Bitcoin Has 3 Years to Survive | Nic Carter on Bitcoin’s Quantum Vulnerability
What if Bitcoin’s biggest strength becomes its fatal weakness? Nic Carter joins Bankless to unpack why the latest quantum papers changed the threat model, why a 2029 migration window could leave Bitcoin dangerously behind, what a real post-quantum transition would require, and why the fight over Satoshi’s dormant coins may become the most explosive governance battle in Bitcoin history.
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🎬 DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE
https://www.bankless.com/podcast/debrief-bitcoin-has-3-years-to-survive-nic-carter
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---
TIMESTAMPS
0:00 Nic Carter’s Stark Warning
3:55 Bitcoin’s Status Quo Problem
9:36 The New Quantum Papers
12:07 When Breakthroughs Go Dark
16:28 “We will not get significant prior notice”
21:24 The 9-Minute Attack
31:33 Why 2029 suddenly matters
34:24 Post-Quantum Tradeoffs
46:03 Why Bitcoin Isn’t Reacting
52:21 The Satoshi coin problem
1:02:54 Nic’s salvage-law alternative
1:10:13 Why Ethereum looks more prepared
1:12:25 Does Bitcoin Survive?
---
RESOURCES
Nic Carter
https://x.com/nic_carter
Nic’s takeaways from quantum papers
https://murmurationstwo.substack.com/p/my-takeaways-from-googles-and-oratomics
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Bits + Bips: Could Blackrock Someday Feel Compelled to 'Fire' Bitcoin Core Devs?
Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
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Bitcoin slid toward $60,000 on Feb. 5 in a brutal, cross-asset selloff that hit gold, equities, and crypto alike. With leverage unwinding and basis trades breaking, long-time bitcoin holders are distributing to institutional buyers who, by 13F data, are mostly underwater. The mood across digital assets is bleak.
Against that backdrop, Nic Carter of Castle Island Ventures argues that key Bitcoin narratives have quietly failed—and warns that developers’ inaction on quantum risk could open the door to institutional control. If devs don’t act, Carter says ETF giants like BlackRock will.
The panel then widens the lens: declaring the token-centric VC model dead, debating whether AI now rivals the industrial revolution, and stress-testing it all across topics ranging from Solana vs. Hyperliquid to Japan’s political shift and MrBeast’s fintech play.
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Hosts:
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund
Guest:
Nic Carter, Founding Partner at Castle Island Ventures
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Bits + Bips With Nic Carter: Trump’s Promises, Kamala’s Shift & ETH’s ‘Narrative Problem’ - Ep. 681
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann dive deep with Nic Carter into the game-changing promises Trump is making to the crypto community, Kamala Harris’s unexpected policy shifts, and the explosive rise of Solana.
Plus, Nic reveals his unexpected journey into amateur fighting and tackles the pressing issues around Ethereum ETFs, and what ecosystem he’s been funding more as of late.
Show highlights:
00:00 Intro
01:23 Why Alex believes the conference was one of the most incredible moments in the history of crypto
10:00 Nic’s reaction to Trump mentioning breaking down ‘Operation Chokepoint 2.0,’ a term that Nic himself coined
13:44 Nic’s karate fight and his journey to becoming an amateur fighter
21:42 Why Nic thinks that there’s no chance that the Lummis bill proposing the US government establish a strategic bitcoin reserve will pass
29:31 The significance of Trump’s promises at Bitcoin Nashville
36:26 How Tether is comparable to the Eurodollar system
39:41 What the potential impacts are of the Fed's language during their upcoming meeting
47:17 The implications of the Harris campaign's outreach to reset relations with crypto companies
55:44 How the ETH ETFs launch went and why Nic says that Ethereum has a “narrative problem”
59:34 How Solana has been ripping lately and Joe’s response to some of the criticisms
1:07:22 How Nic, as a VC, sees the ETH vs. SOL debate and how founders are increasingly choosing Solana
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric
Guest
Nic Carter, general partner at Castle Island Ventures
Links
Bitcoin Conference:
Trump’s speech:
Unchained:
At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins
Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do?
Lummis proposal:
Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill
The Block: Hong Kong lawmaker advocates for including bitcoin in financial reserves following Trump’s speech |
Democrats/Harris seeking “reset”
Letter from Democratic politicians to DNC chair to put crypto plank in Democratic party platform:
ETH ETFs Debut:
Unchained:
Grayscale Ethereum Trust ETF net outflows hit $1.5B
Will ETH Follow Bitcoin’s Path and Reach New Highs Now That Spot ETFs Are Here?
BlackRock: Our Spot Ether ETFs Are Complements to Bitcoin ETFs, Not Substitutes
The Block: At this rate, Grayscale's ETHE could run out of ether within weeks |
Solana’s ripping:
Unchained:
Solana’s Growth Metrics, Including Stablecoin Supply, Continue to Take Off -
Solana Exceeds Ethereum in Monthly Trading Volume for First Time, But Not When Ethereum’s L2s Are Included
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Nic Carter: The Second Bitcoin Civil War
Nic Carter rejoins the podcast to discuss Bitcoin’s second civil war. When did it begin? Where are the party lines drawn? How will it end? Possible solutions? David and Nic dig into all of these questions and much more.
