CoinDesk Podcast Network

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CoinDesk Podcast Network episodes

August 12, 2020BREAKDOWN: #SupplyGate and the Battle to Frame Crypto’s Next Bull Run
Why the ether supply dust-up was about much more than the supply of ether.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
WSJ study finds TikTok was tracking data in a way that broke Android rules
The latest Core Inflation statistics
MicroStrategy stocks pops 10% after cash to bitcoin announcement
Our main discussion: What’s the Ethereum #SupplyGate really about
NLW breaks down:
The historical narratives bitcoiners and ether advocates hold relative to one another
The history of dominant narratives in crypto over the last three years
Why the next bull market is poised for a twin narrative combining bitcoin as a hedge against fiat debasement and DeFi as a money-making sandbox
What happened with #SupplyGate
Why #SupplyGate is as much about narrative competition as it is about the supply of ether
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
31 min
August 11, 2020BREAKDOWN: Joe Rogan for Fed Chair! Feat. Hugh Hendry
A former hedge fund manager and financial dissident gives his take on what ails the U.S. economy and why the Federal Reserve should be more, not less, irresponsible.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
A public company has switched $250 million in cash reserves to bitcoin
The latest in the vaccine rumor trade with Vladimir Putin’s propaganda play
Hong Kongers use the stock market to protest
Our main conversation is with former hedge fund manager Hugh Hendry.
After a few years of focusing on a “volatility at the end of the world trade” in property development in St. Barth’s, the constant contrarian Hugh Hendry has returned to the macro world in a big way.
In this conversation, we discuss:
Why Hugh left macro, and why he came back
How he lost three years being angry at the Fed
How he came to be bullish on equities in 2012
How money managers become trapped by narratives
Why the Fed should actually be less, not more, conservative
Why we need someone like Joe Rogan as Fed chair

Find out guest online:
Website: hughhendryofficial.com
Twitter: @hendry_hugh

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
1 hr 11 min
August 10, 2020BREAKDOWN: The Latest on the Global Economy's Most Contentious Relationship
China and the U.S. trade high-profile sanctions, but the real impact is showing up in banks and on the Hong Kong stock market.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
Grayscale launches national digital asset TV ad campaign
Rough times for oil as Saudi Aramco sees 73% decline in revenue
Kodak crashes as government grant paused amid allegations of impropriety
Our main conversation is a look at the latest skirmishes between the United States and China, including:
U.S. sanctions on Hong Kong leaders including Carrie Lam
Retaliatory Chinese sanctions on U.S. politicians
The arrest of a pro-democracy Hong Kong media tycoon
Arrest warrants issued for six foreign Hong Kong democracy advocates
President Trump signs executive orders targeting TikTok and WeChat
Twitter enters the race to buy TikTok before the Executive Order ban takes effect
Impact on banks, the Hong Kong stock market and Huawei
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
21 min
August 09, 2020 BREAKDOWN: How the Purpose of Public Markets Has Changed
Long Reads Sunday features excerpts about public and private markets, the new bitcoin bull market, and DJ Marshmello.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.

On this week’s Long Reads Sunday, NLW reads three pieces:
Public Markets Don’t Matter Like They Used To - Matt Levine in Bloomberg
A look at how public markets are less and less about accessing new capital and more about narrative and liquidity for early investors.
Two Reasons Crypto’s Bull Market Is Coming - Anil Lulla on CoinDesk
The next bull market isn’t just about the bitcoin-dollar devaluation narrative but about decentralized finance providing a solid place to redeploy existing crypto capital.
The Business Behind Marshmello - Kevin Lee on Twitter
The unlikely story of the world’s second-highest paid DJ, including a bet on anonymity, a viral billboard making fun of Instagram influencers, and a cultural cooking channel on YouTube.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
23 min
August 08, 2020BREAKDOWN: The Mounting Evidence of a New Bitcoin Bull Market
From positive price indicators to a new all time high in smallholder addresses, this is the evidence a new bull run might be starting.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
This week’s Breakdown Weekly Recap is all about that vibe you’ve been feeling - that inescapable notion a new crypto bull market is afoot.
NLW looks at the evidence:
Rising gold price
Recirculation of crypto money out of zombie protocols
New growth in small holder addresses
Demand from emerging market p2p markets

It’s just possible this new bull market isn’t just starting to be seen in narratives, but is also showing up in numbers.

