ROLLUP: 5th Week of April (ETH All Time High, Eminem NFT, Tesla Sells BTC, JP Morgan Crypto Fund)

Transcript

[Music] thankless nation it is the fifth week of april and this is your weekly roll up david you ready to roll him up let's do it ryan it's another fantastic week in the world of crypto and so we are going to inject all of that fantasticness right into your brain on this bankless weekly rollup so the agenda as always is market releases news takes what we're both excited about and then we end with the meme of the week might have a special runner-up bonus meme this week so stick around to the end for that david we've got this going on every friday morning so folks can enjoy this with their morning coffee either on youtube

so you get to see the visuals that accompany the roll-up or on the podcast however you prefer to consume content we've got it for you before we get into the roll-up david we've got some announcements dude we are giving away one eath today a whole eighth for real what yeah this is why would we do not a scam this is not like vitalik like fake vitalik on twitter offering to give you one each this is actually bankless giving you one if you are a bankless badge holder and not everyone gets this i should say this is a raffle only one everyone gets needed only one is being given away to one lucky raffle winner who by default has a bankless badge and submitted their bankless badge

to the raffle so that they could get entered to win that one ether we're only giving away one much much better explanation david so what is the value of one eath as we speak david i didn't get your uh your chart up yeah the value of winning is exactly two thousand seven hundred and twenty six dollars and ninety one cents uh and so that is how much money we are giving away one ether really one eighth is one eighth and one is one eighth and it's going to a bankless badge holder yep so we're doing this because we want people who are premium members who have the ability to claim their badge to claim their bankless badge once again if you're a premium member and you subscribe before april 1st you should have an email in your inbox with

a way to mint your badge make sure you do that enter the raffle if you subscribe during the month of april you will get your badge on may 1st so that is actually tomorrow from the from the time people read this so april bachelor's the minting is is happening on saturday um david we should also talk about dharma dharma's doing big things in this space what are they doing dharma is onboarding all of the retail people that we think are coming into the realm of specifically ethereum rather than just crypto i think dharma will be onboarding all of those groups of people uh and i think retail season is pretty close uh and i actually think retail season begins right after ether finally slows down if it ever does slow down

because then some of that value will rotate into defy tokens and we all know retail loves to speculate on tokens specifically defy tokens and dharma is that one tap access between your bank account and defy tokens on uniswap so you can immediately go from dollar you know coin dollars in your bank account to a capital asset appreciating defy tokens on ethereum the fastest bridge between your bank account and ethereum dollar should defy in one tap i was looking at the interest rates for my wells fargo savings account david point zero one percent in a savings account just say zero just say zero no it's not zero and it's not negative yet it's point zero one percent and here's

dharma through iron offering twelve percent right now this gets updated every day it was like sixteen percent the other day it's 12 now it'll be 14 always double digits in d5 i'm running out of reasons to keep my wells fargo account open other than having to pay like utility bills and that sort of thing david all right man well let's get to it should we start with markets what's going on in the markets this week uh maybe let's start with bitcoin as we usually do yeah bitcoin having a rough time uh coming down from the uh from bitcoin's new all-time high of somewhere around 63 000 i think uh and it has come all the way down to 52 and 840 so bitcoin in a slump of a week in the in

the last seven days this is not the case for ether though what's happening in ethereum world ether is having all-time high week every single day has been a new all-time high for the past five days i think yeah four or five days all-time high season um and and it was really ether is stealing the whole entire show in the whole entire crypto markets in this last week uh which i'm very excited about we are above 2700 as we record this uh who knows what it'll be by the time you listen but that is definitely all-time high and like like fairly high above all-time high what was our previous all-time high um looks like on the 24th second yeah april 22nd we hit

2612 dollars and we hit uh we i think the official all-time high which we set just a couple hours ago is literally two thousand and eight hundred dollars zeros at the end uh and so current current all-time high two thousand eight hundred one way to look at ether of course is its per unit unit price the other way is to look at its market cap and this is super interesting ethereum now has a market cap of around 320 billion that's billion with a b which places it above paypal ethereum the network yeah has finally flippened paypal in terms of the value of ethereum versus the value of paypal it's just rising up the global asset

charts uh as as we speak fairly quickly too yeah and the of course the next thing that we are looking at i've been looking at a lot this week is specifically the eth btc ratio uh and and so what we are looking at is a weekly chart so every single candle is one week and it goes all the way back to 2016 and we can see these violent spikes in the 2017 mania where ether went as high as 0.15 uh bitcoin ether per bitcoin and then the bear market came and we got all the way down to as low as like 0.018 or something ether per btc very very low and right now we are currently at 0.5 ether per btc uh and we have not been

this high in bitcoin terms since 2018 uh and really there is only a very small amount of time in ethereum's history where we have been or ether has been as this high in in bitcoin terms there's only been perhaps three or four months in total time where ethereum has been valued higher on a unit uh basis versus bitcoin uh so we are we are kind of going into back into uncharted waters i don't really consider ether has really ever charted these waters in the first place it was nothing ether hasn't spent this much time above these levels in bitcoin terms really all that much and so we are kind of going back into price discovery in bitcoin terms which is meaningfully different than going into price

discovery in dollar terms and so a lot of the traders are focusing on this on this uh specific graph they say it's just going up right traders they are looking for a similarly as violent move ether versus bitcoin as they saw in in uh and so where where does the eth btc ratio go from here um let's find out i'm i'm happy to find out not a trader like personally more of a holder but this is very interesting to observe and i'm always curious about the the fundamentals that or even the narratives that might be driving this shift because this is a pretty massive shift hasn't happened since 2017 2018 i think we're going to get into some of

that during the takes but one take that we have right now while we're discussing markets is whenever this ratio flips in this direction at least the last time it does we're back to a question of when is the flipping going to happen the flipping of course i i guess the term was invented in uh 2017 to describe the moment in time which ether as an asset exceeds bitcoin as an asset in terms of total market cap there are other flipping metrics right but most of which uh these like um you know transaction volume settlement uh ethereum is already flipping to bitcoin on that but this looks like we're 32 of the way to flipping on ratio gang.com which is just like a really

really awesome website to like chart the progress of ether versus bitcoin the other website that we've used in the past is flipping dot watch for those that uh are more familiar with that website but uh the reason why we're bringing this up today again is because of ether significant ether outperformance versus bitcoin again that we have not seen since 2018 and it's also has injected itself into public consciousness not just in the ethereum deep ethereum crew like me and ryan and anthony and eric and antipro and dc we we've been talking about the flipping since forever uh evan ryan you said that flipping got coined in 2017. evan van ness was tweeting about the flipping before a theory was even alive so some

people have been convicted that ethereum will eventually flip in bitcoin at some point in time and again only time can tell but traders and and non-ethereum folk are getting on board with the potential flipping uh and there was a fantastic podcast out of an uncommon core with hazu with this very famous crypto trader kobe who's been around for three plus cycles like massive veteran very much agnostic but as a trader he believes that the ethereum fundamentals have the power to flip in bitcoin bitcoiners will obviously call this blasphemous and say that this is just impossible but the ultrasound money thesis i think is ethereum literally designing a way for

