RECENT EPISODES
Sun 9 AugThe Next Marginal Buyer of Bitcoin w/ Lyn AldenLyn Alden identifies high net worth individuals as the next meaningful marginal buyers of Bitcoin, noting that supply constraints mean not every millionaire could own even one coin, while a million dollar allocation represents a negligible lifestyle impact for someone worth ten or one hundred million dollars. She also points to capital controls and real estate specialty taxes spreading across the West under fiscal dominance as forces pushing wealthy individuals toward portable liquid assets.Sun 2 AugBringing Tradfi Liquidity On-Chain w/ Lucas V. SchuermannLucas Schuermann, co-founder of Variational, joins to explain how his firm brings traditional finance liquidity on-chain by connecting directly to NYSE, NASDAQ, and CME through Equinix data centers and FIX APIs, then routing that pricing to a single in-house liquidity provider that hedges user trades in milliseconds.Wed 29 JulBuilding Regulated Crypto Prediction Markets w/ John Wang, KalshiKalshi's crypto prediction markets have surged from roughly 2 to 4 percent of exchange volume at the start of the year to approximately 20 to 25 percent, making crypto the second largest category on the platform behind sports. John Wang explains how oracle design drove Kalshi's volume share against Polymarket from around 5 percent to 85 percent, with a TWAP over 60 seconds across multiple exchanges proving more manipulation-resistant than Polymarket's single-second Binance-only resolution.Tue 28 JulBuilding Regulated Crypto Prediction Markets w/ John Wang, KalshiWithout sufficient transcript content to draw from, a accurate preview paragraph for this episode cannot be produced. To generate a reliable summary covering John Wang, Kalshi, and the topic of regulated crypto prediction markets, the episode transcript or detailed show notes would be needed.Sun 19 JulOpen source models & AI value accrual w/ Christian CataliniChristian Catalini joins the show to argue that the AI market will split along iPhone versus Android lines, with frontier labs able to command a premium but unable to sustain model capability as a durable secret given distillation, leaked traces, and talent movement. If intelligence becomes cheap and commodified, he contends the new bottleneck will be verification, meaning human judgment applied to model outputs, and that crypto primitives around identity and provenance will matter again in that context.Mon 29 JunNext Gen Prediction Markets w/ Ivo Crnkovic-RubsamenIvo Crnkovic-Rubsamen, founder of Pascal and former dYdX CEO, joins to discuss building a next-generation prediction market on Solana that pairs an off-chain matching engine with on-chain smart contract custody, a deliberate choice to preserve HFT sequencer guarantees and sidestep MEV complications. He draws on three months of live trading across Kalshi and Polymarket to diagnose structural flaws in both venues, including Polymarket's nonce-based exploit and its capital-inefficient yes-no token architecture.Sun 28 JunNext Gen Prediction Markets w/ Ivo SarjanovicIvo Sarjanovic, who previously served as CEO of dYdX, joins to discuss Pascal, a prediction market venue he co-founded on Solana using an off-chain matching engine with funds held in on-chain smart contracts. The conversation covers structural flaws the team discovered while trading live on Polymarket and Kalshi, including a nonce attack on Polymarket that allowed traders to invalidate matched trades before on-chain finalization.Sun 14 JunSolving the $30 trillion Liquidity Silo Problem w/ Ethan MarcusEthan Marcus joins to explain why he believes the roughly 30 trillion dollars in annual Bitcoin trading volume is trapped in geographic liquidity silos across Coinbase, Kraken, Binance, and European exchanges, and how his company FlashNet is trying to unify that liquidity without custodial intermediaries. After concluding that Lightning could not scale for non-custodial users, FlashNet pivoted to build on Spark, a signing protocol using state chains that offers zero fees, unilateral exit to L1, and independently verifiable trust assumptions.Sun 7 JunUdi Critiques Michael Saylor w/ Udi WertheimerUdi Wertheimer joins to deliver a structural critique of Michael Saylor and MicroStrategy, arguing that Saylor is trapped in a reflexive loop where he must continuously buy Bitcoin or the entire edifice collapses. Udi gives Saylor roughly two years of remaining runway and places the odds of a positive outcome for current holders at around one tenth of one percent.Sun 31 MayBuilding A Bitcoin Bank