Anish Mohammed

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Privacy is a key component of cryptographic networks that is typically misunderstood. Anish Mohammed, Chief Scientist for Panther Protocol, joins the podcast to discuss how transparent networks fall prey to MEV attacks and other negative actions such as collusion. Anish is an accomplished multi disciplinarian who has worked as medical doctor, bioinformatician, strategy consultant and cryptographer. As one of the founding members of UK Digital Currency Association, he has also been an advisor to Adjoint, Arteia, Collider-X, Privacy Shell, Ripple Labs, Hyperloop Transport Technologies , EA Ventures, IEET and Chain of Things.Panther is an interoperable, decentralised custodian and smart contract platform that enables privacy of digital assets on peer blockchains. At the core of Panther’s design are Panther Pools, on-demand dark pools for Decentralized Finance (DeFi) which enable institutional and retail Users to securely store, obfuscate and transact compliantly on peerchains using Panther Assets (“zAssets''). zAssets are created by issuing 1:1 collateralized, zero knowledge digital tokens on peerchains.Anish's LinksTwitter | Linkedin | WebsitePanther Protocol: Website | Telegram | Twitter | LitepaperWhere to find usiTunes | Spotify | Stitcher | Youtube | RSS Feed

<p>Privacy is a key component of cryptographic networks that is typically misunderstood. Anish Mohammed, Chief Scientist for Panther Protocol, joins the podcast to discuss how transparent networks fall prey to MEV attacks and other negative actions such as collusion. <br/><br/>Anish is an accomplished multi disciplinarian who has worked as medical doctor, bioinformatician, strategy consultant and cryptographer. As one of the founding members of UK Digital Currency Association, he has also been an advisor to Adjoint, Arteia, Collider-X, Privacy Shell, Ripple Labs, Hyperloop Transport Technologies , EA Ventures, IEET and Chain of Things.</p><p>Panther is an interoperable, decentralised custodian and smart contract platform that enables privacy of digital assets on peer blockchains. At the core of Panther’s design are Panther Pools, on-demand dark pools for Decentralized Finance (DeFi) which enable institutional and retail Users to securely store, obfuscate and transact compliantly on peerchains using Panther Assets (“zAssets''). zAssets are created by issuing 1:1 collateralized, zero knowledge digital tokens on peerchains.</p><h2>Anish's Links</h2><p><a href="https://twitter.com/anishmohammed?lang=en" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.linkedin.com/in/anishmohammed?originalSubdomain=uk" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://anish-mohammed-shs2.squarespace.com" rel="nofollow" target="_blank">Website</a></p><p><strong>Panther Protocol: </strong><a href="https://www.pantherprotocol.io" rel="nofollow" target="_blank">Website</a> | <a href="https://t.me/joinchat/GJ64F-nRiIF86Cxn" rel="nofollow" target="_blank">Telegram</a> | <a href="https://twitter.com/ZkPanther" rel="nofollow" target="_blank">Twitter</a> | <a href="https://github.com/pantherprotocol/documentation/blob/master/litepaper/Panther%20Lite%20Paper%20-%20v1.5.pdf" rel="nofollow" target="_blank">Litepaper</a></p><h2>Where to find us</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p>

Anish Mohammed - Front Running, Sandwiches and Panther Protocol

Jesse Proudman

Jesse Proudman comes onto the podcast to discuss Makara Digital and its launch to the retail market. Now anyone can access the active strategies of Strix and build wealth with a SEC registered investment company. This podcast was recorded in the depths of the bear market that started back in May. This has been one of the most interesting periods in crypto since 2018. I really enjoyed this podcast with Jesse. Make sure to subscribe and follow the End of the Chain to get new episodes right to your device as soon as they are released. Website: www.makaradigital.comTwitter: https://twitter.com/jesseproudmanWhere to find usiTunes | Spotify | Stitcher | Youtube | RSS Feed

<p>Jesse Proudman comes onto the podcast to discuss Makara Digital and its launch to the retail market. Now anyone can access the active strategies of Strix and build wealth with a SEC registered investment company. </p><p>This podcast was recorded in the depths of the bear market that started back in May. </p><p>This has been one of the most interesting periods in crypto since 2018. I really enjoyed this podcast with Jesse. Make sure to subscribe and follow the End of the Chain to get new episodes right to your device as soon as they are released. </p><p>Website: <a href="https://endofthechain.com/jesse-proudman-introducing-makara/www.makaradigital.com" rel="nofollow" target="_blank">www.makaradigital.com</a></p><p>Twitter: <a href="https://twitter.com/jesseproudman" rel="nofollow" target="_blank">https://twitter.com/jesseproudman</a></p><h2>Where to find us</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p>

Jesse Proudman - Introducing Makara

Federico Nitidi

I love Liquidityfolio.com. It's one of the most powerful trackers for liquidity across multiple chains. It's key for tracking LP in your portfolio. Federico joins the podcast to discuss how liquidity provision is changing with the launch of Uniswap V3 and how it will affect trading into the future. Website: www.Liquidityfolio.comTwitter: https://twitter.com/federiconitidiWhere to find usiTunes | Spotify | Stitcher | Youtube | RSS Feed

<p>I love <a href="http://Liquidityfolio.com" rel="nofollow" target="_blank">Liquidityfolio.com</a>. It's one of the most powerful trackers for liquidity across multiple chains. It's key for tracking LP in your portfolio. Federico joins the podcast to discuss how liquidity provision is changing with the launch of Uniswap V3 and how it will affect trading into the future. </p><p>Website: <a href="https://endofthechain.com/federico-nitidi-liquidity-in-the-age-of-innovation/www.Liquidityfolio.com" rel="nofollow" target="_blank">www.Liquidityfolio.com</a></p><p>Twitter: <a href="https://twitter.com/federiconitidi" rel="nofollow" target="_blank">https://twitter.com/federiconitidi</a></p><h2>Where to find us</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p>

Federico Nitidi - Liquidity in the age of innovation

Robert Sams

The godfather of algorithmic stablecoins dives deep into Seniorage Shares and its lasting legacy on the crypto ecosystem. He is the CEO of Clearmatics and is a long standing member of the Bitcoin and crypto community.  Robert Sams is a hedge fund manager and macro specialist, focused on central bank policy. Over 11-years experience in the industry. I have helped to launch two hedge funds, and successfully ran short-term interest rate strategies in G10 markets, with a focus on interest rate policy actions of the Federal Reserve, Bank of England, European Central Bank, Swiss National Bank, and the Bank of Canada.ClearmaticsTwitter

<p>The godfather of algorithmic stablecoins dives deep into <a href="https://blog.bitmex.com/wp-content/uploads/2018/06/A-Note-on-Cryptocurrency-Stabilisation-Seigniorage-Shares.pdf" rel="nofollow" target="_blank">Seniorage Shares</a> and its lasting legacy on the crypto ecosystem. He is the CEO of Clearmatics and is a long standing member of the Bitcoin and crypto community.  <br/><br/>Robert Sams is a hedge fund manager and macro specialist, focused on central bank policy. Over 11-years experience in the industry. I have helped to launch two hedge funds, and successfully ran short-term interest rate strategies in G10 markets, with a focus on interest rate policy actions of the Federal Reserve, Bank of England, European Central Bank, Swiss National Bank, and the Bank of Canada.</p><p><a href="https://www.clearmatics.com" rel="nofollow" target="_blank">Clearmatics</a></p><p><a href="https://twitter.com/codedlogic?lang=en" rel="nofollow" target="_blank">Twitter</a></p>

Robert Sams - Inventing Algorithmic Stablecoins

Nic Carter

In this episode, fellow St. Andrews alumni Nic Carter joins to discuss the current state of Bitcoin. Nic answers some of the burning questions that host Samuel McCulloch has been exploring for a couple of years:Where does Bitcoin stand in the surveillance economy?Effects of FinCEN’s proposed wallet rules on Bitcoin markets.China’s use of the great firewall to potentially preference Bitcoin transactions.Biden’s incoming war administration.How stablecoins invalidate the utility token hypothesis.Potential effects of currency debasement and inflation on Bitcoin and broader economy.Gold and Bitcoin and their benefits as a portfolio asset.The eternal energy debt Bitcoin has and how it will grow in the future.Bitcoin’s volatility is due to a lack of a proper valuation model.The crypto credit markets and the growth of HyperBitcoinization.How offshore crypto exchanges will evolve in the next decade and their benefit to the Bitcoin market.Where to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedReference MaterialSUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Leave a Review on iTunesFollow me on Twitter | Youtube

<p>In this episode, fellow St. Andrews alumni Nic Carter joins to discuss the current state of Bitcoin. Nic answers some of the burning questions that host Samuel McCulloch has been exploring for a couple of years:</p><ul><li>Where does Bitcoin stand in the surveillance economy?</li><li>Effects of FinCEN’s proposed wallet rules on Bitcoin markets.</li><li>China’s use of the great firewall to potentially preference Bitcoin transactions.</li><li>Biden’s incoming war administration.</li><li>How stablecoins invalidate the utility token hypothesis.</li><li>Potential effects of currency debasement and inflation on Bitcoin and broader economy.</li><li>Gold and Bitcoin and their benefits as a portfolio asset.</li><li>The eternal energy debt Bitcoin has and how it will grow in the future.</li><li>Bitcoin’s volatility is due to a lack of a proper valuation model.</li><li>The crypto credit markets and the growth of HyperBitcoinization.</li><li>How offshore crypto exchanges will evolve in the next decade and their benefit to the Bitcoin market.</li></ul><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>Reference Material</h2><p></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></p><p>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></p>

Nic Carter - Bitcoin in 2021

Alex Salnikov

Why are NFT's so damn cool and how have they exploded into popularity in the past 2 years? Alex Salnikov sits down with host Samuel McCulloch to discuss all the amazing things NFT's can do and how he is building Rarible to bring NFT's to the entire world. Where to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedReference MaterialSUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<p>Why are NFT's so damn cool and how have they exploded into popularity in the past 2 years? Alex Salnikov sits down with host Samuel McCulloch to discuss all the amazing things NFT's can do and how he is building Rarible to bring NFT's to the entire world. </p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>Reference Material</h2><p></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Make a Tip - Send me an email after so I can mention you on the show.</p><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></p><p>Share an episode with family and friends</p><p>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></p><p>If you are interested in sponsoring the show please <a href="mailto:samuel@smarterledgers.com">send me an email</a>.</p>

Alex Salnikov - Rarible - NFT's will eat the world

Dave Collum

Dave Collum is back for the third year to unpack his yearly mega post on all the crazy events of the last 365 days. Over the course of 3.5 hours he and host Samuel McCulloch breakdown a few of the key topics in his report, from valuations, college wokeism, to Covid and more. This is the perfect way to wrap up 2020 and bring in the new year. Enjoy. Where to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedReference MaterialSUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<p>Dave Collum is back for the third year to unpack his yearly mega post on all the crazy events of the last 365 days. <br/><br/>Over the course of 3.5 hours he and host Samuel McCulloch breakdown a few of the key topics in his report, from valuations, college wokeism, to Covid and more. <br/><br/>This is the perfect way to wrap up 2020 and bring in the new year. Enjoy. </p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>Reference Material</h2><p></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Make a Tip - Send me an email after so I can mention you on the show.</p><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></p><p>Share an episode with family and friends</p><p>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></p><p>If you are interested in sponsoring the show please <a href="mailto:samuel@smarterledgers.com">send me an email</a>.</p>

Dave Collum - 2020 Year in Review Megachat

A short update from Sam and a recap of 2020. Plus some thoughts on what's to come for 2021. 

<p>A short update from Sam and a recap of 2020. Plus some thoughts on what's to come for 2021. </p>

2020 recap and update

Sebastian Buergel

About this episodeWhat is transactional privacy and how does it affect you every day? Sebastian Buergel from HOPR joins to discuss current vulnerabilities in crypto and how HOPR is addressing them. Where to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedSupport the showIf you like End of the Chain you can help support the show by doing one of the following:Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2><strong><strong>About this episode</strong></strong></h2><p>What is transactional privacy and how does it affect you every day? Sebastian Buergel from HOPR joins to discuss current vulnerabilities in crypto and how HOPR is addressing them. </p><h2><strong><strong>Where to find the show</strong></strong></h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> |<a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank"> Spotify</a> |<a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank"> Stitcher</a> |<a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"> Youtube</a> |<a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank"> RSS Feed</a></p><h2><strong>Support the show</strong></h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank"><strong><strong>Leave a Review on iTunes</strong></strong></a></li><li><strong><strong>Share an episode with family and friends</strong></strong></li><li><strong><strong>Follow me on</strong></strong><a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank"><strong><strong> Twitter</strong></strong></a><strong><strong> |</strong></strong><a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"><strong><strong> Youtube</strong></strong></a></li><li>If you are interested in sponsoring the show please <strong><strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></strong></li></ul>

Fabricating privacy - Sebastian Buergel - HOPR

Sam Kazemian

About this episodeSam K comes back for another episode to talk about stablecoins and the release of his new project Frax.Where to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedSupport the showIf you like End of the Chain you can help support the show by doing one of the following:Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2><strong><strong>About this episode</strong></strong></h2><p>Sam K comes back for another episode to talk about stablecoins and the release of his new project Frax.</p><h2><strong><strong>Where to find the show</strong></strong></h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> |<a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank"> Spotify</a> |<a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank"> Stitcher</a> |<a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"> Youtube</a> |<a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank"> RSS Feed</a></p><h2><strong>Support the show</strong></h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank"><strong><strong>Leave a Review on iTunes</strong></strong></a></li><li><strong><strong>Share an episode with family and friends</strong></strong></li><li><strong><strong>Follow me on</strong></strong><a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank"><strong><strong> Twitter</strong></strong></a><strong><strong> |</strong></strong><a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"><strong><strong> Youtube</strong></strong></a></li><li>If you are interested in sponsoring the show please <strong><strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></strong></li></ul>

Questing for stable money - Sam Kazemian - Frax

Future focused podcast and articles shaping the end of history, AI, Blockchain, VR...

End of the Chain

Dominic Frisby

About this episodeDominic is is a British author, comedian and voice actor. He joins the podcast to talk about his new book "Daylight Robbery How Tax Shaped Our Past and Will Change Our Future." We discussed how crypto will force governments how they collect taxes and the history of tax collection. Dominic puts forward a riveting account of money and taxes in his book. The story of money cannot be told without accounting for the history of taxes.   Buy Daylight Robbery: How Tax Shaped Our Past and Will Change Our Future on AmazonListen to the Audiobook on Audible.comDominic's LinksPersonal Website TwitterShow Transcription NotesWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy cryptocurrencies could break the tax system. How our tax system evolved and what the future has planned for governments. Why Hong Kong is the best example of a tax system in the world and the Authoritarian Libertarian Scottish man responsible for it. Why we don't have simpler, easier tax codes. Why the Peasant's revolt is deserving of a mini-series.How international corporations exploit the tax system and what can be done to tax it. How the gig/freelance economy is making taxation harder to enforce and why there will be a billion freelancers by 2025. Reference MaterialPeasants' RevoltHong Kong Financial Secretary John James CowperthwaiteMeet the invisible hand behind Hong Kong’s rise - Article on CowperthwaiteHow Google avoids paying its taxes and sticks you with the bill.The gig economy goes global.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Dominic is is a British author, comedian and voice actor. He joins the podcast to talk about his new book "Daylight Robbery How Tax Shaped Our Past and Will Change Our Future." We discussed how crypto will force governments how they collect taxes and the history of tax collection. Dominic puts forward a riveting account of money and taxes in his book. The story of money cannot be told without accounting for the history of taxes.   </p><p><a href="https://amzn.to/2smJ8vi" rel="nofollow" target="_blank">Buy Daylight Robbery: How Tax Shaped Our Past and Will Change Our Future on Amazon</a></p><p><a href="https://www.audible.com/pd/Daylight-Robbery-Audiobook/0241440831" rel="nofollow" target="_blank">Listen to the Audiobook on Audible.com</a></p><p><strong>Dominic's Links</strong></p><p><a href="http://www.bcaplan.com/" rel="nofollow" target="_blank">Personal Website </a></p><p><a href="https://twitter.com/DominicFrisby" rel="nofollow" target="_blank">Twitter</a></p><p>Show Transcription Notes</p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why cryptocurrencies could break the tax system. </li><li>How our tax system evolved and what the future has planned for governments. </li><li>Why Hong Kong is the best example of a tax system in the world and the Authoritarian Libertarian Scottish man responsible for it. </li><li>Why we don't have simpler, easier tax codes. </li><li>Why the Peasant's revolt is deserving of a mini-series.</li><li>How international corporations exploit the tax system and what can be done to tax it. </li><li>How the gig/freelance economy is making taxation harder to enforce and why there will be a billion freelancers by 2025. </li></ul><h2>Reference Material</h2><ul><li><a href="https://www.britannica.com/event/Peasants-Revolt" rel="nofollow" target="_blank">Peasants' Revolt</a></li><li>Hong Kong Financial Secretary <a href="https://en.wikipedia.org/wiki/John_James_Cowperthwaite" rel="nofollow" target="_blank">John James Cowperthwaite</a></li><li><a href="https://www.economist.com/books-and-arts/2017/10/05/meet-the-invisible-hand-behind-hong-kongs-rise" rel="nofollow" target="_blank">Meet the invisible hand behind Hong Kong’s rise</a> - Article on Cowperthwaite</li><li><a href="https://www.adamtownsend.me/google-taxes/" rel="nofollow" target="_blank">How Google avoids paying its taxes and sticks you with the bill</a>.</li><li><a href="https://www.morganstanley.com/ideas/freelance-economy" rel="nofollow" target="_blank">The gig economy goes global</a>.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Make a Tip - Send me an email after so I can mention you on the show.</p><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></p><p>Share an episode with family and friends</p><p>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></p><p>If you are interested in sponsoring the show please <a href="mailto:samuel@smarterledgers.com">send me an email</a>.</p>