it to pump itself into the number one spot and i think if we go if you go back to the uh to the east btc chart i think that that rocket off the 0.3 level that we've seen in just the last three to four weeks i think that's the ultrasound money pump ryan i think that's what that is you do and you think that's the beginning so how much of a believer are you in the flipping david are you like 100 wow i like i wouldn't call myself 100 i think it's like 90 percent uh inevitable and i also don't know for sure whether it's going to happen in this cycle um so i would wait the probability at 90 percent in it kind of a multi-cycle but

right still i i do think that this is going to happen and i haven't seen ether show such um i guess strength relative to bitcoin since 2017. so what's also interesting here david is that if you were to make the ether market cap equal to the bitcoin market cap we would have a ether price of 8 500 right now that is the point at which at these prices ether flippings bitcoin at least at the bitcoin price right now yeah if if bitcoin stays the same then ether needs to be 8 500 and then we flip in btc i think bitcoin will be higher priced by the time that ether flippens bitcoin which means that the user price

will be of course even more higher uh so cool if you if you're 100 are you like certain that it happens this cycle do you think definitely not definitely not you're not you're not certain it happens this cycle well also we the last weekly rollup we talked about how this cycles moving forward is perhaps not really going to be a thing anymore and so moving forward maybe cycles aren't really even the correct measure of time i'm i'm i'm ready to see ether flipping bitcoin this cycle i think this cycle definitely has the potential to especially with how we are there's going to be more in this weekly rollup about this subject matter but institutions are more uh resonant i think or more find easier resonance with ether as an asset than bitcoin as an

asset for many many different reasons um and and it's really i think going to be an institutional big money that really determines the future of this industry when there's so much money that's not in crypto that is coming into crypto where that money goes determines where what the what assets are going to appreciate the most and i i think there's a very compelling case that is ether that is where a lot of this money lands we'll talk about that soon let's let's uh peek over at d5 land so total locked value in d5 65 billion or so that's uh that's also up on the week partially due to eath appreciation but also due to pickup in um in d5 in general it's just sucking in

blocked value same old story that has been the story every single week ether's price going up and more defy apps are locking up more ether and so locked in value locked in in d5 is outpacing ether appreciation so that's pretty cool yep let's talk about d5 as an asset class so the way we track this on the weekly rollup is through the d5 pulse index uh up on the week d5 has appreciated in value defy tokens have anyway on the week but um so 5 35 or so i think that's up from it was 500 last week and so we're up 35 dollars yeah but um the eth the dpi to ether ratio that is going down down great line

down straight line down uh we dipped below the 0.19 level it the east dpi level tried it looked like it it tried to hold point two but it just it did not hold it and so eth dpi continuing to bleed versus ether but but with the more money inside of ether the asset when market cap of ether go when the market cap of ether grows to me that is just like sidelined capital ready to flow into defy tokens ether first defy tokens later and so while we are seeing this slow bleed of defy tokens versus ether i think there's a and i said this on the last weekly roll up as well like there's room for like the the defy tokens to absolutely

explode um when ether finally takes a breather defy tokens can take their turn and when defy tokens take their turn i think it's going to be a quick move d5 summer v2 d5 summer v2 literally summer's around the corner all right david we're gonna get to releases after this but before we do we want to thank the sponsors that made this roll-up possible balancer is defy's most powerful automated market maker typical amms just have two tokens inside of one liquidity pool which can lead to fractured liquidity across the many pairs in devi with balancer you can access the full power of multiple tokens inside of one single amm which unlocks an entirely new playing field of possibility this makes balancer an awesome building block for so many

different use cases balancer pools can make asset indexes but instead of paying fees to portfolio managers balancer lets you collect fees from traders who use your portfolio for liquidity additionally bouncer smart pools can be programmed to have properties that change according to predetermined rules such as changing the swap fee based on market conditions or even liquidity bootstrapping pools which can help you launch and distribute your token with day one liquidity at bankless we used a liquidity bootstrapping pool to sell our bap t-shirts to much success balancer v2 brings powerful new features that makes your money work even harder for you in v2 idle tokens are capable of generating yield and defy without sacrificing liquidity in the pool to top things off balancer is reimbursing all gas costs with valve rewards meaning that all your

gas costs are returned to your wallet with the balancer governance token balancer's mission is to become the primary source of liquidity in d5 by providing the most flexible and powerful platform for asset management and decentralized exchange dive into the balancer pools at pools.balancer.exchange metamask is your go-to wallet for the bankless journey if you're going bankless you need metamask period browser and mobile get them both this is your tool to unlock the world of d5 here's my favorite part now you can swap tokens directly in metamask with a single swipe this has got to be the easiest way to trade ethereum tokens choose a token you own a token to exchange it with get your quotes if you like what you see you hit swap that's it what makes swap so useful is what

happens behind the scenes it compares dexes aggregators and market makers to find you the best price with the lowest network fees and the least slippage this means you can swap a wider range of tokens and swaps can even automatically split up your trade to give you access to better liquidity you don't even have to think about it try it out download metamask for desktop or mobile now at metamask.io and start swapping alright guys we are back with the hot releases on the week the first is this lending giant ave said to launch liquidity mining program that is the headline first of all lending giant ave that's that's awesome

it's it's it's crazy to me that you know a year and a half ago two years ago ave had basically nothing hundreds of thousands in total locked value and now it's being called a lending giant this is how quickly stuff moves but what is ave launching uh with their liquidity mining program david yeah so almost a year ago comp compound launched the comp liquidity mining where you can deposit assets into compound and receive comp tokens for those deposits you can also borrow assets from compound and also receive comp token for borrowing assets and you know better late than never but uh ave finally did the same thing and so if you deposit assets into ave and if you are borrowing assets from ave you receive an extra little bonus in ave

tokens um and so this is a live for ave on the l1 uh but not included in this announcement but still live and worth mentioning is that there's also liquidity mining uh rewards on the ave's implementation on matic and so ave carbon copied itself deployed it on matic and on polygon excuse me and is now giving out matic rewards for people doing the same borrowing and lending activity on the uh polygon sidechain and that's actually an activity that i am doing and so i am earning matic tokens by borrowing and lending on ave on polygon l2 and let me tell you the gas fees on matic are just an absolute treat uh transactions go through instantly and they cost me

basically nothing and so it is a nice how are those interest rates david and the interest rates are also fantastic um and so good place to be then yeah it's a good place to be that's my alpha league for this week i wasn't going to say that but i have a hard time keeping the alpha for myself you know what's crazy is um avi has grown so large without actually a liquidity mining program to this point in time i mean compound has had the advantage of incenting liquidity and incenting uh locked value since since the beginning of d5 summer ave hasn't had this the entire time it's grown as large as they do the question is what happens now that they actually have a liquidity incentive program are they going to grow even faster i mean it seems like that's the case yeah that

