Unchained

Avraham Eisenberg, blogger at DeepFi Value – more commonly known as the Mango Markets attacker – shared his insights about the exploitation of code, his personal story, and why there’s hatred directed towards profitable traders. Show highlights: Laura’s description of the Mango Markets exploit the way in which code gets used in a different way from the original intention why Avi decided to return part of the funds he got from exploiting Mango Markets Avi’s clarification of a misconception regarding the bad debt of Mango Markets the difference between arbitrage trades and exploits why people making profitable strategies are hated, according to Avi how Avi got into crypto and the story of his failed online business whether it is possible to run non-zero-sum games what he thinks of Compound’s decision to pause activity on illiquid assets Thank you to our sponsors! Crypto.com Ava Labs Avi Twitter DeepFi Value Mango Markets exploit Explanation of the exploit “Highly profitable trading strategy” Twitter thread Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt’ As Bounty Solana’s Mango Markets Sees $100M Drained in DeFi Exploit Previous discussion of Mango Markets on Unchained: The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever' Avi’s online business storyCompound Votes to Pause Activity for Illiquid Crypto Assets Learn more about your ad choices. Visit megaphone.fm/adchoices

Eric Wall, crypto blogger and investor, and Udi Wertheimer, a recovering Bitcoin maxi, discuss everything about Bitcoin Maximalism, whether BTC can survive, and whether Ethereum constitutes a threat for Bitcoin. Show highlights: how Eric and Udi got involved with Bitcoin what Bitcoin was like in the first days how Bitcoin maxis appear to have a script to engage in discussions the philosophy behind Bitcoin maximalism why Eric believes Bitcoin maximalism is like a “weird cult” how Eric thinks that the BTC community has an unspoken rule forbidding criticisms whether Bitcoin has lost intellectual power why people have recently been turning away from Bitcoin maximalism why the poor Bitcoin culture doesn't mean it's the end for Bitcoin, according to Eric the perception of the Lightning network and how people are not interested in faster blockchains whether Bitcoin should increase the use cases of the blockchain, like DeFi, NFTs, and stablecoins El Salvador's adoption of BTC and whether it had an impact what happens to internet subcultures and how the behavior of Bitcoiners could be predicted whether Ethereum is a threat to Bitcoin Thank you to our sponsors! Crypto.com Chainalysis web3 with a16z Udi: Twitter Eric: Twitter Medium Episode Links Previous Coverage of Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Bitcoin Culture and Security The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis Geeks, MOPs, and sociopaths in subculture evolution by David Chapman Surprisingly, Tail Emission Is Not Inflationary by Peter Todd Justin Bond’s thread on BTC security model A (brief and incomplete) history of censorship in /r/Bitcoin Ultra sound money El Salvador: Previous Coverage of Unchained: Bitcoin in El Salvador: Why Would Cypherpunks Support Government-Mandated Bitcoin Adoption? El Salvador’s Bitcoin Paradise Is a Mirage by Nelson Rauda Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics: Everyone’s impression of Laura’s interview with Do Kwon The importance to differentiate failure and fraud The Mango Markets hack and whether code is law What happened with the BNB hack and the concerns it raised about decentralization Magic Eden’s decision to enable optional royalties and the debate about NFT royalties How creators are going to find a way around the royalties, according to Robert Whether NFTs should be treated as securities Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Episode Links Laura’s interview with Do Kwon:Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success’ Hacks Mango Markets Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt’ As Bounty Solana’s Mango Markets Sees $100M Drained in DeFi Exploit BNB BNB Smart Chain Plans Hard Fork In Response to $100M Exploit Binance Chain Was Halted Amid Hack Rumors NFT Royalties Magic Eden Magic Eden Moves to Optional Royalties and Heats Up the Debate TCB Debate Tom’s tweet: “turns out people don’t want to pay royalties” Robert’s request for a startup Previous episodes of The Chopping Block debating NFT Royalties: The Chopping Block: Was This Gary Gensler’s Most Liked Tweet? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Learn more about your ad choices. Visit megaphone.fm/adchoices

Fat Man Terra, the anonymous Twitter account dedicated to bringing Do Kwon to justice, reacts to my recent interview with Do Kwon and says what he thinks it revealed about his personality. Show highlights: why Fat Man Terra created the Twitter account whether Terra was used to enrich insiders how Fat Man believes Do Kwon evaded questions in the interview with Laura whether Do lied about Chai to misrepresent the success of UST and LUNA why Fat Man believes some people will never admit wrongdoing what he thinks of Do’s response to the stories of people losing everything and whether he is actually sorry what he calls Do’s lack of transparency about his history what he believes is the need to make an example out of the collapse of Terra and Do’s failure Thank you to our sponsors! Crypto.com Fat Man Terra Twitter Laura’s Interview with Do Kwon Other Coverage of Unchained on Do Kwon and Terra: How Will the Legal Case Against Do Kwon Play Out in South Korea? Do Kwon Is Backing UST With Bitcoin – And Here’s What Else He Is Building The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay? The Chopping Block: Does the New Terra Have Any Chance? Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed Fat Man Terra’s thread with several devastating stories related to the collapse of Terra SDT pre-mine CoinDesk Korea article Chai WSJ article Do’s tweets about Chai: 2.5 million users Tweet in May 2021 Tweet in May 2021 #2 Tweet in January 2021 Abracadabra Degenbox $2.7 billion cash out TFL Exit Liquidity dashboard on Dune Basis Cash CoinDesk article Luna Foundation Guard Ergo-BTC on-chain evidence of more than 313 BTC Dumps BTC LFG postpones compensation Allegations against Do Kwon SBS news reporting Do moved funds to the Virgin Islands Seoul Police Probe Allegation of Embezzlement by Terraform Staff South Korea Launches Investigation into Company Behind Luna Crypto Crash Class action against Do Kwon Korean prosecutors are looking into Terra Red Notice “Not on the run” Kwon’s Passport Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Host Haseeb Qureshi partnered with Zhuoxun Yin, cofounder of Magic Eden, to debate Unchained host Laura Shin and Li Jin, cofounder at Variant Fund, on the topic of NFT Royalties. Show highlights: What NFT royalties are Why Laura believes zero NFT royalties is a bad business decision prioritizing short-term needs over long-term ones and that it will turn creators off from the industry How charging royalties is not sustainable, according to Haseeb Why royalties are the best mechanism to align incentives between creators and holders, according to Li The technical limitations of NFT royalties on a general-purpose blockchain like Ethereum or Solana How to align incentives between NFT creators and holders Why the prices of NFTs would go up if royalties are not enforced Whether the NFT market will change in the future Whether it is possible to create a standard that enforces royalties in a smart contract The creators’ reaction to Magic Eden moving to optional royalties The possibility of a bifurcation of the NFT market Hosts Haseeb Qureshi, managing partner at Dragonfly Guests Laura Shin, author, and host of Unchained Zhuoxun Yin, cofounder of Magic Eden Li Jin, cofounder of Variant Episode Links Magic Eden Optional Royalties - Unchained Coverage Post-debate poll Tool Metashield The standards innovation paradox by Li Jin X2y2 flexible royalties Previous episodes of The Chopping Block debating NFT Royalties The Chopping Block - Ep. 405 The Chopping Block - Ep. 386 Article: Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties Article: NFT Royalties: Why artists love them, and traders don’t Learn more about your ad choices. Visit megaphone.fm/adchoices

Do Kwon, cofounder of Terraform Labs, discusses the charges against him, gives a message to Terra victims, answers allegations about potential fraud and non-transparent business practices, and much more. Show highlights: whether Do finds the charges based on the Capital Markets Act legitimate why he doesn’t want to discuss his location whether the South Korean government is lying about the accusations against him what happened with the BTC held by the Luna Foundation Guard whether Do regrets being so arrogant in his tweets what he would say to the people who lost huge amounts of money in Terra or family members of people who committed suicide due to its collapse the decision to set Anchor’s yield near 20% why Terra had a large SDT pre-mine that was not proactively disclosed whether Do’s actions show he didn’t think that the algorithmic mechanism was sufficient to keep UST pegged to the dollar whether Terraform Labs cashed out $2.7 billion using Degenbox why there were no disclosures about Chai terminating its agreement with Terra why the Terra blockchain went through a hard fork without a public discussion the failure of the basis cash stablecoin, also worked on by Do Kwon whether an algorithmic stablecoin can work the week of the UST depeg and what happened to the funds held by LFG where the 3 million Luna unlocked per month by Project Dawn went when the LFG will return funds to UST holders what Do would do differently if he had the chance to go back * Quick correction* At 7min 18sec, I misspoke, the Korean government posted a pdf for Do Kwon’s passport revocation, not his arrest warrant. Thank you to our sponsors! Crypto.com Chainalysis web3 with a16z Episode Links Do Kwon: Twitter Previous Coverage of Unchained on Do Kwon and Terra: How Will the Legal Case Against Do Kwon Play Out in South Korea? Do Kwon Is Backing UST With Bitcoin – And Here’s What Else He Is Building The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay? The Chopping Block: Does the New Terra Have Any Chance? Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed Devastating Stories One man commits suicide Fat Man Terra’s thread with several stories SDT pre-mine CoinDesk Korea article Anchor yield JTBC article reporting core devs wanted a lower yield Chai WSJ article Do’s tweets about Chai: 2.5 million users Tweet in May 2021 Tweet in May 2021 #2 Tweet in January 2021 Abracadabra Degenbox $2.7 billion cash out TFL Exit Liquidity dashboard on Dune Project Dawn Launch The Defiant article Basis Cash CoinDesk article Luna Foundation Guard Ergo-BTC on-chain evidence of more than 313 BTC Dumps BTC LFG postpones compensation Allegations against Do Kwon SBS news reporting Do moved funds to the Virgin Islands. Seoul Police Probe Allegation of Embezzlement by Terraform Staff South Korea Launches Investigation into Company Behind Luna Crypto Crash Class action against Do Kwon Was LUNA a Security? Korean prosecutors are looking into Terra Red Notice “Not on the run” Kwon’s Passport SEC Actions Against Terra SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra Terraform Labs Loses US Appeal over SEC Subpoena Learn more about your ad choices. Visit megaphone.fm/adchoices

Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center’s lawsuit against the US Treasury over the sanctions on Tornado Cash. Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center’s lawsuit against the US Treasury over the sanctions on Tornado Cash. Show highlights: whether there’s an over-reliance on the Howey Test and how a token being non-fungible doesn’t mean it’s not a security what constitutes an investment contract and how it works in the Metaverse the consequences for NFT holders and issuers if the NFTs are considered securities why Coin Center is suing the US Treasury over the Tornado Cash sanctions Who the plaintiffs are whether this lawsuit differs from the one Coinbase is supporting how to solve the issue of bad actors like North Korea using tools such as Tornado Cash to launder money the remedy Coin Center is looking for in the lawsuit against the Treasury how long the lawsuit could take to be resolved Thank you to our sponsors! Crypto.com Peter Twitter SEC probe into Yuga Labs Unchained article CrypTones thread on land sales Coin Center lawsuit over Tornado Cash sanctions Coin Center lawsuit and statement Unchained article Coinbase Backs Tornado Cash Lawsuit Against U.S. Treasury North Korean hacks Treasury Press release on the sanctions Previous coverage of the Tornado Cash sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury Learn more about your ad choices. Visit megaphone.fm/adchoices