Tax is Control - Dominic Frisby

Brandon Iles

About this episodeBrandon is the Co-Founder of Ampleforth, an elastic supply money, which adjusts supply if price moves outside of a target band. In a market filled with crypto variants, Ampleforth separates itself from the rest with its novel supply mechanism. New seniorage is distributed equally amongst holders, like a stock split. Brandon also worked at Google Search and so we jumped into his experiences there and how the company is leading the way in Total Information Awareness. Brandon's LinksLinkedinCrunchbaseAngelistGithubShow Transcription NotesWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhat the economic structure of Ampleforth is and how it differs from Bitcoin.Why Ampleforth is the smallest change to Bitcoin that is economically interesting.Why the Ample has a price target and how that affects supply. Why Amples will be volatile for a long time until mass usage comes about. Why Ampleforth has volatility of both price and supplyHow Ampleforth changes the game slightly of asset accumulation. Why Bitcoin has no value and cannot be captured by any existing financial models. Why Ampleforth had to adjust the smoothing parameter to increase the speed price returns to the target price band. Why the creation of new Amples is akin to a stock split. How Ampleforth can adjust the global supply of Amples without heavy gas costs. Why Ampleforth is not in the business of creating Layer 1 blockchains and are chain agnostic. How Uniswap interacts with Ampleforth and why it's different than any other smart contract interaction. How Brandon and Evan met in 2014 and started Ampleforth. Reference MaterialTotal Information AwarenessSUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Brandon is the Co-Founder of Ampleforth, an elastic supply money, which adjusts supply if price moves outside of a target band. In a market filled with crypto variants, Ampleforth separates itself from the rest with its novel supply mechanism. New seniorage is distributed equally amongst holders, like a stock split. </p><p>Brandon also worked at Google Search and so we jumped into his experiences there and how the company is leading the way in Total Information Awareness. </p><p><strong>Brandon's Links</strong></p><p><a href="https://www.linkedin.com/in/brandoniles" rel="nofollow" target="_blank">Linkedin</a></p><p><a href="https://www.crunchbase.com/person/brandon-iles" rel="nofollow" target="_blank">Crunchbase</a></p><p><a href="https://angel.co/brandon-iles" rel="nofollow" target="_blank">Angelist</a></p><p><a href="https://github.com/brandoniles" rel="nofollow" target="_blank">Github</a></p><p>Show Transcription Notes</p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>What the economic structure of Ampleforth is and how it differs from Bitcoin.</li><li>Why Ampleforth is the smallest change to Bitcoin that is economically interesting.</li><li>Why the Ample has a price target and how that affects supply. </li><li>Why Amples will be volatile for a long time until mass usage comes about. </li><li>Why Ampleforth has volatility of both price and supply</li><li>How Ampleforth changes the game slightly of asset accumulation. </li><li>Why Bitcoin has no value and cannot be captured by any existing financial models. </li><li>Why Ampleforth had to adjust the smoothing parameter to increase the speed price returns to the target price band. </li><li>Why the creation of new Amples is akin to a stock split. </li><li>How Ampleforth can adjust the global supply of Amples without heavy gas costs. </li><li>Why Ampleforth is not in the business of creating Layer 1 blockchains and are chain agnostic. </li><li>How Uniswap interacts with Ampleforth and why it's different than any other smart contract interaction. </li><li>How Brandon and Evan met in 2014 and started Ampleforth. </li></ul><h2>Reference Material</h2><ul><li><a href="https://www.wired.com/story/darpa-total-informatio-awareness/" rel="nofollow" target="_blank">Total Information Awareness</a></li></ul><p></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Make a Tip - Send me an email after so I can mention you on the show.</p><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></p><p>Share an episode with family and friends</p><p>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></p><p>If you are interested in sponsoring the show please <a href="mailto:samuel@smarterledgers.com">send me an email</a>.</p>

Elastic Supply Money - Brandon Iles, Co-Founder of Ampleforth

Simon Greenman

About this episodeSimon Greenman is the founder of Best Practice AI, an enterprise consulting firm that helps executives and boards integrate the technology into their existing business structures. Simon is also the Chair of the Harvard Business School Angels London chapter and has made over 100 investments into startup companies. Simon's LinksLinkedinWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhat the hype cycle around AI is, it's Utopian/Dystopian narrative, what is real and what is not.How AI has exploded because deep neural networks (large pattern recognition statistics) enable machine learning through data ‘by itself’.Why autonomous vehicles are the mother of AI problems; you need to solve so many problems at once for them to work and something not far off human ‘common sense’ to make them work safely.Why AI in healthcare has the potential to transform disease diagnostics and early detection.What gaps or metrics to use for AI companies when angel investing.How the life cycle of an AI startup is different than other startups.How do we think about privacy in the age of AI?Who is going to be dominant in AI, and will we see techno-nationalism – a Chinese versus US versus European platforms.Why it is always the case of the unknown unknowns - the unintended consequences that will happen with AI that we cannot predict.Why we need to manage and regulate the adoption of AI and fourth revolution technologies to help us improve human life for the good of society.How projects need to focus on data wrangling and data access not just use cases.Why the constancy of change and being adaptable is the most important skill, we all need to have in the future world of work.Reference MaterialApple Card Gender ProblemUber NTSB ReportTesla Summon Self-Driving incidentSUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Simon Greenman is the founder of Best Practice AI, an enterprise consulting firm that helps executives and boards integrate the technology into their existing business structures. Simon is also the Chair of the Harvard Business School Angels London chapter and has made over 100 investments into startup companies. </p><p><strong>Simon's Links</strong></p><p><a href="https://www.linkedin.com/in/brandonileshttps://www.linkedin.com/in/petrovics/?originalSubdomain=uk" rel="nofollow" target="_blank">Linkedin</a></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>What the hype cycle around AI is, it's Utopian/Dystopian narrative, what is real and what is not.</li><li>How AI has exploded because deep neural networks (large pattern recognition statistics) enable machine learning through data ‘by itself’.</li><li>Why autonomous vehicles are the mother of AI problems; you need to solve so many problems at once for them to work and something not far off human ‘common sense’ to make them work safely.</li><li>Why AI in healthcare has the potential to transform disease diagnostics and early detection.</li><li>What gaps or metrics to use for AI companies when angel investing.</li><li>How the life cycle of an AI startup is different than other startups.</li><li>How do we think about privacy in the age of AI?</li><li>Who is going to be dominant in AI, and will we see techno-nationalism – a Chinese versus US versus European platforms.</li><li>Why it is always the case of the unknown unknowns - the unintended consequences that will happen with AI that we cannot predict.</li><li>Why we need to manage and regulate the adoption of AI and fourth revolution technologies to help us improve human life for the good of society.</li><li>How projects need to focus on data wrangling and data access not just use cases.</li><li>Why the constancy of change and being adaptable is the most important skill, we all need to have in the future world of work.</li></ul><h2>Reference Material</h2><p><a href="https://www.wired.com/story/the-apple-card-didnt-see-genderand-thats-the-problem/" rel="nofollow" target="_blank">Apple Card Gender Problem</a></p><p><a href="https://www.wired.com/story/uber-self-driving-crash-arizona-ntsb-report/" rel="nofollow" target="_blank">Uber NTSB Report</a></p><p><a href="https://observer.com/2019/10/tesla-smart-summon-self-driving-v10-incident-experience/" rel="nofollow" target="_blank">Tesla Summon Self-Driving incident</a></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Make a Tip - Send me an email after so I can mention you on the show.</p><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></p><p>Share an episode with family and friends</p><p>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></p><p>If you are interested in sponsoring the show please <a href="mailto:samuel@smarterledgers.com">send me an email</a>.</p>

Imagination is the Limit of AI - Simon Greenman

Caleb Sheridan Blocklytics

About this episodeCaleb is the founder of Blocklytics, an on-chain data analytics firm. In this episode we dive into the his history at Poker Stars, why working with onchain data is so difficult and how privacy will strengthen Ethereum. Caleb's LinksWebsite | Twitter | Linkedin | MediumSHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forHow his experiences at PokerStars made him passionate about data as a way to optimize user experience.His Ah-Ha moment in Crypto and how this led to the creation of Blocklytics.org.Why he believes Poker is a solid starting point for solving the scaling problem on the Ethereum network.Why extracting blockchain data is so difficult and how their APIs help simplify this process.How they work with web 3.0 application clients to help them with their projects and data visualization.How we can use data to help participants do their job in networks through incentivization based on data.Why privacy needs to be addressed on the network to avoid a dystopian future.Why on-chain historical transaction data should be separate from future transactions to ensure user-specific information remains private.Why UniSwap is his favorite DeFi project after Blocklytics.org because it takes a very complex problem and simplifies it. Why holding tokens is basically a price game for both Ethereum and Bitcoin, and how the rules of the price game changes when you have DeFi products.Reference MaterialSUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Caleb is the founder of Blocklytics, an on-chain data analytics firm. In this episode we dive into the his history at Poker Stars, why working with onchain data is so difficult and how privacy will strengthen Ethereum. </p><h3>Caleb's Links</h3><p><a href="https://blocklytics.org/" rel="nofollow" target="_blank">Website</a> | <a href="https://twitter.com/hentekle" rel="nofollow" target="_blank">Twitter</a> | <a href="https://uk.linkedin.com/in/caleb-sheridan" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://medium.com/@calebsheridan" rel="nofollow" target="_blank">Medium</a></p><p><a href="https://endofthechain.com/caleb-sheridan-show-notes/" rel="nofollow" target="_blank">SHOW NOTES</a></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>How his experiences at PokerStars made him passionate about data as a way to optimize user experience.</li><li>His Ah-Ha moment in Crypto and how this led to the creation of <a href="http://Blocklytics.org" rel="nofollow" target="_blank">Blocklytics.org</a>.</li><li>Why he believes Poker is a solid starting point for solving the scaling problem on the Ethereum network.</li><li>Why extracting blockchain data is so difficult and how their APIs help simplify this process.</li><li>How they work with web 3.0 application clients to help them with their projects and data visualization.</li><li>How we can use data to help participants do their job in networks through incentivization based on data.</li><li>Why privacy needs to be addressed on the network to avoid a dystopian future.</li><li>Why on-chain historical transaction data should be separate from future transactions to ensure user-specific information remains private.</li><li>Why UniSwap is his favorite DeFi project after <a href="http://Blocklytics.org" rel="nofollow" target="_blank">Blocklytics.org</a> because it takes a very complex problem and simplifies it. </li><li>Why holding tokens is basically a price game for both Ethereum and Bitcoin, and how the rules of the price game changes when you have DeFi products.</li></ul><h2>Reference Material</h2><p></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><p>Make a Tip - Send me an email after so I can mention you on the show.</p><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></p><p>Share an episode with family and friends</p><p>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></p><p>If you are interested in sponsoring the show please <a href="mailto:samuel@smarterledgers.com">send me an email</a>.</p>

Making Blockchain Data Simple - Caleb Sheridan Blocklytics

Hugh Karp

On-chain Insurance - Hugh Karp - Nexus Mutual

Alexander Zaidelson

About this episodeA deep dive into privacy with Alexander Zaidelson, founder of Beam with host Samuel McCulloch in this episode of End of the Chain. Alexander's LinksLinkedin | Crunchbase | TwitterBeam WebsiteWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy Bitcoin and the overall privacy structure of any open ledger platform is a treasure trove for analysts.Why we still haven’t figured out what the most acceptable level of privacy is in terms of cryptocurrencies.Why we need to make transactions private by default, but there needs to a compromise to enable reporting.How the state of privacy, in general, is not good, and it is getting worse all the time in the world, especially given COVID-19.How privacy coins are addressing different shades of encryption methods and cryptography, but everyone has the same goal to fight the same war together, to achieve true privacy.Why encryption is an extension of people’s free speech, and this right needs to be fought for.What BEAM’s plans are for the rest of 2020 and why their goal is to create a DEFI ecosystem built on top of BEAM with bridges to other blockchains.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.Show NotesSam is a big privacy advocate because he used to work as a signals analyst for the NSA.  When I came across Bitcoin and its permissionless nature of transfers, having looked at metadata and how you can link this back to people involved, everything comes back to privacy. Anyone smart enough can put together an identity map of the bitcoin network. I think that is almost a loss since real privacy does not exist in the network.How do you see the overall privacy structure in Crypto?  It is really interesting that you worked for the NSA and you understand that Bitcoin that any other open ledger platform is a treasure trove for analysts. And a lot of people are building nice businesses around this. For me that Bitcoin is not private is a fundamental bug in the design. This bug hinders the realisation of this dream of using Bitcoin has money, the original goal of Satoshi, to create digital cash that businesses could use online blah blah. Without privacy, it is blatantly NOT possible.  No private person wants to share their financials with anyone, not how much they are making, what they are spending, where and when. Especially not businesses – as this is a huge disadvantage as your competitors can see everything you are buying, employee payroll etc. etc. This absence of privacy is a huge obstacle to Cryptocurrency becoming a replacement for money.There are different levels of privacy. There is general transaction privacy; wanting to shield transactions, for example, at a company you want to use Cryptocurrency to do your payroll, if you are paying them out from one wallet, everyone can see the salaries of everyone else.  This is a very basic transaction. Of course, businesses want to shield these transactions from others.  With Bitcoin, everything is completely open.  There is the tracking of individual accounts and businesses on centralised exchanges. It absolutely does open up companies to audibility and to tracking by surveillance companies.Is only transaction privacy needed?  Third-party companies use this data to enhance the idea of who their customer is to sell ads/services or change opinions.  This is very scary. My big question is, how does this circle get broken? Bitcoin doesn’t do that.How do we get to this level of user privacy? Technology-wise there are several answers: Monero, ZCash, Mimblewimble – this is probably the best and most recent development. The only thing that is important in the cryptocurrency network is that you don’t change the supply function.  Everything is fully opaque, which is what you want for a financial system. I don’t want you to know how much money I have, I don’t need to know what you have, and no one should be able to know how much we have transacted between us.  Beam offers all three: transactional, amount and system level.I can choose what to share and what not to share.  This is what happens today with the banking system; governments can seize my bank account and see all my transactions.  The emergence of cryptocurrencies was not just a response to a global crisis, but it was also a response to people outside of the USA wanting dollars.  They want to get around the USA’s obtuse regulatory system.  I think it is more about freedom and sovereignty over your own money. Ricard puts it very well in his book.  Once the government freezes your assets, those are gone. It could happen right now, and it has happened during the world wars.  Cryptocurrencies make this taking of assets much more difficult.A cryptocurrency like BEAM means that no one can take assets easily from people.  Once you have full confidentiality and privacy, you lose full legal recourse by governments to try and track assets or transactions.  Bitcoin’s success is not because it is transparent; it is because governments did not want to forbid it.  Cash is not traceable, so governments want to forbid this or reduce it. I think transparency is more of a bug with Bitcoin – it is a reason for less government pushback.Has there been any pushback against BEAM by countries?  Only in Japan – and this was because of an exchange hack using Monero. We don’t want exchanges to keep confidential currencies because we won’t be able to help people get their money back. It can be dangerous if someone steals those funds.  I would think there are ways to track Monero. There are some attempts. These are not as good as Bitcoin. BEAM is in a better position in that regard.There are atomic swaps where you don’t need a third party or an exchange to having these transactions. You cannot forbid BEAM realistically.  I think we still haven’t figured out what the most acceptable level of privacy is in terms of cryptocurrencies. Monero is coming up to 10 years soon. No one has really settled on where the happy medium is.You need acceptance from governmental structures to grow. There needs to be a compromise.  ZCash is a compromise – 95% of transactions are not shielded in ZCash. They have those two modes: that is why they present to the governments, and there is a way to be not shielded.  Their approach was to create two separate kinds of transactions. We make transactions private by default, and they can choose to make their transactions visible to the government. It is their choice to reveal this or not.  There is a lot of technology around this. You then report this to the government.  Governments are trying to make cash obsolete.  The biggest success they have had is in Sweden.  I don’t think Germans are going to keep their cash and Americans will not give up the Greenbacks.  People at the bottom are most affected by a cashless society. It is about them and people who are distrustful of their system and who value privacy. They don’t want to pay any fees to banks or credit card companies. It makes sense, but I would like to see a mixture. Transactional privacy is for me the most important thing.  This information is dangerous.  They can ask very embarrassing questions.If all these third party companies are taking your data to put into algorithms, they can track your behaviour online.  Snowden’s book addresses how you can rank them and where they go etc.  The Chinese use the data collection in a more public way; the USA cannot use them in a negative way against a person because the law prohibits it unless they are involved in illicit activities.  I am sure governments have all this data they are collecting about their citizens, but they are bound by law to not use this data from their citizens.  Having this capability it very scary; I left ten years ago, and there were no iPhones then. With the amount of machine learning, companies and government have huge amounts of data collection now. The state of privacy, in general, in the world, is not good, and it is getting worse all the time.Crypto, when it emerged, seemed to counter this movement; but Bitcoin it turns out does not solve the problem but makes it worse. Here at BEAM, we are here to solve the privacy question for Crypto while keeping all the best things. Our vision is not to do something subversive, or for anarchy, it is more like saying you cannot stop it, so privacy coins are here to stay. We give people a way to report to governments.  We are trying to find a compromise for everyone.With the ability of BEAM, with these auditable accounts, that is something that is not out there at the minute. You can nominate an auditor and this way you can be transparent to who you want to be.  Maybe that is the best way forward, and a way for regulators to catch up and see the possibilities. We will see how long it takes.  It is about doing the groundwork and building a solid user base for your product.  You have been launched for a year.What have you learned in that year? Most of all, being open and hardworking pays off.  It is about 50k to 60k people, our community.  This way, we gathered a community that really cares about what we are doing.  The Crypto world is not like things are getting better all the time; we are ready for the bad times.  We learned so much about technology and working with other projects (like GRIN) pays off.  We are talking to Lightcoin. My learning is that it is important to be open to other projects.  I think privacy coins are addressing different shades of grey – these different shade of encryption methods and the complexity of the underlying cryptography means that it takes a certain type of person to work in this area – everyone has the same goal to fight the same war together, to achieve true privacy for everyone.Are you worried about the general dissatisfaction of governments with encryption, especially in the USA?  Overall it is a movement against businesses and individuals who want to use encryption.  There are several attempts by the US government, but this was deemed to be illegal.  This will not happen in the States; where people do not want to live in a police state.  There are always parts of the government who want to limit privacy and encryption, but it is our job as citizens to monitor that and not to let it happen.  More and more people understand the importance of privacy, and I hope they will vote and fight accordingly.  Things are being taken away, but people are fighting against that. I don’t want to see any erosion of encryption/free speech. Encryption is an extension of people’s free speech, and this right needs to be fought more.What is BEAM working on for the next few quarters? We are building BEAM as a privacy coin and first-layer protocol. Back in November, we released our atomic swap ability (being able to exchange BEAM for Bitcoin) in a totally decentralised step and our first step toward DeFi. This year our roadmap is to build a fully confidential DeFi ecosystem built on BEAM, and that includes bridges to other blockchains to be able to trade ERC 20 tokens on top of BEAM, eventually, with the ability to build lending and credit applications on BEAM and take privacy to the next level to the transactional privacy we have delivered to distributed privacy features. This is opening up the BEAM ecosystem to more kinds of value, interfaces to other blockchains and eventually DeFi applications on top of BEAM. This is responding to what people want; Ethereum has very interesting applications, but the state of Privacy in Ethereum is even worse than Bitcoin.  You can see everything on Ethereum. It is kind of crazy. How long will it take to roll out? We hope we will have some things out this year according to our roadmap and it is hard to put shipping dates on software development.

