LIVE: 2022's Biggest Crypto Moments

Transcript

hey bankless Nation I hope you're ready for a special bankless episode David and I are about to go through the biggest moments of 2022 in crypto David I am very much looking forward to this episode because look this is a chance to like review the the year that was this year of craziness this this year of corruption this year of scams this year of the highest highs and Incredibly low lows and uh it felt like an entire like a blur to me I didn't even know what months of the year what happened and so this is a good way to calibrate it's also for me personally David I just want to be done with 2022 like can we move on can we wipe the Slate clean can we start

again yeah closure would be nice that's exactly what that what happens as soon as soon as we get to January this all goes away and we all get to start all over again we're done there all right so we're gonna go through the biggest moments of 2022 and uh David you were kind enough to put uh together this program this kind of I guess uh ceremony for us and uh got us through I think we have 25 or so different moments that we're going to talk about there's the top five worst moments of 2022. I can't wait to see what he's put there the top five best moments the five biggest villains that had to be fun a lot of selections there the top five Heroes we still have those

in crypto and uh you've got some honorable mentions here too anything else you want to say before we start getting into this yeah this is a you know December is a month for reflection uh let's let's go through the biggest events of 2022 For Better or For Worse the heroes and the villains and just like let's make sure that we absorbed the lessons so we don't repeat them again uh it is worth noting Ryan that the top 5 five villains and top 5 worst events of 2022 was that was a lot both of those sections were a lot easier than their their inverse let me tell you wait wait wait it's harder to find uh Heroes than villains because like I

wanted to make it as a 2022 specific as possible right so I didn't want to pull back from from history so yeah specifically Satoshi yeah Satoshi Nakamoto the hero of 2022 like no he's like not relevant uh and so it was the villains and the worst moments of 2022 was pretty damn easy um I was also going to do a section of the top most infamous tweets of 2022 but that actually also happened to correlate very very strongly with the top five villains of 20. oh wow so the villains were tweeting they were the worst sweets so that section has been clapped so if you are also interested in seeing the top five worst tweets of 2022 uh that's going to be in the villain section it's all stay tuned it's 2022 all inside of one episode

you ready uh yeah but before we get there David I want to shout out uh some Heroes that I know in Bank list the bankless community that is the folks over at opolis uh because they are doing something they're Heroes of healthcare and heroes of payroll benefits and they are providing those to web3 workers these are contractors in the web 3 space uh David tell them a bit more about opolis what they do and how folks can get started with that in December as they move into 2023. as we say at the end of every single bankless podcast working on the frontier is risky especially without health care because there are all of these nation-state burdens needs nation-state requirements

that we all must partake in in order to live our life in this physical world but if you're working in the metaverse you kind of need some help to couple your web 3 world and the nation state world so what do you need you need health care as an independent worker you also need compliance with taxes payroll stuff just all the stuff that you would get if if you worked at a very large company but since you are a worker on the web 3 Frontier you're an nft artist you work in a dow you work independently whatever you whatever you do you can use opolis to get all of your perks of working for a big big company yet still be working in the frontier so what is opolis obis is a co-op that can help negotiate on your behalf for privileged rates with health care and help you with just all

of your infrastructure that you need to be a worker and so to help you do what you do best which is creating value and running your business use opolis to negotiate for your health care and do all these other things that make working in crypto easier if you sign up for opolis by December 31st of this year which is coming up you need you can get a 1000 work and one thousand Bank tone Bank token bonus so there's a link in the show notes to go ahead and get started with opolis definitely go do that all right David you know what we should get right in uh we can cut for breaks later this is too important okay uh gotta get to I think we start here with the top five worst moments gotta get it out of the way 2022. all right

let's uh let's do the vegetables before we get to uh the dessert okay top five worst moments and how are we doing this are we going from from uh number five and Counting upwards yeah yeah so starting with the fifth worst moment and then leading into the worst moments so starting with number five number five coming in hot tornado cash a smart contract was deemed illegal by the most powerful Nation on the world uh tornado cash was sanctioned for the first time ever a smart contract was deemed illegal by the same entity that has the biggest army uh that's bad uh uh so that was that was another the fifth worst why is it the fifth rather than fourth or third

or anything more severe than that because I think I think it could be worse because this gives the crypto industry surface area to fight back so while it was bad while this action by the United States removed the ability to access privacy by United States citizens uh it also gave us an opportunity and so coming in at number five the tornado cash ban let me talk about that opportunity actually it's an opportunity that my co-host David Hoffman is taking which is to sue the Department of Treasury David you spelled treasury wrong in this town yeah I did I did spell this anger and disrespect yeah all right you don't even get the a in treasury Treasury Department uh so that's kind of cool and like you said

this is an opportunity to push back and re-establish our Civic rights uh Americans if you believe that American citizens or people around the world whatever nation-state jurisdiction you're in should have the right to interact with smart contract protocols without their nation state creating a blacklist that effectively makes it illegal for them to do so particularly on-chain privacy then you might be supportive of some of the actions that the industry is taking to push back so you're right David it's been a great rallying cry we still have somebody by the way uh in jail in jail in the Netherlands uh Alexa who is in jail as a result of this one of the developers behind tornado cash but it gives us an opportunity to kind

of stand up for these rights and re-establish them and fight it in the court system which is exactly where the industry is taking it so that's number five all right what's next number four sadly there is very little silver lining on this one uh there's no coming back from the Terra Luna collapse one of the largest Capital destruction events in human history uh 50 to 60 billion dollars went to zero over the course of a week and so we all know uh we all know the Terra lunar collapse started in February until it really crescendoed in May where everything went to zero uh in May after dokwon Icarus probably did the biggest icarusing of all of the 2022 icarusing although I mean I could that's debatable uh but Terra Luna collapse uh

