Bankless Nation is the first week of December. Ladies and gentlemen, we have 100K Bitcoin. We hit it this week, David. Wow. $100,000. Ugh. Where were you when Bitcoin crossed $1,000? Do you remember? Where was I? Oh, my God. I mean, still living at my house with my family. I don't remember the moment. Really? Is there a moment that you recall? I remember. my friend, my Bitcoin-pilled friend.
talking to me and my other friend about bitcoin and it was the first friend that i had that talked to me about bitcoin and he was just stoked that bitcoin had crossed a thousand dollars and it was the first moment i was like okay like maybe i should like actually like meaningfully look into this where's that big Bitcoin friend now? He's in abandoned Portland. How's he doing? Yeah? Is he still in the scene? He's still in crypto? He was never like a crypto native. He was just like a Bitcoiner.
A guy who just like was pilled about Bitcoin from a very early age. Well, here's to hoping your friend held that Bitcoin. And for all the Bitcoin holders out there. To a hundred times higher. You know what? In the first moment, I had my first friend pill me on Bitcoin. We got to start with this clip. I think.
Eric Adams here this is the mayor of New York City and I think Eric Adams basically sums up how all of us are feeling okay this is Eric Adams the guy who in 2022 took his first paychecks as a mayor of New York City in Bitcoin, denominated in Bitcoin. Here's his reflections on Bitcoin hitting 100K this week. He is standing in front of a podium in front of a crowd of people, a crowd of reporters for content. It's cool. Look at the background.
children, creating career pathways for 15,000 students. Not a press conference about Bitcoin. Safest subway in 14 years. Here he is. Let's just play the clip. Here he goes. We should not be afraid of Bitcoin. Remember y'all laughed at me when I first got my Bitcoin? Who's laughing now? Go look at my Bitcoin now. You're all mocking me. You're taking your first three paychecks in Bitcoin. What's wrong with you?
Now you wish you would have done it. You know? And so I am happy. And so I am happy. Who's laughing now? This is setting the tone of everyone who's going home for Christmas in two weeks. Let me know. Your family's gonna love you, ladies and gentlemen. Just remember to bring... Excuse my language. The shit-eating grin that he has is plastered on his face. Go on, it's how we're all feeling, alright? So, we gotta start there.
It's time for the Bankless Weekly Rollup. We got 100K Bitcoin. We'll talk about the timeline, David. I want to bring you through history. Yeah, let's do it. We're going to start the Bitcoin pizza and work our way up just to celebrate this momentous week. It's another all-time high week, of course, at Bitcoin. Not just Bitcoin, though. Also, stable coins catching an all-time high. Also, XRP, Ripple, flipping into number three slot. Not on my bingo card, this bull market, but yeah, here we are.
A lot of Solana Bulls disappointing because it took number three spot. We'll talk about that. What else we got? Mark Andreessen appeared on Joe Rogan to talk about things that we very much know about in the crypto space, things that are not new to us at all, like the lived experience that we've had.
for the last two years about founders being debanked. And it was shocking to me. And I think Mark that like Joe Rogan had no prior knowledge of this. And as a result of this episode, it just rang around. the Joe Rogan community, which is very large. And now it has become...
Common knowledge. It went from like esoteric crypto corner conspiracy theory to common knowledge about the debanking of tech and crypto. And that's just the news that now the rest of the industry, the rest of the world knows about the debanking. of crypto uh so we're going to talk about the reflections of all of this news processing through the the internet also we now know the new name of the sec chairman who is he and what can we expect from him
Hyperliquid dropped their token and it's become one of the largest airdrops ever. And then the Celsius founder, our best friend, Alex Machinsky, who agrees with us that banks are not your friend. He's got the t-shirt. He got the t-shirt. That's what he said. He has pled guilty. He needs shortly to be sentenced. We're going to catch up on Alex Wyshynski. All that and more, but first a message from our friends over at Ambire Wallet. Ambire is the first hybrid account.
abstraction wallet they host both smart wallets and existing EOA accounts just to give you a little bit more tools for the tool belt they currently have a browser extension that's in closed beta but they're launching this gamified testing campaign for the browser extension
Ambire Legends. It's a pretty slick looking game. It's an on-chain quest game in which you pick a soulbound NFT character that evolves as you play. So every on-chain action on Ethereum-based Optimism Arbitron Scroll with your Ambire wallet earns you XP. And what does XP do to characters? It lets your character grow, but also gives you future rewards. This is just available for the Ambire Extensions beta testers, which you can sign up to become at bankless.cc.
There is a link in the show notes to get access to that. Who doesn't like XP, David? Dude, gamified on-chain experience? Hell yeah. Yeah, and smart account abstraction wallets are the way to go. So this is a taste of the future as well. I want to be this penguin with a sword over here. You seen this guy? That's got to be your character. I'm assuming you only get to pick one. Yeah, that's me. That's me right there.
Let's talk about Bitcoin, okay? Because it's Bitcoin's week. It's Bitcoin week. Hit 100K. Let's look at it on the Kraken Pro charts here. Here it is. Green candles marching all the way up to 100K and past 100K. What was the all-time high in the week? The new Bitcoin all-time high, $103,679. Starting the week at $94,900, up 6%. Currently at $101,000. God, that 100 handle is kind of crazy. Can you believe that, dude? It just violently burst through it just last night.
with no reason whatsoever other than it's time to buy Bitcoin. Everyone was talking about 100k Bitcoin, of course, because that's the milestone. Do you know, also, same day, it passed 2 trillion? In terms of market cap, that's another number. Yeah, that's another number. Two trillion. Think of how much it takes to move a multi-trillion dollar market 10% in a week. That's what Bitcoin went and did. What a crazy week this has been.
There's a pretty cool moment of Isaac Miller who made this kind of classic 2013 video watching, like just a camera pointing at the TV screen, the computer screen, watching Bitcoin cross $100. And he just did it again. 11 years later doing the same thing like trying to copy himself 11 years later let's go watch this clip of Isaac replaying recreating this moment but now at 100,000 Superimposed over his $100 Bitcoin crossing. Right here watching history be made. Bitcoin is up to $100,000.
That's an all-time high, and it's continuing to rise. I've seen the price went up to 110, and this is the highest that it's been. It's ridiculous. Look it. We had last trade two Bitcoin for $100,000 a piece. That's amazing to me. Just look at this graph. This is just the last three minutes. Give me a second. I'll switch it up. Yeah.
