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 Sep 8, 2020

Description

The top stories and best shows in the blockchain world, delivered daily from the team at CoinDesk.


Episode Date
BREAKDOWN: What Jack Dorsey Leaving Twitter Means for Bitcoin
00:14:05

As Twitter’s CTO steps into the CEO role, what will the changes mean for crypto? 

This episode is sponsored by NYDIG.

On today’s episode, NLW looks at two topics. The first is the market crash that left bitcoin down 8.5% on Friday, only to partially recover over the weekend. NLW looks at the combination of macro factors – led by the Omicron COVID-19 variant – that may or may not have contributed to the turbulence. Second, he looks at the announcement that Jack Dorsey is stepping down from the CEO role at Twitter, to be replaced by Chief Technology Officer Parag Agrawal. What will this mean for bitcoin? Will Jack be spending more time on the cryptocurrency now? And what about Ethereum? Will a Web 3 blocker inside Twitter now be removed? What about censorship and the Twitter platform itself? 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Cole Burston/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 29, 2021
SOB: Big Gaming Signals NFTS Are Closer to Mainstream
00:38:26

This episode is sponsored by Nexo.io.

With NFTs continuing their rapid advance into mainstream cultural awareness, how much is FOMO (fear of missing out) and how much is real? On today's episode we investigate and discuss the evolving battle lines in the nascent world of triple-A gaming NFTs and whether these early announcements are a signal or just noise.

Recent statements or comments:


Later, the hosts explore the still-to-come moment when the behemoths of game publishing select which blockchain or blockchains will be their native NFT layer. Are we in for a repeat of the corporate adoption story? Or will big-budget games become a new differentiating factor, elevating their chosen partners to de-facto “incumbent” status?

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Nexo is a powerful, all-in-one crypto platform where you can securely store your assets. Invest, borrow, exchange and earn up to 12% APR on Bitcoin and 20+ other top coins. Insured for $375M and audited in real-time by Armanino, Nexo is rated excellent on Trustpilot. Get started today at nexo.io.

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Photo by Igor Karimov on Unsplash, modified by Speaking of Bitcoin

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 28, 2021
BREAKDOWN: America and the Metaverse
00:13:24

A reading of threads from Punk 6529.

This episode is sponsored by NYDIG.

On this week’s “Long Reads Sunday,” NLW draws from two threads by @punk6529 on Twitter:

On a Pathway to an Open Metaverse

On America and Crypto

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Craig Hastings/Moment/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 28, 2021
BREAKDOWN: Alyse Killeen on Why Bitcoin Was Ready for Nation-State Adoption
00:27:33

The bitcoin VC shares her view on the importance of 2021 to bitcoin and what comes next. 

This episode is sponsored by NYDIG.

On the final part of his three-part miniseries “Gratitude for Bitcoin,” NLW is joined by Stillmark’s Alyse Killeen, a venture capitalist focused entirely on the bitcoin ecosystem. Alyse explains how remarkable it was that bitcoin was ready for nationwide adoption in El Salvador and gives a preview on what she thinks is coming to the network in 2022. 

Find Alyse Killeen on Twitter: @AlyseKilleen

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Iryna Ustenko/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 27, 2021
BREAKDOWN: Dan Held on the Mainstreaming of Bitcoin
00:24:21

The serial bitcoin entrepreneur argues bitcoin is changing, whether you want it to or not.

This episode is sponsored by NYDIG.

On part 2 of NLW’s three-part “Gratitude for Bitcoin” miniseries, he’s joined by serial bitcoin entrepreneur and Kraken’s director of growth marketing, Dan Held. Dan discusses the changes happening as bitcoin goes mainstream and argues that this sort of change is inevitable. 

Find Dan Held on Twitter: @danheld

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Iryna Ustenko/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 26, 2021
BREAKDOWN: Dylan LeClair on Bitcoin Data Where Macro Meets Micro
00:30:34

The on-chain analyst reveals why understanding bitcoin is a cheat code.

This episode is sponsored by NYDIG.

Today, NLW kicks off his “Gratitude for Bitcoin” three-part miniseries with Bitcoin Magazine and UTXO Management bitcoin analyst Dylan LeClair. 

Find Dylan on Twitter: @DylanLeClair_

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Iryna Ustenko/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 24, 2021
BREAKDOWN: What Jerome Powell’s Second Term Means for Bitcoin
00:15:22

The much-memed Fed chairman officially gets a second term with the Biden Administration.

This episode is sponsored by NYDIG.

This week, after months of speculation, President Joe Biden has named Jerome Powell to a second term as Federal Reserve chairman. His most likely alternate, Lael Brainard, was promoted to vice chairwoman. On today’s episode of “The Breakdown,” NLW looks at why full employment remains at the centerpiece of the Fed agenda even as the nominations herald a narrative pivot on inflation. He also discusses the likely impacts to bitcoin, stablecoins and crypto more broadly. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Alex Wong/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 23, 2021
BREAKDOWN: Are El Salvador’s Bitcoin 'Volcano Bonds' an End Run Around the IMF?
00:16:48

The $1 billion bond will be tokenized and powered by Blockstream and Bitfinex. 

This episode is sponsored by NYDIG.

Today on “The Breakdown,” a check in on El Salvador, where President Nayib Bukele has just announced “Bitcoin City,” a new community that will feature no income or capital gains tax and be designed to attract talent from around the world. The effort is being funded in part by a $1 billion bond that some are calling the “Volcano Bond.” The bond will be tokenized by Blockstream on Liquid and available for trade on Bitfinex. NLW covers the bitcoin world’s reaction to the news (as well as some fintwit skepticism). 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Jaime Mejia/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 22, 2021
BREAKDOWN: Are Stablecoins the Path to Continued Dollar Dominance?
00:12:52

A reading of two prescient Nic Carter essays from 2020. 

This episode is sponsored by NYDIG.

In today’s Long Reads Sunday, NLW goes back to read excerpts from two Nic Carter pieces that seem particularly prescient today, as the U.S. weighs the opportunities and risks of stablecoins. 

Policymakers Shouldn't Fear Digital Money: So Far It's Maintaining the Dollar's Status

The Crypto-Dollar Surge and the American Opportunity

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso & Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Thom Lang/The Image Bank, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 21, 2021
BREAKDOWN: What Billions of Dollars in Crypto Fundraising Says About the Bull Market
00:12:34

If the good times are over, many have the dry powder to weather the storm.

This episode is sponsored by NYDIG.

From $400 million to a crypto exchange to $2.5 billion for the biggest crypto fund in history, NLW tells the story of this week’s big fundraising events by the numbers. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso & Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Nuthawut Somsuk/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 20, 2021
BREAKDOWN: Did ConstitutionDAO Shift the Overton Window on What DAOs Can Accomplish?
00:17:04

More than 17,000 people raised over $40 million, but it wasn’t enough.

This episode is sponsored by NYDIG.

Last night the crypto community waited with bated breath to see who had won the first printing of the U.S. Constitution. Despite raising over $40 million from 17,000 people, the ConstitutionDAO was ultimately outbid. In this episode, NLW discusses how the DAO came together, how the bidding went down and how the community should feel about its near miss. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso & Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Alexi Rosenfeld/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 19, 2021
BREAKDOWN: What We Learned From Congress' ‘Demystifying Crypto’ Hearing
00:13:30

Anyone who tells you the U.S. government is going to ban crypto is crazy.

This episode is sponsored by NYDIG.

Yesterday’s show was a global regulatory roundup, but today’s is all about the U.S. The Joint Economic Committee held an event this week all about “Demystifying Crypto.” In this episode, NLW looks at:

  • The overall shift in tone in government crypto hearings 
  • The specific questions and topics that JEC members asked
  • The beginnings of a partisan hardening of the crypto discourse 
  • New legislation to undo the problematic provisions of the infrastructure bill 


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso & Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Bloomberg/Getty Images Plus, modified by CoinDesk.


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 18, 2021
BREAKDOWN: Will New Anti-Terrorism Rules Help Israeli Crypto Startups? A Global Regulatory Roundup
00:15:31

The state of crypto regulatory news from India to Russia to Brazil. 

This episode is sponsored by NYDIG.

On today’s episode, NLW does a whistle-stop tour of global crypto regulatory news, including:

  • India – set to ban crypto as payment but regulated as asset? 
  • Israel – might new AML rules make it easier for banks to work with crypto providers?
  • Sweden – disagreement on mining politics
  • Russia – a new source of global power? 
  • Indonesia – is bitcoin haram? 
  • As well as news from Peru, the U.K. and Brazil 


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Michele Musso & Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: btgbtg/iStock/Getty Images Plus, modified by CoinDesk.


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 17, 2021
BREAKDOWN: What Drove Bitcoin's Dip Under $60K
00:15:43

As is so often the case, it was a combination of macro news and market structure. 

This episode is sponsored by NYDIG.

Bitcoin has been on a journey over the last 24 hours, from nearly $65,000 all the way down to $58,000 and everywhere in between. On today’s episode, NLW explores what’s driving it, including: 

  • Leveraged traders left over from last week’s all-time high
  • Twitter CFO saying no investments in crypto
  • President Biden signing the U.S. infrastructure bill with crypto broker redefinition 
  • Inflation questions
  • Federal Reserve leadership questions 


Finally, he points to Marathon’s offering of a half billion dollars in debt to buy more BTC and rigs as a counter-indicator. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 16, 2021
BREAKDOWN: This DAO Is Trying to Buy the Constitution for $20M
00:18:40

A look at one of the boldest experiments in internet financial organizing yet. 

This episode is sponsored by NYDIG.

On Thursday, Nov. 18th, Sotheby’s is auctioning off one of just 13 (or 11, depending on your source) copies of the original edition of the U.S. Constitution, printed in September 1787 for distribution to members of the Continental Congress and the states that would need to debate and ratify the document. It’s the first time the document has been for sale in a third of a century, and this time, a new DAO has sprung up to make the purchase collectively. On today’s episode, NLW breaks down ConstitutionDAO, looking at:

  • What the project is trying to achieve 
  • How quickly it’s coming together and gaining momentum
  • What it means for the future of DAOs 

 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: rdegrie/E+/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 15, 2021
SOB: How Far We’ve Come (And How Much Stayed the Same)
01:05:18

Today’s show is from a time before the trillion (or even billion) dollar market cap; Before Vitalik had ever spoken the word Ethereum; Before taproot, segwit, stock-to-flow and the institutional investing thesis. In the early days, Bitcoin was the absolute state of the art and the basis for an entirely new and utterly revolutionary form of technology. In this episode you’ll get a peek at how we discussed it before everything that would happen had happened.

This episode is sponsored by Nexo.io.

Original show notes for episode 14 - In Search of Goldilocks

  • Listener mail: “Microtransaction powered social networks”
  • Constance Choi, legal council at payward brings us up to speed on DC, Fincen & Treasury
  • The retroactive Bitcoin paywall
  • Counterintuitive: Smaller amounts equal larger transactions?
  • 1 Megabyte blocks, good or bad?
  • Who needs banks? Zach Harvey of the Lamassu bitcoin vending machine
  • Full node clients vs. lite clients: Are federated servers the future?