again the biggest most destructive Capital destruction event in I think I'm pretty sure in human history I'm uh I'm betting we're gonna see dokwon again on this list in some form or fashion I was just this is this is not do Quan this is Terra Luna you know what blue blew me away though is how fast this happened do you remember and this was like textbook collapse we had just four weeks previous so this happened what in like May it's like first part of May the end of April something like this uh wait this is an August 19th article oh this is awesome this is a recap yeah okay anyway I I remember it well it happened and not like a three weeks buy or maybe four weeks prior we had this for this debate on bankless and there was the bull case and the bear case and Jordy Alexander

was was the bear somebody from Delphi digital who's a a Luna Terra um bull was was the pro and I remember doing that episode and getting completely slammed by the time for what I thought was a yeah uh yeah by the lunatic Community like there was this frenzy of like hey eat Maxis you shouldn't like you don't know what you're talking about um Jordy Alexander is that completely out to lunch all of these things and then textbook this all happened in a week in 24 hours it was obvious this thing was collapsing towards zero and then it and then it happened um pretty crazy event all right what do we got number three number three three arrows Capital triggers all of the contagion that put us into this goddamn mess uh and so uh but just just to tie off

number four Terror collapse reflecting going looking backwards what did we learn algorithmic stable coins don't work that was the big lesson that we walked away with going into number three through errors Capital what did we learn don't put Traders on pedestals no one is a God in this space no one special hubris is the downfall of everyone that crashed in 2022 and this also happened as a result of the Terra Luna collapse now why is this bigger and worse than the Terra Luna collapse because of while do Quan's toxicity and hubris definitely caused the destruction of the Terra Luna ecosystem it was three arrows capital and other HED funds like Alameda that took that

destruction and spread it out to the industry because rather than taking the L themselves Ryan what did they do if they had just like taken there at the L and not had and just like you know closed up shop that would have been one thing but what did they do they borrowed from blockfi they borrowed from Genesis they borrowed from anyone who get Voyager not even a Lending Service a centralized exchange they borrowed from anyone who would ever give them money because they refused to take the L and so they socialize their losses to the rest of the industry by taking every single credit facility down with them which ultimately flowed into retail and customer deposits so so three areas Capital coming in at number three uh for spreading all of the contagion and not

being willing to take the L it's a big list to be on number three coming in at number three and there are a lot of uh worst moments in 2022 all right but uh tell us about number two because I'm curious there's two slots left here okay so I know what one of them is going to be undoubtedly but I'm a little curious what the other one's going to be uh why don't we open up number two number two the Ronin and Wormhole cross train Bridges hacks Wormhole got hacked in February of 2022 to the tune of uh 321 million dollars for the largest hack so far in that bull market uh Wormhole was actually replenished by jump Capital uh which actually ended up being one of the reasons why some of the contagion was so

bad because jump didn't have fresh powder to save the industry because they already saved it with Wormhole wouldn't have been so bad Ryan uh if Ronin also hadn't also been hacked later in that year to the tune of 600. it's fixed it and 15 million dollars of crypto over half a billion dollars this is like those two combined that's like a billion dollars a billion in dollars yeah absolutely and one of the reasons why the Ronin chain uh the Ronin chain exploit was so bad uh was because of the way that private keys were held uh five out of the seven uh nodes to multi-sig nodes that was operating the multi-sig cross layer one Bridge we're all held in the same server and so when North Korea if you remember hacked the Ronin sidechain it was because they put all

the private Keys online on one server allowing North Korea to seize 615 million dollars which Ryan one of the reasons why this event was so bad was that because it led to the sanctioning of tornado cash because the money out of the Ronin side chain went into tornado cash so because of the incompetence of the Ronin side chain and these insecurity of layer one Bridges I have to go to Janet Yellen God damn it it's all linked together yeah it just gave treasury sort of an excuse and a reason to take these actions and what a massive uh hack you know I I was gonna I was gonna doubt you for putting them at number two and not

like Luna and Tara uh and three years Capital higher but I think the justification that that you just gave like sloppy code just sloppiness in general taking shortcuts is kind of the common theme that that led to this and uh two absolutely massive security shortcuts even though they were mistakes uh they led to some pretty disastrous outcomes for uh for crypto so what did we learn what did we learn with that one with Ronin and wormhole cross chain bridges are insecure if we're going to live in a poly chain multi-chain world it's not going to be through a mesh network of insecure one-off Bridges I love that you're teaching along the way so these aren't just like worst moments these are teachable moments for us sometimes Brian I do not want to do 2022 again

all right well number one probably then let's say not only the the number one worst moment of 2022 which is saying something but also the number one most teachable moment because David you're going to give us a lesson at the end of whatever's at number one uh but I'm pretty sure I know what it is you ready for it yeah let's do it oh one more uh this is SPF saying a competitor is trying to go after us under false rumors FTX is fine assets are fine uh this was tweeted by SBF on November 7th of 2022 just a few days before chapter 11 bankruptcy was filed uh as it turns out assets are not fine uh November 11th four days later FTX FTX

U.S and Alameda research and over a hundred more Affiliates filed for bankruptcy in Delaware uh not after Ryan sending over 70 million dollars into political donations 135 million dollars to buy the FTX Arena naming rights 256 million dollars in 30 different 35 different Bahamian real estate properties and also 300 million dollars into the pocket of fbsbf all coming with personally cashed out personally cashed out yeah and so why is this coming in at number one I don't think I think I know why it kind of teaches itself but just like three arrows Capital what did they

do when both alamina and FTX were going under they borrowed and they spread the contagion and they took as many people down with them as possible and so the hubris of FTX took that their their mistakes and they spread it out into the industry and is why the word contagion has been said so many times the other reason why this is the worst event in 2022 was actually it started in 2021 FTX was a fraud to begin with that it was it's becoming pretty damn clear that FTX the entirety of its lifespan has always been Sam bakeman's Freed's personal slush fund starting in 2021. it wasn't until 2022 that we actually learned that the entire FTX system was a fraud he