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------ TIMESTAMPS
0:00 Intro 7:30 The Bitcoin Civil War 10:32 Defining Side Lines 14:14 No Core Consensus 17:13 Filtering Out Transactions & Expressivity 22:39 Season Two 26:16 Lightning Doesn’t Work? 29:16 Ordinals & Bitcoin L2s 32:49 The Future of Bitcoin Core 35:16 Covenants Explained 37:26 Bitcoin Venture Capital 48:26 BitVM 51:64 Bitcoin Block Philosophy 1:02:10 Bitcoin Expressivity Going Too Far 1:07:36 Bitcoin Ideology 1:10:12 Closing
------ RESOURCES
Nic Carter https://twitter.com/nic__carter
------ 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
The Chopping Block: Nic Carter on Hamas’ Crypto Funding, SBF’s Courtroom Collapse, and Dramas Involving Lido and dYdX - Ep. 564
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner chop it up about the latest news. This week, the gang sits down with guest Nic Carter of Castle Island Ventures, whose tweet thread pushed the Wall Street Journal to correct its story that Hamas had raised tens of millions in crypto. Carter discusses the challenges in tracking how much crypto Hamas has actually received, the declining prospects for Sam Bankman-Fried’s acquittal, and ongoing dramas surrounding staking protocol Lido and decentralized exchange dYdX.
Show highlights:
Why the cross-examination has not gone well for Sam Bankman-Fried
how the Wall Street Journal misinterpreted data and may have overstated the amount of crypto donations flowing to Hamas for terrorist activities
why it’s difficult to pinpoint how much funding Hamas has raised in crypto donations
how extensive crypto funding for terrorists is believable to many outside observers of the industry, even recently some of its supporters in Congress, but does not reflect reality
Why Hamas has decided on its own to stop trying to raise funds in crypto
how Lido is upset at the way Layer Zero has pre-marketed its bridge
why dYdX’s pivot to decentralization with fees going into its token is a positive development but does not give the protocol the moral high ground to attack erstwhile competitors such as UniSwap.
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Guest
Nic Carter, general partner at Castle Island Ventures
Disclosures
Links
Previous coverage by Unchained on the trial of Sam Bankman-Fried:
How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision
Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’
Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact
Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges
Sam Bankman-Fried Trial: Here's Everything That Happened So Far
Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison?
Day 6: Caroline Ellison Recalls 'The Worst Week of My Life'
Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness?
Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges
Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender
Day 10: Defense Struggles to Discredit Nishad Singh's Testimony
Day 11: How Alameda Got FTX Into a $9 Billion Hole
Day 12: Former FTX General Counsel Speaks Out Against SBF
Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers
Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX
Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence
Day 16: In Final Cross Examination, SBF Gets Caught Again by His Own Words
Hamas
Unchained: Binance Helps Israel Police Freeze Hamas Crypto Accounts: Report
Unchained: Bitcoin Slips to $27.4K Amid Escalating Israel-Hamas War but Long-Range Impact Remains Uncertain
Nic Carter Twitter thread: Can crypto-twitter OSINT outperform the WSJ’s chain analysis?
Nic Carter Tweet: Liz Warren wyd?
The Wall Street Journal: The Wall Street Journal and Liz Warren double down on the Hamas crypto canard
Washington Post: U.S. to warn crypto firms against financing Hamas, terror groups
CoinDesk: The Hamas Funding Story Is Why Crypto Is Sick of the Mainstream Media
Layer Zero/Lido
LayerZero’s wstETH bridge deployment draws Lido DAO ire
LayerZero introduces omnichain token to move Lido's wstETH across Avalanche, BNB Chain and Scroll
dYdX
Examining dYdX’s Path to Profitable DeFi
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192 - Cryptodollars Are the New Eurodollars with Nic Carter
Cryptodollars are the new Eurodollars. What are Eurodollars, though? Well, we get into that in today’s episode with 8-time repeat Bankless guest, Nic Carter. Nic is a partner at Castle Island Ventures, Fidelity alumni, co-founder and board member of Coin Metrics, and a prolific writer of editorials and academic articles alike, Nic is also a believer that the halvening is always priced in, he’s a stablecoin connoisseur, an onchain wizard, and an unlicensed vespa driver.
------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-nic-carter-stablecoins
There’s over $10 trillion dollars worth of Cryptodollars out there and Nic believes that number could grow even bigger. Stablecoins are often called crypto’s killer app, however, Nic thinks we aint seen nothing yet!