would imagine so um i i mean i also have uh some assets in ave on the base train and the ave trickle is pretty it's a trickle it's not a flood of ave on on polygon it's closer to something like a flood of of matic tokens i'll say that there's your alpha leak guys all right uh stocks are live on cuenta as well so quenta of course is an exchange uh put together by the synthetics protocol and now sponsorship list thank you synthetics thank you thanks guys uh also they are now you have the ability to trade uh stocks so synthetic versions of traditional stocks like they picked of course the most mimified

stocks tesla apple amazon netflix facebook google you can do this in a permissionless unstoppable way pretty cool have you tried this yet david no no i have not because i just don't really care about equities but synthetic equities on ethereum uh i are is closer to stuff that i care about and as soon as i think there's more composability with some of these assets i think they could be extremely compelling uh i think coin is undervalued that's a separate conversation uh coin has dumped i think 11 days uh nine out of the 11 days it's been live on the market and so you know i i would go and buy that if i had a normal brokerage but i don't but i do have an ethereum count and i could in theory go buy synthetic coin coinbase and so perhaps perhaps

yeah absolutely i um i think what hasn't seemed to happen yet is d5 having its gamestop you know gme moment wall street bets moment where all of the folks who are blocked from traditional brokerages come over and see unstoppable permissionless synthetic versions of these same assets in d5 i wonder if quentin could be the start of something like that yeah that's exactly right and that's what that's the same conversation that we had when we were we were going through the whole gamestop debacle is like hey like you you guys you guys now understand the value of decentralization you perhaps you're warming up to crypto come to us and come and be in our world and then if we when we talk to these people who are in the

wall street best communities like okay cool how do i buy how do i ape into gme like oh you can't you we don't have that but we have these other defy tokens and like well what the is a defy token like now this conversation is a lot easier also in the 2018-2019 bear market there was just perpetual conversations about like you know one day you'll be able to own you know apple on ethereum one day you'll be able to seem so sci-fi at the time so crazy sci-fi so far away and today it's here yeah it's crazy all right so gme folks wall street bets folks if you're listening drop your robin hood account come over to cuenta see what d5 is like all right let's talk nexus mutual so we we've had hugh carp on the bankless podcast a couple of times well

at least once and then he's also written some fantastic articles for us he of course is one of the founders behind nexus mutual and nexus mutual is growing they provide smart contract insurance so that if you are using defy and something goes wrong you can take out insurance against a smart contract hack it looks like they're growing david in which ways are they growing yeah they are offering more cover opportunity opportunities for uh different types of smart contracts risk so more contract more contracts on around the crypto space specifically not on ethereum is now being offered by nexus and i think that's really the cool thing here is not only is nexus mutual offering protection for smart contract risk on

ethereum they are also offering smart contract risks for things on binance smart chain which means that you can buy cover for your d gen activities on binance smart chain on ethereum uh and so ethereum is protecting other things that are not itself in the crypto world which i think is cool david i bet some of that contract insurance is going to be used on the binance smart chain there's a lot of there's a lot of interesting activity more in the take section i think uh in binance world hacks and that sort of thing let's get to this uh wiring released their quarterly report so this is their q1 a 2021 earnings report and you know what i'm struck by this is really like an analyst dream david like

this is um this is basically all of the reporting that you might find in typical quarterly publicly traded company financial statements uh and this is being produced by a decentralized autonomous organization or maybe joel minegra might call this a digital autonomous organization and they're throwing up some pretty fantastic numbers so we have a you know a table here that shows that q1 ebitda so that's earnings before interest tax depreciation so you know financial term eight million yeah tradify metric 4.8 million just what's interesting to me is like these truly are

capital assets uh it reminds me of our our conversation with our friend matt from um bitwise who's talking about hey look defy assets are not like the cryptocurrency assets of the past like bitcoin or even ether because they have cash flows associated with them so we could treat them like capital assets and wall street absolutely understands capital assets so here's a report for a crypto native defy capital asset that you can analyze just like a stock pretty fantastic yeah i'm perpetually like uh perplexed by the urine team because they have this kind of like we don't need to be taken seriously attitude we'll have

like waifus and and like anime and that'll be our brand and then meanwhile they're also producing like this fantastic in-depth uh you know tradify ready reports and quarterly reports and they don't even have to do this they're just doing it voluntarily probably as a marketing tool to add to illustrate their investability as a defy app the other cool thing is that they published this on github uh and so they didn't publish this on i don't know where else you would publish these things but they're publishing it on sec you file it with the sec oh yeah yeah no no need for that just post it on github uh which it was pretty cool uh and so yeah you're always just pioneering and doing a good job and

and this is actually the second quarterly report that they've ever released and so this is now becoming a theme i think they don't take themselves seriously but they definitely take their financials seriously which is they take profits yeah they take profit seriously they take yield seriously that's what you want in a protocol let's talk about this there's a balancer labs and gnosis team up they're coming out with some really interesting products one sort of a beta alpha version of that is is live that we can also talk about but what is this new balancer gnosis protocol partnership combining yeah so this is something that i think it's going to take a while for me to digest this is i think some really clever deep engineering that kind of goes over my

non-technical head but they have into in collaboration they've released this thing called cow swap which is a new decentralized exchange which uh i think operates with similar properties that we are used to as you would see from uniswap but they they are the backend architecture is a little different and so i think there is some sort of uh off chain relayer mechanism that we might um pull from zero zero x that uh helps with uh gas fees and also mitigating minor extractable value and so the the gas fees in theory i think are very low uh and i you pay for that gas fees instead of with ether but you pay for it as part of your your sale for your token so it comes out of what you receive back but also there is this

uh immunity that it has or this mitigation against minor extractable value don't i don't yet understand the mechanism behind this uh i think this is something that is going to take a while for the defy ecosystem to digest but the magnitude of gnosis balancer collaboration should not be under understated and that's really kind of the takeaway here is that um composable defy apps are doing composable things making brand new products that could not have been built without that that teamwork and so yeah always nice to see teamwork in d5 i think the through line here is it's kind of the best of both worlds so the gnosis protocol very much is about uh back batch auction style trades and not an automated market maker and so they're doing that i think as part of cal swap

but if the batch auction doesn't work then basically the trades get matched against a balancer pool or even a uniswap pool so the overflow um you know just goes there so you get kind of an all-in-one best of both worlds hybrid type experience so this is just like an alpha version but yeah i think the through line is uh it's a it's a blend of money protocols it's almost a synthesis of these things coming together to make an even better system david should we get to the news no because i want to say that the cow branding was actually the cow comes from coincidence of wants and so the cow theme was not just like arbitrarily picked however it is literally cow themed yes because this is crypto but

coincidence of wants is also the theme and is also a crypto concept david let's get to the news we gotta start with eip 1559 because we love it what is the date july 14th july 14th um is this set in stone or is this tentative it's still tentative but i guess everything is tentative until the day of yeah and you know when we had we when we had justin drake on his prediction was july 14th but things could happen this could slip to um august possibly september at the latest but it feels pretty secure pretty secure i'm gonna go like greater than 50 chance that it's july 14th so what are you going to be doing july 14th then probably doing a stream