defrauded absolutely anyone that would give his him money investors into the company uh customer deposits anyone that would borrow and lend against his money once you was tapped out all out of those lines of credit he printed funny money in ftt whatever he could do to get his hands on cash Ryan what did we learn what did we learn as a result what did you learn as a result of FTX I learned something that I've said on the podcast a few times now but was something I actually learned um from um some of the Bitcoin ogs in the space Andreas Antonopoulos most specifically and that is this

not your keys not your coins Andrea said when I first entered the space one of the first things I was impressed upon my mind is you have to use an exchange like a public bathroom you go in you do your business and you get out you don't leave stuff in the public bathroom you don't hang out and have a party in the public bathroom you don't set up lending and borrowing inside of a public bathroom okay you're in it's kind of gross and then you get out and you're done that I think is what was reinforced on me and across the entire crypto industry it's a good time to do it because we

were getting a little complacent and a new generation hadn't learned that that lesson yet and these types of lessons are are certainly uh hard it was a hard lesson to learn we touched the stove and it was very hot but I think that's what we learned what else though I'm sure you've got some other things for us yeah and you can tie this into all the ones above three hours capital and all the contagion uh Guild Ryan was a black hole that it was happened slowly but it slowly sucked up and produce a gravitational Center into one single point of failure uh so blockfi got yield from Genesis a bunch of assets went into block five block five went under FTX bought them so that shifted the black hole from block Phi to

FTX Alameda plugged up Voyager shifted the black hole of yield into Alameda all this yield and all this risk started to collect and converge into one Central Point and FTX as the biggest fraud in this base ended up being the operator of that black hole because all of the yield oh it was all just like hey you want you want two percent you want three percent you want four percent come give us your money come give us your money and as that yield which again was the theme of the 2020-2022 uh crypto years was that yield is a yield yield yield yield yield and eventually that black hole grew and grew and grew and that hot potato ended up in the hands of FTX uh and eventually as interest rates Rose uh that black hole was no longer able to be hidden uh

because what that hole was was a hole in the balance sheet and so that was really what I learned it's just the nature of yield and financial contagion and how ultimately it's always going to be caught in one Central party and it only is invisible if it's a centralized exchange which you can't audit but guess what bankless nation we are still here crypto is still here so the the black hole of FTX and all of the other worst moments has not swallowed us up we will be right back with five of the best moments and some more in the in the bank list 2022 top moments of the year but before we do we want to thank the sponsors that made this episode possible arbitrim1 is pioneering the world of secure ethereum scalability and

is continuing to accelerate the web 3 landscape hundreds of projects have already deployed on arbitrum one producing flourishing defy and nft ecosystems with a recent addition of arbitrum Nova gaming and social adapts like Reddit are also now calling arbitrum home both arbitrim1 and Nova leverage the security and 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 Arbitron Nitro it's also now 10 times faster than before visit arbitrim.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 brave wallet is your secure multi-trained on-ramp into web3 and is built directly into the brave privacy browser gone are the days of managing multiple wall extensions that put you at risk of fishing spoofs and tracking with the brave wallet you can securely manage your crypto assets across more than 100 different chains including ethereum layer 2's Solana and more all without downloading risky extensions the brave wallet is easy to set up and removes a headache of jumping between Wallace and extensions it's lightweight but packed with great features like built-in token swaps buying and holding nfts with a gallery view and support for Hardware wallets but also much more than that because Brave is shipping new features

every single month with a mission to make web3 easier to navigate for its over 55 million users while extensions are a thing of the past so get started with Braves web3 ready browser today an experience of decentralized web seamlessly without all the Clutter you can download the browser at brave.com banklist and click the wall icon to get started if you've been listening to bank lists you know that we're fans of the modular blockchain thesis the idea that blockchains will separate execution from data availability and consensus allowing all three to become the best versions of themselves and fuel has built the fastest modular execution layer in the industry by supporting parallel transaction execution fuel unlocks significantly faster throughput for the web free world fuel also goes beyond the limitations of the evm with its own fuel

VM which is more efficient and optimized opening up the design space for developers and lastly fuel brings a powerful developer experience with its own domain-specific language Sway and a supportive tool chain called fork with fuel you can have the benefits of smart contract languages like solidity while adopting the improvements made by the rust tooling ecosystem letting the fuel development environment go beyond the limitations of the evm if you want to learn more there's a link in the show notes to see how you can get involved with a fuel Network all right guys going through the 20 uh 22 most memorable moments here we are with the top five best moments uh count us off at number five what are we looking at David what's number five best moment number five the crypto industry shows up when it comes time to fight

against totalitarianism uh tens 54 million dollars of crypto donated to the entire country of Ukraine uh when uh Russia invaded Ukraine uh and crypto industry well all the banks and all the traditional payment rails were too slow to do anything effective tens of millions of dollars poured in usdt Bitcoin ether uh stable coins a crypto Punk was all donated to Ukraine uh to fund their military to help move people away from from the front lines and to overall help support a minority country against a much bigger bully and it actually ended up hugely moving the needle I believe it was one of the the

first arrivals of of extra Aid on the scene was a metal like bulletproof jackets bulletproof armor was paid for from crypto to I think a neighboring country Poland and the reason why that was able to get done so quickly and to get bulletproof jackets to the front line so quickly was because how crypto is permissionless and instantaneous payment rail so coming in at the best moments of uh 2022 number five crypto helps fight against totalitarianism also while nfts were all kind of down bad and kind of Tainted the most expensive nft ever sold in 2022 and 2021 was this very simple nft of the Ukraine flag auctioned off for 6.5 million dollars in ether to

help support Ukraine Dao which really actually didn't know that was the that was the biggest one huh yep most expensive nft really cool is after this too Ukraine passed some legislation that was very pro-crypto um like loosening crypto any crypto restrictions and so I mean the entire country took this very favorably all right um well let's talk about number four what are we looking at David coming in at number four L two's the ethereum layer 2 ecosystem finally passes the layer one in transaction activity there's not really any one moment Ryan when we can like slap the gavel on the table and say that layer twos are here they all kind of came independently optimism arbitrum polygon ZK sync when did they all kind

