ROLLUP: NEW Apple NFT Policy | ETH is Ultra Sound Money | Lord of the Rings NFTs | Elon Twitter | FTX Stable

4th Week of October, 2022 ------ 📣 Push | Try the Communication Protocol of Web3 https://bankless.cc/Push ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across 🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave 💠 NEXO | CRYPTO FINANCIAL HUB https://bankless.cc/Nexo 🔐 LEDGER | NANO HARDWARE WALLETS https://bankless.cc/Ledger ⚡️FUEL | THE MODULAR EXECUTION LAYER https://bankless.cc/Fuelpod ----- Topics Covered 0:00 Intro 1:50 Costume Reveal! 4:22Push https://bankless.cc/Push 6:15 MARKETS 7:50 Short Liquidations https://twitter.com/HsakaTrades/status/1585041254814916610 10:20 Aptos https://www.coingecko.com/en/coins/aptos 11:25 Doge https://www.coingecko.com/en/coins/dogecoin 12:15 ETH https://www.coingecko.com/en/coins/ethereum 12:55 Meta Down https://twitter.com/RampCapitalLLC/status/1585627143740047360 Worth less than Home Depot 14:45 Have We Bottomed? https://www.zerohedge.com/markets/druckenmiller-decade-no-returns 17:20 Run for Your Life https://twitter.com/pythianism/status/1584664284294176768 19:15 BUSD Supply is on a Tear https://twitter.com/fintechfrank/status/1583914189315510272 20:00 a16z Fund Down https://www.wsj.com/articles/andreessen-horowitz-went-all-in-on-crypto-at-the-worst-possible-time-11666769270 24:20 Almost Ultra Sound https://ultrasound.money/ 26:10 Security Spend Over Last 40 Days https://twitter.com/trustlessstate/status/1584934954256908294 28:00 Wartime Economies https://twitter.com/trustlessstate/status/1585079956241256448 30:54 Apple War on NFTs https://www.coindesk.com/business/2022/10/24/apple-refuses-to-exempt-nfts-from-app-stores-30-fee 33:30 Insane New Rules https://twitter.com/Kantrowitz/status/1584670644419133441 https://twitter.com/TimSweeneyEpic/status/1584664679590539265 35:15 PayPal being shady again https://twitter.com/BanklessHQ/status/1585423779949604864 39:00 NEWS 40:00 Bankless Devcon 6 Videos https://twitter.com/TrustlessState/status/1584907028908089344 42:00 MakerDAO https://twitter.com/coingecko/status/1584593323552960513 https://www.coindesk.com/markets/2022/10/24/makerdao-members-support-founders-endgame-plan-to-break-up-into-metadaos-21b-of-transfers/ https://twitter.com/SebVentures/status/1584875892555268096 https://twitter.com/hasufl/status/1584879485748678656 44:30 EF L2 Grants are open https://esp.ethereum.foundation/layer-2-grants 45:30 Reddit NFTs! https://twitter.com/_khanhamzah/status/1584650888731557888 https://twitter.com/MihailoBjelic/status/1584536046477651969 47:05 Dune Analytics https://metaversal.banklesshq.com/p/the-reddit-nft-surge 47:40 Lord of the Rings https://twitter.com/WarnerBrosNFT/status/1583095703173156864 https://www.theblock.co/post/178690/warner-bros-to-release-10999-lord-of-the-rings-nfts-as-part-of-web3-movie-push 51:55 Will Wright: Sims Creator Pioneer Making Blockchain Game https://www.axios.com/2022/10/20/will-wright-voxverse-gala-gallium-blockchain 53:45 Bitcoin Salvador https://cointelegraph.com/news/77-1-of-salvadorans-surveyed-think-the-gov-t-should-stop-spending-public-money-on-bitcoin 54:55 FTX Stablecoin https://www.theblock.co/post/180344/ftx-could-launch-its-own-stablecoin-via-a-partnership-says-bankman-fried 56:20 Twitter Crypto Wallet? https://twitter.com/wongmjane/status/1584616567530483712 57:20 Regulators Leaving https://blockworks.co/cryptos-revolving-door-hires-are-raising-eyebrows-among-us-lawmakers/ https://twitter.com/RyanSAdams/status/1585357855049191424 1:00:00 Kyle Roche https://www.theblock.co/post/178768/roche-freedman-rebrands-and-parts-ways-with-kyle-roche-after-scandal RELEASES 1:01:00 Sound Market https://twitter.com/soundxyz_/status/1584560442235531266 1:01:25 Socketscan https://twitter.com/socketdottech/status/1583140972523028481 1:03:00 JOBS https://pallet.xyz/list/bankless/jobs 1:07:40 Questions from the Nation https://twitter.com/KristinaKlaudy1/status/1585303486606233600 https://twitter.com/TadziuMusic/status/1585307882873966607 https://twitter.com/Brlggs/status/1585382307888005120 1:14:00 TAKES 1:15:05 TradFi Dangers https://twitter.com/jchervinsky/status/1582755519571165185 1:16:12 Who Pays for Bitcoin Security? https://twitter.com/TrustlessState/status/1585253069868392448 1:23:03 Internet is Changing https://twitter.com/GiancarloChaux/status/1585305734916362242 1:24:00 What David’s Bullish On 1:26:00 What Ryan’s Bullish On https://beacons.ai/banklessbr https://www.coindesk.com/layer2/2022/10/25/turkey-cryptocurrency-explained/ 1:31:00 MEME of the Week https://tweethunter.io/generate-tweets https://imgur.com/JdgEjTv https://imgur.com/a/CtnbOxQ Closing & Disclosures Moment of Zen https://twitter.com/songadaymann/status/1583512268012412928 ——— Not financial or tax advice. Do your own research. https://www.bankless.com/disclosures

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

• 0:13Ryan Sean Adams?

  Bankless Nation, happy 4th Friday of October. This is the Friday before Halloween. What time is it?

• 0:20David Hoffman?

  Oh, Ryan, it's the Bankless Friday Weekly Roll-Up, where we cover the entire weekly news and crypto, which is always an ambitious endeavor. Yet this week, while we're persevering into the frontier, we're doing it in spooky fashion.

• 0:33Ryan Sean Adams?

  In spooky fashion? This is, as is tradition on Bankless, at least we did this last year. Neither David nor myself have seen each other's costumes, yet we dressed up in costume for this roll-up. Now, I have not seen what this man looks like. He has not seen what I look like. He says his costume is kind of dressed up, but in a few minutes, a few moments, rather, we're gonna do the reveal. We're gonna turn the camera on and see how spooky you really are, David. Can you tell me about your costume? Like, so what kind of prep work went into this?

• 1:06David Hoffman?

  Yeah, so I'll tease a little bit right now. You, Ryan, actually are not going to see my costume.

• 1:15Ryan Sean Adams?

  What?

• 1:15David Hoffman?

  Yeah.

• 1:16Ryan Sean Adams?

  Okay.

• 1:18David Hoffman?

  And that will be obvious to you when I turn on my camera.

• 1:21Ryan Sean Adams?

  What's your costume inspired by?

• 1:23David Hoffman?

  Oh, it's an NFT. It's my favorite NFT.

• 1:26Ryan Sean Adams?

  It's your favorite NFT?

• 1:27David Hoffman?

  Yeah.

• 1:29Ryan Sean Adams?

  You're not a dickbutt, are you? That's gonna start with crypto. That'd be so weird, dude.

• 1:34Ryan Sean Adams?

  I'm glad I'm not having to see that, if that's what you are.

• 1:38Ryan Sean Adams?

  So my costume was inspired by some recent events. That's all I'll say.

• 1:43David Hoffman?

  Oh, I fucking know. I know who you are.

• 1:44Ryan Sean Adams?

  No, you don't. You ready? On the count of three. Let's press start video. 1, 2, 3.

• 1:52Ryan Sean Adams?

  What's up, David?

• 1:55Ryan Sean Adams?

  It's me!

• 1:56David Hoffman?

  Oh my god.

• 1:57Ryan Sean Adams?

  Your favorite crypto YouTube influencer. This looks like some kind of a, like bondage thing we're about to do here.

• 2:05David Hoffman?

  No, I've got one of these weird, like, green spandex suits on. But what you're not seeing is I'm a green screen. And so Luke is gonna put my crypto dick butt over me.

• 2:17Ryan Sean Adams?

  No, he's not. That's...

• 2:20David Hoffman?

  So you actually can't see my costume because you just see the green screen.

• 2:24Ryan Sean Adams?

  Oh my god, dude. This is weird. This is weird.

• 2:27David Hoffman?

  I'm proud of you for figuring out your background.

• 2:30Ryan Sean Adams?

  This background?

• 2:31David Hoffman?

  Oh wait, you just put that into Zoom?

• 2:33Ryan Sean Adams?

  Yeah, that's just in Zoom. It's easy. It's easy. Screenshot a bit, boy. Done.

• 2:36David Hoffman?

  Oh my god.

• 2:37Ryan Sean Adams?

  Excuse me, I revealed. Inspired by a crypto influencer. That's all I'll say. This is not about an individual at all, but notice I'm not wearing glasses.

• 2:46David Hoffman?

  You're not wearing glasses. Glasses are absent.

• 2:48Ryan Sean Adams?

  No glasses, man.

• 2:49David Hoffman?

  No glasses.

• 2:50Ryan Sean Adams?

  Dude, well, should we do this?

• 2:52David Hoffman?

  I have no idea how Luke is gonna layer on my crypto dick butt onto my green screen spandex suit.

• 2:58Ryan Sean Adams?

  I actually have no idea how you're supposed to see. Like, are those like...

• 3:04David Hoffman?

  Yeah, I had to cut out little eye holes for be able to do this. Let me tell you, I'm going to be extremely frustrated like one hour into this weekly rollup. I'm already ready to get this thing off.

• 3:16Ryan Sean Adams?

  It's gonna be super hot, sweaty, the grossest rollup ever. I can't smile, by the way, because every time I do it, like, it chases my beard.

• 3:24David Hoffman?

  Yeah. Yeah. This is why they don't have a beard IRL.

• 3:27Ryan Sean Adams?

  Be somber. No, yeah, that's the reason. That's the reason why I don't have a beard, dude. That's the reason. Okay, topics of the week. David, let's give the people what they really want. They're not here for the costumes. They're here for the content, all right? They're here for the not financial advice part of Bankless. Number one, we gotta talk about ETH being almost deflationary. This is so weird. I can't see your facial reaction, so... We're just going with it. Number two, Apple is being real sketchy with NFTs, David. It seems like they want to sterilize them. It's kind of weird. And what else we got, David?

• 4:00David Hoffman?

  And Lord of the Rings, NFTs? Hmm. We're gonna see how that lands with the community. Do you think, Ryan, Lord of the Rings fans are also NFT enjoyers?

• 4:11Ryan Sean Adams?

  I think there's a high overlap there, but I almost want to buy one, but I'm not going to. And we'll talk about why when we get to that section. But before we get in, got to talk about our super serious friends and sponsors. This is a serious tool that you want to use. It is called Push, the Push application. So what this does is it reads your on-chain, it reads on-chain data and alerts you to events. So there's all sorts of things, if you're a crypto native, that you have to like, remember to do, right? When does your collateral go underwater, for instance, or is your buy set for a specific price point? Or is your ENS name about to renew? Rather than having to like, write

• 4:54Ryan Sean Adams?

  these in a calendar or something, you need to be alerted for these on-chain events. And that is exactly what Push does. What are we looking at on screen here?

• 5:02David Hoffman?

  Oh, we're just looking at all the various notifications that you could be notified by. So snapshot votes, of course, MakerDow governance decisions, wrecked the dark web of DeFi journalism whenever they release an article. But you could imagine so much more as the world of the metaverse gets built out, that you might need to be notified about what's going on in the metaverse. Part of the metaverse is that it is persistent, as in, it goes on whether you are in it or not. And so Push can notify you by sending Push notifications right to where you see them, which is your phone. And so you can either sign up for Push as a Push notification receiver, or as a Push notification pusher, regardless of whether you're on the receiving or giving end of Push. So check out the link in the show notes.

• 5:47Ryan Sean Adams?

  All right, guys.

• 5:47David Hoffman?

  Ryan, you just are cracking up this whole entire time, huh?

• 5:50Ryan Sean Adams?

  No, I'm just...

• 5:50David Hoffman?

  You just can't have the smile off your face.

• 5:52Ryan Sean Adams?

  I'm just subscribing, all right? I'm just subscribing to all these opt-ins things in Push right now. David, you know, your voice sounds a little muffled. And if it does, Bankless listeners, that's because David is literally wearing a spandex mask over his mouth. You probably can't see that.

• 6:05David Hoffman?

  There's no body.

• 6:07Ryan Sean Adams?

  There is no body.

• 6:08David Hoffman?

  I have to also move the microphone, so it's not in front of my body, so that the green screen...

• 6:16Ryan Sean Adams?

  All right, let's get in the market, David. It was a good week.

• 6:19David Hoffman?

  It was a good week.

• 6:20Ryan Sean Adams?

  Yeah. What is Bitcoin price looking at right now?

• 6:23David Hoffman?