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Nexo is a powerful, all-in-one crypto platform where you can securely store your assets. Invest, borrow, exchange and earn up to 12% APR on Bitcoin and 20+ other top coins. Insured for $375M and audited in real-time by Armanino, Nexo is rated excellent on Trustpilot. Get started today at nexo.io.

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Today's episode art is a screenshot from CoinMarketCap.com's historical tool, modified by Speaking of Bitcoin

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 14, 2021
BREAKDOWN: Crypto Is for the Dissidents and Disenfranchised
00:14:29

A reading of two essays that show the full range of communities connecting to crypto.

This episode is sponsored by NYDIG.

On this edition of “Long Reads Sunday,” NLW reads two pieces:

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today’s editing by Adrian Blust, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Tribalium/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 14, 2021
BREAKDOWN: Is Jack Dorsey About to Announce a Bitcoin DeFi Platform?
00:14:05

Or is Square’s TBD launch of its white paper just days after the Taproot upgrade a coincidence? 

This episode is sponsored by NYDIG.

On this edition of “The Breakdown Weekly Recap,” NLW follows up on the story about the politics of bitcoin with an SEC commissioner’s recent essay on decentralized finance (DeFi). He also looks at the forthcoming Taproot upgrade, and how it may coincide with plans from the newest division of Square - TBD - to announce bitcoin DeFi plans. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Eva Marie Uzcategui/Bloomberg/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 13, 2021
BREAKDOWN: The Politics of Bitcoin
00:14:14

Is the political discourse around crypto getting more sophisticated? 

This episode is sponsored by NYDIG.

On today’s episode of “The Breakdown,” NLW looks at how bitcoin’s place in the political dialogue in the United States has changed dramatically over the years. He argues 2021 will be remembered as the year politicians started taking the industry seriously. The episode features a thread from Ohio U.S. Senate candidate Morgan Harper: https://twitter.com/mh4oh/status/1458064822772375565

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 12, 2021
BREAKDOWN: Why Yesterday Was One of the Most Illuminating Days in Bitcoin’s History
00:14:52

A perfect confluence of macro events and market structure. 

This episode is sponsored by NYDIG. 

Yesterday was quite the day. A 6.2% inflation print led to a new bitcoin all-time high. Within hours, however, BTC’s price crashed 10% on an overall risk-off move in markets. That was precipitated by rumors that China’s Evergrande was about to default on its debts. NLW argues that the moves show how market structure and macro realities impact bitcoin. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Ildar Abulkhanov/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 11, 2021
BREAKDOWN: Inflation Nation – US Sees Highest Price Increase in 31 Years
00:15:35

What it means for markets, the Federal Reserve and bitcoin.

This episode is sponsored by NYDIG.

New statistics show a 6.2% rise in the consumer price index (CPI) year over year for October. On today’s episode, NLW breaks down the news, discussing:

  • How the 2020 inflation debate set up the current bitcoin bull run 
  • The debate around “transitory” inflation in 2021 
  • How the inflation debate is impacting U.S. politics 
  • Why bitcoin is achieving new all-time highs 

 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: sbayram/E+/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 10, 2021
BREAKDOWN: Apple CEO Tim Cook Reveals Crypto Holdings as BTC and ETH Hit New All-Time Highs
00:13:57

What on-chain analysts and the community at large thinks is driving the move.

This episode is sponsored by NYDIG.

Last night both BTC and ETH hit new all-time highs. In today’s episode, NLW explores:

  • What on-chain analysis suggests about how this ATH differs from previous ones
  • Why some are pointing to institutional accumulation as driving the rally
  • What Apple CEO Tim Cook said when he revealed that he holds BTC and ETH 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Axelle/Bauer-Griffin/FilmMagic/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 09, 2021
BREAKDOWN: What Elon Musk's $21B Tesla Sale Gambit Says About Markets
00:15:40

The Saturday tweet about the sale drove synthetic crypto-powered Tesla markets down 7%.

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW looks at why the fracas around Elon Musk’s Twitter poll about his selling 10% of his Tesla stock is about much more than Tesla. It has implications for domestic politics, market structure and why crypto is the future. 

Additionally, the Brief covers:

  • The NYC mayor-elect says bitcoin should be taught in schools 
  • The latest on the infrastructure bill 
  • Pension funds are moving into alternative assets to find yield 


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Samuel Corum/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 08, 2021
SOB: If Facebook Can’t Run a Global Currency, Who Could?
00:40:19

This episode is sponsored by Nexo.io.

A recent letter addressed to the social media giant from five democratic senators laid it out clearly; There's simply no way Meta (formerly Facebook) will be allowed, much less trusted, to run a supra-national stablecoin. It's a stance many agree with but it brings up a larger and much more controversial question. If one of the biggest, most successful consumer-facing companies in the world can't do it, who could?

Join hosts Adam B. Levine, Stephanie Murphy, Jonathan Mohan and Andreas M. Antonopoulos for this wide-ranging conversation as they dig into the thorny issues of power, currency, trust and monetary policy.

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Nexo.io lets you borrow against your crypto at 6.9% APR, earn up to 12% on your idle assets, and exchange instantly between 100+ market pairs with the tap of a button. Get started at nexo.io.

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Have any questions or comments? Send us an email at adam@speakingofbitcoin.show

Today’s show featured Andreas M. Antonopoulos, Jonathan Mohan, Stephanie Murphy and Adam B. Levine, with editing by Adam B. Levine and music by Gurtybeats.com. Our episode art is a photograph by Annie Spratt/Unsplash modified by Speaking of Bitcoin


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 07, 2021
BREAKDOWN: The End of the Super Bubble vs. WAGMI
00:13:24

A reading of two threads that paint a very different picture of the world.

This episode is sponsored by NYDIG.

On this week’s ”Long Reads Sunday,” NLW looks at two very different takes on the economy in threads by Raoul Pal and Alex Good

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: VectorInspiration/DigitalVision Vectors/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 07, 2021
BREAKDOWN: What to Do About the Looming Disaster for Crypto in 6050I
00:12:29

The latest from the Infrastructure bill plus recent SEC statements on enforcement.

This episode is sponsored by NYDIG.

On this edition of “The Breakdown Weekly Recap,” NLW covers:

  • SEC Chair Gensler’s recent comments on crypto enforcement
  • The OCC concludes its crypto sprint
  • Why the crypto community is so concerned about Infrastructure Bill amendment 6050I
  • The vibe from NFT.NYC


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: smartboy10/DigitalVision Vectors/United Kingdom, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 06, 2021
BREAKDOWN: Central Banks Sending Worrisome Signals About the Economy
00:10:05

What the inversion of the yield curve is telling us.

This episode is sponsored by NYDIG.

On today’s episode, NLW gets macro with a discussion of a flattening of the yield curve and what increasingly seems like a failed yield curve control experiment in Australia. He looks at:

  • What the “yield curve” is
  • What a yield curve flattening or inversion is signaling
  • The latest from the U.S. Federal Reserve on tapering 
  • Australia’s yield curve control problem 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 05, 2021
BREAKDOWN: Why Some US Congressmen Are Asking Gensler About a Bitcoin Spot ETF
00:12:10

The co-chairs of the Congressional Blockchain Caucus are not pleased.

This episode is sponsored by NYDIG.

On today’s episode, NLW follows up on the burgeoning bitcoin-mayor competition between New York City’s Eric Adams and Miami’s Francis Suarez. The show’s main topic is an open letter sent by Congressional Blockchain Caucus co-chairs Rep. Tom Emmer and Rep. Darren Soto to Securities and Exchange Commission Chair Gary Gensler about the recent approvals of bitcoin futures-based exchange-traded funds. They argue it simply doesn’t make sense to approve a futures ETF but not a spot ETF that holds actual bitcoin. Surprise, surprise, the crypto community agrees. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Daniel Acker/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 04, 2021
BREAKDOWN: New York City Gets Itself a Bitcoin Mayor
00:14:35

Mayor-elect Eric Adams is looking to turn one of the world’s great TradFi centers into a hub for crypto as well.

This episode is sponsored by NYDIG.

Despite (or perhaps because of) being one of the world’s great traditional financial hubs, New York has a contentious relationship with crypto. Between the BitLicense and a very active state attorney general, New York and crypto aren’t always simpatico. That’s why it has been exciting for many New Yorkers to see candidates of both parties advocating for New York City to become a crypto hub, and to do so in a way that benefits financial access and economic empowerment goals. NLW breaks down candidate statements and looks at the friendly competition brewing between NYC and Miami. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Michael M. Santiago/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 03, 2021
BREAKDOWN: What You Need to Know About Biden's Stablecoin Report
00:19:55

The much anticipated document has finally been released, and here’s what the crypto community is saying about it. 

This episode is sponsored by NYDIG.

The President’s Working Group on Financial Markets has finally released its much-anticipated report on Stablecoins. In this episode, NLW breaks down:

  • The PWG’s three major concerns surrounding stablecoins
  • The significance of its recommendation that Congress legislate stablecoins 
  • The reactions of the crypto community, stablecoin issuers and interested politicians


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Samuel Corum/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 02, 2021
BREAKDOWN: Top 5 Things That Happened in Crypto in October
00:16:25

Regulation, institutions, ETFs!

This episode is sponsored by NYDIG.

NLW counts down the top 5 things to happen in crypto over the last month, including a DAO buying a Wu Tang clan album, top 5 U.S. banks creating new crypto offerings, battles around SEC subpoenas and much more. Listen to find out why we will view October 2021 as a significant transitional month in bitcoin and crypto history. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: CC DF Foto/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Nov 01, 2021
BREAKDOWN: Where Bitcoin Fits in a Post-Scarcity World
00:10:34

In a world where everything is unlimited, what remains scarce?

This episode is sponsored by NYDIG.

This week’s “Long Reads Sunday” is a reading of EY Global Blockchain Lead Paul Brody’s latest essay for CoinDesk: “We Are Already Living in a Post-Scarcity World.”

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 31, 2021
BREAKDOWN: Inflation or Deflation? Jack Dorsey, Cathie Wood, Elon Musk, Jeff Booth Debate!
00:10:44

Some economic titans debate one of the most important questions in macro today. 

This episode is sponsored by NYDIG.

Last weekend, Jack Dorsey set the internet alight when he proclaimed, “Hyperinflation is going to change everything. It’s happening.” That kicked off a mighty debate involving Cathie Wood, Elon Musk, Jeff Booth and others. At the heart of it is the question of whether inflation or deflation is the more powerful force in the months and years to come. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: OsakaWayne Studios/Moment/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 30, 2021
BREAKDOWN: Everything You Need to Know About Facebook’s ‘Meta’ Metaverse Play
00:18:37

Massive validation of Web 3 builders or a dictatorship in the making?

This episode is sponsored by NYDIG.

Facebook announced yesterday it is changing its corporate name to Meta. The name change reflects the company’s growing focus on virtual reality, augmented reality and a new version of the internet that people are calling the metaverse. In this episode, NLW looks at the reactions to the news, from those who think it represents a huge mainstreaming opportunity for crypto and non-fungible tokens to those who see it as potentially devastating for the future of the internet. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: David Paul Morris/Bloomberg/Getty Images, modified by CoinDesk.


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 29, 2021
BREAKDOWN: 14 Takes on Shiba Inu Coin
00:20:02

Is it a playback of 2017 ICO madness or is there something more significant here? 

