Bankless Bankless

You might know Arthur Hayes as perhaps THE dominant financial creative writer in crypto. When Arthur Hayes drops an article, it commands the attention of basically everyone in the industry. 
And he’s done it again with his new piece, “Kaiseki,” which outlines one of the most chaotic and critical times in the macro and monetary landscape that we’ve seen, at least since 2008. 
In today’s episode, Arthur walks us through his essay, why he believes Balaji’s $1M Bitcoin bet is wrong, how he’s navigating these tumultuous times, and so much more. 
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🚀 JOIN BANKLESS PREMIUM: 
https://www.bankless.com/join 
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BANKLESS SPONSOR TOOLS: 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
👻 PHANTOM | FRIENDLY MULTICHAIN WALLET
https://bankless.cc/phantom-waitlist 
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
https://bankless.cc/MetaMask 
🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi  
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Timestamps:
0:00 Intro
6:27 Arthur’s Recent, “Kaiseki” Essay
13:09 Bank Term Funding Program (BTFP) 
18:08 Effect on the Banking Sector
24:30 Current State of the Banking Sector 
30:44 Should We Support BTFP?
39:11  What’s Going to Happen to Crypto? 
46:56 Sending Bitcoin to $1M 
55:05 Effects on Expanding Variables 
57:35 Who Takes the Loss? 
1:00:00 Rampant Inflation Worldwide & Fiat
1:03:36 Swap Lines 
1:06:07 Punchlines & Endgame 
1:09:25 Everyone is a Speculator
1:10:49 What Will Arthur Hayes Do?
1:13:36 Closing & Disclaimers  
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Resources: 
Arthur Hayes
https://twitter.com/CryptoHayes  
Arthur’s Recent, “Kaiseki” Essay
https://entrepreneurshandbook.co/kaiseki-b15230bdd09e  
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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 

Balaji Srinivasan is back on Bankless with alarming takes. According to Balaji, in the next 90 days, the Dollar will hyperinflate—and the Bitcoin price will skyrocket to $1 Million.
He’s backed up these claims with a million dollar bet. With these dire predictions and a track record of strong takes, we needed to hear him out. 
Who should we bring on next to counter these claims?
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🚀 JOIN BANKLESS PREMIUM: 
https://www.bankless.com/join 
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BANKLESS SPONSOR TOOLS: 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
👻 PHANTOM | FRIENDLY MULTICHAIN WALLET
https://bankless.cc/phantom-waitlist 
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
https://bankless.cc/MetaMask 
🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi  
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Timestamps:
0:00 Intro
7:50 Weeks when Decades Happen
9:30 $1 Million Bitcoin Bet
16:20 Balaji’s Track Record
19:00 Pandemic
https://twitter.com/balajis/status/1222921758375927808 
23:15 Hyperinflation
https://twitter.com/balajis/status/1636797265317867520 
27:50 US Banking Failure
https://twitter.com/balajis/status/1636822077775941633 
32:50 The Banks are Insolvent
https://pbs.twimg.com/media/FrXKYKcakAAdJwe?format=jpg&name=medium
https://twitter.com/balajis/status/1637671174271565825 
35:38 More Failure, More Funding
https://archive.is/0Jww3#selection-731.0-731.286 
40:30 FDIC and the Fed
https://www.telegraph.co.uk/news/worldnews/europe/eu/10874230/Jean-Claude-Juncker-profile-When-it-becomes-serious-you-have-to-lie.html 
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm 
44:18 Bank Runs
https://qz.com/the-feds-discount-window-is-lending-to-banks-at-2008-le-1850237214 
https://twitter.com/balajis/status/1637859435149398016 
https://www.straitstimes.com/business/banking/wall-street-giants-move-to-rescue-first-republic-bank 
https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm 
52:25 Escaping to Gold
https://twitter.com/spectatorindex/status/1637544100663803904 
57:50 Exporting Inflation
https://www.theguardian.com/lifeandstyle/2011/jul/17/bread-food-arab-spring 
https://www.wsj.com/graphics/red-economy-blue-economy/ 
https://howmuch.net/articles/rise-and-fall-dollar 
1:04:30 Bitcoin in Wartime
https://pbs.twimg.com/media/FrrfQuaaUAEFYev?format=jpg&name=medium 
1:10:45 Capital Allocation
https://twitter.com/balajis/status/1488988253411708931 
1:13:30 The Only Real Banks
https://twitter.com/koeppelmann/status/1637898298005626881 
1:20:49 Why Now?
https://twitter.com/balajis/status/1637329482687324161 
https://twitter.com/balajis/status/1637868839890472960 
https://twitter.com/0xfoobar/status/1637855829750628353 
https://www.google.com/search? q=sivb&oq=sivb&aqs=chrome..69i57j0i10i131i433i512l2j0i10i512l2j69i64l3.1066j0j7&sourceid=chrome&ie=UTF-8 
https://www.google.com/search?q=usd+btc&oq=usd+btc&aqs=chrome..69i57j0i512l4j69i64l3.1207j1j7&sourceid=chrome&ie=UTF-8 
1:28:15 Do This Now
https://twitter.com/MaxCRoser/status/1355652800588505089 
1:34:52 A Year From Now
 https://www.youtube.com/watch?v=PHe0bXAIuk0 
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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 

