On today's episode of Empire, Jason and Mike are joined by Richard Craib, founder of Numerai, to discuss why Richard sold all his ETH.

Richard is a prolific investor and has been part of the Ethereum ecosystem since the 2014 ICO. That’s why it was such a big deal when he announced he sold his ETH and that he no longer sees crypto as a good investment.

Does crypto have a product outside of speculation? Is crypto’s growth just a result of the Fed? Is crypto more about regulatory arbitrage than the tech? These questions and more are explored in this fascinating conversation (debate!) where Richard holds nothing back.

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Referenced in the show:

Richard's video announcing why he sold his ETH

https://twitter.com/richardcraib/status/1523513981347848192?s=20&t=qwlN5rWxe5-KWyJOEr4B6Q

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(00:00) Intro

(01:52) Why Richard Sold All of His ETH

(09:00) The Fed "Created" UST

(12:14) Macro Trouble

(15:53) A Market Neutral Strategy

(19:38) Is Crypto's Only Product Speculation?

(32:58) An Overreaction to a Flawed System

(36:26) A Massive Misallocation of Capital

(40:25) It's Mostly Just Regulatory Arbitrage

(43:00) Why People Join The Crypto Industry

(47:33) Is There A Real Use Case?

(52:28) What Richard First Liked About Crypto