Uniswap and SEC Face-Off: The Crypto Community Reacts – The Chopping Block Ep 636

Uniswap and SEC Face-Off: The Crypto Community Reacts – The Chopping Block Ep 636

that’s what I’m saying like I feel I
feel like maybe this is just a way to
figure out how to run up the bills so
that then then you look I got I made you
so much money I I I don’t think it’s
like that turn I think it’s I like that
conspiracy though I like that I like
that so the question what Venture fund
is gonna hire gendler that’s the that’s
the big question and they seem to hire
all The Regulators you think andri is
gonna hire well I just mean look at look
at1 M $100 mil uh solo GP fund um it’s
guzzler Ventures mean to you6 I think
actually all all the big funds would
probably ban together and fund him just
to get him to stay out of uh out of
politics that’s what I’m saying this
might be a genius boy on his part and
you’re all not you’re all not thinking
thinking deep enough not a dividend It’s
A Tale of Two CL now your losses are on
someone else’s balance generally
speaking air drops are kind of pointless
anyways unamed trading firms who are
very involved I like out e the ultimate
Protocols are the antidote to this
problem hello everybody Welcome to The
Chopping Block every couple weeks the
four of us get together and give the
industry insiders perspective on the
crypto topics of the day so quick intros
first you got Tom the D5 Maven and
master of memes hi everyone next we’ve
got Robert the crypto connoisseur and
Zar of superstate
Audi next we’ve got tun the Giga brain
and gr Puba at
Gauntlet yo and finally I’m hi the head
hype man at dragonfly we are early stage
investors in crypto but I want to caveat
that nothing we say here is investment
advice legal advice or even life advice
please see chopping block. XYZ for more
disclosures so um it has been a another
very eventful week uh tun and I were
just in Dubai for token 2049 which was
uh basically like an endof the world
situation going on over there I don’t
know if anybody followed what was
happening on Twitter but there were
insane storms that beset Dubai or just
generally around that area in UAE and uh
some of the neighboring countries um
most people flew in early part of that
week and then Tuesday uh which is
actually the same day that I flew in a
crazy storm flooded Dubai it was I think
two years worth of rain in about 24
hours all the streets got flooded a
bunch of people who were actually on my
flight so I I had a driver that was
waiting for me when I arrived uh because
I was worried about what was going to
happen with the floods I was supposed to
go to Abu Dhabi after I landed which was
like a couple hours I was like you know
what never mind I’m just going to go to
my hotel like this kind of seems really
dicey people who were on my same flight
uh who were just behind me they had to
wait multiple hours to get a taxi and to
get like it took me 15 minutes to get to
my hotel it took the people who were on
my same flight I was texting with them
uh during the day it took them six hours
to get from the airport to the hotel
same hotel that I was staying at and
they were like you know they’re fing
through like flooded tunnels and like
you know cars were floating through uh
insane it was it was total [ __ ]
apocalypse stuff it was crazy crazy um
tun you you had uh an ordeal when you
were getting in right yeah so I uh I
like you saw the weather and was like
I’m going to reserve a
car um and then instead because I’m was
like this city I bet you if it rains too
much like Uber drivers all crash
everywhere it’s like Texas and the
snowstorm um and so I uh it turned out
there were other people who made the
same decision as me and uh unfortunately
our we landed later than you so we
didn’t get our cars so the car company
car service
company uh rented a
bus uh and this bus took about like five
or six hours to drive it would normally
take like 20 or 30 minutes but the best
part about it was I uh I spent my bus
Journey sitting next to one Anthony
scaramucci uh and uh it was uh you know
it was a very funny funny funny ride
because we we we get almost all the way
from the airport to like where all these
hotels are
and everyone’s like excited like finally
it’s done Mr Mr scaramucci does not feel
that way he he gets off at the first
stop and he says I’m going to get a cab
back to the airport after we’ve fed
through tunnels as you put it uh so that
I can leave right now and it was like
Wow but but all I gota say he was very
nice I was like not I you know I was
like I first of all I was just not
expecting to end up sitting next what
wait how did he get the flight out like
the the airplan I have no I have no clue
what happened after he left the bus
that’s that’s beyond above my pay GD but
I will say that was very funny that you
know after already Conquering the thing
he wanted to
urn that’s that’s nuts that’s what you
that’s what you like you want a
contrarian fund manager you know yeah
well he’s also very good at exiting
right that’s his thing like Trump
campaign markets FTX he’s good at
getting out and moving on to the next
thing so you got to respect that well
it’s also funny to me he’s like coming
to conferences and like still you know
still hustling doing that type of stuff
still hustling yeah I was surprised um
so okay I will just one more note about
like just the aftermath of all this so a
bunch of venues got flooded so pretty
much everything that was scheduled so
the the main conference was to start on
Thursday but like Tuesday and Wednesday
everyone had all these other events and
lunches and kind of pre-conference side
events everything got cancelled so many
venues got flood
bunch of people who I knew who lived in
Dubai like their houses got flooded you
know water was seeping in through the
windows um it was it was just total
Mayhem for everybody in the city um even
the hotel that I was staying in which is
which is a nice hotel like the ground
floor of the hotel I was on the third
floor ground floor got flooded so those
people had to like move rooms or just
like live in a flooded Hotel I guess uh
like the ceiling was Dripping so if you
were on the top floor you were also
getting issues with the rain it was just
it was so insane like I did not think
that that was even possible in a city of
of this stature you know like Dubai um
and then the next day it took a little
while for the the streets to clear up
but basically the city was like
bifurcated where certain parts of the
city were still basically underwater and
certain parts of the city were
traversible right so like the part of
the city that I was I was in you could
get around within that area but anybody
who was like downtown you were just like
I can’t see you today uh maybe I’ll go
up there on Thursday or Friday when the
streets clear up um and so uh like if
you drove going through downtown or like
going to downtown they were just
abandoned cars like rolls-royces and
like you know you know Lamborghinis that
were just like they’ just been abandoned
because they were just floating you know
they were just they were like [ __ ] it
I’m just leaving I also think hilarious
thing is I was reading some articles
about how Dubai is not like covering
like no one gets real Insurance there
and so a lot of those cars may not um be
covered in any way shape or form so you
might as well write them off as a
complete loss
yeah well I don’t think anyone is
ensuring water damage in Dubai no
