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Get ready for this epic episode! We discuss a variety of topics including Ribbon Finance, CeFi's Blowups, DeFi's Future, Yield, and much more. We began our conversation by discussing Julian's journey into the crypto-space. Julian shares how he got interested in crypto and how he was able to navigate the previous bear market to position himself for success in the recent bull market. Our next conversation topic centered around “Crypto Banks.” We discuss the current fallout from the failure of CeFi institutions and the importance of custodying your own crypto. We transitioned to discuss DeFi. We focus on DeFi innovation and DeFi's unique value proposition. We discussed how CeFi institutions were leveraging DeFi in order to provide yield to their customers. We touch on the lack of oversight and controls that were present within the CeFi institutions which enabled funds to be mismanaged. Our next conversation topic centered around Ribbon Finance. Julian explains how Ribbon Finance works. Julian discusses Ribbon's protocol design and growth strategy which focuses on responsible and sustainable growth. We discuss yield. Julian explains how yield is generated. We discuss what's on the future roadmap for Ribbon Finance. Julian explains why he believes options trading is the next area of growth for DeFi. We finish our conversation by focusing on advice for the listeners. Please enjoy my convention with Julian Koh. Today's guest is Julian Koh, the Co-Founder & CEO of Ribbon Finance. Ribbon Finance is a suite of DeFi protocols that help users access crypto structured products. By combining derivatives, lending and a proprietary on-chain options exchange (Aevo), Ribbon aims to be the one-stop solution for users who want to improve a portfolio's risk-return profile. Prior to co-founding Ribbon Finance, Julian was Software Engineering at Coinbase. He also worked at Metastable Capital as a Consultant. He studied Computer Science at Cornell University. He cares deeply about cryptocurrencies and the nature of information.
Guests:Haseeb Qureshi (@hosseeb)Meltem Demirors (@melt_dem)Host:Richard Yan (@gentso09)Tarun Chitra (@tarunchitra, special co-host)Today's motion is “Yield farming is an innovation.”Yield farming, or liquidity mining, refers to a newly popularized practice of DeFi protocols, where the protocols incentivize usage with reward tokens. The trend was kickstarted with Compound offering their native tokens for anyone lending on their platforms. And with the mooning of COMP, many other DeFi projects followed suit with their own liquidity mining schemes. This led to soaring prices, unprecedented volumes, popularization of ERC20 friendly DEXes such as Uniswap, proliferation of nonsensical meme coins, and all the elements of another hype-driven bull run.The question is, is yield farming innovation? That is, is this something fundamentally different from what we've seen before? A better understanding of the utility of this mechanism will inform assessment of its sustainability.Today's two debaters are investors of high profile funds that actively partake in the yield farming ecosystem. And our co-host is a repeat guest with unique perspectives on the topic at hand.Today's episode is shorter than usual, due to speaker time constraints. And there are a few threads in the conversation that certainly could've used a deeper dive. Alas, maybe we will cover those areas in a future episode!If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.Please note that nothing in our podcast should be construed as financial advice.Source of select items discussed in the debate:Yield farming explained: https://www.coindesk.com/defi-yield-farming-comp-token-explainedHaseeb's research pieces at Dragonfly: https://medium.com/dragonfly-researchMeltem: https://www.meltemdemirors.com/Haseeb discusses decentralized trading on Unchained Podcast: https://unchainedpodcast.com/why-decentralized-trading-has-10xed-in-a-few-months/Debater bios:Haseeb is a managing partner at Dragonfly Capital, a cryptocurrency venture fund. Before this role, he was a General Partner at another crypto fund named Metastable Capital. He is also a crypto educator and has published a comprehensive blockchain course on nakamoto.com. He previously developed software for Earn.com and Airbnb. Prior to his journey in tech and crypto, he was a Full Tilt Poker sponsored professional poker player, and he conveyed his learnings in the book: The Philosophy of Poker. Haseeb subscribes to the philosophy of Effective Altruism, where one undertakes a high paying career to donate his earned money to charity.Meltem Demirors is Chief Strategy Officer of CoinShares, a digital asset investment firm. Previously, Meltem helped build and grow Digital Currency Group, also a crypto fund. Prior to crypto, Meltem worked in the Oil & Gas industry in trading, corporate treasury, and M&A roles. She is also a founding member of the World Economic Forum Blockchain Council and testified before the House Financial Services Committee on digital currencies. Meltem teaches at her alma mater MIT as well as Oxford, and is passionate about privacy and civil rights.Tarun Chitra is Founder and CEO of Gauntlet, a simulation platform for crypto networks to help developers understand how decisions about security, governance, and consensus mechanisms are likely to affect network activity and asset value. He previously worked in high frequency trading for Vatic Labs and was a scientific programmer at D.E. Shaw Research.
