Unchained Laura Shin

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring discussions around Iggy Azalea's 'Mother' token, Waka Flocka Flame's 'Flocka' token, and other celebrities. We debate the broader implications of these phenomena on the crypto market, address criticisms of venture capital's role in crypto, and explore the seasonal nature of crypto trading. Tune in for an in-depth look at how pop culture intersects with cryptocurrency, shaping current market sentiment.

Show highlights
🔹 Seasonality in Crypto: Exploration of the historical seasonal trends in crypto markets and their implications.
🔹 Memecoins & Celebrities: Insightful discussion on the rise of celebrity-launched memecoins and their impact on the crypto world.
🔹 Market Cycles: Exploration of the different phases in market cycles and their effects on asset creation and liquidation.
🔹 VC Funding in Crypto: Examination of the role of venture capital in the crypto ecosystem and its impact on market dynamics.
🔹 VC vs. Liquid Funds: Debate on whether venture capital funds are beneficial or detrimental to the crypto markets.
🔹 Institutional and Retail Adoption: The importance of growing crypto usage among both institutions and retail investors.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures
Timestamps

00:00 Intro

01:58 Market Sentiment

07:34 Celebrity Involvement in Crypto

16:00 Celebrity Coins vs Endorsements 

25:24 Influencer Economy and Social Tokens

27:41 Legibility and Value of Memecoins

28:37 Crypto Influencers

31:07 VCs vs. Retail

36:50 Future of Crypto Markets

43:53 Institutional vs. Retail Adoption

50:45 Taking on Populist Takes


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A few weeks after its launch, Iggy Azalea's MOTHER memecoin is still in the spotlight. Host Joe McCann, who recently had dinner with her in New York, gives the inside scoop on how Iggy’s $MOTHER came to be, plus her plans. 
Also, Joe says Iggy is so bullish on Solana because it’s fast and cheap… but James Seyffart counters… nothing can be fast, cheap, and good. Except ETFs.
Guests Phil Bonello and Kelly Greer delve into the role of venture capital in crypto, and more particularly into dynamics between liquid hedge funds and massive token generation events. And James tells a mind-blowing story about how one ETF and obscure SEC rules could cause whiplash to the prices of Apple and Nvidia stock over the next few months. 
Plus, after SEC head enforcer David Hirsch resigned from the SEC this week, everyone gave their takes on why. Is Hirsch going to BlackRock, or was he scared about a potential lawsuit?
Show highlights:

00:51 The real story behind Iggy Azalea's MOTHER memecoin and the controversy between Joe and Haseeb Qureshi

07:26 Why Iggy is bullish on Solana, and whether MOTHER is a hopeful case for crypto, reflecting the evolving relationship between entertainment and Web3

12:35 Whether the market has already topped, given the involvement of celebrities in the industry

15:32 Whether VCs are extractive to the overall space, and how liquid funds and token unlocks impact the performance of assets

21:17 Why venture funds and hedge funds have different approaches to liquid crypto investments, and how memecoins are changing the game for allocators

33:18 Why there’s a 0% chance that SOL gets an ETF this year

34:19 What the recent macro trends point to, whether inflation going down is sustainable, and whether rate cuts are coming

43:32 Why Nvidia's rapid growth is about to trigger a multi-billion dollar rebalance in tech ETFs, and how both $NVDA’s and $AAPL’s stock prices might soon seesaw 

54:35 The theories about why the SEC’s chief crypto enforcer David Hirsch resigned from the agency (hint: it might have to do with the election)

59:52 Why James believes Ethereum ETFs will launch on July 2 and what amount of inflows the ETH ETFs might garner, esp. considering potential ETHE outflows

Hosts:


James Seyffart, Research Analyst at Bloomberg Intelligence


Joe McCann, Founder, CEO, and CIO of Asymmetric

Guests:


Kelly Greer, Vice President of Trading at Galaxy


Philip Bonello, Founding Partner at Plaintext Capital


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The political landscape in the US is heating up with the November elections, and the crypto industry is watching closely. 
In this episode, Anthony Scaramucci, founder of SkyBridge, doesn’t mince words and explains why he believes Joe Biden is the best choice—even for the crypto voter—in the upcoming election, the significance of the Ethereum ETF approval, and how the industry has overcome significant regulatory hurdles. 
Scaramucci also shares his insights on the future of Bitcoin ETFs, the role of younger generations in driving crypto policy, and why Solana might be the next big thing. 
Show highlights:

02:05 Why Anthony believes there’s only one choice in this election: Joe Biden

07:03 Why he thinks the crypto industry “has already won”

16:27 Whether the crypto industry should trust Trump with his pro-crypto comments

17:20 Why Anthony is convinced that the Biden administration has stopped its anti-crypto stance, even with the veto of the SAB 121 repeal

21:26 Why Anthony believes crypto is becoming a bipartisan issue, and how younger generations are driving this change in Washington

28:05 What three key elements would ideally be included in crypto legislation to ensure clarity and industry involvement in regulation

30:49 What happened to SkyBridge after selling a stake to FTX, and how they are riding the industry's “upswing”

38:00 What developments in Bitcoin ETFs could signal its recognition as an asset class and drive institutional adoption

40:00 What led SkyBridge to abandon its Bitcoin ETF application

43:23 What Anthony thinks is the best pitch for a spot Ether ETF to TradFi, and how expected inflows compare to Bitcoin ETFs

49:11 Anthony’s praise of Laura’s book

51:55 Why Anthony believes a Solana ETF might be the next big thing in crypto, despite SEC scrutiny and the need for a futures market first

55:20 Why SkyBridge is actively seeking new acquisitions and partnering with Parcl, a Solana-based decentralized real estate trading app

59:44 What Anthony's bullish predictions for Bitcoin and Ethereum are in the current cycle

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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Guest:

Anthony Scaramucci, Founder and Managing Partner at SkyBridge
Links

Recent coverage of Unchained on the political scenario in the US:

How the U.S. Government Can Protect the Dollar Through Stablecoins

Why Many Democrats, Including the White House, Have Come Around on Crypto

Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress


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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring Iggy Azalea's new coin 'Mother' and Andrew Tate's 'Daddy.' We discuss how these phenomena influence the broader crypto market, recent trends in airdrops, and the challenge of Sybil resistance. Additionally, we explore the permissionless nature of crypto and the trade-offs involved in fun and chaotic projects, including the explosive rise of 'Hamster Kombat.' Tune in for an in-depth look at how pop culture intersects with the core principles of cryptocurrency, shaping current market sentiment.
Show highlights
🔹 Crypto Market Sentiment: Discussion on the latest market trends and how inflation numbers are impacting the community. 
🔹 Memecoins & Celebrities: Analysis of Iggy Azalea's $Mother and the phenomenon of celebrity-launched memecoins. 
🔹 Emerging Memecoins: Insights into new memecoins, including issues with fake and hacked accounts. 
🔹 Tap-to-Earn Games: Overview of the rapid growth of simple click-based games like Hamster Kombat. 
🔹 Airdrop Controversies: Exploration of recent controversies, particularly involving zkSync and LayerZero, and challenges of Sybil attacks. 
🔹 Future Airdrop Strategies: Discussion on the evolution and need for clear, ungameable metrics.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

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Nathaniel Popper just published his latest book, "The Trolls of Wall Street," covering the Wall Street Bets phenomenon. Funnily enough, his book comes at a time when there are striking similarities with the current memecoin mania in crypto. 
In this episode, Popper explores the rise of online investing communities like Wall Street Bets and their reflection of broader societal changes, particularly among young men. 
He also touches on the parallels between the trolling culture of these communities and the rise of figures like Donald Trump, and delves into the hidden dangers and psychological influences of memes in modern investing.
Show highlights:

01:21 The rise of online money communities and the shift towards investing based on ideas rather than traditional financial fundamentals

04:06 How the changing roles of young men in society have influenced the growth of crypto and online financial communities

13:36 How Robinhood's design choices changed retail investing, sparking FOMO and controversy by making trading as easy as a swipe

18:04 The hidden dangers of memes in modern investing, and how they balance fostering community with driving speculation

22:56 Why Trump's ties to the crypto community highlight the mix of serious intent and trolling

30:07 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!

