Bankless

Paul Christiano runs the Alignment Research Center, a non-profit research organization whose mission is to align future machine learning systems with human interests. Paul previously ran the language model alignment team at OpenAI, the creators of ChatGPT. 

Today, we’re hoping to explore the solution-landscape to the AI Alignment problem, and hoping Paul can guide us on that journey. 

------ ✨ DEBRIEF | Unpacking the episode:  https://www.bankless.com/debrief-paul-christiano    ------ ✨ COLLECTIBLES | Collect this episode:  https://collectibles.bankless.com/mint 

------ ✨ Always wanted to become a Token Analyst? Bankless Citizens get exclusive access to Token Hub. Join Them. https://bankless.cc/TokenHubRSS  

------ In today’s episode, Paul answers many questions, but the overarching ones are:  1) How BIG is the AI Alignment problem?  2) How HARD is the AI Alighment problem? 3) How SOLVABLE is the AI Alignment problem? 

Does humanity have a chance? Tune in to hear Paul’s thoughts. 

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------ Topics Covered

0:00 Intro 9:20 Percentage Likelihood of Death by AI 11:24 Timing  19:15 Chimps to Human Jump 21:55 Thoughts on ChatGPT 27:51 LLMs & AGI 32:49 Time to React? 38:29 AI Takeover  41:51 AI Agency  49:35 Loopholes  51:14 Training AIs to Be Honest  58:00 Psychology  59:36 How Solvable Is the AI Alignment Problem? 1:03:48 The Technical Solutions (Scalable Oversight)  1:16:14 Training AIs to be Bad?!  1:18:22 More Solutions 1:21:36 Stabby AIs  1:26:03 Public vs. Private (Lab) AIs 1:28:31 Inside Neural Nets 1:32:11 4th Solution  1:35:00 Manpower & Funding  1:38:15 Pause AI? 1:43:29 Resources & Education on AI Safety  1:46:13 Talent   1:49:00 Paul’s Day Job 1:50:15 Nobel Prize  1:52:35 Treating AIs with Respect  1:53:41 Uptopia Scenario  1:55:50 Closing & Disclaimers 

------ Resources:

Alignment Research Center https://www.alignment.org/ 

Paul Christiano’s Website https://paulfchristiano.com/ai/ 

----- 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://www.bankless.com/disclosures 

Bankless Weekly Rollup 2nd Week of April 2023 

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------ Topics Covered

0:00 Intro

4:10 MARKETS 10:00 ETH Staking https://www.rated.network/overview  https://imgur.com/JyEFP6j 

24:00 Gary Gensler https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408708  27:15 Patrick McHenry https://twitter.com/BanklessHQ/status/1648359230179782656  29:50 Tom Emmer https://twitter.com/TylerSCrypto/status/1648360838544203777?s=20  35:30 Warren Davidson  https://twitter.com/WarrenDavidson/status/1648379560122105882?s=20  37:20 Gary Fans https://twitter.com/BanklessHQ/status/1648365096413052928?s=20  42:20 Missing SBF https://twitter.com/sassal0x/status/1648135965456863236?s=46  43:50 ETH is Not a Security https://twitter.com/lay2000lbs/status/1648356295622422529?s=20  44:40 Republicans vs Democrats https://twitter.com/TrustlessState/status/1648365962100367361?s=20 

46:30 Gensler vs Bittrex https://www.sec.gov/news/press-release/2023-78  https://twitter.com/MasonVersluis/status/1647987623670218752?s=20  50:50 SEC Crypto Regulations https://twitter.com/TrustlessState/status/1648234719081816064  51:40 Coinbase Bermuda https://fortune.com/crypto/2023/04/19/coinbase-gets-bermuda-license-plans-to-launch-offshore-exchange-in-coming-weeks/ 

53:30 SEC Decentralized Exchanges https://www.coindesk.com/layer2/2022/04/05/a-new-sec-definition-for-exchanges-has-big-implications-for-crypto/  55:30 Opaque Regulation https://www.coincenter.org/a-new-sec-proposal-has-a-serious-change-hidden-within-its-complex-language/  57:15 Hester Peirce  https://www.sec.gov/news/statement/peirce-rendering-inovation-2023-04-12 