probably with you what do you mean we're celebrating yeah we're definitely celebrating notification on that day david we're we're going to be celebrating the first burning event of oh and eip 1559. goosebumps just give me goosebumps sir tracy right all right well that's coming as we said it was uh get up to speed on our ultrasound money episode particularly the one this week with justin drake if you haven't listened to that we go through the the models of ultrasound money including how much eath is expected to be burnt and its implications on issuance really in depth episode there we've done three episodes with dress and drake and so if you have not watched three bankless episodes with justin drake you are behind you you really should because this stuff is going to hit hard and fast in crypto

and people are just starting to wrap their heads around it alright this is another one banks starting to wrap their heads around ethereum maybe this is the european investment bank issuing a two-year digital bond on ethereum through a number of european banks uh goldman santander among them of course so this is david using ethereum as a settlement layer for analog banking bonds not using uh private blockchains not using internal ledgers but actually using the ethereum network for some of this asset settlement pretty crazy that banks are now getting on board as well yeah so ethereum is being used as a credibly neutral asset settlement layer

uh through the internet oh weird it's weird but that's that that's how it's being used it's it's as it's as if it's been used as advertised weird yeah i mean the banks are going to have to come aboard uh this whole movement it looks like they're they're still kind of dabbling in it like um this is a big event because of the banks and the names listed it's a two-year digital bond but it's not like they have moved their entire business operations and bond issuance operations to ethereum yet so this is a step in that direction but i still feel like we're in the the the prototype alpha phase of all of this but it's happening man yep david this next one surprised me a bit i don't know if you were surprised but coinbase pro is launching tether so they're going to be supporting not only

uscc as a stable coin but they're also going to be supporting tether for some of their exchange pairs yeah really interesting design choice here because usdc coinbase has stake in usdc if usc grows coinbase has exposure to that and so you know usdt tether is kind of a competitor of coinbase interests now there is insane demand for usct especially from the eastern hemisphere of the world and so like profit maxi i guess if we accept tether then we can start generating fees based off of that but it's an interesting choice because tether is kind of like this black box that at least uscc is a little bit more

transparent but i guess you know at the end of the day tether finally kind of broke through its stigma of being a black box it's now that it's lindy is powerful it's now being accepted as coinbase so they started releasing audits right started releasing audits so kind of getting folded folded into uh into the fold if you will yeah it surprised me because i didn't think that usdc that coinbase thought it needed tether right so again probably the the profit maximalist of course you support more exchange pairs then you can charge you can get additional revenue through trading fees and that's good for your bottom line but it had always felt up to this point that um coinbase was instead trying to propagate usdc and

sort of downplay marginalize tether so this is uh definitely a big change i guess it's fine like i guess it's a good thing right um people should have the ability yeah people should have the ability to trade and use whatever stable coin asset that they want you could certainly do that in d5 so why not on coinbase as well yeah the other thing i don't get though is that going from usdc to usdt is trivially easy with applications like curve um yeah so if you want if you have usdt but you want to be on coinbase it's actually pretty trivial just to get usdc uh and so i think that there's more to this story and i think perhaps the story is unfolding and we'll find out more as things goes along we will monitor how that develops uh here's something else that was a

surprise to me metamask now surpri surpassing a five million monthly active users not long after becoming a bankless sponsor coincidence coincidence we have the best sponsors uh we really do and uh you know we're just fortunate to uh to be in the space early and to get these fantastic sponsors like but metamask this is not this is a measure that web 2 is very familiar with they they very much like you know monthly active users daily active users and now here's metamask basically the the wallet for d5 the primary d5 wallet that people are using today and it's rocketing past five million monthly active users david if you remember in the the coinbase um you

know sec reports they were doing like six million or so monthly active users so metamask now in the ballpark of coinbase as far as active users that's pretty insane growth that is pretty safe and look at that subtitle it says in the past six months metamask has grown 5x and is now used by more than five million users every month which means six months ago it was only one million so we've onboarded four million people that's in the last six months that's absolutely insane if we wanted to get a little bit more accurate it's probably actually five million devices i at least have two of those um i have two two devices with two metamasks but i'm a d5 power user right so the average person probably only has one

and the thing that also divides that is is some metamask usage might be from a large capital pool that represents uh an entire company or an entire dow so that could be like multiple people it's part of that again like a metamask account like an eth address can represent is is kind of like a bank account so it can represent more than one individual as well um the revenue here is pretty crazy behind this too so if you sort of add this up as tim schmidt does on twitter metamask is now making 400k per day in fees which is pretty incredible given it has for so long felt like a a public good of uh ethereum and of crypto that didn't

have a revenue generating mechanism well they turned it on and now it's crushing it in terms of revenue yeah this is a great example of a project that uh was birthed a birth out of uh you know joe lubin consensus and dan finley and all that hard work and gave something of incredible value for free to the community and it got adopted based off of the commitments to ethereum and and to ethereum users who needed to use ethereum uh and it just got it because it was free it got adopted and then they introduced the mask swap feature which is of course metamask is still free it's just the swap feature it metamask charges a small fee on and

because metamask proliferated itself into the ethereum ecosystem the that swap feature has become insanely lucrative for them uh and so absolutely well deserved tip of the hat to the metamask team and also congrats congrats to joe absolutely congrats to consensus uh david gas fees are down people might have noticed that at least on ethereum can can you explain why yeah for a number of different reasons we got this double whammy of both increasing the block size from 12 and a half million to 15 million which is a 20 increase and so per unit time ethereum can take 20 percent more transaction activity meanwhile we had flashbacks go live and so mev gas wars are actually

bypassing the mempool pool and have it happening off chain meanwhile layer twos are here like i said i've been playing around with the polygon ave implementation which means all of my transactional activity is not actually going to the main chain very often it's actually i've only made uh three transactions between the main chain and polygon meanwhile on polygon i've made like 40 transactions and so only out of those 40 transactions only three actually touch the l1 and and perhaps perhaps more reasons as well but i think those are those are the really the three big ones is we also saw dydx volume absolutely exploding and so l2s are definitely taking off david uh let's switch over to oh before we switch over to nfts let's talk about

this david ethereum is starting to hit the mainstream in small ways right now we're going to talk about more about that but he here's kind of a symbol of that this is uh ethereum it's being projected on cnn under the like right above the headline the future of finance one of the first times i've seen an image like this on cnn it has uh the ethereum ether ticker price uh going up of course green had a great week um seven percent up what does this mean does this mean that ethereum is finally escaping into the mainstream narrative or starting to yeah so this is an interview with uh joseph lubin so it's obviously ethereum themed but you know when when price goes

up it it grabs headlines and so if the fundamentals of ethereum if the price finally catches up with fundamentals then that will be headline grabbing the other interesting thing about this is that uh the other headline the other title here is that we see is crypto group signs up to climate accord they're talking about consensus consensus joins plan to make industry run on renewables by 2025. in a number of weekly roll-ups ago we talked about how uh the headwinds coming for proof-of-work blockchains are going to be extremely strong and we're already seeing that fight being fought and ethereum doesn't have to fight that fight because we're transferring to of proof-of-stake when bitcoiners when they're presented with like but bitcoin is environmentally unfriendly

