Bitcoin’s Satoshi drama heats up again as a major journalistic “reveal” drops, just as the crypto industry gets rocked by a quantum computing breakthrough that pulls up security timelines—and AI-powered exploits are suddenly real. We break down Satoshi theories, Blockstream PR whispers, the new quantum risk landscape, Ethereum vs. Bitcoin migration pain, and why your favorite protocols might not be ready for North Korea or superintelligent bug finders.
Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week we’re joined by Justin Drake, Ethereum Foundation researcher and the internet’s favorite quantum attack alarm bell ringer. Things get spicy immediately: the eternal guessing game “Who is Satoshi?” gets a new round of attention as John Carreyrou (yeah, Theranos guy) drops a supposed expose pointing his finger at none other than Blockstream’s Adam Back.
The crew debates whether this Satoshi story is tired PR, inside baseball, or a genuine existential turning point for Bitcoin culture. Then things escalate: Justin walks us through Google and Atomic’s quantum computing breakthrough—a real, validated step forward that potentially pulls the “Q-day” clock up to as soon as 2029. The implications? Bitcoin and Ethereum’s security models are suddenly under the gun, and community denial is in full effect. Who’s better poised to survive a quantum apocalypse… and is coin burning on the menu for Satoshi’s stash?
Later, we break down the Drift hack—North Korea’s latest state-level heist, featuring IRL social engineering that sounds like Mr. Robot meets Oceans Eleven. Finally, it’s an AI arms race: Anthropic’s Mythos model is reportedly the most dangerous security researcher ever coded, and it’s already quietly hardening corporate fortresses.
Panic? Prepare? Both? One thing’s for sure—there are no do-overs on the blockchain, so let’s get into it.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Show highlights
🔹 Blockstream’s Adam Back is the new “Satoshi” according to a viral John Carreyrou story
🔹 Bitcoin’s culture wars: PR rumor mill vs. industry insiders roll their eyes
🔹 The Google & Atomic quantum computing breakthrough slashes Q-Day timelines dramatically
🔹 Ethereum’s quantum readiness (thanks Justin) vs. Bitcoin’s “not my problem” response
🔹 Why crypto’s “immutable” past is a quantum-ticking time bomb for dormant addresses
🔹 Satoshi coin burning debate—do we idolize, fork, or rage-quit?
🔹 The Drift hack: North Korean ops, social engineering, and multi-sig failures
🔹 Anthropic’s Mythos: the AI that finds bugs before humans—and sometimes emails you about it
🔹 Formal verification, client diversity, and the future defense of blockchains
🔹 Haseeb’s question: Could AI break crypto before quantum does?
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Justin Drake, Researcher of Ethereum Foundation
Disclosures
LINKS
"Securing Elliptic Curve Cryptocurrencies against Quantum Vulnerabilities: Resource Estimates and Mitigations" — Google Quantum AI, Ethereum Foundation, Stanford https://quantumai.google/static/site-assets/downloads/cryptocurrency-whitepaper.pdf
"Shor's algorithm is possible with as few as 10,000 reconfigurable atomic qubits" — Cain, Xu, King, Picard, Levine, Endres, Preskill, Huang, Bluvstein https://arxiv.org/abs/2603.28627
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Quantum used to be crypto’s distant sci-fi problem. Justin Drake says it now has a clock. In this episode, we unpack what “Q-Day” actually means, why Justin thinks 2032 is the date the entire industry should be planning around, and why Ethereum is targeting 2029 to get post-quantum ready.
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TIMESTAMPS
0:00 When is Q-Day?
5:35 The moment quantum becomes crypto-relevant
10:11 How many qubits does it take to break crypto?
16:22 What a real Bitcoin quantum attack would look like
20:19 How much Bitcoin is actually vulnerable?
26:26 Burn, freeze, or salvage? Bitcoin’s impossible choice
35:06 Proof of seed phrase and Bitcoin’s post-quantum bottleneck
41:02 Ethereum’s exposure: smaller, but not zero
45:43 Ethereum’s tougher roadmap: three layers, three upgrades
50:29 The execution-layer plan: replace ECDSA without killing throughput
57:56 Post-quantum, post-AI cryptography
1:03:36 BLS, KZG, LeanVM, and the rest of the stack
1:06:42 Is this bigger than the Merge?
1:17:21 If Bitcoin stumbles, does all crypto stumble too?
1:19:35 “Quantum is not a challenge—it’s an opportunity”
1:21:27 AI, quantum, crypto and the 2032 convergence
1:28:04 Harvest now, decrypt later
1:30:09 Defensive accelerationism and Ethereum’s role
1:39:10 Stoicism, P-doom, and why he keeps building
---
RESOURCES
Justin Drake
https://x.com/drakefjustin/
Bitcoin Quantum Risk List
https://www.projecteleven.com/bitcoin-risq-list
Nic Carter Blog Posts
https://murmurationstwo.substack.com/p/bitcoin-developers-are-sleepwalking
https://murmurationstwo.substack.com/p/trillion-dollar-salvage
https://murmurationstwo.substack.com/p/bitcoin-developers-are-mostly-not
The Strawmap
https://strawmap.org/
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Thank you to our sponsors!
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Are bitcoiners underestimating the quantum threat to Bitcoin? That's the question Castle Island Ventures Partner Nic Carter has posed with some recent posts gauging the views of several leading Bitcoin developers on quantum computing.
To help answer the question, Unchained reached out to Ethereum Foundation Researcher Justin Drake and Michigan University Professor Chris Peikert. In this episode, Justin and Chris, who is one of the foremost experts on lattice cryptography, break down the quantum computing threat to crypto and the potential timelines.
Justin theorizes that Bitcoin developers may not be incentivized to talk about the quantum computing risk while still saying that a number of smart people are already taking it seriously and that may be enough.
Conversely, Chris highlights the constraints that come with uncertainty around risks and timelines.
Listen to find out what they conclude. Plus, could AI do crypto in before quantum computers?
Guests:
Justin Drake, Researcher at the Ethereum Foundation
Chris Peikert, Professor, Computer Science and Engineering, University of Michigan
Links:
Ethereum and Optimism Lay the Groundwork for a Post-Quantum Future
Q-Day Is Imminent. Can Bitcoin Survive the Quantum Threat?
Solana Deploys Post-Quantum Signatures on Testnet
Cracking Bitcoin Encryption Is Getting Much Easier, Google Says
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Ethereum hasn’t reached full speed yet. Now it might. Justin Drake of the Ethereum Foundation outlines Lean Ethereum, a plan to optimise the stack so validators stop executing and start verifying. With zk proofs in under 12 seconds and on-prem provers around 10 kW, the base layer can reach gigagas capacity and roughly 10,000 TPS while getting more decentralized. Add Fossil, seconds-level finality, and post-quantum signatures, and the changes stick. We unpack the EthProofs race, the four-phase path to mandatory proofs, the three-times-a-year gas target in EIP-7938, and why native rollups could remove gas ceilings for L2s. If you’re wondering whether Ethereum can scale without turning into a data center chain, this is the roadmap.
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---
TIMESTAMPS
0:00 Intro: What is Lean Ethereum?
3:32 Beast Mode? Gas & Blocks
5:39 GigaGas, TeraGas, Gap to Target
9:32 Why Scale L1: Decentralization Tradeoffs
20:22 Provability, Power, Real-Time, Decentralization
24:43 L1 Security: Money, Key Uses
28:59 Lean Ethereum: SNARKs, Beast, Fort
36:32 SNARKs & zkVMs: What, Why
48:50 Execute→Verify: Validators & Lean Client
56:08 Builders, Provers, PBS, Fossil
1:08:49 Devconnect Demo, EthProofs, Roadmap Phases
1:31:06 Rollout, Gas Limits, Slots, Hardware
1:44:33 Home Provers: Power, Costs, Incentives/Penalties
1:54:38 Data Availability, Lean Consensus, Upgrades
2:04:22 Talent, Competition, Community, Closing
---
RESOURCES
Justin Drake
https://x.com/drakefjustin
Lean Ethereum
https://blog.ethereum.org/2025/07/31/lean-ethereum
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Native Rollups are the next big step toward scaling Ethereum securely. In this episode,
Uma Roy (CEO of Succinct) and Justin Drake (Ethereum Foundation researcher) break down what Native Rollups are, how they leverage Ethereum’s core infrastructure for execution and validation, and why they're crucial for stronger security, better composability, and sustainable Ethereum growth.
Tune in to understand the evolution of Ethereum’s rollup-centric roadmap and how Native Rollups could become a foundational upgrade for Ethereum's future.
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------
TIMESTAMPS
0:00 Intro
6:41 Why Native Rollups?
16:32 Security & Composability Benefits
38:13 ZKProofs
42:52 Making L2s Native
50:48 Network Effects
52:35 Customizability Trade-Offs
58:59 Timelines
1:02:39 ETH Economic Impacts
1:05:46 Other Advantages
1:08:17 Succinct
1:08:59 ETHProofs.org
1:11:32 Real-Time Proving
1:12:33 Ethereum’s Bottleneck
1:15:43 Closing & Disclaimers
------
RESOURCES
Uma Roy
https://x.com/pumatheuma
Justin Drake
https://x.com/drakefjustin
Native Rollups
https://ethresear.ch/t/native-rollups-superpowers-from-l1-execution/21517
Succinct
https://www.succinct.xyz/
L2Beat
https://l2beat.com/scaling/summary
ETHProofs
https://ethproofs.org/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Quantum computing is advancing rapidly, raising significant questions for cryptography and blockchain. In this episode, Scott Aaronson, quantum computing expert, and Justin Drake, cryptography researcher at the Ethereum Foundation, join us to explore the impact of quantum advancements on Bitcoin, Ethereum, and the future of crypto security. Are your coins safe? How soon do we need post-quantum cryptography? Tune in as we navigate this complex, fascinating frontier.
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------ TIMESTAMPS
0:00 Intro 6:50 Google Willow Chip 11:58 How is Quantum Computing Accelerating? 19:27 Quantum vs Classical Computers 40:18 Why are Quantum Computers so weird? 46:18 Quantum Computing & Cryptography 52:53 What will Break Cryptography 54:45 Time Horizons 1:03:14 Accounts Getting Hacked 1:13:23 The Bitcoin Case 1:24:10 Quantum Money 1:29:44 The Ethereum Case 1:35:00 Closing Thoughts 1:36:24 Debrief with Justin Drake
------ RESOURCES
Scott Aaronson https://www.scottaaronson.com/
Justin Drake https://x.com/drakefjustin
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Is the Beam Chain the endgame for Ethereum?
At Devcon, Justin Drake presented what he called his most ambitious proposal to date! Beam Chain, a roadmap which fell very flat in public discourse.
In this episode we fill the gaps of this reaction and we discuss the rise of Credible Competition to the three major components of Ethereum Roadmap. Execution, which competes with Solana, Data Availability which competes with Celestia and Consensus, which competes with Bitcoin.
So what’s Ethereum’s strategy for winning this Three Front War against three legitimate competitors? Stay tuned!
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------ TIMESTAMPS
0:00 Intro 4:29 Beam Chain Reactions 9:43 Is Ethereum Ossifying 18:07 Ethereum’s Three Front War 27:03 Bitcoin Utility Prospects 33:20 The Endgame for Crypto 48:55 Beam Chain 101 54:20 Beam Fork Aftermath 59:51 Pre-Confirmations 1:05:06 L1 Execution Layer 1:12:47 Rollup Design Space 1:26:20 Ethereum’s Midgame 1:32:37 Ethereum 3.0? 1:34:04 Closing & Disclaimers
------ RESOURCES
Justin Drake https://x.com/drakefjustin
Beam Chain Announcement https://youtu.be/rGE_RDumZGg?t=7001
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Ethereum has been left behind in this bull market. As rivals like Solana gain ground in metrics such as speed, cost, and developer mindshare, questions are being raised about whether Ethereum’s reliance on Layer 2 solutions is the right path forward—or if it needs a more fundamental redesign.
In this episode, Martin Köppelmann, co-founder of Gnosis, and Justin Drake, researcher at the Ethereum Foundation, discuss the trade-offs of native and based rollups, execution capacity, and Ethereum’s ability to maintain its dominance. They debate how Ethereum should address fragmentation across rollups, whether ETH has strayed from its ultrasound money narrative, and whether its deliberate pace of innovation could make it vulnerable in an increasingly competitive landscape.
