ROLLUP: 2nd Week of November

Transcript

if you are looking for a mobile wallet to hold and access your crypto you need to go to argent.xyz and download their smart contract wallet app right onto your android or ios device arjun is the most secure way to hold money on your device while still being able to access defy services that we all know and love on ethereum through arjun you have one tap access to the beloved d5 apps like compound uniswap ave and you can even invest directly into some yield generating assets right from your argent wallet crucial to maintaining security over your assets is arjun's guardian service which allows you to use a friend to make sure that you can always restore access to your funds in case you were to

ever lose your phone or for your device to break you can also use a local hardware wallet to ensure that you can always restore access to your funds yourself one of argent's newest features is their ability to route trades through 10 decentralized exchanges including unit swapping kyber to make sure that you are always getting the best trade on your assets similarly pushing the fold on what we can do in ethereum and defy argent has replicated some of the legacy financial services that you would expect from your bank but put it directly into the hands of the user such as send limits and whitelisted accounts ensuring that if anyone were to be able to access your funds in your argent wallet they could only send up to a certain amount and only be able to send them to approved addresses which is creating one

of the most safe environments to hold your assets in which is why people have put millions and millions of dollars into the argent wallet that they use on their device in order to see the argent wall in action go to argent dot link bank lists and download the argent wallet on ios or android today we're also brought to you by monolith monolith is your cool new defy account your defy savings account your d5 checking account except the cool thing about the monolith defy account is that it gets software updates right you actually get to increase the usefulness of this over time so here are some of the features monolith is a smart contract wallet with a lot of the features that you would expect if you've come to know defy and what it is you can

you can add money to it you can put that money to work in compound and accessing yield but you can and you can also swap through uniswap what was cool with monolith is that they will send you a very sexy monolith visa card that connects to your smart monolith smart contract wallet on ethereum so it's a really awesome tool to live a bankless life with a a savings account that gets software updates so this is something that you're never going to find out in the real world but you can still do real world things with you know real money in like buy your groceries so that's just fantastic coming soon to monolith actually already here to monolith is now you can buy die and get it sent to your wallet directly right so it's also being an on-ramp so you don't have to go

through your centralized exchange like coinbase or gemini or wherever you can just go straight from your bank account right into your monolith checking account smart contract wallet so check them out at monolith.xyz good morning bankless nation we are rolling it up this week this is the second week of november david you ready to roll up the week my friend rolling them up rolling them up every single week we take all the information that's happened in the world of crypto we package it into a bite-sized chunk and inject it right into your brain as rollups do we're rolling up the news all right so here's what we do every week the format is the same we dedicate five minutes to five topics so that you get the entire week into your brain in about

25 minutes we try to honor that we try to keep to that so we go to market releases news takes and then we conclude with what we are excited about right now so this this happens every friday morning on both youtube and the bankless podcast catch it in both places david let's get started with the market my friend what is the market saying to you do you want to start with bitcoin yeah today bitcoin is pushing above 16 000 a coin there is not much price history above this level so that is pretty exciting uh this is what i'm about to comment is just for today it seems like as uh ether is taking a little bit of a dip uh wifey is another token that i'm paying attention to that's taking a

little bit of a dip things seem to be rotating into bitcoin we've seen this happen before things rotate into bitcoin bitcoin pumps things rotate into ether ether pumps ether rotates into d5 tokens d5 tokens pumps today it's bitcoin's turn all right so all of these markets are connected but 16k is pretty like that's a milestone right like we are within striking distance of all-time highs for bitcoin at what point is mainstream media going to start doing this you remember 2017 where it was like every day uh cnbc would like be talking about the price of crypto something uh i we haven't seen that yet but we got to be getting close yeah nick carter gave out this line recently quietest bull market

ever and i don't i think we're good that's a good take right i think we're gonna blow past previous all-time highs and there continue to be general silence like maybe some people start to tap into it i don't think we're gonna see like the the retail hype fomo until something like 30 40 50 000 and it just won't be on people's radar that's silly because people are missing out on like three to five x games right there i'm glad you are tuned in you're not gonna miss out on those on those games and crypto guys we are in the bull market um and this is a website i found while we're on bitcoin david this is bitcoin treasuries uh so this actually maps out the amount of bitcoin on publicly traded balance sheets of of companies and it's quite a lot so

