ROLLUP: ConstitutionDAO | Tarantino NFT Sued | Beeple & Jimmy Fallon | FEI RARI

Transcript

[Music] thankless nation happy third week of november david what time is it it's the friday bankless weekly roll-up time the time where we try and roll up an entire week of crypto which is always an ambitious endeavor but we have fun doing it regardless ryan are you ready to roll up the week i'm ready man hey i like your shirt by the way david it looks like we're doing the the red black combo yep red black shirt totally yeah wait is that a full spider-man uniform do you have the pants no no no wait a second peter parker yeah people always tell me i look like um uh toby maguire so i'm just running taking that and running with it the original spider-man toby mcguire yes what's your favorite spider-man by the

way oh peter parker excuse me excuse me toby mcguire toby toby mcguire i look like him that's what people tell me of course he's my favorite new guy is really good what's his name um oh yeah yeah why can't i think of his name it's really good to you i know who you're talking about but i don't know his name yeah all right all right sean adams so toby mcguire we've got some main events to cover this week one is constitution dao david adao is buying the us constitution what's up with that we gotta cover that also adidas is issuing nfts now a poet badge uh jimmy fallon just bought a board ape or so i mean so i'm told and crypto.com bought entire no they didn't buy it i think they put their name on an entire arena which seems to be the trend among crypto banks

so guys we are going to cover all of those things going to be a hot week in crypto as it always is david we should talk about permissionless because i believe new tickets just went on sale you recall every two weeks new tickets go on sale they're issued they get a little bit more expensive every time so you want to get in early this is going to be the i think conference event defy conference event of uh 2022 and i said d5 it's not just d5 it's it's the metaverse as well it's you know regulation defy like we're covering it all if you are bankless listener if you're a bankless member i should say premium member you get a discount on the subscription it's a 20 discount we'll include a link in the show notes to that david are you excited about this conference i know you've been going to a

lot of conference conferences lately but what's what's special about this one oh yeah no all of these conferences that i'm going to are just practice for going to permissionless in may i'm like working my way up to it right yeah so yeah permission list in may in miami or yeah in south beach miami uh excuse me palm beach in in florida oh my oh florida's the same uh it's gonna be a ton of fun i'm really looking forward to the party that we're throwing we still have to get that ball rolling with planning that thing uh may is going to come around quick so you got to get your tickets because you got to come me and ryan are uh unless we find some reason to meet beforehand this will be where me and ryan shake hands so if you want to watch that like yeah i might come to youth

denver but but maybe this will be the one okay we'll see we'll see uh anyway it'll be historic certainly biggest d5 conference of the year david let's also talk about this we are doing a new office hours this is for bankless premium members first one starts today as you're listening to this on friday so we're going to be hanging out in the inner circle discord and answering questions uh kind of ask me anything style and a whole bunch of bankless members have been already asking questions and these are pretty tricky dude like uh like this is not the 101 level questions right these are like you know 300's level 400's level some of them i'm curious like somebody asked uh what our bags are yeah i want to hear what your bags are david hoffman i think that that's gonna be the theme of this ama is like really

technical hard questions that i'm actually gonna have to do my homework on and then what are my bags that's gonna be the two types of questions that we see yeah that'll be really fun though uh the last thing we gotta mention is our friends at opolis are doing something super cool david tell them what opolis is while i click the link here yeah opolis is dao infrastructure by a doubt so we always talk about how you can go work for dallas nowadays just hop into the discord start contributing one of the unsolved problems with living a dow life is things like health care benefits or all the other benefits that you would get at a typical centralized company well opolis is a co-op a co-op dao of sorts that is providing all of these the same basic employment services for

people that work for dao's so you can get health care payroll services all through opolis and just like all the other dows if you use opolis you become an owner in opulus and so if you actually sign up before the end of the year and choose to get your payroll paid by opolis you get a 1 000 work token that's the token for opolis bonus along with a thousand bank tokens as well so if you want to sign up with opolis there's a link in the show notes where you can chat with a membership steward today and get some of your typical web to legacy infrastructure working for you in web3 guys this is really cool the future of work is the self-sovereign worker basically and this is what opolis allows also david i didn't know this but on the

payroll you can get paid in crypto wanna get paid in eth yes you know some well you can with opolis so really cool that they are providing this so make sure you check that out bankless listeners all right david you ready for markets time let's talk about ping bitcoin still on the top but it's been a sad week for bitcoin we are down what how much are we down yeah recording david yeah we had some some good weeks leading up to this one so it's no surprise that we had a bit of a pullback we started this week at 60 000 uh hit a high of sixty six thousand dollars but currently are at fifty seven thousand dollars and eight hundred uh so down about eleven percent on the week so yeah eleven percent that's a not a small number

sad music playing right now is it saying a similar story yeah yeah start of the week at 42 000 hit a high of 4 800 and is currently clocking in at just above 4 000 we were very briefly below four thousand dollars about an hour ago before we started recording right now we're at four thousand and fifty six dollars overall down thirteen and a half percent on the week allow me sir to zoom out may i zoom out right uh please do please do let's look at it on the monthly we're up on the monthly we're up a little bit on the monthly so we started the month at uh 3 800 still up on the monthly so you know if if you told us we would be about here a month from now that would be okay

let's take a look at the three month time period so i guess we're up on the three month remember all crab season all summer we were basically in into like i guess uh into uh september we were kind of hanging in this 3k range you know and under 3k felt a little bit like sad a little bit bearish we were just hugging this 3k line now we're at 4k so i mean still like we got a lot to be thankful for going into the thanksgiving holidays two weeks ago people were just like please give me 4k please give me 4k then we go up to 4 800 and now we're back down to 4k and people like oh i'm so bearish yeah it's like this the year to date graph that you have up

right now like it's pretty choppy but there is a very clear up and to the right trend for the entire last 12 months right and so again just short term chop and i think if you want the big picture story we had ben cohen cowan on our podcast on tuesday of this week and um he kind of you know he's the chart expert he's the cryptographer as he said he charts this out far into the future so if you're looking to get a hold of where we are in the cycle the fourth cycle make sure you check out that episode as well yeah that's really fun episode two of course let's talk about the eath bitcoin uh ratio because that's something we talked about with ben as well uh where are we right now uh marginally down on the week i believe last week we're at point zero seven two

we are clocking in at point zero seven so just down john smidge on the week down a smidge on the week not a big story there but we continue to monitor that uh d5 paul uh d5 pulse is telling us total locked value in d5 is still above 100 billion dollars not bad for sort of a bearish week we're at 106 billion anything else you want to say about that yeah maker continuing to have that dominance as the number one uh most locked uh defy app uh clocking at 16.7 percent of all value locked in d5 yeah that's pretty cool uh d5 pulse index so this is a list of your defy tokens so looks like defy took a big tumble it looks like a big ooh frying that's is that down 18

almost 19 yeah start of the week about 420 dollars nice uh now is at 320 down a hundred dollars yeah almost 20 on the week what happened to d5 i guess you know what it's still if you zoom out on the month it's about the same as it was a month ago it's just because we thought we were going back into a d5 season momentarily and then this week told us otherwise absolutely yeah yeah big rug by the defy tokens this last month like big big up then followed by big down sad story for defy tokens lately but this tells the saddest story of them all david you know this you know this graph very well you know what's coming at this point in the show you try to strip it out of the agenda i put it back in sir you don't really do that it's okay this

is uh ryan's talking about of course the dpi over ether the dpi ratio which over the last november it's been flat uh so that that point zero eight is the new floor um well we don't know how strong that floor is the last time i talked about the floor i was wrong about that uh but yeah so it's it's been flat for november clocking in at 0.08 a little bit down on the week wow it's it's down just like we know we know it's down you know it just keeps going down uh let's talk about the bed though so this is our combo of a third bitcoin a third eth and a third uh dpi so what is this showing us this week it's town yeah it's down it is down yeah down it start

of the week at 200 clocking in currently at 160 down 16 on the week yup sadness sad music playing down down down but let's look at the happier side of things david one contract that is open seat just clocked in 100k eath that it has burnt you know we monitor the amount of youth being burnt on kind of a weekly monthly basis this is one single application on top of ethereum of course like the most the largest nft application to date and that application alone open c has burned over a hundred thousand eth supply pretty insane to see these numbers yeah and it's crazy that's just one application granted if you add in

uniswap v2 and v3 you actually get uh a hundred and eight thousand eath burned if you combine those two things um but again the point is one single contract burned over a hundred thousand each which is just crazy i think it's interesting to look at this leaderboard by apps right over the the full time span so what what are the big product market fits for ethereum today right well the first is nfts you see that in openc um this you know the second is uniswap as you mentioned that's maybe even greater than open suite so we're doing nfts we're doing a lot of trading uh the third is actually eth trans transfers so we're sending eth back and forth to one another eth the pristine collateral the uh the native currency of ethereum the money of the ethereum

economy is actually burning a lot of eth itself and then the uh the fourth is a staple coin is tether i think this shows us like if you want to encapsulate what are the product market fit use cases for uh crypto to date it's like nfts d5 predominantly trading uh eth transfers each payments and stable coins that kind of sums it up so it makes sense that we'd see those applications here actually i'm not sure uh i'm gonna be uh offer a counterpoint because i actually don't think that that is the perfect proxy for showing product market fit because uh collateralized borrowing and lending is a huge product that defy offers that clearly has demand and that's actually something that doesn't burn a lot of eth by the nature of what it is because it doesn't

