This week again, I’m again on the other side of the mic, as I’m interviewed by Joe Magyer, the founder of Seaplane Ventures. This is a wide-ranging conversation where we talk about the Fed rate cut, cover different asset classes including VC, PE, Fixed Income, and Public Equities, and my journey in building Canopy Capital. This episode first appeared on the Investing in Startups podcast hosted by Joe, which I highly recommend you check out. Please enjoy this conversation with Joe Magyer. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:19) Overview of Canopy Capital (00:00:44) The Evolution of Asset Management (00:01:54) The Importance of Tax Individualized Investing (00:02:44) Starting the Podcast Journey (00:03:16) Crypto: From Skepticism to Interest (00:04:18) Exploring Various Asset Classes (00:06:08) Challenges and Rewards of Podcasting (00:11:12) Competitiveness in Different Asset Classes (00:16:38) Insights on Venture Capital (00:22:59) Building a Venture-Backed Company (00:24:18) The Founder’s Dilemma: Risk and Innovation (00:25:17) A Career at Fidelity: Reflections and Decisions (00:27:17) The Transition: From Intrapreneur to Entrepreneur (00:30:21) Market Insights: The Fed and Economic Cycles (00:36:27) Investment Strategies: Observing and Predicting (00:39:40) Web3 and Crypto: Future Prospects Learn more about your ad choices. Visit megaphone.fm/adchoices

Eric and Matt share insights on the market's performance through the third quarter of 2024, highlighting the S&P rising by 6% and a significant 50 basis point rate cut by the Federal Reserve, the first since the pandemic. Eric reflects on market sentiment and the complexities of predicting Fed actions, addressing the contrasts between past and present credit cycles, and emphasizing the importance of leverage awareness. They also delve into the impact of fiscal stimulus, wage inflation, and private market trends, while considering potential risks like inflation resurgence and government debt levels. Lastly, the conversation touches on the private markets, their growth, and the role of corporate credit and gives perspective on potential election volatility for next quarter.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:23) Fed Rate Cuts and Market Reactions (00:01:32) Leverage and Market Dynamics (00:03:07) Fiscal Stimulus and Wage Inflation (00:06:14) Global Economic Trends and Risks (00:11:04) Fed Policies and Historical Perspectives (00:16:06) Inflation Concerns and Market Implications (00:19:34) Investor Strategies and Fed Data Analysis (00:23:17) Fed's Easing Cycle: Market Reactions (00:23:33) Election Volatility and Market Expectations (00:24:08) Split Government and Market Stability (00:27:45) Corporate Credit Spreads and Economic Indicators (00:34:17) Private Markets and Investment Trends (00:41:01) Sports Betting and Market Regulation (00:44:02) Predictions Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Robbie Cannon. Robbie founded Horizon Investments in 1999 and grew the company to $7B in AUM before selling in 2021. Today, he takes us on a tour of the asset management industry.  We cover many fascinating topics, such as the industry's evolution over 25 years, the blurring of lines between wealth and asset management, oligopolies in finance, the impact of private equity, the role of technology and AI, and more. Please enjoy this conversation with Robbie Cannon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:06) Evolution of Wealth and Asset Management (00:04:18) Blurred Lines in Financial Services (00:14:18) Private Equity and Financial Advisors (00:17:05) Robo Advisors and Technological Integration (00:26:07) Evaluating Compatibility and Money in Motion (00:27:06) Peer Collaboration and Industry Insights (00:29:05) Strategic Asset Allocation for 2024 (00:29:46) Challenges for Emerging Managers (00:32:16) AI in Asset Management (00:45:27) Digital Solutions and Future Trends (00:49:36) The Evolution of Financial Advice Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Jerry Derevyanny, a partner at Bengal Capital, a cannabis investing firm. Jerry has been a part of the regulated Cannabis industry since 2014, and today he shares the nuances of investing in this growing and unique industry. I enjoyed listening to Jerry’s frameworks for the industry, such as Ants versus Locusts, the similarities and differences between Alcohol and Cannabis, capital allocation, and valuation. We also cover politics, the farm bill, and what the future of the Cannabis industry may look like. Please enjoy this conversation with Jerry Derevyanny. Bengal Capital's substack here. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Introduction to Cannabis Investing (00:00:30) Changing Investment Strategies (00:01:10) Highlighting Grown Rogue (00:02:33) Cannabis Market Dynamics (00:05:28) State-by-State Market Analysis (00:11:15) Capital Cycles in Cannabis (00:18:24) Federal Legalization and Its Impacts (00:29:56) Hemp-Derived THC and Market Trends (00:34:47) Conclusion and Future Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is David Nadig. David is the Financial Futurist for ETF Trends and ETF Database and has had over 25 years of ETF experience. We start off by acknowledging the debate over active and passive investing. David and I discuss the potential dangers of passive funds on market discovery, the inelastic markets hypothesis, and the effects of massive inflows into index funds. This episode explores how leverage and options trading interact with these market dynamics and the broader implications on capitalism and market structures. Please enjoy my conversation with David Nadig. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:25) The Passive vs Active Debate (00:03:02) Impact of Passive Investing on Market Pricing (00:04:02) Flow and Market Cap Multiplier Effect (00:07:20) Daily Leverage and Market Volatility (00:10:35) Uninformed vs Informed Traders (00:19:19) Opportunities and Risks in Passive Investing (00:21:52) Opportunities in Forced Selling and Crisis (00:22:17) The Shift from Public to Private Markets (00:24:46) Challenges in Private Equity Liquidity (00:29:46) The Broken System of Capitalism (00:35:30) Insurance Problems and Government Role (00:37:02) Thoughts on Capitalism's Future Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Nir Kaissar. Nir is the founder and portfolio manager at Unison Advisors and one of my favorite economic commentators/columnists at Bloomberg. Today, he joins us for a wide-ranging discussion on the US economy. We start with the disconnect between the strong economic numbers and the sentiment amongst the population. We then cover indicators of recessions, the potential for a systemic crisis in Private Equity, the magnificent seven, and more. Please enjoy this excellent conversation with Nir Kaissar. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) - Welcome to Making Markets (00:02:07) - Exploring Economic Disparities Amidst a Booming Economy (00:02:53) - The Living Wage Crisis in the U.S. (00:04:30) - Unpacking the Wage Stagnation Puzzle (00:07:12) - The Transparency and Productivity Dilemma (00:09:18) - Innovative Solutions for Economic Inequality (00:12:41) - Government's Role in Redistributing Wealth (00:18:31) - Addressing the Retirement Savings Gap (00:19:26) - Debunking Recession Predictions and Economic Indicators (00:29:10) - The Potential Risks in Private Equity and Real Estate (00:32:55) - The Growing Influence of Private Equity (00:34:55) - The Unprecedented Scale of Private Capital (00:36:28) - The Need for Transparency in Private Equity (00:38:06) - Exploring Systemic Risks and Distribution Concerns (00:40:37) - The Changing Landscape of Commercial Real Estate (00:43:03) - Rethinking Bailouts and Sovereign Wealth Funds (00:46:29) - The Debate on Government Intervention and Economic Stability (00:56:08) - Public Securities and the Magnificent Seven Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Mark Dow. Mark started his career as an economist with the US Treasury and the IMF before he joined Wall Street. Today, he is the founder of behavourialmacro.com and runs a fund that combines his skillsets as a trader and an economist. In this discussion, we talk about why economists are usually bad investors, how Mark approaches markets, and we cover some provocative ideas - including how Quantitive Easing and Tightening have little effect and why Mark's not worried about US debt. Please enjoy this great conversation with Mark Dow For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:01:06) Welcome to Making Markets (00:01:53) Starting the Conversation: Economists as Investors (00:03:31) Transition from Economist to Trader: A Personal Journey (00:05:32) Understanding Market Narratives and Trading Patterns (00:08:09) The Role of the Federal Reserve in Market Narratives (00:09:26) The Impact of Monetary Policy on Market Dynamics (00:09:40) The Behavioral, Secular, and Cyclical Factors Influencing Monetary Policy (00:11:52) The Limitations of the Federal Reserve's Control Over Money Creation (00:14:40) The Behavioral Conditioning of Interest Rates (00:16:26) Understanding the Role of Banks in Money Creation (00:17:16) The Misconceptions about Monetary Policy (00:17:50) The Mechanics of Quantitative Easing (00:18:50) The Impact of Quantitative Easing on the Economy (00:19:55) The Role of Risk Appetite in Lending (00:21:25) The Effect of Economic Expectations on Yields (00:22:19) The Role of the Fed in the Financial System (00:26:53) The Impact of Competitive Pressures on Risk Taking (00:27:13) Understanding the Financial Instability Hypothesis (00:31:01) The Role of Demand in Asset Valuation (00:34:05) Understanding the Market Risk Cycle (00:34:13) The New Cycle and Its Differences (00:35:11) Economic Headwinds and Future Predictions (00:35:41) The Role of Banks and Areas of Concern (00:36:46) The Impact of Debt and the Financial System (00:37:15) The Role of Government Debt and Its Implications (00:37:36) The Stability of Treasuries and the Global Financial System (00:38:07) The Future of the Dollar and Government Debt (00:39:14) The Impact of Growth and Productivity on the Economy (00:40:03) The Risk Cycle and the Role of Institutions (00:42:06) The Impact of Fiscal Deficit and Modern Monetary Theory (00:48:55) Understanding Income Inequality and Asset Price Inflation (00:50:28) The Role of Finance and Technology in Income Inequality (00:53:34) The Future of the Housing Market Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we're replaying my episode with Nik “The Carny” Lentz. It's not every day you talk to a UFC fighter turned trader. And this conversation is both intense and insightful. We start by talking about Nik's journey from a difficult childhood to a UFC career and his philosophy on fighting, parenting, and life. We then cover his move to trading derivatives full-time and his approach to position sizing, risk management, and more. This is a different kind of episode, but one I thoroughly enjoyed listening back to, and I hope you feel the same. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes  (00:01:39) - (First Question) - Nik’s childhood and how he got into ultimate fighting (00:08:54) - Nik’s mentality when in the cage fighting (00:10:37) - Links between traumatic childhood and becoming a UFC fighter (00:11:48) - How Nik feels about his children potentially fighting in the future (00:13:29) - Nik’s earliest UFC fights and the importance of storytelling in the sport (00:21:35) - Insecurity and work ethic, getting the balance right to be able to perform at the top (00:26:35) - The relationship between drive and motivation and the kind of upbringing you have (00:28:52) - How Nik got into finance and his first moves in the market  (00:33:00) - Nik’s development of his own investment process and how he manages risk (00:36:00) - Determining position sizes, when to get in, when to get out. The ratio between Nik’s low-risk trades versus his big swings (00:38:16) - The similarities between gambling and investing, Nik’s opinion on the apparent lack of differentiation  (00:40:19) - Nik’s advice to young people looking to get started in investing (00:41:32) - Comparing the ups and downs of UFC fighting versus trading in the markets (00:43:32) - The process of walking away from fighting and whether Nik thinks he will ever walk away from investing Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Saurabh Mukherjea, the founder and Chief Investment Officer of Marcellus Investment Managers. Saurabh is one of the most articulate fund managers in India, and today, he lays out a compelling case for investing in the country. We start by contrasting India with China and explaining why China receives all the attention despite the much better results from the Indian market. We also cover the bull case for India, the rise of domestic inflows in India, the Indian bond market, and close with a discussion of the risks and the themes Saurabh is excited about over the coming years. Please enjoy this conversation with Saurabh Mukherjea. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:01:05) Meet Saurabh Mukherjee: India's Articulate Fund Manager (00:01:18) India vs. China: A Market Comparison (00:01:26) The Rise of Domestic Inflows in India (00:01:33) Challenges and Risks in Indian Markets (00:02:17) Why India is Oversold to American Investors (00:03:59) The Flow of Capital: India vs. China (00:08:30) The Impact of Political Dynamics on Markets (00:09:55) China vs. India: Private Sector Relations (00:11:19) Foreign Direct Investment (FDI) in China and India (00:13:37) Perceptions of Free Market Democracies (00:15:31) Media Influence and Market Trends (00:18:45) The Role of Domestic Investors in India (00:20:19) Wealth Distribution and Investment Trends (00:21:18) Impact of COVID-19 on Market Participation (00:24:16) Regulatory Perspective on Market Growth (00:24:38) Social Shifts Driving Market Trends (00:27:36) Angel Investing Boom (00:28:18) Debt and Corporate Balance Sheets (00:34:31) The Bull Case for India: Key Themes Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Herman Narula, the CEO of Improbable. Improbable is an ambitious company that is building the infrastructure for an open metaverse. We dive into his vision for the metaverse, the technical requirements, the economic model, the role of blockchain, and more. We also cover the issues with AI regulations and the gaming industry. Please enjoy this conversation with Herman Narula. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:01:54) Improbable's Journey and Vision (00:03:28) Challenges and Learnings in Tech and Business (00:05:16) The Evolution of Improbable and the Metaverse (00:08:23) Blockchain and Gaming: A New Frontier (00:18:14) Technical Innovations and Future Prospects (00:24:35) Building Your Own Metaverse Ecosystem (00:24:50) Value Accrual and Business Model (00:25:19) Venture Building and Equity Participation (00:26:01) Unique Experiences and Better Economics (00:26:36) Massive Multiplayer Capabilities (00:28:38) Creative and Social Experiments (00:30:57) Governance and IP Protection (00:36:13) Regulation of Technology and AI (00:45:21) AI in Game Development Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Sajith Pai, a VC at Blume Ventures. Sajith is one of the leading thinkers on India, and today he takes us on a journey to understand this massive, fast-growing, and challenging market. We cover many of the unique features that define the country, such as the lack of trust and the low levels of debt. We also talk about segmenting the Indian consumer, the business models that work in India, the incredible rise of the startup ecosystem, and more. If you want to learn more, I recommend you check out the 10-part Colossus series, Return on India. Please enjoy this episode with Sajith Pai. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Introduction to Sajith Pai and the Indian Market (00:02:22) Challenges and Opportunities in the Indian Market (00:04:54) Cultural Differences: Trust and Credit in India (00:07:31) The Duopoly Phenomenon in Indian Industries (00:11:01) Comparing India with Other Emerging Markets (00:16:13) The Venture Capital Landscape in India (00:21:24) Indian Consumer Market Dynamics (00:21:54) Built in India for India: Success Stories (00:23:06) Unique Indian Business Models (00:24:48) Built in India for the West: Insights (00:26:49) Government and Regulatory Environment (00:28:56) Investment Landscape and Competition (00:34:29) Exit Opportunities and Challenges (00:37:41) Advice for Indian Founders (00:39:57) Current Market Sentiment Learn more about your ad choices. Visit megaphone.fm/adchoices

In this quarterly recap, Matt turns the mic on Eric to delve into the remarkable performance of Q2, with the S&P up 4% and NASDAQ up 8%. They discuss the ongoing market strength, particularly driven by mega-cap growth companies and AI investment. The conversation covers the complexities active managers face, the unique AI spending cycle, the role of big balance sheets, and significant capital deployment. They also touch on historical market trends, fixed income perspectives, election year influences, and the rise of crypto. Please enjoy this second quarterly recap of 2024. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:41) Active Management Challenges (00:02:04) AI Boom and Market Dynamics (00:04:54) Tech Giants and Capital Deployment (00:08:12) Fixed Income Insights (00:18:29) Small Cap and International Performance (00:21:00) Election Year Market Impacts (00:25:26) Future Market Outlook Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Nat Eliason, an internet creator and writer of the new book Crypto Confidential. Nat takes us on his wild journey in Crypto, where he made and lost millions, worked on exciting projects, and suffered through hacks and scams. We also talk about the Olympus project, how he’s built a career on being early and why he’s devoting the next phase to writing. Please enjoy this wide-ranging conversation with Nat Eliason.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:27) The Crypto Boom and Personal Journey (00:05:28) Challenges and Setbacks in the Crypto World (00:09:33) Risk Management and Financial Realizations (00:12:33) The Olympus DAO Phenomenon (00:23:51) Marketing and Community in Crypto (00:26:36) The Rome Cult Movement (00:27:11) Personal Note-Taking Journey (00:27:49) The Rise of Rome (00:30:59) Obsessive Interests and Career Challenges (00:33:47) Writing and Career Reflections (00:36:09) Exploring Fiction Writing (00:44:11) The Dark Side of Crypto (00:50:26) Current Crypto Market Insights Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Richard Teng, the CEO of Binance. As a former regulator in Abu Dhabi, Richard was instrumental in making the city one of the world’s friendliest places for crypto. Today, he leads the world's largest crypto exchange into the post-CZ era. We talk about the painful lesson of the past year, working with regulators and putting the customer first. We also cover the Nigeria incident, the impact of the ETF, and why he’s bullish about the global regulatory outlook for Crypto. Please enjoy this conversation with Richard Teng. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:47) The Growth of Binance (00:03:21) Crypto Adoption and Regulation (00:03:50) Binance's Business Model (00:06:52) Compliance and Regulatory Challenges (00:19:11) The Role of Media in Crypto (00:26:13) Global Crypto Adoption Trends (00:29:28) Surprising Moves in Crypto Adoption (00:29:50) Superpowers and Crypto Policies (00:31:01) Emerging Markets and Crypto Challenges (00:31:30) Nigeria's Crypto Struggles (00:34:59) Global Crypto Regulation and Cooperation (00:36:07) US Crypto Market and ETF Impact (00:37:32) Crypto Trading Dynamics and User Insights (00:48:00) Crypto Regulation Across the Globe (00:54:30) Future of Crypto and Binance's Vision Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I’ve been a little skeptical of this asset class, so I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his backstory and his unique role at Cliffwater. Please enjoy this conversation with Phil Huber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets  (00:01:07) Transition from RIA to Buy Side (00:02:13) Career Journey and Passion for Alternatives (00:04:28) Understanding the Role of a CIO (00:06:55) Evolution of Alternatives in Wealth Management (00:08:23) Phases of Alternative Investments (00:10:53) Growth and Demand for Private Credit (00:15:48) Private Credit Performance and Risks (00:28:08) Writing and Sharing Knowledge (00:32:23) Role at Cliffwater and Fund Management (00:40:07) Phil on The State of the Public and Private Credit Market Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is B.B. Abbott. Over the past 25 years, BB has represented some of the generation’s biggest baseball stars, including Chipper Jones, Brian McCann, and past guest Corey Kluber. This was a short but action-packed episode, where we talked about the increasing intensity of childhood athletics, the economics of the player-agent model, and the impact of Name, Image, and Likeness, or NIL on College Baseball. We end up with a fascinating riff on how analytics has enriched scouting. Please enjoy this episode with B.B. Abbott.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Meet BB Abbott: Baseball's Top Agent (00:01:48) The Evolution of Youth Sports (00:02:24) Scouting and Specialization in Baseball (00:06:14) The Role of Advisors and Agents (00:08:29) Understanding NIL: Name, Image, and Likeness (00:11:31) The Legal Landscape of NIL (00:17:58) The Transfer Portal and Its Implications (00:20:34) NIL's Impact on Professional Draft Decisions (00:22:03) Evaluating and Valuing Players (00:26:39) The Economics of Being a Sports Agent (00:31:46) The Role of Data and Analytics in Scouting (00:35:44) Competing in the Sports Agency Industry Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Bob Elliot, the CIO of Unlimited Funds. Before Unlimited, Bob was on the investment committee at Bridgewater and led Ray Dalio’s personal research team for a decade. I’m a big fan of Bob’s work and his twitter account and was excited to talk to him on all things Macro. We start by diving into the current market cycle and the US deficit, inflation and bond yields. Bob then explains the Fed’s reaction function and why he believes they are working with the wrong framework. We end by talking about gold, bitcoin, housing, commercial real estate and private equity. Please enjoy this conversation with Bob Elliot. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:50) Understanding the Goldilocks Economy (00:02:55) Comparing Economic Cycles (00:04:02) Income-Driven Expansion Explained (00:08:14) Wage Inflation Dynamics (00:09:43) Impact of Asset Prices on Inflation (00:16:18) Government Deficits and Economic Growth (00:21:24) Federal Reserve's Role and Challenges (00:26:58) The Role of Forward Guidance in Federal Reserve Policy (00:27:44) Volatility and Misleading Predictions (00:28:45) Market Reactions and Fed's Influence (00:30:26) Understanding the Fed's Reaction Function (00:31:53) Stock Market Dynamics and Earnings Growth (00:33:17) The Case for Gold in a Portfolio (00:38:46) Bitcoin vs. Gold: A Comparative Analysis (00:41:34) Monetary Policy and Asset Correlations (00:43:07) Housing Market Trends and Challenges (00:45:12) Commercial Real Estate and Private Equity Concerns (00:50:12) Market Consensus and Hedge Fund Strategies Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Ben Gordon, the CEO of Fractal. At Fractal, Ben runs a unique strategy, providing farmers with equity capital and investors exposure to a differentiated and uncorrelated asset class. Ben starts by making the case for investing in farmland and explaining why institutional ownership remains low in the category. We then dive into Fractal’s business model, what a typical deal looks like and where they fit in the agricultural capital stack. If you’re interested in this topic, I also recommend listening to our earlier episode called “Harvesting Alpha through Farmland.” Please enjoy this episode with Ben Gordon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:53) The Appeal of Farmland Investments (00:04:23) Challenges and Opportunities in Farmland (00:10:22) Fractal's Unique Business Model (00:15:58) Investor Insights and Tax Benefits (00:21:48) The Impact of Technology on Agriculture (00:23:50) Farmland and ESG Investing (00:26:23) Fractal's Vision and Strategy (00:28:11) Scaling and Risk Management in Farmland Investments (00:33:17) Historical Performance and Market Dynamics (00:43:27) The Future of The Market for Farmland  Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Adam Terry, the co-founder and CEO of Cantrip. A few weeks ago, Aaron Edelheit came on the show and made the pitch for investing in Cannabis Beverages. Today, we talk to one of the leading operators in this space. This was a fun conversation where we really got into the weeds, pun intended, into the science of a very complicated plant and an equally complex regulatory landscape. We also talked about the vision for Cantrip and how Adam aims to build a defensible and valuable business. Please enjoy this conversation with Adam Terry. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:40) The 2018 Farm Bill and THC Drinks (00:06:38) Understanding Delta 9 and Delta 8 THC (00:10:00) THC vs. CBD: Key Differences (00:13:57) Natural vs. Synthetic Cannabinoids (00:16:42) The Rise of THC Beverages (00:21:25) Regulatory Challenges and Market Growth (00:25:29) Cantrip's Production Process (00:27:17) Challenges in Dispensary Product Regulations (00:28:41) The Complexity of Beverage Production in Dispensaries (00:30:45) Regulation of Alcoholic Beverages vs. THC Drinks (00:34:00) Market Dynamics and Brand Building in THC Beverages (00:40:57) Cantrip's Customer Demographics and Product Strategy (00:46:51) The Future of The Cannabis and Beverage Industry Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Tony Cappell, the Founding Partner at Chicago Atlantic. In 2018, Tony saw an opportunity to do private credit in Cannabis and has since built Chicago Atlantic is the largest lender in the space. We start by talking about the early days of Chicago Atlantic. We then move on to the challenges of underwriting in Cannabis, his views on the industry and on competition from other lenders. We end with a discussion on the overall private credit market. Please enjoy this conversation with Tony Cappell.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:31) Entering the Cannabis Private Credit Market (00:04:54) Challenges and Opportunities in Cannabis Lending (00:08:12) Market Segmentation and State Regulations (00:11:51) Credit Risk and Market Dynamics (00:15:12) The Life Cycle of A Cannabis Deal (00:20:12) Diversification Across State Regulations (00:23:47) Brand Power and Regulatory Concerns (00:28:13) Impact of 280E and Rescheduling (00:33:13) Private Credit and Investment Strategies (00:36:44) Challenges and Opportunities in Cannabis Lending (00:45:12) Private Credit Market Outlook (00:50:31) Entering Into an Agreed Asent in Cannabis Investing Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Tom Dunleavy. Tom spent a decade in traditional finance before moving onto Web3. Today he is the Managing Director of the Crypto VC firm MV Global. We start this conversation by exploring the current state of public and private crypto investing. Tom then outlines the process of raising capital, the role of Key Opinion Leaders, the meta-use case of crypto and the implications of on-chain liquidity. We then close on the regulatory environment in the US. Please enjoy this conversation with Tom Dunleavy.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:15) Exploring the Dynamics of Public and Private Crypto Investing (00:06:49) Unpacking the Process of Raising Capital in Crypto (00:14:01) The Role of Key Opinion Leaders (KOLs) in Crypto Funding (00:19:49) Evaluating Different Sources of Capital (00:25:31) The Growing Theme of Chain Abstraction (00:29:59) Navigating the Regulatory Landscape and the Future of Crypto (00:33:51) The Political Nature of Crypto (00:27:10) The Next Catalyst For Crypto (00:40:41) Final Thoughts and the Road Ahead for Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Corey Kluber. For those who don’t follow baseball, Corey Kluber was a 3-time MLB all star and one of the great pitchers of the last decade. Today, he takes us on quick tour through his career and what it takes to succeed as an elite athlete. We also talk about the market for athletes, his strong views on childhood athletics, his plans for the future and more. As a Boston resident, it was an honor and privilege to interview a former star from the Boston Red Sox. Please enjoy this episode with Corey Kluber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:16) The Evolution of Youth Sports and Parental Pressure (00:04:06) College Athletics, Scouting, and the Draft Process (00:11:53) Navigating the Professional World: Agents and Contracts (00:16:04) The Impact of NIL on College Sports and Beyond (00:19:25) Economics of Being a Pro Baseball Player (00:22:00) The Mindset of a Professional Athlete (00:24:08) Insights into Player Perspectives and Offseason Dynamics (00:32:02) Transitioning from Professional Sports to Retirement (00:33:33) Media Relations and Athlete Narratives (00:35:04) Improving Baseball's Appeal and Pace of Play (00:40:27) The Future of Baseball and Labor Relations Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Nir Kaissar. Nir is the founder and portfolio manager at Unison Advisors and one of my favorite economic commentators/columnists at Bloomberg. Today, he joins us for a wide-ranging discussion on the US economy. We start with the disconnect between the strong economic numbers and the sentiment amongst the population. We then cover indicators of recessions, the potential for a systemic crisis in Private Equity, the magnificent seven, and more. Please enjoy this excellent conversation with Nir Kaissar. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:07) Exploring Economic Disparities Amidst a Booming Economy (00:02:53) The Living Wage Crisis in the U.S. (00:04:30) Unpacking the Wage Stagnation Puzzle (00:07:12) The Transparency and Productivity Dilemma (00:09:18) Innovative Solutions for Economic Inequality (00:12:41) Government's Role in Redistributing Wealth (00:18:31) Addressing the Retirement Savings Gap (00:19:26) Debunking Recession Predictions and Economic Indicators (00:29:10) The Potential Risks in Private Equity and Real Estate (00:32:55) The Growing Influence of Private Equity (00:34:55) The Unprecedented Scale of Private Capital (00:36:28) The Need for Transparency in Private Equity (00:38:06) Exploring Systemic Risks and Distribution Concerns (00:40:37) The Changing Landscape of Commercial Real Estate (00:43:03) Rethinking Bailouts and Sovereign Wealth Funds (00:46:29) The Debate on Government Intervention and Economic Stability (00:56:08) Public Securities and the Magnificent Seven Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Aaron Edelheit, the CEO and Portfolio Manager at Mindset Capital. Aaron has spent his career practicing value investing in overlooked industries, like housing after the 2008 recession or Cannabis today. But we start the conversation by talking about another overlooked topic- burnout and the importance of disengaging from work. We then talk about the Cannabis industry, the myths and opportunities, and why Aaron raised a venture fund to invest in Cannabis beverages. This is a timely conversation, recorded just ahead of the news that the DEA will reschedule Cannabis, providing a massive boost to the industry, particularly around taxation. Please enjoy this conversation with Aaron Edelheit. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:26) Aaron’s Personal Journey: From Burnout to Balance (00:05:41) The Philosophy Behind Taking Breaks (00:13:23) Aaron’s Current Investment Philosophy (00:17:34) Exploring the Cannabis Industry (00:24:50) Comparing Cannabis to Other Industries (00:27:02) The Evolution and Challenges of Cannabis Cultivation (00:31:13) The Venture into Hemp and THC Beverages (00:32:15) The Disruption of the U.S. Alcohol Market by THC Drinks (00:40:14) Investing in Cannabis (00:42:58) The Future of THC Beverages and Cannabis Consumption Learn more about your ad choices. Visit megaphone.fm/adchoices

Matt turns the mic on Eric for the quarterly recap where they reflect on a strong first quarter for 2024, the secular trends in market and investment structures, navigating the IPO market, and the next generation of investors. Please enjoy this episode of Making Markets. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:21) Analyzing the Strong First Quarter of 2024 (00:03:57) In-Depth Discussion on Inflation and Economic Trends (00:07:40) Exploring the Power and Influence of the Federal Reserve (00:09:06) The Dynamics of Private Credit and Commercial Real Estate (00:14:56) Navigating the IPO Market and Private vs. Public Conflict (00:16:40) Secular Trends in Market Structure and Investment (00:20:51) Exploring the Allure of Alternative Investments (00:22:05) The Evolution of Wealth Management (00:23:38) The Next Generation: Capturing Gen X and Gen Z Investors (00:25:13) Fee Compression and the Future of Financial Services (00:27:29) Bitcoin's Milestones and Market Dynamics (00:33:34) Reflecting on Making Markets Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Brutus Clay. Brutus is the Chairman and CEO of Runnymede Farms, the oldest operating thoroughbred farm in Kentucky. He takes us through the fascinating world of breeding and racing thoroughbreds. We talk about the buy side in this industry and the similarity to Venture Capital and Private Equity. We end by talking about the horse racing industry and the beautiful story of the horse called Cody’s Wish. Please enjoy this unique conversation with Brutus Clay. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:04) Brutus Clay And The Legacy of Runnymede Farms (00:05:55) Kentucky: The Heartland of Horse Racing (00:08:45) The Economics of Breeding Racehorses (00:11:46) The Lucrative World of Stallions and Stud Fees (00:13:47) Understanding the Auction Dynamics and Revenue Sharing (00:16:020) The High Stakes of Horse Sales at Keeneland (00:18:04) Understanding Horse Behavior and Potential (00:21:57) The Business Model Behind Stallion Operations (00:24:46) Investment Insights: Comparing Horse Racing to VC (00:30:32) The Strategy Behind Horse Trading and Breeding (00:33:35) A Real-Life Underdog Story: Qualifying for the Derby (00:38:28) Cody's Wish: A Beacon of Hope and Victory (00:43:03) The Future of Horse Racing Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are revisiting this great episode with Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. He takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote work and the new consumer. We also talk about his new fixed-income ETF, Crypto, the Red Sea crisis, and more. Please enjoy this conversation with Jim Bianco.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) - Welcome to Making Markets (00:03:06) - First Question - Predictions on the Future of Interest Rates (00:07:24) - The Impact of Global Events on Inflation (00:11:03) - The Influence of Housing Inflation on the Economy (00:17:04) - The Impact of Remote Work on the Economy (00:28:45) - Attitude Changes on Spending and Inflation (00:30:48) - The Concept of Revenge Travel (00:31:53) - The Role of Stimulus Checks in the Economy (00:34:04) - The Shift in Investment Strategies (0042:01) - The Creation of the Bianco Research Total Return Index (00:51:32) - The Potential of Cryptocurrency and Blockchain Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Yossi Levi, better known as Car Dealership Guy, who has quickly become one of the most popular voices in the auto industry. Last year, I spoke to CDG about the US Car Market and the business model of car dealerships. Today's conversation covers Yossi's personal story and media business. We start with a quick overview of his fascinating backstory, from a used car dealer to tech entrepreneur to now a media founder. We then dig into his media business, talking about the business model, target audience, and the content treadmill. We end the conversation with a section on the US car market, where we cover demand and supply, the affordability challenge, EVs and hybrids, and more. Please enjoy round two with Car Dealership Guy. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:41) From Used Car Dealer to Online Auto Retailer (00:07:08) Transitioning from Business Owner to Influencer (00:14:52) The Evolution of CDG's Media Platform (00:17:44) The Strategy Behind Building a Media Empire (00:24:13) The Automotive Industry's Economic Landscape (00:31:00) Challenges and Opportunities in the Used Car Market (00:36:10) - The Impact of EVs and Hybrids on Market Dynamics (00:43:40) Exploring the Future of Affordable Cars (00:48:23) Insights on Car Dealership Operations (00:51:08) Economic Optimism in the Car Industry Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Bored, the pseudonymous Twitter personality who shot to prominence as Bored Elon. Bored spent over a decade in the video games industry, supporting the launch of 100+ game titles, and today, he takes us on a deep dive through the industry. We start by talking about Crypto Gaming, why it’s failed to deliver on its promise, and why Bored is still bullish on the category. We also talk about the overall gaming industry, the impact of AI, his new venture Edison, and more. I first chatted with Bored back in June '22, and his return on the show was as good as his debut. Please enjoy this conversation with Bored. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:18) Exploring the State of Crypto Gaming (00:05:01) The Complexities of In-Game Economies (00:11:32) Separating Crypto from Traditional Gaming (00:19:24) The Frontier of Event Gaming (00:26:09) Role of Blockchain and Crypto in Gaming (00:36:15) Gaming Distribution and Influencer Models (00:41:34) The Impact of AI on Gaming and the Future of Web3 (00:47:38) Future Directions in Gaming Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Jannick Malling. At 13, Jannick was getting paid to make websites. 5 years later, he was an early employee at the high growth broker, Saxo Bank. Today, he’s a serial fintech entrepreneur and the co-founder and co-CEO of Public.com, an investing platform. In this episode, we dive into the brokerage industry. We talk about how new-age brokerages compete against giants like Fidelity and Schwab, the business models of investing platforms, the impact of AI and more. Please enjoy this conversation with Jannick Malling. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:59) First Question - The Rise of Mobile Investing and Its Impact (00:03:48) The New Generation's Approach to Investing (00:11:30) Exploring the Revenue Models of Modern Brokerages (00:14:05) The Controversy of Payment for Order Flow (00:23:35) The Revolutionary Impact of Fractional Shares (00:28:57) Venturing into the World of Corporate Bonds (00:29:30) Exploring the Nuances of Fixed Income and Equities (00:30:18) The Evolution of Brokerages (00:32:25) The Rise of AI in Financial Services (00:33:52) Navigating the Trust Landscape in Financial Services (00:42:00) Innovations in Investment: The Case for Music Royalties (00:47:33) The Future of Alternative Investments and Market Trends (00:51:02) Reflecting on Market Cycles and the Path Ahead Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Paul Goodrich. Paul has spent his career organizing labor unions and fighting for labor rights. Today, he is the Vice President of Laborers' Union Local 151, a Massachusetts-based labor union for construction workers. In this episode, he makes a persuasive case for why we need labor unions and shows us the nuts and bolts of how they operate. Coming from Wall Street, which doesn't have the best view of Labor unions, it was very interesting and educative to hear from the other side. Please enjoy this conversation with Paul Goodrich. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:45) First Question - Paul's Journey into Labor Unions (00:04:22) The Impact of Labor Unions (00:06:46) Understanding the Mechanics of Private Labor Unions (00:08:10) The Economics of Union Labor: Balancing Wages, Benefits, and Market Dynamics (00:14:34) Perception vs. Reality of Union Labor (00:20:32) The Importance of Unions in Today's Economy (00:28:46) Comparing Unionization Across Industries (00:33:21) Navigating Non-Union Challenges and Political Leverage (00:34:34) The Role of State and Local Legislation (00:35:51) Labor Market Dynamics Post-COVID and the Future of Trades (00:39:10) - The Decline of Private Unions and the Rise of Public Unions (00:46:00) The Complex Landscape of Public Pensions and Financial Sustainability (01:00:49) The Future of Unionization Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is the Anthony Pompliano, better known as Pomp. Pomp is an investor, entrepreneur and one of the biggest media personalities in the world of crypto. In today's conversation, we talk about Pomp’s early career, his evolution as a capital allocator, and how he views public and private investing today. We also talk about his early career at Facebook, his media business, and of course, Crypto. Please enjoy this conversation with Pomp. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Media  (00:02:35) First Question - Crafting a lifestyle compatible with public life (00:05:24) The advantages of diverging from typical venture capitalist practices (00:07:54) Exploring unfair advantages in the investment sphere (00:12:58) Comparing internal and external investment strategies (00:14:11) The journey to launching a first business (00:20:34) Reflections on producing and sharing content (00:28:19) Emphasizing the need for diverse revenue streams (00:30:49) Tailoring content to fulfill specific objectives (00:35:31) Evaluating character within the investment community (00:40:50) Balancing established knowledge with current trends and news (00:45:06) Prioritizing being the chief marketing officer above other responsibilities (00:49:07) Discussing the downsides of public opinion sharing (00:55:00) Distilling the most profound recent lesson (00:59:05) Assessing the current phase of the Bitcoin cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Jim Bianco, the founder and President of Bianco Research. Jim is well-known on Wall Street for providing macro analysis since the nineties. Today, he takes us through his unique perspective on the economy. We start with his contrarian view on interest rates. We then cover the changes to the economy since COVID, such as remote work and the new consumer. We also talk about his new fixed-income ETF, Crypto, the Red Sea crisis, and more. Please enjoy this conversation with Jim Bianco.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:03:06) First Question - Predictions on the Future of Interest Rates (00:07:24) The Impact of Global Events on Inflation (00:11:03) The Influence of Housing Inflation on the Economy (00:17:04) The Impact of Remote Work on the Economy (00:28:45) Attitude Changes on Spending and Inflation (00:30:48) The Concept of Revenge Travel (00:31:53) The Role of Stimulus Checks in the Economy (00:34:04) The Shift in Investment Strategies (0042:01) The Creation of the Bianco Research Total Return Index (00:51:32) The Potential of Cryptocurrency and Blockchain Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Haseeb Qureshi, managing partner at Dragonfly Capital. From making millions through poker before the age of 21, to going viral for an article on negotiation, to being hired personally by Naval Ravikant to be a crypto VC, Haseeb’s life could be a Netflix movie. We dive into that backstory and all he’s learned about the relationship between work, money, and happiness. We also talk about the Bitcoin ETF, Dragonfly Capital, his biggest miss as a VC, and how he approaches investing today. Please enjoy this fascinating and wide-ranging conversation with Haseeb Qureshi. For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Making Markets (00:01:27) First question - Haseeb’s stance on the current developments in the crypto world (00:04:26) Whether the established precedent for Bitcoin ETF negates the need for further court cases (00:10:50) Advantages of trading ETFs over traditional assets and whether it could entice large institutions into cryptocurrency trading (00:15:16) Haseeb’s background in poker and the Portuguese prodigy story (00:24:10) Comparing fulfillment earning wealth between poker playing and trading in crypto (00:28:10) Patterns of disillusionment in people who make significant wealth in crypto (00:38:15) How Haseeb’s experience as a founder shaped his perspective on venture capital (00:46:42) How Haseeb first got together with Naval Ravikant (00:54:24) The initial vision for launching Dragonfly (00:58:55) How common it is for founders to relocate to other countries for crypto-related ventures (01:01:21) The size and scope of Dragonfly today and the acquisition of Metastable (01:09:01) Navigating the challenge of not second-guessing decisions (01:14:01) The challenges the industry has had with consumer adoption, particularly in cases like NBA Top Shot and Keone (01:21:31) Where Haseeb thinks the crypto market is currently in the cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Edward Woodford, the CEO and Co-Founder of Zero Hash. Zero Hash builds software that allows businesses to launch crypto products quickly, simply, and compliantly. This is Edward’s second startup, and we start with his backstory before exploring crypto's major use cases like payments, tokenization, remittances, and payroll. We also cover the US regulatory landscape, his take on the ecosystem today, and more. Please enjoy this conversation with Edward Woodford. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:03:06) First question - Navigating the challenges of a highly regulated industry (00:04:18) Detailing the functions of Zero Hash (00:06:31) Breaking down the business structure of Zero Hash (00:08:31) Delving into jurisdictional regulatory challenges (00:13:32) Addressing the issues Zero Hash resolves for clients (00:17:52) Bridging cryptography with the mainstream economy (00:20:54) Strategies for tokenizing assets (00:26:35) Examining asset transfers on the blockchain (00:32:34) Implementing global payroll solutions on the blockchain (00:35:39) Allocating marginal dollars in the crypto space (00:38:54) Assessing the current phase of the crypto cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is George Robertson. George is a highly interesting and contrarian investor who started on Wall Street way back in 1981. We start this conversation with a few incredible stories from his colorful career. George then makes a compelling case for why the Fed no longer has any power and what’s really happening with the economy. We end the conversation with another provocative claim on the market for US treasuries. Please enjoy this conversation with George Robertson. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:00:15) First Question - A quick background of his investment career (00:06:27) Basic tenants to think about when starting in trading  (00:12:41) Fed reaction functions before the market got weird  (00:17:17) How the Fed lost the power of the reaction function   (00:19:19) Outcomes of the Fed buying trillions in assets  (00:22:04) How pushing out risk spectrums does not inflate assets (00:26:13) Difficulties behind trying to start inflation before covid   (00:28:42) Reasons covid unleashed fiscal spending (00:30:21) His estimate on how much money the government put into the economy   (00:34:55) What the salesman macro pitch got so wrong  (00:36:52) His view on why rates are going higher (00:38:54) Whether raising funds is the right thing to do (00:39:27) The driver behind the higher rates call  (00:41:52) Conventional mortgage numbers versus NGDP numbers (00:42:20) The housing narrative compared to supply and demand  (00:44:35) Recession structure without bank involvement  (00:45:55) How high-frequency trading has impacted market forces  (00:48:48) His view on how one person can drastically shift the market (00:51:31) Where he thinks we are in the sentiment cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is David Kalk. David used to run Peter Thiel’s Macro Fund and is currently the CIO of Reflexive Capital where he spends most of his time managing the Crypto-focussed Liquid Trading fund. We start the conversation by asking where we are in the new regime. We then talk about reflexivity and how it applies in crypto. We also cover his trading process, how he evaluates new tokens, Solana's resurgence, the Bitcoin ETF and more. Please enjoy this conversation with David Kalk. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:48) First question - Assessing the current state of cryptocurrency (00:04:44) Exploring the concept of reflexivity (00:11:57) Unpacking the structure of Reflexive Capital (00:27:16) Positioning crypto within the broader risk asset context (00:30:42) Strategies for researching the crypto market (00:37:43) Non-crypto funds' perspectives on crypto trends (00:43:41) Delving into the significance of pricing in crypto (00:51:08) Evaluating the current phase of cryptocurrency investment Learn more about your ad choices. Visit megaphone.fm/adchoices

Today Matt turns the mic on Eric for the quarterly recap where they talk all things Bitcoin ETF, a strong fourth quarter for 2023, an interesting kick-off to 2024, and Eric's current outlook on the market (anxiety). Please enjoy this episode of Making Markets. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:00) First question - Thoughts on the Bitcoin ETF approval  (00:06:26) What’s next and whether we might see an Ethereum ETF (00:10:39) Reasons why an Ethereum ETF might fail (00:13:23) Eric’s transition from crypto markets back to traditional markets (00:18:24) Transferable skills from succeeding in niche markets   (00:20:21) Breaking into markets guarded by gatekeepers  (00:24:34) Top market performers living in hyper-paranoid states  (00:30:56) Whether or not a 20-year-old Buffett would trade crypto today   (00:33:11) General outlook on venture capital speculation writ large  (00:37:58) Things to consider about the emerging AI sector in the near future (00:43:11) Eric’s crazy idea about algorithms Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Mark Dow. Mark started his career as an economist with the US Treasury and the IMF before he joined Wall Street. Today, he is the founder of behavourialmacro.com and runs a fund that combines his skillsets as a trader and an economist. In this discussion, we get into why economists are usually bad investors and how Mark approaches markets. We also cover some provocative ideas - including how Quantitive Easing and Tightening have little effect and why Mark's not worried about US debt. Please enjoy this great conversation with Mark Dow. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:02:12) First question Discussing why economists often struggle with trading and investing (00:05:32) Strategies for aligning with market movements (00:16:06) Exploring reasons why a recession hasn't occurred yet  (00:25:32) Delving into the inflation dynamics of 2010  (00:31:18) Assessing the effects of interest rates on high-value assets  (00:34:13) Evaluating the current position in the market risk cycle (00:40:28) Investigating the perceived absence of risk in the market  (00:43:14) Reflecting on Modern Monetary Theory (MMT)  (00:49:19) Analyzing the relationship between asset price inflation and income inequality (00:53:57) Identifying the most promising sector in the current market cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Howard Lindzon. It’s impossible to summarize Howard’s resume, but he’s best known for founding StockTwits and as a private and public market investor. We start this conversation with a hilarious story of his early career at CBS. We then talk about a variety of other topics, like saying no when Fred Wilson brought him the Twitter deal, his investing philosophy, the degen economy, and a lot more. Please enjoy this conversation with the one and only Howard Lindzon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Making Markets (00:01:48) First Question - He explains the acquisition of WallStrip to CBS (00:04:27) How he was phantom fired from CBS   (00:04:58) Comedy and his career path background  (00:07:41) Why he likes comedians   (00:09:49) How he plays the social media game well (00:11:15) Fred Wilson and the early days of Youtube (00:12:13 Going from TheStreet to Twitter (00:16:28) The trade off of sharing investment pros and cons publicly on Stocktwits  (00:18:45) His public investment process versus his private investment process (00:21:31) He explains how the market is rigged (00:23:58) Passing on the opportunity to invest in early Twitter  (00:26:38) The Cabal and the investment process  (00:29:32) Founder scenarios that keep him from making deals   (00:35:10) Network effects amongst sharing venture capital and how it works   (00:38:41) Advice he has for new founders looking for venture capitalists (00:42:24) Support and advice for his family wanting to found startups  (00:44:18) Challenges and joys in private and public investing  (00:47:58) He explains the rich man, angry man, degenerate man investment theme (00:51:17) Sports betting and it’s market effects  (00:53:18) His view on crypto investments and Mt. Gox  (00:57:19) The Luckin Coffee fraud and his opinion on market opportunities   (01:00:49) His optimism for the future  Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Eric Jorgenson - the author of two books that I really enjoyed- "The Almanack of Naval Ravikant" and "The Anthology of Balaji." In this conversation, he tells us what he learned from studying these great minds and the experience of writing the two books. We also talk about the spread of anti-capitalistic ideas, techno-optimism the economics of publishing and more. Please enjoy this conversation with Eric Jorgenson. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:01:46) - (First question) - What can money not buy? (00:02:46) - When Eric started contemplating that question   (00:03:52) - Be the person who takes the notes; The Almanack of Naval Ravikant, The Anthology of Balaji (00:07:43) - How he approached writing Naval’s book  (00:10:21) - Ways that writing the book changed him and the people around him  (00:13:20) - Something most people get wrong about Naval  (00:15:45) - Not all billionaires are the same (00:18:34) - The inherent fear of new technology  (00:24:58) - When technologists went from being heroes to villains  (00:29:41) - Thinking about countries like companies  (00:33:05) - The competition that keeps the US growing; Atlas Shrugged (00:34:57) - Things he’s learned about Balaji’s nature (00:36:58) - Balaji’s public rise during the pandemic  (00:40:10) - How true the prediction was about Bitcoin going to a million  (00:41:35) - The audience overlap for his two latest books (00:42:55) - Going from being a writer to a writer and a publisher  (00:46:59) - Publisher royalties and self-publishing economics  (00:50:48) - Sourcing talent in the era of excessive content (00:55:26) - Writing in refreshing and engaging styles  (00:57:59) - Who he’d like to write about next Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest this week is Caroline Taylor. An art valuation expert, Caroline founded the Appraisal Bureau to bring data and analytics to the highly subjective world of art appraisals. We start the conversation with Caroline’s backstory before talking about the appraisal process for both fine art and NFTs and the problem that the Appraisal Bureau is solving in this space. We also cover several unique aspects of the art market, such as Block Trading, Irrevocable Bids, the place of NFTs in the Art world, and more. Please enjoy this conversation with Caroline Taylor. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes: (00:02:00) - (First question) - Why Deutsche Bank has an art collection (00:02:54) - Caroline’s background in art  (00:03:57) - A basic overview of the curation of art for a corporate collection (00:04:32) - The balance between investing in value or genuine interest in the pieces (00:06:00) - Caroline’s moves after the corporate art curation for Deutsche bank (00:08:15) - How advisory fees are structured in the buying process (00:10:47) - Appraiser ratings and determining their proficiency in valuing unique items (00:14:26) - Other valuation methods beyond insurance (00:17:32) - The complexities of irrevocable bids at an auction (00:19:10) - Profits from using low irrevocable bids and the long-term valuation of acquiring art through auctions (00:20:13) - Other unconventional bidding methods beyond room-based and irrevocable bids  (00:21:15) - A background of Dmitri Cherniak's 'The Goose' NFT, which sold at Sotheby's Auction for $6.2M (00:23:36) - The breakdown of the audience at Sotheby’s auction for The Goose (00:25:10) - Caroline’s journey to becoming the sole approved appraiser of NFTs in the insurance market (00:28:36) - The nuanced valuation of CryptoPunks from an art appraisal perspective (00:30:57) - How she initiated Appraisal Bureau to address the lack of neutrality in the market (00:35:18) - Caroline’s validation process, especially when significant discrepancies arise (00:35:37) - Navigating customer segmentation within Caroline’s clientele (00:37:37) - The potential impact of artificial intelligence (00:40:44) - How Appraisal Bureau conducts thousands of appraisals yearly without being able to disclose what they’re working on and who they’re working with  (00:41:32) - NFTs impact on bringing new people into the art world, Eric attending Art Basel (00:42:12) - NFTs permeating the traditional art world with positioning in places like MoMA (00:43:10) - Caroline’s opinion on the NFT market transitioning from a tough phase into a hopeful outlook Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Michael Lee. Michael is a dealer in rare photographs and the director of Lee Gallery. Today, he takes us on a tour across this under-the-radar market. We talk about the difference between the primary and the secondary market, the buy side, and tastemakers. We also cover his process for finding buyers, pricing inventory and his view on NFTs. This is exactly the kind of esoteric market I wanted to explore when we transitioned the show to Making Markets, and I hope you enjoy this conversation with Michael Lee. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes (00:02:22) - (First question) - Steps to becoming an art dealer (00:04:22) - Examining funding aspects for art dealers (00:06:21) - The function of independent art traders (00:10:09) - Comparing reproducibility: photography versus painting (00:11:10) - Delving into the buyer's perspective on photography (00:13:13) - Discussing the absence of external authorities in photography ratings (00:17:09) - Investigating the influence of museums in art (00:19:21) - Forecasting future trends in the art market (00:23:27) - Unraveling how transactions occur in the art world (00:28:07) - Clarifying the role of art galleries (00:30:45) - The intricate process of art collection (00:35:50) - Addressing perceived pretentiousness in art (00:41:55) - Exploring royalties within the art industry (00:45:08) - Grasping the factors affecting art pricing (00:53:00) - Analyzing why photography is currently in a 'fear stage' Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Pierce Crosby, the general manager of TradingView. TradingView has become the largest finance website in the world with 50 million users across 180 countries and Pierce takes us through this journey today. We talk about TradingView’s business model and their role in the brokerage industry, which is facing declining margins. We also cover how consumers use the platform today across different asset classes and geographies. Please enjoy this conversation with Pierce Crosby. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes (00:02:11) - (first question) The rise of TradingView's ubiquity in the trading market (00:02:53) - Exploring previous companies before joining TradingView (00:05:53) - Defining the services offered by TradingView (00:12:21) - Detailing the business model of TradingView (00:14:58) - Understanding how the company gained widespread acceptance (00:19:21) - Implementing charges for charting services (00:21:21) - Managing relationships with various brokers (00:24:02) - Categorizing the customer base (00:26:13) - Analyzing trends in mania-based trading (00:31:27) - Assessing the quality of TradingView's data (00:34:32) - Drawing comparisons between global markets (00:40:04) - Identifying exciting new areas for inclusion in TradingView (00:43:59) - Deliberating on the three main types of data sets (00:45:07) - Evaluating the current position in the market hype cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest is Brandon Zick, the CIO of Ceres Partners. Brandon grew up on a farm and then worked in finance for a decade. In 2010, he returned to his agrarian roots at Ceres, where he manages a $1.4 Billion fund that invests in farmland. In this episode, Brandon gives us an in-depth look at this unusual asset class, including the supply and demand dynamics, the economics of farming, and how Ceres chooses which farms to invest in. Please enjoy this conversation with Brandon Zick. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes  (00:02:05) - (First question) - Appreciating the benefits of a farm upbringing (00:03:26) - Segmenting farmland across the United States (00:09:04) - Locating farms on the market (00:11:39) - Realizing profits from farm ownership (00:15:57) - Assessing the farmer population (00:18:57) - Confronting bankruptcy risks in farming (00:25:01) - Comparing operational and sales expenses (00:30:41) - Exploring the niche sector of farm funds (00:32:36) - The particulars of livestock investments (00:35:41) - Identifying crops with the lowest returns (00:38:08) - Navigating the farm acquisition process (00:47:12) - Strategies for risk diversification in agriculture (00:50:23) - Understanding turnover in the farming sector (00:54:36) - The economics of crop monetization (01:02:26) - Highlighting his most favored deal (01:04:42) - Effects of low interest rates on the agricultural market (01:07:23) - Analyzing the current phase of the market cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Will Peck. Will is the Head of Digital Assets at WisdomTree, where he oversees the firm’s digital assets, crypto, and blockchain initiatives. After speaking with WisdomTree’s CIO, Jeremy Schwartz, a few weeks ago it was great to explore their digital strategy with Will. We discuss the firm’s digital roots, the complexity around launching a bitcoin ETF, and their innovative app – WisdomTree Prime. Please enjoy my conversation with Will Peck. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes: (00:02:05) - First Question - How he became the head of Digital Assets at WisdomTree (00:02:51) - Wisdom Trees first steps into the digital assets space (00:04:50) - Why he thinks bitcoin is not a replacement for gold (00:06:31) - His views on the US regulatory market and why launching in Europe is different   (00:09:15) - FCC denial and what that means for GPTC  (00:11:01) - The BlackRock twist that finally put things in motion   (00:13:11) - The likelihood that similar businesses and assets will copy one another (00:16:37) - Derby style launching and splitting the pot (00:17:57) - Why he thinks ETFs make the most sense   (00:20:13) - His macro take on where Bitcoin is (00:21:29) - The reason why they chose the public market versus private  (00:24:08) - How black listing is handled when a financial firm launches a token (00:26:21) - What he thinks about the finality of settlement  (00:27:53) - WisdomTree Prime’s focus on the wallet  (00:31:24) - The big change for Wisdom Tree to build physical infrastructure  (00:35:05) - He explains Prime (00:36:16) - Stable coins and what they are invested in (00:37:40) - How Wisdom Tree bond funds work (00:37:59) - Creating funds around regulatory ambiguity  (00:39:06) - How bond funds pay interest to tokens (00:40:22) - Logistics behind moving tokens from a Prime wallet to another account   (00:42:06) - Keeping record of tokens (00:43:38) - He talks about the token opportunities they are most excited about   (00:46:24) - Steps to get a stable coin to pay interest  (00:47:17) - What he's most excited for Wisdom Tree clients to experience Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest is the anonymous Twitter account CarDealershipGuy, also known as CDG. I was excited for this episode because it combined two of my biggest interests - markets and cars- and CDG did not disappoint. We cover a lot of ground, starting with why car dealerships are such a great business. We then talk about the state of the car market in 2023, the auto worker's strike, discounting and lending, and a lot more. Please enjoy my conversation with CarDealershipGuy. Note: this episode was recorded on 20 October, before the Auto Workers strike was resolved. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes: (00:01:50) - First Question - How he got the name The Car Dealership Guy  (00:04:03) - CDG's background in the car industry  (00:06:27) - The benefits of owning a new car dealership (00:08:24) - Competing dealership franchises and building rules  (00:08:48) - He debunks myths around manufacturers and poorly run dealerships (00:09:40) - The benefit of consolidating dealerships (00:11:19) - Where the profit margins have come from over the past few years (00:11:50) - Covid's effect on the new and used car markets (00:14:00) - How working from home during the pandemic impacted sales (00:15:04) - Used versus new and the competition between the two markets (00:17:04) - The economics of a used car life cycle  (00:18:37) - Demand for used cars and how they change dealership purchasing  (00:20:11) - High interest rates and potential market risks that could affect the market (00:22:20) - He gives insight into the high-end vehicle market (00:23:43) - How dealerships and manufacturers sell cars that aren't moving (00:25:28) - How a new car dealership loses money    (00:27:16) - The traditional car sale and its ability to change  (00:28:50) - Leasing versus buying in today's market (00:30:45) - Why leasing is popular and its benefits to the consumer (00:31:28) - Reaching an inflection point in the car market  (00:33:04) - The average consumer and their interest in tracking car prices (00:34:31) - He explains how dealers expand their inventory (00:34:53) - How the strike has impacted the industry  (00:37:39) - He explains why car dealers are more like gamblers (00:38:31) - The potential disruption the strike could have on the future market (00:40:11) - Using auction markets as a barometer for prices (00:41:00) - The most important type of vehicle to watch for market value positioning (00:41:51) - Depreciation and resale on both electric and combustion engine vehicles (00:44:45) - He talks to us about CDG and his podcast   (00:47:06) - What would be a good $100,000 car purchase and what would be bad Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Jeremy Schwartz. Jeremy is the Global Chief Investment Officer at WisdomTree. Before joining the group in 2005, he was the Head Research Assistant for Professor Jeremy Siegel and has helped co-author a number of books and papers with him over the years, including his popular "Stocks for the Long Run" book. Since joining WisdomTree, Jeremy has been instrumental in developing their world-renowned ETF expertise, and that is the focus of our discussion today. We break down the investment wrapper, explore why some ETFs have become massive and learn why they aren't as popular in fixed income. Please enjoy my conversation with Jeremy Schwartz. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  (00:01:47) - First Question - A summary of Jeremy’s paper he wrote with Professor Siegel (00:04:31) - An explanation of how the S&P committee adds companies to their list  (00:05:59) - A hypothesis on passive investing and its pros and cons for the S&P (00:07:51) - What investors do when a company hits zero (00:09:40) - The 7 market cap companies and how they impact the index   (00:10:47) - A snapshot of WisdomTree and its business (00:12:53) - The 2006 competing products and SEC’s resistance to ETFs   (00:15:09) - How a create /redeem system works  (00:18:06) - The definition of a simple ETF basket is (00:18:53) - How banks avoid taxes when transferring equities (00:20:16) - Jeremy’s strongest argument against ETFs (00:21:58) - How authorized participants make money from ETFs   (00:23:11) - The early push backs of ETFs  (00:25:02) - Index rules and who can post performance (00:27:17) - A breakdown of CRSP (Center for Research in Security Prices??)   (00:27:45) - The pros of self indexing and capitalizing on the ETF market (00:28:57) - The reason why fixed income ETFs haven't shared the similar growth of other ETFs (00:30:46) - The bond market and its major flaws (00:32:20) - Common themes of successful products (00:36:51) - Similar themes of products that do not work out  (00:38:41) - Where the Bitcoin ETF stands today  (00:40:14) - Which ETF providers will have access the the Bitcoin ETF   (00:43:18) - When the Bitcoin ETF might be available  (00:43:33) - The likelihood of non-bank providers stepping in to provide Bitcoin ETFs (00:44:22) - How providers find out and ETF has been approved (00:44:54) - Jeremy’s most popular tweet is (00:45:27) - Alternative data sets and why they are important   (00:47:49) - The distribution of mortgages and how many people do not have them  (00:49:45) - Professor Siegel's view on the market (00:51:40) - Where Jeremy thinks we are in the cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's guest is Nik “The Carny” Lentz. It's not every day you talk to a UFC fighter-turned-trader, and this conversation is both intense and insightful. We start by talking about Nik's journey from a difficult childhood to a UFC career and his philosophy on fighting, parenting, and life. We then cover his move to trading derivatives full-time and his approach to position sizing, risk management, and more. Please enjoy this unique kind of episode with Nik Lentz. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes  (00:01:39) - (First Question) - Nik’s childhood and how he got into ultimate fighting (00:08:54) - Nik’s mentality when in the cage fighting (00:10:37) - Links between traumatic childhood and becoming a UFC fighter (00:11:48) - How Nik feels about his children potentially fighting in the future (00:13:29) - Nik’s earliest UFC fights and the importance of storytelling in the sport (00:21:35) - Insecurity and work ethic, getting the balance right to be able to perform at the top (00:26:35) - The relationship between drive and motivation and the kind of upbringing you have (00:28:52) - How Nik got into finance and his first moves in the market  (00:33:00) - Nik’s development of his own investment process and how he manages risk (00:36:00) - Determining position sizes, when to get in, when to get out. The ratio between Nik’s low-risk trades versus his big swings (00:38:16) - The similarities between gambling and investing, Nik’s opinion on the apparent lack of differentiation  (00:40:19) - Nik’s advice to young people looking to get started in investing (00:41:32) - Comparing the ups and downs of UFC fighting versus trading in the markets (00:43:32) - The process of walking away from fighting and whether Nik thinks he will ever walk away from investing Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest this week is by Corey Hoffstein, the Founder and Chief Investment Officer of Newfound Research. Corey offers a fascinating and distinctive take on investing, which we delve into during our discussion. We cover topics like portfolio allocation, diversification and the innovative approach known as Return Stacking. We wrap up with lessons learned from 15 years of running an Asset Management firm. Please enjoy this conversation with Corey Hoffstein For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Show Notes  (00:02:00) - (First Question) The origins of the 60/40 portfolio (00:04:30) - How to tackle the allocation problem when it comes to 60/40  (00:08:15) - How Corey deals with the doubters when the strategy doesn’t work  (00:12:00) - Reasons why it makes sense to continue to participate even when there have been periods of underperformance (00:15:00) - Diversification in futures and stocks to create a less volatile investment journey (00:19:15) - The origins of return stacking (00:28:00) - Skepticism, evolution, and potential risks associated with portable alpha (00:33:30) - The need for careful risk management and the importance of rebalancing when using leverage to amplify investment returns (00:36:30) - Using historical data to determine the funding rate (00:40:00) - Implied funding rates and the spread between futures markets and spot markets (00:44:45) - The complexity of measuring market positions and strategies when it comes to futures and bonds (00:46:30) - The challenges Corey faced when starting an asset management firm (00:52:45) - The importance of presenting products in an understandable way for investors (00:54:30) - Examples of products or investment ideas that Corey got wrong (00:58:30) - The competitive nature of the ETF landscape and the importance of branding (01:02:00) - Corey’s success navigating the challenging landscape of the ETF space (01:05:15) - Fee competition and brand differentiation have led to firms exploring regulatory grey areas (01:06:30) - The distinction between speculation and investing Learn more about your ad choices. Visit megaphone.fm/adchoices

