Elizabeth Warren's Attack on Crypto: What You Need to Know

Transcript

Elizabeth Warren tweets out this image Elizabeth Warren is building an anti-crypto army uh triggering the entire actual real army of crypto Twitter bankless Nation happy Friday morning it is time for the bank List Friday weekly roll-up where we covered the entire Weekly News in crypto which is always an ambitious Endeavor and here to help us explore that Frontier we are tapping in Anthony cesano Anthony welcome back to the weekly roll-up man how's it going hey man I'm going great thanks for having me back on lots of news to cover so I know Anthony you are a fellow coffee Maxie like me uh but it's a little bit late for you to have coffee I'm sure you already have it but I just finished my first cup of coffee so we're gonna go through all caffeinated and

stuff all the topics of the week arbitrim's first governance vote which was to sell a billion dollars worth of tokens turns out it wasn't actually a vote much more drama ensues you're going to cover all of that news and give our takes as well to unpack all the nuances about that a brand new frontier gets unlocked in the Mev World potentially a new paradigm now Unearthed by a validator who sandwiched attacked a sandwich attacker we will discuss that and what that means for the Mev landscape and Liz Warren is gathering her anti crypto Army and everyone is trembling in fear right Anthony yeah yeah I'm literally trembling in fear right now all right so you guys know the deal bankless Nation Make sure to like And

subscribe rate and review wherever you get the podcast because this is how we get all this fantastic information scaled out to as many people as possible this comes out every Friday morning and this is of course where we cover all the crazy the crazy crazy crypto industry and for some news out of bank list that came out on April 1st you might notice that Anthony cesano is here not really out Ryan that's because Ryan and I have broke up [Laughter] what's funny about this is how many people actually fell for it so yeah emphasis on the April first date uh I to this days people are still reaching out to me and be like man I can't I can't believe you guys broke up uh the reason why Ryan is not here is because he is having some very well deserved time off

with his family and kids uh powered down and getting some software updates on some beach somewhere hopefully relaxing uh Ryan and I did not break up that was an April Fool's joke um and the seriously the amount of people that got tricked by this April Fool's joke actually warranted me having to bring this up here on the podcast yeah yeah I mean I I honestly hate April Fool's Day because I have to go through it twice living in Australia first in Australian April 1st and then second on April 2nd for me but April 1st for like the for like America and I have to put up with it uh for 48 hours almost and it just it's it's not great yeah so uh Ryan and I Ryan will be back uh next week for

all the regularly scheduled programming uh and then quickly before we get into the markets we actually got uh some nice perks out for the bankless nation here from coindesk consensus is 2023 this is actually not a sponsored message uh but they have given the bank list Nation 15 Pro passes to the consensus conference uh that is worth two thousand two hundred dollars first come first serve inside of the bankless nation Discord uh and then the next 100 people after that will get 50 off so I bet you those first 15 tickets are already taken uh but that is one of the benefits of being inside the bankless nation Discord uh so if you want one of those 150 off ticket gets for a consensus 2023 jump into the bankless nation to fill out the form

this is happening April 26th to 28th at the end of this month in Austin Texas getting into the Market's bitcoin price starting the week at 27 300 ending the week up half a percent so still green at twenty seven thousand eight hundred dollars let me Zoom through to The Ether price uh starting the week at eighteen hundred dollars ending the week at 1870 up four and a half percent on the week and also the ether Bitcoin ratio up four point five percent on the week from 0.0642.067 Anthony give me a read on the markets how is this last week and last month on the markets for from your perspective I think it's led to a lot of renewed optimism uh about the markets

just because these are the highest prices we've seen in a little while on both BTC and eighth and people getting excited again thinking that you know this might be the early Innings of a new bull market and things like that I struggle to to kind kind of say that I don't think it's the early Innings of a new bull market I think that Ethan BTC BTC is still in this range that they've been in for quite a while and it just feels like we're doing this what people call crabbing we're basically going sideways for for quite a while I think that's probably going to be the theme for the rest of the year to be honest I don't expect a new bull market this year maybe next year right but generally yeah whenever this sort of stuff happens obviously people are going to get excited but I think people tend to

forget that we could go back down to you know low 1000s on on Eve you know 20K for BTC or something like that with relative ease and uh sentiment can change very quickly but you know generally yeah I don't really pay attention to day to day week to week kind of movements um you know I see people getting excited and I'm like you know what it doesn't really bother me either way just obviously looking at the long term and and and thinking obviously that eth's going to be higher long term like I have I have my conviction on that and my thesis around that but uh but yeah it's interesting just to see different people's takes on it because you've always got the trade is who always just trying to trade whatever volatility there is because that's their bread and butter right if there's no

volatility they don't they can't really trade uh and and there's not really much opportunity but as soon as the volatility starts you see all these kind of narratives form and all the sentiment change because people are just trying to trade Trade It people you know people long-term investors are thinking oh wow okay finally the bull Market's back you know but yeah as I said I I don't think that that's the bull market I just think that we're in that kind of accumulation range that we've seen in previous bear markets where you know the die-hard buyers are buying Traders are trading the retail investors most of them are not here right now but eventually I think that eventually we go back into a bull market and they come back yeah at least in The Ether price we haven't seen these prices since August of 2022 and we

are about at that high that August 2022 price is kind of the Resurgence after the three arrows Capital liquidation uh and so before that it was May of 2022 and that was just in that Perpetual uh down price price action that happened for like almost uh 14 or 15 weeks which was you know what was 2022 in 2021 uh and so we're we are as high as the big bounce back out of that initial uh liquidation uh candle that when ether went down to just below 900 so it went down to below 900 bounced back up to basically two thousand dollars in August pretty much yeah I think it was based the merge hype kind of got us back I mean that was just the narrative people

latched onto I think as an excuse but uh it's it's it's funny just seeing like where the price is now because if you go back to 2019 a similar thing happened where it kind of bounced back up to uh a point uh it was like 360 or something and then after that it went it went back down uh to like eighth particularly went from like the bottom to 360 back to like 130 during 2019 so it was a very volatile year um but we we didn't set new lows even during the covert dump it just went to the previous kind of low uh so I think people generally should be prepared for for that uh if it repeats itself um and not get and not to get too ahead of himself just because there's a few

weeks of positive price action yeah just a quick uh comment on the ratio the Bitcoin ether ratio we had a really good week in the ratio after just getting slammed for the past like two or three weeks so ether is up 4.5 on the week when uh it's been like four weeks four to actually a few months of of just down price action on on the ratio what's your read on the ratio here it is by far the noisiest chart I think in crypto uh getting signal from like the ratio chart is really really hard I don't think anyone really trades it on the shorter time frames it's more of a longer term narrative thing where you're like okay right now feels like Bitcoin season or right now it feels like each season and people will trade Ethan BTC and then that'll reflect in the ratio

um but generally yeah I I think that looking at maybe month to month is the best time frame for the ratio rather than day to day week to week and even kind of shorter than that um because yeah as I said it's a very noisy chart and uh and you can see that just zooming out on it generally how noisy it can be and it's funny because it's something that a lot of people use to form narratives and to dunk on each other like when it's going up you know ethereans are dunking on bitcoin is and when it's going down Bitcoin is like you're on ethereans and it's just a Perpetual game of that but I think what it what it generally just does is it just kind of follows uh over the shorter time frames it follows just the that kind of sentiment that Trader sentiment

where they're just playing the volatility between B BTC you know now it's time to bid BTC or now it's time to bid Ethan other stuff and yeah I I that's why generally I think it's it's very noisy it's very hard to get a good read on it over the short term but longer term I mean yeah everyone should know by now if anyone who knows me knows longer term I believe in the flipping and I think that atheist is definitely going to outperform bitcoin but yeah it's very hard to get signal over the over the shorter time frames that's for sure all right moving into General market uh talk uh ethereum is now being held in self-custody the bankless way and away from exchanges at the highest level since the week the token was since the week ether was introduced eight years ago so the ratio of ether in

self-custody in defy and away from exchanges is at all-time highs and that actually correlates with for the second month in a row uniswap has beat coinbase in trading volumes now I remember when uh uniswap came out in in 2019 and that would be like unheard of to talk about back in 2019 that unit swap would be beating coinbase the biggest uh highest volume centralized exchange that's out there maybe safer binance uh and for the second month in a row uniswap has beat uh coinbase by by more than a little bit 45 higher than coinbase's volume the best months uh Universal's best month since January 2022. Anthony give us your read on this yeah I mean I'm not surprised by this to

be honest considering how much liquidity and capital has moved on chain um not just on ethereum layer one but on these layer twos as well uh and unusop obviously dominates there for uh decentralized exchange trading and if you include like even the other decentralized exchanges not just uni swap then it's even much higher than that right uh which is which is pretty cool uh to set to to kind of see that all them put together I just Blast Away um coinbase which is the second biggest centralized exchange still not higher than binance but obviously I think binance is like almost 10 times uh the trading volume of of coinbase so it's it's quite a bit bigger maybe not that much these days I think the Gap is definitely closing uh but they're still they're still pretty pretty big gap

there but generally yeah if you told me that this was going to happen so quickly as well a couple years ago I would have probably not believed you because uh I I uh centralized exchanges have such a grip on on I guess uh volumes and and liquidity and trading but in high hindsight looking looking back it's kind of well if liquidity can move as fast as it can move in on crypto rails and there's no reason why these these things can happen very quickly and I think that's what we've seen play out unusive is not the only decentralized exchange that's seeing a lot of volume right now Trader Joe which recently deployed uh in addition to their Avalanche their original home base Avalanche deployment also deployed on arbitrum a few months ago the volume on arbitrum and I know you saw these numbers Anthony is now

