Understanding the Current Market Conditions: Despite a bull cycle, local bear markets can occur. Bitcoin, Ether, and altcoins are discussed, along with macro markets and commodities. Opelis, a healthcare DAO, is mentioned for Bankless Nation members.
Despite being in a long-term bull cycle, the crypto market can still experience local bear markets. In this episode of State of the Nation, the hosts bring on returning guest Ledger from LedgerCast and Up Only podcast to help interpret the charts and determine if we're currently in a bear or bull market. They will discuss the state of Bitcoin, Ether, and other altcoins, as well as the macro markets and commodities. Additionally, the hosts mention Opelis, a DAO providing healthcare benefits for self-sovereign employees in the web 3 space, and offer a special deal for Bankless Nation members. The goal is to provide listeners with a clear understanding of the current market conditions and what the future may hold.
Navigating through uncertain times with Ledger's market insights: Exploring Bitcoin price, Ethereum charts, and alternative layer ones, as well as larger market trends to understand the current crypto market situation and its relation to global macro trends with Ledger, a chartographer and expert in the field.
We're currently experiencing a significant inflection point in the crypto market, where the short-term bearish trend and the long-term bullish trend are colliding. This chaos is also affecting other global macro markets, particularly commodity prices. Ledger, a chartographer and guest on the show, will help us navigate through these uncertain times by analyzing Bitcoin price, Ethereum charts, and alternative layer ones, as well as larger market trends. Before diving deeper, we want to thank our sponsors. Slingshot is a decentralized trading platform that offers the best of both centralized and decentralized exchanges, with no fees and real-time price charts and trade logs. The Brave Browser, with over 50 million monthly active users, provides privacy and security for your digital footprint and crypto wallet. Ledger, who has been on the show before and is a co-host of Up Only and Ledger Podcast, will share his insights on the current market situation. He defines himself as a chartographer, someone who charts and analyzes data to provide valuable information. With his expertise, we'll explore the future of the crypto market and its relation to global macro trends. Stay tuned for an insightful discussion.
Frustration for Traders as Crypto Markets See Reduced Volatility and Volume: Traders face challenges in finding profitable setups due to market compression, with reduced volatility and volume caused by a liquidity drain and increased use of algorithmic bots.
The current trading environment in crypto markets has been characterized by reduced volatility and volume due to market compression. This has led to frustration for traders who are used to volatile markets and are constantly on the lookout for profitable setups. The reduction in volume and activity is partly due to a liquidity drain and the increasing presence of algorithmic bots, making it harder for human traders to find opportunities. The market has been in a state of tension, with traders anticipating a rebound in volatility but it hasn't happened yet. The market's cyclical nature suggests that this period of low volume and compression could eventually lead to a high volatility moment, but it's unclear when that will occur. Emerging markets like crypto are more prone to this type of volatility, with periods of inactivity followed by sudden bursts of activity. The S&P 500, on the other hand, is an example of a market with a strong passive bid, where large institutional investors and retirement accounts contribute to a steady trend, even if the volume is lower.
Crypto Market in 2021: Patience, Discipline, and Understanding Required: Patience, discipline, and a solid understanding of crypto tech are crucial for success in the unpredictable crypto market. Maintain a long-term perspective, diversify, and take profits to secure financial goals.
The crypto market in 2021 had significant rallies around spring and late summer, but making substantial profits required delving deeper into altcoins and specific trades. The market experienced volatility, with some periods resembling the liquidity drain and compression seen in 2018. While it's essential to stay informed about the tech, it's also crucial to maintain a long-term perspective and not risk more than you're willing to lose. The market's unpredictability necessitates a balanced approach, with exposure to crypto markets and securing financial goals. The speakers emphasized the importance of taking profits and maintaining a diversified portfolio. Overall, the crypto market requires patience, discipline, and a solid understanding of the underlying technology.
Ethereum's prolonged downturn could last up to 2 years: The crypto market downturn, particularly for Ethereum, may continue for an extended period, potentially lasting up to 2 years, due to market maturity and the need for fundamental components to catch up.
The current cryptocurrency market downturn, particularly for Ethereum, has been prolonged and painful compared to previous cycles. The time it took for Ethereum to go from its all-time high to its low in 2021 was almost the same as the time it took during the 2017-2018 bear market. This long correction period could continue, potentially lasting even up to 2 years, according to some experts. The market maturity and the need for fundamental components to catch up could make this a lengthy process. The psychological impact on individuals and businesses in the crypto space is also significant, with many people still feeling the pain of the correction. Overall, the current market downturn is a reminder of the volatility and long-term commitment required in cryptocurrency investments.
Market attention high but prices low, missing marginal buyers hindering growth: High market attention but low prices indicate a potential long recovery process. Missing institutional and large-scale buyers hinder market growth. The 200-week moving average could signal a high-conviction bet in crypto.
The current market attention on cryptocurrencies, especially Bitcoin, is high, but the price has not followed suit. This situation worries some investors as it may take a long time for the market to repair itself and reach a value trade. The speaker also mentioned that the market is currently crowded, and it's essential to have new buyers entering the market while it's already moving. However, the missing marginal buyers are institutions, and the absence of nation-states or retirement accounts buying in large quantities is hindering the market's growth. Another important point discussed was the relevance of the 200-week moving average in predicting the end of bear markets in Bitcoin. The speaker expressed excitement about the possibility of reaching this level, as it would represent a high-conviction bet in crypto, even if wrong. The speaker also acknowledged that many people are talking about crypto and considering it a sign of mainstream adoption, despite the current market conditions. In summary, the current market situation, with high attention but low prices, may take a long time to recover, and the missing marginal buyers are hindering the market's growth. The 200-week moving average is a significant level that, if reached, could represent a high-conviction bet in crypto. The ongoing conversations about crypto are a positive sign of adoption, even if the prices are not ideal.