Zaki Manian, cofounder of Sommelier Protocol and cofounder of Iqlusion and Jack Zampolin, founder of Strangelove Ventures, discuss everything about Cosmos, the new white paper, and how to improve MEV capture for ATOM holders. Show highlights: how Jack and Zaki got involved with crypto and Cosmos what the Sommelier protocol is, the role of Iqlusion, and what Strange Love does the basics of Cosmos and application-specific blockchains (ASB) why would a project choose to be an ASB rather than an application on a blockchain whether Cosmos can achieve network effects the reasons behind launching a new white paper for Cosmos why the team decided to pursue interchain security whether there would be an increase in fees with so many chains relying on the Cosmos Hub for security how much economic value the Cosmos Hub will end up securing if the proposal gets passed how the Cosmos Treasury could be used to fund development the role of the Interchain Scheduler to capture MEV whether centralized exchanges are going to start trading against the customers the new issuance model proposed for ATOM the role of an active governance community to make Cosmos more decentralized what problems Liquid staking solves how USDC will launch on a consumer chain Thank you to our sponsors! Crypto.com Chainalysis web3 with a16z Jack: Twitter Zaki: Twitter Episode Links Previous Coverage of Unchained on Cosmos: How Osmosis Is Trying to Improve the Crypto User Experience New white paper Document Proposal Interchain security Paper The Block article The DeFi investor thread ATOM 2.0 Thread by Route 2 DeFi Youseff Amrain’s thread Charlie Morris’ thread Other articles Vaneck’s article: Why we are bullish on Atom Alex Valaitis article: A deep dive into Cosmos Liquid Staking Native USDC on Cosmos Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra were joined by Laura Shin to chop it up about the latest news in the digital asset industry. Show topics: Whether crypto optimism is different in Asia than in the United States How Sam Bankman-Fried has been doing some work with US regulators How the CFTC lawsuit against Ooki DAO changed people’s perspectives about the regulator Whether the lawsuit could make all DeFi illegal and the role of DAOs to coordinate governance The SEC settlement with Kim Kardashian for $1.26 million, Gensler’s video explaining the case and whether it was a publicity stunt Why Tarun would fire almost everyone at the CFTC and the SEC to hire more technical people How the NFT QQL collection censored a marketplace in its code What the whole purpose of NFTs is, according to Haseeb The debate around NFT royalties and their enforcement How a huge portion of the blocks in Ethereum are generated by Flashbots and whether it represents a centralizing force Whether MEV should be stopped or accelerated Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Tom Schmidt, general partner at Dragonfly Capital Guest Laura Shin, author, and host of Unchained Episode Links The lawsuit against Ooki DAO Previous Coverage of Unchained on Ooki DAO: Why the Ooki DAO Case Could Hurt Participation in DAOs Kristin Smith on Why Crypto Legislation Could Be Passed by Year’s End CFTC Filing $250,000 fine Nik’s article CFTC Commissioner Summer Mersinger’s dissenting statement CFTC serving the members of the Ooki DAO via their forum Tim Copeland’s article on what’s next for DAOs A federal court ruled that the CFTC legally served Ooki DAO through a website help bot. The LeXpunK Army filed a motion for amicus status in the SEC case against bZx/Ooki DAO. Crypto group DeFi Education Fund argued that the CFTC should properly serve Ooki DAO’s actual members, not just the DAO at large. NFT Royalties Tyler Hobbs’ QQL $17 million collection QQL blacklist explanation NFT platform hits back Previous episode of The Chopping Block debating NFT Royalties Article: Why NFT Creators and Collectors Can’t Stop Talking About Artist Royalties Article: NFT Royalties: Why artists love them, and traders don’t SEC charges against Kim Kardashian The SEC fined reality TV star Kim Kardashian $1.26 million for promoting a crypto security without proper disclosure. Fortune article on the Kim Kardashian settlement as publicity stunt eMax price spiked Gary Gensler’s video Flashbots and MEV Post-merge relay drama What is MEV Proposer-Builder separation: MEV Boost Flashbots auctions Previous Coverage of Unchained on MEV: Why Is Ethereum Trying to Maximize Value From Users? Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristin Smith, Executive Director of the Blockchain Association, comes to talk about Tornado Cash, the lawsuit against Ooki DAO, the SEC charges against Kim Kardashian, and crypto legislation. Show highlights: whether regulators did not understand the implications of sanctioning smart contracts the necessity of having a conversation around financial privacy whether the government wants sanctions compliance at the base layer the reasons behind the CFTC lawsuit against Ooki DAO why the SEC settled charges with Kim Kardashian and whether it was a publicity stunt the chances of the different crypto bills becoming law why Kristin thinks stablecoin legislation won’t come this year whether the CFTC being the main regulator of crypto settles the question of crypto being securities or commodities Thank you to our sponsors! 1inch Crypto.com Kristin Twitter The lawsuit against Ooki DAO Previous coverage of Unchained on Ooki DAO: Why the Ooki DAO Case Could Hurt Participation in DAOs CFTC Filing $250,000 fine CoinDesk’s Nik De’s analysis CFTC Commissioner Summer Mersinger’s dissenting statement Jake Chervinsky’s opinion Ooki DAO’s options CFTC serving the members of the Ooki DAO via their forum Tim Copeland’s article on what’s next for DAOs A federal court ruled that the CFTC legally served Ooki DAO through a website help bot. The LeXpunK Army filed a motion for amicus status in the SEC case against bZx/Ooki DAO. Crypto group DeFi Education Fund argued that the CFTC should properly serve Ooki DAO’s actual members, not just the DAO at large. Tornado Cash Treasury Press release Previous coverage of the Tornado Cash sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury Legislation Digital Commodities Consumer Protection Act of 2022 Europe’s MiCa bill Previous coverage of Unchained on legislation: Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto Congressman Ro Khanna: How to Get More Democrats into Web3 Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers SEC charges against Kim Kardashian The SEC fined reality TV star Kim Kardashian $1.26 million for promoting a crypto security without proper disclosure. Fortune article: The SEC’s Kardashian fine was a dumb publicity stunt Stablecoins Stablecoin Draft Bill Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Bankman-Fried, founder and CEO of FTX, discusses his views on crypto regulation, macroeconomics, and the role of FTX in a decentralized industry. Show highlights: whether the market has already bottomed and the influence of macroeconomics why Sam thinks regulation could have a significant impact on the crypto industry the impact of the Terra collapse, Sam’s thoughts on stablecoins, and the importance of disclaimers what the industry can do to prevent high leverage from crypto companies like Three Arrows Capital how crypto lenders should manage risk in a sustainable way whether the crypto collapses affected the opinion of lawmakers and regulators the topics and proposals that Sam is discussing with regulators and his philosophy on financial regulation what Sam thinks about building a centralized entity in a decentralized space what it would take for FTX to move back to the United States why Sam’s political donations more commonly support Democrats, among which are some prominent critics of crypto whether he makes political donations based solely on candidates’ crypto stances the role of FTX in the TradFi market and whether crypto and TradFi will evolve toward or away from each other concerns about potential conflict of interests between FTX and Alameda Research the impact of the Merge, the value proposition of Ethereum and whether it affects the narrative of Bitcoin as digital gold how FTX is positioning itself in this macroeconomic environment the type of acquisitions FTX is interested in Thank you to our sponsors! Crypto.com a16z Chainalysis Episode Links Sam: Twitter Bailouts and Acquisitions FTX raising $1 billion in funding FTX’s acquisitions had ‘mixed results’ Voyager Digital Auction Celsius Possible Acquisition Stablecoins and Regulation Bankman-Fried Says He’s ‘Surprisingly Optimistic’ U.S. Will Devise Crypto Rules Within A Year Stablecoin Draft Bill Yellen cites UST stablecoin risk after it loses its dollar peg Previous Coverage of Unchained on Stablecoins and Regulation: Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed Donations and Politics Giant crypto exchange founder Sam Bankman-Fried promises to give away most of his $21 billion fortune Political donations Sam Bankman-Fried is Democrats' largest donor in May Alameda Research Concerns Crypto Quant Shop With Ties to FTX Powers Bankman-Fried's Empire Collapse of Crypto Companies Celsius bankruptcy filing Voyager Digital bankruptcy filing Three Arrows Capital bankruptcy filing FTX proposal to clear derivatives New method of clearing Previous coverage on Unchained: FTX Wants to Compete with CME – Here’s Why It’s a Big Deal Interest in buying Twitter Text messages reveal Sam Bankman-Fried's guru told Elon Musk the crypto billionaire was 'potentially interested' in buying Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

Nikhilesh De, CoinDesk's managing editor for global policy and regulation, comes to talk about the CFTC lawsuit against Ooki DAO and the potential consequences across the crypto industry. Show highlights: the enforcement action against Ooki DAO and the CFTC’s arguments behind it whether bZx’s statements that the DAO would be beyond the reach of regulators made it a target for the CFTC whether the broader implication of these charges could mean that all DeFi is illegal whether the hacks of bZx made it a high-profile target the CFTC Commissioner Summer Mersinger's dissenting statement and her concerns who the targets of the CFTC enforcement action are the consequences of the lawsuit for token holders and how to determine which token holders are liable why the CFTC chose to post a notice in the Ooki DAO forum and whether that is sufficient notice what the next steps for DAO members are and whether there will be wide community support Thank you to our sponsors! 1inch Crypto.com Nik Twitter Previous Coverage of Unchained on regulation: Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto Congressman Ro Khanna: How to Get More Democrats into Web3 Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers The lawsuit against Ooki DAO CFTC Filing $250,000 fine Nik’s article CFTC Commissioner Summer Mersinger’s dissenting statement Jake Chervinsky’s opinion Ooki DAO’s options CFTC serving the members of the Ooki DAO via their forum Tim Copeland’s article on what’s next for DAOs Learn more about your ad choices. Visit megaphone.fm/adchoices

Zack Guzman, journalist and Coinage host, and Jongbaek Park, partner specializing in blockchain and crypto assets at Bae, Kim & Lee, discuss how the case in South Korea against Do Kwon and TerraForm Labs will likely go, whether Do Kwon is on the run, and what his sentence could be. Show highlights: Jongbaek’s and Zack’s disclosures regarding Terra how big the Terra phenomenon was in South Korea and how Do Kwon was perceived in the country whether Do Kwon posed any conditions for his interview with Zack what Do Kwon is being charged with the colliding opinions on which tokens are considered securities whether the collapse of Terra had any negative impact on the South Korean President’s image whether Do Kwon feels like a charge for violating the capital markets law is unfair whether Do Kwon is “on the run,” despite his denials how the potential revocation of Kwon’s passport could make him go back to Korea whether Terra was a failure or a fraud, and how prosecutors are looking into it whether Terra was centralized the chance of prosecutors going after other people from Terraform Labs and the probability of the entity’s assets being frozen how much jail time Kwon could be facing and whether he is prepared to go to prison Thank you to our sponsors! Crypto.com a16z Chainalysis Guests: Jongbaek Zack: Twitter Episode Links Previous Coverage of Unchained on Do Kwon and Terra: Do Kwon Is Backing UST With Bitcoin – And Here’s What Else He Is Building The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay? The Chopping Block: Does the New Terra Have Any Chance? Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed SEC Actions Against Terra SEC Investigating UST Stablecoin Blowup in Fresh Threat to Terra Terraform Labs Loses US Appeal over SEC Subpoena Allegations against Do Kwon Seoul Police Probe Allegation of Embezzlement by Terraform Staff South Korea Launches Investigation into Company Behind Luna Crypto Crash Class action against Do Kwon Was LUNA a Security? Korean prosecutors are looking into Terra Do Kwon Red Notice “Not on the run” Kwon’s Passport Stablecoin Regulation Stablecoin Draft Bill Yellen cites UST stablecoin risk after it loses its dollar peg Haseeb Qureshi’s summary of the Terra collapse: Zack’s Interview with Kwon Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics: Why the ETH price slumped after the Merge even though it was successful Whether the BTC security model is flawed and why Robert thinks Bitcoin will change Why Tarun thinks Bitcoin won’t change and why he’s bearish on Bitcoin development Whether the Lightning Network can succeed with so many competitors getting better more quickly ETHPoW’s performance after the Merge, whether it’s dead and why Robert wouldn’t rule out the PoW fork Why Haseeb thinks the criminalization of the collapse of Terra is a bad precedent The broader impacts of the Terra meltdown and whether Do Kwon not disclosing the fact that he had been involved with Basis Cash, which failed, is problematic The House’s draft bill on stablecoins and whether it is necessary to study algo stablecoins What happened with the Wintermute hack Why Tarun thinks the Wintermute team is incompetent Whether there is any positive news in crypto lately Who would be a better pick for deploying treasury funds between Three Arrows Capital and Wintermute What Haseeb, Tom, Robert and Tarun are excited about Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Episode Links Post Merge ETHPoW ETH issuance Do Kwon and Terra Red Notice “Not on the run” Kwon’s Passport Wintermute hack House’s Draft Bill on Stablecoins Bloomberg’s Article Learn more about your ad choices. Visit megaphone.fm/adchoices

Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more. Show highlights: the structural differences between crypto tokens and securities why Sen. Toomey is demanding crypto legislation why “regulation by enforcement” does not provide clarity how to determine if a token is decentralized whether proof of stake consensus turns tokens into securities Sen. Toomey’s take on the new framework for stablecoin regulation whether it is appropriate to ban algorithmic stablecoins the importance to make disclosures so that regular users understand the risks of crypto how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto whether the US Treasury made a mistake with the Tornado Cash sanctions what the government should take into account in regards to a central bank digital currency (CBDC) why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries the likelihood of any of the crypto bills passing soon Thank you to our sponsors! 1inch Crypto.com Messari Sen. Toomey Twitter Previous Coverage of Unchained on regulation: Congressman Ro Khanna: How to Get More Democrats into Web3 The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay? Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers SEC Views Gary Gensler’s comments on PoS tokens Sen. Toomey’s opinion White House Reports Stablecoins Stablecoin Draft Bill Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year Sen. Toomey’s framework for payment stablecoins that he released last spring Tornado Cash Treasury Press release Previous coverage of the Tornado Cash Sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury Ian Balina charges Learn more about your ad choices. Visit megaphone.fm/adchoices

In a heated debate, Eric Wall, crypto blogger and investor, and Justin Bons, founder and chief investment officer of Cyber Capital, discuss Bitcoin’s security model, whether there are fundamental flaws in its design, and which is the best consensus mechanism. Show highlights: why Justin stopped believing in Bitcoin and why he calls it “technically one of the worst cryptocurrencies” how Eric’s views on Bitcoin changed over time the problems they see with Bitcoin’s security why Eric attacks BTC maximalism, even when he is a Bitcoiner how the Bitcoin community will change in the next decades, and why the security problem is a challenge that could be solved whether BTC should increase its inflation and whether that would break the store of value proposition why Justin thinks that BTC fails as money and won’t play a relevant role in the future what happened around the time of the blocksize debate back in 2015-2017 whether there’s something wrong with Bitcoin’s culture and why Eric compares it to a doomsday cult why Ethereum has external dependencies that can impose systemic risks, according to Eric whether proof of stake or proof of work is a better consensus mechanism whether Ethereum is more censorship resistant than Bitcoin why BTC is a speculative asset and what Justin believes is needed for crypto to finally flourish Thank you to our sponsors! Crypto.com Ava Labs a16z Justin: Twitter Eric: Twitter Medium Episode Links Previous Coverage of Unchained: Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Bitcoin’s Security, Blocksize and Culture Surprisingly, Tail Emission Is Not Inflationary by Peter Todd Justin’s thread that kicked off the debate A (brief and incomplete) history of censorship in /r/Bitcoin Theory On Bitcoin Governance; Three Stage Model by Justin Bons Centralization: Ethereum Post-Merge Centralization Lido’s validators BTC Centralization Learn more about your ad choices. Visit megaphone.fm/adchoices

