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  • 133PODCASTS
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Best podcasts about ftx

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Latest podcast episodes about ftx

Limited Resources
Limited Resources 626 - VOW Draft Walkthrough(s)

Limited Resources

Play Episode Listen Later Dec 1, 2021 80:47


This week on Limited Resources Marshall and Luis do two full VOW draft walkthroughs for you! Both a best of 1 and a best of 3 draft in their entirety are covered on this episode, that way you can follow along with the guys and see what picks you would take in their seat!  Arena draft open info: https://magic.wizards.com/en/articles/archive/news/december-2021-arena-open-draft LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry
The FTX Podcast #91 - Sam Bankman-Fried Founder of FTX and Alameda Research

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry

Play Episode Listen Later Nov 30, 2021 40:23


Welcome to episode 91 of the FTX podcast for part two of a three part series, with the Founder of FTX & Alameda Research - Sam Bankman-Fried and your host Tristan Yver!

Unchained: Your No-Hype Resource for All Things Crypto
Will Solana Be the Execution Layer and Ethereum the Settlement Layer? - Ep.294

Unchained: Your No-Hype Resource for All Things Crypto

Play Episode Listen Later Nov 30, 2021 68:05


On Unchained, two co-founders of Solana Labs, Anatoly Yakovenko and Raj Gokal, dive deeply into the Solana ecosystem, discussing everything from the price of SOL to the Solana network outage to the competition between Ethereum and Solana. Show highlights: why Raj thinks SOL's market cap grew from $86 million to $68 billion in less than a year Anatoly's and Raj's background and how they found themselves working together to build Solana why Anatoly thinks Solana will be a general-purpose blockchain rather than specializing in gaming or high frequency trading Anatoly's goal to make Solana the first billion-user blockchain why Raj thinks NFTs on Solana have been so popular why, in the opinion of Raj and Anatoly, Solana's purpose has shifted away from high-frequency trading how NFTs could replace ads why “everything is DeFi” how Solana Labs plans to allocate the recent $314 million funding round it raised what lessons Anatoly learned from the 18-hour September network outage technically speaking, what happened to cause Solana's network outage why Anatoly believes that outages, at this stage, aren't necessarily a bad thing whether “trading mercenaries” dominated at Solana Breakpoint why developers are interested in building on Solana how Solana and Ethereum compare as execution and settlement layers why Raj doesn't like framing competition between Solana and Ethereum as a fight how Anatoly views the competition between Ethereum and Solana whether the arrival of Neon Labs, which is bringing EVM to Solana, could lead to developers leaving Ethereum how NFTs and Phantom wallets are bringing in new users for Solana whether Raj and Anatoly would roll back Solana if something like Ethereum's DAO hack were to occur why Solana has the competitive advantage in throughput, according to Anatoly what would happen if FTX cofounder and CEO Sam Bankman-Fried gave up on Solana their predictions for Solana five years from now   Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021      Nodle: https://bit.ly/3AXGydJ      Brave: http://brave.com/Unchained   Episode Links:   Anatoly Yakovenko https://twitter.com/aeyakovenko    Raj Gokal https://twitter.com/rajgokal    Solana News Anatoly Yakovenko -- ​​ It ‘doesn't really matter' if the network goes down again https://www.theblockcrypto.com/post/124887/solana-labs-ceo-it-doesnt-really-matter-if-the-network-goes-down-again  Neon Labs https://www.theblockcrypto.com/post/123744/neon-labs-developer-of-ethereum-virtual-machine-on-solana-raises-40-million Aave + SushiSwap going to Solanas through Neon Labs https://twitter.com/joselitommutuc/status/1462043806207938563  Solana + Brave integration https://decrypt.co/85538/privacy-browser-brave-expands-beyond-ethereum-solana  ATH at $260 https://decrypt.co/85457/solana-hits-all-time-high-of-260  Solana Breakpoint https://www.coindesk.com/business/2021/11/15/solana-throws-a-three-day-party-for-itself/  https://www.cryptoglobe.com/latest/2021/11/solana-network-highlights-from-breakpoint-conference-paint-a-very-healthy-picture/  https://decrypt.co/85934/the-view-from-solana-week-in-lisbon  FTX US + Solana NFTs https://www.theblockcrypto.com/post/120044/ftx-us-launches-marketplace-for-trading-solana-based-nfts  Solana Outage The Block's coverage https://www.theblockcrypto.com/linked/117711/solana-blockchain-validators-restart-network-after-transaction-stoppage  https://www.theblockcrypto.com/linked/117624/solana-experiences-transaction-stoppage-as-developers-report-intermittent-instability  Why the mainnet went down https://twitter.com/buffalu__/status/1437792673784549383   Potential ramifications https://twitter.com/CometShock/status/1437870278684590091  Anatoly Yakovenko Solana outage tweets https://twitter.com/aeyakovenko/status/1437887482897518595 https://twitter.com/aeyakovenko/status/1437784552324358155 https://twitter.com/aeyakovenko/status/1438496595360862215 https://twitter.com/aeyakovenko/status/1438465508412739588 https://twitter.com/aeyakovenko/with_replies  Solana $314M Fundraise https://www.theblockcrypto.com/post/107749/solana-labs-raises-314-million-funding-a16z-polychain-capital    Solana Topics Raj thinks Ethereum cannot be killed https://twitter.com/rajgokal/status/1458420316569489410 NFT Growth https://twitter.com/masonnystrom/status/1455556328404013057  https://twitter.com/masonnystrom/status/1459157853848195079  Pplpleasr https://decrypt.co/85964/the-collectoooooor-pplpleasr-latest-nft-art-solana-ethereum  Investment in gaming Forte https://decrypt.co/85966/cosmos-solana-ventures-join-725m-series-b-crypto-gaming-platform-forte  Alexis Ohanian investment https://www.fool.com/the-ascent/cryptocurrency/articles/why-reddit-co-founder-alexis-ohanian-will-invest-100-million-in-solana-social-media/  FTX + Solana https://decrypt.co/85302/ftx-solana-ventures-lightspeed-100m-crypto-gaming  Phantom wallet hits 1M+ users https://decrypt.co/85563/phantom-wallet-preps-mobile-launch-reaching-million-users-solana   Solana Basics CoinMonk: https://medium.com/coinmonks/solana-more-update-for-sol-becb65024877  Solana Labs: https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274  The Tie: https://research.thetie.io/solana-ecosystem/  Binance.Research: https://research.binance.com/en/projects/solana  Genesis Block: https://genesisblockhk.com/what-is-solana/  Block Explorers: https://explorer.solana.com/supply + https://solanabeach.io/supply + https://solanalysis.com/  Messari: https://messari.io/article/the-perpetual-sol-rise

UpOnly with Cobie & Ledger
Hentai Avenger and Ansem on trading, trends, and market cycles

UpOnly with Cobie & Ledger

Play Episode Listen Later Nov 30, 2021 143:32


Linkshttps://twitter.com/blknoiz06https://twitter.com/HentaiAvenger66Show PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesIntro - Ledger refusing to say Hentai Avenger - Will go with “Bob Avenger” for the stream lolHentai Avenger  - “From last year to now made like a good sum of money. Then idk how I got here”  - Sold the top and bought the bottom this year   - Scaled account from $20k to $50M over last 5 years   - 21 y/oZ   - Started crypto back in 2017   - Best trade was Solana at $1.50   - Went on a hot streak with alt L1s   - AXS —> AVAX —> SOL —> Harmony   - “If you just buy in and wait then you can get stuck being in old bags”Avenger Before Crypto   - Avenger was an esports Rocket League pro   - Summer 2016 made $20k in Rocket League, threw it into biotech stocks, made a little over a mil in 3 years   - Then 2020 came and made it all back on the covid bounce   - First intro into crypto was DeFi summer   - Has a lot of money in metaverse shitcoins atmZ's Crypto Experience   - When he's hitting a lot in a row he gets cocky, then when he gets cocky he'll make a wrong call and slow down   - Leverage? Not worth it because he doesn't wanna blow his account up   - Leverage keeps all your focus so you miss the gems that are coming upp2e Gaming   - Z: “When I was young I'd play WoW like hours and hours a day”   - Hadn't found a fun p2e game yet   - Really liked DeFi Kingdom   - TSM partnered with Aurory to play pro esports there   - Cobie: “I have some thoughts”   - Ledger: “I was gonna try to set up here for you lol”   - Cobie: “So I dunked pretty hard on this first person shooter game that I thought looked like shit”   - This was my (https://twitter.com/cmsintern) tweet last night   - Thinks that these games aren't good but people only wanna play them to earn and that's a bad strategy   - The really good games that come where you play to own will be the best   - Z: “I actually haven't made any money playing DeFi Kingdom yet I've prob spent more than I should have on heroes” lol   - Ledger: “Cobie do these games have to be better than traditional games?”   - Cobie: “If they aren't as good then its not a game its a job. If it's primary salary then it just turns into like serfdom”p2e Gaming (cont'd)   - Ledger: “I don't know I take the reverse. Like if I kinda like a game and I get paid to play then I'll probably choose that game over the slightly better game”   - Ledger: “Like if I can play Halo 1 and get paid, vs Halo 3 and not get paid, then as the every man I'll probably take Halo 1 and earn a few bucks”   - Ledger: “Like I saw CMS Intern's tweet and was like holy crap I didn't know they had 1st person shooters as p2e I thought it looked cool”   - There's an incredible future for fun games that can incorporate the p2e element   - Ledger: “Do you think there will be a crypto game that's top 10 or top 20 games in the world in the next 5 years?”   - Z: “I think so”   - Cobie: Cobie had some good points here, but I have to cut them out as a 1-time clap back for publicly dunking on me last night    - Jk here is basically what he said:   - Cobie: “I think there will be a game that's really good, and then it will transition to an NFT-based game with an in game currency”Current States   - Avenger: “We've gone from DeFi to GameFi to some metaverse plays, but we are not close to the top for these metaverse coins until like Gary Vee is dumping all his money into these”   - Ledger: “FLUFs are my back door metaverse play”   - Ledger: “Theres some like metaverse stuff like AI”   - Cobie: “AI!!! lolllllllll”   - Avenger: “Most bullish thing is inversebrah tweeting the same coins as me”   - Avenger: “Any metaverse play listed on KuCoin is like an easy 10x from here”   - IT IS KUCOIN SEASON   - Z: “All the alts that popped off in November were on KuCoin”   - Avenger: “Basically anything that gets listed on KuCoin immediately does a 2-3x”ETH/BTC Chart   - Z: “It's going to infinity bro”   - Does ETH/BTC get to 0.12 ?   - Cobie: “If it gets to 0.12 then you get the flippening” (happens at .165)   - No reason it will stop if it takes .12   - January 2018 ETH/BTC got to 0.105   - Cobie: “0.1 is the last line of defense”Bear Market Scenarios?   - Z: “I don't think we get a multi-year bear ever again”   - Avenger: “Yeah I don't think we do either”   - Cobie thinks we could have another 4 year bear marketNext Stops   - Avenger: “Metaverse coins!”   - Z: “What did Sandbox do like a 6-7x in a month?”   - Ledger: “CMS Intern shilled that live on air when he came on UpOnly last summer”   - Cobie: “I think there are a lot of reasons to be cautious right now”   - Ledger: “I can see if there are a bunch of Hot Ball of Money rotations shoutout Dan Matuszewski for that term” whaddup CMS leggoChat Qs- How'd you get in early on all these runners?   Z: For Axie, finding higher lows when everything else bottomed   Avenger: built out own risk signaling metrics   Avenger: “StunLikes on twitter, he's like some private billionaire, I think he sold an algorithm to the government for like a couple million dollars”Positions   - Avenger: “After $100k [BTC] I prob sell it all and I'm set man”   - Avenger: “You think we get to $100k BTC Cobie?”   - Cobie: “It has undeniably been the year of smart contract platforms. Been the year of SOL and AVAX and AXS more than its been the year of ETH”   - Ledger: “Are you diversifying at all?”   - Z: “Yeah I'm not as risk on as I used to be”   - Avenger: “I have a lot of real estate in Lithuania”   - Z: “Bro wtf” lmaooo   - Z goes on to shill Cosmos pretty heavily, kinda sounds good tbh   -Cobie says he'll get some nowAnyone Smart Long-Term Bearish?   - Avenger: “Light?”   - Cobie: “He's like short term bearish tho he's just a trader”   - Avenger: “Then idk anyone”   - Z: “Yeah idk anyone smart that's macro bearish”   - Cobie: “I have a few trad tech co founders who are smart but macro bearish”Moar Chat Qs-Is college a scam?   Avenger: “I like college I think college is cool”   “Where else can you find groups of fatherless women just roaming around?” - AVAX top target?   Z: “$200” - SOL top target?   Z: “0.1 ETH” - BTC top target   Avenger: “$180k”   Z: “I think 69k for Q1 2022”   Ledger: “2022” - Best airdrops   Avenger & Z: “zkSync” - Flippening (within 12 months)   Avenger & Z: “yes”FINAL ALPHA   - Avenger: “Be very careful who you tell good news to”   - Z: “Maintain a balance between crypto and the other parts of your life – will help your real life and also help your crypto trading - and also journal regularly” Notes by KevinMusic by GiovanniPickle

Limited Resources
Limited Resources 625 - Top 5 Commons for VOW, LR vs LoL Showdown, and More!

Limited Resources

Play Episode Listen Later Nov 27, 2021 98:49


This week on Limited Resources Marshall and Luis give you their top 5 commons for each color, talk about the latest LR vs LoL Showdown, talk about how their opinion has changed on VOW, Marshall talks through his MTG Las Vegas experience, and more! LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry
The FTX Podcast #90 - Raj Gokal Co-Founder and COO of Solana

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry

Play Episode Listen Later Nov 26, 2021 49:59


Welcome to episode 90 of the FTX podcast with special guest Raj Gokal and your host Tristan Yver.Raj is the co-founder of Solana and COO; working to decentralize finance, gaming, social media, payments, media and more!

UpOnly with Cobie & Ledger
Haralabos Voulgaris on owning Bitcoin and the value of self sovereignty

UpOnly with Cobie & Ledger

Play Episode Listen Later Nov 24, 2021 129:17


LinksHaralabob TwitterShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesBetting– Big betters work hard to conceal how and where they are betting– You don't just roll up to MGM and place huge bets usually– You do it through a bot that places bets on different websites instead– Then hope they pay out lol– Got rugged heavy in 2009 for like 7 figures then the guy made off to Panama or wherever– Books will refuse really good gamblers, but will accept “fish” as long as they sign that they aren't addicted lolCrypto– First saw it on Wired magazine when Bitcoin was around $1– Didn't jump in at first– Started using Bitcoin in 2012 to get paid– Ledger: “Did the process in how you thought about gambling transfer over to crypto?”– Hara: “Yes I think the fact it was governed by math”– Could insulate yourself from idiotic government policies and ideologies– Gotta think about how the dollar gets manipulated since Bitcoin will remain constant– Hara thinks at some point people will decide to increase the supply of Bitcoin– This is a flaming hot take sir – I respect it– We're gonna be old bags of dust and these kids are just gonna be living in the metaverse– It is so native and built into these kids– Ledger: “We're just gonna go away its gonna be like the blow off top of humanity”Metaverse– Cobie: “How do you think about NFTs?”– Hara likes 2017 era NFTs– Loves CryptoPunks – all about the narrative and the story– Likes the old stuff, some of the new stuff is just super out there– More of a Bitcoin maximalist even though Hara finds Bitcoin Maximalism super toxicBitcoin Maxis– A lot of them might've gotten burnt in 2017 and now just think everything is a scam– Calling anything that isn't Bitcoin is a shitcoin means that mentally there is something wrong with you– Cobie: “Part of the toxic maxis is that they missed out, then they join a cult and they have friends now and chant the same words and chant shitcoins and say “Udi you're wrong!” and then go somewhere else”– Hara: “The bullish case for me is when nations put Bitcoin on their balance sheet – they aren't gonna put Ethereum or Solana on there”Next Steps– Ledger: “What's next in your life?”Hara: “I think its about sovereignty”– Has always been an individual, wants to be protected instead of looking for gains– Crypto is the #1 way to preserver your wealth– Goal before was always to buy a basketball team (need about $1B) but once he got close he was like “idk i don't really wanna sell my Bitcoin for a basketball team” lolllllBasketball and NFTs– Ledger: “How's it feel to see these guys getting into NFTs? Does that worry you about where we are in the cycle?”– Not at all– Thinks that's not indicative of a top, we are nowhere even close to euphoria– People are out here protesting racism and other things– Thinks people might/ should be protesting the dollar, is surprised its not bigger yet– Hara likes the penguins! LFG– Hasn't bought NFTs in a long time– These athletes aren't buying punks cause they're always looking for a deal!Twitter NFT Integration– Cobie: “How is this going to go down with the furies”– Ledger doesn't get why these are so controversial– Hara wants to create an NFT project for all these furies– Ledger: “They already exist they're called FLUFs – I can give you a good deal on some if you want”– *Cobie and Hara making fun of FLUFs– Ledger: “Y'all just aren't gonna make it”Constitution DAO– Hara didn't do it, didn't get it– Thought it woulda been cool to get in then like burn it– Ledger: “That's a really good way to get regulators to pay attention to crypto” lolForks– People trade on FOMO so hard– Like there's some random ass ohm fork people ape into– ETH can get myspaced, all of this stuff can probably get replaced– Bitcoin can never get replaced– Bitcoin Diamond and Gold and Cash and all that stuff just no chance at allThe Flippening– If ETH gets to like 0.08 I'm probably a net seller of ETH– I don't like to say ahead of time because its so hard to know the context for the move– It probably signals a time to be cautious even when people are dancing in the streetsChat QuestionsSports world guys we need?– Steven A Smith– NFTs are the gateway drug of cryptoAnon account?– NoBitcoin volcano bond?– Interesting, can just buy El Salvador bond or Bitcoin though, don't need this although it is cool and interesting– Saylor will end with fireworks either way*The Winklevoss are the only people to ever refuse coming on UpOnly. What an outrageous decision.If you're 25 with 100k what do you do?– Would do crypto, trying to build something, tracking different wallets– Prob not Bitcoin would do something more aggressive, L2s, track engagement, wouldn't do leverageFINAL ALPHA– Hara: “Success = responsibility. Think about what is truly valuable and finite which is your time. Be mindful of your time and what you want to accomplish.”Notes by KevinMusic by GiovanniPickle

