Bankless Bankless

Nic Carter is Partner of Castle Island VC, host of the On the Brink Podcast, repeat Bankless guest, and recent victim of a Bitcoin maximalist (cyber hornets) attack.
Why was he swarmed? As a result and for many other reasons, he's distancing himself from these cyber hornets. Will others follow his lead?
Many assumed Nic was a Bitcoin maximalist, but really he's just Nic Carter. Who are you and what do you stand for?
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📣JUNO | Crypto Friendly Banking
https://juno.finance/bankless 
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BANKLESS SPONSOR TOOLS:
🚀ROCKET POOL | ETH STAKING
https://bankless.cc/RocketPool 
⚖️ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
❎ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 
🦁BRAVE | THE BROWSER NATIVE WALLET
https://bankless.cc/Brave 
🌴MAKER DAO | ECO-FRIENDLY STABLECOIN
https://bankless.cc/MakerDAO 
🔐LEDGER | SECURE STAKING
https://bankless.cc/Ledger 
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Topics Covered:
0:00 Intro
7:50 The Cyberhornets Attack
14:45 Bitcoin Maxi Motivation
30:30 Bitcoin’s Intolerant Community
42:19 Bitcoin’s Long-term Sustainability
46:50 How Nic’s Feeling About the Bear
49:30 Macro & Crypto
58:55 Free Banking
1:05:53 Regulation
1:06:57 Why to Stay in Crypto
1:10:12 Closing & Disclaimers
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Resources:
Nic Carter
https://twitter.com/nic__carter 
Setting the record straight by Nic Carter
https://medium.com/@nic__carter/setting-the-record-straight-b4e1b415e7d9 
Nic’s Podcast
https://onthebrink-podcast.com/ 
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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://newsletter.banklesshq.com/p/bankless-disclosures 

Josh Rosenthal is our favorite crypto native historian. He has a Ph.D. in history, and received a Fulbright Scholarship to the Sorbonne’s Institute for Advanced Studies.
Josh moved beyond traditional academia, sold some Web2 companies, and is now a crypto investor. He’s the historian that helped us craft the Crypto Renaissance podcast episode, which many people credit as the reason why they got into crypto.
And he’s here to do it again with the Crypto Revolution on the 4th of July, harkening a new independence day for the crypto nation.
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📣JUNO | Crypto Friendly Banking
https://juno.finance/bankless 
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🚀 SUBSCRIBE TO NEWSLETTER:          https://newsletter.banklesshq.com/   
🎙️ SUBSCRIBE TO PODCAST:                 http://podcast.banklesshq.com/   
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BANKLESS SPONSOR TOOLS: 
🚀ROCKET POOL | ETH STAKING
https://bankless.cc/RocketPool 
⚖️ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
❎ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 
🦁BRAVE | THE BROWSER NATIVE WALLET
https://bankless.cc/Brave 
🌴MAKER DAO | ECO-FRIENDLY STABLECOIN
https://bankless.cc/MakerDAO 
🔐LEDGER | SECURE STAKING
https://bankless.cc/Ledger 
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Topics Covered:
0:00 Intro
6:00 Josh Rosenthal
14:43 The Broad Themes of History
23:33 A Permissioned World
28:40 The Context of Revolution
36:21 Taxation and Value
42:30 The Revolutionary Goal
46:34 Launching an Experiment
50:51 Coordination
54:07 The Whiskey Rebellion
1:02:45 Flawed Policies
1:07:45 Net Improvements
1:16:28 Vocation
1:23:52 The Land of Opportunity
1:30:24 The Public Forum
1:37:50 Permissionless Building
1:45:40 Digital States
1:51:25 Make things easier
1:57:30 Get building
1:59:58 Help others
2:05:00 Closing
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Resources:
Josh Rosenthal
https://twitter.com/JoshuaRosenthal?s=20&t=_dhf5sZnqBpbG_SMeKcvrg 
The Crypto Renaissance
https://shows.banklesshq.com/p/-the-crypto-renaissance-josh-rosenthal 
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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://newsletter.banklesshq.com/p/bankless-disclosures 

Every company is handling the bear market differently. CZ and Binance are no different. What are they up to? Has their overall strategy changed? How have they been affected? Hear answers to all of these questions and much more in the livestream.
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📣JUNO | Crypto Friendly Banking
https://juno.finance/bankless 
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🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 
🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 
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BANKLESS SPONSOR TOOLS:
🚀ROCKET POOL | ETH STAKING
https://bankless.cc/RocketPool 
⚖️ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
❎ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 
🦁BRAVE | THE BROWSER NATIVE WALLET
https://bankless.cc/Brave 
🌴MAKER DAO | ECO-FRIENDLY STABLECOIN
https://bankless.cc/MakerDAO 
🔐LEDGER | SECURE STAKING
https://bankless.cc/Ledger 
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Topics Covered:
0:00 Intro
3:15 How Binance is Holding Up
5:54 Binance's Opportunities
8:40 Bear Market Positioning
11:56 How Long Will the Bear Last?
17:09 Hiring at Binance
19:56 CZ Meme & His Future
23:36 Binance's Future
29:38 Binance is Worldwide
37:00 The Future of BNB Chain & Use Cases
41:16 $BNB
44:10 Concerns of Binance Centralization
50:58 Why CZ is in Crypto
55:53 What Crypto Looks like in 5-10 Years
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Resources:
CZ
https://twitter.com/cz_binance 
Binance
https://twitter.com/binance 
CZ Photoshop
https://twitter.com/cz_binance/status/1537013824666095617 
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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://newsletter.banklesshq.com/p/bankless-disclosures 

Last Week of June, 2022
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📣JUNO | Crypto Friendly Banking
https://juno.finance/bankless 
------
🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 
🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 
------
BANKLESS SPONSOR TOOLS:
🚀ROCKET POOL | ETH STAKING
https://bankless.cc/RocketPool 
⚖️ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum 
❎ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 
🦁BRAVE | THE BROWSER NATIVE WALLET
https://bankless.cc/Brave 
🌴MAKER DAO | ECO-FRIENDLY STABLECOIN
https://bankless.cc/MakerDAO 
🔐LEDGER | SECURE STAKING
https://bankless.cc/Ledger 
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Topics Covered:
0:00 Intro
5:10 Markets
5:15 BTC Price
5:35 ETH Price
6:55 ETH BTC Ratio
7:05 Crypto Market Cap
7:50 FED WATCH
8:00 Who’s to Blame For Inflation?
https://ritholtz.com/2022/06/inflation-blame-15/ 
11:58 How’d We Get Here? Dan from Pantera
https://panteracapital.com/blockchain-letter/the-feds-twin-policy-errors/ 
15:10 WSJ: Rising Interest Rates Will Crush the Federal Budget
https://www.wsj.com/articles/high-interest-rates-will-crush-the-federal-budget-inflation-debt-spending-costs-recession-economy-11656535631 
20:00 3AC Meldown Continued
20:22 Crypto Hedge Fund Three Arrows Ordered by Court to Liquidate
https://www.wsj.com/articles/crypto-fund-three-arrows-ordered-to-liquidate-by-court-11656506404 
23:55 Voyager $660M Unsecured Loan
https://decrypt.co/103892/voyager-digital-issues-three-arrows-capital-default-notice 
29:49 Three Arrows Capital Liquidation Ordered in British Virgin Island
https://www.coindesk.com/business/2022/06/29/three-arrows-capital-liquidation-ordered-in-british-virgin-isles-report/ 
29:55 Su Zhu’s Yacht
https://twitter.com/AutismCapital/status/1540001243795542018 
31:25 Vitalik Subtweet
 
33:19 BlockFi
33:22 Where it Started https://www.coindesk.com/business/2022/06/16/blockfi-liquidated-three-arrows-capital-report/ 
35:25 FTX Seeks to Acquire BlockFi
https://www.theblock.co/post/154929/ftx-blockfi-deal-sources 
35:30 New Morgan Creek Bid
https://blockworks.co/blockfi-has-a-new-bidder-in-morgan-creek-report-says/ 
40:15 BlockFi Is Pursuing Plans to Go Public
https://www.coindesk.com/business/2021/07/22/blockfi-is-pursuing-plans-to-go-public-even-as-regulators-close-in/ 
https://www.theblock.co/post/155069/ftx-walked-away-from-celsius-deal 
42:15 4 Big Takeaways
https://www.theblock.co/post/154681/a-leaked-investor-call-revealed-morgan-creeks-bid-for-blockfi-here-are-four-more-big-takeaways-from-the-call 
43:30 Grayscale Sueing the SEC
40:35 SEC Rejects Grayscale’s Spot Bitcoin ETF Application
https://www.coindesk.com/policy/2022/06/30/sec-rejects-grayscales-spot-bitcoin-etf-application/ 
45:35 Michael Sonnenshein Didn’t Like That
https://twitter.com/Sonnenshein/status/1542311510055292928 
45:45 Grayscale Sues SEC
https://www.globenewswire.com/news-release/2022/06/30/2471737/0/en/Grayscale-Investments-Initiates-Lawsuit-Against-the-SEC.html 
52:10 NEWS
52:30 MakerDAO
52:42 Controversial MakerDAO Governance Vote
https://twitter.com/labsGFX/thread/1541488156909912065 
https://vote.makerdao.com/polling/QmWYajMq#vote-breakdown 
54:22 Post-vote Thread From Hasu
https://twitter.com/hasufl/status/1542196610775629824 
57:03 Lido Voters Reject Growth Limit For ETH2
https://thedefiant.io/lido-rejects-self-limiting/ 
57:25 Hasu Co-authored a Proposal for Lido stETH Governance
https://twitter.com/hasufl/status/1535275167177490438 
57:30 Proposal
https://research.lido.fi/t/ldo-steth-dual-governance/2382 
59:20 Arbitrum Odyssey
1:00:25 Odyssey Paused!
https://twitter.com/arbitrum/thread/1542159105946787840 
1:01:15 Dune Analytics Data
https://dune.com/springzhang/arbitrum-odyssey-event-tracking 
1:03:39 Optimism’s TVL Doubles
https://thedefiant.io/optimism-layer-2s-surge 
https://l2beat.com/

On this episode of Bankless, we welcome back DCinvestor and Eric Conner to share their multicycle bear market war stories. But that’s not all!
They also unpack why they keep on deciding to stay every cycle, what’s different about this cycle vs. previous cycles, the role leverage and macro conditions have played, and their hard-hitting, gigabrain advice for first-time cyclers and multicyclers alike.
Survive and advance, anon. We’re going to make it.
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📣 NOTIONAL | Real DeFi Yield
https://bankless.cc/Notional 
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🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 
🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 
------
BANKLESS SPONSOR TOOLS:
⚖️ ARBITRUM | SCALED ETHEREUM
https://bankless.cc/Arbitrum 
❎ ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 
🏦 ROCKET POOL | STAKE YOUR ETH
https://bankless.cc/RocketPool 
👻 AAVE V3 | LEND & BORROW CRYPTO
https://bankless.cc/aave 
⚡️ LIDO | LIQUID ETH STAKING
https://bankless.cc/lido 
🔐 LEDGER | NANO S PLUS WALLET
https://bankless.cc/Ledger 
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Topics Covered:
0:00 Intro
4:03 Being a Multicycle Vet
11:31 Market Phases
19:12 Credit to Staying
26:03 High Conviction High Loss
32:37 Regulator Fear
41:31 Lessons From This Cycle
49:00 Leverage
56:34 Macro Conditions
1:30:50 The Merge vs. Macro
1:09:00 Advice for Newcomers
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Resources:
DCinvestor
https://twitter.com/iamDCinvestor 
Eric Conner
https://twitter.com/econoar 
Devil Take the Hindmost: A History of Financial Speculation
https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806 
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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://newsletter.banklesshq.com/p/bankless-disclosures 

Last week, one of Ethereum’s biggest L2-integrated dapps — derivatives giant dYdX — announced plans to depart Ethereum upon its upcoming v4 release. The destination? A fully sovereign blockchain on the Cosmos Tendermint consensus protocol, built using the Cosmos software development kit.
We brought on dYdX, Founder, Antonio Juliano to discuss this announcement and so much more.
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📣 NOTIONAL | Real DeFi Yield
https://bankless.cc/Notional 
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🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 
🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 
------
BANKLESS SPONSOR TOOLS:
⚖️ ARBITRUM | SCALED ETHEREUM
https://bankless.cc/Arbitrum 
❎ ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 
🏦 ROCKET POOL | STAKE YOUR ETH
https://bankless.cc/RocketPool 
👻 AAVE V3 | LEND & BORROW CRYPTO
https://bankless.cc/aave 
⚡️ LIDO | LIQUID ETH STAKING
https://bankless.cc/lido 
🔐 LEDGER | NANO S PLUS WALLET
https://bankless.cc/Ledger 
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Topics Covered:
0:00 Intro
7:00 The Announcement
14:38 Creating the Best Product
25:10 Decentralization
33:50 The Risks
37:55 Wallets
40:07 Staking Validators
46:05 Monetary Policy & Latency
54:44 Tradeoffs with Ethereum
59:55 Legal Reasons
1:06:00 Real Centralization
1:14:20 Bridging & Composability
1:24:00 Closing
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Resources:
Antonio on Twitter:
https://twitter.com/AntonioMJuliano 
Announcement:
https://twitter.com/dYdX/status/1539607062291877889 
Why Would a dApp Leave Ethereum Right Now?
https://newsletter.banklesshq.com/p/dydx-cosmos-ethereum? 
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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://newsletter.banklesshq.com/p/bankless-disclosures