This week on The Breakdown:
Monday | Rage Against the Economic Machine: The Best of the Breakdown July 2020
Tuesday | Can Social Media Be Redeemed? Feat. Bobby Goodlatte
Wednesday |Hedgeye CEO Keith McCullough on Stagflation, Bitcoin and the Devalued Dollar
Thursday | The History, Present and Future of Central Banks, Feat. George Selgin
Friday | 11 Numbers That Tell the Story of the Economy Right Now
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
12 min
August 07, 2020BREAKDOWN: 11 Numbers That Tell the Story of the Economy Right Now
From the price of coffee to the national debt as a percentage of GDP, these 11 numbers provide a picture of a fast changing global economy.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Mainstream financial media loves reporting the stock market like it's the only economic indicator that matters. On this episode, NLW breaks down 11 numbers that together tell a much more complete story, including:
Record price of gold
Square’s bitcoin revenue
National debt as a percentage of GDP
Fall of the Turkish lira
Price of coffee, sugar and cocoa
Housing in auto demand
Anti-Chinese sentiment in the U.S.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
15 min
August 06, 2020BREAKDOWN: The History, Present and Future of Central Banks, Feat. George Selgin
The Director of the Cato Institute's Center for Monetary and Financial Alternatives gives an eye-opening, 200-year history of today’s most powerful economic institution.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
Better news in the jobless claims this week
A new bitcoin adoption cycle?
Checking on Lebanon
Our main conversation is with Dr. George Selgin.
Dr. Selgin is a Senior Fellow and director of the Cato Institute's Center for Monetary and Financial Alternatives as well as Professor Emeritus of Economics at the University of Georgia.
In this eye-opening conversation, he and NLW go deep on the history, present and future of central banks, including:
Why the Scottish and Canadian banking systems in the 19th century show that central banks aren’t a prerequisite for stability
Why the U.S. “free banking” system wasn’t free at all
Why the instability in the late 19th century U.S. banking system was caused by regulation, not the lack of a Federal Reserve
Why the Fed’s first decades were a disaster
Why the Fed gets more power when it underperforms
The problems with the Fed’s response to 2008
What lessons the Fed could have learned (but didn’t) between the Great Financial Crisis and COVID-19

Find our guest online:
Website: Alt-M.org
Twitter: @GeorgeSelgin
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
1 hr 21 min
August 05, 2020BREAKDOWN: Hedgeye CEO Keith McCullough on Stagflation, Bitcoin and the Devalued Dollar
One of the realest people in financial media joins for a conversation about where the economy really is and where it’s headed.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
Robinhood doubles quarterly trading revenue
Square did $875 billion in bitcoin revenue in Q2 - up 600% YoY
ADP report: 167,000 jobs added in July (instead of expected 1.2 million)
Our main conversation is with Hedgeye CEO Keith McCullough.
Before building Hedgeye into a “no-excuses provider of real-time investment research and a premier online financial media company,” Keith worked at hedge funds including Carlyle Blue Wave Partners hedge fund, Magnetar Capital, Falconhenge Partners and Dawson Herman Capital Management.
In this conversation, he and NLW discuss:
Hedgeye’s “Full Cycle Investing” approach and GIP (Growth, Inflation, Policy) methodology
How the economy was in a period of slowing growth and slowing inflation before COVID-19
How we’ve moved into a stagflation period in response to the money printing prompted by the crisis
Why bitcoin, gold, emerging market stocks and commodities are likely to thrive in this environment
Why most narratives are BS
Why the “Old Wall” media distracts rather than educates

Check out our guest online:
Website: Hedgeye.com
Twitter: @KeithMcCullough

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
40 min
August 04, 2020BREAKDOWN: Can Social Media Be Redeemed? Feat. Bobby Goodlatte
An early Facebook product designer-turned angel investor discusses how social media has changed and whether it can be changed again for the better.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
President Trump wants a cut of the TikTok deal
Previewing this week’s COVID-19 vaccine trade
Dave Portnoy breaks into bitcoin
Our main conversation is with Bobby Goodlatte.
Bobby is the founder of Form Capital, a new seed investment firm that focuses on supporting portfolio companies with value-add design.
Bobby was an early employee at Facebook and has been an active angel investor since 2012, with investments that include Coinbase.
In this conversation, he and NLW discuss:
The early days of Facebook
Why angel investors don’t like new angel investors to get involved
How Silicon Valley reflects larger questions of equity valuations
How social media has changed over the last decade
Why politics is now “downstream from algorithms”
Why there are still possibilities to build new social networks
Why today’s social networks could make different decisions that would be better for the world.