they have to get into the trenches and they have to fight that fight when ethereum has to fight that fight we just say oh yeah we're transitioned to proof of stake and proof of stake is the most green thing that we can do um and so it's very much a different solution rather than fighting it's just like oh yeah we have a solution and we committed to this a long time ago and so also making its way into the mainstream narrative exactly these are the narratives that are escaping into mainstream um pretty crazy all right uh david eminem marshall mathers he is getting in the nft game what's welcome here welcome slim shady uh minted nfts on nifty gateway uh and so this this was an interesting way to cap supply where there was an open market where you could purchase these things for a fixed price and anyone

could purchase these things for a fixed price and then the timer ended and then no more can be minted and no more can be bought and so it looks like there were three things three nfcs that were made one sold for 675 units one sold for 940 units and the third sold for 753 units and now there shall be no more than those so if you got your hands on one of those uh congrats and if you didn't get your hands on one of those you have to go to somebody that already has one in order to buy one uh these nfts are like these little m m action figures uh in with with eminem just being dressed up in different ways uh and so i think it's pretty cool but uh you know congrats congrats to eminem uh welcome to the world of nfts

do you think he knows he's actually deploying this like he's doing this on ethereum do you think he has any notion of that or probably so i i think there's a representative taking care of this for him he feels very much though like nfts at least have reached mainstream so he probably knows the term nft at least all right david let's get to bitcoin news 10 years ago bitcoin creator satoshi nakamoto sent his final message and then he disappeared this was the 10th anniversary of satoshi's disappearance what is the significance of this yeah this is uh always going to be a subject of just crypto and bitcoin lore because people have dissected satoshi and his person and personality

and his messages to the nth degree and i don't think that that is stopping uh and so this is kind of a a very ceremonious time i think in the in the bitcoin realm where they really pay homage to satoshi and really do their best to interpret like quote unquote this sacred text of satoshi that he left on the internet what's in satoshi mean by this what is your interpretation of that and it's been 10 years since the founder of this whole entire industry that we we got his last message and so satoshi has been gone for 10 years now uh and so that's something i think that deserves respect it feels less like you're talking about an industry and more like you're talking about a religion and like the founder of religion the way you just described it it's like

is that what this is i think so do you i mean what do you think about satoshi leaving was that the best thing that could happen to bitcoin or do you think that was um like the wrong move do you think you should have stuck around longer to see to answer some some questions about bitcoin whether it's scalability or long-term issuance policy or something else no i think he wanted bitcoin to be in the hands of the people as soon as possible and bitcoin's design itself is much less hands-on than what we are familiar with on ethereum i think the opportunity for social for satoshi to leave should be taken as soon as possible and i think that's more or less what he did uh if bitcoin needed

to innovate in other ways i think satoshi said that they will thought to leave that to the people definitely a legendary figure and uh you know every every year bitcoiners are gonna celebrate this and i think crypto is going to to take notice um let's talk about tesla so tesla has recently purchased some bitcoin that made news this week they sold 18 of the bitcoin that they purchased so they sold off 272 million i think they made like 100 million dollars in profit which david surprisingly represented a decent portion of their quarterly profit so that was like a fourth or something of their quarterly profit actually came from a trade

it's funny to me that companies like tesla microstrategy others are now acting as almost like crypto traders uh they're they're definitely keeping like a fund aspect alive and whereas microstrategy's kind of just bought and hold tesla's actually trading some of this stuff i don't think it's actually them trading and so this actually that conversation uh got was very very big in bitcoin twitter uh this last week and so some bitcoiners feel very betrayed that you know or not satoshi elon would sell bitcoin how dare another religious figure another religion how dare elon sell bitcoin why he why he's just all he's doing is buying bitcoin and then pumping it and then selling it is this just another pump and

dump that that uh elon is doing i don't think that's what's going on i think there's a much more um intent intentful and purposeful move going on by tesla um i heard an analysis that it was actually a investor a protective move where uh tesla needed to make sure that they could both buy and sell bitcoin quickly and easily without with with ample liquidity uh and i i'm not privy to that those conversations but there was some sort of like uh it was a defensive move to protect against any sort of uh uh tesla like legal issues um so the follow i i'm sorry i can't articulate more of a coherent answer to this i i heard about

this from uh nlw's podcast the breakdown where he did a pretty good analyst uh job analyzing this and so uh the the tl dr is that like there's perhaps some sort of compliance or risk that tesla took on by buying bitcoin and they needed to quell that issue by also selling a little bit and prove that you know this bitcoin is liquid they can they can easily access the value in it and uh and things of this nature well i mean the big story is look it's only 18 they still have over a billion dollars worth of bitcoin on their balance sheet and um you know the fact that they're i guess buying and selling probably to me means they're they're more likely to buy more assets in the future um so yeah it's uh i you know i don't see it

as a betrayal i mean maybe maybe if they sold the entirety of it like that would be a different story in three months but it's only 18 that would be a pump and dump and if elon was going to pump and dump something it would definitely be doge not bitcoin he's currently doing that maybe he's doing that personally i don't know if he's um who knows how much doge elon has does he have any does he own any i don't know i doubt i wouldn't you don't think so i don't think so we'll never know all right uh jp morgan to let clients invest in a bitcoin fund for the first time more bitcoin news jp morgan always tends to get in on these things when they're hot during the bull runs and then forgets about crypto

during the bear runs and here they are coming back to you crypto giving access to a bitcoin fund for their large wealthy clients any thoughts on this yeah and if we do think that the time of cycles is over in crypto's mainstream now that means that perhaps bitcoin off a bitcoin offerings from jp morgan is also mainstream and also not going away i love that in every jp morgan article on crypto they always quote his 2017 um you know calling if you're stupid enough to buy it this is what he said in 2017 you'll pay the price for it one day they always somebody paid the price jamie diamond he was notorious for calling bitcoin a dangerous fraud in 2017 now here he is

opening up a bitcoin fund himself all right david let's get to the next company news i feel like most of this bitcoin news is is publicly traded companies actually doing something with bitcoin this is nexon which is a game maker in japan actually a really large company one of japan's largest companies they are 30 billion in market cap so microstrategy for reference is about a 6 billion dollar market cap company so nexon is you know 5x larger than microstrategy and they just allocated a small portion of their treasury but a rather large purchase 100 million into buying bitcoin what's the theme here yeah 100 million is not a small number

that puts them i think at number nine or number 10 of uh lar world's largest owners of bitcoin uh and so uh congratulations that's cool we're continuing to see publicly traded companies and just treasuries of all sizes allocate towards bitcoin so cool yeah you know the the block works group had a fantastic thread on this newsletter on this and the their um what they were expressing is is basically like many of these cfos and ceos and publicly traded companies are going to do this very trade because they're not interested in buying bonds these days and they're not interested in buying sovereign bonds from governments

