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Mark “Murch” Erhardt and Mike Schmidt are joined by Ruben Somsen, Salvatore Ingala, and Stéphan Vuylsteke to discuss Newsletter #353.News● BIP30 consensus failure vulnerability (0:52) ● Avoiding BIP32 path reuse (28:33) Bitcoin Core PR Review Club● Add bitcoin wrapper executable (16:38) Releases and release candidates● LND 0.19.0-beta.rc4 (45:01) Notable code and documentation changes● Core Lightning #8227 (45:18) ● Core Lightning #8162 (46:43) ● Core Lightning #8166 (47:44) ● Core Lightning #8237 (48:49) ● LDK #3700 (49:28) ● Rust Bitcoin #4387 (49:55) ● BIPs #1835 (50:15) ● BIPs #1800 (55:03) ● BOLTs #1245 (56:37)
After the U.S. and China announced a 90-day pause on tariffs, signaling a massive de-escalation of the trade wars, markets rallied. In this week's Bits + Bips, the panel covers the biggest macro and crypto forces in motion right now: Will US-China tariff reset reshape the global economy, or just kick the can down the road? America's ballooning deficit and why politicians are spending like it's wartime. Why some think ETH has a unique lane to outperform. How policymakers ignore the power of the crypto community at their own risk. Plus: Saylor copycats, Solana's risk-reward balance, and whether stagflation or recession is still in the cards. Sponsors: Bitwise Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive editor at Unchained Guests: Peter Tchir, Head of Macro Strategy at Academy Securities Zach Pandl, Head of research at Grayscale POLITICO: Trump: The EU is ‘nastier than China' David Bailey and Bitcoin-Native Holding Company Nakamoto Announce Merger with KindlyMD® to Establish Bitcoin Treasury Unchained: Michael Saylor Copycats Rush to Win the Solana Rat Race. Can Lightning Strike Twice? Reuters: Brokerages Scale Back Recession Odds After U.S.-China Trade Truce White House: Joint Statement on U.S.-China Economic and Trade Meeting in Geneva McKinsey: Chinese Consumption Amid the New Reality CBS: U.S. Could Face Default by August if Congress Doesn't Address Debt Ceiling, Bessent Says Stablecoin bill drama Unchained: Why the Senate Stablecoin Bill Stalled & What It Means for Crypto Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance A House Hearing on Crypto? More Like a Big, Partisan Fight Timestamps:
Mark “Murch” Erhardt and Sjors Provoost discuss Newsletter #352.News● Comparison of cluster linearization techniques (0:41) ● Increasing or removing Bitcoin Core's `OP_RETURN` size limit (6:46) Releases and release candidates● LND 0.19.0-beta.rc3 (1:01:16) Notable code and documentation changes● Bitcoin Core #31250 (1:02:10) ● Eclair #3064 (1:06:02) ● BTCPay Server #6684 (1:07:46) ● BIPs #1555 (1:10:34)
Crypto doesn't reward fundamentals. It rewards attention. So what does that say about how investors, like Warren Buffett, would fare today? In this week's Bits + Bips, the crew dissects what's really behind this rally, why Ethereum's sentiment problem may run deeper than roadmap delays, and how the stablecoin bill turned into a political tug of war. Plus: Apple and NFTs: why this matters more than people think Whether tariffs are about politics or actual policy Why Bessent is “the best” in the Trump administration And why Buffett's era may be ending, with Portnoy rising in his place
Crypto doesn't reward fundamentals. It rewards attention. So what does that say about how investors, like Warren Buffett, would fare today? In this week's Bits + Bips, the crew dissects what's really behind this rally, why Ethereum's sentiment problem may run deeper than roadmap delays, and how the stablecoin bill turned into a political tug of war. Plus: Apple and NFTs: why this matters more than people think Whether tariffs are about politics or actual policy Why Bessent is “the best” in the Trump administration And why Buffett's era may be ending, with Portnoy rising in his place
While it's been a calmer week in the markets (thank God!), there's a lot to talk about! This week on Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Steven Ehrlich, along with guest Charles Edwards of Capriole Investments, dive into: Whether it's time to be bullish on all crypto assets Whether a Trump put actually exists The risks behind bitcoin treasury companies like the new Twenty One Capital Why Solana ETFs might not be the smash success people expect The controversial invite to the White House for $TRUMP holders Why there's a big disconnect in the markets Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Charles Edwards, Founder of Capriole Investments Twenty One: Recent coverage of Unchained on Twenty One: Why Twenty One Capital Is More About Volatility Than Bitcoin Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners Does The Market Still Control Trump? Donald Trump's chaos has left investors with frayed nerves 4 of the Mag7 Reporting This Week Big Tech's Earnings Problem Is Estimates May Be Way Too High $TRUMP Trump's Meme Coin Dinner Contest Earns Insiders $900,000 in Two Days Other: Apollo slides Timestamps:
While it's been a calmer week in the markets (thank God!), there's a lot to talk about! This week on Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Steven Ehrlich, along with guest Charles Edwards of Capriole Investments, dive into: Whether it's time to be bullish on all crypto assets Whether a Trump put actually exists The risks behind bitcoin treasury companies like the new Twenty One Capital Why Solana ETFs might not be the smash success people expect The controversial invite to the White House for $TRUMP holders Why there's a big disconnect in the markets Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Charles Edwards, Founder of Capriole Investments Twenty One: Recent coverage of Unchained on Twenty One: Why Twenty One Capital Is More About Volatility Than Bitcoin Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners Does The Market Still Control Trump? Donald Trump's chaos has left investors with frayed nerves 4 of the Mag7 Reporting This Week Big Tech's Earnings Problem Is Estimates May Be Way Too High $TRUMP Trump's Meme Coin Dinner Contest Earns Insiders $900,000 in Two Days Other: Apollo slides Timestamps:
An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken? In this week's episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump's suggestion that he could fire Fed Chair Jerome Powell. It's not just political theater, it's a potential major blow to the credibility of the U.S. dollar and the independence of the world's most important central bank. Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin. Plus: Why the Fed's independence is so crucial The telltale signs of a structural capital rotation out of the U.S. Whether bitcoin has officially decoupled from equities How young crypto HODLers will react to their first bear market And why this moment may look more like Argentina than America Show highlights: Sponsors: Bitwise Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Zach Pandl, Head of Research at Grayscale Links Trump Threatening Powell New York Times: Risk of Financial Panic Tempers Trump on Firing Powell Barrons: Trump Calls Powell a ‘Major Loser.' 3 Ways He Could Sideline the Fed Chair Inconsistencies in Hard v. Soft Data Wall Street Journal: Trump Is Everywhere Except in the Economic Data Federal Reserve Bank of Philadelphia: Carefully Balancing Both Hard and Soft Data in Policy Discussions Dropping Dollar CNBC: U.S. Dollar Falls to Three-Year Low as Trump's Powell Threats Further Dent Investor Confidence New York Times: The Dollar Keeps Falling as Its ‘Safe Haven' Status Is Questioned Bitcoin Decoupling CNBC: Bitcoin Retakes $90,000 as Investors See It as Alternative to Diving Dollar and Turbulent Stocks Decrypt: Bitcoin Decoupling? BTC Rises as Equity Markets Swoon Timestamps:
An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken? In this week's episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump's suggestion that he could fire Fed Chair Jerome Powell. It's not just political theater, it's a potential major blow to the credibility of the U.S. dollar and the independence of the world's most important central bank. Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin. Plus: Why the Fed's independence is so crucial The telltale signs of a structural capital rotation out of the U.S. Whether bitcoin has officially decoupled from equities How young crypto HODLers will react to their first bear market And why this moment may look more like Argentina than America Show highlights: Sponsors: Bitwise Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Zach Pandl, Head of Research at Grayscale Links Trump Threatening Powell New York Times: Risk of Financial Panic Tempers Trump on Firing Powell Barrons: Trump Calls Powell a ‘Major Loser.' 3 Ways He Could Sideline the Fed Chair Inconsistencies in Hard v. Soft Data Wall Street Journal: Trump Is Everywhere Except in the Economic Data Federal Reserve Bank of Philadelphia: Carefully Balancing Both Hard and Soft Data in Policy Discussions Dropping Dollar CNBC: U.S. Dollar Falls to Three-Year Low as Trump's Powell Threats Further Dent Investor Confidence New York Times: The Dollar Keeps Falling as Its ‘Safe Haven' Status Is Questioned Bitcoin Decoupling CNBC: Bitcoin Retakes $90,000 as Investors See It as Alternative to Diving Dollar and Turbulent Stocks Decrypt: Bitcoin Decoupling? BTC Rises as Equity Markets Swoon Timestamps:
Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best. In this week's Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump's high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising. Plus: What would trigger a “Trump put” Will crypto finally benefit from the global chaos? Whether the devaluation of the yuan could be a big moment And how animal spirits might return… if they're properly incentivized Show highlights: Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Links Newsweek: Steve Bannon's 'Flood the Zone' Strategy Explained Amid Trump Policy Blitz Cointelegraph: Senator Tim Scott is confident market structure bill passed by August CoinDesk: Donald Trump's Memecoin Faces Massive $320M Token Unlock Amid Record Low Price Decrypt: Canada to Launch 'World First' Spot Solana ETFs With Staking This Week: Balchunas YouTube: The Great Tariff Debate with David Sacks, Larry Summers, and Ezra Klein Bloomberg: Investors Fear Another Big Blowup of Basis Trade as Treasuries Lose Haven Status Wall Street Journal: China's March Lending Jumped on Government Stimulus Push CoinTelegraph: Bitcoin Shows Growing Strength During Market Downturn — Wintermute Timestamps:
Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best. In this week's Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump's high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising. Plus: What would trigger a “Trump put” Will crypto finally benefit from the global chaos? Whether the devaluation of the yuan could be a big moment And how animal spirits might return… if they're properly incentivized Show highlights: Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Links Newsweek: Steve Bannon's 'Flood the Zone' Strategy Explained Amid Trump Policy Blitz Cointelegraph: Senator Tim Scott is confident market structure bill passed by August CoinDesk: Donald Trump's Memecoin Faces Massive $320M Token Unlock Amid Record Low Price Decrypt: Canada to Launch 'World First' Spot Solana ETFs With Staking This Week: Balchunas YouTube: The Great Tariff Debate with David Sacks, Larry Summers, and Ezra Klein Bloomberg: Investors Fear Another Big Blowup of Basis Trade as Treasuries Lose Haven Status Wall Street Journal: China's March Lending Jumped on Government Stimulus Push CoinTelegraph: Bitcoin Shows Growing Strength During Market Downturn — Wintermute Timestamps:
The markets are rattled. Tariffs are rising. Investors are pulling back. In this week's Bits + Bips, the panel digs into what's really driving the selloff, why the Fed may be stuck, and how Trump's tariff logic could trigger deeper economic shocks than anyone expects. Plus: Whether Bitcoin becomes a safe haven What makes this downturn different from 2022 and 2020 Why a potential recession still isn't priced in Whether Congress can take the tariff button away from Trump And yes, Ram coins a new term: FAFO tariffs
The markets are rattled. Tariffs are rising. Investors are pulling back. In this week's Bits + Bips, the panel digs into what's really driving the selloff, why the Fed may be stuck, and how Trump's tariff logic could trigger deeper economic shocks than anyone expects. Plus: Whether Bitcoin becomes a safe haven What makes this downturn different from 2022 and 2020 Why a potential recession still isn't priced in Whether Congress can take the tariff button away from Trump And yes, Ram coins a new term: FAFO tariffs
After President Donald Trump's proud announcement of ‘Liberation Day' tariffs, markets worldwide took a tumble. Shortly after Trump's Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed: How markets reacted Whether tariffs can bring middle-class jobs back to America Who will end up paying the most Future possibilities of war, recession and stagflation How it all affects crypto Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Steven Ehrlich, High Scribe of the Unchained Kingdom Quinn Thompson, Master of Macro at Lekker Capital Links Trump Tariffs Shake Markets New York Times: A Stunned World Reckons With Economic Fallout From Trump's Tariffs Wall Street Journal: U.S. Stock Futures, Dollar Tumble on Trump Tariff Plans New York Times: A Timeline of Trump's On-Again, Off-Again Tariffs US Tariff History CATO Institute: The Problem of the Tariff in American Economic History, 1787–1934 Brookings: Did Trump's tariffs benefit American workers and national security? Impact on Bitcoin and Crypto Unchained: Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven Unchained: How a Radical Proposal in Trump's World Could Hurt Stablecoins, but Boost Bitcoin The Concerned Consumer and CEO CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private
After President Donald Trump's proud announcement of ‘Liberation Day' tariffs, markets worldwide took a tumble. Shortly after Trump's Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed: How markets reacted Whether tariffs can bring middle-class jobs back to America Who will end up paying the most Future possibilities of war, recession and stagflation How it all affects crypto Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Steven Ehrlich, High Scribe of the Unchained Kingdom Quinn Thompson, Master of Macro at Lekker Capital Links Trump Tariffs Shake Markets New York Times: A Stunned World Reckons With Economic Fallout From Trump's Tariffs Wall Street Journal: U.S. Stock Futures, Dollar Tumble on Trump Tariff Plans New York Times: A Timeline of Trump's On-Again, Off-Again Tariffs US Tariff History CATO Institute: The Problem of the Tariff in American Economic History, 1787–1934 Brookings: Did Trump's tariffs benefit American workers and national security? Impact on Bitcoin and Crypto Unchained: Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven Unchained: How a Radical Proposal in Trump's World Could Hurt Stablecoins, but Boost Bitcoin The Concerned Consumer and CEO CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private
Mark “Murch” Erhardt and Mike Schmidt are joined by Sjors Provoost and Antoine Poinsot to discuss Newsletter #347.News● LN upfront and hold fees using burnable outputs (0:54) ● Discussion of testnets 3 and 4 (5:11) ● Plan to relay certain taproot annexes (19:01) Selected Q&A from Bitcoin Stack Exchange● Why is the witness commitment optional? (24:58) ● Can all consensus valid 64 byte transactions be (third party) malleated to change their size? (36:39) ● How long does it take for a transaction to propagate through the network? (47:37) ● Utility of longterm fee estimation (49:31) ● Why are two anchor outputs are used in the LN? (54:34) ● Why are there no BIPs in the 2xx range? (57:19) ● Why doesn't Bech32 use the character b? (59:55) ● Bech32 error detection and correction reference implementation (1:00:23) ● How to safely spend/burn dust? (1:02:48) ● How is the refund transaction in Asymmetric Revocable Commitments constructed? (1:07:34) ● Which applications use ZMQ with Bitcoin Core? (42:15) Releases and release candidates● Bitcoin Core 29.0rc2 (1:08:21) ● LND 0.19.0-beta.rc1 (1:08:55) Notable code and documentation changes● Bitcoin Core #31603 (45:12) ● Eclair #3044 (1:09:45) ● Eclair #3026 (1:10:38) ● LDK #3649 (1:11:02) ● LDK #3665 (1:11:59) ● LND #8453 (1:14:28) ● BIPs #1792 (1:16:00) ● BIPs #1782 (1:16:40)
Investors are still licking their wounds from this month's corrections. But just as Trump's tariffs are about to move into full-force, our experts are seeing silver linings and causes for optimism. With conflicting signals coming from all corners of the map, hosts Noelle Acheson, Ram Ahluwalia, Alex Kruger, and Felix Jauvin break down: What to expect from Trump on April 2nd Takeaways from last week's FOMC meeting If the White House and Powell are actually on the same page Why tech stocks are taking off again Why BlackRock is bullish on bitcoin during bear markets If ether is about to get its groove back Sponsors: Bitwise Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Felix Jauvin, Director and Host - Forward Guidance Links Incoming Trump Tariffs Bloomberg: Trump Plans His Tariff ‘Liberation Day' With More Targeted Push WSJ: White House Narrows April 2 Tariffs FOMC Meeting Unchained: Bitcoin Drops as Fed Leaves Rates Unchanged, as Expected NYTimes: Citing Tariffs and Uncertainty, Fed Sees Higher Inflation and Lower Growth Animal Spirits Return Barron's: Don't Count Out the Mag 7. They Could Lead a U.S. Stock Comeback. CNBC: ‘Magnificent 7' has a notable up day after struggling for 3 months BlackRock Decrypt: BlackRock Digital Assets Head Criticizes Narrative of Bitcoin as a Risk-On Asset Bloomberg: BlackRock to List Bitcoin Exchange-Traded Product in Europe Fidelity Tokenization CoinDesk: Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race Timestamps:
Investors are still licking their wounds from this month's corrections. But just as Trump's tariffs are about to move into full-force, our experts are seeing silver linings and causes for optimism. With conflicting signals coming from all corners of the map, hosts Noelle Acheson, Ram Ahluwalia, Alex Kruger, and Felix Jauvin break down: What to expect from Trump on April 2nd Takeaways from last week's FOMC meeting If the White House and Powell are actually on the same page Why tech stocks are taking off again Why BlackRock is bullish on bitcoin during bear markets If ether is about to get its groove back Sponsors: Bitwise Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Felix Jauvin, Director and Host - Forward Guidance Links Incoming Trump Tariffs Bloomberg: Trump Plans His Tariff ‘Liberation Day' With More Targeted Push WSJ: White House Narrows April 2 Tariffs FOMC Meeting Unchained: Bitcoin Drops as Fed Leaves Rates Unchanged, as Expected NYTimes: Citing Tariffs and Uncertainty, Fed Sees Higher Inflation and Lower Growth Animal Spirits Return Barron's: Don't Count Out the Mag 7. They Could Lead a U.S. Stock Comeback. CNBC: ‘Magnificent 7' has a notable up day after struggling for 3 months BlackRock Decrypt: BlackRock Digital Assets Head Criticizes Narrative of Bitcoin as a Risk-On Asset Bloomberg: BlackRock to List Bitcoin Exchange-Traded Product in Europe Fidelity Tokenization CoinDesk: Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race Timestamps:
The financial market is getting wrecked, inflation is still a problem, and bitcoin isn't acting like the hedge that it's supposed to be. Is this a real economic shift, or just noise? With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down: Why markets are struggling—and whether a recession or stagflation is coming Whether the Fed has become irrelevant How the stablecoin bill could rescue sales of treasuries Why bitcoin isn't following gold's rally The factors that could kickstart the next crypto boom The latest on all the dozens of crypto ETFs in the works Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Links The stagflation trade Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout Reuters: Fed's Powell gets chance to address trade war, stagflation fears Tweet by Noah Smith Budget bill Wharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects Stablecoin bill: Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill Solana futures Cointelegraph: Solana futures finish first trading day on CME Solana ad Unchained: Solana Deletes ‘Cringe' Ad After Crypto Community Backlash Timestamps:
The financial market is getting wrecked, inflation is still a problem, and bitcoin isn't acting like the hedge that it's supposed to be. Is this a real economic shift, or just noise? With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down: Why markets are struggling—and whether a recession or stagflation is coming Whether the Fed has become irrelevant How the stablecoin bill could rescue sales of treasuries Why bitcoin isn't following gold's rally The factors that could kickstart the next crypto boom The latest on all the dozens of crypto ETFs in the works Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Links The stagflation trade Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout Reuters: Fed's Powell gets chance to address trade war, stagflation fears Tweet by Noah Smith Budget bill Wharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects Stablecoin bill: Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill Solana futures Cointelegraph: Solana futures finish first trading day on CME Solana ad Unchained: Solana Deletes ‘Cringe' Ad After Crypto Community Backlash Timestamps:
The markets are a bloodbath. If you're feeling lost in the markets right now, you're not alone. Stocks are getting crushed, bonds are sliding, and crypto isn't escaping the carnage. The question is: why is everything selling off—and where does it go from here? One thing is clear: the next market move is extremely hard to predict. Between Trump's economic policies, inflation worries, and DOGE's cuts, there's a storm of conflicting signals. So, is this pain temporary? Or are we looking at a long trend downward? Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Guest: Travis Kling, CIO of Ikigai Asset Management Links Recession? Bloomberg: Trump Says US Economy Faces ‘Transition,' Avoids Recession Call Inflation Bloomberg: Inflation-Linked Bonds Rebound on Trump Tariffs: Credit Weekly DXY FX Empire: US Dollar Forecast: DXY Sinks as Weak Jobs Data Fuels Rate Cut Bets, EUR/USD Surges Powell's comments: CNN: Fed Chair Powell says he's not worried about the economy amid Trump's tariff chaos FT: Federal Reserve chief Jay Powell plays down growth worries after jobs report disappoints Bonds: Bloomberg: The Bond Market's Trump Trade Is Looking Like a Recession Trade CNBC: 10-year Treasury yield rises after weaker-than-expected jobs growth Bond yields in Europe and elsewhere are rising Tariffs: Bloomberg: Lutnick Says Trump Sticking to US Aluminum-Steel Tariff Timeline Japan and the carry trade: Japan's 20-Year Government Bond Yield rises to its highest level since 2008. Jeff Park tweeted “Bitcoin is Japan's game now whether you like it or not” - thoughts? FT: Japan seeks tariff reprieve after Donald Trump questions long-standing defence pact China's deflation: Bloomberg: China's Inflation Declines Below Zero for First Time in Year Ukraine War talks: FT: Ukraine seeks to persuade US to resume aid in high-stakes talks Timestamps:
Mark “Murch” Erhardt and Mike Schmidt are joined by Matt Morehouse, Matt Corallo, and Hunter Beast to discuss Newsletter #344.News● Disclosure of fixed LND vulnerability allowing theft (0:57) ● Discussion about Bitcoin Core's priorities (10:49) Changing consensus● Bitcoin Forking Guide (1:01:11) ● Update on BIP360 pay-to-quantum-resistant-hash (P2QRH) (34:37) ● Private block template marketplace to prevent centralizing MEV (21:06) Releases and release candidates● Core Lightning 25.02 (1:09:57) Notable code and documentation changes● Eclair #3019 (1:11:21) ● Eclair #3016 (1:12:05) ● LDK #3342 (33:13) ● Rust Bitcoin #4114 (1:12:50) ● Rust Bitcoin #4111 (1:14:29) ● BIPs #1758 (1:15:09) ● BIPs #1750 (1:17:07) ● BIPs #1712 (1:18:10)
A strategic crypto reserve for the U.S. economy? That's Trump's latest proposal (or directive?)—and the reaction from the industry has been… let's just say, mixed. Would it even work? And does it create more problems than it solves? Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it's going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry? On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What's driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins? Plus: What could be the real next catalyst for the crypto market. Show highlights: 6:13 - Whether a strategic crypto reserve makes sense for the U.S. 14:50 - How this reserve could actually give people outside of crypto second thoughts 24:37 - What the Crypto Roundtable will be about and whether it's what the industry wanted 27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit 32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities 42:22 - James' insights into the avalanche of altcoin ETFs 47:10 - The significance of BlackRock adding IBIT to its model portfolio 54:02 - How macro news drove risk assets to such a selloff on Monday 58:12 - Why the 10YT is such a significant chart to watch 1:10:21 - Whether the war in Ukraine is coming to an end 1:16:20 - What the next catalyst for crypto is 1:19:07 - Whether stablecoins are a good business for banks Thank you to our sponsors! RockWallet Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Guests: Steve Hou, Quantitative Researcher at Bloomberg LP Steven Ehrlich, Executive Editor at Unchained Links Crypto reserve: Unchained: Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Bloomberg: Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says Crypto roundtable: CoinDesk: Trump to Host First Crypto Roundtable at White House Next Week Crypto Czar David Sacks says he sold crypto holdings before administration began Memecoins: SEC: Staff Statement on Meme Coins ETFs: SOL: CME Group to launch Solana futures on March 17 as ETF momentum builds BlackRock Adds Its Bitcoin ETF to Model Portfolio for First Time Macro: Trump's tariff post on Truth Social Atlanta's negative 2.8% GDP projection CNBC: 10-year Treasury yield falls to lowest since December on latest signs of slowing economy Reuters: Inflation, growth may be in conflict but Fed seen restarting cuts in June US weekly jobless claims post largest gain in five months; weather blamed Stablecoins: CoinDesk: Bank of America CEO Says Bank Will Likely Launch Its Own Stablecoin Learn more about your ad choices. Visit megaphone.fm/adchoices
Crypto markets are down bad—but is this just a rough patch, or are we looking at something bigger? After a brutal sell-off in Solana, the $1.5 billion Bybit hack, and macro uncertainty weighing on Bitcoin, investors are searching for answers. Some think the worst is over, while others believe more pain is coming before the market turns around. In this episode of Bits + Bips, Noelle Acheson, Alex Kruger, and Ram Ahluwalia are joined by Eliézer Ndinga of 21Shares to break it all down. They discuss how institutions are approaching this downturn, why Solana has been hit harder than the rest, and what catalysts could bring crypto back to life. Is this the start of a new accumulation phase, or are we in for another leg down? Show highlights: 2:36 How the ByBit team responded so well to the hack 17:43 Why the market selloff was not specific to crypto 29:09 How institutions have become more sophisticated about crypto 31:10 Why SOL has been down so much and whether it has bottomed 34:37 Whether tariffs keep having an effect on the markets 37:23 Why the state of the markets makes Eliézer think the crypto asset class has matured 41:27 Whether bitcoin can be a safe haven and the role of diversification 45:26 What the next catalysts for crypto are 49:33 Why Eliézer is so optimistic about the long-term outlook of crypto 53:33 Alex's spicy opinion on DOGE and Elon Musk Sponsors: Somnia Network RockWallet Bitwise Hosts: Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Guest: Eliézer Ndinga, Head of Strategy and Business Development at 21.co; the parent company of 21Shares Links Unchained: North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? Reuters: Trump says Canada, Mexico tariffs on schedule despite border, fentanyl efforts Learn more about your ad choices. Visit megaphone.fm/adchoices
In recent years, Bitcoin has undergone a major culture shift which promotes stagnation, complacency & simping to politicians over maximizing the utility of the money. Eric Voskuil & John Carvalho join the show to remind everyone what the mission really is. State of Bitcoin - [00:01:17] Bitcoin Maximalism - [00:01:32] Bitcoin as a Ponzi Scheme - [00:02:27] Transaction Fees - [00:04:57] History of Bitcoin Tokens (Omni, Counterparty, Mastercoin) Definition of Tokens - [00:08:01] Custodial Problems with Tokens - [00:09:12] Bitcoin and Fiat Money - [00:11:09] Why Bitcoiners Talk About Money - [00:15:49] Stateless Money - [00:17:44] Austrian Economics and Bitcoin - [00:21:01] Monetary Inflation vs. Price Inflation - [00:26:01] Cantillon Effect - [00:29:00] Dollar Inflation and Gold - [00:33:59] Misunderstandings in the Bitcoin Community - [00:41:42] Bitcoin Semantics - [00:43:21] Bitcoin Divisibility - [01:00:13] Bitcoin Deflation - [01:03:41] Maxi Price and One Coin Assumption - [01:07:43] Competition Between Monies - [01:13:42] Scaling Bitcoin - [01:22:41] Bitcoin for the Unbanked - [01:26:14] Maximizing Throughput - [01:36:11] Right to Fork - [01:45:45] Running Old Bitcoin Versions - [01:51:35] Bitcoin as Money vs. Credit - [01:56:26] Settlement in Bitcoin - [02:07:45] Peer-to-Peer Credit Systems - [02:14:47] Fractional Reserve Banking - [02:26:32] Bitkit Wallet and Spending vs. Saving - [02:36:13] Block size increases and Bitcoin adoption - [03:00:00] Scaling Bitcoin and transaction validation - [03:01:00] Bitcoin overflowing into Litecoin and quantum resistance - [03:02:00] Pruning historical data and exchange price - [03:03:00] Lightning system complexity and Bitcoin's value proposition - [03:05:00] Bitcoin as an investment and speculation - [03:07:00] Optimizing Bitcoin throughput and developer motivations - [03:09:00] Scaling Bitcoin and speculation - [03:11:00] Shitcoins, scams, and Bitcoin's security model - [03:13:00] Litecoin's extension blocks and Mimblewimble - [03:15:00] Bitcoin's security and the legitimacy of altcoins - [03:17:00] Shitcoins and Bitcoin's essential aspects - [03:19:00] Majority hash power censorship and attacks - [03:21:00] Bitcoin speculation and market dynamics - [03:23:00] Michael Saylor's Bitcoin strategy and MicroStrategy's history - [03:26:00] Saylor's Bitcoin investment and market manipulation - [03:29:00] Saylor's stock sales and Bitcoin's future - [03:31:00] Blockstream's accomplishments and the Chia project - [03:33:00] Blockstream's influence and SegWit - [03:35:00] Adam Back's influence and Blockstream's hype - [03:37:00] Bitcoin Core's power and the need for competition - [03:39:00] Initial block download performance and Bitcoin Core's architecture - [03:41:00] UTXO store and Bitcoin Core's performance - [03:43:00] Parallelism in Bitcoin Core and assumed UTXO - [03:45:00] Initial block download time and Bitcoin Core's scalability - [03:47:00] Monoculture in Bitcoin development and IBD performance - [03:49:00] UTXO cache and shutdown time - [03:51:00] Trust assumptions in Bitcoin Core and UTXO commitments - [03:53:00] Bitcoin Core's halting problem and theoretical download limits - [03:55:00] Sponsorships: Sideshift, LayerTwo Labs, Ciurea - [03:57:00] Drivechains and ZK rollups - [04:02:00] ZK rollups and liquidity on Ethereum - [04:04:00] Drivechains and altcoins - [04:06:00] Scaling Bitcoin and cultural taboos - [04:08:00] Engineer-driven change and Monero's approach - [04:10:00] Confidential transactionsL Zano & DarkFi - [04:12:00] Fungibility and Bitcoin's metadata - [04:14:00] Privacy, metadata, and state surveillance - [04:16:00] Privacy, taint, and Bitcoin mixing - [04:18:00] Bitcoin mixing and plausible deniability - [04:20:00] Mining and company registration - [04:22:00] Block reward and hash power - [04:24:00] Privacy and mixing - [04:26:00] Privacy in the Bitcoin whitepaper and zero-knowledge proofs - [04:28:00] Dark Wallet and John Dillon - [04:30:00] Dark Wallet and Li Bitcoin - [04:32:00] Amir Taaki's projects and software development - [04:34:00] Dark Wallet funding and developer costs - [04:36:00] Libbitcoin's code size and developer salaries - [04:38:00] John Dillon and Greg Maxwell - [04:40:00] Opportunistic encryption and BIPs 151/152 - [04:42:00] Dandelion and privacy - [04:44:00] BIP 37 and Bloom filters - [04:46:00] Consensus cleanup and the Time Warp bug - [04:48:00] Merkle tree malleability and 64-byte transactions - [04:50:00] 64-byte transactions and SPV wallets - [04:52:00] Coinbase transactions and malleability - [04:54:00] Invalid block hashes and DoS vectors - [04:56:00] Core bug and ban list overflow - [04:58:00] Storing hashes of invalid blocks - [05:00:00] DoS vectors and invalid blocks - [05:02:00] Malleated Merkle trees and 64-byte transactions - [05:04:00] 64-byte transactions and Merkle tree malleability - [05:06:00] Null points and malleated blocks - [05:08:00] Redundant checks and the inflation soft fork - [05:10:00] Op code separator and code complexity - [05:12:00] Transaction order in a block - [05:14:00] Forward references in blocks - [05:16:00] Coinbase transaction rules - [05:18:00] Time Warp bug and Litecoin support - [05:20:00] Quadratic op roll bug - [05:22:00] Stack implementation and op roll - [05:24:00] Templatized stack and op roll optimization - [05:26:00] Non-standard transactions and direct submission to miners - [05:28:00] Mempool policy and DoS - [05:30:00] Monoculture and competing implementations - [05:32:00] Consensus cleanup and Berkeley DB - [05:34:00] Code vs. consensus - [05:36:00] Bitcoin Knots and Luke-jr - [05:38:00] 300 kilobyte node and Luke-jr's views - [05:40:00] Bitcoin Knots and performance - [05:42:00] Bitcoin Knots and censorship - [05:44:00] Censorship and miner incentives - [05:46:00] Censorship and hash power - [05:48:00] Soft forks and censorship - [05:50:00] Ordinals and covenants - [05:52:00] RBF and zero-confirmation transactions - [05:54:00] Double spending and merchant risk - [05:56:00] First-seen mempool policy and RBF - [05:58:00] Low-value transactions and RBF - [06:00:00] Computational cost of actions - [06:00:15] Building infrastructure and system disruption - [06:00:20] Threat actors and economic disruption - [06:00:26] Double spending detection and system control - [06:00:29] Safety and manageability of zero comp transactions - [06:00:41] Security of zero comp transactions - [06:00:51] RBF (Replace-by-fee) and its relevance - [06:01:06] Bitcoin's mempool and transaction handling - [06:01:25] Mempool overflow and resource management - [06:02:08] Transaction storage and mining - [06:02:45] Miners' incentives and fee maximization - [06:03:07] Mempool policy and DOS protection - [06:03:41] Transaction validation and block context - [06:04:11] Fee limits and DOS protection - [06:05:13] Transaction sets, graph processing, and fee maximization - [06:06:24] Mining empty blocks and hash rate - [06:07:34] Replace-by-fee (RBF) and its purpose - [06:08:07] Infrastructure and RBF - [06:09:14] Transaction pool and conflict resolution - [06:09:44] Disk space, fees, and DOS protection - [06:11:06] Fee rates and DOS protection - [06:12:22] Opt-in RBF and mempool full RBF - [06:13:45] Intent flagging in transactions - [06:14:45] Miners obeying user intent and system value - [06:17:06] Socialized gain and individual expense - [06:18:17] Service reliability and profitability - [06:19:06] First-seen mempool policy - [06:19:37] Mempool policy and implementation - [06:20:06] User perspective on transaction priority - [06:21:14] Mempool conflicts and double spending - [06:22:10] CPFP (Child Pays for Parent) - [06:22:24] Mempool management and fee rates - [06:24:30] Mempool complexity and Peter Wuille's work - [06:25:54] Memory and disk resource management - [06:27:37] First-seen policy and miner profitability - [06:29:25] Miners' preference for first-seen - [06:30:04] Computational cost and fee optimization - [06:31:10] Security, Cypherpunk mentality, and the state - [06:35:25] Bitcoin's security model and censorship resistance - [06:41:02] State censorship and fee increases - [06:43:00] State's incentive to censor - [06:46:15] Lightning Network and regulation - [06:48:41] NGU (Number Go Up) and deference to the state - [06:51:10] Reasons for discussing Bitcoin's security model - [06:53:25] Bitcoin's potential subversion and resilience - [06:55:50] Lightning Network subsidies and scaling - [06:57:36] Mining protocols and security - [07:02:02] Braidpool and centralized mining - [07:04:44] Compact blocks and latency reduction - [07:07:23] Orphan rates and mining centralization - [07:08:16] Privacy and threat environments - [07:08:40] Social graphs, reputation, and identity - [07:10:23] Social scalability and Bitcoin - [07:12:36] Individual empowerment and anonymity - [07:16:48] Trust in society and the role of the state - [07:18:01] Payment methods and trust - [07:20:15] Credit reporting agencies and regulation - [07:22:17] Hardware wallets and self-custody - [07:23:46] Security vulnerabilities in Ledger - [07:27:14] Disclosure of secrets on Ledger devices - [07:36:27] Compromised machines and hardware wallets - [07:42:00] Methods for transferring signed transactions - [07:48:25] Threat scenarios and hardware wallet security - [07:50:47] Hardware wallet usage and personal comfort - [07:56:40] Coldcard wallets and user experience - [08:02:23] Security issues in the VX project - [08:03:25] Seed generation and hardware randomness - [08:12:05] Mastering Bitcoin and random number generation - [08:17:41]
The $LIBRA token launch was a disaster—insider trading, price manipulation, and yet another memecoin scandal. But does this mean the memecoin era is over? This week, James Seyffart, Joe McCann, Ram Ahluwalia, and Noelle Acheson break down the fallout from the $LIBRA launch, what it means for Solana and the broader market, and whether the crypto community is finally waking up to the risks of insider-driven tokens. They also dig into macro trends impacting crypto—including whether institutions are secretly loading up on bitcoin, the role of DOGE in the broader market, and why some traders are starting to position for a bounce. Plus, what's next for SOL after weeks of bleeding? Show highlights: 2:45 - How everyone was so surprised by the $LIBRA scandal 10:40 - Why the likes of Hayden Davis are admitting to fraud 12:47 - Why Joe thinks that Solana is not affected by these debacles 15:26 - What Davis should do with the $100M in his power 20:21 - Whether the memecoin cycle is over 25:48 - The irony of people who now want regulations 33:31 - How big institutions have been loading up on bitcoin ETFs 38:20 - Why the U.S. government should modernize its technology 44:39 - Whether DOGE will have a big impact on macro 51:24 - What the Fed will do in the near future 55:29 - Why ETH outperformed this week and why the broader market tanked 1:04:33 - Why Ram believes that Solana will have to get through the “psychological damage” Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Links Learn more about your ad choices. Visit megaphone.fm/adchoices
Crypto markets are at a crossroads. Is Ethereum primed for a short squeeze, or is its dominance fading? Are the SOL unlocks a real risk, or is the panic overblown? And did we already have an alt season without realizing it? In this episode, hosts James Seyffart, Alex Kruger and Ram Ahluwalia sit down with Sal Ternullo, managing partner at A100x Ventures, to break down the biggest questions facing traders today. They discuss whether Trump's tariffs are impacting ETH, why the market might be misreading SOL's unlocks, and how traders keep falling into the same traps—losing money despite crypto's explosive gains. They also debate the real reason altcoins haven't performed as expected, why memecoins might finally be dying off, and what the Growth Value Ratio reveals about the market's future. Plus: the implications of Elon Musk's bid for OpenAI, and whether Arweave's AO can seriously challenge ICP. Show highlights: 3:33 - Why Ram likes what Trump is trying to accomplish with the tariffs 10:35 - Why ETH got hit so hard with the tariffs and whether there's a squeeze coming 15:24 - Whether the market will see an alt season 21:47 - Why Sal believes that the SOL unlocks are not a big deal and why he'd like to see a shift away from memecoins 25:09 - Why Ram thinks that crypto markets don't have a clear narrative in the near future 27:28 - Why Alex is concerned about the SOL unlocks 32:19 - What the growth value ratio is teaching us about the state of the markets 40:59 - How the potential Kanye West memecoins is another example of why Sal doesn't like this space 46:39 - Whether Arweave's new project AO can compete with ICP 48:04 - How Elon Musk is running so many projects, plus bidding for OpenAI 55:26 - James' analysis on the likelihood of various crypto ETFs being approved 1:03:01 - Why Alex thinks this is the perfect time to “be patient” in the markets Sponsor: Somnia Network Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Guest: Sal Ternullo, Managing Partner at A100x Ventures Links Unchained: Grayscale Files for Cardano ETF Central African Republic launches memecoin Reuters: Trump raises tariffs on aluminum, steel imports in latest trade war salvo Elon Musk-led group makes $97 billion bid for control of OpenAI The Block: SEC delays decision on BlackRock's Ethereum ETF options trading until April 9 Kanye West, after disclosing he was offered $2 million to launch a token, asks to speak with Coinbase CEO 'concerning crypto' Kanye West quashes memecoin launch rumors, says coins 'prey on the fans' James' and Eric Balchunas' tweet on the odds of crypto ETFs Learn more about your ad choices. Visit megaphone.fm/adchoices
Subscribe to our newsletter! https://unchainedcrypto.beehiiv.com/subscribe Trump's new wave of tariffs has reignited the debate: Are they good for the economy or a disaster waiting to happen? Some say tariffs will crush trade, boost inflation, and slow growth—but others argue they could weaken the dollar and send bitcoin soaring. On this episode of Bits + Bips, Jeff Park of Bitwise, along with James Seyffart, Alex Kruger and Noelle Acheson, battle it out over the real impact of Trump's tariffs, whether they could spark a new Plaza Accord 2.0, and why ETH took a harder hit than BTC in the latest selloff. Plus, is Trump's economic strategy really about making America great again—or just about keeping his own real estate empire afloat? Jeff makes a bold claim outlining Trump's #1 goal—one that his personal wealth depends on. Show highlights: 2:38 - Why Jeff believes that people's reaction to tariffs was bizarre 7:09 - Why Jeff is convinced that tariffs are good for bitcoin 10:18 - Why Alex is so against tariffs 21:37 - How tariffs actually affect consumers 27:36 - What's Trump's number one priority is, according to Jeff 36:26 - Whether inflation will eventually come back to previous levels 41:05 - Why ETH got hit the hardest on Sunday night 49:56 - Whether the ETH/BTC ratio has bottomed 51:03 - How Hyperliquid's HYPE held up so strongly 53:02 - The significance of Tether adding USDT to the Lightning Network Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Alex Kruger, Founder of Asgard Guest: Jeff Park, Head of Alpha Strategies at Bitwise Previous appearance on Bits + Bips: The Real ‘Trump Trade' & Why Trump's World Liberty Financial Was a Flop Links AP: Canada and Mexico agree with Trump to postpone tariffs by at least 30 days Eric Trump on X: "In my opinion, it's a great time to add $ETH." Unchained: USDT Integrates With Bitcoin and Lightning Network ETH Crashes After Trump Imposes Tariffs Learn more about your ad choices. Visit megaphone.fm/adchoices
„Der dümmste Handelskrieg aller Zeiten“, so nennt das Wall Street Journal die Ausweitung der US-Zölle gegenüber Kanada, Mexiko und China. Dass das Weiße Haus betont, dass es sich um keinen Handelskrieg, sondern um einen Drogenkrieg handeln würde, ist schlichtweg lächerlich. Abgesehen von den drohenden oder bereits verkündeten Gegenmaßnahmen, werden die Folgen für die amerikanische Wirtschaft und Inflation einschneidend sein. Warenimporte machen insgesamt rund 11% des BIPs aus. China, Kanada und Mexiko machen 43% der US-Warenimporte aus. Das bedeutet, dass rund 5% des amerikanischen BIPs durch diese Zölle betroffen sind. Das klingt nach wenig, ist aus der Vogelperspektive betrachtet allerdings viel. Das reale BIP-Wachstum der USA soll in diesem Jahr lediglich 2,5 Prozent erreichen. Abonniere den Podcast, um keine Folge zu verpassen! ____ Folge uns, um auf dem Laufenden zu bleiben: • Facebook: http://fal.cn/SQfacebook • Twitter: http://fal.cn/SQtwitter • LinkedIn: http://fal.cn/SQlinkedin • Instagram: http://fal.cn/SQInstagram
EXKLUSIVER NordVPN Deal ➼ https://nordvpn.com/Wallstreet Jetzt risikofrei testen mit einer 30-Tage-Geld-zurück-Garantie! +++ Alle Rabattcodes und Infos zu unseren Werbepartnern findet ihr hier: https://linktr.ee/wallstreet_podcast +++ Ein Podcast - featured by Handelsblatt. „Der dümmste Handelskrieg aller Zeiten“, so nennt das Wall Street Journal die Ausweitung der US-Zölle gegenüber Kanada, Mexiko und China. Dass das Weiße Haus betont, dass es sich um keinen Handelskrieg, sondern um einen Drogenkrieg handeln würde, ist schlichtweg lächerlich. Abgesehen von den drohenden oder bereits verkündeten Gegenmaßnahmen, werden die Folgen für die amerikanische Wirtschaft und Inflation einschneidend sein. Warenimporte machen insgesamt rund 11% des BIPs aus. China, Kanada und Mexiko machen 43% der US-Warenimporte aus. Das bedeutet, dass rund 5% des amerikanischen BIPs durch diese Zölle betroffen sind. Das klingt nach wenig, ist aus der Vogelperspektive betrachtet allerdings viel. Das reale BIP-Wachstum der USA soll in diesem Jahr lediglich 2,5 Prozent erreichen.