1:05:00 Rocket Pool Atlas https://twitter.com/Jasper_ETH/status/1647409214027972615?s=20  https://medium.com/rocket-pool/rocket-pool-atlas-upgrade-7c69e39a3d5f  https://twitter.com/drworm_eth/status/1648427406259294209?s=20  https://dune.com/drworm/rocketpool 1:09:40 Magi OP Stack Rollup https://twitter.com/NoahCitron/status/1648702968219471875?s=20  1:11:20 Uniswap Wallet https://www.youtube.com/watch?v=C74rHvKgnWU  1:12:20 Unknown Exploit https://twitter.com/tayvano_/status/1648187031468781568  1:16:45 Solana Phone https://twitter.com/solanamobile/status/1646580454768910344  1:18:35 Mattel Crypto https://corporate.mattel.com/news/mattel-creations-launches-digital-collectibles-marketplace  1:19:10 Trump NFTs https://collecttrumpcards.com/ 

1:20:30 1inch on zkSync https://twitter.com/1inch/status/1649050974751948800?s=46  1:20:45 Apple Savings Account https://www.apple.com/newsroom/2023/04/apple-cards-new-high-yield-savings-account-is-now-available-offering-a-4-point-15-percent-apy/  1:22:45 Permissionless II https://www.bankless.com/join?utm_source=YouTube&utm_medium=Intro&utm_campaign=Intro_CTA1 

1:27:00 Questions from the Nation https://www.bankless.com/join?utm_source=YouTube&utm_medium=Intro&utm_campaign=Intro_CTA1 

TAKES 1:36:30 Mocking Crypto https://twitter.com/_blakewest/status/1646181872194703360?s=46  1:39:00 Backed by the Army https://twitter.com/bendifrancesco/status/1648767224159559701?s=46 

1:40:45 What David’s Bullish On 1:42:45 What Ryan’s Bullish On

MEME of the Week https://twitter.com/BanklessHQ/status/1648442906301325314 

---- 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://www.bankless.com/disclosures 

Today, we're talking about the State of Crypto with Eddy Lazzarin, the CTO of a16z Crypto.

The 2023 a16z Crypto Report was published last week and discussed a number of topics, including developer activity, transaction volume, users, and so much more.

What are the best insights as we look forward to the rest of the year?

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🧠 AMBIRE | SMART CONTRACT WALLET https://bankless.cc/Ambire 

👻 PHANTOM | FRIENDLY MULTICHAIN WALLET https://bankless.cc/phantom-waitlist 

🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask 

------ Resources:

2023 State of Crypto Report https://a16zcrypto.com/content/article/state-of-crypto-report-2023/ 

----- 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://www.bankless.com/disclosures 

In this highly anticipated sequel to our 1st AI conversation with Eliezer Yudkowsky, we bring you a thought-provoking discussion with Robin Hanson, a professor of economics at George Mason University and a research associate at the Future of Humanity Institute of Oxford University. 

Eliezer painted a chilling and grim picture of a future where AI ultimately kills us all​. Robin is here to provide a different perspective.

------ ✨ DEBRIEF | Unpacking the episode:  https://www.bankless.com/debrief-robin-hanson     ------ ✨ COLLECTIBLES | Collect this episode:  https://collectibles.bankless.com/mint 

------ ✨ NEW BANKLESS PRODUCT | Token Hub https://bankless.cc/TokenHubRSS  

------ In this episode, we explore:

- Why Robin believes Eliezer is wrong and that we're not all going to die from an AI takeover. But will we potentially become their pets instead? - The possibility of a civil war between multiple AIs and why it's more likely than being dominated by a single superintelligent AI. - Robin's concerns about the regulation of AI and why he believes it's a greater threat than AI itself. - A fascinating analogy: why Robin thinks alien civilizations might spread like cancer? - Finally, we dive into the world of crypto and explore Robin's views on this rapidly evolving technology.

Whether you're an AI enthusiast, a crypto advocate, or just someone intrigued by the big-picture questions about humanity and its prospects, this episode is one you won't want to miss.

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🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask 

------ Topics Covered

0:00 Intro 8:42 How Robin is Weird 10:00 Are We All Going to Die? 13:50 Eliezer’s Assumption  25:00 Intelligence, Humans, & Evolution  27:31 Eliezer Counter Point  32:00 Acceleration of Change  33:18 Comparing & Contrasting Eliezer’s Argument 35:45 A New Life Form 44:24 AI Improving Itself 47:04 Self Interested Acting Agent  49:56 Human Displacement?  55:56 Many AIs  1:00:18 Humans vs. Robots  1:04:14 Pause or Continue AI Innovation? 1:10:52 Quiet Civilization  1:14:28 Grabby Aliens  1:19:55 Are Humans Grabby? 1:27:29 Grabby Aliens Explained  1:36:16 Cancer  1:40:00 Robin’s Thoughts on Crypto  1:42:20 Closing & Disclaimers 

------ Resources:

Robin Hanson https://twitter.com/robinhanson 

Eliezer Yudkowsky on Bankless https://www.bankless.com/159-were-all-gonna-die-with-eliezer-yudkowsky 

What is the AI FOOM debate? https://www.lesswrong.com/tag/the-hanson-yudkowsky-ai-foom-debate 

Age of Em book - Robin Hanson https://ageofem.com/ 

Grabby Aliens https://grabbyaliens.com/ 

Kurzgesagt video https://www.youtube.com/watch?v=GDSf2h9_39I&t=1s 

----- 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://www.bankless.com/disclosures 

Bankless Weekly Rollup 2nd Week of April 2023 

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🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken 

🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap 

👻 PHANTOM | FRIENDLY MULTICHAIN WALLET https://bankless.cc/phantom-waitlist 

🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask 

------ Topics Covered

0:00 Intro 2:45 CryptoTaxCalculator https://bit.ly/3me8nfF 

4:45 MARKETS 13:20 Layer 2 Adoption https://l2beat.com/scaling/tvl  16:00 a16z Report https://a16zcrypto.com/content/article/state-of-crypto-report-2023/  18:40 Trusting Crypto https://www.pewresearch.org/fact-tank/2023/04/10/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/ 

24:00 Shapella Withdrawals https://twitter.com/etherscan/status/1646281789735047168  28:40 Danny Ryan https://twitter.com/dannyryan/status/1641679529188925442  29:50 Nail-Biter 35:25 ETH Withdrawal Stats https://app.metrika.co/ethereum/dashboard/withdrawals-overview 

41:25 Arbitrum Foundation https://twitter.com/arbitrum/status/1642653013062868992  48:30 Eric Wall Take https://twitter.com/ercwl/status/1644819508798865408 

52:00 Euler Redemptions https://forum.euler.finance/t/plan-for-redemption-of-euler-funds-v2/947  53:55 Bitcoin Lightspark https://twitter.com/davidmarcus/status/1645849537691676672  56:10 FTX Recovery https://twitter.com/WatcherGuru/status/1646207148244844560  59:45 Japan Crypto https://www.coindesk.com/policy/2023/04/06/japan-releases-web3-white-paper-to-promote-industry-growth-in-the-country/  1:03:20 Winklevoss Gemini https://archive.ph/iCDGW 

1:03:15 🚀 TOKEN HUB 🚀 https://www.bankless.com/join?utm_source=YouTube&utm_medium=Intro&utm_campaign=Intro_CTA1 

1:06:00 MetaMask Buy https://twitter.com/MetaMask/status/1645446587131346946  1:06:30 Etherscan Token Approval https://twitter.com/tayvano_/status/1644977491612930048  1:10:50 Questions from the Nation https://www.bankless.com/join?utm_source=YouTube&utm_medium=Intro&utm_campaign=Intro_CTA1 

1:18:05 Regulation https://twitter.com/financenewsguy/status/1646116774880989184 

1:23:30 What David’s Bullish On  https://twitter.com/sassal0x/status/1644543263670685698  1:25:25 What Ryan’s Bullish On

MEME of the Week https://cdn.discordapp.com/attachments/519280913289445376/1096072369128345650/unnamed_81.png 

---- 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://www.bankless.com/disclosures 

Ryan, David, Tim Beiko, Justin Drake, and Anthony Sassano unpack everything you need to know about today’s, highly anticipated Shanghai-Capella: ETH Staking Withdrawals. 

Also, the five cover ETH staking mechanics, withdraw upgrade FUD myths, what’s next for Ethereum, and Justin’s prediction around, staking airdrops?!... 

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🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken 

🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap 

👻 PHANTOM | FRIENDLY MULTICHAIN WALLET https://bankless.cc/phantom-waitlist 

🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask 

------ Topics Covered

0:00 Intro 8:20 Shanghai-Capella Explained  10:09 ETH Staking Mechanics  14:33 Deposit Queue  18:10 Why Shanghai-Capella 21:04 Importance of Shanghai-Capella 24:52 Validators & Finality  28:12 Sassal’s Thoughts on Shanghai-Capella 32:26 Major Derisk Event?  34:30 Demystifying Withdraw Upgrade FUD 42:35 Where Will Ether Accrue?  46:20 Benefits of Competition for ETH Stakers 48:55 Bear Case for ETH Price  55:35 Solo-Staking  1:01:30 Making Solo-Staking Easier  1:04:30 Re-Keying  1:06:00 What is Next for Ethereum?  1:09:48 Anthony Sassano’s Tinkering Setup 1:15:50 Staking Airdrops?!  1:19:00 Closing & Disclaimers 

------ Resources:

Tim Beiko https://twitter.com/TimBeiko 

Justin Drake https://twitter.com/drakefjustin 

Anthony Sassano https://twitter.com/sassal0x 

----- 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://www.bankless.com/disclosures 

Sriram Krishnan is a GP at a16z Crypto and a defector from Web2 to Web3. Formerly a Product Lead at Facebook, Twitter, and Snapchat, Sriram has seen basically everything there is to see in the world of Web2, and especially Web2 social. He also hosts a podcast with his wife covering tech and internet creators, so he knows a thing or two about the world of creators, internet social platforms, and crypto. 

------ ✨ DEBRIEF | Unpacking the episode:  https://www.bankless.com/debrief-sriram-krishnan    ------ What’s broken about Twitter, Instagram, and Facebook? And how can it be fixed? Can it be fixed? Sriram has many profound ideas. 

Growing up in a small town in India with little opportunity, Sriram used the internet to change the course of his life. Now he worries that these same opportunities won’t be available for the next generation. He believes Web3 is the only way to keep the internet full of opportunity for the next generations.

In today’s episode, we cover why Sriram defected from Web2 to Web3, why Twitter can topple world governments but can’t sell ads effectively, why every social media network has to start with status, how crypto and AI intersect, and much more. 

------ Topics Covered

0:00 Intro 7:14 Eliezer Yudkowsky 8:19 Sriram’s Thoughts on A.I. 11:35 Sriram’s Background & North Star 16:10 The Early Internet Explained  19:54 The Permissionless of the Internet Today 22:18 What Are API Keys? 25:55 Towers vs. Townsquares 28:24 TikTok Hearings & Web2 Solutions  36:13 Twitter  43:25 New Age of Twitter  49:29 Web3 Social Tour 1:02:46 Overcoming Web2 Network Effects  1:20:20 How to Crypto-Pill Elon  1:22:38 Web2 Pausing Web3 Adoption  1:26:32 Future of Creators 1:30:25 Web3 & Creators  1:35:06 Crypto & AI  1:40:33 Sriram’s Closing Arguments 1:42:22 Closing & Disclaimers 

------ Resources:

Sriram & His Wife’s Podcast https://www.youtube.com/@AarthiAndSriram/videos  https://www.aarthiandsriram.com/ 

Sriram’s Twitter https://twitter.com/sriramk 

Eugene Wei’s Status-as-a-Service  https://www.eugenewei.com/blog/2019/2/19/status-as-a-service 

----- 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://www.bankless.com/disclosures 

Bankless Weekly Rollup First Week of April 2023

 Daily Gwei: https://www.youtube.com/channel/UCvCp6vKY5jDr87htKH6hgDA 

Anthony Sassano: https://twitter.com/sassal0x 

------ 🚀 CONSENSUS GIVEAWAY: https://www.bankless.com/join?utm_source=YouTube&utm_medium=Intro&utm_campaign=Intro_CTA1 

------ BANKLESS SPONSOR TOOLS: 

⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum 

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken 

🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap 

👻 PHANTOM | FRIENDLY MULTICHAIN WALLET https://bankless.cc/phantom-waitlist 

🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask 

------ Topics Covered

0:00 Intro

3:30 MARKETS 9:25 Self Custody https://twitter.com/santimentfeed/status/1640454653900124166  10:00 Uniswap vs Coinbase https://twitter.com/esatoshiclub/status/1642879360473464833  11:30 TraderJoe Arbitrum https://twitter.com/SizeChad/status/1641780916509974529  13:20 Nasdaq Price https://twitter.com/ercwl/status/1641974275023200257  15:25 Silk Road Bitcoin https://www.docdroid.net/cAA99Gw/123-pdf  https://twitter.com/joemccann/status/1641845646226509824 

21:30 Arbitrum Controversial Vote https://twitter.com/0xedenau/status/1642502145839890432  Vote: https://snapshot.org/#/arbitrumfoundation.eth/proposal/0x3be7368a662d1cf12fa4da768d626edbc013be0dc7b994fef2e24d9a54e4033a  Response: https://twitter.com/arbitrum/status/1642653014518366209  Clarification: https://twitter.com/arbitrum/status/1643699348683870211  AIP-1: https://forum.arbitrum.foundation/t/aip-1-arbitrum-improvement-proposal-framework/30 

43:50 Elizabeth Warren’s War on Crypto Tweet: https://twitter.com/ewarren/status/1641138829162577928  Stop: https://twitter.com/BanklessHQ/status/1641738330147569664 

50:04 Dogecoin Twitter https://twitter.com/elonmusk/status/1642976364080041984 

51:55 Binance Interpol https://twitter.com/cobie/status/1643030646326202370  https://twitter.com/cobie/status/1643042169153028097   https://cryptopotato.com/cz-says-interpol-red-notice-rumors-are-fud/ 

58:45 Euler Hack https://twitter.com/eulerfinance/status/1643345907344379904  https://forum.euler.finance/t/special-announcement/900  1:02:45 Optimism RPGF https://optimism.mirror.xyz/Upn_LtV2-3SviXgX_PE_LyA7YI00jQyoM1yf55ltvvI  1:09:45 MEV Flashbots Attack https://twitter.com/Mudit__Gupta/status/1642844239733071872  https://twitter.com/hudsonjameson/status/1642806078088921094  https://twitter.com/metachris/status/1642862456556130306  https://twitter.com/nanexcool/status/1643325676051652612  1:19:30 EIP-4844 https://twitter.com/peter_szilagyi/status/1642945334396551171 

1:21:24 News Opensea Pro: https://twitter.com/openseapro/status/1643314687134556160  Airplane Ticket NFT: https://flybondi.com/ar/ticket3puntocero  MicroStrategy Bitcoin: https://twitter.com/BitcoinMagazine/status/1643624720598720513  Signature Tether: https://www.bloomberg.com/news/articles/2023-04-04/signature-s-signet-provided-path-for-tether-holders 

1:24:30 zkSync Era https://twitter.com/zksync/status/1642277357368090626 

1:31:15 Raises Ledger: https://www.ledger.com/blog/a-message-from-pascal-gauthier-chairman-ceo-of-ledger  LayerZero: https://www.coindesk.com/business/2023/04/04/crypto-protocol-layerzero-raises-120m-series-b-at-3b-valuation/  Li.Fi: https://twitter.com/lifiprotocol/status/1643226950318837768  ENS Vision: https://twitter.com/ensvision/status/1643214583308472321 

