LinksGabriel Shapiro TwitterSarah H. Brennan TwitterMarc Goldich TwitterShow PartnerThis episode is presented by FTX (formerly Blockfolio). Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesGensler Comments– Everyone is saying its incredibly important– Cobie: “Are we all gonna die or are we all gonna make it?”– Lex: “probably somewhere in the middle” FACK lol– *extremely complex jargon talk*– Cobie Summary: “So basically, maybe, they might actually do something here”– Summer 2017 very similar to summer 2021– 2017 new group of leadership coming in, ICOs very hot – same as 2021 new group of leadership coming in, DeFi very hot– ICOs were super complex for legal red tapeSome More Gensler– Gensler saying now the SEC doesn’t have the man power to really go after these big DeFi projects– Shannon: “Gensler said he looks around and basically 99% of these assets are securities”– Gensler taught a course at MIT on Bitcoin/ cryptoGensler’s Speech– Starts with Bitcoin thesis (Nakamoto, double spend, peer-to-peer cash, etc)– Gensler is in like the 1% of guys who fully understands the tech and isn’t crazy bullish    – nerd– He’s “technology neutral” – crypto is a market and all markets need regulation– His speech is unrelated to the Infrastructure Bill tryna get passed now– The tax provision is an existential threat– “Though there is a lot of hype masquerading as reality in the crypto field, Nakamoto’s innovation is real”Money Laundering FUD– Said Bitcoin is basically only used as a medium of exchange when used for money laundering– Sarah: “Well like if a tired wife beats her husband to death with a mop then we’re not gonna outlaw mops as a weapon of mass destruction”– Money laundering seems to have a lot of sticking power in the public legal talks even though the stats don’t back this up– Marc: “Dollars are easier to use and better to use for illicit activity”– Gensler finds crypto interesting and thinks it could be a catalyst for real change– Is the right way to reduce the risk of crypto to make sure as many transactions as possible flow through intermediaries?– “crypto is mostly looked to for speculation rather than medium of exchange”– Ya cause you get taxed if you actually spend it jfc– Sarah: “Fix the tax issues there and maybe we’ll see it fulfill that use case more” YES SarahUS Red Tape– *on WSB phenomenon* Cobie: “I like how when a small amount of people have info its insider trading and its wrong but when the entire world knows somethings happening and its on reddit, its like everyone knows, its outsider trading and that’s wrong too” lmao– dYdX airdrop today didn’t go to any US residents– Ledge: “If its worth like $20k one day I can thank the regulatory system for protecting me from that $20k”– These laws are really preventing the little guy from climbing the ladder to financial freedom– Gabriel: “The core of this tech is to help civil disobedience – to help free those living in an authoritarian regime. But the same way it protects from bad types of laws it also protects from good laws.”Centralized = Security, Decentralized = Not– Howie Test: almost all cryptos are securities because most people are betting on their price going up with a small group of central entrepreneurs building the value– Cobie: “There’s not really a clear distinction between what is centralized or decentralized” (decentralized would mean not a security)– If the SEC gives a clear definition of what’s centralized then people would game it, nothing would be securities and fraud would still happen– ETH not a security, Ripple is a securitySummary: Our stance on this stuff hasn’t really changed, but we’ll probably do some stuff now cause it seems badDeFi– Under the gun – trading platforms, lending platforms, and DeFi platforms– These platforms can implicate securities laws, along with banking laws and others– There are unregulated foreign exchanges that allow US residents using VPNs– Gensler does have a tough job cause teaching new people how to use this stuff… you’re always 1 step away from getting rugged or fraud lolStablecoins– There are stablecoins that have been around for a long time– Tether, USDC name dropped– Stablecoins are embedded in the crypto ecosystem, 30% of trades– Gabriel: “I think most stablecoins are securities”– Gabriel: “I don’t personally think Tether is a scam” YES Gabriel u get it– Gabriel: (paraphrased) “But if it rugged then it would likely be deemed a security”– Gabriel: “UST (open) or RAI (backed by ETH (not a security)) likely not securities”Conclusion– Money markets, DEXs, DeFi, exchanges all going to be in the sniper scope in the future– Gensler specifically mentioned SEC registration, so maybe there is a path for compliance– Tough to see how there will even be DeFi moving forward – it wouldn’t be open access, it wouldn’t be irreversible anymore– So what will happen?