Bankless

Download the crypto meta to your brain in this weekly show. Rug Week.

3rd Week of May, 2021

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 

👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

------ 📣REGISTER FOR COINDESK CONSENSUS 2021 AND SAVE $20 W/ BANKLESS http://bankless.cc/consensus2021​  ------ Topics Covered:

0:00 Intro

4:08 MARKETS 4:18 BTC Price 5:25 ETH Price 6:50 ETH/BTC 8:05 Going a Full Cycle 12:00 What Caused the Dip? https://twitter.com/BTCization/status/1395053801061634049?s=20  18:40 The Rektoning https://twitter.com/dytfin/status/1395007097461477379?s=21  20:30 Now vs 2013 https://twitter.com/raoulgmi/status/1395150660660862987?s=21  22:20 Exchange Outages https://www.theblockcrypto.com/linked/105366/exchanges-outages-market-volatility-eth  22:57 DeFi Action 24:26 Greed & Fear Index https://alternative.me/crypto/fear-and-greed-index/  27:00 EIP-1559 Bullish https://twitter.com/hasufl/status/1395006497164308480?s=20 

29:07 RELEASES 30:30 Uniswap V3 Success https://imgur.com/H53upPS  33:50 Slingshot Launch https://app.slingshot.finance/trade/m/MATIC/USDC  35:14 Coinbase Wallet Extension https://twitter.com/coinbase/status/1394369329408454668?s=20  37:05 Miso https://miso.sushi.com/ 

41:40 NEWS 41:55 Erratic Elon Musk https://twitter.com/elonmusk/status/1393995872413888518?s=20  https://twitter.com/elonmusk/status/1395352073550532613?s=20  48:07 The Rise of Polygon https://twitter.com/SushiSwap/status/1393215036076658688?s=20  https://www.delphidigital.io/reports/polygon-the-swiss-army-knife-of-scaling-solutions/  https://twitter.com/0xPolygon/status/1395047808860708870?s=20  57:48 Sleuthing Mark Cuban https://twitter.com/0xBay/status/1393987720649662464?s=20  58:38 Cathie Wood & ETH https://twitter.com/RyanSAdams/status/1394761387302432769?s=20  59:50 Ebay NFT Sales https://www.theblockcrypto.com/linked/104508/ebay-offering-nft-sales  1:00:18 BlockFi BTC Oops https://www.coindesk.com/blockfi-botches-promo-outsized-bitcoin-reward-payments  1:02:15 China Crypto Stance https://www.theblockcrypto.com/linked/105190/china-self-regulatory-organizations-crypto  1:03:25 Bank of America on Ethereum https://blockworks.co/bank-of-america-leans-into-blockchain-to-speed-settlements/?oly_enc_id=9918E2523689A0T  1:04:05 Wells Fargo & Crypto? https://cointelegraph.com/news/wells-fargo-investment-institute-to-onboard-crypto-clients-by-next-month  1:04:22 BSC Instability https://twitter.com/ProofOfBags/status/1395235478216060935?s=20  1:06:40 News Quick Bites https://www.microstrategy.com/en/investor-relations/financial-documents/microstrategy-acquires-additional-10m-in-bitcoin-at-average-price-of-43-663_05-18-2021  https://thedefiant.io/yearn-finance-seizes-dip-and-buys-back-1-47m-of-yfi-token/  https://twitter.com/ProofOfBags/status/1395235478216060935?s=20  https://twitter.com/argentHQ/status/1394584739160469504?s=20  https://blog.deversifi.com/deversifi-closes-oversubscribed-round-lead-by-parafi  https://www.coindesk.com/defi-dashboard-zapper-raises-15m-to-build-on-platform-app-store 

1:09:40 TAKES 1:11:00 DeFi Summer Round 2 https://twitter.com/rewkang/status/1394788692749922304?s=21  1:15:48 Dave Portnoy & Meme Coins https://twitter.com/stoolpresidente/status/1394379356487757834?s=20  https://twitter.com/RyanSAdams/status/1394402282658308100?s=20  1:18:48 Volatility Scares Institutions https://www.bloomberg.com/news/articles/2021-05-17/elon-musk-is-now-blowing-up-the-wall-street-case-for-bitcoin 

1:20:05 What David’s Excited About

1:21:17 What Ryan’s Excited About

1:23:10 MEME of the Week https://twitter.com/NeerajKA/status/1395344179371421697?s=20  https://twitter.com/DocumentEther/status/1394982948085116932?s=20 

1:24:15 Closing & Disclaimers

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Download the crypto meta to your brain in this weekly show. Rug Week.