----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT
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------ TIMESTAMPS
0:00 Intro 8:25 Stablecoin Tribe 10:20 The State of Stablecoins in 2023 13:40 Stablecoin’s Product Market Fit 17:16 Stabelcoin Haters 19:00 Growth of the Euro-Dollar Market 21:04 Euro vs. Crypto Dollars 24:30 Federal Reserve History 34:45 Stablecoin Incentives 37:00 Euro-Dollar vs. U.S.-Dollar Backing 43:00 Circle 45:40 PYUSD 46:56 Crypto-Dollars vs. Euro-Dollars 51:15 Why the Rise of Stablecoins? 55:57 Democratic Inclusion of Crypto-Dollarization 59:19 Chart 1:03:05 Tokenized Treasury 1:07:16 Regulatory Idea Maze 1:15:00 Big Banks 1:19:30 Stablecoin Roadmap 1:24:57 Crypto Bullishness 1:28:52 Stablecoin Predictions 1:32:12 Closing & Disclaimers
----- RESOURCES
Nic Carter https://twitter.com/nic__carter
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Dollarization 2.0: How Stablecoins Unlock Emerging Markets | Nic Carter & Martin Carrica
In today's episode of Empire Jason and Santi are joined by Crypto investor Nic Carter and Martin Carrina, founder of Mountain Protocol, to discuss the past and future of stablecoins. They compare stablecoins to the rise of Eurodollars, arguing they meet a real demand for dollar exposure and could ultimately strengthen US interests, yet also face hostility akin to offshore banking. The guests debate whether crypto yields rising above fiat rates or expanding use cases like high-yield accounts are needed to drive stablecoin growth. To close things out the team covers the endgame for stablecoins and the vectors for mass adoption.
- -
Follow Nic: https://twitter.com/nic__carter
Follow Martin: https://twitter.com/mcarrica
Follow Jason: https://twitter.com/JasonYanowitz
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- -
Timestamps:
(00:00) Stablecoins Today
(10:25) Efficiencies of Stablecoins
(15:36) Emerging Markets & USDT on Tron
(25:53) Time Horizon for Stablecoin Standard
(30:42) Mobile Money Apps Powered by Stables
(36:20) Bumper Ad
(37:23) Toku Ad
(38:36) Market Structure of Stables
(41:32) Algorithmic Stablecoin Design
(46:28) Peg Designs and Risks
(50:20) Acceptance of US Dollars
(56:40) SigNet Design and Fiat Speed Limits
(01:03:28) Economic Outlook of US Dollar
(01:15:04) Growth Catalysts for Stablecoins
- -
Resources
Nic Carter Token2049
https://www.youtube.com/watch?v=MD2Au5JwhZ0
Mountain usdm
https://mountainprotocol.com/
Articles Shared by Jason
https://www.lanacion.com.ar/
https://twitter.com/BowTiedMara/statu...
- -
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
The Future of Bitcoin with Nic Carter, Eric Wall, & Udi Wertheimer
Taproot was the trojan horse that opened the door to a new wave of Bitcoin innovation and culture. At the forefront of this culture are Udi, Eric, and Nic, the taproot wizards causing a shift in the world of Bitcoin.
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🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
----- Timestamps: 0:00 Intro 6:19 Introducing the Taproot Wizards 12:00 Rejected From Bitcoin Conferences 17:17 Meme and Culture Layer of Bitcoin 23:55 Taproot Was a Trojan Horse 30:28 Are Ordinals Good For Bitcoin Bags? 35:11 How Ordinals Have Changed Public Perception 41:27 A Bitcoin Civil War 47:14 "We Broke Bitcoin" 53:42 Addressing Bitcoin Media 1:04:15 Are David and Ryan Bitcoiners? 1:05:27 Closing and Disclaimers
------ Resources:
Nic Carter https://twitter.com/nic__carter
Eric Wall https://twitter.com/ercwl
Udi Wertheimer https://twitter.com/udiWertheimer
----- 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
Is the Government Trying to Kill Off Crypto in the US? - Ep. 476
Brian Quintenz, head of policy for a16z crypto, and Nic Carter, general partner at Castle Island Ventures, talk about Operation Choke Point 2.0, the relationship between the government and the crypto industry, the status of different tokens as securities or commodities, and potential future developments in the space
Show highlights:
what the original Operation Choke Point was like
the "evidence" that shows that Operation Choke Point 2.0 against crypto is real, according to Nic
how hard it is for crypto companies to get banked in the U.S.
whether crypto had anything to do with the current banking crisis
whether agencies such as the CFTC and the SEC are performing coordinated action against the industry
how the collapse of FTX changed the approach of banking regulators toward crypto
whether the U.S. needs to change its regulatory approach to maintain its status as a global leader
whether crypto is a threat to the U.S. dollar and the financial system
how Tether has benefited from the recent regulatory events
why Brian says that the SEC has already demonstrated that BTC and – also ETH -- are not securities
Thank you to our sponsors!
Crypto.com
Halborn
Guests:
Brian Quintenz, head of policy for a16z crypto
Nic Carter, general partner at Castle Island Ventures
Did The Government Start A Global Financial Crisis In An Attempt To Destroy Crypto?
Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs
Previous coverage of Unchained on the banking situation:
Jim Bianco on Why the Banking System Has Always Been Broken
The Fed Is In Checkmate: What Will Powell Do?
The Fall of SVB: What Happened and How It Affects Crypto
Previous coverage of Unchained on the recent regulatory crackdown:
Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto
Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’
Links
NYMAG: Barney Frank Talks More About the Surprise Shuttering of Signature Bank
Unchained:
Was Signature Bank Actually Insolvent?
