Unchained

Gil Luria, director of research at D.A. Davidson, talks about Coinbase’s performance on its first day as a public company. In this episode, Gil discusses:

• the significance of Coinbase going public (1:05)
• why doing a direct listing was a risky move (1:31)
• why he revised his price target for COIN from $440 to $650 (3:17)
• how investing in COIN as a “pure play” crypto company compares to buying stock in companies like MicroStrategy and Square (5:06)
• why some people are disrupting Coinbase’s actual market cap (7:11)
• whether Coinbase can smooth out revenue over the long term and not be so correlated to the crypto markets themselves(10:45)
• what sort of statistics Gil is looking for in valuing Coinbase (13:08)
• why Gil thinks Coinbase can meet its goal of growing non-transaction revenue from 4% to 50% in five to ten years (15:32)
• how Coinbase could navigate the compression of fees that will occur as competition increases among exchanges (17:33)
• whether Coinbase’s stance as an apolitical company could affect the stock price in an era in which companies are getting involved in issues like voting rights (19:45)
• whether the Bitcoin price and COIN stock price will always be highly correlated (21:18)
• which other crypto companies are good candidates for going public as well (22:35)
• weekly news recap (24:03)

Thank you to our sponsors!

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Check out InterPop, a superteam redefining the future of NFTs and fandom!

https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop 

Episode links:

Gil Luria

• Twitter profile: https://twitter.com/gilluria  
• Introducing Crypto’s Amazon Moment (written by Gil): https://unchainedpodcast.com/wp-content/uploads/2021/03/DA-Davidson-Coinbase-Initiation-20210302.pdf 
• 2013 Quote from Gil on Bitcoin: https://www.streetinsider.com/Analyst+Comments/Bitcoin+Could+Be+Worth+10-100x+Current+Price+-+Analyst/8936836.html

Related Content

• Ellie Frost Blog:

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In an interview I moderated at Real Vision’s “Crypto Gathering,” Peter L Brandt, veteran trader and publisher of the Factor Report, and Willy Woo, prominent on-chain Bitcoin analyst and author of the “The Bitcoin Forecast,” a market intelligence newsletter, discuss Bitcoin charts, trading, and how Bitcoin is evolving as an asset. They cover:

• why Peter believes that, with Bitcoin, we are watching history in the making and what a “parabolic advance” has to do with that belief (2:02)
• the differences in trading Bitcoin, which trades 24/7/365, in comparison to a normal asset -- like a stock or commodity (6:36 )
• Willy’s price target for the top of this bull run (8:37)
• why Willy thinks there is a Bitcoin supply shock (12:12)
• the reason Peter does not think Bitcoin is a bubble (15:09)
• why Willy believes we are witnessing the birth of a new monetary system (17:23)
• the state of Bitcoin adoption and how fast adoption will grow (21:24)
• Peter’s crypto journey and why he measures wealth in Bitcoin instead of dollars (27:02 )
• why Peter thinks we are prisoners of war to the fiat system and how Bitcoin fixes this (31:33)
• what sort of volatility both Peter and Willy expect going forward from Bitcoin (33:43)
• how Peter feels about the laser eyes trend on Crypto Twitter (39:35)
• tips for aspiring chartists and traders (41:33)

Thank you to our sponsors!

Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 

Indexed Finance: https://indexed.finance/ 

Kyber Network: Dmm.exchange

Episode Links

Willy Woo

• Twitter: https://twitter.com/woonomic

Peter L. Brandt

• Twitter https://twitter.com/PeterLBrandt

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Larry Cermak, director of research at The Block, discusses the upcoming Coinbase direct listing in light of the exchange’s recently released Q1 revenue hitting an impressive $1.8 billion. In this episode, Larry talks about:

• significant takeaways from Coinbase’s Q1 results (1:04)
• how Coinbase was able to increase its non-transaction revenue in Q1 and why he thinks the exchange gets away with charging higher fees than its competitors (4:14)
• why retail consumers are investing in crypto at such a high clip (8:36)
• how Coinbase compares to its competition -- and why competition will drive transaction fees down (11:23)
• whether it matters that Coinbase has so little Bitcoin on its balance sheet (14:52)
• what he still wants to know about Coinbase after its S-1 filing and Q1 results 15:36)
• products and services that Coinbase should acquire to round out its crypto offering (17:10)
• his expectations for Coinbase’s stock performance (17:50)
• why investors may not be interested in NFTs (19:37)
• how the crypto markets will perform in 2021 and how that might affect the COIN price (20:43)
• Crypto New Recap (22:40) 

Thank you to our sponsors!

Download the Crypto.com app and get $25 with the code “Laura”: 

https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021

Check out InterPop, a superteam redefining the future of NFTs and fandom!

https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop

Episode links:

Larry Cermak

https://twitter.com/lawmaster

Coinbase Q1 Results

• Coinbase Details

Direct Listing Information

• https://www.cnbc.com/2021/04/01/coinbase-direct-listing-set-for-april-14-after-sec-approval.html
• https://www.coindesk.com/coinbase-sec-form-s-1

Related Podcasts

• Gil Luria
• • https://unchainedpodcast.com/is-coinbase-stock-a-good-buy-this-analyst-says-yes/
• Jeff Roberts
• • https://unchainedpodcast.com/coinbases-s-1-the-number-that-may-make-the-exchange-nervous/

Link to the Crypto News Recap:

https://unchainedpodcast.com/happy-birthday-satoshi1/

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Mark Cuban -- billionaire investor, owner of the Dallas Mavericks, and Shark Tank “shark” -- shares his thoughts on the Ethereum vs. BTC debate, issues with DeFi, and how NFTs could change content distribution. Tune in to hear Mark talk about...

• why ETH is a better store of value than BTC (1:08)
• why bitcoin as an inflation hedge is a bananas narrative 6:29)
• his opinion on EIP-1159 and the idea of proof of stake mining (9:06)
• why minting an NFT was a crypto-lightbulb moment for him (11:36)
• how his background in technology prepared him to invest in crypto (13:55)
• the main problem with the DeFi user experience and his advice for new DeFi users (16:34)
• what might happen to the centralized banking system if DeFi becomes the norm (20:46)
• how putting private data on a blockchain could work (25:53)
• why CBDC’s make “perfect sense” (32:11)
• how he evaluates decentralized business models and governance structures (41:13)
• his NFT investment thesis (47:09)
• who he believes will be the NFT winners in the long term (52:09)
• why Mavs tickets are a perfect example for how NFTs may be used in the future (54:55)
• industries that are ripe for NFT disruption (59:45)
• the many use cases for NFTs (1:01:48)
• why he is advising against minting social tokens (1:04:15)

Thank you to our sponsors! 

Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 

Indexed Finance: https://indexed.finance/ 

Kyber Network: Dmm.exchange

Episode Links

Mark Cuban

• Personal website: https://markcubancompanies.com/marks-bio/

NFT Investment

• Lazy.com

Other Links

• Defiant Podcast (“ETH Has An Advantage Over Bitcoin”) 
• • https://www.youtube.com/watch?v=GdGseBuuq_I
• Why DeFi is the Future | Mark Cuban on the Bankless Podcast
• • https://shows.banklesshq.com/p/-why-defi-is-the-future-mark-cuban
• Mark Cuban: The Billionaire Crypto Degen on the Delphi Podcast
• • https://www.delphidigital.io/reports/mark-cuban-the-billionaire-crypto-degen/
• NFTs as ticketing disruptor
• • https://cryptoslate.com/forget-overvalued-artwork-mark-cuban-sees-nft-ticketing-as-the-mass-market-disruptor/
• Bananas video (2:16-3:49)

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Dave Jevans, CEO of Cipher Trace, talks about what the new draft guidance from the FATF (Financial Action Task Force) means for DeFi, NFTs, and crypto in general. In this show, he breaks down:

• the six main areas the draft guidance covers, including the expansion of KYC regulatory standards into DeFi (1:07)
• how a dex like Uniswap would operate under the proposed draft guidance, and which types of companies or services providers would have to take identifying customer information (3:54)
• why DeFi applications might start requiring customers to create an account to use their platforms (7:03)
• how the crypto community has reacted to the FATF draft guidance (8:59)
• whether NFTs are affected by the proposed draft guidance (11:01)
• who the FATF recommendations apply to (13:54)
• how to reach out to FATF to comment on the draft guidance (15:32)
• the nuances of the travel rule and how DeFi developers may now be forced to include KYC mechanisms in their applications (17:29)
• how the crypto community would likely want to tweak the guidance to align the philosophy of DeFi (21:27)
• Crypto News Recap (23:42) 

Thank you to our sponsors!

Download the Crypto.com app and get $25 with the code “Laura”: 

https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021

Check out InterPop, a superteam redefining the future of NFTs and fandom!

https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop

Episode Links

Dave Jevans

• Twitter: https://twitter.com/davejevans

FATF

• Website: https://www.fatf-gafi.org/

Miscellaneous Links

• Travel Rule: https://www.coindesk.com/is-the-travel-rule-good-or-bad-for-crypto-both

Link to the Crypto News Recap:

https://unchainedpodcast.com/michael-jordans-nft-investment/

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Olta Andoni, fintech and IP Attorney at Zlatkin Wong and adjunct professor at Chicago Kent College of Law, Tonya Evans, visiting Full Professor of Law at Penn State Dickinson Law School and host of the podcast Tech Intersect, and Stuart Levi, co-head of the Intellectual Property and Technology practice at Skadden Arps and coordinator of the firm's Blockchain and Digital Asset practice, break down the legal issues surrounding NFTs. In this episode, they discuss:

• how the law looks at non-fungible tokens (1:25)
• why owning an NFT is different from owning the rights to the underlying asset making up the NFT (3:12)
• problems that blockchain solves for creators  (5:09)
• how corporations (aka content intermediaries) are handling NFTs (6:53)
• what rights the purchase of an NFT gives a buyer (11:51)
• derivative artwork, the fair use copyright law, moral rights, and how U.S. law views NFTs (15:53)
• how to determine the jurisdiction of an NFT (25:00)
• what type of legal recourse is available to artists whose art has been stolen and redistributed as an NFT (32:37)
• the differences in the terms of services between NFT marketplaces  (36:26)
• why the first sale doctrine may not apply to digital assets (43:16)
• what a buyer is getting when purchasing a blockchain license (46:12)
• how NFT creators should protect their work (51:43)
• whether a fractionalized NFT is a security (55:25)
• how NFTs will change the business of content creation (58:44)

Thank you to our sponsors! 

Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 

Indexed Finance: https://indexed.finance/ 

Episode Links

People

Tonya Evans

• Twitter: https://twitter.com/IPProfEvans

Olta Andoni

• Twitter: https://twitter.com/AndoniOlta?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Stuart Levi

• LinkedIn: https://www.linkedin.com/in/stuartlevi/

Legal Links

• Fair Use Doctrine:

Miscellaneous Links

• Banksy
• • https://www.cbsnews.com/news/banksy-nft-injective-destroy-art-digital-token/
• Fractionalized NFTs
• • https://markets.businessinsider.com/currencies/news/sec-crypto-mom-hester-peirce-selling-nft-fragments-illegal-2021-3-1030250153
• Dapper Labs License

https://www.technollama.co.uk/can-copyright-teach-us-anything-about-nfts

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Miami Mayor Francis Suarez talks about how Miami plans to be the crypto capital of the world. In this show, he discusses:

• what Miami is doing to become the crypto capital of the world (1:40)
• why he feels so strongly about bringing crypto to Miami (3:09)
• the relationship between cryptocurrencies and government (4:08)
• why he believes that, in the future, governments will transaction in crypto, not fiat currency (5:26)
• his feelings about the FTX sponsorship proposal and how he convinced city officials to move past crypto’s tumultuous past (6:51)
• whether city of Miami employees have expressed interest in being paid in bitcoin (10:06)
• what needs to happen for Miami to be able to hold BTC in its treasury (11:25)
• how Mayor Suarez balances his interest in Bitcoin against his interest in mitigating the effects of climate change on Miami (14:24)
• Crypto News Recap (18:00)

Thank you to our sponsors! 

