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Speaker A: Miss Wagner is like, yo, MIT version of Gary was pro blockchain, but sec. Gary is anti blockchain. And then Richie Torres is like, yo, is the Pokemon card a security? These people are listening to crypto, Twitter. They are like, these are our dial in. The power of crypto Twitter is like getting into Congress... |
Speaker B: Well, it's because it's distilled logic. I mean, bankless nation, it is the last Friday of September. David, what time is it? |
Speaker A: It's the bankless Friday weekly roll up, Ryan, where we cover the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier this week with a bunch of clips of Gary getting grilled. So everyone, everyone prepare for that one. If you're not listening to... |
Speaker B: I mean, this is catharsis. I think for many of you in this episode, you'll enjoy this very much. Also, crypto was present in Washington this year. |
Speaker A: It's a one two Coinbase. |
Speaker B: Yeah, Coinbase's stand with crypto day was held at Capitol Hill the same day that Gensler was giving testimony in front of Congress. |
Speaker A: Convenient. |
Speaker B: What about the timing of that, David? |
Speaker A: What else we got after that? We'll talk about pudgy penguins in Walmart landing a huge deal, a ton of distribution for pudgy penguins, also with each toy purchased having an on chain identity on Zksync. So we'll talk about that and then after, also, not only are penguins getting identity, but citizens of Bue... |
Speaker B: You know, the usual bitcoin ETF stuff. Eth might be getting futures. There's a ton to talk about every week. This is a bullish week. I think I'm declaring it such. David, we got some green candles when we get to the markets. But before we get in, David, we got a message from our friends and sponsors over. We... |
Speaker A: We got some green, dude. |
Speaker B: Let's look at the bitcoin charts first. What's bitcoin? |
Speaker A: Showing us some single digit green. Look at that green right on the right. On the right. Yeah, that's your, your dose of dopamine for this week. It's like, whoo. Bitcoin up 2%. Whopping 2%. Started the week at 26,600, ending the week at, well, Thursday morning. If you call it the end of the week, it's not th... |
Speaker B: Yeah, it's up such a small degree, you shouldn't even be excited about this. Yeah, we are. Four and a half percent on the week. I'll tell you, it's better than four. |
Speaker A: When's the last time we had a double digit week, man? |
Speaker B: Double digit up or down? I can't remember either, actually. We've been in the flatlands for so long, it's just like kind of a little bit of a bleed out. All the way from 1900. Weren't we over 2000 a few weeks ago? |
Speaker A: Yeah, we have touched, we have touched over 2000 in this bear market. But man, on the cracking charts, last. |
Speaker B: Time we were at two k was July in July, briefly, we went. |
Speaker A: Remember July? I was in the mountains. It's been downhill ever since I caught back for the mountains. |
Speaker B: Yeah, it really was. It's been all downhill since you guys. So you got, the only thing you could do, David, is go to the mountains. Bad things happen to Gary Gensler when you go to the mountains. Although I guess nothing bad happened to him this week. Anyway, I'm skipping too far ahead. Whatever, Gary. |
Speaker A: Later in the episode ETH bitcoin up 2%. Total crypto market cap $1.11 trillion. Layer two scaling factor touched 6% this week, down to 5.5%. Still at all time highs. Layer zero. |
Speaker B: Or, wait, what? Touch 6%. |
Speaker A: Excuse me. Total value loss, six x. Six x is what I mean. |
Speaker B: Activity. |
Speaker A: Yes, layer two activity, touched six x of ethereums. But now it's at 5.69. Nice. |
Speaker B: 60 transactions per second. 64 transactions per second. Yeah, that's where we get the six x. So, you know, we got more transactions per second left in this tank, I think. |
Speaker A: Oh, yeah. |
Speaker B: David, you want to talk about the general markets, like all the trad, five markets. You want to talk about macro really quick because it's been super confusing to me. |
Speaker A: And then I read we're also doing a macro show on Tuesday as well. So a macro show. So talking about the state of macro from a crypto person. So as a crypto person who understands macro. So I'm really excited for that show. |
Speaker B: Okay. Are you a crypto person that understands macro, David, do you understand macro? |
Speaker A: When I have a smarter macro person with me, then yes, I understand macro. |
Speaker B: My question to you is, does anybody really understand macro, particularly right now? You could. |
Speaker A: Snapshot. |
Speaker B: All right, so here's the tweet current situation. One, stocks are falling like a recession is coming. Yeah. Two, oil prices are rising like there's no recession in sight. Hmm. That's contradictory. Three, interest rates are rising like we have 10% inflation. Yes, they are. Four, gold is falling like inflatio... |
Speaker A: Yeah, they follow through and they say it's beginning to feel like a pivot point in sentiment. I don't know if I'm about to say what I think they are meaning by this, but when there's a bunch of confusion, people, I think brace for something, brace for clarity. And then whatever that clarity is will define s... |
Speaker B: Different good or different bad. Those are the only two directions, right? |
Speaker A: Yeah, I guess that's the reductive state. Take about it. |
Speaker B: Well, so, but it's basically like we don't really know. |
Speaker A: We don't know. |
Speaker B: I mean, that's why I'm very interested in doing this episode, this macro episode next week to see what, you know, the newest macro person kind of knows. I will say one thing, though. I think volatility is back on the menu. I think that's what this means, because when the market doesn't know what direction it... |
Speaker A: And just to be clear about something, we've previously talked about stocks being at all time highs, that's been like kind of the theme of the last two months, or I would say, yeah, well, so from looking at the spy, you don't have the chart up, but it has declined by 7% since July. So the spy is down 7%, whic... |
Speaker B: That goes to the first bullet point. Stocks are falling like a recession is coming. I don't know. It's down 7%. Just doesn't feel like a lot to me. |
Speaker A: Well, in the trad, 7% is a lot historically, but not recently. 7% in the tread markets. Actually, that's just like tread markets are also volatile. |
Speaker B: Okay, well, we'll try to make sense of this, but let's get, let's get back to crypto. This is a negative report from JP Morgan, who said Ethereum's activity post Shanghai, that was the last hard fork back in March, has been disappointing. JP Morgan calling Ethereum's progress disappointing, they've got some ... |
Speaker A: Months or so, yes. |
Speaker B: Not mad, just disappointed with that. |
Speaker A: My response to that is, who the hell are you? JP Morgan doesn't know how to analyze these things. Disappointing with Ethereum post Shanghai activity, bruh, it's just the broader crypto downturn and also they're just wrong. He, JP Morgan, he is wrong. They say layer twos have displayed mixed results. Well, no... |
Speaker B: Okay, well, let's go to the actual numbers, Steven. Layer two beat provides a good source for value locked in layer two. So what are we looking at at. |
Speaker A: The 180 day timeframe? It's basically flat. It's marginally up. It's basically flat. So flat flat TVL. Ten point ten one. $2 billion activity is up. It's up so much. It's unequivocally up by a lot. I'm disappointed in JpMorgan. |
Speaker B: Wow. Have you ever been not disappointed with JPMorgan, David? |
Speaker A: Generally disappointed by banking in general. |
Speaker B: Really? You should start a podcast called bankless, David, about escaping your bank over time, slowly. I think Vance Spencer put that tweet in perspective as well. Actually, I don't think he was responding to that tweet in particular, but we are. We got some perspective here from Vance Spencer. This is ether... |
Speaker A: Google, yeah. Yeah. And Ethereum really did all of its $10 billion of revenue inside of like 2020 to 2023. |
Speaker B: Yeah. I mean, so look at this line. It's just kind of like a slope line up. |
Speaker A: Yeah. |
Speaker B: So, I mean, doing pretty well, all things considered. |
Speaker A: JP Morgan, not disappointing. |
Speaker B: I'm not disappointed by this and I'm not disappointed also, long term perspective, not disappointed in the price of eth over the last seven years either. |
Speaker A: And we can keep going. Uniswap this week hits 300 million in swaps. 300 million unique trades. Swaps has happened on Uniswap. Uniswap was invented in 2019. 300 million swaps since 2019. Is that disappointing? 300 million swaps. Is that disappointing? I'm not disappointed by that in the slightest. |
Speaker B: I feel great about that. |
Speaker A: 300 million retain my disappointment. 300 million about JP Morgan. |
Speaker B: You know, I think it's part of a broader crypto sentiment, and I've seen a lot of takes, just in general in news, but even in financial analyst news like JP Morgan Research, that sort of thing, it comes back down to this. David mainstream thinks that crypto is dead again. Like always, this always happens. An... |
Speaker A: That they're doing the point. |
Speaker B: That's how you earn it's so easy. |
Speaker A: The signals are just being laid at our feet right now. |
Speaker B: They really are. Somebody. I tweeted something like that out and somebody responded with this life cycle. What are we looking at here? |
Speaker A: Yeah, just like the cycle of the bull bear market. So in the top of the bull market, some crypto friend of you will tell you, a bankless listener, you're so lucky. I wish that I bought two. And then the crypto market will go down and be like, you're an idiot. I told you crypto was a scam. Yeah. So especially... |
Speaker B: I mean, that's. We're in the stage of the cycle where everyone thinks you're an idiot and they told you it was a scam. And you can't talk about crypto at your family events or parties because you're just the crypto moron who knows nothing. Ha ha ha. Spf FTX. That's so stupid. Scams, frauds, nfts are such a j... |
Speaker A: Well, granted, some of those things are actually true. Sure. |
Speaker B: But if you're still in crypto and you know why you're here, right? |
Speaker A: And you're no longer buying the scams because you can identify them, and then. |
Speaker B: You'Ll swing back to like, I am a genius. I am amazing. I am lucky. Or third parties will say, you're lucky when that happens, and you'll feel like a genius anyway. |
Speaker A: You've been chewing glass for three years. But you got lucky, though. |
Speaker B: You got lucky. How about the bitcoin ETF, David? Here's a tweet from James Seyffert. What's this about? |
Speaker A: He just says that the SEC has come out super early and delayed the ArK invest and 21 shares bitcoin ETF filing there wasn't a decision due until November 11. And typically, up until recently, the SEC has always gone up right up until the buzzer. But they decided to delay their decision on this earlier than u... |
Speaker B: You know why? Partially is some of the speculation is because the government's about to shut down. The us government's about to shut down. |
Speaker A: That's a Monday, right? On Monday, yeah. |
Speaker B: So apparently, if by Sunday night, this Sunday night, Congress doesn't reach some sort of compromise resolution, whatever agreement to keep the government running, then it shuts down yet again. I mean, how many times have we been through this? And so this, this is the SEC just getting ahead of that so that t... |
Speaker A: Is there some sort of pseudo oracle Oracle about how the SEC thinks that if we do go for a shutdown, we'll get shut down all the way until at least November 11? |
Speaker B: I have no idea. I have no idea what this could mean. I do know this is good news. Debt. Both Democrats and republican lawmakers sent a letter to Gary Gensler pleading that he approve a spot bitcoin ETF. Okay. |
Speaker A: And I wouldn't even, I'm not even sure I would use the word pleading. The, the first line in this article in this letter says, we write to ensure the SEC does not continue to discriminate. |
Speaker B: Yeah. By. We're not begging him. |
Speaker A: That is interesting. |
Speaker B: We hired him. That's the thing. He's not our king. Right. I always forget this. Like, he actually works for us and the people. He's part of the executive branch, but he works for the people. |
Speaker A: That's us. |
Speaker B: And Congress can rein him in. He operates under their legislation. And they said in this letter following the court of Appeals decision, there's no reason to continue to deny such applications under inconsistent and discriminatory standards. So that's Congress's take. And we're going to see a bit of the gril... |
Speaker A: Oh, we need to keep the government open until Tuesday. |
Speaker B: Well, the SEC is looking to speed things up in order to get it done before the looming shutdown. Okay. So they might actually approve it before. If they were going to approve it anyway, they're thrown approve it before the government shuts down. So that could happen. So there could be a world where we actual... |
Speaker A: Fun fact, the crypto volume. Crypto volumes are heavily favored towards futures as soon as futures have ever come about. So the ether futures, that's a big unlock. |
Speaker B: Yeah. Well, you think it's a good thing or bad thing? There's always that debate of whether, when you have kind of big liquidity unlocks whether people just hit sell or people hit buy or what happens in the short term. |
Speaker A: Right. Do people think that, well, we got bitcoin futures, ETF at the top of the market in 2017 and then we just proceeded to dump for twelve months. That was just a coincidence of the timing. |
Speaker B: Like, no, it's just, I think it's just going to either do nothing or just amplify the trend that's already happening. |
Speaker A: Is what's more, more liquidity is bullish and it's even more bullish when prices are low and liquidity is low. Like when you add liquidity to a low liquid market, prices go up fundamentally. |
Speaker B: Yeah. All right, what's coming up next, David? |
Speaker A: Coming up next, Gary gets grilled in front of Congress again. We've clipped out some of the best moments so we can just all have our schadenfreude. Meanwhile, crypto bites back. At the same time, Coinbase leads with their hash standwithcrypto day at Capital Hill. So we got some pictures and coverage around t... |
Speaker B: Gary Gensler under pressure this week in front of Congress. He was grilled, I would say we got some clips coming up, but he testified before the House Financial Services Committee. And Republicans, I would say, are increasingly apoplectic about the more than 40 rules Gensler has been proposing lately, especi... |
Speaker A: Yeah. So everyone in the Senate finance, the House finance committee gets to have their five minutes where they just talk and they ask Gary questions. And so there's a wide variety of subjects. There was actually, before we get into the crypto stuff, there was a lot of focus on climate change and capital mar... |
Speaker B: They just wanted to talk about climate. |
Speaker A: Change kind of a little bit. It was a little bit forced to put that in. At least it felt forced to me. So it starts off with Pat McHenry, who always starts these things off. And this is the second time we've done this. So I've seen this kind of rodeo for the second time now. So Patrick McHenry starts it off,... |
Speaker B: All right, what are we about to watch? So I think the first clip is. |
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