Justin Drake, researcher at the Ethereum Foundation, talks about the Merge, how this transition affects Bitcoin, where Ethereum’s road map is going, and more. Show highlights: how Justin was feeling prior to and during the Merge whether the upgrade is complete or there are other things to watch out for why Ethereum has slashing and why it is a better form of removing any attackers the concern about centralization due to liquid staking derivatives providers, like Lido or Coinbase how the Merge affects MEV and the long-term vision of proposer-builder separation whether the Merge puts pressure on BTC to also transition to proof of stake what impact ETH’s more deflationary nature will have on BTC’s narrative as digital gold why Ethereum is the settlement layer for the internet of value whether there is a winner take all dynamic in the blockchain industry why Ethereum is more secure than Bitcoin, according to Justin what Justin thinks about the ETHPoW fork and its team and the risks of interacting with the ETHPoW fork the next steps in Ethereum’s roadmap Thank you to our sponsors! 1inch Crypto.com Messari Justin Twitter Previous Coverage of Unchained on the Merge: How Traders Are Thinking About the Merge -- and a Potential ETHPoW Chain Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum? The Merge: Vitalik announcement of the Merge Ethereum carbon emission reductions A guide on the Merge by Dan Chen from Sequoia Capital ETH Post-Merge Dynamics: Ultra sound money ETH issuance and burn Cumberland on the Ethereum dynamics after the merge Miles Suter on the implications of the Merge The triple point asset Post Merge MEV: PMCGoohan’s tweet Pintail on post-Merge MEV ETH Proof of Work Poloniex announces a different token ETHPoW team Mainnet announcement Ethereum’s roadmap: ETH Vision Haym on Ethereum’s roadmap Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Emin Gün Sirer, the emperor of Avalanche, also joined the conversation Show topics: Gün’s take on the Ava Labs conspiracy story and whether there was any truth in the videos The impact of the Merge on ETH issuance and energy usage What’s going on with the ETHPoW fork, and how the team has been messing up The TL;DR of the technical side of Ethereum scaling, explained by Tarun How, in the beginning, proof of stake was designed to resemble proof of work What Ethereum miners are going to do after the Merge Whether increasing hash rates spike prices of PoW coins How the Basic Attention Token is like the Stanford prison experiment Whether the fights between Gün and other founders were positive or negative How an exchange delisted every privacy coin Whether Coinbase's support of the lawsuit against the US Treasury over Tornado Cash was a PR move How this moment in history resembles the 90s and the rise of the internet Whether there are blockchain-haters and what the crypto industry can do better How there can’t be a single chain to meet every need How FTX and Coinbase have different approaches to regulation How would everyone celebrate a successful Merge and whether there’s a chance of it failing Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Guest Emin Gün Sirer, Founder and CEO of Ava Labs Episode Links Ava Labs Accusations: Emin Gün Sirer’s statement CoinDesk article Crypto Leaks article Tornado Cash Treasury Press release Coinbase supports lawsuit against US Treasury Huobi delisting privacy coins Previous coverage of the Tornado Cash Sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury ETH Proof of Work and Miners: ChainID missing; the request from Coinbase CoinDesk article The ETHPoW team said the fork will be deployed within 24 hours of the Merge ETHPoW team’s promise to abolish EIP-1559 ETHPoW first blocks The Merge: Ethereum Foundation Merge announcement. Ethereum carbon emission reductions. Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin Zhou, co-founder of Galois Capital, and Evgeny Gaevoy, founder and CEO of Wintermute, discuss how to trade the Ethereum Proof of Work fork, what the market is telling about the Merge, and whether the Merge affects Bitcoin. Show highlights: what will happen at the time of the Merge according to Kevin and whether there’s uncertainty when the ETH Proof of Work chain will emerge and how that affects trading opportunities the mistakes of the ETHPoW team, like repealing EIP-1559 what percentage of ETH market cap ETHPoW will accrue what the first few blocks of ETHPoW will be like what the strategies are to earn the ETHPoW airdrop and what the on-chain activity looks like whether there is an “up-only” monoculture in Ethereum what stETH is, how it should be priced and what the futures market indicates where the value of a chain comes from and the likelihood of ETHPoW failing catastrophically how to protect from replay attacks the price action of ETH after the Merge how ETH becoming deflationary affects Bitcoin’s narrative as digital gold how the ESG-friendly image of Proof of Stake could affect the narratives of ETH and BTC Thank you to our sponsors! Crypto.com Ava Labs a16z Kevin: Twitter Evgeny: Twitter Episode Links Previous Coverage of Unchained on the Merge: Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum? ETH Proof of Work: ChainID missing; and the request from Coinbase Kevin’s analogy CoinDesk article ETHPow Token Summary of Kevin’s thoughts ETHPoW team’s promise to abolish EIP-1559 ETHPoW first blocks Tether supports PoS Circle (USDC) supports PoS ETH Trade Ether’s backwardation Eth-Flexive by Arthur Hayes Whether Ethereum’s Merge is priced in Gauntlet’s view on the Merge BTC correlation with stocks ETH Post-Merge Dynamics: Onchain Wizard post Cumberland on the Ethereum dynamics after the merge Miles Suter on the implications of the Merge Learn more about your ad choices. Visit megaphone.fm/adchoices

Preston Van Loon, cofounder and Ethereum core developer at Prysmatic Labs, talks about the Merge, its impact on an environmental level, and why he is a plaintiff in the lawsuit against the Treasury Department over Tornado Cash. Show highlights: what the Merge is on a technical level and what its impact will be whether the proof of stake consensus mechanism makes the network more decentralized and secure what happens if the Merge fails and whether there’s a contingency plan why Preston founded Prysmatic Labs and how Prysm works what the next steps are for Ethereum and what the community is working on whether Preston thinks a proof of work Ethereum fork would succeed when and how Ethereum’s high fees and scaling issues are going to be resolved why Preston joined the lawsuit against the US Treasury over the Tornado Cash sanctions how Preston would celebrate a successful Ethereum Merge Thank you to our sponsors! 1inch Crypto.com Messari Preston Twitter Episode Links Previous Coverage of Unchained on the Merge: Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum? Lawsuit against the US Treasury: Coinbase is supporting a lawsuit against the Treasury Department by six users of Tornado Cash. Fortune article on the lawsuit Why Preston joined the lawsuit. The Merge: Ethereum Foundation Merge announcement. Ethereum carbon emission reductions. ETH Post-Merge Dynamics: Cumberland on the Ethereum dynamics after the merge Miles Suter on the implications of the Merge The triple point asset Learn more about your ad choices. Visit megaphone.fm/adchoices

Arthur Hayes, cofounder of BitMex, discusses how he’s trading the Merge, the impact of macroeconomic policy in the markets, his career as a writer, and much more. Show highlights: how crypto is reconfiguring how humans do finance over the internet why Arthur initially thought Ethereum was worthless how NFTs allow users to trade human culture and will unlock trillions of dollars of value why Ethereum doesn’t even need to be deflationary whether other layer 1s can take some market cap from Ethereum why Arthur thinks that a successful Merge is understated and why this is a valid reason for hedging why he thinks an Ethereum proof of work chain won’t succeed and how Arthur will trade ETHPoW why LDO, Lido’s token, is a riskier bet but has more potential gains how he believes the Shanghai upgrade will impact ETH’s price whether the Merge affects BTC’s narrative as digital gold and whether the inflation hedge theory of Bitcoin still holds why Bitcoin is a measure of USD liquidity and why the Fed rates don’t matter as much as everyone thinks whether hedge funds and institutional investors would want to invest in crypto given the high correlation with traditional markets what Arthur believes the impact of a potential US recession would be on the crypto markets why he believes the real economy is not relevant to the financial markets whether algorithmic stablecoins are doomed to fail how the credit cycle works and how it repeats again and again Arthur’s method for identifying good projects to invest in how Arthur became such a good writer whether BTC is money and the religious aspect of the Bitcoin culture Thank you to our sponsors! Crypto.com Ava Labs a16z Arthur: Twitter Medium Episode Links Previous Coverage on Unchained: With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum? Arthur’s posts discussed during the show: Eth-Flexive Ether, a double digit shitcoin Teach me Daddy (on USD liquidity and Macroeconomics) Macroeconomics: Adam Cochran on the Fed’s QT Pantera Capital’s newsletter ETH Trade: Whether Ethereum’s Merge is priced in Gauntlet’s view on the Merge BTC correlation with stocks ETH Post-Merge Dynamics: Cumberland on the Ethereum dynamics after the merge Miles Suter on the implications of the Merge The triple point asset Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt chop it up about the latest news in the digital asset industry. In this episode, Jill Gunter, the empress of Espresso, also joined the conversation. Show topics: Whether product management is the new consulting What is going to happen with macroeconomics and whether monetary policy is data-driven Why Jill’s faith is getting renewed, especially after listening to Fed authorities The TL;DR on the Ava Labs conspiracy story Why the industry needs a decentralized RPC The role of Flashbots and Ethermine in censoring transactions Potential over-compliance from the biggest crypto projects on how to deal with sanctioned addresses Whether social slashing allows Ethereum to stay uncensored The importance of educating regulators on crypto What Haseeb thinks lawyers would recommend to Coinbase about validating transactions from sanctioned addresses The significance of both transactional and application-layer privacy How stablecoin providers need to implement some basic levels of privacy Why corporations do not run Ethereum and whether users are pro-OFAC restrictions Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Guest Jill Gunter Twitter: https://twitter.com/jillrgunter Episode Links Tornado Cash Treasury Press release Tornado Cash developer arrested Circle freezes USDC in sanctioned wallets Crypto exchange dYdX blocked accounts that received funds from Tornado Cash What the sanctions mean for privacy coins Celebrities get dusted Previous coverage of the Tornado Cash Sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Ava Labs Accusations: CoinDesk article Crypto Leaks article Social Slashing and Censorship on ETH Axios summary of the situation BitMex research on how the sanctions affect Ethereum Ethermine banning transactions Nic Carter’s article Eric Wall’s article on social slashing Hetzner banning Ethereum users Previous Coverage on Unchained Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Learn more about your ad choices. Visit megaphone.fm/adchoices

Miles Jennings, general counsel at a16z crypto, talks about its new “can’t be evil” NFT licenses and how they help to solve many problems within the NFT industry. Show highlights: what “can’t be evil” NFT licenses are and what problems they solve what can these licenses achieve for content creators which are the five rights that the licenses address whether the NFT licenses help resolve hate speech issues for creators why a16z described its licenses as “can’t be evil” how these licenses will be enforced how anyone buying NFTs should now be able to understand what they are buying why previous attempts to create standardized NFT license didn’t succeed why Miles thinks these new NFT licenses are going to succeed Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Messari: https://mainnet.events/ Guest Miles Twitter: https://twitter.com/milesjennings “Can’t be evil” NFT licenses: a16z article: https://a16zcrypto.com/introducing-nft-licenses/ Miles’ thread: https://twitter.com/milesjennings/status/1564991860824674305?s=20&t=pJEE9HfA9DnC_9PlsGelEw Wiki article: https://www.nftstandards.wtf/NFT/NFT+License Previous coverage on Unchained: What legal rights NFTs come with: https://unchainedpodcast.com/what-exactly-do-you-get-when-you-buy-an-nft-three-lawyers-discuss/ Understanding intellectual property rights with NFTs: https://unchainedpodcast.com/excited-about-your-bored-ape-or-crypto-punk-make-sure-you-understand-your-ip-rights/ Punk 6529 on how rights helped Bored Apes succeed: https://unchainedpodcast.com/punk6529-on-the-significance-of-bored-ape-yacht-club-and-cryptopunks/ IP issues around prominent NFT collections: Galaxy Digital report on NFT owners being misled about rights: https://decrypt.co/107827/bored-apes-moonbirds-misled-buyers-nft-ip-rights-galaxy-digita CryptoPunks gets IP rights: https://decrypt.co/107184/as-cryptopunks-nft-owners-get-commercial-rights-yuga-hopes-to-secure-their-legacy-as-artwork Bored Apes’ more permissive license helps it become more valuable than Crypto Punks: https://www.thedefiant.io/bored-apes-yacht-club-cryptopunks-copyright-fight Moonbirds controversy ignites after move to CC0 license: https://www.thedefiant.io/moonbirds-cc0-license-nfts Learn more about your ad choices. Visit megaphone.fm/adchoices

Show highlights: the legal meaning of the OFAC sanctions on Tornado Cash and why it is causing complications how legislation is built for the fiat world, and how in DeFi and crypto there’s no clarity how miners have changed their behavior prior to the Merge whether a proof of work chain or a proof of stake chain would be more censorship resistant whether laws apply to validators in a PoS chain the ways in which the government could provide more clarification the different entities involved in Proof of Stake the liabilities for each entity in PoS and what secondary liability is how the task of the bidder can be described as a mathematical optimization problem whether Lido is exposed to US regulations how long would it take for a large staker like Coinbase to stop being a validator how a user-activated soft fork works and the conditions in which a fork could happen whether social slashing is enforceable considering it is not in the protocol the likelihood of Ethereum becoming a permissioned system the role of Flashbots’ relay code and what it means for Ethereum’s censorship resistance how DeFi’s exposure to US-based institutions can affect the likelihood of the chain complying with sanctions whether DAI is just wrapped USDC how MakerDAO is trying to be more independent of USDC why US-based companies will choose a conservative path, considering the lack of guidance the importance of educating the regulators how cash and crypto are the only remaining private payment methods Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://avax.network a16z: https://link.chtbl.com/HObAJQDL?sid=unchained Andrew Twitter: https://twitter.com/propelforward Martin Twitter: https://twitter.com/koeppelmann Previous Coverage of the Tornado Cash Sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No: https://unchainedpodcast.com/is-trm-labs-blocking-addresses-from-defi-protocols-ari-redbord-says-no-ep-387/ Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/ The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/ Social Slashing and Censorship on ETH Axios summary of the situation: https://www.axios.com/2022/08/23/how-transactions-might-be-censored-after-ethereum-changes-next-month BitMex research on how the sanctions affect Ethereum: https://blog.bitmex.com/ofac-sanctions-ethereum-pos-some-technical-nuances/ Ethermine banning transactions: https://twitter.com/takenstheorem/status/1560690035955011585?s=20&t=59hWdhr8_O-hYA8uYnZJ8w Nic Carter’s article: https://www.coindesk.com/layer2/2022/08/25/if-ethereum-starts-slashing-it-burns/ Eric Wall’s article on social slashing: https://ercwl.medium.com/the-case-for-social-slashing-59277ff4d9c7 CoinDesk article: https://www.coindesk.com/tech/2022/08/23/as-censorship-on-ethereum-begins-could-this-open-sourced-code-help-counter-it/?outputType=amp Hetzner banning Ethereum users: https://twitter.com/koeppelmann/status/1563146729314467840?s=20&t=ubFhCQqrQyHKfflgMHEmJw Learn more about your ad choices. Visit megaphone.fm/adchoices