This episode is sponsored by NYDIG.

NLW today provides 14 different takes on shiba inu coin (SHIB) that reflect the range of perspectives across the crypto community, including:

  • “You could have been a billionaire if…”
  • This plays into regulator’s hands
  • “If it only goes to a dollar…”
  • Are the institutions really coming in? 
  • At what point do we take memes seriously?
  • Market nihilism 
  • And more! 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Irina Vaneeva/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 28, 2021
BREAKDOWN: CFTC Acting Chair – ‘Nearly 60%’ of Cryptos Are Commodities
00:12:25

Another U.S. regulator has entered the arena, trying to be the top crypto cop on the beat.

This episode is sponsored by NYDIG.

On today’s episode, NLW does an extended brief, covering:

  • The CFTC Chair arguing for more power to regulate crypto
  • Comments from the FDIC chair saying that banks need to be allowed to participate in crypto markets 
  • The latest CBDC efforts from Europe and Nigeria
  • Bakkt hooks up with Mastercard
  • A bitcoin ETF news roundup
  • Robinhood down badly in crypto revenue for Q3

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Exit” by Isaac Joel. Image credit: wenjin chen/DigitalVision Vectors/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 27, 2021
BREAKDOWN: Has the SEC Won the Battle to Regulate Stablecoins?
00:17:24

Bloomberg is reporting that a forthcoming U.S. Treasury Department report will give the Securities and Exchange Commission broad powers to regulate the $131 billion part of the crypto industry.

This episode is sponsored by NYDIG.

2021 has been the year of crypto regulation. In China, that has manifested as a complete banning of bitcoin mining and crypto trading. In the U.S., the verdict is still out, but it has been clear there has been a fair bit of jockeying behind the scenes for authority. A new report suggests the Securities and Exchange Commission has been successful in its lobbying efforts to take a stronger hand with the fast-growing stablecoin market. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Exit” by Isaac Joel. Image credit: Joshua Roberts/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 26, 2021
BREAKDOWN: Why One Crypto Company Is Suing the SEC
00:14:37

Do Kwon and Terraform Labs are suing the Securities and Exchange Commission for due process violations resulting from a recent subpoena. 

This episode is sponsored by NYDIG.

At Messari’s Mainnet conference in September, rumors flew that the U.S. Securities and Exchange Commission had served a subpoena on a decentralized finance (DeFi) protocol founder moments before he was set to speak on stage. The rumors were confirmed late last week when Terraform Labs and CEO Do Kwon filed a lawsuit against the SEC for due process violations. On today’s episode, NLW breaks down the lawsuit, the community’s response and what the precedent and outcome might mean for the industry going forward. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Exit” by Isaac Joel. Image credit: Brendan Hoffman/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 25, 2021
SOB: Why Is the IMF Afraid of Cryptoization?
00:30:41

Speaking of Bitcoin on the CoinDesk Podcast Network is brought to you by CrystalBlockchain.com.

The IMF has outlined yet another set of concerns it holds about crypto. Is crypto really the problem, or is the IMF just afraid of the things it cannot control?

Join hosts Adam B. Levine, Jonathan Mohan and Andreas M. Antonopoulos as they dissect the October global financial stability report from the International Monetary Fund (IMF) subtitled “COVID-19, Crypto and Climate: Navigating Challenging Transitions.” An entire chapter of the report is dedicated to destabilization factors crypto poses, at least as identified by the IMF. It even coined a new term, “cryptoization,” to refer to the introduction and/or substitution of crypto in emerging markets.

Although worries of supply shocks, supply chain inflation and stagflation fill headlines, the IMF placed crypto in the top three stability concerns. Is the organization gearing up to poise crypto as the scapegoat in case of an oncoming financial crisis?

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Crystal Blockchain is building a better, safer cryptocurrency space with end-to-end solutions for all your analysis, investigative, and compliance needs. The team of world-class experts creating a more transparent crypto economy via blockchain analysis. Learn how to get started at crystalblockchain.com.

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Today’s show featured Andreas M. Antonopoulos, Jonathan Mohan and Adam B. Levine, with music by Gurtybeats.com. Our episode art is a photograph by Giorgio Trovato/Unsplash recreated by Speaking of Bitcoin

Any questions or comments? Send us an email at adam@speakingofbitcoin.show

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 24, 2021
BREAKDOWN: The US Government Sold a Wu-Tang Album to a DAO for $4M
00:12:18

If you think DAOs aren’t going to be a thing, listen to this. 

This episode is sponsored by NYDIG.

On today’s “Long Reads Sunday,” NLW tells the story of PleasrDAO buying a one-of-a-kind hip hop album, and what it means that the U.S. government is interacting with this new type of collective. He also reads:

How to Do Business as a DAO

Thread: DAOs as Changing the Fate of the Species


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Michael Hurcomb/Corbis Entertainment/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 24, 2021
BREAKDOWN: Bitcoin Wraps the First Week of the ETF Era
00:10:38

A look at ETF performance, fundraising and new mainstream and institutional involvement in the asset class.

This episode is sponsored by NYDIG.

On this edition of “The Breakdown’s Weekly Recap,” NLW covers:

  • The record-setting performance of the first bitcoin futures exchange-traded fund and what happens next as new ETFs come to market 
  • A massive spate of fundraising, particularly for crypto-focused venture capital funds 
  • New institutional and mainstream adoption of crypto by $2 trillion asset manager PIMCO and Walmart 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: MicroStockHub/E+/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 23, 2021
BREAKDOWN: Why the Bitcoin and Crypto Communities Are So Skeptical of Worldcoin
00:22:07

Here’s why the wildly ambitious project is triggering so many people.

This episode is sponsored by NYDIG.

Today’s episode is nominally about Worldcoin. The project launched this week with ambitions to airdrop a new cryptocurrency on everyone in the world. To do so, it’s using biometric eye scanning to identify people and the entire cryptosphere – bitcoiners, ethereans and beyond – are sort of not having it. NLW gives the context and background of Silicon Valley’s history with bitcoin and crypto in order to help explain the reaction to Worldcoin. 

Featuring Dan Held “Why Silicon Valley Doesn’t Get Bitcoin.”

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Klaus Vedfelt/DigitalVision/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 22, 2021
BREAKDOWN: Paul Tudor Jones – ‘Inflation … [Is] the Single Biggest Threat to Financial Markets and Society in General’
00:15:29

The well-known hedge funder represents a growing sentiment among the American public.

This episode is sponsored by NYDIG.

Last year, Paul Tudor Jones wrote a paper called “The Great Monetary Inflation” that would end up creating narrative motivation for many traditional retail and institutional investors to allocate to bitcoin as an inflationary hedge. On today’s episode, NLW looks at the rising discussion of inflation in the media and in mainstream American society. He discusses why the inflation conversation, even more than the ProShares bitcoin futures ETF, might be driving bitcoin’s current rise. He also shares Paul Tudor Jones’s latest comments from “Squawk Box” on CNBC regarding the inflation issue.

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Michael Nagle/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 21, 2021
BREAKDOWN: LFG! Bitcoin Clears $66K and Hits New All-Time High
00:12:06

The market reacts to an exciting milestone. 

This episode is sponsored by NYDIG.

On today’s episode of “The Breakdown,” NLW looks at the market’s reaction to a new bitcoin all-time high, including:

  • The success of the first day of the ProShares bitcoin futures exchange-traded fund 
  • Why the ETF didn’t end up being a “buy the rumor, sell the news” event
  • Why the new ATH is all the more impressive given the recent FUD and actions by the Chinese government 
  • Why this ATH has some very different on-chain dynamics from previous ones 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Konstantin Maksimov/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 20, 2021
BREAKDOWN: Massive Trading Volume for ProShares Bitcoin Futures ETF as NYAG Targets Crypto Lenders
00:18:41

Could the Bitcoin ETF be headed for a record premier? 

This episode is sponsored by NYDIG.

On today’s episode, NLW catches up on a variety of topics from the past week, including:

  • How the first day of trading the ProShares $BITO bitcoin futures ETF is going (and why it could be headed for record breaking volume).
  • Grayscale formally starting the process to convert GBTC into a bitcoin spot ETF
  • The NYAG goes after Nexo and Celsius around crypto yield products
  • The Treasury trying to get crypto companies on board with a sanctions program 
  • Facebook’s Novi launches with a non-diem stablecoin
  • Square looking to explore the bitcoin mining game 
  • Guggenheim’s Scott Minerd leaves bitcoin 


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Peter Finch/Stone/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 19, 2021
BREAKDOWN: It's Here – Bitcoin Futures ETF to Begin Trading
00:14:26

The ProShares ETF will land on the NYSE tomorrow under ticker $BITO.

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW rounds out the story of the bitcoin futures ETF process that has dominated crypto chatter for the last week or more. He looks at the details of the first ETF that will go live, as well as why some on Twitter argue this is really just a product for short-term traders. Finally, he looks at the significance of news that Grayscale will endeavor to convert its bitcoin fund into an ETF. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: George/Moment/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 18, 2021
BREAKDOWN: Hester Peirce Reclaims the ‘Wild West’ for the Crypto Industry
00:21:42

A reading of the SEC commissioner’s recent speech at the Texas Blockchain Summit.

This episode is sponsored by NYDIG.

On this week’s “Long Reads Sunday,” NLW reads SEC Commissioner Hester Peirce’s recent speech: “Lawless in Austin.” 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: danm/Moment/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 17, 2021
SOB: The Sure Thing, the Force Multiplier, and the Underdoge
00:15:36

Speaking of Bitcoin on the CoinDesk Podcast Network is brought to you by CrystalBlockchain.com.

Why did a joke cryptocurrency with zero ambition find massive success, yet a calculated military campaign with PLENTY of ambition turned into a massive failure?  With the right leverage, ten men can fight like one hundred, and one coin can spend like a million.

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Crystal Blockchain is building a better, safer cryptocurrency space with end-to-end solutions for all your analysis, investigative, and compliance needs. The team of world-class experts creating a more transparent crypto economy via blockchain analysis. Learn how to get started at crystalblockchain.com.

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Have any questions or comments? Send us an email at adam@speakingofbitcoin.show

Today's show was written, performed and edited by George Frankly with additional production support from Adam B. Levine, featuring music by Left Handed Traffic.

Our episode art was created by Speaking of Bitcoin

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 16, 2021
BREAKDOWN: How the Crypto Industry Thinks It Should Be Regulated
00:17:51

Both Coinbase and a16z released policy frameworks this week.

This episode is sponsored by NYDIG.

On this edition of “The Breakdown Weekly Recap,” NLW looks at two new policy frameworks released by companies in the crypto and Web 3 space. The first comes from Coinbase and argues there should be a new regulator for digital assets. The second comes from venture capital firm Andreessen Horowitz (a16z) and is a holistic approach to what it calls the third generation of the internet. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: franckreporter/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 16, 2021
BREAKDOWN: Bitcoin Is Actually, Finally About to Have an ETF
00:16:06

We’ll know for sure next week, but all signs point to "go" for a bitcoin futures ETF to begin trading.

This episode is sponsored by NYDIG.