definitely not definitely not and
anybody who’s a water insurer is out of
business so that’s uh you know game over
for them because the amount of property
damage in that city was absolutely nuts
and I’m sure there’s going to be like
mold problems and stuff from all these
buildings that have had I mean hilarious
the government was like oh you don’t
talk about on social media but then they
were like we’re building a 60 billion
dram drainage system
something well they they said
specifically so I mean UAE it’s a
kingdom right so it’s not you know
obviously they’re they’re kind of
restrictive on what you can do there but
so they immediately announced that it is
illegal to tweet or put anything on
social media implying that the storms
were caused by cloud seating so there
was somebody who I heard of I don’t know
if it’s true but I heard that there was
like some tourist who basically was like
on Instagram talking about oh it’s
because of cloud seating and they were
thrown in jail uh because they could
normally they would Deport you but they
can’t no flights right they can’t Deport
you so they just threw her in jail until
like the planes started going again um
anyway I I don’t know if this is true
but this is what I heard um how was the
conference how was the confence the
conference you know I no that we’ve said
nothing about the
conference no so I I will say I was
expecting that the conference itself
like it was a stacked conference I was
really surprised the number of Heavy
Hitters who were attending this
conference it was like almost everybody
was there besides obviously the two of
you cuz you’re both lazy
but everybody else was there well we
made the right call we avoided clearly
it’s funny cuz I was thinking about not
going I remember I was actually I was in
our slack talking about like oh you know
I’m G delay my flights like kind of
seems dicey there’s like all this
weather [ __ ] and then you know Iran and
Israel are kind of fighting and I you
know I don’t want to be in the
neighborhood because maybe the airspace
is going to get closed um and everybody
I spoke to I was like hey you know I’m
I’m thinking I might cancel my flights
and not go and they were like what
you’re the only one who’s not going to
go like everyone else is going and I was
like oh maybe I’m an idiot like am I
just paranoid um and uh it classic VC
move is that I asked everyone else what
they’re doing and nobody else was
cancelling and I was like oh I guess I
should just go and uh I absolutely the
wrong move I should have just I should
have just [ __ ] followed my gut and
cancelled uh and then that weekend uh
Israel retaliated against Iran which is
exactly what I was worried about um and
I was lucky my flight uh was a day after
uh so but if if it was my flight would
have been canceled because the airspace
got closed so um but anyway the
conference itself was actually pretty
good like I was surprised how many
people showed up and like still kind of
you know I mean everyone was there you
were kind of stuck hats off hats off to
to Alex the
organizer yes uh and and others because
like I don’t know how they pulled that
together given all the flooding and
stuff and I feel like they they like
somehow by the seat of their pants
somehow were able to pull it off but
like they work their asses off to get it
to even happen after Gilgamesh level
flood so yeah it was kind of like I I
was a little worried that it was going
to be like crypto fire Festival where
just everything was kind of in shamle it
was
crypto it more like burning man Burning
Man is crypto Burning
Man
NOK this this is more like yeah fine
Middle Eastern desert desert yeah more
authentic burning man yeah but UAE has
its own flavor of degeneracy right so
there was this uh there was big fight um
this thing called crypto fight night
that uh I actually went to where anom
who I was on a panel with him talking
about meme coins uh anom fought some
crypto influencer guy named Barney who
I’d never heard of um got his ass
whooped uh in the ring he ended up
crashing the price of whiff apparently
like the moment that he started getting
hit like he just had no he had no
ability he did not train or something I
don’t know it was like kind of
embarrassing to watch him in the ring uh
cuz he was the headliner and so I was
like there and I was kind oh man why I
don’t know this is like very depressing
to see all these crypto influencers just
like beating each other up in a ring um
and they’re all you know not this a very
it’s a very Dubai thing too like I don’t
ex exactly it’s kind of like you know
you have like your you have like your
tigers that you keep in like your little
ranch over here and then you’ve got like
oh let’s let’s pay the crypto
influencers to just beat each other up
in a ring and and then we’ll we’ll fly
them out for that but the my favorite
thing was was it was sponsored by Bonk
all of the boxing gloves had Bon yes I
was like what the [ __ ] what how does bon
have this much of a marketing budget I
don’t understand I thought it was a b
bot makes a lot of money no yeah Bon is
a revenue generating meme coin it is
what bbot is is the telegram bot right
that you can use to trade and like
charge I didn’t realize yeah I didn’t
realize that it was owned by bon the
meme coin uh or team or something I
guess I guess the foundation or I don’t
know I don’t assume they have yeah I
don’t know I don’t know if they have a
button up structure in that way but new
new paradigm new paradigm conceiv there
are no foundations I love you there are
no foundations yeah okay fair enough
anyway um so yeah that’s the recap on
Dubai um I’m I’m finally I’m back in
Civilization very relieved to to be to
be out of there um be was an experien
the the interesting thing so this was
all happening right around the time of
the Bitcoin happening so that is kind of
the big story of this week uh the
Bitcoin havening for those who do not
know is every four years Bitcoin Supply
Cuts in half so when we talk about
Bitcoin being
deflationary Supply issuance Bitcoin
Supply issuance uh the rate of issuance
the inflation rate of I was about to say
this is this is a bad rebasing coin
sorry
sorry um so so uh so ever since Satoshi
Nakamoto originally programmed Bitcoin
there was basically a rule that roughly
every 4 years uh the issuance rate of
Bitcoin Cuts in half uh meaning the
block reward that you get Cuts in half
uh every four years until the year like
2100 something uh at which point there
is no more new Bitcoin being minted and
so that’s what we mean when we say that
Bitcoin is deflationary um technically
it’s disinflationary mean the inflation
rate is going down every single year so
um that havening happens every four
years on the dot and this was the fourth
happening so um you know it’s been 16
years basically since Bitcoin started
and therefore uh the the inflation rate
and the the reward cut in half one more
time so this was widely anticipated
because bitcoiners love to talk a lot
about the havening as being a very
bullish event for Bitcoin um the theory
of why the havening is bullish always
been a little bit of a mystery to me and
I’m going to show my cards here that I’m
a having nihilist I don’t think the
happing matters but uh bitcoiners will
say that the havening is a very bullish
event they will draw these charts and
they’ll show you know roughly a few
months after the happing is usually an
alltime High and um something something