Travis Kling, Chief Investment Officer at Ikigai Asset Management, talks about how ETH changes after the Merge, what factors are going to affect its price action, and whether it can decouple from traditional assets. Show highlights: how the supply and demand dynamics of ETH will change after the Merge why he believes the Merge is the most significant catalyst in crypto history what the risks are in terms of price action whether there is an estimate of how much ETH will be locked up and how this lockup resembles Mt. Gox’s BTC the impact that being a deflationary asset will have on the price of ETH and whether it will actually become deflationary after the Merge how activity levels have been decreasing in the Ethereum network whether ether is underpriced or overpriced, and how to evaluate it how institutional money is sitting on the sidelines at the moment after all the de-leveraging events that happened this year how the Merge affects BTC’s narrative and value-proposition how institutions have never been more interested in ether what the futures market is saying about the price action of ether whether ETHPoW has any value and how to trade it how macroeconomics has been impacting the crypto markets and whether ETH can decouple from the macro setups Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Messari: https://mainnet.events/ Travis Twitter: https://twitter.com/Travis_Kling ETH Post-Merge ETH Dynamics: Ultra sound money dashboards: https://ultrasound.money/ Dune dashboards on the Merge: https://twitter.com/DuneAnalytics/status/1562021273575751680?s=20&t=HELDvcJ6gI3Z5RmVsGHdiA Cumberland on the Ethereum dynamics after the Merge: https://res.cloudinary.com/drw/image/upload/v1661351279/comm-cumberland/uploads/The_Ethereum_Merge_-_Derivative_Market_Opportunities_Changes_to_SupplyDemand_Dynamics_1_zwearq.pdf Miles Suter on the implications of the Merge: https://twitter.com/milessuter/status/1560070819518234624?s=20&t=qjolzcydMY_nTU__vZNciQ Robert Leshner on the Ethereum Merge: https://twitter.com/rleshner/status/1559727104903757826?s=20&t=cKkI7b_Hj7dDe0DKmgP13g The triple point asset: https://newsletter.banklesshq.com/p/ether-a-new-model-for-money Previous coverage of Unchained: Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake: https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/ Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge: https://unchainedpodcast.com/why-kevin-zhou-believes-ethereum-will-have-3-forks-after-the-merge-ep-381/ Why Ethereum’s Merge Was Delayed and Why It Won’t Reduce Gas Fees Much: https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/ ETH Trade Whether Ethereum’s Merge is priced in: https://www.coindesk.com/layer2/2022/08/22/is-ethereums-merge-priced-in/ Arthur Hayes on the ETH trade: https://blog.bitmex.com/eth-flexive/ ETH flips Bitcoin open interest: https://www.coindesk.com/markets/2022/08/01/ether-flips-bitcoin-in-options-market-for-the-first-time/ “Max bidding” by Arthur Hayes: https://cryptohayes.medium.com/max-bidding-7a1c56c1cd07 Gauntlet’s view on the Merge: https://medium.com/gauntlet-networks/gauntlets-view-on-the-merge-7c79e39e4b59 Macroeconomics Arthur Hayes on USD liquidity conditions and how it affects assets:https://cryptohayes.medium.com/teach-me-daddy-33e7a66dfe76 Adam Cochran on the Fed’s QT: https://twitter.com/adamscochran/status/1562077260819173378?s=20&t=Jh2DRYu-nr2mRg_4kJEFqA Pantera Capital’s newsletter: https://panteracapital.com/blockchain-letter/ethereum-tightening-more-than-fed/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Stephane Gosselin, cofounder and chief architect of Flashbots, and Uri Klarman, CEO of bloXrouteLabs, joined Unchained to discuss everything about MEV, an especially important topic now with the Merge coming. Show highlights: what MEV is, how it works under Proof of Work some examples of MEV, like frontrunning and arbitrage how MEV is a rabbit hole full of monsters the role of Flashbots in the MEV industry and how Flashbots enabled a reduction of gas fees for users how MEV-geth functions and how it relates to auctions systems how bloXroute, Uri’s company, is working with MEV where Stephane and Uri disagree on MEV, despite agreeing on many fundamental things how MEV changes with the implementation of Proof of Stake what MEV-Boost is and the problems it solves what proposer-builder separation is and the motivation behind this idea whether DeFi would flourish more if there wasn’t frontrunning and why MEV-Boost doesn’t prevent it what externalities MEV-Boost or proposer-builder separation (PBS) would solve for users how MEV exists in other industries and in traditional finance why Flashbots’ own investors would rather trade on a fair-sequenced rollup than on Flashbots how the number of MEV extractors has been decreasing and whether this would end up centralizing MEV whether exploiting certain types of MEV is illegal how other chains are trying to solve frontrunning, like Osmosis with threshold encryption what are the levers that can be pulled to solve MEV, according to Uri how eradicating MEV can positively affect the price of ETH, and by how much whether validators can potentially share MEV profits with users how to determine if a network has a good MEV supply chain Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ a16z: https://link.chtbl.com/HObAJQDL?sid=unchained Show Links Uri: Twitter: https://twitter.com/uriklarman Stephane: Twitter: https://twitter.com/thegostep Previous coverage of MEV on Unchained: The Debate Over Ethereum MEV: Should It Be Minimized or Boosted?: https://laurashin.bulletin.com/the-debate-over-ethereum-mev-should-it-be-minimized-or-boosted The Other Side(s) of Ethereum's MEV Argument: https://laurashin.bulletin.com/the-other-side-s-of-ethereum-s-mev-argument MEV What is MEV: https://ethereum.org/en/developers/docs/mev/#:~:text=Maximal%20extractable%20value%20(MEV)%20refers,of%20transactions%20in%20a%20block Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation Uri’s blog post: https://medium.com/@uri_61495/flipping-the-table-on-the-mev-game-dc31df8baaf7 MEV Profit sharing validators: https://www.recvc.com/mev-2-0-the-rise-of-mpsvs/ Panel conversation mentioned in the episode (39:53): https://youtu.be/UKfBFV1TuEM?t=2393 Sealed auction design: https://ethresear.ch/t/mev-sgx-a-sealed-bid-mev-auction-design/9677 Priority Gas Auction (PGA): https://www.mev.wiki/terms-and-concepts/priority-gas-auctions#:~:text=What%20is%20a%20priority%20gas,up%20fees%20for%20other%20users. Dune’s dashboard - amount of MEV extractors: https://dune.com/queries/1171509 The MEV Game of the Crypto Economy: Osmosis' Threshold Encryption vs. SGX of Flashbot?: https://mirror.xyz/infinet.eth/SFjR1H1-RMnKoIoPjqkxpauVPrLYGqLHQP1dY9FHvx4 Bank of International Settlements report on MEV: https://www.bis.org/publ/bisbull58.pdf Flashbots Flash Boys 2.0 paper: https://arxiv.org/pdf/1904.05234.pdf Flashbots Dashboard: https://dashboard.flashbots.net/ Flashbots auctions: https://docs.flashbots.net/flashbots-auction/overview Flashbots relay open source: https://twitter.com/hasufl/status/1559908331145265156?s=20&t=gtHe5sVetxQXVKfZL2VMYg MEV Boost: https://www.alchemy.com/overviews/mev-boost MEV in ETH PoS: https://writings.flashbots.net/writings/mev-boost-call-for-testing Learn more about your ad choices. Visit megaphone.fm/adchoices

Ari Redbord, Head of Legal and Government Affairs at TRM Labs, talks about the sanctions on Tornado Cash, and the role of blockchain analytics tools in crypto. Show highlights: Ari’s background as a federal prosecutor and his work for the US Treasury why regulators sanctioned Tornado Cash, according to Ari why the Ronin hack was important for regulators to start taking DeFi hacks more seriously the fact that for the first time the Treasury Department sanctioned software whether the Office of Foreign Assets Control (OFAC) messed up whether regulators understood the impact on regular users the role of TRM and blockchain analytics tools in mitigating risk how decentralized applications use tools like the ones provided by TRM to comply with regulations and to block addresses why, if Ari were a regulator, he would focus on regulation guidance whether the sanctions on Tornado Cash are unconstitutional what the future of privacy in crypto looks like and whether the government is going after privacy technologies Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ari Twitter: https://twitter.com/ARedbord Tornado Cash Treasury Press release: https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019 Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/ Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/ TRM Labs blog post: https://www.trmlabs.com/post/how-defi-platforms-are-using-data-from-trm-labs-to-respond-to-tornado-cash-sanctions Tornado Cash post on compliance: https://tornado-cash.medium.com/tornado-cash-compliance-9abbf254a370 Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ Second Coin Center article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/ Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/ The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/ What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/ Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul Previous Coverage of Unchained: Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/ The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/ ** For more episode links and details visit the Unchained website ** Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Laura Shin, host of Unchained and author of The Cryptopians, also joined the conversation. Show topics: What Tornado Cash is and why it got sanctioned by the OFAC The difference between Tornado Cash and blender.io Whether privacy is dead as a category and whether regulators are going after it How these sanctions have a negative impact on the funding of privacy projects How people within the industry can have different points of view, even when they understand the technology Whether the ban of Tornado Cash only means that malicious groups will just go and use other protocols Why regulation by enforcement sucks The asymmetry between the government’s sanction and the effort needed to push it back. What changes after the Merge for ETH in terms of centralization Whether some MEV solutions make Ethereum more centralized Why MEV is intrinsic to blockchains and whether it is impossible to get rid of it Why Proposer-Builder Separation is helpful for the network Whether MEV is illegal and the plausibility of major exchanges not extracting MEV Why Facebook has an MEV extraction business model, according to Tarun How some NFT exchanges are not enforcing royalties What Sudoswap is and how it works How the royalties were there to bootstrap the supply side of NFTs Why Tarun thinks music NFTs will never happen The economic reasoning around royalties The differences between NFT marketplaces like OpenSea and Magic Eden Whether NFTs have a real-world use How Dragonfly’s acquisition of Metastable brought Laura some old memories Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Tarun Chitra, managing partner at Robot Ventures https://twitter.com/tarunchitra Laura Twitter: https://twitter.com/laurashin Episode Links Tornado Cash Treasury Press release: https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019 Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/ Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ Second Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/ Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/ The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Surojit Chatterjee, chief product officer at Coinbase, comes to talk about what products Coinbase is building, how it can thrive in such a competitive landscape, how to onboard billions of users into crypto, and much more. Show highlights: how Surojit got into crypto and ended up at Coinbase what sets Coinbase apart from the competition how to bring billions of customers to crypto Surojit’s mental model of a bridge between the fiat world and the crypto world how Coinbase is integrating its main app with Web3 whether crypto can become a utility rather than an investment asset how Coinbase is building a product in such a way that it attracts even “crypto-native” people what happened with Coinbase NFT Marketplace’s failure and whether the company will keep investing in NFTs whether Coinbase has lost crypto-embedded people among its employees how the partnership with BlackRock indicates how far crypto has come the amount of money that institutions could potentially pour into crypto how Coinbase will prevent itself from having the largest percentage of staked ETH how the company is monetizing the Coinbase wallet and what would happen to revenue if the trading volume were to move from the exchange to Coinbase wallet swaps why Coinbase is suffering a decline in trading volume whether Coinbase can compete with newer exchanges like FTX and Binance and why Surojit still thinks Coinbase will win why it is important to keep investing and building through this crypto winter Surojit’s take on the frontrunning of coins about to be listed on the platform why the Howey test (which determines whether something is a security) is outdated how Coinbase understands securities, and whether the firm thinks the tokens listed on the platform are securities how can Coinbase compete with decentralized exchanges like Uniswap why Surojit is worried about regulatory clarity and stablecoins how hacks and security give the crypto industry a bad reputation what Surojit’s dreams are for the industry Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Show Links Surojit: Twitter: https://twitter.com/surojit Coinbase Q2 2022 Earnings: Shareholder letter: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q2/v2/Q2-2022-Shareholder-Letter.pdf Summary: https://twitter.com/fintechintern/status/1557130836574539776?s=20&t=R-oDUTEaev-F8bPonC2q5Q Earnings call: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q2/Coinbase-Q2%2722-Earnings-Call-Transcript.pdf NFT Marketplace: Coinbase NFT launch: https://decrypt.co/99561/coinbase-nft-marketplace-150-users-first-day-public NFT Market data: https://dune.com/Marcov/0x-NFT-Market Gamestop NFT stats: https://dune.com/dataisking420/gamestopnft-stats Gamestop’s performance against Coinbase: https://decrypt.co/105069/gamestop-ethereum-nft-sales-dwarf-coinbase-nft Partnerships BlackRock: https://www.coindesk.com/business/2022/03/24/blackrocks-fink-says-ukraine-war-could-accelerate-crypto-adoption-report/ https://blog.coinbase.com/coinbase-selected-by-blackrock-provide-aladdin-clients-access-to-crypto-trading-and-custody-via-b9e7144f313d https://www.coindesk.com/markets/2021/07/14/blackrock-ceo-larry-fink-seeing-very-little-demand-for-crypto-lately/ Integration with META: https://www.coindesk.com/business/2022/08/04/meta-confirms-nft-rollout-across-100-countries-amid-coinbase-integration/ ** For more episode links and details visit the Unchained website ** Learn more about your ad choices. Visit megaphone.fm/adchoices

