Bankless
@Bankless • 388,373 subscribers
Welcome to Bankless: where we explore the frontier of crypto money, tech and finance. Learn how to get started, get better, and front-run the opportunity.
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INTERVIEW: Arthur Hayes - The AI Crash That Could Send bitcoin:native to $1M Arthur thinks the AI trade is sucking the oxygen out of crypto, and the real opportunity may come after the AI bubble cracks. Inside the episode: - AI CapEx mania - Why ethereum:native looks cheap - Oil as the macro bear case - “The Fed can’t print Moore’s Law” - How an AI credit event could send money back into crypto - Why Hyperliquid can challenge Binance - Why the inventor of perps says not to use leverage --- TIMESTAMPS 0:00 Why Arthur Sold HYPE, NEAR and ZEC 4:26 The AI Trade Starts to Look Crowded 6:25 How Arthur Is Positioned Now 7:15 Crypto’s Strange Market Dispersion 11:09 Oil, Iran and the Fake-Out Risk 14:16 Why the Iran Deal May Not Be Durable 17:29 Can AI Survive Higher Oil? 21:20 The AI Bubble Thesis 26:11 China’s Cheap AI Threat 30:38 The Credit Event Arthur Is Watching 35:51 The 2028 Perfect Storm 39:45 Why AI Is Draining Crypto’s Bull Market 44:28 Arthur on Inventing Perps 48:11 Why Perps Could Eat Wall Street 51:18 Socialized Loss Explained 53:21 Onshore vs Offshore Perps 55:50 Why Hyperliquid Can Flip Binance 56:30 The Perp Inventor Does Not Use Leverage
Bankless302,836 просмотров • 1 месяц назад
NEW EPISODE - Jito Is Coming for Coinbase and Binance Jito founder buffalu joins David Hoffman to unveil JTX, a new trading terminal built to make Solana feel like a centralized exchange without giving up onchain execution. They talk about: - Why Solana can already beat CEX pricing on some trades - How prop AMMs could move price discovery onchain - JTX’s expansion into equities, perps, and prediction markets - Why 80% of JTX revenue will flow back to the Jito DAO - Why Lucas believes SOL remains uniquely undervalued TIMESTAMPS --- 0:00 Solana and Tokenized Stocks 2:22 What Is JTX? 8:44 A Better Trading UX 11:25 Better Execution 15:37 The JTX Roadmap 19:35 solana:jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL and solana:So11111111111111111111111111111111111111112 Tokenomics 25:23 Why Solana Got Better 29:34 Prop AMMs Explained 37:25 Liquidity and Market Makers 40:04 Solana vs. Robinhood Chain 46:51 The JTX Rollout 48:07 Global Markets and the SOL Thesis
Bankless86,042 просмотров • 12 дней назад
NEW EPISODE: Ethlabs : The New Org to Make Ethereum Win | ansgar.eth & Caspar Ethlabs is here with a blunt mission: make Ethereum and ethereum:native win. Ansgar and Caspar join David Hoffman to unpack why the Ethereum Foundation is narrowing its focus, why Ethereum needs another R&D node, and how Ethlabs plans to push the protocol back toward scaling, interop, adoption, and value accrual. --- TIMESTAMPS 0:00 What is Ethlabs? 2:35 The EF Narrows Its Mission 9:30 Putting Points on the Board 13:06 Principles Need Users 14:53 ETH the Asset and Ethereum the Network 17:33 Scaling, Interop, and Growth Workstreams 22:52 The Talent Behind Ethlabs 25:27 What a New Organization Unlocks 27:53 Pro Markets, Pro Growth, Pro ETH 30:51 The Trillion Dollar ETH Question 37:07 Who Steers Ethereum? 39:55 Shared Vision, Different Path 45:13 Funding Ethlabs 51:54 Hiring for Ethlabs 54:24 Ethereum’s Long Arc 58:14 What Comes First
Bankless186,769 просмотров • 28 дней назад