just doesn't require a lot of transactions right so you lock up a bunch of eth one time you borrow like uscc or die one time and then you go and do stuff but like that's a huge use case there's a lot of value like imagine how much tvl is in defy over 100 billion dollars but that doesn't necessarily actually create the incentive to make transactions on ethereum in the way that trading and payments do uh payment trading and payments is just simply things that happen in very large quantities on a reoccurring basis and therefore burns a lot of eth yeah that's a great point david i guess it doesn't cover everything certainly it doesn't cover all of those uh total locked value collateral type use cases in this metric um let's also talk about this this why don't you read out this tweet it's

another crazy metric that we don't often talk about yeah for the listeners there's a graph here and the tweet says crazy metric that i haven't heard anyone talk about eip1559 has now burned more tokens than ethereum miners currently hold miners generally hold the assets that they are mining because they generally believe in the things that they're mining rather than just being pure profit um but as you can see the amount of community ether being burnt is just like skyrocketing in relation to actual miners being holding on to ether uh and so it's just kind of a cool comparison cool metric um this is it feels like forced huddling by the network itself right like all that orange amount of ether being burnt is like ether ethereum itself the protocol putting ether in the

piggy bank for a rainy day right and this is really what eip1559 is it's it's locking in revenue so that it makes ether more scarce so that when it becomes time to actually subsidize security um we actually have like reserves to actually subsidize security for of course this also means gas fees continue to go up so average gas fees i believe like the month of october and into november were like higher than they ever have been so people transacting on mainnet or feeling the scree the squeeze for sure and that's why hopefully layer two uh is coming and i you know i believe it's coming we're seeing it coming but um hopefully it gets here quickly we have some layer two things to talk about so we will dive into that subject later well let's talk about

when's the best time actually to do an ethereum transaction on mainnet yeah this is a fantastic fun little fun little fun fact which are my favorite kind of facts uh this is uh mark andre dumas who i believe still works at maker dow a really big data guy and he says ethereum base fee which is the gas price is on average eight percent higher at the top of the hour so you should schedule your transactions accordingly meaning that the last 10 minutes of an hour uh like you know 250 to 259 is actually there's eight percent uh lower gas fees on average and if you want to click that little uh that image ryan you can you can see that the data here apparently there's just a surge in demand in the first like 15 to 20 minutes that tapers off for the rest

of the hours so that's an interesting little tidbit people have their transactions scheduled for the top of the hour for some reason that's kind of weird huh yeah i wonder why that happens uh but you know what i read this report this week that was you know bitcoin stock to flow uh model that um has been quite popular in terms of predicting bitcoin's price somebody actually put together a flows based price projection for ethereum which is super interesting and this is the graph they came up with this is flows based on a price model with and without eip-1559 so the without eip-1559 is shaded in this red portion the with eip 1559 is shaded in this blue portion and

then they went in so far as to estimate what this looks like kind of like a long-term theoretical price model on a on a flows based calculation post the merge so when issuance on the proof of work chain goes away drops from like four four to quarter percent all the way to zero and all we have is issuance on um the proof of stake chain which is like also of course um you have to subtract the ip1559 and the feed burn for that what's this going to look like and the model tries to produce predict pricing and it predicts pricing as of like july let's say the merge happens in july of next year which might be about right right it feels like maybe not too conservative it feels probably

about right anyway price for july 2022 uh should be oscillating around 65 000 eth at that point in time and this again is if you just use a a stock to flow kind of you know theoretical pricing model which it takes into account all of the new supply that is getting injected into the market you kind of model that out so what's super interesting to me david is just this is still another is yet another indication that it's not priced in okay like the merge proof of stake everything that's happening on ethereum i still feel like whether we're at four thousand eight

three thousand eight five thousand eight eight thousand eight ten thousand each maybe it's still not priced in i mean like you guys can read this uh read this report for yourself and see what you think there's some other interesting graphics from it as well including this one which is actually uh one of my favorite most bullish charts for for going bankless this is the amount of ether on exchanges and over the last 16 months there's been a 36 decrease on ether of ether on centralized exchanges and it's going somewhere it's going to staking contracts going in smart contracts uh going in you know d5 protocols is going off of exchanges and that is a good thing for for bank list so i don't know

what's your take do you think this stuff is priced in or or are we like i mean why why isn't the market reacting to this because you know somebody told me the other day hey ryan none of this is secret information right what you guys are saying like people know that the merge is happening people know that there's this supply shock i mean it's not just bankless saying this now it's it's others who are saying it it's it's a well-known public fact has the market priced this in yet or not um oh i don't think what the market has ever priced anything about ethereum in like what ethereum is it's so hard to like completely understand and like yeah a lot of people are talking about like the whole modular blockchain how ethereum over its time will ultimately become a platform that sells its space to other

blockchains not to other humans or individuals or funds or whatever uh and like that's the most sustainable form of revenue of all time when you're like other blockchains are your primary clients um and like maybe people look at that 65 000 ether price and they just scoff and like that's too ridiculous that's too crazy why are you in crypto in the first place if that's what you think this is what our industry is like you know crypto yeah like have you been here how long have you been here exactly we're here for the craziness right uh and so the craziness is commonplace i mean it would be it would be crazier to expect not crazy things yes that is true this is absolutely true and like the humans are not very good at understanding or

thinking in exponentials um and so like you it it takes some time to wrap wrap your head around oh this isn't a 2x game this is a 10x game right uh and this isn't happening over a decade this is happening over like one to three years uh and so like when i see the sixty five thousand dollar eighth price tag i'll be shocked just like the next person just because it's a shocking number but like it's also kind of expected well and this this model specifically is kind of interesting because it's just based on issuance right it's based on you hold demand constant and then you decrease issuance by the amount it's about to decrease and you model that out and you see what happens and this is what happens right so like unless demand spikes all the way down this is kind of going to be

what what happens guys like i i don't know i mean i guess we'll have to see nothing is certain but it does feel very underpriced to me but david let's let's go back back down memory lane we were talking about previous markets and and previous runs uh bertie nomnom.eve put together like apparently this person has been taking a screenshot of coinmarketcap.com for the past like five or six years and putting them together and what's super interesting here's november 2016. look at look at the market caps here that's crazy let me read some of this out bitcoin 12 billion dollars in market cap only 12 billion dollars what is it now it's well

over a trillion right yeah it's well over trillion yeah an individual bitcoin clocking in at 747 ether nine dollars and 53 cents this is 2016 what were you doing in 2016 at this time uh working in social services really yeah this is like and then okay ripple clocking into number three and then monero ethereum classic dash auger nem made safe coin okay which ones are still left standing i guess litecoin is litecoin even in the top ten it's not in the top ten no i think it's we had a crazy year in 2017. look at the the market cap increase uh 124 billion dollars for bitcoin

ethereum number two and then bitcoin cash number three yeah we still have ripple there still litecoins do you remember dash do you remember iota 2017. we'll run monero's still there neo nem like what are these things do they even exist anymore no idea neo is like the um the ethereum of china yeah the ethereum of china like forgetting that like these are based on the internet not domiciled in countries do you remember iota 2017 do you remember um something called a dag yeah i i i the dag trade was one of my biggest trade i was i made my first big trade on iota and i rotated that right into brave blocks and those were my two big wins of 2017. i remember

ray blocks right obviously yeah that is memory now brandon has nano yeah dash was the interesting privacy coin at the time it was masternodes and privacy coins and that was like the future um none of those things are are now a big deal but here's uh 2018 very sad you know 2018 was in the depths here look at 2018 chart it's bitcoin first not ethereum second ripple number two that bull came in second for a brief moment in time yeah and in hindsight like that was like a great bottom signal then stellar yeah then still bitcoin cash and then eos our friend eos jumping on the scene litecoin tether cardano making an appearance monero we got 2019 cardano still in the currently in the

same state that it was all the way back then really yeah are you talking about from a developer perspective david are you talking about from a position perspective developer like the state of the blockchain hasn't changed since since like 2017 or whatever bitcoin ethereum xrp this is uh this is 2019. here is uh 2020. bitcoin ethereum tether finally some changes yeah chain link makes it up there polka dot makes it up there but other than that still kind of the same thing and then here we are now here we are just last week um bitcoin number one ethereum number two binance coin first time it's making an appearance tether still on there of course solana first time at number five making an appearance cardano still hanging out there

xrp goes from number number two three years ago uh four years ago no three years ago all the way down to number seven but still in the top ten so crazily in the top ten yeah polka dot then we have usdc which makes uh sense and then dogecoin you know it's weird it's weird to see dogecoin in the top ten like why is a meme in the top ten but then if you look back at all the other years that we just look back on like oh okay like i guess by comparison like dogecoin is welcome to be in the top ten so what are the takeaways from this okay it's like one of my takeaways is just like um look at the things that have stayed the same and look at the things that have changed um the things that have stayed the same are bitcoin ethereum