three times what it is a little bit over three times what it is on Avalanche so uh in the 24 hour volume on our arbitrum 177 million dollars measured on March 30th when it was just 58 million dollars on on Avalanche and so this is a size Chad tweeting out who's on the arbitrim team looks like Trader Joe is now primarily an arbitrum Dex and then he's got the uh the look at me I'm the captain now I mean Anthony give us your take yeah I mean maybe I'll cop some heat for this but I had primarily been very bearish on Avalanche uh because their main thing was the sea chain which was just an evm chain and I figured that l2s like arbitrary and optimism that were

evm compatible and equivalent would offer a much better experience on the evm front uh and that would lead to a lot more liquidity in trading and activity than we would see on these other these other kind of um uh l1s that were evm compatible so this doesn't surprise me at all and it's really funny because I used to see Trader Joe fans and even even the founder kind of like crapping on ethereum for the high fees well now you know they're on the l2s and they're doing better than on Avalanche so everyone comes to ethereum like all roads lead to ethereum as we like to say yeah sadly it really takes a bear Market to force the contraction uh to really make this happen but um that's this is something that that you and I and many other people in the

ethereum community have been saying that this is this is going to happen one way or another and the ethereum gravitational pull is uh pretty hard to escape from here's a tweet out of Eric Wall moving on to different subjects talking about the NASDAQ correlation between Bitcoin is that in the lowest point ever since 2021. how do you feel about that how do you feel about our correlation to NASDAQ being low what's your sentiment there I don't know if NASDAQ is the best thing to compare with with Bitcoin too because bitcoin's primarily trying not to be a Tech play right it's uh like it'll the bitcoiners always tell you that the Bitcoin is like Tech second and then first it's like a trying to be a reserve currency or trying to be like a digital

gold or something like that so I don't know if it's the best comparison um but generally yeah I mean especially in the bear markets correlations tend to go to to like one uh everything just correlates with each other because everything's getting sold off with each other and and indiscriminately especially during the the peak fear of bear markets so to see the correlations come down again usually points to a more favorable market and you see that play out in in the prices uh but but yeah I mean maybe comparing it to like the S P 500 would be better than the NASDAQ I know people do that a lot um because yeah I generally think based on minorities people probably trade Bitcoin more like uh I don't know more in sync with that than the NASDAQ

but yeah I haven't looked too closely at this sorts of stuff and you can find correlations but they don't equal causation across anything you want to so it can kind of become a bit of a self-fulfilling narrative at the end of the day yeah I do enjoy having the the disconnect because being a non-correlated asset class it was kind of one of the original Visions between crypto and I think one of the uh where this all of this correlation really came from and why Bitcoin even though it's uh purported to be this like non-sovereign store of value digital gold it's still traded like a tech stock is because it's all about liquidity right it's all about Federal Reserve liquidity and so even though uh the narrative is that that's what Bitcoin is uh it's still a very

volatile risk asset that falls right in line with all with all the tech stocks these days a little bit more interesting news in the Bitcoin Market uh it's U.S government now has 49 000 Bitcoins that it sees from the Silk Road hacker uh so we this this part of the news is old news we've known that the government has this but what is new is that uh 10 000 Bitcoins and what is assumed to be eventually all 50 000 Bitcoins is going to be sold so they transferred basically ten thousand nine thousand eight hundred Bitcoins to coinbase uh and then also the right remaining 40 000 Bitcoins to two new addresses and uh that ten thousand Bitcoins was purportedly sold last week we talked about Michael Saylor

buying uh new Bitcoins uh last week and uh turns out he might have been buying the US government's Bitcoins because they were selling at the same time he was buying uh the the bearish news here is that 40 000 Bitcoins uh roughly 867 million dollars of Bitcoins uh is going to be sold by the United States government over uh the next few months or perhaps next few years and so um not a not a existential amount of cell pressure but not a definitely non-zero amount of cell pressure Anthony is this signal or is this noise yeah I mean it's kind of hard to tell because just the nature of markets you know there's going to be different points where there's more or less liquidity right it was probably much

easier for them to sell that BTC over the last couple months than it would have been to sell it at the end of maybe last year or when the volumes kind of go down a lot more than uh than what they've been over the last couple of months and I do believe that they said that they were going to aim to sell all of it this year so it doesn't I don't know what what kind of cadence they're going to do um I don't know how they're going to sell it I think they're going to sell it via OTC and it seems like they also got a really really bad execution price um I saw some some metrics around this saying that they had sold it at like an almost 10 discount to what the spot price was on the days that they basically said that they sold it yeah so

I I don't know what happened there whether they just really wanted to get rid of it um I don't know how I mean it's the US government right they can they can literally print the money to buy the BTC so I don't know how sensitive they are to that uh but but generally yeah it was it was a bit of a weird thing that that kind of came out when they were published their report that they said they did they so I believe it was a yeah 10 discount to what the spot spot price was at the time that they sold yeah in the United States really uh really paper handing the Bitcoins here one funny uh quip I saw about this is that here's a tweet from Joe McCann just so we're clear United States Regulators sent coinbase a Wells notice while the U.S government also

sent 200 million dollars of Bitcoin to said sell that said Bitcoin I mean there's nothing really real here but this is kind of funny to see these uh juxtapositions yeah I mean the juxtaposition is definitely funny but I don't think there's any signal in this because there are different Departments of the US government ride and they're not all talking to each other all the time and at the end of the day they can like a regulator can still send a Well's notice and then they can still use the service to to do whatever they want uh and maybe I don't even I don't even know if the timing was was lined up on this either and I think people are well aware at this stage that the SEC is a bit of a rogue agency within the US government anyway and they just seem to be doing

their own thing so yeah but the US government's absolutely massive like you can't just say that they're all kind of like in sync with each other they all know what they're doing they all talk to each other no I don't I don't think so I think that they went to coinbase because they're like coinbase is a US company they're going to be able to process this for us we can trust them to do it you know in a safe and secure Manner and uh and they're regulated too I don't think probably there is some rule that the U.S can't sell this Bitcoin to any unregulated institution uh or they you know something they're gonna it's not like they're gonna send it to binance right yeah that would be even funnier if they send it to binance after the cftc massive kind of thing and lawsuit

against Finance right so yeah I think it was like the the just the The Logical spot for them to go to like coinbase right yeah right all right uh that is the market section coming up next we've got to talk about this arbitrum governance drama uh we also we talked a lot last week about Elizabeth Warren and that was before she released her war on crypto campaign so we're gonna talk Elizabeth Warren a little bit more I also got to talk about Elon Musk and Doge because that is in the news cycle this week CZ has an Interpol rumor we're gonna have to unpack that all of this news and more is coming right after we talk to some of these fantastic sponsors that make this show possible you know uniswap as the world's largest decks with over 1.4 trillion dollars in

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they said that the vote was just a formality and they have already spent 50 million tokens of the proposed 750 million arbitrum tokens that the foundation was going to receive in this tweet from edenow concludes your vote is not a vote so here is the snapshot 76.6 of Voters voted against this arbitrum Improvement proposal framework aip1 basically the Genesis of the arbitrum Dow this is a proposal created uh and originally proposed by I'm guessing the arbitrum foundation or at least initial core Dow members that really would just like set in stone what arbitrum would look like and in this Dow proposal 750 million Arboretum tokens

was going to be sent to the arbitrum foundation and that the arbitrum foundation would be able to just more or less administer these funds as they see fit and so this caused some concern with the arbitrum Dow and arbitrum Community because these tokens were sent and then a portion of these tokens were sold and then other portions these tokens were sent around uh regardless of the status of this vote and so people were concerned like well like why why are you guys selling tokens we hadn't we didn't even improve this thing in fact this proposal ended a few days ago very clearly against so 76 percent voted against it 12 and a half percent voted for it and the remainder voted to

abstain and then as it turns out the arbitrum foundation and Arboretum team says no this AIP number one wasn't actually a proposal to begin with uh it was actually just a ratification process this is the way that it's going to be regardless of the Dow vote and everything after this is up to garbage from governance but this first initial proposal is actually not a proposal it is a ratification process it's just a formality if you will but the things in this proposal is going to be the way that it is regardless of the way that the Dow votes uh and so uh sorry about it is the way that the community is

perhaps interpreting the communications from the arbitrum Dao uh Anthony I know you and I both have our perspectives on this uh and maybe to start this conversation off I think I believe you are an arbitrum investor I am not an arbitrum investor and so those are our disclosures Anthony give me give us your take as to the event yeah so I mean it's it's there's a lot to unpack here I think that people didn't realize at first uh but I'll try and keep it short and sweet just to summarize my thoughts on it so I think what people got most upset about when it came to this was the poor communication and the lack of transparency so this stemmed from the fact that as you said this AIP was only put forward as a formality all the decisions in here were

made before the token went live and before the Dow went live so essentially all that was happening was that the decisions that had already been made were being formalized and ratified it was silly for this to even go to a vote to be honest because it set the obviously wrong expectations and it confused people and it was just really poor communication overall from uh the foundation here and people really also need to understand that the foundation is something that was spun up as a separate entity to off-chain Labs which are the original developers of the arbitrim network so off-chan labs and the arbitrine foundation are completely separate legally Lodge magically and they had to be and the foundation is the entity that launched the Dow and and the

token basically so what they did was they said that we're gonna you know allocate 750 million ARB tokens to the foundation uh at Genesis basically and we made and they made that decision before anything was live before the Dow was live or anything like that and then we're going to use that for various activities so 10 million ARB tokens was sold to cover Foundation related expenses and this is where another thing that people didn't understand of chain Labs can't fund the foundation because they have to be separate so any expenses that the foundation incurred needed to be covered in some other way and they chose to sell um 10 million dollars worth of tokens or more than 10 million 10 million ARB tokens to fund that and these expenses included all the legal expenses to set up the foundation the Dow the token