w/ Alexander LeishmanAlexander Leishman joins the show to explain how River, the Bitcoin-only financial company he founded in 2019, is pursuing what he calls the global maximum opportunity in financial services by building toward a primary bank account that integrates Bitcoin and dollars in a single app.Sun 24 MayThe Cat-and-Mouse game of Market Making w/ Rahul JainRahul Jain, head of trading at Ellipsis Labs and former operator of a crypto options desk holding roughly 20 to 25 percent market share on Deribit, walks through how each successive model at Ellipsis, from the Phoenix spot order book to a prop AMM to perpetuals, was designed to solve the core problem of market maker exposure to stale quotes on Solana.Sun 17 MayThe Unseen Risks of Restaking w/ Tarun ChitraTarun Chitra examines how composing individually safe DeFi payoff functions can produce dangerous combined outcomes, a structural flaw that has grown more acute as the ecosystem has expanded. He describes restaking systems operating at loan-to-value ratios as high as 0.98, implying leverage of 30 to 40 times, and frames restaking-related contagion as a direct threat to composability, which he identifies as DeFi's primary advantage over traditional finance.Sun 3 MayThe Legislative Framework Crypto Needs w/ Alex ThornThe discussion features Alex Thorn's advocacy for the Clarity Act to establish a legislative framework for cryptocurrencies, addressing crucial issues like stablecoin regulations and the SEC's authority. He expresses cautious optimism about bipartisan support amidst legislative complexities. Additionally, the impact of recent Bitcoin price movements and the evolving DeFi landscape underscores a consolidation of key assets like Bitcoin, amid concerns over yield farming risks and regulatory challenges affecting decentralized entities.Sun 26 AprThe Case For Q-Day 2032 w/ Justin DrakeJustin Drake discusses the imminent threat of quantum computing to cryptocurrencies, particularly Bitcoin and Ethereum, emphasizing advancements in algorithms that could undermine ECDSA by 2032. He notes that while there are various quantum technologies, significant breakthroughs could arrive unexpectedly. The conversation highlights Ethereum’s proactive approach to post-quantum solutions by 2029 and the implications of transitioning to new cryptographic schemes, which may drastically affect transaction speeds and security in cryptocurrency frameworks.Sun 19 AprWhy Threadguy Trades Oil NowThe conversation highlights Threadguy's transition from college dropout to crypto influencer and his role at Floaty in DeFi NFT lending. Key topics include the impact of NFTs and the evolving landscape of Ordinals and meme coins, reflecting shifts in investor behavior. Additionally, the discussion touches on the current geopolitical focus on oil trading, prompted by U.S.-Iran tensions, and the challenges faced by the crypto sector, including regulatory hurdles and market manipulation, alongside ongoing speculation and potential integration with traditional finance.Sun 5 AprWe Need To Stop Geofencing DeFi Like Hyperliquid w/ Jake ChervinskyJake Chervinsky from Hyper Liquid discusses the need to update U.S. regulations governing decentralized finance (DeFi), particularly perpetual derivatives, to better reflect its decentralized nature. He advocates for adapting existing laws like the Commodity Exchange Act to facilitate access to DeFi without creating new legislation. Additionally, the discussion addresses regulatory challenges surrounding KYC and privacy concerns under the Bank Secrecy Act, highlighting the balance between compliance and innovation in the evolving blockchain landscape.Sun 29 MarWhy Miners Are Trading BTC For AI Compute w/ Rory Murray & Chris BaeThe discussion between Chris Faye and Rory Murray centers on Bitcoin miners increasingly trading BTC for AI compute resources, reflecting a shift from a chaotic "wild west" mentality to more structured operations. They highlight the need for risk management in response to high energy costs and the cyclical nature of the mining industry, emphasizing operational efficiency. Additionally, they address the impact of AI integration in mining and the industry's adaptation to market dynamics and regulatory changes.Sun 22 MarWhy Crypto Options Are Still In The Early Days w/ Nick ForsterNick Forster discusses the nascent crypto options market, highlighting its potential as a flexible financial tool and noting its evolution influenced by miners and liquidity platforms like Deribit. He points to challenges such as low-quality assets and