– Any front end that is controlled by a centralized party will be increasingly scrutinized– They will need to increasingly comply with regulatory regimes– Maybe: users start to actually interact with the smart contracts– People get MORE DeFi savyConsumers vs. Government– Ride sharing & Uber paved the way for consumer preference and profitability beating out entrenched products– However, Taxi unions are very different from banks– At the end of the day, banks are the ones whispering in these regulators ears– These regulations won’t necessarily stop the innovation but it will stop the use of these innovations by Americans which would be a huge bummerNotes by KevinMusic by GiovanniPickle

LinksDoug Polk TwitterUpswing WebPodcastShow PartnerThis episode is presented by FTX (formerly Blockfolio). Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesFTX?- Ledger nailed new intro- UpOnly sponsored by FTX now!- Blockfolio is now FTX (as everything soon will be)- Doug was watching an MLB game and saw FTX on an umpire- So wildLEDGER DRINKS EVERY DAY- *one beer*- *has cravings if he skips his beer*- *in a weight-loss competition with Primo to lose 10% of body weight*- Doug: “That 1 beer per day is costing you 16-17 pounds per year!”Doug’s Crypto Journey- 2012-2013ish- Got in because of poker - online poker caused onboarding- Doug: “the asset appreciation element kinda made sense to me” lol us too sirBitcoin v Banks- People complain about bank fees and then Bitcoin fees spike lol- Block time also kind of a hassle- Cobie: “Nowadays if an Ethereum block takes like a full minute I’m pissed”- Cobie: “Solana is fast enough and if you use it you can afford to live in New York”Zoomers & Internet Native Generation- Ledger: “How many people bought SafeMoon and bridged to BSC? Like how did they do that???”- Cobie: “We had an interview with Teen Exec and he just understands the internet way better than I do”- Also have the YouTubers who can show you step by step exactly how to buy the top- Cobie: “Every time a project comes on UpOnly its the exact top of their thesis”- Light - super bearish at the bottom- SCAM and CUMROCKET - top tick on the episode- Charlie Lee even top ticked LitecoinCoping- DOGE founder is coping so hard that he won’t come back- People would easily donate like millions to this guyThe B Word Conference- Cobie: “I think Cathie Wood is fking phenomenal”- “Elon just kept talking about Tesla chargers”- Doug: “I think Jack needs to have a better idea of how Bitcoin can actually be implemented to fix these issues”- “Also Elon has a firm belief in ‘Bitcoin has to be 50% renewable’ for someone who’s dad was an emerald miner”- “His Bitcoin takes felt not extremely researched”- Ledger: “At some point do you stretch yourself a little too thin if you’re trying to create Mars money and [xyz other stuff]”Doug’s Challenge- Poker career focused on 1v1 poker- Challenged a rival troll guy who was after him to a 1v1 for $1,000,000- This guy was a major underdog- He said yes LOL- $40k buy in, any time you dropped off you bought back in with $40k- Doug won $1.2M off of this guy lol- Now they are boys- Ledger: “you had a lot of reputational tie into this as well - like if you lost it’d be like me losing to Cobie in a trading competition”- Cobie: “you’ve had some anthropologically bad trades that should be on wikipedia” lmaoPoker & Crypto- Is it banking the unbanked? Or math, trading, etc. stuff?