Regulators Close Signature Bank Following SVB Collapse
CFTC Sues Binance and CZ Over US Regulatory Violations
CoinDesk Editorial: It Sure Looks Like the U.S. Is Trying to Kill Crypto
The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks | NEC | The White House
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Genesis Meltdown Exposes DCG | Nic Carter
In this episode of Empire's Weekly Roundup, we bring on Nic Carter to discuss if Genesis and DCG can fix their liquidity issues and avoid bankruptcy. We explore how Genesis overextended its books with asset-liability duration mismatches, how FTX's fallout exposed the DCG Empire and what to expect next. Nic then walks us through his framework on institutional adoption, Bitcoin's long-term outlook, proof-of-reserves and more!
--
Timestamps
(00:00) Introduction
(00:58) Genesis Meltdown Exposes DCG
(20:10) Bitcoin Miner Blood Bath & BTC’s Outlook
(34:03) Proof-of-Stake vs Proof-of-Work
(36:05) What Looks Interesting Right Now?
(39:05) How Has Institutional Adoption Been Affected?
(42:20) The Future of Solana
(47:37) The Off-Shore Exchange Thesis
(50:05) Proof-of-Reserves
(56:20) Where Nic and His Business Partner Disagree
- -
Follow Nic: https://twitter.com/nic__carter
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santi: https://twitter.com/santiagoroel
Follow Empire: https://twitter.com/theempirepod
Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
Subscribe on Apple: https://tinyurl.com/mv4frfv7
Subscribe on Spotify: https://tinyurl.com/wbaypprw
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.
- -
Resources
On The Brink podcast
http://bit.ly/3TWTnxz
Castle Island Ventures
https://www.castleisland.vc/
Nic Carter's blog and website
https://niccarter.info/
- -
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? - Ep. 418
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt were joined by Nic Carter, reformed Bitcoin Maxi, and Laura Shin, CEO of the show, to chop it up about Binance’s buyout of FTX.
Show topics:
Haseeb's tl;dr of Binance's possible acquisition of FTX
whether Alameda is the new Three Arrows Capital
the implications of FTX's collapse for regulators and lawmakers
what will happen to all the companies that lent money to Alameda
Sam Bankman-Fried's emergency effort to raise billions of dollars
whether there could be criminal charges against FTX
why FTX was not as profitable as other derivative exchanges
what the probabilities are of Binance actually buying FTX
whether the enterprise value of FTX is negative
Tom's concerns about the concentration in the industry
how FTX's implosion will impact crypto venture capital firms
whether Solana can survive without SBF's support
how the lack of transparency kicked off this situation and how blockchains help solve this issue
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tom Schmidt, general partner at Dragonfly Capital
Guests
Nic Carter, reformed Bitcoin Maxi
Nic’s proof of reserves
Laura Shin, author, host of Unchained
Episode Links
Previous coverage of Unchained:Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
Acquisition of FTX
CZ’s announcement
SBF’s announcement
Binance’s merkle-tree proof-of-reserves
Unchained coverage:
Binance Set to Buy FTX Amid Liquidity Crisis
SBF’s Net Worth Plummets 94% In One Day: Report
There are Rumors that Alameda Went Down With 3AC in Q2
Alameda Owes More Than $30M in DeFi Debt
Coinbase and Genesis Declare No Exposure to Collapsing FTX
Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days
Binance to Liquidate Millions Worth of its FTX’s Token Holdings
FTX’s Stablecoin Reserves Hit One-Year Low
Alameda’s Balance Sheet Sparks Controversy
Crypto regulation
Industry Leaders Debate How to Regulate DeFi
Bankless debate between SBF and Erik Voorhees
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Why Bitcoin shouldn’t be treated as religion
Back in July, controversy broke out amongst Bitcoiners when Nic Carter — a long-time bitcoin proponent and Founding Partner of Castle Island Ventures — announced that his firm invested in a Web3 authentication company.
Even though Castle Island recently launched a $250 million fund explicitly for Web3 investments, Carter’s announcement was met with staunch criticism from some members of the Bitcoin community.
In this episode of The Scoop, Nic Carter and host Frank Chaparro discuss some of the philosophical underpinnings of the crypto space, including the similarities between Bitcoin maximalism and religious dogma.
Although Carter himself is a vocal supporter of Bitcoin, he does not elevate it to anything beyond a monetary innovation — this, Carter says, is what separates him from the more zealous members of the community:
“The one part of the community I distance myself from is the part that confuses bitcoin with religious doctrine. I think religion is religion, money is money, and they're pretty distinct, and they should stay distinct.
The day after the controversy broke out on Twitter, Carter addressed the situation in a Medium article titled, ‘Setting the record straight; or: a eulogy for Bitcoin maximalism.’
In it, he writes:
"I am not pessimistic on Bitcoin. I’m just interested in the world as it actually is, instead of the world of utopias and pleasant delusions."
