, you say, "I'll never forget the advice of former CFTC Commissioner Brian Quintez when I asked him what the crypto industry could do in the face of regulatory attack." And Brian answers, "Build faster." Which, for an industry that doesn't like to ask permission, is a fantastic take.

• 1:09:18Ryan Sean Adams?

  This is such a good take, I think, from Brian. Again, this is an episode we did with him a few weeks ago, the former CFTC Commissioner, and a very honest answer, right? And I think what he was getting at here is like, if crypto can build... Utility and value and saturation faster than the regulators can respond and react and try to clamp it down, it will reach escape velocity and be completely unstoppable. So if you're getting down about all of this regulatory stuff, what is the answer? Build faster. And I think this is building faster on the social layer, right? So like, we're doing things that we're doing from a media perspective, right, are helpful to that. And

• 1:10:00Ryan Sean Adams?

  it's also obviously a call to developers to build utility faster into the networks. And I just think is general fantastic advice for the crypto industry. Thank you, Brian Cortez, for that.

• 1:10:12Speaker 01

  Yeah, crypto builders, I dare you to build even faster.

• 1:10:16Ryan Sean Adams?

  Let's do this take from Raul Paul. So he had a take on regulatory stuff as well.

• 1:10:23Speaker 01

  Yeah, Raul says, "Listening to Gensler, and it's clear he is laying down the hardest case he can for regulation of digital assets. But my view is that he will likely get his way that most are going to be classified as securities, but with a wholesale change to what that means. It's like when the internet started to gain traction, authorities tried to impose harsh rules, but in the end, they had to, there had to be a grand compromise to not stifle something very important indeed." So the take here that Raul was saying is like, there's a chance that the SEC sees just like, oh, all of your favorite tokens that you have in your Ethereum wallet, they're all securities. Maybe that's what happens. But if they do say that, it just really waters down what it means to be a security. It's

• 1:11:05Speaker 01

  like, okay, cool, they're securities. Like, now what? What are you gonna do about it? Like, you can't regulate all of them. And again, going back to the whole building faster thing, we should just mint more tokens. Mint all the tokens.

• 1:11:18Ryan Sean Adams?

  Yeah, I mean, who's going to do the SEC filings for something like Ether as NASA? Who's gonna file like a 10K report, right? Like, it can't, it can't possibly have the same restrictions as a security like, you know, Apple or, yeah, any other security. And I think that's what he's saying here, that securities will be watered down in their meaning.

• 1:11:44Speaker 01

  Hundred percent.

• 1:11:45Ryan Sean Adams?

  Let's do this take from JP Koning. Much of decentralized finance is just cloistered speculation on top of speculation. But here's a neat exception. Maker Dow, a decentralized bank, is engaging with the real world by lending $21 million to finance a solar farm in New York. Number one, that's awesome that Maker Dow is doing this. So this is real world lending using a DeFi protocol. Number two, JP Koning is a fantastic writer. I've got a tremendous amount of respect for like his understanding of monetary economics and history in many of these things. But he's definitely a crypto skeptic and he's been a skeptic all along. He says, "Much of decentralized finance is just cloistered speculation on top of speculation."

• 1:12:29Ryan Sean Adams?

  But here's this real world thing that's happening. What I always find is interesting with crypto skeptics, David, is they somehow separate things into two camps. There's like real world activity and by that they mean like traditional activity. So like assets like stocks with cash flows or property or real estate, right? And then they have the other side, which is crypto activity. And what's that? That's kind of like, it's just speculation. That's not real world activity. It's interesting to me. It's like, what's your definition of real world activity? And what's your definition of speculation? There's a lot of speculation that happens in the real world. And if the metaverse comes to fruition, like all of this activity that we're doing in

• 1:13:13Ryan Sean Adams?

  these, in these digital worlds, that is going to be the real world. Like, so the definition of real world is going to completely change. That's something else I read in his comments, but what are your thoughts?

• 1:13:24Speaker 01

  So there's a spectrum here, right? Like on one end of the spectrum, we have NFT rock JPEGs that are trading for like 500 ETH. That is straight up, whatever he's calling not real, I would definitely call that not real. Like it's a JPEG of a rock. Like it's pretty nihilist. And then on the other side of the spectrum, we have Maker Dow giving out a $21 million loan to finance a solar farm in New York, literally changing the way atoms are oriented in the world. And also as well, like improving solar, like which is a very important part of the world to improve upon because of sustainable energy. So that's really nice. At some point in line, there's a, there's a line where like just John will say like, okay, that's fake and that's real. But I do think there is something to say like when crypto

• 1:14:09Speaker 01

  does actually impact the way that atoms in the world are structured, it's inarguable how real that becomes. It's like it's, it's, it's moved out of the, it's escaped out of the internet and it's now actually changing atoms. It's hard to argue with that, with saying like, oh, crypto is just like a bunch of hot air. Like, well, not if it's, not if it's funding a solar farm. And so there, I feel like there is that to be said about it. However, I do agree with you where like, hey, like if I can have my ether rock in my like VR metaverse home, sitting on my table, who's to say that's also not real?

• 1:14:45Ryan Sean Adams?

  Absolutely. Yeah, well said. Um, let's talk about this. This is an image of the genesis of the Ethereum logo. This is a tweet from Alex Vanderson from 2016. I didn't know it started as a Greek sigma sign, apparently. And you could see this in the image, it's progression over time to the Ethereum symbol that we have today.

• 1:15:11Speaker 01

  Yeah, I, I had no idea that this was true. Turns out the Ethereum logo is two Es superimposed upon each other. One rotates to the left, one rotates to the, to the right. Then they do some trimming and boom, you have the ether logo. That's pretty cool.

• 1:15:24Ryan Sean Adams?