I'm thrilled to welcome you all to the first episode after the rebranding to Making Markets. This is a wide-ranging discussion on the economy with Samuel Rines - economist, author and managing director of Corbu LLC. We cover where we are in the economic cycle, 'excuseflation', the state of the consumer and the different sectors of the American economy. I hope you enjoy the kick off of "Making Markets" with Sam Rines. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes (00:02:00) - (First question) - What Sam believes The Fed is likely to do based off the current economic cycle (00:05:00) - The inflationary pressure on The Fed even though tech is replacing the workforce (00:06:40) - His explanation of price over volume (00:09:30) - How temporary price over volume is and its impact on consumer spending  (00:13:40) - Current consumer spending money and where it's coming from  (00:16:15) - Ignoring the coastal markets and focus on middle America (00:18:30) - What he thinks is slowing consumers (00:20:00) - The revenge of the middle and its meaning for economic stability    (00:21:15) - His view on soft landings in the market and which sectors are affected   (00:23:30) - His take on the travel and leisure sector  (00:25:30) - A look at the current residential and commercial real estate markets    (00:30:00) - Red flag market areas he thinks people should be weary of  (00:32:00) - Contagion risk caused by potential private sector collapses     (00:34:00) - Whether he thinks The Fed missteps or not  (00:36:15) - Global turmoil and its impact on market portfolios   (00:39:30) - How he positions his portfolio building based off of global risk (00:41:00) - Sam's favorite out-of-consensus bet Learn more about your ad choices. Visit megaphone.fm/adchoices

In place of our usual quarterly market recap, we have a special announcement to make. The scope of this show, Web3 Breakdowns, will expand and rebrand to Making Markets. Eric and Matt discuss what is changing, why, and, importantly, what will stay the same.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:01:27) - (First question) Rebranding from Web3 Breakdowns to Making Markets (00:06:08) - Why fixed-income investors are obsessed with markets (00:10:28) - The analysis of companies versus applying analysis to asset classes (00:12:42) - What it was like to cover the volatility of the cryptocurrency market (00:20:40) - Why you should have confidence in the cryptocurrency market  (00:26:09) - What type of guests will appear on the Making Markets podcast  Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden. Today we're replaying my conversation with William Quigley. He co-founded one of the earliest consumer VC funds, wrote the first institutional check for PayPal, and helped build the first major stablecoin, Tether. This is a favorite episode of the year, as William combined his lessons from his decades in technology with a strong first-principle understanding of blockchains. I hope you enjoy my conversation with William Quigley. We will be releasing new episodes along with an exciting update about the show within the next few weeks. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:01:57) - (First question) - His career in VC and gaming prepared him for the world of crypto (00:11:25) - Exploring the potential of blockchain and crypto (00:16:04) - Blockchain's ideal applications (00:22:43) - Tether's origin story and its role in enabling arbitrage trading (00:30:28) - Building trust, tokenization, and Tether's reserves in stablecoin development (00:38:09) - Tether's redeemability, trust, and market dynamics in cryptocurrency (00:43:44) - Trust, convenience, global risks, and regulatory considerations in stablecoins (00:48:30) - US banking dominance, Tether's struggle with banking relationships in regulation (00:53:25) - Tether's growth reflects demand for freedom and challenges with banking (00:57:00) - WAX's purpose-built blockchain facilitated NFT growth and trust in collectibles (01:06:34) - What he is most excited to build over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and today we’re going to break down the mechanics behind three major blockchains: Bitcoin, Ethereum and Solana. Blockchain is a term you hear a lot, both in this show and in Web3 more generally. But what do they actually mean and how do they work? That is the subject we’re going to cover today and something I’ve wanted to do for sometime. My guest for this episode is Keone Hon. Keone is a Math Prodigy who spent close to a decade building systems for high-frequency trading. Today, he is the co-founder and CEO of Monad Labs and is building a blockchain alternative to Ethereum and Solana. He has that rare blend of deep technical knowledge and the ability to communicate clearly, so he is the perfect guest for this episode. Please enjoy my conversation with Keone. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:47) - (First question) - An analogy to explain how crypto and blockchain work (00:11:20) - Scenarios to further explore his schoolyard analogy for Bitcoin (00:17:03) - The reality of the math and power balance surrounding blockchain technology (00:23:28) - Expanding the analogy to explain Ethereum (00:25:26) - The broad impact of Ethereum on smart contracting and proof of staking (00:29:08) - Major differences between proof-of-work versus proof-of-stake models (00:31:09) - Comparing Solana’s stateless design to the older chains (00:34:44) - The added privacy and speed advantages enabled by Solana (00:35:56) - The real security and risk profiles of these major chains (00:38:09) - Explaining Solana’s parallel transactions  (00:40:52) - Why the creation of new chains and further chain optimization still matters (00:42:27) - Why he got interested in the problem of chain efficiency and accessibility (00:44:54) - How crypto tech continues to build upon itself and expand to new use cases (00:48:34) - How Monad is building their blockchain to solve inefficiencies in crypto markets (00:50:09) - How he thinks about competition given the open-source nature of the space (00:52:12) - The process of actually building and testing a new chain (00:55:49) - What motivates him to continue building (00:56:53) - Diffusing a new blockchain innovation to users and coders (00:58:38) - What he’s most excited to see built over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden, and today we’re replaying one of my favorite conversations with 0xFoobar. Foobar is a developer and investor who writes a must-read newsletter called The Variable. We discuss the tradeoff between privacy and compliance, how culture and law shape each other, and his views on crypto regulation. When I interviewed 0xfoobar 11 months ago, the crypto world couldn’t have been more different. Today, as the industry moves toward court cases and regulation, the issues raised in this episode remain as relevant as ever. I hope you enjoy listening, and we’ll be back soon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:02:02] - [First question] - How he built such a robust technical background in his career that lead him to crypto  [00:04:42] - The trade off between compliance and privacy and his take on it writ large [00:07:27] - Whether or not people have given up on the idea that privacy of transaction matters  [00:11:17] - The current technical framework for what exists in privacy today for crypto [00:14:07] - Defining a zero knowledge proof and explaining the process to do one  [00:18:55] - The public ledger incentivizing other economic models and the ways crypto will be used in the future that might not be what we imagine today  [00:20:14] - People want to experiment but doing so can involve blind risk unless they’re familiar with the space  [00:22:00] - Reversible transactions and why they’re harmful  [00:26:37] - Opensea’s flagging involvement and whether or not we’ll have a cash-like layer built on top of the irreversible chain    [00:29:26] - Minimizing crypto purchase risk and protecting participants with a transaction cooling process or holding period  [00:32:46] - The ways in which law and culture shape each other  [00:34:14] - Examples of how culture affects crypto in ways that laws don’t yet  [00:36:31] - DeFi protocol hacks and how the culture should handle that kind of behavior  [00:40:49] - His thoughts on the current takes of trying to bring regulation by enforcement to the crypto space [00:43:18] - His current area of focus is lately and what he enjoys doing the most  [00:46:50] - What he’s most excited to see built in the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we're continuing our series of replays this week with the first episode we ever published. Almost two years ago to the day, I sat down with Patrick to talk about the Bored Ape Yacht Club. I hope you enjoy listening back to this episode as much as I did recently and I'll be back with new episodes, including our Q3 recap, very soon. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus Show Notes [00:02:30] - [First question] - What the Bored Ape Yacht Club is [00:03:39] - Motivations for owning a Bored Ape compared to traditional art  [00:07:46] - The scope of prices, hierarchy, turnover, and trading overview of these NFTs [00:09:51] - Distribution of rarity and why it matters  [00:11:29] - How the project roadmap is managed by the member community [00:16:23] - Who are the members and the key stewards of steering the ship [00:18:08] - An example of a project where the owners don’t own the IP of their NFT [00:20:56] - Underlying fundamentals and utility behind owning a Bored Ape  [00:26:36] - Thoughts on fungible tokens inside of non-fungible projects [00:29:06] - Ways to think about the value proposition of owning an Ape and an Ape token  [00:30:36] - Different options for minting NFTs and their pros and cons [00:34:36] - Literal mechanics of the minting process [00:36:59] - Smart contract mediating of combining NFTs to generate rare ones [00:39:20] - Building a bottom up brand and other examples of this trend [00:41:50] - Are NFTs just gambling, or will they become investable assets like physical art [00:46:09] - Blockchain infrastructure of the NFT space and whether it’ll stay on Ethereum [00:48:48] - What makes the Bored Ape Yacht Club so innovative compared to other projects Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are revisiting my conversation with Austin Campbell. After my interview with Mike Dudas, I had asked, who is the smartest person I can talk to about Stablecoins? He instantly responded, you need to speak with Austin, and as you'll hear, I think he's right. Austin spent 15 years in traditional finance before managing $22bn of Stablecoin reserves for Paxos. Today, he's an Adjunct professor at Columbia Business School and the managing partner at Zero Knowledge Consulting. In this conversation, Austin helps me break down the nuts and bolts of how Stablecoins work. We also discussed the lessons crypto should learn from the traditional finance world and how the current US regulatory crackdown will shape the ecosystem going forward. Please enjoy this Stablecoin primer with Austin Campbell. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:03:21] - [First question] - What can be learned from TradFi and applied to crypto [00:05:13] - The basics of Stablecoins and why they are important [00:07:39] - The logistics and mechanics of Stablecoins from the ground up [00:17:14] - Time-delay and infrastructure problems when trading with Stablecoins [00:21:18] - Liquidity, time sensitivity, and credit risk for issuers and buyers of Stablecoins  [00:24:59] - The roles, challenges, and faults of regulators in the space  [00:33:04] - The extent to which he sees regulators favored versus fouled by crypto natives [00:34:50] - The SEC’s imposition that qualified custodians are needed to exchange crypto assets [00:37:53] - His takes on news regarding Paxos and the BUSD [00:43:01] - Concerns regarding Binance and its Stablecoin consolidations [00:46:30] - Aspects of global Stablecoin regulation he’s optimistic about [00:49:01] - Why the US may not be a promised land for crypto [00:50:21] - The positives and potential impact of Stablecoins broadly, despite the pushback [00:54:03] - The possibility of traditional assets using crypto rails [01:00:04] - What he’s most excited to see built over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello Web3 listeners, this is a special episode drop. Earlier this year, Eric joined Matt Reustle and Dom Cooke on their Making Media podcast to talk about his experience hosting Web3 Breakdowns. In this episode, you'll hear about the art of interviewing, how long it takes to get better, and a behind-the-scenes look at hosting this show. Making Media is another podcast in the Colossus network. So, if you enjoy it, check out that feed, and Eric will be back as your host in the coming weeks. Learn more about Capital Camp. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- Making Media is a property of Colossus, LLC. For more episodes of Making Media, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @ReustleMatt | @domcooke | @MakingMediaPod | @JoinColossus  Show Notes (00:03:48) - (First question) - Who has inspired him as an interviewer  (00:05:13) - How he approaches interviews now compared to when he started   (00:06:48) - Changes in the early days that were game changers for him  (00:09:06) - Comparing his preparation process now to what it was early on   (00:11:44) - Reframing common questions in a thought provoking way   (00:14:10) - Probing a guest before hitting record to get a sense of where the conversation could go  (00:16:55) - Podcast episodes he’s found inspirational and what makes an episode great (00:27:20) - The art and difficulty of interrupting a guest without breaking the flow (00:30:20) - Pushing in when a guest says they want to come back to something later (00:32:36) - Managing the types of guests the Web3 and crypto space attracts  (00:36:08) - What makes an episode successful  (00:41:40) - The greatest looking things are often very well prepared  (00:44:10) - Comparing Joe Rogan to Howard Stern  (00:45:10) - Where his inspiration comes from  (00:46:55) - Pitching download data to guests as relatively scaled sports stadiums   (00:48:18) - Advice for people who want to get into podcasting  (00:50:42) - Wanting to change the name of Web3 Breakdowns  (00:52:34) - Other changes he’d like to make and his process for sourcing guests (00:54:06) - The migration from the fixed income community into crypto    (00:56:52) - A lot of hard work for a labor of love  (00:59:46) - Judging the quality of an episode after conducting the interview   (01:02:35) - Lessons learned and surprising things about exploring the media space Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is Nick Neuman, the CEO of Casa. Casa offers crypto users a secure and straightforward way to self-custody their assets, and today, we dive into this critical topic. We talk about the problems of self-custody, Casa’s solution, the recent addition of Ethereum to their platform, and the trade-off between security and usability. This is Nick’s second time on a Colossus Podcast after first appearing on an Invest Like the Best episode called “Becoming your Own Bank”, which I highly recommend. Please enjoy my conversation with Nick Neuman. Web3 Breakdown listeners can use code WEB3BREAKDOWN23 for 20% off your first year of a Casa Standard membership. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This show is brought to you by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/okxtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes  (00:02:09) - (First question) - Introduction to Casa: simplifying self-custody for secure storage of Bitcoin and Ethereum (00:05:13) - The risks of overestimating security among even experienced crypto enthusiasts (00:06:01) - Private keys, single points of failure, and Casa's multi-key approach to security (00:11:44) - Mobile key security: SIM swapping and securing funds through layers (00:14:28) - Balancing security and convenience with different security levels (00:17:32) - Spikes in interest during moments of fear or price volatility (00:19:53) - Offering video calls to simplify setup for hardware wallets (00:21:18) - Transitioning to Ethereum while maintaining security and usability for users (00:27:07) - Future challenges of balancing security and ease in interacting with smart contracts (00:29:54) - The importance of self-custody, simplifying the process for mass adoption (00:34:07) - Anxiety and laziness often delay sign-up, eased by simplified processes (00:36:49) - Blending user understanding with an effortless product experience (00:38:56) - Self-custody, like setting up a will or life insurance, brings relief and security (00:40:59) - What he is most excited to build over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is Jack Neureuter. Jack is a Senior Research Analyst at Fidelity Digital Assets where he helps institutions make sense of the crypto ecosystem. Our conversation centers on three main themes - Bitcoin, Ethereum, and the institutional view on Crypto. We start by talking about where we are in the Bitcoin Cycle. We then cover the Taproot upgrade, the XRP court case, and how institutions think about allocating to crypto. Please enjoy my conversation with Jack Neureuter. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This show is brought to you by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/okxtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:00) - (First question) - Exploring Bitcoin cycles, regulatory challenges, macro factors, and future potential outcomes (00:05:40) - Bitcoin's price tied to supply drop impact versus narrative-driven price changes (00:08:19) - Ethereum's technology fuels apps, while Bitcoin's scarcity enhances worth (00:13:37) - Harmony of Ethereum's tech and Bitcoin's simplicity (00:16:53) - Bitcoin scales while preserving decentralization, Ethereum offers diverse applications (00:19:42) - Bitcoin's Ordinals sparked debate between change and preservation (00:22:37) - Considering ETFs for Bitcoin in 2023 amid legal challenges (00:26:30) - Institutional interest in ETFs could impact crypto governance (00:28:24) - XRP's legal outcome surprised many, impacting altcoins, but industry's understanding is evolving (00:30:49) - Allocations vary based on macro views and investor type, with Bitcoin and Ethereum leading (00:34:18) - Asia leads crypto adoption due to currency norms, digital payments, and regulatory differences (00:37:11) - How allocating crypto in portfolios can be tricky due to limited data for future returns (00:38:5) - How valuing crypto can be tough due to lack of data, diverse use cases, and speculation (00:42:43) - Ethereum's potential for real-world assets on chain and the evolving tech landscape  (00:45:20) - What Jack is most excited to build over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guests today are Adam Zarazinski and Cameron Smith of Inca Digital. Inca is a Crypto Data and Analytics company that serves clients ranging from DARPA to banks to crypto exchanges, making Adam and Cameron well versed on a wide variety of topics. Our conversation covers how Inca built a business model on top of open-source data, the government’s view on Crypto and their work together, BlackRock’s Bitcoin ETF, and much, much more. Please enjoy my conversation with Adam and Cameron. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This show is brought to you by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/okxtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:25) - (First question) - An inside look at what Lazarus is and what they do (00:04:10) - Whether the attacks on crypto are aimed at organizations or individuals  (00:06:35) - Inca’s roll in national security (00:08:55) - A walk through of what Inca has to offer  (00:10:15) - The difference between forensic investigation and data analytics  (00:12:45) - Becoming a crypto data conglomerate in the future (00:15:30) - Changing client bases through evolving crypto cycles (00:17:45) - The government's reaction to Inca’s data analytics  (00:22:00) - How crypto's rails could potentially impact traditional assets  (00:23:45) - Whether decentralization is here to stay (00:24:50) - Proving markets are not being manipulated for future SEC approvals (00:28:55) - Predictions on the Inca ETF approval  (00:30:45) - Comparing crypto to traditional assets today (00:33:10) - Potential startups or clients that would benefit from Inca’s data (00:34:30) - How DEX regulation works (00:36:45) - The investment bodies looking for the cross exchange liquidity pockets (00:37:20) - Firms moving off-shore and its potential impact on the US market (00:41:05) - What Adam & Cameron are most excited to build over the next six month and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden, and my guest today is Luca Netz. Luca grew up with nothing but made millions before his 25th birthday by building and selling multiple businesses. Two years ago, he spent $2.5M to buy the Pudgy Penguins NFT project and has since turned it into one of the best-run NFT projects in the world. In the episode, Luca explains why the $2.5M purchase price was a bargain and why he believes Pudgy Penguins could be the face of NFTs in the future. We also talk about the overall NFT landscape, whale management, the strategy for Pudgy Penguins, and much more. Please enjoy this conversation with Luca Netz. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This show is brought to you by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/okxtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:45) - (First question) - When he first learned about Pudgy Penguins (00:05:19) - The original project owners and what lead to the community forcing them out (00:09:53) - Bidding high on Pudgy Penguins based on a bigger understanding of its potential (00:15:03) - His background before crypto and his skills as an elite marketer (00:21:44) - Thoughts on risk aversion when he first started amassing wealth  (00:24:28) - The relationship between a brand and its founder  (00:28:08) - How building in public has elevated his game (00:30:38) - Overview of the whale management thesis (00:35:30) - Marketing for niches versus expanding to multiple communities (00:40:36) - Early things he’s most proud of that helped grow Pudgy Penguins (00:43:20) - Planning for the future versus being spontaneous and reactive (00:46:17) - What the industry needs to help move it forward (00:52:45) - What he’s excited to see built over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden, and my guest this week is Alex Thorn. Alex was an early Bitcoin evangelist and former Director of Blockchain Research and Crypto VC at Fidelity. Today, he is the head of research at Galaxy Digital where he consistently publishes some of the most insightful work in the space. Alex starts by telling us how he went from working at a children’s summer camp to becoming the head blockchain researcher at Fidelity. We then talk about the Blackrock Blockchain ETF, why the time was right, the probability of its approval, and its impact on the asset class. Finally, we dive into the XRP case and its many implications. Please enjoy this conversation with Alex Thorn. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This show is brought to you by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/okxtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:13) - (First question) - Why Alex started rapping on his podcast (00:05:38) - Going from a teenage rapper to a career at Fidelity  (00:06:22) - A walkthrough of Alex's journey into crypto currencies  (00:10:11) - Meeting Matt Walsh and whether or not his convictions about crypto made him feel isolated (00:11:32) - Transitioning into Galaxy and what the crypto landscape felt like at that time  (00:13:06) - Public sentiment on the mutually exclusive TradFi and DeFi ecosystems merging  (00:18:03) - How trading Bitcoin without understanding it could hurt its growth potential  (00:20:30) - How Blackrock’s ETF could positively or negatively impact crypto  (00:25:28) - The mechanics of Coinbase being a custodian of Blackrock’s ETF (00:27:01) - SEC applications and how Blackrock managed to position themselves to get so close to an approval   (00:32:26) - The odds we actually get a Blackrock ETF (00:37:01) - XRP’s victory over the SEC and the potential of Ripple going forward  (00:42:24) - Overview of the Coinbase lawsuit and the delisting backdoor for exchanges (00:44:48) - Whether or not regulation will increase the risk for bad actors and scams  (00:47:37) - Growing uncertainty as the court battles wage on (00:49:53) - The Howey test and potential of a supreme court ruling over crypto   (00:52:13) - What Alex is excited to see built in the future Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Matt Reustle and we are back with another quarterly review. I joined Eric to talk about everything that happened in the second quarter of 2023—most of this quarter seemed to focus on regulatory headlines, scrutiny from the SEC, and unexpected rulings in the Ripple case. So we dive into what those mean and what it looks like on the horizon. Then we cover some interesting developments like the BlackRock ETF, Eric shares a few applications that get him most excited about blockchain in the future, and we talk about what development is like in the industry as a whole. Please enjoy this short but action-packed conversation with me and Eric. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This show is brought to you by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/okxtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:03:36) - (First question) - Cryptocurrency Q2 performance steady despite headline volatility (00:04:43) - Crypto sentiment is highly volatile, influenced by headlines and deep analysis (00:08:27) - Regulatory actions on Binance expected, Coinbase surprising, timing caught people off guard (00:11:06) - Coinbase sentiment impacted by regulatory uncertainty (00:12:56) - XRP's lawsuit reveals debate over security classification for institutional vs. retail sales (00:16:06) - The XRP ruling highlights the need for new cryptocurrency regulations (00:13:54) - Crypto's focus shifted to AI, but some still build projects (00:24:50) - Blockchain's global appeal and potential as a listed currency excites investors (00:27:44) - The potential of blockchain to streamline finance and ownership (00:29:46) - BlackRock ETF approval could propel Bitcoin's adoption  (00:32:21) - Closing thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is Gary Coover. Gary spent 8 years building Samsung’s innovation arm, Samsung Next, before he was drawn into the Web3 world. Today, he is the Chief Operating Officer of Superlayer, a venture studio focused on building Crypto startups. We start this conversation by analyzing what went wrong in the industry over the past 2 years, and why Gary advocates “Burying the Rails”. We then talk about Superlayer’s attempt to build an economically sustainable and inflation-resistant token model within their products, Hotline and Trophy. Please enjoy my conversation with Gary Coover. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:01:35) - (First question) - Things he got wrong while trying to launch his new business (00:03:27) - His view on NBATopShots as an inflation failure versus a crypto failure (00:05:48) - How his businesses differ from previously attempted token based companies  (00:09:50) - Determining whether a founders business in capable of tokenization (00:11:54) - He tells us why a token is necessary for these businesses to be successful (00:13:52) - Examples of returning value to the wrong group of people (00:18:32) - He explains how users pay for content on the platform (00:19:33) - Using tokens for in platform purchases instead of centralized currency (00:21:18) - How the inflation economics work behind the token model (00:22:58) - Handling content on the platform that is deemed illegal or unethical  (00:24:40) - Developing trust with creators that feel jaded from the past  (00:27:00) - How he sees the business developing from a tokenless model to one with tokens (00:28:46) - How he approaches building the right tokenized economic structure (00:30:41) - The ability to charge by preference in either tokens or dollars (00:32:58) - Pros and cons of not having control over market volatility  (00:34:49) - Which of his companies are currently using token based currency (00:37:48) - A look back at things he is proud he got right and still believes in (00:40:28) - What he sees in the space today that gets him excited (00:42:11) - What he is most excited to build over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is William Quigley. William has had a fascinating career working on the frontier of technology. He co-founded one of the earliest consumer VC funds, wrote the first institutional check for PayPal, and helped build the first major stablecoin, Tether. We start with a quick tour of his career and then dive into the history of Tether, the design choices that made it the most traded cryptocurrency in the world, and how digital assets have been around a lot longer than you may have thought. From my experience working in traditional finance, I have been a bit obsessed with stablecoins and enjoyed the opportunity to dive this deep into Tether. I hope you enjoy my conversation with William Quigley. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This show is brought to you by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/okxtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:01:57) - (First question) - His career in VC and gaming prepared him for the world of crypto (00:11:25) - Exploring the potential of blockchain and crypto (00:16:04) - Blockchain's ideal applications (00:22:43) - Tether's origin story and its role in enabling arbitrage trading (00:30:28) - Building trust, tokenization, and Tether's reserves in stablecoin development (00:38:09) - Tether's redeemability, trust, and market dynamics in cryptocurrency (00:43:44) - Trust, convenience, global risks, and regulatory considerations in stablecoins (00:48:30) - US banking dominance, Tether's struggle with banking relationships in regulation (00:53:25) - Tether's growth reflects demand for freedom and challenges with banking (00:57:00) - WAX's purpose-built blockchain facilitated NFT growth and trust in collectibles (01:06:34) - What he is most excited to build over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is CL207, also known as CL or Cat, one of the most popular anonymous accounts on crypto Twitter. I have followed him since I got into crypto and, like many, have always wanted to learn more about the person behind the account. CL is academically trained in chemistry and had no finance background before he began trading crypto. He made no money for 2 years but over time has evolved into an extremely thoughtful and intelligent trader. We start this conversation with one of the weirdest and most fun back stories we've ever had on the show. We then dive deep into CL's trading journey and bring this process to life with examples. We end the conversation on a variety of topics like fashion, anonymity, virtual reality and more. Cat is a highly original and interesting thinker. Talking to him was an absolute blast.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This show is sponsored by OKX. Want to stop paying trading fees? You can now trade for free for two months with OKX. Over 20 million traders and institutions choose OKX when they want to trade. And you can join them by signing up at okx.com/landingpage/OKXtraderseries to start your two months of fee-free trading today. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:23) - (First question) - Who Cat was before he started trading crypto and where his avatar came from (00:06:48) - Where his convictions came from to stick out trading crypto with no experience (00:10:21) - Finding an edge using intuition and mentally quantitative processes (00:12:53) - Putting together behavior and patterns to find market opportunities  (00:14:49) - Where he would start to get a sense of the market if he stepped away for a while (00:16:25) - His average holding period and whether or not he trades based on news (00:18:13) - What his trading day looked like today  (00:19:23) - His trading track record and how what he’s learned as changed his relationship with risk   (00:22:07) - Never working a job and being risk averse after becoming successful  (00:24:22) - Digging deep until you find an edge in the market  (00:26:13) - Sources of information and where the most alpha is amongst them  (00:28:02) - Whether or not narratives and chats have influenced his trading  (00:29:17) - How his focus has changed as he’s accumulated wealth  (00:31:33) - Having a passion for fashion and what captivates him about it (00:33:41) - Thoughts on anonymity and the pros and cons of it in the digital age (00:37:10) - Engaging with an avatar that has expressive emotions  (00:39:21) - Becoming Twitter famous and befriending Edward Snowden (00:41:59) - Whether or not he misses being a chemist  (00:45:07) - Giving your kid money to trade online hoping they get rugged  (00:47:35) - The Vision Pro and being incredibly bullish on virtual reality  (00:55:24) - The crossover of meeting someone in a virtual world that you’re interested in  Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest this week is Lubo Smid, the CEO and co-founder of STRV, a successful design and engineering agency. Lubo has lots of experience in the Web3 space, building both client and in-house projects. In our conversation, we talk about the balancing act of building a Web3 game, why he’s excited about ticketing as a mainstream use-case for blockchains, and why it is not Web3 technology but applications that should get all the hype. Please enjoy my conversation with Lubo Smid. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:01:23) - (First question) - What he’s learned about brands moving from Web2 to Web3 (00:03:44) - His viewpoint on the agency business model (00:07:50) - Signs that a new customer will be difficult to work with (00:08:56) - What sparked his interest into the Web3 crypto space (00:10:15) - The purpose of STRV Labs both internally and for Web3 partners   (00:12:57) - They dive into Scavengers Land and Web3 gaming (00:14:44) - The downsides of Web3 gaming   (00:16:38) - Current gaming business models and how things could evolve with Web3 (00:19:06) - Whether or not Web3 will survive without centralization  (00:22:31) - The potential for Web3 to change the ticketing industry  (00:27:47) - Convincing event holders to use the Web3 ticketing model (00:29:29) - How to handle abstraction and reduce friction between event holders and ticket buyers (00:32:26) - Feedback received from previous ticketing customers (00:34:11) - Overview of how Live Penalty works (00:36:34) - Lessons learned that help Web2 customers transition into Web3 (00:39:37) - Who he admires within the Web3 space (00:41:37) - What he is most excited to build over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest this week is Dan Matuszewski, the co-founder of CMS Holdings. It’s been a busy few weeks in Crypto and Dan joins us today for a quick check-in on the view from his seat as a trader. This episode is shorter than usual but it’s action packed as we discuss how the markets have digested the cases against Binance and Coinbase. This is the second time I've spoken to Dan on the show, who I think is one of the wittiest and smartest voices in the industry. Please enjoy my conversation with Dan Matuszewski. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:02) – (First Question) – He checks in on the current stock market climate and its overall performance   (00:03:29) – His take on the large drop that occurred recently once the market closed Friday      (00:05:05) - The change in liquidity environment due to banks exiting the space (00:05:54) - Possible replacements for two major firms pulling back from the market  (00:06:22) – Players who still have leverage to create markets  (00:06:30) – The outcome for the liquidity of books moving forward  (00:07:09) – A look into institutional trading and international expansion   (00:09:17) – Hypothetical American market isolation and its effects on global liquidity (00:09:57) – Comparing prior actions of government involvement    (00:11:00) – He tells us why listed tokens are being traded differently than non-listed tokens  (00:11:24) – A look at what he is trading  (00:11:56) – He talks to us about DeFi versus centralized training (00:13:18) – Opinions about the scale of the case and outcomes expected  (00:14:45) – His presumed timeline on a resolution and how it could happen (00:16:22) – NFT market performance and the problems with cryptocurrency   (00:20:34) – His take on the private market (00:21:29) – Possible successful business model of prime brokers (00:21:59) – The parts of DeFi that he’s interested in  (00:22:55) – What he tells people who’ve just gone through their first boom bust cycle (00:23:20) – Things in the market he’s keeping an eye out for in the future (00:23:44) – The positive things he’s seeing globally writ large Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is Scott Johnsson. Last week, the SEC declared war on Crypto by formally filing charges against Coinbase and Binance. Scott’s background as a finance lawyer and investor make him the ideal guest to unpack this. We go deep into the weeds on this one, talking about the SEC’s complaint against Binance and Coinbase and why Scott thinks most tokens are not a security. We also talk about how this might play out, the limits of the SEC’s powers, and why the industry should flex its political muscles in light of this existential threat. This is an important discussion at a critical time for the industry. I hope you enjoy my conversation with Scott Johnson For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:10) - (First question) - Changes in SEC's approach to crypto compared to traditional finance (00:07:06) - SEC's complaint against Binance (00:10:28) - Binance's case highlights the importance of securities trading registration (00:12:30) - Inflexible registration requirement of the SEC hinders innovation in crypto (00:14:31) - Coinbase case exposes SEC's contrasting approach and Coinbase's good-faith (00:16:49) - Why the timing of Coinbase's testimony is significant (00:19:26) - Potential impact of finding one token as a security among a group (00:21:23) - The role of burn mechanisms, presales, and primary/secondary transactions (00:28:00) - Analogy of trading cards in a securities transaction (00:32:58) - Equity and token ownership do not necessarily classify tokens as securities (00:35:38) - Staking and earn programs blur the line between service and investment (00:38:07) - Years-long litigation expected between SEC and major crypto companies (00:40:46) - SEC faces pressure as internal court cases weaken its position (00:47:58) - Politics shapes crypto regulation, narrative building influences policy and elections (00:53:31) - Democrats' anti-crypto stance protects banks but alienates pro-crypto voters (00:57:19) - What legal or regulatory resolution he is most excited to see over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guests today are Jason Yanowitz and Michael Ippolito, the co-founders of Blockworks. While starting Blockworks, Jason and Michael were sharing a single room in NYC to save money. Today, they are leading a profitable Crypto Media company worth $135 Million. In this episode, they take us behind the scenes on their journey. We cover the struggle of the early days, get their views on the crypto ecosystem, and dive into each of the three segments of their business - digital media, events and SaaS. Blockworks is a wonderful example of a thoughtfully built media company. This episode is filled with insightful nuggets about media business models, the tension between companies and creators, betting on niches, and so much more. Please enjoy my conversation with Jason and Michael from Blockworks. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:22) - (First question) - How they hustled to build up their business, Blockworks (00:04:16) - Why embracing the fear of failure is crucial for professional growth (00:06:30) - The bold bet they made on the crypto industry when starting Blockworks (00:07:43) - Their recent raise and transition to venture funding (00:11:34) - How they approach new idea generation for their podcasts (00:18:11) - Why they prefer sponsor partnerships instead of the race-to-the-bottom CPM model (00:20:00) - Individuals, not brands, drive media consumption through personal connections (00:25:51) - Focusing on niche events and content allows them to attract a dedicated audience (00:29:51) - Creating exceptional events that make memorable experiences for attendees (00:32:23) - Implementing a unique ticketing model for their events (00:35:17) - A look into their business model (00:36:50) - Identifying gaps within the crypto industry to address unmet needs (00:40:52) - Navigating the challenges and lessons of building in a bear market (00:45:02) - Who they admire in the crypto media industry (00:46:42) - What they are most excited to see built over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we are replaying one of my favorite episodes of the show from the last couple of years. This conversation is with gmoney, who is an influential builder, collector, and investor in the NFT community. Have a great weekend and we’ll be back with more next week. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:02:54] - [First question] - Context and inspiration for GMoney’s famous Twitter thread [00:08:42] - Why he dove into NFTs so aggressively [00:10:30] - All-in crypto diversification as opposed to closed-minded crypto trading [00:14:36] - NFT collecting in the mainstream [00:16:03] - The potential of an NFT as a “digital flex” [00:18:55] - The sharp increase in NFT values and the volatility of NFTs [00:22:03] - Distinctions between NFT technology and the NFT market [00:25:49] - How he landed his deal with Adidas [00:28:29] - His transition from traditional trading to the NFT market [00:29:57] - His early goals with NFT trading and adaptation as the space evolves [00:32:11] - The role of brand deals and influencer marketing in GMoney’s business model [00:35:35] - Helping clients and partners understand the NFT space [00:37:56] - Incentivising buyers to pay royalties to NFT artists [00:40:08] - The future of NFT royalties technology [00:41:12] - Divisions of the GMoney empire [00:44:38] - Explaining POAPs and their potential in the crypto community [00:48:30] - Why he gives out POAPs for free [00:49:25] - About 9dcc, the crypto-native fashion brand for real-world gamification [00:53:01] - How a POAP transfer works using a 9dcc t-shirt [00:54:35] - The communal success of the POAP pop-up event in Miami [00:56:34] - Why your net worth equals your network in the crypto universe [00:58:02] - Figuring out the optimal volume of POAPs to distribute [00:58:52] - What he is most excited to see built over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is Stevie Cline. Guests on this show usually have unique backgrounds, but having gone from dairy farming to earning multiple law degrees to founding a biotech startup to a partner at Vol 1. Ventures today, I think Stevie beats most of them. We start this episode with her unique backstory and the problems she saw in the VC world. We then talk about why the banner at Vol. 1 Ventures says ‘Let’s keep you out of Jail’, the regulatory and political landscape, and the potential of Crypto in rural America. Please enjoy my conversation with Stevie Cline. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:15) - (First question) - How she went from milking cows to having three law degrees (00:05:47) - The burnout from law that lead to the pivot of becoming a founder  (00:09:08) - Key takeaways from being a founder trying to launch a biotech company  (00:11:54) - Positive takeaways from being a female founder that inspired her  (00:13:53) - Thoughts about venture capital and why she thought she’d be good at it (00:17:25) - The thesis behind Vol.1 Ventures and ‘let’s keep you out of jail’  (00:21:05) - Scaling down rates to make legal representation available to a variety of founders (00:25:15) - Her current take of the regulatory landscape today writ large (00:30:45) - Securities versus non-securities and the ever changing status of cryptocurrencies (00:33:02) - The problems with making the Bitcoin and Ethereum statements so early  (00:36:55) - Public narratives and why crypto matters in light of government control  (00:41:58) - Regulatory outlook around cryptocurrency in the short and long term  (00:44:44) - The government’s use of power potentially impacting the SEC and thoughts on the current state of the federal reserve (00:50:03) - Alan G’s paper on the creation of the federal reserve (00:52:01) - The debt ceiling and the economic cost of maintaining the status quo  (00:53:49) - What she’s excited to see built over the next six months and six years Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Eric Golden and my guest today is Jessica Neer McDonald, an attorney focused on intellectual property rights and the head of global trademark services at Midjourney. The rise of NFTs and AI generated artwork has opened up all sorts of interesting questions about IP and ownership. Jess is my go-to knowledge base for this topic. In this episode, Jess takes us through the nuances of IP law and how it might apply in Web3. We discuss major NFT lawsuits like Yuga Labs, Hermes, and Nike, and the precedent they set in this transition from physical to digital property rights. Finally, we talk about AI art and its opportunities and unique challenges. Please enjoy my conversation with Jessica Neer. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:01:44) - (First question) - How her transition from the traditional world to the digital one has shifted her thinking on IP and protections (00:03:21) - Overview of the MetaBirkins lawsuit during the peak of the NFT surge  (00:06:14) - The Tom Sachs rockets and where the legal line is drawn for them versus MetaBirkins (00:09:01) - Differences between copyright and trademark law (00:09:37) - How using logos is fair use and not teetering on a lawsuit like Tom Sachs’ rockets (00:13:21) - Overview on the Yuga Labs and Ryder Ripps trademark dispute  (00:17:03) - Analyzing the nature of the court case and the precedent it set  (00:20:45) - Whether or not it’d be possible to sue someone for making a brand out of your Bored Ape or a similar NFT (00:23:47) - The pros and cons of the different licensing options a project could choose (00:28:41) - Matt Furie’s Pepe the Frog being memed and when he could take legal action (00:30:27) - The seventy years after death protection and IP becoming public domain (00:32:38) - Defense, patents, and being on to something when Nike tries to sue you  (00:36:00) - Being the head of global trademark services for MidJourney and Tarantino’s dream project that never took off (00:40:41) - AI generated art and the complex legal models behind them (00:43:28) - What she’s excited to see unfold over the next six months and six years

This is Eric Golden and my guest today is Jordi Alexander. Jordi is a poker player turned quantitative trader. While Jordi was trained in high-frequency trading, he has a deep passion for macro and taking fundamental positions that computer models may disagree with. We take full advantage of Jordi's breadth of knowledge in this wide-ranging conversation. We first dive into the mysterious world of high-frequency trading and Jordi's experience at GETCO, Tower, and then leaving to build his own firm, Selini Capital. We discuss Crypto's product market fit, how Jordi assesses the value of Bitcoin and Ethereum, the Balaji bet, and more. Please enjoy my conversation with Jordi Alexander. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:00:32) - (First question) - Exploring how high-frequency traders (HFTs) have generated profits in recent years (00:02:50) - The utilization of technology to forecast the movement of asset classes (00:04:24) - Why he focuses on prediction over speed in trading strategies (00:05:36) - Methods for evaluating the effectiveness of a trading strategy (00:06:42) - The aggressive tactics that HFT firms employ to protect their advantages (00:09:27) - How COVID-19 changed the landscape of news trading (00:11:13) - The importance of talent and finding niches in HFT (00:12:37) - His decision to pursue an entrepreneurial path and establish Selini Capital (00:13:47) - How culture and incentives in the HFT industry impacted the genesis of Selini (00:20:17) - Finding an edge as a smaller team against giants with more resources (00:21:30) - Why he and his team started to transition to crypto (00:24:41) - His perception of other trading firms as Selini moved into the crypto space (00:27:17) - A breakdown of how the team at Selini Capital is structured   (00:29:40) - Why Selini avoids taking outside capital from LPs  (00:30:29) - How Selini operates in both the crypto and fixed-income asset classes   (00:31:11) - Why his non-technical background positions him to approach the market differently (00:36:09) - Using the dog and the fox parable to describe his view of crypto in the long term    (00:38:06) - The roles human psychology and survival strategies play in the crypto landscape (00:40:25) - Drawing comparisons between financial markets and gambling (00:43:11) - Advice on what exposure newcomers should have in the crypto space (00:45:07) - His thoughts on Balaji’s outlook on Bitcoin (00:47:43) - Creating new money in a way that is globally accepted and fair for everyone (00:50:04) - His thoughts on crypto regulation and international adoption abroad (00:54:32) - What he’s most excited to build over the next six months and six years 

This is Eric Golden and my guest today is Eric Koziel, better known as Omnigamer in the gaming world. I was debating Web3 gaming as a use case, and my good friend told me that Eric knows more about gaming than anyone he has ever met, and I think he lives up to the billing in this conversation. Eric has worked in gaming and cybersecurity since 2012 and is now a game designer at Azra, a Web3 gaming studio. We start this conversation with a tour through the fascinating world of speed gaming before moving into the intersection of gaming and Web3, covering topics like balance between players, speculators, and collectors, the hostility of traditional gamers and Eric's thoughts on play to win. Please enjoy my conversation with Eric Koziel, Omnigamer. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:01:44) - (First question) - An explanation of speed-running in gaming (00:04:59) - The mechanics of speed-running and choosing an appropriate game (00:07:43) - Finding games with limited pre-existing knowledge to start the process  (00:12:11) - Reverse-engineering games to gather data (00:13:58) - How individuals take pride in the process despite it being a public pursuit (00:15:41) - The balance between maintaining a game’s integrity and exploiting its shortcomings (00:17:22) - The participation ratio of hard core gamers versus trained software engineers (00:18:42) - Finding patterns in programmed randomness, often linear congruential generators (00:21:19) - An example of risk versus reward when improbable situations happen in games (00:22:27) - Speed-running in modern gaming (00:23:00) - Easter eggs,developer errors, and unintentional use of game tools (00:24:59) - The adversarial relationship between the designer and the player (00:28:19) - The negative reaction to web3 gaming from the traditional gaming industry (00:32:55) - Comparing and contrasting the goals of gamers and crypto enthusiasts (00:33:57) - How the Pokémon franchise has catered to speculators, players, and collectors simultaneously (00:37:50) - Determining Web3 asset value and the current need for in-game asset ownership for a better experience  (00:42:10) - How gamers should aim to extract value from time invested in games, based on economies of scale (00:44:20) - The added complexity for developers with real-world economics in Web 3 games (00:50:28) - How developers balance exclusivity and inclusivity to maximize returns (00:52:07) - What he’s most excited to build over the next six months and six years

This is Eric Golden and my guest today is Frank Chaparro. Frank is Editor-at-large at The Block and host of The Scoop podcast. Many of you know him as Fintech Frank on Twitter. This episode is a little different as we dive into what it’s like to be a journalist covering frontier technology that moves at such a rapid pace. We cover the challenges of reporting in crypto, lessons learnt from the FTX saga, and Frank’s views on the overall ecosystem. Please enjoy my conversation with Frank Chaparro For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:23) - (First question) - Some of the biggest groups he’s had fun reporting on (00:05:59) - How he processes the incredible volume of information in the crypto space and decides on which story he’d like to write and why (00:08:11) - The ways crypto Twitter serves as a source and the village center for information (00:11:19) - How it feels as a journalist navigating the crypto space   (00:12:23) - Developing relationships and handling building them as a reporter  (00:14:35) - Whether or not it’s hard to just turn off in his news-centric relationships (00:15:28) - Some of the things he thinks about given the nature of the FTX fallout  (00:17:14) - The balance between being funny online and a hardnose journalist (00:19:35) - His initial reaction to the news about the FTX fraud and becoming a part of it (00:22:38) - What he’d write if he could write the Wikipedia page for The Block  (00:23:19) - Comparing this bear market to other bear market cycles  (00:24:47) - Where we go from here and thoughts on regulation  (00:28:42) - Traditional media covering crypto versus crypto-specific media outlets (00:31:22) - The anti-crypto media and motives for someone like Elizabeth Warren (00:33:55) - The Block’s global offering to clients beyond just writing and reporting  (00:38:44) - His preparation process for interviewing guests on their podcast (00:40:08) - What he’s most focused on over the next six months and six years 

We’re back, a year after our first quarterly recap, to talk through the big ticket items from the past three months. We go in depth on the banking problems that affected crypto and traditional markets, tie that back to Bitcoin’s performance, and close with some thoughts on NFTs. Enjoy. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:12) - (First question) - The general feel and landscape of crypto in Q1 of 2023 (00:04:53) - The fallout Eric sees for the crypto space from recent bank collapses and more generally, risk in the industry (00:18:12) - How 24/7 markets and the broader banking system will function going forward (00:27:09) - An argument for the international stability of DeFi as enforced by bond vigilantes (00:29:38) - Balaji Covid tweet (00:34:55) - Why Ethereum now seems to be underrepresented in mainstream discourse (00:38:33) - The importance of Ethereum and the state of Solana as a competitor (00:41:04) - The state of the NFT market and why it seems so volatile and elusive (K2 NFT Collector) (00:46:24) - Matt’s recent NFT purchase (00:47:27) - How NFT creators are shaking up the art industry

My guest today is Christian Dittmeier. A former financial analyst, Christian was pulled into the crypto world after the wild and unexpected success of one of his side projects. Today, Christian is the co-founder of Evaluate, a platform for trading and swapping NFTs like Top Shot trading cards and Doodles wearables. In this episode, he talks about his insights and experiences in the world of NFTs. We discuss the different types of users, the value of swapping, and the decision to build on the Flow blockchain over Ethereum. Please enjoy my conversation with Christian Dittmeier. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:33) - (First question) - How the founding team of Evaluate came to be (00:04:23) - What it was like for Evaluate to gain popularity so suddenly in the NFT boom (00:05:39) - How they made decisions about their business model and image (00:07:08) - How they think about collaborating with other builders in the space and branching out from their small niche market (00:09:51) - Dealing with the fast-moving and cut-throat nature of this nascent market (00:11:32) - Building a defensible and profitable business in an open-source world (00:13:35) - The nuances and challenges of deciding which chain to use for an NFT platform (00:16:14) - The irony of re-centralizing DeFi on an NFT platform (00:17:51) - His perspective on the community built around NFT capital (00:19:51) - Evaluate’s direct NFT-swapping system (00:23:28) - How sentimental value and “the endowment effect” play in to NFT valuations (00:25:40) - How NFTs can unlock new levels of fandom (00:27:37) - Key factors in building successful NFT systems and infrastructure (00:30:13) - Weathering volatility and staying innovative in the wake of the NFT boom (00:37:43) - The difficulties of avoiding speculators and securing a stable customer base  (00:39:48) - What he’s most excited to build over the next six months and six years

My guest today is Itai Turbahn. MIT, BCG, Harvard - Itai has had the pick of blue chip institutions in his career; throughout it all, he has been passionate about Crypto. As Co-Founder and CEO of Dynamic Labs, Itai is focused on improving online identity and authentication. He paints a compelling vision where multiple wallets enable rich and deep interactions across the internet. We talk about the current methods of logging onto a website, the promise and challenge of crypto wallets, and how Dynamic Labs is trying to build an authentication system for everyone. Please enjoy my conversation with Itai Turbahn. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:23) - (First question) - What it was like to be the project manager of the Israeli Defence Force (00:03:27) - At what point in his career crypto became a curiosity (00:04:54) - Some of the main drivers around crypto that captivated his attention (00:06:20) - Defining what a wallet is and what it can do  (00:07:52) - What problems with wallets Dynamic Labs set out to solve   (00:10:03) - Who built the wallet integration on OpenSea (00:11:31) - Why the ease of signing in with Google is different than with your wallet  (00:13:18) - Whether or not Google profits from the auto-login feature for websites and apps (00:16:10) - Thoughts about segregation of information as we navigate the web with wallets (00:19:20) - The redundancy of existing identity, KYC, and real estate title infrastructure (00:24:24) - Whether or not Dynamic Labs will exist once the wallet wars are won  (00:27:13) - How much users might feel overwhelmed if everything becomes a wallet (00:29:15) - The auto-approval power wallets can eventually offer consumers (00:32:30) - Problem prioritization amidst a multi-chain thesis and limited resources (00:34:32) - Top themes and requests users are making of Dynamic Labs (00:36:42) - Whether or not they spend any time with Web2 companies   (00:37:32) - Economic models and building their products with them in mind  (00:40:28) - The power owning our own data would unlock even though it may never happen (00:45:13) - What he’s most excited to build over the next six months and six years

This is Eric Golden and my guest this week is Kevin Miao, Partner and Head of Credit at BlockTower Capital. I’ve been excited for this conversation because while a lot of people in crypto seem to be focused on building a brand new financial system from scratch, this conversation focuses on how crypto rails can improve the traditional finance world. After nearly a decade at Citi, Kevin straddles both the TradFi and the DeFi world, and at BlockTower, he is working on bringing the multi-trillion dollar securitization market on-chain. We go deep into the weeds in this one, first getting into the nuts and bolts of how credit and securitization traditionally work, before diving into BlockTower’s approach to transform this entire process, moving it on chain, which will reduce friction, errors. and consequently fees. Enjoy. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:04:00) - (First question) - The impact of TradFi shifting towards crypto infrastructure (00:14:00) - How crypto could drastically reduce friction in credit markets and mortgages (00:28:29) - Building crypto rails in parallel to legacy systems to prove their power and destabilize those traditional structures (00:37:15) - The gravity of competing with the most entrenched American industry and how Blocktower’s system addresses this (00:45:22) - How they cooperate and compete with different TradFi and DeFi players (00:47:38) - Considerations for privacy and reversibility with crypto-based banking (00:55:41) - How blockchain in banking can eliminate much of the human error in the system (00:58:57) - What he’s most excited to see built over the next six months and six years

This is Eric Golden and today we’re going to break down the mechanics behind three major blockchains: Bitcoin, Ethereum and Solana. Blockchain is a term you hear a lot, both in this show and in Web3 more generally. But what do they actually mean and how do they work? That is the subject we’re going to cover today and something I’ve wanted to do for some time. My guest for this episode is Keone Hon. Keone is a Math Prodigy who spent close to a decade building systems for high-frequency trading. Today, he is the co-founder and CEO of Monad Labs and is building a blockchain alternative to Ethereum and Solana. He has that rare blend of deep technical knowledge and the ability to communicate clearly, so he is the perfect guest for this episode. Please enjoy my conversation with Keone. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here ----- This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more. ----- Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:47) - (First question) - An analogy to explain how crypto and blockchain work (00:11:20) - Scenarios to further explore his schoolyard analogy for Bitcoin (00:17:03) - The reality of the math and power balance surrounding blockchain technology (00:23:28) - Expanding the analogy to explain Ethereum (00:25:26) - The broad impact of Ethereum on smart contracting and proof of staking (00:29:08) - Major differences between proof-of-work versus proof-of-stake models (00:31:09) - Comparing Solana’s stateless design to the older chains (00:34:44) - The added privacy and speed advantages enabled by Solana (00:35:56) - The real security and risk profiles of these major chains (00:38:09) - Explaining Solana’s parallel transactions  (00:40:52) - Why the creation of new chains and further chain optimization still matters (00:42:27) - Why he got interested in the problem of chain efficiency and accessibility (00:44:54) - How crypto tech continues to build upon itself and expand to new use cases (00:48:34) - How Monad is building their blockchain to solve inefficiencies in crypto markets (00:50:09) - How he thinks about competition given the open-source nature of the space (00:52:12) - The process of actually building and testing a new chain (00:55:49) - What motivates him to continue building (00:56:53) - Diffusing a new blockchain innovation to users and coders (00:58:38) - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Avery Akkineni. As President of Vayner3, Avery has been at the forefront of guiding CMOs, brands, and corporations into Web3. This conversation is a little different for me as we focus on marketing and how to both connect and grow audiences in Web3. I’m fascinated by Avery’s work on Super Bowl commercials and learning what it is really like to work with creative brands such as Budweiser and Pepsi. To start this episode, I asked Avery to teach me about how traditional marketing works, before diving into case studies of how brands successfully leverage blockchain technology like NFTs. We then go behind the scenes with Vayner Media and their rapid testing of ideas on Gary Vee himself and her personal experience with their VeeFriends. Please enjoy my conversation with Avery Akkineni.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes (00:02:36) - (First question) - How her background in marketing informs her work at Vayner3 (00:07:12) - The competitive and dynamic nature of the marketing industry (00:10:55) - How Vayner3 leverages agility and keeps up with trends (00:14:00) - Her pivot from corporate marketing to Web3 brand-building (00:16:24) - What attracted her to the NFT space in the early days (00:19:48) - Balancing risk aversion versus early adoption in marketing (00:22:30) - How different brands have come online to Web3 and how Vayner3 enables them (00:25:55) - Common mistakes made by brands trying to enter the space (00:29:00) - What she learned from the launch of VeeFriends (00:33:29) - How VeeFriends came to be and how it keeps momentum up (00:36:27) - How she approaches brands following the recent crypto downtown (00:39:59) - The aspects of Web3 adoption and growth that she’s most excited about (00:41:56) - What she’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Austin Campbell. Between my time working at Fidelity on money market funds and my passion for blockchain technology, I became obsessed with the idea of Stablecoins. Stablecoins can serve as a means of payment and a store of value for transactions. They also act as the bridge between the traditional finance system and the digital world. After my interview with Mike Dudas, I asked, who is the smartest person I can talk to about Stablecoins? He instantly responded, you need to speak with Austin and as you'll hear, I think he's right.  Austin spent 15 years in traditional finance before managing $22bn of Stablecoin reserves for Paxos. Today, he's an Adjunct Professor at Columbia Business School and the managing partner at Zero Knowledge Consulting. In this conversation, Austin helps me break down the nuts and bolts of how Stablecoins work. We also discuss the lessons crypto should learn from the traditional finance world and how the current US regulatory crackdown will shape the ecosystem going forward. Please enjoy this Stablecoin primer with Austin Campbell.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:03:21] - [First question] - What can be learned from TradFi and applied to crypto [00:05:13] - The basics of Stablecoins and why they are important [00:07:39] - The logistics and mechanics of Stablecoins from the ground up [00:17:14] - Time-delay and infrastructure problems when trading with Stablecoins [00:21:18] - Liquidity, time sensitivity, and credit risk for issuers and buyers of Stablecoins  [00:24:59] - The roles, challenges, and faults of regulators in the space  [00:33:04] - The extent to which he sees regulators favored versus fouled by crypto natives [00:34:50] - The SEC’s imposition that qualified custodians are needed to exchange crypto assets [00:37:53] - His takes on news regarding Paxos and the BUSD [00:43:01] - Concerns regarding Binance and its Stablecoin consolidations [00:46:30] - Aspects of global Stablecoin regulation he’s optimistic about [00:49:01] - Why the US may not be a promised land for crypto [00:50:21] - The positives and potential impact of Stablecoins broadly, despite the pushback [00:54:03] - The possibility of traditional assets using crypto rails [01:00:04] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Dan Finlay, the co-founder of MetaMask and Chief Web3 Ethos Officer at ConsenSys. MetaMask is a crypto wallet and has become a critical piece of web3 infrastructure, with over 30 million users around the world. We've likely all used MetaMask at some point, so I was excited to understand Dan's philosophical approach and long-term vision for the product, as well as talk to him about the challenges of securing digital assets and how they combat those with MetaMask. Please enjoy my conversation with Dan Finlay.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:02:17] - [First question] - His view of hyperlinks and self-security [00:05:38] - What’s happening when you’re signing a smart contract with MetaMask [00:10:33] - An elevator pitch of what MetaMask Learn is  [00:12:45] - Thinking about adoption when building general purpose tools in a technical space [00:15:21] - How people feel about computer security versus Web3 security  [00:18:38] - Whether or not he wishes the stakes were lower for perfecting MetaMask [00:20:03] - Stepping into crypto and the founding story of MetaMask [00:23:12] - What their intentions were for building MetaMask in the first place [00:27:13] - Some examples of what they tried to solve that didn’t pan out  [00:29:11] - Dealing with asset co-location and the pros and cons of it  [00:35:24] - Whether or not MetaMask will deploy the first ‘revoke all’ button   [00:41:32] - Users generally being displeased with the program’s UX [00:44:40] - Thoughts about what to prioritize as they improve MetaMask  [00:46:34] - The account abstraction without a protocol change proposal  [00:49:27] - An example of someone building on SNAPS and how it is beneficial to users   [00:53:14] - What he’s most excited to build over the next six months and six years

This is Eric Golden and my guest this week is Andrew Parish. Andrew's Twitter account @AP_Abacus has grown based on his access to rumors and information about crypto. He is no stranger to controversy and getting information flow. Andrew is aware his views and tweets can upset some, especially those in power he may be calling out. Andrew's background and information gathering helped him identify several high-profile issues with businesses like FTX and Gemini, and his Twitter account has become a go-to source for breaking rumors. Andrew is the co-founder of Arch Public, which is building automated trading algorithms and blockchain authentication for brands and alternative assets. We dive into the Gemini-Genesis and DCG Saga before raising an alarm on the coordinated actions of crypto regulators. Please enjoy my conversation with Andrew Parish.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.    -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:02:40] - [First question] - His look behind the curtain at DCG Genesis and Gemini  [00:05:46] - The connections he discovered between DCG and Gemini [00:07:40] - The special circumstances that led to Gemini’s unique exposure and platform [00:09:45] - How external lending by Genesis led to cascades of trouble in crypto markets [00:13:27] - DCG’s problematic transactions associated with Three Arrows [00:16:19] - The unraveling of DCG’s integrity following the collapse of FTX [00:17:27] - How Gemini tried to hang on to its image and win over public opinion [00:21:25] - A basic overview of the DCG-Gemini deal as it stands today [00:23:37] - His correction of the mainstream story about Grayscale (GBTC) [00:29:04] - His process of sourcing information and separating signal from noise [00:35:11] - How regulators are choking out crypto-based businesses using banking infrastructure [00:44:22] - The potential for legal escalation between banks and federal regulators [00:45:59] - A deeper look at circumstances that may point to conspiracy by regulators [00:49:25] - Additional concerns he has that he hasn’t shared yet on Twitter [00:50:54] - What he’s most excited to build over the next six months and six years

This is Eric Golden and my guest today is Will Weinraub. Will is the CEO and co-founder of OnChain studios, which is building Cryptoys. Cryptoys is a digital toy company that embraces different elements of web3 innovation, from collectible NFTs to play-to-earn gaming. We discuss the evolution of Cryptoys, how kids are increasingly used to digital products, and we have a really interesting discussion on the importance of different blockchains to build upon. Please enjoy my discussion with Will Weinraub.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.    -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:02:18] - [First question] - The success of Cryptoys brand deals despite crypto downturns [00:04:23] - The basics of IP licensing deals in the crypto industry [00:05:49] - The kind of external partners he typically deals with for toyetic brand deals [00:07:02] - Rewinding to the company’s genesis and how people reacted early on [00:14:50] - The prototype design for Cryptoys [00:16:06] - A closer look at the Cryptoys business model then and now [00:18:37] - How kids are increasingly attracted to digital products [00:21:05] - Why they can’t buy and sell their NFTs to kids today  [00:23:13] - What stops a child from joining Opensea and buying an NFT  [00:25:26] - His take on digital ownership and the pushback from the gaming community [00:29:31] - Where Cryptoys on their timeline for developing a gaming component   [00:30:24] - What building on different blockchains means for the competitive landscape  [00:35:19] - Blockchains aren’t a one size fits all solution for application development  [00:38:36] - Why Cryptoys needs a blockchain at all compared to being hosted on a server  [00:40:41] - Potential risks to owning an asset on a newer blockchain  [00:43:00] - His take on going from a tech startup to a toy-focused startup  [00:44:47] - What he’s most excited to build over the next six months and six years  

This is Eric Golden and my guest today is Nikolai Yakovenko. Nikolai is the founder and CEO of DeepNFTValue, which uses machine learning to price blue chip crypto assets like CryptoPunks and Bored Apes. He has spent his career working on deep learning at some of the most notable firms in the world, including Google, Nvidia, Twitter, and Point72. Our conversation starts with AI’s potential and Twitter’s mishaps and then turns to Nikolai’s investment experience and why he most recently decided to build a business that prices NFTs. Please enjoy my conversation with Nikolai Yakovenko.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag  Show Notes [00:02:23] - [First question] - His impressions of recent innovations by ChatGPT [00:03:51] - A rundown of the technical breakthroughs that led to today’s most cutting-edge AI [00:06:08] - The types of questions he asks to test and evaluate new AI like ChatGPT [00:08:13] - Questions or requests that would stump ChatGPT [00:09:02] - Intuitive human tasks that would deeply confuse chat-based AI [00:11:42] - Impressive R&D spend at OpenAI to optimize machine learning [00:13:27] - The prospect of ChatGPT as competition for major search engines in the future [00:15:27] - How his time at Google and Twitter informed his understanding of algorithms  [00:17:20] - How social media algorithms work and how users reverse engineer them [00:22:44] - His take on the amount of people it takes to run tech companies like Twitter [00:26:39] - How protocols like Twitter Spaces factor into the modern tech ecosystem [00:28:23] - His transition from big tech to Wall Street and how the two career paths intersect [00:30:35] - How proximity to the investing side of the tech industry boosted his finance skills [00:32:16] - The degree to which AI tech shows promise for universal applications [00:34:01] - How his affinity for poker led him to crypto and NFTs [00:35:55] - What inspired his jump to creating an NFT-based startup [00:38:23] - The comparative value of powerful machine learning models versus the data itself [00:40:03] - How he thinks about different NFT value models and their tradeoffs [00:42:14] - The criteria that tend to make a given NFT more valuable than other similar ones [00:43:48] - How his model for NFTs valuations actually works [00:47:44] - Feedback he gets from users about his model [00:48:55] - High valuations associated with both minimalistic and cluttered NFT visuals [00:49:38] - The NFT liquidation auctions of FTX and Three Arrows [00:51:09] - The proportion of NFT profits from instant buying versus bidding [00:52:08] - How NFT traders make use of the model through the DeepNFTValue open API [00:53:59] - The future of their profitability given that their goal is widespread distribution [00:55:38] - The potential for lending and levering in future NFT markets [01:00:24] - What he’s most excited to build over the next six months and six years