- Doug: “Poker guys understand having an edge and are used to losing”- “Today 200 guys played, 15 paid, so 185 lost” fack- “Can’t handle losing, can’t do poker”- “Some edge/ trading aspects, some keeping your money off the books aspects… some of the poker community is DEEP in crypto”No More Poker 4 Doug- Basically turned from an art to an exact science that you need to memorize- Doug: “The reality is the guy who spent 2x the time is going to be better”- Online vs. in person is the same *at the higher levels*Doug’s Journey- Just moved to Austin TX- Was part of the mass migration- Left Vegas, “I wanted something idk less stripper-ey” lol- Nashville would also be great- Doug: “The ‘Keep Austin Weird’ signs need to come down like that is so far gone, its a tech hub now!”Ledger’s Fame- Going to give Doug some Alabama BBQ places off air to not dox his micro location- Cobie and Doug start laughing at the exact same time- Cobie: “We have the same joke don’t we”- Doug: “Ya Ledger you wouldn’t want anyone driving 700 miles out to see you” lmao- Ledger got recognized 2 weeks agoScams- Doug called BitConnect like a week before it happened- Everyone knew him as the guy who called it lol- “Save The Kids Token”- Fake charity token that was somehow supposed to save the kids- FaZe & some youtube guy Sam Pepper- creepTether FUD- Doug: “I actually don’t agree with any of the Tether FUD” YES DOUG- Doug: “Like pretty much people won’t be happy unless they have $60 Billion in a checking account”- basedETH 2.0- If/ wen ETH2 happens, are people still rushing to send their money through MATIC? prolly not- Probably won’t be a scaling benefit until sharding- Cobie - prolly rollup-centric solution to scaling when it all works outZK-Rollups- Created down only tokenomics of ZCash *disclaimer: this is FUD*- Uses security of L1 w/ cheaper scaling- Vitalik said it’d take like 5 years of optimistic rollups before ZK rollups but now looking like straight to ZK rollups- More gigabrain CobieTop Scams Ever- 1. Poker guy knew the guy in god-mode and won legit every tournament- Won like $250k- 2. Joshua Tyler - installed a trojan on Doug’s computer and could see his cards- Got investigated and Doug got his money back!FINAL ALPHA- Doug: “In life, you should always bet the biggest on yourself”- “No one is going to work as hard as you or be as honest as yourself”- “When you get opportunities to bet big on yourself, take them and you’ll never regret it”Notes by KevinMusic by GiovanniPickle

LinksTeenExec TwitterTeenExec TikTokShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolio Show NotesKicking it Off– Real name is Adam – 14 years old– Not taking outside noise into his trades– Just holding unless there’s something really clear cut to signal a temporary sell– ALWAYS FALL BACK TO HOLDINGTrading– Cobie: “you’ve been selling the top and buying the bottom how are you doing this?”– Sold ETH at $3800, watched it rip to $4300 and everyone– Everyone roasting him for selling “too early” (they’ve been very quiet since the drop)Start of Investing– Grandfather inspired him to get into stocks at AGE 8 sheesh– Bought Amazon, Google and Liberty Global– Still holding Amazon and Google 6 years later– His grandfather got margin called a few years ago and lost a ton of money (not sure he should be saying that)– Cobie: “sounds like he might need a loan from the bank of teen executive”– At a stage now that he’s almost ready to buy a house!– Has time to wait if need be, 14 y/o– Thinking an Arizona house but only for investment purposes– Landlord at 14 “All of the tenants are going to be so sad” lolllNo stress trading by Teen Exec: “If I lose it all I’m 14 I’m still good like I live at home in my parents house I’ll be fine”How do you find your coins?– TE: “I just go with what people are talking about like XRP Cardano whatever it may be”– what’s your favorite?– Exec: “Ethereum.” v bullish ETHCrypto Cycles?– “I care about cycles just cause I’m super impatient and don’t trust myself to hold”– “My dad thinks its a ponzi scheme he wouldn’t let me buy it so I had to accept it for promotions, sold some, reinvested that” LOL zero cost basis he can’t lose!Technical Analysis– Started using TA about a year ago – crypto application about 6 months ago– What are the charts telling you right now?– Exec: “Inconclusive”– Fundamental analysis + TA for entry?