Identifying trends and managing risk in cryptocurrency markets: Understanding trends and managing risk in cryptocurrency markets can lead to significant long-term gains, even if you don't fully understand the reasons behind them. Moving averages can provide support during accumulation periods and represent opportunities for discounted buying.
Identifying and following trends in the cryptocurrency market, particularly Bitcoin, can be profitable even if you don't fully understand the reasons behind them. The trend is what matters most, and it's important to manage risk and be prepared to buy when significant price drops occur. These price drops create opportunities for long-term accumulation, which can lead to significant gains as the market recovers. Moving averages, such as the 200-day or 200-week moving averages, can provide support during these accumulation periods. As new weeks are added, these moving averages continue to rise, providing a time-weighted value that makes it acceptable to buy even if the price remains flat. This process can take several years, but it can ultimately lead to multi-six-figure gains. Additionally, understanding the potential downside of newer markets can help investors prepare for potential mean reversion trades. For example, Ethereum's 200-week moving average is currently around $1,000, while Solana's 100-week moving average is at $56. These levels represent significant downside potential for these cryptocurrencies, but they also represent opportunities for long-term investors to accumulate at potentially discounted prices. Overall, the cryptocurrency market can be volatile and unpredictable, but identifying trends and managing risk can lead to significant gains over the long term.
Impact of fundamental catalysts on long-term cryptocurrency markets: Fundamental changes like Ethereum merge and issuance reduction can significantly impact the value proposition of cryptocurrencies in the long term, even during a bear market.
While technical analysis plays a significant role in trading cryptocurrencies, fundamental catalysts, such as the Ethereum merge and reduction of issuance, can have a substantial impact on the markets in the long term. Although the price may not react immediately during a bear market, these fundamental changes can significantly impact the value proposition of the asset. For instance, Ethereum's transition to proof of stake and potential deflationary nature, combined with its utility as a compute network and the ultrasound money meme, could make it a highly desirable asset with significant upside potential. However, in trending markets, traders often rely on technical indicators like moving averages to manage risk and determine entry and exit points. Therefore, both fundamental and technical analysis are crucial for successful cryptocurrency trading.
Understanding Ethereum's Market Dynamics: Supply, Demand, and Technical Analysis: Considering supply and demand concepts and technical indicators are essential in analyzing Ethereum's market. The development of layer 2 solutions will lead to increased usage, not a decrease. Ethereum's long-term prospects are bullish due to decreasing supply emissions, staking, and general adoption.
Both fundamental and technical analysis are crucial in understanding the crypto market, particularly Ethereum. The speaker emphasizes the importance of considering supply and demand concepts, such as the number of tokens coming on the market and the usage of networks, in addition to technical indicators. He also believes that the ongoing development of layer 2 solutions will not decrease the usage of layer 1 but rather lead to an extreme onboarding event, making crypto more accessible to a larger audience. Furthermore, the speaker is bullish on Ethereum's long-term prospects due to decreasing supply emissions, the locking away of Ethereum for staking, and the general adoption of crypto. However, he acknowledges that mean reversion is a possibility, and the market may eventually touch the 200-week moving average. But it's not a certainty that Ethereum has to hit it, and it doesn't necessarily signal the end of the bull market.
Using the 200 week moving average as a buying opportunity: Long-term investors can use the 200 week moving average as a guide to buy assets like Ethereum or Bitcoin during market downturns, potentially securing good returns in the long run.
The 200 week moving average can be a useful indicator for long-term investors in the crypto market. When the price of an asset like Ethereum or Bitcoin reaches the level of the 200 week moving average, it could be a good opportunity to buy, especially during periods of market capitulation. For example, if Ethereum's price was at $850 when it actually hits its 200 week moving average, it could be a good buying opportunity for those seeking long-term exposure. Additionally, the Ethereum to Bitcoin (ETH/BTC) ratio can also be used as a bull market indicator, with a rising ETH/BTC ratio indicating a bull market and a falling ratio indicating a bear market. Overall, these indicators can provide confidence to investors and help them make informed decisions in the volatile crypto market.
Crypto Correction and Uncertainty in Altcoin Markets: Despite innovative tech, altcoin prices don't always reflect potential value. Profit distribution and macroeconomic factors impact sustainability. Predicting success in crypto market is challenging.
The crypto market, specifically altcoins like Solana, Avalanche, Sol, and Luna, is experiencing a correction after being priced in for perfection. The speaker believes that some of these projects have innovative technology, but their prices do not necessarily reflect their potential value. He suggests that the distribution of profits among crypto holders, particularly those who bought in at much lower prices, can impact the sustainability of current pricing. The speaker also notes that the macroeconomic landscape and the performance of Bitcoin and Ethereum can influence the perception of these altcoins as safe stores of value. Overall, the crypto market's unique circumstances make it challenging to predict which projects will succeed and sustain their pricing.
Crypto market correction and shift from price growth to fundamental value: The crypto market experienced a significant correction, particularly DeFi tokens, due to a shift in focus from price growth to fundamental value. Understanding the underlying fundamentals of tokens and the market is crucial.