  Bitcoin started the week at $19,250. It went up 7% to $20,600. Very impressive, 7%. Well done Bitcoin, we love it, we love it.

• 6:34Ryan Sean Adams?

  That's super impressive. And we're going to talk about why, maybe, in a minute. How about ETH? What's that doing for us?

• 6:39David Hoffman?

  Uh, ETH went up 19.2%.

• 6:43Ryan Sean Adams?

  What?

• 6:43David Hoffman?

  19.2%. You don't get those very often. Started the week at $1,300, ending the week where we are right now at $1,550. $1,550. So fantastic week for ETH.

• 6:54Ryan Sean Adams?

  Almost a 20% up week. That's a big, big, big. And I'm wondering if this is kind of the, like, less supply on the market, you know, taking shape? And that it's like, when it goes up, it just shoots up in a hurry.

• 7:06David Hoffman?

  That was my take as well. I don't know if we're ever going to be able to say that this is because of the burn, like, with 100% level of confidence.

• 7:15Ryan Sean Adams?

  Sure.

• 7:15David Hoffman?

  But we were saying it before, that when Ether does go up, it's going to go up more aggressively because of the supply restriction out of EIP 1559 and the proof of stake merge. Yeah.

• 7:26Ryan Sean Adams?

  All we need, all we need is that crypto YouTuber confidence. That's all we need. So, yeah, 100%.

• 7:30David Hoffman?

  100%. 10,000%. Because.

• 7:36Ryan Sean Adams?

  We are fighting for you, okay? This is not about us. We are fighting for you. I hope you guys understand this.

• 7:44David Hoffman?

  It's not about the money for me.

• 7:47Ryan Sean Adams?

  Let's talk about the single largest liquidation event in FTX history. And the runner-up isn't even close. That happened last week. A $600 million liquidation event. That's because people weren't ready for this big leg up. What are we looking at here, David?

• 8:02David Hoffman?

  Yeah, we're looking, we're looking at the crypto prices. We're also looking at, on the bottom here, the aggregation liquidations of all, the global average of liquidations. And there is just this massive green candle implying massive liquidations. And so, a lot of bears were shorting crypto, shorting Ether, shorting Bitcoin. And when it, when those prices went up a little bit... We saw a cascading liquidation to the upside, the way that we like it to go. And so there was a short squeeze, so a big short squeeze to the tune of $600 million of shorts liquidated, and that's why crypto prices moved so violently. Too many people were bearish.

• 8:41Ryan Sean Adams?

  Can you tell me why you would do it? Like, you're a brave, you're a brave man, you're a brave individual, David, but like, would you ever have the balls to like, short crypto?

• 8:50David Hoffman?

  I never, I would never, ever short anything, even like, even Terra Luna, while it was going down, I was like, I could short that.

• 8:57Ryan Sean Adams?

  This thing's gonna collapse.

• 8:58David Hoffman?

  But like, no, like, there's, like, crypto is so irrational, it doesn't make any sense to short.

• 9:04Ryan Sean Adams?

  Well, I think some traders learned that, and it wasn't just the 600 million on FTX, it was crypto traders hit by 1.2 billion worth of short liquidations, and that was earlier this week, so a pretty harsh lesson. This is the reason you don't go margin and you never short crypto, of course, not financial advice, life advice. ETH, Bitcoin on the ratio, that's gotta have a good week. What's, what are we looking at here?

• 9:28David Hoffman?

  Yeah, ETH is up 11.5% versus Bitcoin, we are coming into the tune of .0753. That ratio.

• 9:36Ryan Sean Adams?

  .0753. How's your, how's your ratio bet holding up, David?

• 9:40David Hoffman?

  Well, it was red before this week, and now it's green.

• 9:44Ryan Sean Adams?

  Nice, good to be green.

• 9:45David Hoffman?

  I definitely could have opened that trade at a more opportune, opportunity, but over the long term, I just don't care.

• 9:52Ryan Sean Adams?

  Yeah, it's kind of funny, you kind of look like a big green candle right now. You just like, tuck your arms in, hold your arms in. David is a big green candle right now.

• 10:00David Hoffman?

  They can't see that, they just see dickbutt.

• 10:02Ryan Sean Adams?

  Oh, man, well, I'll have to screenshot this for, for everyone else. Let's look at some charts, though. A few coins of note this week. The first is, oh, actually, first, let's get a crypto market cap. Are we above a trillion? We are.

• 10:13David Hoffman?

  Yeah, we are above a trillion, 1.04 trillion dollars. We are now, once again, measuring the total crypto market cap with a T instead of a B, which makes me feel good.

• 10:23Ryan Sean Adams?

  We love the Ts. All right, some charts. Let's look at Aptos. Why'd you want to show us Aptos today, David?

• 10:27David Hoffman?

  Uh, cuz it's on the menu. It's on the list. It's on CoinGecko. Aptos is there, uh, trading at, uh, 1. something billion dollars.

• 10:36Ryan Sean Adams?

  Wow.

• 10:36David Hoffman?

  With a fully diluted valuation of 9.2 billion dollars. So Ryan, you're wondering-

• 10:42Ryan Sean Adams?

  Are you kidding me? It's almost worth 10 billion dollars?

• 10:45David Hoffman?

  It's almost worth 10 billion dollars. So you wonder why there's like, all of these VCs are always doing these, like, alt-layer-one, like Ethereum killers, and now Aptos is like the Solana killer, and maybe eventually there'll be the Aptos killer. It goes, it's cuz these things keep on coming to market at billions of dollars. So it doesn't matter that they're doing like these 300 million dollar seed rounds. The VCs have to do it because it works.

• 11:09Ryan Sean Adams?

  It works every time, every cycle.

• 11:11David Hoffman?

  Every time.

• 11:12Ryan Sean Adams?

  With almost like, it works in like, it seems like 1 out of 10 layer-one bets. I don't know, I just pulled that number out of nowhere, but like, it works a lot of the time.

• 11:21David Hoffman?

  Yeah, it works too much of the time.

• 11:22Ryan Sean Adams?

  Such that you're, if you're a rational VC, you almost have to take these bets.

• 11:26David Hoffman?

  Yeah.

• 11:27Ryan Sean Adams?

  Dogecoin. What's Doge doing this week?

• 11:28David Hoffman?

  Dogecoin is up 30% on the week. I think it's actually the winner of the week over the seven-day period. Why? That's it. I'm so glad you asked, Ryan. Uh, it's because Elon Musk bought Twitter. That deal is going through. And so Elon Musk, the, the pumper of Doge, uh, is now the CEO, leader of Twitter. And so as a result, Doge goes from 6 cents to where it is now at a little over 7.5 cents. So up 30-something percent.

• 11:54Ryan Sean Adams?

  Did you see that, um, picture of him like walking into the Twitter offices?

• 11:57David Hoffman?

  Yeah, it was a big-ass sink.

• 11:58Ryan Sean Adams?

  A kitchen sink?

• 11:59David Hoffman?

  Why was he doing that?

• 12:00Ryan Sean Adams?

  Yeah, I think it was some joke of like, um, you know, I threw in everything but the, even the kitchen sink, something like this. And so he showed up with a sink, you know, for the memes. Uh, and Doge itself is a, uh, is a meme coin. So, uh, you know, look at that. I don't understand it. Uh, ETH. That is on your list, too.

• 12:20David Hoffman?

  Yeah, the number one, uh, biggest increase in total crypto market cap came from ETH. Uh, so over the, uh, over the seven-day period, like we said, up almost 20%.

• 12:30Ryan Sean Adams?

  I'm just looking at the charts and looking at these lows when we were down in the 900s. That was back in June, so a few months ago now.

• 12:37David Hoffman?

  I'm gonna, once again, flex my bottom take buy of $897, which is, doesn't even show up as a low on the CoinGecko chart. Like, you just have to take the dub on that one.

• 12:47Ryan Sean Adams?

  You know what? I'm gonna let you flex that because I respect that. I respect that, David. That was definitely a good buy. I think it could hold up. But there's a big question we're gonna get to is, have we seen the bottom yet? But before we do, let's talk about Meta. Has Meta seen the bottom, David? Meta had an absolutely, this is of course Facebook, formerly Facebook, now called Meta. We don't talk about stocks often, but this is notable. If you bought $10,000 worth of Meta seven years ago, you would now have 9,546. For these stoop listeners, that is less than $10,000 over a seven-year, seven-year period of time. Pretty, uh, pretty big miss.

• 13:27David Hoffman?

  Pretty rough.

• 13:28Ryan Sean Adams?

  And earnings came out yesterday. I don't know if you caught some of that. But basically, the TLDR is like, all of this investment in the metaverse, not yet paying off. There are other contributing factors to poor earnings, but like, big losses not paying off yet. Do you have any other takes here?

• 13:43David Hoffman?

  No, that sounds about right. But I think if you'd expect like, hey, if you're gonna invest in the metaverse, when we literally invented this metaverse word like a year ago, in terms of like investability and infrastructure, like, you'd expect to take losses early in order to be able to profit and harvest later. So like, that shouldn't come out as a big surprise.

• 14:00Ryan Sean Adams?

  Dude, if it goes down another 25%, this tweet is saying, uh, it will be less than the market cap of Ethereum. So Ethereum will flip in Meta.

• 14:09David Hoffman?

  Yeah, Meta right now is worth less than Home Depot.

• 14:12Ryan Sean Adams?

  Wow, really?

• 14:13David Hoffman?

  Yeah, yep.

• 14:15Ryan Sean Adams?

  Yikes.

• 14:15David Hoffman?

  Yeah.

• 14:16Ryan Sean Adams?

  Well.

• 14:17David Hoffman?

  Which kind of makes sense in like this whole era of macro economy, like commodities, real world stuff, like building, actual housing, makes sense that Home Depot would have like a good valuation versus Metaverse right now.

• 14:31Ryan Sean Adams?

  Yeah, I can't take advice, uh, looking at you right now from you in the suit, but, um, yes.

• 14:36David Hoffman?

  Well, you're a bit boy, bro. I can't take advice from you.

• 14:40Ryan Sean Adams?

  I'm a generic crypto influencer. And by the way, thousands of people take advice from crypto influencers, millions, might I add. You should see my follower accounts.

• 14:50Ryan Sean Adams?

  The big question though, David, I think, that people want to know is, have we bottomed yet? This is a article from Zero Hedge from Druckenmiller, Stanley Druckenmiller, "A Decade of No Returns," he says, is the title of this. And this is based on Druckenmiller's recent comments. Here's one quote from him. "There's a high probability in my mind that the market at best is going to be kind of flat for 10 years, sort of like 1966 to 82 time period." This is sort of a, not just Druckenmiller saying this, but a lot of macro thought leaders saying this as well, that basically we could be in for a flat decade, a flat or maybe a down decade. And primarily, they're talking about like, you know, bonds,

• 15:34Ryan Sean Adams?

  of course, but, but also equities. And so there's that idea. What do you think of, of that idea generally? And then we can give kind of the counterpoint to this.

• 15:44David Hoffman?

  When we talk to Lynn Alden, and we try and get, "Hey Lynn Alden, we're confused and scared. Will you help us like tell a story about the history of stuff?" And she like pulls in like, "Well, this part of this macro world looks like this decade. This part of the macro world looks like that decade." I think that's what Stanley Druckenmiller is doing, is saying like, "Hey, like inflation, let's go backwards a few decades and say, hey, let's go, you know, look at the last time there was inflation and like the stock market didn't move for over a decade." I think that's what he's doing. And I think just a broader question is, does history rhyme? And to, and to what degree? I think the other more relevant question is, does, how much does crypto get caught up in that?

• 16:22Ryan Sean Adams?

  Yeah.

• 16:23David Hoffman?

  Yeah. And like, we're definitely coupled to macro now, but like, we were also coupled to macro. People don't really talk about this often, but we were also coupled to macro in 2018 when crypto prices crashed, like interest rates were going up in 2018. And then, over time, we had the bear market, we had the crypto bear market, also called the build market. And eventually, what happened was that we built so much that we just forced our own decoupling during DeFi summer. I guess it wasn't totally decoupling because that's also when like STEMI checks were going out. But like it did, crypto did decouple and like move away from the stock market. So at some point, like building crypto will just take over and there's no way that crypto can have like a 10-year Flat market because we build too fast, like stuff happens too quickly.

• 17:08Ryan Sean Adams?

  So there's, I think, two questions here. So, you know, one question is, is Druckenmiller right about this being the decade of no returns? And the second question is, how could that affect crypto? If he is right, this is Vance Spencer's take from Framework. What if the doomers are wrong? What if the macro podcasters are just relishing in their 15 minutes of fame? Run for your life, Anon. I think the take here is like, good news or bad news tends to kind of spread virally and crowd out good news. And sometimes you can be seen as more of an expert if you're predicting, you know, chaos and negative things than in predicting bullishness. And Vance is just like saying, what if everyone's wrong about this?

• 17:51Ryan Sean Adams?