1:34:30 Jobs https://pallet.xyz/list/bankless/jobs 

1:37:10 Questions from the Nation https://www.bankless.com/join?utm_source=YouTube&utm_medium=Intro&utm_campaign=Intro_CTA1 

1:40:15 TAKES War on Cryptography: https://twitter.com/functi0nzer0/status/1641774901949259777  FTX Credit Card: https://twitter.com/el_chapo_gb/status/1641138874205208584 

1:42:10 MEME(s) of the Week https://twitter.com/bitcoinmagazine/status/1642955995407347712 

Moment of Zen

---- 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://www.bankless.com/disclosures 

Itay Vinik is the Co-Founder & Chief Investment Officer at Equi, an alternative investment platform that brings investment strategies to accredited investors.

Today, Itay returns to the pod to answer the question: can the Fed thread the needle between inflation and recession?

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------ Topics Covered

0:00 Intro 6:00 Itay Returns 8:00 Reflecting on 2022 12:04 Equi Portfolio 15:35 Threading the Needle 19:10 Destroying Wealth 26:45 Accelerating Chaos 29:10 Inflation and Monetary Supply 38:30 The Fed is Bleeding 43:30 Small Cap Stocks 46:00 Will the Fed Pivot? 55:14 Economic Recession 1:01:14 Recession Indicators 1:02:59 Hopium 1:06:24 The US Banking System 1:09:44 How to Analyze the Economy

------ Resources:

Itay Vinik https://twitter.com/VinikItay?s=20 

Equi https://www.equi.com/ 

Links to our recent macro series https://youtu.be/pP_HHE0kFhA  https://youtu.be/E8lxrsF29u0  https://youtu.be/-DzY_pCFGbI.  https://youtube.com/live/eregdZPLYjg.  https://youtu.be/5sNCrPAwt6w 

----- 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://www.bankless.com/disclosures 

Lyn Alden is one of crypto’s favorite macro commentators and also a frequent returning guest to the Bankless program. When Lyn comes on Bankless, you know it’s because Macro is confusing, and we need help navigating these chaotic waters. 

Inflation! Bank run! Insolvency! Recession! Everyone’s yelling things! But what’s going to happen? Lyn has the answers. 

------ ✨ DEBRIEF | Unpacking the episode:  https://www.bankless.com/debrief-lyn-alden    ------ In today’s episode, Lyn covers whether or not the Fed Balance sheet is expanding to infinity, what’s even on the Fed Balance sheet, how the Fed actually works, why a regional bank crisis might domino to the Dollar losing world reserve currency status, and how that same bank crisis might impact the 2024 US Election. 

This is a Lyn Alden episode you don’t want to miss.  

------ Topics Covered

0:00 Intro 5:09 Summary of Last Few Weeks 6:19 Speed Bump or Phase Change?  7:55 Nobody Knows What Happens Next 10:10 The Balaji to Ben Spectrum  18:14 Fed Balance Sheet Timeline 24:08 Run on the Fed?  31:05 U.S. Treasuries Value 41:31 Impact of the Economy Post-Sucking  47:31 Innovation Damper 49:18 Rethinking the Dollar’s Role in the World 52:52 Bull Case for Non-U.S. Dollar Supremacy  57:38 More Division in the Economy?  1:01:38 Loss of the Dollar?  1:08:00 Reserve Currency Predictions 1:12:47 Bitcoin Liquidity Profile  1:15:46 What Do We Do Lyn?  1:18:14 Is Crypto the Ultimate Tail Risk?  1:20:19 Closing & Disclaimers  

------ Resources:

Lyn Alden Twitter https://twitter.com/LynAldenContact 

Lyn Alden  https://www.lynalden.com/ 

Links to our recent macro series  https://youtu.be/pP_HHE0kFhA  https://youtu.be/E8lxrsF29u0  https://youtu.be/-DzY_pCFGbI   https://youtube.com/live/eregdZPLYjg  

----- 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://www.bankless.com/disclosures