something I don’t you know I don’t know
I don’t totally follow the arguments um
but the happening happened I think it
was Friday or Saturday uh depending on
what time zone you’re in that The
Happening took place yeah 420 420 okay
420 happening uh just as Satoshi wrote
it up and the uh bitcoin price has not
really done a ton uh it seems to mostly
have tracked macro uh
so thoughts the Bitcoin happening was it
real was is it [ __ ] are we waiting
three months for the Bitcoin happening
to happen
is it priced in that’s is it priced in
or you know do you have to I don’t know
okay let me ask one technical question
for anyone who knows the answer maybe
none of us know the answer is it four
years based on like a Unix time or in
the actual Bitcoin software or is it
based on an expected number of blocks
based on expect expected Block it’s
number of BL number BLX it’s like the
difficulty adjustment deals with the
time delay and then the the actual
happing block so it’s not every four
years so to be clear it’s close to every
four years on aage four years
approximately pretty high certainty
right because like over that long a
period of time it’s just going to
average out to basically be years but
approximately okay approximately yeah
okay so I mean are we having are we
having a accuracy versus
Precision no not on this not on the show
we’ll save that debate for offline uh
all right so my my my initial take is
like the very like you know midwit take
on the heaving which
is all things equal it’s both good and
bad right so the security budget of
Bitcoin gets cut in half in that if the
price of Bitcoin stays the
same for an extended period of time then
there’s really like less incentive to
secure the network but on the other side
there’s half as many coins being minted
per day which are being sold and from a
technical perspective the there’s
fundamentally less of a gravity on the
price of Bitcoin because miners are in
the business of selling right they are
good at electrical engineering and they
make Bitcoin in order for them to
actually achieve a profit they have to
sell the Bitcoin or hedge it in some way
that sells the Bitcoin and so less block
reward less selling and so selling has
gone down I mean due to miners mining
Bitcoin you know it’s a drop in the
ocean compared to the total market for
bit Bitcoin and like how many people
want to buy or sell on a given day but
like
directionally there is less gravity to
the price and so I think it’s generally
like a good thing so are you a having
realist or are you a having niist I’m
I’m a realist um I actually do think
there is an impact to it um you think it
wasn’t priced in oh I I definitely think
it was priced in given that that’s what
I mean when I say a realist do you think
it’s priced in or
not I I think it’s priced in I think it
is good for the price of Bitcoin I think
it’s priced in in like the near term
like you know how far can people do you
think it was priced in like a week
before The Happening a month before The
Happening a year before the
happening uh two weeks okay you think
two weeks before the happening it got
priced in but three weeks before the
happening it was not priced in well it’s
a gradient it’s a gradient it’s not a
binary thing right like it was gradually
getting priced in two weeks before but
then like it yeah most before okay um
tun what’s your take so the reason I’m
taking the other side is actually
because there was this very big launch
of uh
standard called runes on bitcoin which
led to the largest ever transaction fee
block I think it’s like almost 40 BTC in
transaction fees which is much higher
than the subsidy which is what got cut
in half um and so I I think like I it
wasn’t priced in because no one knew how
much demand there would be for runes
right around the havening now that’s a
very tongue and cheek answer because
that’s kind of nothing to do with the
havening but the idea that the Bitcoin
transaction fees were higher than the
block award multiple for like a
non-trivial percentage of blocks post
happening is more a sign that uh the
like security budget thing like um you
know in in the sense that the’re
happening is a religious event for
Bitcoin maximalist and people have found
ways to add new things around each
religious event to increase the net fees
around that time then maybe that will be
a counterbalancing force but it’s sort
of more random than haveing itself so
hence it’s very it becomes harder to
price
in yeah so okay we we’ll talk about
runes in a second but you know runes is
only about a day of crazy transaction
volume my point is like includ now that
people know that there’s like this like
doing a launch on happing day is like
the best time to do something on CH I I
think is not an undone this won’t this
won’t go backwards instead we’re going
to get all sorts of weird stuff
happening and it becomes too hard to
predict we’ll see in four years I mean
if you’re going to it’s kind of like
okay there’s like black Fridays like one
day a year that you know a bunch of
people go shopping but that’s not you
know that’s not enough to offset what’s
happening on on the Ping side I’m just
try I’m just trying to find the closest
to rational it’s not priced in thing I
could I think the only like it’s like
the most most obviously predictable
Supply shock uh ever and and I think to
Robert’s Point too you know we’re
talking uh really a minuscule amount of
of Bitcoin um that’s being produced
these days compared to exchange volumes
compared to ETF inflows things like that
um really I think the reason why you
know you could argue that it’s bullish
is because it just creates a news event
for Bitcoin um every single bitcoiner is
on network television on mainstream
press talking about The Happening
getting it back in the news cycle and
short of that there isn’t there aren’t
really that many opportunities to talk
about Bitcoin unless you know the ETF is
launching or uh you know something else
is is is happening but usually you’re
talking about the price and so I think
that is really the story is it’s just
reflexive and it’s an opportunity to
talk about Bitcoin which itself is maybe
bullish for the price of Bitcoin but
everyone knows that people are going to
be on TV talking about the happening
right so it’s not even it’s not even uh
like that’s you could price in most
people don’t follow this in our crypto
the people who are buying right but the
question is who is setting the price for
Bitcoin right who is the person who’s
the buyer marginal which is UL the
person who sets the price well one it’s
Global right it’s not like I don’t think
of it in terms of like you know who’s
watching like us business television
like it’s Global the happing The
Happening is event covered worldwide
yeah so it sounds like then you’re
you’re saying that it’s not priced in
because uh people who are buying Bitcoin
aren’t paying that much attention and
it’s only nerds like us who even know
that the happing is happening so it
sounds like Robert you are implying The
Happening is not priced in I think it’s
mostly priced in
like let’s go with mostly I that
contradicts what you just said you just
said that look it’s only us who are
paying attention most people are not
therefore it’s not priced
in so what what do you think do you
think it’s priced in or not I don’t
think of these things as binary there’s
not like a thing like everything about
priced in like in financial markets is a
gradient right so like some people like
