On The Brink with Castle Island

Nic and Matt return for another week of news and deals. In this episode:  Nic's feud with the NYT How Lysenkoism fits in Issues with the contemporary press Coinbase does the biggest direct listing of all time Is COIN a trojan horse for Bitcoin? Coinbase mafia? The best thing about Coinbase being public Gary Gensler finally confirmed as SEC chairman Our thoughts on Hester Pierce's token safe harbor 2.0 How do you do disclosures in token land? The former CIA director points out that Bitcoin has less illicit usage then believed Content mentioned:  SEC Commissioner Hester Pierce's Safe Harbor 2.0 Nic Carter, On Bitcoin, the Gray Lady Embraces Climate Lysenkoism This episode is brought to you by Sovryn, DeFi on Bitcoin.

Dmitry Tokarev, the cofounder and CEO of Copper joins the show. In this episode we discuss: Dmitry’s path to crypto and the pain points that led him to starting Copper How Dmitry sees the competitive landscape and how legacy financial firms are reacting How MPC enables Copper to quickly add support for new blockchain platforms Views on what it’s like to hire in a rapidly growing startup Outlook for settlement and custody services in the years to come To learn more about Copper and Clearloop visit: www.copper.co    

The Block's Director of Research Larry Cermak and Research Analyst Mike Rogers join the show to talk through their latest report on stablecoins. In this episode:  Why the Block chose to focus on stablecoins for this report Larry and Mike's opinion on why stablecoins are so disproportionately dollar-based China's influence in the Tether market The history of Tether and why it attained so much traction initially How you can determine the location of stablecoin users The Tetherification for offshore exchanges – and how it displaced Bitcoin as the reserve asset The influence of USDC in DeFi and whether it represents a systemic risk to the sector Dai's transition to non-native collateral types Mike and Larry's view of algorithmic stablecoins Why stablecoins are so divisive between economists and crypto entrepreneurs Why Tether's dominance is declining Where the NYAG settlement leaves Tether now What Larry makes of USDT on TRON stealing some market share from Ethereum Why investors are settling deals in stablecoin

Matt and Nic are back for deals and news of the week. In this episode:  Nic 'debates' Steve Hanke Update on the FUD Dice Nic attempts to send a wire to Poland NYDIG raises more capital and adds more insurance companies to their roster Coinbase Q1 earnings are out Grayscale wants to roll GBTC into an ETF Tom Brady is launching an NFT platform Peter Thiel's comments on Bitcoin The DC/EP may come with expiration dates Content mentioned in the episode: Nic vs Steve Hanke debate This episode is brought to you by Sovryn, DeFi on Bitcoin.

Matthew Mežinskis, creator of the Crypto Voices Global Monetary Base project joins the show to discuss how Bitcoin stacks up against sovereign currencies. In this episode:  The difference between base money and broad money Why Bitcoin should be compared to base money and not the broad money supply How exchanges are serving as proto free banks – and why they might end up becoming transparent fractional reserve institutions How free banking actually worked Why unrestricted banking activity tends to equilibrate with single digit reserve ratios How the Scottish free banking system was stable despite fractional reserve How Bitcoin improves upon gold in a free banking system The role of Proof of Reserve in a neo free banking system The bankruptcy of the Ayr Bank and what it tells us about the Scottish banking system Why 'free banking' in the US wasn't really free Bitcoin passes the Swiss Franc Where Bitcoin stacks up relative to all the major sovereign base monies Follow Matthew on Twitter and check out the Monet

Jeth Soetoyo, the founder and CEO of Pintu, a cryptoasset brokerage based on Indonesia joins the show. In this episode we discuss: Jeth’s path to the cryptoasset industry and his journey from Consensys to business school to founding Pintu Views on stablecoin adoption and how Jeth and team are approaching this with their Rupiah Token project The Indonesian market and how Pintu is approaching this market opportunity View on DeFi and how centralized infrastructure companies are positioned To learn more about Pintu visit www.pintu.co.id and follow Jeth @Jeth_Soetoyo This episode is brought to you by: Aave is a decentralized, open source, and non-custodial protocol where users can deposits and borrow digital assets, and earn interest on those assets. Head over to aave.com to experience and learn more about DeFi.   Copper is transforming how institutional investors engage with digital assets by developing award-winning custody and next-gen trading infrastructure. Headquartered in London, the firm is scaling rapid

Nic and Matt return for news and deals of the week. In this episode:  A crisis with our dice manufacturers Visa will enable USDC settlements on their payment network Paypal turns on Bitcoin payments for 29m merchants Are Paypal transactions actual Bitcoin expenditures? Sillvergate working with Fidelity to provide Bitcoin-backed loans SEC charges LBRY with securities law violations Are founders taking the wrong lessons from SEC inaction? Jay Clayton is now advising OneRiver on their digital asset strategy Tether publishes a new attestation The merit of real time attestations for stablecoins The CME launches a Bitcoin microfutures The Boston Fed will be open sourcing some of their CBDC code Will we ever get a retail CBDC in the USA? NFTs make it to SNL A new pasta shape just dropped Nic syncs his Umbel node Content mentioned in this episode: Nic on Medium, Noahbjectivity on Bitcoin Mining Nic on the Lex Fridman podcast NFT skit on SNL This episode is brought to you by Sovryn, DeFi on Bitcoin.