  It's almost like Druckenmiller has kind of become a consensus view. There's a question of what if macro is wrong? But then there's also a question of like macro, Druckenmiller could be right on macro, Vance could be right on macro, but like, how do you prepare for either case? And crypto podcasts, we are crypto bullish, obviously, but like, do you know what seems pretty compelling is the asset class of crypto because it is different than equities. It is also different, of course, than bonds in that it is a type of commodity money whose issuance is decreasing over time. It's actually deflating. And so as long as digital, like block space demand increases on something like Ethereum

• 18:32Ryan Sean Adams?

  and supply goes down, I think it stands in contrast to other assets, even equities in the market. And so I do really am very optimistic that even if Druckenmiller is right, I think we will see a decoupling of macro from crypto at some point during this decade. And that could be an absolutely massive decoupling event too. So I'm still super bullish on the, we call the crypto barbell strategy, where you have like your crypto and that's a large majority of your investments. And then you have super safe assets like dollars, for instance, like stable coins and crypto.

• 19:05David Hoffman?

  Dollars and houses.

• 19:07Ryan Sean Adams?

  Yeah. And then like nothing in the middle. That's my favorite way to approach these markets. Of course, not financial advice, but we'll see what happens next. David, BUSD, the stablecoin, the Binance stablecoin, it's on a tear. What's happening here?

• 19:21David Hoffman?

  The just the total supply is going up. It's crossed $20 billion this month for the first time ever and now owns more than 15% of all stablecoin market share. And according to some data out of the block here, BUSD accounts for 22% of stablecoin trading pair volume. So Binance USD getting a planting a flag. It's here to stay.

• 19:44Ryan Sean Adams?

  It's interesting to see who it's taking away from. A little bit of USDC, it's looks like it's taking away from that's the pink here that you see. And then the bottom, this sort of purple, blue is USDT. So it's taking a little bit from USDC and a little bit from Tether in order to carve out that market share.

• 20:00David Hoffman?

  Well, that makes sense. Those are the two other big ones.

• 20:02Ryan Sean Adams?

  Wall Street Journal, this is a headline. Andreessen Horowitz, A16Z went all in on crypto at the worst possible time. What do you, what do you make of this headline? And what's the article say?

• 20:13David Hoffman?

  Yeah, it's basically just kind of a recap of the state of A16Z's crypto fund thus far. A16Z, of course, raised $4.5 billion, the largest ever fund to raise anything for crypto ever. And then it's, but the line here is that the crypto fund has shed 40%, 4-0% of its value in the first half of this year. According to people familiar with the matter, says the article. Basically, they deployed a lot of capital at the top. And they says despite, they still have a ton of cash and they say despite the record cash pile, A16Z Andreessen has dramatically slowed the pace of its crypto investments this year. Mainly, I think what we're really seeing is we're just seeing like trad media reporting that A16Z crypto is down bad.

• 20:58David Hoffman?

  But I think, I think there's no way that all of A16Z was allocating during 2021 where valuations were extremely overpriced without knowing that. It's not like, oh, like pitch deck for $100 million valuation. Like they're, they're smart people at A16Z. They kind of know that they were allocating at the top and I think they're, they're ready to take that.

• 21:19Ryan Sean Adams?

  Well, what's funny to me is it's down 40% in crypto. I'm like, I consider that a win.

• 21:26Ryan Sean Adams?

  Well done. Only down 20, 40%.

• 21:28David Hoffman?

  Ether and Bitcoin are down like 85% at the bottom, right?

• 21:31Ryan Sean Adams?

  Yeah, it's funny how these headlines come out at these times. All right, guys, we got a lot coming up next. David, what is happening next in the roll up?

• 21:40David Hoffman?

  Ether, almost ultrasound, maybe ultrasound by the time you are listening to this. We're going to continue a little bit of the conversation of inflation versus deflation when it comes to Ether. And also talk about the security spend over the last 40, 40 days because those numbers get me real excited. And then also as well, Apple wants to sterilize your NFTs. What the hell does that mean? And PayPal continuing to be shady. So we'll get to all these conversations and more. Ryan, you know why, you know why? So last year I had, I painted my Crypto Punk onto my face.

• 22:11Ryan Sean Adams?

  Yeah.

• 22:12David Hoffman?

  And like, and I wore the hat and I actually was my Crypto Punk.

• 22:14Ryan Sean Adams?

  Yeah.

• 22:15David Hoffman?

  You know why I had to do the, the green screen thing this year?

• 22:18Ryan Sean Adams?

  Because, why?

• 22:19David Hoffman?

  Because my crypto dick butt's naked.

• 22:23Ryan Sean Adams?

  You weren't willing to do that for the podcast.

• 22:25David Hoffman?

  Well, what would I do? I have my crypto dick butt. Here I am without a shirt. No, I couldn't do that.

• 22:31Ryan Sean Adams?

  I don't know. Whatever it takes for the views. That's what a crypto influencer would do. If you're a real YouTuber, it's all about those views, David. All right, guys, we'll be right back with more. First, we're going to get to these sponsors.

• 22:43David Hoffman?

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• 23:27David Hoffman?

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• 24:12David Hoffman?

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• 24:29Ryan Sean Adams?

  Ether, it's finally happening, David. Ether is almost ultrasound money. It's almost official. David, what are we looking at? What are the stats? What are we waiting for?

• 24:39David Hoffman?

  We're of course looking at our favorite website, ultrasound.money. We're not there yet, but we're so close. The trajectory looks really strong. Ether, since the merge 42 days ago, has issued 0.009% inflation. That is a total supply of new, net new total supply of 1,200. I actually saw it down to as low as 950 Ether since the merge yesterday. So for over 42 days, about 1,000 Ether has been issued to pay for Ethereum security. Just 1,000 Ether, less than 0.01%. So we are so close.

• 25:18Ryan Sean Adams?

  When's it gonna happen? Look, it's kind of like, you know, going up and down on the bottom here. When's it gonna happen?

• 25:25David Hoffman?

  It's real teasing us. I put out a tweet yesterday saying today's the day. But Mike, the gas feeds are just only barely above the threshold. So we are burning just a little bit, so this could carry on a little bit. But I mean, the trajectory is so good, Brian.

• 25:39Ryan Sean Adams?

  But is this a new glasses emoji on the current supply? I think that is.

• 25:44David Hoffman?

  Wait, what?

• 25:45Ryan Sean Adams?

  Do you know, nothing triggers me more than glasses, David. Nothing.

• 25:49David Hoffman?

  That guy wearing his goddamn glasses.

• 25:52Ryan Sean Adams?

  The current supply of the elites.

• 25:54David Hoffman?

  Is that because of the shenanigans? What happens when you click it?

• 25:57Ryan Sean Adams?

  I have no idea. It's just glasses. So triggering, some kind of elite banker money. What we've fallen for. What you tweeted something about this. Let me read your tweet. Ethereum has spent just 2.3 million on security in the last 40 days. Because of how efficient proof of stake is, that 2.3 million of cost produced 13.5 billion of security. So that's a pretty good ROI. What are we talking about here?

• 26:26David Hoffman?

  Yeah, so that number is actually lower now because we burnt more ether since that time. We were actually at 1.8 million dollars spent on security over the last 42 days and that produced 13.5 billion dollars of security. That 13.5 billion dollars of security, of course, is the amount of ether that is staked to the Ethereum network that you would have to slash. So that is actually only 66% of the value of all staked ether. Because if you want to go backwards on Ethereum, if you want to do a 51% attack, basically you have to slash 2/3 of all ether.

• 26:59Ryan Sean Adams?

  This is a crazy stat, man. I can't believe it.

• 27:01David Hoffman?

  That 13.5 billion dollars is 2/3 of the amount of the ether staked to Ethereum. And we are incentivizing that, which is actually, so like total 20 billion dollars of ether is being staked-ish, give or take. And that 20 billion dollars of security is coming just from 1.8 million dollars of issuance over 42 days. You want to, you want to see something crazy, Ryan?

• 27:23Ryan Sean Adams?

  Yeah.

• 27:24David Hoffman?

  Scroll down and just read the comments on this.

• 27:26Ryan Sean Adams?

  Such a wild stat.

• 27:27David Hoffman?

  Because I was, well, okay, that's Victor Bune, and that's like the one positive comment. If you scroll down, I got into, I got into triggers and Bitcoiners. And so the Bitcoiners just brigaded this tweet thread.

• 27:37Ryan Sean Adams?

  Oh, really?

• 27:38David Hoffman?

  And now they're all just making fun of me.

• 27:40Ryan Sean Adams?

  Ultra sound, lost nearly 33 million in exploits in the last 30 days? What are you talking about?

• 27:45David Hoffman?

  Yeah, see, that's apples to oranges.

• 27:47Ryan Sean Adams?

  Ethereum, that's not even relevant.

• 27:48David Hoffman?

  Yeah, so this tweet just got like absolutely brigaded by Bitcoin maxies because they did not like this at all.

• 27:55Ryan Sean Adams?

  Effing buffoon.

• 27:56David Hoffman?

  Yeah.

• 27:57Ryan Sean Adams?

  I agree with that one, dude.

• 28:00Ryan Sean Adams?

  Any comments on OFAC compliance? A monetary policy that can change on a whim is definitely not ultrasound money. Educate yourself. Oh, well, I guess some people will see over time.

• 28:10David Hoffman?

  And so here's my take about this. So we were talking, we've been talking about the global macro like world right now. We've been calling it wartime economies, right? Wartime economies is where the United States is going to inflate the dollar in order to pay for the assurances that Ukraine win the war in Russia. We are inflating the dollar. We're going to pay, we're going to subsidize energy in Europe so that Europe doesn't have to pay Russia money to heat Europe. So we're going to inflate the dollar as a result of that. What wartime economies means to me, Ryan, is that we have these warring nations that are throwing their fiat currencies at each other, trying to win an economic war against each other. And that comes at the loss of the value of the currency.

• 28:55David Hoffman?

  They are trying to out expend their economic opponents. Europe is trying to secure the European economy. The United States is trying to secure the American economy. We're trying to end the war.

• 29:07David Hoffman?

  We're trying to end the war in Ukraine by just spending more than Russia. And we're trying to do that so we don't have to use, we don't have to engage with the Russian economy. And so we're just throwing our currencies at each other. That's what wartime currencies, wartime economies are. Wars are expensive. And then the result is a currency inflation and a tax on savers. The people that are basically footing the bill for these wartime economies are bondholders. In stark contrast to Ether and the ETH stake rate, Ethereum has no wars. We don't have, we have very minimal expenditures and we only have savings. And so these things cannot be polar opposites of each other. Ethereum does one thing and secure the Ethereum economy. The United States nation does many, many things and it does those things at a loss

• 29:52David Hoffman?

  for the value of the dollar because we're trying to secure more than just the United States economy. And so like the contrast here, I think, could not be stronger.

• 30:00Ryan Sean Adams?

  Well, this is why, like, I think the Ether as an internet bond is going to kind of take off as a versus sovereign debt. Like sovereign debt is bonds. Debt of nations, right? And that's what's kind of spiraling out of control. But when you can, instead of buying a sovereign debt, buy an internet bond, non-sovereign debt, right? Or crypto network secured debt, essentially, that's an entirely new asset class. And that's what I mean when we're talking about Druckenmiller, kind of like the flat decade. This is where crypto, I think, could really start to outpace all of the other assets. Equities that are kind of based on nation-state economies. And then bonds themselves, which of course are totally tied into nation-state economies.

• 30:41Ryan Sean Adams?

  And then here's a new internet-native network state economy like Ethereum. And it has completely different economics. It's just going to outcompete them as an asset class. That's at least, I think, a possible prediction for how this turns out. David, we got some weird news coming out of Apple. Here's the headline, "Apple Refuses to Exempt NFTs From the App Store's 30% Fee." So, dealing with another gatekeeper, not the banks this time, but a big tech gatekeeper. The Apple platform, of course, takes a 30% cut on all App Store-related fees. So, any app that generates a fee, Apple gets their 30%. And they say, "Hey, crypto should be the exact same." What's going on with this story?

• 31:26David Hoffman?

  Yeah, there's just a number of rules that Apple has placed. So, "Apple Apps, excuse me, Apps May Use In-App Purchase to Sell and Sell Services Related to Non-Fungible Tokens, Such as Minting, Listing and Transferring." Okay, cool. So, we can sell NFTs inside of the App Store. Great. Except for, we have to pay them 30%. "Apps May Allow Viewers to View Their Own NFTs, Provided That NFT Ownership Does Not Unlock Features or Functionality Within the App." Okay, so if your NFT does something, it better not do that thing inside of the App Store. And then lastly, "Apps May Allow Users to Browse NFT Collections Owned by Others, Provided That the Apps May Not Include Buttons, External Links,

• 32:08David Hoffman?

  Or Other Calls to Action That Direct Customers to Purchasing Mechanisms Other Than the In-App Purchase." This is like nation-state capital controls, except it's the Apple ecosystem.

• 32:20Ryan Sean Adams?

  Monopoly, basically.

• 32:21David Hoffman?

  It's a monopoly. It's a monopoly and they're saying like, hey, all your taxes belong to us. No commerce shall happen on an Apple device that Apple does not receive a tax on, and that tax is 30%.

• 32:33Ryan Sean Adams?

  What's interesting here is like, the posture is like, we're not going to ban NFTs, guys. This is, we're not going to ban NFTs, all right? All we're doing is imposing our regular 30% tax on NFTs. Oh, and by the way, they can't actually do anything. So they can't unlock, they can't have any utility inside of the application. It just has to be a JPEG, like a pretty picture or something like this, a collectible of some form. And then we'll allow you to do that, right? It's completely permission.

• 33:03David Hoffman?

  View them, yeah.

• 33:05Ryan Sean Adams?

  It feels very much like, do you know how Josh Rosenthal in the Crypto Renaissance podcast, he talked about how we are like, from a digital perspective, living in almost feudal times?

• 33:14David Hoffman?

  Yeah.

• 33:15Ryan Sean Adams?

  Right? It's like, we don't own any of our own property.

• 33:17David Hoffman?

  We have to ask permission to live.

• 33:19Ryan Sean Adams?

  Yeah, big Silicon Valley tech companies are the landlords, right? We are the plebs, we are the serfs that work their land.

• 33:26David Hoffman?

  And we just accept it.

• 33:27Ryan Sean Adams?

  You just accept it. Just take it. Like, this does not work. And I'm so hopeful that Web3 and crypto will disrupt this monopoly.

• 33:36David Hoffman?

  Yeah, the pushback on this was really, really strong. And so this is a tweet that with a screenshot says, "With Apple's new rules, social networking apps like Facebook, Instagram, Twitter, that allow companies to buy boosts for social media posts, must use in-app purchases for these transactions. This means when an advertiser wants to boost a post on a social network like Facebook or Twitter using an iOS device, Facebook will be required to give Apple a 30% cut of the proceeds." So this is not only like, Apple going off to the users and say, hey, users pay a 30%, but also going off to Zuckerberg and say, Zuckerberg, pay Apple 30% to access anyone that has an iPhone.

• 34:11Ryan Sean Adams?

  Wow, so the feudal lords battling the other feudal lords there as well. What's this tweet from Tim Sweeney?

• 34:17David Hoffman?

  Tim Sweeney, yeah. "To cryptocurrency enthusiasts, this means Apple is now adding a 30% tax on your so-called true ownership of digital goods. To cryptocurrency detractors, this shows Apple's motivations are only money. For digital items, they don't support NFTs, they tax. They ban NFTs, they don't tax."

• 34:34Ryan Sean Adams?

  So how do we get out of this, David? Does crypto need to build its own phones? We need our own App Store. Do we need to fork Android? Do you know the Solana phone?

• 34:42David Hoffman?

  The Solana people were all up in arms. This is one gigantic advertisement to the whole Solana phone. Solana operating system.

• 34:49Ryan Sean Adams?

  The concept.

• 34:50David Hoffman?

  Yeah, and kind of like why they said, justification as to why they need to do this in the first place. So like, you gotta hand it to them. This is exactly what they were talking about when they made that whole Solana phone to begin with.

• 35:00Ryan Sean Adams?

  I feel like a forked version of Android maybe is another path to take. But ultimately, I think competitive forces will require that Apple reverse course here. But we'll see how that plays out.

• 35:12David Hoffman?

  It basically goes against the entire NFT industry.

• 35:14Ryan Sean Adams?

  It does. Let's talk about PayPal. This is, do you remember, there's a few rollups ago, remember that thing where PayPal updated their Terms of Service? So they could steal like $2,500 from your account if you have a PayPal account. They updated their Terms of Service to say that if you said something they don't like, for example, for any reason.

• 35:33David Hoffman?

  If you verbalize anything that violates their Terms of Service.

• 35:36Ryan Sean Adams?

  Exactly. And then people got really upset on Twitter about this and kind of media. And they called PayPal out for it and PayPal was like, "No, no, that was a mistake. Just kidding.

• 35:49Ryan Sean Adams?

  We didn't actually add that to the Terms. That was a mistake. Don't know how that got out." And they removed it from their Terms. Well, last week, they just added this language back in. Like when

• 35:59David Hoffman?

  With no change.

• 36:00Ryan Sean Adams?

  The world wasn't looking. I guess everyone is obsessed with Kanye and like, no one was looking. And then this, so this is the Terms that they added. "The promotion of hate, violence, racial, or other forms of intolerance that is discriminatory gives them essentially the ability to withdraw $2,500 from your bank account." Here's the thing, Dave. How crazy is this? Like, we have to, I mean, how often have you read your bank's terms of services, right? Or PayPal's terms of services? Or do you keep up with every update when they release a new

• 36:32David Hoffman?

  Absolutely not.

• 36:33Ryan Sean Adams?

  No one does. It's impossible.

• 36:35David Hoffman?

  That would be drowning in, that would be, that would be, if I did that, if I, if you read every single terms of service, that would be like a mental disorder and you need to get help.

• 36:43Ryan Sean Adams?

  For sure. And like, also, it'd be like a full-time, like, you don't, there's not even the capacity to do it.

• 36:48David Hoffman?

  It would suck up your entire life.

• 36:49Ryan Sean Adams?

  That's how broken it is. I, I loved a tweet from one commenter who said, "Where are the immutable terms of service? We can't stay up to date with all the terms of service of the millions of services we use daily. Yeah, particularly banks. Where are the immutable terms of services?" David, that's what crypto is.

• 37:06David Hoffman?

  Is that what a smart contract is?

• 37:07Ryan Sean Adams?

  That's what a smart contract is. It's immutable

• 37:10David Hoffman?

  Immutable terms of service.

• 37:10Ryan Sean Adams?

  Terms of service where no one can go back and reverse things on you, or while you're not looking, change the rules to withdraw 2,500 from your ETH address when you're not looking. That's impossible. We have immutable terms of service. This is why we go bankless. And whether PayPal plays the game of removing it again, and it was like, just kidding, or like, it's not really what we meant, how can we trust them? Right? Like, how can we trust any banks not to slip these sorts of things in when the opportunity arises? This is why we go bankless.

• 37:41David Hoffman?

  Yeah. And in contrast to terms of service, which is like, you know, 10,000 pages of mostly legal speak, a smart contract, even though like, I can't read a smart contract, I don't read code, at least a smart contract is like, the minimum viable lines of code needed to do something. So at least they're, they're not adding in and layering in fluff on fluff on fluff on legal speak, right? It's extremely precise.

• 38:02Ryan Sean Adams?

  It's not subjective. It can't be settled in courts. And we know any smart contract, unless it's programmed to explicitly withdraw money from your account, it's not going to. It can't. It doesn't have the ability to, nor to update those terms.

• 38:14David Hoffman?

  I would imagine our social media editors, Ryan, like, might cut this clip particularly, just like, and just with the line, "This is why you go bankless," about what we're talking about.

• 38:22Ryan Sean Adams?

  Yeah.

• 38:22David Hoffman?

  And then our costumes are just on Twitter while we're talking about this with no context, absolutely zero context.

• 38:27Ryan Sean Adams?

  This is why you go bankless. The crazy people in costumes are telling me to.

• 38:32David Hoffman?

  Yeah, they're like, wait, who the hell are these people? I didn't know if I followed this Twitter account.

• 38:35Ryan Sean Adams?

  This is a serious podcast, all right? Once a year, we do this, only once a year. It's not costumes every week. This is your first Bankless. We do not dress like this every single week. But David, what do we have coming up next? Some super serious topics. What are they?

• 38:45David Hoffman?

  Maker Dow had a vote to go either with Rune Christensen's Endgame or go against it. Mad King Rune is back. Or does their broad community support? We'll have to figure that one out. Also, Lord of the Rings, NFTs, exciting or dud? We'll see what Lord of the Rings and Warner Brothers is doing in Web 3. And also, FTX stablecoin? What do you think the FTX stablecoin ticker would be called, Ryan?

• 39:10Ryan Sean Adams?

  Uh, F U S D? No.

• 39:12David Hoffman?

  F U S D, F U S D.

• 39:14Ryan Sean Adams?

  That could be a meme in itself.

• 39:15David Hoffman?

  They should. Anyways, all of these conversations and more, right after we get to some of these fantastic sponsors that make the show possible. The Brave Wallet is your secure multi-train on-ramp into Web 3, and it's built directly into the Brave Privacy Browser. Gone are the days of managing multiple wallet extensions that put you at risk of phishing, spoofes, and tracking. With the Brave Wallet, you can securely manage your crypto assets across more than 100 different chains, including Ethereum, Layer 2s, Solana, and more, all without downloading risky extensions. The Brave Wallet is easy to set up and removes the headache of jumping between wallets and extensions. It's lightweight but packed with great features like built-in token swaps, buying and holding NFTs with a gallery view, and support for hardware wallets. But also much more than that, because Brave is shipping new features every single month

• 39:59David Hoffman?

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• 40:41David Hoffman?

  At the same time, fund managers use TruFi's financial infrastructure to bring their portfolios on-chain, benefiting from the global liquidity, cost savings, and transparency of DeFi. TruFi is a decentralized financial utility. The protocol is owned and governed by the TruFi DAO. And TruFi is here to bring DeFi into the golden age, bridging the power and access of crypto with institutional-grade lending opportunities and portfolio tooling. Explore the diverse financial opportunities available on TruFi or launch your own portfolio at trufi.io. DevCon 6, which was of course, a little over a week ago, but all my interviews are out now. So the DevCon 6 experience, if you want to catch up on DevCon and feel like you didn't miss a beat, all of my DevCon videos are interviews with Vitalik, Dankrad, Justin Drake,

• 41:25David Hoffman?

  Kevin Owoke, I am Iaguchi, Peter from Geth. The first interview I've ever seen from Peter from Geth.

• 41:31Ryan Sean Adams?

  These are the protocol devs, yeah.

• 41:32David Hoffman?

  These are the protocol devs. All of these interviews, they're between 10 to 20 minutes long, just bite-sized interviews to catch you up with what happened at DevCon. So don't miss out on DevCon, a bunch of cool stuff happened.

• 41:42Ryan Sean Adams?

  That's on YouTube. It's also on the RSS feed though, right?

• 41:44David Hoffman?

  It's also on the RSS feed. So either way, wherever you're listening to this, they are where you are listening to this.

• 41:50Ryan Sean Adams?

  I listened to the Vitalik one, I can't wait to listen to others. DevCon 6, right? Because this is Roman numerals.

• 41:56David Hoffman?

  Yes, I messed up my Roman numerals.

• 41:57Ryan Sean Adams?

  It's been a while. Who knows? Who uses Roman numerals anyway? The fake number system. Okay. Maker DAO, they just, yeah, this is the Maker DAO news we were, we were talking about just before the break in two parts. So the first part is the community has approved Coinbase's proposal to custody up to $1.6 billion of USDC with Coinbase Prime. The reason they're doing that is to get a little bit of return on that money. Interesting that that is all being custody, but I guess it also doesn't matter because it's USDC anyway. So it's all Coinbase money at the end of the day. That's one part of the Maker news. What's the other part here?

• 42:33David Hoffman?

  Yeah, the other part is the broad MakerDAO member support of Rune Christensen's Endgame Plan to break up MakerDAO into many, many, many meta DAOs, smaller DAOs. This is an effort to make MakerDAO more censorship resistant, more decentralized, and definitely part of the reaction to tornado cash and some other just regulatory influences. But this has been, of course, controversial because while there has been about 80% in support versus 20% against, 74% was Rune Christensen and all delegates to Rune Christensen.

• 43:15David Hoffman?

  So it's a little bit that Rune, it's kind of Rune's way or the highway with how much broad support that he has.

• 43:22Ryan Sean Adams?

  Well, but isn't the problem here like voter apathy? Like if people wanted to vote something else, then just vote something else. It's not like he has all of that economic interest.

• 43:28David Hoffman?

  I wouldn't necessarily call it voter apathy because if it was a bigger deal, then there'd be less apathy. I think people are kind of just trusting with who they're delegating to. But there's been some controversy, so it's really hard to outvote Rune. It's really, really hard to outvote Rune.

• 43:44Ryan Sean Adams?

  This is Hozu.

• 43:45David Hoffman?

  Hozu, who is probably the leader of the no side of the Endgame Plan, tweets out, "The Endgame Plan is an exceptionally bad proposal, and it's really sad for Maker that it passed the signal. Shoved through by Rune single-handedly in the face of strong and justified criticism, how much of it will actually be implemented remains to be seen." And so this is controversial. I would say there's not unanimous support by the Maker community on the Endgame Plan, yet it went through anyways.

• 44:13Ryan Sean Adams?

  DAOs are messy. Is that the takeaway here?

• 44:15David Hoffman?

  DAOs are messy.

• 44:16Ryan Sean Adams?

  DAOs are messy.

• 44:17David Hoffman?

  Especially MakerDAO is especially messy.

• 44:19Ryan Sean Adams?

  Yeah, I don't know what side I'd fall on because it's honestly, it's gone beyond me in terms of the intricate details here, so I can't even give you a take here other than DAOs are kind of messy. We've got to fix governance. We've got to figure that out. Layer 2 community grants from the Ethereum Foundation, they are now open. What does this mean, David?

• 44:39David Hoffman?

  Yeah, the Ethereum Foundation launching a grants initiative to encourage research and development around the Layer 2 applications, education, and ecosystem. That includes stuff like Block Explorers, compression technology, and just broad education. And so, the grant round has three quarters of $1 million, $750,000 in total grants available. Proposals are due in six weeks, starting from a few days ago. So that will take us into December. And so if you have some sort of project and you want to make a proposal about it, no matter what phase of that project in, whether it's just an idea, proof of concept, work in progress, or fleshed out, doesn't matter, you can submit your project to the EF's grant system for 2022 Layer 2s.

• 45:23Ryan Sean Adams?

  A lot of great projects that are in the grants system. ENS comes to mind, Uniswap, of course. Meanwhile, in the NFT world, NFTs, Reddit NFTs, that is, are picking up steam, and it is definitely showing in the numbers. David, this is a tweet called "The Flippening", and we're seeing, what, KingReddit Alien at the number one spot above CryptoPunks? Is that what just happened?

• 45:45David Hoffman?

  Yeah, yeah. This is volume numbers of ETH traded for the Reddit avatars, coming in at 503 Ether volume, I think over what must be a seven-day period, maybe a one-day period, versus CryptoPunks coming in number two at 378 Ether traded.

• 46:00Ryan Sean Adams?

  This is on Okensee.

• 46:01David Hoffman?

  So I actually kind of didn't, this is actually completely unexpected to me, because I kind of thought that if you are collecting Reddit digital collectibles on Polygon, I didn't think that you would be trading these things for a bunch of Ether. And not only that, but like spooky season Reddit collectible avatars coming in at number one, another Reddit collectible is coming in at number four at 183. And so these are actually poking themselves right into the DeFi NFT ecosystem on Polygon.

• 46:32Ryan Sean Adams?

  This is it.

• 46:33David Hoffman?

  Mihalo from Polygon says, "Reddit NFTs are an amazing example and a huge win for all of Web3. 3 million wallets, 99% unique users, $100 million market cap, and a native Reddit community. Organic, no crypto Twitter noise and no price pumping."

• 46:46Ryan Sean Adams?

  That's true.

• 46:47David Hoffman?

  And all of this stuff is just, "Yeah, that's a good point." And it's all on Polygon. So congrats to Polygon on this huge win. I always thought Reddit was going to be on Arbitrum, AnyTrust. What the hell happened there?

• 46:55Ryan Sean Adams?

  Yeah, I don't know. But I can say, as a crypto YouTube influencer, I'm pretty upset I didn't get to pump this, these NFTs myself.

• 47:04David Hoffman?

  Couldn't dump on your listeners, huh? That is upsetting because that is your business model.

• 47:09Ryan Sean Adams?

  Do you know, William Peaster wrote a fantastic article. If you're looking to find out more, if you're a crypto native, you're not in the Reddit NFT scene. This is almost like we're translating, you know, normie NFTs for crypto users. And this is, you could see it on Dune Analytics, David. Look at this graph. Reddit NFT.

• 47:28David Hoffman?

  That's up and to the right.

• 47:29Ryan Sean Adams?

  Usage up and to the right. Anyway, go check it out if you want to read more about the Reddit collectible avatars, but it's really showing up in the numbers. And it's really cool that ETH is kind of the money for all of these systems as well.

• 47:42David Hoffman?

  Yeah, that's nuts.

• 47:42Ryan Sean Adams?

  Yeah, piercing into normie space. Speaking of which, Lord of the Rings. Haven't you always wanted an NFT for Lord of the Rings?

• 47:51David Hoffman?

  I actually haven't asked myself that question.

• 47:54Ryan Sean Adams?

  I, I, I mean, look, I'm a huge Lord of the Rings fans. Did you watch any of the Rings of Power stuff?

• 48:01David Hoffman?

  Yeah, yeah, they didn't capture my attention, but I watched a few episodes.

• 48:04Ryan Sean Adams?

  Yeah, same here. It's not, not quite the same level. This is the OG, the original Lord of the Rings. And this looks like Warner Brothers is introducing a whole movie experience, a set of NFTs, a collection of NFTs. I think there's about 11,000 NFTs here as part of their Web 3 movie push. What's this about, David?

• 48:25David Hoffman?

  Yeah, the, if you go back to the, to the first tweet, they are really leaning into the whole Web 3 thing. So the tweet reads, introducing a hashtag Web 3 movie experience. And like in the little promo trailer, like under the Warner Brothers logo, they have Web 3 in the actual animation. And it was kind of confusing as to what that means, but it does look like some sort of immersive experience where you get to explore parts of the Lord of the Rings world. I don't know how you would do that. I guess with your, like your TV remote, you would navigate it on your TV. It reminds me of those old weird like DDD games that you would play. Yeah, DVD menus. But I mean, they're leaning into it and they're our collectible.

• 49:08David Hoffman?

  Things? I don't even know what you collect, but there are things that you can mint. There are NFTs that you can mint, like what they actually are minting, I don't really know. But the point is that they unlock things. So I'll read from the articles here. Users can pick from two options for the Lord of the Rings NFTs. There are the mystery editions, when users can randomly mint a common, uncommon, or rare NFT, respectively, based on the Shire, Rivendell, and Mines of Moria locations in the film. Minting one of these NFTs also gives users access to the extended 4K version of the film, eight hours of special features and commentary, as well as location-specific images and AR collectibles. This option contains 10,000 NFTs costing $30 each.

• 49:49Ryan Sean Adams?

  Oh, so you get the movies too. It's like...

• 49:51David Hoffman?

  You get eight hours of content. So this is, this is, this is an NFT access thing that gives you stuff.

• 49:56Ryan Sean Adams?

  A new way to buy the DVD, sort of thing.

• 49:57David Hoffman?

  Exactly, exactly. The second option is an epic edition costing $100 for 999 NFTs. Include image galleries and AR collectibles to the Shire, Rivendell, and Mines of Moria, in addition to the extended 4K film and eight hours of special features. So like, this is, again, this is what NFTs are for. These are for the super fans. Maybe you're like, watching this, and like, I don't really, I'm confused. But the super fans are watching this thing and be like, I'm totally buying those. I don't care what they are. And so that's what's going on here. All they need is 10,999 people to buy one of these things. And yeah, but there's definitely a lot of Lord of the Rings fans out there who are probably super stoked to buy one of these things.

• 50:33Ryan Sean Adams?

  Yeah, also in crypto, right? The Venn diagram's gotta be like, pretty, pretty close there.

• 50:38David Hoffman?

  Decent, decent. Ryan might be one of these people.

• 50:40Ryan Sean Adams?

  Yeah, I might be one of these, maybe. I've been called a fan. But do you know, I almost bought one of these, or I almost like investigated it, but I have no idea what chain it's on, what's it using. It's something I've never heard of called alluv.io, the content blockchain. So I don't know very much about this. And like, unless an NFT is somehow secured by Ethereum.

• 51:00David Hoffman?

  The website is kind of 2017 vibes.

• 51:03Ryan Sean Adams?

  A little strange, a little sketch.

• 51:05David Hoffman?

  It's a little strange.

• 51:06Ryan Sean Adams?

  Oh, they got a white paper though!

• 51:07David Hoffman?

  They got a white paper.

• 51:08Ryan Sean Adams?

  It's a 2022 white paper.

• 51:10David Hoffman?

  Yeah, the kind of thing doesn't really work. Click the blockchain tab on the top right there. Yeah, token model, like our blockchain technology background, like it's, I don't know, it's like plain.

• 51:23Ryan Sean Adams?

  This is the thing, like, what is an NFT if you don't have, um, is your kind of settlement guarantees? Or if you don't know what the settlement guarantees are?

• 51:31David Hoffman?

  No, it's like a Top Shot kind of thing where like they don't really care about the settlement guarantees.

• 51:35Ryan Sean Adams?

  I guess, well, you know.

• 51:36David Hoffman?

  But like a brand new blockchain, the problem, the problem, like settlement guarantees is one thing. If you want to give up settlement guarantees, fine, but like you've got to hook yourself into the rest of the ecosystem. Like there's network effects with Ethereum.

• 51:46Ryan Sean Adams?

  Yeah, for sure.

• 51:47David Hoffman?

  Oh God, this website's so crazy. The content blockchain.

• 51:51Ryan Sean Adams?

  Look, it's a start though, and.

• 51:52David Hoffman?

  I had never heard of this thing.

• 51:54Ryan Sean Adams?

  No, I've never heard of this thing either. It's, it's a start though, and you know, there are more experiments coming down the pike, including this one from Will Wright. Did you ever play games like The Sims or SimCity or anything?

• 52:02David Hoffman?

  Oh, totally. Oh, Sim Tower. Remember Sim Tower?

• 52:05Ryan Sean Adams?

  Sim Tower, okay. I, I did The Sims, I did SimCity.

• 52:10David Hoffman?

  Did you play The Sims or were you just like me and you just made the houses over and over?

• 52:13Ryan Sean Adams?

  You make the houses and then you make the pool and then you like put the Sims in the pool and then you remove the ladder. That was my favorite thing to do.

• 52:20David Hoffman?

  Oh wow. That's pretty, that's pretty masochistic.

• 52:24Ryan Sean Adams?

  They're not real, David.

• 52:27David Hoffman?

  Says the AI.

• 52:29David Hoffman?

  One of my friends would put them into a room with a toilet and a, and a computer and make them write books to make money. And that's the only thing that they could do.

• 52:36Ryan Sean Adams?

  I wonder how many people were playing Sims just to do like weird, dark things like this.

• 52:40David Hoffman?

  Just to torture their Sims, yeah.

• 52:42Ryan Sean Adams?

  Anyway, uh, besides the point, Will Wright, the, uh, the great leader behind The Sims, all of the, you know, SimCity, all of those games. He's now making a blockchain game. He is excited about including NFTs, but is also kind of down on NFTs. I think there's a quote here where he says, "I don't really want to be in the business of selling NFTs." So that's off the table, Will Wright says, emphasizing that his interest is in blockchain's ability to allow for secure transactions between players. Pretty cool though.

• 53:12David Hoffman?

  Makes sense.

• 53:12Ryan Sean Adams?

  Have a legendary game developer starting to do things on chain as well.

• 53:17David Hoffman?

  Yeah, I would imagine just like, we talk about how stablecoins are just way better than like bank transfers, PayPal, Venmo, the UX of stablecoins is just way better. And I think that's what he's leaning into here. He says like, you can just make transactions happen between players without having to sign up for some like third-party intermediaries, no banks, just like, you know, change, like users and transactions.

• 53:36Ryan Sean Adams?

  Imagine, imagine like a sim economy, that'd be pretty badass.

• 53:39David Hoffman?

  Oh my god.

• 53:39Ryan Sean Adams?

  It's like you have cities, you have sims.

• 53:41David Hoffman?

  You mean a metaverse economy?

• 53:42Ryan Sean Adams?

  Just, yeah, I mean, but you have this whole simulated economy, but it's actually real, like it actually has some kind of like real economic ties. I bet someone like Will Ray could do that.

• 53:50David Hoffman?

  Sounds like a metaverse, bro.

• 53:51Ryan Sean Adams?

  Bitcoin, Salvadorians, they are, have been surveyed recently, of course, Salvador, El Salvador, and the leader of El Salvador recently adopted and legalized Bitcoin as legal tender. In fact, kind of made it mandatory and sort of a weird authoritarian move. But actually, 77% of Salvadorians surveyed think the government should stop spending public money on Bitcoin. What's your take on this?

• 54:18David Hoffman?

  Yeah, I feel like it shouldn't come as a surprise when El Salvador, which, you know, has a lot of room for improvement, I'm assuming, as a country where, and like all the citizens are like, hey, instead of buying Bitcoin, can you invest in public infrastructure? I mean, I feel like that's a pretty simple take to have as a citizen of a country.

• 54:35Ryan Sean Adams?

  Yeah, I mean, what is Bitcoin actually doing to help the lives of El Salvadorians, right? That'd be the question I would be asking as a citizen, obviously. And B. Kelly just seems to be about talking about how great Bitcoin is and like popping the price, being part of that kind of the in-group of Bitcoin.

• 54:52David Hoffman?

  Well, he took his laser eyes off a couple of months ago.

• 54:55Ryan Sean Adams?

  So maybe that's diminishing. Bear Market does that, removes the laser eyes. FDX, they could launch their own stablecoin, maybe via partnership, says Sam Bankman-Fried. It doesn't surprise me, David. He saw BEUSD in the market section gaining on USDC. Every major crypto bank has got to have a stablecoin, don't they, to enter this world?

• 55:16David Hoffman?

  100% and like FTX is so big that like it doesn't, they don't even have to try super hard to make their stablecoin competitive, right? They'll just brute force it.

• 55:23Ryan Sean Adams?

  What does that mean?

• 55:24David Hoffman?

  Which is fine.

• 55:24Ryan Sean Adams?

  We're gonna just have tons of crypto bank backed stablecoins.

• 55:28David Hoffman?

  Yeah, I think every single crypto bank will have its own stablecoin.

• 55:30Ryan Sean Adams?

  All the major ones.

• 55:30David Hoffman?

  Which is, which follows the history of banks, right? Like, that's kind of how banks started, is that before there was like universal unit of accounts, like there were individual banknotes. And that's what, yeah, USDC is the banknote of Coinbase, BUSD is the banknote of Binance, FTX needs a banknote.