expect it some people don’t it doesn’t
go from zero to one like for any
prediction market right a and so like my
personal view is probably around like
two weeks most of the flow for people
who actually like are involved in
Bitcoin have like figured out that the
happening is happening
right when it happens yeah there’s
absolutely incremental people learning
about it for the first time in four
years or the first time in general I
don’t know how many of them are running
out being like oh this is the reason I’m
going to buy Bitcoin now is because like
of this event I think it like kind of
like like a brand awareness campaign
where like everybody knows that coke
exists and yet they still buy massive
Billboards and they sponsor a bunch of
stuff and it’s like why it it’s it puts
the idea out there and kind of inets you
and I think I’m sure there are marginal
buyers of Bitcoin who see people on
Bloomberg talking about Bitcoin and
maybe they like yeah maybe I’ll put 1%
you know into Bitcoin and this is kind
of what we see I don’t know if you saw
um some of the holders from the Bitcoin
ETF um uh were um revealed this week and
it’s kind of random it’s a lot of random
wealth Managers from all around the
world who are putting you know small
allocations of their Assets in a Bitcoin
and um you know I I’m sure you maybe
it’s not those people maybe is some of
those people maybe it’s you know retail
investors but it’s it’s a brand
awareness campaign and I think that
alone is uh you maybe good okay so if
you analogize it to a brand awareness
campaign and says oh it’s kind of like
Coca-Cola buying ads you know cocaa is
going to buy ads but still they can like
affect the amount of people buying
Coca-Cola but Coca-Cola buying ads like
they can do a job with ads this year
right they just have some ads that are
kind like H whatever or they could do
like the polar bear and everyone feels
warm and fuzzy and they’re like oh I
want to go out and drink some coke so
like they can underperform or
overperform relative to the fact that
yes they’re going to do brand awareness
but sometimes it sucks and sometimes
it’s awesome and I guess it feels like
the same thing must be true of the
having is that sometimes the having
marketing brand awareness people on TV
talking about it it hits and it’s like
wow actually more people are going to
buy Bitcoin than we thought we’re going
to buy Bitcoin because they’re having uh
but it can underperform and it seems
like maybe it’s not priced in well no
it’s it’s like there’s a baseline of
price in but you can kind of do a better
job than the median or a worob than the
median of what the market is expecting
to happen with a having but by this
logic meme coins are brand awareness for
salana I think me coins a brand
awareness for no for salana I mean like
the number of people I talk to are like
oh yeah you work in that crypto stuff
right I downloaded Phantom that has been
like something I have encountered more
in the last few months than anything
I’ve ever encountered where people knew
about crypto it is it is it cuts across
demographics and age groups much more
okay so all right I think we’ve betrayed
a little bit uh our cards here on priced
in or not priced in um one of the things
that tun was alluding to was this new
phenomenon called runes so runes uh
created by Casey Rod Armour who is uh
the originator of ordinals uh and
inscriptions on bitcoin um so he created
this new standard basically trying to
create a better version of what was
previously known as brc2 which is a you
know basically a way to try to create a
equivalent of an erc20 token on bitcoin
BRC 20s however were super inefficient
they were very expensive they were kind
of a really stupid way to implement a
fungible token on top of uh Bitcoin and
so uh Casey created this much more
efficient uh standard that’s much more
aligned with the utxl model that’s used
on bitcoin already um and so there were
a bunch of rules that were implemented
around Rune it was going to kick off uh
you could basically mint the first runes
by taking a ticker the ticker there are
certain rules around the tickers have to
be a certain number of letters long um
and there only certain characters you
can use uh and so people could mint
those tickers for a new Rune um I think
it’s called a rune uh starting with the
having the first block of the having and
that’s why there was this crazy
effectively an auction that took place
in the first Bitcoin block post having
of people trying to find the best
tickers and mint these new runes and all
this stuff so um that drove a crazy
amount of fees on bitcoin for about 24
hours um since then the activities
really died down uh I was looking
through the the runes Explorer and it
looks like a ton of them didn’t really
get minted out uh seems like most of
them actually are not fully minted um
and uh I don’t know this kind of seems
like a bit underwhelming so there was
$80 million in fees on bitcoin on day
one and those fees have basically gone
down to pretty close to Baseline now
uh a few days later so thoughts on runes
I I’ve seen a lot of chatter about it
online but it seems like people have
mostly stopped talking about it today I
have not interacted with runes so I will
excuse myself from this part of the
conversation yeah very very for runes
very beish runes if if if Robert doesn’t
doesn’t ape into it that’s very
bearish why did okay let me ask why why
did you not decide to buy uh some
runes I’m not that active in the Bitcoin
ecosystem
that’s why it just you know not
something I spend that did you do any
BRC 20s or ordinals or anything no not
really I’ve done like okay a tiny tiny
tiny bit of ordinal stuff but okay so
you did some though you did non-zero
amount but you didn’t the runes was just
not not worth it to you I I’ll say this
I went into
the deep research phase
and of ordinals and talking to people
and learning about I did not do the same
thing for runes okay got it uh Tom tun
did you guys mess around with runes at
all any perspective also dabble with the
ordinals that have not gotten the runes
I um yeah something about the whole uh
you know bc20 and runes ecosystem is
very strange to me where like you’re
basically totally dependent on these
offchain indexers to determine like the
amount of the token that you have like
there’s no real enforcement of the
validity of these transactions on
bitcoin itself it’s so it just feels
very like antithetical to I feel like
what bitcoiners always talk about and
kind of what the ethos of the space is
to like yeah actually we’re going to be
like relying on this you wallet or this
third party to allow us to trade these
things um or to tell me what the balance
of my my assets even is and so um yeah I
I really don’t get it and obviously it’s
like just um you know short of having an
application or something that this stuff
plugs into it is just mcoin Trading not
to disparage mcoin trading but um you
know i’ we’ve seen this before I uh I I
do think like the the problem is like I
think ordinals when they first came out
were there was like a lot of novelty but
now people have gone to the extreme of
like these
very you know the Bitcoin L2 space is
basically a lot of fake l2s like none of
them have the the viability of like I
can withdraw my assets from the the
bridge contract in a a very reliable
manner um or at all in some cases
without a centralized third party and it
s or or you know some extra trust
assumption and like you know a lot of
