Unconfirmed

Ryan Todd and Matteo Leibowitz, research analysts at The Block, discuss why Dai has fallen below $1 in price, how the community has attempted to keep it pegged to $1 and how well that's been working. They also describe what the governance system looks like, how high participation is, and whether or not that's decentralized. And since 2% of al, ETH is locked up in Maker CDPs and Dai is the fuel behind the DeFi movement, we look at what type of role and risk it plays in Ethereum and the overall DeFi system. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Matteo Leibowitz: https://twitter.com/teo_leibowitz Ryan Todd: https://twitter.com/_RJTodd The Block: https://twitter.com/theblock__ March 15 governance call report: https://www.theblockcrypto.com/2019/03/15/makerdao-governance-risk-call-march-14-stability-fee-hike-post-mortem/ March 21 governance call report: https://www.theblockcrypto.com/2019/03/22/makerdao-governance-call-march-14-despite-0-75-supply-decrease-dai-continues-to-trade-down/ Unchained interview with Rune Christensen of MakerDAO, part 1: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/ Unchained interview with Rune Christensen of MakerDAO, part 2: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/ Unconfirmed podcast with Rune Christensen of MakerDAO on its investment of $15 million from a16z: https://unchainedpodcast.com/rune-christensen-of-makerdao-on-its-15-million-from-andreessen-horowitz-ep-039/ Unchained podcast on why it's so hard to keep stablecoins stable: https://unchainedpodcast.com/why-its-so-hard-to-keep-stablecoins-stable/ Unconfirmed interview with Uniswap, another DeFi project the utilizes Dai: https://unchainedpodcast.com/how-uniswap-quickly-became-one-of-the-most-popular-dexes/ Unconfirmed interview on earning money on collateral in DeFi: https://unchainedpodcast.com/how-to-earn-money-on-collateral-in-defi-and-why-thats-risky/

Delphi Digital recently released a report on Ethereum's short- and long-term prospects. It showed why there's been such high selling pressure on Ethereum, plus dived deeply into the economics of Ethereum 2.0, concluding that the current proposal leaves Ethereum with a shaky future. Medio Demarco and Yan Liberman, cofounders of Delphi, discuss how they think Ethereum could change its issuance in order to ensure the security of the network from the start and why the current plan will make validating transactions appealing only to the altruistically minded and malicious actors. Plus, we discuss the problem of velocity and utility vs. token price. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Delphi Digital: https://www.delphidigital.io Medio Demarco: https://twitter.com/mediodelphi Yan Liberman: https://twitter.com/YanLiberman Delphi Digital's Ethereum report: https://www.delphidigital.io/ethereum The Unchained interview with Vitalik will be released in full next week on Unchainedpodcast.com!

Hayden Adams, founder of the new decentralized exchange Uniswap, discusses how Uniswap differs from a traditional exchange based on order books, how market the contract determines the price of the tokens, and how market making on Uniswap is similar, in terms of payment, to participating in a mining pool. He covers under which conditions it is that a market maker will earn profit, what fees go toward in Uniswap, and how the contract functions as the dollar values of each token in a liquidity pair fluctuate. He describes how Uniswap quickly became one of the biggest decentralized exchanges on Ethereum since its launch in November, why gas fees are lower on Uniswap than other dexes, and how new tokens get listed on Uniswap. Plus, he talks about what regulatory risk he faces, how he plans to make money off the dex, and what he thinks of the idea that Dan Elitzer described in last week's Unconfirmed — people using the Uniswap liquidity pair tokens as collateral for loans. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Uniswap: https://uniswap.io Uniswap on Twitter: https://twitter.com/UniswapExchange Hayden: https://twitter.com/haydenzadams Explanations of Uniswap: High level overview by Cyrus Younessi of Scalar Capital: https://medium.com/scalar-capital/uniswap-a-unique-exchange-f4ef44f807bf Another by Ross Bulat: https://medium.com/@rossbulat/uniswap-understanding-the-decentralised-ethereum-exchange-5ee5d7878996 Analysis of Uniswap on Token Daily: https://www.tokendaily.co/blog/pnl-analysis-of-uniswap-market-making The posts by Vitalik Buterin that Hayden used to create Uniswap: On Reddit: https://www.reddit.com/r/ethereum/comments/55m04x/lets_run_onchain_decentralized_exchanges_the_way/ The comment by Vitalik near the top of this blog post about Bancor: http://hackingdistributed.com/2017/06/19/bancor-is-flawed/ Blog post by Vitalik: https://vitalik.ca/general/2017/06/22/marketmakers.html Unconfirmed episode with Dan Elitzer on superfluid collateral and Uniswap liquidity pair tokens being used as collateral: https://unchainedpodcast.com/how-to-earn-money-on-collateral-in-defi-and-why-thats-risky/

Get your tickets now for Unchained Live with Vitalik Buterin! https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176 It will take place March 20th at 6pm at Columbia Journalism School in the Joseph D. Jamail Lecture Hall. Hope to see you there!

Dan Elitzer, investor at IDEO CoLab Ventures, describes a concept he describes as superfluid collateral made possible in the decentralized finance space. We talk about which DeFi projects make this possible, how one can make collateral liquid so that interest can be earned from it, and what kinds of tokens could both serve as debt and earn interest. (Surprisingly, even trading pairs, particularly on the Uniswap decentralized exchange, which exist as tokens, can do so!) Based on the growth of Uniswap and DeFi, there's more than $300 million in collateral on Ethereum, causing Dan to make a prediction that Uniswap pool shares could serve as collateral for millions of dollars in loans within months. However, he admits that such a system could be risky, and discusses how he thinks such risks should be managed. Thank you to our sponsors! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Dan Elitzer: https://twitter.com/delitzer IDEO CoLab Ventures: https://www.ideocolab.com/ventures/ Dan's Medium post, Superfluid Collateral in Open Finance: https://tokeneconomy.co/superfluid-collateral-in-open-finance-8c3db15efac MakerDAO interview Part 1: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/ MakerDAO interview Part 2: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/ Unchained interview about Compound: https://unchainedpodcast.com/how-youll-earn-interest-on-your-crypto-with-compound-ep-82/ Unchained interview about Dharma protocol: https://unchainedpodcast.com/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep-80/ Unchained interview about 0x: https://unchainedpodcast.com/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future/ Uniswap: https://uniswap.io

Blockstream chief strategy officer Samson Mow, who used to work at a competitor to Bitmain, discusses the recent news that the crypto mining manufacturer suffered a $500 million loss in the third quarter of 2018. He talks about possible reasons, including difficulties in selling its most recent miner and its stockpile of Bitcoin Cash, which has dropped more precipitously than Bitcoin during the last year. We also cover the extensive layoffs that the company has undergone in recent months, the shakeup in company leadership and what the prospects are for its IPO filing. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Samson Mow: https://twitter.com/Excellion Bitmain: https://bitmain.com CoinDesk article on Bitmain's Q3 loss: https://www.coindesk.com/mining-giant-bitmain-posts-500-million-loss-in-ipo-financial-filing CoinDesk on Bitmain's original IPO plans: https://www.coindesk.com/crypto-unicorn-bitmain-weighs-18-billion-ipo-one-of-worlds-largest CoinDesk on Bitmain layoffs: https://www.coindesk.com/layoffs-underway-amid-business-adjustments-bitcoin-miner-bitmain-confirms Dovey Wan on the layoffs: https://twitter.com/DoveyWan/status/1076717693087080448 Dovey on Jihan launching a spinoff: https://twitter.com/DoveyWan/status/1100002158261428225 Unchained episode on Asia with Dovey Wan and Eric Meltzer of Primitive Ventures: https://unchainedpodcast.com/asia-edition-mining-a-crypto-yuan-and-the-two-main-reasons-the-chinese-are-interested-in-crypto-ep-102/