– TE: “Yes exactly – fundamental analysis tells me if I should invest in a stock and TA tells me when I should invest in a stock” actually very good alpha thereCobie: “If I have any advice its to not listen to Ledger’s advice”Teen Exec: “Thats good advice” LMAO he’s electric!Exec: “UpOnly is mine now I’m taking over!”How’d you become an influencer?– “What motivates me is that making money is fun”– “I follow the money”– 10 days in I made a video called “How I Made $5000 Instead of Buying a Gucci Wallet”– was gonna buy a Gucci wallet for $500, instead bought Tesla and a year later it was $5000– I was in a state of shock on my couch watching my video go from 5,000 views to 20,000 to 30,000 views– TE: “Ya people really liked it but also really hated it” LOL “and they’d comment which really helped the algorithm”– “I’m going into high school next year and have been working on my comebacks and I know when they’re good cause Ill ratio the guy”– “This one kid was making fun of me saying my videos are annoying and his parents just bought an $8 million dollar house and I said how’s it feel to be a maggot living off of your parents for the rest of your life and he walked away crying”– Ledger: “You are ready for a job at Goldman” LMAOCobie: “This is like the only time the chat hasn’t been toxic”College– “My parents would prob disown me if I didn’t go to college”– Planning on econ at UCLA then MBA at Harvard– Not gonna go to a corporation – gonna always do his own thing– Ledger: “You’ll learn more through the internet than an MBA”Heros– Mr. EXEC: “Jeff Bezos”– Cobie: “yup going big just the richest man ever” lmao– Teen Exec: “Warren Buffett”– “He’s kinda like me he likes making money cause its fun not to buy nice things”– Cobie: “Mine is Mark Cuban – he lives such a baller life. Built a company, sold it, built another company, sold it, now he just owns a sports team – fun life he got his priorities right”ALPHA LEAK Cobie is 31 y/o don’t know if we knew thatEver Been Recognized as Teen Exec?– Exec: “All the time every day”– “I was on on vacation and got recognized 8 times in 5 days”– “Whenever I’m at the beach with friends and stuff get recognized there”– “People try to bully me cause I’m short and do stocks but they don’t realize that I wreck people”Things TE Doesn’t Like– Sneaker reselling– Just very boringTeen Exec Viral Advice for Cobie & Ledge– For TikTok, the first 3 seconds are KEY– Who’s gonna skip on “HERE’S HOW I’M GONNA BUY A HOUSE AT 15”Ledger’s kids are 6 and below w/ 100% net worth in crypto CHADSTeen Exec Question for Cobie– “What go you into making money?”– Cobie grew up middle class with hardworking honest parents to provide for him, learned the value of money went to university with trust fund kids, motivated, then started shitcoining and now he’s here!Chat Q&A (Part 1)– NFTs? “nah”– First car? “Tesla Model 3”    – Cobie: “Just get a Jaguar F type” very fresh car– Biggest lost? “the $3000 from Robinhood options”– Videogames? “nah”– Handling golddiggers? “I don’t buy anybody nothing and girls don’t like me so if she’s out of my league and flirting I know she’s a gold digger”Chat Q&A (Part 2)– School? “i’m 2 years ahead in math, 1.5 years ahead in science, everything else just honors”– Music? “i like music” – “Duke Ellington” (jazz musician from the ‘40s)– Ledger: “that fits right in with your country club vibe” LMAOBooks– “I haven’t read books for fun for 5 years… my parents resent me for it”– Cobie: “I think reading intelligent authors can often be +EV”– Cobie’s only advice – reading fiction is funTEEN EXECUTIVE FINAL ALPHA– “Everyone that says something negative about you 100% of the time is either jealous or unhappy with something deep in their life, so don’t let it get to you”Ledger ends the show with a Canadien accent legit incredible maybe best part of the show keep doing different accents blsNotes by KevinMusic by GiovanniPickle

LinksLight TwitterShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioFull shownotes: https://uponly.tv/?p=230Notes by KevinMusic by GiovanniPickle

eGirl Capital discusses navigating the NFT market, governance issues in crypto funding, lazy ship investing trends, cryptocurrency investments, market trends, and the potential of Yats as digital assets. They also explore the decoupling of Bitcoin from legacy markets, competition between blockchain solutions, and market mindset impact on prices.

LinksCred TwitterDon TwitterTech RoundupCMS Intern TwitterShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioShow Notescmsintern Intro ⁃ Cold called Dan (@cmsholdings) for 2 minutes during a break and got grilled by Bobby (@robertjcho) for a whole 20 minutes ⁃ Started a blockchain club in college ⁃ Didn't Study memes in college despite popular lore, STEM stuff ⁃ Got liquidated in November (ONE OF US) makes < 10 trades a day now.CryptoDonAlt Intro ⁃ Brother worked in IT, told him to look into it but couldnt figure out how to buy it. Moms credit card was a gating factor here ⁃ Watched the run up to $1k in BTC & the bear market and was interested, felt expensive at $200 so bought DOGE ⁃ Held until 16/17 because he loved the community, 16-17, sold it to buy BTC and started swapping around ⁃ Became a bear on Twitter and farmed all the cloutCryptoCred Intro ⁃ Got lucky to be in crypto before 2017 and survived and now he is where he isWAGMI? ⁃ Don: Thinks we have another crash before we go up and will eventually in future make it. 24K -> 40K -> 20K -> MOON ⁃ There are still people left to panic sell even though leverage is lower. Fine buying back in higher if the market turns but doesn’t feel great about it here ⁃ Cred – Asked to disagree but he doesn't, reinforces Don’s points. Zoom out, trend is broken ⁃ Retail free money trades are rekt TikTok / Doge / BSV? , predatory markets BARTS! ⁃ Cred: Trend followers say lower MAs, no opportunity cost to be out of market here ⁃ cmsintern: Blind optimism and asks for more bullish sentiment ⁃ Don: Long term fine just dont want to be panic selling ⁃ Ledger: Drawing tonnes of lines seems like too many lines now ⁃ Cred: Despite all of the bad news BTC is still over 30K which means someone is buying & news effects are more muted now. Not high conviction bearish, not high conviction anything – hanging in stables, not even farming, lending, or shortCMS Alpha & Axie Infinity ⁃ cmsintern: CMS have a couple of different thesis being worked on but cant talk about them or will get fired. Believe in a future MultiChain universe ⁃ Personally waiting for the Axie fork on SOL to go all in. First report he ever did as an intern was for Joe on Axie ⁃ Don: Axie is a pretty good game compared to most other blockchain games which are terribleTrading ⁃ Ledger: Charlie Lee on UpOnly was the pico top for LTC this cycle ⁃ cmsintern: brought up TA and charting at CMS 2 weeks in and got laughed at for what he said ⁃ Cred: would not only trade charts long term, will look for fundamentals for conviction ⁃ Don: Making judgement based on what the Bitfinex whale is doing isn’t going to be beneficial. People will use it to confirm their pre-existing position ⁃ Worth watching if a pump is led by spot or by futures ⁃ cmsintern: Dan says funding rates isn’t part of the game, it *is* the gameThe Flippening ⁃ Don: you can make an infinite amount of alt-coins and even if you pick right even your choice can be overtaken too, it’s just the way it is for emerging tech ⁃ Cred: Considering it counter-factual, what would Bitcoin need to not be doing for something to catch up, something gnarly would need to happen to BTC and that might be net negative and bring down everything else with it ⁃ Ledger: BTC has the primary network effects in crypto. POW negative narratives is maybe most likely to cause ETH to have a chance to take over. Agree with Don, BTC flip likely drags down the whole market ⁃ Don: Market is way too immature for it right now and BTC won’t go to second place but maybe that changes in future, who knowsFundamentals ⁃ Cred: The decentralisation of hash-rate is long term bullish as well as the loss of less environmentally friendly miners in China ⁃ Don’t be caught on the wrong side, be it up or down. Don’t manage a bad position, wait for the right one and take it from a position of strengthFinal Alpha ⁃ Cred: “Conformation is for Christians”. If you wait for confirmation you have to be right, if you trade at the extremes you can be wrong and still make money or at least lose less⁃ Don: When you’re making excuses for losing trades you are taking away an opportunity to grow. The only thing you should be ashamed of is saying it isn’t your fault because you won’t get better. Accept your mistakes and ask yourself how you can do better next time ⁃ cmsintern: Use FlipMetrics & TheDailyApe. Understand asymmetric upside and look for domains outside of crypto where you can also find thisNotes by LukeMusic by GiovanniPickle