like decentralization number two right the most decentralized money protocols still holding the number one and number two slots i feel like under that it's like it's like bitcoin it's churn ether and all the narratives right like all the narrative friends that you bring along with you every single like bull or bust cycle xrp is the banking coin like uh cardano i don't know what the narrative is has a partnership with africa like stuff like that i mean you could make the argument instead of eos we have solana some people might say that right it's like i realize solana solana is different than eos it's kind of a different thing but it's a similar narrative it feels the same niche it feels the same it's a similar

narrative uh cardano's still there it's just just hanging on by the pure willpower of charles hodgson i guess uh polka dot another kind of eath killer but like we've seen many of these narratives play out in previous cycles just the uh the players tend to change but the things that that stay the same are like bitcoin and ethereum uh any other lessons from this for us uh i'm looking forward to what this looks like in 2022 yeah that's the that's the one that's hardest to predict of course uh metamask doing big things they i just hit 21 million i believe monthly active users or 21 million sorry metamask users total which is absolutely insane and that that is monthly active

users uh so congrats to metamask for that and the 21 as in 21 million bitcoins they kind of just made a show out of the 21 million ah that's why that's why i was talking about anyway yeah okay that makes sense what's this david this is hayden adams talking about a new pool yeah so this is pretty cool you know what v3 uh launched with three fee tiers one percent point three percent and point one percent i think and then uniswap governance actually added in a fourth feet here of point zero one percent which is specifically meant for the most stablest of stable coins right uh and so the point zero one percent usdc to usdt pool is currently doing a hundred million dollars in volume on only 15 million dollars worth of stablecoin

lockup which is absolutely crazy just the capital efficiency there is absolutely insane uh and this is this is in my mind stable coins the fees for stable coin swaps just being collapsed to zero it was basically going to be free to swap stable coins uh point zero one percent is basically nothing uh and it's gone from i think if you scroll down ryan and i think this was a quote tweet uh maybe it wasn't uh this went from the the stable coin trading pairs on one inch which is a dex aggregator it went from like i think ten percent uniswap dominated volume and then probably the other the other dominant volume was curve and i think it went up to something like 95 percent unit swap volume so like this after this move after that after the adoption of this point zero

one percent fee tier stable coin pool so unit swap starting to start starting to like corner the stablecoin swapping market what's interesting here though is like does this worry you if you're a uni holder right because that's less fees that you can potentially uh extract through through your governance token right um it's like it's more it's more volume it's way more volume so yes it's it's one tenth the fees but i i think it's roughly 10 times the volume interesting so you kind of the argument is you make it up in volume there and i guess that the big thing here is like how can other exchanges maybe more centralized exchanges compete with those kind of margins right unit swap can do that because it's a protocol that's

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dot f-i follow alcamix on twitter at alcomixfi and join the discord to keep up to date with alchemix v2 and to get involved in governance all right guys we are back with the releases of the week the first is this polygon continuing to add solutions to its network just added polygon midden midden is a stark-based evm compatible roll-up it's really cool so you might have heard the term zk roll up that's effectively what this is and it's general purpose so it's evm compatible polygon is adding that to its its arsenal it's like tool kit of uh different solutions along with we've talked about polygon uh nightfall of course it has this proof of stake chain

right now uh hermes is another zk type of solution it's just added this midan apparently is like open source as well so um it's from a former facebook zk researcher who led the development of of winterfell which is a facebook project uh and what's cool about this david is i feel like polygon has long committed to being more than like just side chain technology and now it's in moving into kind of a roll-up uh sort of design and now it's definitively moving in that direction in big ways i love to see this yeah polygon proving to just be an absolute gargantuan in this space kind of gobbling up every single uh you know scaling startup that that they can buy

um so just absolutely crushing it on the bd front yeah and uh we'll have to find out a bit more about this uh this midan solution compared to like um you know the matter lab ck sink and also what starkwear is cooking up because as of now i don't really know the similarities or differences but that's going to be content that you're going to find on bankless in the future for sure vitalik buterin said good things about it as well which is nice to see uh david argent smart contract browser or smart contract wallet i should say looks like they are investing in zk roll ups as well what's what's uh happening here yeah we talked about this i think last week or the week before but argent and working on a uh their own their own version of their their smart

contract wallet but putting it on uh the stark net the zk sync uh which i think is just like the right place to put argent interestingly in this tweet arjun says coming to a browser near you very soon which is different because they're historically only in a mobile app so having a browser-based argument is interesting that makes actually a ton of sense because i mean i do all of my d5 stuff on a browser i don't know about you doing on a phone sounds really really cumbersome so cool excited to see this coming out argent yeah absolutely they've been they've been our just been kind of quiet quietly building for a while so i'm excited for the next release from them i think it's gonna be big um metamask and ledger are working together seamlessly again that is good news right on on chrome in particular i

believe so what do you have to do update metamask the latest version update your legendary firmware which is kind of a pain but you have to do that from time to time anyway and what do you get in return a smoother signing flow so right now like ledger and metamask is pretty clunky if you're using clone chrome uh and not only did they announce this fix which is great for that problem um but they also announced a partnership between metamask and ledger so that they're going to be cooperating more and collaborating more to make sure this sort of thing doesn't happen again and that they continue to improve the user experience because it's just kind of like you're using both right you're not just using one or the other

you can't just use ledger to do all your d5 stuff and you don't necessarily just want to use metamask you need both so it makes a lot of sense that these two companies are talking to to figure out how to make it work more seamlessly yep i agree happy to see it what's this david another wallet yeah brave wallet a browser native crypto wallet with no extension required so on the other side of things brave is building out basically their own version of metamask brave is for those that don't know a privacy focused browser um very very par big part of the the crypto story i think because it's kind of using crypto ethos but not in a way that is crypto currency right it's just a brave browser they do have the bat token integrated for ad payments but um kind

of like a self-sovereign browser uh and now they have their own native uh brave wallet inside of the brave app uh so brave in addition to having this like privacyfirst user first browser uh are also putting you know defy and crypto native infrastructure right into the browser itself better wallet options are like one of the biggest user experience um things that we can do for crypto at this point in time so it's great to see more more entrants in the space david a really cool report just came out why don't you talk about this for a minute yeah this is the bitwise d5 report uh and so they bitwise uh again the the company that is funneling what is called boomer funneling boomer money into our defy assets they are set up a bunch of trusts they have their defy index their eth

index polygon index uh for people that for that want to gain access to crypto exposure but want to do it from the comfort of their own brokerage they released a decentralized finance a primer for professional investors so this is i've read this it's about nine pages long perfect length not too short not too long and just really is a very hard-hitting analysis about defy and so if you have a friend a family member who wears a tie this is this is the report to send them this is the report you send to people who wear ties serious people who wear ties they're very serious who take their jobs very very seriously and they they put on a suit and tie every single day when they go to work and talk about money in finance if that if you know somebody

like that this is the report to send to them because this is the language that they speak this is in a format that they're comfortable with uh this isn't some guy in a spider-man t-shirt on a youtube shirt telling you about defy this is people that can speak the same language so this is a fantastic report for your for yourself read it yourself uh because they they just unpack d5 very very well and then send it to your friends and family especially when it comes to thanksgiving dinner time yeah start here they'll make their way to bankless eventually but like it's it's a weaning process all right it gets it gets it takes some time to use the spiderman costumes in the hoodies uh let's talk about this too uh the rug just came out with a a new addition what is the rug david yeah in stark contrast

to what we were just talking about a professional v5 report the rug is a product out of bankless dow so think of the onion plus defy the onion plus crypto so some of these headlines in here are just absolutely hilarious i'll read some of these out uh the museum of modern art announces closure following total loss in a right-click save as attack i thought that was pretty funny on the left there's a couple quick headlines u.s regulators drop lawsu after celsius changes its name to fahrenheit um top 10 seed phrases of all time uh it's just a it's a nice i think this is going to come out weekly i think i don't know how often they plan on doing this but basically just like a fake fake newspaper that is just a bunch of satirical headlines and you know

bankless doubt putting putting the funny into crypto which is very needed what i think is cool in addition to this content is they're actually like selling these so like there's 69 copies of these things uh the first edition yeah and uh they all sold out yeah so it's like your traditional newspaper and it's only like the the home page you're buying it as kind of a memento um as a collectible but it's it's kind of cool that people are uh are into this idea and uh are funding it by purchasing these subscriptions so i think the next one might come out in december david this is right like it looks like november 2021 these are these monthly fantastic no i'm looking forward to all of these yeah so if you if you i think there's a twitter account yeah there's a twitter account

so the rug news you can go follow the rug news on twitter and if you just think of like your shower thoughts having a shower think of a funny headline just tweet it at the right admit it yeah maybe like all it takes is you to have a funny idea a funny satirical idea you just need a headline right and so uh just tweet out the rug news on twitter that's awesome uh let's get to raises david the big one of the week consensus just closed 200 million dollars they're raising at a 3.2 billion valuation consensus of course uh a startup from joe lubin's no longer startups large company creators of metamask many other things in the ethereum ecosystem and this is a pretty big race for them so uh yeah congrats on that any any comments here yeah consensus uh very