regulatory complexities, while anticipating growth through the integration of higher quality real-world assets. Additionally, Forster emphasizes the importance of custodians in trading and the need for a comprehensive strategy to enhance on-chain options liquidity as the market matures.Sun 8 MarInvestable Crypto Is Shrinking w/ Noah GoldbergNoah Goldberg discusses the shrinking landscape of investable cryptocurrencies, emphasizing the impact of regulatory changes and diminished trust following market failures. He urges a focus on high-quality DeFi projects amidst stagnant funding, warning against token launches for failing businesses. Additionally, he highlights the merging of crypto with fintech, stressing that success depends on viable business models and regulatory developments, particularly for hyper liquid platforms aiming to compete with traditional financial institutions.Sun 1 MarA Return To Fundamentals w/ Dean EigenmannDean Eigenmann discusses transitioning from Project Blanc to co-founding Market Sink, a non-traditional fund focused on liquid investments in the competitive MEV market. He critiques current market dynamics, highlighting toxic token unlocks and the challenges faced by institutional investors due to inflated valuations. Market Sink emphasizes an activist approach to collaboration, aiming to capitalize on DeFi products integrated into traditional finance, while also addressing the barriers posed by regulation in the stablecoin space.Tue 24 FebWhy The Banking Lobby Is Fighting Stablecoin YieldThe notes discuss three key topics: 1. **Banking Lobby and Stablecoins**: The banking lobby is actively opposing yield on stablecoins, fearing competition from their superior user experience. This has influenced provisions in the Clarity Act. 2. **Clarity Act Implications**: Aimed at establishing legal definitions for blockchain projects, this act also seeks to protect developers, yet faces resistance due to lobbying pressures. 3. **Regulatory Environment for Crypto**: The evolving classification of cryptocurrencies and the challenges of regulating decentralized finance (DeFi) highlight ongoing complexities in ensuring developer protections and compliance.Sun 22 FebWhy The Banking Lobby Is Fighting Stablecoin YieldThe discussion highlights the banking lobby's opposition to stablecoin yield, driven by fears of deposit flight, especially as the Genius Act aims to clarify stablecoin regulations. Additionally, regulatory clarity for cryptocurrencies is crucial, with debates on their classification as commodities versus securities impacting innovation and development. Lastly, the integration of AI in legal practices raises efficiency concerns, alongside ethical questions surrounding attorney-client privilege and the future of prediction markets within regulatory frameworks.Sun 15 FebThe Stablecoin Liquidity TrapThe discussion centers on the "Stablecoin Liquidity Trap," highlighting the innovative liquid yield token (L.Y.T.) approach of Siena, which combines stablecoin backing with diverse yield strategies and emphasizes transparency in yield sources. The conversation addresses the low current on-chain yields compared to traditional investments like T-bills, reflecting a shift towards quality assets. Additionally, they examine the evolving landscape of blockchain technology, stressing the importance of interoperability and concerns over retail investor access to institutional-quality financial products.Sun 8 FebThe Pro-Quantum Argument w/ Tyler WhittleThe discussion with Tyler Whittle centers on the urgent need for the cryptocurrency sector, particularly Bitcoin, to adapt to the threats posed by quantum computing. Whittle highlights the potential vulnerabilities in cryptography due to algorithms like Shor's, emphasizing the importance of "crypto agility" for future security. Additionally, the concept of quantum money is introduced, proposing a revolutionary approach to digital transactions while acknowledging the uncertainties in its development and implications for blockchain technology.Tue 3 FebThe Crypto Community Hangover w/ David HoffmanIn "The Crypto Community Hangover," David Hoffman discusses the current despondency in the crypto industry since 2017, questioning whether it reflects a hangover from past highs. He emphasizes the need for blockchain technology to adapt to rapid advancements in AI and finance, while also noting a troubling trend towards centralization. The conversation highlights community fragmentation, concerns over governance issues in DAOs, and the importance of maintaining relevance for