LIVE NOW - The $200 Billion Shadow Market Behind Anthropic's Stock | Dio Casares Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque. Diogenes of Patagon Markets breaks down how it actually works: - which deals Anthropic blesses and which get cease-and-desists, - why fake share certificates show up in 10-20% of executed deals, - what tokenized equities and pre-IPO perps actually represent, - and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs. Enjoy. -------------- TIMESTAMPS 0:00 Intro 0:40 What is Going on in Secondary Markets? 7:03 How Anthropic Secondary Markets Unfold 14:51 Anthropic’s Secondaries Social Elite 19:00 Emerging SPV Structure 21:51 Accidental Frauds? 27:04 After IPO Consequences 35:13 Private Market Lessons 38:21 Patagon Markets 43:54 Tokenized Perps 44:57 Closing Thoughts
Bankless444,291 просмотров • 2 месяцев назад
LIVE NOW: Why Vaults Are a Ticking Time Bomb | ilemi from Herd 🦬 DeFi vaults make yield feel simple. Behind one deposit can sit dozens of markets, recursive wrappers, leverage, curators, and risk assumptions most users never see. Andrew Hong joins David Hoffman to tell us about: • Why vaults are becoming crypto’s one-click financial layer • How Coinbase and institutions could take them mainstream • Where risk creep and hidden dependencies enter • Why transparency must come before ratings --- TIMESTAMPS 0:00 Introducing DeFi Vaults 2:20 From Yearn to Morpho 3:58 Why One-Click Yield Is Growing 9:02 Coinbase Earn and the Safer End of Vaults 11:40 How Vaults Rebalance Capital 14:38 Leverage, RWAs, and Higher Yields 18:28 When Strategies Go Seven Layers Deep 20:43 The Summer Finance Exploit 23:56 The Incentive to Take More Risk 27:59 An Inevitable but Unstable Product 29:45 Regulation and the Role of Curators 34:10 The Transparency Gap 39:32 Misaligned Incentives and Liability 41:48 What Happens When Vaults Reach Mainstream Users 46:22 What the Vault Sector Needs 51:13 How to Evaluate a Vault 53:41 Did DeFi Reinvent the Bank? 58:01 What to Watch Next 1:03:44 What Herd Is Building
Bankless33,990 просмотров • 6 дней назад
Satoshi may have made one of $BTC ’s biggest UX mistakes, Dan Held argues. “Why 21,000,000 versus 21,000,000,000?” “I think he was quite bearish.” “He didn't know if it was gonna work.” “But I think he was a little too bearish, and that unit bias problem, I do think is an issue.” “Everyone thinks Bitcoin's too expensive.” “I think Satoshi did make a mistake on that where he put the decimal.”
Bankless93,474 просмотров • 18 дней назад
LIVE NOW - Michael Salor’s Master Plan: "Fix the Money, Fix the World." Bitcoin to $21M. Strategy as a digital credit machine. An “8% bank account” for a billion people. Michael Michael Saylor joins Bankless for the first time to unpack: - Bitcoin becomes digital capital - Strategy’s Bitcoin credit machine - Quantum without panic - A new view on Ethereum - The “fix the money” thesis Enjoy the episode! -------------- TIMESTAMPS 0:00 Intro 1:00 Michael Saylor’s $21M Bitcoin thesis 4:33 What has to go right for Bitcoin to get there 11:00 Has Bitcoin adoption stalled out? 13:20 Why STRC became Strategy’s breakout product 18:05 The pitch behind a Bitcoin-backed money market 21:13 How STRC is engineered to stay stable 27:31 Where the 11.5% yield comes from 36:35 Is Strategy taking too much risk? 46:50 Does Strategy ever stop buying Bitcoin? 58:48 Quantum, panic, and the Bitcoin response 1:16:18 Michael Saylor on Ethereum today 1:25:46 “Fix the money, fix the world” 1:38:39 The crypto reactor and Strategy’s endgame
Bankless517,909 просмотров • 3 месяцев назад
LIVE NOW - Building a Million Dollar Zero Human Company with OpenClaw | Nat Eliason Nat Eliason joins us to show what it looks like to build a “zero human company” with Felix Craft, an AI CEO that ships products, runs ops, and manages other agents for support and sales. Felix went from an overnight info product to a full marketplace for AI agent skills: Claw Mart is service that deploys custom OpenClaw employees for real businesses, hitting nearly $80k in revenue since early February while operating on surprisingly low monthly costs. -------------- TIMESTAMPS 0:00 Intro 0.24 Nat’s Background 6:30 Felix 11:43 Real Businesses vs Memecoins 14:23 Felix’s Employees 18:06 Felix’s Business 31:26 How Customized is Felix? 38:17 Felix’s Business Risks 40:12 Can OpenClaw Replace Knowledge Workers? 43:38 Claw Mart 48:49 Felix’s Expenses 51:15 Nat’s Role 56:39 Felix’s Discord 1:03:19 Citrini Doomer Scenario 1:13:04 Hiring Your First Agent 1:16:19 General AI Assistants 1:19:50 AI Friends 1:22:39 The AI Agent Frontier 1:26:52 Crypto x AI 1:31:53 What’s Next 1:34:27 Closing & Disclaimers
Bankless535,286 просмотров • 4 месяцев назад
The Venice team has been teasing 'Minds' lately, so David Hoffman asks "What are Minds?" Jon Venice: "Minds are custom AI experiences" "We have a subset of really strong power users that understand these models really well. They're really good at chaining these things together in such a way, using system prompts in certain ways, to create a toolset that lets them get a much better output from the same prompt, versus just giving it to a kind of naked model without any of these things. And so we're creating tools for users to create these experiences and then potentially even to monetize them. And we think in many ways this is going to become one of the more popular ways for people to use AI and that there will likely only be a small subset of these kind of power users who kind of become creators, although we're trying to make the tools easy enough for them to create whatever they can and they want. But that a ton of consumers will be very interested in this as kind of our thesis, that they will want to use these custom experiences because they will get a substantially better output."
Bankless11,812 просмотров • 3 дней назад
![INTERVIEW: Why Every Chain, Wallet & App Is Integrating NEAR Intents | Kendall Cole NEAR Protocol wants users to stop thinking about blockchains altogether. Proximity Labs co-founder Kendall Cole joins David Hoffman to explain how NEAR Intents connects 35 chains, powers products like Infinex, brings tokenized assets and confidential transactions into one seamless experience, and turns fragmented crypto markets into a single account where users see assets, not infrastructure. [TIMESTAMPS] 0:00 Intro 2:29 Chains Need Neutrality 4:20 Near’s Chain Abstraction Vision 6:03 Wallets to Retail Expansion 9:30 Bootstrapping Liquidity and Partners 11:23 RWA Asset Explosion 15:00 Tokenized Stocks on Near 15:57 One App Across Chains 19:01 Near as Chain Abstraction 21:35 Trading Bots and Payments 24:54 MiCA’s Market Shock 28:16 Noncustodial Compliance Strategy 29:17 Euro Onramps into Near 31:38 Regulation Meets On-Chain Freedom 38:09 Confidential Intents Launch 41:15 Privacy for Users and Firms 43:36 Private zcash:native Routing 46:50 Privacy for AI Models 49:52 near:native’s Fee Capture Model 52:19 Crypto as Exchange Infrastructure](https://image.24vids.com/tw-2077724936182042982/amplify_video_thumb/2077401906712875008/img/CxyC283KqqADAH_c.jpg)
INTERVIEW: Why Every Chain, Wallet & App Is Integrating NEAR Intents | Kendall Cole NEAR Protocol wants users to stop thinking about blockchains altogether. Proximity Labs co-founder Kendall Cole joins David Hoffman to explain how NEAR Intents connects 35 chains, powers products like Infinex, brings tokenized assets and confidential transactions into one seamless experience, and turns fragmented crypto markets into a single account where users see assets, not infrastructure. [TIMESTAMPS] 0:00 Intro 2:29 Chains Need Neutrality 4:20 Near’s Chain Abstraction Vision 6:03 Wallets to Retail Expansion 9:30 Bootstrapping Liquidity and Partners 11:23 RWA Asset Explosion 15:00 Tokenized Stocks on Near 15:57 One App Across Chains 19:01 Near as Chain Abstraction 21:35 Trading Bots and Payments 24:54 MiCA’s Market Shock 28:16 Noncustodial Compliance Strategy 29:17 Euro Onramps into Near 31:38 Regulation Meets On-Chain Freedom 38:09 Confidential Intents Launch 41:15 Privacy for Users and Firms 43:36 Private zcash:native Routing 46:50 Privacy for AI Models 49:52 near:native’s Fee Capture Model 52:19 Crypto as Exchange Infrastructure
Bankless36,637 просмотров • 11 дней назад
LIVE NOW - Crypto Without Privacy Isn’t Crypto: The $ZEC Bull Case mert and Tushar Jain join us to make the case for Zcash 🛡️ as crypto’s private store of value. In the episode: - why privacy may be crypto’s missing primitive, - the “private Bitcoin” thesis, - how $ZEC becomes a Schelling point, - shielded pools, quantum risk, and the return of cypherpunk money. Enjoy. -------------- TIMESTAMPS 0:00 Why Multicoin Got Interested in Zcash 5:22 Mert’s Path from Solana to Zcash 9:57 Why Zcash, Why Now? 17:01 The Institutional Path for Private Money 22:03 Zcash as a Private Store of Value 25:27 Fungibility, Tainted Coins, and Financial History 27:26 The Bear Case: Does Anyone Really Care About Privacy? 34:43 Onchain Surveillance and Government Power 39:13 Zcash Tokenomics and the Forgotten Coin Thesis 44:58 The Last PVE in Crypto 50:17 Zcash and the Quantum Threat 59:14 Shielded Pool Growth and Upcoming Catalysts
Bankless192,639 просмотров • 2 месяцев назад
NEW EPISODE - Securitize Just Went Public. Are We Still Tokenizing the World? Securitize has gone public, raised $400M, and tokenized its own stock. Carlos Domingo joins David Hoffman for a conversation on: • Real shares vs synthetic tokenized stocks • Native onchain equities and 24/7 markets • Tokenization’s demand bottleneck • Spot markets, perps, and deeper liquidity • The path from $35B to $1T in tokenized assets --- TIMESTAMPS 0:00 Going Public 4:50 Demand Bottleneck 10:19 Real vs Synthetic 17:31 Liquidity Wins 23:43 First Movers 29:24 Trading $SECZ 39:47 Spot and Perps 43:01 The $1T Goal
Bankless13,099 просмотров • 4 дней назад
LIVE NOW - Productive Money: The Most Bullish Case for Ethereum ($250K) Ethereum may be one of the most underappreciated assets. Michael McGuiness and Vivek Raman of Etherealize lay out the case for ETH as “productive money”: A monetary asset with the store-of-value properties of gold and Bitcoin, but with the ability to compound through network activity. Enjoy! -------------- TIMESTAMPS 0:00 Intro 4:45 $250K ETH? 6:04 How to Price ETH 8:15 ETH’s Monetary Premium 10:25 What Differentiates ETH 13:54 The Path to $250K ETH 16:35 Menger’s Monetary Attributes 20:28 Scarcity 24:58 Fungibility 26:43 Divisibility 27:45 Portability 28:28 Durability 34:30 Verifiability 35:27 Censorship Resistance 37:00 ETH is Productive Money 41:39 How is ETH Productive? 46:40 Ethereum’s Tollbooth 51:28 Counterparty Risk 53:48 Productive Money vs Dead Capital 58:03 Pitching Productive Money to Wall Street 1:00:08 Why is ETH Underappreciated? 1:04:19 Wall Street ETH Investors 1:11:28 Other L1s 1:14:06 Why Not Just Buy the S&P? 1:15:00 Ethereum Technical Risks 1:17:20 How Does ETH Get to $250K? 1:23:18 Closing & Disclaimers
Bankless257,127 просмотров • 3 месяцев назад
$200–$250k BTC and $10–$12k ETH by year-end? Tom Lee ( Thomas (Tom) Lee (not drummer) FundstratDirect.com ) and Arthur Hayes ( Arthur Hayes ) share their price predictions, and why they think ETH could do a 2.5x in just 2 months. 2 Legends. Same ballpark. Are we ready for these levels by Dec 31? 👀
Bankless576,290 просмотров • 9 месяцев назад
INTERVIEW: “ZODL is to zcash:native what Coinbase was to bitcoin:native .” Josh Swihart 🛡 joins Bankless to unpack ZEC's awakening and why Zcash 🛡️ may be entering its most important chapter yet. We cover: - Zodl (fka Zashi)'s plan for Zcash - the rise of shielded ZEC - privacy in the AI era - why Bitcoiners are paying attention - making private money too big to kill --- TIMESTAMPS 0:00 Intro 4:17 Privacy in the AI Era 6:19 Crypto’s Missing Privacy Layer 9:49 The Political Fight for Privacy 14:42 Can Crypto Retain Privacy? 16:47 From Zashi to ZODL 19:48 The Zcash Reawakening 21:41 Balaji, Funding, and the Mission 24:49 Product Market Fit for Shielded ZEC 27:51 ZODL's Role in the Zcash Stack 29:36 The Zcash Roadmap 32:56 What Is ZEC and is it Undervalued? 36:56 The Shielded Pool Explained 45:12 The $25M ZODL Raise 47:16 Compliance and Shielded ZEC 51:25 Institutions vs Cypherpunk Values 53:58 Personal Privacy in an AI World
Bankless119,894 просмотров • 1 месяц назад
LIVE NOW: Tom Lee, the World's Biggest ETH Holder Thomas (Tom) Lee (not drummer) FundstratDirect.com has made $BMNR the largest ETH treasury in the world. Over 800,000 ETH. And he's bullish for a reason: ETH is about to have it's Bitcoin 2017 moment. -------- TIMESTAMPS 0:00 Intro 2:57 The Rise of ETH Treasuries 8:27 The 5% ETH Strategy 12:08 The Role of Ethereum in Wall Street 17:57 Accumulating More ETH 26:39 Wall Street's Misunderstanding of Crypto 32:41 Ethereum's 2017 Moment 40:09 The Potential for 100x 48:52 Estimating ETH's Value 53:08 Navigating Market Risks 1:01:36 Closing Thoughts on Ethereum
Bankless655,680 просмотров • 11 месяцев назад
![INTERVIEW: AI, Surveillance, & the Fight for Digital Sovereignty | Near's Illia Polosukhin What happens when powerful AI requires an ID, governments can restrict access by country, and your most private data flows through centralized systems? NEAR Protocol co-founder Illia (root.near) (🇺🇦, ⋈) joins David Hoffman to explain why AI export controls could fracture the internet, how nationalized AI could become a surveillance layer, and why decentralized, user-owned AI may be the only real alternative. They also unpack Ironclaw, confidential inference, private agents, and NEAR’s push to make AI and assets fully sovereign. [TIMESTAMPS] 0:00 Intro 3:47 Pandora’s Box Opens 6:03 AI Meets Government 7:16 Decentralizing the Stack 8:51 Why Ban Fable? 11:18 Internet Balkanization 13:57 KYC for AI? 18:43 Nationalized Models 21:07 Building Private AI 26:30 Agent Marketplace 30:26 User-Owned Alignment 35:28 Winning Against Giants 40:19 Regulation Fuels Crypto 42:24 Global AI Adoption 45:05 Compute Is the Bottleneck 49:00 Enterprise Use Cases 51:39 Confidential TVL Explained 55:25 Full Sovereign Mode](https://image.24vids.com/tw-2069390009254523207/amplify_video_thumb/2069295149285621760/img/ecLKLZOvlFQNcg0P.jpg)