famously uh we kind of joke about this and with the ethereum people but like consensus was kind of like the cause the ether bear market because they kept on having to dump all this ether to pay for payroll uh and so there were there were dark times at consensus there were people getting laid off and cut all the time and now and consensus made it through the winter uh and they're now raising 200 million dollars at a 3.2 billion dollar valuation so congrats to joe lubin and everyone that made it through uh that was a rough gamut the bear market was not friendly um and but again like turn figured out how to turn a profit uh not just with metamask but with a number of other products as well so extremely well deserved i'm glad you guys made it through it's funny it's not

too long ago either that was like two years ago and all that stuff was going on now here we are with a 200 million dollar raise right um going from from dumping like 50 million dollars of ether at like 200 down to raising 200 million dollars at a 3.2 valuation in two years it's pretty crazy 24 months this is another i think exciting headline that you wouldn't have seen back then but it's commonplace now paradigm is raising uh another fund a 2.5 billion dollar fund i think this is the biggest crypto fund to date it's a crypto web 3 fund and paradigm of course is an investment group that we think a lot of uh and you know matt huang is uh announcing this raise any comments on this yeah paradigm

is it's a very special fund i would say because they they aren't just a typical fund that invests in startups they also have very deep involvement with the startups that they fund like paradigm basically wrote unit swap v3 from what i've heard through through the rumor mill uh and the the some of the people in there we've had dan robinson on the podcast they've got hazu they've got samsi sun they've got they've got georgios they've got enosh they have so many just like builders they have huge builders right and so like not only are the partners and the the people that work at paradigm good at their jobs of like figuring out where to invest in but they they also build their own stuff and so it's this very hands-on fund it's it's i don't think we've seen a fund like this ever before in history and so

congratulations every everyone in the ethereum world really really likes paradigm that's a lot of money too it's a lot of money it's a lot of cash to deploy a lot of money yeah yeah you know what do you do with all that money at this point in time this is no wonder we're seeing like uh private valuations for many of these startups like just go through the through the roof um these days uh starkware as well talk about raises that are through the roof double unicorn now they're valued at two billion dollars this is of course the ethereum zk uh layer two solution they just raised 50 million more dollars uh it's quite a valuation but wow they've got quite a product right now right so like they do diversify they do dydx this is the technology behind immutable if we're

right about this modular blockchain thesis then this technology will be core to scaling out ethereum into the into the future so excited about that raise and congrats to them actually they'll be coming on the podcast on tuesday so david we'll have to talk to them about this raise and learn a little bit more about their their product roadmap but they are launching a really exciting new version of starknet i believe it's called which is uh an evm compatible um zk roll up chain which is like i thought this thing would be coming out a year from now and it looks like we are we are pretty close right now so um it's really cool to see this raise what are your takes nothing too much other than that but really excited

to unpack a lot of subjects with them on tuesday uh what's gallery david this is another raise for the week yeah so for those that watched our dc investor nft portfolio episode a while ago when we were sharing screen and going through dc's investor we were using gallery uh and so gallery is a a startup that is focusing on making an online gallery for all of your nfts uh they are just they just raised 2.69 million dollars nice uh and well deserved i actually met some of the founders at nft nyc really nice guys uh and i'm i'm actually still working up on setting up my own gallery i just have to figure out how to get these goddamn videns rocks out of my nft wallet uh but yeah congratulations to them if you are looking for something to display

your nfts a webpage check out gallery uh use gallery on twitter yeah i think you can filter those out david with gallery let me have it i was gonna say like okay send those to anthony or something just like just bomb his wallet with those rocks and then publicly shame him okay definitely uh jobs time all right this is the part of the episode where we tell you to get a job encryptive you haven't already done so where are we both exciting about your web two job until until you get a web three job yeah if it's not a crypto job david it's a web 2 job is that that's exactly right that's the binary old world job okay don't you want your crypto renaissance job these are the jobs of the week

community ecosystem lead at dydx that's a dydx foundation with that higher bitwise we're just talking about those guys they're doing a crypto research analyst an nft specialist role they also need a smart contracts platform and web 3 analysts those seem like dream jobs to me a governance specialist as well at bit wise a head of growth at dex guru a technical lead at draftly an accountant at smart defy also a product manager head of ethereum research at immutable head of tokens community manager at dexable lead engineer at hats dot finance that community manager role looks like it's still up from e agronom a cto from e-agronome as well senior back-end engineer smart d5 blockchain

technical cto as well for merit community manager aragon founding blockchain engineer highlights and i think i'm at the end david but it's not the end of this list there are so many more jobs there are so many more jobs there we are just reading off the top ones there's actually i think like 10 new jobs from gauntlet i think if you scroll down gauntlet it is uh oh my gosh yeah tyrone's uh company with very big brain person to work for uh and so like data engineer engineering manager go check out bankless.pallet.xyz jobs there's a link in the show notes go find yourself a job we've literally curated a fantastic selection of jobs for you go find one just go pick one yeah and then go sign up so somebody can mail you this team lead at the ethereum

foundation like come on that's gotta be one of the most prestigious jobs of all time david's about to quit his bankruptcy he's preparing his resume as we speak uh all right david you want to talk news items let's talk about this one the first is constitution dao okay what's this story what's going on here uh apparently that was buying the constitution and this is just i think we're gonna you can buy the concept i didn't know that you could buy the constitution i did not know that it was for sale uh turns out there's like 11 of them there's like 11 copies of the constitution and there's only one privately owned one and that one is going up for auction on sotheby's uh and so a dow was spun up to try and to do exactly what pleaser dow did with the uniswap animation uh the dao was spun up

to funnel a bunch of money into the dao so they could buy the constitution uh and i think the constitution was something like 20 million dollars and the constitution dow has already raised i think like 40 million dollars or at least 30 last i checked over 40 million dollars yeah so well over the amount of money that they need to buy the constitution dow which by the way is the same thing that happened to pleaser dow like they've raised much more money than they needed to buy the uni-swap gif this is a new swap animation and that extra money is what turned it into like a system that actually kept on going and going going uh and so this has drummed up a ton of excitement a ton of hype there's already something like 10 over 10 000 people in the discord uh and so

this has just gotten a ton of attention and and uh it's it's got a fantastic beam behind it because it kind of feels like um we're going to steal the declaration of independence right it's kind of like a little treasure a little natural treasure like this cage we're gonna buy the constitution uh so there's definitely some meminess going on and overall i think it's just kind of a fun story like yo look what crypto can do it can buy the goddamn constitution in seven days in seven days like what what can what can your non-crypto thingy thingy that you care about dude not that and what's cool about this too right it's so it's the story of a raise very quickly and the collaborative power of the internet plus a capital pool plus a dow plus finance right but it's also a story of like

giving the constitution back to the people right because what is a dow well it's open it's permissionless anyone can contribute if you wanted in on this you could contribute like 50 100 and you would literally own a portion of the constitution that is governance rights for the constitution what are they doing with this document i believe they plan to like put it in a museum somewhere on display but governance gets to vote on what they do with this document as well so it's really powerful from that perspective i think there's a powerful symbolism here too right like what's the meme power of the the people's document that like the the original decentralized governance protocol for a nation state i think that has some mean power here too

i wasn't sure whether they were going to make it though david so i did this on uh i you know put a little money towards this on like monday uh and at the time it was just like there was two million dollars something like this and they thought they needed at least 20 million for this bid and i was like oh i don't know and i kept checking back on wednesday it was like they were like 5 million and then like and then suddenly boom last minute thing shot up it's over 40 million the auction actually happens uh at the time of recording we're recording this on a thursday at 6 30 this evening so by the time this comes out to you the auction will have already happened and fingers crossed constitution dao has enough capital to actually buy this

thing so they haven't for sure received it at the time of recording but they certainly have enough money to make um probably the most enticing bid that's out there and that's why this story is super cool yeah and there's a again lessons to be pulled from the pleaser doll story where as soon as the bitter that pleaser dad was in a bidding war against realized that they were going up against a dao that kind of in theory had unlimited cash flows because more and more cash kept on going into the dow to purchase the thing then the the the person that please or dad wasn't a bidding war just capitulated it's like i don't know how much it's on the other side of the thing right i'm done i can't go against the entire internet right that's exactly right and so like whoever's going up against

like they know whoever wants to buy this thing they know they have to at least put up 40 million dollars because that's how much the constitution now has so like they the constitution down might have just scared off bidders by by the very nature of his own existence right which is kind of cool yeah on the other hand i suppose um the the the person who's conducting the bid knows exactly how deep the pockets and the constitution are also true because it's public and transparent so that is maybe a downside of this map right like they could bid it right up to like 39 million dollars and then yeah yeah oh that's interesting oh this is early days though right yeah it's early days but the fact that this is possible is kind of cool and like to your point i had no idea that they were

like you said 11. there's between 11 and 13 copies of the constitution apparently most of them are museums but there's like this one that is still private somebody bought it in the 1980s and is now selling it on uh sotheby's auction so uh kind of cool neat piece of history i think and we'll see what happens uh hopefully good news for the constitution dow coming later this evening by the time you listen to this you will have to look up to see if they actually got the constitution or not and hopefully this ends up it's just like a nice pr story about crypto where people will hear about this on the news be like oh a bunch of people bought the constitution that's kind of weird and maybe maybe they'll start to like make connect some dots about what crypto can