The crypto market, particularly DeFi tokens, experienced a significant correction after the summer of 2020, with many coins losing up to 95% of their value relative to Ethereum. This correction was due to a shift in focus from price growth to fundamental value, leading to a retrace of the DeFi summer gains. The speaker expresses skepticism about the possibility of another prolonged bear market, but acknowledges the difficulty of determining the intrinsic value of tokens built on Ethereum. The speaker also suggests that the narrative around the need for Ethereum as an asset versus DeFi may flip again, and that the macroeconomic situation, including the end of COVID and the merge, could impact the market's direction. Overall, the crypto market's volatility highlights the importance of understanding the underlying fundamentals of tokens and the market as a whole.
Bitcoin and Ethereum market conditions suggest a super cycle, not a bear market: Market recovery from dips and maturity indicate a super cycle, but macroeconomic factors could cause a recession or bear market
The current market conditions for Bitcoin and Ethereum, with profitability maintained throughout and smaller drawdowns, are indicative of a super cycle rather than a bear market. This is evidenced by the quick recovery from recent dips and the maturity shown in the market. The likelihood of a sideways trend continuing, potentially working more people out of the market, is higher than a sudden and severe drop. However, macroeconomic factors could still impact the market and potentially lead to a recession or bear market. It's important to keep in mind that predictions are not certain, and the market will be influenced by various external factors. Additionally, using platforms like Matcha for crypto trading can help ensure the best possible price on trades.
Understanding the Role of the Dollar Index in Crypto Trading: The dollar index can provide insights into potential crypto market movements by indicating the value of the US dollar against a basket of currencies. A weakening dollar index may signal a crypto bull run, while a recovering dollar index could indicate a pause or reversal.
Using the right platform can make trading crypto assets easier and more effective. Matcha.xyz pools liquidity for automatic on-chain limit orders, allowing users to set and forget their trades. Meanwhile, the Gemini exchange offers a wide range of cryptos, including popular DeFi and metaverse tokens, and provides yield on various cryptos. The dollar index, which measures the value of the US dollar against a basket of currencies, has historically shown a correlation with crypto market bull runs. As the dollar index weakens, crypto tends to strengthen. Conversely, when the dollar index recovers, it may indicate a potential pause or reversal in crypto's upward trend. The dollar's value can increase during times of market uncertainty due to a preference for liquidity. Keep an eye on the dollar index for potential indications of crypto market movements.
Geopolitical tensions and inflation impacting markets: Geopolitical tensions and inflation are influencing the markets, but crypto and stocks are not identical and require separate analysis.
The current market conditions are influenced by geopolitical tensions and the shift of assets from riskier currencies to the US dollar. However, this does not change the fact that we're experiencing sustained inflation, which affects all fiat currencies, including the US dollar. The crypto market is also linked to the general equities markets, particularly the S&P 500, which has seen significant retracement. Some analysts believe we're nearing the end of the dip, while others think we could see a more prolonged bear market. It's important to note that while crypto and stocks share some similarities, treating them as identical is dangerous. Stocks represent companies with real value and financials that can be analyzed, while crypto is a digital asset with no inherent value beyond what the market assigns to it. Ultimately, the future of both markets depends on various factors, including geopolitical tensions, inflation, and the overall health of the global economy.
Markets experiencing corrections after impressive gains, potential rebounds: Investors may consider dollar cost averaging during market corrections, potentially shifting towards value-producing equities with stable dividends, and anticipating potential inflation and stagflation.
The markets, particularly tech-heavy sectors like the Nasdaq, have experienced significant corrections after impressive gains from COVID lows. For example, Shopify's stock price dropped from 1700 to 500, and ARC ETF, which went up 391% off COVID lows, is now cheaper than pre-COVID levels. This trend may signal an opportunity for investors to dollar cost average and wait for potential rebounds, especially as commodities like oil and energy may enter a new era of higher prices. Additionally, there's a possibility of a shift towards value-producing equities with stable dividends as investors may seek more stable returns during potential inflation and stagflation. Central banks' limited ability to control inflation through interest rates may lead to direct stimulus measures, but the long-term dependence on oil is expected to decrease only gradually over the next 20 years.
Potential for higher crypto bear markets during stagflation: Historically, stagflation could increase crypto bear markets, but opportunities for growth in emerging tech persist. Diversify portfolio with crypto, gold, and stocks for preparedness.
During a potential stagflationary period, where we experience high inflation and low asset prices, the likelihood of a crypto bear market might be higher than a sideways super cycle. This is based on historical precedent, such as Japan's 22-year wait for a new all-time high in the Nikkei during their own stagflation. However, even in such an environment, there could still be opportunities for growth in emerging technologies like crypto. The speaker personally holds a diversified portfolio, including crypto, gold, and stocks, but leans heavily towards crypto as his risk-on asset class and ultra-safe assets like dollars during risk-off periods. This diversification strategy keeps him engaged with various markets and prepared for different economic scenarios.
Stay Informed and Be Patient for Maximum Gains: Stay informed about market trends, be patient, diversify investments, and avoid outright scams for optimal returns.
Diversification and patience are key in investing, especially during volatile markets. The speaker shares his personal experience of investing in various assets, including crypto and real estate, over a long period of time. He emphasizes the importance of staying informed and being prepared for market swings, while also acknowledging the risks involved. He advises against trying to time the market perfectly and instead suggests being patient and waiting for confirmation of trends before making larger investments. The speaker also emphasizes the importance of maintaining liquidity and avoiding outright scams. In essence, the speaker's advice is to stay informed, be patient, and diversify to minimize risk and maximize potential gains.
Long-term perspective is crucial in crypto investing: Maintain control, avoid forced sales, and focus on the long-term goals for successful crypto investing
Investing in crypto, especially during volatile market conditions, requires patience and a long-term perspective. You don't need to buy the absolute bottom or sell at the perfect time to be successful. Instead, maintaining a position of control and having options can help you avoid forced sales and make informed decisions. Buying the bottom is not a requirement for success, and it's important to remember that time in the market beats timing the market. As the speaker mentioned, they were bullish when Bitcoin was at $4,000 but didn't experience the same level of gains as during the current market conditions. It's crucial to keep a cool head, have fun, and avoid risking it all. Remember, all crypto investments come with risk, and none of the information provided should be considered financial advice. The crypto market is the frontier, and it's not for everyone, but for those who choose to join the Bankless journey, it's essential to stay informed and focused on the long-term goals.
Bull or Bear? What the Charts Are Saying | Ledger from Up Only
Recent Episodes from Bankless
ROLLUP: Rate Cuts Price Savior? | Trump’s DeFi Project | Vitalik’s Documentary
The Fed just cut rates by 50 basis points for the first time since the pandemic, how is the market reacting, should we be excited?
Trump revealed new details about World Liberty Financial. We’ll break down why they’re building it, who’s involved, and what’s going on with the token.
We also have a Tale of Two Chains: Bitcoiners watching Trump buy a burger with Bitcoin in NYC, while Ethereans premiere an Ethereum documentary down the street.
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TIMESTAMPS & RESOURCES
00:00 Start
02:36 Markets
https://x.com/ledgerstatus/status/1835473538028814667
06:09 RSA Finally Cracks
https://x.com/RyanSAdams/status/1836779556998459436
10:55 Total MKT Cap
https://www.coingecko.com/en/global-charts
11:09 L2 Update
https://www.growthepie.xyz/fundamentals/transaction-count
13:36 Fed Rate Cuts
https://x.com/SpecialSitsNews/status/1835699786785136703
https://www.cnbc.com/2024/09/18/fed-cuts-rates-september-2024-.html
18:57 Cut Reactions
https://x.com/TimDuy/status/1836154346045870391
https://x.com/coinbase/status/1836470341063053572
https://x.com/RyanSAdams/status/1836795960321585388
https://www.coindesk.com/business/2024/09/18/arthur-hayes-if-they-go-50-that-will-be-a-nuclear-catastrophe-for-financial-markets/
https://x.com/intocryptoverse/status/1836471892674302430?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g
https://x.com/Jamie1Coutts/status/1836192104722370930
https://www.tradingview.com/chart/1RYLG2gC/?symbol=NASDAQ%3AQQQ
https://youtu.be/b6O-lHr-D0s?si=7uiJPAxPibmCTLsz
27:03 Trump's Liberty Financial
https://x.com/EricTrump/status/1834322630721122521
https://x.com/worldlibertyfi/status/1835748701534404945
https://x.com/alexandergrieve/status/1836006655223275904
32:06 Takes On The Project
https://x.com/iamDCinvestor/status/1836006290125987860
https://x.com/worldlibertyfi/status/1835300402163503260?s=46&t=dmRhP54bJmHi0Ppb8BT30Q
34:42 Trump Pays With Bitcoin
https://x.com/WatcherGuru/status/1836510214482284545
https://x.com/crypto_condom/status/1836512092503077146
36:39 Vitalik Film Premiere
https://ethereumfilm.xyz/streaming
https://x.com/EthereumFilm/status/1828192695095042429
https://x.com/TrustlessState/status/1836737714223210638
https://x.com/dimabuterin/status/1836701356565922006
https://x.com/ViktorBunin/status/1836556640734085478
https://x.com/jessepollak/status/1836607456497275028
https://x.com/jessepollak/status/1836607456497275028
https://x.com/EthereumFilm/status/1835973354995499061
41:36 SEC Sues Rari?
https://www.sec.gov/newsroom/press-releases/2024-138
https://x.com/dcfgod/status/1836488126744924299
43:03 The Flyfish Case
https://www.sec.gov/files/litigation/admin/2024/33-11305.pdf
https://x.com/HesterPeirce/status/1835757603860681141
https://x.com/FinancialCmte/status/1836124400695021654
https://x.com/RepFrenchHill/status/1836420981310542092?t=KbWMCpEacfkVWgSADJSgQg&s=19
50:41 Token 2049
https://x.com/justinsuntron/status/1836330985706918253
https://unchainedcrypto.com/buterin-at-token2049-were-not-early-to-crypto-but-were-early-to-crypto-being-usable/
53:36 New Zora App
https://x.com/RyanSAdams/status/1836399083482742814
56:19 New Fastest Rollup
https://x.com/atlasxyz/status/1833880969251524973
57:39 Permissionless Party
https://lu.ma/yj5pdeqe
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59:26 Moment Of Zen
https://www.youtube.com/watch?v=71DtEk1cFdg
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Fed Rate Cut: Is It Too Late? | Macro Alf
Jerome Powell and the Federal Reset is about to cut rates, but the question on everyone’s mind is… What happens next?
Alfonso Peccatiello, known as "Macro Alf," is a macroeconomic analyst and investment strategist and he’s joining the pod to help us figure this out.
- Are these rate cuts just in time or too little too late?
- Is the Fed cutting by 25bps or 50bps?
- Will we get a recession or the soft landing the FED is hoping for?
- What will happen to crypto assets?
We discuss all this and more with Macro Alf, one of the top minds in macro out there.
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TIMESTAMPS
0:00 Intro
5:41 The Fed is Behind the Curve
12:28 Why Haven’t Things Broke?
18:57 Bad News are Actually Bad News
24:17 Fed Rate Cut Prediction
30:43 Elizabeth Warren’s Letter
35:06 Market Reaction
42:55 How to Prepare
53:20 Probability of Recession
54:48 Debasement
1:05:06 Monetary Plumbing
1:09:09 Debasement Assets
1:11:46 Closing Thoughts
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RESOURCES
Maro Alf
https://x.com/MacroAlf
Alf's Institutional Research Free Trial
https://docs.google.com/forms/d/e/1FAIpQLSfzLZS_8sWjyuqzDgJb9OQC_pSAoOjz6GVgsB0UIGzLELMSFQ/viewform
The MacroCompass
https://themacrocompass.org/
Monetary Plumbing Chart
https://x.com/MacroAlf/status/1834938859848634440
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Not financial or tax advice. See our investment disclosures here:
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Refuting L2 Fud & State of Arbitrum | Steven Goldfeder
Steven Goldfeder is back on the podcast today to discuss Arbitrum’s and all Ethereum L2 FUD.
Is a win for Arbitrum also a win for Ethereum, or is Arbitrum competing for users and liquidity? Steven addresses governance concerns and discusses the decentralization of Arbitrum’s Sequencer.
In the second half of the show, we get into the latest developments in the Arbitrum ecosystem, including Stylus, Bold, Orbit, and Timeboost.
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TIMESTAMPS
0:00 Intro
4:01 L1 vs. L2 Relationship
10:45 Use Cases of the L1 vs. L2s
18:56 Fastest Blockchain
20:05 Decentralization Priority
25:15 Sequencer Debate
33:06 Arbitrum x Espresso
38:02 Optimistic Rollups Capturing Ethereum Governance?
41:58 What Does Arbitrum Want From the L1
45:21 Increasing Block Times?
49:17 Arbitrum Ecosystem
52:21 How Does Stylus Work?
57:22 Web2 Devs Now Web3 Devs
1:03:02 Arbitrum’s Next 10x
1:08:17 Closing & Disclaimers
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RESOURCES
Steven Goldfeder
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What Are BlackRock’s Crypto Plans? | Robbie Mitchnick Head Digital Assets at Blackrock
That’s right, Bankless Nation, BlackRock on the podcast today.
BlackRock is the world’s largest asset manager, a company that manages over $10 trillion dollars in assets around the world, to put it in perspective, that’s 5 times the crypto market cap. Let’s just say what they do has ripple effects in global markets.
But here at Bankless we wanted to figure out what they’re doing in crypto. That’s why we brought Robbie Mitchnick, BlackRock’s Head of Digital Assets.
We explore Crypto narratives in TradFi, how they measure the risk profile of Crypto, their plans for the future of ETFs, Tokenization and even DeFi.
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TIMESTAMPS
0:00 Intro
5:36 What is BlackRock?
7:33 BlackRock’s Crypto Arc
14:42 Digital Assets Team
17:01 BlackRock Bitcoin ETF
20:33 Investor Education
22:48 Narratives
24:58 Risk Management
34:04 Regulatory Environment
38:27 The Future of ETFs
42:30 Tokenization
51:00 What Needs to be Built
54:26 The State of DeFi
57:03 BlackRock’s Crypto Mission
1:00:44 Closing & Disclaimers
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RESOURCES
Robbie
https://x.com/robbiemitchnick
Blackrock
https://x.com/BlackRock
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
ROLLUP: The Debate | 1st DeFi Congress Hearing | ENS joins PayPal/Venmo | Coinbase’s cbBTC
This week in crypto, the Trump vs. Harris debate sparked chatter, but did the markets react? DeFi had its first U.S. congressional hearing—how’d it go?
Friend.tech burned its keys—abandoning? ENS integrated with PayPal and Venmo, while Coinbase launched their cbBTC, and Sony might release a stablecoin.
Plus, did we see “war mode” Vitalik this week?
------
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------
TIMESTAMPS & RESOURCES
0:00 Intro
5:21 Markets
https://farside.co.uk/?p=1518
https://x.com/biancoresearch/status/1832806811088638440
https://x.com/matt_hougan/status/1833149076722081906
https://www.cbsnews.com/news/inflation-cpi-fed-readies-to-cut-rates-next-week/
https://www.tradingview.c om/symbols/FRED-WALCL/
https://x.com/sonyasunkim/status/1832114732326957274
18:02 House lawmakers ended up divided in 1st Congressional DeFi hearing
https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409354
https://x.com/fund_defi/status/1833556632027955694
https://x.com/coinage_media/status/1833593592373243915
https://x.com/NeerajKA/status/1833530974212387228
https://x.com/rohangrey/status/1833543531228762323
https://x.com/jchervinsky/status/1833557017023459526
27:29 The Debate - they didn’t mention crypto!
https://x.com/CNN/status/1833703753179857334
https://x.com/erikvoorhees/status/1833705605045051850
https://polymarket.com/event/who-will-win-the-debate-according-to-polls
https://polymarket.com/event/presidential-election-winner-2024?tid=1726028429396
https://x.com/shayne_coplan/status/1833127734844789106
https://x.com/Polymarket/status/1833679653191512442
https://www.theblock.co/post/315808/presidential-debate-risk-off-crypto
https://x.com/MikeIppolito_/status/1833874331539034448
36:49 War mode vitalik? If its not stage 2, its not a rollup
https://x.com/vitalikbuterin/status/1834061075970683367
39:01 zkSync Stage 1? & New CMO?
https://blog.zknation.io/zksync-governance-system/
https://x.com/the_matter_labs/status/1833894141052494218
42:41 Sony Stable Yen
https://x.com/delzennejc/status/1833243834563650038
43:21 Friend.Tech team renounces control of smart contracts
https://x.com/friendtech/status/1832581118165709140
https://x.com/functi0nZer0/status/1833178200685318213
https://x.com/MacroMate8/status/1833393620407488542
https://x.com/friendtech/status/1833259362711986335
47:06 EigenLayer announced Season 2 Stakedrop!
https://blog.eigenfoundation.org/season-2-stakedrop/
48:55 ENS was integrated with PayPal and Venmo!
https://x.com/ensdomains/status/1833536140529570039
https://x.com/brantlymillegan/status/1833568986547818820?
50:16 Coinbase Bitcoin - cbBTC released!
https://x.com/coinbase/status/1834208544247144949
https://x.com/jessepollak/status/1833603913888764064?s=46&t=2ZINVXJQKx6xO_6Wiiu_2gb
55:04 David Fighting at Permissionless
58:01 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Will AI Kill Democracy? | Yuval Noah Harari
Today on a special in-person recording of Bankless we welcome special guest and best selling author, Yuval Noah Harari. Yuval is best known for his book Sapiens, and today, he is introducing ideas from his next book Nexus.
We go deep down the history rabbit hole and explore the question, if human beings are so wise, why are we so self destructive?
------
🎬 DEBRIEF | Ryan & David Unpacking the Episode:
https://www.bankless.com/debrief-the-yuval-noah-harari-interview
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------
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------
TIMESTAMPS
00:00:00 Start
00:08:07 The World of Information Networks
00:10:59 Truth vs Information
00:21:28 Tribal Consequences
00:25:05 Naive View Of Information
00:34:27 Populist View Of Information
00:44:54 Inventing New Mechanisms
00:53:33 A Brief History Of Information Networks
00:58:43 The Most Successful Story Ever Told
01:05:13 Story vs Information Network
01:12:29 Story Of Debt Clay Tablets
01:14:53 Entering the Age Of AI
01:20:50 Self Correcting Mechanisms
01:25:35 The Potential Of Crypto
------
RESOURCES
Yuval: https://www.ynharari.com/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Where’s the ETH Bottom? | Ben Cowen
When is this all going to reverse?
That’s the question we asked Benjamin Cowen, YouTuber, Founder of Into The CryptoVerse and famous chart maximalist who does some fantastic technical analysis.
The main goal of this pod is to understand if we're currently going through Ethereum’s bottom but we also cover:
- Are crypto 4 year cycles dead?
- What’s next for ETH/BTC?
- How’s Ben positioning his portfolio for what’s coming?
Except to learn that and much more.
------
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------
TIMESTAMPS
0:00 Intro
5:33 Where Are We?
7:44 4 Year Cycles
22:52 ETH/BTC Ratio
29:28 ETH Price Analysis
37:55 Blue Chips vs Altcoins
55:32 ETH/BTC Final Equilibrium
1:01:11 Idiosyncratic Events
1:13:34 The Flippening
1:16:23 The Bull Market
1:20:58 2026
1:25:00 Presidential Election
1:27:30 Ben’s Portfolio
1:32:08 Closing Thoughts
------
RESOURCES
Ben Cowen
https://x.com/intocryptoverse
Ben Cowen on YouTube
https://www.youtube.com/channel/UCRvqjQPSeaWn-uEx-w0XOIg
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Why Peter Schiff Hates Bitcoin & The Bull Case for Gold
Why does Bitcoin sucks and is inferior to Gold?
Peter Schiff is a financial commentator and economist that is relentlessly bullish on gold and a famous skeptic of bitcoin and cryptocurrencies.
He covers a ton of ground in this podcast, from what money really is, why gold can't be disrupted as the ultimate store of value, why we should abolish the Federal Reserve and principles to grow your wealth.
------
🎬 DEBRIEF | Ryan & David Unpacking the Episode:
https://www.bankless.com/debrief-the-peter-schiff-interview
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------
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------
TIMESTAMPS
0:00 Intro
7:07 What is Money?
15:05 Why is Gold the Apex Money?
27:59 Gold vs. Bitcoin Custody
36:27 Gold in The Internet Age
43:08 Gold as a Productive Asset
49:30 Gold vs. Bitcoin Demographics
53:90 Can Gold be Disrupted?
1:04:20 Should we Abolish The Federal Reserve?
1:13:33 Is the Stock Market Overpriced?
1:20:09 Principles to Grow Wealth
1:25:30 Steelmanning Crypto
1:36:17 Closing & Disclaimers
------
RESOURCES
Peter Schiff
https://x.com/PeterSchiff
Peter Schiff Youtube
https://www.youtube.com/@peterschiff
SchiffGold
https://www.schiffgold.com/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
ROLLUP: Trump’s DeFi Project | CFTC vs. Uniswap | Brazil Bans Twitter | Coinbase AI | Polymarket & Bloomberg
This week in crypto, Trump’s new DeFi project sparked debate—is it legit or a grift? After the SEC, the CFTC targeted Uniswap—what’s going on with regulators?
Brazil’s Twitter ban also made waves—what does it mean for free speech and crypto’s role in resisting censorship?
Markets are asking if the 4-year cycle is dead, and Ryan has three takes on the lackluster crypto prices and what it could mean moving forward.
On the bright side, Polymarket is now on the Bloomberg terminal, and Coinbase is looking to bank the robots—an exciting step for AI and crypto.
