Unchained

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving Bitcoin’s price. They dive into the Federal Reserve's recent rate cuts, the impact of Solana's token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether Bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market.  Is Bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze?  Show highlights: Alex and Joe’s takeaways from Token 2049 and Solana Breakpoint Why there’s so little attention on Bitcoin at these conferences The SOL vs. ETH trade debate Why Sam thinks that the Fed cut rates to help the Treasury Whether they think inflation will persist  How China's rate cuts aim to boost its economy amidst export challenges How Bitcoin's correlation with global liquidity can break down during speculative bull runs, despite its typical sensitivity to liquidity conditions The pros and cons of the approval of Bitcoin ETF options Why fears about BlackRock and Coinbase's bitcoin holdings are unfounded, according to James Sponsors: Gemini Stellar  Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Sam Callahan, Current Free Agent Analyst & Scribe of the NewsBlock Sam’s research post with Lyn Alden Links Coverage of Unchained on Token 2049 and Solana Breakpoint: Should the Solana Foundation Be Dissolved? Yes... and No... $1.3 Billion Market Cap BONK Caught Asymmetric Financial's Eye at $28 Million, Founder Tells Solana Breakpoint Event Bring Back ICOs, Says Multicoin Capital’s Tushar Jain, Winning Agreement From Debate Adversary Qiao Wang of AllianceDAO PYTH Stakers Get Carrots and Sticks as Douro Labs Rejigs Staking Mechanism DeFi Protocol Sky, Formerly MakerDAO, to Launch on Solana Blockchain Firedancer Efforts Bring Solana a Step Closer to Leap in Processing Power, Says Jump Trading’s Science Chief  Stoner-Originated Proof-of-Liquidity Network Berachain Scores a Hit at Token2049  SOL vs. ETH Unchained: SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani Alex’s tweet: “Ironically $SOLETH is barely up in 2024” Rate cuts and macro: Fed Cuts Rates for First Time Since 2020 China: Reuters: China's central bank unveils most aggressive stimulus since pandemic |  ETF options: CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod -  Kamala Harris: Unchained:  Kamala Harris Makes Her First Comments on Crypto Harris Commits to Prioritizing Emerging Industries Like Blockchain in Speech Timestamps: 00:00 Intro 02:55 Takeaways from Token 2049 and Solana Breakpoint 07:14 Little Bitcoin interest me at conferences 12:23 The SOL vs. ETH trade debate 17:32 Sam’s view on the Fed’s rate cuts 28:55 Will inflation persist? 41:14 China’s rate cuts and economic boost 49:44 Bitcoin’s correlation with global liquidity 1:02:43 Pros and cons of Bitcoin ETF options 1:13:23 BlackRock and Coinbase Bitcoin holdings fears Learn more about your ad choices. Visit megaphone.fm/adchoices

26 Sep 20241h 18min

The Fed just made its first rate cut in years, slashing 50 basis points off interest rates—but what does this mean for the crypto markets? With Bitcoin lagging behind traditional finance, and the looming U.S. elections, uncertainty is growing.  In this episode, Quinn Thompson of Lekker Capital and Travis Kling of Ikigai Asset Management break down the major factors influencing the markets: from Bitcoin’s sluggish summer and the unwinding of the Japan yen carry trade, to why the 2024 elections could be a pivotal moment for crypto. Are these the catalysts we’ve been waiting for, or should we brace for more turbulence ahead? Also, they cover which assets could benefit the most under a Trump administration, and why they believe SOL could have a negative catalyst in the near future. Show highlights: Why the Fed cut rates by 50 basis points and what the chances of a recession are in the U.S. Why Bitcoin has underperformed the broader TradFi markets this summer The risks of the unwinding of the Japan carry trade for crypto How the election results might matter differently for different sectors of the industry Whether rate cuts affect stablecoin yields in DeFi  How the approval of Bitcoin ETF options will affect the price of BTC Whether Bitcoin miners will be affected by AI’s need for computing power Ether’s lagging performance this year and what might be a huge catalyst for ETH How SOL will manage through the huge unlock in early 2025 What Quinn and Travis think about investing in memecoins How the rise of Base will impact Coinbase Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Gemini Guests: Quinn Thompson, CIO of Lekker Capital Travis Kling, Founder and CIO of Ikigai Asset Management Previous appearance on Unchained: With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold Links Rate cuts Unchained:  Fed Cuts Rates for First Time Since 2020; Bitcoin Remains Mostly Flat Fed Rate Cut Should Spur Crypto Investors to Load up on Memecoins, Asymmetric Founder Tells Token2049 Bitcoin Is Now in a ‘Classic Setup’ to Surge Higher Soon, Analysts Say Bitcoin and the Crypto Markets Slump as Fed Faces Tough Rate Cut Decision What Do Cooling Inflation and Rate Cuts Mean for Crypto and Bitcoin Prices? ETH performance and L2s: Unchained:  SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani Ether Has Been a Much Worse Investment Than Both Gold and Silver So Far This Year Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Alex Kruger’s tweet: “Ironically $SOLETH is barely up in 2024” Bitcoin ETF options: CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts Mining and AI: TIME: Why So Many Bitcoin Mining Companies Are Pivoting to AI Timestamps: 00:00 Intro 02:09 Fed rate cut and recession chances 12:34 Bitcoin’s underperformance this summer 14:56 Risks of Japan carry trade unwinding 21:3 Election impacts on crypto sectors 38:00 Rate cuts and DeFi stablecoin yields 43:00 Bitcoin ETF options 49:31 AI’s impact on Bitcoin miners 54:38 Ether’s lagging performance and future catalysts 1:03:19 SOL’s 2025 unlock concerns 1:10:39 Investing in memecoins 1:18:15 Base’s rise and Coinbase impact Learn more about your ad choices. Visit megaphone.fm/adchoices

24 Sep 20241h 21min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week the squad is live from Token2049 in Singapore and joined by special guests Mo Shaikh, CEO and Co-Founder of Aptos Labs, and Arthur Hayes, CIO at Maelstrom. In this episode, they tackle the buzz around Trump’s DeFi projects, the challenges of hosting Token2049 during F1, and the controversy surrounding Iggy Azalea’s cancelled debate. The conversation also covers the macro impact of potential Fed rate cuts, the role of celebrity coins, and the future of global crypto adoption. Don't miss this insightful live discussion in front of the Token2049 audience! Show highlights 🔹 Token2049 Event: Token2049 faced logistical challenges due to Singapore’s F1 weekend, resulting in heavy traffic and delays for attendees. 🔹 Canceled Celebrity Coin Debate: Iggy Azalea’s debate with Eric Wall about celebrity coins was canceled due to conflicts with Singaporean regulations, which prevented her planned on-stage stunts. 🔹 World Liberty Financial Overview: The Trump family’s DeFi project, World Liberty Financial, is scrutinized for its lack of clear direction and concerns over the 70% insider token pre-allocation. 🔹 Fed Rate Cuts and Market Implications: Potential Fed rate cuts and their impact on the dollar-yen exchange rate could lead to liquidity crises and increased market volatility. 🔹 Celebrity Coins and Memecoins: A look into celebrity coins and memecoins raises questions about their value, considering whether they bring meaningful attention to crypto or are merely speculative distractions. 🔹 Korea vs. Japan in Crypto: Korea’s active crypto trading culture and crypto-friendly policies contrast with Japan’s more cautious, restrictive approach, reflecting different market dynamics. 🔹 Global Crypto Adoption Rankings: Skepticism is expressed regarding India’s top spot in Chainalysis’ Global Crypto Adoption Index, with a case made for Korea ranking higher than 19th. 🔹 Aptos and Mainstream Adoption: Aptos is pushing for mainstream adoption through partnerships in Korea and innovations like the Aptos card, offering integrated cold storage and new financial products. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️ Mo Shaikh, CEO and Co-Founder of Aptos Labs ⭐️ Arthur Hayes, CIO at Maelstrom Disclosures Links The 2024 Global Adoption Index: Central & Southern Asia and Oceania (CSAO) Region Leads the World in Terms of Global Cryptocurrency Adoption: https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/  Timestamps  0:00 Intro 00:49 TOKEN2049  06:20 $10 Billion FDV? World Liberty Financial 16:10 Allure of Memecoins & Celebcoins 19:06 Beyond Memecoin Adoption 20:27 Global Crypto Adoption Ranking 24:43 Korea vs. Japan's Crypto Scenes 29:19 Macro Trends and Fed's Impact 35:26 Crypto's Resilience Against Regulation 40:00 The Future of Crypto and Decentralization Learn more about your ad choices. Visit megaphone.fm/adchoices

