Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world.
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Bitcoin Is Just for Libertarians, Right? Two Progressives Disagree - Ep. 698
Episode 698
Tuesday, September 3, 2024 • Duration 01:08:12
As the 2024 elections draw near, Bitcoin and crypto have become hot topics on the political stage. In this episode, Trey Walsh, host of The Progressive Bitcoiner podcast, and Jason Maier, author of “A Progressive’s Case for Bitcoin,” explain why they believe progressive values align with Bitcoin. They discuss how Bitcoin can be a tool for social justice and financial inclusion, challenge misconceptions about its environmental impact, and debate whether making Bitcoin a presidential issue in 2024 was premature.
With Elizabeth Warren attacking crypto and the unfriendly environment for the industry under the Biden administration, the guests also highlight that there’s a slight change in the Democratic party, though they are not certain that the Harris campaign will adopt a pro-Bitcoin stance.
Show highlights:
How Trey and Jason became Bitcoiners
What progressivism means to Trey and Jason, highlighting Bitcoin's alignment with social justice and financial inclusion, beyond its typical libertarian associations
How Jason and Trey persuade skeptical progressives about Bitcoin
Whether they believe that other areas of crypto besides Bitcoin have value
Why they think Bitcoin’s environmental impact is the biggest misconception among progressives
Whether Elizabeth Warren’s focus on consumer protection blinds her to Bitcoin as a tool for financial inclusion
Why Jason believes pushing Bitcoin as a presidential issue in 2024 was premature
Why Trey sees potential hope for pro-crypto policies under a potential Harris administration, despite the hostility of the Biden administration
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
Stellar
Mantle
Coinbase
Guests:
Trey Walsh, host of The Progressive Bitcoiner podcast
Jason Maier, author of “A Progressive’s Case for Bitcoin”
Trump and the Future of Bitcoin, Jason’s op-ed
Timestamps:
➡️ 02:06 - How Trey and Jason became Bitcoiners
➡️ 05:14 - Bitcoin, progressivism & social justice
➡️ 11:24 - Persuading skeptical progressives
➡️ 16:19 - Value beyond Bitcoin? Other cryptos
➡️ 21:46 - Environmental impact misconceptions
➡️ 34:36 - Elizabeth Warren & Bitcoin: Consumer protection vs. financial inclusion
➡️ 41:24 - Was making Bitcoin a 2024 election issue premature?
➡️ 55:15 - Potential for pro-crypto policies under Harris?
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The Chopping Block: Telegram's Founder Arrested, OpenSea Under Fire, and Ethereum's Dilemma - Ep. 697
Episode 697
Saturday, August 31, 2024 • Duration 01:03:32
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges.
They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed.
Show highlights
🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates.
🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities.
🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures.
🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement.
🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate.
🔹 Tension between public goods and financial services in Ethereum's future development.
🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem.
🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience.
🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Special Guest
⭐️Rebecca Rettig, Chief Legal & Policy Officer at Polygon Labs
Disclosures
Links
Plurality philosophy in an incredibly oversized nutshell by Vitalik:
https://vitalik.eth.limo/general/2024/08/21/plurality.html
OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer
https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet
Timestamps
00:00 Intro
01:24 Telegram’s Pavel Durov’s Arrest
05:12 Free Speech/Encryption in the Crypto World
09:26 Policy Implications for Tech Platforms
13:57 France's Role and International Reactions
27:49 SEC Targets OpenSea
36:35 SEC’s Jurisdictional Strategies
40:29 Good vs. Bad Actors
45:16 Ethereum Foundation: Public Good or DeFi?
56:43 Vitalik vs. Crypto Twitter
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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it.
From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing.
Show highlights:
00:00 Intro
02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR)
09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement”
14:17 Why the Volatility Index (VIX) spiked and whether it could do so again
22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is
27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures
31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July
41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing
45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets
53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry
58:13 Whether Harris will actually do a “crypto reset”
1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC)
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest:
Chris Cecere, GP and Head of global macro and trading at Asymmetric
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The Chopping Block: Data Availability & Why It’s Important - Ep. 599
Episode 599
Thursday, January 25, 2024 • Duration 01:00:35
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week kicks off with a crucial question: Are the latest trends in crypto ETFs signaling a major shift in the investment landscape? We delve into the market's nuanced response to these ETFs and what it means for investors. How important is client diversity for Ethereum's stability and future growth? The squad engages in a lively debate on this topic. With the advent of Proto-Danksharding, how might Ethereum's scalability be impacted, and what are the implications for the blockchain ecosystem? We further examine the user experience across blockchain platforms, particularly comparing Solana and Ethereum in terms of their user interfaces and transaction dynamics. Looking to the future, what breakthroughs and challenges can we anticipate in blockchain technology? Join us for an in-depth exploration of these key questions and their profound impact on the world of cryptocurrency.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
🔹 ETF Market Analysis: Dissecting the impact of GBTC and other ETFs on the crypto market.
🔹 Client Diversity in Ethereum: Debating the pros and cons of multiple clients for network resilience.
🔹 Proto-Danksharding Effects: Assessing its potential to lower rollup costs and enhance scalability.
🔹 User Experience in Crypto: Exploring how fees and speeds affect user interactions on various platforms.
🔹 Solana vs. Ethereum UX: Comparing their user interfaces, focusing on transaction costs and latency.
🔹 Blockchain's Future Trends: Delving into predictions and emerging innovations in the blockchain world.
🔹 Ethereum's Protocol Evolution: Discussing the roadmap and future developments in Ethereum.
🔹 Scalability Solutions: Evaluating different approaches to scaling blockchains effectively.
🔹 Layer 2 Dynamics: Analyzing the growth and challenges of Layer 2 solutions on Ethereum.
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Disclosures
Links
Vitalik's post about Cypherpunk values: https://vitalik.eth.limo/general/2023/12/28/cypherpunk.html
PolyMarket for gas price per blob after EIP 4844: https://polymarket.com/event/gas-price-per-blob-1-month-after-eip-4844?tid=1706149992794
Tweet thread from DC investor: https://twitter.com/iamDCinvestor/status/1749410364666606075
Ethereum's Proto-Danksharding and EIP-4844: https://www.eip4844.com/
Ethereum 2.0 Clients Dashboard: https://clientdiversity.org/#distribution
Solana's Firedancer: https://github.com/firedancer-io
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OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever - Ep. 598
Episode 598
Tuesday, January 23, 2024 • Duration 01:21:50
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Polychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin’s rise past the single digits in 2012 to the ICO craze of 2017 to 2021’s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an “incentive vortex” that will replace the world’s preoccupation with country-backed currencies.
Carlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin’s distribution strategy is a “disaster,” and the strange places that the intersection between crypto and AI could take us.
Show highlights:
Why Olaf sees the current market as the cusp of another bull run and how his thesis has remained consistent since 2011
How the launch of spot Bitcoin ETFs marks a significant milestone
Why criticisms of the crypto space are really criticisms of money in general
The fundamental differences between Web3 applications and the Web2 ecosystem and why they matter
The importance of fair token distribution in enhancing the value of Web3 projects
When Olaf expects Bitcoin to replace legacy financial systems
The areas and technologies Olaf and his fund are keen to invest in
Why Olaf thinks a modular blockchain architecture is superior to a monolithic one in the long term
How EigenLayer is innovating to enable new types of applications and whether it competes with Celestia
How Polychain managed to avoid being hurt by the major market blowups of 2022, including Terra and FTX
The evolution of the space from an ideologically driven to a more pragmatic approach
The significance of incentive design in crypto ecosystems and the trade-offs involved in system design
Olaf’s perspective on the recent rise of points systems
The growth of privacy-focused crypto projects and the potential for private blockchains to become the norm
Why he thinks Worldcoin’s distribution strategy is a “disaster”
Olaf’s interest in the intersection of AI and crypto and potential developments in this area
His bullish outlook on SocialFi and Web3 gaming
Thank you to our sponsors!
Popcorn Network
Guest:
Olaf Carlson-Wee, founder and CIO of Polychain Capital
Previous appearances on Unchained:
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain's Olaf Carlson-Wee
Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Links
Olaf Carlson-Wee
Forbes:
This Man Has Been Living On Bitcoin For 3 Years
Why This Hedge Fund CEO Once 'Put Most Of My Meager Life Savings Into Bitcoin'
TechCrunch: The future is a decentralized internet
Blockworks: Why Polychain Capital Founder Never Sells His Crypto
CoinDesk: Olaf Carlson-Wee: Crypto Is the Great Wealth-Redistribution Machine
Restaking/EigenLayer
Unchained:
DeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion
Do You Need to Think Twice Before Restaking Your Assets?
Olaf’s tweet on EigenLayer
Crypto + AI
Olaf’s tweet: “in crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests”
Visit Unchained for more links and details
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Why the SEC’s Case Against Coinbase Is So Significant for Crypto - Ep. 597
Episode 597
Friday, January 19, 2024 • Duration 55:38
On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security.
Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case.
Show highlights:
Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem
What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services
How Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed
What the “major questions doctrine” entails and its critical role in this dispute
Why Sam perceives the judge as “extremely skeptical” of the SEC's stance
Whether inconsistencies surfaced in the SEC lawyers' arguments
What “strict liability” means and its frequent mention in this legal battle
What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales
Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case
Whether Judge Failla might reject the motion to dismiss, and when
Thank you to our sponsors!
Popcorn Network
iTrustCapital
Guest
Sam Enzer, partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
Why SBF's Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?
Links
Previous coverage of Unchained on the Coinbase case and the topic of securities:
SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
Coinbase’s Legal Action Against the SEC: How It Will Likely Unfold
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’
Coinbase vs. SEC
Unchained:
Federal Judge Presses SEC Over Jurisdiction in Case Against Coinbase
SEC Sues Coinbase for Breaking Securities Laws
SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’
SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit
Cointelegraph: Senator Lummis files amicus brief supporting Coinbase’s dismissal motion against SEC.
Other cases
Kraken
CNBC: Crypto exchange Kraken settles with SEC for $30 million, will close US staking operation
XRP
Unchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
Terraform Labs
Reuters: Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law
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The Chopping Block: When Will the ETF Hype End? - Ep. 596
Episode 596
Thursday, January 18, 2024 • Duration 01:00:51
Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This episode delves into the complexities and market impact of crypto ETFs: Are they a game-changer for investors? The team also examines the controversies surrounding Tether, exploring its stability and the implications of recent scandals. They then shift focus to the burgeoning world of asset-backed securities and crypto casinos: What potential and challenges do they present? NFTs and their evolving role beyond digital art are scrutinized, along with the integration of crypto technology in devices like the Solana phone. Tune in for a thought-provoking discussion on these critical developments shaping the future of cryptocurrency.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
🔹 ETF Performance Analysis: Grayscale Bitcoin Trust and Competitors.
🔹 Circle IPO: Impact on Stablecoin Market and Financial Ecosystem.
🔹 Tether Controversy: Financial Backing and Southeast Asian Scams.
🔹 Vivek Ramaswamy's Political Future: Influence on Crypto Policy.
🔹 Asset-Backed Securities (ABS) in Crypto: Opportunities for Investors.
🔹 Crypto Casinos: Rise in Popularity and Move Toward Transparency.
🔹 NFTs in Mainstream Culture: Adoption and New Use Cases.
🔹 Crypto and Traditional Finance: Stablecoins like USDC and Tether.
🔹 Crypto Integration in Devices: Solana Phone and Market Adoption.
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Disclosures
Links
Blockworks: Tether says UN needs more blockchain education in response to USDT report by Casey Wagner
UNODC: Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat
CNBC: Costco sold more than $100 million in gold bars last quarter by Spencer Kimball
Number Go Up: Inside Crypto's Wild Rise And Staggering Fall by Zeke Faux
CNBC: BlackRock CEO Larry Fink: Bitcoin ETF approvals are ‘stepping stones’ towards tokenization
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How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock - Ep. 595
Episode 595
Tuesday, January 16, 2024 • Duration 01:11:44
Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading.
Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
Why Matt Hougan regards the first week as a massive success for Bitcoin
How Matthew Sigel emphasizes the costs and benefits ETFs offer to retail investors
The strategic marketing approaches of VanEck and Bitwise aligning with Bitcoin community values
The reasons for Bitwise's standout performance in the first days of trading, according to Matt
Whether the introduction of Bitcoin ETFs will reshape the broader ETF landscape
Matt's perspective on why some financial institutions resist Bitcoin, and their eventual openness to crypto
Whether the established players in finance feel threatened by the rise of open source technologies
Whether Gary Gensler’s statement after the approval is “totally crazy”
Why data for the various ETFs in the market should be analyzed on a weekly or monthly basis
The ongoing fee competition and how smaller entities can compete against giants like BlackRock and Fidelity
Grayscale's strategies to remain competitive with higher fees and the possibility of launching a new, low-fee ETF
How investment advisors might adapt to these new crypto products and the potential for mainstream adoption
Matthew’s predictions for when BTC investors, both short-term and long-term, will take profits
Why they are both closely monitoring Ethereum's performance and the prospects for a spot ether ETF in the market
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
Guests:
Matt Hougan, Chief Investment Officer at Bitwise Asset Management
Previous appearances on Unchained: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Matthew Sigel, Head of Digital Assets Research at VanEck.
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Will a Spot Bitcoin ETF Finally Get Approved?
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Approval:
Unchained:
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals
Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto
David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand
First days of trading
Unchained:
Spot Bitcoin ETFs Record $4.6 Billion First Day Trading Volume
Spot Bitcoin ETF Inflows Topped $625 Million on First Day in ‘Phenomenal’ Debut, Led by Bitwise
Vanguard Isn’t Allowing Customers to Buy Spot Bitcoin ETFs
Visit Unchained for more links and details
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Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs - Ep. 594
Episode 594
Friday, January 12, 2024 • Duration 01:02:26
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Unless you've been living under a rock, you probably heard that spot Bitcoin ETFs were finally approved by the SEC this week. That set the stage for 11 such offerings from the likes of BlackRock, Fidelity, and ARK 21Shares to begin trading on Thursday. On this episode of Unchained, Nate Geraci, president of the ETF Store; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence; and James Seyffart, research analyst at Bloomberg Intelligence discussed the initial record trading volumes, the mechanics of how the funds work, the botched roll-out process, the pointed commentary from SEC commissioners, the potential for future Ethereum spot ETFs and predictions for total inflows. Plus, they explain why brokerage firms like Vanguard, Merrill and others were blocking customer access to the ETFs.
Show highlights:
The initial impact and trading volumes on the launch day of the ETFs
How BlackRock’s ETF, IBIT, had a lot of volume in pre-market and what that means
Why Eric was surprised that BlackRock proceeded with a waiver for its ETF, but realized that it was “genius marketing”
Whether there’s a problem that ETFs don’t trade 24/7, unlike BTC itself
Why James says the spot ETFs are not going to have significant premiums or discounts to NAV
What the percentage premium is and how it will play out with spot Bitcoin ETFs
Whether the SEC will ever allow in-kind creation and redemption
Why Nate and Eric believe that the SEC’s denials of spot Bitcoin ETFs for a decade was “completely suboptimal” for retail investors
How the SEC commissioners pointedly disagreed with each other in their comments and dissents
The politics of the approval process
Whether Ethereum spot ETFs will be approved next
Why some big platforms and brokerages are not offering the spot Bitcoin ETFs
How RIAs will respond to the ETF and whether there’s going to be mainstream adoption by advisors
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
iTrustCapital
Guests
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Nate Geraci, President of The ETF Store
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Approval:
Unchained:
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals
Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto
David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand
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The Chopping Block: Unraveling the SEC Hack, Futarchy, and Twitter Trolls - Ep. 593
Episode 593
Thursday, January 11, 2024 • Duration 58:52
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast. Tune in for an engaging exploration of these pivotal questions shaping the future of cryptocurrency.
Show highlights:
🔹The concept of Ethereum alignment and its origins
🔹The SEC's Twitter account being hacked and a fake BTC ETF approval tweet
🔹Fees for different ETF issuers and Grayscale's fee reduction for GBTC
🔹The SEC's Twitter account being hacked and the fake BTC ETF approval tweet
🔹The potential use case of prediction markets in Taiwanese elections
🔹Imprisonment of individuals in Taiwan for betting on the election through PolyMarket
🔹Discussion on the concept of futarchy and its potential implementation
🔹The prevalence of centralized exchanges and their impact on user adoption
🔹Gwart's role as an observer and heckler in the crypto space
🔹Building infrastructure for onboarding users in crypto
🔹The dichotomy between the ideal of decentralization and the reality of user adoption
🔹Criticism of DAO governance and lack of significant innovation
Hosts
Haseeb Qureshi, Managing Partner at Dragonfly
Robert Leshner, Founder of Compound
Tom Schmidt, General Partner at Dragonfly
Tarun Chitra, Managing Partner at Robot Ventures
Guest
Gwart, Crypto Twitter Icon
Disclosures
Links
Justin Drake on Bankless’ “57 - Ultra Sound Money | Justin Drake”: https://youtu.be/bWqhn1hXvVc
Justin Drake on “ETH’s Biggest Upgrade Since EIP1559 | MEV Burn w/ Justin Drake and Dom”: https://youtu.be/nb7x7n8Ga3U
Eliezer Yudkowsky – “AI Alignment: Why It's Hard, and Where to Start”: https://youtu.be/EUjc1WuyPT8
Eliezer Yudkowsky - “Why AI Will Kill Us, Aligning LLMs, Nature of Intelligence, SciFi, & Rationality”: https://www.dwarkeshpatel.com/p/eliezer-yudkowsky
Vitalik Buterin’s “An Introduction to Futarchy”: https://blog.ethereum.org/2014/08/21/introduction-futarchy
Arthur Breitman’s “Towards Futarchy in Tezos”: https://medium.com/tezos/towards-futarchy-in-tezos-54a7b8926967
“More arrests for betting crypto on Taiwan election via blocked website” by Jono Thomson (Taiwan News, Staff Writer): https://www.taiwannews.com.tw/en/news/5070386
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