David interviews Polygon Co-Founder, Sandeep Nailwal & Immutable Co-Founder Robbie Ferguson on their new zkEVM Partnership. 
The three dive into the announcement, what it means for IMX and MATIC, how this partnership impacts the future of web3 gaming, and so much more. 
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🚀 JOIN BANKLESS PREMIUM: 
https://www.bankless.com/join 
------
BANKLESS SPONSOR TOOLS: 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
👻 PHANTOM | FRIENDLY MULTICHAIN WALLET
https://bankless.cc/phantom-waitlist 
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
https://bankless.cc/MetaMask 
🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi   
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Timestamps:
0:00 Intro
5:15 Immutable x Polygon Announcement
10:47 Immutable zkEVM
13:00 Polygon’s Tokenomics 
14:32 IMX & MATIC
16:50 Paradigm Shift of Gaming Deals 
20:26 Topology of Immutable x Polygon
24:17 Immutable x Polygon Business Development 
29:11 Web3 Gaming Competition 
31:22 Current State of Web3 Gaming 
34:00 What’s Next for Immutable x Polygon? 
39:42 Resources to Learn More 
40:25 Scaling with Ethereum 
42:06 Closing & Disclaimers
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Resources:
Sandeep
https://twitter.com/sandeepnailwal 
Robbie
https://twitter.com/0xferg 
Polygon
https://twitter.com/0xPolygon  
Immutable
https://twitter.com/immutable  
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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 

Hester Peirce is one of five SEC Commissioners. She's been a Commissioner since 2018, with her term ending in 2025. Peirce, a previous podcast guest of Bankless, consistently makes first principles statements and is known to often dissent for her colleagues on crypto-related actions…we talk about that in today’s episode. These are a couple of many reasons why we enjoy her and her guidance so much. 
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✨ DEBRIEF | Unpacking the episode: 
https://shows.banklesshq.com/p/debrief-hester-peirce 
 
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✨ COLLECTIBLES | Collect this episode: 
https://collectibles.bankless.com/mint 
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We’re three months into 2023 in one of the worst regulatory environments we’ve seen for crypto in the United States. In today’s episode, SEC Commissioner, Hester Peirce shares some insight on what crypto could be like if we had a first principles SEC, what a security is and how we can define it, and how can crypto take its share of the responsibility to move this industry forward. 
Commissioner Peirce was on the show two years ago…Apr 12, 2021. Today’s second appearance is one you do not want to miss. 
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🚀 JOIN BANKLESS PREMIUM: 
https://www.bankless.com/join 
------
BANKLESS SPONSOR TOOLS: 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
👻 PHANTOM | #1 SOLANA WALLET
https://bankless.cc/phantom-waitlist 
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
https://bankless.cc/MetaMask 
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Topics Covered
0:00 Intro
8:25 Thoughts on Bank Crisis
9:30 Why We Need the SEC 
11:40 Information Asymmetries
13:20 Healthy Crypto/SEC Relationship
17:15 SEC Security Definition 
20:52 Security Catch-22 
25:40 Expanding Jurisdiction 
28:35 SEC Advocation 
35:03 Dissent SEC Sway
39:36 Kraken Staking 
43:36 Guidance vs. Enforcement 
46:15 Stablecoin Status 
47:43 What Crypto Could Be Doing Better?
51:12 Decentralization 
53:49 Self-Regulation 
55:24 Duke Speech 
57:59 Closing 
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Resources:
Hester Peirce
https://twitter.com/HesterPeirce 
-----
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 

Wen Arbitrum token?! We've been asking CEO, Steven Goldfeder, and CTO Harry Kalodner this exact question each time they've been on Bankless. We're sad, but also overly delighted that, that question has officially been answered. 
Arbitrum's token $ARB will officially be airdropped later this week. In this episode, we dive into all of the juicy details of the airdrop and Arbitrum's plans for the future.  
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🚀 JOIN BANKLESS PREMIUM: 
https://www.bankless.com/join 
------
BANKLESS SPONSOR TOOLS: 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap 
👻 PHANTOM | FRIENDLY MULTICHAIN WALLET
https://bankless.cc/phantom-waitlist 
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
https://bankless.cc/MetaMask 
🚁 EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS
https://bankless.cc/earnifi   
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Timestamps:
0:00 Intro
4:44 Wen Token?
8:30 Why Now?
11:52 Token Distribution & Treasury
20:12 Governance
26:11 Token Eligibility
35:08 Protocol Guild 
38:55 Arbitrum Constitution 
44:52 Rollup Decentralization
49:10 Orbits & Layer 3s
57:05 What's Next for Abitrum? 
1:01:55 Closing & Disclaimers 
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Resources:
Arbitrum
https://twitter.com/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 