Episode 101 of Season 4 of The Scoop was recorded at Converge22 with The Block's Frank Chaparro and Castle Island Ventures Founding Partner Nic Carter.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron
About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |
The Bitcoin VC Who Just Infuriated The Bitcoin World
If you've ever interacted with hardcore Bitcoin maximalists you might find some of them, at least, to be... abrasive. And it's not just no-coiners who are the target of their scorn. The real enemies are ex-maxis, who are viewed as apostates. Nic Carter, a co-founder and GP at the VC firm Castle Island Ventures, has been a longtime Bitcoiner. He has been in the sapce for a long time. He is a prolific writer. He has extolled the monetary case for Bitcoin. And he's defended the environmental aspects of mining. But he also recently revealed an investment in a non-Bitcoin crypto company that's made him a persona non-grata in the laser eyes world. On this episode, he talks about the world of Bitcoin maximalists, why he is investing elsewhere, what they get wrong, the toxicity of their culture, and also why in spite of it all, he still considers himself a Bitcoiner.
See omnystudio.com/listener for privacy information.
Leaving the Bitcoin Religion with Nic Carter
Nic Carter is Partner of Castle Island VC, host of the On the Brink Podcast, repeat Bankless guest, and recent victim of a Bitcoin maximalist (cyber hornets) attack.
Why was he swarmed? As a result and for many other reasons, he's distancing himself from these cyber hornets. Will others follow his lead?
Many assumed Nic was a Bitcoin maximalist, but really he's just Nic Carter. Who are you and what do you stand for?
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------ Topics Covered:
0:00 Intro 7:50 The Cyberhornets Attack 14:45 Bitcoin Maxi Motivation 30:30 Bitcoin’s Intolerant Community 42:19 Bitcoin’s Long-term Sustainability 46:50 How Nic’s Feeling About the Bear 49:30 Macro & Crypto 58:55 Free Banking 1:05:53 Regulation 1:06:57 Why to Stay in Crypto 1:10:12 Closing & Disclaimers
------ Resources:
Nic Carter https://twitter.com/nic__carter
Setting the record straight by Nic Carter https://medium.com/@nic__carter/setting-the-record-straight-b4e1b415e7d9
Nic’s Podcast https://onthebrink-podcast.com/
----- 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
Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed - Ep.352
Nic Carter, general partner at Castle Island Venture, Eric Wall, former Chief Investment Officer of Arcane Assets, and Erik Voorhees, founder of ShapeShift, discuss what happened with the TerraUSD (UST) and LUNA fiasco, Do Kwon’s responsibility, the impact on the crypto ecosystem, and much more. Show highlights:
how Erik used to feel that algo stablecoins were impossible and why he changed his mind
why Eric considers that the demand for UST was tied to a sh*tcoin
why Nic didn’t think LUNA would work
how a stablecoin could theoretically be decentralized
whether Nic, Eric, and Erik think this was a deliberate attack
why they think whether or not there was a deliberate attack is not even relevant
how the de-peg started with a liquidity issue on Curve
why Nic thinks that Terra’s biggest mistake was the 19.5% APY on Anchor
whether pursuing a decentralized stablecoin is a worthy goal
what aspects of UST were decentralized, according to Erik
whether algo stablecoins are dead or whether in the future, death spirals of algo stablecoins can be avoided
why Erik believes that everything in the crypto space is an experiment, even BTC
what it says that the VCs behind Terra knew were so reputable
why Do Kwon's arrogance and inexperience might have caused this chaos
whether Terra can be rebuilt
whether this collapse imposes risks on other blockchains and other assets
why the Luna Foundation Guard’s purchase of Bitcoin might have made the UST collapse even worse
what Erik thinks about the global financial system and the US dollar
how this event could trigger more regulation in the crypto space and why it might hurt the entire ecosystem
how regulators might use the Terra case to impose CBDCs.
Thank you to our sponsors!
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Episode Links
Erik Vorhees
Twitter: https://twitter.com/ErikVoorhees
Eric Wall
Twitter: https://twitter.com/ercwl
Nic Carter
Twitter: https://twitter.com/nic__carter
Previous Unchained Coverage of Terra
Do Kwon on backing UST with BTC
https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
Kevin Zhou on the risk of UST’s death spiral
https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/
Jon Wu on how Terra got de-pegged:
https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
Terra
Twitter: https://twitter.com/terra_money
UST Mechanics: https://angelprotocol.medium.com/how-does-ust-work-ec7b2f6e2c2c
Luna Foundation Guard: https://lfg.org/team/
UST Bank Run: https://www.wsj.com/articles/crash-of-terrausd-shakes-crypto-there-was-a-run-on-the-bank-11652371839
Speculation of a deliberate attack: https://onchainwizard.substack.com/p/how-to-make-800m-in-crypto-soros?s=r
Do Kwon’s Proposed Terra’s Revival: https://www.coindesk.com/tech/2022/05/13/do-kwon-proposes-restart-of-terra-blockchain-as-ust-luna-plummet/
Terra Blockchain Halted: https://www.coindesk.com/business/2022/05/12/luna-issuer-terra-halts-blockchain-after-week-of-losses/
Upcoming Regulation
https://www.protocol.com/bulletins/terra-stablecoin-loses-peg
https://www.theblockcrypto.com/linked/146583/yellen-says-the-stablecoin-market-is-still-too-small-to-pose-systemic-risk
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Nic Carter | Layer Zero
Nic Carter is one of our favorite writers in crypto. He's shaped our thoughts on many subjects over the years. He's definitely a Bitcoiner, but is he also an Etherean? What makes Nic tick?
Get to know the person behind the persona in this week's episode of Layer Zero.
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Topics Covered:
0:00 Intro 4:00 Nic Carter & Geography 8:51 What’s Your Deal? Ethereum?? 12:39 Shared Ancestry 20:09 Cypherpunk Values 23:28 Working for Bitcoin 25:54 Countering FUD 28:24 Individualism & Value Supremacy 35:00 Conservative & Faith-Based 42:53 Money God 46:35 Affiliation & Identity 52:48 Mountaineering & Fun 56:55 Memory & External Storage 58:40 What’s Nic Doing? What Now? 1:05:22 Kanye & Closing
------ Resources:
Nic on Twitter: https://twitter.com/nic__carter?s=20 Castle Island: https://www.castleisland.vc/ Nic's Podcast, On the Brink: https://onthebrink-podcast.com/
----- 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
SotN #50 - El Salvador Adopting Bitcoin | Nic Carter
Last week, El Salvador announced that Bitcoin would be accepted as Legal Tender. We bring on our favorite Bitcoiner Nic Carter to the State of the Nation to discuss this monumental historical event -- a nation-state officially recognizing Bitcoin as a currency.
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State of the Nation #50: El Salvador Adopting Bitcoin Guest: Nic Carter
Nic Carter, recently verified on Twitter, is a partner at Castle Island and 4-time guest on Bankless. In 2021, Nic has spent much of his time dispelling the common myths frequently pointed at Bitcoin by the mainstream media, and he has been a general in the Green Energy war taking place around Bitcoin.
Last week, Nic started a Twitter Space to discuss El Salvador adopting Bitcoin as legal tender, a historic moment for crypto. Nayib Bukele, the President of El Salvador, joined the Space as the El Salvadorian congress ratified the bill. This twitter space ultimately garnered over 20,000 listeners, including some of the biggest names in crypto. Bukele showed himself to be savvy with both tech and social media, earning his label as a populist.
This is a pivotal time for cryptocurrency. The news from El Salvador bring up increasingly important questions like the relationship between nation-states and digital value. There are a variety of motives for El Salvador to adopt Bitcoin including lessening dependence on US monetary policy, as the Dollar was previously the sole currency of the country.
What does it mean for a country to adopt a cryptocurrency? Is Bitcoin being used for its 'intended purpose?' Is this a populist reprisal? Do these events represent a rejection of the Cantillon effect, and a move against the monetary hierarchy of capital gains taxes? In this State of the Nation, we cover these questions and more as we digest this monumental news and figure out what to make of it.
------ Resources:
Nic on Twitter: https://twitter.com/nic__carter?s=20 Castle Island: https://www.castleisland.vc/ Nic's Podcast, On the Brink: https://onthebrink-podcast.com/ Crypto-Fiat Mutualistic or Parasitic: https://newsletter.banklesshq.com/p/crypto-fiat-mutualistic-or-parasitic Bitcoin Beach: https://www.bitcoinbeach.com/
----- Topics Covered:
0:00 Intro 8:30 Nic Carter, Global Diplomat 10:18 Does El Salvador Change Everything? 15:43 Capital Gains 20:24 President Nayib Bukele 26:04 Is this good for El Salvador? 34:55 Lightning Network 40:15 Custodial Bitcoin 43:10 Bitcoin's Biggest Test 52:13 The First Domino to Fall 58:01 Is This Freedom or Coercion? 1:03:27 Pumping their own Bags 1:09:23 Authoritarian Populism 1:15:03 Gateway to DeFi 1:18:30 Physical vs. Digital 1:21:20 Consequences 1:23:54 Closing & Disclaimers
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
Is there a future for Bitcoin? An investor and a skeptic make their case
Nilay Patel interviews two experts on different sides of the bitcoin argument: a bitcoin investor and bitcoin skeptic.
The investor is Nic Carter. He’s a general partner at Castle Island Ventures, which funds startups that are building on top of the bitcoin infrastructure to make payments more accessible — basically, making sure bitcoin can function like a currency.
The skeptic is Steve Hanke. He is a professor of Applied Economics at Johns Hopkins University, senior fellow and director of the Troubled Currencies Project at the Cato Institute, a former member of President Ronald Reagan’s Council of Economic Advisers, and was the president of Toronto Trust Argentina in Buenos Aires when it was the world’s best performing mutual fund in 1995. He has also advised other countries on how to deal with hyperinflation and how to stabilize currencies.
Nilay asks them both questions about bitcoin’s place in the market and pushes them on the shakier parts of their arguments.
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#173 – Nic Carter: Bitcoin Core Values, Layered Scaling, and Blocksize Debates
Nic Carter is a financial researcher, investor, writer, and podcaster on topics of decentralized finance. Please support this podcast by checking out our sponsors:
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EPISODE LINKS:
Nic’s Twitter: https://twitter.com/nic__carter
Nic’s Website: https://niccarter.info/
Nic’s Blog: https://medium.com/@nic__carter
Nic’s Podcast: https://onthebrink-podcast.com/
PODCAST INFO:
Podcast website: https://lexfridman.com/podcast
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YouTube Clips: https://youtube.com/lexclips
SUPPORT & CONNECT:
– Check out the sponsors above, it’s the best way to support this podcast
– Support on Patreon: https://www.patreon.com/lexfridman
– Twitter: https://twitter.com/lexfridman
– Instagram: https://www.instagram.com/lexfridman
– LinkedIn: https://www.linkedin.com/in/lexfridman
– Facebook: https://www.facebook.com/lexfridman
– Medium: https://medium.com/@lexfridman
OUTLINE:
Here’s the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.
