On The Brink with Castle Island

Rafael Cosman, cofounder and CEO of TrustToken, joins the show to talk stablecoins and TrueFi, their non-fully collateralized lending protocol. In this episode: TrustToken's various stablecoins that they administer The real-time stablecoin attestations TrustToken has done with Armanino How a real time attestation works Why the USD is so disproportionate in market share among stablecoins Why DeFi is potentially the killer app for stablecoins today Why Trust Token built a global fx currency basket Why overcollateralized lending doesn't necessarily constitute lending in the traditional sense How TrueFi introduces uncollateralized lending into DeFi How underwriting and credit creation works in a public blockchain context How legal contracts are introduced into DeFi Howo the TrueFi system incorporates revisions in creditworthiness How on-chain credit scores could proliferate and be used on a cross-platform basis How privacy is compatible with on-chain credit scoring Rafael's explanation for structurally high interest rates in DeFi The contrast between crypto yields and legacy yields

James Davolos, VP and portfolio manager at Horizon Kinetics, joins the show to make the case for inflation and to explain their Inflation Beneficiaries ETF, ticker $INFL. In this episode: How Horizon and Murray Stahl were one of the earliest asset managers to put client assets in GBTC How Horizon's value approach landed them at a Bitcoin allocation James' reaction when Horizon first made the Bitcoin allocation Whether Bitcoin is a growth or a value asset, and how to reason about it from either perspective James' reaction to Jerome Powell's announcement on rates The genesis of the idea to create an inflation beneficiaries ETF James' case for inflation Should the disinflationists be taking victory laps? Why the Fed is calling inflation 'transitory' Why we didn't get inflation from 2010-20 What crystallized the case for inflation for Horizon Kinetics? The importance of the 'taper tantrum' Why historical parallels are so hard to find – and why we have no historical precedent for our current moment How the dollar is the 'least rotten apple' The prospects for a non-dollar monetary system The effect of ESG on commodity cycles How fiscal spending and the political anti-capital movement represents a structural shift The constant battle between capital and labor Why equities may suffer from higher labor costs Why Horizon focuses on asset light companies James' answer to the equity-inflation return puzzle Horizon's specific allocations to benefit from inflation The early success of the Inflation Beneficiaries ETF Why the inflation beneficiaries ETF does not contain Bitcoin How this ETF sets itself apart from other ways to play inflation – and why TIPS aren't the best bet Is the thesis playing out so far? Why the Fed has to remain subtle with their debasement James' pitch to Bitcoiners

Nic and Matt are back for another blockbuster week. In this episode: How Nic ended up being labeled the most violent person on Earth Fidelity files for their Wise Origin Bitcoin ETF The significance of Fidelity's filing today Can the GBTC product actually be redeemed by a majority of shareholders? Amendments to the GBTC charter Odds of the SEC finally seeing the light on the ETF Why an ETF approval is more urgent than ever The toppiest top signal ever making us nervous FATF is back with a vengeance Jack Dorsey includes a Blockclock in his Congressional testimony Is Bitcoin a battery? Content mentioned: Peter Johnson, Crypto Credit Market Breakdown Nic Carter, The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate Nick Grossman, Bitcoin as a Battery This episode is brought to you by Sovryn, DeFi on Bitcoin.

Dan Tapiero, the Managing Partner or 10T Holdings joins the show. In this episode we discuss: Dan's pre-crypto career as a macro manager and entrepreneur and the path that led him to founding 10T Holdings The institutional narrative for Bitcoin and cryptoassets and how this thesis interplays with gold Views on layer one smart contract platforms and how to think about value accrual on these networks How Dan is approaching growth stage opportunities in this industry To learn more about 10T visit: 10tfund.com Follow Dan on Twitter @DTAPCAP

Michael Greenwald is a former U.S. Treasury official with expertise in sanctions programs and using USD infrastructure to promote policy objectives. In this episode: What the weaponization of the dollar really means How sanctions mechanically work How Treasury and the State Dept carry out sanctions The risk of sanctions wearing blunt as a tool The growth of sanctions post 9/11 How sanctions against Russia represented a sea change in policy How the US deputizes SWIFT for sanctions How and why Europeans tried to route around US sanctions on Iran Is the US led international order fraying? China's attempt to build a parallel financial infrastructure to challenge the dollar The objectives of the Belt and Road Initiative The purpose of the digital yuan Can the yuan challenge the primacy of the dollar in the international system? How China uses the belt and road initiative to advance the yuan How the US should react to China's aggressive move into closer economic relationships with the third world What a digital US dollar or CBDC might look like How the US can reassert dominance in the international sphere Michael's thoughts on stablecoins and Bitcoin Read Michael's paper, The Future of the US Dollar Sponsor notes: Copper is transforming how institutional investors engage with digital assets by developing award-winning custody and next-gen trading infrastructure. Headquartered in London, the firm is scaling rapidly across Asia and North America to bring its suite of products to a wider pool of institutional investors. To learn more visit copper.co or reach out on Twitter, @CopperHQ