<h2><strong>About this episode</strong></h2><p>A deep dive into privacy with Alexander Zaidelson, founder of Beam with host Samuel McCulloch in this episode of End of the Chain. </p><h3>Alexander's Links</h3><p><a href="https://www.linkedin.com/in/zaidelson/" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://www.crunchbase.com/person/alexander-zaidelson" rel="nofollow" target="_blank">Crunchbase</a> | <a href="https://twitter.com/azaidelson?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" rel="nofollow" target="_blank">Twitter</a></p><p><a href="https://beam.mw/" rel="nofollow" target="_blank">Beam Website</a></p><h2><strong>Where to find the show</strong></h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> |<a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank"> Spotify</a> |<a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank"> Stitcher</a> |<a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"> Youtube</a> |<a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank"> RSS Feed</a></p><h2><strong>What to listen for</strong></h2><ul><li>Why Bitcoin and the overall privacy structure of any open ledger platform is a treasure trove for analysts.</li><li>Why we still haven’t figured out what the most acceptable level of privacy is in terms of cryptocurrencies.</li><li>Why we need to make transactions private by default, but there needs to a compromise to enable reporting.</li><li>How the state of privacy, in general, is not good, and it is getting worse all the time in the world, especially given COVID-19.</li><li>How privacy coins are addressing different shades of encryption methods and cryptography, but everyone has the same goal to fight the same war together, to achieve true privacy.</li><li>Why encryption is an extension of people’s free speech, and this right needs to be fought for.</li><li>What BEAM’s plans are for the rest of 2020 and why their goal is to create a DEFI ecosystem built on top of BEAM with bridges to other blockchains.<br/></li></ul><h2><strong>SUPPORT THE SHOW</strong></h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank"><strong>Help keep this show going by sending us $5</strong></a></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin:<a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank"> USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank"><strong>Leave a Review on iTunes</strong></a></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on</strong><a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank"><strong> Twitter</strong></a><strong> |</strong><a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"><strong> Youtube</strong></a>If you are interested in sponsoring the show please <strong>send me an email.</strong></li></ul><h2>Show Notes</h2><p>Sam is a big privacy advocate because he used to work as a signals analyst for the NSA.  When I came across Bitcoin and its permissionless nature of transfers, having looked at metadata and how you can link this back to people involved, everything comes back to privacy. Anyone smart enough can put together an identity map of the bitcoin network. I think that is almost a loss since real privacy does not exist in the network.</p><p><strong>How do you see the overall privacy structure in Crypto?</strong>  It is really interesting that you worked for the NSA and you understand that Bitcoin that any other open ledger platform is a treasure trove for analysts. And a lot of people are building nice businesses around this. For me that Bitcoin is not private is a fundamental bug in the design. This bug hinders the realisation of this dream of using Bitcoin has money, the original goal of Satoshi, to create digital cash that businesses could use online blah blah. Without privacy, it is blatantly NOT possible.  No private person wants to share their financials with anyone, not how much they are making, what they are spending, where and when. Especially not businesses – as this is a huge disadvantage as your competitors can see everything you are buying, employee payroll etc. etc. This absence of privacy is a huge obstacle to Cryptocurrency becoming a replacement for money.</p><p>There are different levels of privacy. There is general transaction privacy; wanting to shield transactions, for example, at a company you want to use Cryptocurrency to do your payroll, if you are paying them out from one wallet, everyone can see the salaries of everyone else.  This is a very basic transaction. Of course, businesses want to shield these transactions from others.  With Bitcoin, everything is completely open.  There is the tracking of individual accounts and businesses on centralised exchanges. It absolutely does open up companies to audibility and to tracking by surveillance companies.</p><p><strong>Is only transaction privacy needed?</strong>  Third-party companies use this data to enhance the idea of who their customer is to sell ads/services or change opinions.  This is very scary. My big question is, how does this circle get broken? Bitcoin doesn’t do that.</p><p><strong>How do we get to this level of user privacy?</strong> Technology-wise there are several answers: Monero, ZCash, Mimblewimble – this is probably the best and most recent development. The only thing that is important in the cryptocurrency network is that you don’t change the supply function.  Everything is fully opaque, which is what you want for a financial system. I don’t want you to know how much money I have, I don’t need to know what you have, and no one should be able to know how much we have transacted between us.  Beam offers all three: transactional, amount and system level.</p><p>I can choose what to share and what not to share.  This is what happens today with the banking system; governments can seize my bank account and see all my transactions.  The emergence of cryptocurrencies was not just a response to a global crisis, but it was also a response to people outside of the USA wanting dollars.  They want to get around the USA’s obtuse regulatory system.  I think it is more about freedom and sovereignty over your own money. Ricard puts it very well in his book.  Once the government freezes your assets, those are gone. It could happen right now, and it has happened during the world wars.  Cryptocurrencies make this taking of assets much more difficult.</p><p>A cryptocurrency like BEAM means that no one can take assets easily from people.  Once you have full confidentiality and privacy, you lose full legal recourse by governments to try and track assets or transactions.  Bitcoin’s success is not because it is transparent; it is because governments did not want to forbid it.  Cash is not traceable, so governments want to forbid this or reduce it. I think transparency is more of a bug with Bitcoin – it is a reason for less government pushback.</p><p><strong>Has there been any pushback against BEAM by countries?</strong>  Only in Japan – and this was because of an exchange hack using Monero. We don’t want exchanges to keep confidential currencies because we won’t be able to help people get their money back. It can be dangerous if someone steals those funds.  I would think there are ways to track Monero. There are some attempts. These are not as good as Bitcoin. BEAM is in a better position in that regard.</p><p>There are atomic swaps where you don’t need a third party or an exchange to having these transactions. You cannot forbid BEAM realistically.  I think we still haven’t figured out what the most acceptable level of privacy is in terms of cryptocurrencies. Monero is coming up to 10 years soon. No one has really settled on where the happy medium is.</p><p>You need acceptance from governmental structures to grow. There needs to be a compromise.  ZCash is a compromise – 95% of transactions are not shielded in ZCash. They have those two modes: that is why they present to the governments, and there is a way to be not shielded.  Their approach was to create two separate kinds of transactions. We make transactions private by default, and they can choose to make their transactions visible to the government. It is their choice to reveal this or not.  There is a lot of technology around this. You then report this to the government.  Governments are trying to make cash obsolete.  The biggest success they have had is in Sweden.  I don’t think Germans are going to keep their cash and Americans will not give up the Greenbacks.  People at the bottom are most affected by a cashless society. It is about them and people who are distrustful of their system and who value privacy. They don’t want to pay any fees to banks or credit card companies. It makes sense, but I would like to see a mixture. Transactional privacy is for me the most important thing.  This information is dangerous.  They can ask very embarrassing questions.</p><p>If all these third party companies are taking your data to put into algorithms, they can track your behaviour online.  Snowden’s book addresses how you can rank them and where they go etc.  The Chinese use the data collection in a more public way; the USA cannot use them in a negative way against a person because the law prohibits it unless they are involved in illicit activities.  I am sure governments have all this data they are collecting about their citizens, but they are bound by law to not use this data from their citizens.  Having this capability it very scary; I left ten years ago, and there were no iPhones then. With the amount of machine learning, companies and government have huge amounts of data collection now. <strong>The state of privacy, in general, in the world, is not good, and it is getting worse all the time.</strong></p><p>Crypto, when it emerged, seemed to counter this movement; but Bitcoin it turns out does not solve the problem but makes it worse. Here at BEAM, we are here to solve the privacy question for Crypto while keeping all the best things. Our vision is not to do something subversive, or for anarchy, it is more like saying you cannot stop it, so privacy coins are here to stay. We give people a way to report to governments.  We are trying to find a compromise for everyone.</p><p>With the ability of BEAM, with these auditable accounts, that is something that is not out there at the minute. You can nominate an auditor and this way you can be transparent to who you want to be.  Maybe that is the best way forward, and a way for regulators to catch up and see the possibilities. We will see how long it takes.  It is about doing the groundwork and building a solid user base for your product.  You have been launched for a year.</p><p><strong>What have you learned in that year?</strong> Most of all, being open and hardworking pays off.  It is about 50k to 60k people, our community.  This way, we gathered a community that really cares about what we are doing.  The Crypto world is not like things are getting better all the time; we are ready for the bad times.  We learned so much about technology and working with other projects (like GRIN) pays off.  We are talking to Lightcoin. My learning is that it is important to be open to other projects.  I think privacy coins are addressing different shades of grey – these different shade of encryption methods and the complexity of the underlying cryptography means that it takes a certain type of person to work in this area – everyone has the same goal to fight the same war together, to achieve true privacy for everyone.</p><p><strong>Are you worried about the general dissatisfaction of governments with encryption, especially in the USA?</strong>  Overall it is a movement against businesses and individuals who want to use encryption.  There are several attempts by the US government, but this was deemed to be illegal.  This will not happen in the States; where people do not want to live in a police state.  There are always parts of the government who want to limit privacy and encryption, but it is our job as citizens to monitor that and not to let it happen.  More and more people understand the importance of privacy, and I hope they will vote and fight accordingly.  Things are being taken away, but people are fighting against that. I don’t want to see any erosion of encryption/free speech. Encryption is an extension of people’s free speech, and this right needs to be fought more.</p><p><strong>What is BEAM working on for the next few quarters?</strong> We are building BEAM as a privacy coin and first-layer protocol. Back in November, we released our atomic swap ability (being able to exchange BEAM for Bitcoin) in a totally decentralised step and our first step toward DeFi. This year our roadmap is to build a fully confidential DeFi ecosystem built on BEAM, and that includes bridges to other blockchains to be able to trade ERC 20 tokens on top of BEAM, eventually, with the ability to build lending and credit applications on BEAM and take privacy to the next level to the transactional privacy we have delivered to distributed privacy features. This is opening up the BEAM ecosystem to more kinds of value, interfaces to other blockchains and eventually DeFi applications on top of BEAM. This is responding to what people want; Ethereum has very interesting applications, but the state of Privacy in Ethereum is even worse than Bitcoin.  You can see everything on Ethereum. It is kind of crazy. How long will it take to roll out? We hope we will have some things out this year according to our roadmap and it is hard to put shipping dates on software development.<br/></p>

Transactional Privacy for All - Alexander Zaidelson - Beam

Chuck Pettid

About this episodeLearn everything you need to know about crowdfunding with Chuck Pettid, Principal at Republic.co. We dive into the potential effects of Covid-19 on retail crowdfunding, the coming changes to Reg CF and A+ that will affect non-accredited investors and the benefits Republic provides to its investors and portfolio companies. Chuck is Senior Partner | CEO, Republic Crowdfunding Portal, a leading equity crowdfunding site, and co-producer of the international television show Meet the Drapers. He is also GP of micro VC fund RainmakeMe and sits on the board of Ruby Love (aka PantyProp), RidersShare and CrowdSmart. Chuck has an MBA from Fordham Gabelli School of Business and a BS from the University of Nebraska-Lincoln.Chuck's LinksTwitter | Crunchbase | Linkedin | RepublicRepublic's HomepageWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy the fire in the forest clears the undergrowth for new plants to grow afterwards, and this is what is happening now in the current crisis.How Republic creates a network effect for founders which propels their business forward.How this 'word of mouth' network support is hard to measure effectively through Republic.Why most portfolio investors in Republic are looking for returns on their investment, usually through equity but also because they believe in the product or the founder's vision.How Republic has lobbied the SEC for Reg CF and Series A harmonisation which will come into effect in September 2020 which will benefit start-ups by raising the limit to $5 million and investors through removing the $107,000 annual investment limit in crowdfunding.Why this is great for investor protection in crowdfunding going forward.Why Republic Crypto brings in deal flow to the business and how they came into this space through consulting in 2018.How Republic's regulatory work has brought companies and businesses to their door because of their history and work in this area with the SEC.How Republic educates companies on crowdfunding campaigns and on-boards them through systems they have built.Why due diligence and partnership matter most to Republic in their choice of companies.How Republic does not geographically concentrated in Silicon Valley or New York, but looks at start-ups from across America and why this benefits everyone.How this current crisis will make people more focused and professional in their dealings, and this will create better companies in the long run.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2><strong>About this episode</strong></h2><p>Learn everything you need to know about crowdfunding with Chuck Pettid, Principal at <a href="http://Republic.co" rel="nofollow" target="_blank">Republic.co</a>. We dive into the potential effects of Covid-19 on retail crowdfunding, the coming changes to Reg CF and A+ that will affect non-accredited investors and the benefits Republic provides to its investors and portfolio companies. </p><p>Chuck is Senior Partner | CEO, Republic Crowdfunding Portal, a leading equity crowdfunding site, and co-producer of the international television show Meet the Drapers. He is also GP of micro VC fund RainmakeMe and sits on the board of Ruby Love (aka PantyProp), RidersShare and CrowdSmart. Chuck has an MBA from Fordham Gabelli School of Business and a BS from the University of Nebraska-Lincoln.</p><h3>Chuck's Links</h3><p><a href="https://twitter.com/chucksterolove?lang=en" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.crunchbase.com/person/chuck-pettid" rel="nofollow" target="_blank">Crunchbase</a> | <a href="https://www.linkedin.com/in/chuckpettid/" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://republic.co/chuck-pettid" rel="nofollow" target="_blank">Republic</a></p><p><a href="https://endofthechain.com/opening-founders-doors-chuck-pettid-republic/republic.co/i/ndo0sm" rel="nofollow" target="_blank">Republic's Homepage</a></p><h2><strong>Where to find the show</strong></h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> |<a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank"> Spotify</a> |<a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank"> Stitcher</a> |<a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"> Youtube</a> |<a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank"> RSS Feed</a></p><h2><strong>What to listen for</strong></h2><ul><li>Why the fire in the forest clears the undergrowth for new plants to grow afterwards, and this is what is happening now in the current crisis.</li><li>How Republic creates a network effect for founders which propels their business forward.</li><li>How this 'word of mouth' network support is hard to measure effectively through Republic.</li><li>Why most portfolio investors in Republic are looking for returns on their investment, usually through equity but also because they believe in the product or the founder's vision.</li><li>How Republic has lobbied the SEC for Reg CF and Series A harmonisation which will come into effect in September 2020 which will benefit start-ups by raising the limit to $5 million and investors through removing the $107,000 annual investment limit in crowdfunding.</li><li>Why this is great for investor protection in crowdfunding going forward.</li><li>Why Republic Crypto brings in deal flow to the business and how they came into this space through consulting in 2018.</li><li>How Republic's regulatory work has brought companies and businesses to their door because of their history and work in this area with the SEC.</li><li>How Republic educates companies on crowdfunding campaigns and on-boards them through systems they have built.</li><li>Why due diligence and partnership matter most to Republic in their choice of companies.</li><li>How Republic does not geographically concentrated in Silicon Valley or New York, but looks at start-ups from across America and why this benefits everyone.</li><li>How this current crisis will make people more focused and professional in their dealings, and this will create better companies in the long run.</li></ul><p></p><h2><strong>SUPPORT THE SHOW</strong></h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank"><strong>Help keep this show going by sending us $5</strong></a></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin:<a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank"> USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank"><strong>Leave a Review on iTunes</strong></a></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on</strong><a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank"><strong> Twitter</strong></a><strong> |</strong><a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"><strong> Youtube</strong></a>If you are interested in sponsoring the show please <strong>send me an email.</strong></li></ul>

Opening Founders' Doors - Chuck Pettid - Republic

Patrick Dugan

About this episodePatrick comes back for another great episode with host Samuel McCulloch and discusses the recent price collapse, Bitmex conspiracies and the soon-to-be-launched Tradelayer. Patrick's LinksTradeLayer: tradelayer.orgTwitter: https://twitter.com/duganistWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy interest rate arbitrage is all about the basis point, and this is its day to day liquidity mechanism.How Bitmex is the solar system of these trades and flipped the switch when the market seized up completely.Why when Bitcoin is not correlated to the stock market and is left to its own devices, God help us all.Why the Asian open hour is always a good indicator of flows and market structure.Why the conventional markets are correlated to bitcoin when there are liquidity demand spikes.Why when they flash crash Bitcoin, the loss is so great systemically that it crashes the market and this is what happened with Bitmex.How Tradelayer would create trade channels to execute trades and create liquidity with oracles and without an order book dependent on co-located market makers.Why the dollar will be the trade of this decade and how its strength will cause problems across the world.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.SHOW NOTESPatrick was one of the first guests I had on the show that talked about interest rates, and this was almost a premonition of what was to come in DeFi and the year that came after.  I want your thoughts on what happened in the markets over the last few weeks and today is 20th March. Bitcoin has ripped back up to 6600. I guess there is a conspiracy put forward by Sam at FTX (bank man), it seems that the overarching theory is: On 11th March there was a catastrophic market push of 287,000 Bitcoin that was sold off by professional traders where the price as 9000 and after this, it took the price on 13th March to 3500.  If you can move the market with 1/3 even of spot quantities, then you are actually a derivatives position.  The pricing on Bitmex has no correlation to the spot market.  If the spread is blown out, then you have to pay the rate (pushing the rate negative).  This incentivised short spots on the market, and this got so dislocated from the rest of the futures market it was ridiculous. Around sub 6000 things started really dislocating.  The spreads started getting wider and wider; it started getting destroyed and a rolling margin call. There was no liquidity; nobody was bidding.  The total combined interest in Bitmex in total are many be 3-5 million.  A lot of those future positions are people who are shorting it and then buying the swap.  Those guys are working a few percentage points on their accounts.  Therefore, it is not supposed to go negative 6.  Interest rate arbitrage is all about basis point.  That is the day to day liquidity.  People are taking advantage of these movements. Bitmex is still the solar system of these trades.On 12th March, as soon as we passed under the 5000, we had the first dump in the morning.  This can be a full episode for the twilight zone.I was fully hedged and short perps.  It is the most popular world religion.  As we had a clean break under 9000, Deribits tend to stay at zero.  This was a normal break.  There was a 1.2 million volume. That is a lot of money. The other thing we have to factor in here is that a black swan event, Tether is a swap market also it just doesn’t have an interest rate, so it is a perpetual future they have written themselves. There are some fractional reserves in it, but it is not fully collateralised.Re: the Bitmex scandal. I got liquidated both sides, and the slippage was worse than the liquidation fees.  It was a curved position which was working for me. There was a little delta slippage.  The climax of this story is that I took advantage of the Apex of this story, and we had a strong reversal, 3.6 sigma rally. Do you think these people could have pushed Bitmex to $1?  Phase 1 happened when it broke 9000, 7th March.  It was pretty clean from there.  If we had a better market structure, that might have been, it has more to say about when Bitcoin is not correlated to the stock market and is left to its own devices. God help us all.The Asian open hour as I like to call it is often good for short term positions and trades as you will see one or two hours where there is a move up or down and flows in futures, Tether, derivatives etc.  My time it would have been 4 am-5 am in the morning, that is when we had the big dip down.  Do you have a chart of S&amp;P/Bitcoin price comparison?Now we are at 2740, and we are on the low end of the range where we have been early February. It is what it is. This is a decent range until we get to a net inflow.  Do not lose your coin trying to leverage it.  This is the ratio between Bitcoin/SPY.The real fun started with Bitcoin when it broke down past 4000.  We have a one-hour candle.  Some of this stuff happens in one minute. The relocations started to happen at 6 pm New York time, and there were these giant margin calls.  It was a little bit more orderly than it could have been.  It really started to get disconnected at this point – from the micro-structural viewpoint.  We completely exhausted all the bids.  What we had in the evening is a lot of spot buying and retracing. In a sense there was a functioning market, I was buying/selling and quoting in September.  There were $200 spreads in the order book.  Bitmex is still fine at this point in the story.  The evening session it just got destroyed in a 5-minute candle. The conventional markets are correlated to bitcoin when there is liquidity demand due to events. This structural volatility limit collided with the structural volatility limit; in theory, you could have a perpetual swap that goes as wide as the market takes it.  It is kind of crazy to think about it. If a guy is 100x leveraged in this, they make the max funding event so big that he will not get liquidated.  If you were thinking about this as a short, we would have spot inflows hedging it is the spots pay.  Negative rates don’t matter that much.The spreads blow out between BitMex and CoinBase and all the other exchanges. Things just go haywire for roughly about two hours. There is a massive sell-off – liquidation wall in Bitmex, and it seems unstoppable.  There was a point where it just went over the edge. That is when things got extremely dicey.  I was repositioning seeing the flow, and I was booking some bitcoin as profit.  It was a quick, quick move. When the market spreads like this, at the extremes it is, it is really shitty for market makers. They are not able to provide liquidity into the markets at these times. They are supposed to keep the spreads tight and when they get fucked like this, completely run out. Liquidity dropped to zero.  But what happens if they can drive it down and it disconnects from the spot market, and push it down for just a few seconds. That is all it takes. In that scenario, when they flash crash Bitcoin, they would be in a situation that the loss is so great systemically that it crashes the market. Only so much volume is going to execute at that level.  I did not hold the leverage; I do not have enough pirate in me to say that leveraged.  Whatever the scale is, the pattern is the same.  It is like a wave five down.  It was one of those. We got the deviations, and I saw the push above 4500.  I was saying to a friend of mine, relax this is looking like a bottoming move.  The way bottoming move get moving is that they get this pump and then it is like over the next forty minutes it moves up very quickly to another support.  Do you think Bitmex pulled the plug at 3500?  Of course, so I can’t say that, and I can’t quit.  Bitmex has a lot of responsibility for other people’s money and assets.  They are calling it a DDoS attack on Bitmex on the queue to the book. Instead of doing rollbacks later, they may have just turned off their system for a minute.  Maybe they did; maybe they didn’t. Let’s look at the counter-argument, and I will plug my thing. With Tradelayer, instead of having all the liquidity makers co-located in one hard location, the stack is processing things in packets, there is latency there. Then there is the sequence flow through.  EMX and Deribit had a freeze up in this time too.  Everybody kind of went down in this half an hour of extreme volatility and joy on my part.  My plug is let’s run our own Bitcoin derivatives on Tradelayer and build our own clients, run the transactions on the blockchain, run this on our own computers (get more RAM) and control our own assets in cold storage to process trades between each other using hotkeys. We can create bilateral liquidity channels where we are high-frequency trading with each other using the underlying signature feature of Bitcoin. I am just adding logic to things in the channel and in the trade logic layer. There is no order book.  This is ten times worse for Bitcoin.  On-chain order books are screwed for this – a trade channel would just put a higher block height expiration for its unsigned trades.  I am working on open source javascript and trade channels are very good for this.  It doesn’t propagate to Mars. Bitcoin Mars is going to be big – Elon Musk will be the CEO.  There is always going to be latency.  C++ logic will become relevant to trading algorithms.  We can play this like it is an option. You can keep trading during this time regardless of volatility.  We might be paying a big spread or a large miner fee, but this is life.  This is my humble marketing structure to Bitcoin. We will have insurance funds of USDC in TradeLayer in order to make sure that we have liquidity regardless of what happens.  Bitmex takes everything instead of Fees, allegedly. Deribit had to chip in BTC during this event.  We have black swan events across DeFi, and this won’t be the last one. DeFi has just exploded since we last talked. The ETH guys made a retail investor version of what you are talking about.  By creating a retail version, you can create something in a couple of clicks that has driven people to build in DeFi.  Yes, it is something that Bitcoin does need to catch up here. Synthetics is a Ponzi scheme.  I am Pat Dugan, and I am doing a decentralised derivatives structure without a banking system. Can you create dollars through TradeLayer? Yes, this is simple with an Oracle to create USDC.  You will create a dollars with enough Bitcoin to create meta coin, what I would call DUDs, not Dugan dollars, but Digital US Dollars. We are trying to get some dollar issuers on TradeLayer. I want to talk about a company, Valiu – in Colombia, and they are going to have a dollar savings wallet where people in Latin America/South America can use. There will be no interest rates at first. I heard of this company, but they are doing it with Bitcoin. They are dollarizing it for transfer and then selling the hedge. The customer does not know that they are using Bitcoin.  Brave New Coin has an ETP tradeable on ETH and KYC – a proper investment product. They take your money, and they buy a basket of DeFi things, they buy this coin and hedge it so they get yield there. They are dealing with operational risk through their blockchain and staking yield.  It is a different kind of collateral. There is a very liquid derivatives market while you are in this bull market.  When there is Deribit decentralised, I would like to get them on TradeLayer.  Are you going to release TradeLayer soon?  We raised some money, we got the KYC logic ready, and we have been working on this for two and half years, but we are hopeful of releasing oracles first and then a test net release to get some people trading on it.  We will be starting on LightCoin and then moving to BitCoin next.  Then we would like to do an options version too.  Everything is done in trade channels OTC.  These are going to be European style, and the ROI is a real thing in DeFi.  Cash settled European is fine.  I have made several design choices to make this as simple as possible. The ultimate exchange trading product: short negative bond rates buy an interest rate floor, and you hedged the short principal. You take the proceeds and buy bitcoin and sell that with a derivative for positive yield. You make an index between two indexes.  Aren’t you scared by what has been happening in the RePo market of late? Giving them a business model to get their yield on these bonds?What Hitler did, he went full MMT for Germany. That is why everyone loved him. What this means that they will never let the banks go bust.  I am reticent that they are going to be able to keep it under control.  I think the Fed has underwritten banks in America. The Euro-Dollar market is already getting weird.  What happens if we get a 20% increase in the dollar to the Euro?  I see that bailing out people in Europe. Now people are going to have to cover their dollar holdings with currencies that are getting killed.  You would think Gold and Silver should be going up, but they are being sold out… all commodities, platinum, gold, silver, oil, palladium, etc.  Look at some of the currencies – they have all fallen apart in relation to the dollar.  This is a global dollar increase, and this is a dollar shortage.  They are just running the same playbook again and again. If the trade of this decade is the dollar, the dollar index will top out in the near term.  And it is also the least bad place to put your money.  If we are going to see an additional 20% in the dollar over the next two to three years, there is going to be a huge movement of money into dollar-based assets.  The Fed and Trump will issue as much longer-dated debt as possible. You will see credit risk, but it will be less than it is today. Patrick is not a big fan of DAI.  I have not launched yet and failed systemically considering I have not launched TradeLayer yet, so we will see what happens. The point is that everyone needs to do their due diligence and be safe; only invest what you can afford to lose. It is possible that these stimulus checks could end up in BTC.  If 5% of Americans hold Bitcoin, they take $250 out of their $1,000 cheques which equates to $3.75 billion, and they invest this into BTC that could be more people in the market as a result.   

<h2><strong>About this episode</strong></h2><p>Patrick comes back for another great episode with host Samuel McCulloch and discusses the recent price collapse, Bitmex conspiracies and the soon-to-be-launched Tradelayer. </p><h3>Patrick's Links</h3><p>TradeLayer: <a href="https://t.co/o2VCXot7aK?amp=1" rel="noopener noreferrer nofollow" target="_blank">tradelayer.org</a></p><p>Twitter: <a href="https://twitter.com/duganist" rel="nofollow" target="_blank">https://twitter.com/duganist</a></p><h2><strong>Where to find the show</strong></h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> |<a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank"> Spotify</a> |<a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank"> Stitcher</a> |<a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"> Youtube</a> |<a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank"> RSS Feed</a></p><h2><strong>What to listen for</strong></h2><ul><li>Why interest rate arbitrage is all about the basis point, and this is its day to day liquidity mechanism.</li><li>How Bitmex is the solar system of these trades and flipped the switch when the market seized up completely.</li><li>Why when Bitcoin is not correlated to the stock market and is left to its own devices, God help us all.</li><li>Why the Asian open hour is always a good indicator of flows and market structure.</li><li>Why the conventional markets are correlated to bitcoin when there are liquidity demand spikes.</li><li>Why when they flash crash Bitcoin, the loss is so great systemically that it crashes the market and this is what happened with Bitmex.</li><li>How Tradelayer would create trade channels to execute trades and create liquidity with oracles and without an order book dependent on co-located market makers.</li><li>Why the dollar will be the trade of this decade and how its strength will cause problems across the world.</li></ul><h2><strong>SUPPORT THE SHOW</strong></h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank"><strong>Help keep this show going by sending us $5</strong></a></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin:<a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank"> USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank"><strong>Leave a Review on iTunes</strong></a></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on</strong><a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank"><strong> Twitter</strong></a><strong> |</strong><a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"><strong> Youtube</strong></a>If you are interested in sponsoring the show please <strong>send me an email.</strong></li></ul><h3>SHOW NOTES</h3><p>Patrick was one of the first guests I had on the show that talked about interest rates, and this was almost a premonition of what was to come in DeFi and the year that came after.  </p><p>I want your thoughts on what happened in the markets over the last few weeks and today is 20th March. Bitcoin has ripped back up to 6600. I guess there is a conspiracy put forward by Sam at FTX (bank man), it seems that the overarching theory is: On 11th March there was a catastrophic market push of 287,000 Bitcoin that was sold off by professional traders where the price as 9000 and after this, it took the price on 13th March to 3500.  If you can move the market with 1/3 even of spot quantities, then you are actually a derivatives position.  The pricing on Bitmex has no correlation to the spot market.  </p><p>If the spread is blown out, then you have to pay the rate (pushing the rate negative).  This incentivised short spots on the market, and this got so dislocated from the rest of the futures market it was ridiculous. Around sub 6000 things started really dislocating.  The spreads started getting wider and wider; it started getting destroyed and a rolling margin call. There was no liquidity; nobody was bidding.  The total combined interest in Bitmex in total are many be 3-5 million.  A lot of those future positions are people who are shorting it and then buying the swap.  Those guys are working a few percentage points on their accounts.  Therefore, it is not supposed to go negative 6.  </p><p>Interest rate arbitrage is all about basis point.  That is the day to day liquidity.  People are taking advantage of these movements. Bitmex is still the solar system of these trades.</p><p>On 12th March, as soon as we passed under the 5000, we had the first dump in the morning.  This can be a full episode for the twilight zone.</p><p>I was fully hedged and short perps.  It is the most popular world religion.  As we had a clean break under 9000, Deribits tend to stay at zero.  This was a normal break.  There was a 1.2 million volume. That is a lot of money. The other thing we have to factor in here is that a black swan event, Tether is a swap market also it just doesn’t have an interest rate, so it is a perpetual future they have written themselves. There are some fractional reserves in it, but it is not fully collateralised.</p><p>Re: the Bitmex scandal. I got liquidated both sides, and the slippage was worse than the liquidation fees.  It was a curved position which was working for me. There was a little delta slippage.  The climax of this story is that I took advantage of the Apex of this story, and we had a strong reversal, 3.6 sigma rally. Do you think these people could have pushed Bitmex to $1?  Phase 1 happened when it broke 9000, 7th March.  It was pretty clean from there.  </p><p>If we had a better market structure, that might have been, it has more to say about when Bitcoin is not correlated to the stock market and is left to its own devices. God help us all.</p><p>The Asian open hour as I like to call it is often good for short term positions and trades as you will see one or two hours where there is a move up or down and flows in futures, Tether, derivatives etc.  My time it would have been 4 am-5 am in the morning, that is when we had the big dip down.  Do you have a chart of S&amp;P/Bitcoin price comparison?</p><p>Now we are at 2740, and we are on the low end of the range where we have been early February. It is what it is. This is a decent range until we get to a net inflow.  Do not lose your coin trying to leverage it.  This is the ratio between Bitcoin/SPY.</p><p>The real fun started with Bitcoin when it broke down past 4000.  We have a one-hour candle.  Some of this stuff happens in one minute. The relocations started to happen at 6 pm New York time, and there were these giant margin calls.  It was a little bit more orderly than it could have been.  It really started to get disconnected at this point – from the micro-structural viewpoint.  We completely exhausted all the bids.  What we had in the evening is a lot of spot buying and retracing. In a sense there was a functioning market, I was buying/selling and quoting in September.  There were $200 spreads in the order book.  Bitmex is still fine at this point in the story.  The evening session it just got destroyed in a 5-minute candle. The conventional markets are correlated to bitcoin when there is liquidity demand due to events. This structural volatility limit collided with the structural volatility limit; in theory, you could have a perpetual swap that goes as wide as the market takes it.  It is kind of crazy to think about it. If a guy is 100x leveraged in this, they make the max funding event so big that he will not get liquidated.  If you were thinking about this as a short, we would have spot inflows hedging it is the spots pay.  Negative rates don’t matter that much.</p><p>The spreads blow out between BitMex and CoinBase and all the other exchanges. Things just go haywire for roughly about two hours. There is a massive sell-off – liquidation wall in Bitmex, and it seems unstoppable.  There was a point where it just went over the edge. That is when things got extremely dicey.  I was repositioning seeing the flow, and I was booking some bitcoin as profit.  It was a quick, quick move. </p><p>When the market spreads like this, at the extremes it is, it is really shitty for market makers. They are not able to provide liquidity into the markets at these times. They are supposed to keep the spreads tight and when they get fucked like this, completely run out. Liquidity dropped to zero.  But what happens if they can drive it down and it disconnects from the spot market, and push it down for just a few seconds. That is all it takes. In that scenario, when they flash crash Bitcoin, they would be in a situation that the loss is so great systemically that it crashes the market. Only so much volume is going to execute at that level.  I did not hold the leverage; I do not have enough pirate in me to say that leveraged.  </p><p>Whatever the scale is, the pattern is the same.  It is like a wave five down.  It was one of those. We got the deviations, and I saw the push above 4500.  I was saying to a friend of mine, relax this is looking like a bottoming move.  The way bottoming move get moving is that they get this pump and then it is like over the next forty minutes it moves up very quickly to another support.  Do you think Bitmex pulled the plug at 3500?  Of course, so I can’t say that, and I can’t quit.  Bitmex has a lot of responsibility for other people’s money and assets.  They are calling it a DDoS attack on Bitmex on the queue to the book. Instead of doing rollbacks later, they may have just turned off their system for a minute.  Maybe they did; maybe they didn’t. </p><p>Let’s look at the counter-argument, and I will plug my thing. With Tradelayer, instead of having all the liquidity makers co-located in one hard location, the stack is processing things in packets, there is latency there. Then there is the sequence flow through.  EMX and Deribit had a freeze up in this time too.  Everybody kind of went down in this half an hour of extreme volatility and joy on my part.  </p><p>My plug is let’s run our own Bitcoin derivatives on Tradelayer and build our own clients, run the transactions on the blockchain, run this on our own computers (get more RAM) and control our own assets in cold storage to process trades between each other using hotkeys. We can create bilateral liquidity channels where we are high-frequency trading with each other using the underlying signature feature of Bitcoin. I am just adding logic to things in the channel and in the trade logic layer. There is no order book.  This is ten times worse for Bitcoin.  On-chain order books are screwed for this – a trade channel would just put a higher block height expiration for its unsigned trades.  I am working on open source javascript and trade channels are very good for this.  It doesn’t propagate to Mars. Bitcoin Mars is going to be big – Elon Musk will be the CEO.  There is always going to be latency.  </p><p>C++ logic will become relevant to trading algorithms.  We can play this like it is an option. You can keep trading during this time regardless of volatility.  We might be paying a big spread or a large miner fee, but this is life.  This is my humble marketing structure to Bitcoin. We will have insurance funds of USDC in TradeLayer in order to make sure that we have liquidity regardless of what happens.  Bitmex takes everything instead of Fees, allegedly. Deribit had to chip in BTC during this event.  </p><p>We have black swan events across DeFi, and this won’t be the last one. DeFi has just exploded since we last talked. The ETH guys made a retail investor version of what you are talking about.  By creating a retail version, you can create something in a couple of clicks that has driven people to build in DeFi.  Yes, it is something that Bitcoin does need to catch up here. Synthetics is a Ponzi scheme.  I am Pat Dugan, and I am doing a decentralised derivatives structure without a banking system. </p><p>Can you create dollars through TradeLayer? Yes, this is simple with an Oracle to create USDC.  You will create a dollars with enough Bitcoin to create meta coin, what I would call DUDs, not Dugan dollars, but Digital US Dollars. We are trying to get some dollar issuers on TradeLayer. I want to talk about a company, Valiu – in Colombia, and they are going to have a dollar savings wallet where people in Latin America/South America can use. There will be no interest rates at first. I heard of this company, but they are doing it with Bitcoin. They are dollarizing it for transfer and then selling the hedge. The customer does not know that they are using Bitcoin.  Brave New Coin has an ETP tradeable on ETH and KYC – a proper investment product. They take your money, and they buy a basket of DeFi things, they buy this coin and hedge it so they get yield there. They are dealing with operational risk through their blockchain and staking yield.  It is a different kind of collateral. There is a very liquid derivatives market while you are in this bull market.  </p><p>When there is Deribit decentralised, I would like to get them on TradeLayer.  Are you going to release TradeLayer soon?  We raised some money, we got the KYC logic ready, and we have been working on this for two and half years, but we are hopeful of releasing oracles first and then a test net release to get some people trading on it.  We will be starting on LightCoin and then moving to BitCoin next.  Then we would like to do an options version too.  Everything is done in trade channels OTC.  These are going to be European style, and the ROI is a real thing in DeFi.  Cash settled European is fine.  I have made several design choices to make this as simple as possible. </p><p>The ultimate exchange trading product: short negative bond rates buy an interest rate floor, and you hedged the short principal. You take the proceeds and buy bitcoin and sell that with a derivative for positive yield. You make an index between two indexes.  Aren’t you scared by what has been happening in the RePo market of late? Giving them a business model to get their yield on these bonds?</p><p>What Hitler did, he went full MMT for Germany. That is why everyone loved him. What this means that they will never let the banks go bust.  I am reticent that they are going to be able to keep it under control.  I think the Fed has underwritten banks in America. The Euro-Dollar market is already getting weird.  What happens if we get a 20% increase in the dollar to the Euro?  I see that bailing out people in Europe. </p><p>Now people are going to have to cover their dollar holdings with currencies that are getting killed.  You would think Gold and Silver should be going up, but they are being sold out… all commodities, platinum, gold, silver, oil, palladium, etc.  Look at some of the currencies – they have all fallen apart in relation to the dollar.  This is a global dollar increase, and this is a dollar shortage.  They are just running the same playbook again and again. </p><p>If the trade of this decade is the dollar, the dollar index will top out in the near term.  And it is also the least bad place to put your money.  If we are going to see an additional 20% in the dollar over the next two to three years, there is going to be a huge movement of money into dollar-based assets.  The Fed and Trump will issue as much longer-dated debt as possible. </p><p>You will see credit risk, but it will be less than it is today. Patrick is not a big fan of DAI.  I have not launched yet and failed systemically considering I have not launched TradeLayer yet, so we will see what happens. The point is that everyone needs to do their due diligence and be safe; only invest what you can afford to lose. </p><p>It is possible that these stimulus checks could end up in BTC.  If 5% of Americans hold Bitcoin, they take $250 out of their $1,000 cheques which equates to $3.75 billion, and they invest this into BTC that could be more people in the market as a result.   <br/><br/></p>

