The High-Speed World Of ICOs: Smith and Crown Discuss Cryptoeconomics And The Future Of Tokens

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

As crypto markets continue to struggle, experts weigh in on whether the capitulation phase is finally over and what lies ahead. In this episode, hosts James Seyffart and Joe McCann, along with guest Noelle Acheson, delve into the recent market downturn, the potential for a recession in 2025, and why Bitcoin's divergence from gold is puzzling analysts. They also explore the impacts of upcoming rate cuts, the lingering effects of fiscal dominance, and whether Ethereum ETFs are living up to the hype. Show highlights: Why crypto has been down so bad recently despite the macro cycle The three factors weighing on the bitcoin price for the moment, according to Noelle The chances of a recession in the U.S. in 2025 and how much the Fed might cut rates Why the current rate-cutting cycle is unusual, with markets expecting far more cuts than usual, and how a potential spike in inflation could complicate the Fed's response Why the K-shaped economy endures, driven by the U.S. government's reliance on capital gains taxes Why fiscal dominance is a growing concern and why bitcoin's recent divergence from gold is puzzling, as they typically move together during crises Whether retail has been a buyer of the spot Bitcoin ETFs or it’s just onchain traders who are now buying them Why James says the Ethereum ETFs “have been an absolute flop" Sponsors: Gemini Stellar Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Timestamps:  00:00 Introduction 03:35 Why crypto is struggling recently 09:16 Three key factors weighing on Bitcoin's price 15:12 Chances of a 2025 U.S. recession and potential Fed rate cuts 25:55 Unusual rate-cutting cycle and inflation risks 32:06 Enduring K-shaped economy and capital gains tax impact 34:37 Concerns about fiscal dominance and Bitcoin’s divergence from gold 54:57 Retail vs. onchain traders in spot Bitcoin ETFs 1:01:43 Whether Ethereum ETFs have been a "flop" Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Sep 20241h 11min

Ethereum's Layer 2 solutions are booming, but are they inadvertently holding back the value of ETH itself? In this episode, Justin Bons and Ryan Berckmans engage in a heated debate over whether L2s are enhancing Ethereum's ecosystem or siphoning off its potential. They discuss the impact of L2s on decentralization, network effects, and whether Ethereum L1 can scale on its own or if the base layer and the rollups now have different incentives. Has Ethereum scaled appropriately for future usage, or was scaling via L2s the wrong roadmap for Ethereum? Show highlights: 02:43 How Ethereum's rollup-centric roadmap consists of a decentralized Layer 1 (L1) for security with Layer 2 (L2) providing more transaction throughput 04:53 Why Justin is so critical about how L2s centralize Ethereum 14:53 Why, according to Ryan, Layer 2 solutions aren't parasitic to Ethereum but instead enhance its network effects, decentralization, and long-term value 25:35 Why Justin criticizes Ryan’s reliance on "trust me, bro" arguments, questioning the tribalism and authority in claiming the superiority of Ethereum researchers over those from other blockchains 28:15 How Justin thinks the Ethereum L1 could scale and what the tradeoffs are  39:58 Justin’s argument that Ethereum is stuck in the past and his claim that the blockchain trilemma doesn't exist anymore 46:30 Ryan’s take on Ethereum's L1 scaling focuses on solving bandwidth limitations and addressing whether L2s are going to fully decentralize 51:01 Whether SNARKS is the way that Ethereum scales the L1 59:24 Whether L2s will start accepting other tokens to pay for gas 1:05:23 Why Ryan predicts Ethereum's L2 adoption will surge, driving up L1 fees and boosting Ether's value as the leading digital money 1:05:39 Whether based rollups are a good solution for Ethereum to scale without losing all the fees  1:13:21 Why L2s would even try to decentralize and why Justin says that Solana has a better roadmap than Ethereum 1:17:54 Concluding thoughts from Ryan and Justin  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 Coinbase Guests: Justin Bons, Founder & CIO of Cyber Capital Previous appearances on Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Ryan Berckmans, Ethereum community member and investor Links Previous coverage on Unchained of ETH and L2s: Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name? Ethereum Has Had a Banner Year in Most Areas. Except Price. Should Ethereum Layer 2s Urgently Decentralize Their Sequencers? Others Justin’s thread on whether L2s are parasitic Tweet by Zach Rynes, aka ChainLinkGod Adam Cochran’s tweet on based rollups Ethereum Foundation September AMA Vitalkin on L2s How do layer 2s really differ from execution sharding? Layers 2s as cultural extensions of Ethereum  Learn more about your ad choices. Visit megaphone.fm/adchoices

