Bell Curve

This episode of Bell Curve explores Binance's proof-of-reserves controversy, Alameda's crazy venture portfolio, why Alt L1s were artificially overpriced, Maple Finance's $36M default and more!My favorite segment? Why the Alt L1 Thesis is fundamentally broken. Did SOL's mooning valuation (underpinned by FTX/SBF) lead to broken relative-value metrics for other L1s? Tune in to find out!- -Timestamps:(00:00) Introduction(02:19) Binance’s Proof of Reserves Controversy(14:18) Alameda’s Venture Portfolio(24:59) Why The Alt L1 Thesis Is Fundamentally Broken(33:25) “Avalanche Ad”(34:39) Expected Price Action In The Next Cycle(39:31) Apes vs Punks, Who Wins?(41:57) Maple Finance Borrower Defaults On $36M Loan(53:26) GPT Unlocks & Productivity Gains- -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:Jesse's tweet on proof-of-reserveshttps://twitter.com/jespow/status/1600787933065117696Alameda's venture portfoliohttps://twitter.com/JasonYanowitz/status/1600156389933973505Matt Walsh Twitterhttps://twitter.com/MattWalshInBosVance's Tweet thread on the broken alt L1 thesishttps://twitter.com/pythianism/status/1600895603512180737- -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 | Episode 5In this episode of Bell Curve, Julz Rosenberg and Charles St. Louis join us to discuss experiments in DAO governance and organizational structure. We start with the evolution of DAOs and the gradual transition from social to programmatic systems. We then explore the innovations in DAO governance, the tendency to over-index on decentralization, how to increase organization legibility and why community is overrated. This episode paints the picture of how DAOs will evolve next!- -Timestamps:(00:00) Intro: Pre-interview(02:46) The Purpose Of A DAO(12:36) A Shift From Socialware To Trustware(23:18) Bureaucracy Is The Killer Of Organizations(27:43) Element's Governance Experiments(35:52) “Reserve Ad”(38:05) DAOs In The Next Cycle(41:15) Is Governance A Liability?(46:59) Do We Over Index Decentralization?(52:12) Building Out Legibility(56:58) You Want A Cult, Not A Community(01:09:41) Recap: Post-interview- -Follow Julz: https://twitter.com/julzrozeFollow Charles: https://twitter.com/charliestlouisFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Scaling Trust in DAOs: Trustware vs Socialwarehttps://orca.mirror.xyz/T70CmuhX95ubkw_JHOxSEy8d_EFeYXgtJnF13mPtaZEConvex and Concave Dispositions (Vitalik)https://vitalik.ca/general/2020/11/08/concave.htmlLife After Lifestylehttps://subpixel.space/entries/life-after-lifestyle/Metropolishttps://www.metropolis.space/ElementFihttps://www.element.fi/- -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 SBF's New York Times interview and his grand attempt to manipulate the media. We discuss SBF's strategy, the likelihood of SBF jail time and what to expect next. We then discuss the state of crypto, where leverage will blow up next, OpenSea's shrinking market share, Coinbase vs Apple and more!- -Timestamps:(00:00) Introduction(01:36) SBF’s Grand Manipulation(28:15) “Avalanche Ad”(29:29) The Connection Between 3AC, DCG & Genesis(32:52) Banks Can’t Touch Crypto & Leverage In The Next Cycle(35:24) Uniswap’s NFT Marketplace & OpenSea’s [Negative] Outlook(42:32) Free-to-Own NFTs(47:27) Coinbase Takes On Apple(58:26) Are More Tech Layoffs Coming?- -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:3AC, DCG & Amazing Coincidenceshttps://bit.ly/3UurZqOBlockFi/FTX/Alameda recursive loan tweethttps://twitter.com/ayko2718/status/1597432454070956032Coinbase tweet on Applehttps://twitter.com/CoinbaseWallet/status/1598354819735031809- -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 | Episode 4In this episode of Bell Curve, Tarun Chitra joins us to discuss the hottest on-chain topic in crypto: DAO treasury management. Even in the bear market, DAOs have over $8.8B in treasury assets. However, these assets are primarily unused, misallocated and lack diversification. Tarun tells us how DAOs should approach the treasury allocation problem and how to hedge risks, create diversification and automate treasury functions. Treasury management will be front-and-center in 2023 - listen to this pod to stay ahead of the narrative!