The Bitmex Blowup - Patrick Dugan

Dan Elitzer

About this episodeIn this Episode Dan Elitzer joins host Samuel McCulloch to discuss the growth of Ethereum &amp; Defi, different approaches to coding languages, liquidity and modern business systems. Dan's LinksTwitter | Linkedin | MediumWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhether building on each other in DeFi creates fluidity between apps when it comes to Ethereum, or does it increase the fragility of the whole ecosystem?Why how we approach building smart contracts needs to be different from software coding, and more akin to hardware design.Why formally verified smart contract languages need to happen.Why we are moving from an infrastructure phase to an application phase right now in Ethereum, and this requires cross-chain protocols that work.Why liquidity is more important than long-term price stability, and this is liquidity maximalism in action.Why greater control over our data is going to take more ‘moon math’ to make this happen.Why we help our portfolio companies focus on their user experience and design first.Why DeFi projects need robust go-to-market strategies, not just traction through creativity and technology execution.How East Coast/West Coast viewpoints within Crypto differ depending on the narrative arc and why San Francisco is still the centre of innovation in the US despite its regressive land-use policies.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.Show NotesI wanted to address something that we have seen with the evolution of DeFi: platforms and apps being built on each other. You have Maker which is used in Compound, which is used in bZx which is then used in a whole host of other programmes.  You begin to see multiple derivatives of single products being built out.  The safety and the security of those products are tied to the underlying products and programmes they are using.One of the things I have been wondering is this fluidity between apps when it comes to Ethereum, or is it just an increase in the fragility of the whole ecosystem? In some ways, it is both.  A year ago, I wrote a piece about superfluid collateral where I wrote about how we were going to see a lot more interaction between these protocols and the apps, with assets flowing through multiple protocols and the idea of C token before they were created. We have seen these play out and this what we refer to as these money Legos but at the same time, it is a weakness. There are a lot of dependencies, and these can be scary when pretty much every major smart contract has had some flaw in it.  Security researchers have been crushing contract after contract; do I think these things are safe yet for the general public? Most of them probably not.  Certainly, once you start compounding this risk together, I think we come to a place where we have to start hardening this.We really need to think about Nick Szabo, who wrote a great piece about the fiduciary code. The approach to how we are building these contracts needs to be different from normal software. It needs to be akin to designing something like hardware; the difficulty of modifying it after it is set in stone, thinking through how this is running and so many tasks through situations.  This is not just people’s money; if we are successful, this is about the whole financial system. If you are trying to build a whole new financial system, and you are building a critical piece of hardware for the structure, then a failure in your code or a piece of it could bring down the whole system, so we really need to be applying a very high bar to how we are auditing these things and what we are doing before launch.Is it a weakness in the coding language when you are not using formally verified languages? Tezos is very focused on this. There have been attempts to formally verify on Ethereum. It is a step in the right direction.  People should be looking for some kind of formal verification on the contracts when we get to a certain size. Couldn’t that be added into Ethereum in some way?Yes, people are working on this in Ethereum to see how this issue is addressed.  We are moving towards superfluid protocols, and Bitcoin is coming to Ethereum this year. Is this an argument or a good multi-chain environment? Or is this a monopolistic play where Ethereum will suck liquidity from other chains?I think we are moving from an infrastructure phase to an application phase right now.  We need cross-chain protocols that work.  There are lots of interesting things happening in Cosmos to be able to move across chains. I think when one Chain like Ethereum becomes dominant, we should see consolidation onto Ethereum, which will make cross-chain platforms less appealing.  Bitcoin is a separate thing as it is meant to be just money.Why is there a sub-case for Bitcoin? If there is no other use for these other coins as ‘money’ or as a user application layer? I think because those things are out there and they are saying use our platform to build out your applications, and value will accrue there. This means that there is value that will follow, or that is the assumption.Bitcoin started off with historic value approach, and it is different in that the power of money is people’s belief in it.  You can fork Bitcoin, but it is about people’s belief in the social contract around that asset, and that is hard to overcome.  Bitcoin is the ultimate thin protocol, which is a differentiator. Globally, Bitcoin is leaps and bounds ahead of Ethereum.  I am hopeful we can build useful applications on Ethereum.  Ethereum was the first to create dollars out of other things; this is much more powerful than a store of value. I am more of a dollar maximalist.The ability to have a stable asset like a stable coin is so much better than any regular cryptocurrency.  I find much more interest in these trustless stable assets rather than Layer 1 solutions themselves. There are more use cases for these assets; however, it also layers on additional risk on top of these protocols by building on them.  Do you want all the logic handled on-chain or do you want to keep this off-chain instead?Liquidity, in some cases, may actually be more important than long-term price stability when you are talking about flows of money. This is my liquidity maximalism in action. Yes, I would also classify myself as a liquidity maximalist; we need to get more activity happening in Crypto rather than on legacy rails and we are all going to win if we can move more stuff into the system.Micro-payment options are useless without being able to move into dollars.  Any payment system only shines when you get people in there and keep them there.  I came into Bitcoin as an open-source payment rail; rather than its anti-government anarchy thread.  I am really concerned about our monetary policy and at what point we hit hyper-inflation?There is a clear path to accepting cryptocurrencies without getting involved in the cyberpunk/libertarian religions surrounding Bitcoin et al.   There are still a lot of open questions. I have worked as a signals intelligence analyst in the marines. We worked with the NSA to work through metadata to find people and send special forces to hunt them down. I can see the use cases when applying them to Crypto.We really need much stronger privacy solutions within Crypto going forward to address how we make financial transactions private.  My question for Crypto in the 2020s is, can we break the business models of surveillance capitalism by the FAANGS? I think there are benefits of ad-based businesses.  Google takes all your communications and processes them through algorithms, to come up with new ways to sell you stuff, and they extract value from you.What do individuals care about and what Google the company cares about? I don’t think they are about extracting value from you to sell to other people. If they are not providing value to you and me, for our information, we are not going to give it to them.  I am not sure if the way the value is accruing is fair, I don’t know. I am not convinced the model of giving users things without paying for them in exchange for their data is broken. Having the cost of delivering those services being subsidised by advertising revenue is not necessarily a bad thing. I think you can strip out the surveillance aspects of this system by giving them ownership of their data.  If you have greater control over what is given out, that is going to take more moon math to make this happen.I will store this data locally and then get an app to verify that they are not extracting a copy of that data.  Google/Facebook should be data guardians and not show it to anyone else. They should act as a shield between all those advertisers who want our data and us.Do you think it is time to democratise them?  Should there be an oversight panel that is elected and oversees them?  I find this idea uncomfortable, and we do need to fix things we see in big tech companies. I think this is not somewhere Crypto should be heading in the next few years.  If we can’t get digital money, assets that are not centralised, then we don’t have a chance on any of these Web 3.0 issues. I think the bigger questions are about implementation and how you are going to go to market. There seems to be this mindset in teams across the space that they get lost in the technical and philosophical questions of their project rather than actually talking to users and who they are trying to serve and getting their feedback. There seems to be this assumption in Crypto that if you build it, they will come, but we know this is not true. You really need a go-to-market strategy.I guess this also ties into what you are doing as a portfolio company, and how do you position yourself with the companies you are working with? What kind of operational support are you giving them on a day to day basis? We are trying to make sure our portfolio companies stay focused on their users and that they are interacting with them on a daily basis. In some cases, we are very hands-on with some projects to help them at the user level, and with others, we are pointing them in the right direction.   Our help can take many different forms. Just technical creativity and execution is not enough, and it hasn’t been enough for years. What we need now is that folks are thinking from the beginning, how are we going to get users using our project.  There is a lot of liquidity hacking stuff that we are going to start seeing that will let these DeFi projects get that initial traction and their go-to-market strategy.You need to get over an initial liquidity threshold to make these protocols really useful for a large number of people and in order for them to be successful, this threshold is necessary.  One of the projects you are working with Handshake has just launched.  They have a really interesting token distribution model – including 80% token distribution in the form of token developer grants.  It needs to be in the hands of developers and users.  We need to give it to the people who are going to use and develop it.  They are optimising for adoption.  Did you have any hand in helping them structure their token?  We helped them design their logo, front end and onboarding. We helped them with some technical issues too.  Their token structure was already their idea.What is the process of finding new companies to add to your portfolio? It is not a one size fit all kind of process. Our funnel is based on myself and other team members knowing builders in the space. We are based in San Francisco and the beauty of the space being distributed around tech and Crypto. Our process for vetting companies is focused on DeFi and other aspects of Web 3.0.  We all bring different backgrounds to the table. The design has always been a part of the conversation rather than just the technology itself.  Our team has been working together for the last five years. We have developed our expertise together.  We haven’t gone out and added people to the team at this stage.Do you see differences between what is being built East versus West here in the USA? Yes, I think this is accurate. There is an East Coast/West coast view of Crypto.  The East Coast is more bitcoin oriented, and the West Coast is more Ethereum focused.

<h2><strong>About this episode</strong></h2><p>In this Episode Dan Elitzer joins host Samuel McCulloch to discuss the growth of Ethereum &amp; Defi, different approaches to coding languages, liquidity and modern business systems. </p><h3><strong>Dan's Links</strong></h3><p><a href="https://twitter.com/delitzer" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.linkedin.com/in/delitzer/" rel="nofollow" target="_blank">Linkedin</a> |<a href="https://medium.com/@delitzer" rel="nofollow" target="_blank"> Medium</a></p><h2><strong>Where to find the show</strong></h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> |<a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank"> Spotify</a> |<a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank"> Stitcher</a> |<a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"> Youtube</a> |<a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank"> RSS Feed</a></p><h2><strong>What to listen for</strong></h2><ul><li>Whether building on each other in DeFi creates fluidity between apps when it comes to Ethereum, or does it increase the fragility of the whole ecosystem?</li><li>Why how we approach building smart contracts needs to be different from software coding, and more akin to hardware design.</li><li>Why formally verified smart contract languages need to happen.</li><li>Why we are moving from an infrastructure phase to an application phase right now in Ethereum, and this requires cross-chain protocols that work.</li><li>Why liquidity is more important than long-term price stability, and this is liquidity maximalism in action.</li><li>Why greater control over our data is going to take more ‘moon math’ to make this happen.</li><li>Why we help our portfolio companies focus on their user experience and design first.</li><li>Why DeFi projects need robust go-to-market strategies, not just traction through creativity and technology execution.</li><li>How East Coast/West Coast viewpoints within Crypto differ depending on the narrative arc and why San Francisco is still the centre of innovation in the US despite its regressive land-use policies.</li></ul><h2><strong>SUPPORT THE SHOW</strong></h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank"><strong>Help keep this show going by sending us $5</strong></a></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin:<a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank"> USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank"><strong>Leave a Review on iTunes</strong></a></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on</strong><a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank"><strong> Twitter</strong></a><strong> |</strong><a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank"><strong> Youtube</strong></a></li></ul><p>If you are interested in sponsoring the show please <strong>send me an email.</strong></p><p><strong>Show Notes</strong><br/><br/>I wanted to address something that we have seen with the evolution of DeFi: platforms and apps being built on each other. You have Maker which is used in Compound, which is used in bZx which is then used in a whole host of other programmes.  You begin to see multiple derivatives of single products being built out.  The safety and the security of those products are tied to the underlying products and programmes they are using.</p><p><strong>One of the things I have been wondering is this fluidity between apps when it comes to Ethereum, or is it just an increase in the fragility of the whole ecosystem?</strong> In some ways, it is both.  A year ago, I wrote a piece about superfluid collateral where I wrote about how we were going to see a lot more interaction between these protocols and the apps, with assets flowing through multiple protocols and the idea of C token before they were created. We have seen these play out and this what we refer to as these money Legos but at the same time, it is a weakness. There are a lot of dependencies, and these can be scary when pretty much every major smart contract has had some flaw in it.  Security researchers have been crushing contract after contract; do I think these things are safe yet for the general public? Most of them probably not.  Certainly, once you start compounding this risk together, I think we come to a place where we have to start hardening this.</p><p>We really need to think about Nick Szabo, who wrote a great piece about the fiduciary code. The approach to how we are building these contracts needs to be different from normal software. It needs to be akin to designing something like hardware; the difficulty of modifying it after it is set in stone, thinking through how this is running and so many tasks through situations.  This is not just people’s money; if we are successful, this is about the whole financial system. If you are trying to build a whole new financial system, and you are building a critical piece of hardware for the structure, then a failure in your code or a piece of it could bring down the whole system, so we really need to be applying a very high bar to how we are auditing these things and what we are doing before launch.</p><p>Is it a weakness in the coding language when you are not using formally verified languages? Tezos is very focused on this. There have been attempts to formally verify on Ethereum. It is a step in the right direction.  People should be looking for some kind of formal verification on the contracts when we get to a certain size. Couldn’t that be added into Ethereum in some way?</p><p>Yes, people are working on this in Ethereum to see how this issue is addressed.  We are moving towards superfluid protocols, and Bitcoin is coming to Ethereum this year. Is this an argument or a good multi-chain environment? Or is this a monopolistic play where Ethereum will suck liquidity from other chains?</p><p>I think we are moving from an infrastructure phase to an application phase right now.  We need cross-chain protocols that work.  There are lots of interesting things happening in Cosmos to be able to move across chains. I think when one Chain like Ethereum becomes dominant, we should see consolidation onto Ethereum, which will make cross-chain platforms less appealing.  Bitcoin is a separate thing as it is meant to be just money.</p><p>Why is there a sub-case for Bitcoin? If there is no other use for these other coins as ‘money’ or as a user application layer? I think because those things are out there and they are saying use our platform to build out your applications, and value will accrue there. This means that there is value that will follow, or that is the assumption.</p><p>Bitcoin started off with historic value approach, and it is different in that the power of money is people’s belief in it.  You can fork Bitcoin, but it is about people’s belief in the social contract around that asset, and that is hard to overcome.  Bitcoin is the ultimate thin protocol, which is a differentiator. Globally, Bitcoin is leaps and bounds ahead of Ethereum.  I am hopeful we can build useful applications on Ethereum.  Ethereum was the first to create dollars out of other things; this is much more powerful than a store of value. I am more of a dollar maximalist.</p><p>The ability to have a stable asset like a stable coin is so much better than any regular cryptocurrency.  I find much more interest in these trustless stable assets rather than Layer 1 solutions themselves. There are more use cases for these assets; however, it also layers on additional risk on top of these protocols by building on them.  Do you want all the logic handled on-chain or do you want to keep this off-chain instead?</p><p><strong>Liquidity, in some cases, may actually be more important than long-term price stability when you are talking about flows of money. This is my liquidity maximalism in action.</strong> Yes, I would also classify myself as a liquidity maximalist; we need to get more activity happening in Crypto rather than on legacy rails and we are all going to win if we can move more stuff into the system.</p><p>Micro-payment options are useless without being able to move into dollars.  Any payment system only shines when you get people in there and keep them there.  I came into Bitcoin as an open-source payment rail; rather than its anti-government anarchy thread.  I am really concerned about our monetary policy and at what point we hit hyper-inflation?</p><p>There is a clear path to accepting cryptocurrencies without getting involved in the cyberpunk/libertarian religions surrounding Bitcoin et al.   There are still a lot of open questions. I have worked as a signals intelligence analyst in the marines. We worked with the NSA to work through metadata to find people and send special forces to hunt them down. I can see the use cases when applying them to Crypto.</p><p>We really need much stronger privacy solutions within Crypto going forward to address how we make financial transactions private.  <strong>My question for Crypto in the 2020s is, can we break the business models of surveillance capitalism by the FAANGS?</strong> I think there are benefits of ad-based businesses.  Google takes all your communications and processes them through algorithms, to come up with new ways to sell you stuff, and they extract value from you.</p><p>What do individuals care about and what Google the company cares about? I don’t think they are about extracting value from you to sell to other people. If they are not providing value to you and me, for our information, we are not going to give it to them.  I am not sure if the way the value is accruing is fair, I don’t know. I am not convinced the model of giving users things without paying for them in exchange for their data is broken. Having the cost of delivering those services being subsidised by advertising revenue is not necessarily a bad thing. I think you can strip out the surveillance aspects of this system by giving them ownership of their data.  <strong>If you have greater control over what is given out, that is going to take more moon math to make this happen.</strong></p><p>I will store this data locally and then get an app to verify that they are not extracting a copy of that data.  Google/Facebook should be data guardians and not show it to anyone else. They should act as a shield between all those advertisers who want our data and us.</p><p><strong>Do you think it is time to democratise them?  Should there be an oversight panel that is elected and oversees them?</strong>  I find this idea uncomfortable, and we do need to fix things we see in big tech companies. I think this is not somewhere Crypto should be heading in the next few years.  If we can’t get digital money, assets that are not centralised, then we don’t have a chance on any of these Web 3.0 issues. I think the bigger questions are about implementation and how you are going to go to market. There seems to be this mindset in teams across the space that they get lost in the technical and philosophical questions of their project rather than actually talking to users and who they are trying to serve and getting their feedback. There seems to be this assumption in Crypto that if you build it, they will come, but we know this is not true. You really need a go-to-market strategy.</p><p><strong>I guess this also ties into what you are doing as a portfolio company, and how do you position yourself with the companies you are working with? What kind of operational support are you giving them on a day to day basis?</strong> We are trying to make sure our portfolio companies stay focused on their users and that they are interacting with them on a daily basis. In some cases, we are very hands-on with some projects to help them at the user level, and with others, we are pointing them in the right direction.   Our help can take many different forms. Just technical creativity and execution is not enough, and it hasn’t been enough for years. What we need now is that folks are thinking from the beginning, how are we going to get users using our project.  There is a lot of liquidity hacking stuff that we are going to start seeing that will let these DeFi projects get that initial traction and their go-to-market strategy.</p><p>You need to get over an initial liquidity threshold to make these protocols really useful for a large number of people and in order for them to be successful, this threshold is necessary.  One of the projects you are working with Handshake has just launched.  They have a really interesting token distribution model – including 80% token distribution in the form of token developer grants.  It needs to be in the hands of developers and users.  We need to give it to the people who are going to use and develop it.  They are optimising for adoption.  Did you have any hand in helping them structure their token?  We helped them design their logo, front end and onboarding. We helped them with some technical issues too.  Their token structure was already their idea.</p><p><strong>What is the process of finding new companies to add to your portfolio?</strong> It is not a one size fit all kind of process. Our funnel is based on myself and other team members knowing builders in the space. We are based in San Francisco and the beauty of the space being distributed around tech and Crypto. Our process for vetting companies is focused on DeFi and other aspects of Web 3.0.  We all bring different backgrounds to the table. The design has always been a part of the conversation rather than just the technology itself.  Our team has been working together for the last five years. We have developed our expertise together.  We haven’t gone out and added people to the team at this stage.</p><p>Do you see differences between what is being built East versus West here in the USA? Yes, I think this is accurate. There is an East Coast/West coast view of Crypto.  The East Coast is more bitcoin oriented, and the West Coast is more Ethereum focused.</p>

