The Gwart Show | Bitcoin Tech & Culture

Welcome back to The Gwart Show! Peter van Valkenburgh breaks down Coin Center's legal battle against the DOJ's crackdown on privacy tools like Tornado Cash. From First Amendment rights to money transmission laws, we explore how these cases could alter development. Peter explains why software isn't money transmission and how these prosecutions threaten innovation in America.🐦Follow our guests on Twitter: @valkenburgh @coincenter 📝Quick notes & topics:• Code as protected speech• DOJ vs privacy tools• Money transmission laws• First Amendment rights• Regulatory overreach• Trump vs Biden crypto policyTimestamps:00:00 Start00:46 Peter bio02:02 What is Coin Center?07:01 Other advocacy groups12:54 Alignment w/ older orgs24:59 Location specific legal interpretation30:01 Tornado Cash case update33:47 3 charges in Tornado Cash case38:46 Samurai v Tornado Cash44:41 How does this fail?48:21 On & off ramps51:17 Tornado Cash token53:37 Token complications55:43 Securities law1:02:28 Legal response to immutable code1:06:49 Optimism & timelines1:10:51 What should we do?1:15:16 Solana's got the same problems👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

In this deep dive episode, Kevin Mills from Triton Liquid Fund joins us to examine the fundamental value of Ethereum through multiple analytical frameworks. Building on John Pfeifer's influential 2017 paper, Kevin explores cash flow models, equation of exchange, and the internet bond theory to assess ETH's true value. The conversation challenges popular narratives around monetary premium and questions traditional valuation approaches in crypto markets. Essential listening for anyone interested in crypto asset valuation fundamentals.Read the paper: https://whatisethereumworth.com/🐦Follow our guests on Twitter: @__kfm__📝Quick notes & topics:• ETH cash flow valuation challenges• Value capture vs value creation• L2 impact on ETH economics• Monetary premium limitations• Application layer value capture• Protocol value extraction limitsTimestamps:00:00 Start01:39 Kevin bio04:26 Original paper overview08:19 Valuation methods11:51 Denominating in ETH13:17 Issuance rate / cash flow18:26 Equation of exchange29:41 Internet bond33:41 Working capital theory37:16 Carrying cost of capital41:18 Counter arguments: Ultra Sound Money47:14 Premium block space55:20 Bimetalic history58:39 Likely outcomes1:03:06 The utility path to zero1:05:08 App layer thesis1:09:11 RIP Fat Protocol Thesis1:11:08 Value capture mechanisms1:15:16 Solana's got the same problems👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

Happy Sunday and welcome back to The Gwart Show. Today we are joined by Jordi Alexander, founder of Selini Capital, discusses HyperLiquid's success, the future of AI in crypto, market making strategies, and shares insights on Ethereum's potential changes and Solana's surprising performance.Follow our guests on Twitter:@gametheorizing00:00 Start00:56 Jordi intro01:23 Selini Capital03:11 Prop shop vs VC money04:35 What is HFT?05:38 Which DeFi protocols for Selini Capital?06:35 Volume of Hyperliquid07:59 Marketmaking CeFi vs DeFi?09:02 Why no Wall Steert marker makers?10:19 How good is Hyperliquid?13:30 Will Hyperliquid survive?16:18 Small validator set18:59 Hype token21:30 ETH vibes these days?23:06 Does the Ethereum Foundation even matter?25:00 Does SOL flip ETH?27:17 AI agents30:08 Agents vs Bots33:08 AI tokens34:46 AI for endless promotion36:43 Pigeon dox40:31 DeSci👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve Lee from Spiral and Ren from Electric Capital join The Gwart Show to talk Bitcoin consensus! We cover how Bitcoin changes, stakeholder weight, and the future of protocol upgrades like covenants.Follow our guest on Twitter: @moneyball @0xren_cfRead our paper: https://bitcoin-cap.github.io/bcap/00:00 Start01:00 Introductions03:01 Partnering for the paper04:25 Motivation to write paper08:17 Reluctance to define a BTC consensus process12:20 Defining the stakeholders13:48 Consensus game theory15:51 Blocksize war20:36 Learnings from the Blocksize War22:33 Signaling & other activation routes26:13 Bounty claim attack29:44 Are miners up to speed on covenants?31:59 measuring state of mind34:38 Education36:45 Self custody = power40:59 Role of influencers45:20 Current state of possible changes49:39 Echo chambers vs reality53:42 Will we get to a breaking point?58:16 OP_CAT1:01:44 Productive paths to change1:04:47 What does Bitcoin NEED?👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we’re joined by Uma Roy of Succinct Labs to discuss ZK-VM technology, the upcoming prover network, and the alternative scaling paths. We got into rollup architectures, Bitcoin integration, and the landscape of ZK proofs in crypto.Follow our guest on Twitter: @pumatheuma00:00 Start00:53 Who is Uma?01:16 What's a ZKVM?03:07 Starkware vs Prover Network04:20 How does it work?05:28 Who plans to use this ZKVM?07:50 Why does it take an hour?10:01 What is the Prover Network?14:15 ASICS for Prover Network?21:07 System design24:55 Roll ups remaining optimistic?26:04 Let a thousand roll ups bloom28:14 App chains30:50 Solana ZK?32:06 Solana target applications?34:38 Scaling L1 fallacy37:12 Interoperability42:21 Beamchain45:46 Differences in ZKVMs available?50:17 Why will ZKVMS be profitable?54:36 BitVM👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