Jerry Brito, executive director of Coin Center, talks about Tornado Cash, why it was sanctioned, and what this means for privacy in crypto. Show highlights: what Blender.io is and how it relates to Tornado Cash how hackers have used Tornado Cash to launder money whether the Office of Foreign Assets Control made a mistake, according to Jerry how Americans were affected by the sanctions why Jerry believes OFAC should have done an analysis to estimate how many people would be impacted by its decision whether the sanctions should have been aimed at North Koren wallets and not the protocol whether the sanctions are unconstitutional and whether Coin Center will litigate this how Jerry believes Circle freezing USDC complicated everything what the famous people who received 0.1 ETH from random accounts via Tornado Cash should do what would happen if someone forked the Tornado Cash code and deployed a copycat smart contract to a new address whether the sanctions signal the beginning of a privacy war on crypto how regulators are applying the same traditional rules with crypto as they use with centralized entities Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Jerry Twitter: https://twitter.com/jerrybrito Tornado Cash Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/ Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/ The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/ What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/ Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul Hacks linked to Tornado Cash Ronin: https://www.cnbc.com/2022/04/15/ronin-hack-north-korea-linked-to-615-million-crypto-heist-us-says.html Harmony: https://decrypt.co/104138/north-korean-attackers-behind-100m-harmony-hack-report Crypto.com: https://www.wired.com/story/crypto-hack-nso-group-security-news/ Nomad: https://decrypt.co/106459/crypto-bridge-nomad-exploited-190m-frenzied-free-for-all Previous Coverage of Unchained: Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks?: https://unchainedpodcast.com/will-the-nomad-mass-looting-change-how-law-enforcement-treats-defi-hacks-ep-382/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news in the digital asset industry. In this episode, Hasu, the gourmand of governance and Rune Christensen, chief mischief maker at MKR, discuss how to manage a DAO, their respective visions for MakerDAO, and much more. Show topics: What MakerDAO is, how DAI works and whether it is the “central bank” of DeFi How the visions for MakerDAO of Hasu and Rune differ Whether Maker should only hold highly liquid collateral assets Hasu’s mental model of DAI as eurodollars The role of real-world assets in backing DAI What the purpose of a DAO is and how it differs from a legal entity Whether people behave in their purest form within a DAO How DAI can create positive externalities and make a better world How crypto holders are not only in it for the money but also for the philosophy What the “decentralized stablecoin trilemma” is Whether there’s a need for dollar-denominated collateral for DAI to work What “clean money” is according to Rune Why Rune thinks having a single council is not viable due to the political risks and whether the solution is to have multiple councils How to keep the principal-agent problem in check, according to Hasu Why Hasu believes council members wouldn’t pursue their own interests and go against the benefit of MKR token holders Whether a council would be corruptible and the dangers that it entails What kind of interests should be represented in the council Whether Maker can create more synthetic assets The iron law bureaucracy and how it relates to governance How to design the DAO to be steered in alignment with the token holders Whether ossification is a feature to be pursued, and where innovation happens How complexity is very expensive for an organization Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Robert Leshner, founder of Compound https://twitter.com/rleshner Hasu Twitter: https://twitter.com/hasufl Rune Christensen Twitter: https://twitter.com/RuneKek Episode Links MakerDAO Hasu’s governance proposal: https://vote.makerdao.com/address/0xafaff1a605c373b43727136c995d21a7fcd08989#delegate-credentials Rune’s proposal - the endgame: https://forum.makerdao.com/t/the-endgame-plan-parts-1-2/15456 Proposal to add a lending oversight core unit: https://forum.makerdao.com/t/mip39c2-sp33-adding-lending-oversight-core-unit-love-001/15098 Previous Coverage of Unchained: Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/ Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/ The Rise of MakerDAO: A Personal Journey: https://unchainedpodcast.com/the-rise-of-makerdao-a-personal-journey/ Real World Assets: Huntingdon Valley Bank (“HVB”) proposal: https://forum.makerdao.com/t/huntingdon-valley-bank-hvb-rwa-collateral-onboarding-risk-assessment/15828 $500 million allocation proposal: https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922 The stablecoin trilemma: https://fluid.ch/stablecoin-trilemma/#:~:text=A%20deeper%20dive%20into%20the,decide%20on%20the%20stablecoin%20supply. Learn more about your ad choices. Visit megaphone.fm/adchoices

Layne Haber, Co-founder of Connext Network, discusses the Nomad bridge hack, how it happened, and what can be done to prevent these exploits. Show highlights: what Nomad is and how it works how the hack occurred and what the vulnerability was how much TVL the protocol had and how much of it was drained why the Nomad hack was unique how this exploit resembled the DAO hack on Ethereum the bounty program that Nomad offered and how hackers responded to it how Nomad is working with law enforcement, and the reasons why law enforcement has decided to get involved how Nomad has partnered with TRM Labs to help with tracking the hackers whether privacy developments in the crypto ecosystem will make it harder for law enforcement to track down hackers why cross-chain hacks happen so often what Layne thinks can be done to improve bridge security what mechanism can be implemented to prevent errors that enable these types of mass looting what Layne expects to see in the next few weeks around the Nomad exploit Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Oasis: https://oasisl.ink/3Bo612R EPISODE LINKS Layne Twitter: https://twitter.com/LayneHaber Nomad Hack: https://www.theblock.co/post/160731/nomad-cross-chain-crypto-bridge-suffers-possible-exploit Sam Sun explaining the hack: https://twitter.com/samczsun/status/1554252024723546112?s=20&t=SHIZQRqJ00mmuZVXFKXuZg Nomad’s bounty program: https://twitter.com/nomadxyz_/status/1555293965049630722?s=20&t=RxH5UuWbBXiRLqu5gHDNyg Pranay Mohan’s thread: https://twitter.com/pranaymohan/status/1556402131325915137?s=20&t=RxH5UuWbBXiRLqu5gHDNyg $36 million recovered: https://twitter.com/nomadxyz_/status/1556681397993058304?s=20&t=makkX3SX1ezAXQSd6fdZYA Cross-chain security: Chainalysis article: https://blog.chainalysis.com/reports/cross-chain-bridge-hacks-2022/ Adam Cochran on crypto bridges: https://twitter.com/adamscochran/status/1554473323073093634?s=20&t=8YFw6sPEGfjvh12q8w7p-Q Vitalik’s take on cross-chain applications: https://old.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/ Previous Unchained coverage: The Chopping Block: How to Improve DeFi and Cross-Chain Bridge Security: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/ Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin Zhou, co-founder of Galois Capital, comes to talk about the possibility of a Proof of Work chain on Ethereum after the Merge, the LUNA death spiral, how he plans to play the Merge, and much more... Show highlights: how Kevin got started in crypto what Galois Capital is and what its investment thesis is why Kevin was more vocal than most about the possibility of the LUNA death spiral whether Kevin made money out of the Terra collapse and what was his strategy what the difficulty bomb in Ethereum is the potential scenarios that could arise after the Merge whether the public is not considering the risks of the Merge how the fact that everybody was telling the same narrative about ETH made Kevin suspicious how Chandler’s statement about forking Ethereum made it a lot more likely that it would happen the groups behind the encouragement of a proof-of-work Ethereum chain whether there is a value proposition for a Proof of Work chain how Kevin used The Cryptopians to remember how the DAO fork went what replay protection is and why it is important when forking a chain why anyone would want to keep the difficulty bomb in a potential proof of work chain Kevin’s predictions about the market cap of the potential Ethereum forks how a proof of work chain of Ethereum would function without the biggest stablecoins like USDT and USDC whether Tether is going to support Ethereum 2 why Kevin writes using metaphors related to history and gaming and how those analogies relate to Ethereum how Kevin wanted to “stick it” to the Ethereum Foundation by offering his services whether Vitalik trolled Kevin on Twitter whether Kevin will apply the same strategy he used with ETC after the DAO fork Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Kevin Twitter: https://twitter.com/Galois_Capital ETH2 What is the Merge?: https://ethereum.org/en/upgrades/merge/ Proof of Work Chain Kevin’s analogy: https://twitter.com/Galois_Capital/status/1554053321165512705?s=20 Haseeb’s answer to Kevin’s arguments: https://twitter.com/hosseeb/status/1554163977806000128?s=20 Chandler Guo’s proposal: https://decrypt.co/106409/prominent-chinese-ethereum-miner-wants-to-resist-merge-create-fork Kevin’s consulting offer: https://twitter.com/Galois_Capital/status/1553090706708856832?s=20 BitMEX researchers on the possibility of an Ethereum PoW chain: https://blog.bitmex.com/ethpow-vs-eth2/ CoinDesk article: https://www.coindesk.com/layer2/2022/08/03/who-will-mine-ethereum-after-its-gone/ Poloniex’s announcement: https://twitter.com/poloniex/status/1555085757450272768?s=21&t=jkjNGieNXdY5SgT2e9xhoQ Justin Sun’s support of ETHW: https://twitter.com/justinsuntron/status/1555112296006922240?s=21&t=jkjNGieNXdY5SgT2e9xhoQ Learn more about your ad choices. Visit megaphone.fm/adchoices

Lyn Alden, founder of Lyn Alden Investment Strategy, and Mauricio di Bartolomeo, cofounder of Ledn, discuss how inflation could affect the digital asset industry. Show highlights: how Mauricio’s upbringing in Venezuela and firsthand experience with inflation led him to Bitcoin what a “long-term debt cycle” is and why Lyn thinks the 2020s could be similar to the 1930s and 1940s the difference between inflation and hyperinflation how inflation changes consumer investing and purchasing decisions what the impact of inflation is on Bitcoin how Russia’s war on Ukraine will continue to impact inflation how rising interest rates will affect Bitcoin and stablecoin adoption what type of economic environment is worst for BTC growth whether Bitcoin is an inflation hedge why Lyn is long-term bullish on stablecoins and Bitcoin what effect a global recession would have on Bitcoin how global inflation has changed adoption rates for BTC in developing economies how Venezuelans use and perceive Bitcoin why Lyn and Mauricio are excited about Lightning Network in developing countries what Lyn and Mauricio think about El Salvador’s adoption of BTC and its billion dollar BTC bond how Ledn, as a lending company, was able to navigate the Celsius/Voyager crash how Lyn analyzes the risks associated with firms like BlockFi what lessons Lyn and Mauricio have learned in 2022 about digital assets and the economy Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program Episode Links Lyn Alden Twitter: https://twitter.com/LynAldenContact Website: https://www.lynalden.com/ Previous Unchained episodes: Is Ethereum a Good Investment: https://unchainedpodcast.com/lyn-alden-and-raoul-pal-is-ethereum-a-good-investment/ Why Bitcoin Now: https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/ Mauricio di Bartolomeo Twitter: https://twitter.com/cryptonomista LInkedIn: https://www.linkedin.com/in/mauricio-di-bartolomeo-780284101 Recommended Lyn Reading on Inflation https://www.lynalden.com/ecb-trapped/ https://www.lynalden.com/investing-during-stagflation/ https://www.lynalden.com/may-2022-newsletter/ https://www.lynalden.com/the-area-under-the-curve/ https://www.lynalden.com/blockfi/ Ledn Information https://ledn.io/ https://www.coindesk.com/business/2022/07/01/blockfi-approached-with-ledn-led-funding-offer-amid-ftx-acquisition-talks-report/ El Salvador https://www.nytimes.com/2022/07/02/opinion/bitcoin-el-salvador-bukele-crypto.html?searchResultPosition=1 https://unchainedpodcast.com/bitcoin-in-el-salvador-why-would-cypherpunks-support-government-mandated-bitcoin-adoption-ep-375/ Inflation https://twitter.com/nic__carter/status/1538909209022058498 https://www.reuters.com/business/imf-cuts-global-growth-forecasts-warns-high-inflation-threatens-recession-2022-07-26/ https://www.youtube.com/watch?v=hGCxEMgnMco&list=PL9flMWibV82fmwt5vd0YROikG2msYYphX Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Balaji Srinivasan discusses his latest book, “The Network State, how different digital tools like crypto will help empower network states, and analyzes how crypto fits into the current political environment. Show topics: why Balaji wrote a book and why he is so enthralled with a digitized future what a “network state” is, and what components of crypto are embedded into the idea why Balaji is interested in “re-centralization” why Balaji believes that networks states need to be recognized by real nations what makes a network state better than a physical nation or digital community why Balaji thinks a community of people who eat a keto diet could be the first network state why Balaji thinks the network states will be a good thing where Bitcoin maximalism fits into the left vs. right political divide, woke culture, and Christianity what the overlap between politics and crypto will be going forward what is the best way to learn, read, and debate “The Network State” where crypto tools and communities have gone wrong so far and how the industry can improve going forward what lessons Balaji learned from the tech bubble in the early 2000s what Balaji’s over-under is for when the first network state will arrive Balaji’s pitch for a 50:50 BTC/ETH portfolio (note: not investment advice) Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Tarun Chitra, managing partner at Robot Ventures https://twitter.com/tarunchitra Robert Leshner, founder of Compound https://twitter.com/rleshner Guest: Balaji Srinivasan Twitter: https://twitter.com/balajis Episode Links The Network State ​​https://thenetworkstate.com/ Technological Revolutions and Financial Capital https://www.amazon.com/Technological-Revolutions-Financial-Capital-Dynamics/dp/1843763311 Learn more about your ad choices. Visit megaphone.fm/adchoices

Marisa Tashman, policy counsel at Blockchain Association, analyzes the US Securities and Exchange Commission’s (SEC) decision to name nine tokens as securities and investigate whether Coinbase lists securities. Show highlights: why the SEC named tokens as securities in an insider trading case where no exchanges or token teams are listed as defendants what happens if the Coinbase insider trading case is settled or goes to court why the SEC’s actions should be considered “regulation by enforcement” whether there is any process to force the SEC to reveal its reasoning for calling a token a security why Marisa thinks the SEC is actively harming US investors with its crypto policy how Coinbase is handling the SEC’s investigation what Marisa thinks of Coinbase’s listing process why the Cynthia Lummis-led crypto regulatory framework is a good start what Marisa believes will happen in the crypto regulatory landscape in the near future Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Episode Links Marisa Tashman https://twitter.com/mtash Blockchain Association https://theblockchainassociation.org/ Coinbase SEC investigation into listing unregistered tokens: https://www.bloomberg.com/news/articles/2022-07-26/coinbase-faces-sec-investigation-over-cryptocurrency-listings SEC insider trading case: https://www.sec.gov/news/press-release/2022-127 Coinbase does not list securities blog post: https://blog.coinbase.com/coinbase-does-not-list-securities-end-of-story-e58dc873be79 Coinbase petition: https://www.sec.gov/rules/petitions/2022/petn4-789.pdf SEC Regulation by Enforcement Response CFTC Commissioner: ​​https://twitter.com/CarolineDPham/status/1550159347984044033 Lindsay Lin: https://twitter.com/lindsayxlin/status/1552320370019106822?s=21&t=4OaAjw3r8NlH23ppWiVK1w Jake Chervinsky: https://twitter.com/jchervinsky/status/1550515627961589762?s=20&t=gGwDPAJzZXSu6Gwc9agDOg Hester Peirce: https://www.coindesk.com/policy/2022/05/03/hester-peirce-pushes-back-against-secs-plans-to-nearly-double-crypto-enforcement-staff/ Matt Levine: https://twitter.com/matt_levine/status/1550202036570017792?s=20&t=e1g8U-V4K_ixd1vJoRc9gA Chair Gary Gensler wanting crypto exchanges to register as securities exchanges: https://www.bloomberg.com/news/articles/2022-07-28/sec-chair-gensler-hardens-line-on-crypto-exchange-registration?sref=m9L277rN https://twitter.com/garygensler/status/1552700562533236739?s=21&t=mNENJd2qeQYkeFFdZqWUPA Gillibrand x Lummis Crypto Regulatory Framework https://www.gillibrand.senate.gov/news/press/release/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets Learn more about your ad choices. Visit megaphone.fm/adchoices