do absolutely i think that's what it is uh for sure let's talk about this uh speaking of connecting dots or connecting communities here maybe there's a governance proposal put in place from the uh the fey community which has the tribe token and the rari community to merge those two tokens those two communities together a tribe and a rari merger or a fey and rari merger i guess it makes a ferrari is the meme here david nice uh what's happening here yeah so this is i think a first of its kind where two tokens are going to be collapsed into one token and two very different products are going to start to build more intimately with each other um rari is like a superset of compound where you can make your own borrowing

and lending markets fey is a stable coin and apparently these actually are really really complementary i'm a little bit fuzzy on the details of how that works but um it's because i'm not terribly intimately knowledgeable about both of these things but when it comes to different protocols having significantly overlapping surface area where you know this is complementary this is the same pattern that we know with normal mergers this is why companies merge in the first place now it's just happening with tokens uh so this is very much uncharted territory so an interesting experiment we're going to see how this plays out and we should say uh this hasn't happened yet and it may not happen right so the next step here is this is really just a governance proposal uh and it's up to the community the the um rari voters and i would

imagine the fey voters to actually thumbs up or thumbs down this and there has been some pushback um in this is posting rarity governance forms from the rari community saying hey i don't know if this is a good deal ferrari uh i don't know if it makes sense uh you know at this uh this market price to be kind of merging with tribe they're different holders like the the fae protocol came with a bunch of vcs and the the rari uh token has been primarily fair launch so it's still tbd on whether this is actually going to happen but it's an interesting story nonetheless the idea of two protocols merging together and creating potentially something bigger is something that we haven't really seen in d5 and i expect we'll see more of this is another thing david i expect we'll

see more of more big brands minting nfts what's what's happening with adidas here so this is this pop-up is titled adidas original our future started here so november 17th which is yesterday there's a poet for apparently a virtual online meeting that adidas issued uh so cool uh uh unexpected um but let's see where this goes look look for these opportunities attend these events i guess is a message and interesting to see brands getting into co-apps which is kind of uh was once a very obscure part of the the ethereum ecosystem and is now going mainstream oddly enough yeah congratulations patricio yeah uh huobei is

now allowing kobe huobi huobei huobi it's hard to say partnering with zk sync this is the team behind matter labs to provide a faster and cheaper blockchain experience what does this mean david does this mean they are going to um are they going to provide is this to do with their exchange changes yeah so on and off yeah withdrawals of your crypto assets on to zk sync directly from huobi uh so roy has a strategic partnership i think they invested in in matter labs zk sync and so they are and now obviously because of that incentive alignment they are allowing for withdrawals right onto that layer too which is the future we want

exchanges should be allowing users where they want to be dropped off on like do you want to be dropped off on optimism do you want to be dropped off on arbitrary do you want to be dropped off on zk sync where do you want to go because the ethereum l1 is not going to be it's already not a friendly place for humans it's only going to get even more possible for humans you don't want to start that that's that's starting in just like the level 99 areas of the the metaverse right you want to start on like tutorials where where there's low gas fees uh and instantaneous transactions and so uh this is the future all exchanges are eventually going to allow people to offload themselves onto layer twos and this is just one part of that story i guess there's two two pieces here right one is

like uh from our conversation with coinbase like coinbase is going in that direction too like brian armstrong said we've got some stuff in the pipeline so i expect workspace to make some announcements uh here soon about this this is really the bridge that most users will will enter uh crypto using it'll be direct from exchange fiat directly to a roll-up rather than to the ethereum net the other point here i think is interesting is like you know ethereum can't it's a protocol right so it can't really it doesn't do its own business development it's like the internet there's no like we're the marketing team for tcpi plea please build on our protocol right there's nothing there's not i know there's a theorem foundation but they don't really put partnerships in place they're not doing like business development they're they're there for

like education to support the research these roll-up teams are really the business development function of ethereum i got this from your your conversation with robbie from immutable right like how many game studios is in social networks is immutable talking to now and they are really doing the the marketing business development job to start onboarding the large exchanges and large companies to crypto so it's really cool to see that function start to to take place and uh it's necessary if we're going to onboard the rest of the world to establish these partnerships and have some good business development 100 numbers all right what's this next one david this is anthony yeah last week the

uh optimism evm equivalent version of optimism went live and now you can see in the optimism discord a bunch of notifications for different projects finally getting whitelisted to optimism so this is optimism opening up the gates for projects to get whitelisted we see gnosis uh no gnosis gnosis curve connects synapse protocol uma d hedge uh optipunk's poly network uh bit btc flux protocol just whitelisting after whitelisting after whitelisting so optimism really becoming more and more aggressive with onboarding more and more uh teams uh and i couldn't be more excited for it the theme park is opening now the rides are invited in and there's going to be more operational that's what that means uh

what about this david there's some nft stuff going on and jimmy fallon uh is this people on jimmy fallon that's people on jimmy fallon yeah where also jimmy fallon also announced that he bought a board eight uh so this is again how nft is just going and taking ethereum into the mainstream more than defy ever could have uh and so now we have beeple who's uh you know the the richest uh artist of all time i think at least in terms of sales uh now on jimmy fallon and jimmy fallon is talking about how he bought it board ape this is so interesting because like defy could never do this right nobody wants to hear some finance person talking about like tokenized derivatives on the jimmy fallon show but they are happy to listen to an artist like people talking about

nfts could you imagine just like one of us being on jimmy fallon talking about okay so uniswap opened up a 0.01 exchange pool and it's doing a ton of volume nerd alert change the channel sorry yeah it wouldn't happen right this is why nfts have massively expanded the surface area of uh of ethereum into the into the culture uh is this jimmy fallon this is there's there's his board ape yeah heart glasses sailor cap sailor shirt yeah this is a good one i don't know enough i have no clue i'm not i'm not an eight person myself i actually heard an interesting take about apes last night where apes are very very pop culture versus crypto punks which are very very crypto culture and so yeah i think if you see you see that line like the chain smokers they are aboard eight person jimmy fallon board eight person a

few others but then granted there's some other things like jay-z he has a crypto punk right um and a few other rappers have gripped a bunch but it's interesting to see the dividing line between like the ape culture and the punk culture yeah that is different like uh different groups kind of uh jumping in right so this is more like the celeb the nft for celebrities would you say is whereas maybe crypto punks are like nfts for the ogs anyone who wants to project that og status yeah but there's definitely a ton of celebrities with crypto punks too right steve aoki in addition to jay-z a few other ones um different feel though the two computers have a very different feel huge different feel yeah and i'm very much legitimizing uh boardings by putting them into the same conversation as cryptocurrencies they have no no

belonging to be in the same conversation so you're all welcome if you own a board for me even talking about apes in the same same breath wow that is some punk maximalism right here i have you know bankless listeners i am the neutral party here okay so like no ape no crypto funk right you mean the turtle party yes that's right yeah we're slow to everything guys but you know we get there eventually all right let's talk about this so this was big news the other week is quentin tarantino was auctioning off a series of pulp fiction nfts well apparently he didn't have the legal rights to do that at least that's what miramax is saying that's the company that produced and distributed pulp fiction i guess you have to remember right with some of these these physical nfts

you can't nft unless you own the ip can you you can't just right click save a movie and then nfta even if you're the director right it doesn't work like that in meet space okay right yeah so again really all nfts are rip they're in instantiated forms of ips so if the asset that the end token represents grows in ip value well that value goes to the token right and so uh according to this uh you know headline i don't know the details behind the true behind the scene details between miramax and quentin tarantino but it sounds like quentin tarantino issued an nft about something that he didn't actually own uh and so this is this is going to be one of many stories i think there's gonna be a lot of stories like this where there's

ip battles over nft who has the rights to issue the i feel like there's something interesting here right because like stuff on ethereum like at least the most uh you know crypto native digitally native stuff doesn't really have a corollary in in meat space world right it's like we're punks were born on ethereum they don't have a legal tie into meat space you could build that in some way but they're kind of native to ethereum whereas something like pulp fiction that exists in meat space and has you know contracts and kind of legal guarantees around it and you you actually have to port that into ethereum and in order to port that you you need those legal guarantees there's something interesting here about like i guess how

crypto native an nft acid is in the same way that you know ether is more crypto native than something like usdc which is actually like a tokenized representation of some money that coinbase has in a real world bank account somewhere yeah there's a very we could take this uh conversation and just extrapolate all the way out there's a very clear definition with we have transparent blockchains where we know who owns what and so once an nft exists it becomes extremely concrete and uh just clear who actually owns the damn thing which ethereum address is the nft actually in before it's an nft then it's in the meet space world where you actually get settled by courts if there's a dispute it's not like okay if there's a dispute as to who on what who

owns what on ethereum just open up ether scan and see who owns it in the legal world you've got to take people to court which is costly they cost lawyer money it costs like public infrastructure for courts money uh and then even more just like then we have to get into the conversation of like well the only reason why the courts actually work is because there's a military behind them to actually enforce them where where on ethereum there's just proof of worker proof of stake uh and so i think there's we're in this like valley this period of time where all of the existing ip on the of the world hasn't been nft'ed yet and so there's gonna be a bunch of court battles as to who gets the rights to issue the nft but new ip that's coming out in the meat space world maybe

actually starts on day one with nfts and it becomes very very clear because they're able to issue that nfts before there's any sort of just like you know cloudiness as to who owns what uh so maybe that's how the story plays out yeah absolutely really really interesting take and i i do think that the new nfts will be more creative owned than the last one you might say quentin tarantino why doesn't he have the right to his own work right he was the brain he was the create creative force behind this but merrimack owns it miramax owns it so too bad in this world creators own the the nfts they issue and it kind of works backwards from there let's talk about this another intersection of the world what's time magazine doing with the metaverse yeah time and galaxy digital which is mike

novogratz um uh company who we're actually recording with tomorrow so that episode will be out uh a week from monday a partner to demystify the next immersive digital frontier the metaverse through a first of its kind partnership so yeah very interesting partnership uh between a fund that is crypto focused uh and time magazine so time magazine really going head first into branding itself as a metaverse focused uh magazine i'm sure they're going to keep all their their old businesses but they're really also building out this metaverse line and they are partnering with mike novogratz and galaxy digital to build out this metaverse side of time magazine um mike novogratz also has his own podcast as well so he's he's in the world of media uh but an interesting partnership

between a magazine and a crypto fund this is like a media play right so yeah it's got to be a media player yeah this is time doing some kind of media play for the metaverse um this is uh also interesting while we're on the subject of nfts openc now offered a 10 billion dollar valuation so that is the valuation level of open c at this point 10 million dollars openc is offering that not being offered they are offering a 10 billion valuation uh and so i think they are soliciting this investment i'm not sure if it's been uh fulfilled yet i feel like they'll get it though david probably this mock market is so hot and frothy like i would not be surprised yeah um bitcoin news bitcoin just

upgraded to taproot and this is a soft fork upgrade i know this was a long time coming much awaited in the bitcoin community what is taproot david yeah taproot changes the way signature schemes work with bitcoin i'm not too familiar with this but basically it allows for more expressive signature schemes uh and does a couple things uh you talked about how this is like super multi-sigs on bitcoin uh which can unlock additional privacy features and i think also makes lightning network a little bit more uh easy to spin up uh bitcoiners absolutely love taproot they think it's like the the greatest thing that happened to bitcoin i think in the last year or so uh and so and now and now it's live on the bitcoin network so congratulations to bitcoin it's cool to see bitcoin adding new features right

adding new things um i don't know what's beyond taproot is there anything else beyond taproot though i don't think so not that i know of this is feels like the last major update in the pipeline um this it's also not like expressivity it's not adding a pro programmatic layer to bitcoin it's not like you're going to be able to spin up ethereum style smart contracts on bitcoin now this is just like super fancy multi-cigs that yeah bitcoin didn't have before yeah multi-sigs would have like more capacity let's read that tweet that's down there let's see what that is uh the individuals with somebody on twitter with laser eye says tap year taproot is a 100 years software work merging every contract and use case under a single

transaction transaction type pay to taproot will in the long run yield a more fundable and robust blockchain um i don't know really what that means this is how you do it this is how you design a blockchain that's how the tweet concludes it's very much that that bitcoin ethos is like minimum surface area like we don't change very much and we keep the uh the underlying blockchain as simple as possible um it's great that they they had that upgrade uh crypto.com they're making some moves what did they just do here crypto.com just pot uh what is for now formerly known as the staples center this uh the iconic home of the los angeles lakers and clippers among others since 1999 will have a new nickname beginning on christmas crypto.com arena

is believed to be the largest u.s venue naming rights deal to date cool so they are buying the naming rights for the staples center so it's the crypto.com center instead yeah yeah and like that's as a deal that's going to work out for them like crypto.com kind of like a banker's products i'm not the biggest fan um but like this is going to this is this is going to work like oh i don't know what crypto how do i do like crypto things there's all these crypto things going on like oh crypto.com oh okay that makes sense yeah okay yeah it's cool and i think it's going to pump the the crypto.com valuation is probably a brilliant move for them i mean it's probably already pumped the coin price i'm pretty sure begs the question david what um what stadium should should bankless buy wells fargo center wells fargo where's

that where's that is that philadelphia i have no clue let me find out i think there are uh yep philadelphia yep that's the one that's the one because there's a number of these things that are named after banks really yeah there's like the chase there's a chase one there's oh no it's gotta be wells fargo hsbc yeah all right wells fargo the first of many bankless is on its way to renaming do you remember that old book frindle no okay it was about it was about a kid who made up the word frindle and he just made up the world trindal to call it a pen and eventually just enough people started using it that it got into the dictionary into existence what if we just got as many people as possible to start calling wells fargo center bankless center we just made it a thing we didn't we

don't even buy it we just changed the name of our own accord hey you know as crazy as that sounds i feel like crypto is about to buy the us constitution so crazier things have happened uh maybe we just meme that one to existence so that's the future a future rug article bankless center buys out bro tweet someone on that yep uh let's talk regulation stuff so infrastructure bill horrible horrible language for crypto some senators are already proposing a bill that would strip that language out and um make it make make it better make it less unconstitutional for for crypto i believe this is a bipartisan bill too so um i can't remember whose names are on

this it's definitely senator lummus uh and maybe someone else but uh this this feels like really good news that's we've got some senators on our side already after the bill has just been put through and just been signed we already have some potential action to strip out the problematic language for crypto what are your thoughts that's exactly right we have heroes like jerry britto at coin center fighting the fight for us so we don't have to worry about it too much unless it comes time for us to be called upon which is not currently that time but thank you for everyone at coin center and all the senators that are actually fighting for this yeah we'll keep you updated on um maybe i'm sure there'll be some like um some things we can do to contact senators once this bill gains some more steam to actually get this pushed

through uh yeah it is senator wyden and senator lumus who are introducing this amendment to the infrastructure bill um so said ted cruz also has a a separate bill i believe but he's getting on board too what's funny to me is like all of these politicians suddenly getting on board david's like unexpected allies yeah yeah it's unexpected but it's also like i mean it's about time they saw it because we have votes we have money come on senators right motivation yeah these are your incentives so now they're getting incented now they're understanding that you know ted cruz in texas has talked a lot about um being a cryptocurrency friendly state so i'm not surprised that he's trying to get involved as well uh india on the other hand doing something a little bit

different so what's this headline david uh india banning crypto payments but also regulating crypto assets so crypto is still cool you can still purchase and own crypto you just can't use it as payments which is an interesting line i believe the way this started is this is a bill in um uh in parliament indian parliament i believe that used to be a total ban on crypto so this is actually a pullback from a total ban and it's only banning payments uh it's super interesting to me it's like this feels like a little bit like um we're gonna ban we're gonna let you have the internet but we're gonna ban email websites are okay sort of thing it's

just like guys like do you even understand how this internet thing works do you guys even understand how this crypto thing works like you can't just ban one use case of it and let the other ones through uh so it very strange i think regulation but maybe kind of a win for crypto i don't know it's just like it's just confusion it's just it just again tells you how much how little people know about these things it's like hey you can have facebook but no pictures it's it's it's very funny right it's like watching these governments take uh like make their different moves like china knows exactly what it wants to do with crypto and it's like get the hell out that's what it wants to do and like more

democratic uh you know you know nation states are a little bit conflicted they're like we can't tell our people no completely but we don't exactly want to embrace it so what do we do this is india's answer to that and the us is having its own answers to like the what do we do type scenario um coming in the form of i think the sec and what they're doing but maybe we'll talk about that in a little bit all right guys we will be right back with the takes of the week and they are hot but first we want to thank the sponsors that made this episode possible arbitram is an ethereum scaling solution that's going to completely change how we use defy and nfts and now it's live and has over a hundred projects deployed gas fees on ethereum l1 suck too many people

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arbitrary many d5 applications on the ethereum l1 are migrating over to layer twos like arbitrary and some are even skipping over the layer ones entirely and deploying directly on layer two there's so many apps coming online to arbitrarily so go to bridge.arbitrum.io now and start bridging over your eth or any of the tokens listed and start having the defy or nfc experience that you've always wanted living a bankless life requires taking control over your own private keys not your keys not your crypto that's why so many in the bankless nation already have their ledger hardware wallet which makes proper private key management a breeze but the ledger ecosystem is much more than just a secure hardware wallet ledger is the combination of the ledger hardware wallet and the ledger live app and if you're used to seeing all of your crypto

services and favorite device apps all in one spot ledger live is where you want to be not only does ledger let you buy your crypto assets straight from the app but it also hooks into all of the d5 apps and services that you're used to using ledger live you can stake your ethan lido swap on dexes like paraswap or display your nfts with rainbow you can also use wallet connect inside of ledger live to connect to all the other defy apps that keep coming online defy never stops growing and the ledger live app grows alongside with it so click the link in the show notes to see all of the defy apps that ledger live has and stay tuned as more apps come online and if you don't have a ledger hardware wallet what are you even waiting for go to ledger.com grab a ledger download ledger

live and get all of your defy apps all in one space hey guys we are back with the takes of the week uh i'm gonna start with this one this is my own it's weird that cz that is the ceo of binance he's almost richer than elon musk and no one outside crypto knows who he is mainstream completely ignores this industry i really feel like that's the case david i was reading this article about cz and he said that he intends eventually to donate up to 99 of his wealth to charity which is you know great that's a noble cause it also mentioned almost like as a as a um footnote that he's also potentially worth 200 billion dollars billion with a b and i looked this up and like this is in the

