Bell Curve

This episode of Bell Curve explores the crypto venture capital landscape. We discuss how VC funds are managed, what separates the best funds from the pack, why fund size is so important and more! This is your chance to see how the crypto VC business really works.We then discuss Bitcoin's NFT drama, why Bitcoin mining sucks and a little bit of politics. You won't want to miss this one!- -Timestamps:(00:00) Introduction(00:38) Is the bull market back?(12:27) The private fundraising landscape(21:29) Behind the scenes look at VC funds(43:09) Bitcoin NFT drama (Ordinals)(50:43) Being a Bitcoin mining business ain’t easy(55:13) Charlie Munger, Nikki Haley and election predictions- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Illegitimate bitcoin transactions (Ordinals)https://read.pourteaux.xyz/p/illegitimate-bitcoin-transactions- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 3 | Episode 2In this episode of Bell Curve, Zaki Manian and Sam Hart join us to discuss how Aggregation Theory applies to crypto protocols. We explore if applications can covert user relationships into sticky profits, crypto moats, blockspace as a commodity, the benefits of controlling the full tech stack and more!PS: don't miss the "Smiling Curve" section of the episode - it's an under-discussed idea that will start appearing in crypto value-capture debates!- -Timestamps:(00:00) Intro: Pre-Interview(02:29) The AppChain Thesis (09:31) Aggregation Theory(25:31) Do Moats Exist?(31:34) Is Blockspace a Commodity?(38:25) The Smiling Curve(47:04) Will dYdX Validate the AppChain Thesis?(52:28) Controlling the Entire Stack(1:01:22) Recap: Post-Interview- -Follow Myles: https://twitter.com/MylesOneilFollow Mike: https://twitter.com/MikeIppolito_Follow Zaki: https://twitter.com/zmanianFollow Sam: https://twitter.com/hxrtsSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Ben Thompson's Aggregation Theoryhttps://stratechery.com/aggregation-theory/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the complex money trail from crypto's warped credit market. We know the players - 3AC, DCG, Genesis, Alameda and FTX - but how were these parties tied together and what exposure did they all (carelessly) take?We then discuss how ecosystem funds work, why we're bullish dYdX and Circle, the Blockworks Research degens, why we're pulling a boomer on social media, Doodles controversy and more!- -Timestamps:(00:00) Introduction(00:51) Crypto's [Dead] Credit Market(17:18) How Ecosystem Funds Work(24:30) dYdX Token Unlocks(29:32) Circle’s CCTP = Bullish(34:21) Canto, Blockworks Research and How to “Make It”(48:44) Stargate Psyops?(52:01) Doodles Controversy- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 3 | Episode 1In this episode of Bell Curve, Sunny Aggarwal and Dmitriy Berenzon join us to discuss the pros and cons of building a sovereign AppChain. AppChains enable developers and protocols to customize consensus, cryptography, MEV rules, fees and more. But is this customization worth the fragmentation, start-up costs, lack of tooling and other challenges AppChains face? Tune in to find out.- -Timestamps:(00:00) Intro: Pre-Interview(02:33) The AppChain Thesis(10:52) Reasons to Build an AppChain(28:28) The Downsides and Challenges(42:04) What is Permissioned Blockspace?(48:49) Cosmos vs Ethereum(1:02:09) Solving Interoperability(1:07:54) User Lock-in: Wallets(1:13:42) Recap: Post-Interview- -Follow Myles: https://twitter.com/MylesOneilFollow Mike: https://twitter.com/MikeIppolito_Follow Sunny: https://twitter.com/sunnya97Follow Dmitriy: https://twitter.com/dberenzonSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Dmitriy's bloghttps://dberenzon.medium.com/Osmosishttps://osmosis.zone/1k(x)https://1kx.network/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the bear market rally and ETH’s monetary design. We start with our views on the recent market rally - have prices bottomed, or are we witnessing a dead cat bounce? What should we expect for 2023?We then discuss ETH's unique monetary policy, MakerDAO’s counterparty risk, Optimism vs Arbitrum, private fundraising, Su Zhu's false redemption arc and more!