Bitcoin and Ethereum amid a shifting market landscape.Mon 2 FebThe 1010 Exploit and other broken market structuresThe discussion highlights the 1010 exploit and systemic flaws in centralized exchanges, emphasizing the need for transparency and user protection amid trust issues. It also addresses the complexities of DeFi trading infrastructure, focusing on transaction security and inefficiencies, while advocating for a shift towards fully on-chain architectures. Additionally, insights on the competitive landscape of decentralized exchanges point to opportunities for innovation in trading efficiency and community engagement within the crypto space.Sun 11 Jan1 Year After Leaving Ethereum For Solana w/ Max ResnickMax Resnick reflects on his transition from Ethereum to Solana, emphasizing the importance of user experience and informed decision-making in protocol management. He discusses the Minimum Censorship Protocol (MCP) aimed at enhancing transaction processing and mitigating Miner Extractable Value (MEV) issues. Resnick advocates for integrating engineering and economic strategies to improve blockchain performance and highlights Solana's emergence as a leading platform for trading and market efficiency.Sun, 28 Dec 2025Getting To The Bottom Of Quantum w/ ReardenBrandon Black (Reardon) discusses the implications of quantum technology for Bitcoin, expressing skepticism about the immediate threat of quantum computing on cryptocurrency security, particularly regarding the effectiveness of quantum-resistant signatures. He highlights ongoing debates within the community and the need for regular updates to cryptographic systems. The introduction of BIP360 is presented as a proactive measure to enhance Bitcoin’s security against quantum threats while emphasizing the importance of personal responsibility and ongoing development within the Bitcoin ecosystem.Sun, 21 Dec 2025How Lighter ate away Hyperliquid’s moatIn the episode, Vlad from Lighter emphasizes the importance of user engagement in decentralized exchanges (DEX) and highlights Lighter's growth in the perp DEX market, positioning it against competitors like Hyperliquid. Key insights include a focus on verifiability and transparency through technologies like zero-knowledge proofs, and a shift toward nuanced regulatory discussions, indicating increased understanding from policymakers. Furthermore, the innovative no-fee trading model aims to democratize finance, contrasting with traditional platforms like Robinhood.Sun, 14 Dec 2025The Hidden Cost of Zero-Fee DEX'sThe podcast discusses the hidden costs of zero-fee decentralized exchanges (DEXs), revealing how such models can lead to wider spreads and user detraction over time. It also highlights the evolution and growing prominence of perpetual DEXs, which now account for 15-20% of global volume, emphasizing user interface improvements and mobile accessibility to attract retail traders. Furthermore, it addresses complexities in vault systems for trading, touching on safety, liquidity, and market dynamics critical for the adoption of blockchain technology in finance.Sun, 30 Nov 2025Zcash Resurgence, Privacy, and Quantum w/ Zcash cofounder Ian MiersIan Miers, co-founder of Zcash, emphasizes the crucial role of privacy in cryptocurrency, highlighting Zcash’s innovations like zero-knowledge proofs to address Bitcoin's traceability issues. He discusses the shifting perception of cryptocurrencies towards real-world applications and the necessity of reliable privacy solutions, especially amid regulatory uncertainties. Miers also raises concerns about quantum computing's potential impact on privacy, advocating for post-quantum cryptography to safeguard future transactions.Sun, 23 Nov 2025Monad Launch w/ Keone Han & Kevin McCormickIn this episode, Keoni Han and Kevin McCormick from Monad delve into the evolving cryptocurrency landscape, noting a positive shift in regulatory attitudes and community engagement surrounding decentralization, exemplified by platforms like Dogecoin. They discuss Monad's innovative consensus mechanism and architecture aimed at maintaining decentralization while meeting community expectations. Additionally, they address the need for transparency in crypto projects, emphasizing that the long-term preference for decentralization remains crucial despite short-term market fluctuations.Sun, 23 Nov 2025How Monad Built Without VC PressureMonad’s development journey emphasizes building without VC pressure, focusing on decentralization and community engagement amid a constructive regulatory environment. The discussion