On today’s episode, NLW looks at the buzz and excitement around a bitcoin futures ETF. The historical moment could be an inflection point for new audiences to get into the asset class. At the same time, there are some who suggest that a bitcoin futures ETF won’t be all it’s cracked up to be. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 15, 2021
BREAKDOWN: No, Bank of England, Crypto Is Not the Same as Subprime Mortgage Debt
00:19:39

Why financial stability discussions should focus on institutions and transparency, not underlying assets. 

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW takes a deep dive into a recent speech by Sir Jon Cunliffe, the Bank of England’s Deputy Governor, Financial Stability. The speech was called “Is ‘crypto’ a financial stability risk?” NLW explores the four reasons Cunliffe is concerned about the potential for crypto to grow into a systemic financial risk. He argues that ultimately the focus on digital assets is a distraction from the real problem: opaque institutions in the traditional financial system.  

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: RyanKing999/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 14, 2021
BREAKDOWN: The US Is Officially the Global Leader in Bitcoin Mining
00:18:12

The percentage of global hash power that comes from the U.S. is now above 35%.

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW looks at how the United States has been perhaps the greatest beneficiary of the Great Hashrate Migration away from China following the country’s mining ban in May. This has political implications for how bitcoin is treated in the U.S. At the same time, the U.S.’ overall regulatory stance toward crypto remains confused. NLW looks at comments from three separate SEC commissioners that show three separate perspectives on the industry. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Yurchello108/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 13, 2021
BREAKDOWN: Who Cares What Jamie Dimon Thinks of Bitcoin?
00:14:22

The JPMorgan head says he thinks BTC is “worthless” even as his company adds new offerings around crypto.

This episode is sponsored by NYDIG.

Ah, Jamie Dimon. One of the longest duration skeptics of bitcoin, and one of the most consistently wrong from a market perspective. Yesterday, the JPMorgan Chase CEO added new material to his anti-bitcoin cannon and Bitcoin Twitter was extremely quick to respond. Indeed, part of that response was colored by general bullishness as bitcoin experienced another surge up past $57,000. NLW explores Bitcoin Twitter’s reaction to Dimon’s comments and looks at why many think the current rally is being driven by institutions, not retail. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Justin Sullivan/Getty Images News, modified by CoinDesk.


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 12, 2021
BREAKDOWN: Is Biden Prepping an Executive Order on Crypto?
00:13:37

According to White House sources, the order would clarify regulatory authority. 

This episode is sponsored by NYDIG.

On today’s episode, NLW looks at recent reports the Biden administration is weighing an executive order on crypto. The order would involve numerous agencies and create a common approach to the industry. Unfortunately, the work is being held up by the fact that the administration doesn’t have anyone who knows about crypto on its team, barring one adviser who recused himself because he owns bitcoin. NLW also looks at news from China and U.S. Sen. Ted Cruz’s comments on bitcoin mining in Texas. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Chip Somodevilla/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 11, 2021
BREAKDOWN: Here for the Bitcoin Revolution or Just the Sick Macro Gains?
00:10:51

A reading of Adam Blumberg’s recent essay for CoinDesk.

This episode is sponsored by NYDIG.

On this edition of “Long Reads Sunday,” NLW reads “Revolution, Macro and Micro: Three Ways to Look at a Bitcoin Investment.” Blumberg argues that as bitcoin and digital assets get more mainstream, the industry would do well to better understand the different philosophies that pull in people. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Vasil Dimitrov/E+/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 10, 2021
SOB: A Brief History of Bitcoin Tipping (and Where Twitter Fits in It)
00:38:10

This time on Speaking of Bitcoin, join hosts Stephanie Murphy, Jonathan Mohan and Adam B. Levine for a look at bitcoin tipping through the ages. From the dogecoin-like fun and fervor of the early days to the game-changing bridges that first brought it to twitter, the hosts dig into Youtube, Changetip, TechCrunch and more. 

Speaking of Bitcoin on the CoinDesk Podcast Network is brought to you by CrystalBlockchain.com.

But what happened to tipping? What was once the raison d'être of the early cryptocurrency experience faded away, as what was thought of as money turned out to be gold: Too precious to just toss around... Or was it?

In this episode we dig into the thought, experience and philosophy behind bitcoin tipping, how it changed and finally whether it's on the uptrend yet again.

Links from this episode:

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Crystal Blockchain is building a better, safer cryptocurrency space with end-to-end solutions for all your analysis, investigative, and compliance needs. The team of world-class experts creating a more transparent crypto economy via blockchain analysis. Learn how to get started at crystalblockchain.com.

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Have any questions or comments? Send us an email at adam@speakingofbitcoin.show

Today's show featured Adam B. Levine, Stephanie Murphy and Jonathan Mohan. This episode was edited by Jonas, with music by Jared Rubens and Left Handed Traffic.

Our episode art from a photo by Keszthelyi Timi/Unsplash, modified by Speaking of Bitcoin.


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 09, 2021
BREAKDOWN: Supply Chain Says No Christmas Presents or Trees This Year
00:12:00

Plus a look at how natural gas shortages could wreak havoc with the global economy. 

This episode is sponsored by NYDIG.

On this edition of “The Breakdown Weekly Recap,” NLW looks at supply chain disruptions, including:

  • Natural gas shortages across Europe and the U.K. that could impact electricity prices and even the global food supply
  • Numerous dislocations that are increasing the price of Christmas trees and reducing the availability of presents 
  • Shipping port issues outside of Los Angeles 

 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Joe Raedle/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 09, 2021
BREAKDOWN: Second-Largest US Bank Says Crypto Is Too Big to Ignore
00:14:30

Bank of America released a new research report that says digital assets are still in the first inning.

This episode is sponsored by NYDIG.

On today’s episode, NLW covers some of the topics he’s missed throughout the week, including:

  • A new report from Bank of America that calls digital assets “too big to ignore”
  • US Bank custodying crypto via NYDIG 
  • An underperforming jobs report
  • Bitcoin futures ETF speculation hits fever pitch
  • Chainalysis report on global adoption
  • BitGo sees growing corporate interest
  • The Federal Reserve says it's going to start researching a CBDC

 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Andriy Onufriyenko/Moment/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 08, 2021
BREAKDOWN: Something Big Is Brewing With Bitcoin
00:15:43

From bitcoin futures ETF speculation to macro insecurity, the arguments for autumn being bitcoin season get stronger and stronger. 

This episode is sponsored by NYDIG.

On today’s episode, NLW looks at the growing excitement around bitcoin, including:

  • Its decoupling from the stock market 
  • What it means that U.S. institutional-focused CME futures are outpacing Deribit retail-focused international futures 
  • How bitcoin futures exchange-traded fund (ETF) speculation is driving excitement
  • How growing macro insecurity is driving the BTC narrative 

 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Leafedge/DigitalVision Vectors/Getty Images, modified by CoinDesk.




See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 07, 2021
BREAKDOWN: Gensler's SEC Has No Plans to Ban Crypto
00:18:21

The comments during testimony before Congress follow a similar sentiment from Fed Chair Jerome Powell last week.

This episode is sponsored by NYDIG.

Today on “The Breakdown,” another major regulatory figure has confirmed he has no intention of banning crypto. During testimony before Congress this week, Rep. Ted Budd (R-N.C.) asked Gensler if he planned to follow China in banning crypto (the same question Budd asked Powell last week). Gensler’s answer, if not any sort of endorsement of crypto, did make clear that banning crypto wasn’t the SEC’s intention (or remit). On this episode, NLW looks at a number of other questions Gensler faced, along with a set of bills that have been introduced to change the way the U.S. deals with tokens. 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 06, 2021
BREAKDOWN: Stablecoins in the Hot Seat as SEC Investigates Circle
00:16:17

A new report suggests the Biden administration is weighing regulating stablecoin issuers like banks. 

This episode is sponsored by NYDIG.

On today’s episode, NLW homes in on recent reports surrounding the Biden administration's plans for stablecoins. A new report from the Wall Street Journal says there is a debate between using the Financial Stability Oversight Committee to add new rules for stablecoins and to regulate stablecoin issuers like banks. The crypto industry’s big question seems to be: Will crypto institutions be allowed to play, or will big banks shove them out? 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: kentoh/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 05, 2021
BREAKDOWN: What the ‘Pandora Papers’ Mean for Bitcoin
00:18:52

A new 2.94 terabyte data leak doxes tens of thousands of offshore accounts of prominent individuals including government officials, billionaires and more.

This episode is sponsored by NYDIG.

On today’s episode, NLW breaks down the latest in a string of embarrassing leaks about how the world’s elite and wealthy use offshore accounts to obfuscate ownership and hide their wealth. He looks at: 

  • How the Pandora Papers compare to the 2016 Panama Papers and the 2017 Paradise Papers
  • Examples of surprising revelations 
  • How South Dakota has become a wealth haven 
  • What the leaks mean for future crypto crackdowns 


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Hiroshi Watanabe/DigitalVision/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 04, 2021
BREAKDOWN: What’s the Real Point of ‘Crypto’ Anyway?
00:14:43

“Long Reads Sunday” tackles the hard questions through Twitter threads.

This episode is sponsored by NYDIG.

On this week’s edition of “Long Reads Sunday,” NLW reads four Twitter threads:


Alex Gladstein on whether the crypto experiment has failed


Russian political opposition figure Alexey Navalny on big tech complicity


Adam Cochran on the debt ceiling chicken game


Jason Yanowitz on why CryptoPunks will be worth $10m


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 03, 2021
SOB: Voice, Exit and Bitcoin
00:33:09

Blockchain technology presents opportunities for dissonant opinions, fractionalization and internal reform unmatched in the fiat world.

Speaking of Bitcoin on the CoinDesk Podcast Network is brought to you by CrystalBlockchain.com

Join hosts Jonathan Mohan, Stephanie Murphy and Andreas M. Antonopoulos as they dissect “Voice and Exit,” or the power and necessity of being able to impact a system, whether financial, social or governmental, and if necessary, leave altogether. “Voice and Exit” was popularized by Balaji Srinivasan in 2013, where Srinivasan outlined how voice is attempting to change a system from within, while exit is leaving to create a new one.

Crypto has provided new methods to exercise voice and exit. Forks, software or protocol changes that users can choose to upgrade to, are an example of exit inherent to blockchain technology. Forks give the community a chance to decide whether to continue with the upgrade or remain in the old rules; forks have created spin-off currencies like Bitcoin Cash and Bitcoin SV.

As opportunities for voice and exit seem to be gradually disappearing, can crypto help those who need them most?

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Crystal Blockchain is building a better, safer cryptocurrency space with end-to-end solutions for all your analysis, investigative, and compliance needs. The team of world-class experts creating a more transparent crypto economy via blockchain analysis. Learn how to get started at crystalblockchain.com.

-

Episode art is a photo from Wesley Tingey/Unsplash, modified by Speaking of Bitcoin

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 02, 2021
BREAKDOWN: This Overlooked Crypto Tax Provision Would Be a Disaster
00:16:26

It’s not the broker provision, but lurks in the same infrastructure bill and could conceivably be worse.

This episode is sponsored by NYDIG.

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:

  • Hidden crypto tax provision 6050I 
  • Chilling language from British lawmakers around using CBDCs to control citizens’ spending 
  • The Compound political gaffe 


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Overearth/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 02, 2021
BREAKDOWN: Powell Says No Crypto Ban as ‘Uptober’ Kicks Off
00:16:00

In comments before the House Financial Services Committee the Fed chair says it’s not his intention to ban crypto.