Whose ideas will lead Ethereum out of this dark forest?
Show highlights:
03:10 Why Justin is so optimistic about pre confirmations and Ethereum scaling its throughput
06:15 Whether Ethereum could reach “maintenance mode” within 5 years
08:20 Whether Ethereum can solve the problem of fragmentation
20:21 The difference between based rollups and native rollups
25:29 Why Martin believes that Ethereum is not building for developers
34:21 What real-time proving is and why it is relevant
37:46 How programmable native rollups could have different business models from Ethereum but the same security
44:51 Why most assets on L2s might not actually be secured by Ethereum
50:24 Whether Ethereum’s consensus layer might see a “clean slate” redesign with the Beam Chain
58:59 Whether Ethereum’s slow pace of change could leave it vulnerable to competition
01:06:55 How Ethereum's shift to rollups and blob data has reshaped its ultrasound money narrative by transforming the primary sources of fee burn
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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Guests:
Martin Köppelmann, Co-founder and CEO of Gnosis
Previous appearances on Unchained:
Are Layer 2s Failing Ethereum? A New Proposal Advocates for Native L2s
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Justin Drake, Researcher at the Ethereum Foundation
Previous appearances on Unchained:
Why MEV Will Always Be Controversial
Did the Merge Make Ethereum ‘the Most Secure Blockchain in the World’?
Can Bitcoin Be Secured Only by Transaction Fees? Two Researchers Sound Off
Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake
Links
Previous coverage of Unchained on Ethereum layer 2s:
ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
Are Solana’s ‘Network Extensions’ Just Like Ethereum’s Layer 2s But by a Different Name?
Ethereum Has Had a Banner Year in Most Areas. Except Price.
Should Ethereum Layer 2s Urgently Decentralize Their Sequencers?
Ethereum Scaling With L2s Has Damaged Its Tokenomics. Is It Possible to Fix It
Beam Chain:
Unchained: Ethereum Researcher Justin Drake Proposes Beam Chain Redesign, but Not All OGs Are Onboard
Bankless: You’re Not Bullish Enough! Ethereum Roadmap & Beamchain with Justin Drake
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In this episode of The Defiant Podcast, Ethereum Foundation researcher Justin Drake dives deep into the Beam Chain proposal, a transformative upgrade aimed at accelerating Ethereum’s roadmap and enhancing its consensus layer. Justin explains how the Beam Chain would incorporate key innovations like SNARK proofs, quantum security, and single-slot finality to boost decentralization, security, and scalability. He also discusses incremental upgrades like staking caps and pre-confirmations, which aim to improve Ethereum’s performance and user experience in the near term. The conversation explores Ethereum’s competition with Solana and Bitcoin, highlighting how Ethereum’s long-term focus on robustness and scalability positions it to thrive as the foundational layer for the decentralized internet.
Chapters
00:00 - Introduction: Justin Drake
01:03 - What is the Beam Chain?
02:41 - Why Ethereum Needs Acceleration
05:06 - Lessons from the Merge for the Beam Chain
07:06 - Solving Ethereum’s Technical Debt
15:58 - Faster Confirmation Times
18:11 - Pre-confirmations in Ethereum
24:14 - Layer 1 and Layer 2 Pre-confirmations
30:41 - Big Ticket Changes in the Beam Chain
31:04 - Snarkification of Consensus Layer
33:31 - Single Slot Finality
39:00 - Trustless Bridges Between Blockchains
49:00 - Native Rollups and Execution Sharding
54:04 - Ethereum vs. Solana on Performance
01:10:00 - Near-Term Upgrades to Watch For
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For the Bankless Summit’s inaugural episode, Justin Drake shares his reflection on the Beamchain talk he gave earlier in the week at Devcon Bangkok. Additionally, Justin adds some much needed context and important (and very bullish) facets to the Ethereum Roadmap from his perspective.
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------ TIMESTAMPS & RESOURCES
0:00 Intro 4:00 5-Year Ethereum Roadmap 6:58 Part 1 - Execution 14:56 Part 2 - Data 20:23 Part 3 - Consensus 27:49 Audience Questions 33:00 Closing
------ RESOURCES
Justin Drake https://x.com/drakefjustin
Presentation Slides https://docs.google.com/presentation/d/1Yvzh5q2jjlcW_g95s-7E4Gk5ZL-scM3l/edit#slide=id.p5
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
What exactly are Based Rollups?
We’ve brought Ethereum Researcher and Bankless recurring guest, Justin Drake, to give us his reasoning on why he thinks the future of Ethereum is Based.
A handful of teams are already working on this Based Rollup future so, with this episode, and perhaps a few more, we’re front running it all and getting you downloaded on all things Based Rollups. Enjoy!
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------ TIMESTAMPS
0:00 Intro 5:51 How’s the Roadmap Going? 12:34 The Most Logical Progression 16:53 Aggregating DeFi Apps 23:43 What Based Rollups Solve 44:01 Ethereum as the Sequencer 49:59 Based Rollups Core Advantages 58:39 Shared Sequencers vs Based Rollups 1:10:37 Based Rollups & Superchain 1:26:48 Ethereum L1 Capacity 1:33:49 Impact on ETH Economics 1:35:00 Impact on DeFi 1:37:48 Impact on User Experience 1:42:04 ETH Value Accrual 1:53:59 Trade-Offs 1:59:17 Bankless Summit 2:01:26 Closing & Disclaimers
------ RESOURCES
Justin Drake https://x.com/drakefjustin
Based Rollups https://ethresear.ch/t/based-rollups-superpowers-from-l1-sequencing/15016
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
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------ 🎬 DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-the-justin-drake-vs-anatoly-yakovenko-interview
------ Ethereum vs. Solana. That’s the debate we’re having today.
On Ethereum’s side we have Ethereum Researcher Justin Drake, and on the Solana’s we have Solana’s Co-Founder Anatoly Yakovenko.
They give us the good, the bad and the ugly of each other’s blockchain, settling their endgame towards the end of the episode.
This was one, if not the spiciest debate we had on the show. We tried our best to give both guests time with minimal intervention. At times went well, at others it caused deep semantic rabbit holes. But overall both guests were able to communicate their messages.