This is Eric Golden and my guest this week is Mike Dudas. Mike started his career at Disney, helped build Google’s payment business, and worked at Venmo before taking the plunge into entrepreneurship and crypto full-time. He co-founded two businesses and is now an early-stage investor at the firm he started, 6th Man Ventures. We cover his career arc and dig into the highs and lows along the way before discussing what has him most interested in Web3 at the moment. Please enjoy my conversation with Mike Dudas.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:11] - [First question] - Why it seems like he’s so connected across different networks  [00:04:51] - Whether or not he always wanted to be an entrepreneur [00:06:30] - When crypto entered the picture for him   [00:09:19] - Why he didn’t jump in earlier after being fully aware of the potential of crypto [00:10:44] - What taught him the skills he needed to confidently step into the startup space [00:13:29] - Being in the business of manufacturing courage  [00:15:01] - The transition from Button to The Block in 2018 [00:20:54] - Recruiting people to the journalistic side of cryptocurrency  [00:22:24] - Promise-driven sales and having strong convictions that are loosely held   [00:29:34] - Things he said as a Bitcoin maximalist that he regrets [00:30:33] - Selling The Block and what happened in the aftermath   [00:38:11] - What lead him from The Block into venture capital  [00:41:47] - Going from a 7 million dollar fund to a 140 million dollar fund  [00:43:27] - How he sees the pre-seed and seed stage focus in crypto playing out  [00:48:04] - What the most exciting area is today and the deals that come across his desk [00:49:51] - How much of Twitter is a personal outlet for him and how he handles it  [00:54:05] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Magdalena Kala, or "Mags" as she's better known. Mags has an incredible back story, which involves immigrating from Poland on her own to attend boarding school in the United States. Admission to Harvard and Stanford, working for Bain Capital, and even running a notorious female blackjack ring. She's now the founder of Double Down, an early-stage investor focused on Web3 companies. We discuss her story, how she learned to invest in the consumer space, and why people like the owner of Boston Celtics trust her with their capital. Please enjoy my conversation with Mags.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:23] - [First question] - Her surprising and unique background [00:04:31] - To what she attributes her drive and ambition [00:05:25] - Her big move from Poland to the US at 16 years old [00:07:42] - Challenges in adapting to American culture [00:08:57] - Her analysis of the world as a game [00:10:44] - How she approaches both failure and risk [00:14:10] - Her time with a group of all-female card-counting blackjack hustlers [00:16:14] - Her most memorable blackjack game [00:17:29] - Getting a start in consumer investing at Bain Capital [00:20:24] - Criteria she looks for in consumer investment targets [00:23:27] - Analyzing the stickiness of identity-driven consumer brands [00:25:58] - Using customer demographics to pinpoint long-lasting brands [00:28:18] - Why she goes after cheap partnership arbitrage [00:29:44] - The push-pull between exclusivity and mainstream success of a brand [00:31:38] - Her transition from Bain Capital to striking out on her own [00:34:13] - Why she chose to pursue early-stage VC investing [00:36:57] - What drew her to Web3-integrated consumer products [00:40:02] - Her focus on mainstream adoption of crypto and blockchain tech [00:43:00] - How both traditional brands and crypto natives are impacting the space [00:46:34] - The gestation period of a crypto-native brand compared to traditional big brands [00:48:46] - Venture pitch deck characteristics she’s seeing in 2022 and 2023 [00:52:22] - The eccentric non-crypto-native people that back her fund [00:54:14] - How she managed to close her fund right before the FTX collapse [00:57:35] - Her philosophies for handling both early adopters and mainstream consumers [01:00:28] - Her current hot takes on the venture market [01:01:42] - How LPs are handling committing their capital in 2023 [01:03:57] - What she looks for when evaluating founders [01:06:06] - Why a founder might want to avoid picking her as an investor [01:06:46] - What she’s most excited to see built over the next six months and six years

This is Eric Golden, and my guest today is Matt Walsh. Before we start, in addition to our opening disclaimer, I wanted to share that I have known Matt for many years. I’m an investor in his fund, and currently, or in the future, could work with some of the companies he mentions during this episode. With that said, Matt is one of the founding partners of Castle Island Ventures, which invests exclusively in the crypto industry. Including monetary networks, financial services infrastructure, and Web3. Before founding his VC firm, Matt worked at Fidelity, where he led a number of the companies crypto initiatives. In our discussion, which is far ranging, we discuss how his early experiences in crypto led to building a crypto VC, what themes his fund focuses on, his take on the 2022 collapse, the comparison of prior cycles, and his personal view on the appropriate regulatory response. Please enjoy my conversation with Matt Walsh.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:38] - [First question] - Being labeled as one of the first people to understand Bitcoin [00:06:20] - Partnering with Nick Carter and how they came together  [00:07:14] - What drove his decision to finally take the leap and become an entrepreneur [00:08:40] - Lessons learned from setting up and deploying his first fund [00:10:20] - Comparing the crypto space in 2022 to what it was in 2018  [00:14:15] - How regulation serves customers better than a libertarian outlook [00:16:04] - Thoughts on the best way forward given crypto’s regulatory shortcomings  [00:18:13] - Commissioner Hester Peirce - A Regulator’s View of Crypto  [00:18:47] - How far away we are from having an active congress involved in crypto  [00:20:57] - The notion of retail and yield generating products and why that part of the industry imploded on itself  [00:23:22] - Whether or not he’d invest in crypto again given its current state of affairs [00:24:14] - Areas and macro trends he’s most excited about today  [00:27:26] - How the concept of crypto is more enticing for brands than a public database  [00:32:38] - The difficulty of figuring out the real market value of any given project  [00:36:20] - How he would approach handling privacy and KYC in DeFi  [00:38:31] - Defining financial service infrastructure and where they invest in it  [00:40:01] - Some of the market structure bets they’ve made over the years  [00:42:17] - How a prime broker would have helped in light of the FTX scandal  [00:44:05] - His view on where things stand with Genesis and FTX and how they’ll unfold  [00:52:14] - Why some countries and governments will push back against stablecoins  [00:53:26] - Some of the craziest ideas that have come across his desk  [00:54:23] - Trying to get to the base of an idea when it comes to due diligence  [00:55:57] - What he’s most excited to build over the next six months and six years  [00:57:09] - Whether we’ll get regulation in crypto or a migration of traditional assets to crypto rails first 

Our final quarterly recap to close what’s been an eventful year in the crypto industry. We thought Q2 was full of carnage but Q4 may have topped it. We cover the FTX collapse, the implications for the broader funding and building landscape, and close with Eric’s high-level state of the union. Enjoy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:10] - [First question] - His reaction to market fallout following the FTX collapse [00:09:12] - How crypto tech and infrastructure can outlast its disgraced figureheads [00:11:38] - His response to the notion that bad actors are weakening the crypto space [00:17:33] - How widespread negative perception of the crypto industry might affect innovation [00:24:11] - The impact of this crypto washout on future investment in eccentric founders [00:28:22] - Speculations on the magnitude of the domino effect from FTX’s downfall [00:35:06] - The precariousness and subjectivity of legal agreements in the space [00:37:10] - The level of risk the remaining big personalities of crypto are responsible for [00:43:59] - His closing thoughts on the state of crypto in Q4 2022

This is Eric Golden and my guest today is Jared Klee. Jared is Director of Web3 at Vouch Insurance and was previously blockchain project manager at IBM. Our conversation starts with Jared's crypto experience at IBM and how they use blockchain technology to help move mangoes around the world. Yes, mangoes. We then dive into insurance, how Vouch underwrites Web3 startups, and what mistakes most founders make. Please enjoy this conversation with Jared Klee.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:11] - [First question] - What IBM was working on when he was the Director of Blockchain [00:04:00] - How an enterprise blockchain works compared to popular blockchains [00:05:17] - What it means to secure a network like an enterprise blockchain [00:06:30] - Whether or not their process is displacing databases   [00:08:01] - Making the jump from a manilla envelope system to a blockchain  [00:09:27] - A thumbnail sketch of the insurance world and policies one might need [00:13:28] - How the old model of insurance compares to the insurance market today [00:17:11] - Strong underwriting practices that ensure policies generate a profit  [00:19:59] - Adding risk to their balance sheet when they underwrite projects   [00:21:21] - Thinking about underwriting risk as the insurer  [00:24:40] - Key factors that allow their model to work    [00:25:28] - How founders work through the policy price, coverage, and terms [00:28:22] - Why Vouch considers Web3 an opportunity and not a risk  [00:32:08] - How the crypto downturn has impacted their underwriting process  [00:34:57] - Handling the uncertainty of the future when their clients add leverage  [00:38:41] - Base level insurance packages startups should have and when to step it up  [00:44:08] - Some of the greatest mistakes he’s seen while working with founders [00:47:07] - Examples of smart contract risk going well and badly   [00:49:31] - Whether or not more insurers will enter this space over time   [00:51:44] - A risk they’ve encountered that was too big for them to engage [00:54:09] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is gmoney. Gmoney is an influential builder, collector, and investor in the NFT community. He shot to fame with a tweet thread explaining why he bought a CryptoPunk for 140 ETH in January 2021 and has since transitioned from full-time equities trainer to builder with Admit One and 9dcc, his crypto native luxury clothing brand. To show just how far he has come in this space, Adidas teamed up with gmoney to bring their brand into Web3. I hope you enjoy this conversation as much as I did.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:23] - [First question] - Context and inspiration for GMoney’s famous Twitter thread [00:08:11] - Why he dove into NFTs so aggressively [00:09:59] - All-in crypto diversification as opposed to closed-minded crypto trading [00:14:05] - NFT collecting in the mainstream [00:15:32] - The potential of an NFT as a “digital flex” [00:18:24] - The sharp increase in NFT values and the volatility of NFTs [00:21:32] - Distinctions between NFT technology and the NFT market [00:25:18] - How he landed his deal with Adidas [00:27:58] - His transition from traditional trading to the NFT market [00:29:26] - His early goals with NFT trading and adaptation as the space evolves [00:31:40] - The role of brand deals and influencer marketing in GMoney’s business model [00:35:04] - Helping clients and partners understand the NFT space [00:37:25] - Incentivising buyers to pay royalties to NFT artists [00:39:38] - The future of NFT royalties technology [00:40:41] - Divisions of the GMoney empire [00:44:07] - Explaining POAPs and their potential in the crypto community [00:47:59] - Why he gives out POAPs for free [00:48:54] - About 9dcc, the crypto-native fashion brand for real-world gamification [00:52:30] - How a POAP transfer works using a 9dcc t-shirt [00:54:04] - The communal success of the POAP pop-up event in Miami [00:56:03] - Why your net worth equals your network in the crypto universe [00:57:31] - Figuring out the optimal volume of POAPs to distribute [00:58:21] - What he is most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Jay Stolar. Jay is a musician, songwriter, and producer whose songs have been streamed over 200 million times and recorded by artists ranging from Selena Gomez to John Legend. Jay is also the co-founder of Hume Collective, a Web3 record label that creates music and virtual artists in the metaverse. We discuss Jay’s songwriting process and music career, the challenges he faced as a songwriter in the existing music industry, the creation of virtual pop star angelbaby, and what Web3 will do for songwriters in the future. Please enjoy this conversation with Jay Stolar.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:20] - [First question] - His background and what it’s been like to live the life of an artist  [00:06:52] - How good the songs are that he tries to write every single day  [00:08:52] - When you know you have a hit on your hands  [00:10:58] - Persevering through writer’s block and the origin of the word genius [00:14:27] - How he went from being a musician to writing for Selena Gomez and pop stars [00:22:47] - Starting from a position of opportunity not disrupting an existing industry  [00:25:40] - What a virtual artist or metastar is and how to create one [00:27:30] - Transitioning from a digital project to Web3 [00:29:55] - Overview of angelbaby their origin story [00:33:52] - How the mechanics of angelbaby as an artist works  [00:37:02] - Organizing and engaging with a community that has influence over the project [00:40:10] - How community voting impacts songwriting  [00:43:01] - Visions for HUME as a platform and label [00:45:56] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Adam Brotman. Adam was the former Chief Digital Officer of Starbucks, where he built out their immensely successful rewards program and digital platform. Today he is the co-CEO of Forum3, and he recently helped Starbucks design their new web3 experience called Starbucks Odyssey. In our conversation, we discuss how consumer loyalty programs are a quid pro quo, why NFTs are great engagement tools for brand marketers, and why digital collectibles should be decentralized. Please enjoy this conversation with Adam Brotman. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:57] - [First question] - A background sketch of his early career in the digital world working with Starbucks [00:03:47] - How Starbucks felt about moving to digital back in 2008   [00:06:25] - The vision to turn a coffee company into a tech platform company  [00:08:55] - Moments where they felt they were pushing the edge of what digital could be [00:11:04] - Going from digitizing Starbucks to stepping into the crypto space  [00:16:33] - Consumer brand loyalty is a quid pro quo and loyalty program economic tuning [00:19:09] - Early thoughts on consumer brand loyalty and NFTs colliding  [00:22:23] - The initial reactions to an augmented loyalty program  [00:23:55] - What Starbucks Odyssey is and what they plan to do with it [00:26:29] - The ideal customer that Starbucks Odyssey is designed for  [00:28:29] - Why use a blockchain for Odyssey instead of a central database  [00:31:20] - Big brands concerns about moving their customers onto public blockchains [00:34:37] - Competitive brand perceptions in a memetic sense [00:35:45] - Other exciting projects he’s working on currently [00:37:25] - A good example of collaboration that benefited the customer [00:39:29] - What’s he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Sergio Silva. Sergio is a Senior Director of Web3 at Fireblocks, a platform that helps institutions custody and transfer funds. In this wide ranging conversation, we discuss the impact of NFT royalties going to 0%, how Fireblocks helps institutions secure their wallets, and why stablecoins and cross-border payments will be adopted in emerging markets. Please enjoy this conversation with Sergio Silva.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:11] - [First question] - His thoughts on NFT royalties dropping to 0% and the impacts of that change  [00:04:20] - Whether or not secondary sale royalties could be implemented via smart contracts [00:05:11] - Where the industry is headed given the changing landscape and its underlying technology [00:11:03] - His background ranging from banking all the way to Crypto Punks [00:13:27] - What moved him from writing an article against NFTs to dropping $10k on them [00:15:04] - The dissolution of the Crypto Punks Discord channel and where it’s at now  [00:16:41] - Overview of what Fireblocks is and what they do  [00:18:14] - What MPC is and why it makes Fireblocks so special   [00:19:22] - Fireblocks’ target audience and clientele   [00:19:59] - Why they choose to stay B2B and not launch their own exchange  [00:21:33] - Definitions of custodians, qualified custodians, self-custody, and technology layer [00:23:00] - Overview of what crypto wallets actually are and the broad scope of them today  [00:25:54] - The different use cases of wallets writ large [00:28:40] - How to handle wallets as an identity on blockchains in tandem with privacy [00:30:50] - Brands building on top of crypto layers and what’s impressed him the most [00:32:18] - How much Fireblocks deals with TradFi compared to crypto native firms [00:33:21] - The chances of Fireblocks becoming solely a technology layer   [00:39:39] - How he lost his Punk and what he had to do to get it back [00:43:35] - DeFi collateralization, overcollateralization, and the use cases for it  [00:45:33] - Overview of the global payments system and where crypto will have a place in it [00:50:04] - Explaining sending crypto and NFTs to his family   [00:57:07] - Concerns for capital controls as crypto becomes more globally adopted [00:58:25] - Thoughts on the greatest use cases for stablecoins  [01:00:10] - What he’s most excited to see built over the next six months and six years 

This is Eric Golden and my guest today is Nick Cannon. Nick is the Head of Growth at Gauntlet, a simulation and financial modeling platform for DeFi protocols. In our conversation, we breakdown the financial attack on Mango, how better DeFi governance mitigates risk, and why governance is a bottleneck in most protocols. Please enjoy this conversation with Nick Cannon.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:38] - [First question] - His take on FTX selling itself to Binance  [00:03:24] - Categorizing at a high level the different sectors of DeFi [00:04:11] - How DeFi handles the subjective parts of credit financing [00:05:11] - What Mango is and what happened to them in their recent attack [00:10:03] - Whether or not a decision was made to settle with the attacker   [00:10:39] - How the insurance funds are structured for DeFi protocols [00:12:22] - Getting through the cold start problem of launching a new exchange [00:14:04] - What Gauntlet is and what they do  [00:14:54] - His view on DeFi attacks in general  [00:15:52] - The story of how Gauntlet came to be  [00:16:44] - Thoughts about safety and experimenting as early adopters  [00:17:51] - Working with protocols to help them navigate risk management [00:18:53] - Being a key player in risk management in the crypto space can be a dangerous and thankless job [00:20:17] - Thinking about alignment being third party players on a contract  [00:21:12] - What it’s like to simulate and present risk to clients and how they receive it  [00:23:05] - Whether or not the Mango Squeeze can be done anywhere with enough money [00:24:05] - What position limiting and supply caps are and how they work    [00:25:12] - Going about implementing risk parameters into a protocol [00:26:06] - Whether or not Gauntlet is running an API and involved on an ongoing basis  [00:26:51] - How hard it is to get a voting consensus in risk management   [00:27:30] - Pitching fine tuning risk parameters to a protocol  [00:28:32] - Gauntlet’s liability and being held accountable if something bad happens [00:29:30] - What he was doing before joining Gauntlet  [00:30:24] - Bullish and bearish factors for the future growth of Gauntlet  [00:31:21] - Whether or not this space will ever self-govern or require outside regulation [00:32:01] - The mechanism for incentive optimization and how it works [00:34:02] - Inherent flaws of third party staking to get liquidity without collateral requirements and risk parameters  [00:37:44] - How Gauntlet has such a widespread impact over an exchange like Sushi [00:39:45] - Whether or not they use their data for other applications or advantages  [00:40:17] - What he’s most excited to see built over the next six months and six years  

This is Eric Golden and my guest today is EG Galano, co-founder of Infura. EG launched Infura out of ConsenSys in 2016 to meet a growing need for blockchain infrastructure providers. Our discussion covers the challenges of running an Ethereum node, how Infura convinced developers to trust a centralized service provider, and why Infura plans to decentralize in the near future. Please enjoy this conversation with EG Galano.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:08] - [First question] - How he first got involved with Ethereum and wound up at ConsenSys [00:04:57] - What made the idea of smart contracts so special and first got his attention [00:06:21] - The original inspiration behind building Infura [00:08:31] - What life was like trying to build on top of Ethereum before Infura [00:10:19] - Overview of what a node is and what it’s like to run one  [00:11:49] - When the time came to outsource instead of handling infrastructure internally [00:14:15] - How Infura was initially received and whether or not blockchain participants and builders felt it went against their decentralized philosophies  [00:19:48] - Going from an open source project to a monetized platform  [00:22:49] - How their premium offering was received and which developers made them second guess themselves [00:24:14] - The story of Uniswap and how Infura influenced and impacted their success [00:27:52] - How the buying and trading of an NFT with MetaMask interacts with Infura [00:32:01] - Whether or not building applications on blockchains is more similar to on-premise servers than building on the cloud [00:34:08] - His thoughts about their market share and possible system fragility  [00:35:39] - How their mission incentivizes them to help and support their competitors  [00:39:14] - What he’s worried about that could go wrong when decentralizing infrastructure [00:41:11] - Jai Ramaswamy - Crypto Regulation and Enforcement [00:43:58] - Thoughts about decentralization, the benefits of it, and where Infura is headed [00:48:11] - Describing the future of Infura in a non-technical way  [00:49:32] - The trigger that lead to making an immediate pivot in their trajectory [00:53:44] - What he’s most excited to see built in the six months and six years

This is Eric Golden and my guest today is Jai Ramaswamy. Jai is the Chief Legal Officer at Andreessen Horowitz and we recorded this interview at the Money20/20 conference in Las Vegas. In our discussion, we cover the regulatory agencies involved in crypto, the balance between privacy and compliance, and how a16z thinks about responsible regulation. Please enjoy this conversation with Jai Ramaswamy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:52] - [First question] - How he went from a traditional finance lawyer to a crypto one  [00:08:05] - A framework for how to think of the regulatory bodies that intersect with crypto [00:12:46] - Who’s responsible when you receive an OFAC sanction and what it was like seeing a protocol receive one  [00:20:32] - Whether or not OFAC is an organization that tries to send a message to participants through their actions  [00:23:15] - Thoughts about the line regulators are walking between being thorough and protecting transaction privacy  [00:29:32] - Money laundering in traditional finance versus crypto  [00:34:37] - How law enforcement could enforce or stop a truly decentralized smart contract [00:38:44] - The nature of disclosure and what the Howey Test is  [00:47:34] - Commissioner Hester Peirce; Smart Regulation and how guidance and enforcement can help legitimize an asset class [00:51:25] - His take on the recent FTX piece that came out  [00:54:43] - Thoughts on stablecoins, their uses, and a possible means of destabilization  [01:00:32] - The tension between innovation and compliance and the implications of the balance between them [01:06:40] - What he’s doing about policy in light of everything that was discussed today

This is Eric Golden and my guest today is 0xfoobar. Foobar is a developer and investor who writes a must-read newsletter called The Variable. We discuss the tradeoff between privacy and compliance, how culture and law shape each other, and his views on crypto regulation. Please enjoy this conversation with 0xfoobar.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:02] - [First question] - How he built such a robust technical background in his career that lead him to crypto  [00:04:42] - The trade off between compliance and privacy and his take on it writ large [00:07:27] - Whether or not people have given up on the idea that privacy of transaction matters  [00:11:17] - The current technical framework for what exists in privacy today for crypto [00:14:07] - Defining a zero knowledge proof and explaining the process to do one  [00:18:55] - The public ledger incentivizing other economic models and the ways crypto will be used in the future that might not be what we imagine today  [00:20:14] - People want to experiment but doing so can involve blind risk unless they’re familiar with the space  [00:22:00] - Reversible transactions and why they’re harmful  [00:26:37] - Opensea’s flagging involvement and whether or not we’ll have a cash-like layer built on top of the irreversible chain    [00:29:26] - Minimizing crypto purchase risk and protecting participants with a transaction cooling process or holding period  [00:32:46] - The ways in which law and culture shape each other  [00:34:14] - Examples of how culture affects crypto in ways that laws don’t yet  [00:36:31] - DeFi protocol hacks and how the culture should handle that kind of behavior  [00:40:49] - His thoughts on the current takes of trying to bring regulation by enforcement to the crypto space [00:42:33] - What he would do about regulation with SBF’s wealth, power, and influence [00:43:18] - His current area of focus is lately and what he enjoys doing the most  [00:46:50] - What he’s most excited to see built in the next six months and six years

This is Eric Golden and my guest today is Jared Grey. Jared was recently elected Head Chef of SushiSwap, one of the most recognized decentralized exchanges in crypto. We discuss the pros and cons of a community-led governance structure, how and why Jared decided to campaign for this CEO-type role, and the opportunities to improve SushiSwap's structure over the long-term. Please enjoy this conversation with Jared Grey.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:09] - [First question] - Addressing the accusations after being appointed head chef at Sushiswap [00:04:27] - How he first got into crypto and the road leading him to Sushiswap [00:06:50] - Overview of what a decentralized exchange is compared to a centralized one [00:08:17] - The unique way liquidity is provisioned in a DEX [00:09:47] - What permanent loss is and the main critique against DEXs [00:10:34] - Whether or not he believes DEXs will surpass centralized exchanges in volume [00:12:06] - The history of SushiSwap before he arrived  [00:15:22] - Explaining the differences between Uniswap and SushiSwap [00:18:39] - Where his power starts and stops, and the challenges of running a community lead organization versus a traditional governance structure [00:20:44] - An example of how decision making happens inside of SushiSwap [00:22:57] - A situation where a gridlock happened and having a centralized governance structure might have helped [00:26:35] - The challenges of developing more features without making an overwhelming user experience [00:28:38] - The nomination process for him to become the head chef at SushiSwap [00:30:44] - The voting system and candidates involved in the voting process [00:33:08] - His mental model for the voting system and ways to modify the existing one [00:36:10] - How the transition of power works in a situation like his [00:37:22] - Thoughts on regulatory risk and regulatory structure [00:38:41] - His outlook for Sushi and where he wants to take it going forward [00:40:23] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Matthew Graham. Matt is the co-founder and CEO of Sino Global Capital, a venture firm that made early investments in FTX, Solana, Wintermute, and other notable crypto projects. We discuss the origin story of Sino Global and delve into investing in China and emerging markets, including India, the Middle East, and Africa. Matt discusses his views on reinventing financial infrastructure, from TradFi to DeFi. Please enjoy this conversation with Matthew Graham.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by OKX. You may have seen OKX on McLaren’s Formula 1 race car or Manchester City’s football kit. But what is OKX? OKX is the increasingly powerful crypto trading platform. OKX has over 730 spot trading pairs, 280 derivatives markets, and 1000 options markets. It processes 400,000 requests per second with 99.95% uptime. That’s why over 20 million traders and institutions choose OKX when they want to trade. Visit okx.com to learn more.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:13] - [First question] - How he got into one of the hardest asset classes in emerging markets [00:04:43] - What lead him to China and where he first started his career [00:06:52] - The origin story of Sino Capital and what its first iteration looked like [00:09:13] - Whether or not he felt he had an edge in the early days  [00:09:44] - Being comfortable in an uncomfortable idiosyncratic position and if he would have ever gone back to a traditional path  [00:11:06] - What European and Western investors would miss and not understand about the regions he invests in  [00:12:07] - His take on Chinese and Indian markets and their similarities and differences [00:13:05] - Deciding to enter these markets and what gave him the confidence to do so  [00:14:18] - How often he’s dealing with international founders versus local ones    [00:15:07] - The Sino Capital business model and balancing being long-term greedy with stakeholder needs  [00:18:22] - Thoughts on evaluating founding teams and where Sino wants to invest [00:22:22] - How long they wait to invest after first meeting a team or founder [00:24:44] - What percentage of his time is spent sourcing new deals versus managing the existing portfolio [00:26:16] - Whether or not he’s relied on the insight of investors and mentors when it comes to how he’s structured Sino Capital   [00:27:25] - His philosophy when it comes to bringing new people onto the team  [00:29:58] - The turnover rate of Sino interns and how many become employees  [00:31:24] - Ways to explain to laypeople the differences between TradFi and DeFi and the what DeFi will unlock for the future    [00:35:38] - How he’d rebuild TradFi if he could wave a magic wand [00:39:24] - Walking through the pros and cons of the role regulation will play in crypto  [00:44:21] - Where he’d suggest a young entrepreneur go in the world to find a new frontier and which asset classes they should participate in  [00:45:59] - What he’s most excited to see built in the next six months and six years 

This is Matt Reustle and it's that time again - our 3Q 2022 quarterly recap. If you listened to our second quarter episode, that was a recap of carnage. A "what the hell just happened" episode. For this go-around, Eric helps assess the damage and signs of light in the market. The tide came up, we know who was swimming naked; but who was an emerging winner in Eric's mind? Spoiler alert - it's not just SBF. We cover early takeaways from the Ethereum merge, his observation on the convergence between traditional finance and crypto, and why Eric is so interested in the Bitcoin mining market in 4Q. Please enjoy this quarterly recap.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:22] - [First question] - General thoughts and most memorable points of Q3 2022 [00:06:52] - Getting comfortable with the idea of a floor in an industry without the means of being bailed out by something like the Fed [00:11:54] - The level playing field and other players that have come out looking strong given the downside in the market [00:15:13] - A quick recap of the Ethereum merge, current takeaways, and the road ahead [00:21:06] - Whether or not there’s a way to measure the merge’s success going forward [00:25:46] - The ultimate vision for Ethereum staking and its reward system [00:27:22] - Whether or not leverage is what brought the system down [00:30:43] - Major institutional momentum and adoption in crypto [00:34:36] - The growth equity trolls were louder than the crypto trolls and crypto social stigma [00:41:47] - Sentiments around the new wave of Free-To-Own NFTs [00:45:16] - Material impacts on NFTs with a trend towards creative commons licensing and the experimentation phase of Intellectual Property  [00:50:15] - What’s driving his interest around Bitcoin mining in the near future

This is Eric Golden, and my guest today is Michael Safai. Michael is the managing partner at Dexterity Capital, a high-frequency trading firm that trades billions in crypto every day. We discuss market neutral trading strategies, the challenges of high-frequency trading in crypto compared to tradfi, and the pros and cons of trading on DEXs versus centralized exchanges. Please enjoy this conversation with Michael Safai   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:07] - [First question] - Pivoting away from law and winding up in crypto [00:04:45] - A thumbnail sketch of Dexterity and what a proprietary capital firm is  [00:06:08] - The juxtaposition between TradFi and DeFi in high frequency trading [00:09:13] - How non-standardization is as much an opportunity as it is challenging for builders [00:11:18] - Whether or not he plans on managing money for outside capital  [00:12:43] - A high level overview of running a market neutral firm in the crypto space [00:14:24] - What a retail trader would need to take advantage of their arbitrage strategy [00:15:20] - Strategies to deploy to reduce volatility in crypto at a microstructure level  [00:16:35] - How much large firms are trading against each other and their market structures [00:17:13] - What perpetuals are and trading them as a security   [00:18:53] - How he’d interpret Ethereum’s negative funding rate during the merge [00:20:29] - Whether he’s seeing traditional firms trying to get into and staying in crypto [00:22:07] - Top data and indicators to get a sense of the healthiness of a market  [00:24:39] - His high level thoughts on web3, NFTs and new mainstream assets [00:26:04] - Pros and cons of a centralized exchange versus a DEX [00:28:51] - Thoughts on the code is law versus trading philosophy [00:30:46] - Some crazy stories from his early days of trading on DEXs  [00:32:34] - The level of difficulty to getting alpha today compared to in the early days [00:33:55] - The different game of trading on DEXs versus centralized exchanges [00:35:15] - How to find an edge when everyone’s cards are face up  [00:35:59] - His approach to diligence and analyzing an investment firm like his to invest in  [00:37:10] - What good regulation would look like to minimize public skepticism  [00:38:46] - How he looks to recruit talent and managing a global workforce [00:40:38] - Staying on top of all of his teams and what’s going to happen next for Dexterity [00:41:26] - Managing risk in automated systems when unexpected events occur  [00:43:11] - Where we are in the cycle of standardization and what it means for finding returns [00:45:34] - Binance shifting to a single stablecoin affecting liquidity for market neutral firms [00:47:23] - Leverage six months ago compared to today and what it means going forward [00:48:44] - What he’s most excited to see built over the next six months and six years  