Rafael Cosman, cofounder and CEO of TrustToken, joins the show to talk stablecoins and TrueFi, their non-fully collateralized lending protocol. In this episode:  TrustToken's various stablecoins that they administer The real-time stablecoin attestations TrustToken has done with Armanino How a real time attestation works Why the USD is so disproportionate in market share among stablecoins Why DeFi is potentially the killer app for stablecoins today Why Trust Token built a global fx currency basket Why overcollateralized lending doesn't necessarily constitute lending in the traditional sense How TrueFi introduces uncollateralized lending into DeFi How underwriting and credit creation works in a public blockchain context How legal contracts are introduced into DeFi Howo the TrueFi system incorporates revisions in creditworthiness How on-chain credit scores could proliferate and be used on a cross-platform basis How privacy is compatible with on-chain credit scoring Rafael's explanation for structurally high int

James Davolos, VP and portfolio manager at Horizon Kinetics, joins the show to make the case for inflation and to explain their Inflation Beneficiaries ETF, ticker $INFL. In this episode:  How Horizon and Murray Stahl were one of the earliest asset managers to put client assets in GBTC How Horizon's value approach landed them at a Bitcoin allocation James' reaction when Horizon first made the Bitcoin allocation Whether Bitcoin is a growth or a value asset, and how to reason about it from either perspective James' reaction to Jerome Powell's announcement on rates The genesis of the idea to create an inflation beneficiaries ETF James' case for inflation Should the disinflationists be taking victory laps? Why the Fed is calling inflation 'transitory' Why we didn't get inflation from 2010-20 What crystallized the case for inflation for Horizon Kinetics? The importance of the 'taper tantrum' Why historical parallels are so hard to find – and why we have no historical precedent for our current moment How the dolla

Nic and Matt are back for another blockbuster week. In this episode:  How Nic ended up being labeled the most violent person on Earth Fidelity files for their Wise Origin Bitcoin ETF The significance of Fidelity's filing today Can the GBTC product actually be redeemed by a majority of shareholders? Amendments to the GBTC charter Odds of the SEC finally seeing the light on the ETF Why an ETF approval is more urgent than ever The toppiest top signal ever making us nervous FATF is back with a vengeance Jack Dorsey includes a Blockclock in his Congressional testimony Is Bitcoin a battery? Content mentioned:  Peter Johnson, Crypto Credit Market Breakdown Nic Carter, The Frustrating, Maddening, All-Consuming Bitcoin Energy Debate Nick Grossman, Bitcoin as a Battery This episode is brought to you by Sovryn, DeFi on Bitcoin.

Dan Tapiero, the Managing Partner or 10T Holdings joins the show. In this episode we discuss: Dan’s pre-crypto career as a macro manager and entrepreneur and the path that led him to founding 10T Holdings The institutional narrative for Bitcoin and cryptoassets and how this thesis interplays with gold Views on layer one smart contract platforms and how to think about value accrual on these networks How Dan is approaching growth stage opportunities in this industry To learn more about 10T visit: 10tfund.com Follow Dan on Twitter @DTAPCAP  

Michael Greenwald is a former U.S. Treasury official with expertise in sanctions programs and using USD infrastructure to promote policy objectives. In this episode:  What the weaponization of the dollar really means How sanctions mechanically work How Treasury and the State Dept carry out sanctions The risk of sanctions wearing blunt as a tool  The growth of sanctions post 9/11 How sanctions against Russia represented a sea change in policy How the US deputizes SWIFT for sanctions How and why Europeans tried to route around US sanctions on Iran Is the US led international order fraying? China's attempt to build a parallel financial infrastructure to challenge the dollar The objectives of the Belt and Road Initiative The purpose of the digital yuan Can the yuan challenge the primacy of the dollar in the international system? How China uses the belt and road initiative to advance the yuan How the US should react to China's aggressive move into closer economic relationships with the third world What a digital

Nic and Matt return for another week of deals and news. In this episode:  We announce onthebrink.shop What was Robby Gutmann from NYDIG rumoring on our recent episode? Morgan Stanley opens up their platform to Bitcoin funds A new taxonomy for NFTs Bridging the gap between NFT fans and skeptics Why NFTs are not bearer assets and are liabilities of an issuer We break down a popular thread debunking NFTs Bitmex Research publishes a book on the blocksize war BoFa publishes a very bad report on Bitcoin India dithers on their cryptocurrency ban The parallels between the crypto wars of the 90s and state bans today Is there a double standard for Bitcoin versus other ETFs at the SEC? Is Gensler a grey swan for crypto markets? The SEC is officially on the clock for a new ETF application Why FTX should not buy the naming rights to the Miami Heat stadium Content referenced in this episode:  Nic Carter on Medium, Why NFTs are Hard to Explain Twitter thread on NFTs by Jonty BitMEX Research publishes 'The Blocksize War'