of arrive well their Alpha led to their beta one came before the other when did the L2 moment finally come I'm declaring that it came when the total transactional volume of layer twos surpassed the transactional volume of layer one and that happened just earlier this year I believe in November or October of this year that's when it happened in a sustained way you see some spikes earlier than that but yeah in a sustained way in October actually yeah and so l2's finally passing the L1 in transaction activity this is in stark contrast Ryan to one of the worst moments of 2022 the Ronin and Wormhole side Chain Bridge hacks and so we're already solving the problem uh that centralized layer ones and layer one Bridges created for us uh and so coming

in at number four layer twos past the ethereum layer one in transaction activity uh officially saying that layer twos are now here all right what's number three number three Instagram Facebook Reddit Twitter Tick Tock all adopted nfts as it would as it turned out Ryan uh when you and I were predicting what was going to cause the bull market uh the next bull market we were like D5 D5 defy we weren't wrong but we kind of didn't really see nfts coming into how integratable they were into web 2. so one by one the biggest uh platforms of the internet Instagram Reddit Facebook Twitter Tick Tock all integrated nfts uh so they nfts really are the Trojan Horse

for all of crypto to get into these social media Giants huge deal for all of that to happen in 2022 some huge hugely bullish uh news there but okay bring us to number two David I I know what one of these is going to be let's see if let's see if I'm right number two the merge the merge finalized probably the greatest most significant upgrade to any public blockchain ever went off without a hit uh so seven years in the making proof of stake finally came to ethereum proof of sake system unlike any other blockchain out there uh the most making ethereum the most secure blockchain in existence with the fastest time and most uh highest amount of settlement assurances

and bankless listeners will know the whole name of the game in the crypto industry is settlement assurances settlement assurances settlement assurances with proof of sake ethereum ethereum has the strongest settlement insurances in all of crypto which means the strongest property rights it costs billions of dollars to go backwards six minutes on the ethereum blockchain also of course as we know with the merge The Ether issuance went down to its absolute theoretical minimum uh hazu's tweet here says eth is now the commodity money with the lowest rate of Supply inflation that is the definition of ultra sound money and that happened Ryan in 2022 yeah so that is number number two that's huge man do you remember that that was

like uh September and that this was a vitalik's tweet September 15th and that was at 3 A.M Eastern 2 59 a.m uh East time and I know you were on the ethereum foundation live stream um I was plugged in watching I I woke up in the middle of the night to to kind of watch this and witness history I I don't think I'll ever forget it I mean there's like a 30 to 40 000 people on the stream watching this happen and it was kind of cool like it was it was really at this stage it was uh all of the settlers the tourists had kind of left because this is in the wake of some major crypto collapses and I think uh all for forever remember 22 for that reason September 2022 when the merge happened it's also the moment when uh what was that

electricity stat something like 0.2 percent of all Electric electrical energy consumed yes uh just went away because ethereum stopped stopped consuming so much of it also underappreciated is how regular the ethereum blocks are I don't know I don't know if you noticed Ryan but how easy and consistent it is to get a transaction in on ethereum these days and that is a combination of eip1559 and proof of stake the merge like commenter in chat token show said I had a nerd garage party in La that sounds awesome that very very checks out are you ready you ready for number one run yes give us number one what's number one David you gotta save number one for the end man are you serious yeah so this is uh we're not doing the biggest rug pull of the bankless episode series number one is

going to be saved the biggest and best moment in 2022. all right you got to save that one for the end that one's coming at the end it's coming David's not gonna Perma rug us all right it's just a delay it's not a rug um all right well the next category I think is villains five villains 22. yes all right give it to us uh number five and I I know probably who all the names are I just don't know in what order you're going to put them uh maybe there's some question about some of the names actually so give us number five coming in hot and number five you gotta go with Richard Hart twerking his ass in your face in a Gucci tracksuit uh this guy just exudes what's exuberance

and just Cockiness exuberance and in your face just assholeness and for some reason he's been able to convince a whole community of hexakens that he is a Chad and he was right about everything so not only is he creating systems that take money from your pocket to his pocket uh he's also convincing an army of hexagons that he's somehow good uh at the same he's also convinced uh them that um he managed to make you cry on a bankless yeah that's true that's true yeah that's part of it so like yeah just top five villains as in like top five worst people but also to some degree you gotta give him credit Richard Hart is a really good villain he's very successful

he's still around yeah he's still here somehow he's just just like out doing his continuing the hex scam like Ponzi whatever it is uh and uh I can't wait for him to tweet this by the way this is turning into a clip too oh 100 yeah number five villain Richard Hart you were number five well done congrats congrats Richard you deserve you got something all right and uh with uh with an esteemed group of colleagues so who's number four David number four this one's uh this one's my favorite uh Alex machinsky wearing specifically A banks are not your friend's t-shirt well he wasn't wrong he was not wrong that is us again well done Alex you called it you saw I saw what it is you just forgot to

tell us that you are also a bank yeah yeah that's exactly right so Alex was shouldn't see of course the CEO founder of Celsius uh who is uh just being a huge populist saying banks are not your friends while he created a bank uh and reminder Ryan that the Celsius Executives including uh Alex machinski all with through millions of dollars just days before Celsius filed for chapter 11 bankruptcy and froze customer withdrawals out of Celsius so well well done huge successful year for Alex machinski he's not in jail walking number four villain I would have called this the worst bank maybe I've ever seen in my lifetime the worst crypto bank but but but then something else happened later in the years

the worst crypto Bank from uh May of 2022 to November of 2022. yeah he got a good five-month Reign on that Alex banks are not your friends um I'm gonna get that shirt by the way just wear it unironically uh unbelievable all right uh give us number three then number three okay Ryan this is also when we simultaneously do the top tweets the most infamous tweets of 2022. so not only are we going to see the villain so yeah number three number two and number one all had the top five worst tweets of 2022. so are you ready for this coming in at number two the pair the duel themselves suzu and Kyle Davies here's Kyle Davies again tweeting