Superfluidity in 2020 - Dan Elitzer

Andrew Keys

About this episodeIn the midst of a market collapse as a result of the Coronavirus, Andrew Keys joins this episode with host Samuel McCulloch to discuss the current situation. Even though millions of dollars in capital has been wiped out, the fundamentals of Ethereum remain strong.Andrew's LinksTwitter | Crunchbase | MediumDARMA Capital Where to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy we are currently living through a 'Black Swan' event that no one could have predicted.How this creates a risk-off bear market that will be hard on everyone.How Crypto went through a two-year bear market, but the good building continued at protocol, tooling and application layers.Why this development in Ethereum was really about building the 'moat' over the past two years.Why there is no quick monetary or fiscal policy fix for the global drop in demand across all asset classes.Why Andrew can't get comfortable with risk-return at the application layer right now because of the protocol risk that the 'protocol roadmap' won't even be built.Why Web 3.0 in its entirety is a play on the future of work.Why you can't just send value across the network; you need smart contract functionality that works and programmability in order to have functional business logic.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.Show NotesThis is a black swan event this market turmoil.  The media is exacerbating the epidemic through their coverage.  We are now finally seeing this in Crypto markets now.  People are scared.When I saw what they did in China, locking people in, I am in Florida in the south with you.  From what I read, the difficulty is in the ability of hospitals to take care of everybody.  Obesity and heart problems make you more susceptible to the virus. We only have 2.8 ICU beds per citizen in the USA.There are serious side effects of having coronavirus.  The best thing Puerto Rico could do is close their borders.Has your market view changed over the past few days?  There are two hats Darma wears. As a fund, we do a lot of evidence-based modelling. We basically chop the market into daily weekly monthly quarterly annual risk regimes, and we look at those in the context of fundamentals.  Everything on the fundamentals side I am extremely bullish on; I am completely bullish on the core stack.  You are like J Powell. The American economy is strong; ETH is strong. I would say that it just went through a two-year bear market and corporate treasuries had declined; but a lot of very good building has been built at the protocol layer, at the tooling layer, at the application layer, and I honestly thought what the last two years was really building a moat. I am not yet sold on any competing smart contract layer 1. There are trade-offs, and nothing is completely decentralised yet. I have been very bullish on the developer and investor ecosystems and their growth over the past two years.ETH has taken a beating in this black swan event.  If you have three to six months, that is a long time. We have seen the destruction of the idea of Bitcoin as digital gold because it has not held its value.  Gold has not fared well in all this either. Gold typically declines in recessions; it is down 4 to 5%.The engine of the world, China, has stopped. China shut down for the last quarter, and they are still shut down. You can see this in their traffic rates; there is no rebound yet in China. They are not back to work. I think when you have this kind of closure of the global economy.  I think this is a bigger issue than in 2008.  It was limited to the banks.  Most people did not see the carnage in the banking structure.  This is a much more tangible fear that people are going to have to get used to.What is the appropriate monetary and fiscal policy for the next three to six months?  That is the magic question.  When the bond yields when under 1% the other day, to see the 30year US treasury bond trading at .8 was just incredible. I never thought I would see that in the next few years.  It went there in a day, and it declined 40% in one day. I don't think any level of monetary support or stimulus will do anything at this point. What we need now is a combined governmental response, essentially what South Korea did, inputting everybody into quarantine and shutting down the whole country and making it easy to get access to testing kits. The CDC has only tested 500 people in the USA. We can pump more money into the system; where is all this money going to do? This brings up my stagflation worries for me.  I have always thought, call it libertarian, or anti-central banker, our $4 gallon of milk will be $8 in the next five years. The worst part about this, the systemic hedge funds were out cash three weeks ago.  Main Street freaks out, and they go into cash.  They lost 20% of their net worth. I worry about the husband and wife who is living on $200,000 a year and the analytics and research that sophisticated investors do. I am on a base worry for normal people. Schools get shut down for six weeks, and you have to stay home with your kids, then that spells disaster and bankruptcy for minimum wage workers.We are already working from home. We have strategy meetings and risk meetings weekly. We are already working remotely. This will further the evolution of working remotely and the future of work.  We can sync via Zoom. You used to be at Consensys. They are cancelling their New York event. Consensus the CoinDesk conference is still going ahead. Sam: I think both of them will be cancelled. There are already cases in New York. The doubling rate is five days.Across all asset classes, the global drop in demand will affect everything.  I guess the only counter to that is looking at China; China has been able to contain this.  Infection reporting there is going down. The USA is capital.  We should be able to learn through WHO; there should be a playbook. You have the summer months, and hopefully, there is seasonality. If there is one year, we needed global warming; this is it.When it comes to Web 3.0, I want to buy a lot more Zoom stock.  Is there something in the Web 3.0 stack I should be looking at.  What we are learning right now, the web 3.0 protocols are risk-on plays. There are still 100x left in ETH and Ethereum, and there is so much farther to go. Right now the pending transactions are 120,000.  I made a withdrawal from CoinDesk today, and it still hasn't hit my private key.  In a risk-off environment like we have now, investing in the application layer or in part of the protocol layer; I am not comfortable with risk-return at the application layer because you still have protocol risk. This means that I don't want to invest in the next Tesla or Ford because the road isn't even built yet. You don't get paid for the risk you are taking that the protocols that the application layer is built on will finish in a certain amount of time, or will finish without governance issues.  We see the governance issues around protocols.Something like Zoom I put in the enterprise/ SAAS/ application layer for investment. When I think about the value accrued for Web 2.0, your google, Facebook, Amazon, etc., I would think that we have similar to the fat protocol thesis, we will have a thinning at the application layer. If blockchains do really work, you should move the value that has accrued from the intermediary to the counterparty of trade. I believe in the evolution of crypto commodities in different layers of the protocol stack; we need to look into these layers.I think Web 3.0 in its entirety is a play on the future of work: we will go to a decentralised peer-to-peer web, we will have more of a gig economy, and we have more of a remote workforce. But if there was one silver bullet, you may be better with Zoom, but now they are somewhat proving their valuation. I am surprised that google hangouts did not eat Zoom's lunch, considering how many people use the Google Suite of products. I bet right now there is a team in Mountain View: figuring out stronger bandwidth to go up against Zoom.  I think you are competing against a much bigger tech company from Zoom's perspective.I want to talk about Web 2.0 for a moment:  The FAANGS have all built their businesses on surveillance, they track all of their user data to derive new products not for the users, but for their advertisers and other third parties that pay for that data that is being processed through Google Facebook etc.My questions for someone like yourself that sings the praises of Web 3.0 does Web 3.0 break the cycle of surveillance economy and is it even necessary? I hear a lot about the different positives of owning your own data; I just don't understand the transition process moves away from this process where companies are making trillions of dollars off of extracting user data.First and foremost, none of those companies are going to give that user base or revenue away; they will continue to extract that value indefinitely. For Web 3.0 to work, there is a small amount of extremely intelligent people that are betting and creating an environment for the user experience to be as good if not better than Web 2.0. 99.9% do not care about self-sovereign identity versus logging in through Facebook. If it takes extra time to hail your uber, and especially in times like this, that user experience will not satisfy commercial users of the internet. The user experience has to be as good as Web 2.0. The only thing that is going to nudge people from Web 2.0 to Web 3.0 is behavioural economic incentives. Bond yields are less than 1%, but you can get 8% versus 1% return; until you get paid by Facebook to pay attention to advertising, people will choose BAT.  This is a ten-year play; we are at year zero now.  Facebook will continue to seed their incumbency through their own advertising revenue. Where is the value creation for the application layer engineers to build a business?  Uber is not a technology play; it is about owning the fleet of the future so they can rent them out to us. We have a surveillance economy that has been built. These companies build algorithmic models about people, and they make predictive value judgements about them. They can drive them toward real actions in the real world like 2016 political value. I think it is scary we let so much power go away to these corporations.   There is no oversight by we the people.There is a certain endpoint; lots of people are stupid and cannot care for themselves. They don't know any better. Big Tech is feeding off of these people, without a code of conduct to be fiduciaries of the human race.  I do think social media causes a cell phone addiction; in addition to the amount of money, they make off of it. I don't think we really understand what happens when you have a developing brain that goes onto Instagram 100 times a day. We don't know what that does to people's brains or employee efficiency etc. I think we need more empirical research, but there is no incentive to do this research.Web 3.0 is transparent, and this is the long term factor that drags us away from these companies. There is a shift needed; like in the global reserve currency transition to the dollar, it took 50 years. It was slow and took a long time to happen. Maybe for Web 3.0, it is the same – it finally becomes the new normal. There is no one place where this was the end of Google, Facebook, etc.You sign up using an email; you have no idea you are using Ethereum.  A UI/UX developer could design their front end; you can trade assets which remain on Ethereum. This is where we are going; the user experience has to be as good as or better than Web 2.0 to get people to move toward Web 3.0 usage.  This is the moat that Ethereum developers have been building for the last two years' bear market. Ethereum has a head start on moving value on-chain. If you are a business, you want stable expenses. DAI is a great first step. Its interest rate has fluctuated a lot in the past few days. I agree there are stablecoins. People, in the end, will need dollars to pay their rent and buy food for now. USDC serves a purpose. The one to one relationship between a dollar and a USDC token and its no-fee structure is very appealing. We made money on our last transfer from DAI to USDC.  We are not doing that with large amounts. USDC is amazing, and I think it is the greatest thing Coinbase did in 2019. As a centralised exchange, you are an asset gatherer, and you want to get as many assets as possible. For them to be taking in all these dollars and issuing USDC, I am sure they are putting all these dollars into treasuries to earn a return on them.Coinbase offering one-to-one exchange is great for us as a business; these fiat on-ramps are what I have been praying for.  I am a liquidity maximalist; I want to move back and forth between assets with as tight a spread as possible. The cheaper you can make those transactions, the more possibilities you can create for payments, services, etc.  Micropayments are interesting; if you can make it cheap enough for everyone to use it.  The only variable is that I have not seen business logic embedded into the network yet. You can't just send value; to really make a material difference, we need to make smart contract functionality work and to have programmability.  This is the long term argument for Ethereum, and the developers work in the community. The fundamentals are great, but we are at a black swan moment right now.

<h2>About this episode</h2><p>In the midst of a market collapse as a result of the Coronavirus, Andrew Keys joins this episode with host Samuel McCulloch to discuss the current situation. Even though millions of dollars in capital has been wiped out, the fundamentals of Ethereum remain strong.</p><h3>Andrew's Links</h3><p><a href="https://twitter.com/AndrewDARMACAP" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.crunchbase.com/person/andrew-keys-2" rel="nofollow" target="_blank">Crunchbase</a> | <a href="https://medium.com/@andrewkeys" rel="nofollow" target="_blank">Medium</a></p><p><a href="https://www.darma.capital/" rel="nofollow" target="_blank">DARMA Capital </a></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why we are currently living through a 'Black Swan' event that no one could have predicted.</li><li>How this creates a risk-off bear market that will be hard on everyone.</li><li>How Crypto went through a two-year bear market, but the good building continued at protocol, tooling and application layers.</li><li>Why this development in Ethereum was really about building the 'moat' over the past two years.</li><li>Why there is no quick monetary or fiscal policy fix for the global drop in demand across all asset classes.</li><li>Why Andrew can't get comfortable with risk-return at the application layer right now because of the protocol risk that the 'protocol roadmap' won't even be built.</li><li>Why Web 3.0 in its entirety is a play on the future of work.</li><li>Why you can't just send value across the network; you need smart contract functionality that works and programmability in order to have functional business logic.</li></ul><p></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p><h3>Show Notes</h3><p></p><p>This is a black swan event this market turmoil.  The media is exacerbating the epidemic through their coverage.  We are now finally seeing this in Crypto markets now.  People are scared.</p><p>When I saw what they did in China, locking people in, I am in Florida in the south with you.  From what I read, the difficulty is in the ability of hospitals to take care of everybody.  Obesity and heart problems make you more susceptible to the virus. We only have 2.8 ICU beds per citizen in the USA.</p><p>There are serious side effects of having coronavirus.  The best thing Puerto Rico could do is close their borders.</p><p><strong>Has your market view changed over the past few days?</strong>  There are two hats Darma wears. As a fund, we do a lot of evidence-based modelling. We basically chop the market into daily weekly monthly quarterly annual risk regimes, and we look at those in the context of fundamentals.  Everything on the fundamentals side I am extremely bullish on; I am completely bullish on the core stack.  You are like J Powell. The American economy is strong; ETH is strong. I would say that it just went through a two-year bear market and corporate treasuries had declined; but a lot of very good building has been built at the protocol layer, at the tooling layer, at the application layer, and I honestly thought what the last two years was really building a moat. I am not yet sold on any competing smart contract layer 1. There are trade-offs, and nothing is completely decentralised yet. I have been very bullish on the developer and investor ecosystems and their growth over the past two years.</p><p>ETH has taken a beating in this black swan event.  If you have three to six months, that is a long time. We have seen the destruction of the idea of Bitcoin as digital gold because it has not held its value.  Gold has not fared well in all this either. Gold typically declines in recessions; it is down 4 to 5%.</p><p>The engine of the world, China, has stopped. China shut down for the last quarter, and they are still shut down. You can see this in their traffic rates; there is no rebound yet in China. They are not back to work. I think when you have this kind of closure of the global economy.  I think this is a bigger issue than in 2008.  It was limited to the banks.  Most people did not see the carnage in the banking structure.  This is a much more tangible fear that people are going to have to get used to.</p><p><strong>What is the appropriate monetary and fiscal policy for the next three to six months?  </strong>That is the magic question.  When the bond yields when under 1% the other day, to see the 30year US treasury bond trading at .8 was just incredible. I never thought I would see that in the next few years.  It went there in a day, and it declined 40% in one day. I don't think any level of monetary support or stimulus will do anything at this point. What we need now is a combined governmental response, essentially what South Korea did, inputting everybody into quarantine and shutting down the whole country and making it easy to get access to testing kits. The CDC has only tested 500 people in the USA. We can pump more money into the system; where is all this money going to do? This brings up my stagflation worries for me.  I have always thought, call it libertarian, or anti-central banker, our $4 gallon of milk will be $8 in the next five years. The worst part about this, the systemic hedge funds were out cash three weeks ago.  Main Street freaks out, and they go into cash.  They lost 20% of their net worth. I worry about the husband and wife who is living on $200,000 a year and the analytics and research that sophisticated investors do. I am on a base worry for normal people. Schools get shut down for six weeks, and you have to stay home with your kids, then that spells disaster and bankruptcy for minimum wage workers.</p><p>We are already working from home. We have strategy meetings and risk meetings weekly. We are already working remotely. This will further the evolution of working remotely and the future of work.  We can sync via Zoom. You used to be at Consensys. They are cancelling their New York event. Consensus the CoinDesk conference is still going ahead. Sam: I think both of them will be cancelled. There are already cases in New York. The doubling rate is five days.</p><p>Across all asset classes, the global drop in demand will affect everything.  I guess the only counter to that is looking at China; China has been able to contain this.  Infection reporting there is going down. The USA is capital.  We should be able to learn through WHO; there should be a playbook. You have the summer months, and hopefully, there is seasonality. If there is one year, we needed global warming; this is it.</p><p>When it comes to Web 3.0, I want to buy a lot more Zoom stock.  Is there something in the Web 3.0 stack I should be looking at.  What we are learning right now, the web 3.0 protocols are risk-on plays. There are still 100x left in ETH and Ethereum, and there is so much farther to go. Right now the pending transactions are 120,000.  I made a withdrawal from CoinDesk today, and it still hasn't hit my private key.  In a risk-off environment like we have now, investing in the application layer or in part of the protocol layer; I am not comfortable with risk-return at the application layer because you still have protocol risk. This means that I don't want to invest in the next Tesla or Ford because the road isn't even built yet. You don't get paid for the risk you are taking that the protocols that the application layer is built on will finish in a certain amount of time, or will finish without governance issues.  We see the governance issues around protocols.</p><p>Something like Zoom I put in the enterprise/ SAAS/ application layer for investment. When I think about the value accrued for Web 2.0, your google, Facebook, Amazon, etc., I would think that we have similar to the fat protocol thesis, we will have a thinning at the application layer. If blockchains do really work, you should move the value that has accrued from the intermediary to the counterparty of trade. I believe in the evolution of crypto commodities in different layers of the protocol stack; we need to look into these layers.</p><p>I think Web 3.0 in its entirety is a play on the future of work: we will go to a decentralised peer-to-peer web, we will have more of a gig economy, and we have more of a remote workforce. But if there was one silver bullet, you may be better with Zoom, but now they are somewhat proving their valuation. I am surprised that google hangouts did not eat Zoom's lunch, considering how many people use the Google Suite of products. I bet right now there is a team in Mountain View: figuring out stronger bandwidth to go up against Zoom.  I think you are competing against a much bigger tech company from Zoom's perspective.</p><p>I want to talk about Web 2.0 for a moment:  The FAANGS have all built their businesses on surveillance, they track all of their user data to derive new products not for the users, but for their advertisers and other third parties that pay for that data that is being processed through Google Facebook etc.</p><p>My questions for someone like yourself that sings the praises of Web 3.0 <strong>does Web 3.0 break the cycle of surveillance economy and is it even necessary?</strong> I hear a lot about the different positives of owning your own data; I just don't understand the transition process moves away from this process where companies are making trillions of dollars off of extracting user data.</p><p>First and foremost, none of those companies are going to give that user base or revenue away; they will continue to extract that value indefinitely. For Web 3.0 to work, there is a small amount of extremely intelligent people that are betting and creating an environment for the user experience to be as good if not better than Web 2.0. 99.9% do not care about self-sovereign identity versus logging in through Facebook. If it takes extra time to hail your uber, and especially in times like this, that user experience will not satisfy commercial users of the internet. The user experience has to be as good as Web 2.0. The only thing that is going to nudge people from Web 2.0 to Web 3.0 is behavioural economic incentives. Bond yields are less than 1%, but you can get 8% versus 1% return; until you get paid by Facebook to pay attention to advertising, people will choose BAT.  This is a ten-year play; we are at year zero now.  Facebook will continue to seed their incumbency through their own advertising revenue. Where is the value creation for the application layer engineers to build a business?  Uber is not a technology play; it is about owning the fleet of the future so they can rent them out to us. We have a surveillance economy that has been built. These companies build algorithmic models about people, and they make predictive value judgements about them. They can drive them toward real actions in the real world like 2016 political value. I think it is scary we let so much power go away to these corporations.   There is no oversight by we the people.</p><p>There is a certain endpoint; lots of people are stupid and cannot care for themselves. They don't know any better. Big Tech is feeding off of these people, without a code of conduct to be fiduciaries of the human race.  I do think social media causes a cell phone addiction; in addition to the amount of money, they make off of it. I don't think we really understand what happens when you have a developing brain that goes onto Instagram 100 times a day. We don't know what that does to people's brains or employee efficiency etc. I think we need more empirical research, but there is no incentive to do this research.</p><p>Web 3.0 is transparent, and this is the long term factor that drags us away from these companies. There is a shift needed; like in the global reserve currency transition to the dollar, it took 50 years. It was slow and took a long time to happen. Maybe for Web 3.0, it is the same – it finally becomes the new normal. There is no one place where this was the end of Google, Facebook, etc.</p><p>You sign up using an email; you have no idea you are using Ethereum.  A UI/UX developer could design their front end; you can trade assets which remain on Ethereum. This is where we are going; the user experience has to be as good as or better than Web 2.0 to get people to move toward Web 3.0 usage.  This is the moat that Ethereum developers have been building for the last two years' bear market. Ethereum has a head start on moving value on-chain. If you are a business, you want stable expenses. DAI is a great first step. Its interest rate has fluctuated a lot in the past few days. I agree there are stablecoins. People, in the end, will need dollars to pay their rent and buy food for now. USDC serves a purpose. The one to one relationship between a dollar and a USDC token and its no-fee structure is very appealing. We made money on our last transfer from DAI to USDC.  We are not doing that with large amounts. USDC is amazing, and I think it is the greatest thing Coinbase did in 2019. As a centralised exchange, you are an asset gatherer, and you want to get as many assets as possible. For them to be taking in all these dollars and issuing USDC, I am sure they are putting all these dollars into treasuries to earn a return on them.</p><p>Coinbase offering one-to-one exchange is great for us as a business; these fiat on-ramps are what I have been praying for.  I am a liquidity maximalist; I want to move back and forth between assets with as tight a spread as possible. The cheaper you can make those transactions, the more possibilities you can create for payments, services, etc.  Micropayments are interesting; if you can make it cheap enough for everyone to use it.  The only variable is that I have not seen business logic embedded into the network yet. You can't just send value; to really make a material difference, we need to make smart contract functionality work and to have programmability.  This is the long term argument for Ethereum, and the developers work in the community. The fundamentals are great, but we are at a black swan moment right now.</p>

ETH Fundamentals are Strong - Andrew Keys - Darma Capital

Michael Dunworth

About this episodeAre you ready to learn about payments and fiat on/off ramps? Wyre CEO Mike Dunworth joins this episode with host Samuel McCulloch to discuss the future of payments, growing Wyre and the current market. Michael's LinksTwitter | Crunchbase | LinkedinSHOW NOTES FOR THIS EPISODEWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy Fiat to Crypto on-ramps are so awful and how payment providers squeeze both sides of transactions.How archaic payments rules punish crypto for being high-risk and increase transaction costs for fiat on-ramps.Why payment providers are using data analytics (Googgle-style) to reduce fraud and underwrite risk.Why everything comes back to device-based security and wallet security protocols.Why changes in European payments regulation will make it harder to get credit as credit issuers become liable for fraudulent transactions, not your bank or merchants.What Wyre will be focusing in 2020.Why MakerDao should be more transparent about their near-term and long-term goals.Why Bitcoin halving will create ‘buy the rumour, sell the news’ volatility as more people fight over reduced supply.Why globally distributed teams are more productive than being in San Francisco.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Make a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Are you ready to learn about payments and fiat on/off ramps? Wyre CEO Mike Dunworth joins this episode with host Samuel McCulloch to discuss the future of payments, growing Wyre and the current market. </p><h3>Michael's Links</h3><p><a href="https://twitter.com/michaeldunwort1?lang=en" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.crunchbase.com/person/michael-dunworth" rel="nofollow" target="_blank">Crunchbase</a> | <a href="https://www.linkedin.com/in/michael-dunworth-2833b415/" rel="nofollow" target="_blank">Linkedin</a></p><p><a href="https://endofthechain.com/show-notes-for-michael-dunworth-podcast-episode/" rel="nofollow" target="_blank">SHOW NOTES FOR THIS EPISODE</a></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why Fiat to Crypto on-ramps are so awful and how payment providers squeeze both sides of transactions.</li><li>How archaic payments rules punish crypto for being high-risk and increase transaction costs for fiat on-ramps.</li><li>Why payment providers are using data analytics (Googgle-style) to reduce fraud and underwrite risk.</li><li>Why everything comes back to device-based security and wallet security protocols.</li><li>Why changes in European payments regulation will make it harder to get credit as credit issuers become liable for fraudulent transactions, not your bank or merchants.</li><li>What Wyre will be focusing in 2020.</li><li>Why MakerDao should be more transparent about their near-term and long-term goals.</li><li>Why Bitcoin halving will create ‘buy the rumour, sell the news’ volatility as more people fight over reduced supply.</li><li>Why globally distributed teams are more productive than being in San Francisco.</li></ul><p></p><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

Future Payments - Michael Dunworth - Wyre

About this episodeThis is the third in a series of interviews with Dave Collum. Recorded Mar 11, we dive into the Coronavirus, bond apocalypse and the top of the market. Where to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy Coronavirus is a catalyst for the house of cards coming down.Why vaccines work and how antibodies released through live vaccines amplify survival rates and adaptive systems beyond our immune system.Why the Federal Reserve cannot save us and has no control at all over anything as far as Dave is concerned.The global financial system is not only too complex but also artificially engineered to such an extent it has lost its Darwin evolutionary ability to ‘cull the herd’.Dave’s theory is 2015/16 was a recession, but Wall Street always has to put an adjective in front of problems.Why controlled burns for forest management and for the economy are better in the long term for the forest and us. Recessions are necessary.What is different now with recessions is how we qualify them, the term recession was invented so we could stop using depression.You can get rid of potential energy either in one go or in small amounts, but either way, the energy needs to be released one way or the other.Twin income trap and women entering the workforce has propped up total employment growth numbers since the 1970s.If you want to shut down Coronavirus, what are you going to do after isolation? This is not a sustainable solution, and this is not an analogy to the flu. It will be with us for a long time.When a Bear says to a boomer, 50% drop will take us back to normal market valuation; this means for Boomers, you will have 50% less revenue when you retire than you thought you would have.Dave’s portfolio advice: pick a bond to equity ratio, and stick with it.Why dumb money is destroying markets and good companies because there is too much money in the system.Why CEO/Boards/Company Governance is an in-bred system, and this all needs to be cleared out in the great raging inferno we have now.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>This is the third in a series of interviews with Dave Collum. Recorded Mar 11, we dive into the Coronavirus, bond apocalypse and the top of the market. </p><p></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why Coronavirus is a catalyst for the house of cards coming down.</li><li>Why vaccines work and how antibodies released through live vaccines amplify survival rates and adaptive systems beyond our immune system.</li><li>Why the Federal Reserve cannot save us and has no control at all over anything as far as Dave is concerned.</li><li>The global financial system is not only too complex but also artificially engineered to such an extent it has lost its Darwin evolutionary ability to ‘cull the herd’.</li><li>Dave’s theory is 2015/16 was a recession, but Wall Street always has to put an adjective in front of problems.</li><li>Why controlled burns for forest management and for the economy are better in the long term for the forest and us. Recessions are necessary.</li><li>What is different now with recessions is how we qualify them, the term recession was invented so we could stop using depression.</li><li>You can get rid of potential energy either in one go or in small amounts, but either way, the energy needs to be released one way or the other.</li><li>Twin income trap and women entering the workforce has propped up total employment growth numbers since the 1970s.</li><li>If you want to shut down Coronavirus, what are you going to do after isolation? This is not a sustainable solution, and this is not an analogy to the flu. It will be with us for a long time.</li><li>When a Bear says to a boomer, 50% drop will take us back to normal market valuation; this means for Boomers, you will have 50% less revenue when you retire than you thought you would have.</li><li>Dave’s portfolio advice: pick a bond to equity ratio, and stick with it.</li><li>Why dumb money is destroying markets and good companies because there is too much money in the system.</li><li>Why CEO/Boards/Company Governance is an in-bred system, and this all needs to be cleared out in the great raging inferno we have now.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

End of the World w/ Dave Collum - Pt 3.

Kain Warwick

About this episodeKain Warwick joins End of the Chain with host Samuel McCulloch to discuss synthetic assets on Ethereum, the growth of Defi and the future of crypto assets.  Kain's LinksLinkedin | Twitter | CrunchbaseSHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy Synthetix's end goal is to give people the ability to have price exposure to other asset classes while remaining on Ethereum.How Ethereum solved the volatility problem in the crypto markets and unlocked its true potential through composability.Why we all live with the tail risks inherent in these regulated stablecoins and the kill switches built into them.How all on-ramps come with trade-offs and why these risks need to be discussed in DeFi.Why Synthetixs wants to stay as permissionless as possible.Why the challenges of providing security and guarding value are much much greater in DeFi than in centralised systems because of the lack of legal/regulatory system to fall back on.Why Flashloans will take out protocols and platforms that are not robust or have weak points and how this is inevitable as DeFi matures.How Synthetix’s implantation of a bitcoin bridge will be permissionless to avoid introducing systemic risk, regulatory capture and other attack vectors into the network.Why a permissionless ERC20 tokenised version of BTC or Bitcoin will be a better user experience on Ethereum than just using Bitcoin today on a Layer 1 or Layer 2 solution.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Kain Warwick joins End of the Chain with host Samuel McCulloch to discuss synthetic assets on Ethereum, the growth of Defi and the future of crypto assets.  </p><p></p><p>Kain's Links<br/><a href="https://www.linkedin.com/in/kainwarwick/?originalSubdomain=au" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://twitter.com/kaiynne" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.crunchbase.com/person/kain-warwick" rel="nofollow" target="_blank">Crunchbase</a></p><p><strong><a href="https://endofthechain.com/show-notes-for-kain-warwick-podcast/" rel="nofollow" target="_blank">SHOW NOTES</a></strong></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why Synthetix's end goal is to give people the ability to have price exposure to other asset classes while remaining on Ethereum.</li><li>How Ethereum solved the volatility problem in the crypto markets and unlocked its true potential through composability.</li><li>Why we all live with the tail risks inherent in these regulated stablecoins and the kill switches built into them.</li><li>How all on-ramps come with trade-offs and why these risks need to be discussed in DeFi.</li><li>Why Synthetixs wants to stay as permissionless as possible.</li><li>Why the challenges of providing security and guarding value are much much greater in DeFi than in centralised systems because of the lack of legal/regulatory system to fall back on.</li><li>Why Flashloans will take out protocols and platforms that are not robust or have weak points and how this is inevitable as DeFi matures.</li><li>How Synthetix’s implantation of a bitcoin bridge will be permissionless to avoid introducing systemic risk, regulatory capture and other attack vectors into the network.</li><li>Why a permissionless ERC20 tokenised version of BTC or Bitcoin will be a better user experience on Ethereum than just using Bitcoin today on a Layer 1 or Layer 2 solution.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

Permissionless Price Exposure - Kain Warwick - Synthetix

FLASH

About this episodeStani Kulechov joins End of the Chain with host Samuel McCulloch to discuss dollarization on the blockchain, Aave, flash loans and the growth of Defi. Stani Kulechov is the Founder and CEO of Aave, an open source and non-custodial protocol to earn interest on deposits and borrow assets. Stani was studying law at the University of Helsinki when he first got into Ethereum and he started exploring how it could impact the traditional financial system. In 2017, Stani released ETHLend, one of the first DeFi dapps ever. Since then, he has made it his mission to create tools for an open, transparent, and equitable financial ecosystem through Aave Protocol.Stani's LinksLinkedin | Twitter | CrunchbaseSHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forHow the historical creation of banknotes mirrors the creation of collateralized dollars in DeFi.How the integration of real-world assets into DeFi may reduce volatility in the long run but create systemic linkages to centralization.Why Ethereum is a liquidity aggregator, and the next logical step is to create NFTs which represent real-world assets in DeFi.Why DeFi is currently undergoing something similar to hardware format wars, ie. Blue-ray versus DVDs.Why illiquid NFTs will need bigger baskets in order to create loan to value ratios.Why DeFi is going to have to solve the question of how to provide under-collateralized loan problem with more than one transaction.Why establishing a credit money system on Ethereum should be the holy grail of DeFi.Why the ethos of open source, collaboration, and composability creates innovation on Ethereum and the network effect growth we are seeing in the DeFi space.How Aave is working on governance in 2020 and beyond to create a truly decentralized protocol.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Stani Kulechov joins End of the Chain with host Samuel McCulloch to discuss dollarization on the blockchain, Aave, flash loans and the growth of Defi. </p><p>Stani Kulechov is the Founder and CEO of Aave, an open source and non-custodial protocol to earn interest on deposits and borrow assets. Stani was studying law at the University of Helsinki when he first got into Ethereum and he started exploring how it could impact the traditional financial system. In 2017, Stani released ETHLend, one of the first DeFi dapps ever. Since then, he has made it his mission to create tools for an open, transparent, and equitable financial ecosystem through Aave Protocol.</p><p>Stani's Links<br/><a href="https://www.linkedin.com/in/stani-kulechov-361284132/?originalSubdomain=uk" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://twitter.com/StaniKulechov" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.crunchbase.com/person/stani-kulechov" rel="nofollow" target="_blank">Crunchbase</a></p><p><strong><a href="https://endofthechain.com/stani-show-notes/" rel="nofollow" target="_blank">SHOW NOTES</a></strong></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>How the historical creation of banknotes mirrors the creation of collateralized dollars in DeFi.</li><li>How the integration of real-world assets into DeFi may reduce volatility in the long run but create systemic linkages to centralization.</li><li>Why Ethereum is a liquidity aggregator, and the next logical step is to create NFTs which represent real-world assets in DeFi.</li><li>Why DeFi is currently undergoing something similar to hardware format wars, ie. Blue-ray versus DVDs.</li><li>Why illiquid NFTs will need bigger baskets in order to create loan to value ratios.</li><li>Why DeFi is going to have to solve the question of how to provide under-collateralized loan problem with more than one transaction.</li><li>Why establishing a credit money system on Ethereum should be the holy grail of DeFi.</li><li>Why the ethos of open source, collaboration, and composability creates innovation on Ethereum and the network effect growth we are seeing in the DeFi space.</li><li>How Aave is working on governance in 2020 and beyond to create a truly decentralized protocol.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

Flash Loans: The Holy Grail of Composability - Stani Kulechov

Brian Kerr

About this episodeBrian Kerr, Co-Founder and CEO of Kava Labs joins the End of the Chain podcast with host Samuel McCulloch to discuss cross blockchain liquidity provisions. Brian makes a great argument for why instead of protocol maximalism, we should all be "liquidity maximalists". Brian Kerr is the CEO and Co-Founder of Kava, a cross-chain DeFi platform offering loans and stablecoins for crypto users and traders. Brian is a serial venture-backed entrepreneur who previously led a prominent esports and gaming company called Fnatic. Brian also serves as an advisor to several blockchain projects including Snowball, Akash.network, and DMarket.io.Brian's LinksLinkedin | Twitter | CrunchbaseSHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy DeFi is so important because it creates digital dollars and allows for hedging positions.How the biggest story this year is: DeFi found interest rates.How Kava’s evolution will grow rates and on board cross-chain liquidity into their protocol as a result.Why Kava has sovereignty over USDX and anything that is bridged into their protocol regardless which chain it came from.Why we haven’t seen a flight of assets from one chain to another YET.How Kava is creating a new monetary supply on top of the base layer that never existed before and in theory, why this should be more efficient than the base layer itself.Why this credit layer built on top, made up of Kava and others, enables fungible assets to be created and how this is a game-changer for Crypto.Why liquidity begets liquidity, and there is nothing more liquid than the US dollar.How privacy should be the default in a perfect world but currently, only a small number of users will go through the extra steps needed to secure privacy within protocols.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Brian Kerr, Co-Founder and CEO of <a href="https://www.kava.io/" rel="nofollow" target="_blank">Kava Labs</a> joins the End of the Chain podcast with host Samuel McCulloch to discuss cross blockchain liquidity provisions. Brian makes a great argument for why instead of protocol maximalism, we should all be "liquidity maximalists". </p><p>Brian Kerr is the CEO and Co-Founder of Kava, a cross-chain DeFi platform offering loans and stablecoins for crypto users and traders. Brian is a serial venture-backed entrepreneur who previously led a prominent esports and gaming company called Fnatic. Brian also serves as an advisor to several blockchain projects including Snowball, <a href="http://akash.network/" rel="nofollow" target="_blank">Akash.network</a>, and <a href="http://dmarket.io/" rel="nofollow" target="_blank">DMarket.io</a>.</p><p>Brian's Links<br/><a href="https://www.linkedin.com/in/brianhenningkerr/" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://twitter.com/brianhkerr?lang=en" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.crunchbase.com/person/brian-henning-kerr" rel="nofollow" target="_blank">Crunchbase</a></p><p><strong><a href="https://endofthechain.com/brian-kerr-kava-show-notes/" rel="nofollow" target="_blank">SHOW NOTES</a></strong></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why DeFi is so important because it creates digital dollars and allows for hedging positions.</li><li>How the biggest story this year is: DeFi found interest rates.</li><li>How Kava’s evolution will grow rates and on board cross-chain liquidity into their protocol as a result.</li><li>Why Kava has sovereignty over USDX and anything that is bridged into their protocol regardless which chain it came from.</li><li>Why we haven’t seen a flight of assets from one chain to another YET.</li><li>How Kava is creating a new monetary supply on top of the base layer that never existed before and in theory, why this should be more efficient than the base layer itself.</li><li>Why this credit layer built on top, made up of Kava and others, <a>enables fungible assets to be created and how this is a game-changer for Crypto.</a></li><li>Why liquidity begets liquidity, and there is nothing more liquid than the US dollar.</li><li>How privacy should be the default in a perfect world but currently, only a small number of users will go through the extra steps needed to secure privacy within protocols.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