This guy looks the exact same. He did not age at all, bro. That's what happens when you are in Bitcoin below $100. He's still living in the same place, too. It feels like maybe he could upgrade his living circumstances with like, what is that? Never sell. Never sell. Only hold. He's still living like a pauper. Stacking hundreds of millions of dollars in Bitcoin. Who knows? Oh my god. That's crazy. This has just erupted in my timeline. Congratulations.
A lot of I told you so. A lot of celebrations from the Bitcoin community. Not one to miss out on the action was Donald Trump, of course, on Truth Social. He says, congratulations, Bitcoiners. $100,000. You're welcome. Together we will make... america i love how trump just gets here like six months ago and he's just like here you go i gave you a hundred thousand dollar bitcoin that he's not wrong
Okay. It was going to happen no matter what. But, like, if Kamala was president, $100,000 might not have come until, like, you know, 2026 or 2027. Who knows? Yeah. He definitely helped in the last stretch of the year. But, like, yeah. I wouldn't say he's been around for the whole ride. Anyway, Donald Trump, very exciting. You know what we should do? I kind of want to take a moment to zoom out on the Kraken charts and talk about how far we've come. Do you think you can do that, Ryan? Yeah.
Can you zoom out that far? No, you're going to have to go out longer than a day. You're going to go to one month candles. One month candles. I've never done this. Okay. Thanks to Kraken Pro for these glorious charts. Here we go. One month candles. One month candles.
All right. I've never gone back this far. Ryan didn't know that one month candles were a thing. But like it actually starts in October 2013. And that's when the Kraken charts, you know, like pro charts start. That's when it crosses $100.
for the first time. Is that the birth of Kraken? Somewhere around that timeline, you know, 2012, 2013. That's a lot of data that they have. I want to actually take you before that, though, okay? So we have Genesis. 2009 to 2010 of course bitcoin was launched in 2009 by this mysterious figure satoshi nakamoto the very first real world purchase happened in may 2010 okay at the time that was a purchase of 10,000 Bitcoin for
Two pizzas. World's most expensive pizzas. Yes. So at that point, though, one Bitcoin was valued at 0.0004 cents for one Bitcoin. And it was also the moment, the insanity. Financiation of value of a market value of Bitcoin. It's pizza. Just so legendary there. So there's Bitcoin pizza guy who just like imagine that transaction. Anyway, that was the very first. That was the genesis.
early growth phase in february 2011 bitcoin reached parity with the dollar became a stable coin for a brief moment uh at one dollar okay so one bitcoin equals one dollar that happened in 2011 and then we had this kind of early growth mania this is when bitcoin first came on my radar david i don't know about you but you were talking about bitcoin crossing a thousand dollars for the first time well that happened in december 2013 for the very first time and uh you're like that was a
epic moment and i recall it coming back on my radar right after that when it fell back down remember the mount gox thing and bitcoin was back down into the hundreds uh in 2014 it was around 200 right okay so My story earlier was when it was crossing $1,000 was after it crossed $1,000 the second time. So this one was in, it was the resurgence back to $1,000. That's when my story was told. So you weren't paying attention? I wasn't paying attention, no.
I started paying attention like a little bit, but like really it was 2014. It was like a Thanksgiving. Remember I told you I was like, you know, Ryan has one of the craziest like introduction to crypto stories. It's actually kind of a shame.
on the podcast yeah the fact that there's drugs prescription drugs guys let's not get carried away all right it was for an illness that i had all right let's not get too crazy uh but i really saw the light on that drug trip let me tell you uh okay and then we to david's era so if you remember like 2015 2016 it was blockchain not bitcoin blah blah bitcoin is dead blah blah blah and then we got the first the 2017 bull market bitcoin january 2017 surpassed its previous
high trading at $1,000. So that was when you were like, oh, you're paying attention at that point in time. Okay, so in that bull market, we peaked about a year later, December 2017. Do you remember when Bitcoin hit 20K at that point in time? That was a crazy run. I remember seeing my roommate at the time looking at his phone.
I had just told him to buy Ether at like $600, $700. And both Bitcoin and Ether were peaking. And I remember seeing my roommate like dancing. Like just extreme euphoria. And I have this, my first ever moment of like. hmm this doesn't feel right oh really that that moment was the top
And it was the first moment I was like, wait a second, what's going on here? It was my first gut instinct of maybe you should sell the top. If I recall your story, you were dabbling around in that time in IOTA. IOTA was earlier. Yeah, exactly. You had dubbed IOTA by that time. Yeah.
I was rotating around whatever coins. Ether, if I recall, peaked in like January, February 2018. So just a couple months later. A couple weeks later. A couple weeks later. Oh, my God. Then we have that devastating correction, of course. Bear market. Bitcoin. That's when I learned to become numb. I don't know about you. $20K down to $3K during that time for Bitcoin. And then again, everyone said it was dead. This is, by the way, December 2020 during that bear market when microstrategy.
started buying a little bit, just a little bit at first. Michael Saylor, PayPal, MicroStrategy, that kind of thing was happening. And then we got in 2021, the bull market back on the menu. This is post-COVID. Fast forward past the COVID crash and all of this. Some signs of life in January 2021. Bitcoin hit 40k. The stimulus era.
Simi era. Do you remember that? Institutional adoption, inflation, a lot of the economic lessons that we've all learned over the last like four years. Some people listening to Bankless will probably remember this. This is post the Bankless podcast. You probably remember us covering all of this.
during that time, November 2021, Bitcoin peaked at 69K. That was around the all-time high for that bull market. Nice number right there, right? Then, of course, we had... ftx crypto winter you guys know that story 2022 and now here we are david fast forward to 100k bitcoin what a journey has been all along hasn't it
Yeah. Time is so weird in this industry. Looking at these last candles, especially the, we're looking at one month candles once again. The candle currently being formed in December is, you know, we still have 25 more days of December. The November candle is absolutely gargantuan. Going from $70,000 to like $95,000. $25,000 in a single month is insane. Absolutely.
But of course, Donald Trump. Thank you. Thank you. Let's go back to his tweet. It's like, you're welcome. You're welcome. You're welcome. He says. OK, so actually. This is interesting, too. New to this cycle, central bankers are weighing in on Bitcoin. This is Fed Chair Jerome Powell talking about Bitcoin, saying it's just like gold. Let's play this clip.