This is Eric Golden and my guest today is Tom McLeod. Tom is the founder and executive director of Arkive, the first ever decentralized museum. We discuss Tom’s early career in music and technology, the inspiration to start a museum, and the inner workings of the Arkive community - including voting, incentives, and ownership. Please enjoy my conversation with Tom.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:04] - [First question] - Having a vision to work with computers in the second grade [00:05:14] - Going from a child computer coder and starting an indie record label [00:07:00] - Working in a big music studio in the midst of the streaming and digital revolution  [00:09:22] - The road leading from Omni to Arkive  [00:13:02] - A high level sketch of Akrive and what their mission is   [00:14:17] - Finding pieces to fill this new approach to curating a museum  [00:16:15] - Who can become a member and vote for what makes it into the museum [00:18:55] - Community owned capital and community owned assets  [00:21:07] - How members can earn their Arkive points  [00:22:30] - Mechanics of voting and the curation community decisions [00:26:14] - Sourcing items of the caliber able to excite their participants   [00:27:49] - How they approach pricing and valuation for art and collectibles [00:29:48] - What it was like to hold the ENIAC patent for the first time [00:32:24] - Making sure items purchased can be seen by the public  [00:34:58] - Whether or not they plan to step outside of the viewable museum model  [00:37:09] - Plans to make fractional ownership and private investing possible  [00:39:09] - Advertising that they’re hiring on-chain pricing oracles [00:41:45] - The likelihood of liquidity in light of exclusivity  [00:42:45] - Building out their own infrastructure and tools  [00:45:17] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Lex Sokolin. Lex is the Head Economist at ConsenSys, a major Ethereum development company that built MetaMask. Our conversation breaks down the Ethereum merge and its implications on the network and ecosystem. We discuss how the switch affects centralization, the crypto economics of inflation and deflation, and popular market narratives around the event. Please enjoy this conversation with Lex Sokolin.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:08] - [First question] - The history leading up to the Ethereum merge [00:06:00] - A high level overview of proof-of-work compared to proof-of-stake [00:13:26] - Critical arguments he’s heard that have merit and are worth debating [00:17:19] - How staking worked before the merge and how it’ll work afterwards and allow retail traders to participate more easily  [00:23:51] - Control of governance and decision making power when staking is outsourced [00:28:49] - How far away we are from being able to stake directly from our wallets [00:34:22] - Ways to think about and calculate the interest rate impact post-merge [00:36:58] - Liquidity of staking and ease of access to deposit and withdraw tokens [00:38:14] - An Ethereum fork and why so many participants are shorting Ethereum today [00:43:49] - What would happen to unique and serialized NFTs in a network fork  [00:47:53] - How conversations have gone between him and institutional players about the coming changes to the network [00:51:34] - What he’s most excited to see built in the next six months and six years

My guest today is Gabe Leydon, who’s episode last year was one of our most popular ever. Gabe has spent the last 20 years designing video games and is one of the most original thinkers I know. He was the co-founder of Machine Zone, which pioneered free-to-play hits like Mobile Strike and Game of War. Over the past year, he has been in stealth mode building a web2 meets web3 video game company called Limit Break, which is founded on a brand new business model that he calls free-to-own. We dive into his vision for the future of gaming, how it could onboard a billion users onto the Ethereum network, and why the LTVs of crypto gamers is far higher than their web2 equivalents. Please enjoy this conversation with Gabe Leydon.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:19] - [First question] - What free-to-own gaming means and why it’s exciting  [00:11:40] - Pre-existing behavior that sets up free-to-own for success [00:12:32] - The progression from PFP NFTs to clubs and the road ahead [00:14:16] - Overview of the business and monetization model for free-to-own games [00:17:51] - The story of DigiDaigaku, their mechanics, the drops, and what lead to their creation [00:22:14] - Balancing supply and demand in a free-to-own market [00:24:35] - Creativity and extensions of the DigiDaigaku NFTs [00:26:13] - Tiering, breeding and the role the Genesis series will play in the Digi universe [00:27:32] - The level of brand marketing NFTs will unlock for businesses [00:29:57] - How free-to-own will be the primary monetization method for brands [00:31:21] - A future with a global marketing shift towards digital property and economies [00:33:06] - Why most of the winning PFP projects are of unique characters [00:35:50] - His Twitter strategy and how he’s created such a fervor around him [00:42:40] - What will define the legendary marketers over the coming decade  [00:43:06] - Interoperability needed to make real-world NFT uses appealing to consumers  [00:44:44] - Whether or not we’ll see more token-gated business in the future  [00:45:40] - Stable Diffusion and his impression of the new AI art generating bots [00:48:56] - What great distribution looks like in a digitally native world [00:50:03] - The emphasis of innovation taking place in the metaverse being a bad thing [00:53:24] - Things he most admires in adjacent games and creators in his world [00:54:25] - Unique game mechanics that Web3 technology unlocks  [00:56:16] - NFTs will be the gateway for people to acquire crypto

This is Eric Golden and my guest today is Alex Taub. Alex is the co-founder and CEO of Upstream, a no-code DAO platform, as well as the co-founder of Truth Labs, the team behind NFT projects Illuminati and Goblintown. Alex is an expert on forming communities, especially around NFTs and DAOs. In this episode, we discuss the best use cases for DAOs, the challenges of announcing NFT roadmaps, and why Truth Labs targets different audiences with each project. Please enjoy this conversation with Alex Taub.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:16] - [First question] - All of the projects he’s involved with and how they intersect [00:03:42] - How relationships are at the core focus of what gives him a superpower  [00:05:24] - His transition from Web2 to Web3 and how it’s playing out for Upstream [00:06:26] - The legal structure of DAOs and what they unlock for people   [00:08:14] - Whether or not the size of a DAO makes control difficult [00:09:12] - Other exciting things he’s seeing in Upstream   [00:09:56] - Whether or not Illuminati was always on the Upstream roadmap  [00:11:27] - The creative process for Illuminati and Goblintown  [00:13:23] - How quickly the idea for Goblintown went from concept to launch  [00:16:07] - The push pull caused by the participants in the NFT market [00:18:24] - Why they doxed themselves after a successful anonymous launch  [00:21:26] - How the space came about and became so popular  [00:22:18] - Why there is such a lack of people trying new things in NFTs [00:23:39] - What it’s like trying to find talent and onboard people in his projects [00:24:41] - His take on the NFT marketplace and why he made his own   [00:27:35] - The rabbithole of refunding participants for NFT purchases [00:28:45] - How vault DAO helps keep NFTs safe  [00:29:48] - Overview of the multiple wallet on Metamask and using it [00:31:23] - What leads to a bad community when people come together [00:32:08] - Selection bias and controlling for it to filter out bad actors [00:33:18] - What he’s excited to see built over the next six months and six years 

This is Eric Golden and my guest today is Avi Felman. Avi is young but he has already had a successful career as a crypto investor. Earlier this year, he left BlockTower Capital to join GoldenTree as their Head of Digital Assets Trading. His ambition is to put crypto on TradFi's map by bringing this large well-known, credit-focused asset manager to the forefront of our industry. We dive into his investment process, hiring Discord anons into GoldenTree, and how long-term thinking manifests in crypto markets. Please enjoy this great conversation with Avi Felman.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:16] - [First question] - Learning everything he needed to about crypto from RuneScape [00:06:41] - Thoughts on the average market participant trying to find an edge in crypto [00:09:38] - Whether or not he’s ever thought about leaving crypto behind completely [00:11:10] - How much of his education has been self-taught or via mentors [00:14:02] - Defining an investor and a trader; and his style as a bidirectional trader [00:15:56] - An example of a theme that he’s changed his mind on  [00:18:10] - Why he chose to work with GoldenTree over their competitors [00:21:10] - What it’s like pitching a token like SHIB to GoldenTree [00:25:09] - How he thinks about training, discipline, and building a team  [00:28:44] - Thoughts on trades when it comes to managing risk [00:30:05] - Separating alpha and beta when valuing analysts and PMs [00:31:57] - What he meant by the entire market being based on the bid for Ethereum [00:33:57] - What an average person can do to track crypto market flows  [00:35:16] - Things he’s currently focused on in the market today [00:37:32] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Andrew Steinwold. Andrew is the managing partner at Sfermion, an NFT-focused investment firm where he makes venture-style bets and directly invests in NFTs. He is a pioneer in this space. We discuss the challenges of starting up a Web3 fund, how NFTs make the metaverse possible, and what drives value in various NFT categories. Please enjoy this conversation with Andrew Steinwold.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:14] - [First question] - How he and his wife Josie Bellini got into the crypto space  [00:05:40] - Why crypto OGs had a disdain for NFTs [00:07:55] - A snapshot of the NFT market today and the metrics he tends to look at  [00:11:18] - Whether or not he’s surprised that the blue chip assets have held up [00:13:56] - The early formation of Sfermion and what lead him to start it  [00:18:33] - Thoughts on holding NFTs and building an investable fund around them [00:23:13] - Plans for their second fund and what it will be comprised of  [00:24:41] - His investment process and philosophy on exposure and valuation  [00:28:15] - Top level view on capital allocation when investing and building funds  [00:31:07] - Second Life interview; in-game economies [00:32:54] - Value is unlocked in more assets than just ones with utility  [00:35:37] - How they pitched fundraising a venture fund compared to one that invested in NFTs [00:39:10] - USD performance fees and capital deployment in their venture fund   [00:43:37] - The different areas of the competitive landscape in NFTs  [00:46:43] - Whether or not courts have reached out to them given their assets [00:48:59] - Real world use-cases and experiments that could prove useful in the future  [00:53:28] - Axie Infinity; thoughts on the Axie Infinity experiment and play-to-earn product market fit [00:57:51] - What he’s most excited to see built over the next six months and six years 

This is Eric Golden and my guest today is Yanni Giannaros. Yanni is the co-founder and CEO of Wyre, which provides payment infrastructure for Web3 companies. Wyre started off enabling merchants to accept bitcoin in 2013 and eventually pivoted from B2C to B2B to serve developers. We discuss Wyre’s major pivots over the past decade, the inefficiencies of traditional cross-border money transfer, and the decoupling of crypto exchanges as on-ramps. Please enjoy my conversation with Yanni Giannaros.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:15] - [First question] - How he and his co-founder met [00:05:38] - Building Snapcard and whether they moved into crypto at that time  [00:06:49] - The ways they technically achieved receiving funds via Snapcard [00:08:13] - What led to the second iteration of Snapcard [00:10:31] - Who their first competitors were when they started accepted Bitcoin and when they moved into cross-border payments  [00:12:58] - The history of sending money across the border and what their products unlocked for consumers [00:15:27] - How people would on-ramp into crypto in the first place and the financial and technical risks of early crypto transfers [00:16:48] - The biggest pain points and what led them away from having so many businesses [00:18:51] - Whether or not he and his co-founder ever had second thoughts  [00:19:54] - What he means by “It’s the fast that eat the slow” [00:21:06] - Interesting views on why major crypto exchanges won’t remain dominant [00:23:34] - Learning regulatory jurisdiction issues and the landscape today  [00:25:37] - How someone can use Wyre to set up their Web3 protocol more quickly  [00:27:31] - Some of the biggest surprise use cases for Wyre from developers  [00:30:15] - Things he thinks about differently now not being so end-user focused  [00:31:40] - How much money they raised on Wyre’s processing power [00:32:49] - Being acquired for over a billion dollars and selling their company  [00:34:26] - How it feels now to run Wyre compared to their building days [00:35:21] - What he’s most excited to build over the next six months and six years 

This is Eric Golden and my guest today is Algod. Algod is a popular crypto investor, who is probably best known for predicting Luna’s demise ahead of time on Twitter and betting with the founder, Do Kwon, that it would happen. He’s self-taught, operates largely alone, and does few interviews so I was very excited to sit down with him and talk about his philosophy, analytical process, and current views. I hope you enjoy my conversation with Algod.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:18] - [First question] - His early call that Luna would crash [00:03:52] - How Anchor and Luna work [00:04:26] - His confidence in the problems with Luna [00:06:32] - The crypto landscape today [00:09:10] - The connection to Three Arrows Capital and how he analyzes a token  [00:10:50] - How to bootstrap a company through NFT/Crypto [00:13:35] - When investors are involved and there’s an unlock schedule in a new token [00:16:11] - Metrics he follows; Market Cap and Fully Diluted Value (FDV) [00:17:26] - Other metrics he looks at  [00:18:30] - Watching people get burned by Crypto [00:19:32] - Dealing with crypto fanatics [00:21:44] - Whether stablecoins should exist [00:23:14] - His investment process [00:25:11] - Use cases of crypto he is excited for  [00:26:49] - Benefits of the widespread crypto adoption [00:32:46] - Where he pulls information about crypto [00:33:26] - Building his network [00:34:09] - Original intention with his twitter handle [00:34:58] - How people monetize twitter accounts [00:35:22] - Being anonymous on twitter [00:36:35] - How this crypto cycle compares to previous ones [00:38:22] - Other investment assets he explores [00:39:32] - Things he is excited to build out in the future

This is Eric Golden and my guest today is Fonz. Fonz is the founder of Tokenproof, which lets NFT owners prove their ownership online and at events without exposing their wallets or tokens. I used the service at ApeFest last month and was blown away by how seamless it was. If you haven’t already listened to it, I recommend pairing this episode with our conversation on tokengating with Alex Danco. Please enjoy my conversation with Fonz.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:20] - [First question] - How things have changed at ApeFest thanks to Tokenproof [00:04:35] - Getting tickets through tokengating [00:07:56] - His story and what led to the development of his technology  [00:13:33] - Explaining the power of tokengating with NFTs [00:15:34] - Future use-cases for NFT’s tokengating [00:17:03] - Partnering with brands  [00:19:14] - How artists/athletes/celebrities could game fame  [00:20:52] - Barriers that exist in the entertainment world relating to NFTs [00:23:11] - Exciting potential use cases for NFT monetization  [00:24:26] - Can NFT’s be used for lower priced items [00:26:57] - Early reactions to Tokenproof  [00:31:51] - Lessons from the ApeFest event [00:34:00] - Future of ApeFest and other events like it  [00:36:17] - Could this tech work without the blockchain [00:39:12] - Could Tokenproof be used for ticket trading in the future [00:41:19] - Could they partner with a Ticketmaster or similar entity  [00:42:47] - Connecting a wallet to Tokenproof [00:45:17] - How was Tokenproof received by users?  [00:46:47] - Using this for digital vs real-world events [00:48:51] - Monetization for Tokenproof [00:49:54] - What Fonz is most excited to build 

This is Matt Reustle and I'm back with Eric for our second quarterly recap. As you can imagine, the tone is slightly different to our first one of these, just three months ago. There’s a lot to digest but we tried our best. Jump in and enjoy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:17] - [First question] - Whether the performance of crypto in the second quarter has changed Eric’s perceptions of the space [00:08:25] - The fall of Luna and what made it vulnerable [00:17:18] - Arguments for stablecoins [00:19:08] - The contagion post-Luna and its impact on Celsius [00:24:35] - The bankruptcy in Voyager and why we haven’t seen similar actions by others [00:30:00] - Does the crypto asset class need saving [00:34:11] - The collapse of Three Arrows Capital [00:39:40] - Removing the leverage in the system; Ken Stanley ILTB podcast episode [00:45:20] - The continued push into crypto from established financial institutions [00:48:07] - Where is the regulatory front moving on crypto [00:54:25] - Any regulatory events to keep an eye out for  [01:00:56] - Takeaways from NFT NYC and ApeFest

This is Eric Golden and my guest today is Jarrod Dicker. Jarrod is a Partner at The Chernin Group, a consumer-focused investment firm, where he invests in Web3, blockchain, and other tech that connects fans with creators. Before TCG, Jarrod was the CEO of Po.et, a decentralized media start-up, and Commercial Chief at the Washington Post. He has spent his career at the intersection of media, technology, and consumer products – which is the focus of our discussion. Please enjoy this conversation with Jarrod Dicker.    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used their comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:14] - [First question] - The evolution of the media industry post-internet age [00:06:23] - Bottoms-up ownership models of talent and whether or not power laws still exist [00:11:21] - Distilling big scenarios into simple narratives and where we are in the crypto narrative cycle [00:15:59] - Disintermediation between artists and their fans and the direct to fan connections that blockchain tech unlocks for creators  [00:20:02] - Tiering structures, underestimating the financial dedication of super fans, and circumnavigating wealthy gatekeeping  [00:25:13] - His venture funding investment process [00:30:51] - Some of his biggest surprises about people’s misunderstandings of web3 [00:35:05] - The blindspots of the web3 space that should be discussed [00:40:17] - Humility amongst some of the most savvy builders in the crypto space [00:43:38] - Thoughts on the shift from renting to owning and the financialization of everything [00:48:14] - An ecosystem built around a focus on the active consumer  [00:50:18] - What he’s most excited to invest in or build over the next six months and six years 

My guest today is Alex Danco from Shopify. Alex is our first triple crown guest, having first appeared on Invest Like the Best in 2019, Business Breakdowns on Shopify in 2021, and now Web3 Breakdowns. Our conversation today focuses on a new concept, tokengated commerce, and how Shopify is building around this theme. Given the market turmoil in crypto assets, we talk about true use cases of tokengated commerce and why blockchain technology is unlocking something that was not possible otherwise. Please enjoy my conversation with Alex Danco.     For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:16] - [First question] - What Shopify itself is as an ecosystem and service [00:05:14] - An example of interoperability and the power of platforms outside of Shopify  [00:07:02] - How interoperability and platforms come together [00:12:08] - Where a a constraint-standard resulted in failure  [00:14:26] - Why Shopify is so heavily invested in tokengated commerce [00:17:10] - Lessons learned about the scarcity function of tokens and how they’ll work [00:20:34] - Whether or not Shopify will be building their own crypto wallet   [00:24:48] - The important role blockchains play in tokengated economics [00:28:16] - Overview of the mechanics and offering Shopify is building  [00:32:16] - Tokens help establish protocol adoption [00:34:27] - Which blockchains and protocols will be mostly used in Shopify’s endeavor   [00:36:33] - Why can’t it be key-gated instead of tokengated [00:39:00] - Conjuring demand and how Shopify will create demand for their new system [00:45:46] - The differences between someone's identity and a token holder [00:47:55] - Signals that suggest tokengated commerce will be a big thing  [00:51:02] - Why this concept hasn’t been more widely adopted already [00:54:39] - When there will be a solution to easily create and distribute tokens [00:56:39] - Where things will go from here  [00:59:35] - Reasons why this might not have taken off in five years

This is Eric Golden and my guest today is Ovie Faruq, or as I know him, OSF. Ovie spent the best part of 9 years at Barclays as a distressed credit trader before moving into Web3 as a builder, investor, and artist. Given his wide range of experiences, both in TradFi and Crypto, we cover a lot of ground. We discuss the commonalities between fixed income and NFT trading, how to revive a failing PFP project, and what it felt like when he found out Snoop Dogg bought his artwork. Please enjoy this conversation with OSF.    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:16] - [First question] - The different types of Web3 IP, how Goblintown and Rekt Guy have evolved, and how a creator can give the IP to the community [00:05:12] - Whether or not a lack of scarcity is unwinding the value accrual behind the original approach to NFTs  [00:06:14] - Not having a roadmap and the advantage to being more freeform  [00:09:35] - His take on the difference between a failed project versus a rugpull  [00:12:50] - Finding out that Snoop Dogg bought a Rekt Guy and made it his profile picture  [00:14:11] - What he was doing before stepping into the NFT space [00:15:09] - Similarities and differences between trading assets on TradFi and DeFi markets  [00:17:24] - How he approaches measuring illiquidity in the NFT market [00:19:37] - YOLO trading and minting and selling a ton of Bored Apes [00:24:21] - The thesis of the Canary fund and thoughts on investing the money now [00:25:23] - How he thinks about where value accrues in NFTs as an investor [00:29:07] - When he started drawing and the road leading up to his NFTs [00:33:22] - Lessons for newer artists coming up and building an audience [00:35:36] - Working with Flips Finance and how he spends his days [00:37:20] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is Bored Elon. Bored began as a parody account of Elon Musk on Twitter and has turned into a widely followed pseudonymous personality. We discuss the evolution of parody accounts and how Bored combined his massive following with years of experience in game design and mechanics to create his new blockchain based company, BoredBox. Please enjoy this conversation with Bored.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:07] - [First question] - What being a student of Hank Scorpio means [00:03:54] - The genesis of the Bored Elon pseudonym and his prior parody accounts [00:06:08] - What it is about pseudonymity that unlocks brand creation  [00:07:28] - A deep look at the pros and cons of the social armor of a pseudonym  [00:09:41] - Whether or not pseudonymity will have a larger footprint in the future [00:11:12] - Interesting challenges of operating as Bored Elon and not a person [00:13:38] - How he came across and moved into the NFT space [00:15:04] - The way the gaming world is setup today and its various tiers of game [00:16:46] - How many years it can take to build a AAA game like Call of Duty [00:17:49] - His perspective on games with built-in tokenomics at launch [00:20:29] - Whether we’ll see a shift in blockchain gaming back to free to play [00:22:51] - Combining pseudonymity and gaming with BoredBox [00:26:47] - Roughly how many blockchain game studios there are and the size of the space [00:28:14] - Thoughts on distribution, minting, frequency and varying rarity of loot boxes [00:31:59] - Tension between the traditional gaming industry and the blockchain one [00:35:04] - The types of builders and developers found in blockchain game studios  [00:36:21] - Where we are in the investment cycle and when we’ll see great games drop [00:38:37] - If building your own chain to develop a game is a necessary feature [00:40:07] - The biggest problems game developers encounter in the blockchain space [00:42:14] - Examples of games that could benefit from a small player base [00:43:21] - Will great games incentivize users to learn blockchain tech to play them [00:44:56] - How it feels to launch BoredBox amidst a bear cycle [00:46:22] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and my guest today is SEC Commissioner Hester Peirce. Commissioner Peirce was sworn into the SEC in 2018. During her tenure, she has been a vocal advocate of free markets and a supporter of the crypto industry, to the point where she is often referred to as “Crypto Mom”. Regulation is a huge issue for our industry and I hope you’ll walk away from this discussion with a better appreciation for the nuance around protecting investors while letting innovation flourish. Please enjoy my conversation with Commissioner Hester Peirce.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes[00:02:15] - [First question] - The role of a regulator and the relationship between a regulator and the sector or product they oversee [00:04:29] - Her thoughts on how regulators are more like lifeguards than parents [00:05:36] - Striking a balance that allows innovation to thrive instead of suppressing it [00:07:17] - Overview of the 3 pronged approach of the SEC’s crypto mission [00:10:15] - Being painted as an entirely fraudulent industry full of bad actors [00:11:18] - What it’s like working inside of the seeming blackbox that is the SEC [00:13:33] - How many of the 4,500 employees are dedicated to crypto and finances [00:14:19] - Internal debates and public meetings amongst the commissioners   [00:16:18] - Ways the commissioners learn about crypto being unable to participate in it [00:17:36] - Whether or not there are restrictions on crypto ownership for the rest of the SEC [00:20:38] - Managing the entrepreneurial spirit as we navigate the legalities of crypto [00:23:16] - How revolutionary it would be if TradFi transactions were on a public blockchain  [00:26:29] - Risky corporate assets and how blockchains could have averted the 2008 crisis [00:28:47] - Difficulties of being a regulator and respecting the responsibility  [00:29:56] - Self-reporting and the crypto community reporting suspicious activity [00:32:12] - A skin-in-the-game investment that promotes self-education [00:34:24] - Where the Safe Harbor stands and what it’ll take for it to move forward [00:35:37] - The Howey Test and realizing we need new securities laws [00:37:59] - Going from a security to a non-security and instruments that allow a transition [00:39:25] - Leading a commission and if there’s a risk of losing a case [00:43:18] - Alternative Trading Systems and Communications Protocol Systems [00:45:03] - When the market could expect a spot Bitcoin ETF [00:46:50] - NFT financialization and how they might need to be regulated [00:48:12] - Her thoughts on DAOs and they’re rapid evolution [00:50:29] - The underbanked using crypto and whether or not it impacts the SEC’s agenda [00:51:54] - Emergence of stablecoins and her thoughts on their development [00:53:37] - What role if any might self-regulating organizations play in the future [00:56:35] - What she’s excited to see achieved over the rest of her term and what are some exciting dates or events she’s watching in the crypto space

This is Eric Golden and my guest today is Laura Shin. Laura is a crypto journalist, host of the Unchained podcast, and author of the book The Cryptopians. While writing her book, Laura uncovered one of the biggest mysteries in crypto - who was behind the 2016 DAO hack on Ethereum. We cover that episode in detail, her methods for gathering information in crypto more broadly, and what she learned from studying the founding of Ethereum. Please enjoy my conversation with Laura Shin.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes[00:02:11] - [First question] - When she knew she wanted to become a journalist [00:04:06] - Stepping into crypto seven years ago and what pulled her into it [00:06:23] - Forbes’ thoughts on her covering crypto and going full-time [00:07:39] - Her TedX 2018 presentation and how her predictions held up today  [00:10:39] - Doing 200 interviews over 2 years to write The Cryptopians [00:12:33] - Balancing how wild the story felt with factual evidence-based reporting [00:15:39] - What it was like to try and gather information in the crypto space [00:17:33] - Who she most relied on to tell the story and who she wishes she could have spoken with while writing it [00:20:25] - Idealists, capitalists and technologists shaping the messy foundation of Ethereum [00:22:19] - How Vitalik maintained his dominance and influence over Ethereum [00:23:54] - Thoughts on how a single figure can have so much power over an ecosystem [00:25:17] - The battle between the Nonprofit and For-Profit status of blockchains [00:28:16] - What made it so difficult to get involved in crypto in the early days [00:29:11] - The first DAO coming together and within a few weeks getting hacked [00:31:22] - Going from journalist to detective and trying to find out who the hacker was [00:38:47] - How nervous she was about someone else breaking the story first [00:42:08] - Big takeaways from illegal activity being traceable on public blockchains [00:45:28] - Why she was able to find the DAO hacker before the government did [00:46:21] - Whether or not there will be a movie made out of Cryptopians [00:46:47] - What she’s most excited to see built in the next six months and six years

This is Eric Golden and my guest today is Dan Matuszewski, co-founder of CMS Holdings. If you follow Dan on Twitter, you’ll recognize him as one of the wittiest and most fun voices in crypto. In this episode, we cover a wide variety of topics including Dan’s successful trading career that led to the launch of CMS - a proprietary trading firm, why he is so attracted to this space, and how from his perspective markets have evolved over the past few years. We also discuss the importance and mechanics of stablecoins, and it is worth pointing out we recorded this before they became frontpage news last week. Please enjoy my conversation with Dan Matuszewski.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:22] - [First question] - Dan’s early years and his first steps into crypto  [00:06:17] - Whether or not he was accumulating Bitcoin and saw the long-term utility of cryptocurrencies out of the gate  [00:07:41] - How traders would get money in and out of old crypto wallets and exchanges [00:10:16] - Having moments of doubt and why he stuck with crypto amidst it’s shortcomings [00:11:02] - What he was hired at Kraken to do and becoming an active crypto trader [00:13:41] - The ICO coin boom and what it was like trading the order flow in 2017 [00:15:20] - Thoughts on what it looked like during the ICO boom as a trading desk [00:16:07] - Where stablecoins came from and why they were so necessary to invent [00:17:59] - Tether’s negative reputation and his views of Tether outside of bad press [00:21:14] - How stablecoins make money and how Circle makes money on USDC [00:21:43] - Thoughts on leverage in the crypto space and how borrow rates affect investment decisions  [00:23:48] - Arriving at a risk-free rate and how CMS’ liquidity is structured  [00:24:27] - Capital allocation and the size and scope of CMS today  [00:25:10] - Differences between running a fund with your own money versus investors [00:26:42] - How megafunds will impact the market [00:27:18] - Getting into exotic collectibles and buying a Triceratops fossil   [00:29:10] - The impacts of the war in Ukraine, inflation and current events on crypto [00:30:01] - The role and impact of leverage in a market selloff  [00:31:20] - Coming regulatory oversight and the path ahead  [00:32:19] - Why crypto investors and traders prefer the CFTC [00:32:50] - Thoughts on NFTs as an asset class and how his mind has changed on them [00:33:37] - What running a farming operation means and strategies that he runs [00:35:06] - Ways for the average person can get involved in crypto and get exposure  [00:35:55] - His information flow and where he sources his signals [00:36:44] - How helpful it is to have a liquid token side and venture capital arm [00:37:05] - What he’s most excited to see in the next six months and six years

This is Eric Golden and my guest today is Reed McGinley-Stempel. Reed is the co-founder and CEO of Stytch, which is on a mission to eliminate friction and improve security on the internet. Stytch started with passwordless authentication and Reed does a great job explaining why this is so important to businesses. We discuss the power of using Ethereum to sign on to any website and, towards the end of the conversation, Reed shares their newest product, Vessel - a wallet solution that eliminates the need to memorize 12 word seed phrases. Please enjoy my conversation with Reed McGinley-Stempel.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:18] - [First question] - The history of people using passwords online [00:05:34] - How the password structure we use today came to be  [00:08:22] - How attack vectors open up and what hackers do to get your information [00:11:49] - His time at Plaid and how it led to him co-founding Stytch [00:15:20] - What it means to be passwordless for the company and the N users  [00:18:17] - How they decided where to put their focus when starting Stytch [00:21:24] - What companies did before Stytch to handle different levels of security [00:22:19] - What the authentication of logging in with Google, Apple or email is  [00:25:11] - Their ethos on building for developers and being an API first company [00:28:30] - The pros and cons of being an API company and a SDK company  [00:31:45] - His first exposure to the Web3 space and how Stytch plays a role in it [00:36:31] - His thoughts on Web2 and if they will adopt the security measures of Web3 [00:40:14] - How Stytch will make it easier to attend something based on token gated access [00:42:52] - What a passport of the internet is and what Stytch is doing with it [00:47:17] - Their onboarding process for users from the Web2 space [00:54:00] - What he’s most excited to see built over the next six months and the next six years