Dennison Bertram and Raf Solari, the founders of Tally join the show. In this episode we discuss: Dennison and Raf’s career journeys into crypto and to founding Tally The current state of DeFi and how they think about an emerging taxonomy of projects Views on how voting and user interaction with DeFi protocols are evolving Comparison to legacy financial services like proxy voting How Tally is engaging with open-source communities to promote user engagement To learn more about Tally visit www.withtally.com  

Robby Gutmann, CEO and Co-founder of NYDIG, and Co-founder of Stone Ridge, joins the show to talk about his firm's Bitcoin and digital asset ambitions. In this episode:  The origins of NYDIG and Stone Ridge NYDIG's product suite and differentiation  NYDIG's deliberate pro-Bitcoin stance  Why Bitcoin is such a compelling opportunity to Robby Bitcoin's pace of development  How much attention NYDIG pays to core development Is there a contradiction between open source money and institutionalization?  What explains client enthusiasm for Bitcoin in 2021 Sponsor notes: Copper is transforming how institutional investors engage with digital assets by developing award-winning custody and next-gen trading infrastructure. Headquartered in London, the firm is scaling rapidly across Asia and North America to bring its suite of products to a wider pool of institutional investors. To learn more visit copper.co or reach out on Twitter, @CopperHQ

Nic and Matt return for another intense week of deals. In this episode:  New Bitcoin FUD dice? Is there any new Bitcoin FUD? Beeple sells an NFT for $69m Are NFTs art or the autograph? The missing link for NFTs – where do you show off your NFTs and demonstrate status? One issue with NFTs and IP Is NY Life getting into crypto? Norwegian oil billionaire embraces Bitcoin DCG buys back GBTC to bring it back to NAV Scenarios for how GBTC redemption occurs Why GBTC trading at a discount is better for retail investors Moneygram and Ripple are no longer partners Grayscale hires an entire ETF team Should the US start a strategic Bitcoin reserve? Why Bitcoin makes sense for central banks Why CBDCs will never provide real cash-like assurances Content mentioned:  Aker Shareholder Letter This episode is brought to you by Sovryn, DeFi on Bitcoin.

Zac Prince, CEO and Cofounder of BlockFi joins the show once again to discuss BlockFi's newly announced Series D financing and to discuss market dynamics. In this episode:  Announcing the Series D round of financing Growth of revenues and clients on the platform How BlockFi classifies itself in the taxonomy of banking, fintech, and brokerage Market worries around the GBTC discount Why did GBTC flip to being discounted? What the GBTC discount means for BlockFi How do the current GBTC dynamics affect Bitcoin interest rates, if at all? One unexpected way the GBTC discount could disappear The prospects for "busting the trust" How Zac thinks about public messaging and the Twitter environment What fraction of the bitcoin interest rate the GBTC trade represents What's next for BlockFi Prior BlockFi OTB episodes:  Rene Van Kesteren on how BlockFi manages Risk  Zac Prince on growing BlockFi through a pandemic

Matthew Le Merle, Co-Founder and Managing Partner of Fifth Era and Blockchain Coinvestors joins the show. In this episode we discuss: Matthew’s views on The Rise of Generation C and some of the trends he foresaw ten years ago Views on the GameStop / WSB saga and what this portends for the financial markets in the years to come The state of the cryptoasset market and the infrastructure that is being deployed in 2021 How he thinks about approaching this industry as a leading fund of funds   Learn more about Blockchain Coinvestors at their website and follow Matthew on Twitter @mlemerle   

David Vorick, the cofounder and CEO of Nebulous, the firm developing the Sia network, joins the show once again to talk about the growth of decentralized cloud storage. In this episode:  Skynet reaches its 1 year anniversary Dweb versus Web3 Current capacity and utilization of the Sia network Where Sia stacks up in terms of the decentralized storage networks by usage How the internet ended up massively siloed Why data portability and thin internet applications are so important Current breakout applications of decentralized storage New models for authentication for web apps How the dweb could return the internet to its 90s-era topology The current state of property rights on the internet The intersection between Handshake and Sia

Matt and Nic are back. In this episode: More cured meats drama The Singapore sovereign wealth fund invests in Anchorage Will they or wont they - Goldman edition Bitcoin completes Paypal's original vision Schwab looks to add support for crypto Kings of Leon NFT Are NFTs the first truly mainstream application of blockchains? Are today's centralized public blockchains just a return of private blockchains? Citi releases the case for bitcoin GBTC trades at a steep discount to NAV and what it means Is the GBTC arbitrage trade over? Should startups hold Bitcoin on their balance sheets? How does 2021 feel compared to 2018? Are we likely to see another 70%+ drawdown? Content mentioned in this episode:  Bloomberg's Crypto Outlook, Mike McGlone Understanding Bitcoin, Jurrien Timmer Bitcoin at the Tipping Point, City GPS This episode is brought to you by Sovryn, DeFi on Bitcoin.