everything around that and all the administrative expenses people expenses everything it was I think three to four million dollars um just just for that right and not including all the future expenses that are going to be incurred and they also sent 40 million ARB tokens to wintermute which is a market maker to do Market making things now this was not a gift it was a loan basically so they didn't send it to them and say hey I have 40 million tokens no it's loaned to them at some uh at some kind of like uh interest rate maybe there's maybe it's zero percent um and then it's also uh has a term so maybe it's a yeah maybe it's two years but that is supposed to be used for Market making on exchanges whether they be centralized or decentralized now that stuff wasn't communicated that's where

the lack of transparency in the crappy comms came from uh that that kind of stuff wasn't communicated initially then the community hit back and they did arbitrim did communicate this and uh actually yesterday or even today I I don't know if it was today or yesterday um uh when we're recording this arbitrum posted a bunch of new uh texts so they posted a transparency report that covers everything that the foundation did uh before the down token was launched and they published AIP 1.1 and 1.2 which are actually going to be proposed real proposals that are token holders have a say on and the results of the vote is going to be binding it's not just going to be a formality it's going to be a real proposal so as I said like my

general thoughts on this was that I think people overreacted I think that it was uh it was just a Communications issue here uh and obviously a bit of a lack of transparency as well and um I think there was a lot of things that people just didn't have the context around and that's why they they're an uproar about it and I think since then as I said there's this new thread from arbitrim that came out that alleviates a lot of these concerns and also publishes the the much needed transparency along with these new aips and also going forward the arbitrary governance has the ability to change the terms now of what and what the foundation originally decided on so they can say if arbitrine governance wants to they can say well no we think 750 million tokens is too much for the foundation we're gonna take a

portion of those back and we're going to put it back into the arbitrim treasury and they're going to stay there so those sorts of things can happen from from now but yeah the drama was really around aip1 and as I said it should never have gone to vote to begin with because it wasn't really going to be a vote it was it was a formality and that was uh I don't know what happened there I don't know why that was it was the case but that's uh that was my overall opinion on it yeah and I agree with everything I really think that the cause for frustration is not because of arbitrum or the choices that they made but because of the legal hurdles and legal gymnastics that they are forced to go through as a result of the legal environment here in the United States so

like once again I'm going to point the finger back at just like the regulatory environment that forces this like Foundation structure that also is very what makes it very very delicate about like how did the tokens come into existence who gave the tokens to the foundation like all of these things are very careful and very delicate and that forces that really constrains and constricts uh the these these organizations to be able to do what's best for the community and the protocol and as a result of that complexity they had this miscommunication where they said like Hey we're going to ratify this thing but also because of the regulatory environment it doesn't matter we're going to have to do what we're gonna have to do this anyways because we are

constrained in our choices here so the first uh before this uh there's two parts that we're going to cover here you you touch on it a little bit but there's an April 3rd Twitter thread that Arboretum put out and they say thanks for all the feedback and all the participation on the Dow uh it is likely the AIP one is likely not going to pass the ratification but again it's already the the decisions being made are already made uh before we dive in we want to clarify why 10 million ARB tokens were sold by the arbitrary Foundation Foundation is a separate entity to off-chain Labs it was established with no funds no money the 10 million ARB tokens were sold to Fiat to fund pre-existing contracts and pay for the near-term operating costs for

example the 3.5 million dollar setup cost that's outlined in aip1 the cost to set up the foundation so it can do its job the foundation does not exist to sell tokens only sold enough to fund its current operating expenses and has no near-term plans to sell more tokens and so that's where the 10 million dollars uh came from or excuse me the 10 million tokens came from and then also like you said uh the remaining 40 million ARB tokens has been allocated what they say as a loan to a sophisticated actor in the financial Market space that's winter mute that's a market maker uh by the way any ARB token holder uh is highly interested in wintermute having these 40 million

tokens because this means that what they're what a market maker does is increase the liquidity of the spot price of the ARB token so if there is some big fund out there who's unallocated to ARB yet they are bullish on ARB they be as a result of this liquidity that's coming from wintermute can buy ARB tokens without moving the price too much and so it increases the scope of external actors who can purchase and put ARB tokens on their balance sheet because they're bullish ARB because there's sufficient liquidity for them to do that so additionally on the other side of things for everyone who got the airdrop and wants to sell because they just want to sell and do that it also increases

the liquidity of sellers so they don't also move the price downwards and so I think the community who might be frustrated by this should considers like this but increasing the liquidity of R by transferring these 40 million dollar tokens to a 40 million tokens to a market maker it's bullish on both sides because people get to exit who want to exit without disturbing the price and it opens up the scope of funds to enter and they otherwise wouldn't if it if there wasn't sufficient liquidity there so this is this first tweet thread that's my explanation for like why we should be accepting this 40 million transfer to wintermute this also happened by the way with with op and optimism they also sent tokens to wintermute this is a pretty normal

practice uh and and then again that the 10 million dollars that were sold ahead of time it's unfortunate that it was done in this way and communicated in this way but like anyone who is in my opinion questioning the incentives of the arbitrum team and arbitrim org I think is really kind of missing the point um no and so here's another tweet thread that came out last night at 9 30 p.m my time my Montenegro in time uh I think that's um 3 30 in the afternoon uh eastern time they said the foundation will not move any of the remaining 700 million tokens in the administrative budget wallet until an acceptable budget and smart contract lockup schedule has been approved by the Dow and so are the

arbitrum org is responding to a lot of the feedback regardless of whether this like like Justified or not they are responding to the feedback and the criticisms from the community so like you said uh Anthony I'm just repeating what you said three new documents have been posted a transparency report about the foundation's initial setup AIP 1.1 lockup budget and transparency and AIP 1.2 Amendment to the current founding documents and so this is just them reacting to the the wants and desires of the community so just some more details on these reports the transparency report describes actions taken to get the Dow up and running as these have already occurred the thou will not be asked to

vote on them however the Dow can change these parameters and Futures and roles via future aips so that's the first document AIP 1.1 proposes important restrictions on the foundation spending including a smart contract enforced lockup schedule that releases linearly over four years further adjustable by the Dow and AIP 1.2 also proposes a well-defined budgetary budgetary principles and categories and mandated transparency reports these have been posted on the community forum and will be available for feedback for 72 hours before a planned week-long snapshot vote so the culmination of this thing is more transparency and more agency by the Dow yet the original initial 1.1 or aip1 is still going to go through because that's

just needs to happen for legal purposes and for foundation cost purposes and also just because it's in my opinion the correct thing to do any further thoughts on that Anthony yeah no I I think that you covered most of it and I also think that the arbitrum or Foundation had already had plans to post these things and the transparency report and everything anyway it's just that they seem to have been following some kind of defined uh standard operating procedure that they came up with pre-dow and they just did it and they probably didn't put too much thought into it they didn't think the community would would go into such of an uproar and now that they saw that that was uh probably the the wrong way of thinking about it they've uh they've

come back strong I think and I'm someone who likes to judge people on what they do after they make a mistake right so they made the mistake and now they seem to be really killing it in in making up for it in my opinion I I really do like the transparency report I read through it it covered all of the I think questions people had and these new aips which as I said actually going to be binding as per the way token holders vote I think we'll go a lot to restoring confidence in the arbitrim down yeah I 100 agree and and also like sometimes just Dow culture the the foundation is set up with capital so that they can the purpose of the foundation so like I actually want to go in into this a little bit the purpose of the foundation as they've

stated is that for the sake of operational and administrative efficiency a separate account controlled by the arbitrim foundation will be created 750 million ARB tokens will be transferred to the administrative budget for the purposes purposes of making special grants reimbursing applicable service providers for the total setup costs and further funding uh out of the administrative budget wallet shall require approval of an AIP uh from the Arboretum dot pursuant to the AIP process the idea we want at least me speaking on behalf of the arbitrome community we want the arbitrum foundation to be able to fund projects fund people put money in people's hands without having to be burdened by an

encumbering like Dow governance process I think it shouldn't be a shock but like we have not figured out Dow governance we have not figured out streamlined an efficient Capital allocation and functioning by Dows sadly centralization still works in this industry and the people who make up the arbitrum foundation and the point of the arbitrine foundation is to be able to move faster than what is would be a dysfunctional doubt because I mean I'm just assuming that this Dow would be dysfunctional from the beginning because they kind of all are so in my opinion it would behoove the arbitrum community to put power and control in the hands of a select few people controlled by governance if they ever do something

wrong so that they can move faster and make better decisions than the Dao can as a whole for versus mere snapshot vote that's my like hot take on the matter mm-hmm yeah yeah I mean the house when they first start out need a lot of stewarding by you know maybe the original team and a foundation that's been spun up it can't just be here everyone we've got a dow now go to your own devices they've been projects that have done that before and I don't think they've been very successful so I think the projects that will succeed the most when trying to become a dow is uh they they stick to it right they they Steward it along but I think for legal reasons uh the foundation gets spun up in order for them to enable them to do that right and this means that like off-chan Labs

is just one actor in The Dow the foundation is another actor of the Dow and then you have the community delegates that are other actors so you can have those separations there but people will criticize that and say that it's a lot of decentralization theater where they're just doing it because of the regulatory environment and it's like okay well that's that can be true but at the same time it can also lead to better outcomes later on where it actually does become truly decentralized and you have a really Vibrant Community of stakeholders that uh that operate the down that and that kind of semi proposals and people vote on it and and they care about doing what's best for the arbitrine protocol and the arbitrary ecosystem so yeah I think both things can be true at the same time Just One Last uh Rabbit Hole during this

whole thing since we're talking about the arbitrim foundation I just want to put a little bit more color on it um so here is the aip1 the initial proposal the ratification thing that kind of um triggered the ire of the Dow community members some some Dow community members the very loud ones uh and here's here's a part of it that I want to just focus on is like the structure of the foundation and how it works so as they came in Islands Foundation the arbitrum foundation is required to have at least one director responsible for the management and Arboretum operation of the arbitrine foundation in particular approving and entering into contractual Arrangements on behalf of the arbitrim foundation once again a thing that a dow cannot do is enter contractual relationships