No Sharding - The Solana Podcast
Daffy Durairaj - Co-Founder, Mango Markets Ep #53

No Sharding - The Solana Podcast

Play Episode Listen Later Nov 23, 2021 42:46


Daffy Durairaj is the co-founder of Mango Markets and is currently working full time as a developer in service of the Mango DAO.00:28 - Origin Story04:44 - Seeing the order book10:20 - The idea behind creating Mango Markets15:38 - Going from creating smart contracts to creating Mango17:32 - How big is the DAO?20:01 - The Launch29:15 - VCs and the launch32:43 - Decentralization and getting stuff done34:55 - Will DAOs ever compete with big tech companies?40:43 - What's next for Mango Markets? Transcript:Anatoly (00:09):Hey folks, this is Anatoly and you're listening to the Solana Podcast, and today I have with me Daffy Durairaj, who is the co-founder of Mango Markets, so awesome to have you.Daffy (00:20):It's great to be here.Anatoly (00:22):So origin story, how'd you get into crypto? What made you build Mango Markets?Daffy (00:30):How did I get into crypto? So, I started off really not wanting to get into crypto. I was really interested in algorithm training. I did that in college and did some competitions that I did well in, and I wanted to trade equities, but it turns out if you have not enough money, if you have a few thousand dollars it's just not allowed. You're not allowed to algorithmically trade. There's a patent day trader rule, and I was infuriated and I was just looking around and I found Poloniex where you can do anything you want. The thing that actually hooked me first to Poloniex was the lending market because immediately as soon as I saw an open lending market, I was like, "Oh wow, I have to buy some bitcoin, and I have to lend it out." And, Poloniex was all bitcoin, and then it gradually got into just the meat of it, which was algorithmic trading and everything about crypto seemed exciting, but I actually didn't want to hold bitcoin. Poloniex was all bitcoin, but again, I think the government sort of pushed me in the right direction.I was like, "Okay, I don't want to hold bitcoin, I'll hedge off my risk on BitMEX, but again, not open to US persons, and so I was kind of reluctantly holding bitcoin and thinking, all right, I have a few thousand dollars if things go bad in this whole bitcoin thing. I'll come out okay. I'll get a job or whatever, but just never got a job, just kept holding bitcoin and continue to trade crypto, and I did that for about five years. Then, I wanted to actually start trading on chain because I thought this was probably for a lot of the reasons that you built Solana, the censorship resistance, and the global liquidity of it, and the openness of it, the fact that you're not excluding people that have a few thousand dollars. I wanted to build on chain and I was just not very bullish on a lot of things, so I kept going back to trading, and then I saw Serum DEX, and I was just hooked. I placed a trade and it felt totally natural and normal. It wasn't like $40 and takes 20 seconds and you don't know if it... And, then MetaMask was jammed and you're like, "Oh, but how do I cancel this?" So, that was a long-winded way of saying I was a trader and then I saw Serum DEX and then I had to start building the tools that would make Serum DEX even more fun.Anatoly (02:59):That's awesome. I got into it by trading. Basically, I set up like an Interactive Brokers IRA account, and that let me kind of bypass the rules.Daffy (03:11):Really?Anatoly (03:13):With a very small amount of money. I think they probably closed these loopholes already. I wrote a bunch of stuff on top of their Java STK and started trading there.Daffy (03:22):I remember I actually got started that way too. I did a bunch of stuff for their Java, and we can tell you we're both programmers. We wanted to build this money machine. It's so fascinating, and it's a machine that-Anatoly (03:40):It prints money.Daffy (03:40):It does things and it prints money. What more could you want? So, I got started with Interactive Brokers, but I guess the whole IRA thing... Because I was a college student, and so even talking to an accountant would take a huge dent out of my net worth.Anatoly (04:01):Totally, it's all really not designed for... The whole financial system in trading in the US is designed to funnel retail towards an app like E-Trade or Robinhood, which takes a cut, and then sells that trade to somebody else, who will take a cut, and then 10 other people until it gets an exchange, and that's how everybody's protecting their neck. They're all taking a little slice, and I think what's cool about crypto is that even centralized exchange like FTX is 1,000 times better and less extractive of the users than anything in traditional finance, simply because they can guarantee settlement. Such a very simple thing.Daffy (04:49):You feel it right from the beginning. You go to Poloniex in 2016, and it's like, oh, you have an email, you have deposited bitcoin, and now you're just lending to people. So, just talk about not being extractive. To see the order book through Interactive Brokers or Ameritrade or whatever costs you a lot of money and it costs them a lot of money to provide it, and I don't think I'd ever seen an order book. This was my passion, this is what I love to do, and I've never actually seen it.There's that story of the blind men who are touching this elephant, and so I had kind of figured out maybe what the order book looks like, but then on Poloniex, you go there and you just see the order book and you see all the lights flashing and you're like, "Oh, this is it. This is where the trades are happening." And, that's free, and of course, a big part of Mango Markets as well is you can see the order book. That's it, that is it, there's nothing more, and it's all on chain and all this stuff. So, in terms of not being extractive, it's a really big piece of what motivates people to come in.Anatoly (06:02):I don't know if you ever tried to get data, real data. I wanted timing information when a bid comes in or when an ask comes in versus when it's filled. How do I get access to it? Because when you get data from any of these places, basically it's like a little better than Yahoo Finance, which is like every five minutes they give you a low and a high.Daffy (06:27):I don't know, did you ever succeed at doing that in Interactive Brokers?Anatoly (06:32):No, I recorded some of it, but it just never had that fidelity and it always felt like a gamble. I'll build some models and sometimes stuff would work locally against my simulations, but then whenever I would actually try to run it, I'd see that fills take a little longer than they should and all this stuff really feels like you're not interacting directly with the trading system, that somebody when they see your order they're like, "Well, maybe I'll put my order ahead of yours or do whatever or slow you down a bit." It just sucks.Daffy (07:16):It feels very opaque, it's like a black box, and of course, this is all for people like me who are kind of looking on the outside looking in. So, if I had gotten a job at Citadel or somewhere, then I could probably see what's actually happening, but the fact that the vast majority of people are going to look at it and not really know it's actually happening, not everyone wants to see an order book. That's an important fact, but there are a large number of people who need it to be a little bit transparent to be involved.Anatoly (07:49):What I hate about it is that there's a lot of people that make a lot of money from you not seeing, that they're in the business of information assymetry and fuck them.Daffy (07:58):So, it's not a family friendly podcast, so it's good. I was going to ask that. So, there's a funny story on RuneScape. I don't know if you've ever played RuneScape.Anatoly (08:17):I played Ultima Online, which is I think similar vibes in the early days.Daffy (08:22):Yeah, so on RuneScape, just like on the point of no one being able to see anything, on RuneScape, also they had an order book because that's the most natural thing to do, and I actually had to figure it out from first principles. I would place a trade and I would see that sometimes it would get executed and sometimes it would not get executed, then I realized, okay, if I place a trade for these water runes or something or oak logs or something, and I put the price really high it gets executed at some price that's not the price that I said, and then I was able to form this concept of that's the asking price. I didn't even have the terminology for this, and then I did the same for set the price to zero for a trade and now I found the bid, and now I can make a lot of money actually underbidding the best asker and overbidding the best bid.Anatoly (09:18):So, you're market making.Daffy (09:20):Yeah, so it's funny, I was reminded because you said there's a lot of people who make a lot of money in you not knowing, and I was just minting money. It took me years to accumulate like 1 million gold pieces in RuneScape and then I was able to just 30X it in a month.Anatoly (09:46):Too bad RuneScape is not a crypto currency. Whoever is running RuneScape, you're missing a huge opportunity right now to just go full crypto.Daffy (10:00):There was some talk about some NFT or something on Twitter. Somebody was trying to encourage Jagex, the company, to get involved in crypto, and of course, I tried to signal boost it, but eventually everyone falls in line.Anatoly (10:17):How did you end up with the idea for Mango Markets?Daffy (10:21):So, I have to give credit to dYdX. It was like 2019 and I hadn't really considered that this was possible. I was heads down writing, trading algorithms and trading crypto just kind of holding all of my wealth in bitcoin and I was borderline bitcoin maxi on that, and just seeing dYdX do it in those early days... Now of course, they're way more successful now. Those early days seemed that you could do leverage trading on chain, and they kind of showed it as a proof of concept, which I just kind of started pacing back and forth like, oh my God, this is changing our worldview completely.Ethereum was slow and whatever, so years went by. Actually, maybe just like a year, and then I saw Serum DEX where I felt finally, okay, all the pieces are in play and also I wanted to market make on Serum DEX, but I really need leverage. I don't really need leverage, it just makes market making dramatically more efficient and safer. Leverage is just this tool that people who are involved in the financial plumbing really need, and it wasn't there. I was like, "Okay, this is the time and I have to learn how to code smart contracts," which sounds like a very scary and daunting task, but it was not that bad.Anatoly (11:54):The scary part was that you guys were building on a platform that was really rough around the edges at the time.Daffy (12:02):Well, no one told me that shit was really rough around the edges at the time. That was actually maybe important. You come in and there was nothing to do, this was August of 2020, things were not locked down necessarily here in the United States, but people kind of scattered. No one was hanging out in the major cities, they had kind of went to go live with their families, as did I. I fled San Francisco and went to the rural part of North Carolina. So, there was nothing going on and you just have all the time in the world and bitcoin is doing well, so that's funding you in a way.Bitcoin is this big, or crypto in general, it's all the people who bought it or own some crypto, as long as it's going up, it's kind of funding whatever zany side projects you have in mind. So, this is just a side project. Wouldn't it be cool if I could access this part of the world or this technology? And so, that's why chewing glass... You probably coined that term, I don't know, that's why chewing glass wasn't so hard because that pressure to... You have all the time in the world basically.Anatoly (13:30):Basically, COVID and lockdowns were so boring that chewing glass to learn how to code smart contracts with Solana was like a reprieve from the boredom.Daffy (13:45):And, I've heard you kind of say, okay, a bear market is when everyone is coding. To give the opposite perspective, I feel like a bull market, unlike much more chill, oh yeah, nothing really matters. Crypto is going up, it doesn't matter what I do. The rent is going to be paid for, everything is going to be fine, might as well engage in high variance new ideas, new projects. In a bear market, I'm very I got to grind, I got to squeeze out a couple of more bips out of this trading algorithm because I got to pay rent. So, that's the bullish case on bull markets.Anatoly (14:30):That you can try something crazy. That is the point where people enter this space is in a bull market. It's that they kind of start coming in droves because they're like, "Everything is crazy and I can also be part of the party." But, it's hard as a founder to stay focused because you are in that high variance, high risk taking kind of mindset.Daffy (14:58):There's a trade off of during a bull market there's a lot of things looking for your attention, and a bear market is very calm, or it can be. If you built up a lot of liabilities during the bull market, now you have to stay afloat during the bear market. Maybe it's calm in the external world, but internally it's not calm. You're like, "I got to do X, Y, and Z today every day." There's that natural pressure.Anatoly (15:32):So, you decided to learn coding on smart contracts on Solana. How did you end up going from there into Mango?Daffy (15:39):Initially, it was called Leverum. Not it, there was just an idea and there was a command line tool where you could... The YouTube video might still be out there, and Max was out there somewhere on the internet and he saw it and he thought it was a great idea. And so, he reached out to me and we did some other things like speculative about a prediction market, and then we were like, "Okay, no one is going to build margin trading." A lot of people are saying it, but it doesn't look like if we just wait it's just going to happen in the next couple of weeks or something. It's probably we just have to build it.Not we just have to, but we totally should. This is clearly a very important piece of the Solana ecosystem. So, we started building it. Mango was just we were thinking alliteration is good. Everybody loves mangoes, it's a fruit that I have never heard of anybody who doesn't like mangoes. It's probably the high sugar content and Mango Margin was the idea, but then we got the domain Mango.Markets. It's kind of evolved now. When you're starting off with something, you have kind of a narrow scope. You're like, "I just want to be able to borrow money." And now, there's this Mango DAO and people are talking about NFTs and drones. I'm talking about drones. I don't know if anybody else is, but it's just gone way higher and now I'm like, "I'm a humble servant of the Mango DAO." And, that's totally a normal thing to say.Anatoly (17:27):How big is the DAO?Daffy (17:28):How big is the DAO? That's a good question.Anatoly (17:30):In humansDaffy (17:31):That's like a philosophical question. In human terms, wow, again, even still a philosophical question. So, I think if you go to MNGO token, if you go to the Solana explorer and just type in mango or MNG or something, you can probably... I don't know if they have a list of unique token addresses, so in some sense that's the DAO, but in terms of the number of people who actively post on the forums and make proposals, that's much smaller. I'm guessing there's thousands of people who have votes, but the number of people who make proposals and add meaningful commentary on the forums is maybe 20 people, and it's expanding pretty quickly.I always see new people coming in. There's also not just people, there's the wealth of the DAO and the cultural reach of the DAO, the spiritual significance of the DAO, all of those seem like size if you ask how big is the DAO. You interviewed Balaji Srinivasan, and there's this idea that he had on Twitter that was like a DAO should buy land in Wyoming and send a drone to circle it and this is kind of like a moon landing sort of kind of thing or some kind of significant breakthrough where the DAO is controlling physical objects in the real world. So, this is very exciting to me, but it has nothing to do with margin trading, it's just something exciting that maybe in a bear market, I don't know, I'll push to get this done.Anatoly (19:23):Do you want the control to happen on chain?Daffy (19:25):Yeah, I think that's necessary. Maybe not the total control, but some kind of signal that distance... So, you can kind of think of Congress authorizes a certain thing and then the executive branch does it. If we could make that link be as automated as possible, I think there's something useful there, at the very least something exciting and interesting, kind of like the moon landing where maybe there wasn't anything useful, but it was inspiring for sure.Anatoly (20:02):So, the DAO, if you guys decided you want to do something with leverage and lending, and how you guys launched was really unique. I don't even know if people did this in Ethereum. To me, this is the first time anyone's kind of done this style of launch. Can you talk about the design and how you guys thought of it and what let you make those choices?Daffy (20:25):So, people early to Solana may be familiar with the Mango market caps and how that went, which somewhat argues the first NFT on Solana, and that was done pretty much sort of like how NFTs are typically done where there's a mad rush to grab the caps as soon as possible and the price is swinging wildly and there's a lot of people. Now, I think we put that together as an April Fool's kind of thing, very quickly, and so it was great for what it did, but the experience from that was, okay, there's going to be a lot of angry people. If you do it in this way where the DAO is raising funds, and this is the inception of the DAO, the DAO is raising funds for insurance fund, you probably don't want it to just be distributed to the people who were the fastest to click.And, that was the idea. We probably don't want that. It doesn't seem useful, it seems like a lot of angry people, and a lot of frustrated people. So okay, so you take out the time component, you take out the luck component, and then you're left with you kind of have this sort of auction that lasts 24 hours, but then what if X somebody comes at the last moment and dumps in a huge amount of money and raises the price for everyone? Everyone gets the same price. So, our design was we'll have a withdrawal period or a grace period at the end, the remaining 24 hours where if you kind of don't like the price, you can bail out. It had some flaws and I think we knew about those flaws from the beginning. We were like, "Okay, we just pushed to this game of chicken to a later point where someone can put in a lot of money to scare other people away and then they pull out at the last second. And that did happen, but it's not clear if that was net positive or net negative.Anatoly (22:28):And kind of in summary, there's this 24 hour period where people deposit funds in for a fixed supply of tokens.Daffy (22:36):Correct.Anatoly (22:37):And, then the period is over, and now everybody knows what the total amount in the pot is for the token and there's kind of this price that's created and then if you don't like the price, you can withdraw the entire bid or as much as you want. You can only reduce your bid.Daffy (22:54):Correct.Anatoly (22:54):But, you don't need to withdraw the entire bid, you can just reduce it.Daffy (22:57):Correct, yep.Anatoly (22:58):So, then that pushes the average price down at the same time, so for every dollar you take out, you kind of get a better price per token.Daffy (23:07):And, you see the price ticking up during the first 24 hours as more and more people are putting money in and then the price ticking down over the next 24 hours.Anatoly (23:19):I'm a huge fan of this setup because it creates a lot of... There was news, you guys made the news because it was almost half of all of USDC that was minted on Solana ended up in that smart contract. It was like 45% of it.Daffy (23:43):I remember actually because we saw the USDC on Solana was 700 million the days before and then it had climbed up to like 1.1 billion or I don't know what the number was at the end, and there was 500 million in the contract at the end of the first 24 hours. That was not the intention.Anatoly (24:05):It's like it was minted.Daffy (24:05):And honestly, I think you could appreciate it better from the outside than from my point of view for sure, and of course, I also could appreciate it better from the time distance, but that was not expected. We kind of knew that there would be a lot of money placed in the beginning and then money would go down. That was in all the documentation that we wrote, and that was expected and we had all these dev calls where everyone was always talking about it, and I was like, "Okay, come on. Literally, there isn't that much USDC in Solana." So, it can't be that bad, but of course, I underrated the possibility that someone could just mint a whole bunch of new USDC and bring it in from somewhere else. It made the news and a couple of other projects did the same thing, and I wonder if maybe it's a one time kind of thing. The game only works once. You can't expect to scare people every time or use the tactic every time.Anatoly (25:10):Maybe, I think a lot to be said, but there was no other way to go. Mango took it all, so there was no private round, they were never listed anywhere. This was really the only way to get it, and the anticipation of a project that was awesome, and from every other perspective is... What I always tell founders is that you should always raise the least amount for the highest price. The VCs kind of have more power than you usually because they have more information, they look at many deals, people come to them, they have the money, but it's sometimes the founders have this asymmetry where they're the only ones without equity. They're the only ones without tokens and that moment is if you can get everybody at the same time to compete for that thing, then you've kind of created the symmetry there and you maximize the capital raise for the DAO, for the project, for the community, and therefore that actually is a good thing. You have more resources to build a vision.Daffy (26:16):Although, I'll clarify, I think the DAO is still handing out a lot of tokens, so there's still a lot of ways to acquire Mango tokens, and that was kind of the inception for the insurance fund. The DAO has been paying people out of the insurance fund, and so it's been useful, but there's still more tokens to be had. There is a slight private rounds and I totally understand why people do them, but like I said earlier, if you are in crypto for a while, and this the cool thing about bull markets, I don't actually need money, I just need to pay rent and bitcoin has gone up 50%, so I'm solid.And, no one was paid anything. There was just Mango tokens that were given to people and they were told the DAO values your contribution or this is the inception of the DAO, and everyone worked to build this thing. People worked without even the Mango tokens and sort of the tokens were given after the fact. I think it's a valuable way to build crypto projects actually.Anatoly (27:30):I want more teams to try to totally from genesis this DAO first approach, but it's really tough because you guys had such a principled view on how things should be done and there's a lot of people out there that are offering money for that one thing. How did you guys have the discipline to just go stick with this?Daffy (27:54):We had a lot of discussions about all these things. We talked to VCs and we still do and we like all VCs actually. So, I think Satoshi, I'm not trying to draw a comparison to us to Satoshi or anything, but there is this beauty in that story and I think there's a lot, maybe even the majority of bitcoin's value at least to me... To me, I just love the narrative. I love the story of Satoshi, the pseudonymous founder who is one of the richest people on the planet right now. Obviously, they're in a no VCs. This person wanted to not make a big fuss. It was kind of like this clockmaker prophetic person who just came and then left, built this thing and then left, and that's such an amazing story.There are these long, long payoffs. Maybe they take a while, but they definitely do pay off that if you're not hurting for rent, again, I was in a position, all the other Mango devs were in this position as well where it was a bull market, we're not getting eviction notices or something, we could kind of float the boat for a while. Just consider the longterm payoffs, consider the five year payoffs. Stories are amazing.Anatoly (29:17):The weirdest thing is that every good VC will tell you that you should maximize for the highest return. Don't worry about the middle exit, or don't compromise. Actually, imagine you're taking over the world, what are the steps to get there? And, the risk don't matter. Actually maximize for the high and this is the irony here is that I think this kind of fair launch, most distribution will probably result in overall longterm, better, and higher returns, but the risks that I always find is that humans are hard to organize and at the same time, cryptography is this new tool for organization.It is what allows us to massively scale agreement and complex problems, really, really complicated problems. We can just click a button and vote and agree on that one and you know. You know that the decision was made, but I'm curious, do you see tension between the decentralization, kind of the disorganization of the DAO and getting shit done? I've got to build stuff.Daffy (30:34):No, 100% actually, on a daily basis actually. There was a podcast with the guy on Twitter that goes by Austerity Sucks and this was back in April. We talked about this and he brought up a similar point and he was, "Yeah, this DAO thing, it's all a fine and dandy idea, but do you think this will work?" And I, to be honest with you, am skeptical, however it is always felt to me sort of a high variance idea, kind of like if you were in the 16th century Netherlands or the 17th century Netherlands and you were like, "Okay, we've got to get spices from India. How do we do it?"And, you come up with a joint stock corporation and then the join stock corporation is everywhere and I don't think anyone has really figured out how to do DAOs well or what's the right mix, how do we communicate, how do we coordinate, all those things. I don't think anyone's quite figured it out yet. No one had figured it out like six months ago. I still don't think we have figured it out, but if it works, the payoff is enormous. There is global coordination, there isn't a jurisdiction. I imagine the DAO is controlling drones one day. It could be wild. So, even taking into account all of my skepticism, I was still like, "Okay, we should do the DAO idea." Anyway, not just me, Max is totally on board with this and Tyler and all the other people who kind of built Mango Markets. But on a day to day basis, as of October 2021, now I'm thinking, okay, maybe what we need to do is have small teams that build things and then pitch it in front of the DAO and get compensation. So, the DAO is kind of the government and it subcontracts out to people. Maybe not like direct democracy rules everything and we'll try that out and if that doesn't work, we'll try something else out, but try new stuff out quickly.Anatoly (32:45):That's awesome. This is actually a really good strategy to incentivize product development. Building an MVP, which means you're the PM, and the implementer, the dev, and you go do all the work and here's your management. It's all done, just give me money.Daffy (33:09):And, there's some maintenance tasks, so it's not purely new products, so I'm thinking Mango V4, but also in the meantime, there are all these nodes that need to be paid for.Anatoly (33:24):I think you guys will need to split. We called it KTLO, keeping the lights on work. You for six months, you're on KTLO duty, and you get paid a salary effectively, and you just got to keep the lights on, but then some other folks are like, "Go build something that you can propose to the DAO and the DAO will fund it."Daffy (33:49):I think that's basically what we have coalesced on is that, well, some people should be doing KTLO and other people should be doing new things, building the new product, and it takes kind of the risk out. The DAO doesn't have to pay for whatever stuff that I produce for Mango V4, but we both have some kind of incentive to be honest about it. If it's clearly a huge improvement or even a very substantial improvement, DAO should pay me something because if the DAO doesn't, then you can expect future builders to not go for it. And, we have these discussions on the forums.People make good arguments like this. I think the average IQ in the Mango Markets forums is very high. I think probably higher than most legislative bodies. I'm just going to go out on a limb and just say that. Not ours of course, ours is obviously very high IQ, smart people in our government, but you know.Anatoly (34:55):Do you believe five years there's going to be a 30,000 person DAO. Imagine a tech company, 30,000 engineers, or 30,000 people, they got product managers, teams, layers of bullshit. Is there going to be a DAO that's competing with a big tech company?Daffy (35:16):It's legitimately really hard to figure out how this might look. The reason why I hesitate so much with the question of a 30,000 person DAO is I'm not sure it'll look exactly like a corporation that we can say, okay, these are these 30,000 people. You might never be able to figure out who is part of the DAO and maybe that's one of the benefits of the DAO. If I asked you, how many people are part of Solana, not Solana Labs, but Solana the community? It's a little bit difficult to even answer, lots of people, various levels of involvement, and financial. Some people have a lot of financial stake until you don't, but some people have a lot of financial stake and no involvement at all. It's wild all over the place. Does Bitcoin look like a country or a corporation? I can even point my finger on what it is.Anatoly (36:20):So, even LINE had a battle that had 8,000 people all coordinating over something and I think they have corporations within that game that are maybe probably span up to 1,000 I'd imagine. So, that's people organizing using tech for a common goal without a job, without a structure that you normally have at a company. Linux was built by people organizing online. I think as soon as you have something to lose and in Linux and even LINE you start building up a virtual token, your reputation is a contributor to this thing and becomes a thing that we don't normally think of as valuable in a monetary way, but it's valuable to that person, but I definitely care about my ability to continue contributing to an open source project. So, where tokens I think can get there is if there is something of value being created by the community, some common goal that everyone is working on and that token is in the middle of it and is uniting and organizing it. I think that could scale as large as a corporation.Daffy (37:45):No, I agree with you. I just think it'll always be a little bit hard to figure out how many or who is involved, just by the nature of it. I just think it'll be always a little bit hard to figure out, but will 30,000 people be building on Mango or some DAO? You already know the numbers better, but we might even be approaching that with Solana. So, I'm not part of Solana Labs or affiliated with Solana in any way, but building on Solana, and also I have a financial incentive too, but also I have a reputation incentive and it feel like I'm part of the Solana corps or whatever it is, but I don't know what it is. It doesn't even exist. It's not even a DAO. There isn't even a DAO there.Anatoly (38:39):Oddly enough, I feel the same way about Eth and bitcoin even is that we're competing with them.Daffy (38:50):But, it all feels like we're actually kind of a part of the same team and-Anatoly (38:54):This is the weird part that I think is going to be really interesting how it plays out because I don't think it's obvious to anybody what is crypto. Is it the token? Is it the coin? Is it the network? Is it the cryptography itself?Daffy (39:10):It's not the cryptography itself, so we can strike that one out.Anatoly (39:14):Are you so sure? I think it's honestly the power that a person has to be able to make these very concrete statements that are unbreakable no matter how... That's the math. The math behind it is what allows them to do them.Daffy (39:36):I don't totally know the cryptography itself. I know basic 101 number theory stuff, but I remember going through my first programming class and coming up feeling just very powerful. I'd write stuff down and then it happens. Kind of like a king, actually, more powerful than a king in a lot of ways because I was writing these training algorithms and it was happening around the world in ways that probably a medieval king couldn't imagine and crypto brings that to finance where things of actual value can be moved.Mango Markets exists and you can go there and place a trade right now, but it was just somebody who wrote it. I was involved based on you can see the GitHub contributions, but it was just people who wrote it and that's probably... We can maybe chalk that up to the cryptography.Anatoly (40:43):So, what's next for you guys?Daffy (40:46):There's drones on the horizon. Yes, sometime in the future, but we have to do a lot of the nitty-gritty, roll up your sleeves kind of work. On Solana so far, there isn't... Maybe a lot of projects are struggling with this, indexing all the data and providing it for people in a usable way because there's just so many transactions. It turns out if transaction fees are really low, people just make a lot of transactions and they don't think about it.And so, gathering it up and displaying it in a useful format to people, that's a very immediate term and then slightly medium term is sort of becoming the place where everyone does leverage trading and does borrow and lending, all the crypto natives. And then of course in the longterm, I would say it's somebody like my mom should be able to store her money in Mango Markets and not think twice about it. It's not a good idea right now I wouldn't say, but that's the goal. That involves a lot more social things than just technological things. That's get it to a level where she can do it safely and feel comfortable and manage her keys, or even if she's not managing her keys, have a solution for how the keys might be managed, that she's not falling for scams, and that's I would say my longterm goal.Anatoly (42:09):That's awesome, man. On that note, man, really awesome to have you on the podcast. Great conversation. I'm always excited about what you guys are doing and how the community is building this ecosystem of its own, so really amazing. It's serendipity that you guys started going on Solana, just really lucky to have folks like you in the ecosystem.Daffy (42:35):Thanks a lot. It means a lot. This was really fun.

