YC's Nemil Dalal joins to explain why he's never been more bullish as BitMEX winds down after 11 years, whether every failed crypto idea (TCRs, DAOs, creator coins) eventually works, why crypto is really about money, Base's consumer mea culpa, on-chain reputation and credit, and who pays in the x402 AI-agent era.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week they're joined by Nemil Dalal, Visiting Partner at Y Combinator and ex-Coinbase, where he led USDC and the Coinbase Developer Platform. He's here to explain why, with exchanges winding down left and right, he's somehow never been more bullish.
The crew digs into the great contrast of the moment: BitMEX shutting down after 11 years (plus BitMart, Movement Labs, Balancer Labs) while the plumbing quietly prints, and whether Imran's viral 'everything that failed will eventually work' thesis is genius or toxic positivity. From there it's the question of whether crypto is really only about money (Jesse's Base mea culpa included), a war-memories tour through TCRs, on-chain reputation and why pure on-chain credit keeps faceplanting, and finally who actually pays in the x402 AI-agent era, and whether decentralization even survives contact with Google-shaped gravity.
Listen to the episode on <a href="https://bit.ly/3w9HQ7J">Apple Podcasts</a>, <a href="https://bit.ly/3wiIOyy">Spotify</a>, <a href="https://pods.media/the-chopping-block">Pods</a>, <a href="https://fountain.fm/">Fountain</a>, <a href="https://podcastaddict.com/">Podcast Addict</a>, <a href="https://pocketcasts.com/">Pocket Casts</a>, <a href="https://music.amazon.com/">Amazon Music</a>, or on your favorite podcast platform.

Show highlights
🔹 BitMEX, the exchange that invented the perp swap, winds down September 23rd after 11 years, alongside BitMart, Movement Labs, and Balancer Labs.
🔹 Nemil Dalal explains why he's never been more bullish: rivals adopted BitMEX's innovations, regulatory clarity is arriving, and crypto is becoming invisible infrastructure.
🔹 Nemil rented the Chase Center for a 7,000-builder YC event with Jensen Huang, Sam Altman, and Patrick Collison, yet almost nobody's launching a token early.
🔹 Imran's viral thesis that every failed crypto idea eventually works sparks Haseeb's 'toxic positivity' pushback and a war-memories tour through TCRs and DAOs.
🔹 Instacart's Apoorva vs Webvan and Reddit vs Digg: why timing, path dependency, and the YC 'why now' question decide which failed ideas return.
🔹 Jesse's Base mea culpa: the consumer-social bet on Zora and Farcaster was wrong for now, so he handed the Base app to Kobe.
🔹 Haseeb says crypto has always been about money; Nemil counters 'money is everything,' calling the blockchain the greatest capital innovation machine in the world.
🔹 Why pure on-chain credit keeps faceplanting: address repudiation, no recourse, no wage garnishment, and old memories of Debt DAO's revenue ratchet.
🔹 The x402 AI-agent era: Cloudflare pay-per-call gating, Kimi's inference license, and whether decentralization survives Google-shaped gravity as agents become the new wallet.

Hosts
⭐️<a href="https://twitter.com/hosseeb">Haseeb Qureshi</a>, Managing Partner at Dragonfly
⭐️<a href="https://twitter.com/tomhschmidt">Tom Schmidt</a>, General Partner at Dragonfly
⭐️<a href="https://twitter.com/tarunchitra">Tarun Chitra</a>, Managing Partner at Robot Ventures

Guest
⭐️<a href="https://twitter.com/nemild">Nemil Dalal</a>, Visiting Partner at Y Combinator

<a href="http://choppingblock.xyz">Disclosures</a> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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