the Bitcoin L2 stuff I mean the ZK stuff
is real because like okay actually
they’re actually just posting the proofs
to bitcoin that’s kind of reasonable but
those ones are not live and the ones
that are live seem like three guys in a
trench coat with a multisig you know
it’s like they’re not they’re not
they’re not I three but by three guys I
mean three Asian mid- tier Asian
exchanges and a trench coat with multi
and uh and uh I I you know they none of
them seem particularly real they seem
like this like merry goor round Ponzi
thing that I don’t I it’s like the
Bitcoin L2
space feels just like fake and I I like
for lack of a better word I don’t want
to get flamed now for saying that but
but you will absolutely get flamed but
it’s all right we real there are some
real ones like the K ones I think are
that people are trying real but not live
right so like real but not live yeah but
the ones that are live are are like
basically multisig they’re side chains
yeah they’re side chain they’re a side
chain side but that’s fine if you call
them a side chain but there’s no there’s
no so I spent a lot of time on this when
I I was in Hong Kong a couple weeks ago
before I went to Dubai for the web 3
festival and in Hong Kong so the first
thing I’ll say the Bitcoin ecosystem
very concentrated in Asia so you know a
lot of the demand for for BRC 20s and
ordinal are actually not in the US or in
the you know kind of anglophone world
which is I think a lot of the reason why
a lot of this stuff feels somewhat
opaque to a lot of folks who are living
on crypto Twitter um because it is just
the case that most of the brc2 ordinals
activity was happening in the Chinese
speaking Community uh and less so in the
English ordinals make much more sense
like you look at the code bases like I
know what they’re doing I look at the
code base for these these Bitcoin L l2s
and either it’s close Source or like
op so it’s I don’t know what it’s really
doing or it’s like yeah like I said it’s
like an evm chain that happens to have a
multisig that you Peg in and out of okay
we’ve seen R forever right it’s like
they’re not
L2 don’t how these here’s thing here the
thing I was in Hong Kong and I and I met
a ton of people who are very big into
the Bitcoin L2 ecosystem and it was it
very curious for me because almost
everybody I know on the western side
thinks the Bitcoin l2s are [ __ ] and
basically did not invest in almost
anything right a few Western VCS have
invested into them but overwhel
definitely are a bunch they a bunch who
have they a bunch who have in the ones
that are coming out of the US are like
these very kind of academic high
integrity teams and that’s like they’re
all they all suck like the Bitcoin L2
game is not about like Tech Innovation
it’s about Gathering up lots and lots of
Bitcoin from Bitcoin Wales and like if
you look at like the the the the
granddaddy of these is Merlin so Merlin
they is unreal I mean you look at the
the the like there’s like single wallet
with a billion dollars of Bitcoin
depositing into it yeah yeah there’s a
huge amount of capital in there that’s
basically I mean everybody in Asia kind
of knows it all comes from a small
amount of super Bitcoin Mega whale
miners so in Asia you know people love
Bitcoin because Bitcoin equals proof of
work equals mining everyone in Asia gets
that right so lots of super wealthy ogs
are miners in Asia and so the Bitcoin L2
story basically the reason why it’s so
compelling for many folks in Asia is
that they want yield on
bitcoin which sounds stupid cuz it’s
like what how does that solve that
problem and the answer is well points
you guys in the west do all this points
stuff and you get yield on whatever
you’re putting into the points things so
we’re going to create Bitcoin points and
you can put Bitcoin in this thing and
you’ll get yield and the miners are all
like great I love that I love my Bitcoin
I love yield here you go here’s a big
pile of Bitcoin give me yield and it’s
weird to call it an
L2 blast it’s blast as a service for
Maxis so here’s the thing here’s the
thing I I was talking to the nervos team
which is like super OG proof of work
guys very legit and they’re building a
Bitcoin L2 effectively okay and so I
asked them like look you guys are
technical you know like I talked to some
of these teams and they have no idea
what the fal they’re saying but like you
guys are really technical how is this in
L2 right this is not trustless obviously
Bitcoin is not validating any of this it
can’t validate any of this you’re
running an evm chain how are you going
to validate evm on bitcoin and the
answer is that no no no in Bitcoin the
word L2 means something different
in Bitcoin L2 means that you are Bitcoin
aligned that’s what it means so if
you’re aligned with Bitcoin you’re an L2
and I’m
like what wait what then what’s is rsk
an L2 and he’s like well you know I
don’t know it depends on you know
depends on your definition um but yeah
that’s what L2 means so it’s kind of
like I was telling you guys like Fair
launch in meme coins means that no VCS
that’s what Fair launch means for mcoins
uh in the same way like the word L2 has
just been reclaimed by bitcoiners to
mean Bitcoin aligned yeah it makes sense
does it does that make sense that I feel
like that does not make sense yes
because every phrase gets completely
Twisted in general to the point where
everyone on the outside world doesn’t
really understand it and sense yeah I
mean literally the term erc20 right
which now at this point
like yeah exactly like at least the
first erc20 knockoff the trc20 is
bitwise identical minus for the one
character of the T and the but
brc2 not so yeah like so I mean erc20
like literally there was a list of 20 of
these ethereum uh uh um sort of uh
what’s the word what are they they eips
yeah proposals and they can convered to
ERC yeah they converted into erc’s right
what does ERC stand for uh request for
comment
e request for comment it
is okay yeah so ether request for
comment so you do an thep it gets
approved or whatever and then becomes
request for comment and that’s what rc20
comes from and so now they’re just
everything 20 uh rc20 is just like means
token in people’s minds and so they just
copy this thing over and over again um
anything even if it doesn’t obey the
rc20 standard they call it rc20 uh just
because it just kind of sounds like a
token and so I can see that happening to
L2 and that’s kind of an interesting
language on the move kind of linguistic
phenomenon at the same time we have the
term side chain which was invented in
Bitcoin land and there’s a bunch of
things that are still called side chains
in Bitcoin land you know like all the
stuff that uh um uh what’s it called the
the Bitcoin uh uh shoot what’s the
company that does all the Bitcoin stuff
Stacks um no no not Stacks um
centralized company that rais much of
venture blre blam right blockstream has
their side chain that everybody points
and laughs at and it’s like oh this is
just a side this is like a centralized
side chain and it’s like oh yeah but
that’s also what the Bitcoin l2s are so
what exactly is the difference you know
I guess like
aspirational um I don’t know but it’s
Vibes basically tldr it’s all Vibes at
least that’s what I’ve been told I don’t
know are you guys looking at any of the
Bitcoin L2
stuff we invested in one Bitcoin L2
which is a you did yes but a real L2
real L2 it’s
VM or something how does