because bonds are rewardless risk as as they put it as nexon put it in their financial report even junk bonds carry higher risk and were formerly known as high yield have become a source of rewardless risk so this is kind of late stage fiat credit cycle stuff where interest rates on bonds are really low but they're sort of rewardless like why buy a bond so what do you do with all of the cash on your balance sheet well you start to buy non-sovereign assets you start to buy assets like bitcoin maybe ether in the future too but for now it's mainly bitcoin so this is yet another company signing up for this arbitrage um just michael saylor was one of the first but

many are are coming to the same conclusion he has yeah and in stark contrast to rewardless risk bitcoin has done a fantastic job rewarding people who have taken risks on bitcoin uh especially michael saylor yeah absolutely um all right visa ceo says payments giant is moving into crypto in a very big way so we have moved into regulation and traditional finance section of our news visas keep saying they've got something really big coming you have to believe that they actually have something really big in crypto coming yeah any thoughts on what that might be david i can't i can only imagine it would be using public permissionless

blockchains to help improve their product we already saw them starting to settle uscc payments between some of the big crypto banks uh and if they are planning on moving in more into crypto in bigger and better ways than that i i literally have no idea what it could be but i'm excited for it stable coin-ish maybe um maybe their own stable coin maybe they adopt usdc i'm not sure where this could lead but they keep talking about it so something is definitely coming um david let's while we're on the subject of a fintech and and visa making statements like this so is paypal crypto cr this is the ceo of paypal uh dan schlumen cryptocurrency is the real deal he says in this article in time and

super apps are coming not sure what he means by super apps i haven't read this full article but cryptocurrency is the real deal they weren't saying this in 2017 this is completely new this is defy mullet stuff where you've got fintech now supporting um d5 rails and cryptocurrency rails maybe paypal's doing something big in this space too what do you think yeah good timing on paypal talking about how awesome crypto is right after ethereum flip into paypal in market cap you know if you can't beat them just join them in that case uh and there's definitely a lot of resonance with paypal and digital assets at large because paypal before it was paypal tried to be some sort of you know premature

a little bit too soon you know early internet money internet money right like it tried to do that and couldn't really do it because of all the the ways that centralization fails but there's definitely resonance uh between this company and digital assets and so i expect paypal to really be a pioneer in the space almost returning to its roots in other paypal news david coinbase is now allowing u.s users to buy crypto using paypal so it's not only an ach transfer if you have a paypal account and you also have an account on on coinbase then you can just purchase your uh your crypto assets on coinbase with paypal so some more cozying up of fintech to the crypto industry here yeah which is also interesting because uh last week venmo

rolled out uh crypto assets and so you can also buy bitcoin and ether and other crypto assets using paypal and so i wonder how how deep this partnership goes um is this even a partnership uh when when i buy ether on on uh venmo where is that ether actually coming from are they tapping into coinbase to be their exchange i don't know um i think some more details about this would be nice all right david we're gonna get to takes in just a minute but before we do let's thank the sponsors that made this episode possible bankless is proud to be supported by uniswap uniswap is a new paradigm in asset exchange infrastructure instead of a cumbersome order book system where trades are matched with other humans uniswap is an

autonomous piece of software on ethereum which is what ryan and i call a money robot no human counterparties or centralized intermediaries just autonomous code on ethereum input the token you want to sell and receive the token you want to buy something brand new in the uniswop ecosystem is the uniswap grants program is now accepting applications for grants we have been saying this for a while and we'll say it again dals have money and they are in need of labor if you think that you have something to contribute to the uni-swapped out apply for a grant to uniswap just look at the size of the uniswap treasury it's almost 3 billion this mountain of capital is looking for labor do you have something of value to contribute to the uniswap dow no matter

how big or small your idea is you can apply for a uni grant at unigrants.org and help steer unit swap in the direction that you think it should go that's exactly what we did to get uniswop to be a sponsor for bankless and you can do the same for your project thank you uniswap for sponsoring bankless gemini is the world's most trusted cryptocurrency exchange i've been a customer of gemiini since i first got into crypto in 2017 and it's been my main exchange of choice to make my crypto bison cells gemini is available in all 50 states and in over 50 countries worldwide and on gemini there are markets for over 30 various different crypto assets including many of the hot defy tokens and it's one of the few exchanges that has liquid die

markets gemini just launched their earn program where you can earn up to 7.4 percent interest on 26 various crypto assets if you're tired of paying fees in defy or you don't want to worry about defy exploits but you still want to earn interest on your crypto assets gemini iron is the product for you another product i'm stoked to get my hands on is the gemini crypto back credit card which gives you three percent cash back on all of your purchases but paid to you in your preferred crypto asset when i get my gemini credit card i'm going to make sure that i get my cash back in east so whenever i buy something i get a little bit of eth bonus back to me at the same time you can open up a free account in under three minutes at gemiini.com go bank list and if you trade more than

a hundred dollars within the first 30 days after sign up you'll be gifted a free 15 bitcoin bonus check them out at gemiini.com go bankless all right david it's time for the hot takes of the week let's start with a hot take that you had it seems like you're part of never sell gang what are you talking about in this tweet yeah never ever sell your eth at least i'm not recommending that but it is an option to you to take if you so choose it and so what i say in this tweet is that you could collateralize your ether and just borrow against it and because ether is ultrasound money while the us dollar is perpetually devalued by the money printer having ultrasound money as collateral and having your debt

denominated in something that is perpetually being devalued is an advantageous position to have and so you also don't have to pay taxes because you're not selling your ether you're just collateralizing it and so you collateralize your ether and perhaps we can even talk about our ether rocket pool ether which is staked ether so you can have upside to staking collateralize our ether borrow dollars against that meanwhile your ether appreciates and you also get more of it because it's in our ether form staked ether form meanwhile you borrow against it send that debt to send that borrowed dollars to your bank account ball out call it call it a life and then hopefully if everything goes according to plan this is where the risk comes in no there's no ever free lunch

your debt in theory just melts away because the dollar is being printed meanwhile your ether is appreciated because it's ultrasound money uh and so that is an option that i think could if you manage your risk appropriately and you don't get out over your ski tips you could be in the hashtag neversellgang so i'm adding two more hashtags to this hashtag not financial advice hashtag not tax advice consulting in theory hypothetical yeah so so uh never sell gang we we even ran an article about this on on on monday about many people who are just rather than selling their ether they just plan to stake it and use it as a productive asset so there are many ways to be kind

of never sell gang if that's what you choose to do it's also a viable path to create a cell plan and just have price targets and sell as you go up what you're talking about here david um i think it matches well with the alchemics yeah alchemics episode that we did earlier this week which was another way to sort of take out future yield against collateral that you already had i would like to remind people though of one thing so i saw some people take this strategy david when maker was first launched in 2017 and 2018. okay some of these were very bullish eth as you are as i am right now um they they took out maker cdp loans eth was about a thousand dollars or so

they thought no way it goes below 300 no way it goes below two hundred dollars david we got to eighty dollars in the price of the eth lost 95 of its value so the the risk that you were talking about towards the end is eth is heavily volatile um you know we may never see a 95 drop again but it's possible we could i saw some people get liquidated in uh 2018 who were pursuing a similar strategy but just didn't leave enough room so if you do this strategy i'm sure you would agree that it's it's all about your liquidation number because you are adding some risk to this you are adding

