Bankless Bankless

Vance Spencer is the Co-Founder of Framework Ventures, a VC firm that got its claim to fame by sticking around during the 2018-2020 bear market, going all-in on DeFi before we had a name for it, and taking risks and finding gems while everyone else fled the industry.
This is Vance’s 4th appearance on Bankless, because in addition to being a chad VC, he’s also adept at measuring the markets and understanding metas, which is what we’re looking to do here today.
Bitcoin is down 66% from the top, but up 50% from the bottom! ETH Down 66% from the top, but up 75% from the bottom! Solana down 90%, but up 200% from the bottom! Meanwhile, Ethereum’s L2 ecosystem is HOT. OP is hitting ATHs. RPL is at its highs in ETH terms, nearing highs in USD terms… Aptos is somehow at a 16B valuation.
Question: Where are we??? Vance has the answer.
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Crypto Tax Calculator | Free Crypto Tax Calculator
https://bankless.cc/CTCpodcast 
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BANKLESS SPONSOR TOOLS:
KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
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Timestamps:
0:00 Intro
6:24 Vance's Read of the Market
8:10 Ranging
9:40 Indicators
13:00 Apathy Market
15:30 Trends
18:41 Institutions
22:45 Is FTX a Permanent Stain?
25:45 Aptos
29:30 Alt-L1s
35:05 Private Markets
37:24 Crypto Gaming
41:15 Future of DeFi Tokens
43:39 Macro & Recession
45:40 ETH/BTC
49:40 Alt-L1s Over?
51:05 2023
51:50 Closing & Disclaimers
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Resources:
Vance Spencer
https://twitter.com/pythianism 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures 

Paul Brody is the head of EY’s blockchain business. EY is Ernst & Young, one of the “big 4” global professional services and accounting firms. He’s been at EY for nearly 8 years now and before that he was a VP at IBM where he started IBM’s first blockchain project.
Paul is deeply intertwined with the Ethereum community as well as enterprise use cases. If anyone is going to crack the nut of Enterprise use cases for public blockchains, it's going to be him.
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Crypto Tax Calculator | Free Crypto Tax Calculator
https://bankless.cc/CTCpodcast 
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JOIN BANKLESS PREMIUM:
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BANKLESS SPONSOR TOOLS:
KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi 
-----
Timestamps:
0:00 Intro
7:00 Enterprise Blockchains
11:20 Public vs. Private Blockchains
15:00 Use Cases
18:36 Supply Chains vs. Digital Money
22:00 Disruption
23:55 Network Effects
26:40 EY's Nightfall
30:50 Low-Cost Transactions
37:30 Tokenizing the World
41:50 Real-World Assets
47:10 Transactions
50:44 Stablecoin Adoption
54:15 DeFi Integration
56:35 Operating Nightfall
59:40 Nightfall Roadmap
1:01:35 Why EY
1:05:15 Enterprise Blockchain Burn Leaderboard
1:08:40 Action Items & Disclaimers
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Resources:
Paul Brody
https://twitter.com/pbrody 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures 

✨ DEBRIEF | Unpacking the episode:
https://shows.banklesshq.com/p/debrief-wayne-chang-sign-in-with-ethereum 
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✨ COLLECTIBLES | Collect this episode:
https://collectibles.bankless.com/mint 
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Wayne Chang is the co-author of EIP4361, otherwise known as the Sign in with Ethereum (SIWE) Standard. He’s also the co-founder and CEO of Spruce, a company that is working to grow SIWE adoption to make the internet more user-first.
Can Ethereum help us take back our identity on the internet? There will be two phases of crypto–in phase one we take back our money. In phase two we take back our identity. Tune in to find out how.
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📣 Crypto Tax Calculator | Free Crypto Tax Calculator
https://bankless.cc/CTCpodcast 
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🚀 JOIN BANKLESS PREMIUM:
https://newsletter.banklesshq.com/subscribe 
------
BANKLESS SPONSOR TOOLS:
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi 
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Topics Covered
0:00 Intro
8:50 Identity on the Internet
17:15 Current State of Identity on the Internet
23:25 Web2 Log-in Risks & Incentives
25:50 Authentication vs. Authorization vs. Identity vs. Identifier
30:52 Sign-in with Ethereum
36:12 The Benefits of SIWE
39:15 The Rest of the SIWE Iceberg
40:50 Bringing Your Own Data Vault
46:19 Data Representing Identity
48:54 Identity & Data Vaults
50:40 Dapps & Use Cases
56:16 The Future of SIWE
1:02:33 Zero Knowledge Proofs & Minimal Disclosure
1:07:09 Bots
1:08:30 Deep Fakes
1:09:39 Session Keys & No More Cookies
1:15:14 Ethereum the Blockchain’s Role
1:17:25 Ethereum & Identity
1:19:40 Why Log-in with Ethereum?
1:22:30 Censorship Resistance
1:24:40 Festival of the Commons
1:29:40 SIWE Next Steps
1:31:43 Why SIWE is Important
1:32:52 Closing & Disclaimers
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Resources:
Sprue
https://spruceid.com 
Read EIP 4361
https://eips.ethereum.org/EIPS/eip-4361 
Wayne Chang
https://twitter.com/wycdd 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures 