ballpark of the top five richest people in the world this is like elon musk level rich who is currently the wealthiest individual in the world and what's crazy to me is like no one's talking about it now keep keep in mind of course uh a lot of cz's wealth is tied up in b and b but i mean a lot of elon musk is tied up in tesla stock apple's yeah what's what's weird to me is just like no one is talking about this industry and it's it's gotten really big right like potentially has the wealthiest individual in the world coming from it right like i don't love a lot of cz's tactics but like if you're if you're looking at the

wealthiest individuals in the world he would be close to the top and he's gaining on elon musk why do you think mainstream is not talking about this stuff yeah that's a really good question i didn't know this until you brought this up cz he's not the most like he doesn't really market himself right he doesn't really have too much of an ego as far as i can tell he definitely has a desire for money he definitely wants to pick up every single penny that's on the table uh in this statement if i want to donate 99 of my wealth like okay i'll believe it when i see it um yeah i i don't know what's what to think about that like it's all it's all assets right it's not like he has probably not very much cash on hand these are all assets and so there's

there's that like there's that movement on the left there's like oh like the billionaires have like billions and billions of dollars but they're not giving any way to like the poor people right well it's not really a fair comparison because it's all assets you actually don't have that money you only have assets and if you start selling assets you actually start collapsing the price and so you destroy other people's capital too uh it's not really a fair comparison um but yeah like what does a man do with 200 billion dollars yeah i don't know and he certainly wouldn't have the liquidity to like market 200 billion dollars of bnb but um yeah it's it's just interesting observation i feel like mainstream is still not picking up on this industry uh what's the next take david uh this one i thought was pretty interesting this is a willy woo

comparing the bitcoin chart versus the pro shares bitcoin edf trading hours visualized and so on the top you see the bitcoin chart which is this very cohesive line that moves from right to left and on the bottom you have the bitcoin etf which only trades during trading hours on like you know the the nyse or wherever that gets traded on anchor hours nine to five banker hours right and just look at the incompleteness in the charts for for the listeners the top chart is the bitcoin chart it's a full chart every single candle is connected on the bottom it's like 80 percent black space with like huge gaps and huge gaps of time between trees and so like it's like you're trying to fill in the gaps between these different lines and you

just don't know what bitcoin does between the things which is the better market which is which gives you more information which is just obviously better it's clearly the market that trades 24 7. and it's not like when we made the nasdaq we started making markets markets historically trade 24 7. every single mark every single second of every people's lives there's a market somewhere and so it just makes sense that these markets move into 24 7 trading times yeah and i like that dave and here's willy woo's take on the bottom of the tweet it's like going two steps backwards so legacy investors can have access uh to the old industrial way along with the old industrial rent seekers in between you and the asset that's what these that's why we have these blank spaces is

because it's just old industrial technology and um yeah it's it's it's like not in addition to the blank blank spaces and the worst markets we're also dealing with rent collectors in between which is like uh crazy to me that that um you know an etf would be thought of as a better product is the black spaces between all the trading markets that is literally centralization instantiated yes the only reason that exists is because people actually can literally turn off the markets bitcoin has a complete end-to-end chart for every single second of every single day because it's decentralized there's no one that can turn it off and so when you see those gaps at the trading hours pause you say well that's thanks to centralization

well yeah one thing i would say is like um i guess you can turn the exchanges off right the centralized exchanges but like uh i totally see where you're going with this and like something like a uniswap would be a great example of like that's going to be com like going uh until the end of time until ethereum is dead and uh yeah completely removes that that exchange centralization as well what's this take uh this is about daos yeah this is coming from nick nara nariki who's apparently part of constitution dao as you can tell from the constitution comma comma that you can see in his name uh nick says daos are games and governance are game rules and he says the magic of smart contracts is that we no longer need referees and

so that last line i really really like where the evm is now this global referee which is inherently unbiased you can't bribe the referee the referee can't play favorites with what uh with what teams are being played and then he goes on he and he adds on that each dow is its own game and the way that every dow determines what the rules are are via governance but the rules can't be broken thanks to the power of smart contracts yeah that's really cool uh what's this take this is your take i think yeah this is this is a take that i uh was following up from alex krueger who's a a bitcoin trader uh big big bitcoiner i would i think he's a bitcoin maxie and he goes bitcoin plus solana is greater than ethereum it's just common sense ethereum is trying to do it all itself

that's how you fail bitcoin will always be safer and more decentralized solana will always be faster and cheaper uh and so this is the barbell theory right like let's let's optimize for decentralization on security heavily heavily heavily with bitcoin and then let's use solana to optimize for faster and cheaper my rebuttal to this is i i say ethereum's design funnels economic energy from a fast and cheap layer two system into a security budget for the layer one it's literally the best of both worlds and it gets the tailwinds of having a single network effect versus two fractured ones and i say broke barbell theory woke goldilocks zone and to expand upon this ethereum is what it's doing is it's it's mimicking bitcoin on the layer one and it's a security uh

uncompromising security uncompromising decentralization but the layer twos on ethereum which are distinct and separate from the layer ones are where you get the salon type activity the fast and cheap economic activity and the power of roll-ups funnels all of that economic activity into a security budget so where bitcoin doesn't have a security budget because it has a hard cap ethereum does because it pulls the economic energy from the l2s and turns that into when i was talking earlier about chains being the ultimate consumers of ethereum block space blockchains consume ethereum block space and pay for security budget and that's how you get the best of both worlds yeah i feel like this is a common like bitcoin take right this is the reason i

think many bitcoin particularly maximalists are so fine with scaling on on side chains effectively exchanges right use something like a block fly or a binance for your trading or a block five for your collateralized loans it's because they just want to optimize bitcoin to be the money and then they're fine with the banking layer being uh being more centralized right this is kind of a play on that i i really do believe some of these chains like uh the avalanches of the world the solana's of the world that have not optimized for maximum decentralization that the base layer like even the tariffs of the world they're a bit more like fintechy than they are layer one blockchains right so like they have an

element of centralization that makes them a bit more like a a crypto bank and i think a bitcoiner is kind of fine with that because that is how they want to scale the monetary supremacy of bitcoin is on like side chains and even uh ethereum like competitors i guess or even on ethereum itself so it is consistent i guess from that perspective but yeah to me it's it's never really made sense right it's like you're not going to have maximum decentralization unless you decentralize the banking layer as well right like you have to have that that defy layer uh and that's important and so like you need both the the monetary asset and uh the the banking layer to be one in

the same on the same network that's kind of the ethereum approach so but this is a popular narrative david it's like it's grown in popularity of the last like three to six months yeah and i i think i want to reiterate that one one uh statement i make and i says i say and it gets the tailwinds of having a single network effect versus two fractured ones when solana gets adopted that kind of means little to nothing for bitcoin and vice versa if bitcoin gets adopted as a money it kind of doesn't really mean much for solana because these two things have their own network effects their own moats their own reasons for existence ethereum is one network that does both and the consolidation of of both network effects being in the same spot the money network effect the d5 network effect like it's

now it's the same network and really the story of crypto is the consolidation of so many different networks just like tcip is a network now we have the evm ether is a money liquidity begets liquidity money gets money network effects forget and get network effects if you put all the network effects into the same spot like that's what ethereum is well that's what we've said it's like the dual flywheel right the two flywheels of ultrasound money which is ether the asset and then ultrasound scalability which is ethereum's um you know modular blockchain design right it's going to be hard to compete with that in the in the medium to long term uh we'll see how all this shapes out but uh yeah i agree with your take here all right here's another take david this is

uh from a post that you published in bank list on why web 3 will win right so it's like web 3 versus web 2 versus the nation state these are the uh the three participants in this three-way battle um you say this while congress wants to break up the web 2 giants as an anti-trust effort enos domains just airdropped 50 percent of its token to 137 000 people where web 2 centralizes power web 3 distributes it and that was your post this week on on bankless so um dive into this uh this take here what what did you mean yeah a little over a year ago the four leaders of the web 2 world like apple uh

facebook twitter and google uh the ceos of each were all summoned to congress because they were fearful of just like how big these things are getting like are how monopolistic they are and so each one of these uh leaders like uh mark zuckerberg jack dorsey uh the other uh tim cook i think was also there they all had to defend themselves as to like why they're not a massive monopoly right they had to all pitch themselves hey we are constantly constantly in fear of being disrupted uh like there's so much innovation that we need that we need to work on and the competition's good for the consumer basically defending why they're not not a monopoly and the reason why they got some into congress is because of anti-trust laws where you know antitrust is allegedly good for consumers my conspiracy is that well if you have a monopoly as big as

these web 2 companies they're actually starting to infiltrate into what would be government services things like identity with facebook and data like google um and so like the the reason why governments feel the threat from web 2 world is because the web 2 companies are starting to become as powerful as governments themselves meanwhile and so that that's why governments want to break these things up they want to break up facebook into its component parts like make these things smaller in the name of antitrust which is part of part of american history we don't like monopolies and so while these web 2 companies are just like clawing teeth and nail for any ability to maintain their monopoly power because by the way their products are their monopoly right every single one of these companies their products get better when they have a more monolith