it sorry it’s not it’s notm it’s its own
VM yeah yeah it’s it’s sort of like the
VM but they they have a specialized Pro
it’s like all the blockstream stark
people who left uh because block stream
was building sort of this thing and then
no one wanted to stay there so I see it
it’s called Alpin I think they just came
out of stealth like last week oh yeah
yeah yeah we spoke to them okay alpen
yeah they’re yeah that I sort of count
them in like the Western high integrity
teams of like people who are making a
real honest effort at building something
good um unfortunately I mean no no
disrespect to them but I think like if
you’re not plugged in to these Chinese
whales who are basically you know
plugging huge amounts of Bitcoin into
these networks uh I don’t know if you
can win this game because it feels very
uh stacked against you so to
speak yeah maybe I mean there I I feel
like there’s enough non Asian whales you
know the Wes of the world who maybe will
be the patron but those guys all hate
this stuff like there people like oh
just wait for lightning why are you guys
doing this uh evm [ __ ] you know this
is all like clogging up the chain I
think I think I think people have
learned that lightning is secretly more
centralized than your multisig L2 in
some ways so I I do think that they’ve
kind of they’re kind of turning the
corner on that more than you think is
that right it doesn’t feel like that
from the you know what do you think the
sentiment of what do you think the
sentiment to lightning is on Twitter I I
would argue that it’s had this extreme
crash lately yeah I I would bet it’s
actually just like not
even that well
understood like or the l2s lightning
like no one’s talking about it anymore
you know for the most like most of the
people have come into crypto in the last
couple years might not even know oh true
yeah yeah if you were if you’re class of
like 21 22 you probably have you know
you’ve only heard of lightning in
passing you probably think it’s an erc20
token uh wasn’t there um what was the a
standard there’s a token standard for
lightning Raiden Raiden Raiden was the
ethereum lightning so there was there
was an oc20 that was close well there
were a couple there were a couple there
was also all the state channels L4 yeah
yes yes but they didn’t have a token L4
didn’t have a token they didn’t have a
token but a lot of people who work there
now have tokens that isin had a token
and uh they had some great you know side
state Channel tech oh I forgot about
that yeah actually uh fun fair did too
so it’s like the casinos and like that
kind of unsavory stuff were very
experimental you know what they say
about you know it’s the it’s the
toughest industries that have to
experiment with new technology uh true
yeah yeah okay well speaking of tough
Industries um there’s a big story this
week about Unis swap uh that got hit
with a Wells not notice from the SEC so
let me explain what all those things
mean Unis swap uh most of you are
probably familiar it’s the biggest decks
um it’s an amm completely decentralized
uh you know runs with no onchain kind of
administration whatsoever uh it’s been
around forever run by Hayden Adams so
not run by I should say founded by
Hayden Adams um so the SEC which uh we
know both the cftc and the SEC have been
interacting with uniswap labs for quite
a while since of course Unis swap has
been around since I think 2018 or 19 um
the SEC uh it was announced on April
10th issued a Wells notice to Unis swap
so Wells notice is when the SEC is
considering bringing a lawsuit or some
kind of enforcement action against uh a
counterparty they are required by law to
First give a Wells notice which
basically says hey we are planning to
sue you if you have any kind of cont
contradicting evidence that would lead
us to think that maybe we should not be
suing you or that this would be an error
uh here is your chance to to present us
that information um almost always after
Well’s notice uh response to Wells
notice doesn’t end up causing the SEC
not to go forward with the lawsuit but
at least gives the company time to you
know sort prepare themselves and and
potentially um you know get their
Affairs in order effectively um for
what’s to come so uh now you might
remember when the SEC sued coinbase as
well as when the sued Ripple in both
cases uh when the SEC sent them their
Wells notice both coinbase and ripple
front ran the SEC went to the public and
basically started a PR campaign
immediately saying we got issued with
the wells notice uh we believe the SEC
is doing things unfairly and they’re
kind of you know trotting over the
rights of Americans interact with crypto
blah blah blah we’re going to fight them
uh to the death and they kind of control
the narrative which I I’m sure very much
frustrated the SEC uh in at the time
this was considered to be a crazy thing
to do like this is not what happens
generally like normally in most other
Industries when your regulator suing you
you kind of you know you slink away you
TR you start preparing lawyers and uh
you know kind of preparing to say lots
and lots of no comment um and instead
coinbase and ripple Source showed that
actually you want to go on the offensive
and so far it seems to have been largely
effective although you know it’s not
over but it’s hard to tell but it looks
like so far people think that hey it
actually looks like this is the right
strategy well Unis swop has done the
exact same thing once they got the wells
notice from the SEC Unis swop went to
Twitter and basically said hey um you
know the SEC is supposed to be
protecting investors maintaining Fair
orderly markets I think unisoft does a
better job of this uh the SEC should not
be coming after us uh you know we are
founded by American entrepreneurs we’ve
been following all the laws um you know
blah blah blah effectively stating that
hey we’re going to fight this we think
the SEC is in the wrong uh we have no
control over Unis swap the protocol uh
and you know basically come at me bro
was effectively the energy that SC that
unap was giving the Unis swap token uni
token uh did took a hit on the day that
the wells nose was announced I think it
went down roughly
15% um but the industry really rallied
around Unis swap under the belief that
swap is going to be a very very strong
defendant uh now that said we don’t know
what the charges are uh people are
speculating that these charges may be um
you know being an unregistered broker uh
or something which you know many people
are saying that this would probably not
stick because judges have been very
unsympathetic to this claim coinbase of
course in their case had this claim
thrown out uh for coinbase wallet saying
that you know they had no custodial
control uh however uh it’s also possible
they go after uni token claiming that
uni token is a security in which case
this might be the first Battleground
case to decide whether a governance
token for something like this ends up
being uh an unregistered security so
I’ll stop there that was a lot uh what’s
your guys take on the Unis swap Wells
notice well none of us have actually
seen at least as I understand it the
wells notice all we’ve seen is unis
swaps response um you know it came from
Hayden it came from there was a great
blog post you know I read the blog post
I thought it was wonderfully written
where they framed really you know the
arguments for why a Unis swap is
important B you know it really shouldn’t