  Yeah, absolutely. All right, David, that's the end of takes. Let me ask you the question we always conclude with, which is what are you excited about right now?

• 1:15:32Speaker 01

  Right now, I'm excited for the Pleaser Dow party on Saturday. If I can recover between today and tomorrow, I'll be ready to get back out there. This week has been absolutely exhausting, so I'm going to take some time off and then rest today and tomorrow. But Pleaser Dow party, the dog party, the Doge party is going to be a ton of fun. The other thing I'm really excited about is like Ryan, I was walking around main net and at these, all these other like satellite parties and satellite events and like, dude, I can't go more than like three steps without somebody saying like, hey, love what you guys do at Bankless. And so it's a very fun environment to be around. And so I know it never gets old. It's always a ton of fun to hear it. I like hearing everyone's story. About how one particular podcast episode resonated with them for some reason. I love the stories.

• 1:16:16Ryan Sean Adams?

  That's awesome.

• 1:16:17Speaker 01

  Fun vibe.

• 1:16:17Ryan Sean Adams?

  What are like the favorite episodes? So you told you?

• 1:16:20Speaker 01

  Oh, it's pretty diverse, actually.

• 1:16:22Ryan Sean Adams?

  Really?

• 1:16:23Speaker 01

  But of course, the crypto renaissance is always is always up there. That's a that's a big one. And then the recent Ralph Paul one also came up a bunch as well.

• 1:16:31Ryan Sean Adams?

  That's awesome, man. Very cool.

• 1:16:33Speaker 01

  What are you excited about, Ryan?

• 1:16:35Ryan Sean Adams?

  I'm excited about the the energy to fight some of the regulatory overreach that's that's happening in the US. So David, David, I tweeted this out yesterday to my US followers, just because I was curious. Have you considered leaving America due to US crypto policy? Why or why not? And I got a massive amount of replies here. And they varied. Some people were like, I've already left the US. Some people are like, no, I'd like to. I don't have the means. Other people were like, no, my roots are too deep here, but but I'd also like to. But there were a surprising number that fell into the camp of like, hell, no, I'm not leaving. We're here to fight this thing, right?

• 1:17:18Ryan Sean Adams?

  And of which, like Ryan Selkis was one of them. He said, why should we leave? They're the ones who suck. We didn't think summarize that well, right? So there were a massive amount of replies that were like, hell, no, I'm not leaving. You know, not to the end. This is one particular reply that that I enjoyed. The United States, this is from Mr. Goose, the United States reigns in much of global legalization parameters, legislation parameters. Winning the fight here reverberates globally. I'm not running away to protect my business, profits and self-interest. I'll use my platform, funds and physical body to win this fight on US soil before I run.

• 1:17:59Ryan Sean Adams?

  Wow, these are some resolute defenders of crypto freedom, of financial sovereignty. And they're here in the US and they want to make their presence felt in the US. And they're going to stand and they're going to fight this thing because as the poster is saying, the tweet is saying like, Not the US, where's the fight going to be fought, right?

• 1:18:23Speaker 01

  Right, yeah.

• 1:18:24Ryan Sean Adams?

  Like, you have to stand somewhere. And so, why not stand at least in a country that, that memetically anyways, values revolution, values, values freedom. That is kind of America's founding story. So, that kind of resonated with me. And that's why personally, I'm staying. And why personally, I want to be involved in this fight, whatever capacity I can be. So yeah, that's what I'm excited about, that people have resolve. And we're not going to take this sitting down. We are going to fight for this industry and our values and for decentralization for the next generation.

• 1:19:01Speaker 01

  And I absolutely resonate with that, right? And if we don't fight them here and we move elsewhere, there's a chance that it just follows us, right? And then we have to fight the fight there, right? And so, might as well just like, get it over with. And do it inside of a country that has a good court system, rather than one that perhaps doesn't have a good court system.

• 1:19:22Ryan Sean Adams?

  Yeah, absolutely. We, we still have a chance here too. I, I think it's way too early to, to say anything has been decided. So, crypto's only gaining steam and only gaining political power.

• 1:19:35Speaker 01

  Imagine being like the regulators, right? They have never gone up against financial markets that also have an insane amount of like tribalism and community and energy behind the assets that they're going after, right? So it's like, I don't even think that they understand what, like, they're poking a bear. It's like, you don't want to mess with crypto people. Like, we really, really care about what we're doing. And we've generally made a decent amount of money. And so, we have the funds to fight too. And so, like, those two things, really, really powerful combination.

• 1:20:07Ryan Sean Adams?

  Absolutely. All right, David, it's that time, meme of the week time. We got this one. Raul Paul, this is a classic. Raul probably didn't discover this one, but why don't you describe what it is?

• 1:20:18Speaker 01

  Yeah, it's a it's a classic meme of three people shit sitting in church pews. Uh, and the person in the front is labeled me buying what I think is the dip. But then there's a person sitting behind that person with a gun to that person's head unbeknownst to him saying another dip. And then there's a person behind them with another gun to their head saying another dip. And then it zooms out and there's somebody in like the the upper level that behind everyone with a sniper rifle shooting the last dip labeled as another dip. So always be careful when you buy the dips because the dip could keep on dipping.

• 1:20:50Ryan Sean Adams?

  That's Raul's comment is enjoy the ride. This is what you get when you have an 80 volatile asset class with exponential returns. Buy the dip works in the end, but you can't time it to perfection. I think that is, uh, that is well said from Raul and we will end the week on this. Of course, none of this has been financial advice. No one can time the dips. ETH is risky, 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 we're glad you're with us on the bankless journey. Thanks a lot.

• 1:21:22David 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.

• 1:21:59David Hoffman?

  Also, don't forget to subscribe to the channel for in-depth interviews with industry leaders, 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.