Eli Ben-Sasson, CEO of Starkware, joins The Gwart Show to discuss Ethereum L2s and Bitcoin scaling solutions. We go through rollup controversies, Starkware’s airdrop drama, and how we might actually scale protocols through ZK proofs and STARKs. Lastly, we touch on OP_CAT, which the Starkware team has been pushing behind the scenes.Follow our guest on Twitter: @EliBenSasson00:00 Start00:44 Guest introduction01:25 What is Starkware working on?03:15 Working on BTC vs ETH06:27 Why did Bitcoin dev stagnate?08:44 Chain agnostic11:52 Why will Validity Rollups win?14:59 What Starkware is doing differently18:17 Hardware20:38 ETH's Rollup roadmap22:13 Optimistic rollups25:37 ETH Starknet adoption31:27 Airdrop fumble39:48 Would you do the airdrop differently?42:33 Stark token for gas45:13 Selling Bitcoiners on Stark token?47:26 Based Rollups won't work50:01 Base capturing marketshare54:51 Is OP_CAT required?57:00 What if no OP_CAT?58:57 Why should Bitcoiners care?👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

Charlotte, creator of Milady NFTs, discusses building a counter-cultural art movement, embracing controversy, fostering community through derivatives, and aiming for "thousand-year dynasty" influence across tech, politics, and culture while rejecting traditional VC-backed NFT models.Follow our guest on Twitter: @CharlotteFang7700:00 Start01:01 Who is Charlotte Fang?01:29 Inspiration for Milady ?04:39 Art style10:24 Path to success?17:43 Community engagement21:37 Milady Cancel?25:10 Milady 91127:08 VC backed NFTs35:07 Memecoins37:17 Crypropunks44:08 Derivatives51:04 Future of NFTs57:15 Fidenza1:02:22 Ordinals1:05:28 Base1:08:54 Grand vision👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome back to The Gwart Show! Today we are rejoined by Jon Charb of DBA. A fellow podcaster and SOL bag holder, Gwart digs into Jon’s recent blog post on Ethereum’s future, community alignment, value of ETH, and Bitcoin rollup development.Follow our guest on Twitter: @jon_charb00:00 Start00:41 ETH's North Star Blog Post03:57 Is SOL a true competitor?05:44 WTF is a settlement layer?09:35 Main points of North Star post16:08 Community alignment19:21 Gas limit increase22:30 L1 performance increase25:35 Is the value in the execution?28:28 TradFi does care about credible neutrality34:44 L1 blockspace premium40:35 Does world computer = money?44:15 Store of value vs utility48:38 ETH at $150:39 Effects of 32 ETH to stake52:29 Distribution of stake now57:28 Beamchain1:02:36 Why would Bitcoin rollups be different?👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.Enjoy the show? Check out our website and newsletter by clicking here.Questions or want to sponsor? hello@blockspace.media Learn more about your ad choices. Visit megaphone.fm/adchoices

Max Resnick, a former Ethereum developer turned lead economist at Anza, discusses his surprising shift from Ethereum to Solana. He dives into the structural issues plaguing Ethereum, including concerns about transaction throughput and the effectiveness of Layer 2 solutions. Max emphasizes the importance of healthy competition and innovative infrastructure in the blockchain space. Additionally, he tackles the rise of meme coins, the complexities of governance in decentralized networks, and Solana's ambitious roadmap, positioning it as a serious contender against Ethereum.

Justin Drake, a researcher with the Ethereum Foundation, discusses his innovative Beam Chain proposal aimed at improving Ethereum's consensus layer. He dives into enhancements in block production, staking mechanics, and cryptographic security. The conversation also touches on the role of memes in attracting developers and optimizing validation through pre-confirmations. Additionally, Drake examines validator diversity, the effects of centralized staking, and the future of Layer 2 scaling solutions, offering insights on Ethereum's evolving landscape.