that's why we need a foundation so the directors the three directors who I'm about to list are responsible for ensuring that aips arbitrum Improvement proposals do not one compromise their fiduciary duties owed to the arbitrum foundation to violate the arbitrum foundations amended and restated memorandum of Association or bylaws the arbitrum Dao original Constitution or the AIP process or any other laws or regulations of applicable jurisdictions making sure the Arboretum Dow doesn't violate laws and then three caused the arbitrum foundation to be in breach of or in violation of any contracts agreements or other arrangements so the foundation is saying hey Dao if we sign a contract no proposal will can go

through the ratification process that makes us break the law or violate a contract so like kind of just like regular legal stuff so the initial directors of the arbitrum foundation are Campbell law Edward noyans who I believe is this individual web3 directorship endow Services I believe this is just like a Trad Dao delegate like a foundation delegate if you will somebody who's like disconnected and independent uh and like provides these Services I'm assuming this he's based in the Caymans uh so I'm assuming this is a service that this man provides and is uh well trusted in the space uh and then uh lastly uh Ani Banner G who I also don't know but I think oh I couldn't find out who this

person was anyways three initial directors of the arbitrim foundation who are like custodians if you will of of the org um the arbit from Dao May remove or elect the arbitrum foundations directors or expand or reduce the number of directors at any time pursuant to the non-constitutional AIP so that is the foundation and then there's also a security Council a committee of 12 members of a multi-sig wallet which has the ability to perform both emergency and Non-Emergency actions further detailed in section free of the arbitrum Dao and here these people are Mo dong co-founder of the seller Network Harry kalodner uh arbitrum off chain Labs member uh Diane dye co-founder of

Dodo adex uh Caleb Lau software engineer at etherscan Ed Felton one of the co-founders of our off-chain Labs Brian Pellegrino uh co-founder CEO of layer zero labs and then uh Patrick McNabb co-founder of mycelium slash Tracer Dao Justin Drake we all know who Justin Drake is uh bartek from layer 2 beat Rachel bowsfield software engineer at offchain Labs Patricio warthaler the Mr poapp himself and then also yoab Weiss security researcher at the ethereum foundation all of these security members security Council Members are paid five thousand dollars a month in ARP tokens to like secure the foundation and do their roles and so

that is a foundation that's how it works that's how it's structured and so here is uh my rationale for why people got so upset by this and it's because crypto people love drama uh and so this was a thing to be upset about and so people decided elected to get upset about it and so here is a meme of uh it's a Simpsons meme it's just like a cop it doesn't actually make sense if I try to explain this out loud but the idea is just like crypto Twitter is addicted to drama uh and this is Lisa Simpson drinking coffee and she's just like addicted to coffee I was like crypto people love drama and so this is one billion tokens or one billion dollars worth of tokens getting sold by Arboretum like very hot thing to tweet

and like very easy to like pile onto and so my explanation for why this turned into such a big deal is like one part the communications could have been a little bit better and second part it was really easy to turn this into a very viral like dramatic event so that's my explanation as to why this turned into what it was moving on Elizabeth Warren tweets out this image Elizabeth Warren is building an anti-crypto army uh triggering the entire actual real army of crypto Twitter Anthony uh what was your reaction when you saw this this tweet from Elizabeth Warren so I the funny thing about this is I come from at this from like a totally non-us political view because I don't live in America I don't follow us

politics very closely at all to be honest um and I know I only know who Elizabeth Warren is because of her crypto takes and because everyone on crypto Twitter is always complaining about her um but I know what her kind of like stances are and her policies are after looking into it a bit and I saw this and I'm like you know what this is actually going to be popular with her base and this is probably going to win her some votes given that right now a lot of people outside of crypto don't have a positive view of crypto because one they probably lost money in the bull market right A lot of people were came in at the tail end of the bull market and then lost money in in the Bear Once the the bull market just kind of collapsed uh and two they saw a lot of other stuff

like Terror collapsing last year and FTX the biggest fraud since basically uh what um uh Bernie Madoff right so I think this resonates with a lot of people but as you said like this triggered like everyone in crypto or and the actual crypto Army kind of responded to it if you actually look at all the replies to this tweet she just gets ratioed a million different times eyes just keeps falling down and it's it's kind of it's kind of hilarious to see all the replies but um yeah that was my first kind of reaction where I was like look she isn't trying to appeal to anyone in crypto at all obviously she knows that this isn't going to resonate with them her her team knows it's not going to resonate with them but she's trying to appeal to her existing base and any potential new

voters and as far as I can tell she's in a relatively safe seat as well and she she doesn't actually have to work that hard to retain it from what I've seen so yeah again this could resonate with those people uh pretty strongly yeah how many tweets of this this guy 1500 likes and then this one response uh coin coin Bureau the other uh very big YouTube channel uh about crypto says imagine thinking that building an anti-crypto army is going to win you votes 4 300. what what I find funny about that is that it actually is going to win her votes with certain people and with certain people but what you said is like it's going to be very popular with her base her base was already gonna vote for her yes yes but the people that weren't

going to vote for her in crypto doesn't matter what she does they're not going to vote for her right so for her it's like the people she doesn't have to be friendly to crypto people because they're never voting for it even if she is friendly to them they disagree with her about a lot of other things too because she has a lot of very I guess like you call them Progressive policies or very very like I I don't want to say far left policies but like they're pretty on that side of the special man I feel like in crypto you get a lot of centrists generally from what I've I've noticed um and and depending on where you go they're uh a lot of people a lot of crypto people um Define themselves as Libertarians they're not voting for Elizabeth Warren right so to her it's

like I'm pissing off people that are already pissed off at me and hate me so who cares all right yeah it's just increasing the polarity my big like critique here in addition to just like hey crypto is not what you think it is it's just like people don't like to stand for things in opposition of something like what do you you believe I believe in the anti-crypto movement like that's that's what you stand for like it's in it like it's it's weird to stand for something in opposition to something else like it's not you're just like that letting yourself be defined by the world around you anyways uh of course it's like someone running on like anti-technology army or like anti-disami anti the Army like that's it's actually

weird for a democratic politician to be running on an anti kind of I guess Progressive thing right I just at least from my point of view it's usually you know from my point of view the conservatives that would be anti-something because they want to keep the status quo I don't know it's different I know in the US compared to Australia I'm probably coming at this for with an Australian view on on politics uh but yeah when I saw that I was like yeah it's it's a it's a bit weird it's a bit weird uh I've read an article I don't have it up here but this article says um Elizabeth Warren starting to recruit conservative Senate Republicans to her anti-crypto cause us also getting some early positive vibes from Bank lobbyists who also want to rein in digital asset startups

Partnerships with GOP lawmakers that's the Republican Party Elizabeth Warren's the opposite of Olivia's Warren's party uh partnership with GOP lawmakers reflects broader Focus uniting progressives and conservatives Watchdog groups and bankers wanting to prevent the growth of crypto so like it's interesting like this reaction is like attracting bankers and conservatives like I'm anti-bank not necessarily anti-conservative but Elizabeth Warren certainly is anti-conservative and so it's it's interesting to see like who she's aligned with that is adjacent and very different from her actual typical base uh she also just gave us the very easy opportunity to make this meme which is bankless is building a pro-crypto

army and that was just way too easy and we just got as many likes as lived with Warren so I'll count that as a victory uh and then perhaps like a slightly mean meme but this is like okay Grandma let's get you to bed and the grandma said well you know it's Maine but it's so accurate right like the average age of the of a US politician is he's very old it's it's not exactly something that would lend itself to being Progressive generally on technology because typically uh a lot of the older folks don't understand it because they didn't grow up with it and it's a lot it becomes hard for them to wrap their head around it so and I think it's not just technology it's it's a lot of things and I don't think that's a controversial opinion to have where the too many old people run the country and

I I actually saw someone say this on Twitter I don't know who it was but they said it a little while ago where they said we don't trust like the old people in a lot of other jobs but we trust them to run the country like how does that work right uh since we're talking about Twitter drama let's move on a little bit to Elon Musk who turned if bankless uh listeners who are viewing the YouTube will notice that in the top left corner and of the screen here there is no longer a little Twitter bird icon the little bluebird icon there is a doge icon uh Elon Musk uh this last week uh replaced the Twitter bird with Doge and then he tweets out a very old uh screenshot of some old tweets between him and uh Wall

