Refuting L2 Fud & State of Arbitrum | Steven Goldfeder

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  

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠   

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
https://x.com/sgoldfed  

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures  ⁠

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 ⁠  

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 ⁠ 

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?

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🎬 DEBRIEF | Ryan & David Unpacking the Episode:
https://www.bankless.com/debrief-the-yuval-noah-harari-interview 

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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

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RESOURCES

Yuval: https://www.ynharari.com/ 

------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures ⁠ 

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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🗣️TOKU | CRYPTO EMPLOYMENT 
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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

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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 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.

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🎬 DEBRIEF | Ryan & David Unpacking the Episode:
https://www.bankless.com/debrief-the-peter-schiff-interview 

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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

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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 ⁠ 

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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🗣️TOKU | CRYPTO EMPLOYMENT 
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------
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? 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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------
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 ⁠ 

U.S. Senator Cynthia Lummis is a leading Bitcoin advocate in Congress who recently introduced her proposal, "the Bitcoin Act," which seeks to create a strategic Bitcoin reserve for the United States of America. In today's episode, we explore how the bill could address the $35 trillion debt, the conversion of gold certificates to Bitcoin, and its economic implications.

------
🎬 DEBRIEF | Ryan & David unpacking the episode:
https://www.bankless.com/debrief-the-cynthia-lummis-interview 

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⚡️ CARTESI | LINUX-POWERED ROLLUPS
https://bankless.cc/CartesiGovernance 

🗣️TOKU | CRYPTO EMPLOYMENT 
https://bankless.cc/toku  

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✨ Mint the episode on Zora ✨
https://zora.co/manage/1155/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/56 

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TIMESTAMPS

0:00 Intro
6:40 The Bitcoin Act
10:01 Gold to Digital Gold
15:01 U.S. Strategic Reserves
18:00 U.S. Discretion in Selling Forfeited Bitcoin
20:44 Is Bitcoin Ready for Federal Reserve Backing?
23:24 Bitcoin Adoption to Tackle U.S. Debt
28:17 Bitcoin's Potential Impact
33:15 Being First in Bitcoin Strategic Reserves
39:22 Pros vs. Cons of Bitcoin Strategic Reserves
49:08 Bipartisan Prospects and Democratic Silence
53:52 Conservative Support vs. Liberal Adoption
56:30 Trump vs. Harris on Crypto Legislation

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RESOURCES

Senator Cynthia Lummis
https://x.com/SenLummis 

The Bitcoin Act 
https://www.lummis.senate.gov/press-releases/lummis-introduces-strategic-bitcoin-reserve-legislation/ 
https://www.lummis.senate.gov/wp-content/uploads/BITCOIN-Act-FINAL.pdf 

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures  ⁠