exact truth in May of seven in May 7th of 2022 a couple more liquidations than up only I love how they're telling us in advance banks are not your friends a couple more liquidations they're just giving it to us man yeah they've told us the whole time and and suzu they're they're uh one unit to you huh that's exactly right yeah Kyle Davies and suzu here's suzu's most famous tweet uh yes I have abandoned ethereum in the past despite supporting it yes ethereum has abandoned its users despite supporting them in the past the idea of serting around jerking off or watching The Burning concocting Purity tests while newcomers can can't afford the chain is gross well I feel personally attacked by that last

sentence but also uh you know what's gross is uh completely screwing over your investors and dragging the entire industry with you on the way down and that's what what that's what suzu and Kyle Davies did they're kind of in the midst of what feels like a little bit of a a comeback to her trying something yeah I think people are rejecting that comebacks but people thought it was cute and then people real and then people like oh like three hours Capital Susie they're back wait what are my values let's just hold on to that for a little bit longer okay guys let's just hold it give us another year give us all of 2023 before this industry goes crazy again all right what's number two David oh God I couldn't really pick out the the worst tweet out of this guy because he has so

many so this guy's got five tweets who do you think it is this guy has five number two he's got five who he is now you gave it away yeah uh number coming in hot at number two do Quan the man who tweeted out by my hand die will die the guy who destroyed tens of billions of dollars of a stable coin because of course algorithmic stable coins don't work and the makerdale community knew it and he tweeted out just about six weeks before the collapse of Terra Luna by my hand thy will die I will die if you just scroll down just a little bit Ryan you'll see you'll see a response saying my money my money is on die David Hoffman but but what were the responses to your response I bet you got

a lot of like oh wait no we got that you don't you don't gotta scroll down we got that we got that linked up in there okay it's all here because he led a whole Army that's part of dokwan's villainous Behavior okay what other tweets we have uh of course uh deploying more Capital study Lads May 9th the last few hours of the whole entire Terra lunar ecosystem deploying more Capital study Lads Ryan do you know where he got that capital sorting out my villains my scammers from last year where did you get this uh this capital um no Visa wait no he probably got it from um one of our other friends Kyle Davey suzu FTX Alameda yeah so he got it from

selling UST to Alameda and Avalanche and for all these avac tokens but where did he get the money to buy all of that money he printed it out of thin air UST uh while there was an algorithmic Sable coin with backing of Luna and UST he printed and minted UST out of thin air sold that USC into the market to buy Bitcoins to buy locked Avalanche Avalanche tokens oh no they weren't just kidding um and that was the treasury for the Luna guard foundation so he paid for 48 000 Bitcoin and it went when it came time to deploy that Capital to defend the peg the peg that he disrupted by minting UST in the first place that same Bitcoin that he bought was worth about

half as much as when he bought it from so not only did he print funny money which actually was the trigger of the collapse of his own ecosystem the thing that he bought lost half of his value when it came time to be defensive the worst possible Central Banker in history absolutely name me a worst Central Banker you couldn't find worse in the Weimar Republic it was like Banker scammer like just terrible uh don't worry that's only the second of five tweets so here's I think one of my most favorite memes out of 2022 which is dokwan tweeting out by my hand die will die on top of a grave and then die is the guy given the peace sign over the grave oh all right and we have one more tweet yeah so this is Mike novogratz getting

the Terra Luna tattoo and my co-host Ryan Sean Adams just you know instincts so sharp saying this tweet makes me question everything I thought I knew about it legitimately did this was an honest tweet 100 honest yeah and then do Quan coming in don't worry Ryan it wasn't much you didn't know much about crypto how'd that make you feel Ryan in that moment you know what um and look at kind of it look I got ratioed on Twitter you know that that happens I got you know six to six to sorry three to one ratio on Twitter basically in this and um you know I had to like you got me but then um a few months later it turned out yeah and I would not have wanted to support

this tattoo into 2023 uh that that tattoo is um kind of a relic of 2022 and uh you know Daquan apparently did not know very much about the algo stable coin he was running or about crypto or about crypto values you would think he did because if you remember this was not the first algo stable coin that he spun up and ran he also saw basis cache algorithmic Sable coin even just people were so dumb at that time can I just say that like this industry was so dumb like we are much smarter right now and it I don't know like it's this is why I'm not sad about 2020 like 2022 needed to happen this was January this kind of crap was going on we needed this don't

get a tattoo of a cryptocur don't do that okay but last tweet out of dokwan because there were too many good ones wait really yeah so this was this was his response to me saying uh my money is on die uh and he just goes oh no effing way and then he gave me the bicycle helmet uh whatever that me or no like the the excuse the word the redacted brain smush brain uh saying that oh that's exactly what an eth maxi would think yeah only an eth maxi would bet on something he has already lost uh my die that I have uh is still one dollar Ryan really yeah zero yeah all right so that's number two that's number two the second worst villain and obviously we know who the

first worst is so why don't you just tell us why don't you just share it coming in at number one the worst villain of 2022 the guy that tweets out I'll buy as much Soul as you have right now at three dollars sell me all you want then go [ __ ] off you know why he said that Ryan you know why he was able to say that because he was taking in customers Bitcoin and ether depositors money and buying Solano with it to pump that thing to the absolute Moon of course he tweeted this out he controlled the price also January 10th tell me like less like a year ago this needed to happen go on go on though oh this was January 20th of 10th of 2021 but uh yeah I could I couldn't ignore the sweet the

reason why this sweet's in there is because of the coin Mamba tweet right below it uh which says I'll buy everything you have at three dollars tell me all you want because that is the value of Sam bankman Freed's current net worth uh three dollars uh call followed up by probably one of the most infamous tweets perhaps Infamous tweet number one how do you do this number one parentheses what that's this whole thing the what happened it's just wasted so much of my time David for this what was the payout absolutely chess we have some stuff to talk about on the roll up by the way I don't think this man was playing 40 chess no I think this man was playing

like Jenga for toddlers I don't think he had a master plan as somebody who's played many many thousands of games with chess Ryan yeah it's actually really hard to play chess against beginners because you just don't know what the hell they're doing that's what he feels like yeah he just didn't know what the hell he was doing anyway by evidence of the fact that he tweeted um I don't do I have this out um uh Beckman freed this is a tweet from Ryan sulcus hours before he was literally arrested said this and I quote I don't think I will be arrested for jail he's now in jail now arrested as of yesterday and that's how we finished the year that's a great way to finish the year okay Richard Hart Alex machinsky suzu