Street bets chairman Twitter account uh talking about some one of the original uh conversations about Elon Musk needing a new platform this was then like the platforming conversations way back when and chairman uh Wall Street bets chairman just says just buy Twitter and then he follows up saying and then change the bird logo to a doge and then Elon Musk follows up saying haha that would be sick fast forward to today he did it he did it he changed the Twitter icon to Doge Anthony you'll use Twitter a lot what are your thoughts um it's not going to save Twitter's Revenue well you know what it's Gonna Save the

price of Doge which pumped a whopping four percent four percent up in Doge well done Elon one well done pumping Doge yeah just um he's got this weird fascination with Doge that just doesn't seem to be going away for him and I don't know I it kind of felt like a late April Fool's joke that kind of just stuck around for some reason uh I saw it I was like whatever I wasn't even surprised honestly I was like you know this is just Elon doing Elon things but at the same time it's like bro I think you should be focusing on Twitter's massively declining revenue and uh and hoping you can kind of Escape that right moving on to actually some other some further Twitter drama actually to really

uh around this out this is the last big news of the week before we get into the regular old news Kobe has done this in the past this is uh Kobe the the Twitter account uh famous crypto Twitter personality uh we've had him on Bank list for episode number 100 tweets out this hash very long hash uh and uh this is a an activity that he's engaged in in the past a number of times where he just tweets out out a hash and it's basically using Twitter as like a public time stamping tool someone oddly enough was able to decode this hash and this hash red Interpol read notice for CZ a red notice is a very big deal it's basically saying all the countries that abide by this agreement uh arrest this man when

you see him so it's like an international warrant for your arrest so Interpol red note is for CZ uh perhaps a very big deal BNB token uh dropped like 10 on this news causing a bunch of liquidations Bitcoin and ether dropped on this news and someone uh so well then crypto Twitter started to ask like okay how did they hack and how did they uh decode this hash because the point of the hash is for it to be hidden unless you know the secret the secret is INTERPOL red notice for CZ but only Kobe in theory would be able to decode this hash using that seed phrase so using that seed so it's a way for him to like time stamp in public it's statement but not actually reveal the statement so as

a result of this news a lot of people started to get really fearful uh what did CeCe going to jail is binance being taken down uh and so Kobe tweets out I have posted Shaw 256 hash of rumors over 20 times in the last year without the secret being revealed the point of a hash commitment scheme is so that no one is supposed to be able to read them until after the secret is revealed and so one of the big news that's happened is that CZ had to tweet out that this was just fud latest fud only spread by crypto news outlets likely planted sponsored by another exchange uh very Petty hurts the industry and hurts themselves basically completely denying all fud and then Kobe presents another tweet thread that says hey this secret

of this hash was not supposed to be revealed Kobe says that he discussed this rumor hand with a handful of possible people and someone that he discussed this rumor with and implicitly shared the seed with linked this seed to cause a stir at Kobe's expense removing the context of the rumor highly doubt any theories about brute forcing the the hash are true since no others have been broken including the one I've posted after the other hash uh Anthony open and shut story has already concluded it's easy apparently he's denying all rumors about a red red uh Interpol red notice um what's your take here this literally all happened while I was sleeping um yeah the entire the entire

thing while I was sleeping so the initial the hash that Kobe put out the someone decoding it the price going like down CZ tweeting about it and then waking up to Kobe apologizing that's lit like literally the eight hours I was asleep this all happened so for me it was like ah okay this is just drama that I completely missed I don't have to worry about this but I mean it's just it goes to show that like even trolling like uh uh at this scale I guess can be quite quite damaging but I don't think I blame Kobe for it to be honest considering that this is kind of his brand right to just Troll and uh obviously as he said uh breaking it or brute forcing it is quite difficult um even if it's unsalted so someone in your

circle kind of I guess I wouldn't say betrayed him but like leaked the information um but yeah I think people with a large following generally forget like how much of impact I can have uh I know you know sometimes we can forget as well depending on what we kind of tweet out and what we put out there so and it's kind of hard for for people to to um remember that sometimes and yeah I think that these moments are humbling for those people yeah but I even wouldn't say that like Colbert Kobe was even doing that he wasn't trolling I think his the idea was like he was trying to get a flex so that if a red notice was actually issued he would be able to say like oh I learned this at this point in time it's like shame on Kobe's yeah trusted friend that that

leaked that information like that's really where the blame should be should be placed but we don't know who that is yeah yeah and it sounds like neither does it yeah yeah no I can I can say that by I mean the reason why I say trolling is because Kobe always does that like he's always shoot posting on Twitter and trolling so it could have been it could have been just both right he could have been like oh it was a it was a troll out or you know it was I was right basically all right fam coming up next we're gonna get an update on the Euler export that story is concluded right after we talk about it uh and there's uh some drama in the Meb flashbots world there's a bunch of raises so perhaps more jobs coming our way and overall we're gonna get some

updates on eip4844 and so much news is coming right after we talk to some of these fantastic sponsors that make this show possible learning about crypto is hard until now introducing metamask learn an open educational platform about crypto web 3 self-custody wallet management and all the other topics needed to onboard people into this crazy world of crypto metamask learn is an interactive platform with each lesson offering a simulation for the task at hand giving you actual practical experience for navigating web 3. the purpose of metamask learn is to teach people the basics of self-custody and wallet Security in a safe environment and while metamask learn always takes the time to Define web 3 specific vocabulary it is still a jargon free experience for the

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decentralization of ethereum and provide a builder experience that's intuitive familiar and fully evm compatible on arbitrum both Builders and users will experience faster transaction speeds with significantly lower gas fees with the arboretum's recent migration to Arbiter Nitro it's also now 10 times faster than before visit arboretum.io where you can join the community dive into the developer docs Bridge your assets and start building your first app with arbitrum experience web 3 development the way it was meant to be secure fast cheap and friction free the Euler Story coming to a conclusion Euler Labs tweets out ready for an update yesterday after three weeks the oiler exporter of March 13th returned all of the recoverable stolen assets to the

Euler Dow treasury it is one of the largest recoveries in defy history so 200 million dollars exploited 200 million dollars returned uh I've seen I've seen plenty of exploited money being returned back to the original Dow before but not of this size and not nearly close to 100 percent uh great news congrats to the Euler team it's weird to say congrats to this but I'm sure this is a huge weight off of their shoulders and and also to all of the the affected users of Oiler Anthony give give me your thoughts yeah I mean this is obviously the best kind of result that anyone could have hoped for uh by far I think that

initially when I saw this playing out I said on my own show that uh I didn't think that the funds would be returned because the hacker was already moving them through tornado cache but it does seem like the hacker or hackers were either identified or close to being identified and they kind of got scared and were like holy crap we need to return the funds now or else we're like we're screwed um because they didn't even keep the bug Bounty that Euler offered them right they basically said hey you can keep like 10 of it or something just just return like the rest of it they didn't even do that and 10 of it was 20 million dollars right so uh it seems like the um investigations that oil labs and Associated parties and and just like uh freelance parties were doing actually

paid off and they probably ended up finding out who they were or were very close to it and uh the hackers were like you know this isn't worth it let's just return everything and I don't think oil our Labs is going to be pursuing legal action anymore uh on on this front uh but someone else still might right the uh if if they know the identities and they pass that on to law enforcement law enforcement might still want to do it uh at the end of the day so you know who knows but the positive thing is the only thing that really matters at the end of the day is that uh pretty much all the funds were returned and there is also a proposal now or not a proposal like a a breakdown of how they're actually going to be returned to users so people should

be made whole very very soon yeah so uh Euler continues to tweet out all energy has now been turned to making sure affected users can claim back their share of the recovered assets as soon as possible uh the claims calculations are not necessarily simple and a little bit more patients will likely be needed before assets can be claimed by their rightful owners a proposal will be published shortly including an outline questions thoughts and contributions regarding the claim process should be posted on the Euler forums um my mind is like it's it's two things one of two things happened with this exploiter uh one they found who that person is and they say hey we are going to come with a full force and might of legal agencies and throw in jail as long

as possible or the exploiter felt really bad and returned it I'm gonna go with the first one I think the they're like exploiting 200 million dollars on the internet even with the best like vpns and uh tornado cash and it's like ZK Tech even using all of that Tech to the best of your ability you're going to leave a trail and I think this this effort really tilts power to the hands it already was but really exemplifies how much power is in the hands of people like the non-exploiters the as an exploiter you don't have that much power even if you exploit 100 million dollars 200 million dollars five million dollars

the trail that you leave the data that you leave is going to be enough for people to find you and so just don't do it just don't do it just like be do a do bug bounties unless you're a nice White House site that doesn't care unless you're North Korea yeah yeah they don't give a [ __ ] if they get caught right but that's a bit of a different situation yeah um moving on um retroactive public goods funding number two if you are not familiar with retracted public goods funding it is kind of a new frontier of Grants giving in the ethereum ecosystem specifically for public goods uh so this is out of the optimism project this is one of their big experiments with funding public goods and DOW governance at large and so we now have the results of the

second retroactive public goods funding um and so here on the screen in very tiny text because so many people got a bunch of money we can see where a lot of uh like I think something like 20 million dollars got allocated in op tokens to uh coming in at number one at 8.3 percent L2 beat 7.5 percent eth Global 7.3 build guilds 6.7 Xerox partex 6.1 percent Zach xbt and it goes on and on and on pallenia got 3.2 percent uh bankless Academy got almost two percent so congrats to you guys uh and uh it go it goes and it goes and it goes uh and so this is kind of like git coin but with a

new flavor and a new style uh and so many this is like Bitcoin on steroids though given the amounts right um like back in the get coin grants that are days of when um uh in the earlier days like this was I guess something that um people could only dream of because you'll you're giving the percentages um but the actual amounts yeah and then translate to dollar amounts are huge on this because the op token is worth over two dollars so if l2b got 250 000 tokens they got half a million dollars right um and and then individuals like Zac xbt got almost 200 000 tokens which is for like almost 400 000 you mentioned uh uh polynia 100 000 tokens it's 200 000 like these are really big amounts that have

been given for past work um that that have been done in the uh in the uh crypto ethereum ecosystems and this is just the educational one there are two other categories that got a lot of tokens as as well and this is a tiny portion of the total tokens that are allocated there's 800 million op tokens in total allocated to these rounds right and this was only a 10 million op token round so there is still plenty of tokens left for future rounds and if the op price maintains around two dollars that's huge amounts because it's not like this was only distributed to a small set of of projects this was distributed to 170 something projects so a lot of love was spread around here

which is just yeah it's amazing to see yeah protocol I didn't even realize that I was just looking at the education section so yeah here we are in infrastructure protocol Guild got uh 15 of infrastructure tokens I guess percentage doesn't even matter now uh protocol however a million dollars worth yeah yeah 557 000 op tokens so like one 1.2 million dollars geff we we funded Geth we funded Geth that's so crazy that we funded Geth the the execution client of the ethereum layer one now also Layer Two uh or excuse me now also ethereum two which is blasphemy to use that terminology um solidity uh Lighthouse Gourley all of these clients these open source ethereum

