On The Brink with Castle Island

In the first episode in our web3 music series, Cherie Hu, founder of Water & Music, sits down with Ria to talk about transitioning Water & Music into a research DAO and Cherie’s thoughts on the growing interest of musicians in crypto. We discuss: How Cherie found a niche covering the intersection of music, technology, and now web3 The decision to formalize the Water & Music community into a research DAO harnessing the wisdom of the crowds The shortcomings of early experiments with music and crypto and how the recent approach differs The salient macro factors contributing to enthusiasm and experimentation with music NFTs, DAOs, and social tokens The pushback against music NFTs by skeptical fans and artists

Veteran Bitcoin commentator and inventor of Drivechains Paul Sztorc joins the show to talk Bitcoin's sustainability and the role of merged mined side chains. In this episode:  Why Paul is the ‘Steely Dan’ of Bitcoin Revisiting ‘Measuring decentralization’ Revisiting Paul’s argument on Proof of Stake being veiled PoW Why you should roll your own statistics Concentration of power in miners and mining pools Is PoW worthless if it isn’t challenged? How Bitcoin energy FUD is based on neo-malthusianism The Julian Simon / Paul Ehrlich wager Why none of our resources are finite How climate change diplomacy is neo-colonial Why and when innovation happens Why Paul is a critic of Bitcoin development culture Paul’s critique of Stock to Flow Why Bitcoin culture is static Why Bitcoin needs more satire Bitcoin fees are 80-100x less than those of Ethereum Why BTC fees are not sustainably high Why Bitcoin fees and security budget need to grow over time Can you just wait for more confirmations if security spend declines Are fees destined to be effectively 0 through the creation of more blockspace? The history of Drivechains /BIP300 Does merge mining make it more expensive to run a node?  Do we know how to upgrade Bitcoin Core today? The relevance of sidechains and merge mining to Bitcoin today Was Satoshi into altcoins? Would more sidechain development have inhibited the growth of Ethereum? Does BIP300 solve the problem of the Bitcoin security budget? Why you can’t reduce blockspace to increase security budget?  Update on Drivechains Content mentioned in this episode:  Truthcoin, Security Budget in the Long Run Truthcoin, Security Budget II, Low Fees, and Merged Mining Truthcoin, Measuring Decentralization Truthcoin, Nothing is Cheaper than Proof of Work  All about Drivechains/ Bip300/301 Sponsor notes: Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Learn more at fireblocks.com

Matt and Nic return for deals and news of the week. In this episode:  Fidelity's Wise Origin spot Bitcoin ETF is denied Putin walks back the central bank ban on mining NY isn’t processing BitLicense applications Facebook is selling their IP being Diem/Libra to Silvergate Ripple buys out their Series C Investors Google’s cloud division makes a blockchain push A DeFi protocol founder is revealed to be a former Quadriga executive Are anonymous developers the future? Ark comes out with their Big Ideas for 2022 Content mentioned:  Ark's Big Ideas 2022 Bloomberg, Putin Backs Crypto Mining Despite Bank of Russia’s Hard Line Sponsor notes: Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Learn more at fireblocks.com

Chris King, Founder & CEO of Eaglebrook Advisors, a digital assets SMA platform, join the show. In this episode, we discuss: Eaglebrook’s Series A announcement Chris’ path into the digital assets space and the origins of Eaglebrook Advisors Crypto penetration in the RIA and asset management space Inflection points in the market over the last couple years that have put a spotlight on solutions for RIAs and asset managers Key parts of the SMA solution that offer advantages for end clients Eaglebrook’s new product launches in 2022 To learn more about Eaglebrook visit their website. Sponsor notes: Compass Mining is the world's first and largest online marketplace for bitcoin mining hardware, hosting, and ASIC reselling. Start mining your own bitcoin by visiting compassmining.io

Will Peck, the head of digital asset at WisdomTree joins the show. In this episode we discuss: Will’s path to WisdomTree and how the firm began researching digital assets How WisdomTree is approaching exchange traded products in the public blockchain ecosystem Views on the Bitcoin futures ETF products vs. the proposed spot products Views on the various Bitcoin ETF proposals and the prospects of an SEC approval in 2022 Views on tokenization of investment products How ‘legacy’ asset management firms will face increased competition from digital asset early adopters To learn more about WisdomTree visit their website. Sponsor notes: Compass Mining is the world's first and largest online marketplace for bitcoin mining hardware, hosting, and ASIC reselling. Start mining your own bitcoin by visiting compassmining.io

Matt and Nic return for a busy week of deals and news. In this episode:  We cover the witness selection for the House energy hearing on Bitcoin mining The SEC goes to war with its employee union The SEC rejects the Skybridge Bitcoin ETF proposal GBTC is trading at a 30% discount Walmart is building its own metaverse Twitter rolls out NFT avis Crypto dot com’s ad copy We correct the record on Ari Juels’ Congresional testimony on PoW Content mentioned in this episode:  Ari Juels' congressional testimony The House Energy Committee's memo on Bitcoin mining  The House Hearing 'Cleaning up Cryptocurrency' Sponsor notes: Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Learn more at fireblocks.com

In this latest installment of the mining miniseries, Iris Energy cofounder and co-CEO Daniel Roberts joins us to talk through their approach to mining. In this episode:  How Dan came to work in mining Backgrounds of the Iris executive team Which thinkers influenced Dan in his Bitcoin journey Why Iris focuses on sustainable energy and on only entering energy markets where they will not drive prices up for households How Iris chooses geographies to operate How Iris found abundant underutilized power in British Columbia Why Iris’ entry to British Columbia actually drives down energy prices for regular households Why Bitcoin mining has better location agnosticism than aluminum smelting or hydrogen production How Bitcoin miners are more flexible loads than other datacenters How Iris is geographically diversified in Canada, Texas, and Australia, and why geographic diversification is so important How flexibility from Bitcoin mining replaces peaker plants burning fossil fuels Why the oversupply of power is an issue for many power markets Are Western miners being sufficiently responsible in finding low carbon energy sources How Dan thinks about political risk at the state level Can the world accommodate Bitcoin’s power consumption growth if the price goes up tenfold? What plateauing efficiency gains for ASICs means for Iris Why Iris doesn’t see itself as a pseudo Bitcoin ETF and does not seek to hold Bitcoin on its balance sheet Sponsor notes: Compass Mining is the world's first and largest online marketplace for bitcoin mining hardware, hosting, and ASIC reselling. Start mining your own bitcoin by visiting compassmining.io

Matt and Nic return for more deals and news of the week. In this episode:  Matt loses the podcast audio New Turkey drama Rep Emmer introduces a bill banning a retail focused CBDC Nic releases a song with Gramatik The story behind the Scribbler song We investigate Fan Controlled Football Paypal looks to build a stablecoin Several banks issue the USDF stablecoin Crypto-dollarization in Turkey Why dollarization fails Jack Dorsey starts a Bitcoin developer legal defense fund  Justin Sun is a Grenadan diplomat  Content mentioned Nic's song with Gramatik, Just a Scribbler WSJ, Turks Pile Into Bitcoin and Tether to Escape Plunging Lira Sponsor notes:  Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Learn more at fireblocks.com Corporations and institutions can allocate cash into Circle Yield to gain crypto lending exposure and earn superior returns compared to traditional markets. It’s secured, overcollateralized and built on the leading dollar digital currency. Visit circle.com/yield to book a meeting

House Representative Tom Emmer (R-MN) joins the show to share thoughts on his crypto policy agenda for 2022, as well as his views on inflation, MMT, stablecoins, and CBDCs. In this episode:  How Rep. Emmer came to be interested in public blockchains Rep. Emmer’s interest in Austrian economics How Rep. Emmer stays up to date with the industry Are MMTers the establishment or an outsider group? Is Washington dominated by covert MMT ideology? Is fiscal conservatism dead in Washington? Why Rep. Emmer voted for the CARES act any regrets he has How the massive injection of cash in the last two years warped our economy Is inflation driven by fiscal spending or corporate greed? Is crypto inherently a partisan issue? Rep Emmer’s concerns about a CBDC Why the US should not take cues from China Why CBDCs are not akin to physical cash Why insisting that stablecoins need bank charters is deeply ironic Problems with the Presidential Working Group’s guidance on stablecoins Is crypto favorable or hostile to American interests? What are Rep Emmer’s colleagues’ residual objections to crypto? The purpose of Emmer’s Securities Clarity Act Will the midterms alter Congress’ approach to the crypto industry? Useful links:  Support the Emmer 2022 reelection campaign (crypto donations accepted)  Follow Rep. Emmer on Twitter Emmer's cosponsored Securities Clarities Act (press release) The Keep Innovation in America Act (press release) About the Blockchain Caucus Sponsor notes: Compass Mining is the world's first and largest online marketplace for bitcoin mining hardware, hosting, and ASIC reselling. Start mining your own bitcoin by visiting compassmining.io

Matt and Nic return for more news and deals of the week. In this episode:  Everything is selling off Is the US losing its status as global reserve? We announce our policy miniseries Sen. Lummis will reportedly propose a crypto bill Opensea raising $300m at a $13b valuation Illicit activity in 2021 was only 0.15% of total crypto volume The Boston Fed CBDC pilot program rumbles on Kazakhstan turns off the internet, and dims Bitcoin hashrate by 12% NY State reproposes their bill to ban mining in the state The National Credit Union Administration looks to ratify usage of crypto for its members The House Energy and Commerce committee will hold a hearing on PoW A group of environmentalist organizations sends a letter regarding PoW to congress Content mentioned:  National Credit Union Administration, Relationships with Third Parties that Provide Services Related to Digital Assets Letter to Congress from environmentalist groups regarding PoW   Sponsor notes: Corporations and institutions can allocate cash into Circle Yield to gain crypto lending exposure and earn superior returns compared to traditional markets. It’s secured, overcollateralized and built on the leading dollar digital currency. Visit circle.com/yield to book a meeting