Download the Crypto.com app and get $25 with the code “Laura”: 

https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021

Check out InterPop, a superteam redefining the future of NTFs and fandom!

https://hellointerpop.io/?utm_source=Unchained&utm_medium=episode-sponsorship&utm_campaign=interpop-launch&utm_content=interpop

Episode Links:

Francis Suarez - Mayor of Miami

• Twitter: https://twitter.com/FrancisSuarez 

Miami and Crypto 

• Overview
• • New York Times: https://www.nytimes3xbfgragh.onion/2021/03/23/business/dealbook/miami-suarez-crypto.html 
  • CNBC interview: https://www.cnbc.com/video/2021/02/17/miami-mayor-francis-suarez-on-push-to-accept-bitcoin-attract-big-tech.html 
  • Forbes Coverage:
  • • https://www.forbes.com/sites/rogerhuang/2021/02/01/miamis-mayor-leads-the-charge-to-bring-bitcoin-to-americas-largest-cities/?sh=5bbbbf68c6c9

https://twitter.com/francissuarez/status/1360069847971954690?lang=en

Link to the Crypto News Recap:

https://unchainedpodcast.com/tesla-is-a-hodler/

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Ric Edelman, founder of Edelman Financial Engines, and Matthew Kolesky, president at Arbor Capital, discuss the state of Bitcoin adoption amongst financial advisors, who control $5 trillion in investor wealth. In this episode, they talk about:

• their background and why they got into crypto (1:25)
• how most RIAs (registered investment advisors) view digital assets and the hassle of buying crypto on a client’s behalf (8:59)
• what percentage of financial advisors have already invested in bitcoin and how many more will come into the space by next year (18:20)
• how RIADAC -- the RIA Digital Assets Council -- is educating financial advisors about crypto (21:59)
• their favorite methods to explain Bitcoin and other digital assets (25:22)
• the different ways financial advisors are getting bitcoin/crypto exposure for their clients (35:32)
• why RIAs use investment vehicles to purchase Bitcoin rather than spot-buying the actual asset (39:58)
• why GBTC is trading at a deficit to the bitcoin price and their thoughts on a bitcoin ETF (44:40)
• the percent allocation to crypto they feel comfortable with for their clients (54:26)
• how they rebalance crypto holdings, whether they use yield-bearing crypto products yet, and projections for 2021 (57:35)

Thank you to our sponsors! 

Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 

Indexed Finance: https://indexed.finance/ 

Episode links:

Ric Edelman

• Twitter: https://twitter.com/ricedelman?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Matt Kolesky

• Twitter: https://twitter.com/mkolesky 
• Arbor Capital: https://www.acminc.com/ + https://digital.arbor.capital/ 

Helpful Links:

• Bitwise ETF Trends + Survey of Financial Advisors
  • https://static.bitwiseinvestments.com/Research/Bitwise-2021-Benchmark-Survey-Financial-Advisor-Attitudes-Toward-Cryptoassets.pdf
• Fidelity’s Bitcoin Investment Thesis

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MetaKovan, the pseudonymous buyer of Beeple’s Everydays NFT and founder of MetaPurse, talks about his recent $69 million purchase. In this episode, he discusses:

• why he bought Everydays: The First 5000 Days for $69 million (1:57)
• Beeple’s 13-year “proof of effort” process of creating art and why Beeple has the potential to become a generational artist (4:38)
• why he believes NFTs are “10x” better than physical art (9:40)
• his vision of the metaverse (13:57)
• the reasons for hiding his identity behind the Metakovan avatar (17:09)
• how he made his fortune in crypto and why he felt comfortable spending $69 million on something that might be a fad (19:12)
• why he started Metapurse and how its native B20 token works (24:31)
• crypto news recap (28:57)

Thank you to our sponsor!

Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2 

Episode Links

MetaKovan:

https://twitter.com/metakovan?lang=en

Metapurse: 

https://metapurse.fund/

Everydays: The First 5000 Days Purchase:

https://www.coindesk.com/metakovan-buyer-of-record-setting-beeple-nft-explains-why-he-spent-69-3m

https://www.nytimes.com/2021/03/12/arts/beeple-nft-buyer-ether.html

https://www.cnbc.com/2021/03/12/buyer-of-69-million-beeple-nft-is-a-crypto-investo-metakovan.html

https://www.washingtonpost.com/technology/2021/03/17/nft-beeple-metakovan-christies/

https://slate.com/technology/2021/03/metakovan-beeple-christies-auction-nfts.html 

B20 Tokens:

https://www.playtoearn.online/2021/01/13/metapurse-to-share-ownership-beeple-collection/

https://www.benzinga.com/markets/cryptocurrency/21/03/20195109/69m-beeple-nft-artwork-may-have-been-used-to-pump-b-20-token-price-by-6200-reports-suggest

Link to the Crypto News Recap:

https://unchainedpodcast.com/3-publicly-traded-crypto-exchanges/

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Jamie Burke, CEO of Outlier Ventures, and Mason Nystrom, a research analyst at Messari, discuss the NFT craze that has enveloped the crypto world over the past few weeks. In this episode, they talk about:

• their backgrounds, and how they became involved in crypto (1:19)
• the major catalysts -- specifically Beeple and NBA Top Shot -- that have brought NFTs into the mainstream (5:29)
• why NFTs are a “megatrend” and not just another ICO-like bubble (13:35)
• how to explain non-fungible tokens to normies (18:06)
• what someone is actually purchasing when they buy an NFT (24:46)
• the reasons behind NBA Top Shot's success and why it is so difficult to withdraw money from its platform (36:27)
• the best way to scale NFTs and why Ethereum, despite severe storage limitations, will most likely remain the most popular blockchain on which to mint NFTs (41:44)
• why the gaming, fashion, and music industries will be disrupted by NFTs (49:37)
• when the current subscription-based business model for content creators will transition to the ownership economy (55:10)
• the differences between the marketplaces and platforms that make up the NFT economy (57:06)
• whether NFT valuations will go to zero and the challenges of appraising digital art (1:03:39)
• their predictions for the market capitalization of NFTs by the end of 2021 (1:15:23)

Thank you to our sponsors! 

Download the Crypto.com app and get $25 with the code “Laura”: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021 

Square: https://square.com/go/unchained 

Episode Links: 

Jamie Burke

• Twitter:

Mason Nystrom

• Twitter: 

NFT Sales Mentioned

• Beeple: https://www.cnn.com/style/article/beeple-first-nft-artwork-at-auction-sale-buyer-intl-scli/index.html 
• Previous Unconfirmed interview with Beeple: https://unchainedpodcast.com/beeple-on-how-and-why-he-raked-in-3-5-million/

NFT Guides

• New York Times: https://www.nytimes.com/2021/02/22/business/nft-nba-top-shot-crypto.html?utm_source=morning_brew 
• DappRadar: https://dappradar.com/blog/what-are-non-fungible-tokens-nfts 
• Andrew Steinwold: https://andrewsteinwold.substack.com/p/-quick-overview-of-the-nft-ecosystem 
• Decrypt: https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain

Miscellaneous Links: 

• Chris Dixon blog: https://a16z.com/2021/02/27/nfts-and-a-thousand-true-fans/ 
• NFT market cap: https://nonfungible.com/market/history 
• Outlier Ventures decentralized accelerator program: https://outlierventures.io/base-camp/ 
• Top NFT marketplaces (DappRadar): https://decrypt.co/resources/non-fungible-tokens-nfts-explained-guide-learn-blockchain 
• Jesse Walden’s “Ownership Economy”: https://variant.mirror.xyz/T8kdtZRIgy_srXB5B06L8vBqFHYlEBcv6ae2zR6Y_eo 

Flow blockchain: https://www.onflow.org/primer

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