- -Timestamps:(00:00) Intro: Pre-Interview(02:51) Treasury Management 101(09:10) Intro to DAO Treasury Management(20:53) Transparency of Assets vs Liabilities(27:28) Hedging Risk(32:42) How DAO Treasury Management Works Today(36:38) “Reserve Ad”(38:51) How DAO Treasury Management Works Today(40:16) Solving The Allocation Problem(48:24) Unbundling The Investment Bank(52:54) Aera Finance(57:34) A Focus on Cash Flow vs Growth(01:01:35) Recap: Post-Interview- -Follow Tarun: https://twitter.com/tarunchitraFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Gauntlethttps://gauntlet.network/Aera Financehttps://www.aera.finance/Musings On Governance (Reverie)https://www.reverie.ooo/post/musings-on-governance- -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 Genesis' fallout and the knock on-effects for DCG. We discuss how we got here, the likelihood of bankruptcy, implications for Grayscale's GBTC trust and which dominos might fall next.We then discuss the bloodshed in the Bitcoin mining market, Bitcoin's changing narrative, token value accrual and why optimism always wins.--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:I Pledge Allegiance with Hasuhttp://bit.ly/3F36jxmElon x AOC chemistryhttps://twitter.com/mazemoore/status/1595305491156111361- -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 | Episode 3In this episode of Bell Curve, Mika Honkasalo and Shreyas Hariharan join us to discuss how to grow a DAO. We explore Coase's Theory of the Firm, the tradeoffs between immutability and efficiency, scalable governance frameworks and value creation vs capture. My favorite segment is "Is Your Protocol Easily Forkable?" - you won't want to miss it!- -Timestamps:(00:00) Intro: Pre-Interview(00:33) Coase's Theory of the Firm(07:29) Unique Properties of a DAO(15:01) Optimizing for Immutability vs Efficiency(24:16) MakerDAO vs Uniswap Governance Structure(28:08) “Reserve Ad”(30:22) MakerDAO vs Uniswap Governance Structure(36:21) Do DAOs Increase Transaction Costs?(39:02) Value Creation vs Value Capture(50:26) Is Your Protocol Easily Forkable?(54:05) DAO Decision Making(59:16) The Future of DAO Work- -Follow Mika: https://twitter.com/mhonkasaloFollow Shreyas: https://twitter.com/HelloShreyasFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Coase in the 21st Century (Shreyas)http://bit.ly/3hRMujvWorking In Publichttp://bit.ly/3GwysOAOn Forking DeFi Protocols (Multicoin)https://multicoin.capital/2020/04/16/on-forking-defi-protocols/Mika's Substackhttps://mhonkasalo.substack.com/Shreyas' websitehttps://shreyashariharan.com/llama.comhttps://llama.xyz/- -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 the myth of Alameda and how SBF's mismanagement led to FTX's collapse. We start with Alameda's transition from delta neutral to punting altcoins and the twisted relationship between Alameda and FTX. We then discuss the mainstream media's terrible coverage, Genesis' fallout and the regulatory outlook.We finish by asking the difficult question, "is this the bottom?". Tune in for what may be our best roundup yet!- -Timestamps:(00:00) Introduction(02:33) From Market Neutral To Punting Alt Coins(14:49) Alameda & FTX, A Twisted Relationship(26:30) “Avalanche Ad”(27:43) Mainstream Media Completely Botched It(43:13) The Downfall Of Genesis(57:20) Legislation In 2023(01:00:13) Are We Near The Bottom?