Kyle Davies dokwan SPF those were your villains those are the villains uh we met them we got to know them we're leaving most of them behind in 2022 and we can move on let's talk about the heroes Brian I think uh well we got the heroes left uh we're gonna go through all five of them also five honorable mentions best supporting actor in a comedy Normie brand of the year uh the biggest oof of 2022 the most influential and the best memes of 2022 and also we gotta revisit the top moment of the year the first round we're to talk to some of these sponsors to help you go bankless because we all need it these days sequence is the all-in-one developer platform you need to build web 3 games and applications for your users sequence

is a smart wallet and it's the easiest most intuitive onboarding your users will ever experience and comes with all the features users need to feel empowered in the web 3 world multi-change support nft display and users can buy sfts nfts and crypto directly with a credit or debit card for developers sequence is the Plug and Play platform for web 3 games and apps your apis let you bring nfts sfts and tokens into your game or application in a sequence relayer enables gasless transactions for your users sequins already Powers some of the best web3 games like skyweaver nft projects like cool cats and marketplaces like Nifty Swap and sequence is compatible with all the evm chains including ethereum polygon binance smart chain arbitrum optimism and Avalanche so go to

sequence.xyz to get started unlocking the full potential of your application today the reality today is that five corporations control the entire world of social media they own our names they restrict our content they monitor our every move and their time is up thanks to our sponsor diesel diesel is a layer 1 blockchain built from the ground up to decentralize and scale social networks with DSO you can own your own identity content and social graph and take it with you across hundreds of applications already built on the censorship resistant diesel blockchain diesel storage advantages make it finally possible to build infinite State applications that can efficiently store and index large amounts of content and data fully on chain DSO also offers multiple crypto native monetization

Primitives for developers and creators including social nfts social Dows social tokens and social tipping so in order to experience the social layer of web3 go to dso.com and claim your username that's d-e-s-o.com trufi is d5's largest credit protocol connecting Global lenders with institutional grade lending opportunities trufi has completed over 1.7 billion dollars in originations and paid out nearly 35 million dollars to lenders proving that Defy is ready to take its next big leap into the 8 trillion dollar credit Market truefy gives lenders like you access to sustainable high-yield opportunities backed by real world Investments usually reserved for high net worth individuals at the same time fund managers use

truefy's Financial infrastructure to bring their portfolios on chain benefiting from the global liquidity cost savings and transparency of D5 trufi is a decentralized financial utility the protocol is owned and governed by the true fight Dow and trufi is here to bring D5 into the Golden Age Bridging the power and access of crypto with institutional grade lending opportunities and portfolio tooling explore is a diverse Financial opportunities available on trufi or launch your own portfolio at trufi dot IO all right on to the good news of the year who are the heroes the heroes of 2022. Ryan I put Michael Saylor as number five which I think might be a decent surprise to most people but I I think Michael Saylor is one of the heroes of 2022. the man took a 3.5

billion dollar loss to the face and kept on buying uh if that is not you sound like a reverse compliment like a backhanded compliment now thank you for taking a 3.4 billion dollar hit for crypto Michael Saylor hey man what you're saying David hey he every every person comes into the crypto industry they buy the top and they and they lose it because the crypto goes down uh but you know Michael Saylor's here for the long term because he's still buying man I'm not saying he's a Believer he's a Believer he's a Believer uh he got he got Elon Musk to buy Twitter he's the number one Twitter or excuse me to buy Bitcoin okay uh he is

the number one holder of Bitcoin in existence by a long shot holding a current value of 2.3 billion dollars of crypto with a cost of bitcoin with a cost basis of 4 billion dollars and he is still buying just like us he's just like greater than 50 wow even after dollar cost averaging in yeah exactly so like you got to give it to him like he's unequivocally one of the most bullish people in crypto I don't get it I'll be honest like I don't get a lot of the things that he does but I can't say I disagree that he's on your list and look when we talk about bankless it's Heroes for everybody this might not be the the ethereum communities he's not he's not my hero I

mean he's he's kind of a Chad you gotta give it to him okay look at sailor on this list huh microstrategy number one not even close dude there is no second best uh all right who we got number four number four we got to go with okay this one is one of my heroes Anthony cesano and you know why I think Anthony souzano is a hero uh and I'll I'll take this this line from out of Kobe's book uh because Anthony cesano makes a YouTube video about ethereum 30 minutes long every single day and writes a newsletter dressing himself every single day day in day out he scans crypto Twitter and updates you as to the state of ethereum the progress of ethereum the progress of

crypto every damn day the consistency behind this man is absolutely insane look at this guy look at that guy that that just exudes a hero hey do you want to know a fun fact about um Anthony actually tell me so I was doing um uh some fun time with mid-journey uh yesterday you know the AIS like to hang out all right David so fun time with uh uh mid-journey and myself and I typed in David and Ryan David Hoffman Ryan Sean Adams Bank list podcast because I wanted to get like what mid Journey would paint us as it got you pretty perfectly but it kept putting Anthony's beard on me oh really give you a beard and I think that's because like it confused me and Anthony in some way or like maybe because Anthony's been on Bank list

stream so many times I want to go pushing our faces together you gotta check our um Discord [ __ ] yeah see it uh yeah I kept putting a beard on me even when I was like mid-journey no beard no beard wow yeah that yeah I don't know man it's the Sonic has ever talk to Anthony about that anyways tip of the hat to Anthony cesano uh he's supremely useful for staying up on the frontier of ethereum uh and so he's coming in at number four Heroes of 20. okay number four three who do we got another influencer uh well we're all influencers if you've got like a Twitter account over ten thousand dollars coming at number three gotta give this one to Kobe uh I think