Ruben Galindo Steckel, cofounder and CEO of AirTM, describes how his companies enables everyday Venezuelans the ability to escape the hyperinflation in their currency, the bolivar, to save in U.S. dollar accounts. He also describes how the company creates its own exchange rate, and why that got them in trouble with the Venezuelan government. He also describes a campaign the company is waging, AirdropVenezuela, an attempt to raise $1 million in cryptocurrency to give to everyday Venezuelans for educational purposes and to use. He explains how Venezuelans can use crypto today and why they are raising money even in obscure coins. Thank you to our sponsors! CipherTrace: http://ciphertrace.com/unconfirmed Episode Links: AirTM: https://www.airtm.com/#/ On Twitter: https://twitter.com/AirtmInc Airdrop Venezuela: https://airdropvenezuela.org Planet Money episode on AirTM: https://www.npr.org/sections/money/2018/08/03/635521893/episode-858-venezuelas-fugitive-money-traders AirTM's blog post about AirdropVenezuela: https://blog.airtm.io/en/uniting-the-crypto-community-for-venezuela/

In case you haven’t heard, I’m doing a live podcast recording with Vitalik Buterin, the creator of Ethereum. What is a live podcast recording? It's a podcast performed by me and the guest on a stage, in front of an audience. Vitalik and I will be discussing Ethereum 2.0, Polka Dot, Substrate, what happened with Afri this week and more. And you’ll have an opportunity to ask questions. It’ll be in New York City the evening of March 20th, which is one month from today. The doors open at 6, the show starts at 7. We will be announcing the venue soon. Get your tickets here! https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176

Joyce Yang, founder of Global Coin Research, discusses the crypto scene in Korea today. An epicenter of the crypto craze in 2017, Korea still has a number of young people pinning their hopes and dreams on crypto, as described in an article in The New York Times this week. Yang talks about the societal factors that have led to this trend, as well as the common practices in investing that make Korean VCs less shrewd investors, which, in turn, makes Korean crypto projects less competitive. However, she also explains why she's still optimistic about crypto development there, noting one project, Terra, that looks interesting and describing the vibrant Tezos Korea community. (Joyce is consulting with Tezos.) Get your tickets now to Unchained Live With Vitalik Buterin in New York City on March 20! https://www.eventbrite.com/e/unchained-live-with-vitalik-buterin-tickets-56189456176 Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Global Coin Research: https://globalcoinresearch.com Joyce Yang: https://twitter.com/JoyceInNYC Joyce's tweet storm on Korea: https://twitter.com/JoyceInNYC/status/1089716206544637952 The New York Times story on why Koreans are pinning their hopes and dreams on crypto: https://www.nytimes.com/2019/02/10/business/south-korea-bitcoin-cryptocurrencies.html Terra: https://terra.money Hashed: https://www.hashed.com Global Coin Research/Tezos podcast: https://itunes.apple.com/us/podcast/introduction-conversation-arthur-breitman-diego-olivier/id1451821045?i=1000429387176&mt=2

To hear that a 29-year-old died of complications from Crohn's disease is shocking enough. But it's practically unbelievable when the person in question was in charge of a crypto exchange that held an estimated $150 million of customer funds and that he was the only person with access to the reserves. That's what many in the crypto community thought last week when news of the death of Gerald Cotten, the CEO of Canadian crypto exchange QuadrigaCX, spread. Taylor Monahan, the CEO of MyCrypto, looked at the Ethereum blockchain itself to see what could be gleaned from QuadrigaCX's holdings. She talks about whether or not the exchange had "cold storage" -- addresses in which customer funds were held, what Quadriga was doing with customer funds and why some of the choices it was making seem at odds with the typical operations a crypto exchange. She also discusses what crypto users can take away from this debacle. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Taylor Monahan: https://twitter.com/tayvano_ My Crypto: https://twitter.com/tayvano_/status/1092439754849759233 QuadrigaCX: https://www.quadrigacx.com/ Taylor's tweet storm about her findings from the blockchain: https://twitter.com/tayvano_/status/1092439754849759233 CoinDesk article recapping what is currently known and not yet known about the case: https://www.coindesk.com/quadrigacx-explainer CoinDesk article on how the hospital has released information about Gerald Cotten's death: https://www.coindesk.com/quadrigacx-indian-hospital-releases-details-about-ceos-death Globe and Mail article noting Cotten finalized his will less than two weeks before he died: https://www.theglobeandmail.com/business/streetwise/article-quadriga-cant-access-190-million-following-ceos-death-court/ New York Times article on the situation: https://www.nytimes.com/2019/02/05/business/quadriga-cx-gerald-cotten.html

Dan Morehead, CEO of Pantera Capital, explains why this crypto bear market is different from the previous one his firm endured, what he believes will give institutional money the confidence to enter the space, and how Pantera's investing approach has changed in this downturn. We also discuss what types of projects and companies Pantera is investing in, how regulatory uncertainty is affecting development of the space, and where innovation is happening. The answer may surprise you. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Pantera Capital: https://www.panteracapital.com Dan Morehead: https://twitter.com/dan_pantera Pantera's December letter: https://medium.com/@PanteraCapital/market-update-pantera-blockchain-letter-december-2018-f48ad020f9d6 Joey Krug's crypto thesis: https://medium.com/@PanteraCapital/a-crypto-thesis-47eaacf861ca Fidelity launching a Bitcoin custody service in March: https://www.bloomberg.com/news/articles/2019-01-29/fidelity-is-said-to-plan-march-launch-of-bitcoin-custody-service

Chandan Lodha, cofounder and CEO of CoinTracker, explains why reports from crypto exchanges could be insufficient for filing accurate tax returns to the IRS, how one should track one's crypto transactions in order to not over- or under-pay, and who can use the service. We also discuss how users should treat airdropped coins, new, comprehensive rules on crypto taxation for UK taxpayers and correlations in coin ownership that CoinTracker sees amongst its users. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links CoinTracker: https://www.cointracker.io Chandan Lodha: https://twitter.com/cglodha Unchained episode on all crypto-related tax issues: https://unchainedpodcast.com/the-tax-rules-that-have-crypto-users-aghast/ CoinTracker integration with TurboTax: https://medium.com/cointracker/cointracker-partners-with-coinbase-and-turbotax-17f37a08bbb CoinTracker and Coinbase integration (announced after we recorded): https://blog.coinbase.com/new-resources-for-crypto-taxes-b29651c3f5d4 CoinTracker post on UK tax guidance: https://medium.com/cointracker/cryptocurrency-taxation-in-the-united-kingdom-3d99bb81b6b5 CoinTracker Cryptocurrency Coin Correlations: https://medium.com/cointracker/whats-in-your-wallet-cryptocurrency-coin-correlations-6c0aa6274882

The newly formed Blockchain Association recently released a post outlining what it calls the Hinman Token Standard based on a speech given last summer by Bill Hinman, director of the SEC’s Division of Corporation Finance. The Blockchain Association's director of external affairs, Kristin Smith, breaks down what factors are part of the standard, how much weight should be given to remarks he gave at a conference and how decentralization can square with leadership. We also discuss the Token Taxonomy Act, which seeks to amend the Securities Exchange Act to define "digital tokens" and when they are not securities. Thank you to our sponsors! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: The Blockchain Association: https://theblockchainassociation.org Kristin Smith: https://twitter.com/KMSmithDC The Hinman Token Standard: https://medium.com/@BlockchainAssoc/understanding-the-secs-guidance-on-digital-tokens-the-hinman-token-standard-dd51c6105e2a Token Taxonomy Act: https://www.congress.gov/bill/115th-congress/house-bill/7356

Charlie Lee, the creator of Litecoin, discusses this week's 51% attack on the Ethereum Classic blockchain. He describes how the attacker was able to gain control of more than 51% of the network, why it was inexpensive for them to do so, how they profited from their attack and who loses money in such an attack. We talk about what types of blockchains are susceptible to these types of attacks, whether or not Coinbase or other exchange will de-list ETC and why the price of ETC hasn't dropped -- and what that means for cryptoeconomic theories around 51% attacks. Thank you to our sponsors! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Coinbase blog identifying the 51% attack: https://blog.coinbase.com/ethereum-classic-etc-is-currently-being-51-attacked-33be13ce32de Charlie's tweet about how a coin that's dominant in its respective mining algorithm will not be vulnerable to 51% attacks: https://twitter.com/SatoshiLite/status/1082369887278837763 Charlie's tweet about how only decentralized blockchains are susceptible to 51% attacks: https://twitter.com/SatoshiLite/status/1082491687169998848 Haseeb Qureshi tweet storm about the ETC 51% attack: https://twitter.com/hosseeb/status/1082815549132816384