larger monopoly upon the people right the more data that google has the better google chrome can provide the more people that are on facebook the larger social networks there are and so the business model of web 2 is a monopoly that's how this thing these things work and so they are just fighting government tooth and nail to not get broken up because that is the core component of their business in stark contrast to the web 2 versus the government world we see the web 3 world which is distributing greater than 50 of its token supply to as many different participants as possible as early as possible it's in the ethos and best interests of the web 3 apps to give away their power giveaway control to the community as soon as possible it is literally doing the thing that

government is asking web3 to do voluntarily voluntarily and and early in its lifespan not late not as a threat but as a principle and so this should be what governments really really want to see out of these new disruptive technologies and the only way that you can really disrupt a massive web 2 monopoly is not just by making another competitor to facebook by doing but instead it's by doing something in web 3. so all of these defy apps d5 protocols web3 systems they are going to be the things that disrupt web 2 because it has to come in a different substrate right and this is the substrate that is required to actually break these things up and i finish the post off by saying like this strips the government of the emperors of

their clothes right because they are even though they are web 3 apps are doing the things that governments want the web 2 companies to do governments are still fighting the web 3 apps which len tells you exactly what you need to know that this is not about consumer protection this is about protecting their power and control over the people and so that was my big long take this week in the mar in the market monday opening note yeah you know i think we said before basically you'll be able to it's an acid test for how authoritarian a country you live in is their response to crypto and web3 technologies right it's like do they do they do they shun them are they scared of them are they fearful of them or do they do they embrace them do they welcome

additional self-sovereignty and power to the people uh it tells you a lot about what kind of nation you really live in and so i think all nation states are going through this asset test right it's like we'll see i mean the outcome is still decided for the for the u.s for example we're talking about india earlier and their classification like all these countries are sort of wrestling with this and hopefully uh we come out on the other side with an embrace of web 3. but it really does show you where their priorities are for sure um totally let's talk about this so this is something i realized this week david uh and i tweeted this out fake twitter accounts are about to be killed by nfts once twitter incorporates nfts in order to uh in order to spoof my account you actually need to own my nft

nfts will become the blue check mark they're unforgeable costly self-sovereign identity is how crypto is fixing web 2 identity one block at a time like one identity block at a time is what i meant as really it's like i don't know if you've been getting these on twitter right because like all of these fake accounts right and so somebody will message me every single day and just say hey i just got messaged by a fake uh ryan sean adams uh i had this back and forth with this fake ryan sean adams sometimes they'll show me like dms of this fake ryan who's like asking them for money or inviting them to a telegram group or just doing other shady things and when i have time to respond there's so many of

these like i'm just like hello that wasn't me i'm sorry like you know uh and they always ask me if there's something i could do with it well it's like it's impossible it's whack-a-mole right like you can block you can report you can do all of these things but you can't hunt these people down what's different is if i have an nft that i own let's say my turtle david or my my dow punk nft that i own and i uh get that authenticated right on chain and through twitter basically the the uh the spoof account the fake ryan sean adams would have to actually purchase my nft in order to fake me now that's assuming that twitter not only like validates nfts but also validates

nft collections or ens addresses or that sort of thing which is not too far of a logic leap but it's super interesting to me that in one fell swoop with the adoption of nfts you can basically eliminate spoofed accounts because right anyone who sees a ryan sean adams without my nfd right they'll know it's not me and so wow maybe we've just created an identity primitive the combination of ens and nfts on and twitter authentication on chain it's it's kind of a cool realization not that that twitter is just going to integrate nfts but that nfts are going to become twitter's blue checkmark and they're also exportable to any other social

media website as well yeah this really just lends itself to the defining the metaverse podcast that we did together and if listeners haven't listened to that you totally should and we talked about nfts as the identity vehicle for manifesting your digital form into the metaverse right like ryan sean adams the human doesn't actually can't actually exist in the metaverse but ryan's turtle can and ryan's turtle is very a very unique one of one you know it's very specific turtle uh there only can be one of those and as a representation of identity inside twitter it works there and like you said it also works everywhere else that the metaverse manifests oh my god that's the nicest thing you've ever said about my turtle david wow that's unique i'm touched it's one of one it's unique don't get used to it

don't get used to it all right we're going to illustrate a point what are you excited about this week david besides my turtle so i'm excited to go home next week for thanksgiving uh i have i have a nephew i've only met him like three or four times he's one of the cutest little kids ever uh and he's like four months older now that now since the last time i saw him so i'm excited i'm excited to go home see some family it's been a while since i've been home in seattle uh so i'm excited to go home play with my nephew what's his name david uh his full name is lincoln but we call him link lincoln okay link it looks like link is looking outside for you in this picture wait wait for me to come home he's like uncle david where's my nft that you

promised me where's my tiny turtle if you i think there's another picture here if you want to scroll down and just we can have just like cute baby photos time on bank list look at him look at his teeth ah he's cute cute little kid little kid all right ryan what are you excited about uh i'm excited about uh the constitution dab man that's a really cool project um yeah so back to like as a statement i made before that i really feel like it's not just the 1990s people always compare crypto to the 1990s it's more like the 1790s because we are actually creating new decentralized governance protocols on which we can build all sorts of other things like we can

build entire economies on top of networks like ethereum and so the uh the constitution is kind of a throwback to that right so think about the constitution it was written as a decentralized protocol for governance and on top of that entire nation was built right an entire economy right this is um you know why people go west this is why immigrants came to ellis island for the land of opportunity right for these vast open white spaces of opportunity and i feel like uh that's what ethereum is providing now and so purchasing the constitution is kind of like um it's just like the meme is the message right what what's the meme it's the meme

that the people are back right we care about decentralized protocols and now we have a new set of institutions to decentralize protocols that's going to like um you know govern societies into the the 21st century so i really like the the ability the raw power to to buy the constitutional group of people on the internet in a capital pool and i love the message that this sends to the broader narrative i think there's something symbolic here so again i don't know at the time of recording if they're successful or not but just the fact that they got to this amount of funds uh and are making a bid that in and of itself is a victory so i'm pretty excited about constitution down where

does it go from here man like it feels like crypto's just buying like bigger and bigger things uh the projects are getting bigger the coordination's getting more interesting that the tooling is coming along so uh yeah maybe the wells fargo uh arena in philadelphia is not uh not too far away i don't know i i think that's really the right question i i i think that buying the constitution might be pretty easy for them especially because they have double the money that they that they needed to i mean well tbd on that but it's really the the what i'm excited about is like see what happens next because they're going to have millions of dollars of excess dollars and now they're going to have a bunch of people with a shared purpose and shared vision and they're going to figure out what that thing is

and then they're going to figure out do exactly what pleaser dow did which is well the first thing that they buy is just the first thing like what happens next and so maybe we have a brand new a brand new player has entered the crypto arena and that is constitution down that could totally be the case absolutely all right david you want to get to the memes of the week meme of the week we got two of them this week here's the first one what are we looking at yeah this is stephen doge toshi who works at the block and he writes on a tweet me sitting in a six figure apy ponzi while the sec goes after block five for three percent and it's the uh shifty eyes like puppet puppet meme just like oh don't look at me i love that let's go this let's just

help right back to the uh to the meme of the week that we had last week where the sec was the army man protecting yeah uh the users from airdrops while letting crypto scams just like fly out of them yeah so get old scc and then second meme of the week is a meme that i made while i was trying to get myself to pass a hundred thousand followers on twitter did you do it by the way i did i did it yesterday this is the meme that did it and this meme is the classic billy learning the value of a dollar meme uh the format is like a father giving billy like a dollar it's like all right son like you need to make sure that you like spend this money wisely and then the next thing you see is billy's like taking the

money to a vending machine i've reformatted this uh this this tweet and it's orion goes david here's our company profit share for this quarter remember to set some aside for bear markets and taxes and then the third panel is me just like buying as much ether as possible with it and then ryan's saying all right good talk oh my god dude i swear to god we do have that talk like often i was like hey you know you should remember these things uh and uh that's where the money goes apparently now i know i i suspected for a long time david but i feel like this is a confession tweet that you're using that money you're just buying more equity uh yeah that is the confession and i do appreciate the guidance and and advice uh but man ether is just like too damn

compelling man it's pretty attractive i can't you can't get away yeah guys i do one thing i i i take dollars and i buy ether that's what i do yeah and i do one thing which is i tax optimize as we know the facts optimizer cannot stop so um yeah remember bear market and taxes guys that's the uh that's what the father in this meme is telling you uh just all right last week guys ryan is about to give his famous disclaimers about going west but before after that is a moment of zen where you will hear all about uh jonathan mann the song of day man who we featured last week with the ens drop a new song about board apes here's the disclaimer none of this has been financial advice ethan's risky bitcoin is risky so is d5 you could definitely lose what you put in

but we are headed west this is the frontier it's not for everyone but we're glad you're with us on the bankless journey enjoy your moments [Music] then huge mistake i made a huge mistake i accidentally sold my boarding listed [Music] just now i saw him accidentally [Music] [Music]

six months ago on the 30th of may i thought maybe i'd sell him but then i changed my mind [Music] huge mistake i'm made a huge mistake

[Music] huge mistake i made a huge mistake oops 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 bankless 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

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