some some margin to this kind of thing if you choose to do it uh any thoughts on that yeah very very very true as well anytime you are borrowing against your collateral you have the risk of being liquidated and even if you have a very very very low liquidation price let's rewind back into uh december 2017 maker dow just went live ether is 1200 and you come in and you say i'm gonna be super safe i'm gonna make my liquidation level one hundred and fifty dollars eventually seems super safe seems super safe at the time and eventually ether got down to that price and if you didn't do anything between ether being twelve hundred dollars and ether being 150 dollars you get liquidated and you are forcibly selling the bottom right uh you

are forced to sell the bottom and so one way to manage this risk is that say say same scenario uh you collateralize your ether 150 liquidation price ether is 1200 but then ether gets cut to 600 and so you're still plenty safe and you have an opportunity to then unwind that leverage sell some collateral before and maybe you go from 150 down to 75 uh and so you do sell some collateral you are no longer in the never sell gang but you are managing your risk appropriately and if you did do that in that hypothetical scenario you would have never had to sell your ether at the low low price of 150 because you adequately manage your risk on the way down

and like you said ryan i don't really think we're ever going to see 90 drawdowns ever again kryptos mainstream but that's speculation so it's not not guaranteed um but i think as and and uh similarly maker dao was the only credit facility to really uh offer this opportunity now in ethereum we have many many many more credit facilities we have ava and compound we have uh liquidity lusd and we also have alchemics and so we have more tools at our disposable at our disposal to appropriately manage our risk and also still be able to really capture that juxtaposition which is really the through line of this tweet originally the through line of this tweet is that there's a massive

juxtaposition between ultrasound money and us dollar where it's advantageous to have ultrasound money as collateral while also having dollar denominated debt because the juxtaposition between those two assets couldn't be more clear and there's different defy apps that allow you to tap into the power of that juxtaposition that could be in your favor if you adequately manage risk yup absolutely all right let's get to the next take um i felt like this was reports week for ether david so yeah it had been i don't know all right 2018 2019 almost 20 20 20 almost no financial analysts wrote anything about ether as an asset no we were we were trying to do that

like we were trying to do that like many many reports came out about ethereum as a smart contract network and the potential these sorts of things but no one ever zoned in on ether as an asset if they did i remember reading some like um bearish reports from financial analysts about how they were going to short uh eth uh back back in those days but now we're getting reports on a weekly basis just last week we got three this is a almost like a re sort of an institutional report that was made by a a retail amateur investor which is incredibly comprehensive this whole report is about 78 pages or so we'll include it in the show notes from

a guy named squish chaos and he goes through basically a lot of the things that we've been saying about ultrasound money about the demand drivers about the the catalysts of the triple halvening we talked about this on the last week's roll up which is basically eip1559 and the merge that are coming up in the next nine to 12 months and how this will cause a 90 reduction in issuance talking about narrative adoption and david the price that this analyst is calling for is in the bear case 30k eath 30 to 50k eath and in the speculative fever like case 150k eath by january 2023 like

more bullish than we've ever been on bankless so this first report blew my mind i don't know if you were able to read uh any of it but it was absolutely uh it was well researched and well put together for sure yeah uh the the number of different reports coming out is awesome first off and like you said this was kind of a reiteration of some of the ultrasound money theses proof of stake merge reduce issuance burning issues blah blah blah it's important to have many different reports articulating similar things from different angles because you don't know what's going to catch on and what's not going to catch on and sometimes people just need things to be articulated differently for them to really resonate with things and so the fact that multiple reports are coming out about

ethereum all talking about similar through lines but in different roundabout ways really it's just catching ok it's casting the widest net to really capture some of those that investor mindset yeah so that was a report by an amateur analyst i would call them that's actually very sophisticated a report came out by a crypto fund called two prime and this was targeted at institutional investors we'll include the full a link to the full report in our show notes but here's a statement for you we believe that eth has earned a place alongside bitcoin as an institutional grade investment store of value and treasury reserve asset alongside bitcoin pretty crazy that's

the message getting out there to institutional investors from crypto funds this last report was actually put together by once again our friends at jpmorgan why is eth outperforming is the title of the report here's a quote from it bitcoin is more of a crypto commodity than currency competes with gold as a store of value while eth is the backbone of the crypto native economy i wouldn't fully agree with all of that but they got the last part right which is eth is the backbone of a fully crypto native economy so the narrative is seeping out through these reports at the the retail level at the institutional level and even among uh bankers who are issuing

these things yeah the parallel here between the dollar being the backbone of the world because of the how is the petrodollar right if you want to access energy gasoline you need to be using dollars that same uh metaphor is alive with with ether where if you want to do stuff in dfi you need ether and the ether is the backbone of the crypto native economy that's basically saying ether is the money for the internet ethan's money leaking out david there's no floor for eat supply i heard you say this on our podcast with justin drake i think there was a spur of the moment thing what do you mean by this tweet right so bitcoiners and supply cap maximalists will often critique ethereum as like

well there's no supply cap to ether so why would it ever be a store of value uh and while that's already not a very nuanced take like correct there is no supply cap to ether that doesn't mean that it's not extremely scarce when we have eip-1559 burning a bunch of ether and the proof-of-stake system not issuing very much ether in the case of a deflationary ether there is in similar ways that there is no ether supply cap there is also no ether supply floor we could in theory burn all of the ether just like in theory there's an infinite number of ether out there in theory there's also no floor to the ether supply so justin drake

modeled out the the case for ether supply going as low as 100 million units when we are currently at 115 million so what would it take to burn 15 million units to get the supply back down to 100 million and go watch that uh the the uh modeling ultrasound money video that we just did with justin drake but that he put a time frame on that of something like 15 to 20 years it's 20 years plus we could just go through the the fake floor of a hundred million the the the round number floor and just keep on going there is no ether supply floor yeah it it makes sense it's a counter narrative david i'm going to give this a re-tweet i like that why haven't you already well done sir i'm just seeing it now okay

just saying it now um david let's get to this last take this is about the binance chain exploit so there was an exploit i believe do you recall the name of the protocol that was actually exploited uh no here it is uh uranium finance oh almost like it's not important right uranium finance so there are many things that are popping up on finance smart chain these days this this one report stole 50 million in users fund so there's some sort of a back door or a way to access those funds uranium finance stole the 50 million on binance smart chain what's interesting about

this scenario i think david is it sort of starts to test the limits of decentralization of the base layer so i kind of think of this i kind of think of binance smart chain as almost like a centralized casino you could argue all of finance is a casino that ethereum is a casino too but binance chain is really a centralized casino there is a centralized operator so this was as if somebody uh you're the casino operator you put yourself in the position of cz someone stole money from your customers uh in your casino most the money is somewhere still in the building so you have the ability to go catch the people who did it and restore the funds you're the casino owner do you freeze the