Two crypto law experts, WassieLawyer and Adam Levitin, analyze the bankruptcies of 3AC, Celsius, and Voyager. Show highlights: the difference between Voyager and Celsius “custody” and “earn” deposits why Celsius commingling customer custody and earn deposits could make it harder for creditors to get their money back what similarities and differences the Voyager and Celsius bankruptcies have how Chapter 11 bankruptcy works why Wassie and Adam believe Celsius might have engaged in shady business practices, whereas they believe Voyager was just an irresponsible lender what the latest is on the 3AC bankruptcy and the location of Kyle Davies and Zhu Su what Celsius and Voyager can clawback from 3AC how Alameda fits into the Voyager bankruptcy case whether creditors will receive funds back in crypto or dollars the three types of ways creditors can “claw back” funds in a bankruptcy case why Wassielawyer and Adam believe Celsius’ Chapter 11 plan to restructure around mining is so weird whether the founders from 3AC, Celsius, or Voyager will see jail time Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program Episode Links Adam Levitin https://twitter.com/AdamLevitin Adam Levitin 3AC/Celsius/Voyager Content https://twitter.com/AdamLevitin/status/1549935271323607040 https://www.thedeal.com/restructuring/oped-looming-legal-issues-in-cryptocurrency-bankruptcies/ https://www.thedeal.com/restructuring/oped-crypto-winter-arrives/ https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4107019 https://twitter.com/AdamLevitin/status/1549142827774447619 https://twitter.com/AdamLevitin/status/1548727063930077188 https://twitter.com/AdamLevitin/status/1547945325125480451 https://twitter.com/AdamLevitin/status/1547699788279193600 https://twitter.com/AdamLevitin/status/1547584853180162049 https://twitter.com/AdamLevitin/status/1547389680198508546 WassieLawyer https://twitter.com/wassielawyer WassieLawyer 3AC/Celsius/Voyager Content https://twitter.com/wassielawyer/status/1543238225338454016 https://twitter.com/wassielawyer/status/1538167831946473472 https://twitter.com/wassielawyer/status/1545827666590601216 https://twitter.com/wassielawyer/status/1536192639112183808 Celsius Content https://www.coindesk.com/policy/2022/07/19/celsius-lays-out-mining-focused-reorganization-plan-at-first-bankruptcy-hearing/ https://twitter.com/BradyDale/status/1549415579399979008 https://www.cnbc.com/2022/07/19/former-employees-say-issues-plagued-crypto-company-celsius-years-before-bankruptcy.html https://www.coindesk.com/business/2022/07/18/celsius-outlines-next-steps-as-bankruptcy-proceedings-begin/ https://twitter.com/wassielawyer/status/1548947257961086976 https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/ https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6 https://www.coindesk.com/markets/2022/07/13/wobble-in-steth-price-shows-fear-celsius-might-dump-435m-stake/ https://www.coindesk.com/markets/2022/07/11/celsius-reclaims-172m-collateral-from-aave-compound/ https://www.coindesk.com/markets/2022/07/13/celsius-pays-off-last-defi-loan-reclaims-nearly-200m-of-wrapped-bitcoin-from-compound/ Voyager Content https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/ https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/ https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/ 3AC https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/ https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/ https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/ https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/ https://unchainedpodcast.com/three-crypto-bankruptcies-3ac-celsius-and-voyager-what-happens-now-ep-374/ Other Kirkland and Ellis are running both bankruptcies https://twitter.com/kadhim/status/1549864279536553984 https://twitter.com/tier10k/status/1550133741158219776 (made $1m/week) What is happening to assets in bankruptcy cases https://twitter.com/OGLawPanda/status/1549357959746043909 No exposure for Coinbase https://finance.yahoo.com/news/coinbase-celsius-voyger-three-arrows-exposure-142730485.html KeyFi lawsuit https://fortune.com/2022/07/08/crypto-lender-celsius-ponzi-scheme-used-customer-funds-manipulate-token-prices-jason-stone-says-lawsuit/ 3AC founders break silence https://cryptobriefing.com/the-whole-situation-is-regrettable-3ac-breaks-silence-to-bloomberg/ Learn more ab

Adam Cochran, partner at Cinneamhain Ventures, discusses the impact of 3AC’s impending liquidation. Show topics: why 3AC founders (and family members) are listing themselves as creditors what the “corporate veil” is and why it matters regarding 3AC where retail investors stand in the pecking order of creditors why Adam doesn’t believe we know the full story about 3AC’s downfall, despite liquidators leaking a 1,000-page report about it what creditors might do with 3AC’s yacht why Adam is less worried about the health of GBTC in light of recent 3AC filings what effect 3AC’s fall will have on Genesis and Digital Currency Group why creditors might prefer liquidations to be paid out in equity compared to cash in this environment how 3AC’s liquidation is impacting retail investors at Voyager and Celsius why there could be a crypto credit crunch coming soon Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Adam Cochran Twitter: https://twitter.com/adamscochran Coverage Adam Cochran Twitter thread on 3AC liquidation: https://twitter.com/adamscochran/status/1543253799929876480 Adam Cochran Twitter thread on 3AC contagion: https://twitter.com/adamscochran/status/1546477191420170240 3AC founders subpoenaed https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-fouSubpoenaedders-for-discovery 3AC x Genesis relationship https://www.theblock.co/post/158167/crypto-lender-genesis-lent-2-36-billion-to-three-arrows-capital 3AC owes creditors $3.5 Billion https://www.theblock.co/post/158169/three-arrows-capital-3ac-creditors-list-3-5-billion-crypto-affidavits 3AC liquidation committee ​​https://www.theblock.co/post/158279/three-arrows-capital-3ac-creditors-committee-five-members 3AC x Blockchain.com relationship https://www.theblock.co/post/158533/3ac-borrowed-and-repaid-more-than-2-billion-from-blockchain-com-before-outstanding-debt Deribit liquidation dispute https://www.coindesk.com/markets/2022/07/19/stake-in-crypto-exchange-deribit-becomes-disputed-asset-in-three-arrows-bankruptcy/ 3AC x StarkWare https://thedefiant.io/zhu-3ac-starkware/ Previous Unchained Coverage Wassielawyer on 3AC, Celsius, and Voyager https://unchainedpodcast.com/three-crypto-bankruptcies-3ac-celsius-and-voyager-what-happens-now-ep-374/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Nelson Rauda, Salvadoran journalist for El Faro, comes to talk about the impact of Bitcoin in El Salvador, the needs of Salvadoran people, Bitcoin City and the Bitcoin Bond, and much more. Show highlights: Nelson’s story and how he began covering BTC what kind of politician and president Nayib Bukele was before BTC what the financial reality was for Salvadoran people before the implementation of BTC the reasons for the high rates of unbanked people in El Salvador how Bukele changed the monetary policy with what Rauda says was very little discussion why Rauda believes the BTC law is not meant for Salvadorans, but instead is a PR stunt how people reacted after the announcement of BTC as legal tender, and how it resembled the dollarization of the economy in 2001 how Nelson did not even understand BTC at the moment of the announcement and how he says there was not an effort from the government to educate the population whether BTC was successful in attracting investments and tourism, and how there’s no hard data about it why Nelson believes Bukele was trying to hide the scandals when he adopted BTC whether BTC has been used as a PR stunt why bitcoiners are enthusiastic about an authoritarian government adopting BTC as legal tender how Bukele might be undermining his own authority by adopting BTC, a type of money that is not controlled by a state whether the Chivo wallet is a surveillance tool why Nelson believes BTC does not represent a solution for the needs of average Salvadoran people whether the $30 dollar initial gift to download the BTC wallet was seen as just another subsidy the status of Bitcoin City and how Nelson believes it represents the most spectacular PR stunt from Bukele’s administration how the expensive prices of electricity in El Salvador make the country not the best place for mining the significance of Bitcoin Beach what the BTC bond is, what Bukele tried to achieve with it, and why it has been postponed whether El Salvador will default on its debt and what the impact of the BTC price has on the national finances and on how Salvadorans perceive Bitcoin how Nelson believes people in El Salvador do not have political freedom and how it contradicts the narrative of financial freedom that BTC aims to provide what Nelson thinks about Bitcoin and whether governments should adopt it as legal tender Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program Nelson: Twitter: https://twitter.com/raudaz_ NYT Opinion article: https://www.nytimes.com/2022/07/02/opinion/bitcoin-el-salvador-bukele-crypto.html?referringSource=articleShare Bitcoin Law: PwC report: https://www.pwc.com/gx/en/financial-services/pdf/el-salvadors-law-a-meaningful-test-for-bitcoin.pdf Full law: https://freopp.org/el-salvadors-bitcoin-law-full-proposed-english-text-9a2153ad1d19 BBC article - The IMF urges El Salvador to remove Bitcoin as legal tender: https://www.bbc.com/news/world-latin-america-60135552 BTC as a Trojan horse: https://bitcoinmagazine.com/culture/bitcoin-is-a-trojan-horse-for-freedom Last BTC Purchase: https://decrypt.co/104275/el-salvador-president-nayib-bukele-more-bitcoin-after-losing-60m Washington post article on tourism attraction: https://www.washingtonpost.com/travel/2022/07/06/el-salvador-bitcoin-beach/?utm_campaign=wp_main&utm_medium=social&utm_source=twitter NYT Article on El Salvador’s bet: https://www.nytimes.com/2022/07/05/world/americas/el-salvador-bitcoin-national-currency.html El Salvador: Research paper on El Salvador by the NBER: https://www.nber.org/papers/w29968 The World Bank report on El Salvador: https://www.worldbank.org/en/country/elsalvador/overview El Salvador and the IMF: https://www.reuters.com/world/americas/el-salvador-finance-minister-says-possible-imf-deal-no-panacea-2022-07-14/ CNBC on El Salvador Finances: https://www.cnbc.com/2022/06/25/el-salvador-bitcoin-experiment-not-saving-countrys-finances.html IMF report on El Salvador Finances: https://www.imf.org/en/News/Articles/2022/02/15/cf-el-salvadors-comeback-constrained-by-increased-risks Bitcoin Bond: https://www.coindesk.com/business/2022/03/25/bitcoin-city-el-salvadors-dreams-for-utopia-on-hold/ El Salvador postpones BTC bond: https://www.reuters.com/technology/el-salvador-postpones-bitcoin-bond-issue-expects-better-conditions-2022-03-22/ Bitcoin City: https://www.dezeen.com/2022/05/12/bitcoin-city-el-salvador-president-nayib-bukele/#:~:text=Bitcoin%20City%20is%20planned%20for,from%20the%20nearby%20Conchagua%20volcano. Learn more about your ad choices. Visit megaphone.fm/adchoices

In a highly educational conversation, Wassielawyer, a lawyer specializing in restructuring and insolvency, discusses the bankruptcy and liquidation of Three Arrows Capital, plus sheds light on similar processes unfolding with Celsius and Voyager. Show highlights: Wassielawyer’s experience as a lawyer and his professional background what the liquidation process looks like and what drives a company to get into this situation what the creditors of 3AC can expect from the liquidation process and who will be paid first why he doesn’t think the liquidators breached their fiduciary duty by not exercising the Starkware token warrants what Chapter 15 bankruptcy is and what it means for a company whether Zhu’s and Davies’ unknown whereabouts affect the liquidation process and whether they are likely to cooperate whether 3AC counterparties will get anything back from the credits they provided how Chapter 11 bankruptcy differs from Chapter 15 what Chapter 11 bankruptcy filing means for Celsius and its account holders what are the similarities and differences between Celsius and Voyager filings Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ EPISODE LINKS Wassielawyer Twitter: https://twitter.com/wassielawyer 3AC: Wassielawyer’s threads: https://twitter.com/wassielawyer/status/1543238225338454016?s=20&t=kXB2gr4UCkAz5p09LD24XA https://twitter.com/wassielawyer/status/1538167831946473472?s=20&t=kXB2gr4UCkAz5p09LD24XA Unchained Newsletter: https://unchainedpodcast.com/3ac-files-for-chapter-15-bankruptcy/ Crypto Contagion: Court order allowing subpoenas: https://www.theblock.co/post/157141/bankruptcy-court-judge-gives-green-light-to-serve-subpoenas-to-3ac-founders-for-discovery Previous coverage: Unchained Coverage: Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/ The Chopping Block: Here’s What Was So Bad About Three Arrows Capital: https://unchainedpodcast.com/the-chopping-block-heres-what-was-so-bad-about-three-arrows-capital-ep-368/ Does Venture Capital Investment Violate the Ethos of Crypto? Sequoia Says No: https://unchainedpodcast.com/does-venture-capital-investment-violate-the-ethos-of-crypto-sequoia-says-no-ep-367/ Voyager: Wassielawyer’s thread: https://twitter.com/wassielawyer/status/1545827666590601216?s=20&t=kXB2gr4UCkAz5p09LD24XA Unchained Newsletter: https://unchainedpodcast.com/voyager-digital-files-for-chapter-11-bankruptcy/ Bankruptcy: https://www.reuters.com/technology/crypto-lender-voyager-files-bankruptcy-2022-07-06/ Voyager exposure to 3AC: https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/ Celsius: Wassielawyer’s thread: https://twitter.com/wassielawyer/status/1536192639112183808?s=20&t=kXB2gr4UCkAz5p09LD24XA Celsius bankruptcy: https://www.reuters.com/technology/crypto-lender-celsius-files-bankruptcy-2022-07-14/ Halt of withdrawals: https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6 Celsius repaying debt and claiming collateral: https://www.coindesk.com/markets/2022/07/13/wobble-in-steth-price-shows-fear-celsius-might-dump-435m-stake/ https://www.coindesk.com/markets/2022/07/11/celsius-reclaims-172m-collateral-from-aave-compound/ https://www.coindesk.com/markets/2022/07/13/celsius-pays-off-last-defi-loan-reclaims-nearly-200m-of-wrapped-bitcoin-from-compound/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Anatoly Yakovenko, Tsar of Solana, joins the show to discuss the use cases of Solana, whether it’s actually a blockchain, how Solana scales, and much more! Show topics: What Anatoly thinks of Andre Cronje's opinion that Solana is not a blockchain Why Solana has had so many instances of downtime Whether Solana is the NASDAQ of blockchains Why Solana changed its approach to fee markets and how it is different from other blockchains Why Anatoly is bearish on generic Layer2s How to prevent a mempool to blow up Whether Anatoly is pro app-chains Why Anatoly would have had Solana build a fee model from the start What proof of history is and what its problems are How vertical scaling and horizontal scaling differ What the use cases of Solana are Why Solana decided to build the SAGA phone How a web3 phone enables new ways of innovation Why Solana doesn’t see Avalanche or BSC or other EVM chains as competitors but Mysten and Aptos Why the execution environment is where all innovation happens Why Tarun thinks rollups on Solana is a good idea Whether EVM could work on Solana and why Anatoly cares less about EVM on Solana than Solidity What Anatoly’s biggest lessons from building Solana are Why Haseeb admires Anatoly and what the similarities are between him and Vitalik What Anatoly advises people who are building in crypto Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Tarun Chitra, managing partner at Robot Ventures https://twitter.com/tarunchitra Robert Leshner, founder of Compound https://twitter.com/rleshner Guest: Anatoly Yakovenko Twitter: https://twitter.com/aeyakovenko Episode Links Solana Serum: https://www.projectserum.com/ Some of the Solana outages and consequences: September 2021: https://www.coindesk.com/markets/2021/09/14/solana-validators-ready-potential-restart-amid-blockchain-outage/ January 2022: https://www.theblock.co/post/131278/traders-are-complaining-about-solanas-performance-raising-questions-about-its-status-as-a-wall-street-darling May 2022: https://www.theblock.co/linked/144639/solana-restarted-after-seven-hour-outage-caused-by-surge-of-transactions Solana’s blockchain clock 30 minutes behind: https://www.theblock.co/post/149112/solanas-blockchain-clock-loses-track-of-time-now-running-30-minutes-behind June 2022: https://www.coindesk.com/tech/2022/06/02/solana-halted-by-bug-linked-to-certain-cold-storage-transactions/ Popularity of NFTs on Solana: https://www.theblock.co/post/153214/magic-eden-raises-series-b-funding-solana-nft-unicorn Solana phone https://solana.com/news/saga-reveal https://dune.com/queries/952048/1656567 https://www.coindesk.com/business/2022/06/23/solana-labs-is-building-a-web3-mobile-phone/ Fee market: https://www.reddit.com/r/solana/comments/u3p8xc/eli3_solana_fee_market/ Aptos/Mysten: https://www.coindesk.com/business/2022/07/11/web-3-startup-mysten-labs-aiming-for-2b-valuation-in-latest-funding-report/ https://www.coindesk.com/business/2022/05/31/paypal-ventures-invested-in-team-reviving-diem-blockchain/ Paper on Proof of History: https://www.shoup.net/papers/poh.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