This episode is sponsored by NYDIG.

On today’s episode, NLW discusses the market mood shift as September becomes October, and looks at:

  • Powell’s comments on crypto bans before Congress
  • El Salvador’s volcano bitcoin mining 
  • Mayor Suarez’s MiamiCoin
  • A Helium initiative to fix the digital divide 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Alex Wong/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oct 01, 2021
BREAKDOWN: Why This Autumn Could Be Bitcoin Season
00:21:23

From a more favorable regulatory standing to mining fundamentals and adoption, autumn looks like a good time to bitcoin.

This episode is sponsored by NYDIG.

On today’s episode, NLW looks at why bitcoin could be poised to grab more mindshare this fall, including:

  • Coming regulatory pressure on DeFi and stablecoins
  • Regulatory clearance for bitcoin (and a bitcoin futures exchange-traded fund)
  • Fundamentals and the great hashrate migration out of China
  • Adoption and proof points on Twitter and in El Salvador
  • Historical cyclical patterns


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: TRAVELARIUM/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 30, 2021
BREAKDOWN: ​​Is Kraken's Settlement With the CFTC Actually Bullish?
00:14:06

With CFTC Commissioner Dawn Stump’s corresponding call for her agency to provide more regulatory clarity, many say the enforcement action is actually a win for crypto. 

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW looks at the $1.25M settlement Kraken just finalized with the Commodity Futures Trading Commission, which accused the crypto exchange of offering margin lending products without the proper licensing. Many noted the small size of the settlement suggested a more lenient CFTC. More important, however, was CFTC Commissioner Dawn Stump’s concurring statement, which called upon her colleagues to replace the current guidance - nearly four years old in concept at this point - with real, formalized rules. 

Also today on the Brief:

  • Elizabeth Warren lambastes Fed Chair Jerome Powell
  • A positive new crypto mining bill from a bipartisan source
  • Ripple launches a $250 million NFT fund


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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Marilyn Nieves/E+/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 29, 2021
BREAKDOWN: Two Fed Presidents Resign After Embarrassing Trading Revelations
00:12:46

Plus a Wall Street Journal investigation uncovers hundreds of U.S. judges who ruled on cases involving companies they had investments in.

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW explores traditional financial system actors behaving badly, including why two Fed presidents are retiring early after revelations that they were actively trading stocks at the height of last year’s market crisis. He also covers:

  • A new WSJ investigation that found 131 federal judges had broken the law by not recusing themselves from cases where they had a financial interest
  • The latest macro issues around Evergrande, inflation and more
  • More crypto companies leaving China for good 


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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Cooper Neill/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 28, 2021
BREAKDOWN: Did China Finally Ban Bitcoin for Real?
00:15:20

The crypto community weighs in on whether the latest out of the People’s Bank of China is any more significant than previous “bans.”

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW looks at two major recent stories. 

Twitter has added bitcoin tipping features. The features take advantage of the Lightning Network powered by Strike and has started rolling out to iOS users. Additionally, the Twitter team says they’re exploring NFT avatar authentication as well as crypto integration with other monetization features. 

Even bigger was the latest out of the People’s Bank of China, which seems to make illegal a broad range of crypto trading-related activities that were, if not approved before, at least in a gray area. Huobi has subsequently suspended new Chinese user registrations and will be gradually shutting down all Chinese accounts. NLW looks at what the implications might be for DeFi and for U.S. crypto regulation. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Iuliya Moshkareva/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 27, 2021
BREAKDOWN: Is Crypto at a Socio-Regulatory Inflection Point?
00:19:10

Four Twitter threads that paint an interesting picture of where crypto fits in a larger pattern of societal change. 

This episode is sponsored by NYDIG.

This week’s “Long Reads Sunday” returns to the format’s roots with four threads from Twitter:

Chris Dixon on tokens as a new web primitive


Raoul Pal on the coming change to securities laws


Cozomo (aka Snoop) on getting into Punks


Kris Sidial on why millennial investing is not the same


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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: gremlin/E+/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 26, 2021
SOB: Life on Bitcoin - 2021 Edition
00:29:06

In the early days of Bitcoin, a few idealistic individuals attempted to live entirely on the bitcoin currency. Nine years and an abundance of technological developments later, is an entirely closed-loop bitcoin economy possible, or even useful?

Join hosts Jonathan Mohan, Stephanie Murphy and Andreas M. Antonopoulos as they reflect on bitcoin’s evolution as a currency and commodity. In the early days, an era of retail adoption as merchants began to accept bitcoin from their customers seemed to point to a bright future for daily bitcoin use. The 2013 IRS addendum treating bitcoin as a commodity, rather than as a foreign currency, quickly made transactions a burden with onerous tax reporting requirements, dimming that retail bitcoin future.

In the time since, the crypto community has adopted a HODL mindset. Why spend bitcoin if it’s disinflationary in nature and will bring you more value in the future? Those idealistic individuals' dreams of bitcoin as a daily currency may no longer align with bitcoin's maturation.

Developments in layer 2 technology, like the Lightning Network, have allowed experiments in bitcoin as legal tender to be not only a possibility, but a pragmatic choice for governments like El Salvador’s. With news of Ukraine considering following in El Salvador’s footsteps, will clusters of closed-loop bitcoin life bloom around the world?

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Do you have any questions or comments? Send us an email at adam@speakingofbitcoin.show

Today's show featured Andreas M. Antonopoulos, Stephanie Murphy and Jonathan Mohan. This episode was edited by Jonas, with music by Jared Rubens and Gurty Beats. Our album art is based off a photo by Ishan_@seefromthesky on Unsplash, modified by Speaking of Bitcoin

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 25, 2021
BREAKDOWN: Weekly Recap – What Happens When S*** Gets Real
00:14:46

From regulatory intrigue to new types of actors coming into markets, are we at an inflection point? 

This episode is sponsored by NYDIG.

On this edition of “The Weekly Recap,” NLW looks at the heightened state of affairs in the crypto landscape, from celebrity interactions with NFTs to the latest bluster from the SEC. This one goes to 11. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 25, 2021
BREAKDOWN: Bitcoin Is the Most Illiquid It’s Ever Been – 12 Numbers That Tell the Current Story of Markets
00:16:22

From growth in Lightning Network capacity to outstanding stablecoin supply, a numerical tour.

This episode is sponsored by NYDIG.

NLW looks at the current state of crypto markets through numbers, including:

  • Bitcoin illiquid supply 
  • Lightning Network capacity 
  • Evergrande’s debt
  • The total value of CryptoPunks 
  • And more

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Vertigo3d/E+/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 24, 2021
BREAKDOWN: The Dreaded Federal Reserve Taper Is Coming
00:13:51

How will markets handle less Fed support for the bond markets and eventual interest rate increases?

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW examines the upcoming Federal Reserve winding down, or taper, of its support for the markets. This includes scaling back its bond-buying programs, a process that could begin as early as next month and conclude the middle of next year. Plus, the Fed may raise interest rates before the end of 2022. Additionally, on the Brief, he covers:

  • A $50 million fundraise for a former ConsenSys exec
  • A new social token focused accelerator 
  • Invesco and Galaxy team on crypto ETFs 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 23, 2021
BREAKDOWN: Snoop Is ‘Medici’? The Mainstream Infiltration Continues
00:20:33

What Snoop’s reveal says about the state of NFTs and crypto in general.

This episode is sponsored by NYDIG.

Today on the Brief:

  • BlockFi gets another extension
  • Chainalysis’s secret data honeypot
  • Robinhood crypto finally gets transfers


In our main discussion, NLW talks how crypto has mainstreamed over the last year, including:

  • Bitcoin for hedge funders
  • Bitcoin for El Salvador
  • NFTs for NBA fans
  • NFTs for crypto OGs and celebrities 


He specifically looks at what rapper Snoop Dogg’s anon account disclosure in the space means for the future. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Gary Miller/Getty Images Entertainment, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 22, 2021
BREAKDOWN: Did the SEC Really Serve Subpoenas at Mainnet?
00:14:31

A look at the latest regulatory action in what seems like a quickly gathering storm. 

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW looks at reports from Messari’s Mainnet conference that the Securities and Exchange Commission served one of the speakers with a subpoena right before a panel. He discusses:

  • The growing tension between securities regulators and crypto lending and interest programs
  • Why Coinbase backed down from its fight with the SEC about its upcoming Lend product 
  • The non-news from today’s Gary Gensler webinar 
  • OFAC’s first sanctions against a crypto exchange. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Lyubchik Prokopchuk/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 21, 2021
BREAKDOWN: Why Is September So Bad for Bitcoin?
00:14:11

A look at the historical trend as well as what’s driving weakness in the crypto and stock markets.

This episode is sponsored by NYDIG. 

Today on “The Breakdown,” NLW looks at the historic weakness in the bitcoin market in the month of September. He examines:

  • The numbers that show how persistent this trend has been
  • Some anecdotal explanations for why it’s so 
  • Why September is the worst month for stocks historically
  • The role of summer vacation and mutual fund fiscal years in that historic weakness
  • The latest regulatory FUD around crypto and why stablecoins are the next big target

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: jokerpro/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 20, 2021
BREAKDOWN: Why a CBDC Would Make the Fed’s Job Miserable
00:11:11

Does the Fed really want to be the morality police for payments?

This episode is sponsored by NYDIG. 

A reading of JP Koning’s essay for Coindesk “Are Central Bankers Ready for Payments Theater?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Stefani Reynolds/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 19, 2021
BREAKDOWN: Texas and New Jersey Securities Regulators Go After Celsius
00:11:45

A roundup of regulatory and global macro news from the previous week.

This episode is sponsored by NYDIG.

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:

  • The latest in China’s Evergrande crisis 
  • Texas and New Jersey target Celsius on their lending products 
  • Bitcoin adoption in Laos
  • A wrap-up on the OpenSea NFT front running scandal 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: krisanapong detraphiphat/Moment/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 18, 2021
BREAKDOWN: Is China’s Evergrande Crisis a Global Systemic Risk?
00:17:16

The real estate developer is teetering on the brink of collapse, but what might it bring with it?

This episode is sponsored by NYDIG.

Today’s show is a look at one of the most important but under-discussed macro events in the world today: the crisis surrounding China’s massive real estate developer Evergrande. The company’s share price has fallen more than 85% this year and around the country, people are protesting as more than 1.5 million deposits for homes were taken without fulfillment. In this episode, NLW looks at whether the risk is limited to just Evergrande, or whether it represents a larger systemic risk for China or the world as a whole. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Qilai Shen/Bloomberg/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 17, 2021
BREAKDOWN: Laos Does About-Face on Bitcoin to Attract China’s Mining-Ban Refugees
00:11:59

Plus a look at how China is staying vigilant on keeping mining out.

This episode is sponsored by NYDIG.

Today’s episode of “The Breakdown” looks at a variety of topics covering the evolving relationships between states and digital currencies, including:

  • Inner Mongolia’s fight to keep crypto mining out 
  • Laos’ official about-face on crypto and attempt to attract China’s mining refugees
  • CZ’s latest in Binance’s whistlestop tour to change regulators’ perception of the company
  • Europe’s upcoming ECB trial 
  • Coinbase’s derivative ambitions 
  • And a big raise for Avalanche 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Mlenny/E+/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 16, 2021
BREAKDOWN: Free Markets vs. Investor Protections – The Latest from Warren and Gensler on Crypto
00:20:44

Gensler testified before the Senate yesterday. This is what we learned. 