clients that our ethereum got funding in like famously always having a funding problem op craft the Minecraft using the op Stack Up funding uh it's a safe gnosis wallet got funding uh and man this is it is really really cool and this goes back to just like one of the big core reasons why I'm here in this space is human coordination and funding open source um the Bold case for this whole thing is like being able to give uh my financial rewards to open source public goods things uh and so optimism is really just leading the charge here and and putting a lot of money into corners of the internet that previously would not have been able to get it so if this interests you if you

have something of value that you are building and you think that you could use some grant funding to continue doing that thing because it's open source it's a public good something of this nature make sure you sign up for op grants public good funding round number three because that is eventually coming I'm not 100 clear on how this all works but I don't think you can necessarily sign up for it there is a bunch of uh optimism governance delegates I think there's like 80 of them that nominate projects and then uh they all vote on it and that's how it's all weighted so I don't think you can necessarily quote unquote sign up someone has to nominate you but if you're visible enough if you're doing uh good enough work you could possibly you know post something somewhere and say hey like this is all

the work that we're doing please consider us for for this round sort of thing um but it's not like Bitcoin grants where everyone puts their own Grant up there and then it's it's a different kind of way of doing things and um also just one other note here as well the the as I said I believe there's 800 million op tokens being allocated to this which is a huge chunk of the supply I believe it's uh it's like what 20 of the supply or something like something crazy right um imagine a public company doing that like when a company goes public right in the in the real world Imagine them allocating 20 of their shares to the I don't know whoever Builds on them the ecosystem around them whoever creates Educational Tools for them it doesn't really work for I think centralized companies I think it works extremely

well obviously for decentralized protocols because you have a such a a broad ecosystem that can build around that are on top of it and a intend device to do so for different reasons so that that that's why this is such a huge deal because it is a large amount of of money that is and a really cool thing is that it's actually subsidized by the market the market people buying op tokens is the reason why op is worth so much so like people some people say oh it's printed out of thin air it's like yes or no it is printed out of thin air but but people are paying for it so it's not like it's just money that's not worth anything people are actually paying for it there's liquidity there so it's it's actually really cool re it's basically regenerative Finance redirecting speculators to public goods

and I think that's what excites me most about it yeah d-gen to to regen certainly yeah exactly yeah it's been uh my almost like both my investment philosophy and also reason for being in crypto that the ecosystem that has the best public goods infrastructure wins which countries has the best Bridges the best airports the best roads the best sewage the best like water piping that country is going to be able to Foster development and Innovation and quality of life better than a different country that doesn't have that same sort of emphasis and so this is just the beauty of crypto is that public infrastructure

public goods the quality of that public goods increases the upside and financial returns of the things that we invest in and so this is why like optimism's retroactive public goods funding effort is both good for Humanity and also really bullish at least that's my take I'm also an advisor to optimism because I believe in this stuff okay Anthony I'm going to need your help to walk me through this one but there was some interesting uh interesting new events in the world of Mev on flashbots where a rogue validator this is a tweet from mudit Gupta Rogue validator on flashboids exploited other Mev Bots and so stole stole I want to ask you if this is the right word to use Dole 25 million dollars from an Mev bot and this Mev bot

what they did is they tried to do a sandwich attack which is a normal pretty frequent thing to happen on uniswap like 50 sandwich attacks have already happened since you've listened to this episode the idea is someone comes in buys a token on uniswap because they bought that token on you swap they moved the price 1.5 percent an Mev bot sees that and so they buy the token ahead of the person buying uh again ahead of the person who's just going to just ape in and then they sell the those tokens that they just bought to that person at the 1.5 higher price and then they sell the tokens on the other side and so the Mev bot can uh capture and pocket that Arbitrage basically and they just they just reduce

the optimum execution price for this person just making a market buy and they're able to pocket 1.5 percent um so this is the a normal occurrence happens all the time it maybe even happens since I just started talking about the sentence but what is new here is that a validator took the sandwich bundle from an mvv bot which is how this works it bundles up transactions and replaces the victim transaction with its own that exploited the Mev bot in Madness of seal 25 million dollars never before done but use the flash brought protocol to to get this done and so now I think the concern here and correct me if I'm wrong Anthony is that any validator who's processing a

block has this ability to do this uh if there is a sandwich attack bundle in the block that they propose and that is the new concern here or at least maybe that's only true inside of the flashbots uh sidecar protocol can you explain this uh anything I missed here yeah I mean there's there's actually a bit to unpack yeah uh so so basically so maybe just to to explain how this all works um from a more basic levels so flashbots is a company that developed a software called Mev boost now the Mev boost software is used by about nine well it's you ninety percent of validators talk to the Mev boost software in order to build their blocks uh for them or external

it's called external block building and there are a bunch of relayers that you can connect to as a validator and that'll build your block uh that way and um this exploit that happened was an exploit in the Mev boost relay software that allowed this to happen now this has actually since been patched uh but the patches also led to its own negative consequences but the patch uh from my understanding should make this impossible to do now so you won't be able to do this again this was actually just a one-off kind of exploit and then uh it's it's been patched but at the same time what the validator did was add actually punishable by the pro by the ethereum protocol so these validator itself has been slashed uh it got it got slashed it lost uh one eighth in the uh

in slashing for proposing uh two blocks basically double signing uh proposing the same block twice uh and the thing is is that that didn't actually work to dissuade them because losing one eighth to profit 25 million dollars obviously is uh is a good trade right uh but yeah as you say any validator can can do this exploit but the exploit itself as far as I can tell isn't possible anymore now the patch that um flashbots introduced for the relayer software to prevent this from happening as you can see here from Mariano's tweets actually uh unfortunately makes it more um more difficult for solar validators to propose blocks and it makes the it makes it so that there's a higher chance of

them missing their block proposal which means that overall effectiveness of the network goes down um and what this means is that there's more missed blocks on the network overall and and that leads to network degradation now it's not that big of a concern I think it increased it by maybe two percent so far um over time that may go up uh as just more solo validators miss blocks right because they may be running low powered Hardware uh and if they're talking if they're Outsourcing their block building to to a relayer it adds uh extra like this patch adds extra latency to that and then because they're a solo validator on on Lower powered Hardware they could lead they could lead to a late block or a missed block um so yeah the patch itself uh the

initial patch has led to this but I think there's even um there's another patch coming or there's more work being done to to help a lot help this along as well but yeah this wasn't an exploit of the ethereum protocol this was an exploit of uh the Mev boost relay software that did not account for this because essentially in the Mev world I think most people assumed that validators wouldn't engage in this behavior that validators would essentially really just play by the rules where it that that's not the case right um and if you're a solo validator a single validator has a chance to produce a block a really low chance but it should on average produce a block every three months I think these validators were spun up a few weeks ago so it got it got

lucky but there wasn't just one validator that was spun up there was multiple ones that this this attacker spun up so it fell into the amount of time that you would expect for these validator to propose a block and obviously if it had happened on one of the other validators that would have done this exploit on those so they were prepared for this attack this was a a premeditated you know maybe months in advance attack and they're like we all we need to do is be able to propose a block and then our exploit will go through and we'll profit this amount of money um now I don't know if I'd use the term stole I don't know if if steel is the right word because generally people really hate uh the um Mev Bots that sandwich attack uh because it's such a toxic form of Mev but technically it is

stealing because you took money from you know took money that wasn't yours so to speak but a sandwich attack is still money from users by taking money that's not theirs as well so it's like it's kind of like uh it's funny how the um how it's a different way of thinking about it but yeah that's the general gist of what happens so I think the clearest thing I want people to be on uh so people think I want people to be clearest on is that this was an exploit not in the ethereum protocol but in the Mev boost software which most validators talk to which is another problem in of itself like this Mev boost sidecar software is is not great for a number of reasons and is only necessary because of of Mev being such a big thing but there are a lot of initiatives in place too uh

basically obsolete mov boost one of them is called PBS or enshrined PBS I should say uh proposal Builder separation which is basically taking the Mev boost software and saying let's just stick it into the core protocol so that this isn't just some sidecar software that can actually just work as part of the core protocol um but MAV boost uh being a sidecar software is really great for testing it out and and informing PBS designs because now we know that validators actually going to engage in this Behavior so we have to design around it and we have to make sure that they can't do this so there's a lot of moving parts to it but hopefully that summarizes most of it for people but if you know people don't understand it it's fine this is a it's a very complex topic overall when it comes to Mev yeah certainly and if uh

this subject matter uh intrigues The Listener we did an episode with Matt Cutler from block native talking about the very good episode yeah I remember that one yeah super good episode and so you can get a full unpack of the whole supply chain of this and also how PBS will eventually become a part of the ethereum protocol I will say whether or not you want to call it stealing uh I think it's more or less informed by the fact that the person that did this the validator that did this funded their wallet via Aztec a privacy tool so it's kind of like an admission of guilt like you came in like you know you know that's a dangerous thing to say though yeah that's a that's a good point I will accept that well but yeah well not that

not you're implying that they're only raising people use privacy tools is to commit crimes okay so the the wallet that funded this that that did this exploit they've done one thing which is fund this validator yeah out of Aztec if I if I if it was another wallet that was like trading nfts and then uh like trading on defy and then use Aztec I was like oh that's just a normal use of Aztec but the this one validator funded their wallet with Aztec to intentionally obfuscate where the money came from I think that's like a kind of an admission of guilt yeah but that's if you think that what they did was stealing right right because maybe they don't think what they did was was actually uh stealing uh

maybe they thought what they were doing was a highly profitable trading strategy right and they're just getting more people knowing who they were that's what I'm that's what I'm saying it's funny like when you get into that that discussion with people because people will have different views on it uh but yeah I get what you I get what you're saying about finding it via a privacy protocol um but but generally yeah I think that it just depends who you ask really there's no kind of I guess hard lore or hard fact around that I think it it that does depend on people's different opinions on it right a sandwich attack from uniswap will rob a a victim of like 1.5 percent and that is some people interpret that as theft this rubs someone of 20 million dollars