From AI shaking up Big Tech to bitcoin's role in the macro landscape, Jim Bianco delivers insights on the DeepSeek-triggered market selloff, memecoins, and the challenges facing traditional systems. In this episode, the macro strategist shares why DeepSeek's AI model is reshaping competition, how crypto reserves might evolve, and what happens to MicroStrategy if bitcoin's price takes a hit. Plus, hear his take on why stablecoins are a threat to banks, and why memecoins could be more than speculation. Show highlights: What of crypto attracted Jim so much 0:49 What of crypto attracted Jim so much 6:15 Why the DeepSeek new model was so disruptive 12:47 Whether the biggest loser is OpenAI, not all the Mag 7 16:14 Whether we'll see a major macro response from U.S. companies and government 26:06 What will happen next with the price of bitcoin 28:54 What would happen to MSTR if bitcoin goes 30% lower 34:11 How Trump was able to move so fast since the inauguration 39:30 Why the Fed should not do QE, according to Jim 49:02 How memecoins could be designed to be much more than speculative assets 53:03 Why James hopes the SEC doesn't approve all the memecoin ETF applications 58:06 Whether banks will start onboarding crypto companies 1:05:52 Why stablecoins poise an existential threat to the current banking system 1:11:19 Whether it's a bad idea for the U.S. to acquire other cryptos that are not bitcoin Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Guest: Jim Bianco, President and Macro Strategist at Bianco Research Links CNN Business: Trump announces a $500 billion AI infrastructure investment in the US Unchained: Tuttle Capital Files for 10 Leveraged Crypto ETFs CoinDesk: Nasdaq Files for In-Kind Redemptions for BlackRock Spot Bitcoin ETF Reuters: US, Colombia reach deal on deportations; tariff, sanctions put on hold Learn more about your ad choices. Visit megaphone.fm/adchoices
This week, Trump's memecoin launch had everyone talking—and scrambling for Phantom wallets. But was it a strategic masterstroke or just another speculative frenzy? On this episode of Bits + Bips, the hosts unpack the wild moments of the Crypto Ball, where $TRUMP made its surprise debut. They discuss how Bitcoin maxis were forced to embrace Solana wallets, why Multicoin Capital emerged as the biggest winner, and whether the memecoin launch signals a local market top. Plus, they debate whether Trump's crypto-friendly stance could shape policy in 2025, why Litecoin might beat Solana to a spot ETF, and what Trump's inauguration speech reveals about his crypto game plan. Show highlights: 0:58 What Ram can tell us about his experience at the Crypto Ball 3:39 How Ram was so surprised when the $TRUMP coin dropped in the middle of the event 7:51 What will happen with the 80% of $TRUMP that Trump holds 8:51 Why Ram believes Multicoin Capital was the biggest winner of $TRUMP dropping 10:14 Whether the coin was “gift or grift” 17:07 How the $Melania coin was the Trumps shooting themselves in the foot 19:37 How the launch of the coin is a “major win” for Solana 22:49 Whether ETH can have a comeback as the “TradFi chain” 35:28 How the market would react to the lack of a strategic bitcoin reserve mention 43:28 What executive orders Trump could deliver for the crypto industry 48:47 Alex's experience with the pump and dump of a fake Barron Trump memecoin 53:41 What was notable from Trump's inauguration speech 56:28 Whether rate cuts in December were a mistake and whether more are coming 1:05:51 Why James believes that Litecoin has more chances than Solana for a spot ETF 1:08:41 Whether the launch of $TRUMP will mark a local top for the markets Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Links Saylor's parody account's tweet recounted by Alex Meme recounted by Noelle Vitalik on changing the EF leadership Josh Stark's tweet on how the EF “uses Ethereum” Paper on DeFi that Alex talked about: Christopher J Waller: Centralized and decentralized finance - substitutes or complements? Polymarket: Will Trump create Bitcoin reserve in first 100 days? Unchained: Trump Appoints Crypto-Friendly Mark Uyeda as Acting SEC Chair Trump-Backed World Liberty Financial Goes on Token Buying Spree Trump Picks Pham as Acting CFTC Chair Learn more about your ad choices. Visit megaphone.fm/adchoices
Mark “Murch” Erhardt and Mike Schmidt are joined by vnprc to discuss Newsletter #337. News - Continued discussion about rewarding pool miners with tradeable ecash shares (0:35) - Offchain DLCs (38:32) Releases and release candidates - LDK v0.1 (39:34) Notable code and documentation changes - Eclair #2936 (41:32) - Rust Bitcoin #3792 (42:46) - BDK #1789 (43:42) - BIPs #1687 (46:39) - BIPs #1396 (50:15)
This week, Bloomberg's James Seyffart, Lumida's Ram Ahluwalia, and guest Tom Dunleavy explore whether the “Fed pivot” is officially dead, how AI will impact the job market, and what Tether's move to El Salvador means for U.S. stablecoin policy. They also debate whether bitcoin could ever be a risk-off asset, how sovereign nations might already be accumulating BTC, and what the Coinbase legal win against the SEC signals for the future. Plus, why volatility is still king in crypto and what lies ahead for the global markets. Show highlights: 02:12 Whether the “Fed pivot” is officially dead and whether rate cuts are coming 08:37 What the impact of AI will be on the jobs market 13:27 Why the markets have been chopping so much and whether it's the bottom 18:00 What Trump could achieve for the crypto industry in his first 100 days 23:02 Whether the US sold the Silk Road bitcoin 25:27 Why bitcoin will not be a risk-off asset in the near term according to Tom and Ram 31:08 Whether sovereign nations have already started buying bitcoin 36:49 Why Tether moving to El Salvador is a loss to the U.S., according to Ram 40:26 How the L.A. fires will have an impact on the political landscape in the U.S. 52:06 How Coinbase just achieved a “huge win” against the SEC Sponsors: Stellar Build Better Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Guest: Tom Dunleavy, Partner at Master Ventures Learn more about your ad choices. Visit megaphone.fm/adchoices
Bitcoin crossed the $100,000 mark, only to slump back down on Tuesday, sparking debates about what's next for the crypto markets. In this episode, James Seyffart and Alex Kruger are joined by Charles Edwards of quant fund Capriole Investments to break down the macro trends shaping Bitcoin's trajectory. From Trump's inauguration to the Fed's looming decisions on quantitative tightening, they analyze the key factors influencing risk assets. Plus, they unpack the premium on MicroStrategy's BTC holdings, the future of AI agents in crypto and whether AI agent swarms might someday hire humans, and their bold predictions —supercycle? SOL ETFs?—for 2025. Show highlights: 01:54 Why bitcoin broke the $100K level again 07:28 How the markets will react to the inauguration of Donald Trump as President 19:09 What factors will affect the Fed's next decision on rates 26:38 What the premium of MSTR to its BTC holdings should be 34:37 Why they all hate the current version of AI agents 43:19 Why Charles likes Ethena and ENA 45:49 Alex's and Charles' thoughts on what to expect in 2025: supercycle incoming? 50:01 Alex's analysis on the market corrections and what they teach us 57:34 Whether James believes the spot Solana ETF will be approved this year Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Guest: Charles Edwards, founder of Capriole Investments Links Capriole Investments | Update #58 MicroStrategy just bought another $100m in Bitcoin on path to $2bn spree – DL News With AI Agents Now Trading Crypto, What Does Their Future Look Like? Learn more about your ad choices. Visit megaphone.fm/adchoices
Dave Harding and Mike Schmidt are joined by Yuval Kogman, Jeremy Rubin, and Steve Myers to discuss Newsletter #335. News Deanonymization attacks against centralized coinjoin (1:39) Updated ChillDKG draft (14:09) Changing consensus CTV enhancement opcodes (18:41) Adjusting difficulty beyond 256 bits (31:52) Transitory soft forks for cleanup soft forks (33:44) Quantum computer upgrade path (48:09) Consensus cleanup timewarp grace period (56:10) Releases and release candidates BDK wallet-1.0.0 (1:06:44) LND 0.18.4-beta (1:17:28) Core Lightning v24.11.1 (1:18:13) Bitcoin Core 28.1rc2 (1:18:47) LDK v0.1.0-beta1 (1:19:37) Notable code and documentation changes Bitcoin Core #31223 (1:20:19) Eclair #2888 (1:21:09) LDK #3495 (1:22:35) LDK #3436 (1:24:31) LDK #3435 (1:25:02) LDK #3365 (1:26:04) LDK #3340 (1:26:41) BDK #1670 (1:28:47) BIPs #1689 (1:31:45) BIPs #1697 (1:33:49) BLIPs #52 (1:34:21) BLIPs #54 (1:35:40)
Mark “Murch” Erhardt and Mike Schmidt are joined by Dave Harding, Niklas Gögge, Gloria Zhao, and Rearden to discuss Newsletter #334: 2024 Year-in-Review Special. January Fee-dependent timelocks (16:18) Optimized contract protocol exits (17:20) LN-Symmetry proof-of-concept implementation (18:22) February Replace by feerate (22:32) Human-readable payment instructions (27:25) Improved ASMap generation (28:09) LN dual funding (32:33) Trustless betting on future feerates (32:56) Summary 2024: Vulnerability disclosures (7:05) March BINANAs and BIPs (33:33) Enhanced feerate estimation (34:41) More efficient transaction sponsorship (46:08) April Consensus cleanup (50:06) Reforming the BIPs process (51:08) Inbound routing fees (53:10) Weak blocks (54:01) Restarting testnet (57:43) Developers arrested (1:00:06) Summary 2024: Cluster mempool (1:01:10) May Silent payments (1:06:51) BitVMX (1:07:37) Anonymous usage tokens (1:09:50) LN channel upgrades (1:12:00) Ecash for pool miners (1:13:33) Miniscript specification (1:14:54) Utreexo beta (1:16:16) June LN payment feasibility and channel depletion (1:18:17) Quantum-resistant transaction signing (1:20:02) Summary 2024: P2P transaction relay (1:20:39) July Blinded paths for BOLT11 invoices (1:31:07) ChillDKG key generation for threshold signatures (1:31:47) BIPs for MuSig and threshold signatures (1:32:18) August Hyperion network simulator (1:33:00) Full RBF (1:33:56) Summary 2024: Covenants and script upgrades (2:08) September Hybrid jamming mitigation tests and tweaks (1:35:10) Shielded CSV (1:38:40) LN offline payments (1:41:22) October BOLT12 offers (1:42:34) Mining interfaces, block withholding, and share validation cost (1:43:13) Summary 2024: Major releases of popular infrastructure projects (1:50:41) November SuperScalar timeout tree channel factories (1:51:19) Fast and cheap low-value offchain payment resolution (1:53:29) Summary 2024: Bitcoin Optech (1:55:17)
Bitcoin's 2024 rally has been explosive, but is the next phase just beginning? In this episode of Bits + Bips, hosts Noelle Acheson, Ram Ahluwalia, and Alex Kruger are joined by Ledn's Mauricio di Bartolomeo to unpack the forces shaping the crypto market as the year comes to a close. Mauricio explains how Ledn has grown amidst regulatory and economic shifts, and shares insights on why the “Trump put” is creating a new trading setup for crypto. The panel dissects the undercurrents behind Bitcoin's surge, explores how MicroStrategy's presence on the NASDAQ creates unique market dynamics, and debates how much higher BTC could climb. But they warn not to expect “buy” ratings on MSTR. Plus, they dive into why Solana underperformed in recent weeks, how Bitcoin enables capital flight (and how they may be happening from China), and what 2025 could hold for crypto. Packed with data, opinions, and a few book recommendations (well, except from Alex), this episode offers sharp analysis as 2024, a pivotal year for crypto, wraps up. Show highlights: Mauricio's background and how Venezuela's regime led him to crypto How Ledn works and how it's seen substantial growth since the elections What's driving this wave of growth in the price of bitcoin How much higher BTC will go and what the effects of the end-of-year portfolio rebalancing will be What the risks are for the U.S. economy How BTC is the easiest way to trade the Trump bump Whether the Chinese macro matters for crypto How MicroStrategy has become a Trojan horse Why Alex likes XRP and ENA and why SOL has been underperforming recently 2024 wrap-up: what everyone was most surprised about Book recommendations from everyone, except Alex, who's only focused on shitcoins Hosts: Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Guest: Mauricio di Bartolomeo, cofounder & CSO of Ledn Links Unchained: Bitcoin Hits New All-Time High MicroStrategy Joins Nasdaq-100, Expanding Bitcoin Exposure to Billions Trump's Crypto Project Spent Nearly $45M Onchain in 2 Weeks FTX Distributions to Start in Under 2 Weeks Timestamps: 00:00 Intro 01:38 Mauricio's journey from Venezuela to crypto 07:37 How Ledn thrived post-elections and saw major growth 15:16 Key drivers behind Bitcoin's explosive rally 20:30 How high could BTC climb – and might year-end rebalancing affect the price? 25:22 Risks facing the U.S. economy heading into 2025 32:47 BTC as the go-to trade for the Trump bump 36:13 The significance of Chinese macro trends for crypto 47:32 MicroStrategy's role as a Trojan horse for Bitcoin adoption 53:20 Why Alex likes XRP and ENA, but SOL is lagging 1:02:35 Biggest surprises from 2024's crypto market 1:06:33 Book picks from everyone—except Alex, who's all about shitcoins Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Noelle Acheson are joined by Jamie Coutts to analyze Ethereum's breakout and its improving fundamentals, how China's “moderately loose” policy stance is changing the global liquidity landscape, and the pro-market implications of Paul Atkins leading the SEC. They also explore Jerome Powell's and Putin's takes on Bitcoin, the controversial CBOE withdrawal of the Solana ETF filing, and the role of Bitcoin in geopolitics. Show highlights: How the employment data showed some mixed reactions in regard to next steps for the Fed Whether China will start a new era of augmented liquidity Why the U.S. dollar getting stronger is bad for crypto prices How bitcoin is not a competitor to the U.S. dollar The significance of David Sacks as Crypto & AI Czar Why everyone believes that Atkins in the SEC is very positive for markets Whether China will pivot and adopt friendlier crypto regulation Putin's remarks on the role of bitcoin Why CBOE withdrew its SOL ETF filing Jamie's analysis on how liquidity affects prices and where we'll see a top Why Ram thinks that MSTR has peaked Why Jamie believes that ETH will continue its momentum and perform better than the broader market Why Microsoft and Amazon might adopt bitcoin on their balance sheet Whether the breakthrough in quantum computing will disrupt Bitcoin How Solana's daily fees have grown to a significant percentage of the L1 landscape Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Guest: Jamie Coutts, Chief Crypto Analyst at Real Vision Links China Rally: China Politburo policy shift spurs surge in stocks, bonds | Reuters China Eases Overall Monetary Policy Stance for First Time in 14 Years Fed and Powell: Decrypt: Fed Chair Jerome Powell Likens Bitcoin to Gold, Says It's Not Dollar Rival Timestamps: 00:00 Intro 01:42 Mixed signals from employment data and the Fed's next steps 07:33 China's “moderately loose” policy and its liquidity impact 13:32 Why a stronger U.S. dollar spells trouble for crypto 23:49 Bitcoin's role alongside the U.S. dollar, not against it 27:49 David Sacks as Crypto & AI Czar: What it means for the industry 29:40 Why Paul Atkins at the SEC is a win for markets 34:00 Whether China could adopt a pro-crypto stance 37:53 Putin's surprising take on Bitcoin's geopolitical role 41:39 What's behind the SOL ETF filings 43:25 Jamie's take on crypto's potential upside 46:49 Why Ram believes MSTR may have peaked 49:59 Jamie's bullish outlook on ETH outperforming the market 56:26 Could Microsoft and Amazon add Bitcoin to their balance sheets? 59:05 The quantum computing breakthrough 1:01:05 Solana's fees climb significantly—what does it mean? Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Bits + Bips, hosts James Seyffart, Noelle Acheson, and Ram Ahluwalia are joined by Alex Thorn, head of research at Galaxy Digital, to discuss the surprising mainstream buzz around XRP's latest rally, dubbed the “most hated rally in crypto.” They also analyze the new Treasury Secretary's ambitious economic plan and what it could mean for inflation, fiscal discipline, and market stability. Meanwhile, Ethereum struggles to reclaim its narrative as the go-to blockchain, even as its ETH/BTC ratio shows signs of life. And in a moment that captures the personal side of crypto's rise, the team reflects on Thanksgiving table conversations, where bitcoin and digital assets became unexpected stars. Show highlights: Why the newly appointed Treasury Secretary might be the right person for the job Whether the December rates cut is unnecessary How Marc Andreessen brought Operation Chokepoint 2.0 to the spotlight How Facebook's project Libra would have benefited the US Dollar hegemony Whether the U.S. Congress will pass stablecoin legislation in 2025 Why Ram believes Ryan Selkis would be a good Crypto Czar How people have been asking more about bitcoin during Thanksgiving Whether the XRP rally is a negative indicator What James thinks about the filings for news ETFs, such as WisdomTree's XRP Why Alex thinks that ETH could continue its recent rally The impact of MicroStrategy being added to the Nasdaq-100, aka the QQQ ETF Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Guest: Alex Thorn, Head of Firmwide Research at Galaxy Digital Links Politics Unchained: Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary The Trump-Connected Brad Bondi Is A New SEC Chair Contender and Pro-Crypto Investing: How Scott Bessent Plans to Reshape the US Economy with His 3-3-3 Rule Macro Investing: US manufacturing improves in November as orders rebound, input price gains slow Operation Chokepoint 2.0 Forbes: How ‘Debanking' Tech And Crypto Companies Could Kill Businesses Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? Unchained: Killed By Politics, Ex-Diem Boss Says of Meta's Stablecoin XRP Unchained: XRP Becomes the Top Traded Token on Binance and Coinbase, Hits Almost 7-Year High XRP Rallies 70% in a Week to Top Solana, Tether Market Cap The Block: WisdomTree files with SEC for spot XRP ETF Ethereum Unchained: Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance Timestamps: 00:00 Intro 02:15 Why the new Treasury Secretary could reshape the economy 06:28 Is a December rate cut unnecessary? 15:18 How Marc Andreessen spotlighted Operation Chokepoint 2.0 19:54 The missed opportunity of Facebook's Libra for USD dominance 26:48 Will stablecoin legislation finally pass in 2025? 31:28 Why Ram thinks Ryan Selkis should be the “Crypto Czar” 34:45 Bitcoin conversations taking over Thanksgiving dinner 39:48 Is the XRP rally a red flag for the market? 48:15 James's take on new ETF filings like WisdomTree's XRP 55:48 Why Alex believes ETH could extend its recent gains 1:01:37 What MicroStrategy's NASDAQ addition means for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices
Bitcoin and SOL are flirting with all time highs, Ethereum is lagging behind, and the next six months could define the trajectory of crypto markets. In this episode of Bits + Bips, James Seyffart, Alex Kruger, and guest David Grider unravel the key stories driving the space: What could a meeting between Trump and Coinbase's Brian Armstrong mean for crypto policy? Could a new Treasury Secretary pick become the industry's biggest ally? And is Ethereum's underperformance hiding a major comeback? Plus, what crypto categories might be winners in the near future. Show highlights: What the potential meeting of Trump with Brian Armstrong shows Which pick for the Treasury Secretary position would be most positive for crypto Whether Michael Saylor has been driving the bitcoin market Whether rate cuts are coming in December and what impact it's having on the markets How tariffs are not as bad as people think, but massive deportation is, according to Alex Why a potential Treasury General Account (TGA) rundown would be bullish for the markets Whether traders will be taking profits at the $90,000 bitcoin level How ETH has been underperforming and why David sees a silver lining How the lack of institutional interest in ETH has changed dramatically since the election Why David is so optimistic about restaking across different ecosystems What the outlook for crypto regulation looks like in the near future and what will benefit the industry Why James believes that we'll have in-kind creations and redemptions for bitcoin ETFs under new SEC leadership What the future trajectory of bitcoin's price is and the role of a strategic bitcoin reserve How different categories within crypto will perform in the markets Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Guest: David Grider, Partner at Finality Capital Links Trump and politics: Unchained: Donald Trump to Meet Coinbase CEO Brian Armstrong: Report Truth Social in Talks to Acquire Crypto Platform Bakkt Who Might Trump Pick for S.E.C. Chair? This Is Who Jay Clayton Hopes to See The Trump-Connected Brad Bondi Is a New SEC Chair Contender and Pro-Crypto A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens Markets: Unchained: Spot Ether ETFs See Record $515 Million Weekly Inflows Solana dApps See Massive Fees Amid Memecoin Frenzy Bitcoin ETF options: Unchained: Bitcoin Hits New All Time High as IBIT's First-Day Volume Nears $1.9 Billion Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto Timestamps: 00:00 Intro 02:31 What a Trump-Brian Armstrong meeting means for crypto 07:36 Who could be crypto's biggest ally as Treasury Secretary 12:43 Is Michael Saylor driving bitcoin's rally? 14:46 Whether December rate cuts will shake the markets 19:33 Tariffs vs. deportation: What's worse for crypto? 26:03 Whether a Treasury General Account rundown would be bullish for markets 30:19 Whether traders will take profits at $90K Bitcoin 35:50 Why ether's underperformance might hide a comeback 47:15 Whether institutional interest in ETH has turned around 51:49 Why David is bullish on restaking across ecosystems 54:09 What's next for crypto regulation and industry growth 1:06:55 Whether new SEC leadership would greenlight better bitcoin ETF structures 1:09:10 Whether strategic Bitcoin reserves could drive its price higher 1:17:25 Which crypto categories could lead the next rally Learn more about your ad choices. Visit megaphone.fm/adchoices
Block Version Number in BitcoinThe block version number in Bitcoin serves as an indicator of which set of consensus rules a block follows. It's also used to signal miners' readiness or support for upcoming protocol upgrades. Over time, block version numbers have evolved from simple sequential numbers (like versions 1 through 4) to a more complex bit-field system, which allows for multiple upgrades to be signaled at once.From last time you badgered me I made some notes. Evolution of Block VersionsEarly Versions (1-4):These were straightforward indicators of protocol changes. For example:Version 1 was used from the Genesis block until March 2013.Version 2 came with BIP 34, authored by Gavin Andresen, it added the block height to the coinbase transaction and was activated at Block 227,931 on March 27, 2013.Version 3 enforced stricter signature validation with BIP 66, authored by Pieter Wuille, it ensured correct DER encoding of signatures. It activated at Block 363,725 on July 4, 2015.Version 4 enabled CheckLockTimeVerify (CLTV) with BIP 65, also authored by Pieter Wuille, it allowed for time-locked transactions and activated at Block 388,381 on December 11, 2015.Then come the Version Bits format:Bitcoin upgrades were becoming increasingly complex, the block version system transitioned to the Version Bits signaling mechanism, which allows multiple protocol changes to be signaled at once using specific bits in the block version field, allowing miners to signal support for up to 29 features simultaneously, each represented by a specific bit in the 32-bit version field.When Segregated Witness (SegWit) was introduced, Bitcoin transitioned from simple block versions to the complex numbers seen today.Special Note: before we review the important key version bits, I have to make something clear. These version numbers are more than just sequential; they signal specific changes using bitsI am going to call out version numbers like 536 870 912, which is is the decimal representation of the hexadecimal value 0x20000000The full number 536870912 in binary is 00100000000000000000000000000000.“536" doesn't have standalone significance. It's just a part of the decimal value when the binary representation of 0x20000000 is converted into base 10 (which equals 536870912).The important part lies in the bitwise representation, where the leading bits "001" in the binary form, are reserved for signaling purposes, indicating that version bits are being used.But for the purpose of conveying version numbers to a human (this human being you Max) we will use the decimal representation instead of 0x2 nd a bunch of zeros or 001 and 29 more zeros.Now to the bit version section…Version 536 870 912 indicated readiness for SegWit, introduced through BIP 141 (authored by Pieter Wuille). SegWit was activated on August 24, 2017, at Block 481,824.Version 536 870 913 was used to signal support for BIP 91 and authored by James Hilliard. BIP 91 lowered the threshold required for SegWit's activation. It was locked in at Block 477,120 on July 20, 2017.Version 536 870 914 and 536 870 916 continued signaling for SegWit deployment through various BIPs.How It Works TodayToday, miners use the Version Bits system to signal support for new upgrades, and they must keep their block version numbers in line with consensus rules. Version numbers like 536870912 (SegWit) are still recognized by the network, and each bit in the version number, a miner can signal support for different soft forks simultaneously.For instance, if the network is ready for a future upgrade, miners will flip the corresponding bit in their block version number, signaling their support for the upgrade. The rest of the version field remains intact, allowing multiple soft forks to be signaled at the same time.First 3 bits = 001: Reserved and indicate version bits are being used.Remaining 29 bits: Available for signaling specific soft forks or protocol changes. Each of these bits corresponds to a different potential feature being activated.Car Analogy for Bitcoin Block Version NumbersLet's compare Bitcoin's block version numbers to Fords and how their cars evolved from simple model numbers to VIN numbers that represent various features and changes in their design over the years.The Model T and Block Version 1:Just like Ford's Model T, the first Bitcoin blocks (version 1) were basic, so basic, buyers didn't even have a choice in what color vehicle they could buy “you can have a car in any color so long as its black. Similar to early block versions that had no special features—the first blocks had no complex rules or signals, just the essentials.Evolving Model Years and Version Numbers:As Ford expanded its lineup, more models came out, and so did the need for differentiating cars beyond going from model T to Model A. Apply that to Bitcoin, version 1 to 4 were indicators of upgrades like block height (BIP-34), stricter validation (BIP-66), and time-locked transactions (BIP-65) can be compared to model T to model AComplex Version Bits = New Ford VIN Structure:Eventually, car manufacturers standardized more details in its VIN numbers to reflect all the specifics of each model the world manufacturers identifier, vehicle description section, and the vehicle identifier section—just like Bitcoin's version bits system, which allows for more granular signaling.The VIN was introduced in 1965 to track each vehicle's specifications. The first two characters of the VIN, such as “1F,” identify Ford and where the vehicle was built. 1F is a Ford built in the USA.For example, characters 4-8 in a Ford VIN indicate engine type, body style, and model, much like Bitcoin's complex version numbers (536 870 912 or 0x20000000) that signal specific features like SegWit (BIP-141) or BIP-91 activation.Or version 536 870 916 (0x20000004) signals both SegWit and BIP-91—much like how characters in the Ford VIN specify the engine, body, and trim level of a car.VINs were more standardized in the 80's. Ford's VIN numbers now include production year, plant location, and a unique serial number to distinguish every car (that's characters 10-17). Likewise, Bitcoin's version bits (introduced with version 536870912) can signal multiple protocol changes at once. Just as the tenth digit in a VIN tells you the model year (e.g., “J” for 1988), a Bitcoin version number can tell you which upgrades are active. Bits 1-3: Reserved for version signaling format (for example, the top three bits set to 001 for soft fork signaling).Bits 4-32 can each represent a specific feature or soft fork proposal, meaning multiple upgrades can be signaled simultaneously within the same block version field.ConclusionIn both cases, as the products (Fords and Bitcoin blocks) became more complex, the identifiers also became more detailed. From simple model numbers like T and A (Max likes T & A) to VIN numbers, Bitcoin's version bits both allow for greater customization and finer control.Like how car manufacturers track and signal changes to its cars over time with VINs, Bitcoin uses block version numbers to ensure the network continues to evolve. Bitcoin is still Bitcoin, and a Ford is still a Ford regardless of the fact Henry Ford is dead, and Satoshi is not Craig Wright, or Adam Back, or Peter Todd. IMPORTANT LINKS https://freesamourai.comhttps://p2prights.org/donate.htmlhttps://ungovernablemisfits.comVALUE FOR VALUEThanks for listening you Ungovernable Misfits, we appreciate your continued support and hope you enjoy the shows.You can support this episode using your time, talent or treasure.TIME:- create fountain clips for the show- create a meetup- help boost the signal on social mediaTALENT:- create ungovernable misfit inspired art, animation or music- design or implement some software that can make the podcast better- use whatever talents you have to make a contribution to the show!TREASURE:- BOOST IT OR STREAM SATS on the Podcasting 2.0 apps @ https://podcastapps.com- DONATE via Paynym @ Max- DONATE via Paynym to JON @ Jon- DONATE via Monero @ https://xmrchat.com/ugmf- BUY SOME CLOTHING @ https://ungovernablemisfits.com/store/- BUY SOME ART!! @ https://ungovernablemisfits.com/art-gallery/ALTAIR TECHNOLOGIESAltair Tech is your one-stop shop for pleb mining supplies. They carry Bitaxes, Urlacher Conversion Kits, Bitmain Antminers, Shrouds, etc. Anything you can think of when it comes to Bitcoin Mining :).Use the affiliate link above and don't forget to use code UNGOVERNABLE at checkout.(00:00) Welcome To Bitesize Bitcoin!(00:35) Who The Fuck Is That?(02:04) What Do You Want Max?(03:52) Block Version Number(04:57) The Versions(08:09) Version Bits Upgrades(11:25) It's Like A VIN!(15:00) What's a Wolf Doing on Wall Street?(16:35) In Conclusion...(16:59) Night Mate(17:33) SPONSORED BY ALTAIR
Donald Trump is headed back to the White House, and the crypto markets are surging in response. This episode of Bits + Bips dives into what the election means for crypto, the potential crypto IPOs coming soon, why DeFi tokens are outperforming, and what changes in U.S. regulation could mean for investors. Ram Ahluwalia and Noelle Acheson join to explore this unprecedented moment in crypto and how inflation and policy changes may boost Bitcoin and the broader ecosystem. Show highlights: Everyone's initial reactions to Trump's win How some crypto companies could have their IPO soon Whether it's time to take profits after the substantial run Why DeFi tokens have been the biggest winners What the next crypto spot ETF will be and whether we'll see staking rewards for ETH Why mainstream media didn't see the Trump win coming Why Ram and Alex believe that Kamala Harris was not the right candidate How Trump won the appeal of the lower class in the U.S. Whether immigration was key to sustaining the GDP and avoiding a “hard landing” Crypto's massive win in Congress How much impact Elon Musk had in the outcome of the elections How Polymarket has become a “new source of truth,” according to Ram Why the Fed doesn't have a need to accelerate rate cuts Whether Trump's policies will be inflationary and whether he'll go forward with tariffs Whether the 10-year bond will reach new highs Thanks to Gemini for sponsoring this episode of Bits + Bips. Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Guests: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Timestamps: 00:00 Intro 01:57 Reactions to Trump's election win 03:13 Which crypto companies might IPO soon? 09:28 Is it time to take profits in crypto? 17:30 Why are DeFi tokens surging? 20:31 What's next for crypto ETFs and ETH staking rewards? 28:00 Why mainstream media missed Trump's victory 33:44 Ram's thoughts on Kamala Harris's candidacy 43:52 How Trump gained appeal with lower-income voters 45:41 Did immigration help sustain GDP? 53:11 Crypto's big win in Congress 56:53 Elon Musk's influence on the election outcome 1:04:10 Is Polymarket becoming a “new source of truth”? 1:10:30 Why the Fed may not need faster rate cuts 1:13:26 Will Trump's policies drive inflation? 1:17:08 Will the 10-year bond hit new highs? Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Jeff Park of Bitwise to discuss some of the latest developments in the crypto world. They share their thoughts on a controversial ECB paper about Bitcoin, breaking down why they believe the authors missed the mark. They also dive into the rising institutional interest in spot Bitcoin ETFs and how Trump's momentum in the polls could impact the market, especially for altcoins. Plus, the conversation explores the significance of Bitcoin ETF options and why they could have a larger impact than many expect. Show highlights: Why the guys believe that the ECB paper on Bitcoin is a joke How the Minneapolis Fed report said that prohibiting Bitcoin would allow the government to operate at permanent deficits The institutional demand for spot bitcoin ETFs How Trump has been rising in the polls and what the Trump trade looks like at the moment Whether polls and Poylmarket bets on the U.S. elections are manipulated How the Fed is putting more focus on jobs than inflation When the bitcoin ETF options might launch and which issuers will get it first How memecoins succeed and the rise of AI memecoins like GOAT, fueled by the AI bot truth_terminal What the $1.1 billion acquisition by Stripe of stablecoin company Bridge means Why Donald Trump's World Liberty Financial token sale was a flop Sponsors: Gemini Stellar Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Jeff Park, Head of Alpha Strategies at Bitwise Links ECB paper on bitcoin: Bitcoin Appreciation Could Be ‘Fuelling The Division Of Society' Omid Malekan's rebuttal to the paper by Bindseil & Schaaf (of the ECB) Minneapolis Fed report: Unique Implementation of Permanent Primary Deficits? | Federal Reserve Bank of Minneapolis Alex Kruger's tweet on memecoins Alex Thorn's tweet on bitcoin adjusted by inflation Timestamps: 00:00 Intro 03:08 Why the ECB's Bitcoin paper missed the mark 10:17 Political motivations behind the Minneapolis Fed report on Bitcoin 14:18 Rising institutional demand for spot Bitcoin ETFs 21:38 How Trump's poll momentum could impact crypto 32:14 Are election polls and Polymarket bets manipulated? 43:36 Why the Fed is prioritizing jobs over inflation 52:37 When will Bitcoin ETF options launch? 1:01:08 What makes memecoins, including AI memecoins like GOAT, succeed? 1:13:00 The significance of Stripe's $1.1 billion crypto deal 1:18:02 Why the WLFI token sale was a “flop” Learn more about your ad choices. Visit megaphone.fm/adchoices
