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Unchained

By Laura Shin  

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

 

#176

Why Decentralization Isn’t as Important as You Think - Ep.165

In this essay, Haseeb Qureshi of Dragonfly Capital explains why he thinks the focus on decentralization can be overhyped. He looks at why decentralization can be important but then makes it clear, by dissecting when it is important and when it’s not, and to whom it does and doesn’t matter, that it isn’t the be-all end-all goal for every endeavor. He talks about which questions we should be asking beyond just, “is it decentralized,” and also explains why that question doesn’t even make sense.  Thank you to our sponsors!  CipherTrace: <a href= "https://ciphertrace.com/">https://ciphertrace.com</a> [Crypto.com] (http://crypto.com/) : <a href= "https://crypto.com/">https://crypto.com/</a> Kraken: <a href= "https://www.kraken.com/">https://www.kraken.com</a> ... Read more

31 Mar 2020

31 MINS

31:20

31 Mar 2020


#175

Teetering on the Edge: How Black Thursday Exposed the Flaws in the Crypto Markets - Ep.164

Kyle Samani, managing partner at Multicoin Capital, dissects Black Thursday, March 12, the day the crypto markets plunged twice amid the wider sell-off in the markets due to the coronavirus. He offers several theories for the first price drop that day, how that set off a series of liquidations on various exchanges, and then why liquidations stopped for about 12 hours before the next wave, which triggered the next price slump. He also describes why, at that point, the crypto market structure broke, as arbitrageurs attempted to move collateral from one exchange to another but could not because both the Bitcoin and Ethereum blockchains became congested, setting off a downward spiral particularly in Bitcoin, as miners began turning off equipment due to the falling BTC price. This led, ultimately, to there being $200 million worth of positions to liquidate on BitMEX, but only $20 million worth of bids on the entire BitMEX order book. Then we cover what happened next that ultimately saved the price of BTC dropping to $0 on BitMEXT. Next, we discuss the second fall in prices that day, and how that affected MakerDAO, with congestion on the Ethereum blockchain preventing keepers from being able to liquidate undercollateralized vaults. A clever keeper sent a bid to liquidate a vault with a higher gas price, but realizing that there was no competition, bid $0, walking away with $4.5 million, and a total of $8 million being won this way. We covered how the price of ETH fell to $88 but because oracles weren't properly updating, the last price of ETH on MakerDAO was at $101 — a dollar higher than the $100 where a bunch of liquidations would have occurred, which would have likely put more downward pressure on ETH, resulting in another downward spiral.  Kyle also evaluates some of the technical options for preventing these issues in future times of volatility, why many of them aren't promising but what is.  Thank you to our sponsors!  CipherTrace: <a href= "https://ciphertrace.com/">https://ciphertrace.com</a> [Crypto.com] (http://crypto.com/) : <a href= "https://crypto.com/">https://crypto.com/</a> Kraken: <a href= "https://www.kraken.com/">https://www.kraken.com</a> Episode links:  <a href= "https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/"> https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/</a> Links from news recap: Kyle Samani: <a href= "https://twitter.com/KyleSamani">https://twitter.com/KyleSamani</a> Multicoin Capital: [https://multicoin.capital/] (https://multicoin.capital/) Multicoin blog part 1: <a href= "https://multicoin.capital/2020/03/17/march-12-the-day-crypto-market-structure-broke/"> https://multicoin.capital/2020/03/17/march-12-the-day-crypto-market-structure-broke/</a> Part 2: <a href= "https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/"> https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/</a> Theory that BitMEX’s maintenance was to prevent a collapse in Bitcoin: <a href= "https://twitter.com/SBF_Alameda/status/1238306306043162625"> https://twitter.com/SBF_Alameda/status/1238306306043162625</a> <a href= "https://www.theblockcrypto.com/genesis/58918/money-2-0-stuff-free-price-auctions"> https://www.theblockcrypto.com/genesis/58918/money-2-0-stuff-free-price-auctions</a> How traders took advantage of the roiling markets: <a href= "https://www.theblockcrypto.com/post/59172/surfing-the-spread-crypto-market-turmoil-arbitrage"> https://www.theblockcrypto.com/post/59172/surfing-the-spread-crypto-market-turmoil-arbitrage</a> More on the liquidations in MakerDAO: <a href= "https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6"> https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6</a> <a href= "https://blog.makerdao.com/usdc-approved-by-maker-governance-as-the-third-collateral-type-of-the-maker-protocol/"> https://blog.makerdao.com/usdc-approved-by-maker-governance-as-the-third-collateral-type-of-the-maker-protocol/</a> MakerDAO weighs emergency shutdown: <a href= "https://www.coindesk.com/defi-leader-makerdao-weighs-emergency-shutdown-following-eth-price-drop"> https://www.coindesk.com/defi-leader-makerdao-weighs-emergency-shutdown-following-eth-price-drop</a> MakerDAO adds USDC as collateral: <a href= "https://www.coindesk.com/makerdao-adds-usdc-as-defi-collateral-following-black-thursday-chaos"> https://www.coindesk.com/makerdao-adds-usdc-as-defi-collateral-following-black-thursday-chaos</a> Kain Warwick on USDC as Dai collateral: <a href= "https://twitter.com/kaiynne/status/1239795250882740225?s=20"> https://twitter.com/kaiynne/status/1239795250882740225?s=20</a> Eva Beylin on USDC as Dai collateral: <a href= "https://twitter.com/evabeylin/status/1240039492985085952?s=20"> https://twitter.com/evabeylin/status/1240039492985085952?s=20</a> Huobi’s derivatives platform introduces circuit breaker:  <a href= "https://www.theblockcrypto.com/linked/59210/huobis-derivative-platform-now-includes-a-circuit-breaker-function"> https://www.theblockcrypto.com/linked/59210/huobis-derivative-platform-now-includes-a-circuit-breaker-function</a> Debate over circuit breakers in crypto:  <a href= "https://twitter.com/TusharJain_/status/1238311534767595520"> https://twitter.com/TusharJain_/status/1238311534767595520</a> <a href= "https://www.coindesk.com/does-crypto-need-circuit-breakers-last-weeks-price-crash-ignites-a-debate"> https://www.coindesk.com/does-crypto-need-circuit-breakers-last-weeks-price-crash-ignites-a-debate</a> ... Read more

24 Mar 2020

58 MINS

58:43

24 Mar 2020


#174

Chris Burniske: A Blank Slate of State - Ep.163

In this essay, Chris Burniske of Placeholder Capital talks about what kind of world crypto entrepreneurs are creating and want to be creating with the systems they build. He talks about different kinds of values, the dangers of only pursuing market values, and why crypto has a unique opportunity now to recalibrate those market values and incorporate more of the societal virtues we hold dear. Then he dives into which values he hopes to imbue into crypto networks and how that informs his thinking as a VC in the space. Thank you to our sponsors!  CipherTrace: <a href= "https://ciphertrace.com/">https://ciphertrace.com</a> [Crypto.com] (http://crypto.com/) : <a href= "https://crypto.com/">https://crypto.com/</a> Kraken: <a href= "https://www.kraken.com/">https://www.kraken.com</a> ... Read more

17 Mar 2020

38 MINS

38:17

17 Mar 2020


#173

Why Africa Is Poised to Be the Next Hub for Crypto Development - Ep.162

Soona Amhaz, general partner at Volt Capital, and Yele Bademosi, founder of Microtransaction, explain why they believe Africa is poised to become a hub for crypto development. They give some interesting stats on how crypto is currently used and traded on the continent, plus talk about how these factors interplay with the region’s unique demographics and the status of some of the continent’s fiat currencies to create what could be a unique environment for increased crypto activity. They end with what they think crypto entrepreneurs should be working on to help further that development. Thank you to our sponsors!  CipherTrace: <a href= "https://ciphertrace.com/">https://ciphertrace.com</a> [Crypto.com] (http://crypto.com/) : <a href= "https://crypto.com/">https://crypto.com/</a> Kraken: <a href= "https://www.kraken.com/">https://www.kraken.com</a> Episode links:  Soona Amhaz: <a href= "https://twitter.com/soonaorlater">https://twitter.com/soonaorlater</a> Yele Bademosi: <a href= "https://twitter.com/YeleBademosi">https://twitter.com/YeleBademosi</a> ... Read more