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------ TIMESTAMPS
0:00 Intro
7:16 The Good
22:30 The Bad
52:03 Global Shared State
1:06:07 Economic Security
1:30:08 The Ugly
1:47:23 The Endgame
1:55:22 Closing & Disclaimers
------ RESOURCES
Anatoly Yakovenko https://twitter.com/aeyakovenko
Justin Drake https://twitter.com/drakefjustin
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
In today’s episode, we do a shared sequencing deep dive with repeat guest, Mr. Moonmath himself, the Blockchain Brainiac, and the Ethereum Evangelist– Justin "The Juggernaut" Drake. Justin is joined by The Sultan of Sequencing, the Espresso Emperor, the Cross-Rollup Connoisseur himself, Ben, the Blockchain Barista Fisch.
Where the fragments of Ethereum threaten to turn the digital ecosystem into a maze of confusion, these two men stand tall, illuminating the way, to come and save us from the labyrinth of Ethereum’s rollup-centric roadmap.
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------ TIMESTAMPS
0:00 Intro 6:09 Goals For the Episode 8:32 Sequencing / Sharing Explained 15:13 Ethereum’s Arc 18:20 Shared Sequencing Obstacles 23:52 Network Effects & the Cold Start Problem 32:54 MEV Redistribution 45:25 Reserve Price 46:45 Loss of Sovereignty 54:34 Espresso Announcement! 1:03:52 Fast L2 Finality 1:09:52 Real-Time, Recursive Proving, & Hardware 1:13:32 Flash Loans & Snark Proving 1:15:38 Low Latency Finality 1:17:08 Censorship Solutions 1:21:50 Discussing the Downsides 1:35:38 Known Unknowns of the Future 1:39:46 Closing & Disclaimers
------ RESOURCES
Justin Drake https://twitter.com/drakefjustin
Ben Fisch https://twitter.com/benafisch
------ 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. See our investment disclosures here: https://www.bankless.com/disclosures
✨ DEBRIEF | Ryan and David unpacking the episode: https://bankless.com/debrief-fragmentation
------ The Ethereum Ecosystem is going through Fragmentation, can we make it more Composable?
We brought on Ethereum researcher Justin Drake to explore this question in detail.
We cover deep topics like Universal Synchronous Composability, Shared Sequencing and Based Rollups. Justin explores the solution for which might be Ethereum’s Hardest Challenge and its roadmap.
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------ TIMESTAMPS
00:00 Intro 6:55 Ethereum’s Fragmentation Problem 10:00 The Solution 17:14 Composability Spectrum 23:57 Universal Synchronous Composability 30:32 Composability Features 36:25 Why Composability Matters 43:07 The Roadmap 46:52 What is Shared Sequencing? 1:03:38 A Shared Sequencing Paradigm 1:19:55 Shared Sequencing Solutions 1:30:25 Rollup Design 1:40:15 Based Rollup Roadmap 1:47:02 What’s Next 1:50:51 Timeline 1:53:10 Accessory Technologies 1:58:18 The Role of Blockspace 2:05:28 Outro
------ RESOURCES
Justin Drake https://twitter.com/drakefjustin
Justin Drake Episodes https://www.youtube.com/watch?v=X-4Jn8p2Oeo https://www.youtube.com/watch?v=azjpYTB7PVE https://www.youtube.com/watch?v=ycK3AUTdl1w
------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Joining us today for this deeply technical conversation is RiscZero CEO Brian Retford and Justin Drake. RiscZero is attempting to create a zkEVM for Ethereum that will require such low compute requirements that validators could be run on smart watches and mobile phones.
Moderated by Justin Drake, we take a look at the implications this tech can have on the future of Ethereum. ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT ------ 📣 SAFE CORE | Smart Wallet Infrastructure https://safe.global/core ------ BANKLESS SPONSOR TOOLS:
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----- TIMESTAMPS 0:00 Intro 7:47 Validator On Your Smartwatch 12:16 Bandwith Requirements 15:00 Implications for mainnet scaling 18:57 Is This Our Multi-Core Moment? 21:35 What is RiscZero? 27:57 Why Build a zkEVM? 32:00 TLDR Summary 35:42 The 3 Steps To Snarks 41:40 Performance Unlocks 43:59 How close are we to all this? 51:54 How Secure is This? 57:34 Licensing this Tech 59:59 RiscZero Business Model? 1:03:53 What’s Next on The Roadmap? 1:06:15 Core Values of RiscZero 1:07:54 How Does Ethereum Look in 5 Years?
---------- Resources:
The Sci-Fi roadmap to Ethereum: https://www.youtube.com/watch?v=6_NXxcGe7Ts
Brian: https://twitter.com/BrianRetford
Justin: https://twitter.com/drakefjustin
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
In today’s podcast, Justin Drake and Tim Beiko help us explore Ethereum's uncharted roadmap.
You know about EIP-4844. You know about Proposer-Builder Separation. But the Ethereum roadmap does not stop there. It continues! Each component of the Ethereum roadmap has deeper frontiers than what you may be familiar with. 4844, PBS, these are just the first stops on a longer track of Ethereum’s Sci-Fi roadmap.
Other areas Justin, Tim, and David explore statelessness, how VCs are subsidizing Ethereum L1 R&D efforts, enshrined rollups, how all of this stuff leads to Ethereum needing fewer and fewer honest actors to work trustlessly, what quantum computing has to do with the Ethereum roadmap, trustless mempools and so much more.
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👾POLYGON | VALUE LAYER OF THE INTERNET https://polygon.technology/roadmap
🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku
----- TIMESTAMPS
0:00 Intro 5:50 Ethereum Roadmap Completion 8:30 Immediate Dev Priorities 9:50 Danksharding & Rollups as 1st Class Citizens 11:50 Why Prioritize L2s 14:50 Snarkifying the EVM 17:39 Enshrined Rollup Use Cases 20:00 EVM to zkEVM 24:48 Summary So Far 27:15 EIP-4844 28:25 Proposer-Builder Separation 37:37 MEV Burn 40:38 Statelessness 43:33 Cryptography vs. Crypto Economics 45:00 Quantum Mechanics 50:25 Statelessness Ethereum Unlock 53:10 Cryptography & Sustainability 55:55 Closing & Disclaimers
----- RESOURCES
Justin Drake https://twitter.com/drakefjustin
Tim Beiko https://twitter.com/TimBeiko
Ethereum Discord https://discord.gg/CetY6Y4
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Welcome to Bankless, where we explore the frontier of internet money and internet finance. In this 8-episode series, we are exploring some new frontiers. New frontiers in new technologies, all of which are poised to completely revolutionize the world and change everything about the operating system that society is currently running.