stolen funds and return it to its rightful owners or do you do nothing and here's the catch right you have been telling everyone that you don't have the power to freeze the stolen funds that that binance chain is decentralized that it is defy uh and you've been pretending to to not have this ability so now what do you do you're caught in this like crop you know cross hairs of decision so i'm curious as to what binance does the the article in question uh talks about the um the victims of the hack talking to the binance security team about ways to remediate this i'm very much wondering how it gets worked out

maybe it gets worked out by you know binance gives them some of their funds back from an insurance maybe cz decides and binance chain decides to actually pursue the the hackers and freeze their funds and restore the the funds but this is kind of the the predicament that you're in when you actually have the ability as a chain operator to censor transactions freeze funds when it's actually a centralized system rather than a decentralized system any thoughts here yeah and the predicament to me is you're kind of damned if you do damned if you don't right because if you do if you do roll back the chain and restore funds then those users are happy um but the one of the reasons why defy is what

it is today is because no one is coming to save poorly constructed defy applications and so they need to be built right and so there's less of an urgency for applications on binance marching to really get things right if cz does decide to just roll back the chain and give people their money back which means defy on bonnie's on binance chain will always be like you know given protection by this this all-powerful you know overseer and they actually can't escape into their own responsibility and take responsibility for their own smart contractors themselves if they keep getting rescued by cz or cz does nothing and that's that's costly in of itself like well then why do we even bother with the centralization like what are we actually getting here

yeah and if he does nothing maybe this time you might not be able to get away with that if the amounts are say 500 million or if you get a notice from the authorities requiring you to restore the funds so yeah it's interesting to see all of this play out david let's move to what we are excited about this week i'm gonna ask you first what are you excited about my friend well the first uh really quick the first and foremost thing i'm excited about is eric connor increasing his price targets up from up from 2500 to five 15 and ninety dollars and so thank you eric connor for for becoming uh more bullish uh we finally got him ladies and gentlemen uh to rescind against his sins

of being overly bearish and now eric connor joins the clan of being ethos um my youth maxi side is coming out a little bit too much today um but the other much more reasonable thing i'm really excited for is the podcast coming out on monday this coming monday out of the bankless podcast and it is all about drawing the connections between the renaissance of the 1400s and perhaps the crypto renaissance that we have ahead of us making the claim that the crypto renaissance ahead of us is equal to or larger than in magnitude the renaissance that we experienced back in the 1400s in italy and the connections here are two very specific types of technologies

one communication and one financial in the 1400s we had invented double entry bookkeeping and also the uh the printing press and that allowed for freedom freedom of information and just fintech really just more financial tooling and that those two things really created art culture churn of value new ways to distribute wealth and that really created the cultural renaissance that we saw in the 1400s and when we make the claim that we are about to see that same effect again coming as a result of a crypto renaissance moving forward and it could be even bigger than the original renaissance due to how things just move faster these days really cool podcast yeah i can't wait to release that man it's uh i can't wait to listen to it is it is it edited it's

gonna listen to it that's the on the rest of my to-do list today i got it back from the editor this morning and so i'm going to slap some music on there and then put it out and we're going to have it for early release for the bankless listeners and so if you are a paid bankless listener you can go and listen to that right now awesome man that includes me i hope david yeah no oh my god are you not a paid user of bankless ryan i don't i'm not oh i'm not gonna make it after all this time all right ryan what are you excited about i'm excited about bill ford go forward what a guy bill ford is a 77 year old guy i don't know where he lives i've seen him active on crypto twitter he's an active member of the bankless

community and you know what bill ford is doing he's teaching himself defy david he's 77 years old he's learning metamask he's emailing us because he's trying to claim his his badge he was successfully able to claim his badge and he is learning he's asking fantastic questions uh and he's tweeting at us all of the time and it just kind of hit me like bankless is a movement for everybody defy is a movement for everybody if bill ford at 77 years old can figure this out like what's your excuse for not like spending some time and learning this anyone can learn crypto if you're 10 years old right you could start

pursuing a metamask account if you're like a 77 year old man a 77 year old woman wherever you are in the world you can start learning crypto you just have to take the time and apply yourself so um look bill ford can do it you can do it really excited to have a diverse community with us on the journey because this is a global movement for everybody yeah nice job bill ford but much respect to you and in getting into a defy it's not an easy task even for the internet native people and i wonder what it's like to to to be bill ford who is a member of the silent generation not the boomer generation when you and i are just on boomers left and right

here i wonder what he's listening to yeah what it was those boomers david and ryan's right those goddamn boomers i wonder what that's like rumors boomer elite right boomerang right david the people that that we don't like let's get to the meme of the week of the week um thankless meme you want to read this one out ryan yeah it's just a picture of you know those chain pens and the banks they have it's just a picture of a chained up pen that you might see at any retail bank that you enter it just says this this is how much the banks trust you they can't even trust you with a pen just chain the pen up chain the pad

that's it that's the tweet full stop that's the meme yeah nice this was a meme created by orion wow 3 000 likes holy hell wow nice job yeah i really i retweeted this uh this tweet and i said uh the banks would chain you up too if they could and that was my contribution nicely done um all right let's let's go to our runner-up meme because this is great too david do you want to explain this one yeah this is uh the never sell gang i mean for the never sell game it is uh the lord of the rings uh this is the return of the king where they're doing a flashback to uh elrond the the elf king talking to i can't remember his name the the human who's got the ring and he's dizzled or izzeldora right and he's about to throw the ring into the fire and just banish

evil from the land and he goes uh the elf guy goes take some profits sell it and again the guy goes no no i won't and of course the ring he's holding is actually ether the ether coin and so refusing to take his profits and refusing to sell however if you are receiving life-changing money as a result of this crypto revolution do consider taking that life-changing money and actually changing your life with it you don't necessarily have to hold on to paper games wait wait wait wait what happened to never sell gang david it's not never sell gang is not for everyone you need to uh you need to understand that that may or may not be your life you do not have to be in the never sell gang you can sell your ether it's okay um

i however am going to do my best to be in the never sell gang we are convex thinkers right as vitalik would say right so you could why not a blend approach just don't sell everything right maybe send a little sell a little bit definitely change your life a little bit yeah don't sell everything eth is turning into a productive asset global monetary asset before our eyes um as is bitcoin at least the the global monetary aspect of it david this has been a roll up we are in the fifth week of april what a year it has been so far guys of course thank you for joining us on the bankless journey none of what you heard was financial advice none of it was tax advice bitcoin is risky ethos too so is d5 you could lose what you put in

but this is the journey west and we're glad you're with us thanks for joining us on bankless hey we hope you enjoyed the video if you did head over to bankless hq right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence we recommend joining our daily newsletter podcast and community as a bankless premium subscriber to get the most out of your bank list experience you'll get access to our market analysis our alpha leaks and exclusive content and even the bankless token for airdrops raffles and unlocks if you're interested in crypto the bankless community is where you want to be click the link in the description to become a bankless premium subscriber

today also don't forget to subscribe to the channel for in-depth interviews with industry leaders ask me anythings and weekly rollups where we summarize the week in crypto and other fantastic content thanks everyone for watching and being on the journey as we build out the bankless nation