10 Mar 2020

30 MINS

30:16

10 Mar 2020


#172

ETH Denver Fireside Chat With 2 of the Most Crypto-Friendly Governors in the Nation - Ep.161

In this fireside chat from ETH Denver, crypto-friendly governors Jared Polis of Colorado and Mark Gordon of Wyoming discuss how they each became interested in crypto and blockchain, how their states became friendly to the industry and how to resolve some of the thornier problems in crypto regulation, such as the state-by-state money transmission licensing regime. We also dive into the details on some of the regulations in their states, such as the regulations that make it possible to hold state-specific ICOs, what types of companies are taking advantage of those, and whether there's a bipartisan attitude toward crypto regulation.  Thank you to our sponsors!  CipherTrace: <a href= "https://ciphertrace.com/">https://ciphertrace.com</a> [Crypto.com] (http://crypto.com/) : <a href= "https://crypto.com/">https://crypto.com/</a> Kraken: <a href= "https://www.kraken.com/">https://www.kraken.com</a> Episode links:  CO Governor Jared Polis: [https://twitter.com/jaredpolis] (https://twitter.com/jaredpolis) WY Governor Mark Gordon: [https://governor.wyo.gov/] (https://governor.wyo.gov/) CO Governor Jared Polis’s background:  <a href= "https://gazette.com/election/profile-entrepreneur-jared-polis-sees-governor-s-race-as-a/article_af2d0222-c1b2-11e8-8b2b-afa916b3b182.html"> https://gazette.com/election/profile-entrepreneur-jared-polis-sees-governor-s-race-as-a/article_af2d0222-c1b2-11e8-8b2b-afa916b3b182.html</a> Governor Polis’s letter to SEC chairman Jay Clayton and then-CFTC chairman Christopher Giancarlo on crypto regulation: <a href= "https://www.coindesk.com/lawmakers-renew-calls-us-lead-crypto-innovation"> https://www.coindesk.com/lawmakers-renew-calls-us-lead-crypto-innovation</a> Colorado’s Digital Token Act: <a href= "https://www.coindesk.com/colorado-could-be-next-in-the-race-to-bank-crypto-and-cannabis"> https://www.coindesk.com/colorado-could-be-next-in-the-race-to-bank-crypto-and-cannabis</a> <a href= "https://leg.colorado.gov/sites/default/files/2019a_023_signed.pdf"> https://leg.colorado.gov/sites/default/files/2019a_023_signed.pdf</a> <a href= "https://thetokenist.io/colorado-signs-digital-token-act-into-law-some-digital-assets-exempt-from-securities-requirements/"> https://thetokenist.io/colorado-signs-digital-token-act-into-law-some-digital-assets-exempt-from-securities-requirements/</a> Wyoming passes three crypto-friendly laws: <a href= "https://www.coindesk.com/wyoming-lawmakers-pass-three-bills-in-boost-for-states-crypto-industry"> https://www.coindesk.com/wyoming-lawmakers-pass-three-bills-in-boost-for-states-crypto-industry</a> Wyoming laws: <a href= "https://www.wyoleg.gov/Legislation/2018/HB0070">https://www.wyoleg.gov/Legislation/2018/HB0070</a> <a href= "https://www.forbes.com/sites/caitlinlong/2019/03/04/what-do-wyomings-new-blockchain-laws-mean/amp/"> https://www.forbes.com/sites/caitlinlong/2019/03/04/what-do-wyomings-new-blockchain-laws-mean/amp/</a> ... Read more