What do you think of that idea? I don't think that's how people think about it. People use Bitcoin as a speculative asset. It's like gold. It's just like gold only. It's virtual. It's digital. People are not using it as a form of payment. or is a store of value. It's highly volatile. It's not a competitor for the dollar. It's really a competitor for gold. That's really how I think of it.
So this is the chair of the most powerful central bank in the world now weighing in on Bitcoin, saying it's basically a digital gold. Do you catch that? I mean, he's right that people aren't using it as a medium of exchange. Totally right. He also said, if I'm hearing it correctly, that.
they're not using it as a store of value he said they're using it like gold which is interesting because gold people use gold as a what is that what is that yeah anyway so he acknowledged acknowledging that it's a uh like a digital gold but also kind of brushing it to the side right because of course the dollar is king in
But just the fact that central bankers are weighing in on this, that is a product of this cycle. Weighing in on it and being directionally correct, like kind of informed about Bitcoin and not being just like.
giving dog shit takes like we've heard over the last like five six years you know like five years ago it would have been it's just drug money no one's using it why are you even asking i refuse to answer to be that kind it wouldn't even come up in an interview like this in a serious way this is this is jerome powell
the head of the Federal Reserve. And when he is directionally correct about Bitcoin, man, Bitcoin has come a long way. It is extremely legitimized in mainstream society. Yeah. All right. So now we're on the march to a million, David. You think we'll get there? I mean, it was 13 years ago that Bitcoin was at $100. Today, it's at $100,000. And excuse me, 11 years ago. In 11 years, $100 million?
What? No, we don't do that. Come on. Doesn't it work like that? I mean, another 10x. People have said the first 100,000 is the hardest, right? But also now we're in diminishing. We're on the kind of tail end of the S curve. I do think we will see 1 million at some point, whether that's this cycle or the next decade. I'm like not sure. Maybe it takes longer. It's crazy that like Bitcoin.
is both $100,000 and 0.1 million dollars the fact that you can just say it's one bitcoin is 0.1 million dollars is kind of crazy says something about that getting so close to a million dollars being able to be measured by a million dollars it's like i feel like there's a magnet there yeah just like f it just like It's easier to think about, so let's just get it to a million. Yeah, that's right. One Bitcoin is a million dollars.
Right, ETH? The goal's for you. Come on, you can get there too. Let's go check in on Little Brother, shall we? Speaking of ETH, okay, so Bitcoin started the week, $94,900, up 6.3%. Ether, start of the week, 3,560, up 11% on the week. That's one more percent than Bitcoin. No, no, no. It's almost doubled the percent. Bitcoin is up 6.3%. Oh, I thought you said 10%. Okay, okay. No, no. Ether is up 11%. Almost double up. Yeah, so Ether ending the week at 3,920. Maybe, Ryan.
We might see $4,000 this year. Can you imagine this year? We got 25 days for ETH to crack $4,000 in 2024. Just a reminder, the ETH all-time high is at $4,850-ish. Still. like $900 off of the all-time high. We had an interweek high of the ETH Bitcoin ratio of 0.04 up from the Davy Jones locker where it was at 0.032 at the end of November.
Touched 0.04. Right now, due to Bitcoin strength, we are at 0.039. But the ratio is... two or three weeks of looking acceptable ether's looking strong it's not it's looking not weak he's looking not maybe i missed like maybe i'm getting ahead of myself with the strength here but explain this uh chart mr t okay so this is
This is a meme that's going around with the traders. It's called the giant effing triangle meme. And this has been, Ether has just been trading in triangles for forever. And this is like the largest triangle that Ether has ever traded in. The point of the triangle starts. triangle i hate it it's it's the trap of the triangle but the thing is is like
It's obviously not going to break down. Crypto doesn't break down. It's not going to the bottom of that triangle. But when it breaks to the upside of that triangle, because the triangle is so large. The implied move, once it does break through this triangle, is the speculation is that it's going to be very large. So this triangle is a wedge between where it peaked out in 2021 at 4,800 and then where it bottomed in 2022 at like 800.
And then we've been a higher low ever since that $800 in 2022 and a lower high also since then. And so we're converging here and like we're pushing up on this. Giant effing triangle. And because the triangle is so large. The implied move post-triangle breaking is, you know, theoretically large. I'm just seeing in my triangle reading then, if I'm reading triangles here, is if we punch above around 4K here, then it's just we're in good territory. We're an undiscovered country.
We get to do new things. We're no longer constrained by this crappy wedge triangle. It's clear skies above $4,000. And we are $80 away from that. Well, speaking of Donald Trump, maybe he can take some credit for getting ETH. 10k because uh world liberty financial again this is an entity from like yeah the trump uh family has been stacking some ether on the week okay so they have purchased a 30 million dollars worth of
It's actually up since then. He's bought $40 million of Ether. What? Okay, and you said he, but of course we're talking about World Liberty Financial, which is like the DeFi protocol. Donald Trump specifically is buying $40 million. of Ether on chain. That's the meme. I mean, he owns a portion of it, right? So it's not not him. Anyway, so $40 million in Ether, also $10 million in Bitcoin, but disproportionately Ether. That's kind of new. I don't recall Biden buying Ether.
during the last bull run, do you? No, not at all. All right, let's check in on the ETF flows just for the last days. The Bitcoin ETF flows looking real good. 28th of November was Thanksgiving, so markets were off. The 29th, $320 million in the 2nd of December. $350 million in. The third, $670 million in. The fourth, $556 million in into the Bitcoin ETFs. So billions of dollars flowing in into the Bitcoin ETFs. Taking a look at the Ether flows also.
looking very good. $330 million in on the 29th, 24 in on the second, 132 in on the third, and 167 in on the fourth. Very strong numbers. ETH is almost at the cusp of hitting a billion dollars.
of total inflows. And as a reminder- That's net inflows, yeah. Net inflows. As a reminder, the depth of the outflows of ETH was negative 600 million. So we are 300 million higher in total inflows than we were ever- the whole uh and i think this is just getting started we'll probably break a billion by the time this time next week yeah it's uh very bullish total crypto market cap is now at 3.8 trillion we are on track to hit 4 trillion which i think you said was ambitious right
by the end of this year. I did say that. Yeah, we are $200 billion away, which is just a measly few percentage points in the Bitcoin world. That should be easy. You want to call for $5 trillion now, David? Not this year. Maybe next year. year and checking in on our layer two updates brought to us by mantle thank you mantle uh big numbers out of base 24 hour volume on base has hit a new all-time high of 2.3 billion i definitely assisted in some of that numbers i've been
trading my base meme coins. You got a billion or so in there? Yeah, at least. Yeah, it's all me. And then movers of the week. I don't know about you, Ryan, but I was having some deja vu this last week because the big movers of the week are some 2017 coins. XRP, Cardano, IOTA. And Stellar Lumens, I forgot about Stellar Lumens, up almost 500% in the last 30 days. XRP up 400% in the last 30 days. This is crazy, dude. Cardano up 250% in the last 30 days.