3rd Week of January, 2023
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  Crypto Tax Calculator | Free Crypto Tax Calculator
htthttps://bankless.cc/CTCpodcast 
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 JOIN BANKLESS PREMIUM: 
https://newsletter.banklesshq.com/subscribe 
------
BANKLESS SPONSOR TOOLS: 
KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi  
-----
Resources:
0:00 Intro
4:20 MARKETS
6:20 Total Crypto Market Cap
7:50 Fed Cutting?
https://twitter.com/DeItaone/status/1615404601489883136 
9:05 Debt ATH
https://twitter.com/WatcherGuru/status/1616086891098415104 
9:40 ETH Ultra Sound
https://ultrasound.money/ 
11:00 Ethereum Quarterly Report
https://newsletter.banklesshq.com/p/state-of-ethereum-report-q4-2022 
16:50 FTX Solana Position
https://twitter.com/b1ockgreg/status/1615506527741263872 
18:05 FTT Pumping?
https://www.coingecko.com/en/coins/ftx-token 
21:30 SEC vs Gemini
https://www.cnbc.com/2023/01/12/sec-charges-genesis-and-gemini-with-selling-unregistered-securities.html 
22:54 Winklevoss Defense
https://twitter.com/tyler/status/1613674686646484992 
24:35 Who Benefits
https://twitter.com/dogetoshi/status/1613660660981796869 
25:10 After the Fact
https://twitter.com/cryptowendyo/status/1613666846041067523 
26:05 Saving Investors
https://twitter.com/LewellenMichael/status/1613741457248030720 
26:30 Is Genesis Bankrupt?
https://twitter.com/fintechfrank/status/1615781926161235976 
28:45 Is it Priced In?
https://twitter.com/business/status/1615885016164081664 
29:40 CoinDesk for Sale
https://www.cnbc.com/2023/01/18/coindesk-engages-lazard-to-explore-sale-as-dcg-crisis-grows.html 
32:55 International Crypto Enforcement 
https://twitter.com/AP_Abacus/status/1615749853950115844 
36:00 Bitzlato
https://www.theblock.co/post/203516/wtf-is-bitzlato-crypto-twitter-rolls-eyes-at-dojs-big-arrest 
41:30 3AC New Exchange?
https://www.theblock.co/post/202589/3ac-zhu-davies-new-crypto-exchange 
42:00 Trading Claims
https://twitter.com/JJcycles/status/1615005217551966208 
45:45 Ethereum Validators
https://decrypt.co/119370/ethereum-validators-hit-500000-ahead-scheduled-shanghai-upgrade 
46:10 Dev Report
https://www.developerreport.com/developer-report 
48:10 Norway Arbitrum
https://twitter.com/arbitrum/status/1613801636350119937 
49:12 MetaMask Staking
https://twitter.com/MetaMask/status/1613953273957945352 
49:45 2017 Cryptopunk Sale
https://twitter.com/mullet_eth/status/1615099917806051349 
52:30 SBF Congress
https://www.coindesk.com/policy/2023/01/17/congress-ftx-problem-1-in-3-members-got-cash-from-crypto-exchanges-bosses/14554945567 
53:50 Digital Dollar
https://www.coindesk.com/policy/2023/01/18/digital-dollar-project-warns-on-uss-cautious-approach-to-cbdcs/
55:35 FTX is Solvent 
https://twitter.com/SBF_FTX/status/1615507065337958401 
56:17 MiCA Delay
https://blockworks.co/news/mica-delay-until-april-gives-eu-crypto-firms-ample-breathing-room 
57:15 Releases
1inch: https://blog.1inch.io/introducing-the-1inch-hardware-wallet-47e2a2a8d5a0 
Den: https://twitter.com/OnChainDen/status/1615363420429381635 
MeanFi: https://twitter.com/aztecnetwork/status/1615348404842008583 
59:10 Raises
Diva: https://www.theblock.co/post/202690/diva-closes-3-5-million-seed-round-for-distributed-liquid-staking-protocol 
Obol: https://twitter.com/ObolNetwork/status/1615385163218948096 
Flashbots: https://twitter.com/theblock__/status/1616020690326388738 
Sleepagotchi: https://twitter.com/dberenzon/status/1615453029360365569 
1:02:15 ETH Denver Meetup
https://imgur.com/TbapHDs 
1:03:00 Questions from the Nation
https://youtu.be/Os10Ln8sMOc?t=6166 
1:09:00 TAKES of the Week
1:09:30 Crooked Cop
https://twitter.com/twobitidiot/status/1613673970896703