03 Mar 2020

37 MINS

37:05

03 Mar 2020


#171

The bZx Attacks: Unethical or Illegal? 2 Experts Weigh In - Ep.160

Maya Zehavi, blockchain consultant, and Zubin Koticha, cofounder and CEO of Opyn, discuss the two recent bZx attacks, whether they were hacks or arbs and whether they were unethical or illegal. They also look at whether flash loans are to blame, how much transparency DeFi teams should have about vulnerabilities on their platforms, how much bug bounties should be for DeFi, and whether flash loans means the amount of bug bounties should be higher. We also talk about  whether DeFi should institute circuit breakers, when those would make sense, and whether these attacks could happen to anybody or whether bZx isn't up to the standards needed in this community. We also cover how bZx should handle the under-collateralized loans left on their platform, whether Chainlink will be a sufficient solution to prevent these attacks in the future, and whether DeFi insurance should cover these kinds of attacks. Plus, Maya and Zubin explains why they're happy the attacks happened and have made them more optimistic. And Maya reveals why she has a pizza slice emoji in her Twitter profile. Thank you to our sponsors!  CipherTrace: <a href= "https://ciphertrace.com/">https://ciphertrace.com</a> [Crypto.com] (http://crypto.com/) : <a href= "https://crypto.com/">https://crypto.com/</a> Kraken: <a href= "https://www.kraken.com/">https://www.kraken.com</a> Episode links:  Maya Zehavi: <a href= "https://twitter.com/mayazi">https://twitter.com/mayazi</a> Zubin Koticha: <a href= "https://twitter.com/snarkyzk">https://twitter.com/snarkyzk</a> Opyn: <a href= "https://opyn.co/">https://opyn.co/</a> Description of first attack: <a href= "https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction"> https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction</a>  Description of second attack: <a href= "https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction"> https://www.theblockcrypto.com/post/56171/bzx-exploit-former-google-engineer-explains-how-an-attacker-made-350k-in-single-transaction</a> <a href= "https://www.theblockcrypto.com/daily/56413/experts-weigh-in-on-bzx-attacks-flash-loans-highlight-the-need-to-improve-defi-security-models"> https://www.theblockcrypto.com/daily/56413/experts-weigh-in-on-bzx-attacks-flash-loans-highlight-the-need-to-improve-defi-security-models</a> <a href= "https://www.theblockcrypto.com/linked/56134/defi-lending-protocol-bzx-exploited-a-portion-of-eth-lost"> https://www.theblockcrypto.com/linked/56134/defi-lending-protocol-bzx-exploited-a-portion-of-eth-lost</a> Unconfirmed episode about the attacks: <a href= "https://unchainedpodcast.com/how-2-defi-attacks-made-almost-1-million-in-profit/"> https://unchainedpodcast.com/how-2-defi-attacks-made-almost-1-million-in-profit/</a> [1inch.exchange] (http://1inch.exchange/) blog post: <a href= "https://medium.com/@1inch.exchange/yes-we-hacked-bzx-fulcrum-but-one-month-ago-3f7e5c437ee3"> https://medium.com/@1inch.exchange/yes-we-hacked-bzx-fulcrum-but-one-month-ago-3f7e5c437ee3</a> 1inch exchange-Fulcrum dispute: <a href= "https://www.theblockcrypto.com/post/56579/bzx-attacks-and-1inch-exchange-allegations-heres-what-the-teams-have-to-say"> https://www.theblockcrypto.com/post/56579/bzx-attacks-and-1inch-exchange-allegations-heres-what-the-teams-have-to-say</a>  Nexus Mutual payouts: <a href= "https://defirate.com/nexus-mutual-first-payouts/">https://defirate.com/nexus-mutual-first-payouts/</a> Nexus Mutual blog post: <a href= "https://medium.com/nexus-mutual/bzx-flash-loan-event-55753d19e52b"> https://medium.com/nexus-mutual/bzx-flash-loan-event-55753d19e52b</a> ... Read more

25 Feb 2020

1 HR 04 MINS

1:04:06

25 Feb 2020