The Chopping Block: Why Solana’s Frequent Downtime Doesn't Bother Kyle Samani Unchained

Welcome to The Chopping Block – in person at Consensus in Austin! Crypto insiders Haseeb Qureshi, Robert Leshner, and Tarun Chitra are joined by guest Kyle Samani of Multicoin Capital to chop it up about the latest news in the digital asset industry. Show topics:

why Kyle believes people are too negative about the macro environment 

how the only crypto product with product-market fit is parties

what soulbound NFTs are, and what their pitfalls might be

why Kyle and Robert have a beef between them

why Kyle has a lot of run-ins with other people in crypto

how Kyle thinks about Solana’s 12 instances of downtime over the last six months 

how this has caused problems for SOL held in cold storage

how Kyle and Robert think projects need to make tradeoffs between stability and adaptability

why Kyle thinks every layer 1 and 2 will have a major failure over the next several years

how Kyle thinks EVM chains are value-destructive

how Tarun thinks zk L2s might be better aligned with the Ethereum ethos

how Optimism’s market-making partner Wintermute was hacked for $20 million in OP

why the hacker returned most of the money

how programming language centralization makes sense

how the Lummis-Gillibrand bill is a good opening salvo with respect to crypto regulation

why they believe that being paid for staking is not the same as being paid a dividend

how disclosure requirements could be onerous for small new projects

how they think the crypto industry is moving up the learning curve for lobbying 

why they believe the Lummis/Gillibrand bill will be changed to target stablecoins and DeFi more

 
EPISODE LINK
 
Hosts

Haseeb Qureshi, managing partner at Dragonfly Capital

https://twitter.com/hosseeb

Robert Leshner, founder of Compound 


https://twitter.com/rleshner 

Tarun Chitra, managing partner at Robot Ventures

https://twitter.com/tarunchitra

 
Guest

Kyle Samani, cofounder and managing partner of Multicoin Capital

https://twitter.com/KyleSamani?s=20&t=DN1G0CNY7JR11OoXOAFD2g

 
Show Topics

Wintermute Compromise

Optimism Foundation statement:

https://plaid-cement-e44.notion.site/A-Message-to-the-Community-from-the-Optimism-Foundation-f49b913bb0974d8a854a8bdd409a9dd6
Wintermute statement: 
https://gov.optimism.io/t/message-to-optimism-community-from-wintermute/2595

https://www.coindesk.com/tech/2022/06/09/15m-of-optimism-tokens-stolen-by-an-attacker-after-wintermute-sent-wrong-wallet-address/#:~:text=Optimism%20is%20a%20permissionless%20network%20and%20behaved%20as%20intended.&text=Wintermute%2C%20for%20its%20part%2C%20says,make%20the%20protocol%20whole%20eventually.%E2%80%9D

Osmosis Hack

https://www.theblockcrypto.com/post/150752/osmosis-dex-on-cosmos-exploited-for-5-million-as-validators-halt-the-network

https://twitter.com/stake_fire/status/1534598315441913856?s=20&t=VvGyUlOjGSlhXXUwZvKszw

Litecoin Delisting

https://decrypt.co/102350/crypto-exchanges-delist-litecoin-privacy-feature-concerns

Solana outage re: durable transactions (12 serious outages this year, about 2 a month)

https://www.theblockcrypto.com/linked/149698/solana-blockchain-suffers-new-network-outage

https://solana.com/news/06-01-22-solana-mainnet-beta-outage-report-2

Unchained episode with Andre Cronje about Solana’s downtime: https://unchainedpodcast.com/the-chopping-block-did-andre-cronje-pull-an-epic-crypto-rug-pull/ 

Cynthia Lummis & Kirsten Gillibrand presents landmark crypto bill

Coindesk Coverage: 

https://www.coindesk.com/policy/2022/06/07/key-us-senators-introduce-bill-outlining-sweeping-plan-for-future-crypto-rules/


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