Bankless Weekly Rollup
3rd Week of March 2023
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🚀 JOIN BANKLESS PREMIUM: 
https://www.bankless.com/join 
------
BANKLESS SPONSOR TOOLS: 
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken 
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
https://bankless.cc/MetaMask 
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
🦄 UNISWAP | THE DEFI EXCHANGE
https://bankless.cc/uniswap 
👻 PHANTOM | CROSS-CHAIN WALLET
https://bankless.cc/phantom 
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Topics Covered
0:00 Intro
1:40 Citizenship
3:30 MARKETS
9:40 CPI Inflation
https://twitter.com/RealVision/status/1635619573901688834 
12:54 ETH Burn
https://twitter.com/ultrasoundmoney/status/1635719284876771350 
14:00 DeFi Volume
https://twitter.com/AustinAdams10/status/1634737488534073344 
https://twitter.com/synthetix_io/status/1633963371434332161 
18:45 Arbitrum Token
https://twitter.com/BanklessHQ/status/1636351836381937666 
https://docs.arbitrum.foundation/gentle-intro-dao-governance 
27:35 $ARB Airdrop Predictions
https://www.bankless.com/the-arb-arbitrum-airdrop-is-here/ 
https://earni.fi/
32:27 US Banking System
https://twitter.com/scienceisstrat1/status/1627661003449147393 
36:12 Recapping SVB and Silvergate
37:07 Operation Chokepoint 2.0
https://twitter.com/nic__carter/status/1634770876494147584 
https://twitter.com/GOPMajorityWhip/status/1636008298481680384 
41:49 USDC Price
https://twitter.com/jerallaire/status/1635059024050937856 
39:47 Credit Suisse
https://apnews.com/article/credit-suisse-banks-svb-shares-ecb-lagarde-94585aebadbf67f9a2307d3560ce502c 
45:47 Banking Crisis
https://twitter.com/twobitidiot/status/1635112021862785024 
46:42 FedNow CBDC
https://twitter.com/federalreserve/status/1636110208878379010 
https://twitter.com/damonnam/status/1636150037657837568 
48:23 ETH Security KuCoin Crypto
https://ag.ny.gov/press-release/2023/attorney-general-james-continues-crackdown-unregistered-cryptocurrency-platforms 
https://www.coindesk.com/policy/2023/03/09/what-happens-if-ethereum-is-a-security/ 
50:37 Gary Gensler Proof of Stake
https://www.theblock.co/post/220297/gensler-suggests-proof-of-stake-tokens-are-securities 
54:50 Ethereum Shanghai Staking Withdrawals
https://twitter.com/TimBeiko/status/1636370111333556224 
Lido Staking - 
https://twitter.com/LidoFinance/status/1635739571227951117 
55:50 Euler Finance Hacked
https://twitter.com/eulerfinance/status/1635431726364147712? 
59:20 Aztec Connect
https://twitter.com/aztecnetwork/status/1635319509707030528 
1:00:15 Starbucks NFTs
https://www.theverge.com/2023/3/9/23633169/starbucks-nfts-odyssey-siren-collection-rewards-program 
1:01:10 Fortnite Epic Games Crypto
https://blockworks.co/news/epic-games-fortnite-store-crypto-blockchain 
1:02:05 Meta Instagram NFTs
https://twitter.com/skasriel/status/1635386565487898624 
1:04:20 Bankless NFT Collectibles
https://market.bankless.com/ 
1:05:15 Fidelity Crypto
https://www.theblock.co/post/220298/fidelity-crypto-quietly-went-live-giving-millions-of-retail-customers-access-to-bitcoin-ether 
1:06:25 Releases
Uniswap on BNB - https://twitter.com/Uniswap/status/1636034900284383239 
Soul Wallet - https://techcrunch.com/2023/03/16/soul-wallet-crypto-wallet/ 
1:10:30 Questions from the Nation
https://www.bankless.com/join 
1:18:00 TAKES of the Week
1:20:00 Banks are Rollups
https://twitter.com/0xJim/status/1635290618003066882 
1:21:02 Crypto Markets
https://twitter.com/TrustlessState/status/1635312852067307520 
1:21:47 Tech Entrepreneurs
https://twitter.com/RyanSAdams/status/1634892046447308800 
1:23:10 What David’s Bullish On
1:25:00 What Ryan’s Bullish On
1:28:00 MEME of the Week
 
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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