be a target of you know enforcement when
there’s extremely vague and nebulous uh
applicability of you know historical
laws to them and see why you know they
think that whatever the charges may be
they’re going to win and I thought it
was a wonderfully written blog post you
know since then there’s been a lot of
more sophisticated commentary coming on
crypto Twitter and starting to be in the
press you know I feel like in one of the
next episodes you know once things start
to come out into the public maybe we
should have on you know a guest who’s
like more familiar with these issues but
I thought the response and that’s really
the only thing that any of us on this
show or on Twitter or anywhere have
available their response was great and
you know I give a lot of kudos to the
whole team at Unis swap foundation and
Unis swap labs and everyone peripheral
to it and like the community because you
know I feel like they are
ready and willing to
Champion and fight to the death on a
case that they have an extremely good
shot at winning according to fundit
online and so you know if this is the
thing that creates case law where
there’s absolutely not enough or no case
law you know unisoft is in phenomenal
shape you know it if they had gone after
you know some scammers you know I feel
like the SEC would be better position
but they’re not going after scammers
they’re going after a company that has
been trying to
innovate the right way for a long time
and I think they make a terrible
Target M Hayden is such a genuine
believer right he’s done everything
right they they’ve been probably one of
the most kind of fastidious and
upstanding teams in crypto period uh
much less in defi in defi I mean I don’t
know I think he’s a national treasur and
the SEC it really feels like a huge huge
miscalculation in choosing Unis swap as
a defendant here right been much better
going after like sushi swap or one of
these other things that like just plays
worse uh as a defendant you know like
they were kind of faster and looser um
I’m sure they didn’t they they’re not as
well defended of a door they don’t have
as much resources they’re not as beloved
by the community they didn’t actually
invent the [ __ ] thing like so many
people are like wow amm blew my mind
they changed my idea of what was
possible in finance literally the
example that people give of why defi is
so transformational is unis Swap and the
idea that you would go after this guy
and this team to say hey let’s make an
example out of how bad this industry is
and how you know non-compliant they are
with like the laws that they’re supposed
to mind read um is is just insane to me
it it is I mean there’s to your point
like you know even if they’re looking to
build case law because I feel like at
this point most of what the SEC is doing
when it comes to crypto is about
defining their political perimeter right
they should be going after a garbage
project that like forked Unis swaps code
behaved badly you know stole money from
people and will have zero sympathy from
a judge instead of going after unist it
is uh weird I I mean I agree that it
seems like it would be more likely to be
about uni than Unis swap the protocol or
um unisoft the the website being a
broker or something like that um but it
is weird that uni was not named as a
security
um in the sec’s lawsuits against
coinbase or binance they had a huge
laundry list of tokens that they claim
for Securities uni was not on it and yet
somehow now they are getting a Wells
notice that seems possibly related to
the uni token um yeah just very very
strange well but it clearly not
exhaustive right I mean they only listed
like 12 or 13 tokens total across all
the lawsuits and there’s you know uni is
like number 30 or something on sure but
why sit on this for you know so long if
you nothing changed he here’s my uh
totally non- lawyer Layman from the
outside perspective it’s because there’s
a good chance the SEC will lose their
case against you and if it’s a part of
like the coinbase case or whatever and
they lose and it happens you know even
if like the coinbase thing is going
through appeal and it’s years and it’s
going to Supreme Court I feel like it
wasn’t named in there because they know
that it’s a risky case for them
actually okay I want it to influence
like a coinbase case no this makes sense
but I think it’s actually the other way
around because okay when they go after
coinbase right they list these 13 uh uh
proclaimed Securities coinbase wins the
case if they can prove that none of
those 13 assets are securities right
because those are the ones that the SEC
actually claimed um if they put uni on
that list and coinbase wins that case
then now it has bearing on the
enforcement action against Unis Swap and
the SEC wants to win as many cases as
possible which means that means implies
that the that the assets they listed on
the coinbase case they were not planning
to pursue so you put things on there
that you’re not actually planning to go
after one by one if you were planning to
go after salana and you put salana on
the coinbase case then if they win
either case it [ __ ] over the other case
right but if you if you go after
independent enforcement actions from the
ones that you list as Securities then
one judge over here in this District
could be like oh yeah I think this is
fine another judge says well this has no
bearing on this other case so like I
actually think that uni is a security uh
and screw these guys whereas if the same
question was litigated in two different
venues very likely the judge would defer
to whatever the other judge did uh given
that the same question was being
adjudicated that actually makes a lot of
sense as to why they didn’t list uni
because they want to pursue it
independently and they’re not planning
to go after any of the l1s because
that’s way too hard go after an L1 and
it’s like well but ethereum is not a
security and if etherum is not a
security on what basis is so not a
security right so it’s very safe to go
after the l1s uh because sorry very safe
to name the l1s because you don’t want
to go after the 101 because actually
they take you to court they’re going to
bring out ethereum as an example and
it’s going to make the SEC look really
bad and kind of picking playing
favorites um whereas uni is very unique
right there is nothing really like uni
and so uni kind of has to go make a very
different kind of shaped argument than
the l1s could that’s my theory crafting
of maybe why the SEC chose to pursue it
this way I I will say you know one thing
I thought was very funny was after this
news came out uh they just turned on
front end fees for all their pools that
was like a very funny form of rebellion
where it’s like [ __ ] you like we’re
going to like if because they already
charge fees on on some of the front end
pools and then there’s like now gonna
turn them on for everything uh I think
there’s like a great Dune dashboard of
like their revenue from the front end
fees like spiking on the wells notice
to yeah I mean it if I I I looked at it
like the day it came out I haven’t
looked at like the dashboard since then
but like it are they still doing like
you know half a million a day in
income I think it was something I
haven’t actually looked either since the
a day Tom you happen to have it in handy
any chance I I can pull it up I me I
don’t think it was half a m a day I
volume revenue and fees fees yeah no no
no it was nowhere near half a million a