10 Sep 20241h 23min

The SEC and CFTC’s recent actions against Uniswap and Galois Capital could mark a turning point in crypto regulation. With both firms settling on relatively low fines, are we witnessing regulators establish precedent for a broader crackdown on the industry?  In this episode, Larry Florio, general counsel at 1kx, delves into the implications of these settlements, the frustrations asset managers face with regulatory compliance, and whether the SEC’s approach could push the crypto industry into a corner. Will these actions set a precedent for more aggressive enforcement ahead? Show highlights: Why the SEC's action against Galois Capital highlights a shift in language, focusing on tokens "offered and sold as securities" What a qualified custodian is and why the SEC's action against Galois punishes them for using FTX, which could have fit one definition of a qualified custodian if it hadn’t been perpetrating a fraud How the SEC demands crypto fund managers comply with regulations on qualified custodians while also limiting qualified custodians in crypto Whether the SEC is effectively banning crypto funds by requiring compliance with impossible rules How the SEC penalized Galois for giving affiliates better liquidity terms than outside investors How SEC Commissioner Mark Uyeda’s call for clarity on "crypto asset securities" reflects the industry’s frustration with the lack of clear guidelines from the SEC Why the CFTC's fine against Uniswap for alleged leveraged transactions may set a precedent for future enforcement actions How Commissioner Summer K. Mersinger's dissent highlights the unfairness of punishing Uniswap despite their proactive compliance, according to Larry Whether the New York Attorney General’s subpoenas to VCs about Uniswap signal a renewed adversarial approach to regulating DeFi The timing of these actions, along with the SEC’s Wells notice to OpenSea 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 Gemini Stellar Guest Larry Florio, general counsel at 1kx Timestamps:  ➡️ 01:51 - The SEC using different language to describe tokens as securities ➡️ 04:53 - Qualified custodians & Galois Capital's use of FTX ➡️ 09:04 - Compliance frustrations for crypto asset managers ➡️ 11:58 - The SEC effectively banning crypto funds? ➡️ 18:22 - Penalty for giving some investors undisclosed preferential treatment ➡️ 18:25 - SEC Commissioner Mark Uyeda’s call for clarity on crypto assets ➡️ 19:35 - CFTC's fine against Uniswap: A troubling precedent? ➡️ 23:09 -Uniswap's compliance efforts & two CFTC Commissioners’ dissents ➡️ 24:56 - NY Attorney General’s subpoenas ➡️ 27:04 - OpenSea’s Wells notice: NFTs as securities? ➡️ 30:34 - Crypto News Recap Links Galois Capital: The Block: SEC charges and settles with crypto-focused Galois Capital over custody issues Larry Florio’s thread Uniswap:  CoinDesk: Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products Blockworks: CFTC Commissioners dissent on Uniswap settlement Comments from Uniswap counsel Axios: The SEC has questions for VCs about Uniswap NY Attorney General’s Subpoenas CoinDesk: VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources OpenSea’s Wells notice: Unchained: If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily Learn more about your ad choices. Visit megaphone.fm/adchoices

6 Sep 202439min

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 this episode, the boys tackle the buzz around World Liberty Financial, a controversial DeFi project linked to Donald Trump, and its ties to a previously hacked protocol. They explore the motivations behind the Trump family's involvement in crypto, questioning the legitimacy and future of the project. The conversation pivots to memecoins, with debates around the sustainability of the memecoin market and the growing influence of platforms like Pump.fun. We explore the thought-provoking discussion on the evolution of financial games in crypto, where both strategies and the game's rules can change dynamically. The squad also reflects on broader crypto market trends, touching on AI-driven markets, decentralized finance, and the shifting regulatory 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 🔹 World Liberty Financial, a DeFi project allegedly linked to Donald Trump, sparks controversy with its origins in a hacked protocol.  🔹 Debate on the motivations behind Trump family involvement in crypto, questioning the legitimacy of World Liberty Financial. 🔹 Discussion around memecoins and their market cycles, with concerns about the sustainability and long-term viability of these tokens.  🔹 The concept of dynamically adjusting financial rules in crypto systems, contrasting it with traditional finance.  🔹 Pump.fun reaches $100M in revenue, marking it as a dominant memecoin platform, but also raising questions about the health of the memecoin ecosystem.  🔹 The innovation in memecoins, suggesting that dynamic mechanics could extend the life cycle of these tokens.  🔹 Broader reflections on the future of memecoins, potential market corrections, and how the crypto ecosystem will adapt.  🔹 Speculation on the continued rise of AI-driven markets and the evolving role of decentralized finance in a digital-first world. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Tarun Chitra, Managing Partner at Robot Ventures Disclosures Links Coindesk article: “Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist”  https://www.coindesk.com/business/2024/09/04/in-trump-backed-crypto-project-insiders-are-poised-for-unusually-big-paydays Learn more about your ad choices. Visit megaphone.fm/adchoices

5 Sep 20241h 2min

As the 2024 elections draw near, Bitcoin and crypto have become hot topics on the political stage. In this episode, Trey Walsh, host of The Progressive Bitcoiner podcast, and Jason Maier, author of “A Progressive’s Case for Bitcoin,” explain why they believe progressive values align with Bitcoin. They discuss how Bitcoin can be a tool for social justice and financial inclusion, challenge misconceptions about its environmental impact, and debate whether making Bitcoin a presidential issue in 2024 was premature.  With Elizabeth Warren attacking crypto and the unfriendly environment for the industry under the Biden administration, the guests also highlight that there’s a slight change in the Democratic party, though they are not certain that the Harris campaign will adopt a pro-Bitcoin stance. Show highlights: How Trey and Jason became Bitcoiners What progressivism means to Trey and Jason, highlighting Bitcoin's alignment with social justice and financial inclusion, beyond its typical libertarian associations How Jason and Trey persuade skeptical progressives about Bitcoin Whether they believe that other areas of crypto besides Bitcoin have value  Why they think Bitcoin’s environmental impact is the biggest misconception among progressives Whether Elizabeth Warren’s focus on consumer protection blinds her to Bitcoin as a tool for financial inclusion Why Jason believes pushing Bitcoin as a presidential issue in 2024 was premature Why Trey sees potential hope for pro-crypto policies under a potential Harris administration, despite the hostility of the Biden administration 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 Stellar Mantle Coinbase Guests: Trey Walsh, host of The Progressive Bitcoiner podcast Jason Maier, author of “A Progressive’s Case for Bitcoin” Trump and the Future of Bitcoin, Jason’s op-ed Timestamps: ➡️ 02:06 - How Trey and Jason became Bitcoiners ➡️ 05:14 - Bitcoin, progressivism & social justice ➡️ 11:24 - Persuading skeptical progressives ➡️ 16:19 - Value beyond Bitcoin? Other cryptos ➡️ 21:46 - Environmental impact misconceptions ➡️ 34:36 - Elizabeth Warren & Bitcoin: Consumer protection vs. financial inclusion ➡️ 41:24 - Was making Bitcoin a 2024 election issue premature? ➡️ 55:15 - Potential for pro-crypto policies under Harris? Learn more about your ad choices. Visit megaphone.fm/adchoices

3 Sep 20241h 8min

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 this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges.  They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed. Show highlights 🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates. 🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities. 🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures. 🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement. 🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate. 🔹 Tension between public goods and financial services in Ethereum's future development. 🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem. 🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience. 🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Tarun Chitra, Managing Partner at Robot Ventures Special Guest  ⭐️Rebecca Rettig, Chief Legal & Policy Officer at Polygon Labs Disclosures Links Plurality philosophy in an incredibly oversized nutshell by Vitalik: https://vitalik.eth.limo/general/2024/08/21/plurality.html  OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet Timestamps 00:00 Intro  01:24 Telegram’s Pavel Durov’s Arrest 05:12 Free Speech/Encryption in the Crypto World 09:26 Policy Implications for Tech Platforms 13:57 France's Role and International Reactions 27:49 SEC Targets OpenSea 36:35 SEC’s Jurisdictional Strategies 40:29 Good vs. Bad Actors 45:16 Ethereum Foundation: Public Good or DeFi? 56:43 Vitalik vs. Crypto Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

31 Aug 20241h 3min

The SEC’s latest enforcement action is targeting NFTs, and OpenSea is in the crosshairs. In this episode, crypto lawyer Preston Byrne joins to unpack the implications of the SEC's Wells Notice to OpenSea and what it might mean for the platform and the broader NFT market. Could Section 230 of the Communications Decency Act provide a unique defense for OpenSea? Preston also dives into other recent SEC moves, including cases against Stoner Cats, Impact Theory, and more.  Lastly, with the 2024 elections looming and political divides sharpening, is the SEC overreaching in its approach to crypto? Show highlights: Why Preston believes that the SEC will go after OpenSea for being an unregistered securities exchange What the Stoner Cats case was about and why it was not a strong enforcement action, according to Preston Why OpenSea's defense against the SEC may hinge on Section 230 protections for user-generated content, setting it apart from traditional exchanges like Coinbase or Binance How the clear-cut promises made by Impact Theory about potential returns made their NFTs resemble securities, unlike the typical art-focused NFTs on OpenSea Why Nate Chastain’s NFT insider trading case is unlikely to impact the SEC’s potential lawsuit against OpenSea Whether the $4 million settlement by Dapper Labs over NBA Top Shot NFTs likely represents little relevance to OpenSea's SEC issues What a Wells notice signals about the SEC's likelihood of suing OpenSea and why they might feel confident about winning this case How Jonathan Mann and Brian Frye's lawsuit for clarity on NFTs as securities highlights the SEC's potentially overreaching stance in its possible case against OpenSea How Trump's careful language around his NFT collection likely minimizes SEC risk by avoiding investment promises and focusing on their use as digital collectibles Whether the SEC's actions could reinforce the divide among crypto voters, with Trump promising a crypto-friendly stance and Harris likely continuing a more adversarial approach 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 Token 2049 Mantle’s FBTC Gemini Guest Preston Byrne, Managing Partner at Byrne & Storm Links Wells notice Original announcement by X by OpenSea’s CEO Devin Finzer Unchained: OpenSea's Wells Notice From the SEC Could Prove ‘Disastrous’ Recent cases Unchained: Are NFTs Securities Offerings? Two Artists Sue the SEC to Find Out The Defiant: NFTs Are Securities? All Eyes Turn to Top Shot Case Reuters:  US regulator fines Stoner Cats creator for offering NFTs Ex-OpenSea manager sentenced to 3 months in prison for NFT insider trading Hester Peirce’s dissent on the Stoner Cats case Others Paper: The Economic Reality of NFT Securities. Mondaq: Defining NFTs: Property, Securities, Or Commodities? National Post: Trump’s newest NFTs show him as superhero, boxer and motorcyclist Timestamps: 00:00 - Introduction 02:11 - SEC targets OpenSea: Unregistered exchange? 03:58 - Stoner Cats case: Weak for SEC? 07:42 - OpenSea's defense: Section 230 protections 13:15 - Impact Theory's promises vs. OpenSea's NFTs 15:34 - Nate Chastain's case 17:15 - Dapper Labs settlement: Relevance to OpenSea 18:56 - Wells notice: SEC's confidence to sue 19:48 - Mann & Frye's lawsuit: SEC overreach? 22:39 - Trump’s NFT strategy: Minimizing SEC risk 24:53 - What this Wells notice says about the presidential election 58:25 - News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

30 Aug 202436min