The role of social consensus in crypto and why it's important

1min Snip

00:00

Play full episode

Key takeaways

Transcript

Episode notes

The value of a cryptocurrency relies on social consensus
Bitcoin is considered the 'real' bitcoin because of social consensus
Forking a cryptocurrency requires convincing people to use your version for it to be the 'real' version
Understanding that all of crypto is social consensus is a high-level understanding
John's post aimed to educate people who may not have this understanding yet

Bankless Weekly Rollup 2nd Week of June 2023

------ 🚀 AIRDROP ALPHA 🚀 https://bankless.cc/Alpha

------ 🚀 Asymetrix Go to https://bankless.cc/asymetrix ------ BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2

🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask

👾STADER LABS | ETHX LIQUID STAKING https://bankless.cc/Stader

⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku

🎮IMMUTABLE | GAMING ECOSYSTEM https://bankless.cc/Immutable

🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle

------ Topics Covered

1:09 MARKETS

6:29 Are we at a Local High?

9:25 Ethereum Validator Queue

12:52 CEX Volume Stats https://www.theblock.co/data/crypto-markets/spot/usd-support-exchange-volume-market-share

17:23 Gary Gensler on CNBC https://youtu.be/VKxXdUvMqAc?t=277

19:28 SEC Sues Binance US https://www.sec.gov/news/press-release/2023-101 https://www.sec.gov/news/press-release/2023-103 https://www.cnbc.com/2023/06/07/binance-lawyers-say-sec-chair-gensler-offered-to-be-advisor-in-2019.html

26:13 SEC Sues Coinbase https://www.sec.gov/news/press-release/2023-102 https://twitter.com/MikeSeligEsq/status/1666063676145819648?s=20

31:34 Can Gary Get Away With This?

33:51 Cypherpunks Take https://twitter.com/udiWertheimer/status/1666077587792166914?s=20 https://twitter.com/jack/status/1666078896327122946?s=20

38:39 Optimism Bedrock! https://twitter.com/optimismFND/status/1666155844776361985?s=20 https://twitter.com/jessepollak/status/1664349169073414147

41:47 Arbitrum Ran Out Of Gas https://www.dlnews.com/articles/defi/arbitrum-came-to-a-halt-as-its-sequencer-ran-out-of-gas/

43:42 ETH Validator Proposal https://ethresear.ch/t/increase-the-max-effective-balance-a-modest-proposal/15801

49:22 ENS Upgrades https://twitter.com/nicksdjohnson/status/1666368619876327424 https://www.my.box/

51:29 Rocketpool on zkSync Era https://twitter.com/Rocket_Pool/status/1664276628468547587

52:58 Pooltogether Case Dismissed https://twitter.com/lay2000lbs/status/1666532463428943875?s=20

56:12 Questions From The Nation https://discord.com/channels/615592155481767941/1058053004705669211/1114707321000562738 https://discord.com/channels/615592155481767941/1058053004705669211/1115619057593495552

1:03:12 Takes Of The Week https://twitter.com/zmanian/status/1658152508571697152?s=46 https://twitter.com/dankrad/status/1664958413829185536?s=46 https://twitter.com/FEhrsam/status/1665796974346420224?s=20 https://twitter.com/qaatani9/status/1664292528655413250?s=20

1:10:28 What Are We Bullish On?

1:14:05 Get More Of Anthony

1:15:29 Meme Of The Week https://twitter.com/pseudotheos/status/1665730241845944331?s=46

1:16:15 Risks And Disclaimers

---- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures