The Crypto Bull Market is Stressing Me Out

Transcript

ethereum is the triple point blockchain the bull market is stressing me out and the meme economy is changing everything i'll listen more on i'm luke and this is tldr where we catch you up on everything that happened in the bankless world last week as always they're going to be links down in the show notes for you to do a deeper dive into any of these topics so before we start i want to shout out our sponsor dharma dharma lets you go straight from fiat dollars into d5 and you know what i'm just gonna vibe for a sec [Music] learn more at bangladesh dharma fiat on-ramps are cool and you get free eth

when you use our affiliate link so chris dixon of a16z came on the pod this week to explore how he sees the web3 metaverse stuff and he boils it down to five mental models that i find really compelling number one is it's just a toy when new technologies come out they are raw and immature so their initial use cases are typically just like a novelty which leads people to say that it's just a toy i'll also add that new technologies are often used as a weapon before their more elegant use cases emerge think about other inventions and technologies and how they're used in their early days as either weapons or toys the second mental model is web 3 greater than sign web 2.

web 2 crushed it when it came to revolutionizing apps and introducing uh mobile and these are huge user experience upgrades but now the internet has coagulated into tech giant feudal lords where you rent digital space and pay fealty with your data web3 takes that user experience and distributes it out reigniting competition and giving ownership to its users number three tokens are the new websites tokens make the world go round when you have a decentralized web you need a value flow to orchestrate innovation this happens through tokens which have emerged as a new digital primitive for incentivizing and rewarding growth number four your take rate is my opportunity fees are

tricky we live in a zero fee world which usually means hidden costs in the form of data harvesting or cutting corners behind the scenes what this mental model means is that if you have an app and your founders are taking too big of a cut well i'm gonna open source it and take a more reasonable cut and you're gonna come to my platform where we have fun all the time and merit is appropriately rewarded and the last mental model is networks become economies today's internet is a database of information transactions occur on top of that representative layer and are settled irl but tokens change that you mesh together value and information into an economic database and by doing that you have a new paradigm where value and

information flow as one it's a good episode you should go watch it uh so it turns out that ether and ethereum are actually best friends that help each other out a lot eath is the triple point asset there is a good argument to be made that it's a capital asset a commodity and a store of value on top of that it's an ultrasound monetary asset with a robust and elastic monetary supply that ebbs and flows with network demand with the insane demand for block space eth will be deflationary especially as we transition to proof of stake on the other hand ethereum is the triple point blockchain and it becomes ultra scalable by separating out and optimizing its primary functions which are consensus data availability and execution consensus on the beacon chain

data availability on the shards and execution on the layer two roll-ups i think i'm just going to keep repeating this modular blockchain moto thesis uh every single tl dr so these two things the triple point asset and the triple point blockchain have a synergy growth in ethereum causes ether to increase in value and the increased value of ether produces a more scalable and secure ethereum which means more growth symbiosis is tight however these are fundamentals and in these speculative crazy times prices ride on the memes uh memes are powerful and are no doubt reflected by the mooning of crowd favorites doge and shiba inu but i think you can make the case that memes themselves have

intrinsic value memes are the building blocks of culture and these ideas and cultural units can spread like wildfire and infect the minds of millions this is a battle for hearts and minds so the best memes are the ones that get stuck inside your head uh ones that you share with friends ones that attain legitimacy by broad acceptance and acknowledgement it doesn't have to be smart uh or even valuable unfortunately uh it just has to grab people's attention so when you can come up with a catchy meme that represents real value based in truth well that's when you have a winner an application of this meme economy is the emergence of crypto gaming good games capture attention and time which equals value but great games turn that value

into something productive like ownership over in-game assets or an ecosystem's native token these great games are being made possible by projects like immutablex which is a layer 2 platform specializing in nfts with a handful of massive partnerships like tick tock and its flagship game gods unchained the intersection of nfts culture and gaming are on a collision course griff green came on layer zero this week and griff is a fascinating individual going from a chemical engineer to a nomadic hippie with gold bars in the back of a van is exactly who i imagined would fall in love with the early days of crypto uh griff ended up being a key part of the original dow and tells a hollywood caliber story of like being in the

trenches is the chaos of the dow hack and hard fork like unfolded um and being relatively newer to crypto this felt like a campfire story with almost like a mythological feel to it and then i remember it was only like five years ago but either way i like smart hippies we also continued our discussion of defy 2.0 by laying out how you can borrow magic internet money abracadabra stablecoin abracadabra is like compound but you can use yield bearing assets as collateral to meant new mem is it called mem magic internet money i don't know d5 2.0 is wild uh in the last big topic this week is that the fiduciaries are coming to crypto for the most part so far at least going into crypto has been sort of a solo mission

it's like at the bowling alley when you don't have like the little gates that you can like bounce the ball off of um none of this is ever financial advice but eventually there will be crypto native financial advisors that will be able to give financial advice to new and old investors um and this is my favorite line of the article crypto will not only eat traditional finance it will eat traditional financial advisors nice uh lastly as a final thought uh i don't know about any of you chumps but this market has been like super super stressful lately uh just watching all of the energy flooding into this space and having people coming out of the woodworks to ask him about cardano like has been a lot um and it's easy to get caught up in like the heat

of the moment or whatever uh so i'm gonna try something new and do some like self affirmations to keep myself in utter nirvana and zen as i stare at the charts so here we go and uh feel free to join if you're if you're out there i exist in a bull market and that's okay i understand that i have never seen a bear market before i am at peace with the fact that i sold a cool cat before it 10xed i understand that ethereum is ultrasound money [Music]

i will sell the exact top i will sell the exact top so with that i wanted to quickly shout out our sponsors uniswap gemini ave and lido these projects are strong brave unique creative and loved also this video wouldn't be possible without them so thanks a lot and finally none of this has been financial advice ethan is risky defy is risky but we are headed west it's the frontier it's not for everyone but we are glad you are with us on the bagless journey see you next time hey we hope you enjoyed the video if you did head over to bankless hq right now

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