In today's episode, we're talking about what’s hot on Arbitrum. Three Arbitrum experts are here to help guide us through what's new in the Arbitrum ecosystem.
The Arbitrum metrics are HOT. 2022 was not the best year for crypto, but they were for L2s, and especially for Arbitrum! Tune in to learn why and how Arbitrum is shaping the future of L2s, gaming, and NFTs as we know it.
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📣 Crypto Tax Calculator | Free Crypto Tax Calculator
https://bankless.cc/CTCpodcast 
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JOIN BANKLESS PREMIUM:
https://newsletter.banklesshq.com/subscribe 
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BANKLESS SPONSOR TOOLS:
KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi 
-----
Timestamps:
0:00 Intro
8:11 What is Arbitrum Doing Right?
15:20 GMX
17:03 Arbitrum Culture
24:30 Treasure's Expansion
29:30 Culture vs. Technology of Chains
31:42 The Bankless Thesis
36:00 GMX's Hooks
38:20 DeFi Activity
43:37 Community Engagement
48:00 The Nintendo of Web3
51:50 Building Along Treasure & Arbitrum
57:53 What's Holding the Ecosystem Back?
1:03:55 What is Beacon?
1:07:00 PFPs in Arbitrum
1:12:00 Token Alpha
1:13:50 Closing & Disclaimers
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Resources:
Karel Vuong - Co-Founder & COO, Treasure
https://twitter.com/karelvuong 
Diego Vidaurre - Co-Founder & CEO of The Beacon
https://www.linkedin.com/in/diego-vidaurre-schaffer-6989a1120 
Coinflipcanada - Core contributor to GMX
https://mobile.twitter.com/coinflipcanada 
Massive Arbitrum Acquisition!! with Steven Goldfeder & Preston Van Loon
https://youtu.be/PmWeXVRPeic 
How to Gain Exposure to Arbitrum
https://newsletter.banklesshq.com/p/how-to-gain-exposure-to-arbitrum 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures 

✨ DEBRIEF | Unpacking the Episode:
https://shows.banklesshq.com/p/tyler-cowen-debrief 
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Tyler Cowen is an American economist, columnist, and blogger. He’s also a professor at George Mason University, where he also produces the Conversations with Tyler podcast with guests like Vitalik Buterin. Marc Andreessen, and Ray Dalio.
In today’s episode, Tyler shares why he thinks regulators should pause and wait before passing crypto regulation in the wake of FTX, how FTX and Enron are similar, why he calls himself a crypto-hopeful (even though he thinks Balaji’s Network State idea is utterly wrong). And finally, we play Tyler's favorite game—Overrated vs. Underrated—about everything relevant in 2023: Crypto AI, Inflation, America, China, Social Media, Wealth Inequality, and more.
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📣 Crypto Tax Calculator | Free Crypto Tax Calculator
https://bankless.cc/CTCpodcast 
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🚀 JOIN BANKLESS PREMIUM:
https://newsletter.banklesshq.com/subscribe 
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BANKLESS SPONSOR TOOLS:
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi 
------
Topics Covered
0:00 Intro
6:10 Tyler’s 2023 Crypto Thoughts
6:50 Why Crypto is Confusing
9:04 Is Crypto Overrated?
10:25 Is Crypto Worth it?
12:19 Regulation
19:33 On-Chain Privacy, Taxes, Surveillance
24:00 FTX vs. Enron
27:35 Wealth Inequality
32:05 Crypto Regulation vs. Innovation
34:48 Can the U.S. Choke Crypto?
36:24 Crypto vs. the Internet
37:56 Whose at Fault for FTX?
40:00 Crypto Self-Regulation
45:16 A.I. Regulation
46:46 A.I.’s SBF Moment?
48:05 Is the Future Closer than it Appears?
50:31 Human Self-Regulation
51:16 Economists & Crypto
53:20 Vitalik
54:16 Free Markets & Greed
55:21 Overrated vs. Underrated
1:00:24 Balaji’s Network State
1:01:47 Banks
1:02:15 Closing & Disclaimers
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Resources:
Tyler on Twitter
https://twitter.com/tylercowen 
Tyler’s Blog
https://marginalrevolution.com/ 

Tyler’s Podcast
https://conversationswithtyler.com/ 
Beware the Dangers of Crypto Regulation
https://www.washingtonpost.com/business/beware-the-dangers-of-crypto-regulation/2023/01/03/27f6f31a-8b63-11ed-b86a-2e3a77336b8e_story.html 
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures