The Chopping Block: Unraveling the SEC Hack, Futarchy, and Twitter Trolls - Ep. 593

Jan 11, 2024

The podcast features a lively discussion on the recent SEC Twitter hack that triggered a chaotic market reaction, diving into its implications for cybersecurity and market manipulation. Humorously critiquing the hype around DAOs and governance, the guest highlights the risks and potential of Bitcoin-based NFTs. The evolving landscape of Bitcoin ETF fees among major players is explored, along with insights on prediction markets and their political ramifications. The conversation also reflects on the contrasting ideologies of maximalism versus minimalism within the crypto community.

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ANECDOTE

SEC Twitter Hack

The SEC's official Twitter account falsely announced Bitcoin ETF approval.
This caused Bitcoin to briefly spike to $48K before settling back down.

INSIGHT

Bitcoin ETF Fees

Bitcoin ETF fees will be competitive, with BlackRock at 30 bps and others slightly higher or lower.
Grayscale's GBTC will have much higher fees at 1.5% after converting to an ETF.

ANECDOTE

Taiwan Election Bets

People were imprisoned in Taiwan for betting on the presidential election via Polymarket.
Betting on elections is illegal there, highlighting prediction market legality issues.

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Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast. Tune in for an engaging exploration of these pivotal questions shaping the future of cryptocurrency.

Show highlights:

🔹The concept of Ethereum alignment and its origins

🔹The SEC's Twitter account being hacked and a fake BTC ETF approval tweet

🔹Fees for different ETF issuers and Grayscale's fee reduction for GBTC

🔹The SEC's Twitter account being hacked and the fake BTC ETF approval tweet

🔹The potential use case of prediction markets in Taiwanese elections

🔹Imprisonment of individuals in Taiwan for betting on the election through PolyMarket

🔹Discussion on the concept of futarchy and its potential implementation

🔹The prevalence of centralized exchanges and their impact on user adoption

🔹Gwart's role as an observer and heckler in the crypto space

🔹Building infrastructure for onboarding users in crypto

🔹The dichotomy between the ideal of decentralization and the reality of user adoption

🔹Criticism of DAO governance and lack of significant innovation

Hosts

Haseeb Qureshi, Managing Partner at Dragonfly
Robert Leshner, Founder of Compound
Tom Schmidt, General Partner at Dragonfly
Tarun Chitra, Managing Partner at Robot Ventures

Guest

Gwart, Crypto Twitter Icon