23 Sep 202445min

This week, Republican Representatives Tom Emmer and Patrick McHenry sent a letter pressing SEC Chair Gary Gensler for clarity on how securities laws apply to airdrops. With billions of dollars worth of tokens airdropped this year alone, projects need clarity more than ever.  In this episode, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, dissects the SEC’s stance on airdrops, why her organization believes the SEC has stretched the legal definition of “compensation” too far, and what Congress might ask Gensler in his upcoming hearing. Plus, she talks about how the SEC “regrets” any confusion it caused for using the term “crypto assets securities,” since the agency now admits that tokens themselves are not securities.   Show highlights: Why Amanda believes the SEC’s position on airdrops doesn’t make sense Why the DeFi Education Fund sued the SEC over the BEBA airdrop  How the SEC’s position on airdrops has been clear for a while, but is “wrong” according to Amanda Her take on users bypassing the geographic restrictions to claim airdrops in the U.S. How and why the SEC has changed its language around “crypto assets securities” How the SEC’s new position on crypto assets implicating securities laws seems to rest on the “embodiment” theory Why Amanda believes the Supreme Court or Congress may be needed to step in What Amanda expects Congress to question Gary Gensler about in the hearing next week Amanda’s takeaways from the first Congressional DeFi hearing last week How she expects the presidential election will impact the regulatory landscape in the U.S. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Coinbase iTrustCapital Polkadot Mantle Stellar Guest Amanda Tuminelli, Chief legal officer of the DeFi Education Fund Previous appearances on Unchained:  Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? Is This the End of DeFi? Why the US Government Is Going After Tornado Cash Links Airdrops: Blockworks: Republican Reps. ask Gensler for clarity on how securities laws apply to airdrops -  Gabriel Shapiro’s tweet: “We may *disagree* that the position is correct but it's not unclear.” CoinDesk: Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway SEC’s amended complaint in the Binance case BEBA case DeFi Education Fund suing the SEC  First Congressional Hearing on DeFi Unchained: First Congressional Hearing on DeFi Highlights Divide Between Republicans and Democrats Timestamps: 00:00 Intro 01:42 SEC’s stance on airdrops 04:25 DeFi Education Fund’s lawsuit over BEBA 06:47 Amanda: SEC’s position on airdrops is “wrong” 08:27 Users bypassing geographic restrictions for airdrops 12:47 Why the SEC suddenly apologized for using the term “crypto asset securities” for years 16:47 Amanda’s take on what the SEC’s new theory is for why tokens fall under securities laws 17:43 Why Supreme Court or Congressional involvement is likely needed 19:01 What Congress might ask Gensler in a hearing next week 19:59 Key takeaways from the first Congressional DeFi hearing 20:43 Amanda’s take on how the presidential election might impact crypto  23:45 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

20 Sep 202435min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the squad is joined by special guest Mert Mumtaz, co-founder of Helius. In this episode, the crew dives into the growing rivalry between SVM and EVM, the surge of VC investments in the Solana ecosystem, and the fierce debate over rollups. They also explore the rise and fall of memecoins, Solana’s infrastructure evolution, and the future for high-performance blockchains. Tune in for a high-energy discussion on the cutting edge of crypto! Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 SVM vs. EVM Showdown: The team breaks down the growing battle between Solana's SVM and Ethereum's EVM, examining what’s at stake for both ecosystems. 🔹 VC Investments in Solana: As VC interest in Solana surges, the crew discusses how this new wave of funding could reshape the future of blockchain development. 🔹 Memecoin Chaos: The rapid rise and fall of memecoins comes under fire, with a debate on whether they are a net positive or simply speculative noise in the market. 🔹 Solana’s Infrastructure Evolution: Solana's ongoing efforts to improve scalability and performance are highlighted, especially with innovations like Fire Dancer and ZK compression. 🔹 Network Extensions Controversy: A heated discussion on Solana’s push to rebrand rollups as “network extensions,” sparking backlash from Ethereum proponents. 🔹 VC vs. Market Sentiment: The role of venture capital in the crypto space is examined, with insights into whether VCs are driving innovation or creating unsustainable hype. 🔹 Solana Breakpoint Preview: Excitement builds around Solana’s flagship event, with predictions on what key announcements could impact the blockchain’s future. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️ Mert, Co-founder & CEO at Helius Disclosures Timestamps 0:00 Intro 02:02 Impressions of Singapore 07:55 Mert's Journey & Solana Advocacy 15:41 Challenges & Growth in Solana Ecosystem 21:01 EBOLA [EVM Bags Over Logic Affliction] 31:13 Solana's Resilience  34:38 The Rise of SVM and Developer Perspectives 41:41 Network Extensions vs. Rollups 51:08 Future of High-Performance Blockchains 59:47 AI's Impact on Developer Ecosystems 01:06:19 Memecoins and Market Dynamics Learn more about your ad choices. Visit megaphone.fm/adchoices

19 Sep 20241h 13min

World Liberty Financial (WLF), the Trump-backed DeFi project, launched this Monday.  In this episode, crypto security expert Ogle discusses his role as an advisor to WLF. He dives into why he joined the project, what makes it unique, and how Trump’s involvement could bridge the gap for many who are new to the space.  Plus, Ogle shares his thoughts on the security challenges WLF might face and the project's potential to rival major players in the market. He also touches on his new L1 blockchain Glue, and why he thinks it will provide a better user experience than what is out in crypto today. Show highlights: 2:05 Ogle’s background and how he came up with a standard for dealing with crypto hacks 10:28 Where crypto hackers are usually from 13:21 Why he does security work for free 16:57 Why Ogle is advising the Trump family’s DeFi project, World Liberty Financial 22:30 Why some in the crypto community are skeptical of WLF 26:39 His thoughts on how to prevent a crypto hack of a high-profile project 32:52 Why Ogle is not worried about WLF having been forked from the hacked app Dough Finance 33:54 How the Trump family is involved in WLF 41:00 How Donald Trump is excited about the project and actually gets it, according to Ogle 43:49 Why Ogle believes WLF will attract as much traction as the entire market cap of Shiba Inu 47:04 How Ogle's new layer 1 blockchain, Glue, aims to be crypto’s AOL 56:33 Why Glue’s L2s will be specific to certain areas of the industry 1:02:41 When Ogle expects Glue to launch and whether it’ll have a token 1:04:19 How North Korean hackers are now “just so clever, socially” 1:13:56 Ogle’s tips for crypto users Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Stellar Gemini Guest: Ogle, crypto security expert, founder of Glue, and advisor to World Liberty Financial. Previous appearance on The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money Links World Liberty Financial (WLFI) Unchained: Trump’s New DeFi Project Could Be a Magnet for Hackers CoinDesk: In Trump-Backed Crypto Project World Liberty Financial (WLFI), Insiders Are Poised for Unusually Big Token Payouts  IBTimes: Donald Trump Announces DeFi Project's Launch Date – What To Know About World Liberty Financial Latin Times: Who Is Ogle? The Crypto Sleuth Recruited As An Advisor For Trump's DeFi Project Glue: Glue, The Web3 Network Built for Regular Users How Glue Will Keep User Assets Safe Scams and North Korea: FBI Fraud report North Kora Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks   Learn more about your ad choices. Visit megaphone.fm/adchoices