LinksAaron Lammer TwitterExit ScamAllison Reichel TwitterTaylor Monahan TwitterMycryptoShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioShow NotesLedger & Allison Reichel <> Aaron Lammer <> Taylor MonahanLedgerOnlyTV notesExit Scam Podcast Story⁃ Quadriga (large Canadian exchange) had a decent reputation⁃ The Quadriga wallets did not lead to any cold storage – it was a ponzi scheme ⁃ Founder Gerald Cotten goes to India and dies, holding $280M in users funds locked on his laptop⁃ Going to have to listen to Exit Scam Podcast to hear the restCrypto Market⁃ It is easy to make it in crypto by not doing anything… so it’s really hard to get people to work when you don’t have to do anythingMyCrypto⁃ Using an ETH wallet as a Web3 login was a wow moment⁃ In 2015 Taylor imagined everyone would use a smart contract wallet⁃ Smart contracts require a certain confidence level – Taylor thinks the billions of dollars running through them daily might be getting ahead of ourselvesTechnical Question: CEXs⁃ When you see “5 ETH in wallet” there’s no wallet with your ether in it lol⁃ CEXs have a huge mush pot of everyone’s coins ⁃ Why can’t CEXs actually just give everyone a wallet? ETH wallets are free⁃ Kraken used to have an audit feature to checkAaron Background⁃ 2017 newb —> 2021 farming expert⁃ “It’s all just plagiarized from my chats”⁃ “not a videogame person but am bullish the metaverse”Allison Background⁃ Goes to an Austrian economics school (although not an Austrian economist herself) ⁃ Writes a newsletter “Inflated Expectations”“The only way to guarantee good content is to send them to UpOnlyTV” factsIs Gerald Cotten Dead?⁃ Taylor: “idkidkidk….dead”⁃ Allison: “alive”⁃ Ledge: “alive but wife is innocent”EIP-1559 Bear Case⁃ with DeFi miners can choose which order transactions are in⁃ “ultrasound money, deflationary, number go up” feels like too much hype⁃ devs getting over-optimized where users don’t need itInflation/ Deflation⁃ Narrative is always inflation is so bad⁃ Hyperinflation is a symptom of bigger problems ⁃ Crypto is almost cheering for inflation… you gotta understand:⁃ With revolutions and regime changes comes mass destruction + global financial ruin⁃ Inflation of ~2% makes people put their money to work and can sometimes be good…fackChances of Going to 0?⁃ Bitcoin: 0.0000% ⁃ Ethereum: 0.0% ⁃ All others: non-0 chanceNotes by @cmsinternMusic by GiovanniPickle

LinksJustin Sun TwitterTron NetworkShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioShow NotesBeeple NFT Auction– Justin bought Jack’s first ever tweet, was second highest bidder on Beeple’s huge auction– Justin’s a traditional art collector– Also believes in 10 years all of our collections will be on the internet– The gvt doesn’t get it… the younger generations were raised on some of these games, this stuff is worth more to them than physical art– Justin: “A % of my net worth is in NFTs, and I’m buying more”– Jack’s tweet purchase? More of a souvenir– Justin: “I think in the future there will be an internet museum with all the old relics… the tweet can go in there”Market Macros– Justin: “July and August will be much much better for market”– Cobie: “so 1 month consolidation then we resume Up Only” lolDeFi vs NFTs– Insiders like DeFi, public likes NFTs– Justin: “DeFi will be much larger”– DeFi market cap will be much bigger, but NFTs will grab headlines and stay in the news– Which crypto product is worth most? The one everyone uses– Which NFT is worth most? The one everyone has seenCrypto History– Joined in 2012– Studying Eastern Asian Studies at UPenn, wanted to join law long term– Saw NYT article on internet money– Justin: “I bought lots of XRP in the early days at like centralized decentralized exchanges”– Justin: “Early days I felt like Poloniex was a scam”– Ledge: “Now you own it” LOLTether on Tron– The vision is to send money like email, in 2 seconds you can guarantee you got the money – Everyone in crypto needs a settlement solution – stablecoin– Ledge: “Ripple’s big mistake was taking crypto and going straight to legacy banks – tether was good because they got crypto native buy in then they you start to bleed into more innovative banksCrypto on Pornhub– Cobie: “So you mentioned Pornhub as your example use case for these payments… do you use crypto or do you just use your credit cards?”– Justin: “I am a Pornhub subscriber”– Crypto has brought revenue to this industry – people like the hidden aspectOther L1s– TRX is still focused mainly on usage and ecosystem adoption– ETH killer competition is important to push ETH development– BSC is leading through Binance popularity, doesn’t think they took users from e.g. Uniswap– Helps the DeFi narrative to show adoption of average retailETH– Does not believe that ETH should move to POS– Thinks it should stay POW– They will lose their competitive advantage as a POW settlement layer – there are already POS settlement solutions that scale better than ETHNational Adoption– Everyone will get into crypto eventually– Governments who don’t adopt or ban, lose a lot of opportunity and value just like the internet– More small countries will follow El Salvador with adoption– Countries banning crypto will run into problems in future as adoption increases*Paid $4.5M for a meal with Warren Buffet in January 2020* sheeeeshBad Investments– Most stupid thing he has spent money on was stock in an early mining company by Friedcat– Around ~1000BTC worth stock went to zero in around 9 months– Friedcat vanished in 2015– Didn’t go into Titan, too risky – be cautious using new DeFi products– Cobie agrees, exit scams are happening as the market goes down, review your permissions and approvals, revoke where neededLearning Crypto– If anyone asks about crypto, Justin tells them to buy first then ask questions later– Someone will be interested in their investment and become an expert later by following news– His mother is now very involved after doing this and is sending Justin news nowJustin’s Mom– Sends him crypto news after she bought in– Tries to downplay any influence, especially the wife thingUpOnly– Will Justin buy UpOnly for $200M?– He just wants to make NFTs– Cobie: “Just pay Ledger $200M for the podcast and you can make as many NFTs as you want” lolFinal Alpha– The world is more focused on the result, but you yourself need to focus on the process– Everyone else in the world is focused on how much money you make in crypto, but just focus on people who are building here and putting effort into growing this spaceNotes by @cmsinternMusic by GiovanniPickle

LinksJohn Bollinger TwitterMain SiteShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioFull show notes

In this episode of UpOnly, Cobie & Ledger chat with the founders of Solana, Anatoly Yakovenko and Raj Gokal, discussing Solana, what makes it different from other L1s, why they think it will last, and more.LinksRAJ G◎KALANAT◎LYSolanaShow PartnerThis episode is presented by Blockfolio. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/blockfolioShow NotesMarketing Solana– It’s hard to even define what Solana is in English so that normal people can understand what it is– Very strong product market fit with Solana and developers– Next step: how do you get people to understand how to custody their own assets and why that’s important?Intros– Anatoly: “been an engineer most of my life, started at Qualcomm, was working on optimizing AR, was aware of crypto, started mining with GPUs not being used and pulled into crypto”– Anatoly: “had 2 coffees and 1 beer (LOL), stayed up til 4am then it hit – thermodynamics isn’t only measurable, you can measure TIME”– Anatoly: “Figured out you could trustlessly encode the passage of time then I was manic for a week… then talked to Raj and it all started”– Raj: “I spent 7 years in healthcare, started a company there, then was introduced to Anatoly camping and knew it was the biggest swing I could take in my lifetime”Who’s the Core Market?– We don’t even know– “Solana might be the go-to network to bring finance onchain in a way that finance people get”– If we engineer and optimize well enough, Solana will be able to move as fast as news through fiber optic cables (~speed of light)– Was introduced to Sam – 4 weeks after he tried out Solana they had built Serum– Everyone thought it was dumb to even try DEXs…– “but we knew if something was gonna work with blockchain, it’s probably gonna work A LOT”– Cobie: “I’d treat Solana as if it’s a developer platform with the core KPI as user traction”Developer Experience– Rust (coding language) acts as a moat– If you have enough conviction in the vision, you eat glass to build it– “The kid who built synthetify built it during his finals”    – THAT’s grit– C++ people do well with Rust, and tradfi devs do well with C++, so acts as a good bridgeEngineers– “at a certain point these guys don’t see themselves as a “rust” engineer they see themselves as a “get shit done” engineer”– Should we support Solidity? Should we support EVM?