Kind of insane. We talked about this last time, but it's like 2021 retail just locked back into the exchanges. They are bought into one coin. They will not buy any other coins. They were like, oh, this went up last time. I want this again. And they bought all. the things that like people you know the crypto natives don't typically buy right yeah complete curveball but they're not only that but xrp has experienced apparently x part x xrp phi ripple finance there's there's a pair
Apparently DeFi on Ripple, apparently there's meme coins on Ripple. Calling it DeFi, the D stands for decentralization. Fair enough. Fair enough. It's something you can do things on chain, right? So it's like, you know, CDFI or something.
like this i thought this was a funny tweet from uh evans who's one of bankless's biggest fans uh xrpl defy is legitimately slick it's like jupiter or pump.fun or uniswap or openc all rolled into one app there's yield forming meme coins and nft transactions are instant and cost 0.00003 cents and it works with metamask snaps they increased bandwidth and reduced latency plus very clean ui ux
He's taking a jab at Solana. He's actually taking a jab at Solana with this one. If you couldn't tell. But, you know, interesting. The big news here is XRP is now number three. Number three, yeah. flipping solana there was there was talk of solana trying to flip in um ether earlier it's flipping i didn't okay so it was teasing the flippening of solana because it was within a couple million billion dollars yeah and then it just rocketed so the market cap of ripple
is $137 billion. Solana is at $114 billion. So like it flipped in Solana and then just started doing laps. Like kind of crazy. Yeah, yeah, yeah. What's crazy about these numbers here is like... ether might not be saved david okay look at this look at this fully diluted valuation all right so again this is like all of the xrp that's not in the market but is in kind of the ripple treasury or somewhere else right it's like whatever quote unquote locked not available to the market
but is real supply. If you look at FDV, okay, David? XRP is a 60% pump away from flipping ether. That's funny. Is it funny? Are you laughing about this? Why does Ripple, how does it move like that? Where does this capital come from? You were talking about last week. It's Uber driver. It's taxi. It's retail capital. It's just people that are not listening to bank lists. You know, it's a different tribe that are in crypto. I was in a couple like just like alpha groups like DJ.
and trenches telegram groups and like somebody was talking about trying to get onto ripple to buy like the ripple army meme coin and i just he was just like i've been doing this for like 45 minutes trying to figure this out i just i just closed the telegram app i'm like i'm not doing this there's no way i'm touching ripple
Did you see this from Gwart? He goes, I asked a Ripple holder why they should invest in XRP. They said, imagine being able to invest in Swift. To which I said, okay, why would I want to invest in Swift? And they said, do you know how Swift works? And I said, no. Do you know how Swift works? And they said, no. That's the tweet.
Oh, wow. That got almost 10,000 likes. Nice week work. Yeah. Anyway, that's what's going on in the hot crypto coins of the week. Also, TronUp. We didn't mention that, but that's going crazy too. Because why not? supply this is good news for all of us all of our liquidity is at all-time highs 186 billion so this had to happen in order for all of our other coins to go up it's particularly it's good for for defy as well and this 186 billion is actually already out of date this
coming in from like two or three days ago. There has already since been multiple billion dollars of Tether and USCC minted on Ethereum. One that just came in this morning, just before we started recording another billion dollars at the Tether treasury on Ethereum. So this.
I mean, I don't know if you've been looking, Ryan, but the yields in Ethereum DeFi are very strong. Anywhere between like 8% and 20%. Oh, yeah. And just, you know, follow the money. That is a gravity. On your stable coins. That's a black hole of liquidity. So we're just sucking in stable coins.
into Ethereum right now. Okay. Another news on the week, too, is Grayscale is filing to convert their Grayscale Solana trust. Remember, they did this with Bitcoin, then they did this with Ether. Converting their trust into GSOLE, to an ETF. So there's Solana Grayscale Trust.
filing to convert this into an ETF. A couple of weeks ago, we talked about Bitwise filing for a Solana ETF. So the big question of this cycle is, I asked James Saifert, is the Solana ETF going to happen now? He said, yes, dot, dot, dot. Eventually, we'll know. within the next few days if it potentially happens as early as August or if they have to wait till 2025, later into 2025 or into 2026. I could see a Solana ETF. Yeah. Before 2025.
Yeah. So James Seifert still thinks they'll follow the process that they've been following, that they won't short circuit this and get it in Q1. He said, theoretically, it's possible a new admin wouldn't follow how things have been done for decades. But I don't.
I think simply because they are more accommodative means they're going to rush approval for these things. So probably toward the end of 2025 and into 2026 is the slate. But I mean, the fact that all of these issuers are filing tells you something's cooking.
Kind of bullish. Imagine getting like a bunch of ETFs towards the end of 2025, 2026. Might be a sell the top event. It might be like when we were in Ether and Bitcoin got futures like right at the top. Yeah. And that was the top of like 2017. You're calling it top?
already but it's a year away so we get a year that was a whole year away we have only gotten like three top signals so far i'm i'm like wait until i count 300 but that's a problem for our future selves coming up next the crypto debanking became mainstream and a news topic
This last week after Marc Andreessen went on Joe Rogan. So there's a lot to discuss here. Ryan even had his own little tiny role in the story as this Twitter thread of all these crypto founders who got debanked started going viral. Trump also named a pro crypto chairman of the SEC. Who is Paul Atkins?
And is it bullish for crypto? All this and more. But first, a moment to talk about some of these fantastic sponsors that make this show possible, especially Kraken, our preferred place to buy Bitcoin, even when it's above $100,000. If you do not have an account with Kraken, consider clicking the link in the show notes to getting started with Kraken today. We'll see you next time.
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scalability and speed so get involved today join the waitlist and follow safe on x and check out the safe net docs there is a link in the show notes a story that we are very familiar with have been talking about for a while the debanking of crypto it felt like it had a mainstream
last week, and it's all because of this clip. This is Marc Andreessen on the Joe Rogan podcast. I think he spells out the problem quite eloquently. Let's just play the clip. Can you give me an example? You know, debanking. This is where a lot of...
debanking comes from is these agencies. So debanking is when you as either a person or your company are literally kicked out of the banking system. Like they did to Kanye. Exactly. Like they did to Kanye. My partner Ben's father has been debanked. Really? We had an employee. For what?
For having the wrong politics. For saying unacceptable things. Under current banking regulations, okay, here's a great thing. Under current banking regulations, after all the reforms of the last 20 years, there's now a category called a politically exposed person. Pep.
And if you are a PEP, you are required by financial regulators to kick them out of your bank. You're not allowed to have them. What if you're politically on the left? That's fine. No. Really? Because they're not politically exposed. So no one on the left gets debanked?
I have not heard of a single instance of anyone in the left getting debanked. Can you tell me what the person that you know did, what they said that got them debanked? Oh, well, I mean, David Horowitz is a right wing. You know, he's pro-Trump. I mean, he's said all kinds of things. You know, he's been very anti-Islamic terrorism. He's been very worried about immigration.
And they debanked him for that? Yeah, they debanked him. So you get kicked out of your bank account. You can't do credit card transactions. By the way, you can't run- How is that legal? Well, exactly. So this is the thing. And then you go into this thing of like, well, this is where the government- and the companies get intertwined.
back to your fascism point, which is there's a constitutional amendment that says the government can't restrict your speech, but there's no constitutional amendment that says the government can't debank you, right? And so if they can't do the one thing, they do the other thing. And then they don't have to debank you. They just have to put pressure on.
the private company banks to do it. And then the private company banks do it because they're expected to. But the government gets to say, we didn't do it. It was the private company that did it. And of course, JP Morgan can decide who they want to have as customers, of course, right? Because they're a private company. He goes on and he talks about...
different crypto companies within the Andreessen Horowitz portfolio that were also debanked and cite some other examples. Crypto becomes like a main character in this story. Yeah. So did you listen to this interview, David? Yeah, it was great. It was a solid interview. I sent it to my... my lib mother.
And she said she would listen to it. So I will report back. Yeah, it was actually a huge chunk of the podcast was actually dedicated to this debanking issue. They kept going back to it. And for the listeners out there, this tweet has 307. thousand likes.
And 60 million views. So that's a large number. Yeah. That is all of Twitter saw this. And you saw that like there was a massive amount of commentary about this. Like a lot of people were saying that Mark Andreessen was just kind of like being hyperbolic.
about this. That wasn't really a problem. That was a little bit of my reaction to it. Yeah. He was a little bit hyperbolic. He was like, oh yes, and it's because of political speech. Yes. That's a little bit of an embellishment. Did you read the Nick Card?
kind of like fact check type thing about like where Andreessen was right and where he was wrong. Like there's a, he wrote a fantastic article about this earlier in the week. He was writing that in response to another individual who fact checked Mark Andreessen. I didn't read Nick.
Carter's response, but I did read the fact-checking of Marc Andreessen and thought that it was like... unsatisfactory i was like nick carter's was unsatisfactory no no no i didn't read nick carter's the the guy who's like this like nick carter basically spells it out so it's like where mark andreessen was like kind of pushing the limit here was you know how many people are deep
bank due to politics. I mean, that remains kind of unclear, right? He also brought into play Elizabeth Warren's kind of institution called the CFPB and said that they were partly responsible for this. They don't really do much of the debanking, most of the debanking that we feel in crypto, which is where a lot of the evidence is coming from, comes from the FDIC, the Fed, the OCC and the SEC doing what Mark actually said, which is kind of like.
behind the scenes sending letters to banks making it feel like you know you can only have less than 15 percent of depositors can be in crypto making it feel very risky for them and kind of like through the mechanistic bureaucracy debanking crypto companies in the background. And that's primarily where I've seen the evidence for it. It's like targeted at industries.
That's what Operation Chokepoint 1.0 was. It was about pot, the adult entertainment industry, a few different sectors that the government didn't like. And Operation 2.0, they were targeting... the crypto industry effectively and debanking crypto startups and entrepreneurs i think mark was kind of zooming in
pretty narrowly and then getting maybe kind of the details and facts technically wrong, but still directionally very correct, which kind of opened him up to being corrected. But he also did it in a way that like is a little bit of a shock factor game.
And also, you know, playing a little bit of chess. It's like, yeah, kind of being hyperbolic, kind of just making very bold claims that are directionally correct, although narrowly incorrect. But overall, the net effect of it was just masterful. Yeah, this is a lot of commentary.
So Brian Armstrong says, I can confirm this is true, the debanking of crypto. It was one of the most unethical and un-American things that happened in the Biden administration. My guess is we'll find Elizabeth Warren's fingerprints all over it. Biden himself was probably unaware. Other comments from Jesse Powell, the founder of Kraken. We had no U.S. banking for several years while one U.S. company enjoyed a monopoly secured by its heavyweight.
I think that's a wicked Coinbase. That singular bank was recently assassinated. He's talking about probably Silvergate, maybe, Signature. We barely made it by focusing on Europe. So again, crack in the exchange. Interesting.
banked according to Jesse Powell. This is Sam from Frax. You know, Sam, he kept quiet about this for almost a year out of fear. But since I'm in good company with all of these people, the Winklevosses came out, you know, Brian Armstrong, et cetera. Last December, Sam says, I got a call.
from JP Morgan saying, we have to close anyone's account that we know their primary source of income or wealth is from crypto. This is directly from the top from Jamie. He means Jamie Dimon. I'm really sorry. So Sam, co-founder of Frack. was completely debanked as well as a result of his crypto activities. David Marcus, you remember one of the architects of the Diem Libra activity? He goes through this long story of how basically the US government killed Libra.
killed diem just like uh you know made it so that they could not actually, even though they checked all of the boxes from a regulatory perspective that, um, they, they, uh, received such backlash from the regulators and the banks that they couldn't actually launch the product kind of killed the product, strangled it in the. So more evidence of this. Anyway, lots of these things coming out in crypto circles, which I think is where Mark's debanking points are the most salient.