This episode is sponsored by NYDIG.

Today on "The Breakdown," NLW examines SEC Chair Gary Gensler’s testimony yesterday in front of the Senate Banking Committee. He discusses:

  • How some allies from the Infrastructure Bill put the screws to Gensler on lack of clarity around securities designation
  • How Gensler is trying to redefine stablecoins 
  • Warren and Gensler’s dubious understanding of ETH fees 
  • The central problem of free markets vs. investor protections 


NLW also covers the Solana outage and the reports of insider trading at OpenSea. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 15, 2021
BREAKDOWN: What Billions in Crypto Fund Raises Tells Us About the State of Markets
00:15:14

Steve Cohen, Jump Trading, Bain Capital among those increasing their exposure to crypto. 

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW looks at an array of recent fund announcements, including:

  • Dan Tapiero and 10T’s $750 million
  • Pantera raising a $600 million fund 
  • Jump Capital announcing a new $350 million fund with more focus on crypto and Jump Trading launching Jump Crypto 
  • Mets’ owner Steve Cohen investing in a high-frequency trading firm
  • Bain Capital Ventures launching a dedicated crypto fund


What does it say about the state of the crypto markets? Listen to find out. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Feodora Chiosea/iStock/Getty Images Plus, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 14, 2021
BREAKDOWN: Of Course Walmart Isn't Accepting Litecoin
00:14:28

A fake press release fools far too many. 

This episode is sponsored by NYDIG.

At 9:30 a.m. ET, a press release from “Walmart Inc” dropped today claiming that the company was partnering with Litecoin to begin accepting the 2016-era crypto darling at its retail locations. The news, seemingly fishy, was nonetheless reported as true by nearly every crypto outlet and numerous mainstream outlets, as well. In today’s episode, NLW breaks down:

  • What happened and how the news spread
  • The context clues in the release that should have aroused suspicion
  • The smoking guns of fakeness in the release that REALLY should have aroused suspicion
  • Why the scam was designed to target press
  • Why the ensuing pump is likely to draw regulatory ire. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: David Swanson/Bloomberg/Getty Images, modified by CoinDesk. 


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 13, 2021
BREAKDOWN: The Timeline for Central Bank Digital Currencies Is Accelerating
00:09:27

A reading of a recent speech from the Bank for International Settlements. 

This episode is sponsored by NYDIG.

A reading of a recent speech by Benoit Cœuré, the head of the BIS Innovation Hub, on “Central bank digital currency: the future starts today.” 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing this episode by Michele Musso and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Hiroshi Watanabe/DigitalVision/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 12, 2021
SOB: On National Adoption of Bitcoin
00:37:57

El Salvador’s decision to make bitcoin legal tender shocked the world. Earlier this week the rapidly-developed and adopted bitcoin law went live, kicking off what seems primed to be an era of accelerated change unlike anything seen in our lifetimes.

Join hosts Adam B. Levine, Andreas M. Antonopoulos and Stephanie Murphy for a quick three part discussion on the launch challenges, implications and listener comments from our previous show on the topic.

First, the launch: It was messy, but it happened. Alex Gladstein had an insightful twitter thread in the days leading up to it. Matt Ahlborg dug into the day-1 government issued wallet and found a mixed bag. He found extra controls on the money given out at launch but a fairly robust technological package including native SegWit support and a functional lightning network integration

Second, the implications: This path towards adoption was not what we expected. What El Salvador's move to use bitcoin directly suggests is that dollarized nations, or those who use another countries currency and in doing so become subject to their monetary policy decisions, may prefer bitcoin's non-monetary policy to either domestic or imported control. That's in sharp contrast to nations like India, China and the US who use their currencies and controls over it to accomplish policy goals. These powerful players see central bank digital currencies as a way to supercharge their monetary policy compared to their influence today over physical banknotes.

And finally, the local perspective: We had two listeners write in with corrections to our prior episode (We were incorrect about the reason why El Salvador "dollarized" their economy in 2000, it was billed as a move to lower the cost of borrowing, not because of elevated inflation) along with the many concerns and questions which are still unanswered. You'll find both listeners comments in full linked below.

Links from the episode:


Have any questions or comments? Send us an email at adam@speakingofbitcoin.show

Today's show featured Andreas M. Antonopoulos, Stephanie Murphy and Adam B. Levine. This episode was edited by Jonas, with music by Jared Rubens and Gurty Beats. Our album art is based off a photo by Photo by Wilson Edilberto Santana Suarez on Unsplash, modified by Speaking of Bitcoin

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 11, 2021
BREAKDOWN: Dan Tapiero – Crypto Is the First Truly Global Macro Investment Opportunity of All Time
00:46:14

The founder of 10T talks regulation, his fund’s recent $750 million raise and more.

This episode is sponsored by NYDIG.

Dan Tapiero, founder of 10T, returns to “The Breakdown” to discuss:

  • Investing $750 million into growth equity for digital asset ecosystem startups
  • The number of crypto unicorns growing from 20 to 70 in a year 
  • How institutional investor questions have changed over the last 12 months
  • How regulatory headwinds are negatively impacting the U.S. crypto industry 
  • Why the long-term macro environment is likely to stay positive for crypto for years to come 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Boris SV/Moment/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 11, 2021
BREAKDOWN: Why Former US Regulators Are Moving Into Crypto
00:14:51

The pattern continues as former Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz joins Andreessen Horowitz (a16z).

This episode is sponsored by NYDIG.

Today on the Brief:

  • NFT volume cools down but interest remains strong
  • Mastercard is acquiring CipherTrace
  • European Central Bank and the Federal Reserve begin preparing for asset purchase tapers this autumn 


Our main discussion is about the flow of regulators from the U.S. government into the crypto industry. NLW looks in particular at Brian Quintenz, who is joining Andreessen Horowitz, and Chris Giancarlo, the former CFTC chair whose new book is “CryptoDad: The Fight for the Future of Money.” 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Toya Sarno Jordan/Bloomberg/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 10, 2021
BREAKDOWN: Ukraine Legalizes Bitcoin
00:17:33

Plus a look at the latest out of El Salvador as well as Panama’s new crypto legislation.

This episode is sponsored by NYDIG.

El Salvador made history on Tuesday, Sept. 7, when it became the first nation to make bitcoin legal tender. In this episode, NLW reviews the first day of bitcoin in El Salvador, including reports from the ground as well as the salty tears of anti-BTC libertarians. He also looks at new crypto legislation out of Panama. Finally, he covers a new bill to legalize and regulate bitcoin and crypto in Ukraine. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: andreydayen/RooM/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 09, 2021
BREAKDOWN: The SEC Threatens to Sue Coinbase but Coinbase Is Fighting Back
00:22:58

According to the company, the SEC has threatened to sue over the not-yet-launched Coinbase Lend product.

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW briefly covers yesterday’s bitcoin price crash and why it was driven by market structure more than news. The main topic focuses on revelations from Coinbase that after months of engagement around its upcoming Lend product, the SEC is now threatening to sue. NLW examines the controversy from five dimensions:

  • The argument for and against lending as a security
  • The SEC’s pattern of regulation by litigation
  • How the SEC is rewarding bad actors by punishing compliance
  • The concerning surveillance implications of one of the SEC’s requests 
  • Why these strong-arm tactics are doomed 


Should Coinbase take the battle to court? 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Alex Wong/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 08, 2021
BREAKDOWN: It’s Bitcoin Day in El Salvador
00:16:38

NLW looks at the controversy and potential surrounding the implementation of El Salvador’s new bitcoin law.

This episode is sponsored by NYDIG.

El Salvador’s bitcoin legal-tender law goes into effect today. NLW looks at the recent controversy surrounding the law, including:

  • Institutional controversy – why the International Monetary Fund (IMF) and World Bank don’t like the law 
  • Bitcoiner skepticism – why some aren’t convinced the law should force merchants to accept BTC
  • Authoritarian blues – why some are concerned with the Bukele government itself 


June 12th/Bitcoin Beach Breakdown episode

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Michele Musso. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: APHOTOGRAFIA/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 07, 2021
BREAKDOWN: “Bitcoin at $1,000,000 is a Global Government”
01:13:51

One of the world’s most interesting thinker joins NLW for a wide-ranging discussion

This episode is sponsored by NYDIG.

This interview originally aired December 19th, 2020. 

Balaji Srinivasan is an angel investor and entrepreneur, the former CTO of Coinbase, a former General Partner at Andressen Horowitz and more. 

In this wide-ranging conversation with NLW, he discusses:

  • How networks are taking a power role once reserved for god and the state
  • Why pre-internet institutions will not survive the internet 
  • Why bitcoin at $1 million is a global government
  • Woke capital vs. communist capital vs. crypto capital


Find our guest online: @balajis

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Oleksii Liskonih/iStock/Getty Images Plus, modified by CoinDesk.




See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 06, 2021
BREAKDOWN: WTF Is A “Metaverse?”
00:31:13

A reading of David Hoffman’s latest essay for Bankless

This episode is sponsored by NYDIG.

On this week’s Long Reads Sunday, NLW reads David Hoffman’s recent essay in Bankless “The Metaverse Emerges”

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Michele Musso. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Michael Stevenson/UIG/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 05, 2021
SOB: Is Axie Infinity's Play-to-Earn Economic Empowerment or Exploitation?
00:43:32

Has decentralized gaming just created virtual menial labor?

Join hosts Adam B. Levine, Jonathan Mohan and Andreas M. Antonopoulos as they dive into the world of Axie Infinity and the growing global meta economy. Axie Infinity, a Pokémon-esc play-to-earn game on the Ethereum blockchain, has exploded in popularity around the world. The primary user-base has remained grounded in the Philippines as Filipinos from all walks of life buy, borrow, breed, trade and fight in-game NFT characters called “Axies.” 

These fighting cartoon pets have earned players legitimate money – in some cases, enough to sway workers to quit their jobs to pursue Axie full-time. The pandemic and subsequent lockdowns, especially in places like the Philippines, only make Axie that much more enticing. Individuals and groups with more capital have also snapped on the Axie opportunity in the forms of “scholarships” and lending schemes.

Axie Infinity, and in particular, the lending schemes, prompt a larger conversation about the ethical implications of exporting work and the geographic inequality of opportunities. In the best light, lending within play-to-earn can be seen as providing opportunities with profits orders of magnitudes higher than the local economies could provide. Yet, viewing the practice from a different angle, it can be seen as richer countries farming out low-paying work to individuals who have no better options locally.

Is Axie Infinity a solution or scam? Will the platform maintain its relevance or fizzle out?

See also: Some Filipino Merchants Prefer Payment in Axie’s SLP

This episode featured Adam B. Levine, Andreas M. Antonopoulos and Jonathan Mohan. It was edited by Jonas, our theme song comes courtesy of Jared Rubens and today's music during the break was Delta by Gurty Beats. Today's album art features a photo by Karen Fedida/Unsplash, modified by Speaking of Bitcoin.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 04, 2021
BREAKDOWN: Dungeons and Degens - Why Everyone Is Talking About Loot
00:10:23

Is it the insane growth in prices, the wild community world building, or both?

This episode is sponsored by NYDIG.

On this edition of the Weekly Recap, NLW looks at Loot (for Adventurers), the newest NFT sensation. Unlike the “JPEG” or Avatar NFTs, Loot bags are sets of theoretical items for a theoretical game set in a theoretical fantasy world. Created by one of the co-founders of Vine, Loot absolutely took off this past week, racing to be one of the most traded NFTs, and attracting thousands upon thousands of people to start creating the world around those items. NLW explores what it means for the NFT space specifically and for the competition between digital and physical worlds more broadly.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Adrian Blust. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Lorado/E+/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 04, 2021
BREAKDOWN: The Official Bitcoin and Crypto Fall Preview
00:16:46

A look at what we can expect around regulations, bitcoin adoption, NFTs, stablecoins and more

This episode is sponsored by NYDIG.

On this special episode of The Breakdown, NLW looks at what we learned over the summer and what the fall holds for different parts of the crypto industry and surrounding spaces, including:

  • The macroeconomic landscape
  • Regulatory battles
  • Bitcoin 
  • NFTs
  • Layer 1 battles 
  • CBDCs and stablecoins 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing and executive producing by Adam B. Levine. Our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Evgen Zaitsev/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 03, 2021
BREAKDOWN: A $1.5T Asset Manager Is Getting Into Bitcoin
00:12:12

As bitcoin hits $50,000 again, more news of institutional adoption and mainstreaming. 

This episode is sponsored by NYDIG.

Today on the Brief:

  • Binance dinged by Singapore authorities while discussing Binance.us going public 
  • Former CFTC Chair Giancarlo leaves BlockFi board of directors after only four months 
  • SEC takes action against … Bitconnect?


Our main discussion: Franklin Templeton has posted a job listing for a crypto trader, while Vast bank now offers bitcoin buying and selling directly from FDIC banking. NLW explores what’s next in the bitcoin market cycle. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Adam Levine and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Malte Mueller/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 02, 2021
BREAKDOWN: Bitcoin Payments Coming to Twitter?
00:15:31

A look at the historical context of Bitcoin in Silicon Valley and why today’s news matters.

This episode is sponsored by NYDIG.

On today’s episode, NLW takes a historical look at Silicon Valley’s relationship with Bitcoin. NLW explores why so many in Silicon Valley missed Bitcoin in the early days, why smart contracts made more sense to them (and fit with their funding model), and what Jack Dorsey’s support of Bitcoin all means. Finally, he uses that context to explain today’s leaked news that Twitter is building Bitcoin payments into its Tip Jar feature. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: farakos/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sep 01, 2021
BREAKDOWN: DAOs, NFTs and Crypto Derivatives Win Attention as Billionaire Paulson Calls Crypto ‘Worthless’
00:12:29

Today’s news reflects the full breadth of everything happening in the crypto industry.

This episode is sponsored by NYDIG.

On today’s episode, NLW breaks down a slew of stories that reflect different aspects of the crypto industry:

  • Billionaire John Paulson doesn’t like crypto
  • FTX US acquires LedgerX
  • Syndicate DAO raises $20 million
  • Layer 1 battles with Ethereum and Solana 
  • Vintage Bitcoin-based “Rare Pepes” get repurposed and sold on OpenSea
  • Treasury trying to add MORE rules for crypto reporting 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 31, 2021
BREAKDOWN: Jack Dorsey Is Building a Decentralized Exchange for Bitcoin
00:13:20

Can Square make DeFi on Bitcoin a thing?

This episode is sponsored by NYDIG.

Today on the Brief:

  • NFTs have a monster month
  • Centre's global network of stablecoins
  • The Cuban government to recognize crypto


Our main discussion:

In July, Jack Dorsey, the CEO of Twitter and payments company Square, announced that Square was launching a new division focused on building decentralized infrastructure around Bitcoin. At the end of last week, we got more details about where Square is starting. The TBD division is going to kick off by building a decentralized exchange focused on bitcoin. NLW explores the reaction. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Joe Raedle/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 30, 2021
BREAKDOWN: The Weaponization of the Banking System
00:11:29

A reading from Nic Carter shows how payments became a tool of policy.

This episode is sponsored by NYDIG.

On this edition of Long Reads Sunday, NLW reads Nic Carter’s latest for CoinDesk “OnlyFans Shows How the Banking System Is Politicized.”

The piece provides the history of Operation Choke Point and how the legacy of financial weaponization persists to today. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW. Today’s episode was edited by Michele Musso and Rob Mitchell. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Peter Dazeley/The Image Bank/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 29, 2021
BREAKDOWN: The Race for Stablecoin Transparency
00:13:52

Tether, Circle and Paxos all position for a new regulated stablecoin era.

This episode is sponsored by NYDIG.

On this week’s Weekly Recap, NLW breaks down the recent history of stablecoins and contextualizes recent news from Tether, Circle and Paxos. Could stablecoin providers be positioning themselves to be the rails of an eventual U.S. digital dollar? 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: MirageC/Moment/Getty Images, modified by CoinDesk.


See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 28, 2021
BREAKDOWN: What Jerome Powell Said at Jackson Hole
00:11:23

The Fed couldn’t be clearer about continued long term dovish monetary policy. 

This episode is sponsored by NYDIG.

The Kansas City Fed’s annual Jackson Hole Economic Symposium is sort of like TED for Central Bankers. In the lead-up to this year’s event, the conversation has been totally focused on whether or not Fed Chair Jerome Powell would signal a beginning of tapering of dovish support. NLW breaks down the expectations and Powell’s words to glean a picture of the monetary policy likely to come. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Michael Nagle/Bloomberg/Getty Images, modified by CoinDesk.



See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 27, 2021
BREAKDOWN: The World Economy's 'Transitory' Supply Chain Issues Don't Seem so Transitory After All
00:15:14

An exploration of the history of global supply chains provides insight into just how fast – or slow – the return to normal may be.

This episode is sponsored by NYDIG.

First, on the Brief:

  • Bitcoin hash power coming back online
  • A new millionaire testing out crypto
  • An emerging music tokenization platform


Bitcoin saw a significant drop in hashrate after China’s mining bans. The network accordingly implemented its largest difficulty adjustment, a parameter to adjust incentives for mining, to date. Has this adjustment worked?

In investments, Simon Nixon, one of the winners of the dot-com bubble, has emerged as the newest millionaire to delve into crypto. Last on the Brief, Royal announced a $16 million raise for its music tokenization platform, the aim of which is to give more power to the artists when it comes to royalty rights.

In the main discussion: With inflation on the minds of many economists and consumers, the Federal Reserve pushed a “transitory” narrative while pinning the blame on supply chain issues. Looking back at the history of supply chains reveals why COVID-19 broke the global goods network. Are the supply chain issues going to be as transitory as the Fed hopes?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: MR.Cole_Photographer/Moment/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 26, 2021
BREAKDOWN: Why Crypto Is Skeptical of Treasury's Assurances That We Should Trust It on Infrastructure Bill
00:13:31

The U.S. Treasury claims it will not target non-brokers, though the language of the bill differs with that claim.

This episode is sponsored by NYDIG.

First, on the Brief:

  • OnlyFans’ reversal of its decision to ban sexuually explicit content
  • Budweiser’s NFT Twitter profile picture
  • The U.K.’s warnings to Binance


Last week, OnlyFans announced it would ban sexually explicit content from its platform, citing three major banks that had refused service because of “reputational risk.” Today, the company suspended the policy change and lauded the community’s rallying support for creators who use the platform. Will larger financial institutions continue to put pressure on OnlyFans or other platforms to make them more “moral”?

Budwieser is the latest to follow Visa’s footsteps into the NFT domain. The beer maker announced it bought a rocket ship from NFT artist Tom Sachs’ Rocket Factory. Last on the Brief, specifics of the U.K.’s quarrels with Binance have been released, primarily centered around a lack of supervision capabilities.

In the main discussion, NLW addresses a new angle to the infrastructure bill. The Treasury has claimed that it will not target non-brokers, like miners, even if the bill’s language includes them. Can the crypto community trust the Treasury’s statements of goodwill?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Shawn Thew/EPA/Bloomberg, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 25, 2021
BREAKDOWN: Citi to Trade Bitcoin Futures?
00:10:57

Citigroup is the latest in a stream of institutional adoption into everything from NFTs to BTC.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown”:

  • Surveys and reports detailing expected institutional adoption
  • Citigroup to trade on the CME
  • Global perception of crypto, CBDCs
  • NFT and DeFi on the rise
  • Bitcoin news from Michael Saylor, Blockstream and Substack


Recent reports from Deloitte and Nickel Digital help set institutional and general public adoption expectations. Of 23 asset managers surveyed by Nickel Digital, more than half expected to increase crypto asset exposure by 2023, and a quarter to increase dramatically. Citigroup is one such investment company toying with BTC as the firm says it will trade bitcoin futures on the CME.

From the global perspective, a Politico survey of U.K. adults revealed a distrust and misunderstanding of CBDCs, while in India, retail crypto investment is up with young citizens looking for alternative ways to make money after strict COVID-19 lockdowns.

Visa’s CryptoPunk purchase fueled an NFT-buying frenzy, resulting in a daily sales volume record for Punks. DeFi on the whole, however, remains powered by experienced crypto enthusiasts, as the technological barrier to entry remains. Will NFTs bring more of the general population into DeFi?

Bitcoin’s rally above $50,000 this past weekend was bolstered by institutional news: Michael Saylor’s MicroStrategy’s latest purchase of BTC, Blockstream’s $210 million Series B funding round and Substack’s implementation of bitcoin as a payment option using the Lightning Network. Who’s next? 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Brent Lewin/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 24, 2021
BREAKDOWN: Visa Buys a Punk as Bitcoin Returns to $50K
00:13:39

Is it a marketing stunt or the beginning of a wave of institutional interest in NFTs?

This episode is sponsored by NYDIG.

Late Sunday evening, bitcoin pushed above $50,000 for the first time in three months. Overall BTC is up 46% in the last 30 days. NLW explores arguments that this move has been spot driven and connected to institutions and whales. He also looks at the potential implications of the Federal Reserve’s Jackson Hole meeting later this week. 

In the second part of the show, he looks at the news that has Crypto Twitter on fire: Visa bought a CryptoPunk. The purchase, executed for around $150,000, is being maligned by some as a marketing stunt, while others see it as heralding a new era of institutional purchases of non-fungible tokens. NLW looks at both sides and ultimately argues that neither is exactly correct. Instead, it seems to be about inserting Visa’s business into a new digital market. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Alexi Rosenfeld/Getty Images Entertainment, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 23, 2021
BREAKDOWN: Why Time Is the Ultimate Scarce Asset
00:15:32

A reading of two recent threads from crypto VCs on creator coins, NFTs and more.

This episode is sponsored by NYDIG.

