podcasts
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Collection for podcasts • 511 items • Updated • 2
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A | Anglestation. We got a David and Ryan takes episode today, and we're going to talk about crypto's broken moral compass. Okay, this was a post that was issued this week and also racist Solana meme coins. What in the world is going on over there in crypto, on solana specifically? And the big question, I think, in our min... |
B | Before we get into this conversation, which I'm pretty excited about, I think there's actually more under the hood than what meets the eye. We're going to talk to our friends and sponsors over at as we get into this conversation. I think there's just some things I think listeners should know. Of course, if you are payi... |
A | All right, guys, we're getting right into that conversation, but before we do, we want to thank the sponsors that made this possible. All right, so the context for this is, um, I think crypto's more broken moral compass. This was a post I read from polenia, and I think stuff like this, what we are looking at on screen,... |
B | Audience because it's blurred out, we can't even say it. It's most things, most tokens. We cannot read the names. We won't do it. |
A | David. I think tokens like this, meme coins like this, kind of the underlying mania are breaking people, notably our friend and previous bankless podcast guest Polenia, who's been a longtime crypto writer and advocate, wrote a post this week called Crypto's Broken Moral Compass. And we'll get to that post in a minute a... |
B | Yeah. So this is some individual's portfolio of meme coins that they have that are all themed racist. They're all racist themed, using words that we will not be able to use on the podcast, nor would we ever want to. And the funny thing is, every single one of these meme coins, this gentleman, is up in profit on his mem... |
A | Yeah, a few things I'll know is actually. So the idea of people getting rich on, like, racism is, like, a thing that's happening, and plenty has gone, like, farther than even the comments that you just made. We'll get to that post in a minute. Calling this evil, basically. And I think this is the type of thing that. Th... |
B | Your base address, too, like, has nothing to do with Solana. |
A | People know who you are. Like, they're going to know who you are. This is actually not super private, right? Pseudo anonymous, but not private. So maybe there will be some kind of, like, social cost for doing some of these activities. Like, can you imagine if a notable crypto influencer or, like, a VC firm got caught w... |
B | Yeah, I mean, it's really a matter of just, like, how much do we want to guard our public image in crypto? Like, we like to have permissionlessness, like, we like to have, like, permissionless, open finance that anyone can partake in and enjoy. And so this is, like, a natural byproduct of that. And so. But also, at the... |
A | Doesn'T have to be, though, right? Like, it's just we. |
B | We could curate and we could manicure and we could, like, put a more polished sensor. Like, yeah, sensor. We could do that I don't think anyone's suggesting that we do that. But then we have this, and this is what's going on as a result. |
A | So let's talk about this. This tweet that you included in this section, David, which is like the context of maybe how we got there and why there's some sort of like, profit incentive, a number go up, incentive to jet, to degenerate to the level of, like, now people are actually trading like, racist meme coins and who k... |
B | Yeah, so this is actually like kind of in an adjacent topic. This is an adjacent tweet thread. The very first tweet in the thread says it's widely accepted that the way to make money in VC is to be contrarian and. Right. And Reagan continues and says this is absolutely false. In crypto venture, all that matters is your... |
A | Yeah, I think that's the main point. And anywhere where Reagan said VC, I think you just substitute investor. Right. And it kind of makes sense. But this, like, it really nails it. Crypto markets value attention. So what we're seeing in these meme coin markets is basically attention markets, right? And it's not necessa... |
B | Yeah, I think I'll start reading from this section here. The defi Ponzis, the meme coins, the ugly jpegs of 2021. It's the same story every time. There's some grandiose narrative for what's nothing more than a pure casino. Can't get much worse, right? Sadly, nope. Things have hit an all time new bottom with 2024 racist... |
A | They have some checks and balances, whereas crypto, you can get completely rugged by exactly like anybody. |
B | And then the latest one, racists are everywhere, to which plenty of doesn't even dignify with a response. So basically saying, like, hey, like, sure, like, permissionless open system, fine. Uh, scammers are everywhere. Fine. Uh, but also, it doesn't really matter. Any. Anything that you list, like, crypto is always on,... |
A | Yeah. So what was your take when you read this, David? I'm not sure when you read it, but I think you published this, or they published this over the weekend, and I just caught up with it on Monday morning. Those. I heard some conversation about it. Um, what was your take when you read this? |
B | This one line, uh, that comes right after the part I was reading. Uh, I thought, like, oh, that's me and you, Ryan, that he's talking about us, which is, others clearly know that this is all very, very bad, but we give it a wide berth and we just say, hey, let's just focus on the good, and we'll ignore the very, very b... |
A | That's not only what I say, that's what I do. |
B | It's what I do. Yeah, that's how I. |
A | That's how I'm, like, I wasn't even looking at this corner of crypto, Twitter and meme coinery until, like, you know, like, it was drawn to my attention, so I just ignore it. |
B | One. One more sentence or two is Polania says, even when the people who are willing to speak up back then, back then, which is, like, post 2022 to after that, all that bad stuff, uh, people who were willing to speak up back then then have said nothing about this latest wave of insanity at this point, this evil in crypt... |
A | Well, what plenty is saying, though, so. Okay. Yeah, I remember. And I remember, I mean, we were right there in the depths of 2022 where, like, you were really feeling it and actually had kind of an emotional moment on the bankless weekly roll up. And I think we were talking about, like, all of the billions of dollars ... |
B | Yeah, I think it gets really, really hard. And crypto Twitter has such a strong, I think, role in this because this is where a lot of the attention games are being played and maybe to even kind of continue Pollenia's point. Um, something that happened this week was a photo of do Kwan got surfaced coming out of the Mont... |
A | They're basically. Yeah, they're basically saying, like, this was a great thing. Now he's going to come back and do a new kind of, like, blockchain startup. We're all going to get rich. This is kind of the sentiment, right? |
B | Yeah. Then Suzu, another scammer, grifter criminal, puts out this tweet saying, I keep telling people that prison is the dopamine rehab slash discipline maxing that you need. And then he says, don't fade. While he's tweeting out the picture of Do Kwon, he's saying, don't fade, do Kwan. I would like to remind people, th... |
A | Kind of gross, right? |
B | Kind of gross. |
A | By the way, if prison actually worked, I would contend a 16 Z would have figured this out and done, like, prison startup schools, you send your founders. |
B | To jail if dopamine rehab was actually a thing. |
A | Yeah, yeah. So, like. But, okay, let's consider the source here, right? That is coming from Suzu, who is trying to be someone that kind of, like, normalizes, like, incredibly risky behavior and has 1700 likes. Okay. And so, like, again, we could get into Twitter bot traffic and, like, what's real and what's not. But, l... |
B | Everyone's done it to some degree. |
A | Everyone's done it to some degree. Right? And so, like, we're all kind of complicit in it and. Yeah, what about this. What about this idea of. I think your tweet here was maybe plenty of is, right. That's what you said when you were observing, like, this Suzuki take on do Kwan, saying, like, prison's a good thing. |
B | Yeah. We just don't seem to have very good, uh, immune immunity, I mean, immune system to resist some of this, like, degeneracy. Like, we. Like, we are degens, as in, we are taking, like, leverage and we are taking risk, and that is totally fine, but then we are going even further and being, like, kind of degenerates w... |
A | It seems like if somebody gets rich, at least in the kind of crypto Twitter social layer, then it gives them a pass to do anything, because, like, obviously they were right. And if you speak against that, well, that's just cope and you're jealous. Don't you think that is embedded into some of this underlying. The thing... |
B | We have, like, becomes, like, a target because it keeps on working, people becomes a target. Right? Like, yeah, so, like, like, I. Being criminal becomes, like, something to be, like, enjoyed so long as you get rich. And of course, this is not the actual norm. It's, like, blown out of attention by crypto, Twitter. It's... |
A | I don't think this is a problem, by the way, just with crypto, it's just, like, kind of manifesting in crypto. Like, I. This is a. Just a cultural. We called it before, like, financial nihilism, as has Travis Kling, who's kind of, like, popularized that term. And this is sort of more of that. But, like, everything in c... |
B | There was an old tweet that I remember that's always burned into my brain about, like, why we have four year cycles, why we have cycles at all, and, like, why these cycles are so violent. And it was something about, like, a crypto bull market is when all of society's attention turns back into crypto. Oh, I forgot about... |
A | Yeah, I mean, uh, another take on that is, like, maybe a little shit is needed to make the flowers grow, you know? And I think we see that shit manifest most particularly in every single bull cycle. And then what, um, what persists, what remains? And, like, the foundation gets kind of set during the bear market. This i... |
B | And a take from Nick Carter here is when he was reading the plenty of article. He says the solution is not to ignore the bad, but to pursue the good with such fervor as it makes the journey obviously worth it. And this also reminds me of another conversation one day I was just reading on Crypto Twitter lost to the also... |
A | Crypto, they're on the frontier. They're pushing the limits. |
B | They're, they're, they're testing the limits. They're doing, they're, they are the users. DJ's are users. Anytime you're like, do you have ETH in some like LRT protocol that's also getting yield on Pendle, you might be a DJ. It depends on how djen you want to go. And so like, really, I think it's when we see people spe... |
A | Yeah. I think I'll end with maybe some. Some practical advice or thoughts and just a reflection on what you do about this. I think that the crypto social layer, especially the social layer, that gets amplified not on the, like, ETH research forums, but on crypto Twitter specifically, is exhausting. Is absolutely exhaus... |
B | Yeah, the. I'm just reminded of this Elon Musk tweet that went out this week where he was asking some crypto Twitter account, like, hey, why? Why did Vitalik leave Twitter when Vitalik went to Farcaster? And it was just funny to me that Elon Musk seemingly couldn't just, like, comprehend the fact that, like, Vitalik wo... |
A | Yeah, it's loud out there for sure, guys, so. But. But you don't have to be part of it. You could ignore all of the noise and, like, remember why we're really here. We'll just end with our standard risks and disclaimers. David, crypto is risky. You could lose what you put in. But we are headed west. This is not for eve... |
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