• 55:45Ryan Sean Adams?

  This is, by the way, you know, people say, Bankless hates regulation, or DeFi people hate, no, this is a great spot for regulation. We should have some regulation around centralized custodian stablecoins like this, to make sure that they are fully backed, to make sure that they are audited, to make sure that, you know, kind of the rules do apply, because where there is centralization, there needs to be some regulation. Sam Bankman-Fried said this, he's kind of hinting at it, we certainly could, we know how to do it, but I think you'll be hearing from, something from us on that topic in the not-too-distant future, so, yeah, it's definitely coming, definitely happening.

• 56:19David Hoffman?

  What else might be coming? Is Twitter working on a wallet prototype that supports crypto deposit and withdrawal? Definitely a far deviation away from, you know, 240 characters, but who do I know? What do I know?

• 56:33Ryan Sean Adams?

  Yeah, I think this would be amazing. I think it'd be really cool to see Twitter.

• 56:37David Hoffman?

  What would you do, though?

• 56:38Ryan Sean Adams?

  Uh, I would deposit and withdraw. I don't know. But, okay, but like, here's the big move for Twitter, right? Elon is, I think it's completely official now, I saw a picture of him entering Twitter headquarters with a kitchen sink, and I think, the kitchen sink, by the way, just means, I think, he's just saying, you know, I'll throw in the kitchen sink at this deal. The deal seems to be done, and Elon is crypto, very crypto-pilled. He's a little, strangely, Doge-pilled, I guess.

• 57:09David Hoffman?

  Doge-pilled, yeah.

• 57:10Ryan Sean Adams?

  But like, he's very-

• 57:11David Hoffman?

  Crypto-pilled might be a little generous.

• 57:12Ryan Sean Adams?

  Yeah, maybe that is generous. What do you think Elon thinks about crypto?

• 57:16David Hoffman?

  I don't know, we should get him on, Elon.

• 57:19Ryan Sean Adams?

  Don't, don't play this clip in the ass to get him on. He'll never come on with us looking like this. This is interesting, David. Elizabeth Warren, others are mad that crypto is hiring a whole bunch of former government employees. There's been, I believe, Is that our fault? 200 government officials have left their public service posts to move into senior positions at crypto startups, the lawmakers say. So, Wow. Senator, Sounds like some coke. Senator Warren, AOC and others penned a slew of letters on October 24th to a number of US financial watchdogs about this.

• 57:54Ryan Sean Adams?

  Here's what's interesting, okay? I think there's like, I think there's one take which is like, oh, this is another industry buying regulators, right? We've seen this before, we're gonna see it again, revolving door, bad thing, right? That's one take, and there might be some truth to that. I'm sure like, their, their paychecks are better in crypto, right? And some people are leaving for the money. That's for sure. The other side of it, and this is the side that goes, often goes unacknowledged, I think by those in government who are very anti-crypto, is like, maybe, just maybe, the good people are leaving because they're sick of the incumbent protection racket that many regulatory agencies are running, and they want to find a better way to serve the public. Because crypto is a public good as well. Do you know, it's like, I think there's this hubris among

• 58:40Ryan Sean Adams?

  some in government, not all in government, that the only public good that can be created must come from regulators Government. and government itself, right? And that could not be further from the truth. Nah, that sounds like coercion. So, I don't know. I don't know what the take is here. It's like, but I think a lot of people are like, look, if I was, if I was working in the SEC, and I saw this sort of thing Gary Gensler was doing, which is like, outside of mission, I would say, it's not being financial transparency, it's not protecting the interests of, of retail investors, I'd be frustrated by that, and I'd like, want to go back to the mission. I feel like part of that mission is fulfilled with open finance, right? It's like, transparent, on-chain, fully auditable, completely permissionless.

• 59:25Ryan Sean Adams?

  This is a way to, to protect the people and disrupt the banks, right? There's so many wins, I think, for a lot of these lawmakers and regulators in crypto, if they could just see it. But that is another take on what's going on. What do you think?

• 59:40David Hoffman?

  My take here is now you care about the revolving door? What about the revolving door for like the banking industry? Like the, that's the bigger deal that where like, that's where the corruption happens. Crypto was literally the uncorruptible side. Anyways, like that's my take. Now, now, yeah. Also, you're just jealous that we're having fun.

• 59:59Ryan Sean Adams?

  Yeah, well, I mean, this, this podcast has been fun so far, David. It's been really fun.

• 1:00:05David Hoffman?

  You remember Kyle Roche, Ryan? Remember that guy?

• 1:00:07Ryan Sean Adams?

  Is that the sketchy crypto lawyer dude?

• 1:00:10David Hoffman?

  That's the guy, yeah, the guy with the, who denied the claims that he had a formal relationship with Avalanche Labs, Ava Labs, to basically sue and kneecap all their competition. Anyways, he is starting a new law firm. And so the claim here is that he's starting it because he kind of has to, because his like name has been so incredibly tainted that he had to start a new law firm because his old law firm was like named Roche and Partners or whatever. Anyways, starting a new law firm.

• 1:00:40Ryan Sean Adams?

  That's great. I mean, I could use a lawyer, but probably not, probably not Kyle Roche.

• 1:00:45David Hoffman?

  Sounds like the right lawyer for, excuse me, you.

• 1:00:49Ryan Sean Adams?

  Yeah, for me. I'm, you know, as a YouTube influencer, I'm pretty excited about lawsuits generally.

• 1:00:57Ryan Sean Adams?

  All right. On the releases side of things, Sound Market is releasing, I believe, their first, maybe secondary market for buying music, sound NFTs. Okay, what's this? What are we looking at?

• 1:01:08David Hoffman?

  Oh, that's what it is. Yeah, we're looking at the first, the first ever secondary market for music NFTs with a 0% listing fee. So it can crop to sound.

• 1:01:17Ryan Sean Adams?

  Have you bought one yet?

• 1:01:18David Hoffman?

  I have not bought a music NFT. Because I don't, I don't, I don't want to, I'm not like here to like speculate on music NFTs. As soon as my favorite bands start listing music NFTs, I will start buying them.

• 1:01:28Ryan Sean Adams?

  I think I want to.

• 1:01:28David Hoffman?

  But that's, that's the point.

• 1:01:29Ryan Sean Adams?

  I think I want to do one just to test, though. But if anyone has any good artist recommendations for like a first, a test, just like not, you know, maybe not an artist I'm super serious about, but just like to test. I'd like to see what it's like, see what the experience is like.

• 1:01:42David Hoffman?

  I think you're supposed to find an artist that you like the music of.

• 1:01:46Ryan Sean Adams?

  That's a lot of work.

• 1:01:46David Hoffman?

  And I'm going to make a hot take, Ryan, that the music that you like and the people musicians that are minting music NFTs, those Venn diagrams might not overlap a lot.

• 1:01:57Ryan Sean Adams?

  I can't, should I be offended by that? It's a Bankless Nation, hell, should I be offended by this?

• 1:02:00David Hoffman?

  I'm also speaking from personal experience. Like my boomer tastes in music were like, I listened to, The Grateful Dead and Bruce Springsteen and The Sheepdogs. The Sheepdogs, which 99.9% of listeners are not familiar with, but they are like a perfect intersection of The Black Keys and The Grateful Dead. And they're from Canada and they wear Canadian, they wear Canadian tuxedos a lot of the time. They will not be minting music NFTs anytime soon.

• 1:02:25Ryan Sean Adams?

  David's got some rocker, rocker music tastes. It's pretty good.

• 1:02:28David Hoffman?

  Yeah, big time.

• 1:02:29Ryan Sean Adams?

  SocketScan, what are they up to?

• 1:02:32David Hoffman?

  SocketScan, this is socket.tech, formerly known as Mover, have introduced socketscan.io, the first multi-chain explorer. And so I think we've talked about Socket a few times, but if you have asset A on chain A and you want asset B on chain B, SocketScan will obfuscate every single possible route to get that trade and hop done, and just make it super easy for you. And so they've released SocketScan to see all the various ways that you can go across the multi-chain ecosystem. Pretty cool.

• 1:03:06Ryan Sean Adams?

  Full disclosure, both David and I are angel investors on that one. You can see disclosures in the show notes as always. David, it's jobs time. This is our

• 1:03:15David Hoffman?

  Jobs time.

• 1:03:16Ryan Sean Adams?

  opportunity to tell you on a weekly basis, we're not going to stop doing this. You need to get a job in crypto. So think about your job right now. Is it in crypto? If the answer to that question is no, it should be.

• 1:03:27David Hoffman?

  That's something to change, yeah.

• 1:03:28Ryan Sean Adams?

  And you gotta go to Bankless.

• 1:03:29David Hoffman?

  And we have a special job, actually. I would like to highlight, Ryan. So if you can go ahead and click that first job, script writer, script writer at Bankless. So this person, this job is going to work very closely with yours truly. And if you think that you can write the easiest and most digestible explanations of what is Ethereum? What is DeFi? What are NFTs? What are smart contracts? Anyone, Ryan, can explain these things using 90-minute podcasts. That's easy. It's harder. It's harder to do it in five to 15 minutes in just 1,000 to 2,000 words. So the meme is like, it's actually hard to write, to communicate in less words. And this is what we are looking for.

• 1:04:12David Hoffman?

  So if you think that you can explain and what is DeFi in as short a way as possible, in a way that you would see me expressing this on our new YouTube channel, write a script. Write a script for your preferred what is blank about crypto and send it over. And if it's a good script, if I like it, we might hire you as a formal script writer to start banging these things out. These are going to be the videos that the world sees because Bankless can explain things better than anyone. That's what we do. And the idea of these is what is Ethereum doesn't get the 10, 15, 20,000 views, but gets 200,000 plus views on YouTube and becomes the canonical videos for how to explain Ethereum, crypto, NFTs, DeFi, smart contracts to the world.

• 1:04:57David Hoffman?

  So that is my challenge and call to action. If you guys want to work with me writing scripts, write a script, send it my way. And if I like it, we'll hire you.

• 1:05:03Ryan Sean Adams?

  Help us help onboard the world, guys. We also got some things from Swell Network, a senior smart contract engineer, another senior front-end engineer. This dancing is different in a green screen. It looks way better. Senior backend engineer, Swell again, Uniswap Labs, Director of Product Management for Platform, Uniswap Labs Developer Relations Lead, Uniswap Labs as well, Senior Front-End Engineer, OpenHedge, Needs an Engineer, Optimism, Head of Security, Optimism and Infrastructure Engineer for DevOps, Rabbit Hole, CoinShift. I could go on. All of the listings are there for you on bankless.pallet.com/jobs. You can find all of those things, guys. We've got a lot more coming up. David, what's happening next?

• 1:05:42David Hoffman?

  What's coming up next? We've got some questions from the nation, which I think are pretty good this week, and also some hot takes from crypto Twitter and beyond. So make sure to like and subscribe to these videos wherever you are listening to them. And we will get to all of these hot questions and cool takes from crypto Twitter as soon as we get back from some of these fantastic messages from these fantastic sponsors. Sequence is the all-in-one developer platform you need to build Web3 games and applications. For your users, Sequence is a smart wallet, and it's the easiest, most intuitive onboarding your users will ever experience, and comes with all the features users need to feel empowered in the Web3 world: multi-chain support, NFT display, and users can buy SFTs, NFTs, and crypto directly with a credit or debit card.

• 1:06:23David Hoffman?

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• 1:07:46Ryan Sean Adams?

  All right, guys, last part of the roll-up. David's getting real, real sweaty in that green spandex he's wearing. These are the questions from the nation. If you have a question for the nation, make sure you send that in via Twitter. The ask goes out every Wednesday. You could reply, get your question into the show. This question from claudia.eeth: "You often mention that you participate as advisors at certain projects. Would love to know how this cooperation actually works in your case, and with what aspects do you usually help these projects?" David, you want to take that?

• 1:08:17David Hoffman?

  Yeah, sure. So we're advisors for three main projects, Optimism, ZK Sync and Mycelium. It's different for every single team. And I mean, our main skill, I would say, is just narrative and storytelling. And getting the teams to get what they are building into kind of what I was saying with the scriptwriter, into as few words as possible that are punchy and like can stick inside of people's brains. I think we're really good at memes. And so what Optimism is doing, when Optimism explains what they're doing, they'll take like, you know, a very technical route that takes a lot of time. And then Ryan and I kind of understand it at a much higher level that I think is more understandable by a broader set of people. And so we'll help them kind of craft and just storytell what they're doing.

• 1:09:02David Hoffman?

  So it's more digestible and more receptive to a wider audience, which helps on a number of fronts. So, you know, broad just understanding, but also it attracts more talents, attracts more developers. So I'd say that's one of the main skills that we do. But then also just general connections, advice, just like lessons from the history of crypto that we've been to. Sometimes company A wants to be connected to company B and we know both of these companies. So that's just super easy for us. But it's also just case by case. So every single team that we advise has their own needs. And Ryan and I are generally scaled a wide variety of skills. And so we just help them out. Anything you would add to that?

• 1:09:40Ryan Sean Adams?

  I would not add anything else to that, David, other than I'm also an advisor for Polygon too, just for sake of completeness.

• 1:09:46David Hoffman?

  Oh, yeah, yeah.

• 1:09:47Ryan Sean Adams?

  Here's a question. Could a group of ultra wealthy people, Bezos, Musk, et cetera, team up and buy a bunch of ETH, stake it and take over the network? How safe is the Ethereum network from China? If China makes quantum computing work, could they attack Bitcoin? So a lot of questions about like,

• 1:10:03David Hoffman?

  Yeah, three questions.

• 1:10:03Ryan Sean Adams?

  What if?

• 1:10:04David Hoffman?

  Safety, security.

• 1:10:05Ryan Sean Adams?

  Yeah. What if crypto really gets attacked by either super wealthy people or by nation state level actors? What is Ethereum's defense mechanism for these types of attacks?

• 1:10:17David Hoffman?

  Right. Okay, so let's start with the first question. Could a group of ultra wealthy people, Bezos, Musk, etc., team up and buy a bunch of ETH, stake it and take over the network? It's really that last part, "take over the network," that is like doing a lot of work here. What does that mean? Are they staking, buying their ETH, staking it? And they have like over 66% of all ETH staked? Well, if they just do that, that's fine, because they are not like doing anything malicious. What I think we're concerned about is if they like start doing malicious things. Maybe they, if they have 66%, they can do crazy stuff. They can mint new Ether, they can censor certain people, certain contracts. They basically can dictate things. Well, that's where we go into a user-activated soft fork. And so this is, this is kind of like the nuclear threat.

• 1:11:02David Hoffman?

  But if you're telling me that ultra wealthy people are going to buy 66% of all Ether, not all Ether, but all staked Ether, and then stake it to the network to influence it, this is when we would, the cool thing about proof of stake is you can actually identify these people and their influence over Ethereum. And so you can say, "Hey, this Ethereum address is doing things that are misaligned with the community." And we are going to, the first thing we would do is we would probably just kick them out of the validator pool, say, "Hey, get out of here, stop staking." And if they come back into the validator pool and start staking again, then we would probably do a user-activated soft fork where we actually social slash their Ether. This is the, the nuclear threat. The, the idea is to never do this, but if somebody or a group of people have such a

• 1:11:46David Hoffman?

  high amount of Ether, this is kind of our only choice as a community. And this is why it does not matter who owns what percentage of Ether. At the end of the day, there's always the nuclear option of the user-activated soft fork, the social slashing event, to take over any power, which is why Ethereum always is ultimately settled by Layer zero by the people. And so if Chad's, if like super wealthy people are doing things that the community doesn't like, the community always has the final say. And that is because of user activated software. And I would say that also answers the second question, how safe is Ethereum network from China? And if China makes quantum computing work, could they attack Bitcoin? Generally, like the whole threat is that quantum computing is coming.

• 1:12:30David Hoffman?

  It's going to threaten Bitcoin. It's going to threaten externally owned addresses on Ethereum. Quantum computing is generally a threat to the current state of crypto. And this is why we, in the Ethereum world, we are going to be pivoting away from these E D S C A signature schemes that are externally owned accounts. We're going to have to create smart contract wallets that don't do these things. We already have the solution for this in Ethereum land. Bitcoin, I don't think has a solution towards the quantum computing threat. And that's been one of the big concerns behind Bitcoin. And so if China does make a computing network work, could they attack Bitcoin? What they would do is they would be able to break the signature schemes of like super old wallets, right? Like wallets that mined Bitcoin in

• 1:13:13David Hoffman?

  29, 2009, 2010, 2011. They could, they could break a wallet, basically. They could brute force their way into finding the private keys for our wallets. This is also the same threat for Ethereum, but we have a solution for this in Ethereum. Bitcoin doesn't, would need to do a hard fork to prevent this from happening. And I don't know how I see that happening. Watch the Moon Math episode with Justin Drake, our first ever episode with Justin Drake to learn more about this.

• 1:13:38Ryan Sean Adams?

  I think one other practical measure is like, if you're trying to, if you have to buy 66% of staked ETH, it's going to cost a lot of money. And it's

• 1:13:47David Hoffman?

  It's going to make the Ether price go up.

• 1:13:48Ryan Sean Adams?

  It's going to make the Ether price go up. I mean, if you're buying that much ETH, I mean, expect to be buying at the end of that, I don't know, ETH at like $30,000 or more. Because it's going to, it's going to shoot up that high. There's not that much supply in the market to make this kind of a purchase. You'd have to covertly do it.

• 1:14:03David Hoffman?

  That's the cool thing is like, if you want to attack Ethereum, you, what you have to do is you have to make all current ETH holders extremely wealthy. That's like one of the big defenses.

• 1:14:12Ryan Sean Adams?

  I think there are way better, honestly, if we got into nation state attacks episode, there are way better nation state Attacks, in my opinion, like to be much more subversive. That's how they'd actually attack, attack it, like something like Stuxnet, you know, behind the scenes, get something in the code somehow, start contributing to the project. It'd be like that, not, not this kind of economic.

• 1:14:28David Hoffman?

  Also jailing a lot of people.

• 1:14:30Ryan Sean Adams?

  Maybe. What, what is this question? Will Ryan grow a voluminous stash for Movember? I personally believe this might end the bear market. At least we should try.

• 1:14:40David Hoffman?

  I think he's on to something.

• 1:14:41Ryan Sean Adams?

  Unfortunately, David, the mustache is not in the future. It's never been.

• 1:14:45David Hoffman?

  No?

• 1:14:45Ryan Sean Adams?

  Nothing voluminous. It would just be something that is just like, you know, kind of prepubescent, I think, almost in terms of its thickness. I've never.

• 1:14:54David Hoffman?

  Have you ever tried?

• 1:14:54Ryan Sean Adams?

  I have. It's just, it's not something that anyone really wants to see, to be honest. I just don't have the.

• 1:15:00David Hoffman?

  I disagree. I think you're going for something else to see it.

• 1:15:03Ryan Sean Adams?

  Well, this is a taste of it. What are you looking at today? You want more of this?

• 1:15:07David Hoffman?

  That is like a Gandalf beard, bro.

• 1:15:10Ryan Sean Adams?

  Yeah, it could be shaved. It could be taken in. David, should we get to some of the takes?

• 1:15:14David Hoffman?

  Some takes, some takes. You want to read this take from Jake?

• 1:15:16Ryan Sean Adams?

  Yep, take from Jake. Contrary to widespread belief, traditional finance is not safe for consumers or investors. Sure, it's just up to look that way, but its neat and tidy image is a thin veil for institutionalized discrimination, exclusion, and exploitation. Crypto offers a different approach. Traditional finance is just institutionalized discrimination, exclusion, and exploitation. Because it's been institutionalized, we think it's normal. That is the take from Jake. And crypto is definitely a different approach to this, much more credibly neutral system, without that exclusion, exploitation, and discrimination, if we get it right. What are your thoughts on this?

• 1:15:58David Hoffman?

  Yeah, I think one of the reasons why crypto gets so much flack is that all of our like mistakes and errors and hacks are out in the open. Like, we don't have the luxury of being a centralized company with like walls around it to hide all of our mistakes.

• 1:16:10Ryan Sean Adams?

  The backroom deals are harder to like, there's really no backroom on chain.

• 1:16:14David Hoffman?

  Exactly. Yeah, which is, which is good. Which is good.

• 1:16:17Ryan Sean Adams?

  What's this take? This is a, this is a poll that you put up, and this is David tweeting out, who pays for security in Bitcoin? He has three options here. Miners, number one, transactors, number two, and holders, number three. And the percentages from this poll came in very interestingly.

• 1:16:35David Hoffman?

  Yeah. So before we read out the percentages and also the right answer, I want listeners to take a moment and reflect on who they think. There's a correct answer here. Who pays for security in Bitcoin? Where does Bitcoin get its security from? Miners, transactors, or holders?

• 1:16:52Ryan Sean Adams?

  Do you mean, are you asking 100% of the security? Or are you asking for the like, the vast majority of the security? Those are different.

• 1:16:58David Hoffman?

  That's me. Yeah, yeah, the vast majority. Yeah, there's one answer that really sticks above the rest.

• 1:17:05Ryan Sean Adams?

  There's an answer David really wants. Justify that.

• 1:17:08David Hoffman?

  Miners, transactors, or holders? Where does Bitcoin get its security from?

• 1:17:12Ryan Sean Adams?

  Okay, so my gut would be, my default answer to this would be holders, of course. But I'd also probably put an asterisk there around some of these other things. Maybe miners would have an asterisk for me and I could explain why. But what is the correct answer?

• 1:17:26David Hoffman?

  The correct answer is where does Bitcoin source its energy? It's from holders, from holders.

• 1:17:32Ryan Sean Adams?

  Source its energy?

• 1:17:33David Hoffman?

  This is not an opinion. This is 100% fact.

• 1:17:36Ryan Sean Adams?

  Source its energy? Do you mean like its economic energy you're talking about? It's like, it's actual, it's actual security defense is not energy. I mean, we say that as a shortcut, but it's actual security defenses is also capital. It's just like pure money, right? To overcome its economic security. That's what you mean when you say power?

• 1:17:54David Hoffman?

  These are cryptoeconomic systems. They are secured through economics. So people that answered miners, okay. So the numbers for who answered this poll also stuck out to me. So who pays for security in Bitcoin? 21% of people said miners. 25% said transactors and 33% said holders. And so while the majority, the biggest one was the correct answer holders. It's not, these numbers are way too close. So who pays for security in Bitcoin? Miners do not pay for security. They are the people that you pay for security. They are the people being paid for security. They are profiting off of the people that pay for security. That's why they exist. Why would miners pay for security?

• 1:18:39David Hoffman?

  It's their business model to supply security. That Bitcoin purchases from the miners. So that we can cross that off. And 21% of people said miners, which means 21% got the opposite of the answer, the inverse answer. The other, the other, both transactors and holders are technically correct. Because the transaction fee, when you pay a transaction fee for Bitcoin, that goes to the miners. And so that is a transfer from transactors to miners. And 25% of people said transactors. But, we'll pull up some stats here in a second. But the real answer, Ryan, is holders, coming in at 33%, which was the biggest answer. But it's the, between the two miners and transactors, the more people got this answer wrong than correct.

• 1:19:21David Hoffman?

  And so what we are looking at here on Coin Metrics are the two sources of money that is being paid towards miners for miners to protect Bitcoin. And we are looking at 29, or 19.5 million dollars in daily issuance that got paid to Bitcoin miners that is minted versus 275,000 dollars of total transaction fees from transactors paid to miners. So that is 19.5 million dollars of new issuance versus 275,000 dollars of fees from transactors.

• 1:19:56Ryan Sean Adams?

  Was that like 95% or something?

• 1:19:59David Hoffman?

  That is 98.7% of Bitcoin security came from issuance, which is inflation. Which means that holders are the people who are being diluted, who are being inflated, are the people that are bearing the cost of Bitcoin security. And so this is why the answer is unequivocally, well, excuse me, not unequivocally. The answer is 98.7% correct that Bitcoin holders are the people that pay, that subsidize for Bitcoin security. Holders pay for security. And the ratio of transaction fees to issuance is 1.3%.

• 1:20:38Ryan Sean Adams?

  David.

• 1:20:38David Hoffman?

  So Bitcoin is 1.3% paid, securities paid for by transactors.

• 1:20:42Ryan Sean Adams?

  Okay, so, so a couple of things. So one thing to think about is the analogy of kind of the nation state, right? It's like, who pays for the security of America? And the answers are like, military or taxpayers, right? Income taxpayers, excise taxpayers, that's kind of the breakdown. And of course, the answer is not the military. Because they receive the funds.

• 1:21:01David Hoffman?

  The answer always is, who pays for security for America? It's the taxpayers. The taxpayers are always paying. It's taxpayers and bondholders.

• 1:21:10Ryan Sean Adams?

  And bondholders, anybody who's holding the money is essentially paying an inflation tax. But let me ask you, Dave, like, so why are you so passionate about this technicality here? Like, why does it matter so much? Are you, is it just because like, there's such a delta in terms of like, uh, people don't know what the right answer is? And you're sort of disturbed by that? Or you think that a lot more education needs to be done?

• 1:21:31David Hoffman?

  This is, this is a lack of education as to how these systems work.

• 1:21:35Ryan Sean Adams?

  The economics of them.

• 1:21:37David Hoffman?

  The economics of it, right. And, and so like, uh, last weekend, I put out some tweets that, uh, the Bitcoiners really didn't like. I said, like, the Bitcoin BTC, the asset does not have a relationship with energy. Bitcoin does, but BTC, the asset does not. And like, just some tweets that really go against Bitcoiner narratives. And like, I was received tons of like, hate from Bitcoin, the Bitcoin maxis, which is normal for me. But like, even like, other people are like, uh, why can't, you know, Bitcoin and Ethereum just get along? And like, the reason why I feel compelled to do, like, do this is because the Bitcoin maximalist narratives are wrong about Bitcoin. They are telling a story of, about Bitcoin that is not what Bitcoin is.

• 1:22:22David Hoffman?

