17 episodes

Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.

Web3 Breakdowns Colossus

    • Business
    • 4.9 • 35 Ratings

Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.

    An Overview of Crypto Mining

    An Overview of Crypto Mining

    Today I am joined by Mike Colyer, the Chief Executive Officer of Foundry, one of the largest players in crypto mining, staking, and financing.
     
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
     
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    This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.
     
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    Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.
     
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
     
    Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 
     
    Show Notes
    [00:01:55] - [First question] - What he was doing before Bitcoin and what attracted him to crypto and mining specifically
    [00:03:21] - Overview of how Bitcoin mining works and the complexity and computing power necessary to participate
    [00:05:58] - What role luck plays in mining and winning a block
    [00:08:41] - Why some people say that mining is a horrible business
    [00:10:42] - The turning point for DCG to get involved in the mining side of crypto
    [00:14:03] - Whether or not equipment financing is always the core focus to support miners
    [00:15:19] - How a mining pool works and whether or not pools can attack the network
    [00:20:19] - His belief as to why China decided to ban mining 
    [00:21:46] - Why manufacturers still make Bitcoin’s network vulnerable 
    [00:23:17] - How the team at Foundry reacted to China’s decision to ban mining 
    [00:24:45] - Thoughts on his role as a distributor and deciding which countries to empower
    [00:27:24] - Whether or not Foundry plans on becoming a public company
    [00:28:28] - What miners do mechanically on a day-to-day basis 
    [00:29:14] - The average return on invested capital when setting up a mining company
    [00:29:51] - Why they only mine a small amount of Ether compared to Bitcoin
    [00:24:17] - Can miners switch back and forth between assets they mine?
    [00:32:14] - How chains convince Foundry to deploy capital and stake on their blockchains
    [00:33:18] - Differences between proof-of-work and proof-of-stake blockchains
    [00:35:45] - How Ethereum attracts miners and when they’ll move to proof-of-stake
    [00:37:05] - The most challenging part of running a mining operation
    [00:37:42] - Will we see a world where we can use phones and consumer tech to mine?
    [00:38:45] - Can we expect to see energy companies stepping into the mining space? 
    [00:41:43] - The countries he’s most excited about that are making strides in mining
    [00:42:32] - Thoughts on energy use, consumption and environmental impacts
    [00:45:28] - Educating politicians on the advantages and necessity of participating in mining
    [00:46:18] - What he’s most excited about seeing built in the short term and mid-term 
    [00:48:05] - Learn more about mining; foundrydigital.com

    • 48 min
    ZenLedger: A Framework for Crypto Taxes

    ZenLedger: A Framework for Crypto Taxes

    Hello, this is Eric Golden and my guest today is Dan Hannum, the Chief Operating Officer of ZenLedger, a crypto tax software similar to TurboTax. Dan is here today to help us understand the evolving world of taxes and the impact on crypto, DeFi and NFTs.
     
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.



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    This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.
     
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    Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.
     
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
     
    Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 
     
    Show Notes
    [00:01:56] - [First question] - How the US tax code is currently structured as it relates to crypto
    [00:03:38] - Classifying cryptocurrencies and taxable events when using and trading them
    [00:07:24] - Assigning your cost basis based on your transaction 
    [00:09:53] - Structuring data reported from exchanges and how it’s changed over time
    [00:13:09] - What the IRS was suing Coinbase for and why 
    [00:15:47] - Thoughts on DeFi and reporting transactions to the IRS
    [00:18:06] - Airdropped tokens and ways to think about them from a tax perspective
    [00:21:34] - Tax loss harvesting and crypto tax loopholes 
    [00:23:42] - Tax rates for individuals and companies being involved in crypto full-time  
    [00:25:42] - Writing off lost hard-wallets and reporting losses
    [00:29:54] - Burner addresses as proof of destruction or loss
    [00:31:23] - ZenLedger’s customer base and a focus on retail investors
    [00:34:38] - Keep track of your transaction sources for aggregating your data
    [00:36:56] - What he’s most excited to build over the next six months and next ten years

    • 40 min
    ENS: Ethereum Name Service

    ENS: Ethereum Name Service

    This is Eric Golden, and today I'm covering Ethereum Name Service, also known as ENS. In non-technical terms, a naming service allows you to map human-readable words to computer-based numbers. Listeners are likely familiar with Domain Name Services, DNS, which translates a website name such as joincolossus.com into an Internet Protocol address. ENS is similar, but instead of mapping to an IP address, domains are mapped to Ethereum addresses. When I bought my ENS address, I assumed the use case was to rename my wallet and make it easier than memorizing a bunch of random numbers. But as you will hear on this episode, the use case goes well beyond naming a wallet. 
     
    To cover this wide-ranging topic, we called on a wide-ranging guest, Brantly Millegan, or better known as Brently.eth. We walk through the ENS backstory, why it seems to be winning over other blockchain-based naming services, and what the future may hold for ENS. There are some really interesting strategic points in this episode that listeners will appreciate. Please enjoy the conversation. 



    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
     
    -----
     
    This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.
     
    -----
     
    Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.
     
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
     
    Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 
     
    Show Notes
    [00:02:37] - [First question] - Who he was before crypto and how he ended up there
    [00:04:56] - How he found his way into the ENS space 
    [00:05:40] - Overview of DNS and domain ownership as it exists today
    [00:08:48] - The Zooko triangle and how naming currently works
    [00:10:31] - Previous attempts at ENS and how they differ from its final form
    [00:14:07] - Deciding to build a system on top of the existing naming infrastructure
    [00:18:59] - Who has the rights under DNS to shut down domains or bad actors
    [00:20:59] - What you’re buying when purchasing an ENS name
    [00:23:28] - How many years you can own your ENS name
    [00:24:16] - Are you renting the name or buying it
    [00:25:11] - Domain squatting and how they handle it today in this emergent space
    [00:29:21] - Why do different letters have different pricing schemes
    [00:30:25] - How much you can do with an ENS name
    [00:31:53] - Can ENS names be used as wallet addresses
    [00:33:18] - If he would have built it on a different blockchain if the project started today
    [00:35:06] - Name collisions, country domains, and working with Ethiopia 
    [00:40:53] - Whether or not there will be competitors in name services in the future
    [00:42:29] - Funding the project with grants and the capital that built ENS
    [00:46:47] - Forming their DAO and the responsibility of token ownership
    [00:48:44] - Arriving at the formula to distribute tokens to name holders
    [00:55:22] - Token holder influence over the project and internal voting
    [00:54:08] - Flipping tokens and long-term visions for the project
    [00:57:16] - The difference between a protocol and a product
    [00:58:23] - KYC, data privacy, and integrating ENS names for account logins
    [01:04:19] - How cautious one should be when using their name online
    [01:05:41] - What subdomains are and where they could take the project
    [01:07:36] - A future wher

    • 1 hr 11 min
    OpenSea: An Everything Store for Digital Assets - [Founder’s Field Guide, Replay]

    OpenSea: An Everything Store for Digital Assets - [Founder’s Field Guide, Replay]

    Today, we are re-sharing our conversation with Devin Finzer, CEO and co-founder of OpenSea, from October this year.
    OpenSea is the world’s largest NFT marketplace. In a journey that started like many other founders in the space, Devin went deep down the crypto rabbit hole in 2017 and became particularly fascinated with the potential behind digital assets. During our conversation, we touch on the origin story of OpenSea, how Devin differentiates between the spectrum of NFTs in the market, and what he sees as the opportunity in the future for the industry. We also talk about the various risks within a blockchain, from security dynamics to market speculation. I hope you enjoy this great conversation with Devin Finzer.
     
    For the full show notes, transcript, and links to mentioned content, check out the episode page here.
     
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    This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.
     
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    This episode is brought to you by Eight Sleep. Eight Sleep's new Pod Pro Cover is the easiest and fastest way to sleep at your perfect temperature. Simply add the Pod Pro Cover to your current mattress and start sleeping as cool as 55°F or as hot as 110°F. To embrace the future of sleep and get $150 off your new mattress go to eightsleep.com/patrick or use code "Patrick".
     
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    Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.
     
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
     
    Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 
     
    Show Notes
    [00:02:56] - [First question] - When he first thought up the genesis of OpenSea
    [00:06:00] - What is listed on OpenSea, assets and volume, and the scope of the platform
    [00:07:26] - Thoughts on potentially becoming the current era “everything store”
    [00:09:22] - How they managed to become the main NFT trading platform
    [00:12:28] - What NFTs are, their various classes, and ways they’re stored on the blockchain
    [00:15:25] - How much transaction and auction volume happens on-chain
    [00:17:07] - Profile picture style NFTs and what’s exciting about them
    [00:19:24] - ArtBlocks and the mass interest in AI-generated art
    [00:21:22] - What he’s learned and seen about the emerging crypto gaming space
    [00:24:38] - The user experience of buying an NFT on OpenSea
    [00:26:45] - How the ownership transfer works between wallets
    [00:28:04] - Whether or not they have plans to partner with other companies
    [00:30:32] - How they think about what gets placed on OpenSea and why
    [00:32:09] - Thoughts on take rate and their 2.5% take rate of transactions
    [00:33:22] - Why their take rate is so low compared to other sale platforms online
    [00:34:47] - OpenSea’s relationship with the Ethereum blockchain and other integrations
    [00:36:50] - Perspective on wallets both as businesses and products
    [00:39:16] - Potential risks and the dark side of the unregulated NFT space
    [00:40:48] - The massive boom and bust cycles of crypto and the high prices of NFTs
    [00:41:59] - Interesting areas of Web3 that are in development today
    [00:44:19] - The project he’s enjoyed watching grow the most in the crypto world
    [00:46:42] - What OpenSea might look like in the future if the best-case proves true
    [00:48:59] - The kindest thing that anyone has ever done for him

    • 50 min
    Discord: Building the Third Place - [Founder’s Field Guide, Replay]

    Discord: Building the Third Place - [Founder’s Field Guide, Replay]

    Today, we are re-sharing our conversation with Jason Citron, CEO and founder of Discord, from October last year.
    Discord is one of the largest and fastest growing social networks in the world. It started as a place for gamers to congregate online, but thanks to how easy it makes community building and its offering of text, audio, and video as means of communication, it has expanded far beyond gaming. It has the potential to become the default digital “third place” that we go to find belonging in a variety of online communities. With over 100 million active monthly users, it’s also one of the most interesting communication services since the original social networks rose to power.
    Our conversation focuses on his background prior to Discord, Discord’s founding and growth, its business model, how it has evolved over the past 8 years, and what the future holds for Discord. As we talked, I had this sense that I’d be willing to go work for Jason, and I think you’ll see why. I hope you enjoy our wide ranging conversation.
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.



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    This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out. 
     
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    This episode is also sponsored by Vanta. Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick. 
     
    -----
     
    Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.
     
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
     
    Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 
     
    Show Notes
    (3:17) – (First question) – Lessons from his time as a video game developer
    (7:58) – Going from game developer to game development platform
    (12:23) – From his first startup to Discord
    (16:33) – Expressing the hypothesis of discord
    (20:10) – How to know what signal to build upon
    (22:11) – Early adoption of Discord
    (26:17) – Getting the word out about Discord in the early days
    (30:43) – Creating more than just a platform, but creating a third place for people to congregate
    (32:38) – The Great Good Place: Cafes, Coffee Shops, Bookstores, Bars, Hair Salons, and Other Hangouts at the Heart of a Community
    (32:55) – The evolution and expansion of the types of community using their platform
    (37:27) – Discord’s business model and how it’s evolved
    (41:32) – Enhancing communication through Nitro
    (45:05) – Big principles for company building at Discord
    (51:22) – His thoughts around competitive advantage for the platform
    (52:55) – Creating a holistic experience for the users
    (55:45) – What bothers him the most when hiring
    (57:47) – Kindest thing anyone has done for him

    • 1 hr 2 min
    A Primer on DAOs

    A Primer on DAOs

    Today, we are breaking down DAOs. Our new host Eric Golden is joined by Aaron Wright, a law professor at Cardozo School of Law and founder of Tribute Labs, who literally wrote the book on Blockchain and the Law. There is no better person than Aaron to help explain the purpose and power of decentralized autonomous organizations, also known as DAOs.
     
    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.



    -----
     
    This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.
     
    -----
     
    Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.
     
    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
     
    Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag 
     
    Show Notes
    [00:01:39] - [First question] - How a lawyer ends up in crypto and early thoughts of what a DAO could achieve
    [00:05:09] - Why the first DAO failed and what convinced him to push forward anyway
    [00:08:28] - Forming the LAO several years after Ethereum and why it was his starting point
    [00:11:46] - The original state of LAO and the goals it set out to achieve
    [00:14:21] - What it is about Silicon Valley that led to having such a blindspot
    [00:16:03] - Launching Flamingo and achieving such high multiples on returns
    [00:18:05] - Defining the hive-mind that makes a DAO so special and powerful
    [00:20:51] - Their investment process, making decisions, and monitoring investments
    [00:22:47] - Comparing the speed of decision making to traditional VC funds
    [00:24:18] - Why they own 242 crypto punks and 22 bored apes 
    [00:26:31] - Internal voting on how to decide which NFTs to buy and how many
    [00:29:15] - Whether or not they sell their NFTs to rebalance the portfolio or raise liquidity
    [00:30:56] - How Rage Quitting a DAO works and the implications of leaving 
    [00:32:12] - Encoding incentives and course-correcting negative behavior
    [00:34:11] - Varying levels of dedication and freeloading within a DAO 
    [00:36:36] - A maximum amount of people that could function efficiently in a DAO
    [00:37:52] - How many DAOs should one person be a part of?
    [00:38:45] - Thoughts on DeFi DAOs like Compound and Uniswap
    [00:41:41] - Differences between a DAO and a Wrapped DAO
    [00:44:02] - Is it possible to achieve this level of organization with fiat currencies?
    [00:45:34] - Where we are in regards to securities laws and regulations with DAOs
    [00:47:48] - How far we are from buying tokenized shares of DAOs
    [00:49:07] - Where to start when building your own DAO
    [00:51:03] - Other possibilities DAOs could unlock
    [00:52:30] - The best way to get involved yourself 
    [00:53:41] - What he’s most focused on building over the next 6 months and 10 years 

    • 56 min

Customer Reviews

4.9 out of 5
35 Ratings

35 Ratings

ghynox ,

Finally

It’s awesome to finally find a podcast that deep dives the blockchain/crypto space and consolidates tons of information for easy assimilation. I hope to hear more about sovereign ID in web3 and the importance of being intentional in the creation of this space in order to ensure equal representation for more than just those who are smart and wealthy enough to create blockchain. Good on you guys so far!

klamarre21 ,

Awesome

Well done, keep up the good work!

composito77 ,

Amazing

Great job at making difficult concepts very simple. Keep the episodes coming, please

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