As the PBOC and Fed shift their stances on rates and liquidity flows, the macro landscape is evolving rapidly. In this episode of Bits + Bips, we unpack how these policy changes could spark a massive surge across all asset classes—from equities and bonds to Bitcoin and crude oil. The hosts, joined by Nikos Kargadouris, a seasoned trader, discuss why liquidity is about to flood the markets, why fears of a U.S. recession may be overblown, and how even memecoins could benefit. Plus, are central banks close to buying bitcoin ETFs? Show highlights: How the PBOC's shift in policies impacted the markets and when we'll see a “bazooka” How market complacency and short positions on oil amid geopolitical tensions could lead to mispricing and unexpected volatility How rising crude oil prices could slow the U.S. economy, despite the country being a net oil exporter How strong payrolls data reduced market expectations of U.S. rate cuts Why predictions of a U.S. recession might be off Whether it matters for crypto who wins the elections The chances of central banks adopting Bitcoin What the outlook for memecoins looks like in the next months Whether the HBO documentary about the identify of Satoshi Nakamoto will be a disappointment Sponsors: Gemini Stellar Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Nikos Kargadouris, Chief Investment Officer of a private investment office specializing in cross-asset thematic macro and digital asset strategies. Timestamps: 00:00 Intro 02:09 Impact of the PBOC's policy shift and timing of the “bazooka” 15:01 Oil mispricing and volatility due to geopolitical tensions 27:30 Rising oil prices and potential U.S. economic slowdown 35:51 Strong payrolls reducing expectations for U.S. rate cuts 44:11 Why U.S. recession predictions might be wrong 50:10 Can prediction markets reflect U.S. election outcomes? 56:05 Does the election winner matter for crypto? 1:04:43 Memecoin outlook for the next months 1:15:34 Will the HBO documentary disappoint? Learn more about your ad choices. Visit megaphone.fm/adchoices
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving Bitcoin's price. They dive into the Federal Reserve's recent rate cuts, the impact of Solana's token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether Bitcoin's price is increasingly dependent on global M2 money supply, and how BlackRock's Bitcoin ETF options could impact the market. Is Bitcoin simply a leveraged macro bet? And could Solana's unlocks cause a price squeeze? Show highlights: Alex and Joe's takeaways from Token 2049 and Solana Breakpoint Why there's so little attention on Bitcoin at these conferences The SOL vs. ETH trade debate Why Sam thinks that the Fed cut rates to help the Treasury Whether they think inflation will persist How China's rate cuts aim to boost its economy amidst export challenges How Bitcoin's correlation with global liquidity can break down during speculative bull runs, despite its typical sensitivity to liquidity conditions The pros and cons of the approval of Bitcoin ETF options Why fears about BlackRock and Coinbase's bitcoin holdings are unfounded, according to James Sponsors: Gemini Stellar Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Sam Callahan, Current Free Agent Analyst & Scribe of the NewsBlock Sam's research post with Lyn Alden Links Coverage of Unchained on Token 2049 and Solana Breakpoint: Should the Solana Foundation Be Dissolved? Yes... and No... $1.3 Billion Market Cap BONK Caught Asymmetric Financial's Eye at $28 Million, Founder Tells Solana Breakpoint Event Bring Back ICOs, Says Multicoin Capital's Tushar Jain, Winning Agreement From Debate Adversary Qiao Wang of AllianceDAO PYTH Stakers Get Carrots and Sticks as Douro Labs Rejigs Staking Mechanism DeFi Protocol Sky, Formerly MakerDAO, to Launch on Solana Blockchain Firedancer Efforts Bring Solana a Step Closer to Leap in Processing Power, Says Jump Trading's Science Chief Stoner-Originated Proof-of-Liquidity Network Berachain Scores a Hit at Token2049 SOL vs. ETH Unchained: SOL on Course to Flip ETH, Says Multicoin Capital's Kyle Samani Alex's tweet: “Ironically $SOLETH is barely up in 2024” Rate cuts and macro: Fed Cuts Rates for First Time Since 2020 China: Reuters: China's central bank unveils most aggressive stimulus since pandemic | ETF options: CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod - Kamala Harris: Unchained: Kamala Harris Makes Her First Comments on Crypto Harris Commits to Prioritizing Emerging Industries Like Blockchain in Speech Timestamps: 00:00 Intro 02:55 Takeaways from Token 2049 and Solana Breakpoint 07:14 Little Bitcoin interest me at conferences 12:23 The SOL vs. ETH trade debate 17:32 Sam's view on the Fed's rate cuts 28:55 Will inflation persist? 41:14 China's rate cuts and economic boost 49:44 Bitcoin's correlation with global liquidity 1:02:43 Pros and cons of Bitcoin ETF options 1:13:23 BlackRock and Coinbase Bitcoin holdings fears Learn more about your ad choices. Visit megaphone.fm/adchoices
As crypto markets continue to struggle, experts weigh in on whether the capitulation phase is finally over and what lies ahead. In this episode, hosts James Seyffart and Joe McCann, along with guest Noelle Acheson, delve into the recent market downturn, the potential for a recession in 2025, and why Bitcoin's divergence from gold is puzzling analysts. They also explore the impacts of upcoming rate cuts, the lingering effects of fiscal dominance, and whether Ethereum ETFs are living up to the hype. Show highlights: Why crypto has been down so bad recently despite the macro cycle The three factors weighing on the bitcoin price for the moment, according to Noelle The chances of a recession in the U.S. in 2025 and how much the Fed might cut rates Why the current rate-cutting cycle is unusual, with markets expecting far more cuts than usual, and how a potential spike in inflation could complicate the Fed's response Why the K-shaped economy endures, driven by the U.S. government's reliance on capital gains taxes Why fiscal dominance is a growing concern and why bitcoin's recent divergence from gold is puzzling, as they typically move together during crises Whether retail has been a buyer of the spot Bitcoin ETFs or it's just onchain traders who are now buying them Why James says the Ethereum ETFs “have been an absolute flop" Sponsors: Gemini Stellar Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Timestamps: 00:00 Introduction 03:35 Why crypto is struggling recently 09:16 Three key factors weighing on Bitcoin's price 15:12 Chances of a 2025 U.S. recession and potential Fed rate cuts 25:55 Unusual rate-cutting cycle and inflation risks 32:06 Enduring K-shaped economy and capital gains tax impact 34:37 Concerns about fiscal dominance and Bitcoin's divergence from gold 54:57 Retail vs. onchain traders in spot Bitcoin ETFs 1:01:43 Whether Ethereum ETFs have been a "flop" Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann welcome venture capitalist Rennick Palley to explore the implications of Fed chair Jerome Powell's recent shift from focusing on inflation to employment, analyzing how it might influence crypto and global markets. Palley also shares some incisive analysis for why he thinks blue-chip DeFi projects might be overvalued, and both McCann and Palley highlight why they are still bullish on memecoins. Finally, the gang discusses the growing political influence of the crypto industry, the potential impact of Kamala Harris presidential run on future regulations, and whether Justin Sun is using Tron as his “personal piggy bank.” Plus, what's the latest with bitcoin ETF option applications, and what Telegram CEO Pavel Durov's arrest means. Show highlights: 00:00 Intro 02:41 How Powell's speech signaled a shift from a focus on inflation to employment and what that means for crypto markets 10:25 Why the Fed's proactive stance on the labor market could cement Powell's legacy, and how cutting rates amid high real rates might prevent long-term economic damage 23:47 How a significant payroll revision caused a brief panic, yet the markets dismissed it as noise due to its lagging nature 27:21 What the absence of crypto in the DNC's platform means for the industry, and how Kamala Harris' presidential run could impact future regulations 34:12 How the surge in crypto contributions to political campaigns highlights the industry's growing influence 37:00 How the growing narrative around undervalued DeFi tokens could play out under a Trump administration, given the perception of Republican support for crypto 43:15 Why blue-chip DeFi projects, despite their dominant market share and attractive business models, may be overvalued, according to Rennick 53:44 Whether Justin Sun uses Tron as his “personal piggy bank” 58:52 Whether investing in memecoins is a good strategy and how to construct a portfolio around them 1:12:59 Why James says that the withdrawal and refiling of bitcoin ETF options applications signals potential progress, and how the SEC's ongoing review could lead to approval by early 2025 1:19:43 Pavel Durov's arrest and why Alex believes TON might be a good asset to buy Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Rennick Palley, Czar of Speed, Protector of the Hat. Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it. From the impact of the yen carry trade and the Fed's controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what's moving the markets. The group also dives into the SEC's crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it's just political posturing. Show highlights: 00:00 Intro 02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR) 09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement” 14:17 Why the Volatility Index (VIX) spiked and whether it could do so again 22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is 27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures 31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July 41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing 45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets 53:45 What Ripple's lawsuit settlement and the SEC's subpoenas to VCs mean for the broader crypto industry 58:13 Whether Harris will actually do a “crypto reset” 1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC) Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Chris Cecere, GP and Head of global macro and trading at Asymmetric Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann dive deep with Nic Carter into the game-changing promises Trump is making to the crypto community, Kamala Harris's unexpected policy shifts, and the explosive rise of Solana. Plus, Nic reveals his unexpected journey into amateur fighting and tackles the pressing issues around Ethereum ETFs, and what ecosystem he's been funding more as of late. Show highlights: 00:00 Intro 01:23 Why Alex believes the conference was one of the most incredible moments in the history of crypto 10:00 Nic's reaction to Trump mentioning breaking down ‘Operation Chokepoint 2.0,' a term that Nic himself coined 13:44 Nic's karate fight and his journey to becoming an amateur fighter 21:42 Why Nic thinks that there's no chance that the Lummis bill proposing the US government establish a strategic bitcoin reserve will pass 29:31 The significance of Trump's promises at Bitcoin Nashville 36:26 How Tether is comparable to the Eurodollar system 39:41 What the potential impacts are of the Fed's language during their upcoming meeting 47:17 The implications of the Harris campaign's outreach to reset relations with crypto companies 55:44 How the ETH ETFs launch went and why Nic says that Ethereum has a “narrative problem” 59:34 How Solana has been ripping lately and Joe's response to some of the criticisms 1:07:22 How Nic, as a VC, sees the ETH vs. SOL debate and how founders are increasingly choosing Solana Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest Nic Carter, general partner at Castle Island Ventures Links Bitcoin Conference: Trump's speech: Unchained: At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins Trump Has Made Promises to Crypto Voters. If He's Elected, What Could He Actually Do? Lummis proposal: Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill The Block: Hong Kong lawmaker advocates for including bitcoin in financial reserves following Trump's speech | Democrats/Harris seeking “reset” Letter from Democratic politicians to DNC chair to put crypto plank in Democratic party platform: ETH ETFs Debut: Unchained: Grayscale Ethereum Trust ETF net outflows hit $1.5B Will ETH Follow Bitcoin's Path and Reach New Highs Now That Spot ETFs Are Here? BlackRock: Our Spot Ether ETFs Are Complements to Bitcoin ETFs, Not Substitutes The Block: At this rate, Grayscale's ETHE could run out of ether within weeks | Solana's ripping: Unchained: Solana's Growth Metrics, Including Stablecoin Supply, Continue to Take Off - Solana Exceeds Ethereum in Monthly Trading Volume for First Time, But Not When Ethereum's L2s Are Included Learn more about your ad choices. Visit megaphone.fm/adchoices
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