On the 10th birthday of the Bitcoin network, Arjun Balaji, founder and managing partner at Shomei Capital, explains why doesn't worry too much about potential bugs in the code such as there was last fall, why we'll see improved scalability, privacy and fungibility in the top cryptocurrency in 2019, and why he believes the Lightning Network will foster more developer activity on Bitcoin. He also explains his view that governance tokens and token curated registries will be less popular than they were in 2018 and how such systems further entrench existing power structures. We look at the different waves of crypto funds, how they'll differentiate themselves during the crypto winter, and why we'll see some consolidation in that sector. Plus, he explains why long-term, value from security tokens will be captured by underwriters and why it's unclear who are the right investors for security tokens. Thank you to our sponsor! CipherTrace: https://ciphertrace.com/unconfirmed Episode links: Arjun's crypto theses for 2019: https://medium.com/@arjunblj/crypto-theses-for-2019-dd20cb7f9895 CVE bug in Bitcoin caught last fall: https://www.coindesk.com/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret

Jemma Green, cofounder and chairman of PowerLedger, describes how the company, which won the 2018 Extreme Tech Challenge, spearheaded by Sir Richard Branson and CES, is using tokens to solve various energy problems. One is the principal-agent problem in which the landlords of residential buildings don't have an incentive to install renewables because the tenants are the ones who would recoup the savings. Another is that, as more people install renewables, the grid is becoming less robust and more expensive. She describes the two types of tokens PowerLedger has, how that enables peer-to-peer trading but also involves the utilities, which pilots they have going now, how they're enabling energy asset financing and their work with carbon credits. Thank you to our sponsors! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: PowerLedger: https://www.powerledger.io Jemma Green: https://twitter.com/msjemmagreen PowerLedger wins the Extreme Tech Challenge: https://medium.com/power-ledger/power-ledger-named-winner-in-extreme-tech-challenge-on-necker-island-423bcaa5e082 PowerLedger's pitch at XTC: https://medium.com/power-ledger/xtc-2018-power-ledgers-final-pitch-d69b66a329c6 Australian Financial Review Article that came out after we recorded on how small PowerLedger's uptake is so far: https://www.afr.com/business/energy/how-to-make-and-lose-2-billion-on-blockchain-20181212-h1914w

Bloomberg reporter Matt Leising, who obtained bank statements from Tether's bank, Noble Bank in Puerto Rico, found that for those months, the number of dollars in the bank matched the amount of Tether outstanding. He talks about what this means, whether it matters that both Tether and Noble Bank were founded by Brock Pierce, and whether it matters that the statements are not the most recent. We also touch on other investigations involving Tether, including the CFTC's investigation into whether Tether is fully backed by dollar reserves, the Department of Justice's investigation into whether Tether was used to manipulate the Bitcoin price, and why both Tether and Bitfinex have had such a hard time maintaining banking relationships. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Matt Leising: https://www.bloomberg.com/authors/AGfq0QVqo0I/matthew-leising https://mobile.twitter.com/mattleising His story on Tether: https://www.bloomberg.com/news/articles/2018-12-18/crypto-mystery-clues-suggest-tether-has-the-billions-it-promised?srnd=premium CFTC subpoeanas Tether and Bitfinex: https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc Bitfinex moves to Noble Bank: https://www.bloomberg.com/news/articles/2018-05-24/bitfinex-said-to-find-bank-in-puerto-rico-after-wells-fargo-exit Tether moves to Deltec bank: https://www.bloomberg.com/news/articles/2018-11-02/bank-tied-to-tether-goes-quiet-on-relationship-with-crypto-firm DOJ’s investigation into whether Tether was used to manipulate the Bitcoin price: https://www.bloomberg.com/news/articles/2018-11-20/bitcoin-rigging-criminal-probe-is-said-to-focus-on-tie-to-tether

This special episode is a recording of the closing fireside chat I had at Consensus: Invest, titled “Financial Products: 2019 and Beyond,” with Jan Van Eck, president and CEO of the Van Eck Securities Corporation, and Mike Belshe, cofounder and CEO of BitGo. During the talk, we discuss SEC chairman Jay Clayton’s comments earlier that day that the main barrier to a Bitcoin ETF was market manipulation. We dive into how well the problem of custody has been solved for potential financial products, and what the entrance of Bakkt and Fidelity could mean for the space in 2019. Thank you to our sponsors! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: Thank you to Consensus: Invest for inviting me to moderate! https://www.coindesk.com/events/consensus-invest-2018/agenda Van Eck: https://www.vaneck.com BitGo: https://bitgo.com The comments with SEC chairman Jay Clayton that we reference at the beginning: https://www.coindesk.com/sec-jay-clayton-consensus-invest-video An article on what he said: https://www.coindesk.com/clayton-sec-ico-funding-security-offering

ConsenSys's Andrew Keys talks about the company's recent pivot, called "ConsenSys 2.0," toward greater efficiency, accountability and focus on revenue, why it laid off about 150 people, and what areas it plans to generate revenue from. He explains what the company's mission and goals were in ConsenSys 1.0, how its new priorities will resemble those of more traditional companies, and whether it will retain its flat, unhierarchical structure. Plus, he reveals that the company has "years" of runway left, even as it toys with taking on outside investment. Thank you to our sponsor: CipherTrace: http://ciphertrace.com/unconfirmed Episode links: ConsenSys: https://consensys.net Andrew Keys: https://twitter.com/consensysandrew Jeff Kauflin's article about ConsenSys: https://www.forbes.com/sites/jeffkauflin/2018/12/05/cryptopia-in-crisis-billionaire-joe-lubins-ethereum-experiment-is-a-mess-how-long-will-he-prop-it-up/ Unconfirmed episode about ConsenSys with Jeff: http://unconfirmed.libsyn.com/how-consensys-got-so-big-but-accomplished-so-little-ep049 Joe Lubin's letter to ConsenSys staff about the 2.0 pivot: https://breakermag.com/exclusive-consensys-letter-to-staff-details-major-strategy-shift/ CoinDesk article about restructuring: https://www.coindesk.com/lubin-wont-rule-out-layoffs-amid-refocusing-at-consensys 13% of staff cut at ConsenSys: https://www.coindesk.com/consensys-confirms-layoffs-projecting-13-of-staff-at-startups-to-be-cut Town Hall questions: https://www.coindesk.com/consensys-town-hall-shows-staff-shaken-at-ethereums-largest-startup WSJ article about layoffs: https://www.coindesk.com/lubin-wont-rule-out-layoffs-amid-refocusing-at-consensys

Despite having Joe Lubin's billions at its back, and despite having 1,200 employees to build apparently anything they wanted in the Ethereum ecosystem, ConsenSys has accomplished very little and has little revenue -- so it's finally facing the music and laying off 13% of its employees. Jeff Kauflin, staff writer at Forbes, who wrote a great story on how ConsenSys is flailing, discusses how the company got to this place. (Hint: asteroid mining and college diplomas on a blockchain are part of the answer.) We talk about whether any ConsenSys projects actually have some traction, how much of the new focus has to do with the downturn in the crypto markets -- particularly bitcoin and ether, which are rumored to comprise most of Lubin's wealth -- and what ConsenSys's difficulties mean for Ethereum. Thank you to our sponsor! CipherTrace: https://ciphertrace.com/unconfirmed Episode Links: Jeff Kauflin's stories on Forbes: https://www.forbes.com/sites/jeffkauflin/#6083b54463ae On Twitter: https://twitter.com/JeffKauflin Jeff's story on ConsenSys: https://www.forbes.com/sites/jeffkauflin/2018/12/05/cryptopia-in-crisis-billionaire-joe-lubins-ethereum-experiment-is-a-mess-how-long-will-he-prop-it-up/#c3354702f0a6 Letter from Joe announcing new focus on efficiency and revenue: https://breakermag.com/exclusive-consensys-letter-to-staff-details-major-strategy-shift/ CoinDesk article reporting layoffs at ConsenSys: https://www.coindesk.com/consensys-confirms-layoffs-projecting-13-of-staff-at-startups-to-be-cut Joe Lubin's estimated personal wealth as of early 2018: https://www.forbes.com/sites/laurashin/2018/02/07/joseph-lubin-ethereum-ether-consensys-crypto-cryptocurrency/#58d513863575