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Guest

Nathaniel Popper, author of The Trolls of Wall Street

Links
Previous coverage of Unchained on memecoins:

Unchained: Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641


BRETT Becomes First Memecoin on Base to Reach $1 Billion in Market Cap

DWF Labs to Invest in Memecoins, Onchain Data Reveals LADYS Transactions

Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures

The book:

Blockworks: What do memecoins and meme stocks have in common?: A review of ‘The Trolls of Wall Street’


Fortune: Q&A with the author of ‘The Trolls of Wall Street’: Gambling, conspiracies, and the return of Roaring Kitty, 

Meme culture

WSJ: 

Meme Stocks Are Back, but Fund Investors Moved On

Meet the ‘Degen’ Traders Fueling the Latest Meme-Stock Mania

CoinDesk: In Defense of Meme Coins



What else could memecoins be? By Vitalik Buterin


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Robinhood has been in the spotlight for its $200 million acquisition of European crypto exchange Bitstamp. The TradFi app’s venture into crypto is paying off: its recent earnings showed that revenue is growing substantially, and the Bitstamp acquisition is just one way the company will grow the pie.
Johann Kerbrat, general manager of Robinhood Crypto, came on the show to discuss the acquisition, Robinhood's plans for expanding its crypto business internationally and into the institutional market, the company's approach to listing crypto assets, how regulation has affected its business decisions, and its efforts to bridge traditional finance and decentralized finance.
Show highlights:

02:14 How the acquisition of Bitstamp will reshape Robinhood

08:51 Whether Robinhood could list more coins and whether it’s considering more acquisitions

11:54 Whether the U.S.’s unclear crypto regulation influenced the decision to acquire Bitstamp and which other jurisdictions, besides the EU, Robinhood Crypto is eyeing

17:46 Why Johann was disappointed by the Wells notice Robinhood received from the SEC

20:47 Johann’s U.S. crypto regulation wish list and why Robinhood supports the FIT21 bill

24:09 Why Robinhood delisted ADA, MATIC, and SOL, and the process for listing or delisting a coin on the platform

29:49 Johann’s background in crypto and trajectory at Robinhood Crypto

31:35 How Robinhood is uniquely poised to help bring real-world assets and securities on-chain, and how it will handle offerings for institutional investors

37:48 The impact and importance of the introduction of spot bitcoin ETFs

44:26 Why Robinhood decided to offer staking, but only for Solana, not Ethereum

46:11 Whether there’s demand for crypto-native features in the Robinhood platform

48:26 Robinhood’s collaboration with Arbitrum and whether the company might build their own Layer 2

54:29 Johann’s take on the memecoin mania and whether Robinhood could list them

59:26 What Johann thinks about the political fight around crypto 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!
Polkadot
Guest:

Johann Kerbrat, general manager of Robinhood Crypto
Links
Acquisition of Bitstamp: 

Unchained: Q&A With Robinhood Crypto General Manager: Why the Crypto Giant Went to the EU


Fortune: Robinhood defies the SEC by forking over $200 million for a crypto exchange


DL News: Robinhood crypto head says Bitstamp will help lure wealthy investors


Robinhood’s crypto business:

Bloomberg: Robinhood (HOOD) Profit Beats Estimates as Crypto Revenue Surges


Robinhood Reports First Quarter 2024 Results

Regulatory actions:

Reuters: Robinhood Crypto gets Wells notice from US SEC 

Robinhood Crypto Launches Staking in Europe with Localized Apps to Follow

Memecoin mania

Unchained: 

Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures 

Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz


Ether ETFs:

Unchained: 

Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? 

Why the SEC May Not Be Done in Its Legal Battles Over Ethereum

Kerbrat’s statement on ETFs



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