yeah yeah that's true uh Peter Peter ciglazi he's a one of these open source core devs who works on Geth tweets out um synthetic stress test for my 4844 blob transaction pool attached to zero to four blobs to every inbound transaction on mainnet and dump it into the blob pool what this really means is uh Peter here is stress testing the throughput of a post ethereum 4844 world he said the result is 10 gigabytes worth of pending transactions at a churn rate of 150 per block uh 80 milliseconds hit after block processing negligible RAM usage CC Jesse Pollock of coinbase Sizzle Anthony can you interpret this

for me uh yeah yeah so I mean you I think you got it he's stress testing what uh what an ethereum Network looks like when uh aip4844 or blob style transactions are hitting the network he's seeing if Geth can handle it without significantly bumping up its RAM usage or Hardware usage uh and its latency as well which is critically important as I was discussing before latency is very important for validators because you want to be able to propagate the block uh uh to the network um in a timely fashion blocks are only 12 seconds obviously if it takes longer than that you're going to miss a block and it's not going to be great for anyone so it's very promising seeing this because Geth has traditionally I think been one of the the most maybe Hardware hungry of the execution layer

clients so if Geth is able to do this like uh with low with the same Hardware requirements and negligible increased um RAM usage here then the other client should as well but it also points to the fact that like 4844 is just making such amazing progress and we should be on track to get this delivered by uh in the next upgrade which is called Cancun hopefully by the end of the year um this is the one that's coming after chappella which is due in a few days so yeah just very promising developments Happening Here uh openc Pro is now introduced uh long a while ago openc acquired gem an nft aggregator and they have done a Rebrand into openc Pro and so that is now up and running and Argentine Airline is issuing tickets as nfts on a blockchain that you

can transfer to someone else and they can use that ticket which is pretty crazy and so you buy the ticket from them there's no uh additional fee from just buying the ticket but then this Airline uh collects two percent on any time one of these nfts is traded transferred and then whoever wants to redeem this for an actual flight can do so kind of crazy uh microstrategy now owns one out of every 150 Bitcoins that's ever in existence that's a tweet out of uh out of uh uh Bitcoin magazine and something and I'll pause here for your take Signature Bank uh turns out was a service provider for tether and actually gave tether an in Road into the American United States onshore Financial

system which gives us perhaps some increased indication as to why perhaps Signature Bank was uh more under the crosshairs of regulators and the FDIC and the FED than than other Banks Anthony any take on any of that news yeah I mean uh the bitcoin news uh with sailor owning one out of uh or microstrategy I should say which is basically sailor owning one out of every 150 Bitcoin I don't actually think this is a good thing at all I don't think it would be a good thing for any crypto Network that's trying to be decentralized this just points to extreme wealth concentration imagine uh if someone in the I guess USD ecosystem I don't know if that's the correct term uh was able to own uh you know a huge

chunk of uh the USD supplier right I could like and and they do and and it leads to a lot of negative consequences and it leads to a lot of wealth inequality I think for people um so yeah I don't actually consider this to be a good thing um for a number of different reasons one of them being the the perception of it being uh you know a lot of unequal wealth uh going on there but that that's just generally my take on that and then the the Signature Bank stuff um look tether obviously people have a lot of opinions on Tether and they have had that for years and it's obviously not something that U.S Regulators are a fan of because they don't have much visibility over it so if they saw that signature was servicing tether in any way that was relatively large they

probably used that as justification for going after after signature because or one of the reasons they probably looked at it and like wow okay so there's this Shady dodgy thing that we don't have much oversight on and signature servicing them well we're going to shut you guys down because we don't like this basically so there could have been a bit of that but it's very hard to tell because this stuff isn't public yet at least um and you need to submit Freedom of Information requests in the US to get this information and you're never guaranteed to get it either because of one reason or another so yeah a lot of it is speculation but I mean it's it's no secret that the US Regulators don't like tether yeah indeed uh ZK sync had its first outage uh Network experience downtime from 152 to 602 a.m uh Central European Time uh the

team identified the cars resolve the issue and the system is now healthy and back online and then they issued a postmortem after they had some time to to uh look at what actually happened so tldr the fix took five minutes they say uh the monitoring of uh what what happened has significantly improved they say remember era is an alpha and decentralizing the sequencer is of course the long-term goal and so just to really do the tltr as to what happened here the database for the block queue the queue for a ZK sync blocks failed causing the block production to Halt the database Health alert did not trigger because it could not connect to collect all its metrics despite this the server API remain unaffected transactions

continued to be added to the mempool and cures were served normally they have comprehensive monitoring logging and alerting in place across all components however since API was functional none of them were triggered it's a challenge to predict and cover all edge cases all at once as situations like no blocks for a while can actually be quite normal and the time of the incident the entire team was together at an off-site while the team is usually distributed the engineers online in various time zones around the world in this case it was 2 am for everyone then when the problem occurred however the fix was implemented within five minutes they say they've assigned a special role to our database monitoring agents enabling them to connect to the database and continuously gather metrics even during database issues similar to the

ones that they experience at the time and they have done some other things as well through the share like database stuff that kind of goes over my head Anthony what's your take so two main takes here one I mean this is the pitfalls of centralization right where if you're centralized with one sequencer and and there's like a centralized team managing it it goes down it goes down there's no way to to to get around that whereas decentralizing the sequencer let's say there were 10 different entities running a sequencer each right if five of them went down it wouldn't matter there's still five processing the transactions and and that's the beauty actually of of l2s or one of the cool things about l2s is that you actually only need one of them so if nine of them went down and

one was still processing the transactions uh you would it would still be fine you wouldn't you probably wouldn't even notice that anything was wrong right and then two contrast to layer ones which needs two-thirds of them to be online Yeah well yeah exactly I mean it depends on on which layer one it is and depends on what uh what what how they operate but yes it's one-thirds or two I mean so yeah it can be one-third or or uh for it to be online for the the software being processed two-thirds for final quality on ethereum I mean as I said it's different per Network just depends on on what system they're using um but then secondly in a in a properly constructed L2 that has an exit to L1 functionality even if all the sequences are down you can still exit to A1 on the

L1 so you would be able to use the ethereum network to interact with ethereum layer 1 Network to interact with the L2 contract in order to withdraw your funds even if all the sequences were offline and that can be done today with arbitrim um I don't know about optimism but I know for a fact arbitrim has an exit on L1 uh which means that even if the arbitrim sequencer never came back online you would still be able to get all your funds back by doing the transaction on L1 like a normal transaction that you would do which is the power of l2s and this again speaks what you were just saying about health is very different to an L1 going offline and now one going offline means that literally everything built on top of it no longer functions there is no way to get your money out if the L1 goes

offline your money is basically stuck you can't withdraw there's no transactions being processed you can't send your funds to an exchange to sell them for Fiat or whatever right whereas with an L2 probably constructed L2 that has an exit on L1 uh you know the L2 can go offline it doesn't affect any of the other l2s right in terms of operation doesn't affect the L1 and you can exit to the L1 so that's why ethereum L1 focuses a lot on on liveness and how you get um liveness and you know high uptime is by uh limiting the um the amount of Hardware that's required to run the infrastructure of of the of the chain and limiting how much transactions per second the layer one can do which obviously results in high fees but this

is the whole kind of modular roadmap that ethereum is going through for scaling where keep the L1 uh decentralized uh with really really good liveness by keeping Hardware requirements Low by you know sacrificing TPS at L1 and scalability L1 but get massive scalability at L2 with with those nice properties of being able to exit to L1 if you need to yeah Anthony I think you've seen my um my fighting with uh the Solana and Avalanche communities on Twitter these days and they claim that yeah that we me and other people they would probably include you here is that we don't hold our own layer twos to the same standards that we hold other layer ones because when Solana and Avalanche go down all the ethereum

people are like this is why you use ethereum uh do you agree with that take what's your take about that take I mean I I think that it's it's a kind of funny type because I think that the l2s are competing with these kind of Monolithic l1s like Solana in terms of are competing for uh execute on the execution side of things executing transactions but at the same time I wouldn't compare an L2 to an L1 on the liveness side of things because it's two very separate things as I just explained how l2s are very different to l1s so even though I think the l2s are competing with L1 are monolithic l1s on the execution uh side of things on on executing transactions on on getting users and economic activity and all that

sort of stuff I think that there is still a very big difference between an L2 and L1 when you're talking about the aliveness of the chain or the or the way the chain operates because as I just explained L1 is very very different to an L2 certainly and uh moving on to other parts of the zkc ecosystem they got a hundred million dollars in TCL in the last four days so uh the growth in DK sync seems to to not be impacted about this and also Argent who I know has been waiting for ZK sync to ship their ZK evm for a very long time now has zksync uh era as something that you can access inside of Argent uh and so uh I am very bullish and excited about the frontier

of zkevms I know you are as well and also I will add my disclaimer I am an advisor to matter Labs the software company behind uh ZK sync races raises okay Ledger Ledger everyone's got a Leisure these days I'm I'm pretty sure at least I got like six of them Ledger raises 108 million dollars uh adding more money in its series uh C funding uh and so uh no change in valuation but 108 million dollars back into the bank into the bank account for Ledger congrats on the Rays layer 0 raises a 120 million dollars at a three billion dollar valuation this was a bull market raise it's just now being announced like many

many months later which is why this like evaluation raise around is insane uh and sometimes this happens just for like legal reasons uh li-fi leafy Leaf li-fi is it li-fi like I don't even I go between leafy and li-fi I don't know what to land on li-fi which is a cross Chain Bridge Dex aggregator aggregator uh has raised 7.5 million dollars in a series a led by coin fund and superscript uh also Anthony and I are Angel Investors in li-fi at a previous round so there's disclaimer there uh if you want to use the li-fi cross chain Dex aggregator aggregator you can check it out at jumper.exchange it'll put you from any

