Bell Curve

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.

This episode of Bell Curve starts with the most contentious topic of the week: Elon's $8 Twitter Blue subscription fee. What are the implications? Could this be a turning point for subscription-based media?We then explore the carnage happening in the private markets, Alameda's precarious balance sheet, Coinbase's earnings (bullish), J.P. Morgan's first DeFi trade, Instagram NFTs and more!- -Timestamps(00:00) Introduction(01:12) Lord Elon & Subscription-Based Media(20:02) Private Market Carnage, Down Rounds Are Coming(33:08) Alameda's Balance Sheet Is… Unexpected(48:25) J.P. Morgan Executes First Trade On Polygon(58:43) Coinbase's Q3 Earnings(01:10:04) Will Polygon Part Ways With Ethereum?(01:12:53) Instagram NFT Announcement- -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:Alameda's balance sheet breakdownhttps://twitter.com/tier10k/status/1587819512619044865Ty Lobban's tweet thread on the J.P. Morgan tradehttps://twitter.com/TyLobban/status/1587679344792829954- -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.

Have DAOs failed? Can projects successfully democratize decision-making and capital allocation? What can DAOs learn from corporate governance? What is "business-governance fit" and how can we use this concept to design DAO frameworks?These are just a few of the questions we will explore in Season 2 of Bell Curve. In this Season 2 pilot episode, we describe our DAO thesis and give a sneak peek of what's coming next!- -Timestamps:(00:00) Introduction(01:29) Season 2’s Thesis: Finding Business-Governance Fit(25:29) Our Upcoming Guests(28:29) Outro- -Follow 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/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4Progressive Decentralization (Variant Fund)https://variant.fund/articles/progressive-decentralization-a-playbook-for-building/DAOs Are Not Corporations (Vitalik)https://vitalik.ca/general/2022/09/20/daos.html- -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/- -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.

In this episode of Bell Curve, we discuss the bloodshed happening in big tech and the likelihood of multiple bankruptcies in the Bitcoin mining market. What happens next, and who will make it out on top? We then discuss Apple's new NFT policy, Reddit onboarding 3M+ users to crypto, why VC-backed chains could be in trouble and the future of DeFi regulation. - -Timestamps:(02:15) Snap & Facebook Wrecked, What’s Next?(22:37) Bitcoin Miners Eye Bankruptcy(34:50) Apple’s New NFT Policy? Bullish(40:57) Reddit Onboards 3M+ People To Crypto(47:26) VC Chains In Trouble?(57:08) SBF & DeFi Regulation(01:05:53) Elon & Twitter. Meant to be?(01:11:52) Outro- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow 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:Bitcoin treasurieshttps://bitcointreasuries.net/SBF's article on proposed crypto regulationhttps://www.ftxpolicy.com/posts/possible-digital-asset-industry-standardsElon walks into Twitter HQ with a sinkhttps://twitter.com/elonmusk/status/1585341984679469056- -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.

In this Season 1 finale, Mike and Jason review the fixed-rate lending thesis and discuss their biggest takeaways. Will debt be a major component of DAOs going forward? Is the infrastructure in place to support this? What major innovations do we see coming next? Tune in to find out!P.S. Get ready for Season 2, coming out on November 2nd!- -Timestamps:(00:00) Introduction(01:43) Biggest Takeaways From Season 1(14:12) Innovation Is Coming(26:26) Season 2 Preview- -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- -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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we discuss the state of VC markets and fundraising 101. What should founders look out for when fundraising? Why do terms often matter more than valuation, and how should founders think about anti-dilution? We answer these questions and more in this fundraising segment.We then explore the current macro environment, the Mango exploit and dangers of oracle pricing, the upcoming midterms and reasons to be optimistic!- -Timestamps:(00:00) Introduction(01:05) VCs, Term Sheets & Fundraising(21:39) Finding Value Despite Inflation(31:16) Mango Exploit, Oracle Pricing & Risk Management Midterms, Regulation & Yuga Labs Investigation(44:36) Scaling Season(50:13) Why Be Optimistic?- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow 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:GCR "insider" tweethttps://twitter.com/GCRClassic/status/1579837794675216384Alf CPI tweethttps://twitter.com/MacroAlf/status/1580538848194330624The Macro Trading Floor podcasthttps://spoti.fi/3EGriXd- -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 1 | Episode 7In this episode of Bell Curve, Jason and Dan are joined by Stani Kulechov & Robert Leshner, two of the best builders in crypto, to discuss DeFi's transformation and upcoming catalysts.We cover all of Season One's biggest topics, including CeFi's implosion, uncollateralized lending, fixed rates, duration debt, RWAs, staking yields and vertical app integration. We then cap the conversation with the question we all want to know: what will catalyze the next DeFi bull market? Trust me, it's worth the listen.- -Timestamps:(00:00) Introduction(04:23) A Structural Tailwind for all of DeFi(09:44) Uncollateralized vs Collateralized Lending(17:10) DAO Capital Markets(27:07) Fixed Rates & Long Duration Loans (36:46) How ETH’s Staking Yield Impacts DeFi(43:49) Bringing Off-Chain Assets to DeFi & Censorship Resistance(52:44) GHO, Protocol Specific Stablecoins & Vertical Integration(01:00:27) Compound Gateway, Cosmos & Cross-Chain Bridges(01:04:20) DeFi Summer 2.0?(01:17:39) The Permissioned DeFi Thesis(01:22:12) Post Interview- -Follow Stani: https://twitter.com/StaniKulechovFollow Rob: https://twitter.com/rleshnerFollow Dan: https://twitter.com/smyyguyFollow 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, and our guests may hold positions in the companies, funds, or projects discussed.