And I don't think this is really a surprise to anyone listening to this, but just to reiterate the point of emphasis here, this is news.
because it's news in mainstream like this last week this story got got uh just broke out into like mainstream society and there's a lot more more awareness about this so this is no longer crypto people talking about their crypto experiences podcast uh this is now being digested by the rest of the united states like news sphere melania trump as she came out in her in her recent biography saying she and baron were actually debagged did you know that too wow yikes yeah
So maybe that's more the point about, you know, maybe maybe there's more like political debanking than I thought. Fun, fun fact story. Bankless actually got its start from a little bit of debanking as well. So. I was debanked. This is before when David and I were talking, doing some work together, but before we officially started the podcast by Bank of America in 2019. They basically just sent a Dear John letter that was just like, hey, your account's too risky. You have 30 days to withdraw.
You have no longer access. See you later. um so i went at that time i was like what like what's going on i got a credit an account at a credit union david i still use that same small community credit union for banking services for for bankless now and then in parallel to that this is a story i actually haven't shared yet publicly, I just shared this on the back of this, I got a letter from the SEC. So I was running a staking.
services infrastructure company at the time for cosmos fun fact i was planning to get into ethereum staking all of these things and i got a discovery nasty gram for the sec on the back of this bank closure that basically it was kind of of like a veiled threat. And when they launch Discovery, they want every email, every invoice, every contract. This is like legal fees to respond and collect all of this information. It was me and this other DevOps guy. It was like a two-person tiny company.
And I was like, what is going on here? I don't want to mess with this. Close down the staking business. And that's when you and I just started getting to bankless full time. Ironically, running a very loud broadcasting bankless media company.
talking about all of this stuff. So they F'd with the wrong guy. I guess so. I guess so. Anyway, just for all the people out there who are like, no, debanking doesn't really happen. I mean, it's happened to me. It happened to people that we know. It does happen and it was happening. happening. So that's, I'm glad that's reaching kind of the attention of mainstream in the way it should. All right, to round out this political part of the podcast, let's talk about the new SEC chair nomination.
Paul Atkins to lead the SEC. This is a tweet from Donald Trump on Truth Social. I don't know what they call tweets out there. It says, Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are...
Responsive to the needs of investors that would provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever. Digital assets. Before, yeah. Okay. Okay, so what do we know about Paul? He founded a consulting firm.
in 2019, advising on financial services in complex regulatory issues and strategy. That firm has clients including banks, crypto exchanges, and DeFi platforms. He was previously appointed by former president George W. Bush as SEC commissioner from 2002 and 2008. So he's been in the office before.
and that his overriding philosophy is apparently the free market system. Hester Peirce, so it's great to know things about Paul. Hester Peirce put out a tweet, said that we have a lot of work to do at the SEC to advance free markets, capital formation.
investor choice and innovation. I'm delighted that Paul Atkins will be returning to lead the effort. Having worked for him during his last stint at the agency, I cannot think of a better person for the job. Wow. Wow. Hester Peirce. You can tell me anything about Paul Atkins.
i'd be okay great but if hester purse is giving this statement i cannot think of a better person for the job wow i'm i'm sold i am sold that's all i need to know pretty good that feels all i need to know this is uh an interview there's not much from from paul on crypto but this is one brief moment where he talked about crypto in an interview. Let's just play the clip.
if it challenges incumbents and it helps to bring down costs for investors and for people who are trying to raise capital. I mean, that's the reason why we have financial markets. And to have capital find its way. to um to businesses and people take risks and they may lose all the money by investing in something but that's their right you know they can go buy a lottery ticket and lose there you go i mean that's much better than than gary
Gensler's gatekeeping sort of style of just like, you know, adults aren't, you can't invest in certain classes of assets. My gut on this guy is I think this is a plus one to the, we're going to get a bunch of ETFs. with the process. We're not skipping the process. With a process. Oh, he had process guy vibes. Free market process guy. Yeah, much less annoying than Gary Gensler, I gotta say. Maybe it's been so many years with Gary Gensler's voice, but like, this guy did not annoy me at all.
Not at all. I look forward to his office hours. And maybe he'll come on Bankless sometime. Maybe. Oh, my God. That would be great. Imagine talking to an SEC chair. I'd love to talk to this man. Having a nice conversation. Jake Stravinsky, it's impossible to express the magnitude of shift. We're likely to see at the SEC.
run by paul atkins crypto has literally never existed without the overhang of uncertainty or hostility from u.s regulators wow he's right about that we've literally never seen this uh yeah good good uh comments
from Patrick McHenry and others as well. So this feels pretty good. All right, so this is the team beginning to form. So last week, we got Treasury. This week, we got SEC. The one we're waiting for is the crypto czar. And recall from last week, Chris Giancarlo's name is being floated. So that's crypto. Dad, literally crypto dad. Couldn't get any better than that. We'll see what happens. What do we got coming up, David?
The Hyperliquid drops the best airdrop since Uniswap and it pumps 3x after the drop because no VCs are involved. We're going to check in on this. Hawk to a straight to jail. Checking in on the coin launch of Hawk to a girl's meme coin.
An artifact is shutting down operations. This gargantuan NFT platform from 2021 finally closing up shop. And then Alex Mashinsky pleads guilty to some of the allegations. What is the sentence? All of this and more. But first, I want to talk about some of these fantastic sponsors.
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Make sure you're vote ready by staking your CTSI before the votes open. Hyperliquid, a DeFi protocol with its own layer one, a general purpose paralyzed EVM with perpetuals and a spot dex. I haven't personally used Hyperliquid, so I'm not... terribly informed about it. You don't do perps, David? I don't do perps too much, no. No, I was a perps degen in like the pre-2020 era, but now I just stick to spot. You don't like your volatility like 5 to 10x'd?
But you can get those with meme coins. And the meme coins have funny pictures. It became one of the largest DEXs by volume and open interest. And it distributed 310 million hype tokens. Positions it as... the seventh largest airdrop based on CoinGecko. Wow. With a coming in today with 1 billion total supply of hype tokens. So gave away 310 million. 31%?
kind of insane gave away 31 in the airdrop sorry for the ambulance uh the current fdv of hyperliquid is clocking in at 12.4 billion dollars it dropped at the token dropped at three to four dollars okay and it has gone up only to almost 13 so it has dropped an insane amount of wealth again 30 of its token giving away to the community because there's no vcs this is a self-boot
strapped DeFi platform that's turning into its own layer one with no VCs in it. And so just an incredible story here. Yeah. Look at people showing some of the results of their airdrops. This one guy is a person. $307,000 in an airdrop. That is a nice Christmas gift. Pretty cool to see that going on.