This is Eric Golden and my guest today is Ryan Selkis of Messari. If you have spent any time in the crypto markets - you are likely familiar with Ryan and the Messari research platform. We cover his history in the market, including how he broke the Mt Gox story, his latest thoughts on NFTs, and finally it wouldn't be a conversation with Ryan if we didn't cover the regulatory landscape. Please enjoy this conversation with Ryan Selkis   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used their comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:09] - [First question] - His early days of first entering the crypto space  [00:05:18] - Going to battle with the Bitcoin Foundation and being fearless in his reporting [00:06:19] - Whether he’s always been willing to attack the biggest players in crypto [00:08:42] - When he moved over to DCG and what it was like in the early days [00:11:11] - The ICO boom and how the founding vision of Messari has changed over time  [00:12:59] - What it means to build the operating system for Web3 [00:15:02] - The transition phase from the old world into one lead by DAOs [00:16:19] - Defining companies as a marketplace [00:17:32] - Where he’s seeing opportunity and how companies evolve into DAOs [00:18:19] - His top 3 areas for 2022 and going from an NFT bear into an advocate [00:20:15] - Proof-of-knowledge, opt-in cookies, and growing NFT infrastructure [00:22:08] - The Web3 ecosystem and how regulation impacts the different parts of it [00:24:27] - How the definition of securities are changing and how the crypto industry can shape the future of regulation [00:25:46] - The SEC’s role in regulation and wanting dramatic change in that system [00:29:39] - Stablecoins, algorithmic stablecoins, and why they’re so important [00:31:11] - Thoughts on LUNA using BTC as their reserve currency [00:31:57] - How narratives shape markets and the impacts of media on crypto [00:33:31] - Publicly sharing their portfolio positions as analysts and why [00:34:38] - What he’s most excited to see built over the next six months and six years

This is Eric Golden and today I am hosting Fredrik Haga - co-founder and CEO of Dune. For anyone involved in the crypto markets, you have likely come across a Dune analytics dashboard. In this podcast, we cover Fredrik's background and motivation to start Dune, why he pivoted early to offer a free service, and what he's excited to build in the future. Please enjoy my conversation with Fredrik.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:05] - [First question] The early origins of Dune back in 2018 [00:06:45] - Trying to fundraise for the first time and having a business model in mind   [00:09:24] - From selling dashboards to making it free and open source [00:10:42] - Gaining momentum in 2020 during the crypto summer and fundraising again [00:14:50] - What Dune Analytics is and how their product works [00:18:30] - Who Hildobby is and the dynamics between Opensea and Dune  [00:24:37] - Thoughts on a digital bank and comparing them to traditional banks [00:29:17] - Dune’s business model and how they’ll generate revenue in the future [00:30:43] - Whether or not there will be a native $DUNE token  [00:32:08] - Dune’s data treasure trove and how it’s still largely untapped [00:34:57] - What he’s looking forward to building over the next six months and the next six years

Today we are trying something a little different. We’re going to do a quarterly recap. Similar to investor letters that are so common in traditional finance, we thought it would be fun to cover the most interesting topics across Web3 that happened this past quarter by gathering questions from our listeners. Enjoy!   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:39] - [First question] - Eric’s takeaways from crypto’s performance in Q1 writ large [00:04:26] - Was anything proven out in Bitcoin’s performance relative to Gold [00:07:48] - Thoughts on the performance of BTC compared to ETH [00:10:27] - Other benchmark assets in crypto used to track performance of the asset class [00:12:39] - Evaluating the performance of NFTs and the impact of Ethereum’s price on NFTs [00:16:32] - Thoughts on the trend of user adoption in Q12022 compared to Q12021 [00:21:27] - Where we stand in the geopolitical narrative and it has played out in real time [00:27:00] - Development and politics in emerging markets around adopting cryptocurrencies [00:30:42] - Thoughts on the executive order in the US in regards to regulation [00:32:29] - The catalyst of talent drain and how policy can negatively impact US innovation [00:34:38] - Where the majority of capital coming into the market ends up being allocated  [00:38:48] - The rise of play-to-earn in 2021 and the environment we’re in today in 2022 [00:41:24] - Metaverse’s hype cycle, capital allocation, and potential prospects [00:44:30] - Ways that the Metaverse will crossover into the physical world

This is Eric Golden and my guest today is Justin Waldron, co-founder and President of Playco. Justin is a pioneer of the social gaming industry, having co-founded Zynga at age 19 and then Playco, the world’s first instant gaming company. Our conversation explores the industry’s evolution from web to mobile to blockchain, the unique opportunities crypto offers game creators like Justin, and how Playco’s Web3 project, Storyverse, is creating a game engine for communities. Please enjoy my conversation with Justin Waldron.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:15] - [First question] - The story of pizza and how he thinks about game design like restaurants  [00:06:07] - Why bringing people together with games feels better than simply being together [00:07:40] - Overview of instant gaming and how people can find creativity and joy from it [00:10:34] - How Farmville’s onboarding process brought in so many new players  [00:13:59] - How much of game design is planned out versus being accidental  [00:18:08] - Why the industry left web-based gaming and went into the mobile and app space [00:24:55] - His thoughts on seeing the industry shift away from his vision [00:27:55] - How he first approached crypto and Web3 game development  [00:33:29] - Was he always sure of the direction he wanted to go in Web3 [00:38:59] - Where the idea of Storyverse came from and what the vision for it is  [00:41:43] - How Storyverse decreases the friction with NFTs and brings them to life [00:45:35] - The ways that their tokens can interact and communicate with stories  [00:49:24] - How Storyverse’s IP differs across communities and problems that can arise  [00:56:17] - What he’s most excited to see built over the next six months and the next six years

This is Eric Golden and my guest today is serial entrepreneur Gary Vaynerchuk, better known as GaryVee. This conversation covers why Gary has so much conviction in blockchain technology, why he sees established companies willing to embrace NFTs, and his vision for how this new medium allows him to build and distribute value today, and far into the future. Please enjoy my conversation with GaryVee.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:06] - [First question] - Why NFTs are the future and why they’re so powerful [00:04:41] - How his long-term thinking has both helped and hurt his efforts in this space [00:06:24] - Being open about what he’s buying and how a public wallet changes that dynamic [00:09:21] - Whether one can participate in the NFT space without being all in [00:10:47] - How big brands are interacting with NFTs and their adoption cycle [00:12:10] - Whether or not they understand the longevity of their actions and decisions [00:13:46] - Thoughts on separating his public and private life online [00:16:44] - Where his drive and desire to entertain comes from [00:18:47] - How he lets people into his world and betting on people who are “one of us” [00:22:27] - Ways smart contracts will change the future of long term bets on assets [00:25:54] - Things that seem bizarre today that will appear obvious in hindsight [00:28:10] - What he’s most excited to see built in the next six months and six years

This is Eric Golden and my guest today is Jasmine Maietta, founder of round21. Our conversation is a masterclass in brand building and collaboration. We cover how round21 was able to collaborate with large brands so early, how she builds a digital-physical model around goods, and why it’s so important to speak the same language as your partner, whether they would be a world class athlete or celebrity. Please enjoy this episode with Jasmine.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:09] - [First question] - How round21 ended up collaborating with Budweiser, NFLPA, and Bored Ape Yacht Club [00:04:18] - Overview of round21, their mission, products, and what they do with big brands [00:05:27] - How a traditional athlete sponsorship works today [00:07:43] - Why celebrities entering the NFT space sometimes don’t do as well as they think they will [00:09:45] - The rumor of round21 appearing on Shark Tank and if it’s true [00:11:35] - How interested are athletes in interacting with round21 and what excites them [00:13:21] - If she considers round21 to be a Web2, Web3 or bridge company [00:14:48] - The physical and digital divide of collectibles as it pertains to the customer [00:17:44] - The major differences between the NFL roadmap and the NBA roadmap [00:18:53] - Her insight on pulling off a huge event and how much work and preparation it takes [00:21:28] - Proof of Attendance and how she sees it impacting the world of sports [00:23:05] - What a POAP is and what attendees received for Proof of Moment [00:24:50] - The challenges of running limited run manufacturing and the customer acquisition cycle of a low frequency purchase  [00:28:08] - Balancing round21’s brand versus the artist’s or athlete’s brands [00:29:42] - How they work with an artist or athlete when they are unsure of what they want [00:33:43] - Her take on what has been working well in the NFT space and what isn’t [00:35:44] - Advice for keeping brand identity intact with multiple representatives [00:38:22] - Her experience working with big brands over her career and how it’s shaped her learning [00:39:50] - How she would explain the NFT space to a big brand and what their biggest push backs are [00:41:53] - A quick sketch of how she ended up where she is today [00:44:09] - What she is most excited to see built over the next 6 months and the next 6 years

I’m Eric Golden and my guest today is Matt Ballensweig, Co-Head of Trading and Lending at Genesis where he’s responsible for trading, origination and execution of all digital assets and loans. I got connected with Matt when I started trying to find out how investors are able to generate double-digit yields by lending out their crypto assets. Beyond answering this question, we also discuss how traditional prime brokerage works and the unique set of challenges of building similar infrastructure in crypto. Please enjoy this discussion with Matt Ballensweig.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:13] - [First question] - Why does a massive difference in interest rates exist between crypto and money market accounts [00:05:12] - The average spread market makers earn on crypto assets [00:08:22] - The trade of going long btc spot, shorting the near term future and the type of interest rate or yield the trade creates [00:12:34] - Explaining what it means to have a delta view and to be delta long and delta neutral  [00:12:50] - Genesis’ loan structure and framework [00:16:02] - How collateralized lending can be a zero loss business  [00:18:36] - Percentage differences between collateralized and uncollateralized loans and their uncollateralized loan process [00:22:25] - Types of uncollateralized parties and how they are using their debt  [00:24:22] - Has Genesis seen defaults and low masses on the uncollateralized business [00:25:18] - Overview of Genesis, their divisions, and how they make their money beyond lending [00:27:50] - His view on a healthy market structure and how short sellers help the market function [00:29:32] - What traditional prime brokers do and how much of Genesis is modeled off of them [00:31:44] - Why the crypto and TradFi worlds can’t simplistically blend [00:34:22] - Will Genesis ever bridge the prime brokerage business into traditional assets [00:35:28] - DCG’s founding, what it is, and Genesis’ role in the DCG empire [00:38:06] - How much interplay Genesis has with other DCG companies [00:43:28] - Does he feel like he works for Genesis or for DCG  [00:44:46] - How integral Genesis is to platforms like BlockFi, Gemini and Celsius [00:48:49] - How systems are tested when there are drawdowns and how counterparts interact with each other [00:52:12] - Knock-on effects that could lead to a ‘Lehman style event’ given crypto’s systemic risk nature [00:55:18] - How Genesis participates in the DeFi markets and their biggest gating issues [00:58:26] - Views on centralized and decentralized exchanges  [01:00:35] - His desire to share data and the PIF protocol [01:02:42] - Why NFT lending makes sense given its different risk profile from crypto [01:05:08] - What he’s most excited about building over the next 6 months and the next 6 years

This is Eric Golden and my guest today is Tom Jessop. As President of Fidelity Digital Assets, Tom leads Fidelity’s effort to build a crypto custody solution for institutions. During our conversation, we discuss the use of custodians for blockchain assets, trends in client demand, and Tom’s perspective as an incumbent attempting to build crypto-native capabilities. Please enjoy this conversation with Tom Jessop.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:06] - [First question] - Why would anyone need a custodian for digital assets [00:03:39] - Top reasons that clients choose Fidelity to manage their own custody [00:05:03] - Customer experience handing over their crypto assets to Fidelity  [00:08:40] - Building a business managing digital and physical risk [00:10:01] - Thoughts on the interplay between selecting a custodian and what their execution service options are [00:12:02] - Why there’s such a lack of segregation compared to traditional markets [00:14:05] - The type of capital you’d need to pre-fund in order to trade multiple markets  [00:15:07] - Instant trade settlements and what it’s like reconciling so many moving pieces in the cryptosphere [00:16:39] - How big Fidelity Digital is today and the growth they’re seeing  [00:18:17] - How many different assets they currently custody today [00:19:12] - Thoughts on what assets are appropriate to custody for their clients [00:21:00] - What happens to the custodian and client if a cryptocurrency becomes recognized as a security on a regulatory level [00:22:13] - How much of his time is spent dealing with the ever changing regulatory landscape and where his focus is as of late [00:24:46] - His feelings on why the US seems to approach crypto regulation differently than other countries  [00:27:47] - Are we slowly getting to a better place with crypto regulators in the US? [00:28:49] - Defending cryptocurrencies to regulators against waves of negative press [00:30:42] - Moving from traditional finance to the crypto market and how to innovate in such a rapidly evolving industry [00:32:43] - The pros and cons of being a crypto custody startup [00:34:04] - How they acquire clients and market Fidelity [00:34:44] - Capital-backed assets and how relevant insurance is when choosing a custodian [00:36:24] - What he’s been seeing on the product development side of this space [00:38:04] - Thoughts on third-party developers building on top of Fidelity [00:39:47] - The different types of clients Fidelity has and the competitive landscape  [00:41:14] - Whether or not there’s a push from clients to become more involved in DeFi [00:42:49] - The biggest issues that Fidelity has to overcome to become a custodian for the 10 biggest crypto assets today  [00:43:15] - What a crypto custodian will look like a decade from now and aggregated asset management [00:47:05] - What he’s most excited to see built over the next six months and six years 

This is Eric Golden and my guest today is Jenkins, creator of Jenkins the Valet. For those unfamiliar, Jenkins was one of the first creators to explore the full potential of utilizing the IP granted by the ownership of an NFT. In this conversation, we explore how Jenkins developed the story around the digital character, how this character evolved into its own being, and how that initial act of storytelling opened up an impressive amount of business opportunities. Please enjoy my conversation with Jenkins.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:10] - [First question] - His opinion on the power and drawbacks of pseudonymity  [00:03:59] - The doxxing of the founders of the Bored Ape Yacht Club [00:05:27] - How separate his avatar/NFT life is from his personal one  [00:08:12] - Buying Jenkins from the secondary market and the first story he wrote [00:11:41] - Was Jenkins a business from the beginning or did it happen naturally? [00:15:34] - What Jenkins the Valet is and its role in the larger scope of this project  [00:19:17] - The writer room structure and NFTs for participating in it [00:22:16] - Pros and cons of IP ownership and licensing for creating content [00:25:38] - Economic structure of their NFTs and participating without an avatar [00:28:25] - Believing in the ownership of commercial rights in the community [00:30:28] - How comfortable he is with living both on and off chain [00:34:17] - Signing with a professional talent agency and trying to explain the project to traditional publishing outlets [00:38:12] - Were there multiple authors wanting to get in before Neil Strauss? [00:39:51] - Whether or not the Bored Ape Yacht Club founders reached out as this project continued to build momentum  [00:41:50] - His thoughts on where and how value accrues [00:42:28] - How much money was raised via NFT sales and outside investments [00:46:04] - The level of participation rates in community decisions for the writers room [00:47:31] - Which group has showcased the most interest to be featured in the second book [00:48:34] - Who is Mutant Jenkins and who runs the account [00:50:11] - What he’s most excited to see built over the next six months and six years

My guest today is Diogo Monica, co-founder and President of Anchorage Digital. Diogo started Anchorage in 2017 to meet the growing institutional need to custody and use crypto assets. The business has since grown into a full-service financial platform for institutions, allowing them to securely participate in web3. Our discussion breaks down Anchorage’s business, explores what great digital security looks like, and reveals what new behaviors web3 is unlocking for traditional institutions. Please enjoy this breakdown of Anchorage Digital.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:10] - [First question] - Why he got into the crypto space and the path that led him to founding Anchorage  [00:05:23] - An overview of digital security and where people should spend their time learning about it [00:08:46] - A future of perfect authentication and data protection being so core to this space [00:12:59] - How custody should be considered in the modern world and with digital assets [00:18:29] - What it means to be a great qualified institutional custodian [00:24:47] - The business and unit economics of a custody driven company [00:27:37] - What it was like working with their first big institutional client [00:30:22] - Speed as a component of digital security and its implications writ large   [00:35:21] - How they’re differentiated from their competitors by expanding beyond custody [00:39:16] - Different challenges between securing NFTs versus currencies and tokens [00:42:13] - New behaviors he finds most interesting about institutions due to Anchorage [00:48:16] - Breakdown of what players and services constitute Anchorage’s clients today [00:50:54] - The best case scenario for the future of the business [00:53:07] - What would worry him about Anchorage’s development  [00:55:25] - Opportunities he finds most interesting that haven't materialized yet  [00:57:16] - Will we need a public blockchain to create the infrastructure needed to bring the world to a more crypto-fluid place [00:59:37] - The kindest thing anyone has ever done for him

This is Eric Golden, and my guest today is Micah Johnson the creator and artist behind Aku Dreams. Micah’s story as a pro baseball player turned famed NFT artist and Aku’s story, are both unique and inspiring. We dive into how Micahs childhood inspired the story behind Aku, what he has learned from his success, and tips for artists in the space. Please enjoy my conversation with Micah. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:04] - [First question] - His backstory and becoming a professional baseball player [00:03:34] - Who inspired him to pursue a professional career in baseball [00:04:38] - Whether he had any moments of doubt in his pursuit of the big league [00:05:16] - Where he found time for painting outside of baseball [00:06:17] - The origin story of Aku and stepping into the NFT space  [00:08:17] - Making the transition from physical to digital art [00:09:27] - The power of his message and the reach it’s had [00:10:42] - Symbolism of the astronaut mask and where the name Aku came from   [00:12:02] - How much is planned out in advance when releasing art in chapters [00:13:59] - The size of the team when they started and where it is today [00:15:02] - How much revenue they’ve generated and IP wealth [00:16:12] - The Aku IP structure and how it works [00:16:49] - What’s worked for him when it comes to community building [00:18:02] - How different levels of ownership contribute and govern the project [00:19:10] - Go-to-market products and how community impacts the creative vision [00:20:37] - Adding value to early adopters and believers in the project [00:22:01] - Worries about a lack of community engagement and constantly delivering [00:23:12] - NFTs as a tool in native Web3 companies and how the business model works [00:24:06] - Receiving movie offers so early and community driven IP [00:25:42] - How he’s learned so many skills over his lifetime and thoughts on training  [00:26:34] - Trying to remove money as a target and what success looks like for Aku [00:27:21] - Lessons that can be shared with new creators in the NFT space  [00:28:14] - Projects that have inspired him that cross over from web3 to media  [00:28:55] - Examples where he’s overridden community decisions and why [00:29:40] - Surprising ways Aku has impacted the lives of different people  [00:30:56] - Intimate details and Aku as a diary of his lived experience [00:32:45] - What he’s most excited to build over the next six months and six years  

My guest today is Axie Infinity co-founder, Jeff "Jiho" Zirlin. The Colossus team covered the Axie origin story through Business Breakdowns in September of last year but we felt it was an ideal time to revisit the "play-to-earn" pioneer. Jiho and I cover his involvement with the Axie ecosystem including gameplay, the economic model, and creating a sidechain. Please enjoy my conversation with Jiho.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:02] - [First question] - His history and what lead him to work on Axie Infinity [00:05:26] - The arc of gaming and its evolution leading up to today [00:07:12] - A high-level overview of Axie Infinity and how you play it [00:08:21] - The size, scope, and user base of Axie today [00:09:10] - Thoughts on onboarding and educating their player base  [00:10:53] - What he thought Axie could become in the early days [00:12:42] - Difficulties of creating a sustainable game with an economic structure [00:15:26] - Why there was such huge adoption in the Philippines  [00:16:53] - The guild’s scholarship model and endorsing Web3 literacy [00:18:06] - Whether or not the game has always been designed to be a window into crypto [00:19:41] - Thoughts on how Axie could impact the real world  [00:21:37] - Why build their own chain, wallet, and ecosystem and how he’d build it today [00:23:46] - Challenges scaling their business with their own unique ecosystem [00:25:46] - Internal politics and user mentality around Axie and Sky Mavis [00:26:46] - Managing and aligning user expectations and how many employees they have [00:29:51] - Deciding which levers to pull on and which to retire for the sake of the project [00:32:45] - Understanding how changes made positively impact Axie [00:33:31] - Inflation and deflation cycles of in-game currency and native tokens [00:34:24] - Changing player dynamics and public response to them [00:35:38] - How the structure of the game rewards the builders and what having an Axie unlocks for players [00:37:19] - Future developments, the builder program, and plans for the future [00:39:01] - Why play-to-earn is different than play-and-earn gaming [00:40:55] - How Ronin works and unique characteristics compared to other L2 chains [00:49:55] - When we may see another game developer build on Ronin [00:50:36] - What he’s most excited to see built over the next six months and six years

In November 2021, Graham Novak texted his friend Austin Cain with an idea. He wanted to buy the US Constitution. Little did they know, the next week of their lives would play out like a Hollywood movie script. When we look back on the ConstitutionDAO, I think we’ll remember it as a symbolic and historically significant event in crypto. To cover that moment, I sat down with Graham Novak and Miguel Piedrafita, two core contributors to the project. We dive into the intense 96 hours leading up to the bid, how decisions were coordinated, and just how they managed to raise 40 million dollars in less than a week. This is one of the most fun episodes I can imagine. Please enjoy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:27] - [First question] - What led him to text a friend about buying the Constitution [00:04:14] - What steps they mulled over doing first to accomplish this purchase [00:05:07] - How quickly this went from idea to reality and the chances of it succeeding [00:06:00] - Who they called next to start bringing this DAO to life [00:07:27] - Figuring out who would do what in order to accomplish this [00:08:43] - When the group went from known people to bringing outsiders into the fold  [00:10:03] - Getting in touch with Sotheby’s and proposing their idea to purchase as a DAO  [00:11:37] - Some of the stipulations that Sotheby’s said would need to be met   [00:12:52] - At what point they engaged lawyers to integrate legal structure  [00:15:01] - What they were actually buying when you sent ETH in to contribute to the fund [00:18:46] - Stepping into day two with a legal structure and how big the group became [00:21:30] - Thinking about the security and the concept going viral on social media [00:22:55] - The tools used to construct the DAO and secure the funds  [00:25:46] - An example of a split decision in the group and how it was resolved [00:28:06] - Who should have control over the funds and why they doxxed themselves [00:31:49] - Turning JuiceBox on what percentage of possibility day three brought  [00:32:44] - Making the contributed funds raised open to the public  [00:34:14] - Convincing large investors and large anonymous contributors [00:35:38] - What number was needed to enter and be competitive in the auction  [00:36:51] - How many in the DAO attended the auction  [00:37:35] - Who was on the phone with David and who was on the phone with Brooke [00:38:57] - Varying tweets about the outcome of the auction about winning or losing [00:43:17] - What it was like when Ken’s team contacted the DAO for co-governance [00:46:19] - Plans for the document if they won and managing refunds after the loss [00:50:39] - Introducing ideas for the We The People token and continuing the DAO [00:54:38] - What are some of the criticisms of the movement and things they would have done differently in hindsight [00:56:41] - How the DAO could have been more decentralized from day one  [01:01:12] - Inspiring the masses and what they’re excited to see people try in the future

My guest today is Tina He. Tina is currently building Station.Express, a new blockchain-based labor marketplace. We discuss Tina’s personal journey as an online contributor, what drives her passion for creating a new future for work, and how Station.Express is differentiating itself from Web2 platforms. When I first spoke to Tina, I walked away incredibly impressed at her enthusiasm around this specific problem, and I think you will be too. Please enjoy my conversation with Tina.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:10] - [First question] - Starting a blog at 14 in China and how China handled it [00:04:56] - What her vision of America was when she got here and how it helped her career [00:07:13] - Going from an elite program to a highly competitive job market and how it shaped her perspectives on meritocracy and work [00:09:30] - How the blockchain helps reputation and can streamline hiring talent [00:11:53] - Example of how work and actions can be stored on the blockchain [00:13:41] - What Station Express is and what they’re trying to achieve [00:15:33] - A good example of authenticating one’s work and proving your reputation [00:19:09] - Ways they are preventing this system from becoming a popularity contest [00:20:22] - Token integration within the ecosystem [00:21:23] - Different structures the hiring side can create to incentivize talent [00:24:49] - Normalizing the different rating systems DAOs will have and their scoring system [00:27:17] - How Station Express tries to solve voting on and rating subjective work [00:30:35] - Approaching starting a business like this and what has to happen first [00:31:35] - Helping moderators build their resumes even if it seems counterproductive [00:33:21] - What Station Express will look like in its full form and its impact on Web3 [00:34:56] - How pseudonymity and a global landscape impacts the future of work [00:40:35] - What she’s most excited about in the next six months and six years

Today, I am joined by Ari Paul, co-founder and Chief Investment Officer of BlockTower; a crypto hedge fund started in 2017. Before founding BlockTower, Ari spent time at the University of Chicago Endowment and, before that, at Susquehanna as a derivatives trader. Ari has been an active voice in the crypto space for years now, including on the original Hash Power series. With BlockTower being one of the original crypto funds, Ari is an ideal guest to talk about the evolution of crypto markets and where we are today.    For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.     -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:50] - [First question] - How a political science major ended up in investing [00:05:06] - His perspective on how public opinion has shifted towards embracing crypto [00:09:58] - Whether or not owning crypto requires you to understand blockchains [00:13:34] - Setting a valuation for cryptocurrencies  [00:19:45] - How censorship-resistant currencies could empower bad actors [00:27:50] - BlockTower’s scale and what kind of investments they make  [00:31:41] - Thoughts on separating alpha from beta at BlockTower [00:38:26] - Explaining the protocol risk of crypto to investors [00:42:38] - Endowment adoption of crypto via fund-to-fund models [00:45:36] - Differences between equities, tokens, and varying levels of ownership [00:48:55] - His perspectives on various blockchain asset classes  [00:54:30] - Parallels between the NFT and DeFi cycles [01:02:03] - Narrative driven correlations between traditional assets and crypto [01:05:44] - Defining the current cycle, where we are in it, and his allocations [01:13:41] - What he’s most excited to see built over the next six months and six years

Today I am joined by Mike Colyer, the Chief Executive Officer of Foundry, one of the largest players in crypto mining, staking, and financing.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:55] - [First question] - What he was doing before Bitcoin and what attracted him to crypto and mining specifically [00:03:21] - Overview of how Bitcoin mining works and the complexity and computing power necessary to participate [00:05:58] - What role luck plays in mining and winning a block [00:08:41] - Why some people say that mining is a horrible business [00:10:42] - The turning point for DCG to get involved in the mining side of crypto [00:14:03] - Whether or not equipment financing is always the core focus to support miners [00:15:19] - How a mining pool works and whether or not pools can attack the network [00:20:19] - His belief as to why China decided to ban mining  [00:21:46] - Why manufacturers still make Bitcoin’s network vulnerable  [00:23:17] - How the team at Foundry reacted to China’s decision to ban mining  [00:24:45] - Thoughts on his role as a distributor and deciding which countries to empower [00:27:24] - Whether or not Foundry plans on becoming a public company [00:28:28] - What miners do mechanically on a day-to-day basis  [00:29:14] - The average return on invested capital when setting up a mining company [00:29:51] - Why they only mine a small amount of Ether compared to Bitcoin [00:24:17] - Can miners switch back and forth between assets they mine? [00:32:14] - How chains convince Foundry to deploy capital and stake on their blockchains [00:33:18] - Differences between proof-of-work and proof-of-stake blockchains [00:35:45] - How Ethereum attracts miners and when they’ll move to proof-of-stake [00:37:05] - The most challenging part of running a mining operation [00:37:42] - Will we see a world where we can use phones and consumer tech to mine? [00:38:45] - Can we expect to see energy companies stepping into the mining space?  [00:41:43] - The countries he’s most excited about that are making strides in mining [00:42:32] - Thoughts on energy use, consumption and environmental impacts [00:45:28] - Educating politicians on the advantages and necessity of participating in mining [00:46:18] - What he’s most excited about seeing built in the short term and mid-term  [00:48:05] - Learn more about mining; foundrydigital.com

Hello, this is Eric Golden and my guest today is Dan Hannum, the Chief Operating Officer of ZenLedger, a crypto tax software similar to TurboTax. Dan is here today to help us understand the evolving world of taxes and the impact on crypto, DeFi and NFTs.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:56] - [First question] - How the US tax code is currently structured as it relates to crypto [00:03:38] - Classifying cryptocurrencies and taxable events when using and trading them [00:07:24] - Assigning your cost basis based on your transaction  [00:09:53] - Structuring data reported from exchanges and how it’s changed over time [00:13:09] - What the IRS was suing Coinbase for and why  [00:15:47] - Thoughts on DeFi and reporting transactions to the IRS [00:18:06] - Airdropped tokens and ways to think about them from a tax perspective [00:21:34] - Tax loss harvesting and crypto tax loopholes  [00:23:42] - Tax rates for individuals and companies being involved in crypto full-time   [00:25:42] - Writing off lost hard-wallets and reporting losses [00:29:54] - Burner addresses as proof of destruction or loss [00:31:23] - ZenLedger’s customer base and a focus on retail investors [00:34:38] - Keep track of your transaction sources for aggregating your data [00:36:56] - What he’s most excited to build over the next six months and next ten years

This is Eric Golden, and today I'm covering Ethereum Name Service, also known as ENS. In non-technical terms, a naming service allows you to map human-readable words to computer-based numbers. Listeners are likely familiar with Domain Name Services, DNS, which translates a website name such as joincolossus.com into an Internet Protocol address. ENS is similar, but instead of mapping to an IP address, domains are mapped to Ethereum addresses. When I bought my ENS address, I assumed the use case was to rename my wallet and make it easier than memorizing a bunch of random numbers. But as you will hear on this episode, the use case goes well beyond naming a wallet. To cover this wide-ranging topic, we called on a wide-ranging guest, Brantly Millegan, or better known as Brently.eth. We walk through the ENS backstory, why it seems to be winning over other blockchain-based naming services, and what the future may hold for ENS. There are some really interesting strategic points in this episode that listeners will appreciate. Please enjoy the conversation.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:37] - [First question] - Who he was before crypto and how he ended up there [00:04:56] - How he found his way into the ENS space  [00:05:40] - Overview of DNS and domain ownership as it exists today [00:08:48] - The Zooko triangle and how naming currently works [00:10:31] - Previous attempts at ENS and how they differ from its final form [00:14:07] - Deciding to build a system on top of the existing naming infrastructure [00:20:59] - What you’re buying when purchasing an ENS name [00:23:28] - How many years you can own your ENS name [00:24:16] - Are you renting the name or buying it [00:25:11] - Domain squatting and how they handle it today in this emergent space [00:30:25] - How much you can do with an ENS name [00:31:53] - Can ENS names be used as wallet addresses [00:33:18] - If he would have built it on a different blockchain if the project started today [00:35:06] - Name collisions, country domains, and working with Ethiopia  [00:40:53] - Whether or not there will be competitors in name services in the future [00:42:29] - Funding the project with grants and the capital that built ENS [00:46:47] - Forming their DAO and the responsibility of token ownership [00:48:44] - Arriving at the formula to distribute tokens to name holders [00:55:22] - Token holder influence over the project and internal voting [00:57:16] - The difference between a protocol and a product [00:58:23] - KYC, data privacy, and integrating ENS names for account logins [01:05:41] - What subdomains are and where they could take the project [01:07:36] - A future where everything on the planet is named and serialized [01:09:46] - What he’s most focused on building over the next six months and next ten years

