Unchained Could BTC Outperform Gold? Plus, Ethereum's Big Advantage: Bits + Bips - Ep. 928
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Oct 21, 2025 The hosts dive into whether Bitcoin is undervalued compared to gold, exploring macroeconomic drivers. They discuss Binance's controversial listing fees and the implications of Tempo's recent $500 million fundraising amidst a stablecoin race. Insights on DeFi's struggles during recent market turmoil and predictions about future stablecoin dominance by 2040 keep the conversation lively. Plus, debates on Digital Asset Treasuries raise critical questions about their sustainability and the evolving landscape of institutional crypto.
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Distribution Is A Cost Projects Pay
- Distribution is expensive and exchanges will charge for it; projects effectively pay for market access one way or another.
- Binance's vertical control (exchange, custody, distribution) creates market power that competition must counter over time.
Black Friday Exposed Clearing Weaknesses
- Black Friday was a systemic stress test that exposed infrastructure gaps across DeFi and CeFi.
- Don Wilson argued DeFi needs buffers like FCMs, batch margining and transparent ADL to match TradFi resilience.
Build A Proper Risk Waterfall
- Design derivatives with a clear risk waterfall: good pricing, initial margin, exchange skin-in-the-game, then guarantee funds.
- Calibrate each layer so participants pay for their own risk before socializing losses.