(01:04:39) The Villain Power Ranking(01:08:30) Web2 Sentiment Update- -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:What happened at Alamedahttps://milkyeggs.com/?p=175New York Times on SBFhttp://bit.ly/3ElLZWqIan Allisonhttps://twitter.com/IanAllison123Chris Burniskehttps://twitter.com/cburniske- -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 | Episode 2In this episode of Bell Curve, we are joined by Larry Sukernik and Derek Hsue to discuss what DAOs can learn from corporate governance. Should DAOs optimize for token holders or users? How can DAOs scale while minimizing the principal-agent problem? Should DAOs be governed liked an established corporation or a startup? What about treasury management? Tune in to find out!- -Timestamps(00:00) Intro: Pre-Interview(01:56) “Reserve Ad”(02:15) DAO Governance Mental Models(11:05) The Public Goods Paradox(15:36) Optimising For Different Stakeholders(25:30) Protocol Delegates & The Principal-Agent Problem(37:19) “Reserve Ad”(39:32) Protocol Delegates & The Principal-Agent Problem(44:46) Reverie’s Orca Council Structure(49:40) The Ideal Governance Platform(53:25) Convex vs Concave Decisions(01:00:17) When DAO, When Not DAO(01:13:47) A DAOs #1 Challenge & Treasury Management(01:20:24) Outro- -Follow Larry: https://twitter.com/lsukernikFollow Derek: https://twitter.com/derek_hsueFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Reveriehttps://www.reverie.ooo/Musings on Governancehttps://www.reverie.ooo/post/musings-on-governanceSimple Sabotage Field Manualhttps://bit.ly/3A599z9Business-Governance Fit (Chris Ahn)https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4DAOs Are Not Corporations (Vitalik)https://vitalik.ca/general/2022/09/20/daos.htmlI Pledge Allegiance (podcast)https://spoti.fi/3zRgYIF- -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.

Binance is officially acquiring FTX. I never thought I'd type those words. What just happened? How did FTX go from a market-leading exchange to near insolvency? Is there contagion risk, and how will regulators respond? Tune in to find out!- - Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Santi: https://twitter.com/santiagoroelFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - -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 Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | Episode 1In this episode of Bell Curve, we are joined by Hasu and Chris Ahn for a deep dive into DAOs and business-governance fit. We explore the differences between L1 and application governance, the challenges of achieving scalability and resiliency, why Hasu won't work for another DAO, learnings from traditional corporate governance, token distribution failures, over-indexing on community and more!- -Timestamps(00:00) Intro: Pre-Interview(02:21) Defining Business-Governance Fit(09:34) Layer One Governance(14:15) Path Dependency & The Power Of Defaults(21:22) Why Hasu Won't Work For A DAO Again(27:15) DAO Decision Making & Finding Business Governance Fit(40:19) Progressive Decentralization, Instant Liquidity & Uphill Battles(47:37) Hasu’s MakerDAO Proposal Explained(54:25) Can DAOs Achieve Resiliency & Scalability?(01:03:23) Balancing Credible Neutrality(01:09:07) Can A DAO Structure Benefit Early Stage Companies?(01:17:20) Community Is Overrated(01:25:38) Coase's Theory Of The Firm(01:27:59) Is This Only About Censorship Resistance?(01:32:03) Recap: Post-Interview- -Follow Hasu: https://twitter.com/hasuflFollow Chris: https://twitter.com/ahnchrisjFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Business-Governance Fit (Chris Ahn)https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4Hasu's MakerDAO proposalhttps://bit.ly/3DFfzWDDAOs Are Not Corporations (Vitalik)https://vitalik.ca/general/2022/09/20/daos.htmlConvex and Concave Dispositions (Vitalik)https://vitalik.ca/general/2020/11/08/concave.htmlI Pledge Allegiance (podcast)https://spoti.fi/3zRgYIF- -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.