Find our guest online:
Website: Form Capital
Twitter: @rsg
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
1 hr 12 min
August 04, 2020 LEIGH: What People Who Aren’t Bullish On Bitcoin Still Like About It
Working with open source software changes the development process, according to this researcher who interviewed hundreds of technologists across projects.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
There are people who understand bitcoin yet aren’t obsessively bullish on it. (I know, it’s weird. Like, how?)
Eghbal, a Protocol Labs alum who is familiar with bitcoin, is among them. She described bitcoin as a rare example of a project growing throughout a decade and continuing. Many people measure growth in terms of unique contributors, users or profits. For Eghbal, she said looking at different types of “activity” might offer a better spectrum.
“Measuring activity is maybe a better way to think about project health...some projects also don’t need to be as actively developed as others,” Eghbal said. “I was also looking at things like maintainers’ responsiveness.”
In short, are problems promptly fixed before they affect users? The quality of contributions should be evaluated in addition to the sheer number of contributors. Do the people who use the software get unique value from it when they need it?
Another useful metric, she said, can be “work done,” including “how many pull requests are being merged or how many issues are being closed.”
And, luckily, Eghbal isn’t the only researcher who understands bitcoin without being “active” in the “Bitcoin community.” (To be fair, I use these silly words more than anyone.) Privacy tech legend Claudia Diaz, Nym’s chief technologist, said she believes there could be value in cryptocurrency projects, although that’s not her focus nor passion.
“Cryptocurrency offers an option for the people who use the systems to fund them,” Diaz said. “I’m interested in making systems that make sense and self-sustain because everyone has the right incentives.”
Incentives
There are many different types of value people derive from open source software projects.
Sometimes they use the software, sometimes they use public work to develop their own personal brand. Eghbal said some of the most widely sought after engineers are “building an active fanbase for whatever they are creating.”
She added there are “different types of open source projects” with passionate fandoms, like Rust, plus open source developers have “a lot in common” with other types of online content creators. These public displays can lead to dramatic Twitter feuds and heated rivalries, just like other personality-driven roles like TikTok stars and podcasters.
“I’ve been told so many things are definitely, absolutely true, yet are all conflicting with each other,” Eghbal said of her research. “If I’ve learned anything it’s that developers have opinions.”
This is why Diaz’s token-funded startup, Nym, is developing a privacy layer comparable to Tor, the latter of which she said is heavily reliant on government funding. In contrast, her startup Nym raised $2.5 million in a private token sale in 2019.
“Tor offers different trade-offs,” Diaz said. “We built Nym and the applications on top can be messaging applications or cryptocurrency applications...using the infrastructure to protect their metadata in the sense the network can’t figure out what services you are accessing or what they might be doing with those services.”
Motivations
Diaz considers herself somewhat of an outsider to the open source developer community, like Eghbal. Their motivations are primarily research-oriented, because research is their job.
Nym co-founders like Harry Halpin have more experience in (ideological) open source software development. Even coming from different perspectives, Halpin, Diaz and Eghbal all agreed that collaboration and interdependence are the crux of the open source development process.
“Now instead of relying on a couple of other developers’ code you may now be relying on hundreds of thousands of people’s projects and you don’t even know who these people are,” Eghbal said.
As such, Halpin said Nym works closely with teams contributing to other open source projects, like Rust, Cosmos and Zcash. In addition, his team often works with independent (quasi-celebrity) developers like Amir Taaki. Sometimes people contribute as a hobbyist or a user with specific needs, other times they are paid. There are many reasons why people work on cryptocurrency projects.
“I think it would be great to have an infrastructure that could support privacy in a variety of applications,” Diaz said. “Cryptocurrency offers an option for the people who use the systems to fund them...Privacy technologies have been very difficult to market.”
On the other hand, Eghbal described bitcoin as moving more slowly than some other cryptocurrency projects.
“Trying to prioritize stability is a very different development style rather than allowing people to have lots and lots of features,” Eghbal said, describing Bitcoin as relatively “stable.”
And even if the price of the asset never goes “to the moon,” perhaps continuing to provide reliable software tools can be a metric of success in itself.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
27 min