day once yeah no it was like 12 mil
annualized uh yeah yeah yeah no
ra the fees it reached over half it it
it okay so 411 281k 412 38 335 332 I
think it it it didn’t quite go to half a
m but it’s like
yeah a day it’s
Spike they from like 20 30 20 to 30k to
like hundreds now it’s like
100k 100K a day Okay so
annualized 35 36 yeah yeah okay that’s
pretty good you know they have to have a
legal K have a legal kiss to fight I
just thought I just thought that was a
funny form of rebellion you’re like
you’re going after us already whatever
turn on the kind kind of true kind of
true um yeah interesting but I mean they
also know the content of the wells not
it so it may have had nothing to do with
the the front end um so that may have
been the basis on which they decided to
do that I don’t know
so I mean this this obviously will be a
very consequential case for defi
generally I mean again we don’t know the
Contours so we’re kind of guessing but
regardless of what this particular case
is it’s definitely going to be
Monumental within the space at the same
time the weird thing about it is that
you know genzo is already fighting a lot
of fronts I sort of assumed that they
were going to stop here because they
have the binance case they have the
coinbase case they have the Ripple case
um they’ have a lot of resources that
they’re expending and you know fired a
couple lawyers they fired a c lawers
over that there was the whole yeah there
was the whole debt box thing where they
got censured by a judge for uh gross Mis
conduct in in a different uh uh
enforcement case they were bringing in
some some random uh defi project uh so
the sec’s kind of feels like they’re
over this feels like a Hail Mary this is
like the like hey election year we might
be out let’s just like throw the Hail
Mary that’s what this that’s at least
that’s my impression of this got to keep
everyone busy until the the elction why
though like that doesn’t make sense
maybe it’s like the only way to justify
your budget or
something that that that sounds strange
um yeah obviously if Trump ends up
winning genzo’s out there’s a decent
chance that even if Biden isn’t winning
that he replaces kensler given how
unpopular he’s been even within the
Democratic party um so it does feel like
it’s a very strange move to be going
after this I mean it’s one thing if you
go after some scam project and they’re
going to settle and it’s going to be
quick thing but he had to know that
unisoft is going to fight this given how
much resources they have yeah it’s going
to be a ripple like case where you know
both sides come out
slugging and it’s gonna be years you
know this this thing is not going to
happen soon so as usual The Only Winners
here are law firms so you would be
hilarious is this if Gensler ends up
going to the law firm that makes the
most fees off these cases because
they’re like thank you so much for for
the donation
wait
gz us their own lawyers no no no so
let’s say let’s let’s say let’s say
there’s like three firms used for these
cases unless like gendler gets kicked
out office and needs a new job who do
you think wants to hire him the most the
one who made the most billable hours and
so maybe this is all a secret indirect
play for that right that’s funny
actually after the debt box thing which
was this when the SEC lawyers got
censured for gross misconduct there were
a bunch of people on crypto Twitter who
were calling
um you there are a few folks who are ex
SEC who have worked who’ve come into the
crypto industry and have uh some people
have you know fairly senior roles
obviously you’d want to work with
somebody who knows the insides of how
the SEC works and a few people from
crypto Twitter were calling for guys
let’s freeze the SEC no more hiring
anybody who’s worked at the SEC so that
people learn this is not a way to get
into the crypto industry if you work for
this institution screw you we’re not
going to hire you um I don’t know if
people are going to stand strong on that
uh because you know when when you
actually want to be dealing with SEC
obviously it helps to have people who’ve
been on the other side uh and I imagine
for ripple or coinbase they are very
very grateful to have uh you know legal
support from people who understand the
SEC from the inside um but the spirit of
it I think is quite sensible uh because
of course many people who are working in
government they are kind of hoping that
on the other side they can end up
getting a cushy uh you know Private
Industry job that’s that’s what I’m
saying like I feel I feel like maybe
this is just a way to figure out how to
run up the bills so that then then you
look I got I made you so much money I I
I don’t think it’s like that turn I
think it’s I like that conspiracy though
I like that I like that so the question
is what Venture fund is going to hire
gendler that’s the that’s the big
question and they seem to hire all the
regulator you think and is gonna hire
well I just mean look at look at H1 M
$100 mil uh solo GP fund it’s ginzler
Ventures coming to you6 I think actually
all all the big funds would probably
band together and fun him just to get
him to stay out of uh out of politics
that’s what I’m saying this might be a
genius boy on his part and you’re all
not you’re all not thinking thinking
deep enough about well first I’m sure
the first deal he leads would probably
be Prometheus I think the thing dler is
already pretty wealthy so I I this
wouldn’t be true but if it was someone
who was less wealthy than gunler it’d be
like I’d be
yeah well um I guess we’ll see where all
this plays out um we’re up on time so
we’re going to have to wrap but another
fun week uh we’ll be back
soon um hopefully by the time that we
learn more about the particulars of the
case we’re going to have some some more
color on uh exactly what unisoft is
facing but until
dry thanks everybody
[Music]

The Chopping Block: Unraveling Uniswap’s SEC Challenge, Dubai’s Deluge Disaster, and Bitcoin’s Halvening Hype!

🔥 EPISODE LINK 🔥
CHECK OUT THE EPISODE LINKS AND DETAILS HERE
👉 https://unchainedcrypto.com/podcast-chopping-block/the-chopping-block-uniswaps-sec-scrutiny-token2049-flood-catastrophe-and-bitcoins-halving-impact/ 👈

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC’s recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space.

Show Highlights
🔹The devastating floods in Dubai and their impact on the Token 2049 conference
🔹 Analysis of Bitcoin’s halving event, exploring whether it’s a bullish signal or just market noise.
🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community.
🔹 Explore the dynamics of the Asian market’s influence on Bitcoin’s secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies.
🔹 Dive into the SEC’s Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi).

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, Founder of Compound
⭐️Tarun, Giga-Brain & Grand Poobah at Gauntle

_______________________________________________________
Time Stamps:
00:00 – Intro
01:51 – Dubai’s weather chaos & Anthony Scaramucci
08:04 – Token 2049
12:30 – Bitcoin Halvening – Is it priced in?
15:29 – Robert’s take
17:31 – Tarun’s take
19:26 – Tom’s take
24:10 – Runes & Ordinals
28:10 – Bitcoin L2 space is fake
32:40 – ERC20 vs. BRC20
38:50 – Uniswap vs. SEC
47:00 – What’s the SEC’s strategy?
52:00 – Gensler’s future

_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
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