Making Markets

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 | @JoinColossusShow 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

In this podcast, Austin Campbell, an expert on stablecoins with a background in traditional finance, breaks down the nuts and bolts of how Stablecoins work. He discusses the lessons crypto should learn from traditional finance, the current US regulatory crackdown, and the challenges faced by regulators in the crypto space. They also explore the recent regulatory issues surrounding Paxos and their stablecoin BUSD, and predict the future of crypto including the transformation of markets and the deployment of identity on the blockchain.

Eric Golden, the host of Web3 Breakdowns, reflects on the art of interviewing and shares insights into his experience. He discusses the evolution of his interview style and preparation process, the importance of reframing questions, and how to create an authentic atmosphere. The podcast also explores the evolution of podcasts and the challenges and rewards of hosting a show. The chapter highlights the preparedness and vulnerability of Howard Stern's show and compares his style to Joe Rogan's. Overall, it offers valuable advice for starting a podcast and discusses the struggles and appreciation of being a host.

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

Senior Research Analyst at Fidelity Digital Assets, Jack Neureuter, discusses Bitcoin cycles, the Taproot upgrade, the XRP court case, and institutional perspectives on allocating to crypto. They also explore Bitcoin's price movement and halving event, surprise classification of XRP as a security, allocating Bitcoin in portfolios, including cryptocurrencies in traditional portfolio optimization frameworks, and Ethereum's development and regulatory clarity.

Adam Zarazinski and Cameron Smith from Inca Digital discuss topics such as North Korean hacking in the crypto space, Inca's business model, the government's view on crypto, BlackRock's Bitcoin ETF, and the role of Inca in the crypto world and national security. They also explore data collection in the crypto industry, challenges faced by data providers, and the impact of high frequency trading on traditional markets.

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