Jackson Palmer, the creator of Dogecoin and the website Are We Decentralized Yet, explains why he thinks the markets suddenly took a nosedive, why it's hard for him to get data on these crypto assets for the Are We Decentralized Yet website -- unless there's a centralized company behind them -- and how Ripple and Initiative Q are somewhat similar. We also covered the perpetual question of how much of Ripple's social media support is real vs. bots, what "fair distribution" of coins means, why mining isn't for "anybody" but for the privileged, and whether or not proof of stake coins could be secure or whether they'll also be susceptible to centralization. Thank you to our advertisers! CipherTrace: https://ciphertrace.com/unconfirmed WeTrust: https://wetrust.io/unconfirmed Episode links: Jackson Palmer: https://twitter.com/ummjackson Jackson Palmer's YouTube channel: https://www.youtube.com/JacksonPalmer Jackson Palmer's website: https://ummjackson.com Dogecoin: https://dogecoin.com Are We Decentralized Yet: https://arewedecentralizedyet.com

In lieu of a regular episode during this (U.S.) holiday, I'm releasing the audio from my TEDx San Francisco Talk. Thank you to our sponsors! Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unconfirmed WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unconfirmed Links: TEDx San Francisco: https://www.tedxsanfrancisco.com Video of the talk: https://www.youtube.com/watch?v=w-Ew7PW4LCo My Unconfirmed episode with Bill Tai: http://unconfirmed.libsyn.com/how-crypto-will-give-you-more-flexibility-in-your-work-ep033

Bitcoin Magazine technical editor Aaron Van Wirdum breaks down what is going on with the Bitcoin Cash contentious hard fork: who is fighting, over what, and how this could play out, including the nuclear option of a proof of work algorithm change. We discuss whether the battle could deliver a verdict on the question of whether hash power follows price or vice versa, what this says about the strength of proof of work as an algorithm over proof of stake, and what Bitcoin Cash holders should do. Thank you to our sponsors! Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unconfirmed WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unconfirmed Episode links: Aaron Van Wirdum: https://twitter.com/AaronvanW Aaron's article on the Bitcoin Cash contentious hard fork: https://bitcoinmagazine.com/articles/when-fork-forks-what-you-need-know-bitcoin-cash-goes-war/ Jordan Clifford of Scalar Capital explains the split: https://medium.com/@jcliff/bitcoin-cashs-november-2018-fork-804596268771 Where you can watch the battle between Bitcoin ABC and SV: https://cash.coin.dance Tweet storm on Bitcoin Cash hard fork by Emin Gun Sirer: https://twitter.com/el33th4xor/status/1063074170739744768 Gun's tweet about the security of proof of work vs. proof of stake: https://twitter.com/el33th4xor/status/1062963517530103808

Emin Gun Sirer, Cornell professor, co-director at the Initiative for Cryptocurrencies and Smart Contracts (IC3) and the founder of Ava, talks about the settlement the SEC reached with the founder of EtherDelta, and what that could mean for the coders of decentralized systems. He also puts this action in the context of the history of peer-to-peer sharing and how the government used to prohibit encryption. We also discuss his main takeaway from DevCon4 last week -- hint, maximalism is probably not the future -- and he explains a new consensus algorithm called Avalanche, and how that differs from previous ways to achieve consensus. Then, he gives us a sneak preview of a new coin he is launching, Ava. Thank you to our sponsors! Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unconfirmed Onramp: http://www.thinkonramp.com Episode links: Emin Gun Sirer: http://www.cs.cornell.edu/people/egs/ IC3: https://www.initc3.org SEC/EtherDelta settlement press release: https://www.sec.gov/news/press-release/2018-258 SEC order: https://www.sec.gov/litigation/admin/2018/34-84553.pdf CFTC Commissioner Brian Quintenz's speech discussing how they would prosecute illegal prediction markets and how coders could be liable: https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz16 Unchained episode discussing whether coders would be liable: http://unchainedpodcast.co/reflections-on-the-10-year-anniversary-of-the-bitcoin-white-paper-ep90 DevCon4: https://devcon4.ethereum.org Avalanche white paper: https://ipfs.io/ipfs/QmUy4jh5mGNZvLkjies1RWM4YuvJh5o2FYopNPVYwrRVGV Ava: https://m.facebook.com/story.php?story_fbid=2629017553989259&id=1801780960046260

To celebrate the 10-year anniversary of the publication of the Bitcoin white paper, Charlie Lee, the creator of Litecoin, asks how Bitcoin can go from a speculative asset to real money (hint: the Lightning Network plays a role) and explains what he thinks is the significance of Fidelity getting into crypto and Bakkt launching. He also tells the story of how Poker Black Friday, when the government shut down online poker sites, demonstrates the need for Bitcoin, which leads us to discuss whether or not Bitcoin is mostly good for criminal activities. We explore how Satoshi leaving Bitcoin has influenced its trajectory, and, looking to the next 10 years, Charlie wonders whether we'll find, via its market cap, that Bitcoin truly is a better store of value than gold -- plus, he gives us his vision for Litecoin. Thank you to our sponsors! Abra: Click this special link for a free $25 in Bitcoin! https://www.abra.com/unconfirmed Onramp: http://www.thinkonramp.com WeTrust: Donate in crypto and have your donation matched by WeTrust through Giving Tuesday, November 27! http://wetrust.io/unconfirmed Episode links: Charlie Lee: https://twitter.com/SatoshiLite Litecoin: https://litecoin.org Bitcoin white paper: https://bitcoin.org/bitcoin.pdf Lightning Network: https://lightning.network Unconfirmed episode with Fidelity Digital Asset Services' Tom Jessop: http://unconfirmed.libsyn.com/fidelity-digital-asset-services-tom-jessop-on-why-its-serving-institutional-clients-first-ep043

Fidelity Digital Asset Services president Tom Jessop explains why its new crypto offering for institutional clients is focused on custody and trade execution, why it's decided not to launch its own exchange, and what kinds of trading capabilities from traditional financial services they plan to build out in the space. He also describes Fidelity's journey to this point -- how it started mining Bitcoin in 2015, had employees buy what must now be some of the world's most expensive bagels in the company cafeteria, and enabled Bitcoin donations in its donor advised funds. He also answers whether or not they plan to create a digital asset offering for retail customers, how custodying digital assets is different from custodying traditional assets and how he came to Fidelity after experience at Goldman Sachs and Chain. Thank you to our sponsors! Onramp: http://www.thinkonramp.com Blockdaemon: http://blockdaemon.com/unchained/ Episode links: Fidelity Digital Assets: https://www.fidelitydigitalassets.com/overview Fidelity's journey in crypto: https://medium.com/@FidelityDigitalAssets/fidelity-digital-assets-the-journey-from-idea-to-market-3ab3bf4b38d5 Custody of digital assets: https://medium.com/@FidelityDigitalAssets/custody-in-the-age-of-digital-assets-95799f347016 Endowments investing in crypto: https://www.theinformation.com/articles/harvard-stanford-mit-endowments-invest-in-crypto-funds