we've talked about microstrategy before in square before i mean it's starting right like some of the publicly traded companies are starting to put crypto on their balance sheets that's huge right yeah this is a website that bitcoin bitcoiners really really like bitcointreasuries.org at the bottom you see a total tally of 814 000 at btc just under 4 of the total supply of btc although that number does kind of get weighted by grayscale quite a bit grayscale represents way over half of all this um but it's definitely a a website to watch like ethereum's we like our eth logs and d5 bitcoiners like their btc in balance sheets absolutely and i think ethe will make

its way over there at some point too all right let's talk eath price so i mean you mention it we're at 460 right now when you're listening to this it might be either higher or lower but i mean it's it's tracking bitcoin just not quite as aggressively yet yeah yes well so it's doing really really well like at the height of d5 summer like d5 yield farming the the peak of ether price was 490 and we're at 460 now which is a really strong resurgence up from the the bottom of the quote-unquote d5 crash which was like at 310 so ether's ether price action is super healthy um just today in the last 24 hours bitcoin kind of kind of has taken the wheel but ether is doing just a bang-up job like nice job ether keep

going i've got my i've got my tweet scheduled for uh the 475 youth prices hilarious at 475. um it's still pretty funny that you got to schedule it well i mean this is scheduled for i'm just gonna like i get a notification 475 i know it's time to tweet that's what happens because it's still pretty funny under 500 i think it's funny under 800 i think it's funny uh we'll see how it goes all right but uh grayscale our friends at grayscale whom we are having on the podcast on monday when you're listening to this ethereum hit in their ether trust hit 1 billion in assets under management so they're onboarding an awful lot of institutional investors into ethi asset right now that's got to be bullish right

absolutely bullish and this is the metaphor that we gave out on the podcast with michael sunshine coming out on monday that grayscale is the bridge right we are building the ark in d5 we are building the ark in ethereum but grayscale is offering a fantastic bridge to onboarding onto that arc and they are being rewarded handsomely for that effort okay if uh well let's talk about what's locked in d5 right now we up or are we down on the week dave and the amount of value locked in defy yeah last week i think it was roughly around 12.1 billion in d5 now we're at 13.45 billion in d5 so while there has been like that dip in eth price since the end of defy summer you do not see it in the

total value locked in d5 and just went up a billion data sorry we just went up a billion over a billion like 1.2 billion dude that's huge do you remember when it hit a billion when was that it's like a blur to me it was like february yeah and now we're just we're tracking down like one billion dollar marks in d5 it's like you know right now we're super eath bowls but we can take away we can actually extract like maybe our bias about ether and just looked at the billion dollars in defy and tell you that defy is worth at least 13 billion dollars because that's what people have put in here absolutely eth locked in d5 looks about flat so some of that value is coming from other places i bet i know where partially it's probably coming from defy tokens i i tweeted this out

it's like um this was like a friday i think i tweeted out uh remember yesterday when d5 tokens were dead yeah like a bitcoiner said one day things totally flipped i mean everyone was suddenly after d5 summer super bearish on d5 tokens and then last week up to now we saw a massive resurgence this is the d5 pulse index which is an indice of a bunch of the top defy tokens and that shot up almost like it almost doubled from this week uh from last week to this week what's what's your take yeah we were watching and this was this story was told by the wifey chart so so well where wifey kept on plummeting and it

capitulated down to like 7 000 something somebody opened up a short at the bottom and then a bunch of wifey uh community members all banded together to just squeeze that short and then a bunch of defy tokens just mooned at this event right maybe maybe it was related to other factors as well but wifey bounced off the floor at like seven and a half thousand dollars and zoomed up to eighteen thousand dollars in this space of like one hour uh and it's been around that mark ever since so so yeah people love to hammer on defy tokens when they're bleeding uh but that doesn't mean they're dead and they're all they're gonna come back to bite you don't bet against defy tokens they'll get you guys if you liked d5 season one you're gonna love