Okay, let's get into Hawk Tua. Okay, so Hayley Welch, otherwise known as the Hawk Tua girl. She's been like flirting with the crypto ecosystem for a while. She has like a Mad Lads custom PFP NFT. Decided to make a Hawk Tua. Meme coin I don't know if that's playing in your ears, Ryan, but that's just the hot tour girl saying, my meme coin is live. We're going to spare bankless listeners from playing. You can hear it once, but hearing that overnight. over again is kind of brutal uh okay so
How did the launch go? The launch didn't go so well. I don't really know if this is maliciousness or naivete. I don't know. But 97.5% of the token supply. supply was owned by like the deployer wallet or like insiders that's not is that real and so basically what that what that means when 95 of the token supply is owned by the deployer or relevant entities associated entities is that like When you pay $100 to buy one of these meme coins, you're basically paying who owns the supply $97.50.
You're just a transfer from one person's pocket to the other. So this token pumped up to $500 million because people were trying to ape in first. And then this wallet, the Deployer wallet and insiders started dumping that token from $500 million. down to $60 million, attracting the attention, giving us terrible optics as an industry. We were celebrating 100K Bitcoin, okay? This is not my crypto industry doing this. This is somebody else. I mean, there's two things that...
Broke out into public mainstream discords this week. 100K Bitcoin and the Hawk 20K Bitcoin. You know CoffeeZilla? Yeah. CoffeeZilla got into the Twitter spaces and started grilling them on this activity. CoffeeZilla. He's the anti-scammer YouTuber. Okay, that's right. That's right. Big YouTuber account. And then this Twitter space got retweeted by Dave Portnoy.
Can we listen to this clip? It's about a one minute long clip of the Twitter space. This is Coffeezilla speaking to Haley and the team. Okay, here it is. I have questions. I'm raising my hand. What coffeezilla? Hey, this is one of the most miserable, horrible launches I've ever seen in my life. Okay, then why the fuck are you on? I've been tracing it on chain for a while. You guys generated.
Over a million dollars in fees while y'all's fans got rug pulled. There was snipers, but there was also insider trading directly linked to y'all's creator account. What are you guys doing? What are you guys doing? Okay. So this is kind of, I just don't enjoy celebrity meme coins. I've come around to meme coins generally, but celebrity meme coins, I have just never seen one go right.
It's hard to launch one because you have people coming in so fast before the token can get distributed. But also, it just really looks like this wasn't really set up well. She just got in over her own head.
I think people don't know what they're doing when they're coming into crypto. And they're thinking that things are okay when they're like not okay. Yeah, I think that this is probably pretty... i would think this would be painful like i saw all sorts of threads even from um like legal legal lawyers law firms saying hey if you got rugged by the hawk to a uh like meme token contact us because we're doing a class action lawsuit Like, no good will come of this.
Are you sure there was a meme account that did that? Are you sure that was a real one? I don't know, actually. Because there was a very believable meme account. Oh, that's hilarious. Yeah. I'm not sure that might have been real. But seriously, though, like what, I mean. You can't do this, right? You can't... There's no rules, dude. You can do...
Do we want Gary Gensler back, David? Would he protect us from this? No, I'm going to go and take Peter Van Valkenburgh's approach that he gave at the Bankless Summit, which is private law. If you don't like it... You can sue someone. And if you feel motivated to go do that, go do that. Yeah, go do that. This is a private relationship between two people. One is a Hawk Tua token purchaser and one is a Hawk Tua token broker. Guys, let's all remember, you're buying a Hawk Tua token. Right?
What are you expecting to happen here? Okay, moving on, moving on, moving on into more DeFi related things, more serious topics. Instadap proposes a rebrand in new tokenomics following Fluid launch. Fluid is this brand new DeFi product on Ethereum. From the Instadapt team, which is this crazy story of these two kids out of India developing Instadapt from a very long young age. They're great. Yeah. Crazy story about just like permissionless financial innovation building. Brothers, yeah.
Like people were giving them congratulations back in like 2020 when they built their first product and now Fluid, which I'm still trying to figure out how to wrap my head around Fluid, but it's basically a very capital efficient hybrid between a lending bar.
system kind of like ave or morpho yeah mixed with uh dex trading fees and so there's like they're providing liquidity to dexes collecting fees and then also lending out money at the same time something something about you put a one dollar in and you then you provide like 37 of capital efficiency. I don't get how it works, but everyone's very soaked about it. It's like Aave and Uniswap had a baby. It's kind of those two things combined.
And it has done the crazy numbers. It has just organically, without any token incentives, gotten a lot of TVL. The Instadapt token has performed extremely well over the last few months. And there's a rebrand to go into the Fluid asset, which will include... algorithmic buyback mechanisms. This is just layer one.
good old-fashioned DeFi, which I'm always a big fan of. It's nice to see some fresh innovation in this space. Big fans of whatever is coming out of this. I mean, so the governance proposal is the rebrand from Instadap, Instatoken to Fluid. also this buyback strategy, which effectively is turning this token into a cash flowing asset. Love it. Right? Love it. This is what we were hoping for in DeFi. Productive DeFi assets. Let's get more of those. Yeah. Love it. Very, very cool stuff. Okay.
In a different world, NFT world, 2021 massive NFT project Artifact, which you might know as the CloneX NFT platform. Oh, yeah. Or not platform, but that's the NFT that kind of started the whole thing. reached an all-time high floor price of 24 ETH in 2022. They traded for just 0.3 ETH today. Nike bought Artifact for an undisclosed amount. Some speculate like a billion dollars in 2021. In 2021? Do you remember this? Nearly three years ago to the...
Today is when it was required. Now Nike is shutting it all down. They are officially winding down operations in January of 2025 saying the announcement we are announcing to plan down the wind down of artifact operations. This was so cool. Do you remember this was during NFT mania when these tokens were launching? This was the peak of NFT mania. And then you had a big brand like Nike just like basically blessed this NFT platform. And they were talking about blending like physical.