UpOnly with Cobie & Ledger
Debate: The morality of decentralization in crypto, with Udi and David

UpOnly with Cobie & Ledger

Play Episode Listen Later Nov 23, 2021 82:49


In this episode of UpOnly, Ledger hosts a charity debate between Udi Wertheimer and David Hoffman about decentralization and moral prerequisites in blockchain design. CMS Holdings very kindly donated $300,000 to the development of Bitcoin to sponsor this debate. https://twitter.com/cmsholdingsPresented by FTX: https://uponly.tv/ftx Udi & David:https://twitter.com/udiWertheimerhttps://twitter.com/TrustlessState

Coin Bureau
Coinbase vs. FTX: BEST Crypto Exchange Showdown! (Ep 266)

Coin Bureau

Play Episode Listen Later Nov 22, 2021 25:02


In this episode, I compare FTX and Coinbase Pro. First, I take a look at the security of both exchanges and the countries each of them supports. Next, I compare their funding methods, deposit fees, and trading fees. I go over their trading platforms and their customer support. Lastly, I tell you about some other features the exchanges have and tell you which of the two I think is best. If you have more questions about crypto, you can find the answers on my YouTube channel (https://www.youtube.com/channel/UCqK_GSMbpiV8spgD3ZGloSw)!Disclaimer: The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this podcast is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry
The FTX Podcast #89 - Michelle Bailhe a Partner at Sequoia

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry

Play Episode Listen Later Nov 20, 2021 48:55


Welcome to episode 89 of the FTX podcast with special guest Michelle Bailhe and your host Tristan Yver!Michelle is a partner at Sequoia Capital. Michelle was previously employed at Google; focusing on technology development alongside designers, engineers and filmmakers to bring products to fruition as fast as possible. Transitioning to investment scouting - Michelle now works alongside founders, focused on team growth across the gaming, fintech and software sectors.

Growth Everywhere Daily Business Lessons
How FTX Does Marketing ($25B Valuation!) + How They Can Improve

Growth Everywhere Daily Business Lessons

Play Episode Listen Later Nov 19, 2021 8:31


Today I talk about how crypto exchange FTX (valued at $25B) does marketing to generate acquisitions.  TIME-STAMPED SHOW NOTES: [00:00] - Intro [00:26] - What is FTX? [01:09] - Collect emails and provide value [02:47] - Build a good affiliate program [03:19] - Optimize web pages for search spiders [05:55] - Coinbase is the gold standard for crypto marketing [07:49] - Outro   Programs: ✌️Free Masterclass On How To Create Your Dream Business https://levelingup.com/masterclass

Limited Resources
Limited Resources 624 - VOW Format Overview and Sealed Deck

Limited Resources

Play Episode Listen Later Nov 19, 2021 81:13


This week on Limited Resources Marshall and Luis give you the Crimson Vow format overview as well as a section on Sealed Deck for anyone looking to play in Vegas or online! The guys have a lot to say about the format as a whole, it's... different than the last few. Yeah. Different.  MTG Vegas Info: https://strategy.channelfireball.com/all-strategy/home/channelfireball-announces-50000-mtg-las-vegas-weekend/ LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

UpOnly with Cobie & Ledger
Paradigm founders Fred Ehrsam and Matt Huang

UpOnly with Cobie & Ledger

Play Episode Listen Later Nov 18, 2021 93:33


LinksMatt TwitterFred TwitterWebShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesHow'd You Meet?– Coinbase pitched Sequoia– Fred pitched the basis of the metaverse on the blockchain when Matt was at Sequoia– Then Matt and Fred emailed back and forth, then the rest is history– This was 2017Metaverse– Fred: “People don't yet realize that crypto is the metaverse”– It's not just some VR world– Cobie: “How do you think this plays out over the next 15 to 20 years?”– Matt: “To state the obvious people are spending more time in these digital worlds. As people spend more time there they are also spending money”– Blockchain can enable property rights in the metaverseNext Levels of Crypto– Crypto will not be fully decentralized at every level that is the wrong way to think about it– Think gaming companies might be able to make the jump to crypto– Social media probably not– Matt: “all monarchies are dictatorships” (quoting someone else)– Network effects based businesses have a chicken and an egg problem– Overcoming is hard– Crypto presents the first real solve to potentially getting new network effectsPlay-to-earn– Play to earn has been around for a very long time– It's just been under the table– Play to earn games present it in a transparent way with an open economy– People see work as purpose – this could fall into line with play to earn games– Cobie was skeptical, but what made it click for him was thinking about old Halo gameplay when he spent ages trying to earn a special helmet– Cobie bullish on interoperable assets for p2e gaming– Fred: “I played WoW for thousands of hours and all i cared about was how my character looked”– To the parents who always say you're wasting your time playing video games – the founder of Paradigm did the same thing!– You can have multiple identities in the metaverseParadigm Now– In 2017 all the big internet companies had already be built– Crypto felt like the next frontier– Tried to make Paradigm a place where brilliant, curious people would want to spend their time– Didn't care about roles just wanted the best talent– Talented young people are the people that actually create the future – 20yrs ago it was Goldman etc., 10 years ago it was Google etc., today it is crypto– FOLLOW THE TALENTED YOUNG PEOPLE– The quality of crypto investors has gone up– Crypto will be a powerful movement that takes over the worldHow to Keep Talent?– Help the most ambitious people keep building– Getting to work on multiple projects at once is very attractive– How many anons on Paradigm?– At least Samczsun and Hasu, another joining soonDeFi– Matt: “I think we're super early. If we're building a financial system from the ground up there is still so much left to build”– Cobie: “What takes us from 100Bs to multi-trillions?”– Matt: “I think it just takes time”– This is the progression of new tech– Institutions will like a middle man at first to help use– Ledger: “It reminds me of when elevators came out and there was an attendant just cause it made people feel safer”– Laughing thinking about Ledger being 190 years old and around when elevators came outSmartest Person Bearish Crypto?– Struggle to think of an example of someone who is very well informed and still bearish– Only people who are worried about regulation– Ledger: “What about Charlie Munger?”– Matt: “I mean he also missed the internet”– DUNK!New Paradigm $2.5B Fund– “We are looking at the growth over the next 10 years”– Trying to orient vision out there instead of shorter term– Cobie: “It makes it easier if you think in 10 years – if you're thinking 10 years from now you might be seed investing in the main L1 today lol”– Fred: “We're finally getting to a place where people can build and create mainstream applications with crypto”– Matt: “We are wired as humans to underestimate what exponential growth looks like”Future of Web3– Top level framing – there's an iPhone bundling moment that's happening with crypto– Fred: “The same way the iPhone put all mp3s, email, a telephone, etc into one thing, crypto is bundling all of your internet identity into your wallet”– Ledger: “Can we do this and maintain any type of financial or personal privacy?”– Fred: “Zero-Knowledge Proofs.”– Privacy will be really importantQuickfire QsPunks – overvalued vs. undervalued?– Fred: “So we don't give out investment advice”Biggest mistake/ worst investment?– Prediction marketsHow to work for Paradigm?– Always interested in thoughtful/ energetic people– “Send us something cool you made on the internet”FINAL ALPHA– Matt: “It's easy in life to sweat the small stuff. Zoom out and find the 1 or 2 things that really matter (for life, investing, etc). If you get those right everything else works out”– Fred: “All the people that do things that really matter think through things for themselves. They think from first principles and think what makes sense for them”Notes by KevinMusic by GiovanniPickle

Blockchain Insider by 11:FS
149. News: Crypto is accelerating its growth

Blockchain Insider by 11:FS

Play Episode Listen Later Nov 17, 2021 46:16


Simon Taylor and Cuy Sheffield are back this week to talk about the latest and greatest news in blockchain and Crypto. Tune in now to find out more about: $9.5 billion spent using Chinese central bank's digital currency 1:55 Chipper Cash gets $2B valuation with $150M extension round led by FTX 15:05 Goldman Sachs Taps Digital Asset to Build Open Platform for Tokenized Assets 24:10 A DAO is trying to buy a rare print of the US Constitution 34:25 EA says NFTs are part of the future of games industry 41:13 And much more! Simon and Cuy are joined by a fantastic guest: Charles Cascarilla, CEO and Co-Founder of Paxos The Tweet of the Week comes from David Hoffman, @TrustlessState (https://twitter.com/TrustlessState/status/1458610798192852992). Why not send us your best tweets? See if you can get a shout out on the show! This episode is sponsored by Visa. This episode is brought to you by Visa, one of the world's leaders in digital payments. Crypto has opened up a new world of possibility. And Visa is helping everyone take part. Visa enables commerce across their network and crypto networks through solutions like Fintech Fast Track, a quick and easy way for crypto innovators to issue payment credentials. Join us in this new money movement. Learn more at visa.com/crypto (https://partner.visa.com/homepage.html?utm_source=partner&utm_medium=affiliate&utm_content=sponsored-podcast_english_60min0sec&utm_campaign=us_fintech_q3-fy21-11fs-fintechinsider&utm_creative=awareness_11fs-fintech-insider). If you enjoyed the show, don't forget to subscribe and leave a review! Want to join the conversation on all the topics discussed? Tweet the show at: www.twitter.com/bchaininsider Special Guest: Charles Cascarilla.

Thinking Crypto Interviews & News
HUGE CRYPTO REGULATION NEWS! - Ripple XRP, SEC, Congress Crypto Taxes, India Crypto ETF & NYDIG

Thinking Crypto Interviews & News

Play Episode Listen Later Nov 17, 2021 26:29


In US Crypto regulation news today we had Ripple (XRP) releasing a framework titled 'A Real Approach to Cryptocurrency Regulation'. 10 congress members send a letter to Nancy Pelosi stating that the current crypto taxes stifle crypto innovation. SEC Gary Gensler has not released his public calendar in months. Invesco is giving Indian investors exposure to blockchain technology companies, such as Coinbase and MicroStrategy, through a new pooled fund that invests in several sub-funds. NYDIG and NBA Houston Rockets partner to grow the Bitcoin network through access, educational programs, and community support initiatives. FTX exchange inks deal with MLB Star Shohei Ohtani. Brave browser now has a built-in crypto wallet.

UpOnly with Cobie & Ledger
Looks Rare Episode 1: Art Blocks CTO & artist Jake Rockland (Purphat)

UpOnly with Cobie & Ledger

Play Episode Listen Later Nov 10, 2021 59:17


This is the first episode of the Looks Rare miniseries, hosted by Fitch and Deeze. Today, they interview Art Blocks CTO Jack Rockland (known as Purphat) about his journey into NFTs, Art Blocks, tech, and more.  Presented by FTX: https://uponly.tv/ftxDeeze: https://twitter.com/DeezeFiFitch: https://twitter.com/FitchinversePurphat: https://twitter.com/purphatArtblocks: https://www.artblocks.io/user/0xd6dd6961d3224958fcd306b76a991ab974ec1ebc

Limited Resources
Limited Resources 623 - Crimson Vow Set Review: Rare and Mythic Rare

Limited Resources

Play Episode Listen Later Nov 10, 2021 146:42


This week on Limited Resources Marshall and Luis do the Crimson Vow Set Review: Rare and Mythic Rare! Hoo boy are there some bombs in this set, is this the first set in a long time that we will categorize as a Prince set rather than Pauper?  Timestamps by Color: Blue: 00:06:21 Black: 00:32:16 Red: 00:56:55 Green: 01:20:58 White: 01:40:21 Gold and Artifacts and Lands: 01:57:31 MTG Vegas Info: https://strategy.channelfireball.com/all-strategy/home/channelfireball-announces-50000-mtg-las-vegas-weekend/ LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

Growth Everywhere Daily Business Lessons
Crypto Marketing 101: How Coinbase, BlockFi, FTX & More Do It Right

Growth Everywhere Daily Business Lessons

Play Episode Listen Later Nov 9, 2021 6:43


Today, I talk about how Coinbase, BlockFi, FTX, and other big crypto brands do marketing and what you can learn from them. TIME-STAMPED SHOW NOTES: [00:00] - Intro [00:17] - Coinbase is the gold standard of crypto marketing [02:36] - BlockFi uses airport ad space [03:36] - FTX capitalizes on the NFL [05:24] - Go where the attention is [06:00] - Outro Programs: ✌️Free Masterclass On How To Create Your Dream Business https://levelingup.com/masterclass

Fintech Insider Podcast by 11:FS
578. News: Challenger bank champion Nubank plans NYSE IPO

Fintech Insider Podcast by 11:FS

Play Episode Listen Later Nov 8, 2021 64:57


Our expert hosts, Ross Gallagher and Gwera Kiwana, are joined by some great guests to talk about the most notable fintech, financial services and banking news from the past week. This week's guests include: Eric Johansson, Tech Editor, Verdict Douglas Mackenzie, Chief Content Officer, Fintech Finance Gustavo Brigatto, Founder and Editor-in-Chief, Startups With soundclips from: Hasan Luongo, VP of Global Marketing, Chipper Cash Oli Cook, CEO & Co-Founder, Ekko We cover the following stories from the fintech and financial services space: Brazil's Nubank targets over $50 billion valuation in U.S. IPO - 6:30 Chipper Cash gets $2B valuation with $150M extension round led by FTX (sound clip from Hasan Luongo, VP of Global Marketing, Chipper Cash) - 18:30 Eco-conscious debit card Ekko launches on first day of COP26 (sound clip from Oli Cook, CEO & Co-Founder, Ekko) - 32:23 Klarna sets collision course with Amazon in reported $1bn Pricerunner deal - 45:05 ING to wind down Payvision - 54:14 New UK fintech Cleva launches money management platform for carers - 56:00 Greenlight Creates a Platform for the 45% Of Parents Who Are Not Confident Investing - 57:28 Quentin Tarantino to offer seven uncut scenes from ‘Pulp Fiction' as NFTs - 58:38 This episode is sponsored by Temenos. Temenos is the world leader in banking software, serving over 3,000 financial institutions. SCALE 2021 is Temenos' dedicated, virtual developer event, including: insights from industry leaders on current technology trends and how they impact banking; customer presentations; product demonstrations and road-map sessions and opportunities to speak with Temenos experts. Whether you're a developer, consultant or business user, discover the latest technology opportunities and how this can help you deliver bigger, better, faster. Register to attend here. (https://tem.mn/3jYLZlm) This episode is sponsored by LetsDeel. There's a better way to hire internationally, and it starts with Deel. Everything from contract creation, record keeping, payments, and full-time employment is all in one place for teams all over the world. Companies anywhere can hire compliantly everywhere thanks to Deel. It's payroll and compliance built for today's worldwide workforce. To learn more, visit letsdeel/11fs (https://www.letsdeel.com/11fs), and redeem an exclusive offer of 3 months free when you hire a contractor and 20% for your first year when you hire an employee. This episode is sponsored by Blueshift Customers expect more from their digital experience and their personal finance is no exception. Blueshift empowers fintech and financial institutions to create secure customer profiles and intentional, relevant experiences for customers. Whether in app, on site, in branch, or anywhere else, Blueshift's SmartHub CDP helps brands like Lending Tree and ClearScore turn data into personalized experiences that increase retention, satisfaction, and revenue. Learn more about the Blueshift at blueshift.com/11fs. Fintech Insider by 11:FS is a podcast dedicated to all things fintech, banking, technology and financial services. Hosted by a rotation of 11:FS experts including David Brear, Simon Taylor, Jason Bates and Sarah Kocianski and joined by a range of brilliant guests, we cover the latest global news, bring you interviews from industry experts or take a deep dive into subject matters such as APIs, AI or digital banking. If you enjoyed this episode, don't forget to subscribe and please leave a review Follow us on Twitter: www.twitter.com/fintechinsiders where you can ask the hosts questions, alternatively email podcasts@11fs.com! Special Guests: Douglas Mackenzie, Eric Johansson, and Gustavo Brigatto.

Limited Resources
Limited Resources 622 - Crimson Vow Set Review: Commons and Uncommons

Limited Resources

Play Episode Listen Later Nov 6, 2021 226:01


This week on Limited Resources Marshall and Luis do the Crimson Vow Set Review! Will vampires reign supreme? Maybe werewolves will make a comeback? The guys go through every single common and uncommon in the set to get you prepped for the release!  Timestamps by Color:  Gold: 00:6:44 Blue: 00:29:09 Black: 01:21:32 Red: 02:01:09 Green: 02:32:00 White: 03:05:25 Artifacts and Lands: 03:31:59 MTG Vegas Info: https://strategy.channelfireball.com/all-strategy/home/channelfireball-announces-50000-mtg-las-vegas-weekend/ LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

Middle Tech
Friday Update • 11/5/21

Middle Tech

Play Episode Listen Later Nov 5, 2021 18:33


Nate, Evan, and Logan cover UK basketball players partnering with crypto exchange FTX and Zillow shutting down their ibuying business. Honorable mention headlines: Squid Game crypto crashes from over $2800 to less than $.01 Facebook shuts down facial recognition software, will delete facial scan data of over 1 billion users Microsoft is launching metaverse features Rivian to IPO next week (the traditional way) at a roughly $60B valuation Amazon is planning to launch a satellite internet program Watch Middle Tech's Friday Updates LIVE at 8:30am EST on Instagram every week! @MiddleTechPod

Limited Resources
Limited Resources 621 - Innistrad Midnight Hunt Sunset Show

Limited Resources

Play Episode Listen Later Nov 4, 2021 75:07


This week on Limited Resources Marshall and Luis do the sunset show for Innistrad Midnight Hunt! The werewolf set that ended up being the zombie set put us to the test both in the draft and game play portions of each event. Tons of controversial cards littered the early phases of this set, and you'll get to hear about all of them on this episode of LR!  MTG Vegas Info: https://strategy.channelfireball.com/all-strategy/home/channelfireball-announces-50000-mtg-las-vegas-weekend/ LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

No Sharding - The Solana Podcast
Tommy & Taylor Johnson - Co-Founders, PsyOptions Ep #51

No Sharding - The Solana Podcast

Play Episode Listen Later Nov 2, 2021 41:28


Anatoly (00:09):Hey folks, this is Anatoly and you're listening to The Solana Podcast. And today I have with me Tommy and Taylor, co-founders of the PsyOptions protocol. Awesome to have you guys.Tommy (00:18):Thanks for having us.Taylor (00:19):Thanks for having us.Anatoly (00:21):Cool. So what's the origin story? How did you guys get into crypto and what made you build PsyOptions?Tommy (00:27):Crypto, it goes back to... I remember watching the Ethereum ICO, just being a broke college student, but felt we were too broke to actually throw anything into and that's a big regret, but that shaped up how we got into Solana later on. Really dove deep into everything back in 2017, right before the summer hype. And then in the summer hype, tried developing a little bit on Ethereum, doing some solidity development in the spare time, but I never jumped full time into it until PsyOptions. Taylor has a little bit of a different history with crypto.Taylor (01:03):Yeah. I've actually been full-time in crypto since late 2017, after Tommy and I shut down a previous business we started in school. We were looking for different things to do and I knew crypto had a lot of hype in 2017. I was like, "All right, this is definitely an industry I could see myself being a part of." I eventually took a job at Blockfolio and then as well as doing some freelance solidity development and then been full-time ever since.Anatoly (01:27):How did you guys meet? What was the genesis for you guys to go build PsyOptions?Tommy (01:32):Well, Taylor and I are twins, so we met a long, long time ago. We've always been hacking on ideas and stuff. And I guess, Taylor had his eye on Solana from 2018, right Taylor?Taylor (01:47):Yeah, pretty early on. I remember Multicoin writing about it. I was like, "Oh, this is actually a really sweet architecture, solves a lot of problems that we saw in Ethereum." And kept following before Mainnet beta was launched.Tommy (01:59):Yeah. And so we had been tinkering around, created a GitHub organization last summer, like the same one we're using now and just started reading the documentation. And then had a few projects we tried in the fall that never really took off. And then in October we were surfing with Tristan from FTX and he was just talking about Serum and everything that they were working on. So we knew what was in the pipeline and had that in the back of our mind. We did the first hackathon, did in place, built a trusted third party Oracle. And then after that had an issue with TradFi, trying to get API access to automate a options trading strategy, and that was what kicked it off. We were for fresh off that first hackathon, wanted a fresh idea, had our feet wet in Solana. And it was like, "Taylor, what if we just built options into the blockchain? We can get this API access built in. We have the order book already there, there's some basic infrastructure." And that was the genesis.Anatoly (02:59):That's awesome. Limited access to data was one of the reasons I started building this thing. Because I used to try to build stupid deep learning models on interactive brokers and you never have access to data. It's always even the quality is really suspects. It's like, "Do I really know that this is where things got executed? Or did they just copy and paste stuff from a database with a bunch of errors?"Tommy (03:26):Yep.Taylor (03:26):That's terrible. Yeah. If you want good data quality, you have to pay up for it. That's why Bloomberg Terminal is what 20, 25K a month. And if you're just the hobbyist or just trying stuff out, it's just not feasible to pay that much.Anatoly (03:41):Yeah. This is to me I think part of the beauty of the space right now, is that you can build up a lot of what finance is with just a bunch of hobbyist. It's like Linux. Linux in the '90s, you're competing with Microsoft, billions of dollars of engineers buildings stuff, but it's just a bunch of people over the weekend can compete. It's crazy.Tommy (04:03):Yeah. It's wild.Taylor (04:04):I think that's one of the best parts, all that coordination.Anatoly (04:07):So what are the challenges? You guys are one of the earliest I would say teams working on Solana. What have you guys seen, or what were the real painful points? What got better? What still sucks?Tommy (04:18):Oh man. All right. This first Solana season hackathon, the one that we won, we wrote everything in Solana native. I remember pinging [Armani 00:04:29] back in February saying, "Hey, I hear you're working on some framework, can I poke around? And checking out the repository." But it wasn't anywhere near complete or, I didn't dive in enough to use it for the hackathon. So now I rewrote the entire American option protocol in Anchor and it took me very little time to actually write that. So the development life cycle and just ease of getting up to speed, has improved ridiculously.Taylor (05:07):Yeah. And documentation has improved too.Anatoly (05:07):That's awesome. What is Anchor doing for you guys that Native, Rust isn't?Taylor (05:13):It's helped simplify our integration tests. So that's one thing that we try to do when we first started was, we wrote our own integration testing framework in Rust. I guess I wouldn't even call it a framework, it was pretty rough. But Anchor takes care of that. You're just writing your test in JavaScript, it's pretty easy to get up and running. And then also handling a lot of different edge cases that you wouldn't have to think about, checking account addresses and other things just to bring safety in. And it removes a lot of those headaches that, if you're just getting started and trying to hack something together, you're not really going to be thinking about.Tommy (05:48):Yeah. I think the account, de-serializing accounts, token accounts and things like that. You just have your accounts structure, passing that into the context and it de-serializes all that. The amount of little issues we had just because oh, we mis-ordered one thing in the array when we were refactoring, the accounts array, and it's like, "What the hell is going on?" And then you're trying to debug and add messages and stuff, because you're just like, "Oh man. And what is..." And then it all turns out to be a typo or you fat fingered moving one line up or, and it was... So the account structure and dealing with that is just incredibly easy. You don't have to de-serialize anything yourself.Well, anything that has a token, SPL token program or even some of the DEX infrastructure. And it makes cross program invocations a lot easier. I've been working with some teams for this hackathon, and wrote a bunch of cross program invocation examples for these teams to get up and running with PsyOptions pretty quickly. And it was just seamless for them to use our data structures and serialize it, de-serialize, because as long as we're all using the same framework, it works.Anatoly (06:56):Yeah. This was is my decision, so you can blame me, but I really didn't want to build a shitty framework. And until people started building on Solana, it was really hard to know, what do they need? I think it would've been worse if we built a bunch of code that nobody could build with, because it would've been incomplete. I'm going to say, it takes a lot of discipline to do that, versus laziness.Tommy (07:22):It makes sense to offload it on to the actual DAP developers. It's a different beast when you're programming the underlying system versus the actual just Solana runtime program. So it makes a lot of sense how Anchor came out and who really is leading it.Anatoly (07:40):Can you guys tell me what worked really well? Or what features or anything for any other Devs that when they're coming into building on Solana, what stuff actually feels like a superpower?Taylor (07:52):Well, one thing that's improved a ton is the SPL token program and how you manage the token accounts and whatnot. That's definitely something that a lot of the new developers on Solana don't have to deal with. But back then we were building into our UI the ability to have multiple accounts for the same SPL token and it was super frustrating and whatnot. So using those associated token accounts and other kind of, I guess you could call them rapper programs or things like that, that just improve the UX significantly. Understanding those and why they're there is pretty important when someone's getting started.Tommy (08:30):I think taking it a step further too, how does the associated token program work? And what's really under the hood is the program derived address. I put together some documentation for people starting to onboard to PsyOptions or related protocols. And I'm like, you need to read up all these Twitter threads, these documentations on PDAs, because there's just so many things you can do with a PDA that's very unique. You can get a mapping just to accounts, you can create a unique constraint. So for PsyOptions, there should never be... Right now, there's no reason to have more than one of the same option and the fungibility of those options are based on the expiration date, the strike price, the asset pair. And so we just have a PDA that is seated with those parameters and it creates this unique constraint.Anatoly (09:24):Oh, that's cool. So you encode the constraints as, basically hash it into the address.Tommy (09:30):Exactly.Taylor (09:30):Exactly.Anatoly (09:31):And the taker then has to satisfy those constraints to be able to take that trade.Tommy (09:36):No, not on the trade level, just on the general structure for creating the option. It's like, okay, if you want to spin up a BTC 70,000, USDC strike for the October 29th expiration, just that structure that creates that... because that's structure is the core structure of PsyOptions, the Psy American program. And that's what then controls the option TokenMint and writer TokenMint and how you dull out those option tokens. And so it's just there can never be more than one of those specific to those constraints. So it's separated from the trading concerns.Anatoly (10:14):Got it.Taylor (10:15):Yeah. I think you thinking of your stateless escrow. I thought that was a pretty cool proof of concept.Anatoly (10:21):Yeah. I wasn't sure that you guys already built... I think this idea has been around in crypto for a while, so I wouldn't be surprised if you guys use it too. But I like that idea that, because you don't want to generate infinite number of these markets, if everybody enters the same data, then it's going to spit out the same BTC month increment whatever, like May 2021 option or whatever you want.Tommy (10:47):Yeah. And we've seen it too. It's really useful to have these deterministic ways to look up an account address. So it's like, "Look, I can just check if this option market already exists by using these parameters, the PsyOptions market exists." And we also ran into some issues that we had to hack together, on the client side, because Serum doesn't have these kinds of constraints. And an adversary could come in and spin up multiple Serum markets for the same asset pair. And then when you're pulling that data from the chain on the client, it's like, "Well, which one is your UI using? Which one are these automated traders using? All that kind of stuff. How do you sync them up?"And so that was a pain point, and we had to whip together a package. But now with Serum's permission markets and some other stuff, we can now use PDAs to say, "This is deterministically how the UI is going to determine the market. Here's how everyone else should do it. These are the seeds." And then it keeps everyone in line in a more decentralized way, rather than having to have some NPM package with metadata and it's painful to maintain.Anatoly (11:54):Got it. That's cool. What actually runs the market? Is it a Serum Q, a Serum V2 or V3 Q?Tommy (12:03):Serum V3 right now, for the Americans. Yeah.Anatoly (12:05):Awesome. Man, that's super cool. How was that integration? Is that blood, sweat and tears still, or are the tooling itself around Serum getting better?Taylor (12:15):It's getting better.Tommy (12:16):Blood, sweat and tears.Taylor (12:17):Yeah, but it was definitely blood, sweat and tears. I think that's what took us the longest part in the original hackathon that we won, was doing the Serum integration. And we weren't even doing any cross program invocations to Serum at that point, it was literally just client site integration. And that was really difficult. No documentation, got to read through the source code. I think we even found some bugs in their type script package and had to patch it ourselves. So yeah, definitely blood, sweat, and tears there.Tommy (12:48):There's still room for improvement. I'm like drop in list every time as hackathon participants start asking, or users are complaining about settling funds. I'm just at a constant stream of, "Hey, we should document this and add a flow chart for that." Because all the customer surface is offloaded to the people using the Serum stuff, so we get that inflow of feedback from users and other developers building on top.Anatoly (13:12):Yeah. People don't realize how strapped every team is.Tommy (13:16):I agree.Anatoly (13:17):It's literally like three, four engineers at best to, no customer service, no nothing, just pure software, open source software. It's not like when you look at a market cap of something, you think there's a equivalent to market cap S&P 500 company with 30,000 engineers just all cranking away. Thank God it's not, honestly.Tommy (13:41):Yeah.Taylor (13:42):Yeah. It's got its ups and downs. At least you can move fast, it's not a bureaucratic process. But at the same time, customer support definitely dwindles and I think 70% of people are probably testing in production. So the end users are just going to have to deal with that and understand that's just the way things are done in crypto right now.Anatoly (14:03):I guess, how close are you guys to launch and what are the next blockers?Tommy (14:07):So we actually are on Mainnet trading with BTC and ETH markets right now. We have been live since the end of August, just with BTC and ETH for the September strike. Then we upgraded to a V2 of our American protocol with Serum permission markets, so we can eventually close those markets. And so that gives us the ability to open a bunch more. And so we're live with those, we're working with a couple other partners to get some SOL markets up pretty soon. So we'll probably announce that here.Anatoly (14:40):Awesome. What have you guys seen in terms of adoption, and how are people using it and has anyone surprised you with what they're doing?Tommy (14:49):It's tough right now from the retail side using our user interface. I think what the biggest thing that I'm excited... There's been a lot of great feedback. Options are not an easy instrument to use, managing your own positions is tough. And so we've gotten a lot of great feedback from the community and it's shaping what some of these projects that are work thing on during this hackathon. I think that's what's most interesting and surprising is these teams that are building on top and they're not user interfaces. These are protocols that are going to be managing certain strategies and rolling positions for users, and so you can have this more passive product. It's like a ribbon finance to the basic ones, where it's just selling covered calls and secured puts or things that.But there's a lot of plans, I don't want to leak their Alpha. But a lot of plans for additional products where it's more just, set it and forget it. And it has certain properties detailed out to hedge for various things, give you certain direction on volatility. And it'll make these... all these products, some more user friendly for retail, but also big institutions that are looking to hedge existing exposure.Anatoly (16:00):That sounds like you guys are building more of info level for options.Tommy (16:04):Yep.Anatoly (16:05):That's awesome.Taylor (16:06):Yeah. We chalk up the V1 American that we built as just a primitive, and as decentralize as possible. It doesn't rely on Oracles, it doesn't need pricing information. So the only dependency is the Solana runtime and SPL token program, I guess now Serum with the permission markets. But the original one had only SPL token as dependency.Tommy (16:29):Yeah. So there's capital inefficiency with the American style, because you can exercise at any time up until the expiration. So we're about to hopefully announce pretty soon, we have a European that we've architected and we're going to break ground on that and we'll crank it out pretty quickly. That will have a little bit more dependencies, but it'll be more capital efficient because it'll be auto exercised and we'll have a margining system built into it. And the American will continue on because we're going to build, I like to call it Carta for DeFi, but just a place where people... We whipped out a vesting contract the other week. And we'll be able to show people their tokens that are vesting, their options that are vesting, the ones that have currently vested and the options all in their portfolio and whether they should exercise them or not. It'd be less like trading based and more of just an interface for managing your portfolio of vesting stuff and options, so.Anatoly (17:33):That's awesome. How many engineers do you guys have?Tommy (17:38):We actually just hired another front-end guy today. So we're two full-time front-ends, and we hired another protocol developer, so we're two full-time protocol developers. Then we have a community guy and a marketing guy, and then couple of part-time and open source contributors.Anatoly (17:52):That's so small, I mean that's awesome. I feel this is the biggest thing in crypto, is how fast small teams can ship really sophisticated products.Tommy (18:04):Yeah. I think, as I've learned, the hardest thing nowadays or right now is, it's not the programming, it's the architecting the system to fit the runtime and developing the instruction set. And once you wrap your head around how that whole system works and you have your instruction set, writing the actual code is not that hard. If you actually take the time to just think and focus, and you have to have the knowledge and experience to understand that, it's pretty easy to start architecting a bunch of stuff and delegating and managing a little bit more.Taylor (18:35):The thing I will say on that though is that, the runtime changes here and there, but the changes aren't that drastic. But when you're using dependencies like Serum, Pyth, whatnot, those change a ton. And so you're seeing a ton of changes on Serum, so one week you might have architected something for Serum B3, sounds great. All of a sudden Serum updates to some new thing and that might change the optimal architecture for it. So you have to be nimble in order to just go with the flow as different protocols update, and as new versions come out and new architectures are viable.Anatoly (19:14):It's weird to think of immutable code still having dependencies. But something with Serum, you're so dependent on liquidity in those markets that if they move to V4, you have to update because you can't point to a empty market.Tommy (19:29):Yeah. We bring a lot the liquidity ourselves. Well, these are brand new markets that we spin up. It's not as much of a pain point, it's more just announcing and coordinating. But it's more of the European protocol and architecture, it depends on a lot of the stuff like... it doesn't depend heavily on the SPL token, contracts aren't represented as SPLs. And so it depends on this new architecture that they just announced, that Bonfida has been working on. So it's just interesting, you have to keep up to speed with what exists in the ecosystem, so you can constantly be like, "Is there an improvement? Can we squeeze something out of this is?"Anatoly (20:03):Is the European option, are you also planning for it to be Oracle free, or no Oracle?Tommy (20:08):No. We'll rely on an Oracle just for the exercise. We're wrapping up the architecture and probably just, we're going to develop this one totally open source from the scratch. I just put up the boiler plate repository and its open source. We're going to open source, or at least make public the architecture, so everyone can read and comment on it while we're just cranking it out in the next week and a half. So there's a Oracle dependency just on one instruction, just to actually lock in the index price, that would be for the expiration. But we don't see it being too risky of a dependency, considering it's not an instruction that has a lot going on so we can do a lot of checks. We could pull two different Oracles and reduce the potential pitfalls there.Anatoly (20:53):Yeah. This is a hard problem too. When an option is exercise it's still going to hit the Serum market to actually exercise the price?Tommy (21:03):No. So on the base layer, the European, it's just going to... essentially the architecture is locking in the price, and then users basically have to settle up the positions and collateral themselves.Anatoly (21:14):Got it.Tommy (21:14):The best way to describe this one is Deribit on chain. It's really just like P&L, not the full underlying.Anatoly (21:22):Okay. So you can actually settle in any collateral. You could have an option on SOL, but settle in wrapped ETH or whatever?Tommy (21:29):Well this one, it's actually going to be... well, it's going to settle in the currency that it's trading. So BTC, it's going to have this siloed market and account that holds all the BTC and manages the entire portfolio, margining for someone's BTC options. And so it has it's own realm of just, this is the BTC world. And everything settles in BTC, everything's traded in BTC and premiums are even in BTC, but then it just uses the USD index price to actually settle up on the strike. And then SOL would have its own world, with its own portfolio margins system. So they're not cross margined between all those at the moment.Anatoly (22:10):Got it. Is cross margining something you guys are also thinking about?Tommy (22:15):Yeah. It's one of those things where we want to just crank this out and ship fast, because it's improved from the existing architecture, for when it comes to a trading perspective. And then we'll discuss a more improved cross margining system.Anatoly (22:27):Do you think that there's a gap still in this idea that I think, what's popular on DeFi Ethereum is liquidity mining, and I just want to put my tokens and get yield? And is there a gap between that and options trading and central limit order books?Taylor (22:46):I think there's a knowledge gap. The closer you are to dealing with the primitives, the more knowledge you need to have, the more hands on you have to be in managing your positions and whatnot. So I think that reduces the addressable market or the end users that are willing to participate. And so that's why you have people building programs and tooling on up to manage the position, so it can be more passive. Because I think that's one of the biggest things that drove a ton of people to DeFi, is the passive yield, all the token incentive programs and whatnot. So I do think that there's a bit of a gap, but it's slowly being closed. And the more passive it can be, the more non crypto people or even crypto native people, but the less financially sophisticated you could say will come in and utilize DeFi.Anatoly (23:39):So you guys imagine that... or there's probably somebody already building this, where I have my token, I'm an LP, which is under the actual thing behind that position is a covered call or some other fancy strategy, iron condors or whatever, right?Tommy (23:58):Yeah. So there's a couple teams from the hackathon building that right now, actually.Anatoly (24:03):That's awesome.Tommy (24:04):That's what I'm really excited about. Because that's what we've seen is, there's decent order flow, I haven't looked at the volumes because we're just very focused on product. We know what the low hanging fruit is, so we're not focusing on the vanity metrics at the moment and not really talking about the TVL and whatnot. But it'll just increase order flow because these people can just get passive yield from covered call products, or they can hedge certain positions just by depositing tokens. And it's all going to be managing these underlying options and straddles and things like that.Anatoly (24:38):How long does it take to go from, let's say I wanted to build an iron condor or something that as a strategy, can I do that? Do you guys have examples already, reference implementations for things like that?Tommy (24:53):Are you talking as a protocol or as just a user, using the... like a client?Anatoly (24:58):As a, here's my DAP, I'll take tokens from LPs and then automatically generate the position on PsyOptions.Tommy (25:07):The hard part actually isn't to the generating the initial positions, the hard part is handling how they want to roll, if you're trying to do it over time, where they just can keep that open. So the generating the positions is super easy, placing the orders. We have examples, CPI examples in the repository for minting options, exercising, placing an order, opening a Serums open orders account, all that kind of stuff. Just been cranking out examples as people ask for them. And then, it's onto those teams to handle that really tough part of, how should we roll? There's certain concerns in there for manipulation. There's certain concerns for front running, there's certain concerns for eating through the order book and having to build your own TWAP into it and stuff like that, so.Anatoly (25:59):Yeah. Man, you guys are taking on some really tough challenges, that's cool. This is something that I wanted to get good at, trading. Trading options and deep learning into these things, but I got it to work.Taylor (26:15):Yeah. It's a full time job. That's why we try to focus on the primitive and lower layers and try to get that right. So then other teams can focus, if they're much more financially savvy or have of better trading backgrounds, can handle that. It's a full-time job to be a trader, to come up with those models, to build those positions and roll them, it takes a long time. And you constantly have to be updating them too.Anatoly (26:44):How long did you guys trade options before?Taylor (26:47):Not much. We're just retail traders. I interned at an investment bank once a while back, but to the extent of my full-time finance career, that was about it. And then we would trade options here and there, but nothing serious. And then, when we wanted to automate that option trading strategy, that would've been probably the first automated system we would've built. I don't think we built an automated option trading strategy before that.Tommy (27:15):Yeah. I would say we relate best with the retail, speculative, YOLO option users, rather than very sophisticated options traders. But it's been nice building this and winning that hackathon and getting some attention, because then those people show up. And we have some really smart TradFi people who have been around crypto, some really smart TradFi people who have never been around crypto, contributing to the thought leadership of where we should go, what's needed to get to certain structured products and things like that. And that's been super helpful because we've been early in Solana and have the engineering capabilities and knowledge to work with them of a translating their vision into a Solana architecture. And so we've just been helping as many teams as possible that have that background and can bring that knowledge. And then, that's why we're just like, "Look, we'll help you as much as we can because you're going to help us answer some of these questions that we don't know." So it's been good to fill out the team and the surrounding circles with that.Anatoly (28:23):Do you think that DeFi is something that... I always think of it as growing faster than TradFi versus replacing it. Do you think these products are good enough to compete with traditional finance, or are we just going to see more stuff being built on open finance because it's easier? I don't have to go talk to a CME to launch an option for my in-game bullets for my shooter game or something like that.Tommy (28:52):I think it will be just the fact that it's open and anyone can do it. Looking at the architecture here and designing an ideal architecture for the most capital efficiency system, it's just not really... You could do it in CeFi so much easier than you can do it in DeFi. I don't even know if it's truly possible. We're still just on the back burner trying to figure out how you could portfolio margin everything. I think a lot of teams that we've talked to are all thinking about that in the back burners. It's like, how do we margin against everything? So I think it's definitely moving faster. I think they will rival CeFi, a lot of these products, but I think they're still going to be both working hand-in-hand.Taylor (29:42):Yeah. I think both have their ups and downs. The speed that DeFi innovates because of the open source nature and things can be represented and it's all digitally native, it just makes the pace of innovation faster, also makes what you can build much faster. Like CeFi you're beholden to, not that you're not beholden to regulation in DeFi, but CeFi there's a lot more red tape. You got to jump through hoops in order to be able to launch a market or... You can't just launch your own equities exchange, it's takes tons of money and resources and whatnot. So it stifles innovation in that respect. So I think even if DeFi can't become as capital efficient as CeFi, you're still going to have more innovative products, more flexibility in what you can do with your assets, that at the end of the day, you might not need that capital efficient, high, super fast, low latency systems to do what you want to do with your assets. So I think there's a place for both. And I think DeFi is just going to continue to innovate and outpace growth in terms of TradFi.Anatoly (31:00):Well, our goal is to get that latency to be as low as physics allow, and then we're competitive.Tommy (31:10):That's why we're here.Taylor (31:10):Let's do it, man.Anatoly (31:11):Won't rest until we're building neutrino emitter detector. I just think with gaming especially, the first massive multiplayer games instantly within six months had a market for the digital items there. As soon as you get something like Star Atlas or equivalent, like World of Warcraft that's decentralized with all these assets on chain, I think the idea of options as a service, people are just going to, "Well, I got whatever... I got more gold that people want to use because this game is hot right now." People are going to definitely spin up those markets, it's just going to happen.Tommy (31:48):100%. We've been talking about game... we're gamers ourselves, and I haven't played a game since I really dove into Solana development 11, 12 months ago. But I'm hoping to get back to it once Star Atlas and Aurory and all those other... Kaiju cards, everyone starts actually launching the game play, I'll jump back to gaming. But we've been thinking about it a lot and what could be done with this American primitive, and that got us into talking to other teams and other games, just to see what's out there. And then I actually got connected with Metaplex and built out a contract that they just announced that's focused on gaming. And it all stemmed from trying to think about, these games, everyone's so early and not really thinking about how these game assets are going to plug and play into DeFi protocols and things like that. And there's still just so much work and research that needs to be done, and some infrastructure needs to be built for it all to work perfectly together.Taylor (32:42):Yeah. I think the interoperability for gaming is still... there's still going to be some rough edges there, because it's harder to build standards across games. But I think you'll have a few games come out and maybe they'll have transferability between games and whatnot, but it's going to take some time and some trial and error before we get to this on chain metaverse where you can transfer assets between different game worlds and whatnot. But I do think that is going to be one of the ultimate killer applications on blockchain.Anatoly (33:19):What are you guys excited about out of this hackathon?Tommy (33:22):Oh, for me, it's really just the stuff we've mentioned with the structured products, passive yield products, all that kind of stuff, being built on top of PysOptions. I'm very heads down on product and everything at the moment. So aside from the people that are ping me, asking me for help, I don't really know what else is being built.Anatoly (33:42):Yeah, likewise. I see NFTs being launched and then I'm deep in the trenches and optimizations. I guess that's good. It means that there's more stuff to do than you have time, so you started actually going heads down and working.Tommy (34:00):But there's a lot. The roadmap with just these teams alone, is ridiculous. We have so many products that we want to whip out on top, and hoping to launch the first few in the next week or two. And then the framework's there, it'll be a little bit easier.Taylor (34:14):Well, it's just fun to see people building on software that you've built. I'm sure you and the rest of the Solana team get excited as new projects come out and new people innovate. And I think that's one of the more fun things to do, is just sit and watch what people come up with because you can't come up with every idea yourself, so might as well open source stuff and have community run with it.Anatoly (34:33):For sure. What should we be looking out for? Do you guys have any announcements you want to leak?Tommy (34:40):Oh man. SOL options coming soon. Passive yield products that will make it extremely easy for people to get volatility exposure or generate yield. And this is yield that's not going to go away. A lot of these pools are based on rewards, and API is based on rewards and things that will dry up and aren't sustainable. But the volatility is a little bit more sustainable in a sense. Sure volatility will decrease over time, but.Anatoly (35:09):So these are like covered call strategies, basically?Tommy (35:12):The first few are the most simple covered call and secured put strategies. But then there's going to be a few other vaults coming out once these are launched, then it'll be focus on a few other vaults that have different strategies. Eventually, we started talking to some other teams like Symmetry, because we want to get a good crypto index, because then if we get liquid index options, we can create a nice volatility index for certain baskets. So that's all on the horizon. And so, you need that rolling and rebalancing and infrastructure, and that's what we've been working on the past few weeks, or other teams have been working on. And then it's formulas for just managing array of positions.Anatoly (35:57):What is your development process like? How do you guys go to build test and ship?Taylor (36:03):In terms of roadmap and how we determine what to work on, it's pretty ad hoc, things change up weekly, biweekly. But we try to run in two week sprints, at least just pick like, "Okay, what... base on user feedback, check GitHub for issues." Obviously anything that's blocking usage is number one priority. And then it's, "All right. What do we want to see built? What do our partner teams need, and how can we get them going?" I don't know Tommy, you have anything to add to that?Tommy (36:35):Yeah. Protocol development too. I'd sit and focus and start drafting up a full architecture doc with the instruction sets and potential functions that are needed, black box some stuff, just to make it a little bit easier and then put a to-do to dive in later. And then you have this whole instruction set and a general outline and framework, and you know it fits into the Solana runtime because you've made sure that the constraints are handled. And then I'll dive into running a test driven development process with Anchor, just doing full integration test. You end up writing a lot more test code, but I just find that the confidence level is so much higher. You can refactor and upgrade versions and you're just so of confident in your code when you have all those tests, so. And then, it cuts down the time from DevNet testing, where everyone just puts up a contract and then just relies on interacting it to test it. Especially when you're building a primitive, you want to have all those cases handled.Anatoly (37:36):In your use case specifically with options, what bug are the most worrisome? Is it overflow or actual logic and economic?Tommy (37:45):Probably logic and economics. The American protocol, overflow is not an issue, not really. We do all the check map of course, but it's not an issue. Maybe if we get some weird [Altcoins 00:37:58] eventually trading, then we'll have some weird issues. But I'd really just say logic, economic attacks, things like that, when we get into the capital efficient Europeans that has the margining system built into the base layer, and liquidation built in the base layer. And just always thinking about account management. You have that limitation of number of accounts you can pass in, and how to architect around that.Anatoly (38:19):So if Solana could change one thing, what would it be? Or anything, and things-Taylor (38:24):Two things.Anatoly (38:29):... two things. Finite numberTaylor (38:29):Fixed account length. If we could make it-Tommy (38:32):Oh, sure yeah.Taylor (38:33):... dynamic sized, I think that would be great.Anatoly (38:36):The length of the data.Taylor (38:37):Yeah.Anatoly (38:37):Okay.Taylor (38:38):The account data.Anatoly (38:39):That's actually... I don't know if you guys saw, but believe-re growing reallocation from the program itself or the account that it owns, I think it might be live already in 1.8.Tommy (38:49):Yeah. I saw ...Taylor (38:51):I think I saw the PR for that.Anatoly (38:52):Okay.Taylor (38:53):But that's one thing that... Sorry, but when people jump over from ETH to Solana, that's probably the biggest gotcha, that we're like, "Oh crap. I can't readjust or create a larger array, more mapping data, whatever." So that's one thing. And then also the number of accounts you can pass to an instruction [crosstalk 00:39:14].Anatoly (39:13):In a transaction. Yeah.Taylor (39:15):... open up more. Yeah.Tommy (39:17):And I think 1.8 handles a lot of these headaches, but you still, when you're trying to think, for the long term, just the limitations in general. I'm assuming they're always going to be there, the number of accounts you can pass in, can't be-Anatoly (39:32):109, the goal is to double the transaction size basically. So the number of bytes that a transaction can maximum size. That means you can double the user data or encode more, put more accounts in there. So there's always a limit because of the real time nature of the system. You're not submitting an arbitrary large transaction that then the block producer decides, "Okay, I'm going to pick this one." You're really like, "How do I write to the block right now?" And making sure that doesn't slow everything down, is a challenge. But really cool, man, you guys are shipping like crazy. It's awesome. It blows my mind that you guys were hackathon team that is now... there's teams in the hackathon building on top of PsyOptions.Tommy (40:23):I love it.Anatoly (40:24):Yeah.Tommy (40:24):I've been doing office hours, every Tuesday and Thursday, just letting people come in and ask questions because it's just nice to see people building on top. And we're going to do whatever we can to help them out and keep them there.Anatoly (40:36):That's super cool. Man, really good to catch up with you. Thank you for coming on the podcast. Is there anything you want to add for the listeners in the final bit?Tommy (40:46):Yeah. I would say, check out PsyOptions to trade your BTC and ETH right now, SOL coming soon. And then we'll be announcing an under collateralized European protocol pretty shortly, going to try and crank that out as quickly as possible.Taylor (41:00):Yeah. And get in touch. There's no shortage of projects that we can dream of and I'm sure others are too, but happy to help any team out that we can.Tommy (41:08):Yeah. And if you're a protocol too, looking to do option liquidity mining with American PsyOptions, reward contributors with options, or use the PsyOptions vesting contract, we're trying to get that. The vesting contract's a unique one, where you can delay your vest. The recipient has the option to delay their vest if the issuer grants it. So that way they can keep pumping the vesting and the potential taxable event. Not an accountant, so don't take that tax advice. Not financial advice.Anatoly (41:39):Not accounting advice, not financial advice. That's awesome.Tommy (41:42):Yeah.Taylor (41:42):No advice.Anatoly (41:44):That's super cool. Well, thank you guys.Tommy (41:46):Thank you.Taylor (41:47):Thanks for having us

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry
The FTX Podcast #87 - Ryan Salame CEO of FTX Bahamas

The FTX Podcast - Builders and Innovators in the Cryptocurrency Industry

Play Episode Listen Later Nov 1, 2021 34:21


Welcome to episode 87 of the FTX Podcast with special guest Ryan Salame, CEO of FTX Bahamas, and host Tristan Yver.FTX Digital Markets is establishing a substantial presence in The Bahamas as FTX continues to expand its global presence. Ryan Salame, former Head of OTC at Alameda Research has been appointed as the CEO of FTX Digital Markets and will be responsible for leading their local initiatives.

Off the Chain
#707 Launching a $200M Fund Backed By FTX w/ Matthew Graham

Off the Chain

Play Episode Listen Later Oct 31, 2021 43:23


Matthew Graham is the CEO of Sino Global Capital, where he has almost a decade of investment banking experience in mainland China and has been investing in crypto for a few years.  In this conversation, we discuss FTX fund, his current portfolio, China, India, and where Matthew sees the big opportunities today.  ======================= MiamiCoin is the first token to be released by CityCoins, a community-driven project built on Bitcoin. CityCoins aims to give people around the world a new way to support their favourite cities. The protocol has already generated over $7 million dollars in donations to the city of Miami and continues to grow every day. If you want to get involved Follow @minecitycoins on Twitter to stay up to date with the project. Visit chat.CityCoins.co to join the community discord and contribute to the movement. ======================= Compass Mining is the world's first online marketplace for bitcoin mining hardware and hosting. Compass was founded with the goal of making it easy for everyone to mine bitcoin. Visit compassmining.io to start mining bitcoin today! ======================= Ethernity.io: The world's first authenticated and licensed NFT platform, trusted by over 150,000 members. Digital NFTs and exclusive real-world unlockables, authentic partnerships with athletes and artists. Visit Ethernity.io, where you can buy and sell authenticated NFTs from top notable figures, rights, license, and IP holders you can't find anywhere else; the start of an entire ecosystem bringing utility to #NFTs.

Limited Resources
Limited Resources 620 - Q&A with TBS

Limited Resources

Play Episode Listen Later Oct 30, 2021 81:34


This week on Limited Resources Marshall is joined by The Ben Seck once again! This time he's here to answer listener questions in the popular LR Q&A Format! TBS brings his perspective as a gaming executive and long time Magic semi-pro to the table and you won't want to miss it!  TBS on Twitter: https://twitter.com/tbsdash MTG Vegas Info: https://strategy.channelfireball.com/all-strategy/home/channelfireball-announces-50000-mtg-las-vegas-weekend/ Casual Magic episode with Shivam Bhatt and Marshall as a guest:  https://casualmagic.libsyn.com/casual-magic-episode-92-marshall-sutcliffe-and-content-creation LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

The 401k Owner's Manual with George Huss
Is it Live or is it Memorex

The 401k Owner's Manual with George Huss

Play Episode Listen Later Oct 26, 2021 5:31


Tune in for some Interesting Crypto news; an update on the Six Major Asset Classes as well as the continued shift in the Energy Sector over the last two weeks !

Thinking Crypto Interviews & News
HUGE MASTERCARD CRYPTO NEWS - BlockFi & Neuberger Berman - $47B Teacher's Credit Union Buys Bitcoin

Thinking Crypto Interviews & News

Play Episode Listen Later Oct 26, 2021 22:55


Today's crypto news - Credit card company Mastercard has announced it is preparing to integrate cryptocurrencies into its loyalty program offerings for United States-based banks, merchants and fintech firms on its payment network via a partnership with Bakkt. Bitcoin could become "reserve currency of the world." says US Senator Rand Paul. The Korea Teacher's Credit Union, which manages $47 billion, is investing in Bitcoin, as per local reports. Crypto VC firm Sino Global Capital launches $200 million fund with backing from FTX. BlockFi partners with Neuberger Berman, which manages $437 billion in assets, to offer crypto asset management products. Millions of email addresses associated with the crypto market data website CoinMarketCap (CMC) have reportedly been compromised.

Limited Resources
Limited Resources 619 - Ryan Spain on Big Data in Limited, and Ways to Actually Improve Your Game

Limited Resources

Play Episode Listen Later Oct 23, 2021 119:34


This week on Limited Resources Marshall is joined by OG LR co-host Ryan Spain to talk about how Limited players approach improving at the game over time. At first we knew basically nothing, but now we have access to huge sets of data. How has this changed the landscape of Limited? Does this actually make people better at the game? Is it more fun? Find out in this episode of LR! Ryan on Twitter: https://twitter.com/ryanspain Ryan's Going Optimal Stream: https://www.twitch.tv/goingoptimal Ryan's TCG Player Store: tinyurl.com/GOSeller Ryan's Jury Duty Saga: https://www.youtube.com/watch?v=2yF3E17QgKo Going Optimal's Discord: https://discord.gg/q73D88d  LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind. Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

The Bitboy Crypto Podcast
Greatest Chainlink News Of All Time

The Bitboy Crypto Podcast

Play Episode Listen Later Oct 22, 2021 45:44


Around the Blockchain is your favorite Cryptocurrency show discussing Bitcoin, Ethereum, Cardano, and the top altcoins. Our four crypto experts include CryptoJebb, Altcoin Daily, Johnny Crypto, and Ben Armstrong. Tune in for their insightful crypto analysis! Today we are discussing HUGE Chainlink news. Will massive crypto adoption follow? Andrew Yang is trying to start a new crypto-centric political party. Will it get your vote? Finally, FTX is in the news, wait until you see their new valuation!

Constructed Resources
Constructed Resources #61 - Lone Ranger Q&A

Constructed Resources

Play Episode Listen Later Oct 22, 2021 34:00


Your usual hosts BK and BK go over your questions from the CR Discord in this weeks more intimate show!DiscordJoin the CR Discord!Sponsor LinksFTX.us (for US-based listeners)FTX.comSocial MediaAndrew Baeckstrom - @abaeckst

Daily Crypto Report
"Bored Ape #8585 sets records. Worldcoin Orb makes waves." October 22, 2021

Daily Crypto Report

Play Episode Listen Later Oct 22, 2021 3:33


Today's blockchain and cryptocurrency news Brought to you by ungrocery.com Bitcoin is down slightly at $63,316 Ethereum is down slightly at $4,118 and Binance Coin is down slightly at $491 Moon river up 22% OKB up 18% Thorchain up 18% Greenidge Generation Holdings to acquire South Carolina location, considers Texas plots. FTX raises $420,690,000 in their series B-1. Bored Ape #8585 (a crowned, mutated ape with trippy fur) sells for a record 696.969ETH ($2.7M) Worldcoin makes waves with its Orb rollout.

Thinking Crypto Interviews & News
BIG XRP Adoption & Ripple Lawsuit - Walmart Bitcoin ATM - Pension Buys BTC & Ethereum - Chainlink AP News

Thinking Crypto Interviews & News

Play Episode Listen Later Oct 22, 2021 23:19


Big Ripple XRP news today as Ripple expands cross-border payments using XRP with Tranglo in Asia, Al Ansari Exchange in Middle East. In the SEC Ripple lawsuit the Judge pushes back the discovery deadline. A pension fund for firefighters in Houston has made a purchase in bitcoin and ethereum facilitated by bitcoin investment firm NYDIG. Former House Speaker Gingrich: Central banks will hold Bitcoin as "reserve against inflation". Walmart, the world's largest company by revenue, is letting customers buy bitcoin at dozens of its U.S. stores via Coinstar machines. FTX exchange raises $420 Million. The Associated Press AP is launching an official Chainlink node.

Hochman and Crowder
10-21-2021 - Hoch and Crowder Hour 4

Hochman and Crowder

Play Episode Listen Later Oct 21, 2021 19:02


Hour four: Hoch and Crowder prepare for opening night at FTX arena.  See omnystudio.com/listener for privacy information.

The Dan Le Batard Show with Stugotz
Postgame Show: Let The Joke Shit

The Dan Le Batard Show with Stugotz

Play Episode Listen Later Oct 21, 2021 8:32


Mike is fired up about the Miami Heat's new hype video. 41-0 at the FTX. Learn more about your ad choices. Visit megaphone.fm/adchoices

Edge of NFT Podcast
Saro McKenna From Alien Worlds On The Journey From Oxford BA/MA To Interplanetary DAOs, Plus: Mekaverse's 60Mil NFT Sale, NFT Chess Trophy, And More...

Edge of NFT Podcast

Play Episode Listen Later Oct 20, 2021 60:20


Alien Worlds is the world's largest NFT game to date, with roughly as many users engaged in this decentralized NFT metaverse as the country of Bhutan has people. Learn how this came to be as Jeff Kelly, Ethan Janney, and Josh Krieger speak with Sarojini McKenna, who is one of the founders of Alien Worlds and the CEO of Dacoco. Tune in as Saro takes us through her journey in cryptocurrency, her introduction to NFTs, and the exciting new directions that Alien Worlds is taking. Plus, on today's hot topics: massive sales numbers in MekaVerse's NFT launch, why FTX's upcoming marketplace is avoiding NFTs that offer royalties, and a chess grandmaster that received first NFT trophy in the sport's history.

The Money Movement
The Money Movement is Expanding

The Money Movement

Play Episode Listen Later Oct 20, 2021 6:26


Last year, in the height of the pandemic, we decided to launch The Money Movement. Nearly forty episodes and thousands of views/downloads later, we've covered an incredible range of topics with guests like Larry Summers, Balaji Srinivasan and others from top crypto organizations like Dapper Labs, Aave and FTX. And now… we're expanding. Expanding in two different ways… First, we are being joined by two, new co hosts: Dante Disparte, Chief Strategy Officer and Head of Global Policy here at Circle and Ryan Feit, CEO of SeedInvest, a Circle company. And second, we're going to be sharing a weekly newsletter to further delve into the world of crypto, startups and how to build things in the new internet based financial system. In this short episode, Jeremy reflects on what The Money Movement has achieved so far and what will be changing going forward.   Subscribe here:

Invest Like the Best
Sam Bankman-Fried - Creating a Perfect Market - [Invest Like the Best, EP. 247]

Invest Like the Best

Play Episode Listen Later Oct 19, 2021 74:56


My guest today is Sam Bankman-Fried, founder and CEO of leading cryptocurrency exchange, FTX. In a little over two years, FTX has registered 1.2 million users, grown to facilitate $10.9 billion of daily trading volume, and reached an $18 billion valuation. Prior to FTX, Sam worked at Jane Street Capital before founding a quant trading firm of his own, Alameda Research. At just 29, Sam has packed a lot into a short period of time, and as I'm sure you'll hear, he has a special ability to harness uncertainty and think deeply across a range of topics.   In our discussion, we cover the building blocks of a perfect market, the key areas of inefficiency in today's exchanges, and Sam's north stars of product design and effective altruism. We also talk about fairness in crypto markets, how FTX thinks about user acquisition, and derivatives as key enablers of properly functioning markets.   Please enjoy my great conversation with Sam Bankman-Fried.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   ------   This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you'd want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.   ------   This episode is brought to you by Hall Capital Partners. Hall Capital is always looking for exceptional investment talent at any stage and size, so if you are raising capital or looking for a career change in the San Francisco or New York areas, you should check them out at hallcapital.com or e-mail at invest@hallcapital.com.  ------   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:57] - [First question] - What motivates him and what the true north of his vision is [00:07:12] - Evaluating the impact of well-functioning markets and philanthropic spending [00:11:55] - The key functions and building blocks of a perfect market [00:14:59] - Who pays $50 million to access fiat market order books [00:21:49] - What is valuable about having access to order book data [00:25:41] - Assessing and understanding the state of fairness in crypto markets today [00:31:51] - Can crypto only move as fast as the fiat system keeps up [00:32:43] - The advantages and disadvantages of stablecoins and USDT [00:34:46] - How much fiat inflow there is into crypto markets and exchanges today  [00:37:36] - What it is about cryptocurrency exchanges that are so appealing to him  [00:42:21] - Building in a dynamic world and deciding the sequence of problems to solve [00:45:12] - Whether or not the US is on the wrong side of crypto and countries competing for healthy regulatory environments in this emerging asset class [00:47:25] - Thoughts on centralization and what being decentralized unlocks [00:50:22] - Why derivatives are such a key function of properly functioning markets [00:52:38] - The competitive landscape between derivatives and exchanges [00:54:35] - Spending marketing dollars and paid acquisitions for FTX [00:57:30] - The growing trend of user-generated content becoming user-generated assets  [01:02:24] - How many layer one blockchains we'll need and the competition for dominance [01:05:18] - Thoughts on Bitcoin as the pioneer of the space and how relevant it still is [01:06:26] - Possibly reaching a state where everything happens on-chain [01:08:23] - What he means when he says he has more RAM than hard drive space [01:09:39] - Amassing wealth insanely fast and whether or not it affects him [01:10:26] - Important things to consider in this rapidly growing space [01:12:02] - A decision he made while respecting the power laws that govern us [01:13:10] - The kindest thing anyone has ever done for him

Constructed Resources
Constructed Resources #60 - Business as Usual

Constructed Resources

Play Episode Listen Later Oct 16, 2021 98:49


Your usual hosts Marshall and BK go over what happened last weekend at Worlds as well as much more! DiscordJoin the CR Discord!Sponsor LinksFTX.us (for US-based listeners)FTX.comSocial MediaAndrew Baeckstrom - @abaeckstMarshall Sutcliffe - @Marshall_LR

The Bitboy Crypto Podcast
Top 2 Hidden Gems!

The Bitboy Crypto Podcast

Play Episode Listen Later Oct 15, 2021 11:20


What a week! NFTs are still the hottest thing in crypto right now. That's why we are dropping TWO episodes a week. The NFT space is showing no signs of slowing down! Stay tuned for a brand new NFT project primed to PUMP! Lil NAS X NFT was pulled… why? FTX launches a SOL NFT marketplace. This will be huge for the space! The Cyber Hornets are primed to break out given their utility and their insane artwork! The origin of Cyber Hornets comes from a famous tweet from Bitcoin's finest… Michael Saylor. "#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy." Look for this project to make a name for itself in the NFT market place as it's already gearing up for a great run. Ether Towers is a hot new drop hitting the market. Different utilities for this project helps separate itself from the rest. Ethereum Towers is a simple array of towers, apartments and floors that are community-owned, and decisions are influenced as a collective. Majority of their “apartments” are currently FREE to mint. The roadmap looks to reward holders in a way that most projects don't. This is a project poised to pop.

Limited Resources
Limited Resources 618 - Data Re-Analysis with Sierkovitz and Welcome Santiago!

Limited Resources

Play Episode Listen Later Oct 15, 2021 84:25


Luis is on leave after the birth of his second child, Santiago! Congrats Luis and Gaby! In the meantime, Marshall enlists Sierkovitz from 17lands.com on as guest co-host to talk about Limited data in forms both big and small! Sierkovitz on Twitter: https://twitter.com/Sierkovitz Sierkovitz on Twitch: https://www.twitch.tv/sierkovitz 17Lands.com LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind.  Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

UpOnly with Cobie & Ledger
Ari Paul of Blocktower on maximilism, decentralization, and investing

UpOnly with Cobie & Ledger

Play Episode Listen Later Oct 14, 2021 127:49


LinksTwitterShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesIntroduction– Ari bought first Bitcoin in 2014– Really dove into crypto 2016– Friend emailed him in 2011 asking to check out crypto, Ari said it won't retain value, not backed by guns like fiat– Ari: “For crypto you kinda gotta know a little bit about a lot of things”– Got involved with crypto through crypto twitter– Cunningham's Law – “The fastest way to get an answer on the internet is not to ask a question, but to state something wrong”Ari's Headspace– Long term mostly thinking about the future of crypto– BlockTower bets on where the world will be in 1-3 years, not 10-20 years– Fascinated by the big picture– Huge believer in giving people defensive tools for overbearing statesVC Stuff– BlockTower is a trading firm by nature, so they invest in projects that they can actually be power users in– Ari: “Evaluating seed stage teams is its own skillsets, very different from evaluating something like Microsoft”– Cobie skeptical of a16z's success in crypto, followed like 4 deals they did and got crushed– A lot of the time, timing is much more important than vetting skill– Ari: “If you were trading NFTs 2 years ago, it almost doesn't matter if you were good it just matters that you were doing it”Privacy– Ari: “There's a whole tech stack for privacy that's missing”– Countries can control the internet very easily– People think the internet is super hard to control – there is literally a bundle of wires that delivers the internet to an entire country– Ari: “zk-rollup chains where you can shield the mempool… there is some super cool math we're building into the system now that could change everything”– You could fork Ethereum and add it as a rollup chain to Bitcoin– Ledger: “Is there really a market for that?”– Ari: “It seems likely in the next 2 years that we'll get a soft fork to implement this”– Ari: “There are bitcoiners who are pitching this as humanitarian technology but against adding privacy technology that exists…borderline unethical”Making ETH Maxis Mad– Ethereum is a risky startup competing on tech– The odds it is a market leader in 10 years is under 20%– Facebook didn't need a single Friendster user or dev– If you have an industry that's going to 20x, you don't need to take existing users– Ari: “Solana has something like more than 10,000 active developers now”– Ethereum does not have much of a moat, it has a little bit of brand recognition, a little bit of regulatory head start, some dev moat, but largely the moat is very small– Ethereum cannot move as fast, cannot take as much risk. It's hard to maintain its lead– Cobie: “Do you think Ethereum should have a canary network, kind of like Kusama?”– Ari: “(pause) I actually haven't thought about that”– Seems to be a real, good ideaSolana– Ari has been recommending Solana for the last 2 years– Well intentioned team, real project, very cool innovation at the communication layer– *Ari still has a long Solana position to be clear*– It's quite centralized, depends on the team to stay up, has a real path to decentralization– It's a highly speculative early stage betBNB– Exchange coins are basically sold as equities– There are tons of regulatory actions which could likely be negative for $BNB– Would not hold the coinCardano– Ari: “Cardano I actually know very little about”– The only thing he really believed would stick around for 5 years was Bitcoin, DeFi and NFTs– Ari: “I worry that in 5-10 years the winning metaverse will be Facebook or Fortnite, some centralized entity, which scares me because I want a decentralized world”– Ledger: “so Cardano” lol– Ari: “I am deeply skeptical of Cardano”– Ledger: “Dump it”2017 Bull Market– Ari bought $50k calls in 2017– Did it to maintain upside exposure while not keeping material risk on– Went onto CNBC to talk about it, they mid-curved his thinking– Ari: “Options are a bet on volatility, not the direction, because you can always hedge the direction with the underlying”– Ari: “If you can't define skew and kurtosis then you probably shouldn't be trading options”Crypto Investing– Ari: “If you're investing with a lot of small bets in alts, it almost acts as a call option”– Ari thinks vol is about fair today– Basically every time Bitcoin vol gets below 60, Ari buys it– Ari: “The crazier the bull market the crazier the retrace”– Ari: “My basic thesis now is DeFi 5-10x's here and then retraces 80-90%”– Ari: “The biggest value add from crypto over the next 12-18 months is connecting DeFi to real world lending”FINAL ALPHA– Ari: “It doesn't matter how much money you make, if you don't keep yourself healthy you won't enjoy it”– Focus on your health!Notes by KevinMusic by GiovanniPickle