Ryan Berckmans, Ethereum investor and community member, and Alexandre Bergeron, Bitcoin investor, discuss Lido’s dominance as a liquid staking provider, whether that issue can be resolved, and how it could be a centralizing force for Ethereum. Show highlights: what stETH is, what the uses cases are for stETH, and why it is important how Lido had a first-mover advantage and how that kicked off network effects whether the liquid staking derivatives system is one of a “winner-take-all” how much of the staked ETH will be turned into a liquid staking derivative how Lido might have a huge MEV opportunity after the Merge what the proposer-builder separation is whether Lido's dominance will increase over time whether other competitors have been competitive with Lido why Lido is a natural monopoly because of the incentives and MEV opportunities what the implication of Lido’s monopoly is for Ethereum’s censorship resistance whether Lido is effectively a single entity despite having multiple node operators whether there could be a long waiting period for becoming a validator after the Merge how Lido is moving its staking derivatives to other chains how Lido’s new dual-governance proposal works, why it might be useful to decentralize Lido and whether it reduces the power of LDO token holders how Lido’s centralization is the biggest threat to Ethereum in the long term and what are the possible solutions why Ryan believes the value of ETH comes from its credible neutrality and whether Lido's centralization may jeopardize that whether finding solutions around MEV opportunities is a good way to reduce Lido’s monopoly whether Lido’s competitors could form an alliance and build a tokenized basket of their staking derivatives to compete with Lido whether Lido could airdrop the LDO token to all ETH holders to decentralize its governance token Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program Alex: Twitter: https://twitter.com/bergealex4 Ryan: Twitter: https://twitter.com/ryanberckmans stETH Lido’s explanation of what stETH is: https://twitter.com/LidoFinance/status/1535184472546889735?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Previous Unchained Coverage: In the Recent Crypto Market Meltdown, What Role Did Lido’s stETH Play?: https://unchainedpodcast.com/in-the-recent-crypto-market-meltdown-what-role-did-lidos-steth-play-ep-370/ Lido’s Centralization: Alex’s thread on why ETH is broken: https://twitter.com/bergealex4/status/1410761639226318852?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ Ryan on a liquid staking monopoly: https://twitter.com/ryanberckmans/status/1521179049548300291?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ Ryan’s proposed solutions: https://twitter.com/ryanberckmans/status/1531731955011579904?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ Is Lido making Ethereum less decentralized?: https://cryptobriefing.com/is-lido-making-ethereum-less-decentralized/ LDO token analysis: https://medium.com/general_knowledge/lido-finance-liquid-ethereum-staking-ldo-potential-f5dc3553b8d2 Ethereum researcher Danny Ryan’s take: https://twitter.com/dannyryan/status/1524044527828303872?s=20&t=H4UNoLn7sKQyZx5ll3-Ncw Ryan’s take on Lido’s self-limit: https://research.lido.fi/t/should-lido-on-ethereum-be-limited-to-some-fixed-of-stake/2225/9?u=ryanberckmans Lido’s Governance Proposals Lido + stETH dual governance: https://research.lido.fi/t/ldo-steth-dual-governance/2382 Hasu on Lido’s dual governance proposal: https://twitter.com/hasufl/status/1540652075352313857?s=20&t=sJU5C5xo5litEJrZZDaWNQ Lido’s two-phase voting scheme: https://blog.lido.fi/moving-to-two-phase-voting/ MEV Ryan on post-merge MEV: https://twitter.com/ryanberckmans/status/1453597003397611526?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ Alex on proposer-builder separation: https://twitter.com/bergealex4/status/1540934540901744640?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ Haseeb on post-merge MEV: https://twitter.com/hosseeb/status/1464003851942391834?s=20&t=JLyNokP7Kxj7tIiDzHIHTQ Learn more about your ad choices. Visit megaphone.fm/adchoices

Amir Haleem, CEO of Nova Labs and founder of Helium, talks about the use cases for Internet of Things (IoT), how blockchain and crypto help to construct a decentralized internet infrastructure, and what is the future of Helium. Show highlights: what Helium is and what it is trying to solve how, after struggling for years, introducing crypto tokens, finally helped Helium grow who the users of Helium are and how they differ from each other how Helium grew to have one million devices around the world what the challenges and use cases of the IoT space are why Helium decided to add new networks why Helium is launching specific tokens for each of the new networks what proof of coverage is and why it is useful what an open-source cellular network is and how it would work whether there is a need for some centralization of the network what Helium’s roadmap is and what the major milestones are for the future Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://avax.network EPISODE LINKS Amir Twitter: https://twitter.com/amirhaleem Helium: Twitter: https://twitter.com/helium Website: https://www.helium.com/ NYT article: https://www.nytimes.com/2022/02/06/technology/helium-cryptocurrency-uses.html Plans to launch new networks: https://www.theblock.co/linked/151491/helium-network-accelerates-multi-network-protocol-expansion https://blog.helium.com/helium-chapter-2-a-network-of-networks-7372262210bd Helium 5G plans: https://blog.helium.com/whats-next-for-helium-5g-data-transfer-proof-of-coverage-rewards-67b54f19f8d5 Number of Helium hotspots growing: https://www.coindesk.com/markets/2022/02/17/helium-network-passing-half-million-hotspots-could-fire-up-hnt-price/ Where Helium users are: https://www.coindesk.com/markets/2022/03/09/helium-miners-from-lisbon-to-miami-say-its-location-location-location/ Nova Labs raises $200 million: https://www.axios.com/2022/02/18/crypto-startup-helium-raises-200-million $111 million token sale: https://www.theblock.co/linked/114095/helium-token-sale-a16z Learn more about your ad choices. Visit megaphone.fm/adchoices

Hasu, strategic advisor to Lido, and Tarun Chitra, founder of Gauntlet, explain everything about staked ETH, aka stETH, how it should be priced, Lido’s market dominance, and much more. Show highlights: the role of Lido, what stETH is, and what its benefits are whether Ethereum’s lack of delegated proof of stake contributes to the need for stETH why stETH is not mispriced and why it doesn’t necessarily have to be worth 1 ETH the inherent risks associated with stETH how there was not enough liquidity to handle all the liquidations, especially in automated vaults on, for instance, Instadapp how automated market makers work and what Curve’s amplification factor is whether 3AC and Celsius had a significant impact on the stETH/ETH “de-peg” how does the Merge affect the liquidity of stETH Hasu’s and Tarun’s level of confidence that the Merge will happen this year and whether it will be a success what will happen to the price of stETH after the redemptions are enabled why Lido has achieved such a level of dominance how Lido decreases the cost of staking and helps improve the security of the Ethereum blockchain whether there is going to be a “winner take all” in the liquid staking derivatives market how liquidity fragmentation can cause the system to blow up why LDO tokenholders might not have the same incentives as ETH tokenholders what is Lido’s new dual governance model and what is it trying to achieve whether Lido should self limit its market dominance how Lido coordinates validators and the role of the LDO token in this coordination what are the lessons to be learned from the stETH situation how governance is a liability to DeFi protocols Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program EPISODE LINKS Hasu: Twitter: https://twitter.com/hasufl Uncommon Core Podcast: http://uncommoncore.co/podcast/ Tarun: Twitter: https://twitter.com/tarunchitra stETH Lido’s explanation: https://twitter.com/LidoFinance/status/1535184472546889735?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Lido’s explanation #2: https://twitter.com/LidoFinance/status/1536756933054676992?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Hasu’s thread #1: https://twitter.com/hasufl/status/1524717773959700481?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Hasu’s thread #2: https://twitter.com/hasufl/status/1525427069198508033?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Tarun’s take: https://twitter.com/tarunchitra/status/1538775828573609985?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Tarun’s paper: Why Stake when you can borrow: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3629988 Lido Self-limit?: https://twitter.com/LidoFinance/status/1540258690942615555?s=20&t=sJU5C5xo5litEJrZZDaWNQ Hasu on Lido’s dual governance proposal: https://twitter.com/hasufl/status/1540652075352313857?s=20&t=sJU5C5xo5litEJrZZDaWNQ Lido’s two phase voting scheme :https://blog.lido.fi/moving-to-two-phase-voting/ Previous Unchained Coverage on DAO governance: Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto?: https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Badiucao, Chinese artist and activist, talks about the importance of NFTs for political activism, the role of China in his career as an artist, the significance of blockchain technologies to resist censorship, and much more. Show highlights: why Badiucao became an artist and how the censorship in China brought him to NFTs how Badiucao only learned about Tiananmen Square when he was 22 years old why Badiucao took up work as a preschool teacher in Australia how anonymity is important for Chinese activists for their family’s safety the intention of Badiucao’s art and what is he trying to express the repercussions of Badiucao’s activism why Badicuao eventually gave up his anonymity why Badiucao decided to issue art as NFTs and what possibilities he sees in NFTs how Badiucao enabled people to write a message of protest in the blockchain with the launch of his NFT and how this represented the first large mass protest written into the blockchain whether the Beijing Winter Olympics is an outrage and a disgrace for the international community and how this inspired Badiucao’s NFT collection Beijing 2022 how Niki approached the issue of the possibility of having the art taken down how Badiucao used NFTs to help Ukraine due to the war the reasons political art has so much value, and how NFTs enable possibilities for all political artists around the world whether NFTs are much more than just some apes, and how learning about art is important how to get started as a political artist and the importance to remain truthful the significance of using power as an artist Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://avax.network EPISODE LINKS Badiucao Twitter: https://twitter.com/badiucao Website: https://www.badiucao.com/ Niki Website: http://nikiselken.com/ Documentary about Badiucao: https://www.imdb.com/title/tt10601676/ 60 Minutes interview: https://www.cbsnews.com/news/badiucao-60-minutes-2021-12-26/ Unveiling his identity: https://www.nytimes.com/2019/06/04/world/asia/china-tiananmen-cartoonist-badiucao.html?searchResultPosition=1 The importance of NFTs How Activists are Using NFTs as Civil Disobedience: https://www.jumpstartmag.com/how-activists-are-using-nfts-as-civil-disobedience/ Nadya Tolokonnikova on NFTs with social messages: https://editorial.brytehall.com/nadya-tolokonnikova-on-nfts-with-social-messages-and-shock-value/ Unchained Coverage: This Noble Family’s Art Was Taken by Nazis, But Is Being Saved by NFTs: https://unchainedpodcast.com/this-noble-familys-art-was-taken-by-nazis-but-is-being-saved-by-nfts/ Unchained Coverage: Punk6529 on the Significance of Bored Ape Yacht Club and CryptoPunks: https://unchainedpodcast.com/punk6529-on-the-significance-of-bored-ape-yacht-club-and-cryptopunks/ Unchained Coverage: Why This Environmentalist Doesn’t Blame Creators for the Carbon Footprint of NFTs: https://unchainedpodcast.com/why-this-environmentalist-doesnt-blame-creators-for-the-carbon-footprint-of-nfts/ Beijing 2022 Collection https://www.badiucao.com/nft Badiucao launches NFT collection to protest against China's human rights record on eve of Beijing Winter Olympics: https://www.theartnewspaper.com/2022/02/01/badiucao-launches-human-rights-protest-nft-collection-on-eve-of-beijing-winter-olympics NFTs for Ukraine Collection https://www.badiucao.com/ukraine Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Taylor Monahan, matriarch of Metamask, joins the show to discuss the contagion of major crypto firms, the bear market, SBF saving crypto, and much more! Show topics: The importance of UX and security How Three Arrows Capital’s practice of borrowing to leverage their bets has caused a crisis for crypto lenders that rippled out to many customers How the GBTC arbitrage trade was part of 3AC’s undoing, and how that trade was one many other crypto trading institutions had previously abandoned How crypto lenders were being degens with customers funds Why SBF stepped in and made sure that BlockFi and Voyager didn’t default on customers’ deposits Whether this whole wind-down reflects a credit cycle How DeFi protocols were built to avoid these kinds of centralized finance problems How the systemic issues caused by CeFi institutions like Celsius, BlockFi and Voyager are reminiscent of the Great Financial Crisis What are the similarities between this crypto meltdown, the Mt. Gox debacle, and the 1907 and 2008 financial crises What are the consequences of losing retail money vs. institutional money How surviving a credit cycle crisis creates the best risk managers The lessons to be learned from all these crises How MakerDAO is trying to figure out what to do with its money What happened with Solend and why the DAO resorted to a centralized action Why DeFi needs more clauses about how to handle edge cases The difference between doing dumb things and wrong things Why Tarun is impressed with Solana’s DAO tooling Why Taylor is thankful for the bear market Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Tarun Chitra, managing partner at Robot Ventures https://twitter.com/tarunchitra Robert Leshner, founder of Compound https://twitter.com/rleshner Guest: Taylor Monahan Twitter: https://twitter.com/tayvano_ Taylor’s thread on resources to learn about all things crypto: https://twitter.com/tayvano_/status/1509380091184246784?s=20&t=kNk8fJ7pJAWfEEVZQHwpvg Episode Links Crypto Contagion 3AC: https://blockworks.co/three-arrows-capital-brink-default-owes-voyager-657m/ Voyager Celsius + Goldman buyout? https://www.protocol.com/bulletins/goldman-celsius-bankruptcy BlockFi bailout: https://www.coindesk.com/business/2022/06/21/blockfi-receives-250m-credit-facility-from-ftx/ Unchained newsletter on BlockFi’s bailout: https://unchainedpodcast.com/vitalik-says-this-deserves-mockery/ CoinFlex: https://www.bloomberg.com/news/articles/2022-06-27/crypto-exchange-coinflex-to-issue-tokens-after-withdrawal-freeze?sref=Q2SpVkJl Babel: https://www.coindesk.com/business/2022/06/20/babel-finance-reaches-debt-agreement-with-counterparties-after-withdrawal-freeze/ Unchained Coverage: Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/ Solend DAO situation: Unchained Coverage: Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto? – Ep. 366: https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/ https://www.coindesk.com/tech/2022/06/19/solana-defi-platform-votes-to-control-whale-account-in-bid-to-avoid-liquidation-chaos/ Covered on Unchained Newsletter: https://unchainedpodcast.com/does-this-dao-deserve-emergency-power%e2%81%89%ef%b8%8f/ MakerDAO governance proposal: https://www.theblock.co/post/154515/maker-governance-is-voting-to-invest-500-million-in-us-treasury-bills Learn more about your ad choices. Visit megaphone.fm/adchoices