  And like, Bitcoin is great. It is fantastic. It is a truly a marvel to this universe. The narrative that Bitcoin maximalists say about Bitcoin is completely divergent from that. And so when people say like, oh, Bitcoin, Ethereum, why can't we just get along? I would love to get along with people that tell the true story about what Bitcoin is. But the Bitcoin maximalist narratives are not that, are not what's being told. And that is what grinds my gears, Ryan, and why I feel compelled to, again, this is about education, about who pays for security in Bitcoin. It is holders. It is issuance. It is inflation. And that is a truth that we have to swallow as Bitcoiners.

• 1:22:59Ryan Sean Adams?

  Max, you just got clapped back by a dickbutt, and I don't know how that feels, but that's what just happened. In case you were wondering, here's a good take, clue to this last minute, really important one, I think, really interesting one from Giancarlo. Elon is pushing Twitter towards crypto. Zuck is pushing Meta towards crypto. Reddit is going all in on crypto. You're seeing these things. Collectively, that's billions of users. It's just hard to overstate how much of the internet is about to change in the next few years. That, my friends, is a bullish tweet, and I think the bull case for crypto. Web 2 is coming on board. Maybe not Apple, but all of these social media platforms know that they have to support a digital property

• 1:23:42Ryan Sean Adams?

  rights system inside of their platforms. And that digital property rights system is crypto. It's effectively, it's Ethereum, it's Bitcoin, these types of blockchain networks. Super bullish, man. Anything to add to that?

• 1:23:53David Hoffman?

  I'm on board.

• 1:23:56Ryan Sean Adams?

  You know what? I'm on board too. And I gotta ask you what you are excited about. What are you bullish on this week, David?

• 1:24:03David Hoffman?

  Ryan, I think you can guess what's coming. I already gave a little bit of a pitch for crypto dickbutts, but what I'm bullish on, Ryan, are crypto dickbutts. And one of the reasons why is because crypto dickbutts first were a meme before. And so this is like the NFT of the meme. The meme has already been around. And so the NFT version of the meme is also going to be around. So that's my first bullish crypto dickbutt thing. It's like, it's all like dickbutts have been a meme, not just on the internet. Like dickbutts were drawn as cave paintings back in like thousands and thousands of years ago. And so the NFT version of like what is a very, it's in crypto dickbutts, man, are in our

• 1:24:43David Hoffman?

  DNA. I swear to God. Yeah. This is, this is right. And so of course, the NFT crypto dickbutts is also going to be around for a very long time. The other cool thing about crypto dickbutts is the lore behind them. Every good community, every good cult needs a lore. And the lore about like how crypto dickbutts are just like searching for their long lost home around the planet, and they need to find their home, which is the island of Gooch Island. And so I am bullish, Ryan, on crypto dickbutts because I am one.

• 1:25:13Ryan Sean Adams?

  Wow, that was, that was a heck of a shout out for this community. How many, how many do you own, David?

• 1:25:19David Hoffman?

  I own two crypto dickbutts.

• 1:25:21Ryan Sean Adams?

  Okay, so here's, here's your challenge.

• 1:25:24David Hoffman?

  They are in my disclaimers and disclosures.

• 1:25:26Ryan Sean Adams?

  Get, get, get me to buy one. What's it gonna take to get me bullish on these things? Because right now, I am not bullish at all on these things.

• 1:25:34David Hoffman?

  Do you want one with or without glasses?

• 1:25:37Ryan Sean Adams?

  They have, they have nerd glasses.

• 1:25:41David Hoffman?

  Wait, are you in character or out of character?

• 1:25:42Ryan Sean Adams?

  No, I'm, I'm, I'm, I'm me. I'm just me, David. I'm, I'm really excited about glasses right now. It's just something, something about last week just switched me on to the glasses thing.

• 1:25:53David Hoffman?

  Yeah, I'll, I'll find you some.

• 1:25:54Ryan Sean Adams?

  It's still probably not gonna be enough, though. Not, not gonna be enough. It's just like, it's strange, man. I don't know, like.

• 1:26:00David Hoffman?

  They all come around.

• 1:26:01Ryan Sean Adams?

  It's strange. Okay. Well, David, David's into this. That's exciting. I'm excited that you're excited. I'm not quite there yet.

• 1:26:07David Hoffman?

  I am excited. Ryan, what are you excited about then?

• 1:26:10Ryan Sean Adams?

  You know what I'm excited about is Bankless Brazil. Alright, so dude, you and I were on a podcast with Bankless Brazil earlier this week, and this is a community that started from the original Bankless podcast and the newsletter in Brazil. And there's a Portuguese version of Bankless in podcast form and newsletter form. You can see all the details. They have Discord, everything else. They have, they have merch. And we were talking to the Bankless Brazil folks, and it just struck me how global the crypto movement is. And, and how global the, the Bankless movement is, right? So they've been experiencing like 20 to 30% monthly growth, not annualized growth, monthly growth, growth in their community.

• 1:26:53Ryan Sean Adams?

  And it's because they were saying is Brazil, the people of Brazil are hungry for crypto right now. I mean, we think inflation is bad in the US. It's like, what, 8% or something? Do you know the Brazilian currency, the real, has lost 90% of its value relative to the dollar? Not relative to CPI, that's relative to the dollars. You gotta stack the dollar on top of 90%.

• 1:27:15David Hoffman?

  Right, inflation.

• 1:27:16Ryan Sean Adams?

  Inflation on inflation, it's stacking. And so this community is built kind of from the ground up, public goods funded. They're doing like local community meetups. They're talking about how like the crypto economy has allowed them essentially to shelter some of their wealth and some of their economic opportunities. The ability to log in from the internet from anywhere in Brazil and work for a crypto company, a web three company, get paid in stable coins, get paid in, you know, assets like ETH. This is so transformational, I think, and it's not just happening in Brazil. Did you know? Eight million people in Turkey are using crypto right now. And so all of this struck me is sometimes when the US, we get stuck in kind of the

• 1:28:01Ryan Sean Adams?

  the US bubble regulatory, it's our battle against the banks. It's a battle against Wall Street, that sort of thing. You know where I think some of this could come from. The revolution of crypto is emerging countries and emerging markets where they just straight like leapfrog over Wall Street. It's like, we don't need Wall Street. We don't need US European banks, right? We have Ethereum. We have a bankless money system and we could build our financial infrastructure on that. So I'm really excited to see where crypto goes and develops in emerging markets. I think sometimes in the US, when we hear about crypto and going bankless, we just like, we get complacent about it. It's like, ah, my bank's good enough. Like, it kind of works. It works okay.

• 1:28:42Ryan Sean Adams?

  This is not the case in places in South America and in places like Turkey where inflation's ravaging you. And then after inflation, it's capital controls. You can't get your money out of the banking system. None of this is very digital. And so the need in emerging countries is very strong. And I'm just bullish about the worldwide bankless community. That podcast made me so.

• 1:29:04David Hoffman?

  Yeah, the lesson I think I really took away from that podcast with them is that the sense of urgency out of Brazil. And I think that's probably also echoed. There was that report out of Africa not too long ago from the Chainalysis Africa report saying like crypto just has unprecedented levels of adoption in Africa from payments and just like access to dollars. I think like we definitely have like this US privilege where 8% inflation is bad and that's causing a lot of just like, you know, bad times, like hard times for a lot of Americans. But it's, it's, it's just different versus the sense of urgency that's coming out of places like Brazil where it bad is an understatement.

• 1:29:47David Hoffman?

  And the amount of urgency of getting off of the dollar system and getting on to something that can actually not destroy capital along the way for people's lives is much more than we experience here in the United States. And so the idea that Crypto adoption, like base principles crypto adoption of going back to our roots of store of value and payments is still like still huge for most of the world and we forget about that here in America while we talk about things like crypto

• 1:30:17David Hoffman?

  Ryan comes in and saying, well, what about Bankless Brazil? And I'm like,

• 1:30:22Ryan Sean Adams?

  Well, you know, we'll let Bankless listeners, you know, dick dicks have their place too, you know, fun games as well. But yeah, this is all part of a very important mission and it gave me that that worldwide scope. I mean, the Bankless Brazil folks were just like, hey, for people in America, crypto is seen as an investment. But like for here, it's like a way out. It's like a necessary, it's not an investment. We need this. It's a tool.

• 1:30:45David Hoffman?

  It's a life.

• 1:30:46Ryan Sean Adams?

  In order to in order to live and survive in our economy. And that that just struck me.

• 1:30:51David Hoffman?

  Man, you're making BitBoy look really good, man.

• 1:30:53Ryan Sean Adams?

  It's just a generic crypto influencer, David. There's no, there's no, I don't know who BitBoy is. All right. So we get to what's a meme of the week. You know, I stumbled across this. This was floating around.

• 1:31:05David Hoffman?

  Do we need a meme of the week this week? I'm a dickbutt. You're a crypto influencer.

• 1:31:08Ryan Sean Adams?

  Well, let's do this then. It's a AI tweet generator. So this is an AI. It's a tweet hunter.io that will generate tweets from from any popular Twitter account that you want. So do you want a AI to generate a pop tweet? Let's see what it looks like. I ran out of trials. We can't. But I got the AI earlier to generate a Vitalik tweet. Do you want to read this?

• 1:31:31David Hoffman?

  Vitalik dot ETH kind of says, to anyone who's working on an Ethereum 2.0 project, one, your goal should be create a protocol that is as safe as possible and maximally open. Two, your hard fork strategy should be no hard forks. That's a good take.

• 1:31:47Ryan Sean Adams?

  Wait, your hard fork strategy should be no hard forks? That's not something Vitalik would say, David.

• 1:31:54David Hoffman?

  Well, okay, so this is an AI that wrote this, so this isn't actually Vitalik, but go ahead and try and interpret this. The, the, the goal should be to answer and align with your community in a way that doesn't incentivize

• 1:32:07Ryan Sean Adams?

  That works. And by the way,

• 1:32:08David Hoffman?

  incentivize.

• 1:32:09Ryan Sean Adams?

  Do you know he does the asterisk thing? Where he like puts like the bold, it's kind of like,

• 1:32:13David Hoffman?

  The emphasis, yeah. I also do that too because of the AI.

• 1:32:16Ryan Sean Adams?

  The AI caught that. I agree with goal number one. That, that makes sense. I could see him saying this, but and working on an Ethereum 2.0 project? He doesn't say Ethereum 2.0.

• 1:32:25David Hoffman?

  Yeah, right. That doesn't say that.

• 1:32:26Ryan Sean Adams?

  And then the second one is your hard fork strategy should be no hard force? No, he would never say that.

• 1:32:31David Hoffman?

  Yeah, I don't even know if that makes sense. Anyways, I think we got one more.

• 1:32:35Ryan Sean Adams?

  This is, uh, this is one that it generated from me.

• 1:32:37David Hoffman?

  This one made me laugh so fucking. So this is the Ryan Sean Adams AI. Otherwise, I was Ryan. The tweet reads ETH is 50% down. Not because ETH is a bad asset. Not because ETH is a bad store of value. Not because he is a bad store of value. Not because ETH is a bad store of value. Not because ETH is a bad store of value. Not because ETH is a bad store of value. Not.

• 1:33:02Ryan Sean Adams?

  Okay, this is, uh, this is weird because I could see myself writing this. Should I just like?

• 1:33:07David Hoffman?

  You just know the AI was gonna go on saying not because ETH is a bad store of value as long as the Twitter tweet would allow it.

• 1:33:13Ryan Sean Adams?

  Should I just like feed this into you like my, uh, my Twitter? Like just read the API.

• 1:33:17David Hoffman?

  These are your tweets, bro.

• 1:33:18Ryan Sean Adams?

  These are not my tweets, alright?

• 1:33:19David Hoffman?

  These are actually your tweets.

• 1:33:21Ryan Sean Adams?

  I would not. ETH is more than 50% down, okay? I could, I could see that I would myself saying some of these lines.

• 1:33:27David Hoffman?

  You would absolutely structure it.

• 1:33:29Ryan Sean Adams?

  We'll see how it goes. I mean, I'll start using these. Outsource. Alright, that's it, man. I think we have a moment of Zen this week. Should you tee that up?

• 1:33:35David Hoffman?

  So you're gonna hear a moment of Zen right after you also hear Ryan give his regular risks and disclaimers.

• 1:33:40Ryan Sean Adams?

  Of course, risks and disclaimers, crypto, all of it 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.

• 1:33:53David Hoffman?

  It's for the people.

• 1:34:20Speaker 02

  When you come from bankless And RSA my guy That's when I respond with a hearty remix battle cry

• 1:34:33Speaker 03

  Ryan, Shawn, Adam, I don't know who the F you are Ryan, Shawn, Adam, I don't know who the F you are Ryan, Shawn, Adam, I don't know who the F you are Ryan, Shawn, Adam, I don't know who the F you are This is about money for me, it's me! I'm here fighting for all the money! Devil's douchebag, these friggin' glasses on! This is about money for me, it's me! I'm here fighting for all the money! Fuck I don't! I'm the one who dies! I'm the one who dies! I'm the one who dies! All the money! I'm the one who dies! All the money! I'm the one who dies! All the money! I'm the one who dies! I'm the one who dies! I'm the one who dies! All the money! I'm the one who dies! All the money! I'm the one who dies!