INTERVIEW: AI, Surveillance, & the Fight for Digital Sovereignty | Near's Illia Polosukhin What happens when powerful AI requires an ID, governments can restrict access by country, and your most private data flows through centralized systems? NEAR Protocol co-founder Illia (root.near) (🇺🇦, ⋈) joins David Hoffman to explain why AI export controls could fracture the internet, how nationalized AI could become a surveillance layer, and why decentralized, user-owned AI may be the only real alternative. They also unpack Ironclaw, confidential inference, private agents, and NEAR’s push to make AI and assets fully sovereign. [TIMESTAMPS] 0:00 Intro 3:47 Pandora’s Box Opens 6:03 AI Meets Government 7:16 Decentralizing the Stack 8:51 Why Ban Fable? 11:18 Internet Balkanization 13:57 KYC for AI? 18:43 Nationalized Models 21:07 Building Private AI 26:30 Agent Marketplace 30:26 User-Owned Alignment 35:28 Winning Against Giants 40:19 Regulation Fuels Crypto 42:24 Global AI Adoption 45:05 Compute Is the Bottleneck 49:00 Enterprise Use Cases 51:39 Confidential TVL Explained 55:25 Full Sovereign Mode
Bankless59,588 просмотров • 1 месяц назад
“The treasury can call the fed and say revalue the gold." “With it at 10,000 it’s 2.5 trillion.” “At 20,000 it’s 5 trillion.” “You could buy back the entire long end (of treasuries) at 5 trillion bucks." Some people thought they could DOGE their way out of the national debt. But Luke Gromen disagrees: “Inflation’s in the cake.” “The debt doesn’t care. The interest grows no matter what.”
Bankless386,620 просмотров • 8 месяцев назад
![INTERVIEW: Why $VVV at $17 is cheap, w/ Yan Liberman If the TAM for inference is ~$200B, what's the TAM for Private Inference? David Hoffman chats with Yan Liberman about - Why Venice is crypto AI’s clearest revenue story - How he values $VVV - How Venice serves agentic inference - Why AI agents need $DIEM [TIMESTAMPS] 0:00 Intro 1:40 Privacy Guarantees Explained 5:01 Who Needs Private Inference? 9:25 A Privacy Use Case 10:19 Venice’s Privacy Tiers 12:31 Growth Surges After New Plans 20:29 Inference Reseller Economics 23:39 Why Revenue Is Hard to Know 28:11 Token Value & Trust 32:07 Erik Voorhees & Alignment 33:52 Venice’s Unique Product Edge 37:34 Adult Content Demand 41:18 Permissionless Agentic Inference 44:56 Bear Cases for Venice 49:12 How to Value VVV 51:46 Is VVV Undervalued? 56:10 Closing & Disclaimers](https://image.24vids.com/tw-2057226043124294074/amplify_video_thumb/2057225252309258240/img/3VrYHAElcYXFt8I0.jpg)
INTERVIEW: Why $VVV at $17 is cheap, w/ Yan Liberman If the TAM for inference is ~$200B, what's the TAM for Private Inference? David Hoffman chats with Yan Liberman about - Why Venice is crypto AI’s clearest revenue story - How he values $VVV - How Venice serves agentic inference - Why AI agents need $DIEM [TIMESTAMPS] 0:00 Intro 1:40 Privacy Guarantees Explained 5:01 Who Needs Private Inference? 9:25 A Privacy Use Case 10:19 Venice’s Privacy Tiers 12:31 Growth Surges After New Plans 20:29 Inference Reseller Economics 23:39 Why Revenue Is Hard to Know 28:11 Token Value & Trust 32:07 Erik Voorhees & Alignment 33:52 Venice’s Unique Product Edge 37:34 Adult Content Demand 41:18 Permissionless Agentic Inference 44:56 Bear Cases for Venice 49:12 How to Value VVV 51:46 Is VVV Undervalued? 56:10 Closing & Disclaimers
Bankless107,407 просмотров • 2 месяцев назад
This isn't a bubble. “Just because digital asset treasuries have gone up and you don’t own it doesn’t mean it’s a bubble… A bubble is just your friend making money.” Tom Lee ( Thomas (Tom) Lee (not drummer) FundstratDirect.com ) explains how most people misread markets. It’s not a bubble just because assets rise without you.
Bankless491,240 просмотров • 11 месяцев назад