season two it is coming out soon i guarantee you all right let's move on from market and talk about some hot releases we gotta start here david paypal all right we talked about it a couple weeks ago in the roundup but now they are like fully onboarding uh anybody they've removed their white list so that users and they have about 330 million if i'm recalling correctly paypal users have the ability to purchase crypto within paypal there's no whitelist anymore they've taken that off uh and they are certainly following square's lead on that except they've like included more assets than square house and it's where you could just buy bitcoin but this you can buy ether you can buy

bitcoin including a bunch of things that you probably shouldn't buy but you can buy them here uh pretty amazing right david like did you ever think that you'd see the day yeah i i guess i i guess i did i'm happy it's finally here and you're totally right they are following in square's footsteps where square i think made 80 percent of their revenue last quarter or profits or something from bitcoin and bitcoin alone and that's run by jack dorsey uh quote unquote bitcoin maximalist i think i think that's a fair take on whom yeah you should come on the show if you're listening jack come on the show because like you're leaving gains on the table by just focusing on bitcoin paypal is going to eat your lunch because you left them there and so like paypal is integrating

everything uh being a little bit more agnostic a little bit less political and they're gonna they're gonna make their revenue too uh and we're it's probably just the first of many payment processors to enable crypto because they want money because they're money maximalists super exciting i think one of the biggest things to happen this year for sure all right let's talk about uh liquid steak too so a few problems with ether staking at this stage it's it's hard to put less than uh 32 ethan you got to run your own validator you don't have liquidity once you bridge eth to uh the beacon chain and eth2 um some folks including andrew keyes formerly of consensus now at dharma capital huge eth bull are

creating a solution to that we actually had them on uh meet the nation this week on our youtube channel right david can you describe what this is because they they just announced this on wednesday i believe yeah absolutely so staking can be hard like not everyone is equipped to run a note or be that technical or even manage the uptime of their node then you also have to self-custody your assets new private key it can get kind of complicated in addition to that you are locking up your ether for an unknown amount of time it could be more than two years it could be more than three years in the worst case scenario that's a long time to lock up a bunch of capital uh and so in order to kind of remediate some of these problems the the dahmer capital boys are rolling out liquid steak so you can deposit less

than 32 eth you can deposit more than 32 each but not multiples of 32 eth and then you can also get a usdc loan based off your deposit so while you are locking up your capital in the deposit contract in the genesis of ethereum as you should be because we are all stewards of ethereum you can still access the value in your deposited ether so solving a lot of problems here yeah uh stewards of ethereum because you should be your patriotic duty more on that next week guys bankless nation is going to war next week and we're having some posts out with some propaganda that i think you're going to love anyway let's move on to the next one dharma so dharma different dharma this is not dharma capital the fund that we're talking about this is unrelated dharma

is also a smart contract wallet that's pretty fantastic from a user interface perspective and they release some functionality to give dharma users the ability to buy tokens in uniswap directly from a bank account so you connect your bank account you can do up to 25k per week and you can buy any token uh on unit swap with that super easy like click of a button on a mobile app kind of easy defy is getting easier and easier david do you have anything to add here yeah so it's dharma is connecting your bank account to unit swap obviously there's a bunch of steps in the way but that's what a company a good company does is they take a bunch of hard work and then they eliminate that for you as a service and so you can connect your bank account

to like your preferred illiquid you know token on unit swap and just buy it by it right then and there right from your dharma app so tip the heads of dharma for also being able to pivot and really move quickly because when they started they were not uh this they were a kind of a peer-to-peer borrowing and lending service and it didn't really work out except this then they pivoted into this and it's been working out great for them uh you know defy divide pivots um like are some of my favorite projects now ave was sort of a pivot and synthetics the next one i want to talk about really quick is it was kind of a pivot too originally they were creating just a stable coin to compete with maker and they pivoted it into an entire synthetics platform and now they've just come up with

a synthetic oil basically that you can buy right so this is a oil exposure oil price exposure as a token that you can purchase can you talk about this yeah one of the bold cases for ethereum or the bold case for ethereum is that is the settlement layer for all assets except one of the bear cases for ethereum is that it's really hard to get off chain assets on to ethereum like that's a very large unsolved problem and so synthetics as a synthetic asset generation platform is kind of a solution to that it's like we don't actually need the assets asset itself we can just make an agreement to produce a synthetic version of that asset and this is one of the first off chain assets that synthetic is putting into their ecosystem using oracles from chain link you can now buy not you don't

you aren't buying oil you aren't buying a barrel of oil but you are buying the value of a barrel of oil which to like 95 percent of people who care about oil that's what they care about right and so uh this is now a knob you can now purchase quote-unquote oil on ethereum yeah and it's backed uh at the end by store values right basically uh this is a bookcase for ether as well as some of these synthetics will be based on the value of ether at the very bottom layer so super cool stuff david let's get to uh some news i think if you want to live a bankless life you need to get a hardware wallet there is no alternative for storing your crypto in a self-sovereign fashion that's why i have

four ledgers that i use to manage my different crypto assets using the ledger live account as well ledger live is like your home base for managing your ethereum defy and crypto accounts it does a really good job of aggregating all of your different ethereum wallets if you are the type of person that uses more than one but you can also add other cryptocurrencies like bitcoin or cosmos or whatever your preferred blockchain is and then it will display an aggregate portfolio of all your accounts at the main page one thing that ledger is doing a really good job of is enabling all the money verbs that me and ryan talk about with the bankless skill cube enabled in the ledger live app so right now in the ledger live app you can buy sell lend swap and stake your crypto assets which

is doing a really good job of fulfilling all of the money verbs in the bankless skill cube something that's new to ledger live is ledger swap where you can swap assets one for another directly inside the ledger live application ensuring trustlessness in your financial activity on ethereum and on bitcoin if you want to learn more about what you can do with a ledger go to the blog post the power of ledger live on the ledger website where they share some of the more advanced things that you can do with your ledger that you might not have known about there's a link in the show notes that will take you to the ledger shop where you can get your preferred ledger hardware wallet i personally like the ledger nano x but i also have both they're both great options when you own a ledger you own your own assets in the

way that they have been designed to be held by the user and the user alone so go get your ledger today to make sure that you are as self sovereign as possible the bankless state in the nations are brought to you by wiring wiring is defy's first self building community run project which i just get really really excited about iron is a system that seeks out yield in d5 and it does that in a number of different ways a very aggressive way is with the vaults where you can deposit your preferred asset of choice and different defy experts will come in and generate a strategy for what to do with your deposited token right and so it'll go find ways to get yield in that deposited token in d5 for those who want

to just earn yield on their stable coins the urn system is for you where you can deposit your preferred stable coin and wire will go and figure out which money market on defy and defy is producing the best interest rate whether it's dydx it's compound or ave it looks around d5 to see where the yield is coming from and it directs stable coins automatically so you don't have to check them out at yearn.finance to get started and also check out the stats page to see what other people are doing as well david let's get to uh some news i think the big news event probably of the um of the week was that infuria went down can you tell folks what infuria is if they're not familiar and why

that outage caused such a stir yeah like i mentioned earlier sometimes running a note is hard right like sometimes your computer goes down ethereum as a node requires a little bit more intensive of a node operation than normal blockchains like like bitcoin uh and so people use infuria so inferior we'll run your node for you and then you can just use infira as your quote unquote end point uh some bitcoin or maxis won't like this because they are always about running your own node and and then there's something that happened with optimism they accidentally triggered i think it was actually on purpose there's another backstory to that we won't go into it they they triggered some contract on ethereum that caused certain versions of geth and geth is one of the clients for ethereum 1.0 uh

certain uh versions of geth to like come out of sync with other versions of death uh and so people that were on that older version of geth actually started uh working on a different fork of ethereum and this has since been resolved and you know they're ethereum people are joking about how the theory went down that's not true we just had two forks for a brief moment in time and now we're back onto the one fork uh and then people are learning how to deal with this right and so there's been a decent number of ecosystem responses to figuring out how to solve and make sure this problem doesn't happen again in the future yeah so the cool thing i think about this is um this just increases the anti-fragility of ethereum so similar to how we had pretty large gas fees over the summer and that actually led to a

good outcome which is more development on ethereum's layer two right so we had projects actually take layer two seriously and speed the development of it i think a lot of d5 projects and ethereum users as a whole will start to diversify their reliance on uh infuria to other service providers so either running nodes themselves of course that's an option but there are a slew this is a website with uh almost a dozen different infuriat like service providers uh that you can like acquire data from and and and use instead of infuria so we do have some redundancy here and i do think it increases the uh anti-fragility of of ethereum when we

have events like this it kind of exposes the soft underbelly i guess of of some centralization in the network yeah that's absolutely right and this just goes back to the the very common line what doesn't kill it make it makes it stronger and so there if you're on twitter you saw a bunch of just fighting about it and the theory that bitcoiners were having their their heydays like oh seriously centralized but like to me i wasn't in fact impacted by it like didn't didn't stop me from getting what i wanted to get done and now it's once again not stopping anyone else from getting what they want to get done uh and in bitcoiners we'll see this website ethereumnodes.com and they'll look at it in skepticism and say here's 14 nodes that you can delegate your trust to that's not running your own node but i'm

a fan of vitalik's view on this where it just it's a herod immunity type thing where only a percentage of the ethereum world needs to run their own node in order for ethereum to be adequately decentralized not every single person needs to run a node and that's actually quite ridiculous to think that every single person in the world is going to run a node so so long as we have like a curated list of people that that are running nodes in good good ways then i'm fine with it yeah and by the way some of these node providers purport to be much more decentralized than in fiora so i haven't looked at pocket but i've heard very good things about its um its approach to decentralization of these things too all right let's move on so zapper our friends at zapper we did an ama with them uh earlier this week they

just snagged some funding talk about that yeah delphi digital really do i really like all the delphi digital's like placements of their funding every time they make a funding round i'm like that was a good move and i also got funded by coinbase as well uh so zapper is just this way to interact with defy in a way that's really efficient like sometimes in defy you need to go to uniswap and then you need to go to compound and then you need to go and do something else zapper just bundles it all together and makes it really easy to do stuff and so yeah i feel like there's a pretty strong case that like zapper is the front end of like ethereum in a way like if you just want to get something done you go to zapper yeah you know i i really like

delphi's approach too because they they almost take like an activist investor type role where they'll go in and not only invest but they'll also assist with token economics and financial models and that sort of thing sort of uh improve on the design of the token so it's a really good really good take really good strategy there all right binance what's what's up with this uh our friend cz he's pledging 100k to get coin grants uh are there strings attached what is this is this just a gesture of goodwill there's never any strings attached with uh donations to bitcoin so that's just fantastic yeah i i mean i i don't know why cz is doing this other than being an altruist and so good for him like tip of the hat thanks for funding get coin maybe it's good pr but regardless credit

where it's due i mean good job cz more that please we'll upgrade cz to chaotic neutral yeah exactly all right ciphertrace um they put out a report this week and they said basically half of the 2020 crypto hacks were from d5 protocols and exchanges but i read through the the summary of this report there's a lot of like d5 foot here where it talks about uh people criminals using uh d5 without aml kyc how it's unregulated how it's a huge vector for money laundering and that sort of stuff um i think just puts fear in the heart of regulators of course if you're a company like cyphertrace maybe that's what you want because if you know regulators will buy your products that way but i gotta be

honest i don't love it it kind of sends a shiver up my spine when you've got uh companies in the industry talking in in this way what's your take on this yeah so there's two things to to to note here cypher trace is not going to solve defy hacks right they're just going to be able to help find the culprits which i guess is okay maybe that's a defense mechanism but the right way to solve d fight hacks is stopping it at the source not by threat of punishment by by improving your code right like if you got hacked your code was weak so it needs to be better that's how you stop a d5 hack the other take i have on this is that the title of this is half of 2020 crypto hacks are from d5 protocols and exchanges like what what about value because if we

if we talk about what how much value was hacked centralized exchange hacks dwarf defy hacks by orders of magnitude like d5 hacked our trump change small fry small money in comparison to the amount of value that's hacked from centralized exchanges and so maybe the number of hacks is more but the total amount of value that's stolen from centralized exchanges is way larger definitely the q coin hack alone that was like 220 million something like that if you recall all right um ray dalio uh do you know ray do you like ray i like yeah his book principles fantastic book everyone should read it i love ray's stuff especially his stuff on uh monetary policy but uh he had kind of a bearish take on bitcoin he said there are three

problems with it and crypto and generally called it digital currency in general one you can't take bitcoin and buy things with it right so it's not a medium of exchange two it's too volatile and three if it did become a threat to governments government would shut it down make it illegal so you know we we had our conversation with raul paul that we put out on monday and he sort of defused number three where he basically said sure a government could try to ban it but then another government in some other country will not ban it this is kind of what happened with the you know the gold ban fdr's gold ban the us banned it other countries didn't the us ultimately had to uh like take away its ban and the the countries that didn't

ban benefit it so the game theory there uh i think says that that you know maybe that won't play out the way dalio thinks it will but you know what i was struck by david is just like dalio kind of gets the whole uh modern monetary policy how it's going to inflation and how like fiat currencies aren't going well but like he's just at the starting line when it comes to understanding crypto and this is exactly where everyone starts they always say crypto's not good medium exchange is too volatile and governments will ban it like that's where i started when i first learned about crypto i was like oh it will never work because of those three reasons so i actually think this is bullish i do think dalia will come around at some point yeah yeah so he's also interestingly

made really uh positive statements about ethereum like he has historically said like bitcoin is kind of like a pet rock and ethereum is that's much more interesting and in the same vein as the cftc chairman a while ago so like he he i don't get what uh he is all about with crypto like i can't get if he's bullish or if he's bearish or if he's skeptical or if he's not skeptical he seems to be a little bit all over the place um i'm i'm curious to see how he does develop his mental models because a lot of people listen to ray dalio and so what he does say does carry a lot of weight you know it was funny though he actually i watched that uh interview he actually ended the yahoo finance interview and he said yeah so that's why bitcoin will never win or digital currencies will

never win and you know what we'll win gold i just thought to myself guys like buddy i know like no millennial is buying gold right now right like just demographics i mean we're not buying gold so maybe that's true now maybe that's true even for boomers it's not necessarily going to be true in the next you know in the decades to come that's exactly right all right we could talk a lot more about what the government is is doing the final boss as we call it i'll go through these really quick but shape chef had to de-list uh zcash which is an anonymous cryptocurrency don't love hearing about that irs is coming after coinbase for tax information so guys fyi if you're doing crypto trades on coinbase the irs

knows like get right with the tax person or else they will definitely find you um bitcoin mining pools some of them one of them is at least implementing kyc i don't love that either right either at the same in the same token we've got some good news coming from the final boss as as we call it the nation state which is uh central bank digital currencies are coming they've got to embrace crypto they've got to embrace at least networks like ethereum in some way the fed is researching central bank digital currencies an article came out about that highlighting the issues on the block we'll include in the show notes also lebanon is the next country to step up and say we're doing a central bank digital currency every week we're talking about this david

yeah it seems to be there's just like this good cop bad cop going on with with uh you know central centralized governments right where you know the the bitcoin and d5 get the bad cop and the central banks digital currencies get the good cop uh because like this technology is valuable and so people are going to figure out how to use it you know every single week on this uh on the weekly rollups we talked about you know x country rolled out central bank digital currencies and you know x token got you know it got the purview of of the nation state you know down on it this this week it's zcash and this week it's lebanon like i wonder what it's going to be next week we will see yup absolutely all right we we've done uh markets news releases let's go to takes

what's on your mind right now david so for those of people that follow me on twitter they know i went to war with the green frogs the green frogs of twitter the green frog army so i want to clarify a few of the points because this is what's been going on in my head wait wait who are the green frogs for people who aren't like in the in the whole scene here yeah so the green frogs are the pepe frogs right and they've actually been a thing before crypto right we saw the green pepe frogs being kind of more loosely associated with the rights movement than the movement that elected donald trump this kind of like army of like individuals generally anonymous that are you know on their computer and are memeing themselves into existence and it's a very good strategy to go viral right it's leveraging meme

culture it's leveraging internet virality to help bootstrap a movement right and allegedly uh russia used this as a tactic to get donald trump elected into office in 2016. and i think that we are seeing that same engineering play out using green frogs on crypto twitter and in other mediums as well uh and you know i'm not i'm not convinced that you know chain link at all did this intentionally i think actually green frogs associated with train link was much more of a bottom up uh system like a bottom-up community engagement because these things need a community but in the same way that like you can only do the immaculate conception of bitcoin once you can only do the immaculate ico of

ethereum once you can only do the immaculate like yfi liquidity mining once you only get the immaculate green frog community once and now there's a bunch of other projects with tokens that are trying to leverage green frogs to bootstrap their community and i'm just having none of it it's just bs like no like you only you only get to do that once and i'll give chain link the pass but any other project that tries to bootstrap their their community by green frogs like no they're trying to dump their token on you who's doing this coin say names other projects avalanche is what i'm talking about okay and what like when you're saying the green frogs what are they doing are they like hiring some kind of a group or it's a small set of actors that are creating these uh

pseudo-anonymous accounts and basically mass spamming they're not real people it's just a handful it's like a single entity kind of thing or is this more decentralized because that's that's what they would say it's like no we're individuals david uh we're all decentralized how how do you know the difference yeah it is not it's a non-homogenous thing and there are green frogs that are completely stock puppets that are engineered to boost a token and then there are people that just like memes and so like it's a and it's hard and this is why like when i go to war with the green frogs it's hard to like actually defend my position because there are totally examples where i'm wrong and some guy just has a green frog twitter account that he enjoys being part of the green frog always the

exception right and but there's also like one individual that makes 10 green frog accounts and they put on the avalanche cap and then the avalanche blockchain has their their telegram where they're giving away avalanche tokens to these accounts who like and retweet and engage with just to spur fake engagement right and that's that's the part that i'm pointing out and so i'm i'm kind of ready to throw the baby out of the bathwater out with the bathwater in order to make sure that everyone needs to know that you don't have to engage with these green frogs they're not the most valuable type of engagement in your l1 it's not really the community that you're looking for and are you doing this just to kind of like you know tell people about this raise awareness sort of thing because it does

feel a little bit like whack-a-mole right like every time you hit one you know five more are going to pop up i think the reason why i'm doing this is i just want to signal to people that like the the green frogs aren't as legitimate as they need to be like one green frog account does not equal one human account like and and not this is not a war on and on twitter accounts or and on reddit accounts or whatever you get to be anonymous but if you are anonymous under the green frog banner or are trying to just like bootstrap fake engagement like that's not the same like there are plenty of anon accounts that i think are really valuable but they generally aren't green frogs yeah they're real people under it under that yeah makes sense man thanks all right ryan what's on your mind

um well uh maybe i'll talk i'll talk the main thing so the main thing on my mind is when we had that conversation ama with zapper uh the question came up hey are you guys supporting uh v5 on other chains that made me think like defy another chains what chains actually can contain something like defy which gets to sort of the the definition of what is defy i put out this twitter poll and of course it's biased towards whoever follows me which is biased towards like like the things i talk about but i asked a question about um each each like major network that maybe claims d5 in some way so is bitcoin d5 was my first question and it was interesting the result from that was about 50 50. so 50 of people said no 50 of people said yes

um i asked the question is ethereum d5 80 said yes 20 said no is binance chain d5 that is of course a chain from you know binance that is has some sort of um distributed consensus uh delegated proof of stake the results were 20 yes and 80 percent no so skewed the opposite way is polka dot d5 that came out the same as bitcoin about 50 50. is cosmos d5 35 uh 37 yes and 63 percent no i want to get your take what what does all that tell you does it tell you

nothing or is this or some reflection of sentiment yeah i i think you didn't do a very good job parameter parameter oh boy parameter parameterizing parameterizing yeah i'm going to cut this out parameter right i think you could have done a little bit better job parameterizing your your statements like because like what is what does it mean to be d5 right like is an l1 d5 or is an l1 a host of d5 right i believe that bitcoin itself is a representation of defy even though it doesn't host d5 and so i think in at least with bitcoin you got people that were answering that question from two different angles and then maybe kind of got your your results muddied a little bit that's my take yeah well so the

reason i asked that simple question is because we often use use uh the term define such a simple way where we just say this is d phi or that's not d phi and it's almost like this is pure and that is not pure sort of thing but i do genuinely believe that there has to be some sort of cutoff on your layer one where like look if it's controlled by cz right and just a hand-picked set of people like how can we call anything built on top of that decentralized sure like like to me that probably skews over the line and it was interesting that uh eighty percent of of voters sort of agreed yeah i think that 20 of people that think that binance

train is defy there's your there's your uh margin of error right there 20 well it's interesting i th the word is just very tricky and um i think that uh d5 is going to be continue continue to be used uh in marketing and not sort of a real way but anyway that that's been something on my mind do you want to switch to let's close this out what are you excited about david so second week of november what's what's exciting yeah and we've been putting a ton of content out on the bank list newsletter and podcast and it's going to continue to be that way because i'm just super excited about eath staking right it's such an important part about what ether is and what it will be into the future

people and we we said this line on a previous bankless uh bankless uh youtube video the bulk the bullet it's so bullish that bitcoin is being understood it's bullish to be understood right and and like when you're in the crypto industry like sometimes you feel like this like crazy conspiracy theorist revolutionary revolutionary about how like oh all the world is going to come to crypto if more people understood that we wouldn't feel so crazy and if more people understood that then the price of these things would go up right and so i think people are coming to learn that bitcoin is like gold except in this new evolution of gold except now it's bitcoin and i think people are going to come to learn that ether and the eth stake rate is an evolution on the bond

market right this is something we've been hammering over and over again on the bank list show uh the the bond market's massive it's the biggest industry or market cap in the world right and so there's never ever been before a hard money bond market before proof of sake ethereum and so that's what i'm really excited about seeing manifest into the world and people coming to understand this i said that before but looked it up after after our last show where we talked about this so gold is about 8 trillion the sovereign bond market is about 57 trillion right and that feels to me like the total adjustable market that ether staked ether is competing in so pretty massive pretty cool yeah i know you're excited about this too and

so we're going to be beating this drum for a long time on the bank absolutely absolutely what are you excited about well you know i'll just say one thing look it's been a long winter it's been a long crypto bear run and where we've been sort of plateauing for a while i'm excited about the bull run david i feel like we're in it like at the early stages but i feel much more secure in saying that we have entered the bull market so for some folks watching this could be their first remember it's like it was my first back in 2017 to see a full-on bull market and they're fun it's going to get a lot crazier if this is your first bull run that you've seen expect things to get

crazy expect things to get out of hand emotions will run hot emotions will run hot uh scams will persist it will probably get crazier than you think but buckle up because we're in the bull run and it feels it feels good all right guys you guys know that we are perma bulls on the bankless podcast but that's for a reason in the bear market you're always kind of like oh my gosh what if the bull market never comes and so like now the fact that it's actually here like we kind of get really excited about it so you know we're perma bowls but we like to bring the energy so all right guys thanks for listening to the weekly rollups again we do this every friday morning drink your coffee because we have are bringing the energy it's on the podcast it's on the youtube if you're

watching the youtube there's a bunch of awesome graphics that you can follow along with just in case you want a little bit more of that information injected into your brain so subscribe to the youtube subscribe to the podcast and subscribe to the newsletter where we are about to put out so much content about eat staking like ryan alluded to we are going to war next week there are going to be a ton of hot memes coming out of the bankless show so stay tuned for all of that take care guys