Nike shoes. They did like a Fewocious. Do you remember Fewocious, that NFT artist? They did a collaboration of Nike shoes with Fewocious. It was like peak mania. And now three years later, they're totally shutting it down. so end of an era yeah end of an era for sure at least it's a pretty good bottom signal for nfts nfts are
Good time to buy a CryptoPunk. There you go. It's always a good time to buy a CryptoPunk, according to David. I just haven't found the one that's perfect for me, okay? That's why. I keep sending them to you. You just ignore them. You haven't sent me them in a while. I must have given you bad signals. Speaking of eras ended, David, Alex Mashinsky, one of the crypto criminals from 2022. So he pled guilty to all fraud charges.
Remember this guy with the t-shirt, banks are not your friend? All of them. The classic t-shirt of banks are not your friend while building a bank. Yeah. So he's still got some of my money. I don't know where that went, but a lot of people in crypto with...
kind of a similar story. So in court, Mashinsky admitted to giving Celsius customers, quote unquote, false comfort by giving an interview in 2021, in which he said Celsius has received approval from regulators for its EARN program, which it had not.
He got approval from regulators and he failed to disclose that he'd been selling his holdings of sell. Remember the Celsius token the whole time. I know what I did was wrong and I want to do whatever I can to make it right. So he pled guilty to this. What would be his sentence? So the sentencing happens on April 8th, 2025. But as part of the plea deal... We don't know the sentence. No, but as part of the plea deal, Mashinsky agreed to not appeal any sentence if it was 30 years or less.
Oh, yeah. So he is pleading his plea deal is minimum 30 years. Well, Alex Mashinsky, it could be 30 years and he'd be he couldn't appeal that. is the case. Oh, I see. But still, he's like, okay, I did it, and if I get 30 years, then I'm not going to appeal it. Alex Machinsky is not a young individual. No. How old do you think he is? 40, 45? I mean, SBF maybe has a life on the other side of this, right? Yeah. SBF will come out at like 50 years old.
Yeah, 45 or 50. There you go. It's coming out at like 65, 70. Yikes. Okay, two releases. This one's actually a little bit personal because this is my buddy Colton. Coltan is releasing alpha cards. These are physical. I've got a stack of them here. Physical trading cards, much like Magic the Gathering, much like Pokemon. Did you play Magic? Were you a Magic the Gathering fan? I never really got into Magic, but I have gotten into Magic.
into Hearthstone. Okay. Same kind of structure. Look how pretty these things are. I'm trying to hold them up to the camera. This one's the Aether's Phoenix. It's one of the legendary cards. It's got 10 attack, 10 health. It's just really cool. Colton is an artist formerly out of the Gitcoin ecosystem. And these are all crypto lores. And so there's Lenny, who is a... two stat card, Lenny the Lens Clover.
So if you like Lens, Ether's Phoenix. What else is there? Layer 2 Technician. What are some of these cards? There is, Ryan, one of my favorite cards, the Bankless Frontier, which gives you a one-time shield and gives you a little resource. Looks like me. There's Etherscan. There's Merkle Tree emanation. There's the GM card. These are just all crypto lore cards, but as like a Magic the Gathering. And the art is phenomenal, bro. It's so good.
Stalking stuffer, I feel like. I feel like we're doing this right in time for Christmas or something like this. I would love to receive something like this. I'm shilling the hell out of these things because they're not a token. There's their physical deck. And yeah, congrats to my buddy Colton for it. He's tested out these...
games like the structure the balance of the game for like over a year now like magic it's an actual game yeah we have a link of me actually playing with him uh my first game i just got i got some beginner's luck and i just had some of the best draws and just like absolutely demolished him it was great
But yeah, no, it's a really fun game. So if anyone wants to just check out the art, at the very least, there's a link in the show notes. And who knows, you know, those Magic the Gathering cards, some of them are worth a lot. That's true. Also, friends in Argentina... Dina, what's happening there?
Yeah, Crescimiento. This is coming out of the Crescimiento program, which for those people who remember, I was in Argentina for like all of August building out this startup incubator ecosystem for Argentine crypto startups. There is a call to action, a call to arm. the Crazy Miento GPC Accelerator, an early stage crypto accelerator to help bring ambitious Web3 founders to Buenos Aires. Investing $250,000 into your startup for two different safes is a...
12-week accelerator program. So if you are in the Latin America region and you just want to hop over to Buenos Aires or if you're around the world and get potentially $250,000 in your startup, there is an application open to founders based anywhere in the world.
deadline is December 20th. The program starts January 13th in the Aliff hub. Buenos Aires is a lovely city. And so there's just a lot of potential there. So this is a call to action to any startup that wants to go through this accelerator there. There's another link in the show notes. Aren't you going down there? I am going down there.
Not into Argentina. I'm going to the Chilean side of Patagonia. But yes, I'm going down there in one week to the day. You're climbing mountains, right? No, I am walking. I'm just walking this time. I'm not climbing any mountains. Yeah. But are you walking up something? I'm walking around mountains. I'm walking in a circle around mountains. All right, yeah. I guess you've already done what you've needed to do to get the Gary Gensler Horcruxes. This is true.
mountain climbing necessary. Oh, no, there's mountains. I haven't told you about my mountain plan in 2025, but we'll get to it when it comes. Guys, let's get to the meme of the week. David, what are we looking at?
Okay, this is the classic, why doesn't our little meme coin trader come down to Thanksgiving meme? But this is a little bit different. This is Christmas is going to be a hell of a different this year, which is the meme coin person in the attic saying, there's my little no coiner family. Why don't you guys come up here this time? time.
And that is what happens when Bitcoin crosses 100K just 20 days before Christmas. So this is the question on everyone's mind going into the holidays is how do you tell your family you were right? How do you tell them that? You just go back up to...
the top of the clip that we played at the very beginning of the podcast. And you'd be like, you guys were laughing at me when I was getting my three paychecks paid in Bitcoin. Who's laughing now? You just say the line. Who's laughing now? Who's laughing now? I'm sure that'll be a hit among your...
family just can you just have just be silent about it can you just do a humble win just you know if they ask that's up to the that's up to the listener all right your own discretion guys uh 100k bitcoin though of course got to let you know crypto is risky You could lose what you put in, but we're headed west. This is the frontier. It's not for everyone, but we're glad you're with us on Bankless Journey. Thanks a lot.