highlights the challenges of sustaining long-term interest and the significance of the Monad BFT consensus mechanism in optimizing resource use. Insights into the crypto market reflect a shift towards recognizing sustained efforts over quick gains, while concerns about centralization in blockchain systems underscore Monad's strategy to advance in the Ethereum ecosystem without losing its decentralized ethos.Sun, 16 Nov 2025Why High Frequency Traders Are Leaving Wall StreetThe episode highlights the exodus of high-frequency traders from Wall Street, driven by inefficiencies in traditional futures trading and regulatory challenges surrounding leverage. Anane discusses the potential of crypto exchanges to provide superior access and performance, focusing on using perpetual contracts to mitigate trading costs. The integration of blockchain technology into capital markets is emphasized, revealing a shift towards more efficient trading mechanisms that address the needs of both traditional finance and DeFi users.Wed, 12 Nov 2025The Perpification of EverythingThe conversation emphasizes the "Perpification of Everything," highlighting the integration of traditional finance on-chain and the adoption of perpetual contracts for trading. Key insights include the growth potential of trading-first models and the significance of synthetic assets, particularly contracts for difference (CFDs), in enhancing user experience. Kalidora critiques existing trading inefficiencies and advocates for a platform that streamlines cross-asset trading while addressing challenges around liquidity management in the crypto space.Sun, 2 Nov 2025Restaking's Killer App w/ DeFi DaveDeFi Dave discusses restaking as a transformative approach within the Cap protocol, enhancing yield generation while mitigating downside risks through a collaborative marketplace. The Cap framework distinguishes between payment stablecoins and yield-bearing stablecoins, emphasizing the importance of liquidity. Additionally, the conversation addresses evolving stablecoin regulations and highlights community engagement as essential for growth and attracting investors, alongside partnerships with protocols like Pendle to optimize returns.Tue, 28 Oct 2025Circle's Bet On The Future Of MoneyIn the conversation, Circle's Chief Economist emphasizes the strategic role of stablecoins like USDC in mitigating financial risks, especially post-2008 crisis and during liquidity challenges from the COVID-19 pandemic. He discusses the development of ARK, an EVM-compatible blockchain aimed at enhancing user experience and functionality while addressing transaction complexities and regulatory challenges in the stablecoin landscape. The potential for decentralized finance (DeFi) to democratize finance and the critical role of community banks in the stablecoin ecosystem are also highlighted.Sun, 26 Oct 2025Why Circle Thinks Banks Are F*ckedThe discussion centers on the challenges faced by traditional banks in light of decentralized finance (DeFi) and stablecoins, which aim to create more equitable trading environments and reduce systemic risks. Gordon emphasizes the necessity of fully backed stablecoins and highlights Circle's ARK blockchain for enhancing user experience and liquidity. Furthermore, the conversation underscores regulatory challenges and the need for a diverse ecosystem of stablecoins to ensure compliance and economic stability.Sun, 19 Oct 2025Why The Internet Is Too Slow for Trading NowAustin Fadera discusses the pressing need for optimized internet networks to enhance trading efficiency, driven by challenges like latency and jitter hindering blockchain performance. The Double Zero network aims to create a high-performance infrastructure that improves transaction routing for trading firms and blockchain validators. Notably, it employs innovations like multicast technology to accelerate consensus processes and its distinctive economic model ties rewards to actual utility, diverging from traditional proof of stake systems.Sun, 19 Oct 2025Why Fiber Optic Is Too Slow for Trading NowAustin Fadera discusses the inadequacies of fiber optic technology for high-performance trading, advocating for faster alternatives like microwave transmission. He highlights Double Zero's creation of an optimized "layer zero" network for blockchain and trading, reducing latency through dedicated pathways. Additionally, he addresses the SEC's recent stance on cryptocurrencies and the necessity of maintaining a positive narrative in the crypto space, emphasizing transparency and community trust post-FTX collapse.