(00:00) – Introduction
(13:05) – Can humans fully understand reality?
(15:34) – The dollar system
(21:44) – Bitcoin
(23:19) – Opendime
(27:22) – Core values of Bitcoin
(35:51) – Who is Satoshi Nakamoto?
(41:39) – How Bitcoin works
(50:02) – Bitcoin blocksize wars
(1:02:27) – Layered scaling of Bitcoin
(1:07:25) – Lightning network
(1:10:25) – Schnorr/Taproot update to Bitcoin
(1:15:17) – Criticisms of Bitcoin
(1:25:04) – Bitcoin failure modes
(1:33:07) – Bitcoin vs Ethereum
(1:37:03) – Vitalik Buterin
(1:39:56) – Creative destruction
(1:44:51) – Future of Bitcoin
(1:48:38) – Tesla, Elon Musk, and Dogecoin
(1:56:44) – NFTs
(2:04:00) – Bitcoin maximalism
(2:10:37) – On writing
(2:16:37) – Writing a book on Bitcoin
(2:21:07) – Bitcoin resources
(2:23:57) – Book recommendations
(2:25:56) – Advice for young people
(2:29:13) – Meaning of life
SotN#24: Everything is bullish, with Nic Carter (Triumphant! 2017 vs 2020 Bull Markets, What's Different this Time?)
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------
SotN#24: TRIUMPHANT! w/ @nic__carter (2017 vs 2020 Bull Markets, What's Different this Time?)
Nic Carter, general partner at Castle Island Ventures, cofounder of Coin Metrics, host the On The Brink
Nic recently put out a medium article with 9 different Bitcoin charts showing metrics at ATHs.
https://medium.com/@nic__carter/nine-bitcoin-charts-already-at-all-time-highs-78abbfe82804
We ask Nic:
- What about this bull market is different than last time?
- What are the differences that stand out to you the most, that are going to characterize the nature of this specific bullish period?
Metrics discussed:
- Addresses with $10 of BTC or more- Open Interest on CME Futures- Realized Cap- Bitcoin Options Open Interest- BTC priced in Turkish Lira- BTC held by Grayscale- Stablecoin Free-Float- Silvergate’s Settlement Network- Growth of Crypto-Native Credit
Watch the video to hear the discussion!
In the SECOND HALF of the video, David and Ryan turn their attention to ETHEREUM:
Will Ethereum Capture the Bull Market?
Topics we discussed:
Ethereum and the Bull Market
- The Deposit Contract received the required amount of ETH to start off ETH2 on the earliest possible date.
- Then, it received A TON more of ETH after that.
The 2017 ETH Bull market was underpinned by the possibility of ETH staking and Ethereum scaling just being around the corner
The 2020 ETH Bull market has all of these same dynamics, but AHEAD of the bull market, rather than behind it.
‘Will Staking ever come?’ and ‘Will Ethereum ever scale?’ are NOT questions that are going to be asked this bull run.
Also new this bull run: DeFi!
DeFi👏makes👏capital👏sticky!👏
The capital that entered the 2017 ICO mania was FLEETING. Ethereum was 95% ICOs, and after ICOs stopped making people money, there was no reason for capital to stay put on Ethereum
Things that didn’t exist in 2017:
Collateralized money markets
- Maker - $2.75B- Compound - $1.7B- Aave - $1.45B
AMMs
- Uniswap $1.3B- Balancer $0.4B
Others
- Yearn - $0.5B- Synthetix - $0.8B- Nexus - $0.1B
Stablecoin Supply
- $20B in stablecoin market cap on Ethereum.
PLUS, Alpha is found on Ethereum
- There’s a lot of cognitive dissonance in the world about buying Bitcoin. People have heard about Bitcoin multiple times now, and if they still don’t yet own BTC, they may have a level of cognitive dissonance about buying BTC at ATH prices.
- People wanting exposure, but not specifically wanting to buy BTC, is a significant reason as to why other assets always do so well in a bull market
People want alpha
- This cycle, DeFi tokens on Ethereum will capture outsized exposure to people who are trying to outperform BTC
- Last cycle, it was many different PoW chains and Ethereum L1 competitors, this cycle it will be protocols and projects on Ethereum
------
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http://banklesshq.com/
Follow Bankless on Twitter
https://twitter.com/BanklessHQ
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https://twitter.com/ryansadams
Follow David on Twitter
https://twitter.com/TrustlessState -----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 we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.
36 - The DeFi Blockspace Cycle | Nic Carter
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------
36 - The DeFi Blockspace Cycle | Nic Carter
Nic Carter recently released an article titled "Public Blockchain Fee Cyclicality and Negative Feedback Loops"...
