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Speaker A: He's drinking coffee. |
Speaker B: Look at his mug. Yeah, with his mug. |
Speaker A: I like my coffee dark. |
Speaker B: What is that? |
Speaker A: What's on his mug? David, podcast listeners, he is drinking a mug of Joe Biden's bust 2024 with some glowing, deep red laser eyes. |
Speaker B: Laser eyes. |
Speaker A: Laser eyes. |
Speaker B: Bitcoin laser eyes. Wow. Where did that commentary? Yeah, I don't think it's related. |
Speaker A: I don't think it's related. |
Speaker B: Unfortunately, David, even though there was some hope or speculation, I think this is a different meme from a different corner of the Internet that crossed into crypto for a brief moment here. It's like a dark Brandon meme. I think that his campaign is using. |
Speaker A: Let's not. |
Speaker B: It's nothing to do with bitcoin. All right, well, let's try to unpack this a little bit. Even though we don't know too many details. Is Huobi insolvent? That is a centralized exchange. I believe they're based in China and a fairly large one, at least, like, you know, at some point in time was top five. I'm n... |
Speaker A: So some financial media organizations in Hong Kong have reported that several executives at Huawei have been taken away by police in China. A spokesperson for Huobi denied this. Huobi stablecoin exchange balances dipped by 33%, so they lost a third of stablecoins. So almost $50 million has been withdrawn fro... |
Speaker B: So what do you think is another. |
Speaker A: I don't know. I don't know. |
Speaker B: All right, well, don't keep your funds on centralized exchanges, kids. Another reminder. David, you'll never guess this headline. With AI booming, Gary Gensler wants to keep finance safe for humans. The head of the SEC is focused on the risk to markets and investors when AI is making trades and recommendatio... |
Speaker A: Great. |
Speaker B: Yeah, focusing on AI. |
Speaker A: Keep on focusing on AI. I think this just like, this is the emperor is wearing no clothes, and it proves it. It's just like Gary Gensler is just trend following as the influencer that he is. And now he's focused on AI because AI is totally going to disrupt securities markets like crypto. He actually has some... |
Speaker B: So you think he's just fear chasing, just narrative chasing? |
Speaker A: Yeah, he's being an influencer. Yeah. |
Speaker B: So Gary is going to say, like, I can't. |
Speaker A: Or next week he's going to rotate to semiconductors. It's going to be great. |
Speaker B: I can't think of anybody who actually wants him to do this. Like, what is he, how is he going to keep finance safer? Humans? |
Speaker A: In the world of AI, this is a rogue human. |
Speaker B: Like, what practically does that even mean? Speaking of weird headlines, an FTX lobbyist tried to buy a Pacific island called Nauru in order to create a new super species. What? |
Speaker A: A super species? Yeah. |
Speaker B: The younger brother of Sam Bankman Fried. His name is Gabe Bankman Fried, and he tried to buy an island to create a new super species of human beings, genetically modified human beings. Is this even real? Like, what is going on here? |
Speaker A: Okay, so this is called the transhumanist movement. It's not actually all that cringe, except when you pair it with SPF and all the effective altruism groups and also all the wealth that they have. Then it starts to get really weird. So he wanted to buy an island to create a fortified apocalypse bunker state... |
Speaker B: Wow. Yeah. I don't know what to say. I'm sorry. |
Speaker A: You don't have. You don't have to say anything. We can just let the headline stand on its own and move on. Please. |
Speaker B: David, this was a really cool demo this week. I feel like this is a major unlock for wallets. Goldfinch, wallethood. This is their Unipig moment. Do you know what I'm talking about when I say unipig moment? |
Speaker A: I do. I bet you about 80% of bankless listeners does not. |
Speaker B: Okay, what was Unipig? |
Speaker A: Unipig was the demo between optimism and Uniswap, and it was the first iteration of an optimistic roll up deployed to Ethereum that was just meant to be a Uniswap application back before we knew about layer twos in the way that we know them now. It was the first implementation of layer two, SDHe, and it was ... |
Speaker B: It was a breakthrough demo, and we're still years from getting roll ups to Mainnet, but every. |
Speaker A: This was 20. |
Speaker B: Everyone who saw this. Yeah, we were like, oh, okay, this is how Ethereum is going to scale. So I saw something similar when I saw this demo. This is a wallet demo. You can access it at Defi for the world, and basically in about, like, 15 seconds, you can open up a wallet with no seed phrase, biometric signi... |
Speaker A: Bankless wallet possible inside of. Inside of 5 seconds. |
Speaker B: I would say so, right? There's a few weak points maybe, but I would say so. And what's exciting to me and why this is comparable to the uni pig moment for me is like, okay, now I see the future. The big next step for crypto is we have to make wallet Ux easy. If we're going to get to a billion users and they'... |
Speaker A: Another paired announcement turnkey, which is what we were talking about, that powers this whole thing. It's out of private beta and is now available for people to play with. No widgets, no pre built generic Ux's, no limits on what you can create. There's a link in the show notes to get started with Turnkey ... |
Speaker B: Yeah. So this week there were really no big raises that were on our radar. So normally we would skip this section, but there was a bankless ventures investment this week, Puffer Finance, they just raised a $5.5 million seed. Bankless Ventures was part of that. David, why do we invest in puffer? |
Speaker A: Yeah, so Puffer is a LSD protocol in joining the ranks of like Lido, rocket pool, Stator diva Swell. And so it is going to have a LSD. It is different from all of these. It's got this one unique differentiator that I think really sealed the deal for me personally, which is inclusion of trusted execution envi... |
Speaker B: Yeah, congrats to puffer on that raise. We got a lot more coming up next, including some questions from the nation. ETH versus layer two token value capture. We're talking about that again in some hot takes from crypto Twitter, including why the bitcoin ETF is a bigger deal than you might think. As always, m... |
Speaker A: Yeah. So this is the conversation of our layer twos. Our ethereum layer two is parasitic to ether, and the answer is yes and no. But I would definitely say mostly no. And I think we saw this in the episode when we talk about Ute's migrating from Solana to polygon to the ethereum layer one. While polygon does... |
Speaker B: Yeah, I think that's right. I would add this take from Sudo L. Two business models are actually really simple. Layer two fees minus layer one, settlement cost plus verification equals profit. Layer twos are really value added resellers of layer one block space. I don't think they're any more competitive than... |
Speaker A: 13 years. |
Speaker B: Okay, that represents 1314 1413. Okay. So close to that, that represents financial integration into the traditional system, which is absolutely crazy that we've come here, like, gotten this far in just over a decade. The ETF will be an absolutely massive win, and I think we're on the cusp of it. |
Speaker A: I think to put this into language that I think bankless listeners will be familiar with, the ETF is a money lego that is very important for getting bitcoin into tradfi, so that it can go in margin accounts and it can go in yield accounts, and it can just be expressed in tradfi. And so it creates. Induces a t... |
Speaker B: Yeah, this is a take from Dankrad Psa. If it doesn't use Ethereum for data availability, it's not an Ethereum roll up, and therefore is not an Ethereum layer two. |
Speaker A: Wow, that's a spicy Dinkrad the hardliner. All right. |
Speaker B: There was some back and forth, a lot of commentary, sort of debating that. Right? And this goes to, what's the definition of a layer two, and what's the definition of a roll up? And I think we're playing kind of like games of words and games of definition, which, by the way, is not a bad game to play. I thin... |
Speaker A: I think that's right. Yeah. So we have Ethereum rollups and then we have rollups and both can hook into the Ethereum layer one. But Dankra is saying in order to be a roll up, that is an Ethereum roll up, you must use Ethereum data availability. So he's presenting the hardliner argument for how you legitimate... |
Speaker B: Name, which is not out yet, by the way. EIP 4844 is nothing, is not available yet, but will be soon. Yeah, I could see that. I think for myself until this is sort of the dust settles with what the, you know, the community decides is, you know, kind of how we're going to name these things. I'm going to start ... |
Speaker A: Almost always. Am I charging people with responsibility? So this is just a continuation of my take from last week about do Kwan, Alex Busczynski, SPF three Capital, Richard Heart all going to jail or being find in some respective way. So we get to celebrate about that. But also reminder, bull markets attract... |
Speaker B: That's a good take. What are you bullish on this week, man? |
Speaker A: Bullish on the op stack, man. I've been bullish on the op stack for a while. I made the op Stack video about what the op stack is and why I think it's exciting in November of 2022, and this was after I wrote my EVM equivalence article. This is my second victory lap of the week of the episode. |
Speaker B: We only get two per week. |
Speaker A: First, I just like am so proud of the optimism team for having the conviction and the vision that they had from day one. One of the original things that they wanted to do is connect transaction ordering to public goods, sequencer fees to funding public goods, raw degeneracy and Moloch turning into Ethereum's... |
Speaker B: It all started with Unipig, didn't it? Yeah, very cool. I think the thing I'm bullish on is similar but also broader, which is this, I'm bullish on all layer twos in particular, this really crafty approach I feel like Ethereum, the Ethereum community and the Ethereum foundation had with respect to layer twos... |
Speaker A: David, what episode are you talking about? |
Speaker B: The Sci-fi roadmap for Ethereum with Justin Drake and Tim Baco. By the way, I haven't finished it yet, but I can't wait to go back to it. It's not an RSS feed. I gotta do this weird Google Drive anyway, so I'm listening to it and then Justin Drake is describing basically layer twos. And what's incredible to ... |
Speaker A: Yeah, that episode comes out next week. |
Speaker B: There we go. David, we got a meme of the week. What are we looking at right here? |
Speaker A: Meme of the week. This is coming on from David Phelps. He goes every crypto company's pitch deck right now, and he's got a two by two grid here. And one has been one. One spectrum is, has not been hacked and has been hacked and also is in jail or is not in jail. And all of our companies competitors have eith... |
Speaker B: That's all you need. Where do I send my money? You're still standing. |
Speaker A: Oh, God. Our standards are on the floor. |
Speaker B: Yeah, that is the game, though. You just got to survive for sure. Gonna end with our standard risks and disclaimers in a minute. But first, we disclose on the show today we mentioned a few projects that David and I are advisors for, including some of the layer twos like optimism and Polygon and Zksync. I am ... |
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