– NAH. If you’re that good then learn rust.Preventing Shit Projects– Gotta just use common sense– Lots of community review– These guys who came out of capture the flag winners, they just destroy everyone’s code– Free audits on Solana! These guys check your code lolSolana Timeline– How to balance timeliness with quality?– “Shit, that’s a hard question”– Our goal is through these hackathons, find coders that will code, no sleep, ship products, XYZ and just unblock their potentialHow’s a Founder Raise Structured?– Need the lawyer to say anything– Cobie: “per year of lockup there is some percentage discount from the market e.g. if you lock up tokens for 4 years then you get like a 20% discount or whatever”– Your tokens are the main thing you have in your war chestIs having a central planner, even if it’s a DAO, counterintuitive for crypto?– When you delegate your stake to the node you don’t change custody– but the node has full control over it– With ETH, you kinda relinquish custody to LIDO– On Solana you don’t have to relinquish custodySolana Community– SBF obviously huge– Bahamas test – if you went to the Bahamas, how well would the project do on its own?– Read “how to start a startup” but like how useful is that lol– I’ve learned you gotta ship quickly, and only focus on fires when you’re steering the ship– Optimize for shipping– Very important that the way the chain works is as optimized as possible (speed, security, decentralization)– It’s really hard to build tho lol– first time we booted it up it ran for like 20 min then crashed– Then next time ran for like an hour, then a week, then we were like holy shit it works hahaWhat’s Broken rn– Rn we’re just working on optimizations mostly– Just blood sweat and tears to make it better the core structure is good*Solana guys sent Ledger a beanbag without any fluff inside thought it was a body bag LOL*SOL hackathon– $1M of prizes and seed funding– Last one, 11 teams got funded with over $1M each tho… so the money isn’t even to attract people lol– Idea is to attract developers and forces everyone to come together at the same time, listen to the same things, form teams, and grow the overall community– There’s also pride, if you win you had to go through the gauntlet with everyone elseNew Crypto Categories– In 2017 everyone was publishing a white paper– None of it worked lol– Now people are actually able to ship this stuff and it works– The idea of a fully decentralized Discord that feels like web 2 is where a lot of the devs are working nowWill an Algorithmic Stablecoin Ever Work?– No…lol– Cool think about Bitcoin was getting high grade cryptography into consumer hands– If that’s the most powerful peace of this, people will find a censorship resistant way to coordinate these things“What do you do?” Answer– I just say a bunch of technical words and their eyes glaze over– I tell people I work in blockchain and it will take over– When first looking for seed money, banks wouldn’t give a bank account when using the word blockchain– Cobie: “I just tell people I have a trust fund” lmao– Ledge: “I tell people I work in web stuff”– Ledge: “The only thing worse than saying you work in crypto is saying you’re a podcaster”– Cobie: “Only thing worse than that is saying you’re a Twitch streamer” hahhahaThoughts on Bitcoin– Bitcoin good– Self-sovereign decentralized money that’s a store of value could be a huge force of good in the worldOther L1s– Avalanche, Cardano, NEAR, etc– It’s all good competition– It’s like whatever the Lakers thing of the Warriors… in the heat they’re your enemy but hanging out later they’re nice guys lolFUD a Project– Safemoon– Dfinity– ETH– CardanoDogcoins– Dogcoins are winning because money is abundant, attention is scarce and memes have value for that reasonFree Alpha– Raj: “new normal. You wake up, Bitcoin is legal tender, just head down and stay on course”– Anatoly: “Don’t drink to much or eat too much, work out, don’t have too much caffeine. Just use some moderation”Music by GiovanniPickle