chain uh you want to any token that you want uh in one big trade um pretty pretty common there or pretty common ux there looks just like uniswap and then lastly ens.vision which is kind of just a data aggregation site for the ens World ens domains uh just LED two million dollars in funding round uh one confirmation I believe was the lead along with Mark Cuban biology super rare dydx and openc and those are all the raises of the week pretty healthy raise week Anthony any takes on all these raises there's still plenty of money out there that's willing to fund crypto projects which is obviously pretty cool pretty bullish generally I I think that as you said like there are some raises that may

seem insane to people but they were done quite a while ago and a bull market raise is actually six months into a bear market so I would consider anything up to like mid 2022 to be a bull market raise uh so even if the raise was done in like a male June of last year that I would still consider that a bull market raise because uh VC tends to have a six month lag to the public markets in crypto uh so yeah if you see these wild numbers just know that they will most likely done when markets were a lot more favorable and the appetite was a lot bigger but these days um from what I've seen the valuations on pretty much everything are down a lot uh because of the fact that it is a bear Market which is actually a pretty good thing for

investors because they're looking at this and being like well okay I've got all this capital and the valuations are really low compared to what they were in the bull market this is a better kind of risk reward return for me let's fund this and that's why you're seeing a lot of things keep getting funded because there's still a lot of money there to to go into these projects yeah I think a lot of people are more kind of concerned at some of the layoffs that are happening both in the the Trad Silicon Valley Tech world and also some of the bigger crypto companies that are out there uh but man it's just in my opinion it's just a transfer of talent from the big companies to the startups uh and so I think this is overall bullish for the the uh exploring the frontier of crypto

So speaking of jobs we got some jobs to talk about so if you are interested in getting a job you can go to banklist.palot.com jobs and check out the bank list jobs board where we post as many jobs that we can find out on the crypto Frontier starting with rise who's hiring a marketing manager if you are non-technical marketer person also a sales development representative for somebody who's an expert in web3 uniswap has got a senior product lead an application security engineer and a senior mobile engineer Bank list that's us has a senior product designer another podcast video editor and also a social growth lead if you want to work at what is in my opinion the best company in crypto uh consensus has got a director of engineering Adidas

is hiring somebody who can do Global head of web 3 planning and strategy there are so many jobs that are available here I only read out the first little bit oh my God it keeps on going uh there's at least 20 drops here so if you want to uh check out the jobs banklist.palot.com jobs there's also the talent Collective where you can let the jobs come to you so you can post your resume uh and talk about what your skill set is 747 active candidates in the uh Talent Collective and so that is a message to people who are hiring go check out all of the talent that have posted there uh their post their profile on the talent Collective Bank list just matchmaking man we're matchmaking jobs from people

Anthony jobs yeah yeah Matchmaker yeah Tinder for jobs uh Anthony we've got some questions from the bankless nation that I want to throw your way as well few takes of the week and also the meme of the week but first a moment to talk about some of these fantastic sponsors that make this show possible the Phantom wallet is coming to ethereum the number one wallet on Solana is bringing its millions of users and beloved ux to ethereum and polygon if you haven't used Phantom before you've been missing out Phantom was one of the first wallets to Pioneer Solana staking inside the wallet and will be offering similar staking features for ethereum and polygon but that's just staking Phantom is also the best home for your nfts Phantom has a complete set of features to optimize your nft experience pin your favorites hide your uglies burn the spam and also

manage your nft sale listings from inside the wallet Phantom is of course a multi-chain wallet but it makes chain management easy displaying your transactions in a human readable format with automatic warnings for malicious transactions or phishing websites Phantom has already saved over 20 000 users from getting scammed or hacked so get on the Phantom waitlist and be one of the first to access the multi-chain beta there's a link in the show notes or you can go to Phantom dot app waitlist to get access in late February Bank close Nation we are back with questions from the nation if you are a bankless nation citizen you subscribe to bank list definitely go into the bank with nation Discord where we have the weekly roll up questions where you can get your question answered by myself or Ryan but this week Anthony uh or you can just ask

me a question directly in my ask me anything Channel if you so choose Anthony first question to you after the chappella and eip4844 upgrades what protocol upgrade do you think should be prioritized next as the most important and Urgent and also why I think you're the perfect person to ask this question to what's your opinion Anthony so I go back and forth between two things so it's between the upgrades that are part of the Verge which is basically swapping to Vertical trees and PBS I'm leaning more towards PBS lately and especially over the last few months so proposal Builder separation as I discussed before when we're talking about the Mev stuff just because I believe that the Mev is is overall pretty negative

um and the current system we have in place for fighting back against uh the negative externality of Mev isn't great uh relay is you know any of you realize there are a bunch of them but it's still very centralized there's not that many of them and I don't like that we're Outsourcing block building to these relayers uh so I would say that I probably think PBS should be prioritized but I don't actually think from what I've seen that it would be ready before vehicle trees so I would say the vertical trees probably comes before uh PBS but I would prefer to see PBS go live first but it just it really just depends on the state of the research and development in in those areas great I agree with all of those uh all that response and that question came

from rocket pool sir so thank you rocket poster for that for that question I believe that means rocket pool big fans of rocketpool here uh next question up coming from red panda does the ARB token have any utility or fundamental value potential or is it purely for governance if it is purely for governance why would we attach much value to it what's your take Anthony is it just a valueless governance token uh no I think right now obviously it's for governance but in the future there are other potential ways that can be used one of the major ones is basically staking to become a sequencer uh and by doing that you get a share of the theory of free revenue of the arbitrant one network and the Mev uh from that says generated by the arbitrim

one and Associated networks even like arbitrim Nova and things like that uh but yeah generally a lot of these things will just start out as governance tokens for legal reasons to be honest uh and and I think that over time the Dow can add whatever utility it wants uh there are some Dows where they don't really have the power to do that uh or at least feel very powerless in doing that but it just depends so I would say right now yeah your your bet would be you know it's a governance term you're valuing it based on that but also your betting or speculating that in the future it's they're going to introduce these functions they being the dowel are going to introduce these functions in order to drive more value to the ARB token awesome and again if you want to ask questions for next week

questions for the weekly Roll Up is the channel in Discord moving on to takes of the week this is a take from from Lawrence this is the primary threat to the American Financial system apparently and it is a picture of what is elliptic curve cryptography Anthony you want to unpack this one or should we just leave that as is I mean I think it speaks for itself really like uh the war on cryptography has been going on for a long time um and honestly if you read the history about it which I know you've covered a lot extensively in the past and you've read the history about it there was a pretty small window of time where we actually were able to kind of be successful here and we were successful at making sure that cryptography wasn't outlawed I guess so to speak but it

wasn't it was it was done by a relatively small group of cyberpunks uh back in the cyberpunk so I should say back in the day um but as I said like you've covered this extensively I don't know exactly what it was called but you did it a while ago you ran through before yeah yeah the before Bitcoin series and I think for people interested in in you know the war on cryptography that happened a few decades ago you should definitely go check that out second second and last take of the week I don't even think this is a take but I just wanted to bring this in to share because I thought it was too funny uh El chapo.small tweets out I [ __ ] you not this arrived in the mail today and it is an FTX Visa card I think this was a

service that they were they're rolling out at the very end of their lifespan but uh somebody just got a debit card from from FTX I you know what's funny there's that saying that Uh something's not worth the paper that it's written on this is literally not worth the paper that it's attached to right like so yeah that's that's funny though that this is one thing great memorabilia man like I would just keep that in my wallet just to like pull that off like it's a great conversation starter for the crypto world yeah for sure and to round out the show Anthony thank you so much for walking us through all this news Well fearless leader Ryan is off on a vacation Bitcoin magazine uh for those that don't know Bitcoin

Magazine's uh led by my former co-host prior to uh banklist uh CK uh they tweet out tweeted out a pretty good meme the people who are 30 trillion dollars in debt are giving you a credit score and this is just like the Spider-Man character just like reading out very uninspiringly just reading something out on stage Anthony what's your take on this meme this is like pure Bitcoin or bait right this is what they're all about like this is this if there's ever a meme made specifically for bitcoiners this is like it right oh I always just think it's one thing I will appreciate by the bitcoiners is that they will pull back the curtain as like some of

the farseness of like modern day Society more aggressively than like anyone else they're definitely very aggressive and passionate about it which leads to these yeah good memes right this is a scalable way to show people the absurdity of the system right so yeah I I think it's a good meme yeah yeah so next time you get your credit score check remember that the pre the people the organizations that control those organizations that did that owe 30 million dollars kind of like to themselves anyways I digress that is a conversation for a different day Anthony that was an absolute Marathon an hour and 49 minutes you and I both like to talk and so thank you for helping us guide thank you for guiding the bankless nation through all the news and the week big round of applause for

Anthony cesano everyone uh if you like Anthony zazano and the takes that he's got he does the daily guate which is a daily newsletter and daily YouTube video updating everything that you need to know about mostly the ethereum ecosystem and some really good takes on the newsletter as well Anthony if people are interested in following you and subscribing to the Daily guay where should they go just go to Twitter um my Twitter profile has all the links to everything that I'm doing so my profile is uh Sasol zero X s-a-s-s-a-l-0x and they can find me on there and yeah I just want to say thanks for having me on and I hope uh Ryan's software update went well yeah yeah the breakup is uh we're getting over the breakup he's uh getting a new uh

software update so he will be back next yeah but uh I look forward to having you back next time that Ryan goes down for his software update which seems to yeah send me regularly maybe twice three times a year uh thank you so much Anthony cheers thank you see y'all Bank this nation you know the deal risk and disclaimers crypto is risky ether is risky but if you've been watching our Trad macro videos everything else is also risky too stuff's risky uh you can lose what you put in but this is the frontier it's not for everyone but we are glad you are with us on the bank list Journey [Music]