Crypto is a different animal. Investors who play in the blockchain space are putting their money on a science experiment rather than a company with a business plan. And the pace and complexity of the ecosystem make it impossible to have a depth of knowledge in any one area. So, the best crypto venture investors can do is secure a broad understanding of the space and adapt their beliefs to the world as it changes. Haseeb Qureshi is a former general partner at cryptocurrency hedge fund MetaStable Capital. Today, he joins us to share his unconventional path to crypto, describing how his background as a professional poker player and experience in consumer payments at Airbnb inform his work as an investor. Haseeb explains why he focuses on layer one smart contract platforms and what differentiates one from another. Haseeb weighs in on the attack factor associated with stable coins and why Bitcoin is less susceptible. He also shares his view of how the current macroeconomic environment might influence Bitcoin adoption and why it’s nearly impossible to ‘out-Bitcoin Bitcoin.’ Listen in for Haseeb’s insight on the bottlenecks preventing second-wave crypto adoption and learn about the opportunities he sees in porting protocols built on Ethereum to up-and-coming blockchains Follow Thomas on Twitter: https://twitter.com/tomscaria Follow Louis on Twitter: https://twitter.com/louAboudHogben Follow Haseeb on Twitter: https://twitter.com/hosseeb
Conflux is the State-of-the-Art public blockchain system that can achieve high TPS without sacrificing decentralization or safety. By delicately combining its unique and advanced algorithm with a novel structure——Tree Graph (TG), Conflux makes consensus no longer a performance bottleneck, thereupon solves a series of problems in the industrialization of public chains. Currently, in its first stage, Conflux adopts PoW (Proof of Work) mechanism as the basis of its consensus.Conflux is funded and endorsed by world-renowned institutions, examples as Sequoia Capital, Shunwei Capital, Frees Fund, IMO Ventures, MetaStable Capital, and Fundamental Labs.Support the show (https://tippin.me/@SunnyRayShow)
Haseeb Qureshi is an advisor to Metastable Capital. In this conversation, Haseeb and Anthony Pompliano discuss how success metrics for blockchain protocols are different from traditional companies, why narratives follow rather than lead, how to think about the smart contract wars, and why Bitcoin holders are so important. -----BlockFi allows you to keep your crypto, put it up as collateral, and receive a USD loan funded directly to your bank account. They do loans ranging from $2,000 to $10,000,000, and they're perfect for helping you reach your financial goals of all sizes. Visit BlockFi.com/Pomp to learn more about putting your crypto to work without having to sell it. -----If you enjoyed this conversation, share it with your colleagues & friends, rate, review, and subscribe.This podcast is presented by BlockWorks Group. For exclusive content and events that provide insights into the crypto and blockchain space, visit them at:https://www.blockworksgroup.io
Erik is joined on this episode by Amir Bandeali (@abandeali1), co-founder and CTO of 0x, and Ivan Bogatyy, general partner at Metastable Capital. Erik and Ivan ask Amir about the background behind 0x and its creation. Amir says that 0x is a protocol, rather than an exchange. He also breaks down how a decentralized exchange is different from a centralized one. Amir predicts that "in the long run the types of assets that are going to be tokenized are mostly non-financial assets."Amir says that market makers want to port the paradigm of a centralized exchange over to decentralized exchanges, and talks about what kinds of ideas from a centralized exchange could be useful in a decentralized exchange. They talk about the problem of front-running and how to prevent it. Amir breaks down some of the most common misconceptions about decentralized exchanges and talks about some of his requests for products in the space. They also cover automatic market makers and derivative protocols.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.___Further Reading:Can centralized exchanges push DEX adoption? https://messari.substack.com/p/dex-appeal-messaris-unqualified-opinion-10Front-running, Griefing and the Perils of Virtual Settlement (Part 1) https://blog.0xproject.com/front-running-griefing-and-the-perils-of-virtual-settlement-part-1-8554ab283e97Announcing the launch of 0x protocol v2.0! https://blog.0xproject.com/0x-protocol-v2-0-is-live-183aac180149DEX vs. EX https://messari.substack.com/p/dex-v-ex-unqualified-opinions-21Frontrun.me http://frontrun.me/
Erik is joined on this episode by Amir Bandeali (@abandeali1), co-founder and CTO of 0x, and Ivan Bogatyy, general partner at Metastable Capital. Erik and Ivan ask Amir about the background behind 0x and its creation. Amir says that 0x is a protocol, rather than an exchange. He also breaks down how a decentralized exchange is different from a centralized one. Amir predicts that "in the long run the types of assets that are going to be tokenized are mostly non-financial assets."Amir says that market makers want to port the paradigm of a centralized exchange over to decentralized exchanges, and talks about what kinds of ideas from a centralized exchange could be useful in a decentralized exchange. They talk about the problem of front-running and how to prevent it. Amir breaks down some of the most common misconceptions about decentralized exchanges and talks about some of his requests for products in the space. They also cover automatic market makers and derivative protocols.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.___Further Reading:Can centralized exchanges push DEX adoption? https://messari.substack.com/p/dex-appeal-messaris-unqualified-opinion-10Front-running, Griefing and the Perils of Virtual Settlement (Part 1) https://blog.0xproject.com/front-running-griefing-and-the-perils-of-virtual-settlement-part-1-8554ab283e97Announcing the launch of 0x protocol v2.0! https://blog.0xproject.com/0x-protocol-v2-0-is-live-183aac180149DEX vs. EX https://messari.substack.com/p/dex-v-ex-unqualified-opinions-21Frontrun.me http://frontrun.me/
In Special Episode of Hidden Forces, Demetri Kofinas speaks with Haseeb Qureshi of MetaStable Capital about the recent 51% attack against Ethereum Classic, its implications for exchanges that continue to list smaller market-cap cryptos like ETC, Dash, Monero, etc., and what it means for the debate between proof-of-work and proof-of-stake. On January 5th, 2019, the digital currency exchange Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. In order to protect customer funds, they immediately paused interactions with the ETC blockchain. Coinbase reported the 51% attack on January 7, 2019, but a few people on Twitter had already become aware that something wasn’t right with ETC. Pierre Rochard, an emerging thought-leader in the Bitcoin space, asked ETC developer Donal McIntyre on Twitter: “Was there a deep reorg on Ethereum Classic yesterday?… 75 blocks deep I hear, with a double-spend.” Donal McIntyre replied: “Well ETC is still small and has many enemies so an attack with sufficient GPU power may be plausible, but I will check with others in the ecosystem.” Cryptocurrencies that are not dominant in their respective mining algorithm, especially ones for which hashing power can be easily rented out, are more vulnerable to being 51% attacked than are other cryptocurrencies with larger market-caps that are not ASIC-resistant. According to Charlie Lee, founder of Litecoin, “ETC has less than 5% of the total Ethash hashrate and is 98% NiceHash-able. 1-hr attack costs $5k,” making it particularly vulnerable according to these two metrics. Reports of the amount stolen in the attack range from the low six-figures to over one million dollars worth of ETC. Perhaps what is most remarkable is that this is only the latest 51% attack against a smaller-cap currency where the attack did not materially impact the price of the cryptocurrency in question. Demetri and Haseeb explore the reasons why the price of ETC was largely unaffected, what this latest attack means for the listing (or delisting) of similarly sized cryptocurrencies, and how this is sparking a larger debate about the efficacy of proof-of-work vs. proof-of-stake as mechanisms for securing a cryptocurrency. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Sunny Aggarwal (@sunnya97) of Cosmos and Tendermint joins Erik and co-host Haseeb Qureshi (@hosseeb), GP at MetaStable Capital, for this episode of Crypto Stories.They discuss how blockchains could be made to be interoperable with one another. Sunny explains why this is an important problem and what he is doing about it with Cosmos. He talks about why different types of tokens cannot yet be exchanged confidently.Sunny uses the analogy of a multithreaded CPU that we all use these days to explain how interoperable blockchains might work. They compare it to sharding and talk about how it would affect payments. Haseeb also asks what Sunny would like the crypto world to look like if he is successful with Cosmos and what the potential pitfalls might be. Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.