Nic and Matt return for another week of deals and news. In this episode: We announce onthebrink.shop What was Robby Gutmann from NYDIG rumoring on our recent episode? Morgan Stanley opens up their platform to Bitcoin funds A new taxonomy for NFTs Bridging the gap between NFT fans and skeptics Why NFTs are not bearer assets and are liabilities of an issuer We break down a popular thread debunking NFTs Bitmex Research publishes a book on the blocksize war BoFa publishes a very bad report on Bitcoin India dithers on their cryptocurrency ban The parallels between the crypto wars of the 90s and state bans today Is there a double standard for Bitcoin versus other ETFs at the SEC? Is Gensler a grey swan for crypto markets? The SEC is officially on the clock for a new ETF application Why FTX should not buy the naming rights to the Miami Heat stadium Content referenced in this episode: Nic Carter on Medium, Why NFTs are Hard to Explain Twitter thread on NFTs by Jonty BitMEX Research publishes 'The Blocksize War' SEC Comissioner Hester Pierce's speech, Paper, Plastic, Peer to Peer This episode is brought to you by Sovryn, DeFi on Bitcoin.

Dennison Bertram and Raf Solari, the founders of Tally join the show. In this episode we discuss: Dennison and Raf's career journeys into crypto and to founding Tally The current state of DeFi and how they think about an emerging taxonomy of projects Views on how voting and user interaction with DeFi protocols are evolving Comparison to legacy financial services like proxy voting How Tally is engaging with open-source communities to promote user engagement To learn more about Tally visit www.withtally.com

Robby Gutmann, CEO and Co-founder of NYDIG, and Co-founder of Stone Ridge, joins the show to talk about his firm's Bitcoin and digital asset ambitions. In this episode: The origins of NYDIG and Stone Ridge NYDIG's product suite and differentiation NYDIG's deliberate pro-Bitcoin stance Why Bitcoin is such a compelling opportunity to Robby Bitcoin's pace of development How much attention NYDIG pays to core development Is there a contradiction between open source money and institutionalization? What explains client enthusiasm for Bitcoin in 2021 Sponsor notes: Copper is transforming how institutional investors engage with digital assets by developing award-winning custody and next-gen trading infrastructure. Headquartered in London, the firm is scaling rapidly across Asia and North America to bring its suite of products to a wider pool of institutional investors. To learn more visit copper.co or reach out on Twitter, @CopperHQ

Nic and Matt return for another intense week of deals. In this episode: New Bitcoin FUD dice? Is there any new Bitcoin FUD? Beeple sells an NFT for $69m Are NFTs art or the autograph? The missing link for NFTs – where do you show off your NFTs and demonstrate status? One issue with NFTs and IP Is NY Life getting into crypto? Norwegian oil billionaire embraces Bitcoin DCG buys back GBTC to bring it back to NAV Scenarios for how GBTC redemption occurs Why GBTC trading at a discount is better for retail investors Moneygram and Ripple are no longer partners Grayscale hires an entire ETF team Should the US start a strategic Bitcoin reserve? Why Bitcoin makes sense for central banks Why CBDCs will never provide real cash-like assurances Content mentioned: Aker Shareholder Letter This episode is brought to you by Sovryn, DeFi on Bitcoin.

Zac Prince, CEO and Cofounder of BlockFi joins the show once again to discuss BlockFi's newly announced Series D financing and to discuss market dynamics. In this episode: Announcing the Series D round of financing Growth of revenues and clients on the platform How BlockFi classifies itself in the taxonomy of banking, fintech, and brokerage Market worries around the GBTC discount Why did GBTC flip to being discounted? What the GBTC discount means for BlockFi How do the current GBTC dynamics affect Bitcoin interest rates, if at all? One unexpected way the GBTC discount could disappear The prospects for "busting the trust" How Zac thinks about public messaging and the Twitter environment What fraction of the bitcoin interest rate the GBTC trade represents What's next for BlockFi Prior BlockFi OTB episodes: Rene Van Kesteren on how BlockFi manages Risk Zac Prince on growing BlockFi through a pandemic