Today, we are re-sharing our conversation with Devin Finzer, CEO and co-founder of OpenSea, from October this year. OpenSea is the world’s largest NFT marketplace. In a journey that started like many other founders in the space, Devin went deep down the crypto rabbit hole in 2017 and became particularly fascinated with the potential behind digital assets. During our conversation, we touch on the origin story of OpenSea, how Devin differentiates between the spectrum of NFTs in the market, and what he sees as the opportunity in the future for the industry. We also talk about the various risks within a blockchain, from security dynamics to market speculation. I hope you enjoy this great conversation with Devin Finzer.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.   -----   This episode is brought to you by Eight Sleep. Eight Sleep's new Pod Pro Cover is the easiest and fastest way to sleep at your perfect temperature. Simply add the Pod Pro Cover to your current mattress and start sleeping as cool as 55°F or as hot as 110°F. To embrace the future of sleep and get $150 off your new mattress go to eightsleep.com/patrick or use code "Patrick".   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:02:56] - [First question] - When he first thought up the genesis of OpenSea [00:06:00] - What is listed on OpenSea, assets and volume, and the scope of the platform [00:07:26] - Thoughts on potentially becoming the current era “everything store” [00:09:22] - How they managed to become the main NFT trading platform [00:12:28] - What NFTs are, their various classes, and ways they’re stored on the blockchain [00:15:25] - How much transaction and auction volume happens on-chain [00:17:07] - Profile picture style NFTs and what’s exciting about them [00:19:24] - ArtBlocks and the mass interest in AI-generated art [00:21:22] - What he’s learned and seen about the emerging crypto gaming space [00:24:38] - The user experience of buying an NFT on OpenSea [00:26:45] - How the ownership transfer works between wallets [00:28:04] - Whether or not they have plans to partner with other companies [00:30:32] - How they think about what gets placed on OpenSea and why [00:32:09] - Thoughts on take rate and their 2.5% take rate of transactions [00:33:22] - Why their take rate is so low compared to other sale platforms online [00:34:47] - OpenSea’s relationship with the Ethereum blockchain and other integrations [00:36:50] - Perspective on wallets both as businesses and products [00:39:16] - Potential risks and the dark side of the unregulated NFT space [00:40:48] - The massive boom and bust cycles of crypto and the high prices of NFTs [00:41:59] - Interesting areas of Web3 that are in development today [00:44:19] - The project he’s enjoyed watching grow the most in the crypto world [00:46:42] - What OpenSea might look like in the future if the best-case proves true [00:48:59] - The kindest thing that anyone has ever done for him

Today, we are re-sharing our conversation with Jason Citron, CEO and founder of Discord, from October last year. Discord is one of the largest and fastest growing social networks in the world. It started as a place for gamers to congregate online, but thanks to how easy it makes community building and its offering of text, audio, and video as means of communication, it has expanded far beyond gaming. It has the potential to become the default digital “third place” that we go to find belonging in a variety of online communities. With over 100 million active monthly users, it’s also one of the most interesting communication services since the original social networks rose to power. Our conversation focuses on his background prior to Discord, Discord’s founding and growth, its business model, how it has evolved over the past 8 years, and what the future holds for Discord. As we talked, I had this sense that I’d be willing to go work for Jason, and I think you’ll see why. I hope you enjoy our wide ranging conversation. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----   This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.    -----   This episode is also sponsored by Vanta. Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick.    -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes (3:17) – (First question) – Lessons from his time as a video game developer (7:58) – Going from game developer to game development platform (12:23) – From his first startup to Discord (16:33) – Expressing the hypothesis of discord (20:10) – How to know what signal to build upon (22:11) – Early adoption of Discord (26:17) – Getting the word out about Discord in the early days (30:43) – Creating more than just a platform, but creating a third place for people to congregate (32:38) – The Great Good Place: Cafes, Coffee Shops, Bookstores, Bars, Hair Salons, and Other Hangouts at the Heart of a Community (32:55) – The evolution and expansion of the types of community using their platform (37:27) – Discord’s business model and how it’s evolved (41:32) – Enhancing communication through Nitro (45:05) – Big principles for company building at Discord (51:22) – His thoughts around competitive advantage for the platform (52:55) – Creating a holistic experience for the users (55:45) – What bothers him the most when hiring (57:47) – Kindest thing anyone has done for him

Today, we are breaking down DAOs. Our new host Eric Golden is joined by Aaron Wright, a law professor at Cardozo School of Law and founder of Tribute Labs, who literally wrote the book on Blockchain and the Law. There is no better person than Aaron to help explain the purpose and power of decentralized autonomous organizations, also known as DAOs.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because we are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag    Show Notes [00:01:39] - [First question] - How a lawyer ends up in crypto and early thoughts of what a DAO could achieve [00:05:09] - Why the first DAO failed and what convinced him to push forward anyway [00:08:28] - Forming the LAO several years after Ethereum and why it was his starting point [00:11:46] - The original state of LAO and the goals it set out to achieve [00:14:21] - What it is about Silicon Valley that led to having such a blindspot [00:16:03] - Launching Flamingo and achieving such high multiples on returns [00:18:05] - Defining the hive-mind that makes a DAO so special and powerful [00:20:51] - Their investment process, making decisions, and monitoring investments [00:22:47] - Comparing the speed of decision making to traditional VC funds [00:24:18] - Why they own 242 crypto punks and 22 bored apes  [00:26:31] - Internal voting on how to decide which NFTs to buy and how many [00:29:15] - Whether or not they sell their NFTs to rebalance the portfolio or raise liquidity [00:30:56] - How Rage Quitting a DAO works and the implications of leaving  [00:32:12] - Encoding incentives and course-correcting negative behavior [00:34:11] - Varying levels of dedication and freeloading within a DAO  [00:36:36] - A maximum amount of people that could function efficiently in a DAO [00:37:52] - How many DAOs should one person be a part of? [00:38:45] - Thoughts on DeFi DAOs like Compound and Uniswap [00:41:41] - Differences between a DAO and a Wrapped DAO [00:44:02] - Is it possible to achieve this level of organization with fiat currencies? [00:45:34] - Where we are in regards to securities laws and regulations with DAOs [00:47:48] - How far we are from buying tokenized shares of DAOs [00:49:07] - Where to start when building your own DAO [00:51:03] - Other possibilities DAOs could unlock [00:52:30] - The best way to get involved yourself  [00:53:41] - What he’s most focused on building over the next 6 months and 10 years 

Today we are re-sharing our September Breakdown on Solana with Kyle Samani.   Founded in 2017 by an ex-wireless engineer from Qualcomm, Solana is a layer one blockchain like Bitcoin and Ethereum that has been built to process transactions as quickly and cheaply as possible. Where Bitcoin can process about ten transactions per second and Ethereum around 30, Solana can handle over 60,000 transactions per second, and it can do so at a fraction of the cost. Unsurprisingly, Solana’s network has attracted huge interest from developers, users, and investors alike over the last year.   In this breakdown, we cover the killer app for decentralized ledgers, the history of on-chain transaction speeds, and the fundamental difference between software and blockchain technology. We then delve into the architecture that has enabled Solana’s speed unlock and look at the platform’s potential to become a huge piece of the world’s financial infrastructure. To help me break down Solana, I’m joined by Kyle Samani, co-founder and managing partner at Multicoin Capital.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Tegus. We created Business Breakdowns to uncover the lessons and frameworks behind every business, and that's what makes Tegus our perfect launch partner. Much of the foundational prep for these episodes starts with research on the Tegus platform.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Coinbase, Hinge Health, Farfetch, or almost any company of interest. All you have to do is log in. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus     Show Notes [00:02:49] - [First question] - How Kyle views the opportunity set of blockchain technology   [00:06:37] - The evolution of transactions-per-second from Bitcoin to new cryptocurrencies [00:13:43] - Why does decentralized finance matter versus centralized finance [00:18:34] - What is Solana and the scope and scale of it today [00:20:31] - Reintroducing costs with DeFi software compared to prior zero marginal costs [00:24:13] - How to go from 30 transactions a second to 30,000 and make the system work [00:31:03] - What about Solana’s design code allows it to take advantage of parallelism [00:33:05] - Differences between proof of history and proof of work [00:39:05] - The tokenomics of Solana, their distribution setup, and what owning SOL offers [00:46:24] - What Solana’s blockchain will enable for application development [00:55:15] - The emerging adoption and creation of social tokens   [00:57:40] - Thoughts on regulation and security in regards to Solana [00:59:41] - Competition that Solana may face and layer one blockchains in general [01:04:54] - What has him most excited about Solana and the landscape writ large [01:08:11] - Lessons for builders and investors when studying the Solana story [01:11:23] - Leaning into your differences and the team behind the project 

Today we are re-sharing our Business Breakdown from September 2021 on Axie Infinity and its creator, Sky Mavis. Sky Mavis is the company behind the NFT-based game, Axie Infinity. Built by a team with a long history in gaming, Axie Infinity was launched in 2018 with the idea that a blockchain-based “play-to-earn” model could create more aligned incentives between game creators and game players long-term. Axie is one of the most incredible examples of speed-to-scale I’ve seen, with the game reporting $100,000 of revenue in January, over $190,000,000 of revenue in July, and over $360,000,000 in August. In this breakdown, we cover the basics of Axie and how gameplay is similar to classics such as Pokemon. We dive into the economic model, how Sky Mavis generates revenue, how players earn money, and how this is all enabled by the blockchain. We discuss the importance of gameplay vs. the economic ecosystem and examine the sustainability of Axie from various angles. To help break down Sky Mavis, Patrick O’Shaughnessy is joined by Aleksander Larsen, co-founder of Sky Mavis, and Stephen McKeon, Partner at Collab+Currency, an early investor in Sky Mavis.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----   This episode is brought to you by Tegus. We created Business Breakdowns to uncover the lessons and frameworks behind every business, and that's what makes Tegus our perfect launch partner. Much of the foundational prep for these episodes starts with research on the Tegus platform. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Coinbase, Hinge Health, Farfetch, or almost any company of interest. All you have to do is log in. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus   Show Notes [00:03:00] - [First question] - How many people are playing Axie and how quickly it’s grown [00:04:03] - What play-to-earn means and how money flows through a digital ecosystem [00:05:03] - A basic overview of the user experience of playing Axie Infinity  [00:07:23] - What an Axie is, its features, how they’re generated, and how many exist [00:09:32] - Monster NFTs and the fungible SLP in-game currency [00:15:00] - Converting the SLP to fiat currency and how low-friction the process is [00:16:40] - Are people actually playing the game or just speculating on the game’s assets [00:23:14] - The AXS governance token, how to earn it, and what it enables for token holders [00:27:08] - What the opportunity set looks like for Axie from an investor standpoint [00:33:29] - Mystic Axie and what they are generally worth today [00:34:42] - How much the community will have to expand and build on top of the game [00:38:48] - Overview of the plots of land in the Axie metaverse and what they might unlock  [00:41:57] - What a sidechain is and how the Ronin wallet works  [00:48:53] - Defining a bridge and how it differs from an exchange [00:50:24] - Lessons learned about good tokenomics and token design  [00:55:04] - The biggest potential risks to the future of Axie Infinity and its growing popularity  [00:57:13] - What an ideal future looks like for the metaverse and Axie infinity [01:04:03] - Asset ownership inversion and how big this could become in the future [01:09:19] - Where you can go to learn more about Axie and dabble in the game

Today we are re-sharing our Business Breakdown on Ethereum. This episode was originally released in May 2021 and became the inspiration for Web3 Breakdowns. Launched in 2015, Ethereum is an open-source, blockchain-based platform with a native cryptocurrency, Ether. Today, ETH stands as the second most valuable cryptocurrency to Bitcoin, and Ethereum is the preferred platform for blockchain projects. To help me break down Ethereum, I am joined by Justin Drake. Justin is a researcher at the Ethereum Foundation. During our conversation, we cover what differentiates Ethereum from Bitcoin, the increasing number of projects being built on the Ethereum platform, and what a shift from proof of concept to proof of stake means for Ethereum. I particularly enjoy Justin’s framework for defining money and various analogies to better conceptualize the blockchain. I hope you enjoy this breakdown of Ethereum. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Tegus. We created Business Breakdowns to uncover the lessons and frameworks behind every business, and that's what makes Tegus our perfect launch partner. Much of the foundational prep for these episodes starts with research on the Tegus platform.    With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Coinbase, Hinge Health, Farfetch, or almost any company of interest. All you have to do is log in. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus     Show Notes [00:03:02] - [First question] - What a blockchain is on a fundamental level [00:04:36] - A core overview of Bitcoin and the Bitcoin blockchain [00:06:40] - Proof of work and why security is so important [00:08:38] - How much miners spend to secure the network [00:10:20] - Early days of Ethereum and what separates it from Bitcoin [00:12:02] - Vitalik’s role in the rise of Ethereum [00:13:14] - What can currently be built on top of the Ethereum blockchain [00:16:28] - Gas fees and an overview of ETH as a triple point asset [00:19:42] - What generates ETH and decides its value [00:22:36] - Defining proof of stake, how it works, and staking incentives [00:25:10] - Yields from staking ETH in the form of newly minted tokens and tips [00:29:15] - Load to power ratio of the Ethereum network [00:33:38] - Terms for staking your ETH and how much is expected to be staked [00:39:19] - Sequence of events when using ETH to buy an NFT [00:43:13] - Transaction fees how they’re calculated when buying and selling ETH [00:46:11] - Pros and cons of high network demand while trying to scale the Ethereum blockchain [00:50:41] - Defining money and why Ethereum’s design makes it optimized to become an economic engine [00:55:11] - Defi Pulse - The Decentralized Finance Leaderboard [00:55:47] - Ethereum’s rigorous decentralization standards and best in class proof of stake [00:58:57] - Overview of Bitcoin Wrapped and ETH as the native currency writ large [01:01:16] - A further in-depth analogy to better understand the Ethereum network [01:05:19] - Potential competitors and new DeFi blockchain innovation [01:08:27] - Key lessons for builders when studying Ethereum and decentralized finance [01:11:03] - Bankless, Epicenter.tv, Zeroknowledge.fm, Into The Ether

Today we are re-sharing my Invest Like the Best conversation with Jesse Walden from March 2021.  Jesse is the founder of Variant, an early-stage venture firm investing in crypto networks and platforms building the ownership economy. With all the hype surrounding NFTs, I wanted to talk to Jesse about them, given his background in the music industry and his focus on the creator and ownership economy. The conversation did not disappoint. We discuss the basics of what an NFT is, what new creative paradigms they might unlock, and where we are in the NFT hype cycle. I hope you enjoy this discussion with Jesse Walden. For the full show notes, transcript, and links to mentioned content, check out the episode page here.   ------ This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.   ------ This episode is brought to you by NordVPN. NordVPN is the best VPN to keep your internet experience private.   It has over 5,500 servers in 60 countries to ensure super-fast internet while protecting your information no matter where you are. As working from home and remote work become more prevalent, now is the time to protect your personal and business information without any data logging.   NordVPN works on all popular platforms, including Windows, macOS, Android, and iOS, and supports up to 6 simultaneous connections across your devices.   To get started, go to nordvpn.com/patrick or use code PATRICK to get a 2-year plan plus 1 additional month with a huge discount and a 30-day money-back guarantee.   ------ Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus     Show Notes [00:04:19] - [First question] - Simple definition of an NFT [00:05:22] - What distinguishes NFTs from each other [00:06:24] - The value chain of a song, and who owns it [00:12:07] - Monetization and royalties on traded tokens [00:15:02] - Consumer incentives for purchasing NFTs [00:19:19] - Long-term passive income and media legos [00:22:23] - Technical breakdown of minting, hosting, and storing tokens [00:24:28] - Verification of token ownership on the blockchain [00:25:58] - NFT marketplaces and aggregators [00:27:06] - Opensea.io  [00:27:21] - Foundation.app  [00:29:46] - Innovations inspired by the NFT explosion [00:31:01] - Mirror.xyz  [00:32:26] - NBA Topshot [00:32:57] - Crypto Punks [00:23:24] - Nifty Gateway [00:34:30] - Physical cultural assets in the digital landscape [00:36:02] - Legacy brands exploring digital goods and tokenized ownership [00:38:37] - NFTs becoming the port of entry of all media [00:39:39] - An ownership economy in second generation internet platforms [00:41:02] - Uniswap [00:42:41] - The “hype cycle” of NFTs and incoming market correction [00:44:18] - Lessons for investors in the NFT space [00:45:15] - Lessons for buildings in the NFT space [00:45:54] - Resources to continue learning about NFTs [00:45:54] - NFTs make the internet ownable by Jesse Walden [00:46:20] - NFTs and a thousand true fans by Chris Dixon [00:46:13] - A beginner’s guide to NFTs by Linda Xie

Today we are re-sharing our Invest Like the Best episode with Chris Dixon from April 2021. Chris is one of the leading minds in Web3 and a must-follow for anyone in the space.   Chris is a general partner at Andreessen Horowitz, and a prolific investor and thinker, having been both an entrepreneur and angel investor. He is now focused on investing in the crypto and blockchain space for Andreessen. Our conversation focuses on Chris's overall thesis for investing in the cryptocurrency space, the opportunities and limitations of blockchain applications, and why this is the most interesting area for investing and building over the next ten years. What's exciting to me is blockchain technology's ability to help us re-imagine old business models and catapult them into the 21st century – and we cover a lot of them. I hope you enjoy my conversation with Chris Dixon.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   ------   This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Coinbase, Roblox, Qualtrics and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.   ------   This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.   ------   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus     Show Notes [00:03:56] - [First question] - His overall crypto investing philosophy [00:06:37] - New opportunities presented by blockchain technology [00:15:31] - Permanent limitations and shortcomings of blockchains [00:18:32] - Evolution of DeFi and crypto currencies [00:21:11] - Whitepapers: Bitcoin, Ethereum, MakerDAO  [00:22:08] - How to take out a loan using the Maker protocol [00:23:22] - Utility of Dai and stablecoins [00:29:14] - How the DeFi network will reinvent the future [00:39:53] - Uniswap, tokens, and fundamentally redefining leverage [00:36:29] - The Company: A Short History of a Revolutionary Idea [00:38:00] - Developer and entrepreneurial incentives for building blockchain technology [00:39:46] - BitClout, Rally and the early days of social tokens [00:46:38] - Demand curve and value creation efficiency in a digital creator economy [00:47:24] - NFTs and a Thousand True Fans [00:54:49] - Polkadot, Solana, Cosmos and programmable blockchains [00:58:03] - The most exciting moment for him in the last year [01:00:19] - Decentralized autonomous organizations [01:02:46] - The single thing that has him most excited about the future of this space [01:05:18] - The Next Big Thing Will Start Out Looking Like a Toy

Today, we’re breaking down Bitwise. Founded in 2017, Bitwise is known for managing the world’s largest crypto index funds with over $1.2bn in assets under management. In this breakdown, we cover the value proposition of Bitwise, how the business compares to traditional asset managers, and why there is a lack of competition today for crypto indexing.    To help break down Bitwise, I am joined by co-founder Hunter Horsley. Hunter shares his journey with the business, key lessons launching a business within the crypto space, and some interesting data points around investor adoption of crypto. I hope you enjoy this breakdown of Bitwise.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----   This episode is brought to you by Coinbase Prime. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Clients have used their comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. Get started with Coinbase Prime today at coinbase.com/prime.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus   Show Notes [00:02:14] - [First question] - The history of Bitwise and what they do  [00:04:29] - Some of the structures of their available funds [00:05:47] - Why use a fund oriented structure compared to something like Coinbase [00:07:09] - The governing investment and management philosophy of Bitwise [00:09:07] - Are the yields distributed back to the customer? [00:10:33] - Keys steps in a transaction chain of $1 invested in the Bitwise 10 fund [00:12:43] - Overview of the OTC system and their trading volume currently [00:14:12] - Cold storage, security, and his thoughts on self-custody [00:16:12] - His thoughts on valuation and what makes a particular project worth holding [00:19:13] - Managing the business below the topline and whether it’s similar to other asset management companies [00:20:52] - Their sales, core customers, and go-to-market strategy [00:22:43] - Ways advisors are using crypto and working in exposure for their clients [00:25:25] - Lessons learned about selling to and acquiring RIAs [00:28:40] - Being an educational company with index funds attached [00:29:54] - Why are there seemingly no Bitwise competitors [00:31:59] - Some crypto assets that might become index worthy in the future [00:35:19] - Driving forces behind who will win and lose in this space [00:36:54] - A major lesson learned while being an operator in the crypto market  

Today we are re-sharing our Hash Power documentary. This series was originally released in September 2017 when 1 Bitcoin hovered around $4000 US Dollars. While so much has changed in the years since - these episodes are a great introduction into the technology, the power of decentralization, Bitcoin, Ethereum, ICO's, cryptography, and hashing. You will hear from a variety of industry experts throughout these episodes - please enjoy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.    ----   Original Intro (10.10.17)   In episodes one and two of Hash Power, we explored blockchain technology and cryptocurrency investing. In this episode, we discuss the current and potential future states of the crypto world. We cover new forms of cooperation, regulation, security and storage, and why blockchains allow systems to evolve at such a rapid pace.    Be sure to listen until the end, where we close with some advice about conducting ourselves in a new world where creativity reigns and repetitive jobs disappear—a trend that may only accelerate thanks to blockchain technology and cryptocurrencies.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus   Show Notes: [00:00:05] – Intro to episode 3 and what to expect [00:04:00] – Olaf Carlson-Wee, founder of Polychain, on how the funding and investing in cryptocurrencies could easily get out of hand [00:05:00] – How people are creating holding companies to fund cryptocurrencies protocols [00:06:45] – Decentralized Autonomous Organization (DAO) and how they will replace the aforementioned holding companies [00:08:32] – Could fully decentralized organizations replace other more traditional organizational structures, even outside of cryptocurrency [00:09:59] – How can DAO’s impact everyday lives [00:12:39] – Why your skills and accomplishments will become more important than who you are or where you are from [00:16:09] – Naval Ravikant, CEO of Angellist, on the way humans cooperate and build new entities [00:17:51] – When people will demand oversight and regulation over cryptocurrency [00:20:42] – Peter Van Valkenburg, Director of Research at Coincenter on the current state of regulation [00:26:06] – Jameson Lopp on security needed to protect your cryptocurrency [00:27:51] – Ari Paul, co-founder of Blocktower, on how nail polish is used to protect their crypto wallet [00:30:03] – Juan Benet explains the Filecoin Protocol [00:35:52] – Muneeb Ali, co-founder of Blockstack, on how his team is planning to provide basic tools that will allow the broader developer community to build apps that the cryptocurrency population will use [00:38:01] – Comparing blockstack to the analogy of creating a city [00:40:17] – How the blockstack token fits into everything [00:43:15] – Fred Ehrsam, co-founder of Coinbase, on forking in blockchains [00:47:52] – Naval Ravikant on how the idea of work will change in the future, and how that change helped to produce the idea of a blockchain in the first place [00:49:31] – Why curiosity should govern what you do in life [00:53:22] – Naval’s framework for making money

Today we are re-sharing our Hash Power documentary. This series was originally released in September 2017 when 1 Bitcoin hovered around $4000 US Dollars. While so much has changed in the years since - these episodes are a great introduction to the technology, the power of decentralization, Bitcoin, Ethereum, ICO's, cryptography, and hashing. You will hear from a variety of industry experts throughout these episodes - please enjoy. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.    ---- Original Intro (10.03.17)   In episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms—Polychain, Metastable, and Blocktower Capital—are our primary guides this week. As I speak, the total market cap of all cryptocurrencies is $136B. There are hundreds of tokens currently available, but bitcoin and Ethereum represent 75% of the total market cap. $136B sounds like a big number, but its tiny relative to any other asset class—and I use that term with hesitation. To put it in perspective, that’s exactly the same size as the market cap of IBM. But IBM had more than $10B of earnings in 2016. Tokens have none. As you will hear, valuing tokens is a very hard exercise. In such a nascent world, we are seeing investing strategies take hold. Olaf Carlson-Wee, Josh Seims, and Ari Paul walk us through different takes on cryptocurrency investing, be it early stage, long term buy and hold, or more hedge fund style strategies.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus   Show Notes: [00:00:05] – Recap of part 1 and introduction to part 2 of Hash Power [00:02:58] – Ari Paul, CIO of Blocktower explains how he got involved in cryptocurrencies [00:05:23] – Why do we need bitcoin [00:07:23] – Polychain Capital founder Olaf Carlson-Wee on why the value of tokens accrue [00:09:23] – How mainstream money is getting into this space [00:12:26] – Useful comparisons when talking about ICOs when compared to IPOs [00:15:01] – Naval Ravikant, CEO of Angellist, is asked to explain the protocols of cryptocurrencies to platform businesses like Uber or Airbnb [00:20:25] – What are the most compelling counter-arguments to using cryptocurrencies [00:23:07] – Olaf Carlson Wee on the lifecycle of a token [00:25:31] – What is the earliest stage that edge is most present for investors in cryptocurrency protocols [00:28:12] – How do you mitigate the volatility that is present in blockchain [00:31:18] – Jeremiah Lowin, a risk and statistics expert, who runs risk management for a large private family office, talks about why he no longer owns cryptocurrencies [00:34:19] – Jordan Cooper, a venture capital investor, is optimistic about blockchains in general, but thinks there may be some overvaluations in current currencies [00:43:52] – Josh Seims, of Metastable, the value investor in blockchain? [00:51:15] – Ari Paul on the equivalent of listed stocks in the cryptocurrency world [00:55:07] – The fairground analogy to understand cryptocurrencies [01:02:48] – Where do family offices stand when it comes to jumping into this space [01:06:51] – Ari is asked to discuss some of the alternative cryptocurrencies

Today we are re-sharing our Hash Power documentary. This series was originally released in September 2017 when 1 Bitcoin hovered around $4000 US Dollars. While so much has changed in the years since - these episodes are a great introduction into the technology, the power of decentralization, Bitcoin, Ethereum, ICO's, cryptography, and hashing. You will hear from a variety of industry experts throughout these episodes - please enjoy.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   ----   Original Intro (09.26.17)   Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own.    We will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world?   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus   Show Notes: [00:03:25] – CHAPTER 1 – Understanding the Concept of Blockchain [00:04:30] – Jeremiah Lowin explains how blockchain is like a database [00:05:46] – Owning a digital asset [00:07:14] – Naval Ravikant, CEO of Angelist on how blockchains can help to create personal networks and organize humans [00:11:01] – How blockchains represent a way to coordinate global activity through tokens [00:13:33] – New coins popping up around data storage and utility needs like solar panels [00:14:57] – Permission vs permissionless networks [00:16:37] – Protocols and the introduction of scarcity [00:18:13] – Keeping track of scarcity and the introduction of tokens [00:18:49] – Societal structures and how blockchains will change them again [00:21:55] – The role of blockchains in the informational age and the rise of more individual sovereignty [00:23:29] – Fred Ehrsam, co-founder of Coinbase, on the increasing shift to digital worlds led by incentive structures [00:27:48] – CHAPTER 2 – Blockchain Technology [00:31:53] – Charlie Noyes, Pantera Capital, explains how SHA-256 was developed and what makes it so special [00:35:48] – How miners create new blocks and the incentives to do so [00:40:22] – The nonce field [00:43:48] – The incentives that exist for miners and the arms race to build more powerful systems to mine [00:45:20] – The development of mining pools [00:46:54] – Ethereum, the “spiritual successor” to bitcoin [00:48:36] – How the Ether network is an ecosystem in which other tokens can sit [00:50:51] – Naval Ravikant on alternative coins or tokens [00:51:37] – How the protocol creators are the ones getting wealthy [00:52:43] – Blockchain as an experiment in distributed government [00:54:10] – How cryptocurrency is more than just technology, it’s a movement [01:00:07] – Peter Jubber, of Fidelity, on how huge institutions, like theirs, are getting into the cryptocurrency game [01:03:34] – The notion of cooperation in an open-source project or protocol [01:04:39] – Olaf Carlson-Wee, the first employee at Coinbase and the founder of Polychain, on the early excitement for cryptocurrency

Welcome to our new show, Web3 Breakdowns. We want to be your on ramp into this new decentralized world, and through conversations with builders, creators, and investors, we will do our best to help you understand and navigate this emerging ecosystem. First up, we are breaking down the NFT project and cultural phenomenon, Bored Ape Yacht Club. To help break down Bored Apes, I am joined by Eric Golden, former Portfolio Manager at Fidelity and current Bored Ape owner. Eric and I start with an overview of the Bored Ape Yacht Club and his path to owning an NFT in the collection. We then use Bored Apes as a lens to understand how NFT projects are not just creating rare art but strong membership communities too. Beyond the cultural differences between NFT communities, it was fascinating to hear how projects are differentiating themselves with IP ownership, roadmaps, and DAOs. Please enjoy this breakdown of the Bored Ape Yacht Club. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Coinbase Prime, an integrated solution that provides an advanced trading platform, secure custody, and prime services so you can manage all your crypto assets in one place.   Coinbase Prime fully integrates crypto trading and custody on a single platform while giving clients the market's best all-in pricing through their proprietary Smart Order Router and algorithmic execution. Coinbase Prime extends beyond individuals - with companies like Tesla and Microstrategy using the investing platform to execute some of the largest trades in the industry.    Coinbase is the only publicly-traded company with experience trading and custodying crypto assets at scale - build a unified investment portfolio with the most trusted name in crypto. Learn more by visiting coinbase.com/prime to get started.   -----   Web3 Breakdowns is a property of Colossus, LLC. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @Web3Breakdowns | @patrick_oshag | @JoinColossus   Show Notes [00:02:30] - [First question] - What the Bored Ape Yacht Club is [00:03:39] - Motivations for owning a Bored Ape compared to traditional art  [00:07:46] - The scope of prices, hierarchy, turnover, and trading overview of these NFTs [00:09:51] - Distribution of rarity and why it matters  [00:11:29] - How the project roadmap is managed by the member community [00:16:23] - Who are the members and the key stewards of steering the ship [00:18:08] - An example of a project where the owners don’t own the IP of their NFT [00:20:56] - Underlying fundamentals and utility behind owning a Bored Ape  [00:26:36] - Thoughts on fungible tokens inside of non-fungible projects [00:29:06] - Ways to think about the value proposition of owning an Ape and an Ape token  [00:30:36] - Different options for minting NFTs and their pros and cons [00:34:36] - Literal mechanics of the minting process [00:36:59] - Smart contract mediating of combining NFTs to generate rare ones [00:39:20] - Building a bottom up brand and other examples of this trend [00:41:50] - Are NFTs just gambling, or will they become investable assets like physical art [00:46:09] - Blockchain infrastructure of the NFT space and whether it’ll stay on Ethereum [00:48:48] - What makes the Bored Ape Yacht Club so innovative compared to other projects

Web3 Breakdowns is a series of conversations exploring innovation in the decentralized internet. Each episode will focus on a different topic - we will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors and influencers to understand this emerging ecosystem. Visit joincolossus.com to find more episodes, transcripts and a library of content to continue your learning.