uh Kobe I mean everyone knows who Kobe is uh to say that he doesn't give get credit is I mean he definitely gets a lot of credit but I just want to remind people uh Kobe for a while went on this stint where he would go and live stream and have thousands of people watch his stream and he would stream the streams of of normies uh musicians who had anywhere between like 10 and 100 views uh and he would tell his stream Army to go watch their stream try and like do a little Easter egg hunt where they would like pester them saying hey download metamask download metamask and the musician would be like super confused like why why first off are there thousands of people in my stream that like I only have 10 to 100 people for

why are they all trying to get me to download metamask and the ones that do it they would send them hundreds of thousands of dollars uh and so Kobe would go out and just like send his his uh stream armies into just like normal people who want to be creative musicians and just donate one musician received 200 000 after his twitch raid uh we got a tweet pulled up that's of Kobe uh linking out to this one musician's uh uh uh ethereum address or eth address that they had just downloaded uh there was just another one where uh somebody would keep holding up a sign saying thank you crypto Twitter uh for the donations that pay for health care

for like one of the dads or something also Kobe funded the lawsuit against bit boy so bit boy remember when bit boy sued that YouTuber who tried to expose him atozy he's at atozy on August 23rd of this year says I wish I didn't have to make this red but I'm being sued by YouTube bit boy crypto for a video I made roughly nine months ago about how he promoted a project called pamp uh and then somebody tags Kobe so Kobe will notice it and Kobe goes I'll send a hundred thousand dollars or something later when I'm at my PC a few hours later he follows up with a tweet that says sent uh Kobe funded this guy with a hundred thousand dollars bit boy as a result of this dropped his lawsuit and Kobe let the guy keep the money to pay for a vacation or something so Gotta

Give it to Kobe actually most of this happened the big boy happened in 2022. some of the uh the music streaming happened in 2021. he's also got a fantastic sub stack writing some of the most clear and sober in thought analysis of crypto if you want to level up in crypto Kobe sub stack is fantastic so you got to give it to him coming in number three Heroes of 2022 Kobe there you go Kobe um all right we've got some other people on the list too maybe specifically because we have two more slots who is number two David uh coming at number two Zach xbt the guy that you do not want sleuthing around your ethereum address uh he has a notion site where he has all of his victims I'll call them victims uh and it's again a notion that you do not

want to be on all of his on-chain analysis so if you don't know who Zak xpt is he is a guy that makes sure that influencers pump and dumpers VCS people aren't dumping on retail in ways that are illicit or bad this is the guy that this is a crypto self regulating while we're kind of waiting for Regulators to catch up Zach xbt is making sure that people like bitboy are not dumping on people when they totally are he's a vigilante Vigilant he cares about this industry uh he uh she they them we don't actually know because he's in a completely Anonymous account which is fantastic too yeah yeah and he's caught a lot hasn't he he

has probably it's kind of hard to say if he's saved money uh he's definitely created the very strong incentive to not be a Shiller pump and dumper that's saving money that's just holding holding the industry accountable exactly yeah it's very hard to do it in this space and there's a reason why that guy has to be old oh he's also the guy that discovered that the ex-quadranga founder the scam artist can't remember his name was zero xifu out of Wonderland he was that guy uh and that happened so glad we know that I mean yeah invaluable um all right so our number one biggest hero for 2022 who's filling the slot David I can't give it to one person Ryan uh so we gave it to the cohort of the ethereum

developers who helped ship so much in 2022 mainly the merge give it a hand to all ethereum developers that's out there so huge crypto grows absolutely insane in 2022 but the ethereum developers kept their heads down and shipped the merge this is uh so uh I'm just gonna butcher some of these names yeah just don't even say all the names you don't have to David but Xiao Wang I think is how you pronounce it uh she first off created the merge pandas meme uh she works on consensus layer specs and made the major the merge meme uh paritosh uh part uh I'm so sorry uh led the testing of the beacon chain helped coordinate all the shadow Forks Marius of course coming up next also led

the connection between the consensus layer clients and Geth you got Ben Edgington leading the taku client you have Tim Baco helping coordinate the merge got Danny Ryan helping coordinate the merge there are so many people who worked on the merge that are just simply not in the sky right here Danny Ryan I give a big hand to Danny and Tim of course uh so many people helped ship the merge again some of them look at what we do on the application layer and they're like God damn it these crypto degenerates uh yet they help us ship the merge anyway so anyone who's ever helped with emerge and that includes all the listeners running full nodes validating nodes taking notes anyone who tested the merge if you helped in the merge absolutely thank you tip of the Hat it

was one of the most foundational Innovations out of the crypto space so thank you so much David give us uh so so that was our biggest Heroes we went through the villains and now we got the heroes give us some honorable mentions some things that didn't quite make the regular list but are in a category of their own what do you got here uh coming in uh at best supporting actor in a comedy Gary Gensler okay we can't get his picture up Gary Gensler by the law best supporting actor in a comedy uh uh Peter uh I just want to give a hand to Michael Wong uh to who came up with that name uh supporting actor as in like he's not a crypto person he's outside of the space uh

supporting as in very much an influence on to all of the things that made 2022 2022 uh did not allow the gbgc because to become an ETF has provided absolutely zero clarity as to what is a security token yet is charging exchanges with listing security tokens net yet not listing what they are telling people to come come knock on his door and come into the to his office so we can work together uh and so then he can sue you uh making an absolute farce out of this industry and so best supporting actor in a comedy Gary Gensler all right Gary uh you made the list and seriously come on Bank list sometime in 2023. look at that photo man that is the creepiest he looks like