17 Sep 20241h 19min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in crypto. This week the squad is joined by special guest Jason Choi, co-founder of Tangent. In this episode the crew tackles the overvaluation of crypto projects by VCs, Friend.Tech’s 96% token crash, and the ethics of early token launches They also explore how airdrop farming skews user metrics, the volatility of memecoins, and whether VCs are extracting more value from crypto than they contribute. Tune in for insights into the ever-evolving crypto landscape! Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Friend.Tech Token Crash: Friend.Tech’s token dropped 96%, highlighting the risks of launching tokens without sustainable product planning and user retention strategies. 🔹 Project Exits and Ethics: Early token launches raise concerns about ethical obligations when teams abandon projects, with accusations of rug-pulling increasing. 🔹 Airdrop Farming’s Impact: Airdrop farming distorts true user engagement, leading to inflated metrics that misrepresent product-market fit and real user growth. 🔹 Venture Capital in Crypto: Low barriers for VCs have led to inflated project valuations, often resulting in overhyped, underdelivered crypto ventures. 🔹 Challenges of Early Token Launches: Early token releases often harm long-term project potential by confusing market signals and damaging user retention. 🔹 VC vs. Liquid Funds: Debate over whether venture capital is extracting value from crypto or whether liquid funds can improve market efficiency. 🔹 Hedge Funds and Market Efficiency: Hedge funds may improve market liquidity, but their impact on long-term crypto growth remains under scrutiny. 🔹 Speculative Markets and Long-Term Value: The crypto market continues to grapple with balancing short-term speculative plays and the creation of sustainable, long-term value.   Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Tarun Chitra, Managing Partner at Robot Ventures   Guest ⭐️Jason Choi, Co-Founder of Tangent Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

13 Sep 20241h 6min

On Thursday, Coinbase unveiled cbBTC, a tokenized version of Bitcoin on its Base layer 2 and Ethereum. This launch follows the recent BitGo controversy about the custody arrangement for Wrapped Bitcoin (WBTC) now involving Justin Sun, sparking concerns within the crypto community. In this episode, Will Robinson, Coinbase’s VP of engineering, discusses the strategic importance of cbBTC, how it differs from other wrapped Bitcoin products, and what this means for the future of Bitcoin within DeFi ecosystems.  Will Coinbase’s reputation as a "trusted custodian" be enough to make cbBTC the go-to choice for Bitcoin in DeFi, or will the industry remain skeptical? 01:54 Why Coinbase launched cbBTC and how it aims to bring Bitcoin into the world of DeFi 04:05 What happens behind the scenes when users mint cbBTC 05:21 What sets cbBTC apart from other wrapped Bitcoin options, according to Will 06:32 Whether Coinbase will expand cbBTC to other layer 2s and where users can already use it on major DeFi platforms 08:45 Will’s response to criticisms about the centralization of cbBTC 12:28 Why Coinbase's cbBTC launch was part of long-term plans, unrelated to the recent controversy around WBTC and Justin Sun 13:31 How Coinbase plans to make money from cbBTC, considering that WBTC has not been a big moneymaker for BitGo 15:38 Why Coinbase has the ability to freeze and blacklist cbBTC addresses 19:34 How Coinbase ensures that Bitcoin backing cbBTC remains the property of token holders and won’t be used as collateral or rehypothecated 20:58 Why Coinbase, a centralized entity, is launching cbBTC, a product for the decentralized, onchain world 23:57 Why Will doesn't want to predict how much demand there'll be for cbBTC Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Mantle’s FBTC Gemini Stellar Guest Will Robinson, VP of Engineering at Coinbase Links cbBTC Unchained: Coinbase’s Wrapped Bitcoin Product cbBTC Launches on Base and Ethereum BitGo changing custody and its implications:  Unchained:  Wrapped Bitcoin (WBTC) Redemptions Vastly Outpaced Minting Since BitGo’s Custodial Changes Announcement Lending Protocol Aave to Propose Onboarding TBTC in Response to Concerns About Latest WBTC Custodial Changes Could dlcBTC Resolve the Issues With Wrapped Bitcoin? BitGo Abruptly Pivots on Holders of WBTC Multi-Sig Keys Following Community Outcry MakerDAO Considers Offboarding WBTC as BitGo Plans Custody Changes Aave DAO’s Chaos Labs Says ‘Risk-Off’ Recommendation for WBTC ‘Premature’  Learn more about your ad choices. Visit megaphone.fm/adchoices

13 Sep 202437min