Greasing the Defi Engine - Brian Kerr Kava

Andrey Bugaevski Incognito

About this episodeAndrey comes on the episode of End of the Chain with host Samuel McCulloch to discuss Incognito blockchain, a sidechain built for transactional privacy. He gives the run down about running a node, on-chain privacy and the growth of the network. Incognito's WebsiteProductsSHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forHow the idea for Incognito came about from a payroll use case for creating private transactions in stable coins.Why Privacy should be an option for all digital transactions, regardless of which chain or protocol you use.How Incognito works as a privacy sidechain that runs in parallel to the Ethereum network.How its mint/burn proofs make transactions untraceable and prevent malicious attacks.How Incognito decide to design ‘smart’ hardware and 'build' its validator network.Why Incognito built a physical plug and play node and made this open-source for other projects to use.What the team has planned for 2020 and beyond.How DeFi makes privacy and the ability to shield financial transactions even more important as more and more assets move on-chain.Why facial recognition will eventually allow your physical and digital identities to be completely traceable in a cashless society.How Incognito’s newly created PDEX can be a sidechain to any protocol providing privacy to all.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Andrey comes on the episode of End of the Chain with host Samuel McCulloch to discuss Incognito blockchain, a sidechain built for transactional privacy. He gives the run down about running a node, on-chain privacy and the growth of the network. </p><p><a href="https://incognito.org/" rel="nofollow" target="_blank">Incognito's Website</a></p><p><a href="https://incognito.org/t/featured-products/187" rel="nofollow" target="_blank">Products</a></p><p><strong><a href="https://endofthechain.com/incognito-show-notes/" rel="nofollow" target="_blank">SHOW NOTES</a></strong></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>How the idea for Incognito came about from a payroll use case for creating private transactions in stable coins.</li><li>Why Privacy should be an option for all digital transactions, regardless of which chain or protocol you use.</li><li>How Incognito works as a privacy sidechain that runs in parallel to the Ethereum network.</li><li>How its mint/burn proofs make transactions untraceable and prevent malicious attacks.</li><li>How Incognito decide to design ‘smart’ hardware and 'build' its validator network.</li><li>Why Incognito built a physical plug and play node and made this open-source for other projects to use.</li><li>What the team has planned for 2020 and beyond.</li><li>How DeFi makes privacy and the ability to shield financial transactions even more important as more and more assets move on-chain.</li><li>Why facial recognition will eventually allow your physical and digital identities to be completely traceable in a cashless society.</li><li>How Incognito’s newly created PDEX can be a sidechain to any protocol providing privacy to all.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

Privacy for All - Andrey Bugaevski Incognito

About this episodeDave Collum joins this episode of the End of the Chain with host Samuel McCulloch to break down his 2019 Year in Review. Dave is our most popular guest so far and for good reason. His witty writings are the highlight of my December. Dave and Samuel spoke for 5 hours and so this podcast will be broken up into a series of 3. SHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy we seem to be stuck in 1984 and partying like it is 1999.How Dave’s conclusion became an extrapolation for social change.Why the Bond Market is in the biggest bubble in recorded history, but it doesn’t mean that the equity markets should be there too.What the succession of financial bubbles never taught us and why the 2008 property bubble is still alive and well, and distorting the REPO market.Why REPO madness matters in 2019 and beyond.How Powell started washing US$ 100 billion into the system a day but it’s not QE.Why the means of protesting around the world is changing and becoming leaderless through the organisational power of social media.Why Dave believes the Epstein scandal is the biggest cover-up in US history.Why every time the parties fail to take down Trump, he gets stronger.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Dave Collum joins this episode of the End of the Chain with host Samuel McCulloch to break down his 2019 Year in Review. Dave is our most popular guest so far and for good reason. His witty writings are the highlight of my December. Dave and Samuel spoke for 5 hours and so this podcast will be broken up into a series of 3. </p><p><strong><a href="https://endofthechain.com/2019-year-in-review-pt-2-dave-collum-show-notes/" rel="nofollow" target="_blank">SHOW NOTES</a></strong></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why we seem to be stuck in 1984 and partying like it is 1999.</li><li>How Dave’s conclusion became an extrapolation for social change.</li><li>Why the Bond Market is in the biggest bubble in recorded history, but it doesn’t mean that the equity markets should be there too.</li><li>What the succession of financial bubbles never taught us and why the 2008 property bubble is still alive and well, and distorting the REPO market.</li><li>Why REPO madness matters in 2019 and beyond.</li><li>How Powell started washing US$ 100 billion into the system a day but it’s not QE.</li><li>Why the means of protesting around the world is changing and becoming leaderless through the organisational power of social media.</li><li>Why Dave believes the Epstein scandal is the biggest cover-up in US history.</li><li>Why every time the parties fail to take down Trump, he gets stronger.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

2019 Year in Review Pt. 2 - Dave Collum

About this episodeDave Collum joins this episode of the End of the Chain with host Samuel McCulloch to break down his 2019 Year in Review. Dave is our most popular guest so far and for good reason. His witty writings are the highlight of my December. Dave and Samuel spoke for 5 hours and so this podcast will be broken up into a series of 3. SHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forWhy markets are no exception to the chemist’s rule - when anything returns to equilibrium from a very unstable state, it does huge damage (you blow up the laboratory).Why China’s massive debt to GDP credit bubble is hard to predict as there is no history of what happens in China when bubbles burst.How 14% of the Fortune 500 cannot pay interest on their corporate debt with their cash flow, which means that they are insolvent and haven’t been downgraded YET.Why if one entity owns all those loans left over from the financial crisis, and no one sells them on the open market, then this is distorting price discovery.How MMT hasn’t a clue how to deal with inflation no matter what they say and that cutting the pie into different pieces is not wealth creation, nor is printing money.How a sovereign state can actually save, in a world of long-running trade imbalances, and if that is even remotely possible. (Triffin's Dilemma)Why we are going back to the 1920's and the debate about whether we let the free market run society or whether we centralise decision making is coming back round again.Why the battle is really between labour and capital; if you make capital free, you make labour cheap.How this arbitrage drives the shortening product cycle and squanders resources.Why the Fed does not have a shot clock for the economy and are burning up price discovery in their wake.Why Dave thinks Bitcoin is only good for speculation in the background, like Dutch tulip bulbs, but the Bitcoin crowd is making progress with him.Why Sam thinks DeFi is the best thing to be built on Ethereum yet and that it is an alternative to fixed income for better returns.Why even when you have a really good idea, you still need confirmation bias.How Dave was a bull in the 1990's, but the last decade was a washout because he didn’t even beat inflation.Why there is no upside for Dave in taking big risks with his portfolio as he approaches retirement.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Dave Collum joins this episode of the End of the Chain with host Samuel McCulloch to break down his 2019 Year in Review. Dave is our most popular guest so far and for good reason. His witty writings are the highlight of my December. Dave and Samuel spoke for 5 hours and so this podcast will be broken up into a series of 3. </p><p><a href="https://endofthechain.com/2019-year-in-review-pt-1-dave-collum-2/" rel="nofollow" target="_blank">SHOW NOTES</a></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>Why markets are no exception to the chemist’s rule - when anything returns to equilibrium from a very unstable state, it does huge damage (you blow up the laboratory).</li><li>Why China’s massive debt to GDP credit bubble is hard to predict as there is no history of what happens in China when bubbles burst.</li><li>How 14% of the Fortune 500 cannot pay interest on their corporate debt with their cash flow, which means that they are insolvent and haven’t been downgraded YET.</li><li>Why if one entity owns all those loans left over from the financial crisis, and no one sells them on the open market, then this is distorting price discovery.</li><li>How MMT hasn’t a clue how to deal with inflation no matter what they say and that cutting the pie into different pieces is not wealth creation, nor is printing money.</li><li>How a sovereign state can actually save, in a world of long-running trade imbalances, and if that is even remotely possible. (<a href="https://www.imf.org/external/np/exr/center/mm/eng/mm_sc_03.htm" rel="nofollow" target="_blank"><em>Triffin's Dilemma</em></a>)</li><li>Why we are going back to the 1920's and the debate about whether we let the free market run society or whether we centralise decision making is coming back round again.</li><li>Why the battle is really between labour and capital; if you make capital free, you make labour cheap.</li><li>How this arbitrage drives the shortening product cycle and squanders resources.</li><li>Why the Fed does not have a shot clock for the economy and are burning up price discovery in their wake.</li><li>Why Dave thinks Bitcoin is only good for speculation in the background, like Dutch tulip bulbs, but the Bitcoin crowd is making progress with him.</li><li>Why Sam thinks DeFi is the best thing to be built on Ethereum yet and that it is an alternative to fixed income for better returns.</li><li>Why even when you have a really good idea, you still need confirmation bias.</li><li>How Dave was a bull in the 1990's, but the last decade was a washout because he didn’t even beat inflation.</li><li>Why there is no upside for Dave in taking big risks with his portfolio as he approaches retirement.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

2019 Year in Review Pt. 1 - Dave Collum

About this episodeChris Roper joins this episode of the End of the Chain with host Samuel McCulloch to give the first official interview for Constant, a secured peer to peer lending site offering fix term loans for crypto. Constant is one of Samuel's favorite lending sites and he has written extensively about it before.Constant ReviewConstant's LinksWebsite | Twitter SHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forHow Constant became a P2P lending platform rather than just another project built on a stablecoin.Why their mission to try to help people with their money and their assets has remained the same even as their platform has changed.How Constant addressed the volatility problem in Crypto through over-collateralization, thus created secured loans.Why Constant is truly a peer-to-peer customer-driven marketplace and how their fiat on-ramp sets them apart from their competitors.Why new features like Pro and Flex came about in response to customer feedback and user experience.How Constant developed staking as a service for customers and is support projects they are passionate about through staking.What new features Constant are working on in 2020.Why Constant believes in the need for transparency as a business for our customers who want it, and for the industry as a whole in order to get more people involved in Crypto.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Chris Roper joins this episode of the End of the Chain with host Samuel McCulloch to give the first official interview for Constant, a secured peer to peer lending site offering fix term loans for crypto. Constant is one of Samuel's favorite lending sites and <a href="https://endofthechain.com/constant-secured-p2p-lending-platform-review/" rel="nofollow" target="_blank">he has written extensively about it </a>before.</p><p><a href="https://endofthechain.com/constant-secured-p2p-lending-platform-review/" rel="nofollow" target="_blank">Constant Review</a></p><h3>Constant's Links</h3><p><a href="https://www.myconstant.com/?r=3D9JKRN68K" rel="nofollow" target="_blank">Website</a> | <a href="https://twitter.com/bzlwang" rel="nofollow" target="_blank">Twitter</a> </p><p><a href="https://endofthechain.com/chris-rope-constant-show-notes/" rel="nofollow" target="_blank">SHOW NOTES</a></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>How Constant became a P2P lending platform rather than just another project built on a stablecoin.</li><li>Why their mission to try to help people with their money and their assets has remained the same even as their platform has changed.</li><li>How Constant addressed the volatility problem in Crypto through over-collateralization, thus created secured loans.</li><li>Why Constant is truly a peer-to-peer customer-driven marketplace and how their fiat on-ramp sets them apart from their competitors.</li><li>Why new features like Pro and Flex came about in response to customer feedback and user experience.</li><li>How Constant developed staking as a service for customers and is support projects they are passionate about through staking.</li><li>What new features Constant are working on in 2020.</li><li>Why Constant believes in the need for transparency as a business for our customers who want it, and for the industry as a whole in order to get more people involved in Crypto.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

We're Upgrading Money - Chris Roper Constant

Loong Wang

About this episodeWhy is privacy so important for Crypto? Loong Wang, CTO of Ren Project, joins End of the Chain with host Samuel McCulloch to discuss the roll-out of his protocol. Starting with the topics of privacy and on-chain transparency, they explore what it means to conduct DeFi cross-chain. The second half of the show gets into why Ethereum will be an aggregator for liquidity, bridging other blockchains to access their liquidity and introduce DeFi products to all Crypto-holders. Loong's LinksTwitter | Linkedin | CrunchbaseSHOW NOTESWhere to find the showiTunes | Spotify | Stitcher | Youtube | RSS FeedWhat to listen forHow Ren has transitioned from their initial focus on dark pools to functionality last year.Why privacy seems to have so many layers and how metadata makes everything traceable in the surveillance economy.How RenVM will allow Bitcoin to interact with DeFi, DEX or lending platforms in order to move value from one chain to another and why having shielded transactions through RenVM would preserve privacy.Why the user experience should be protocol agnostic.Why the price of self-sovereignty is the trade-off between understanding the security implications of holding your assets on different blockchain platforms and the risks being taken.Why all the functionality is on the Ethereum network, but all the value and liquidity is locked up in Bitcoin.How RenBTC will enable interoperability between protocols, DEX or centralised entities to transfer value between networks.SUPPORT THE SHOWIf you like End of the Chain you can help support the show by doing one of the following:Help keep this show going by sending us $5Donate to our Gitcoin GrantMake a Tip - Send me an email after so I can mention you on the show.Bitcoin: USE THIS LINK FOR ADDRESS REUSEEthereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644Leave a Review on iTunesShare an episode with family and friendsFollow me on Twitter | YoutubeIf you are interested in sponsoring the show please send me an email.

<h2>About this episode</h2><p>Why is privacy so important for Crypto? Loong Wang, CTO of Ren Project, joins End of the Chain with host Samuel McCulloch to discuss the roll-out of his protocol. Starting with the topics of privacy and on-chain transparency, they explore what it means to conduct DeFi cross-chain. The second half of the show gets into why Ethereum will be an aggregator for liquidity, bridging other blockchains to access their liquidity and introduce DeFi products to all Crypto-holders. </p><h3>Loong's Links</h3><p><a href="https://twitter.com/bzlwang" rel="nofollow" target="_blank">Twitter</a> | <a href="https://fr.linkedin.com/in/colinplatt" rel="nofollow" target="_blank">Linkedin</a> | <a href="https://www.crunchbase.com/person/loong-wang" rel="nofollow" target="_blank">Crunchbase</a></p><p><a href="https://endofthechain.com/loong-wang-ren-project-show-notes/" rel="nofollow" target="_blank">SHOW NOTES</a></p><h2>Where to find the show</h2><p><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">iTunes</a> | <a href="https://open.spotify.com/show/5Kh3ciJWcEbpUwJzU6BQt4?si=5iF5epNFRpyVVjtwEMzDIQ" rel="nofollow" target="_blank">Spotify</a> | <a href="https://www.stitcher.com/s?fid=484249&amp;refid=stpr" rel="nofollow" target="_blank">Stitcher</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a> | <a href="https://feeds.blubrry.com/feeds/endofthechain.xml" rel="nofollow" target="_blank">RSS Feed</a></p><h2>What to listen for</h2><ul><li>How Ren has transitioned from their initial focus on dark pools to functionality last year.</li><li>Why privacy seems to have so many layers and how metadata makes everything traceable in the surveillance economy.</li><li>How RenVM will allow Bitcoin to interact with DeFi, DEX or lending platforms in order to move value from one chain to another and why having shielded transactions through RenVM would preserve privacy.</li><li>Why the user experience should be protocol agnostic.</li><li>Why the price of self-sovereignty is the trade-off between understanding the security implications of holding your assets on different blockchain platforms and the risks being taken.</li><li>Why all the functionality is on the Ethereum network, but all the value and liquidity is locked up in Bitcoin.</li><li>How RenBTC will enable interoperability between protocols, DEX or centralised entities to transfer value between networks.</li></ul><h2>SUPPORT THE SHOW</h2><p>If you like End of the Chain you can help support the show by doing one of the following:</p><ul><li><strong><a href="https://stablepay.io/me/5/dai2compound/to/0xdab148614f22dda800cf006be7932eeeb75ac644" rel="nofollow" target="_blank">Help keep this show going by sending us $5</a></strong></li><li><strong><a href="https://gitcoin.co/grants/279/end-of-the-chain-podcast" rel="nofollow" target="_blank">Donate to our Gitcoin Grant</a></strong></li><li><strong>Make a Tip - Send me an email after so I can mention you on the show.</strong></li></ul><p>Bitcoin: <a href="https://rahakott.io/payment/24aaac40bab907882ee23016817e8153" rel="nofollow" target="_blank">USE THIS LINK FOR ADDRESS REUSE</a></p><p>Ethereum: 0xDAb148614f22dDa800cF006Be7932eeEB75AC644</p><ul><li><strong><a href="https://podcasts.apple.com/us/podcast/end-of-the-chain/id1458624990" rel="nofollow" target="_blank">Leave a Review on iTunes</a></strong></li><li><strong>Share an episode with family and friends</strong></li><li><strong>Follow me on <a href="https://twitter.com/traders_insight" rel="nofollow" target="_blank">Twitter</a> | <a href="https://www.youtube.com/channel/UCuLXmF2y8s0BwuNezG5cpJw" rel="nofollow" target="_blank">Youtube</a></strong></li></ul><p>If you are interested in sponsoring the show please <strong><a href="mailto:samuel@smarterledgers.com">send me an email</a>.</strong></p>

Protocol Agnostic Value Transfer- Loong Wang CTO Ren Project

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