Dan McArdle, cofounder of Messari and the creator of OnChainFX, discusses why tether lost its dollar peg, how the Gemini USD traded at above $1, and how this was similar to the time before Mt. Gox imploded. We also discuss the significance of the Fidelity news, plus McArdle's thesis on how Bitcoin would behave in a recession -- which isn't the conventional wisdom. Thank you to our sponsors! Blockdaemon: http://blockdaemon.com/unchained/ OnRamp: http://www.thinkonramp.com Episode links: Dan McArdle: https://twitter.com/robustus Messari: https://messari.io OnChainFX: https://onchainfx.com Tether falls in price: https://www.coindesk.com/price-of-tether-stablecoin-tanks-to-18-month-low/ Gemini trades as high as $1.09: https://www.coindesk.com/gemini-stablecoin-volume-doubles-top-10-exchange-bibox-tether-turmoil/ Bitfinex's banking situation: https://theblockcrypto.com/2018/10/16/tether-has-found-a-new-bank-in-the-caribbean/ https://theblockcrypto.com/2018/10/16/bitfinex-appears-to-have-moved-its-business-to-a-hong-kong-bank/ Unchained episode in which I answer listener questions: http://unchainedpodcast.co/listener-mail-laura-answers-your-questions-on-the-markets-velocity-privacy-and-more-ep88 Fidelity's news: https://www.forbes.com/sites/michaeldelcastillo/2018/10/15/fidelity-launches-institutional-platform-for-bitcoin-and-ethereum/ Dan's thoughts on how Bitcoin could behave in a recession: https://twitter.com/robustus/status/1010240675189805063

Soona Amhaz of Token Daily talks about how we've misused the word decentralization and stretched it to the point of meaninglessness. She discusses how certain companies misrepresent being decentralized and walks us through some misleading graphs put out by Ripple and EOS. She also explains why, when a good metric becomes a target, people will then game it, and why we should be open to projects becoming decentralized over time. We also talk about tribalism, and why it's bad in only some instances -- like for investors -- but good for other groups of people in the crypto space. Plus, we dish about Nouriel Roubini's and Peter Van Valkenburgh's testimony to the Senate on cryptocurrencies. Thank you to our sponsors! Blockdaemon: http://blockdaemon.com/unchained/ Interested in sponsoring Unchained or Unconfirmed? Contact Raelene at [email protected]. Episode links: Soona Amhaz: https://twitter.com/soonaorlater Token Daily: https://www.tokendaily.co Crypto Springs: http://www.cryptosprings.org Unchained episode on Ripple: http://unchainedpodcast.co/ripples-xrp-why-its-chances-of-success-are-low-ep58 Singularity episode with Galia Benartzi of Bancor: http://unchainedpodcast.co/singularity-university-global-summit-how-do-we-get-consumer-adoption-ep83 The bug in the Bitcoin software: https://motherboard.vice.com/en_us/article/qvakp3/a-major-bug-in-bitcoin-software-could-have-crashed-the-currency The Senate hearings on crypto featuring NYU economist Nouriel Roubini and Coin Center's Peter Van Valkenburgh: https://www.youtube.com/watch?v=ZFc0Um6WUU4 Sample of Roubini's tweets: https://twitter.com/Nouriel/status/1050425363413827584

Bill Barhydt, founder and CEO of Abra, describes its new product, the BIT10, which it created in partnership with Bitwise Asset Management (full disclosure: Bitwise previously sponsored my podcasts). He outlines the way the token is similar to an ETF -- for instance, it rebalances monthly -- and the ways in which it differs. We also compare and contrast it to similar offerings announced by Coinbase and Circle. Bill also explains Abra's overall strategy and recent pivot, why it is built on Bitcoin and its future plans. Thank you to our sponsor! Blockdaemon: http://blockdaemon.com/unchained/ If you're interested in sponsoring Unchained or Unconfirmed, reach out to Raelene at [email protected]. Episode links: Abra: https://www.abra.com/ Bill Barhydt: https://twitter.com/billbarhydt BIT10: https://www.abra.com/index/bit10/ Bitwise: https://www.bitwiseinvestments.com Singularity episode: http://unchainedpodcast.co/singularity-university-global-summit-how-do-we-get-consumer-adoption-ep83

Rune Christensen, founder and CEO of MakerDao, explains what Andreessen Horowitz's $15 million investment in its Maker token means for the ecosystem and why they chose to work with a16z and its general partner Kathryn Haun. He also responds to criticism that the process took place behind closed doors despite the fact that MakerDao has a notably open, transparent system otherwise, and concerns about the seeming discount of 40% that the a16z team got. He also talks about whether or not MakerDao could amass too much power in the Ethereum ecosystem, thereby centralizing power around the Dai stablecoin. If you're interested in sponsoring Unchained or Unconfirmed, reach out to Raelene at [email protected]! Episode links: Rune Christensen: https://twitter.com/runekek MakerDao: https://makerdao.com Announcement about investment from a16z: https://medium.com/makerdao/a16z-crypto-purchases-6-of-mkr-backing-stablecoin-vanguard-makerdao-ff410a692393 Rune's comments about why MakerDao wants to work with a16z and Kathryn Haun: https://www.reddit.com/r/MakerDAO/comments/9ihwz0/big_news_az16z_buys_6_of_makerdao/e6jque0/ Critiques from Meltem Demirors about the process for deciding upon this investment: https://twitter.com/Melt_Dem/status/1044217806043181057 MakerDao being ready to move to multi-collateralized Dai: https://medium.com/makerdao/the-code-is-ready-2aee2aa62e73 A previous episode of Unchained with Rune: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable A previous episode of Unconfirmed with Katie Haun: http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean A previous episode of Unchained with Katie Haun, when she was a federal prosecutor: http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them

Linda Xie, cofounder at Scalar Capital, talks about what she saw at ETHBerlin, why it made her think Ethereum's first-mover advantage may be hard for other smart contract platforms to overcome and how the crypto community in Berlin differed from that of Silicon Valley. She also talked about why Scalar Capital is focused on privacy coins, how her experience at Coinbase informed that, and what impact it would have on her investments if a more widely used coin like Bitcoin adopted privacy features. Finally, she talked about common mistakes crypto teams are making and what advice she finds herself commonly giving nowadays. If you're interested in sponsoring Unchained or Unconfirmed: Email Raelene at [email protected]. Episode links: Linda Xie: https://twitter.com/ljxie Scalar Capital: https://scalar.capital Linda's thoughts on the Ethereum hackathons she's attended over the last year, including ETHBerlin: https://medium.com/@linda.xie/building-a-developer-community-66e6a47674d7 Unchained interview with Dominic Williams of Dfinity: http://unchainedpodcast.co/dfinitys-dominic-williams-on-how-its-blockchain-nervous-system-is-not-an-ai-ep78 Unchained interviews with a few decentralized finance projects being built on Ethereum: Compound: http://unchainedpodcast.co/how-youll-earn-interest-on-your-crypto-with-compound-ep82 Dharma: http://unchainedpodcast.co/nadav-hollander-on-how-dharma-could-create-new-forms-of-debt-ep80 0x: http://unchainedpodcast.co/will-warren-of-0x-on-why-decentralized-exchanges-are-the-future Unchained interview with Zooko Wilcox of Zcash: http://unchainedpodcast.co/zcashs-zooko-wilcox-on-why-he-believes-privacy-coins-will-be-used-more-for-good-than-bad

Alex Sunnarborg, founding partner of Tetras Capital, describes the three core buckets his fund is investing in, how they're investing during this bear market, and why the firm has decided to short ether. He also describes why he thinks dapps could take off, but the value of ether may not rise anyway, and gives us some insight into how he thinks psychology plays into market rhythms. Plus, he explains why he's long Ethereum but short ETH. Alex Sunnarborg: https://twitter.com/alexsunnarborg Tetras Capital: http://tetras.capital Tetras's bearish thesis: https://medium.com/@tetrascapital/ether-eth-bearish-thesis-the-flippening-of-market-irrationality-8633e70ab498 Tetras's other writing: http://tetras.capital/partners/ Unchained episode with Joey Krug: http://unchainedpodcast.co/joey-krug-on-how-augur-is-like-any-other-tool-ep79 Unchained episode on CryptoKitties: http://unchainedpodcast.co/what-makes-a-cryptokitty-worth-140000-ep75 Unconfirmed episode on Joe Lubin's and Jimmy Song's bet on adoption of dapps: http://unconfirmed.libsyn.com/joe-lubin-and-jimmy-song-work-on-the-terms-of-their-bet-on-dapps-and-trash-talk-the-others-coin-ep034 Tetras founding partner Brendan Bernstein's article on how cryptocurrencies are money, not equity: https://tokeneconomy.co/cryptocurrencies-are-money-not-equity-30ff8d0491bb

Katherine Wu, director of business development and community at Messari, talks about the news that everyone on crypto Twitter was discussing this week: Shapeshift's decision to require customer accounts. The well-known crypto-to-crypto exchange has long been known for enabling anonymous transactions, and CEO Erik Voorhees is a noted libertarian who prefers less rather than more regulation, so the reversal was surprising to many in the crypto community. Katherine explains her theory as to why Shapeshift will be instituting customer accounts now after so many years of not requiring them, why this wasn't an easy decision for Erik to make and how Erik's personal history of run-ins with the law may have influenced this decision. Potential sponsors! This ad spot could be yours! Reach out to Raelene Gullapalli at [email protected] to find out about sponsorship opportunities on Unconfirmed and Unchained. Episode links: Katherine Wu: https://twitter.com/katherineykwu Messari: https://messari.io https://info.shapeshift.io/blog/2018/09/04/introducing-shapeshift-membership/ Unchained interview with Shapeshift founder and CEO Erik Voorhees: http://unchainedpodcast.co/shapeshifts-erik-voorhees-on-how-crypto-will-separate-money-and-state Katherine's tweet storm: https://twitter.com/katherineykwu/status/1037315100326158338 Jake Chervinsky's tweet storm: https://twitter.com/jchervinsky/status/1037334799382401027 Erik's tweet about how everything he writes is being read closely: https://twitter.com/ErikVoorhees/status/1037070392140083200 For more on the alphabet soup of regulators covering crypto, check out this Unchained with Perianne Boring and Amy Kim of the Chamber of Digital Commerce: http://unchainedpodcast.co/the-chamber-of-digital-commerces-perianne-boring-and-amy-kim-on-why-us-crypto-regulation-is-complicated-and-confusing Shapeshift's announcement about its new chief legal officer: https://ag.shapeshift.io/press-release/shapeshift-hires-new-chief-legal-officer/ Bloomberg article on Shapeshift's U-turn on accounts: https://www.bloomberg.com/news/articles/2018-09-05/crypto-world-rocked-after-long-time-advocate-voorhees-backpedals

Pamela Morgan, a lawyer in the blockchain space and the author of Cryptoasset Inheritance Planning, explains how you can pass on your crypto assets to your heirs without them or anyone else getting ahold of them beforehand. Surprisingly, the first step begins with a letter. She explains what information to put in that letter, how to choose helpers, and how to protect your private keys. We also discuss what you should do legally to help the process along and what kind of tax prep you should follow. Pamela has graciously given Unconfirmed a complimentary copy of Cryptoasset Inheritance Planning, which we’ll be giving away. To win the book, tweet about it and tag me, @laurashin and @PamelawJD, and next Friday I will pick a name out of a hat and announce it on next week’s episode. Announcement: On October 26, Pamela will be in Chicago, where she's teaching a 1/2 day legal workshop: Bitcoin, Blockchain, and Smart Contact Essentials. It's open to lawyers, law students, and law curious. Learn more at empoweredlaw.com. Thank you to our sponsor! Digital Asset Custody Company: https://digitalassetcustody.com Episode links: Pamela Morgan: https://empoweredlaw.com https://twitter.com/pamelawjd Cryptoasset Inheritance Planning: https://www.amazon.com/dp/B07BRQ864J/ Wired article on Coinbase's custody rituals: https://www.wired.com/story/coinbase-physical-vault-to-secure-a-virtual-currency/

Joe Lubin, cofounder of Ethereum and founder of ConsenSys, and Jimmy Song, partner at Blockchain Capital and founder of Programming Blockchain, pick up the bet they started at the Consensus conference in May. The challenge was on whether or not we would see several decentralized apps with real user traction five years from now, with Joe taking the yes side of the bet and Jimmy taking the no side. However, the terms of the agreement were still to be worked out. On Unchained, Jimmy proposed that Joe wins and he loses if five dapps have 10,000 daily active users and 100,000 monthly active users over a six-month period. Joe, who isn’t quite certain about what terms exactly he’d be willing to agree to, proposes a cry-uncle escape clause, Jimmy expresses his concern that Joe goes to jail and can’t deliver on any payout, and multi billionaire Joe scoffs at Jimmy’s offer to put 100 BTC on the line. Thank you to our sponsor! Digital Asset Custody Company: https://digitalassetcustody.com/ Episode links: Jimmy Song on Twitter: https://twitter.com/jimmysong Blockchain Capital: http://blockchain.capital/ Programming Blockchain: http://programmingblockchain.com Joe Lubin: https://twitter.com/ethereumjoseph ConsenSys: https://new.consensys.net/ Jimmy Song on Unchained, during which he proposes the terms of the bet: http://unchainedpodcast.co/jimmy-song-on-why-bitcoin-will-be-the-winning-cryptocurrency-ep69 Video of Amber Baldet, Joe Lubin and Jimmy's panel at Consensus -- video 31 under Day 1: https://www.coindesk.com/events/consensus-2018/videos/

Silicon Valley capitalist and longtime crypto investor Bill Tai discusses some interesting theories about how crypto is changing money and work. He starts by talking about the shift from oil- to electron-based currencies. He also describes how people have worked flexibly, as individuals, for most of human history and only recently have they become cogs in a wheel, beholden to one employer. Crypto, he believes, will shift us back to more flexible work models. We also talked about a new project he's launched with CryptoKitties to try to fund endangered species -- the Honu Kitty -- which raised $25,000 to support turtle conservation, marine protection and other conservation projects. He'a also got more ideas for how crypto collectibles could help endangered species. Thank you to our sponsor! Digital Asset Custody: https://digitalassetcustody.com Episode links: Bill Tai: https://twitter.com/KiteVC Actai Global: http://actai.global Bill on how electricity has replaced oil as the basis for productivity: https://medium.com/@billtai/currency-in-the-4th-industrial-revolution-19a73d47b6c5 Speaking at the Milken conference on how the petro dollar was like an ICO: https://video.cube365.net/l/8n5dF-FzQWmXBg2LUuvS3A Honu the CryptoKitty: https://medium.com/cryptokitties/honu-the-charity-kitty-is-making-waves-1c21315a09bd

Caitlin Long, who’s working on a book about Wall Street and crypto assets and is the cofounder of the Wyoming Blockchain Coalition, discusses the significance of the creation of Bakkt, a new federally regulated market for Bitcoin, by ICE, Microsoft, Starbucks and investment firms Fortress Investment Group, Eagle Seven, and Susquehanna International Group. She explains why she thinks the price of bitcoin didn't jump after the news, what this move could mean for institutional players getting into crypto and why it could lead to systemic risks. We also discuss some remarks by ICE founder, chairman and CEO Jeffrey Sprecher about how the enterprise would bring "transparency and trust" to crypto. Thank you to our sponsor! Digital Asset Custody Company: https://digitalassetcustody.com Episode links: Caitlin's articles on the announcement: https://www.forbes.com/sites/caitlinlong/2018/08/03/ice-creating-new-cryptocurrency-market-a-double-edged-sword/#50803d791015 Tweet from SEC commissioner Hester Peirce regarding comment on crypto funds: https://twitter.com/HesterPeirce/status/1027273379819204608 Bakkt press release: https://www.businesswire.com/news/home/20180803005236/en/Intercontinental-Exchange-Announces-Bakkt-Global-Platform-Ecosystem Fortune article on Bakkt: http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/

Tricia Martinez, director of the Dala Foundation and founder and CEO of Wala, describes how cryptocurrency Dala is being used in Africa and how it hit 100,000 new wallets and 2.5 million in transactions in two months, with an average transaction size of around $0.27. She talks about how 94% of transactions in Africa are still being done in cash, why the problem she's trying to solve needs its own cryptocurrency and can't use bitcoin or ether, and how Wala's users are using Dala. Plus, she explains why she's focusing her entrepreneurial efforts in Africa and other emerging markets. Thank you to our sponsors! Onramp: http://www.thinkonramp.com/ Quantstamp: https://quantstamp.com/ Show links: Dala Foundation: https://dala.org/ Wala: https://getwala.com/ Tricia: https://twitter.com/TriciaTita

CoinList founder and president Andy Bromberg talks about why the ICO services firm has worked with only five out of 2,500 token projects, how tokenomic models are changing to ensure the viability of the network and also avoid incurring regulatory action, and why one of the biggest regulatory questions remaining is when a token shifts from being a security to a non-security. We also discuss why there's such a race in the stablecoin space, why there's been a shift toward building infrastructure, and what that infrastructure looks like. Thank you to our sponsors! Onramp: http://www.thinkonramp.com Quantstamp: https://quantstamp.com Episode links: CoinList: https://coinlist.co Andy Bromberg: https://twitter.com/andy_bromberg?lang=en Unchained episode on stablecoins: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable Unchained episode on the main regulatory issues regarding crypto: http://unchainedpodcast.co/the-chamber-of-digital-commerces-perianne-boring-and-amy-kim-on-why-us-crypto-regulation-is-complicated-and-confusing Unconfirmed episode on SEC Director Bill Hinman's statement that, leaving aside the manner of sale, ether, in its current form, is not a security: http://unconfirmed.libsyn.com/coinbases-adam-white-on-a-momentous-day-in-crypto-ep023

In this wide-ranging conversation, the Token Economy newsletter coauthor Stefano Bernardi talks about fully digital security tokens -- security tokens with no relation to real world securities like companies and real estate, but that represent securities from DAOs and other purely crypto entities. He also discusses a new evolution in cryptoeconomics -- multiple-token economies that utilize different tokens to incentivize various behaviors on a network. For instance, one system might have a security token for accredited investors and a utility token for users. Stefano also explains why he thinks personal data monetization projects won't take off, and at the end, we dive into the question of how DAOs and blockchain technology might lead to a less capitalist world. Thank you to our sponsors! Onramp: http://www.thinkonramp.com Quantstamp: https://quantstamp.com Links from the show: Stefano: https://twitter.com/stefanobernardi Token Economy: https://tokeneconomy.co/ World After Capital: http://worldaftercapital.org/ Failure of the old-world corporation: https://tokeneconomy.co/token-economy-35-the-failure-of-the-old-world-corporation-35ac2312eced The Zero-Cost Marginal Society: https://www.amazon.com/Zero-Marginal-Cost-Society-Collaborative/dp/1137278463/

In this special episode I hosted with CNBC Crypto Trader, Ran Neu Ner and I talk with Olaf Carlson-Wee, founder and CEO of crypto hedge fund Polychain Capital. We discuss his early career, what sets this crypto downturn apart from previous ones and why we see hardcore tribalism in the crypto space. He also explains what types of investments and technologies he looks for, why we won't see one dominant breakthrough and why "no one cares about incrementally faster bank settlement but paradigm shifts." Thank you to our sponsors! Onramp: http://www.thinkonramp.com Quantstamp: https://quantstamp.com Polychain Capital: http://polychain.capital CNBC Crypto Trader: https://www.youtube.com/channel/UCN9Nj4tjXbVTLYWN0EKly_Q

Independent crypto analyst Willy Woo, who blogs at Woobull.com, talks about where he sees the price of Bitcoin going over the next six months. (Hint: He uses the word "sideways.") He also describes his concept of NVT Ratio, the Bitcoin equivalent of price-to-earnings ratio, and how that helps determine whether bitcoin and certain other coins are over- or undervalued. We also discuss his 10,000-year view of cryptocurrency, and why he believes we're only nine years away from half of the world using Bitcoin. Thank you to our sponsors! Clarity PR: http://clarity.pr Onramp: http://www.thinkonramp.com Links for this episode: https://woobull.com https://twitter.com/woonomic Willy's recent tweets on the short-term future price of Bitcoin: https://twitter.com/woonomic/status/1000223528803762176 The Unconfirmed episode in which Coinbase's Adam White estimates conservatively, that $10 billion of institutional money is waiting to come into crypto: http://unconfirmed.libsyn.com/coinbases-adam-white-on-a-momentous-day-in-crypto-ep023 Willy's 10,000-year view of cryptocurrency: Graphic: https://woobull.com/the-10-000-year-view-of-cryptocurrency/ https://woobull.com/the-state-of-crypto-markets-q4-2017/ NVT Ratio: https://woobull.com/introducing-nvt-ratio-bitcoins-pe-ratio-use-it-to-detect-bubbles/ NVT Signal: https://woobull.com/nvt-signal-a-new-trading-indicator-to-pick-tops-and-bottoms/

Demian Brener, the cofounder and CEO of Zeppelin discusses a dilemma he's seeing investors be concerned about: whether blockchains should be immutable forever or whether it should be possible to upgrade smart contracts over time. He explains why he doesn't see it as a dilemma, how it could be possible to have an upgradeable, immutable blockchain. We also cover another trend he's seeing: would-be ICO issuers instead turning to airdrops as a way to avoid some regulatory issues. Now that Tezos Betanet has launched (plus EOS and Dfinity are in the race), we talk about what factors will determine which smart contract platforms come out on top, plus Brener describes how the libraries he's building at Zeppelin OS could factor in. Thank you to our sponsors! Clarity PR: http://clarity.pr Onramp: http://www.thinkonramp.com Links for the show: Zeppelin OS: https://zeppelinos.org Tezos Betanet: https://tezos.com/betanet/ Dfinity airdrop: https://medium.com/dfinity/liftoff-the-dfinity-community-airdrop-is-here-5a11b94a2d03

Kyle Samani, managing partner of Multicoin Capital, talks about what got him really excited at this week's Zcon0 conference for Zcash -- primarily, technologies that could make possible a future of massively scalable blockchains featuring default private transactions that would still make possible selective viewing to, say, auditors. He also recaps the major incidents around EOS's launch and how the community plans to change its governance, by trying out a new ethos of "intent of code" is law. We also discuss whether or not it's even possible to enforce that and how EOS's governance system compares to the one in Bitcoin. Finally, we also touch on some of the news around VCs investing in crypto, starting with some of the biggest news this week -- Kathryn Haun's appointment as the new GP of Andreessen Horowitz, where she will be co-managing its new crypto fund -- and the various strategies that VC firms are using to invest in crypto. Thank you to our sponsors! Clarity PR: http://clarity.pr Onramp: http://www.thinkonramp.com Links from the episode: The Zcon0 conference: https://z.cash.foundation/zcon/ Unchained episode with Zooko Wilcox: http://unchainedpodcast.co/zcashs-zooko-wilcox-on-why-he-believes-privacy-coins-will-be-used-more-for-good-than-bad The "intent of code" is law post by Dan Larimer, CTO of Block.one, the company behind EOS: https://medium.com/@bytemaster/the-intent-of-code-is-law-c0e0cd318032 Katie Haun becoming the new GP at Andreessen Horowitz, where she will co-manage its new crypto fund: https://a16z.com/2018/06/25/katie-haun/ More on a16z crypto: https://techcrunch.com/2018/06/25/andreessen-horowitz-has-a-new-crypto-fund-and-its-first-female-general-partner-is-running-it-with-chris-dixon/amp/ Episodes with Katie: Unconfirmed: http://unconfirmed.libsyn.com/sxsw-episode-former-doj-prosecutor-kathryn-haun-on-what-the-sec-subpoenas-and-fincen-letter-likely-mean Unchained: http://unchainedpodcast.co/live-from-inforum-at-the-commonwealth-club-blockchain-and-cryptocurrency-the-basics-with-kathryn-haun http://unchainedpodcast.co/federal-prosecutor-kathryn-haun-on-how-criminals-use-bitcoin-and-how-she-catches-them The different strategies VC firms are using to invest in crypto: https://www.recode.net/2018/6/21/17484524/venture-capital-cryptocurrency-investing-structures

Gideon Lewis-Kraus, a contributing writer at Wired, came out with a cover story in the magazine earlier this week that investigated the actions of both sides in the Tezos boardroom battle. Lewis-Kraus walks us through the accusations on both sides and explains how the balance of the blame seems to lie with foundation head, Johann Gevers, who had numerous conflicts of interest, proposed an unjustified payment for himself and appears to have tried to revive his faltering company Monetas by riding on the coattails of Tezos's success with the ICO. Lewis-Kraus also tells us what he thinks are the big takeaways from the Tezos fight for other crypto entrepreneurs. Gideon Lewis-Kraus: http://www.gideonlk.com His Wired cover story: Inside the Crypto World's Biggest Scandal: https://www.wired.com/story/tezos-blockchain-love-story-horror-story/ Tezos: https://tezos.com Thank you to our sponsor! Onramp: http://thinkonramp.com

Adam White, vice president and general manager of Coinbase, explains why he believes the SEC's statement Thursday that ether, in its current form, is not a security, is a historic moment in crypto. Also, from his vantage point of being steeped in the industry but interacting regularly with institutional investors and regulators, he describes where crypto is right now and why he believes it will be moving from an investment phase to a utility phase. He also discusses Coinbase's many recent announcements, from the fact that it will soon be a regulated broker dealer, to the establishment of services for institutional investors such as Coinbase Custody, Coinbase Markets and Coinbase Prime, to its acquisition of decentralized relay Paradex. He also explains why Coinbase decided to list Ethereum Classic, gives an answer to the Twitter people requesting Coinbase list XRP, and describes the main developments he believes are necessary to bring established financial institutions into crypto trading. Coinbase: https://www.coinbase.com/ Adam White: https://twitter.com/WhiteAdamL The SEC's speech containing the line asserting that ether is, in its current form, not a security: https://www.sec.gov/news/speech/speech-hinman-061418 Coinbase's move toward becoming a regulated broker-dealer: https://blog.coinbase.com/our-path-to-listing-sec-regulated-crypto-securities-a1724e13bb5ahttps://www.bloomberg.com/news/articles/2018-06-06/coinbase-seeks-broker-dealer-status-in-keystone-capital-takeover Announcement of Coinbase Custody, Coinbase Markets, Coinbase Prime, Coinbase Institutional Coverage Group: https://blog.coinbase.com/coinbase-institutional-deea317d23af Coinbase's acquisition of Paradex: https://blog.coinbase.com/welcome-paradex-to-coinbase-62f16cc9bd74 Coinbase's announcement about Ethereum Classic: https://blog.coinbase.com/adding-ethereum-classic-support-to-coinbase-becb9a337e9c Thank you to our sponsor! Element Group: https://elementgroup.com/unconfirmed/

Joey Krug, cofounder of Augur and chief investment officer at Pantera Capital, talks about the upcoming Augur launch, and why we haven't yet seen a regular, non-deflationary, non-stablecoin cryptocurrency -- and how to create one. For instance, he says, an inflationary currency could distribute the inflation to particular groups. He also explains what the "impossible trinity" is and how an independent monetary policy in crypto might work. We also discuss new ways crypto projects are trying to solve the scalability problem and he gives us his take on the polarizing EOS network. Joey Krug: https://twitter.com/joeykrug Augur: http://www.augur.net Pantera Capital: https://www.panteracapital.com Basis: https://basis.io Celer: https://www.celer.network Counterfactual: https://counterfactual.com Oasis Labs: https://www.oasislabs.com Ankr: https://www.ankr.network EOS: https://eos.io Multicoin Capital on Unchained talking about tradeoffs: http://unchainedpodcast.co/multicoin-on-the-1-thing-crypto-teams-miss-in-their-quests-for-success Thank you to our sponsor Element Group! https://elementgroup.com/unconfirmed/

Think Bitcoin and crypto assets are just vehicles for speculation? They're already having both a positive impact and negative impact when it comes to human rights, says Alex Gladstein, chief strategy officer for the Human Rights Foundation. Gladstein talks about how he first became enamored with Bitcoin because of its potential to solve hyperinflation, and why he believes Venezuela is the site of the world's first crypto war. He also covers why repressive governments are excited by centralized cryptocurrencies, why impact investing focused on the UN sustainable goals will not address human rights issues, and why blockchain-based elections, which many believe could be fair and transparent, could instead be terribly corrupt. https://twitter.com/gladstein https://oslofreedomforum.com/ https://www.hrf.org Blockstack on Unchained: http://unchainedpodcast.co/blockstack-on-getting-independence-from-google-facebook-and-amazon Stablecoins and MakerDAO on Unchained: http://unchainedpodcast.co/why-its-so-hard-to-keep-stablecoins-stable Roya Mahboob on Unchained: http://unchainedpodcast.co/how-bitcoin-solved-this-serial-entrepreneurs-problems Bitcoin in Venezuela: https://www.economist.com/the-economist-explains/2018/04/03/why-are-venezuelans-mining-so-much-bitcoin https://www.wired.com/story/where-could-bitcoin-succeed-as-a-currency-in-a-failed-state/ https://www.caracaschronicles.com/2018/04/11/localbitcoins-com-replaces-dolartoday-as-standard-reference/ Data showing that Venezuela, at the time of this recording, accounts for 8.1% of all LocalBitcoins transactions: https://anacoinda.github.io/localbitcoins/all.html The North Korean government using cryptocurrency: https://www.vox.com/world/2018/2/28/17055762/north-korea-sanctions-bitcoin-nuclear-weapons https://qz.com/1199400/north-korea-is-suspected-in-the-530-million-coincheck-cryptocurrency-heist/ Thank you to our sponsor! Element Group: http://elementgroup.com/unconfirmed

Blockchain consultant, Jill Carlson, who has worked with 0x, dydx, Algorand, Tezos, O1 Labs, and the IMF, discusses why Blockchain Week to her seemed to be too much about Lambos and how crypto has reached its "illogical conclusion" and is replicating Wall Street's misbehaviors. Hence, the Department of Justice's investigation into the price manipulation of Bitcoin. However, she sees a bright spot in decentralized exchange, but believes blockchain-based credit is an area that needs further development -- and that relies on decentralized credit scoring. Jill Carlson on Twitter: https://twitter.com/_jillruth On Medium: https://medium.com/@jillcarlson Jill on how crypto looks a lot like Wall Street: https://www.coindesk.com/growing-greed-crypto-looks-lot-like-wall-street/ DOJ investigation into possible price manipulation of Bitcoin: https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe Jill on blockchain-based credit: https://medium.com/@jillcarlson/the-mutual-communication-society-ae6a3a068858 Jill on credit scoring in a decentralized world: https://medium.com/@jillcarlson/decentralized-credit-scoring-fe2c6c0611c6 Thank you to our sponsor, Element Group! http://elementgroup.com/unconfirmed/

Mike Novogratz, the founder and CEO of Galaxy Digital Capital Management, talks about the recently announced Bloomberg Galaxy Crypto Index, why it's limited to just 12 cryptos, how traditional financial players know more about crypto than people believe they do, and how "the herd" is coming. He discusses the biggest obstacles to institutional money entering the space, how their entry will affect trading opportunities and and which types of stablecoins he believes are most promising. He also talks about why he's not very sanguine about custody solutions from Coinbase, why the market might go sideways for a while and why he wishes he'd invested in Telegram. Mike Novogratz: https://twitter.com/novogratz Listen to the Unchained episode with Wences Casares, the CEO of Xapo, which Novogratz mentions in the episode: http://unchainedpodcast.co/xapos-wences-casares-on-how-bitcoin-makes-a-fairer-world Listen to the Unchained episode on BitGo, which Novogratz also mentions: http://unchainedpodcast.co/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future Thank you to our sponsor! Element Group: http://elementgroup.com/unconfirmed/