This video features two conversations with big-brain builders Daniel Shorr of ZKML and Justin Drake of the Ethereum Foundation. Although cryptography quickly falls down a technical rabbit hole, it looks like we're entering a new golden age of cryptography.
Keep an eye out as we roll out the rest of these boundary-pushing episodes!
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----- Timestamps:
4:00 DANIEL SHORR 6:00 Cryptography and AI 9:15 A Computing Explosion 13:10 On-Chain AI Models 15:45 Modulus Labs 19:15 Compute Integrity 24:00 A Verifiable World 26:15 Accountability for Machine Models
31:00 JUSTIN DRAKE 33:30 Nova Cryptography 39:00 Decentralizing zk-Rollups 43:30 The Future of Rollups 47:35 Improving Validity 50:45 This is a Big Deal 54:20 Justin’s Zuzalu Experience
---- Resources:
Daniel Shorr https://twitter.com/realDanielShorr?s=20
Modulus Labs https://www.moduluslabs.xyz/
Justin Drake https://twitter.com/drakefjustin?s=20
---- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
What are the implications of restaking? Not every Bankless listener will be prepared for this conversation. This one is a hard one. If you want to be adequately equipped for the conversation that awaits, we recommend listening to the Bankless episode we did with Sreeram a few weeks ago. That episode will get you up to speed to understand some of the nuances and problems that are discussed in today’s episode.
Because, today on the show, we have the largest and most gigabrain panel that we’ve ever had on Bankless…Vitalik Buterin, Justin Drake, Dankrad Feist, Jessy (aka 13-year-old VC - that’s her pseudonym), and of course… Sreeram Kannan himself, founder of Eigenlayer and perhaps the creator of restaking…all moderated by Tim Beiko!
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⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🧠 AMBIRE | SMART CONTRACT WALLET https://bankless.cc/Ambire
🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
----------- TIMESTAMPS
0:00 Intro 4:45 Setting the Panel 8:51 Jessy’s Restaking Thoughts 10:20 Justin’s Restaking Perspective 11:40 Dankrad’s Restaking Views 12:30 Sreeram’s Restaking Arguments 14:00 Why Justin is a Restaking Doomer 18:30 EigenLayer’s Restaking Architecture 22:05 Restaking Builder Hooks 25:05 Vitalik’s Restaking Concerns 30:05 EigenLayer’s Acceleration 32:50 Sreeram Addressing Vitalik’s Concerns 37:48 Ensuring Restaking is Aligned 46:04 Reputation Systems & Alignment 51:35 Ethereum Protocol Complexity 59:00 Credible Neutrality 1:03:30 MEV Boost & PBS 1:07:10 One Shot Signatures 1:09:10 Closing Thoughts, Arguments, & Next Steps 1:16:30 Closing & Disclaimers
----------- RESOURCES
Sreeram Kannan https://twitter.com/sreeramkannan https://youtu.be/HcEGXoC57Rw
Vitalik Buterin https://twitter.com/VitalikButerin
Tim Beiko https://twitter.com/TimBeiko
Justin Drake https://twitter.com/drakefjustin
Dankrad Feist https://twitter.com/dankrad
Jessy https://twitter.com/13yearoldvc
----------- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Ethereum is getting yet another economic upgrade! The scarcity engine is getting a massive level up with the advent of the MEV Burn.
With Justin Drake and Domothy, they walk us through the research and reasoning behind this next upgrade
Just when we thought we couldn’t get any more bullish…
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------ Topics Covered
0:00 Intro 7:00 What is MEV? 13:30 MEV is Subjective 17:15 The Oil Analogy 21:15 The Benefits of Smoothing 28:35 Builders and Proposers 38:45 Forced Centralization 44:35 Rug Pool Protection 48:30 Distribution 58:20 Pros of Burning 1:05:15 Burning on Overdrive 1:09:30 Does this Hurt Stakers? 1:13:55 Too Deflationary? 1:23:30 Monetary Premium 1:28:15 EIP-4844 1:31:00 The Engine 1:35:50 Wen?
——— Resources:
Justin Drake: https://twitter.com/drakefjustin?s=20
Dom: https://twitter.com/domothy?s=20
Hildobby's Dune Board: https://dune.com/hildobby/eth2-staking
Ultrasound.Money: https://ultrasound.money/
------ Related Episodes:
EIP-1559: https://www.bankless.com/-eip-1559-hasu https://www.bankless.com/-eip-1559-expert-panel-tim-beiko
MEV: https://www.bankless.com/-cryptos-existential-threat-mev-panel https://www.bankless.com/125-matt-cutler
Ultra Sound Money: https://www.bankless.com/-sotn-44-modeling-ultra-sound-money https://www.bankless.com/-ultra-sound-money-justin-drake https://www.bankless.com/-moon-math-the-bull-case-for-cryptography
Justin Drake: https://www.bankless.com/134-ethereum-unsensored-with-justin https://www.bankless.com/shanghai-capella-eth-staking-withdrawals-with-tim-beiko-justin-drake-and-anthony-sassano https://www.bankless.com/150-bull-case-for-ethereum-iv-with-justin-drake-dcinvestor-anthony-sassano https://www.bankless.com/devcon-2-justin-drake https://www.bankless.com/15-bad-eth-takes-with-justin-drake https://www.bankless.com/the-pow-vs-pos-debate-lyn-alden-and https://www.bankless.com/-layer-zero-justin-drake
---- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Maximal extractable value, or MEV, is a mainstay of the Ethereum landscape. But the process of validators reaping profits from handling new blocks is not without controversy. Ethereum Foundation researcher Justin Drake and bloXroute Labs CEO Uri Klarman assess the current state of MEV. Hear them disagree about the path forward for making Ethereum fairer for all its economic actors.
Show highlights:
what MEV is and how it has evolved over time
the nuances of the newly proposed MEV Blocker and why it’s important for users
whether it’s possible to enable “back-running” while preventing front-running
how to give power back to blockchain users
what the differences and similarities are among several projects trying to solve MEV
how “MEV Burn” will be like the EIP-1559 to what Justin calls contention
whether EigenLayer can help solve MEV problems
whether wallets and DEXs could be doing something different to prevent MEV and generate more revenue
how “exclusive order flow” could be detrimental to DeFi users
what proposer-builder separation (PBS) is and whether it will change MEV distribution
why Uri doesn’t think PBS is the right step forward for Ethereum
Thank you to our sponsors!
Crypto.com
Halborn
Guests:
Justin Drake, researcher at the Ethereum Foundation
Uri Klarman, CEO of bloXroute Labs
Links
Previous coverage of Unchained on MEV:
Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate
The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum
MEV Blocker
CoinDesk: MEV Blocker Wants to Help You Outrun the Front-Runners
MEV Blocker
Unchained: Ethereum Builders Join Forces to Launch MEV Blocker
MEV Distribution
CoinDesk: Flashbots Proposes New Class of 'Matchmakers' to Share MEV Gains With Ethereum Users
MEV-Share: programmably private orderflow to share MEV with users - The Flashbots Ship
BackRunMe
Wallet-Boost Design Doc · blocknative discourse · Discussion #1 · GitHub
OpenMEV Mechanics and Formulas - Manifold Finance
MEV Smoothing
Committee-driven MEV smoothing - Economics
MEV Burn
Burning MEV through block proposer auctions - Economics
Proposer-Builder separation
Proposer-builder separation | ethereum.org
Vitalik Buterin’s tweet
Learn more about your ad choices. Visit megaphone.fm/adchoices
Ryan, David, Tim Beiko, Justin Drake, and Anthony Sassano unpack everything you need to know about today’s, highly anticipated Shanghai-Capella: ETH Staking Withdrawals.
Also, the five cover ETH staking mechanics, withdraw upgrade FUD myths, what’s next for Ethereum, and Justin’s prediction around, staking airdrops?!...
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🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap
👻 PHANTOM | FRIENDLY MULTICHAIN WALLET https://bankless.cc/phantom-waitlist
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE https://bankless.cc/MetaMask
------ Topics Covered
0:00 Intro 8:20 Shanghai-Capella Explained 10:09 ETH Staking Mechanics 14:33 Deposit Queue 18:10 Why Shanghai-Capella 21:04 Importance of Shanghai-Capella 24:52 Validators & Finality 28:12 Sassal’s Thoughts on Shanghai-Capella 32:26 Major Derisk Event? 34:30 Demystifying Withdraw Upgrade FUD 42:35 Where Will Ether Accrue? 46:20 Benefits of Competition for ETH Stakers 48:55 Bear Case for ETH Price 55:35 Solo-Staking 1:01:30 Making Solo-Staking Easier 1:04:30 Re-Keying 1:06:00 What is Next for Ethereum? 1:09:48 Anthony Sassano’s Tinkering Setup 1:15:50 Staking Airdrops?! 1:19:00 Closing & Disclaimers
------ Resources:
Tim Beiko https://twitter.com/TimBeiko
Justin Drake https://twitter.com/drakefjustin
Anthony Sassano https://twitter.com/sassal0x
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
A lot has changed since our previous "Bull Case for Ethereum” episode. Our fourth installment comes at one of the most pivotal moments in crypto's history. The industry is still reeling from the collapse of FTX and macro uncertainty looms. But with the merge behind us and so much to look forward to on the Ethereum roadmap it's still hard not to be bullish. What's 2023 going to look like? Justin Drake, DC Investor, and Anthony Sassano give us their bull case for the new year and beyond.
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⚡️FUEL | THE MODULAR EXECUTION LAYER https://bankless.cc/fuel
------ Topics Covered
0:00 Intro 7:09 Ethereum’s Original Promises 13:02 Promise Critiques 14:55 2022 Sentiment 27:41 ETH’s Risk to Reward Justification 35:58 ETH 2018 vs. Now vs. SOL 49:39 Bullish Ethereum Roadmap 55:05 EVM & zkEVM Concerns 1:00:07 MEV & Censorship 1:04:13 Post-Quantum 1:08:29 Zooming Out on the Roadmap 1:18:27 Market Opportunity 1:40:10 Timeline 1:44:30 What DCinvestor is Doing 1:48:28 Sassal’s Closing Thoughts 1:51:41 Closing & Disclaimers
------ Resources:
Justin Drake https://twitter.com/drakefjustin
DC Investor https://twitter.com/iamDCinvestor
Anthony Sassano https://twitter.com/sassal0x
Bull Case for Ethereum l - https://youtu.be/6v2VRvxbfnw ll - https://youtu.be/85M3yGvzCe4 lll - https://youtu.be/wVVfYuUsPu4
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Welcome to Devcon 6. The first Devcon for Bankless, the conference was a ton of fun and an amazing cultural experience in Bogota, Colombia.
We’re speaking with Justin Drake about his talk at Devcon—the only conversation about ETH the asset.
What are the next steps for Ether? The value of the asset correlates directly to the health of the network, and maybe it’s time to start talking about ETH more as a community.
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⚡️FUEL | THE MODULAR EXECUTION LAYER https://bankless.cc/Fuelpod
------ Timestamps:
0:00 Intro 3:00 Justin Drake en Español 6:30 The ETH Roadmap 9:30 Ultrasound Money 12:40 Deflationary Monetary Policy 17:55 Changing the Narrative 19:00 zkEVM 22:30 Justin in Colombia
------ Resources:
Justin Drake https://twitter.com/drakefjustin
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Justin Drake, researcher at the Ethereum Foundation, talks about the Merge, how this transition affects Bitcoin, where Ethereum’s road map is going, and more.
Show highlights:
how Justin was feeling prior to and during the Merge
whether the upgrade is complete or there are other things to watch out for
why Ethereum has slashing and why it is a better form of removing any attackers
the concern about centralization due to liquid staking derivatives providers, like Lido or Coinbase
how the Merge affects MEV and the long-term vision of proposer-builder separation
whether the Merge puts pressure on BTC to also transition to proof of stake
what impact ETH’s more deflationary nature will have on BTC’s narrative as digital gold
why Ethereum is the settlement layer for the internet of value
whether there is a winner take all dynamic in the blockchain industry
why Ethereum is more secure than Bitcoin, according to Justin
what Justin thinks about the ETHPoW fork and its team and the risks of interacting with the ETHPoW fork
the next steps in Ethereum’s roadmap
Thank you to our sponsors!
1inch
Crypto.com
Messari
Justin
Twitter
Previous Coverage of Unchained on the Merge:
How Traders Are Thinking About the Merge -- and a Potential ETHPoW Chain
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold?
Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge
Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum?
The Merge:
Vitalik announcement of the Merge
Ethereum carbon emission reductions
A guide on the Merge by Dan Chen from Sequoia Capital
ETH Post-Merge Dynamics:
Ultra sound money
ETH issuance and burn
Cumberland on the Ethereum dynamics after the merge
Miles Suter on the implications of the Merge
The triple point asset
Post Merge MEV:
PMCGoohan’s tweet
Pintail on post-Merge MEV
ETH Proof of Work
Poloniex announces a different token
ETHPoW team Mainnet announcement
Ethereum’s roadmap:
ETH Vision
Haym on Ethereum’s roadmap
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Kicking off Merge Week with a livestream with Ethereum researcher Justin Drake, it's time to debunk some myths and bad takes about ETH.
As we watch Ethereum make its historic transition to Proof-of-Stake, we explore claims against the merge, the Ethereum Roadmap, ETH supply, and many others.
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------ Timestamps:
0:00 Intro 7:30 The Merge 10:30 Media Hype 13:30 The Merge Will Never Happen 15:30 Ethereum Roadmap 20:15 Jack of All Trades 26:32 Ether Supply 36:54 Unpredictable Supply 45:10 Staker Tyranny 51:10 The Value of a Fork 54:00 Rich Get Richer 58:36 Deflation is Bad 1:07:05 Higher Fees 1:11:05 ETH is a Security 1:15:03 Reduced Burn 1:22:12 ETH is a Tech Stock 1:25:55 Changing Narratives 1:29:56 Ultrasound Money is Cringe
------ Resources:
Justin Drake https://twitter.com/drakefjustin
Justin Drake Episodes https://youtu.be/1m12zgJ42dI https://youtu.be/dHpAC0m8Rkk https://youtu.be/FQTZSb3Rc9I https://youtu.be/bWqhn1hXvVc
----- 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
✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode: https://shows.banklesshq.com/p/debrief-ethereum-unsensored
With Tornado Cash sanctioning news making waves, the crypto community is asking a big question: Is censorship on Ethereum possible?
We brought on Ethereum researcher Justin Drake to explore this question in detail.
Establishing and preserving censorship resistance is possibly the most important challenge faced by the Ethereum. Covering deep topics like weak vs strong censorship, user-activated soft forks, Justin takes us down what is perhaps our most important rabbit hole yet.
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------ Topics Covered:
0:00 Intro 6:00 Justin Drake Returns 8:45 What is Censorship Resistance? 13:00 Censorship in Crypto 15:25 Weak vs Strong Censorship 21:25 Ethereum Today 26:35 The Ethereum Nation 31:12 Why This Matters 35:25 Preventing Weak Censorship 42:55 Light Clients 46:26 Proposers and Builders 52:50 Enforcing Transactions 59:24 The Mempool 1:03:45 The Weak Censorship Endgame 1:10:00 Preventing Strong Censorship 1:15:00 Diversity 1:20:00 Activist Staking 1:26:25 A Recovery Scenario 1:33:40 Social Fork 1:40:40 A Forking Deterrent 1:44:45 The Human Shield 1:50:45 Property Rights 2:01:00 The Strong Censorship Endgame 2:05:00 The Broader Context 2:10:56 Justin’s Confidence
------ Resources:
Justin Drake https://twitter.com/drakefjustin
Flashbots Episode https://youtu.be/xex9WVmVfbg
Justin Drake Episodes https://youtu.be/1m12zgJ42dI https://youtu.be/dHpAC0m8Rkk https://youtu.be/FQTZSb3Rc9I https://youtu.be/bWqhn1hXvVc
Solo Staking https://www.reddit.com/r/ethstaker/ https://rocketpool.net/
Crypto Lobby Groups https://gitcoin.co/coincenter https://www.defieducationfund.org/ https://gitcoin.co/grants/3974/electronic-frontier-foundation
----- 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.
This week on The Defiant podcast we speak with Justin Drake. Justin is a researcher for the Ethereum foundation. He’s at the forefront of the biggest change to happen in Ethereum's history: The transition from Proof of Work to Proof of Stake, also known as The Merge. We go into what the next steps are before this change happens, how exactly it will be executed, and what the risks are. Last week, right after we recorded this interview, fellow researcher Tim Beiko suggested the switch would happen in September.
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Lyn Alden is the Founder of Lyn Alden Investment Strategy and an expert in macro markets who’s also a strong Bitcoin, proof-of-work proponent. Her friendly counterpart, Justin Drake is a researcher at the Ethereum Foundation and is pro proof-of-stake. Both are recurring guests on Bankless!
The two experts debate which is better: proof-of-work or proof-of-stake for creating a global-crypto money system? Other topics include: economic security, deterrence and recoverability in the face of the dreaded 51% attack, minimization of governance power, economic fairness, commodity vs. equity money, and so much more!
Which is your preference, proof-of-work or proof-of-stake? Warning: after this debate, your preference may change.
------ ✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode https://shows.banklesshq.com/p/debrief-the-pow-vs-pos-debate-lyn
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------ Topics Covered:
0:00 Intro 6:15 Backgrounds 8:12 The Better Monetary Premium 11:00 Equity, PoS, Commodity, PoW? 23:30 Hypothetical PoS Bitcoin 30:25 Lyn’s Rebuttal to Multiple Justin Claims 36:05 Justin’s Rebuttal to Multiple Lyn Claims 44:50 Inherently Fair or Unfair? 53:27 Different Kinds of Risk 57:30 Client Diversity 1:03:00 Lyn’s Macro Perspective 1:13:00 Justin’s Technical Perspective 1:17:42 Governance & Memes 1:29:55 The Rich Get Richer? 1:32:35 Closing Arguments
------ Resources:
Lyn’s Proof of Stake Article https://www.lynalden.com/proof-of-stake/
Economic Security & Efficiency https://docs.google.com/spreadsheets/d/1KdzhgbTqhRd0LndK4R8c50OK-s6W568Ydd1aytokwbs/edit#gid=0
Lyn’s Twitter https://twitter.com/LynAldenContact
Justin’s Twitter https://twitter.com/drakefjustin
----- 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
Once the block reward diminishes greatly, can Bitcoin be secured only by transaction fees? On Unchained, Bitcoin writer Vijay Boyapati and Ethereum Foundation’s Justin Drake debate the merits of Bitcoin’s security model, which Drake says will largely rely on transaction fees as soon as within 20-30 years, not in 100+ years. Highlights:
Justin’s and Vijay’s professional backgrounds
why Justin thinks Bitcoin cannot survive solely on fees
how Bitcoin is currently secured
what makes Bitcoin’s security subjective rather than binary
how much it would cost in dollars to 51% attack Bitcoin
what the Bitcoin network could do in response to a 51% attack
how to calculate Bitcoin’s security budget
why Bitcoin's price can’t go exponential forever
whether a “nuclear option” for Bitcoin miners could protect against a 51% attack
why nation-states could be either pro or anti-Bitcoin
why a Bitcoin Standard could be similar to the Gold Standard
how Bitcoin will change going forward, and why Vijay thinks transaction fees will increase
why Justin does not think transaction fees will increase enough to secure Bitcoin’s base layer
how Justin would fix Bitcoin’s security model -- and why he thinks the 21 million hard cap is a meme
why Vijay does not think Bitcoin’s security model will ever change -- especially the 21 million hard cap
what Justin thinks Ethereum is doing better than Bitcoin
why Vijay thinks Ethereum will fail
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Hey all, the Unchained survey is out now, and we'd so appreciate it if you could give us your thoughts on how Unchained is doing and what we could do better. Plus, we've got some questions for you about Laura's upcoming book launch and the articles that she's already starting to write! Two lucky survey respondents will receive a BTC candle, which is scented with "satoshiwood, musk musk, tulip bulbs and finite minerals."
Head to surveymonkey.com/r/unchained2021 to fill out the survey today!
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Hey all, I'm excited to announce that I'll be writing a Facebook Bulletin newsletter , joining the likes of Malcolm Gladwell, Malala Yousafzai and Adam Grant, among others. My first post is already up.
Thank you to our sponsors!
Digital Asset Research: https://www.digitalassetresearch.com/
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Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Justin Drake
Twitter: https://twitter.com/drakefjustin
LinkedIn: https://www.linkedin.com/in/drakefjustin/
Recent Unchained appearance:
https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/
Vijay Boyapati
Twitter: https://twitter.com/real_vijay
LinkedIn: https://www.linkedin.com/in/vijayboyapati
The Bullish Case for Bitcoin:
https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1
Bitcoin’s Security Model
Hasu
https://ark-invest.com/podcast/bitcoins-security-model-with-hasu/
Dan Held
https://danhedl.medium.com/bitcoins-security-is-fine-93391d9b61a8
Nic Carter
https://medium.com/@nic__carter/bitcoin-bites-the-bullet-8005a2a62d29
https://www.docdroid.net/C7uTY1R/mit-expo-slides-nic-carter-pdf#page=12
Paul Sztorc
https://www.truthcoin.info/blog/security-budget/
Donal McIntyre
https://etherplan.com/2019/05/17/why-the-bitcoin-fee-model-will-work/7587/
Phil Geiger
https://unchained-capital.com/blog/21-million-is-non-negotiable/
Jordan McKinney
https://medium.com/coinmonks/bitcoin-security-a-negative-exponential-95e78b6b575
https://medium.com/coinmonks/bitcoin-security-in-one-chart-694ee3ed8c2d
Lyn Alden
https://www.lynalden.com/bitcoin-security-modeling/
Princeton
https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf
Doomsday economics of PoW
https://www.bis.org/publ/work765.pdf
Basic Info
How BTC fees work
https://river.com/learn/how-bitcoin-fees-work/
https://en.bitcoin.it/wiki/Miner_fees
What will happen when all BTCs are mined?
Decrypt: https://decrypt.co/33124/what-will-happen-to-bitcoin-after-all-21-million-are-mined
River: https://river.com/learn/what-will-happen-after-all-bitcoin-mined/
Bitcoin Fees
https://studio.glassnode.com/metrics?a=BTC&category=&ema=0&m=fees.VolumeSum&mAvg=365&mMedian=0&modal=loginForm
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Justin Drake joins the third episode of Layer Zero to discuss coining ‘Ultra Sound Money,’ which sent supersonic waves through the Ethereum community. Unsurprisingly, Justin is a deeply compelling individual with a powerful drive to work hard and pursue individuality.
From Quantum Computing to engineering Layer Zero, Justin’s holistic approach to the space really comes through as we discuss what it means to work for a meme.
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Topics Covered
0:00 Intro 4:30 Justin Drake 9:05 Coining Ultra Sound Money 12:37 From Layer 1 to Layer 0 15:10 Working for a Meme 24:14 The Purpose of the Meme 27:27 The Gini Coefficient 31:17 Proof of Stake and Distribution 35:22 A New Age Cypherpunk 43:30 Scalability 49:30 ETH and the Dollar 57:13 Quantum Computing 1:00:30 Burning MEV 1:04:19 The Efficiency DAO 1:08:11 Bitcoin FUD Dice 1:15:38 Layer 0 Engineer 1:18:20 Layers 3 and 4 1:20:00 A Workaholic and a Father 1:24:14 Citizen of the World 1:28:18 An Emergent Individual 1:34:15 Closing & Disclaimers
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Resources:
Ultra Sound Money Website https://ultrasound.money/ Modeling Ultra Sound Money https://shows.banklesshq.com/p/-sotn-44-modeling-ultra-sound-money The Bull Case for Cryptography https://shows.banklesshq.com/p/-moon-math-the-bull-case-for-cryptography Ultra Sound Money https://shows.banklesshq.com/p/-ultra-sound-money-justin-drake Justin on Twitter https://twitter.com/drakefjustin?s=20
----- 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
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