3rd Week of May, 2021

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Mark Yusko has been at the forefront of institutional investing throughout his career, in both the legacy and crypto. He is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management.

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 

👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

------ 📣REGISTER FOR COINDESK CONSENSUS 2021 AND SAVE $20 W/ BANKLESS http://bankless.cc/consensus2021​  ------

Bankless Podcast #65 - Crypto, Legacy, and Value Guest: Mark Yusko

Mark W. Yusko is a seasoned investor in both traditional and crypto finance, and is the managing partner of Morgan Creek Capital. Notably, he is also an avid fan of Pokemon Go. In this episode, Mark provides a deep and logical basis for a sound decision matrix in the world of investing. He emphasizes broad narrative context, addressing themes reminiscent of our episode with historian Joshua Rosenthal on 'The Crypto Renaissance.'

Mark explores the speculative frenzy in the markets and how it is indicative of a fiat-based financial system that has run its course. Continuous printing has gameified the economy, and crony capitalism has created an environment where you are either in or you're out. If you're in, then you're an incumbent who is incentivized to maintain the status quo. The centralization of power makes progress hard and proper equity even harder.

As a long-term investor who prioritizes values & principles, Mark discusses money as a shared illusion, and notes that value is relative. He presents salient takes on crypto's role in the broad shifts driven by the inevitable failing of incumbent institutions. His worldview feels compatible with the Bankless narrative, and towards the end of the episode, we discuss how Ethereum fits into all of this.

------ Resources:

Mark on Twitter: https://twitter.com/MarkYusko?s=20 

Morgan Creek Capital: https://www.morgancreekcap.com/ 

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Mark Yusko has been at the forefront of institutional investing throughout his career, in both the legacy and crypto. He is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management.

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Download the crypto meta to your brain in this weekly show. Rug Week.

2nd Week of May, 2021

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta 

------ 📣REGISTER FOR COINDESK CONSENSUS 2021 AND SAVE $20 W/ BANKLESS http://bankless.cc/consensus2021​  ------

Topics Covered:

0:00 Intro

3:18 MARKETS 3:30 BTC Price 5:13 ETH Price 9:02 ETH/BTC Ratio https://ratiogang.com/  12:17 DeFi Action 15:45 Garbage Szn https://twitter.com/lawmaster/status/1391979415547035650?s=20  20:00 ETH Market Cap https://twitter.com/documentether/status/1392355955816353793?s=21  21:00 ETH Fees https://twitter.com/LucasOutumuro/status/1392152205323603970?s=20  22:11 Justin Drake Analysis https://twitter.com/drakefjustin/status/1391998216044953601?s=20  https://docs.google.com/spreadsheets/d/1U9cGxGY3_t7m4MEIpjKWtRcA2zRajywaxMCZYqbF9eI/edit#gid=0 

29:30 RELEASES 30:40 Dfinity Internet Computer https://www.theblockcrypto.com/linked/104146/dfinity-launches-internet-computer  35:45 Balancer V2 https://medium.com/balancer-protocol/the-most-flexible-and-efficient-amm-is-live-meet-balancer-v2-2451a22779b3  37:48 Arbitrum Mainnet for Devs https://twitter.com/arbitrum/status/1392568807995097089  40:37 BTCx2 FLI Index Coop https://medium.com/indexcoop/introducing-the-btc-2x-flexible-leverage-index-38688749b1ab 

43:10 NEWS 43:30 Elon Rug Pull https://twitter.com/elonmusk  45:56 Vitalik Rugs for Charity https://twitter.com/hudsonjameson/status/1392554160952905728?s=21  50:50 Vitalik: UNI should be Oracle Token https://twitter.com/BanklessHQ/status/1392313805955162113?s=20  55:40 VanEck files for ETH ETF https://twitter.com/EricBalchunas/status/1390738518536769543?s=20  56:20 $1B in Volume https://twitter.com/ukolodny/status/1390601561173381125  https://twitter.com/kwenta_io/status/1390038926006624257  57:16 Sushi swipes UNI url https://twitter.com/TheBlock__/status/1391950806857965574?s=20  58:50 Yearn drops WOOFY https://cointelegraph.com/news/yearn-finance-surges-45-as-it-joins-dog-pack-with-woofy  1:03:04 CryptoPunks Christie’s Auction https://decrypt.co/70609/cryptopunks-christies-sale  1:06:03 Taproot Activation https://www.coindesk.com/bitcoin-taproot-activation-begun-miners-3-months-onboard  1:08:39 GBTC 20% discount https://www.theblockcrypto.com/linked/104801/gbtc-record-low-over-20-discount  1:10:08 Tom Brady Laser Eyes  https://twitter.com/TomBrady?s=20  1:10:30 Binance IRS & DOJ  https://www.theblockcrypto.com/linked/104836/binance-crypto-irs-us-government-investigation-report 

1:16:20 TAKES 1:18:20 Everyone gets a private key! https://twitter.com/BrantlyMillegan/status/1389270115884097536  1:22:37 No fees, no validators https://twitter.com/wongisrite/status/1391924914567876609?s=20  1:27:27 Ethereum Distributing Wealth https://twitter.com/santiagoroel/status/1392325085407563784?s=21  1:31:50 Fed’s Playing with Fire https://www.wsj.com/articles/the-fed-is-playing-with-fire-11620684980  1:33:48 Ultra Sound Community https://twitter.com/ultrasoundmoney/status/1391746346076540932?s=20  1:35:28 MEME of the Week https://www.reddit.com/r/ethtrader/comments/nb7tgh/its_done_boiz/ 

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Download the crypto meta to your brain in this weekly show. Rug Week.

2nd Week of May, 2021

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Su Zhu and Kyle Davies are legendary crypto investors & founders of crypto hedge fund Three Arrows Capital. They join the State of the Nation to discuss the bullish case for ETH.

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta 

------ 📣 UPSHOT | Become an NFT Appraiser! https://bankless.cc/upshot  ----- State of the Nation #46: The ETH Trade Guests: Su Zhu & Kyle Davies

Su Zhu & Kyle Davies are renowned investors in the crypto space, and in this episode of State of the Nation, the Three Arrows Capital co-founders come on Bankless to discuss ETH as an investment, and more broadly, Ethereum as an ecosystem. They describe themselves as 'on-chain' maximalists, and we dive into how Ethereum boasts impressive on-chain metrics and its strong, fundamental narrative.

Big money likes productive assets, and ETH is proving itself to be highly productive as a capital asset. We discuss the flippening of Ether & Bitcoin, and the opportunity for it in this cycle. Su & Kyle make it clear that institutions are coming around on Ethereum, and the scope of the ecosystem is such that any EVM-compatible (composable with the Ethereum Virtual Machine) is in turn bullish for ETH.

Ethereum has painted six weekly green candles in a row and is indisputably red-hot at the time of this recording. Despite the bullish narrative, it remains difficult to properly measure the magnitude of this move. The inevitable unknowns do not frighten Three Arrows Capital, who explore denominating net worth in Ether. All in all, they leave us with some of the most bullish projections we have ever seen on the Bankless podcast.

------ Resources:

ZhuSu on Twitter: https://twitter.com/zhusu?s=20 

Kyle Davies: https://twitter.com/kyled116?s=20 

Three Arrows Capital: https://www.threearrowscap.com/ 

------ This Week on Bankless:

⚒️ TACTIC TUESDAY | RAI Arbitrage Opportunities https://newsletter.banklesshq.com/p/how-to-make-money-from-rai-arbitrage  📈 MARKET MONDAY | The ETH Trade https://newsletter.banklesshq.com/p/the-eth-trade-market-monday  🎙️ PODCAST | Legitimacy with Vitalik Buterin (5/10) https://shows.banklesshq.com/p/-legitimacy-vitalik-buterin  🧢 WEEKLY RECAP | Bankless DAO is Born (5/8) https://newsletter.banklesshq.com/p/bankless-dao-is-born-weekly-recap  🗞️ WEEKLY ROLLUP | Uniswap V3, Bankless DAO (5/7) https://shows.banklesshq.com/p/-rollup-uniswap-v3-btc-in-bank-accounts 

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Su Zhu and Kyle Davies are legendary crypto investors & founders of crypto hedge fund Three Arrows Capital. They join the State of the Nation to discuss the bullish case for ETH.

------

Vitalik is back on Bankless to discuss his recent blog post: The Most Important Scarce Resource is Legitimacy.

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  🎧 Get this Episode's Debrief: https://shows.banklesshq.com/p/exclusive-debrief-legitimacy-with  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta 

------ 📣 UPSHOT | Become an NFT Appraiser! https://bankless.cc/upshot  ----- Bankless Podcast #64 - Legitimacy Guest: Vitalik Buterin

Ethereum co-founder Vitalik returns to Bankless – "the greatest Ethereum podcast" – for a deep dive into one of his recent blog posts, titled "The Most Important Scarce Resource is Legitimacy." The catalyzing example for Vitalik's discussion of legitimacy comes from Bitcoin and Ethereum, who both have the power to mobilize a tremendous amount of capital but are restricted in how this capital is used. Vitalik posits that legitimacy is the deep and powerful social force behind this.

Legitimacy is a social phenomenon that describes things that are broadly and generally accepted in a coordination system. Without ascribing moral values, legitimacy can be seen as social reality - the status quo. Legitimate things include the de facto norms and collective expectations of groups, whether you like it or not.

According to Vitalik, there are a number of ways to achieve legitimacy: brute force, continuity (inertia), fairness, process, performance, and participation – these are not mutually exclusive. Cryptocurrencies and blockchain ecosystems 'earn' legitimacy by community acceptance and adoption, but the continued legitimacy of these things is dependent on maintaining that which made it legitimate in the first place: promises and proofs of decentralization & security.

Vitalik turns this discussion towards funding public goods. Ethereum can't summon capital for public goods without sacrificing the decentralization and soundness that give it legitimacy. However, these expectations are not carried as strongly in the app layer. This gives the ecosystem flexibility to coordinate and provide for the health of the network beyond base layer security & decentralization. Legitimacy determines our best practices for interacting with the world – understanding and wielding the power of this concept is necessary to maximize the benefits we bring to it.

------ Resources:

The Most Important Scarce Resource is Legitimacy: https://vitalik.ca/general/2021/03/23/legitimacy.html 

Vitalik on Twitter: https://twitter.com/VitalikButerin?s=20 

Vitalik's Blog: https://vitalik.ca/ 

Vitalik's Bankless Appearances: https://youtube.com/playlist?list=PLmkdAgtxf3agqnA5IieA7OkKBjlhx9mn- 

------ This Week on Bankless:

🧢 WEEKLY RECAP | Bankless DAO is Born (4/24) https://newsletter.banklesshq.com/p/ethereum-bonds-weekly-recap  🗞️ WEEKLY ROLLUP | Uniswap V3, Bankless DAO (5/7) https://shows.banklesshq.com/p/-rollup-uniswap-v3-btc-in-bank-accounts  🧠 THOUGHT THURSDAY | Crypto Pawn Shops (5/6) https://newsletter.banklesshq.com/p/the-evolution-from-crypto-pawn-shops  ✏️ WRITER WEDNESDAY | The Never Sell Plan (5/5) https://newsletter.banklesshq.com/p/the-never-sell-plan  🏴‍☠️ STATE OF THE NATION | Chainlink 2.0 God (5/4) https://shows.banklesshq.com/p/-sotn-45-chainlink-20-with-chainlink  🛠 IT’S TIME FOR BANKLESS DAO(5/4) https://newsletter.banklesshq.com/p/its-time-for-bankless-dao 

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Vitalik is back on Bankless to discuss his recent blog post: The Most Important Scarce Resource is Legitimacy.

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