Sunny Aggarwal (@sunnya97) of Cosmos and Tendermint joins Erik and co-host Haseeb Qureshi (@hosseeb), GP at MetaStable Capital, for this episode of Crypto Stories.They discuss how blockchains could be made to be interoperable with one another. Sunny explains why this is an important problem and what he is doing about it with Cosmos. He talks about why different types of tokens cannot yet be exchanged confidently.Sunny uses the analogy of a multithreaded CPU that we all use these days to explain how interoperable blockchains might work. They compare it to sharding and talk about how it would affect payments. Haseeb also asks what Sunny would like the crypto world to look like if he is successful with Cosmos and what the potential pitfalls might be. Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.
In this episode Erik talks to Aparna Krishnan (@aparnalocked), co-founder of Mechanism Labs and Haseeb Qureshi (@hosseeb), GP at MetaStable Capital. They discuss a number of themes around Aparna's research paper, talk about what it means to find consensus, and they go through the various protocols that exist now to try and do that. They also talk about what kinds of applications these various protocols could have.They explain what a block is, what proof of work and proof of stake mean, and why the longest chain rule could be a potential pitfall for Bitcoin.Reading List For This Episode:Non- Technical:- MultiChain's blog- Ashley Lannquist’s blog- https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2018-08-20-conceptualising-dlt-systems.pdf- https://eprint.iacr.org/2017/375.pdfTechnical (new to the space):- cryptoeconomics.study- Vitalik’s blog posts- Mechanism Labs blog, GitHub- Blockchain at Berkeley blog and educational contentLooking to get into research: - Consensus: https://github.com/Mechanism-Labs/MetaAnalysis-of-Alternative-Consensus-Protocols/blob/master/MetaAnalysis.pdf, https://arxiv.org/pdf/1711.03936.pdf- Privacy/ Security: https://arxiv.org/pdf/1706.00916.pdf- Smart Contracts: https://eprint.iacr.org/2018/192.pdf- IC3! Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.
In this episode Erik talks to Aparna Krishnan (@aparnalocked), co-founder of Mechanism Labs and Haseeb Qureshi (@hosseeb), GP at MetaStable Capital. They discuss a number of themes around Aparna's research paper, talk about what it means to find consensus, and they go through the various protocols that exist now to try and do that. They also talk about what kinds of applications these various protocols could have.They explain what a block is, what proof of work and proof of stake mean, and why the longest chain rule could be a potential pitfall for Bitcoin.Reading List For This Episode:Non- Technical:- MultiChain's blog- Ashley Lannquist’s blog- https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2018-08-20-conceptualising-dlt-systems.pdf- https://eprint.iacr.org/2017/375.pdfTechnical (new to the space):- cryptoeconomics.study- Vitalik’s blog posts- Mechanism Labs blog, GitHub- Blockchain at Berkeley blog and educational contentLooking to get into research: - Consensus: https://github.com/Mechanism-Labs/MetaAnalysis-of-Alternative-Consensus-Protocols/blob/master/MetaAnalysis.pdf, https://arxiv.org/pdf/1711.03936.pdf- Privacy/ Security: https://arxiv.org/pdf/1706.00916.pdf- Smart Contracts: https://eprint.iacr.org/2018/192.pdf- IC3! Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.
Erik's co-host for this episode is Myles Snider (@myles_snider), research associate at Multicoin Capital. They talk to Haseeb Qureshi (@hosseeb) who is a GP at MetaStable Capital.They discuss where stablecoins are now and envision what they could be in the future. They compare and contrast stablecoins and fiat and explain why someone would hold a stablecoin that's indexed to fiat. They talk about some of the applications for stablecoins and the different kinds of stablecoins. The trio also discuss why you would want to invest in a stablecoin, what the Oracle Problem is and how it could be solved, as well as what kinds of hurdles stand in the way of widespread usage of stablecoins.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.
Erik's co-host for this episode is Myles Snider (@myles_snider), research associate at Multicoin Capital. They talk to Haseeb Qureshi (@hosseeb) who is a GP at MetaStable Capital.They discuss where stablecoins are now and envision what they could be in the future. They compare and contrast stablecoins and fiat and explain why someone would hold a stablecoin that's indexed to fiat. They talk about some of the applications for stablecoins and the different kinds of stablecoins. The trio also discuss why you would want to invest in a stablecoin, what the Oracle Problem is and how it could be solved, as well as what kinds of hurdles stand in the way of widespread usage of stablecoins.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.