Shaun Maguire and Michelle Bailhe, partners at Sequoia, discuss their long term view and thesis about crypto, what do they look for to invest in a crypto project, the takeaways from the blowup of Terra, the insolvency of crypto companies, and much more. Show highlights: what is Sequoia’s long term view and thesis about the crypto industry how different our lives will look in 20 years from now due to blockchain technology how Sequoia had to adapt to invest in this new asset class and what are the similarities and differences with investing in traditional startups when a product or service on the internet should be offered in a decentralized or centralized way how Sequoia decides whether to invest in the entity behind a project or in the tokens whether having venture capitalists involved at all goes against the ethos of decentralization why Shaun believes that Ethereum proved that decentralization can be achieved even when you start being centralized whether people underestimate the value that VCs can add to a project why Shaun believes that Solana is moving towards decentralization Sequoia’s thesis about privacy in crypto and the potential of zero-knowledge proofs how Michelle sees the macroeconomic environment impacting crypto and whether this cycle is different from the previous ones the importance of product market fit in crypto projects what crypto projects should be focusing on and the business model they should be pursuing the main takeaways of the Terra collapse and how it was a major setback for algo stablecoins how crypto founders should always do the right thing even though there is no clear regulation whether SBF is the Berkshire Hathaway of crypto today the lessons to be learned from the potential insolvency of some crypto lenders and investment firms how demand for blockspace will keep increasing and whether a single blockchain could supply all that space the future of the metaverse and how it can be defined Michelle’s mental model for crypto and the phases for achieving worldwide adoption Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Beefy Finance: https://beefy.finance/ Ava Labs: https://www.avax.network/ EPISODE LINKS Shaun Maguire: Twitter: https://www.twitter.com/shaunmmaguire Sequoia Profile: https://www.sequoiacap.com/people/shaun-maguire/ Michelle: Twitter: https://twitter.com/michellebailhe Sequoia Profile: https://www.sequoiacap.com/people/michelle-bailhe/ Michelle’s investment thesis: https://www.sequoiacap.com/article/ask-not-wen-moon-ask-why-moon/ Bear Market: Michelle’s Twitter thread: https://twitter.com/michellebailhe/status/1526373378516365312?s=20&t=c7vdmdg2mnQ34rsAGIm0lg Insolvency of crypto lenders: Voyager: https://www.coindesk.com/business/2022/06/22/voyager-digital-requests-loan-repayment-from-3ac-considers-issuing-default-notice/ BlockFi: https://decrypt.co/103422/blockfi-secures-250-million-line-of-credit-from-ftx Celsius: https://www.theblock.co/linked/151522/crypto-lending-firm-celsius-pauses-withdrawals-and-transfers-citing-market-conditions Celsius possible bankruptcy: https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj Previous Unchained Coverage: Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/ Cobie and Chris Burniske on How to Navigate a Crypto Bear Market: https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/ ** For more episode links and details visit the Unchained website ** Learn more about your ad choices. Visit megaphone.fm/adchoices

Derek Hsue, cofounder at Reverie, discusses the recent controversial decisions by Solend DAO and Bancor, the importance of establishing processes for black swan events, and whether decentralized governance truly exists. Show highlights: what situation prompted Solend to feel it was in jeopardy what Solend DAO’s response was to that situation why Derek views it as “the nuclear option” why the proposal sparked an outcry from the crypto community whether this issue could have been prevented or managed differently if the protocol was built on a blockchain other than Solana why, a day later, the DAO reversed its first decision to take over the whale’s account whether Derek thinks the DAO made the right decision to not take over the whale’s account what is Impermanent Loss Protection, a feature offered by Bancor why Bancor decided to pause Impermanent Loss Protection whether Celsius and 3AC had anything to do with Bancor’s problem how Bancor’s decision was made unilaterally how DAOs should deal with black swan events Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ EPISODE LINKS Derek Twitter: https://twitter.com/derek_hsue Reverie Website: https://www.reverie.ooo/ Twitter: https://twitter.com/hi_reverie Solend DAO Situation Covered on Monday’s Unchained Newsletter: https://unchainedpodcast.com/does-this-dao-deserve-emergency-power%e2%81%89%ef%b8%8f/ Proposal to invalidate the first one: https://decrypt.co/103330/solana-lending-dao-overturns-vote-to-take-over-at-risk-whale-wallet The whale moved $25 million from Solend: https://www.theblock.co/post/153207/solana-whale-shuffles-25-million-to-reduce-risk-to-defi-protocol-solend Bancor Pausing Impermanent Loss Protection Bancor’s post: https://blog.bancor.network/market-conditions-update-june-19-2022-e5b857b39336 Anthony Sassano’s reaction: https://twitter.com/sassal0x/status/1539082583832526848?s=20&t=OzTV6M5bCH4fxJIJUtLA4Q DAO Governance issues: Lido DAO proposes to reduce the existing scope of governance of its token holders: https://research.lido.fi/t/ldo-steth-dual-governance/2382 Jack Niewold 's thread: https://twitter.com/JackNiewold/status/1539307339928457217?s=20&t=OzTV6M5bCH4fxJIJUtLA4Q Unchained Coverage: How Soulbound Tokens Could Reduce Speculation and Improve DAO Voting – Ep.360: https://unchainedpodcast.com/how-soul-bound-tokens-could-reduce-speculation-and-improve-dao-voting-ep-360/ Main tweet On this Friday’s Unchained, Derek Hsue explains: * why the first Solend DAO vote was the “nuclear option” * whether Solana’s history of downtime spurred the proposal * Bancor’s decision to stop Impermanent Loss Protection * what this all means for DAO governance Learn more about your ad choices. Visit megaphone.fm/adchoices

Caroline Pham, commissioner at the Commodities Futures Trading Commission, discusses how we should build a regulatory framework for crypto assets, whether the SEC and CFTC should work together, what were the consequences of the Terra collapse, and much more. Show highlights: how Cmr. Pham got started in crypto and became a CFTC commissioner the importance of the regulatory strategy around crypto what crypto’s role is in the financial system how bitcoin is a sort of money outside of the traditional financial system how friendly regulators should be with the industries they regulate why she believes transparency is one of the greatest ideals of American democracy how Cmr. Pham believes in self-determination and the power of free markets why Cmr. Pham published an op-ed with SEC Commissioner Hester Peirce how the Terra collapse incentivized regulators to look deeper into the space whether the US approach towards regulation can improve the role of the regulatory agencies in making the US the financial leader of the world what Cmr. Pham thinks about the new Gillibrand and Lummis bill whether SEC Chair Gary Gensler is right about the majority of cryptos being securities what are the low-hanging fruit opportunities for regulators when it comes to crypto how Cmr. Pham believes we should have a global regulatory framework for crypto why she believes algorithmic stablecoins are derivatives why things like Terra could act as a “shadow banking 3.0” whether there is a way to regulate without having intermediaries what Cmr. Pham thinks about FTX proposal to bypass futures commission merchants Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Beefy Finance: https://beefy.finance/ EPISODE LINKS Caroline Pham Twitter: https://twitter.com/CarolineDPham CFTC Profile: https://www.cftc.gov/About/Commissioners/CarolineDPham/index.htm Stablecoin regulation Financial Times article: https://www.ft.com/content/981c380f-bb1c-45bd-8d0d-a95b15d96a00 CNBC on crypto regulation: https://www.cnbc.com/2022/06/03/cryptocurrency-industry-focus-regulation-stablecoins-market-crash.html Unchained Coverage: Why Crypto Twitter’s Disrespect Toward Regulators Is a ‘Really Bad Business Decision’: https://unchainedpodcast.com/why-crypto-twitters-disrespect-toward-regulators-is-a-really-bad-business-decision/ Unchained Coverage: Can a DeFi Smart Contract Be Regulated? Two CFTC Commissioners Discuss: https://unchainedpodcast.com/can-a-defi-smart-contract-be-regulated-two-cftc-commissioners-discuss/ FTX proposal to serve as the trading engine for derivatives: https://www.forbes.com/sites/jasonbrett/2022/04/27/the-ftx-us-proposal-that-shook-congress-and-the-crypto-derivatives-world/?sh=3dac29ef4e19 Unchained Coverage: FTX Wants to Compete with CME – Here’s Why It’s a Big Deal: https://unchainedpodcast.com/ftx-wants-to-compete-with-cme-heres-why-its-a-big-deal/ Hester Peirce Caroline’s op-ed with SEC Commissioner Hester Peirce: https://thehill.com/blogs/congress-blog/3503277-making-progress-on-decentralized-regulation-its-time-to-talk-about-crypto-together/ Hester Peirce's token safe harbor proposal: https://decrypt.co/66453/secs-hester-peirce-floats-revised-crypto-safe-harbor-rules Unchained Coverage: Hester Peirce’s Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF: https://unchainedpodcast.com/hester-peirces-former-counsel-on-terra-2-0-xrp-and-a-bitcoin-spot-etf/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Mika Honkasalo, independent crypto researcher, discusses what is happening with Celsius and Three Arrows Capital, the importance of having proper risk management, and the contagion effects on the industry. Show highlights: why is it so significant that Celsius paused withdrawals what is stETH and why is it important to understand the Celsius situation how the Luna/UST debacle started a contagion effect in the crypto space why Celsius’s investors won’t bail the company out what will happen to Celsius’s retail customers what Three Arrows Capital (3AC) is and whether they have a solvency problem how 3AC was levered long and whether they had poor risk management who will be hurt if 3AC goes under what would be the effect of 3AC and Celsius collapsing which types of funds that Mika will be eyeing to see if they also end up in a similar situation to 3AC and Celsius why Mika would counsel anyone who keeps their money with centralized crypto lenders to scrutinize their practices Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://avax.network EPISODE LINKS Mika Honkasalo Twitter: https://twitter.com/mhonkasalo Substack: https://mhonkasalo.substack.com/ Mika’s writings on The Block: https://www.theblockcrypto.com/author/mika-honkasalo Mika’s blog post on the stETH-ETH peg: https://mhonkasalo.substack.com/p/stetheth-peg-not-a-peg-presents-a?s=r Celsius announcement that they would be withholding assets: https://twitter.com/CelsiusNetwork/status/1536169010877739009?s=20&t=hL-ZsBSKZOLF-whTwNmjgw Nexo’s offer to buy Celsius assets: https://twitter.com/Nexo/status/1536256598993211393?s=20&t=vKmJCZGNToaOqZU-TEjcDg Celsisus’s investors unlikely to bail out company: https://www.wsj.com/articles/celsius-networks-investors-unlikely-to-provide-more-funds-to-bail-out-crypto-lender-11655395113 Celsius hires restructuring lawyers: https://www.wsj.com/articles/crypto-lender-celsius-hires-restructuring-lawyers-after-account-freeze-11655250575?tpl=br Why staked ETH is part of Celsius’s and 3AC’s woes: https://www.coindesk.com/markets/2022/06/14/staked-ether-becomes-focus-of-crypto-stress-from-celsius-to-three-arrows/ Conor Ryder on the stETH liquidity problem https://twitter.com/ConorRyder/status/1537130483007508480?s=20&t=pZGZf17ed_DyOS18CHExmQ The DeFi Edge on the 3AC situation: https://twitter.com/thedefiedge/status/1537465349976694786?s=20&t=Q29mo3EKSASasTenHVEm4Q Who else has exposure to 3AC: https://fortune.com/2022/06/16/crypto-crash-hedge-fund-three-arrows-capital-insolvency-rumors-novogratz/ 3AC withholding $1M in assets from 8 Blocks Capital: https://twitter.com/Danny8BC/status/1537224378554806272?s=20&t=Q29mo3EKSASasTenHVEm4Q Meltem Demirors explains the problem from the balance sheet perspective: https://twitter.com/Melt_Dem/status/1537155214897201153?s=20&t=Q29mo3EKSASasTenHVEm4Q Adam Levitin on Celsius bankruptcy https://twitter.com/AdamLevitin/status/1536932912674836481?s=20&t=Q29mo3EKSASasTenHVEm4Q degentrading on Why Celsius and 3AC going under should cause you to worry https://twitter.com/hodlKRYPTONITE/status/1536902115540742144?s=20&t=Q29mo3EKSASasTenHVEm4Q Learn more about your ad choices. Visit megaphone.fm/adchoices