... simplified "transaction fees get higher, and that incentives people transact less, and then that lowers transaction fees and that incentives people to transact more"
According to Nic, there's no equilibrium found upon public blockchains with inflexible block size; the demand to purchase blockspace will always be volatile, across all time frames.
Another perspective: constraints on blockspace availability dramatically impacts the kind of usage that is feasible to happen on the base-layer blockchain.
Transactors who are transacting large transactions will pay for higher fees! This severely impacts the markets that are supported by public blockchains! Constraints on block space are constraints on market participants!
David, Ryan, and Nic go through Nic's process is disecting the data that created these conclusions. Nic gives his perspective as to the ultimate pattern that emerges from this data.
David reads Nic's article aloud on the Bankless YouTube! Useful for listening to the episode! https://www.youtube.com/watch?v=RZ1X_3I5KrI&t=666s
Actions & Resources:
Read Nic’s articles Ethereum’s Fees Mean Choosing Between a World Computer and a Financial Network https://www.coindesk.com/ethereums-fees-mean-choosing-between-a-world-computer-and-a-financial-network
Public Blockchain Fee Cyclicality and Negative Feedback Loops https://medium.com/@nic__carter/public-blockchain-fee-cyclicality-and-negative-feedback-loops-1620141a8a87
The Adaptive Markets Hypothesis Robert Low https://blogs.cfainstitute.org/investor/2017/12/18/the-adaptive-markets-hypothesis-a-financial-ecosystems-survival-guide/
https://www.alphasimplex.com/wp-content/uploads/2004/09/The-Adaptive-Markets-Hypothesis.pdf
------
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Subscribe to the Bankless newsletter program http://bankless.substack.com/
Visit the official Bankless website for resources http://banklesshq.com/
Follow Bankless on Twitter https://twitter.com/BanklessHQ
Follow Ryan on Twitter https://twitter.com/ryansadams
Follow David on Twitter https://twitter.com/TrustlessState
Follow DeFi Dad on Twitter https://twitter.com/DeFi_Dad
-----
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 we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.
SotN#5 - HEDGED (WHERE INFLATION, CRYPTODOLLAR BAN, COINBASE IPO + SPECIAL GUEST!)
STATE OF THE NATION #5 - Tuesday, July 14, 2020
The State of the Bankless Nation is....HEDGED! The bankless boys discuss why.
Plus a special guest...Nic Carter from Castle Island!
Watch the video here.
-----
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----- Covered:
TOPIC #1: WHERE’S THE INFLATION? - w/ Nic Carter
TOPIC #2: CRYPTODOLLAR BAN HAMMER! - w/ Nic Carter
TOPIC #3: COINBASE IPO
BONUS TOPIC: BANKLESS TOKEN DROP
We show:
Nic's brilliant Cantillon effect effect meme
Coinbase blacklisting USDC article
Coinbase blacklisting USDC tracker
FSB Paper describing stablecoins
---
Episode Actions:
1) Read crypto dollars whitepaper by Nic & Castle Island
2) Check out bZx Token Drop to Bankless Token Holders
3) Listen to David melodically read the protocol sink
Also...subscribe to Bankless YouTube to watch State of the Nation every Tuesday!
-----
Don't stop at the show!
Subscribe to the Bankless newsletter program http://bankless.substack.com/
Visit the official Bankless website for resources http://banklesshq.com/
Follow Bankless on Twitter https://twitter.com/BanklessHQ
Follow Ryan on Twitter https://twitter.com/ryansadams
Follow David on Twitter https://twitter.com/TrustlessState
Follow DeFi Dad on Twitter https://twitter.com/DeFi_Dad
-----
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 is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.
16 - What's an Etherean? | Nic Carter
Episode: #16 June 8, 2020
Nic Carter is one of our favorite writers in crypto. He's shaped our thoughts on many subjects over the years. Now we got to sit down and talk the challenging stuff. The stuff typical podcasts never as him...we dive right in.
He's a bitcoin yes...is he an Etherean? He's bullish on stablecoins...is he bullish ETH value accrual? He thinks free banking is good...does he think Maker is good?
Nic believe in bitcoin values...does he believe in bankless values?
This episode is jam packed with insights.
Covered:
Is Nic an Etherean?
What does Etherean even mean?
Are stablecoins good or bad for ETH?
Why the entire point is blockspace demand
How economically dense transactions win
Settlement assurances & property rights
Why crypto banks aren't all bad
Emerging digital nation states
Will this bankless thing work?
Plus Ryan and David discuss:
How David got pepper sprayed last weekend
Bankless as an anti-authoritarian movement
Building it up not burning it down
Join us next Monday for a fresh episode!
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Tools from our sponsors to go bankless:
Multis - bank your business without a bank (1 mon. trial!)
Ramp - the fiat onramp for DeFi (mention Bankless!)
Monolith - holy grail of bankless Visa cards
Aave - money lego for lending & borrowing
----- Resources discussed:
(Article) It’s the settlement assurances, stupid - Nic Carter
(Article) Visions of Bitcoin - Nic Carter
(Article) Crypto-fiat: Mutualistic or Parasitic - Nic Carter
(Article) While the cities burn below - RSA
----- Episode Actions:
Read some Nic Carter articles! (see above)
Catch up on previous episodes (#2, #7, #12)
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