Bankless
@Bankless • 381,624 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
Bankless302,185 Aufrufe • vor 27 Tagen
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.”
Bankless93,280 Aufrufe • vor 10 Tagen
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 Aufrufe • vor 20 Tagen
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
Bankless444,113 Aufrufe • vor 2 Monaten
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 Aufrufe • vor 3 Monaten
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 Aufrufe • vor 4 Monaten
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 Aufrufe • vor 2 Monaten
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 Aufrufe • vor 2 Monaten
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
Bankless119,130 Aufrufe • vor 1 Monat
$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 Aufrufe • vor 9 Monaten
![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 Aufrufe • vor 26 Tagen
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 Aufrufe • vor 11 Monaten
![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
Bankless107,015 Aufrufe • vor 1 Monat
![WEEKLY ROLLUP: David Sold All of His $ETH...Why? Crypto’s old leaders are struggling, but new winners are breaking out. RYAN SΞAN ADAMS - rsa.eth 🦄 and David Hoffman unpack the rise of hyperliquid:native, zcash:native, and $VVV, the macro bear fuel markets are ignoring, the EF talent exodus, and why David selling his last ethereum:native may mark a new era for Ethereum and Bankless. [TIMESTAMPS] 0:00 Intro 3:28 Bear Fuel for Markets & Pockets of Bullishness in Crypto - The Kobeissi Letter - Barchart - Jesse Cohen - Strategy - Arkham - The Block 21:27 Hyperliquid, HYPE, and Pre-IPO Price Discovery - Matt Hougan - Geiger Capital - trade.xyz - Yano 🟪 - The Kobeissi Letter 32:43 Wintermute Opens DeFi Vaults on Morpho 🦋 - Wintermute 38:12 Trump’s Quantum Bets and U.S. Industrial Policy & IPO and Ronin Migrates to Ethereum L2 - The Kobeissi Letter 46:34 EF Exodus and Ethereum’s Identity Crisis - David Hoffman - jasperthefriendlyghost.eth - Tomasz K. Stańczak - Josh Stark (0xstark.eth) - trent.eth - Barnabé Monnot | barnabé.eth - timbeiko.eth - carlbeek - Julian - Ignas | DeFi - joseph.eth - Dankrad Feist - Ethereum Daily - William Mougayar 1:00:04 David Sold His ETH and a New Era for Bankless - David Hoffman - RYAN SΞAN ADAMS - rsa.eth 🦄 Moment of Zen - Ethereum Community Foundation](https://image.24vids.com/tw-2057793606761791753/amplify_video_thumb/2057707879118127104/img/0ecSfU9L2kRKWw7A.jpg)
WEEKLY ROLLUP: David Sold All of His $ETH...Why? Crypto’s old leaders are struggling, but new winners are breaking out. RYAN SΞAN ADAMS - rsa.eth 🦄 and David Hoffman unpack the rise of hyperliquid:native, zcash:native, and $VVV, the macro bear fuel markets are ignoring, the EF talent exodus, and why David selling his last ethereum:native may mark a new era for Ethereum and Bankless. [TIMESTAMPS] 0:00 Intro 3:28 Bear Fuel for Markets & Pockets of Bullishness in Crypto - The Kobeissi Letter - Barchart - Jesse Cohen - Strategy - Arkham - The Block 21:27 Hyperliquid, HYPE, and Pre-IPO Price Discovery - Matt Hougan - Geiger Capital - trade.xyz - Yano 🟪 - The Kobeissi Letter 32:43 Wintermute Opens DeFi Vaults on Morpho 🦋 - Wintermute 38:12 Trump’s Quantum Bets and U.S. Industrial Policy & IPO and Ronin Migrates to Ethereum L2 - The Kobeissi Letter 46:34 EF Exodus and Ethereum’s Identity Crisis - David Hoffman - jasperthefriendlyghost.eth - Tomasz K. Stańczak - Josh Stark (0xstark.eth) - trent.eth - Barnabé Monnot | barnabé.eth - timbeiko.eth - carlbeek - Julian - Ignas | DeFi - joseph.eth - Dankrad Feist - Ethereum Daily - William Mougayar 1:00:04 David Sold His ETH and a New Era for Bankless - David Hoffman - RYAN SΞAN ADAMS - rsa.eth 🦄 Moment of Zen - Ethereum Community Foundation
Bankless99,327 Aufrufe • vor 1 Monat
“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 Aufrufe • vor 8 Monaten
The ethereum:native roadmap needs a trillion-dollar north star. ansgar.eth: “I think we are very clearly pro markets. We’re very pro growth.” “Ethereum has, in many ways, had a lot of success.” “Now the problem is it had that success five years ago.” “The market is right now expressing, ‘Yes, you kind of won round one, but what’s round two?’” “What does it take for ETH to be a trillion dollar asset?” “For us, that will be one of our north stars.”
Bankless34,400 Aufrufe • vor 19 Tagen
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 Aufrufe • vor 11 Monaten
Are ETH Treasuries good for Ethereum? vitalik.eth thinks they can be: “ETH just being an asset that companies can have as part of their treasury is good and valuable… giving people more options is good.” But he also issues a warning: “If you woke me up 3 years from now and told me that treasuries led to the downfall of ETH… my guess would be that they turned into an overleveraged game.” More access to ETH is great—until it becomes a house of cards.
Bankless481,076 Aufrufe • vor 11 Monaten
The Infinex $INX Token Sale📝 📅Registration: Dec 27th; Sale Jan 3rd 🔊echo Sonar Sale 💸Valuation: $99.99m Supply: 5% Target: $5m Lockup: 1 year Post sale, 2% further tokens will be sold on a Uniswap Labs 🦄 CCA @ $100m David Hoffman talks to kain.inx to learn more:
Bankless279,490 Aufrufe • vor 6 Monaten