------
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🛞MANTLE | MODULAR LAYER 2 NETWORK
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🗣️TOKU | CRYPTO EMPLOYMENT
https://bankless.cc/toku
------
✨ Mint the episode on Zora ✨
------
TIMESTAMPS & RESOURCES
0:00 Intro
2:03 Markets
https://x.com/Negentropic_/status/1830685688662040961
https://outlierventures.io/article/token-trendlines-2-bitcoin-halving-the-four-year-cycle-is-dead/
https://x.com/RyanSAdams/status/1831316995691671641
https://x.com/Fiskantes/status/1831302629651042637
https://x.com/SplitCapital/status/1831317921089642915
https://x.com/iamDCinvestor/status/1831318267367145492
18:30 Trump revealed more about his DeFi project, World Liberty Financial!
https://www.worldlibertyfinancial.com/
https://x.com/realDonaldTrump/status/1829141447087648796
https://x.com/lex_node/status/1831084542377206220
https://x.com/lex_node/status/1831105068952961399
https://x.com/nic__carter/status/1831145983847137451
https://x.com/worldlibertyfi/status/1831348462635397271
https://x.com/RyanSAdams/status/1829500453152837828
32:07 Brazil banned Twitter
https://x.com/elonmusk/status/1829778143449698764
https://x.com/RyanSAdams/status/1831015509384364428
37:17 Binance exec Tigran Gambaryan entered Nigeria court on crutches
https://x.com/_RichardTeng/status/1830869029705441553
41:47 Arbitrum released Stylus!
https://x.com/arbitrum/status/1831020553211089243
https://x.com/joeykrug/status/1831367181885698392
43:30 Euler V2 is back!
https://x.com/eulerfinance/status/1831331399619756375
48:03 Celestia releases technical roadmap
https://blog.celestia.org/roadmap/
48:39 Bloomberg added Polymarket election data to Terminal
https://x.com/M_McDonough/status/1829166689516442043
https://x.com/shayne_coplan/status/1830984489259901203
50:13 CFTC charges Uniswap with illegal derivatives trading
https://www.cftc.gov/PressRoom/PressReleases/8961-24
https://www.cftc.gov/PressRoom/SpeechesTestimony/phamstatement090424
https://x.com/MinarikLaw/status/1831363800542634459
53:11 AIs are now paying other AIs with crypto
https://x.com/brian_armstrong/status/1829623778726592804
56:32 MEME of the Week
https://x.com/TrustlessState/status/1831386476841726226
59:03 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Is the Ethereum Roadmap Off Track? | Max Resnick
Is the Ethereum roadmap… off track? Have we lost the plot? Are L2s running interference, intercepting all the users, transactions, and value from reaching the L1? And if all of this is real, and not just FUD, what should we do about it?
We have Max Resnick on the show today, he's an Ethereum researcher working at Special Mechanism Group and he’s got some opinions that are contrary to what is typically found out of the Ethereum Rollup Centric Roadmap.
Max explains why Ethereum is breaking down on its vision for bringing the world onto decentralized, censorship resistant, permissionless blockchains, and suggests possible alternative directions.
------
🎬 DEBRIEF | Ryan & David Unpacking the Episode:
https://www.bankless.com/debrief-the-max-resnick-interview
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------
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------
TIMESTAMPS
0:00 Intro
5:08 Max’s Contrarian Take
12:20 The State of Rollups
17:59 Are L2s Extensions of Ethereum?
27:52 What Needs to Change
44:33 Based Rollups
50:05 The Holy Grail Blockchain
59:02 Scaling the L1
1:05:29 Max’s Incentives
1:09:53 Why Not Solana?
1:14:06 Navigating ETH’s Roadmap
1:18:05 ETH: The Asset
1:22:15 Value Capture
1:23:58 Call to Action
1:26:43 Closing & Disclaimers
------
RESOURCES
Max Resnick
https://x.com/MaxResnick1
Max Resnick Holy Grail Blockchain Tweet
https://x.com/MaxResnick1/status/1826630256008331301
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Related Episodes
52. From Bloomberg To Crypto (w/Camila Russo. Part 1)
Camila Russo is a Chilean-American financial journalist. In 2020 she founded The Defiant, a media platform that has quickly become one of the most trusted and respected news sources in the world of decentralized finance, more known as crypto.
You’ve heard of crypto. You’ve heard of Bitcoin. You’ve heard of Doge. If you’re into sports you’ve probably heard of the digital collectible sports cards. You may have even heard of the mysterious non-fungible tokens, the NFTs. It’s the cutting edge of finance and technology and to most people, it sounds like the intersection of digital witchery and Ponzi schemes and there is certainly a good share of speculation and let’s be honest unkosher activity in that field and yet, many believe it’s the future. Full disclosure, I do. But I’m not here to sell you on it, as they say, do your own homework.
What I am excited to do - it to introduce you to Camila. Who is not some TikTok “crypto influencer,” she is a real solid financial journalist, Northwestern grad, who cut her teeth at Bloomberg and now she is focusing on crypto. It makes me extra happy that a woman, an immigrant, and a Latina is at the helm of the best platforms in the space.
And while I’m on this fangirl kick over here... I want to tell you about Camila’s book - The Infinite Machine, which was published by HarperCollins in 2020 and is a great introductory book for anyone who is curious in this space. It’s the first book on the history of Ethereum. It’s an easy and exciting read because besides breaking down the basics of what crypto is - the book focuses on the stories of the people, who are building this future technology.