UpOnly with Cobie & Ledger
Tokenomics and Ecosystem Growth with Tom Schmidt of Dragonfly

UpOnly with Cobie & Ledger

Play Episode Listen Later Oct 12, 2021 128:14


LinksTwitterWebShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesTom Intro ⁃ Partner at Dragonfly Capital (@dragonfly_cap) ⁃ Owner of elusive Gauntlet x Nike hoodie ⁃ Formerly product at 0x and PM at InstagramDragonfly Capital & Tokenomics ⁃ East/West focus. Crypto is very different from Web2 in that you can't really launch locally, you're global from day 1. Dragonfly help bridge the East/West gap for teams and products ⁃ 2019 was harder to do deals remotely, people would meet snd pitch in person. Not really a thing anymore – your reputation precedes you online ⁃ Day to day work is 25% team calls, 25% portfolio support, 20% research and staying on top of what's going on in the space ⁃ Cobie: How much of your previous product experience has helped in your VC Role? Tom: It was a bit of learning curve from IG to 0x. A lot translates over but the token aspect changes how you think about product, it can be the growth mechanic, the same product but with different tokenomics can have a huge difference in outcome ⁃ Cobie: Even having a token as a defence mechanism is a requirement now ⁃ Tom: Prefer the method of building a great and sticky product then adding the token on top of that otherwise you run into leaky bucket theory once the incentives run out ⁃ Dislikes revenue to token holders early on, ideally it should be used to make the product better and grow but treasuries have gotten so big that teams probably don't know how to spend itAirdrops & Sybil Attacks ⁃ Divergence Ventures farmed 10% of RBN airdrop ⁃ Returned following being found out and the following drama ⁃ Tom farmed it personally long before the airdrop email, continued to farm after that point and so has since voluntarily returned all farmed RBN from his account ⁃ An individual exploiting via sybil isn't as bad as an investor that then also dumps day one ⁃ Teams are experimenting with different ways to achieve fair distribution but there's still a lot to work out, it's a really interesting design space ⁃ Need to hold people to a high standard to self-regulate in the industryTrends in the next 6-18months? ⁃ Product structure ⁃ Derivative products ⁃ DAOs & DAO toolingEthereum Scaling ⁃ ZK-rollup maximalist ⁃ For some applications and purposes even the rollup won't be cheap enough and so maybe there will be room for other chains ⁃ You can also rollup a rollup e.g. Mina. Cobie: “Inception was a warning, don't go too many rollup's deep or you'll get stuck there forever” ⁃ Heterogeneous blockchain future but unsure what path it will take ⁃ Cobie: Should L2s have tokens? Tom: Decentralising the L2 could rely on having a token and also it's a case of trying to protect against forking or a competitor ⁃ There will be a fee for L2s but unsure who will pay it, token holders, users, maybe the L1? ⁃ Solana has been surprising with the amount of developer activity happening there ⁃ Cobie: When chains are EVM compatible you get a lot of copy-paste projects to grab money over and over. Potentially means that the teams are less sticky, opportunity over legitimate drive. Solana is more novel, the product designs maybe aren't all novel but there's a lot of work there being done to make things sticky. Those ecosystems that do that are much more likely to perform in the next cycleWhy won't my 0x go up? (– Ledger) ⁃ It's structured as a gas rebate which doesn't really scale proportionately to the size of a trade ⁃ Reworking a token is a sensitive topic ⁃ 0x we're extremely early on a lot of things like governanceBitcoin Projects? ⁃ Lightning network seems like a real path forward for Bitcoin, they're building a real developer network ⁃ It's not incentivised the demand to use it is natural either by need or by people who love BitcoinWorking in Crypto? ⁃ It's a great time to be a founder, raising funds is super competitive right now ⁃ Passion about the space and research is desired when hiring ⁃ Crypto is much more exciting and intellectually interesting than traditional tech jobs ⁃ Taipei is a solid place for crypto in Asia alongside Singapore⁃ 2017-2019 had SF as a central crypto hub but it's not really the case anymore and teams are becoming more geographically spread outFinal Alpha ⁃ Invest for strength, not for a lack of weakness ⁃ Focus on your sleep and getting high quality sleepNotes by LukeMusic by GiovanniPickle

UpOnly with Cobie & Ledger
Path on NFTs, the metaverse and crypto cycle price predictions

UpOnly with Cobie & Ledger

Play Episode Listen Later Oct 8, 2021 130:55


LinksTwitterShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesIntroduction– Path has never had a job– Ledger: “You basically went from being a child, to retired”– Ledge wants to bring Teen Executive back on to teach him a lesson– Path bought Bitcoin on the run up in 2013 around $100– Went to $250 then dropped to $50 in 3 days– Largest red candle ever? 80%?2014 Alt Coins– Feathercoin, BlackCoin– Ledger bought BlackCoin in 2017 lmao– BlackCoin was the best pump cause it ripped like 10x, then WhiteCoin pumped right after– Do not hold something longer than the 1st pumpPath's Convictions– Had a lot of ETH back in the day but sold early– Then built a large position in the 2019 bear market– Path: “High fees are bullish”– For Ethereum, you're paying for the security– A lot of volume will shift to layer 2 in the coming yearsZcash– Path was high conviction ZEC early on– It has really been down only since then– Zooko (Zcash creator) mentioned in the white paper– Military very interested in Zk-SNARKs– for 60 IQ newbs, Zk-SNARK = Zero-Knowledge Succinct Non-Interactive Argument of KnowledgeTezos– Path fudded Tezos a bit for NFTs back in May– The founder quote-tweeted him and got pissed– Path: “Tezos as an investment isn't great really”– Path: “Tezos is definitely the second best chain for NFTs after ETH”– Chat: “How can you say Tezos is the second best NFT chain when Solana exists?”– Path: “Tezos has actual art!” he likes the artNFTs– CryptoKitties took off 2017 peaks– Rare Pepes were even before that– CryptoPunks prob still a great buy– Axie Infinity is paying people more than minimum wage in their countries– Path: “Axie Infinity is only the first one of these metaverse games”– Path: “Save your money and wait for the big collections to come along”– Path: “Eventually all artists will come to NFTs, even if they hate it now”– 1/1s have performed very well– MekaVerse is the biggest NFT drop maybe ever, comes out in 45 minNFD– Path fractionalized the fiesty DOGE picture– Now has a market cap of 8,700 ETH ($31M)    – that's a very profitable day– PleasrDAO fractionalized the original DOGE picture– Bought for $4M, now worth $250M– Cobie: “Why is dog money a thing at all?”– It shows that memes have real valuePath soothingly talking and Ledger casually charting in the backgroundCobie: “It's pretty cool how Sam is the richest person under 30 and he just replies to your DMs and tweets”Trading– Cobie: “Do you still trade or are you just a collectooor?”– Path: “I've been trading still, mostly NFTs”– Still likes Bitcoin, longer ETH– ETH will go sideways before $4k, then in a month or two you lever up on a dip and watch it rip– Bitcoin probably runs first, then others after– Path: “ETH chart looks good… going to $20k easy”– Path: “This is the supercycle I don't think these bleed out anymore”Urbit– Been in development since 2002– Your ID is locked to a planet or star– You can buy planets, stars, and galaxies– It's all about decentralizing everything and not being at the mercy of Microsoft or Apple or anything– Path: “It's a great idea, it's a really interesting idea”– Path: “This is the next big thing after NFTs and metaverse and stuff, you guys will be on this in like 5 years”Asset Name TopsBitcoin – $250kEthereum – $80kSolana – $500Cardano – $20Chainlink – $400Zcash – $5000LUNA – isn't that a stablecoin?AAVE – $1000BNB – $2000FTT – $300TSLA – $0GME – $1000UK Gas Prices – ???Floor Punk – 300-400 ETHXTZ – $50XRP – $3Other Chat Questions– The land produces Axies and Axies themselves are yield generating so its like a double– AVAX is good but you're getting dumped on by funds– Honoraries are given to be sold– OpenSea will likely do a tokenFINAL ALPHA– Path: “Just be yourself”– Cobie: “What about if you suck?”– Path: “Get better”Notes by KevinMusic by GiovanniPickle

Limited Resources
Limited Resources 617 - On the Hunt for Quick Hits

Limited Resources

Play Episode Listen Later Oct 7, 2021 74:56


This week on Limited Resources Marshall and Luis recap the LR vs LoL Showdown, give you a full format rundown, and go over some sweet quick hits for MID Limited!  LR is brought to you by FTX: FTX.US for US based customers and FTX.com for outside the US. Check out the FTX app and site for a safe, regulated place to deal in crypto, NFTs, and other digital assets. Reminder: Marshall and Luis are not registered financial advisors, make sure you consult one before making investments of any kind.  Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast

Bankless
The dYdX Boom | Antonio Juliano (10/6)

Bankless

Play Episode Listen Later Oct 6, 2021 78:34


Save 10% on dYdX trading fees! https://trade.dydx.exchange/r/bankless  ------ In September 2021, dYdX did more trade volume than Coinbase for the first time. The growth in the scaled trading protocol has been astounding, and this has been no coincidence. dYdX has pioneered Layer 2 solutions along with Starkware's ZK Rollup, and the result has been an explosion of perpetual swaps and deep liquidity pools on dYdX's native rollup. Antonio Juliano returns to Bankless to discuss the parabolic growth of dYdX, the plans for its governance & utility token, and the future of decentralized derivatives. State of the Nation is livestreamed on Tuesdays at 11am PT / 2pm ET. ------ SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  ️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ ZERION | Your Gateway to the Metaverse! https://bankless.cc/Zerion  ------ BANKLESS SPONSOR TOOLS: GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini​  LIDO | DECENTRALIZED STAKING https://bankless.cc/Matcha  AAVE | LEND & BORROW ASSETS https://bankless.cc/aave  UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants/dharma  ------ Topics Covered: 0:00 Intro 8:30 Antonio Juliano of dYdX 11:06 dYdX vs. Coinbase 15:50 Who's Trading? 19:09 Behind the Success 24:31 Layer 2 & TVL 32:40 Order Book 38:45 The Largest Exchange 42:03 Competing with FTX 47:30 Decentralization 52:58 The DeFi Spectrum 57:20 Pioneering Scale & Layer 2 1:04:48 Ethereum Layer 1 1:07:48 Regulatory 1:12:41 Successful dYdX 1:16:10 Closing & Disclaimers ------ Resources: Antonio on Twitter:  https://twitter.com/AntonioMJuliano?s=20  dYdX: https://dydx.exchange/  How to Trade: https://newsletter.banklesshq.com/p/how-to-trade-on-the-dydx-rollup  How to Earn: https://newsletter.banklesshq.com/p/a-guide-to-earning-on-dydx  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

UpOnly with Cobie & Ledger
Power Law of crypto investing, with Haseeb Qureshi of Dragonfly Capital

UpOnly with Cobie & Ledger

Play Episode Listen Later Oct 5, 2021 130:58


LinksHaseeb TwitterWebShow PartnerThis episode is presented by FTX. Trade on an awesome mobile interface fee-free, and still get all the great portfolio tracking features you know and love: https://uponly.tv/ftxShow NotesCobie & Ledger Haseeb QureshiUpOnlyTV NotesHaseeb Intro ⁃ Managing partner at Dragonfly Capital (@dragonfly_cap) ⁃ Formerly a professional poker player then learned to code and became a software engineer at Airbnb before moving into crypto ⁃ Full time crypto in 2017 doing security research, worked at 21/Earn, a stable coin startup and then into the investment sidePoker & Crypto ⁃ Cobie: Why are there so many poker people in crypto? Haseeb: They're willing to do weird things to make money, predisposition to it. It rewards being a little bit obsessive ⁃ Very few poker players in VC roles much more that are traders ⁃ Poker has also been getting worse as an economy and harder to make a living from itDragonfly Capital & Investing ⁃ Multistage firm, will invest at all stages of a project, doing both equity and token deals ⁃ Ledger: Is one easier than the other when it comes to making decisions? Haseeb: Equity liquidity is decided for you, the rest of the time you're along for the ride which makes things easier ⁃ Long term investments in tokens and will have lockup's 2-4 years but tend to hold beyond that even when liquid. Sometimes things run quicker than expected and it makes sense to exit but still holding most things today ⁃ Crypto markets aren't efficient so even knowing marginally more than the average trader is enough to make money ⁃ When it comes to project performance: Winners keep winning ⁃ If Dragonfly buy tokens that are already live they'll negotiate with the DAO or OTC ⁃ Ledger: Do you give any weighting to revenue back to token holders tokenomics? e.g. Uni vs Sushi? Haseeb: Markets are forward looking, lack of revenue to holders right now is less important than them being the market leader and future developmentsBiggest Misses? ⁃ Uniswap. Hayden wanted Dragonfly in the round but it didn't seem sustainable and completely missed it ⁃ Has seed round memos for Solana @ .04 but they didn't act on it (~4000x) as well as for TerraMaking It & Diversification ⁃ Haseeb: Multicoin Capital became a titan from leading the Solana round ⁃ Cobie: Great example of only needing one big win to make it. People come in with too low of time horizons and have losses leverage trading trying to play catch-up. ⁃ It's like making 10 high conviction thesis driven investments and watching them carefully to see if what you expected to happen, happens. Am I right, am I wrong, and why? ⁃ Haseeb: Diversification is powerful. If returns are power of law distributed the optimal strategy is to be maximally diversified ⁃ Ledger: I used to mock the idea of keeping moon bags but I've seen enough that's just kept going up so much more than anticipated ⁃ But, you also can't put your fate into something that continues to underperformMulti-chain Future & L1 vs ETH vs L2 ⁃ Line of sand is between EVM chains and non-EVM chains ⁃ The EVM is the lingua franca , all of the tooling has been built with one ecosystem in mind. Equivalent to JavaScript, it wasn't the best language but it became the thing you had to write in ⁃ Thesis has been broadly that the L1s end up winning over L2s due to L2 constraints e.g. security model ⁃ L1s have more flexibility ⁃ Cobie: What about Bitcoin? Haseeb: Bitcoin is digital gold, it's been around long enough and held up – so it's strength now is in not changing. Ledger: Feel like it will underperform in emerging bull markets but hold up better in bear marketsWhat's Next? ⁃ Synthetic assets still feel under-explored and under-appreciated ⁃ Grandmother is old-school and was buying gold instead of relying on the Rupee. The reason people aren't buying other assets is due to a lack of access ⁃ Crypto is about global permission-less access and it's not about being able to offer it in the US but elsewhere ⁃ DeFi has evolved less and not grown that much since DeFi Summer ended. There aren't enough people that are technical enough to build it out ⁃ Vast majority of people in the world are living month to month and not concerned about interest ratesFinal Alpha⁃ In crypto it's really easy to overthink things and the obvious thing is usually rightNotes by LukeMusic by GiovanniPickle

Limited Resources
Limited Resources 616 - Blue's Clues

Limited Resources

Play Episode Listen Later Oct 1, 2021 78:15


This week on Limited Resources Marshall and Luis cover the *other* blue decks in MID draft. UW, UG, and UR are gone over in depth as they leverage off of one of the most powerful colors in the format. The guys also talk about the effects of dropping with bad decks on the Arena ladder, and how BO1 can make it harder for formats to self-correct.  LR is brought to you by FTX: FTX.US Check out the FTX app and site for a safe, regulated place to deal in crypto, NTFs, and other digital assets.   Limited Resources is proudly sponsored by ChannelFireball.com Use the code LR at checkout on channelfireball.com to help support the show while you shop at CFB! You can support Limited Resources on the LR Patreon page here: https://www.patreon.com/limitedresources Reminder: Nothing on the show is to be taken as financial advice, consult an investment professional before making any investments of any sort.  Your Hosts: Marshall Sutcliffe and Luis Scott-Vargas Marshall's Twitter: https://twitter.com/Marshall_LR Luis's Twitter: https://twitter.com/lsv Email: lr@lrcast.com LR Community Subreddit: http://www.reddit.com/r/lrcast