- -Timestamps(00:00) Introduction(01:00) A Bear Market Rally(12:10) Optimism vs Arbitrum(17:20) Genesis Bankruptcy Rumors(22:28) MakerDAO’s Counterparty Risk(28:28) Raising Funds in a Bear Market(34:30) ETH’s Monetary Policy(48:01) ETH Staking Withdrawal Queue(50:05) Bitzlato and Bitcoin Narratives(1:00:50) Su Zhu and Kyle are Back- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -ResourcesRyan Watkins tweet on Ethereum innovation cycleshttps://bit.ly/3ZPirugETH 7.5% APR tweethttps://bit.ly/3Wmua0wETH withdrawal queue thread (by Westie)https://twitter.com/WestieCapital/status/1613645213792366595- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 3 | PilotLayer One protocols have dominated the value capture narrative since Ethereum's inception, but a new narrative is forming: the AppChain Thesis. This thesis predicts crypto's top applications will not rent land and conform to the limitations of other platforms (e.g. Ethereum) but will launch their own independent chain. An AppChain.How should applications approach this decision? Where will value accrue? What are the pros and cons? Will applications prove stickier than protocols? These are just a few questions we'll explore in Bell Curve Season 3. Get ready!- -Timestamps(00:00) Introduction(00:35) Meet Myles, Our New Co-Host(03:35) Why the AppChain Thesis?(07:12) Season 3 Overview(14:45) The Fat App Thesis(18:38) AppChain Tradeoffs(23:36) Where Cosmos and Ethereum Collide(26:30) The Market Opportunity- -Follow Myles: https://twitter.com/MylesOneilFollow Mike: https://twitter.com/MikeIppolito_Subscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Fat Protocols by Joel Monegrohttps://www.usv.com/writing/2016/08/fat-protocols/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the standoff between the Winklevoss twins (Gemini) and Barry Silber (Genesis/DCG). Is there a resolution or will both companies watch their equity slide to zero? We also discuss Solana's future, the bank run at Silvergate, Cosmos-native USDC, the LSD narrative and more!- -Timestamps:(00:00) Introduction(01:18) Will Solana Survive?(08:58) Winklevoss Twins vs Barry Silbert(27:20) Binance Acquisition Blocked & Coinbase’s Good Luck(30:16) Silvergate Announces $8.1B Fall in Deposits(39:08) Public Equity Proxy Investing(45:22) How Bullish is Native USDC for Cosmos?(53:42) The Liquid Staking Derivative (LSD) Narrative(1:02:34) Tech Layoffs & the Changing Employment Environment- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

It's here, our 2023 predictions episode! We debate if the market's bottomed, CeFi vs DeFi market share dynamics, L2s vs a multichain future, Bitcoin's new narrative, the Wallet Wars, MEV as the primary business model and more. Sit back, relax and get ready for the team to drop some knowledge.- -TimestampsIntroduction (00:00)Have Markets Bottomed? (02:20)What Projects Gain/Lose Market Share? (17:18)zkEVMs Disappoint (23:51)The Multichain Future Debate (26:38)Bitcoin’s Future (37:25)Visa & Mastercard Will Double Down on Crypto (39:54)Ava labs (43:55)The Wallet Wars (45:10)MEV & Payment for Order Flow (53:30)The Rise of Guilds (59:00)Tech Disruption (01:01:59)NFTs Become a Core Business Strategy (01:14:04)- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | FinaleIn this episode of Bell Curve, we recap the best of Bell Curve Season 2. In Season 2 we explored the evolution of DAOs, asking what's worked, what needs to change, and where DAOs go from here.We break down every episode and our key learnings here. And don't miss the end, where we introduce the theme for Season 3!- -Timestamps:(00:00) Introduction(01:17) S2 Recap, Our Biggest Takeaways(41:30) Season 3 Preview: The App-Chain Thesis(43:31) Thanks to Avalanche and Reserve!- -Follow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:ENS website- -Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it.It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce.The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores one of the most bullish signs during this bear: Visa is building on Starkware. Visa is the largest payment network in the world, and they just announced they are now building an automatic payments tool on Starkware's ZK-rollup technology. Tune in to find out why this is huge for the industry! We also cover Grayscale's GBTC disaster, how Yuga Labs is going all in on the metaverse and the concept of experiential loyalty. This is a fun one!- -Timestamps:(00:00) Introduction(02:03) Not $10B, $20B! Gary and Caroline Flip on SBF(07:41) Visa Proposes Automatic Payments Using Starknet(19:30) “Avalanche Ad”(20:44) Grayscale GBTC Tender Offer & Liquidity Reflexivity(30:43) Yuga Labs Hires Activision Blizzard President as CEO(40:18) Experiential Loyalty- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Vitalik on Account Abstractionhttps://notes.ethereum.org/@vbuterin/account_abstraction_roadmap- -Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.