FIND CAMILA:
FIND WE THE ALIENS PODCAST:
YouTube, Facebook, Instagram, Twitter, TikTok, and on Clubhouse
Email to wtapodconnect@gmail.com
ASK YOUR FRIENDLY RUSSIAN on TikTok
MUSIC: "My country" courtesy of Ben Bostick www.benbostick.com
ABOUT WE THE ALIENS PODCAST:
We The Aliens podcast hosts conversations with IMMIGRANTS from all over the world who came to the US and found their path to the American Dream. No matter what their status is - undocumented, DACA recipient, permanent resident (green card holder), naturalized citizen - all are welcome here. We talk about the challenges of leaving the home country, finding the legal path, finding a way to belong in the new world, building a career, finding love, and sustaining the family traditions. We talk about IMMIGRATION as a process of growth and self-discovery, adaptation, overcoming cultural shocks, and fighting racial and ethnic stereotypes. We talk about the great contributions that immigrants make to the American economy, culture, science, and society. We also feature stories of the first-gens, FIRST GENERATION American-born, the third culture kids, who have their own set of struggles growing in between the cultures of their parents' home country and America. We talk about their battle to find their identity and carve their path while redefining what American is. We talk about philosophy, psychology, culture, language, and history. We also talk about the news of the day, things that we all worry about - but in the context of the immigrant perspective. If you love NPR, This American Life, The Daily, and Pod Save America, if you read Forbes, LA Times, The Atlantic, and New York Times, if you watch John Oliver, Bill Maher, Stephen Colbert, and/or Trevor Noah, if you are a Twitter and Clubhouse addict because you want to be closer to people, if you, your spouse, your parent, or your grandma is an immigrant-alien and you know that you and they came to this country to build and contribute, and you can’t stand discrimination and belittling of their lives and contributions - this podcast is for you.
Generating Revenue FOR Your Audience (305)
In Web 3.0, is it possible to not only generate revenue for yourself through content creation, but for your audience as well? I think this is actually a thing, and maybe we need to begin planning for it.
-------
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Get more by subscribing to TheTilt.com newsletter.
Order the new version of Joe's best-selling book today - Content Inc.: Start a Content-First Business, Build a Massive Audience and Become Radically Successful (with little to no money)
zsQ92p1URxq4xqtMVX3I
zsQ92p1URxq4xqtMVX3I
Are Music NFTs the Future? with M Shadows | Overpriced JPEGs #14
In this episode, Carly’s talking to M Shadows aka Matt Sanders, front man for Avenged Sevenfold, the world renowned rock & metal band. Matt explains the complexities of bridging music and NFTs, what he’s learned building Avenged Sevenfold’s NFT project—Death Bats Club, his vision for the future of both spaces, and SO much more!
Matt and his band are on the cutting edge of innovation around web3’s artist—fan relationship. A legend in his own right and a very early adopter to web3 and NFTs, Matt’s crossover expertise in music and blockchain runs deep.
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------
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🔷 AXIE | PLAY, EARN, TRADE
https://bankless.cc/AxieInfinity
------
Topics Covered:
0:00 Intro
4:20 Revolutionizing the Music Industry
8:45 Decentralized Streaming
14:38 Security Laws
20:55 Death Bats Club
25:16 Learnings From NFT Launch
30:55 Fanbase Education
33:18 Financial Breakdown
40:13 Why Matt Prefers NFTs to Patreon
48:43 NFT Ticketing
53:00 Should All Artists Do NFTs?
57:02 Music Monopolies?
1:03:05 Matt’s NFT Journey
1:08:35 Polychain Investing
1:13:04 Music Industry Deepdive
1:31:30 Matt’s New Podcast - Trax
------
Resources:
Matt’s Twitter
https://twitter.com/shadows_eth
Death Bats Club
https://twitter.com/DeathbatsClub
Avenged Sevenfold’s New Podcast
https://www.youtube.com/playlist?list=PLxwut3Z6TTiG5DM5s_e7eEr59xPgkMkkl
-----
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
Season 3 - Ep. 3 - Productizing R&D w/ Juan Benet
✨ Subscribe to the Green Pill Podcast ✨
https://pod.link/1609313639
🟢 Get the GreenPilled Book 🟢
https://greenpill.network/
🟢 NEW! Greenpill NFTs 🟢
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Apple Show Link
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Spotify Show Link
https://open.spotify.com/show/0l6aXWC94dd0RA3tkKfxjd
🟢🟢🟢Show your support on twitter 🟢🟢🟢
https://twitter.com/carl_cervone
https://twitter.com/owocki
https://twitter.com/juanbenet
-----
TIMESTAMPS:
00:00 Intro Opening Remarks
03:18 Intro Juan and Carl
03:35 Juan on Productizing R&D
14:20 Kevin Recap, Juan muses on Public vs Private Iterations
30:45 Primitaves Juan is excited about
40:47 How to demand the initial demand signal?
49:47 What does this look like in 10 years?
54:50 Anything else? (oh yeah!)
58:02 Thank you Juan
59:26 Closing Thoughts
-----
SOCIALS:
🐦Twitter - https://twitter.com/greenpillnet
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🎧 Discord - https://discord.gg/greenpill
📞Telegram - https://t.me/+g9TM8i7GpxAzMGUx
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Music by WABI SABI - snowflake - https://thmatc.co/?l=7786B012
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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 Greenpill team writers hold crypto assets.
8 - How to go Bankless
Episode: #8
April 20, 2020
How to go bankless:
- Start with why (“goals”)
- Set a weekly plan (“process”)
- Start doing things (“implement”)
- Measure outcomes (“measure”)
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Tools from our sponsors to go bankless:
- Rocket Dollar - tax shelter your crypto ($50 w/ "BANKLESS")
- Monolith - holy grail of bankless Visa cards
- Aave - money lego for lending & borrowing
- Zerion - portal to your DeFi portfolio
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Episode Actions:
- Set goals & commit to level-up weekly
- Read articles:
- Download Argent Wallet
- Set up your own ENS name
- Give Bankless 5 stars on iTunes
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Subscribe to podcast on iTunes | Spotify | YouTube | RSS Feed
Leave a review on iTunes
Share the episode with someone you know!
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