it's uh perfect um all right what else we got stormy brand of the Year yes you kind of give this one to Budweiser who paid 30 eighth for beer.eath they bought a nouns before nouns were cool Ryan they put that in the nouns classes in the Super Bowl they bought some very esoteric very Niche High culture memes so Normie brand of the year who absolutely killed it on the nft front they actually got Budweiser the beer um pint head yes on the their noun yes they killed it whoever was leading nft strategy at Budweiser absolutely well I don't know what you're not getting a raise after this year hold

out for 2024. okay congratulations sir you get to keep your job no pay raise for you but you are not getting fired um all right that's awesome that's that okay what's another honorable mention here uh biggest oof you ready for the biggest oof of 2022. I feel like like we did a lot of ooze you know this one this one's appropriate like other stuff is like face palm my God uh self what have we done yes this is just like a big oof okay this is the worst nft project ever Pixelmon and Kevin it's Kevin the Pixelmon did this come out in uh February yeah this was February of this year yeah wow and okay what was the joke with pixelmon's and with Kevin is like

they the art had yet to be released or something like this and everyone had spent a whole bunch of money on this like Pixelmon floor it was a three eth mint which was extremely expensive this was in February of 2022 uh so this was near all-time high so three East was something like 8 000 plus dollars uh and it was gonna be like Pokemon plus Minecraft the art was extremely hyped it turned out to be just a bunch of libraries of code pulled off the shelves and some very Bare Bones Work and Kevin in who is a Pixelmon was deemed to be I think that's so bad named him I don't know that that was I don't know Pixelmon actually called Kevin it

doesn't even matter this is Kevin to us so Kevin Kevin was deemed to be so incredibly atrocious uh that it went full circle and is good yeah uh Zach is this this whole Pixelmon thing was a subject of look at that price chart at the very end that thing yeah it goes absolutely just straight down tomorrow that reminds me of 2022. yeah that chart right there it's a familiar pattern yeah so Pixelmon was actually a subject of a Zack xbt investigation to see where all those funds flowed being deemed a pretty damn obvious cash grab um did you know Ryan you can still buy a Kevin Hey Kevin there's more than one no I think I think there might be just one Kevin

yeah well that's actually pretty cheap for this kind of this level of culture uh 1.6 Heath yeah I hope that's all I think um but yeah well best offer 1.16 it was last time a lot of views or six Eve okay we'll keep that on your Christmas list ladies and gentlemen all right what else do we have uh any other things that just just missed the cut honorable mentions yeah we got most influential the Federal Reserve Jay Powell and interest rates uh you got to say that interest rates were the most influential yes this man this man successfully killed crypto as soon as interest rates caught you can't kill crypto okay well okay did the damage he killed

he killed three arrows Capital you got it all wrong this guy cleansed us of all of the 2022 villains that's a good take it's a good take this guy this guy pulled out the tide turns out dokwan had no trunks turns out zero three of his Capital had no trunks uh block fine no trunks uh FTX no trunks uh and this guy revealed him all so yes I take that back Ryan uh this guy killed all of the of of the unsustainable short-termerism inside of crypto so while we're all down bad because of it uh it was the washing the cleansing that we need this this is such a creepy photo too what's with the creepy photos yeah this looks like a power at a wax museum or something yeah it's Powell from mid Journey for sure okay

um what do we got uh I think you've got best meme that's me too that's me that's a hard one what do we got GM do you have damn uh so this particular is a meme of a guy pushing a cart full of boxes uh and he's looking over at the friend who's just got one tiny little box and he goes is that all you need and the man with the tiny little box the tiny little box is named GM by the way uh is uh she's saying yes yes it is all I need I I still I still feel like I can say GM at the end of 2022. some of the other memes created in 2022 did not last like I I think it'll be a very long time before I um like say we're all gonna make it yes we're all going to make it here

definitely worst meme of 2021 yeah we're not all gonna make it one of the reasons why GM is the best meme Ryan is that there actually is no canonical GM me it is a as all good memes are decentralized there's where where did GM come from where is this epicenter somebody started saying it we all know we all started saying good morning and somebody shortened it to GM and then GM just proliferated just Bam Bam Bam so GM the most decentralized meme that we've ever come up with well GM uh to you David um all right look that that was it right we went through all of everything uh but we still have something on the list which is you never when we went through the list of top moments you stopped

right before we got to number one yeah so I think we're ready for the top moment of 2022. uh can you give it to us what's coming in at number one coming in at number one I never thought it would actually happen but in when was it may of this year yes May 16th of this year absolute history was made in all of crypto where Ryan Sean Adams was confirmed a real human being and I met this man in in West Palm Beach Florida oh my God that's where Ryan and I met for the first time that's it that's it well look it had to be self-serving because you know it's bankless at the end of this so This Is by the way I'll note that David put this

ahead of the merge so uh sorry metallic all the developers know you guys worked hard but look David and I met this year for the first time and that was a pretty big deal that's it man what a year we can wrap this one though it's over that was ours that is a wrap that was that's a wrap that was our week in rap like we've got some more stuff coming up content-wise actually shows the end of the year so we've got um I think a Voorhees show coming up we got vitalik coming to the podcast I think a major theme for us guys in next year is going to be uh how we rebuild in the aftermath of all of this right how do we build crypto back on strong found foundations and so we're going to get into all that of course we

also have Ryan selkis giving us his crypto Theses next week which I always enjoy this is kind of an annual tradition for us too um but so is the bankless moments we did one from last year too and it's just a fun way to recap the year so thanks for putting this together David yeah I'm sorry the year was so bad but hey it's over now was it bad needed to happen look do you remember that tattoo in January it needed to happen um guys thank you for hanging with us the chat Ryan uh is not convinced that you are a real person okay okay AI technology is not this Advanced come on how can you similarly assimilate this looks pretty real to me I felt real David or let me just say that um all right guys let's end it here risks and disclaimers this is our time

to let you know none of this has been Financial advice never is on bankless eth is risky crypto is risky D fight is risky if you need more evidence of that go listen the podcast again all right we've got villains here as well as Heroes you could lose what you put in but we are headed west this is the frontier it's not for everyone but we're glad you're with us on the Bangles Journey thanks a lot