This week, “Long Reads Sunday” returns to its Twitter roots with a reading of two threads from crypto VCs. The first comes from Andreessen Horowitz’ Chris Dixon and the second from Kyle Samani of Multicoin. Together, they paint a picture of the emerging landscape of experiments around non-fungible tokens, creator coins, the metaverse and discuss the idea of time scarcity as a key determinant of value. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: PM Images/DigitalVision/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 22, 2021
SOB: Ethereum, Bitcoin; Hard Fork, Soft Fork: How Decentralized Change Is Made
00:33:12

Ethereum’s London hard fork, also known as EIP 1559, took place on Aug. 5. The backwards-incompatible upgrade reignited community debate over hard forks, soft forks and the best methods – most foolproof, least polarizing – to bring about change to a network.

Join hosts Adam B. Levine, Jonathan Mohan and Andreas M. Antonopoulos as they explore the various ways in which consensus has been reached recently across the two largest protocols. The differences in technology and underlying philosophy means some solutions are more enticing to Ethereum and others to Bitcoin.

Ethereum maintains a so-called “difficulty bomb,” whose fuse is lengthened with every upgrade. If it ever goes off, miners would face exponentially harder work and proportionally diminished rewards, forcing them to switch from the pre-fork chain to the upgraded one. Bitcoin’s equivalent to the difficulty bomb, the User Activated Soft Fork (UASF), accomplishes the same thing by other means. Are these mechanisms the proverbial ‘Chekhov’s Gun,’ inevitably to be used in some later act, or simply empty threats to coerce miners into compliance?

Listen to this episode of “Speaking of Bitcoin” for an in-depth explainer of how wide-spread change occurs across decentralized networks and what changes might be in store for the future.

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This episode featured Adam B. Levine, Andreas M. Antonopoulos and Jonathan Mohan. It was edited by Jonas, our theme song comes courtesy of Jared Rubens and todays music during the break was Sloth Beats by Gurty Beats. Today's album art features a photo by Anita Jankovic/Unsplash, modified by Speaking of Bitcoin.

Have any questions or comments? Send Adam an email at adam@speakingofbitcoin.show

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 21, 2021
BREAKDOWN: Why Is the Fed so Scared of Stablecoins?
00:09:09

Last month’s FOMC meeting minutes show crypto and stablecoins came up for the first time ever as an official topic at a key Federal Reserve meeting. 

This episode is sponsored by NYDIG.

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:

  • News that Brian Brooks left Binance.US after a fundraise proved unsuccessful 
  • Why Coinbase is investing $500B in crypto 
  • The Fed’s discussion of stablecoins at last month’s FOMC meeting 
  • Which nations rank atop Chainalysis’ new adoption index 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Al Drago/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 21, 2021
BREAKDOWN: What's Really Going on With OnlyFans and Payment Censorship
00:17:32

The company is eliminating sexually explicit content after pressure from payment processors. 

This episode is sponsored by NYDIG.

The tyranny of payment processors as moral barometers strikes again. On Thursday, Axios revealed that OnlyFans was struggling to raise money from outside investors despite being on track to make more than a billion dollars this year. Later in the afternoon, OnlyFans announced it is eliminating sexually explicit content from its platform. 

The internet was agog, given that OnlyFans’s success is almost entirely based on sexually explicit content. In this episode, NLW explores the variety of things going on behind the scenes, connects the dots to Chase Bank’s shutdown of Compass Mining’s accounts and argues that payment processors shouldn’t be in charge of societal decisions about what free people are allowed to do.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Gabby Jones/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 20, 2021
BREAKDOWN: DeFi Grows in Institutional and Regulatory Importance
00:13:12

SEC Chair Gary Gensler focused on DeFi in a recent interview.

This episode is sponsored by NYDIG.

First, on the Brief:

  • Banks and bitcoin 
  • Coinbase’s cash reserves
  • Brian Quintenz’s CFTC departure


In the main discussion, NLW addresses decentralized finance’s (DeFi) place in regulations as crypto continues to be on the minds of policymakers. Contention across U.S. regulatory bodies remains as the Federal Reserve’s concern with stablecoins, the Treasury Dept. with the infrastructure bill and the Securities and Exchange Commission’s Gary Gensler attempting to create the broadest reach on crypto regulations his organization can manage.

In The Wall Street Journal’s recent interview with Gary Gensler, the SEC chair claimed a particular focus on DeFi. He stated that core software developers, promoters and sponsors would be centralizing factors, calling the term DeFi a “misnomer.”

How will DeFi’s future unfold as it becomes increasingly important for both investors and regulators?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Feodora Chiosea/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 19, 2021
BREAKDOWN: Is Twitter Getting Serious About Decentralized Social Media?
00:14:14

Big Corporate is taking steps to implement decentralized technologies.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown:”

  • Corporate dips into decentralized media, starting with Twitter and TikTok
  • Regulatory difficulties continue for Binance
  • Crypto on the minds of Congress and the SEC


Big corporations have been seeing crypto not just as a hype machine, but as a technological update opportunity. Twitter, for example, has found a new lead for its decentralized social media group Bluesky. TikTok has similarly dipped into decentralized media as it struck a deal with decentralized music app Audius. Which platforms will take on crypto next?

Binance continues to come under regulatory scrutiny with the Netherlands as the latest country to issue a warning to the company. Even after CEO Brian Brooks left the company citing “differences in strategic direction,” Binance founder Changpeng “CZ” Zhao claims to continue to search for regulatory-minded people to join the company’s ranks.

Regulatory focus continues in the U.S. as well, with members of the Securities and Exchange Commission, Commodity Futures Trading Commission and Congress hosting opposing opinions on how to regulate crypto. The disagreements continued this week, including a statement from the Fed’s Neel Kashkari bashing crypto and a letter from two congressmen requesting clarity from the SEC and CFTC. Will U.S. authorities ultimately come to an agreement on the best path forward?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Cole Burston/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 18, 2021
BREAKDOWN: Innovation vs. ‘The Big Short’ – Cathie Wood and Michael Burry's Battle Frames the Potential Futures of Markets
00:15:05

The investors’ opposing beliefs will soon be proven right or wrong as markets respond to inflation.

This episode is sponsored by NYDIG.

Investors Cathie Wood and Michael Burry are predicting opposing outcomes for the recent high inflation rate. On this episode of “The Breakdown,” NLW explores:

  • Michael Burry’s background and principles
  • Cathie Wood’s ARK Investment and its strategies
  • Burry’s bet against ARK


Michael Burry, the main subject of “The Big Short,” has built his career betting on bubbles. Notably, he shorted Tesla in 2020 and took a negative stance against Elon Musk’s bitcoin boasts. He predicted an upcoming “mother of all crashes” for crypto, which has yet to occur.

On the other end of the spectrum is Cathie Wood, long-time Tesla supporter and champion of bitcoin on Wall Street. Her fund, ARK Investment, focused on disruptive tech innovation and 2020 saw her flagship exchange-traded fund rise to become the world’s largest.

Their opposing strategies have reached a critical point as news broke that Burry has shorted ARK, prompting Wood to launch into a Twitter thread to defend her fund’s beliefs. Only time and markets will be the judge of which investor’s fundamentals win in the end.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Astrid Stawiarz/Stringer/Getty Images Entertainment and Alex Flynn/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 17, 2021
BREAKDOWN: WTF Happened in 1971? (And in Afghanistan?)
00:15:34

Big-picture power shifts from the past, present and future shape the financial world.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” host NLW takes a step back from the nitty-gritty of markets and politics to examine current events from the global macro perspective, including:

  • The 50th anniversary of the “Nixon Shock” – aka the end of the gold standard
  • Afghanistan news and the fall of Kabul


This weekend marked the 50th anniversary of when President Richard Nixon decoupled the USD from the gold standard. That event in 1971, which upended the world of finance, contributed in a large way to the rise of cryptocurrencies.

The site “WTF Happened In 1971?” has chronicled the impacts of Nixon’s decision in the years since with extensive data covering wages, productivity and more. Can 50 years of financial transformations be traced back to one event?

In global news, the Afghan government’s struggle against the Taliban has reached a critical point as Taliban forces have taken Kabul, the capital. The news comes after the U.S. withdrew its troops after a 20-year war. This global event is bound to affect the financial system, but it also has ties to cryptocurrencies as they are a new, completely external tool to provide citizens in tumultuous regions agency over their money in a way that has never been possible before. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Paula Bronstein/Stringer/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 16, 2021
BREAKDOWN: Why Bitcoin Matters in Nigeria and Iraq
00:13:36

A reading of two essays from crypto voices around the world.

This episode is sponsored by NYDIG.

On this week’s “Long Reads Sunday,” NLW reads:

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Golden_Brown/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 15, 2021
SOB: The Expert Incentive, or ‘God Save the King of Kong'
00:12:37

On today's episode of Speaking of Bitcoin, correspondent George Frankly explores the expertise paradox through the lens of two very different historical figures.


TRANSCRIPT

Hello there- I'm George Frankly and I'm going to take a look at how even the best and brightest people can make truly stupid decisions and terrible predictions- and what we can learn from them. This is Dare to be Stupid.

This time on Dare to be Stupid, “The Expert Incentive,” or “God Save the King of Kong.”

I’m not looking forward to this. I loathe misinformation. I loathe innumeracy. And before anybody asks what the word innumeracy means let me say I also loathe illiteracy. The world needs experts and experienced professionals in positions of power, now more than ever- I firmly believe that.

So it honestly sucks that I’ve decided to sit here today and tell you that expertise is dangerous.  

Experts are a complicated concept, and despite agreeing on the broad strokes of the word we all have granular disagreements in what being an “expert” actually means. I want to get into the nitty-gritty of where expertise goes right and wrong by talking about two sides of the same coin- two closely-intertwined experts in their respective fields: 

18th century Hungarian scientist and medical physician Ignaz Semmelweis, and 20th century professional Donkey Kong player and Hot Sauce Entrepreneur Billy J. Mitchell. I absolutely cannot tell the story of one without the other.

As a dedicated fan of both men, it’s hard to know where to begin. Semmelweis was an expert that pioneered the earliest concepts of germ theory, and Mitchell is an expert that cheats at the 1981 arcade game Donkey Kong for money.

The key difference is that Semmelweis’s fellow experts insisted he was a fraud, and Mitchell’s contemporaries insisted for years that he wasn’t.

Ignaz Semmelweis studied law, science, and medicine at the University of Vienna and made his mark on history working at the obstetrics clinic in Vienna General Hospital. There, he was frustrated by the high rates of maternal mortality in the clinic. The death of mothers by post-childbirth fever was uncomfortably common, and he wanted answers. Infection and germ theory were not yet understood concepts, so all he had was deductive reasoning and experimental design- that thing your middle school teachers called “the scientific method.”

The immediate observation that spurred him forward was the most confusing one. The mortality rate for new mothers was as high as 15% in the practicing doctors’ ward… but in the next ward over, which was staffed by traditional midwives instead of university-educated doctors… the average mortality rate was under 5%. The rate of contracting fatal childbed fever was three times higher in the clinic run by the elite doctors than in the clinic run by the supposedly-unprofessional midwives. He was certain that if he could isolate the cause of the lower rates, he could adapt it into the other clinic and save lives. I’ll give you a hint: he was right. But we’ll get to that.

Billy Mitchell is an icon. An icon of what varies from person to person, but he is nonetheless iconic. For over 25 years he’s rarely been seen without a sharp suit, loud American flag necktie, and a magnificently coiffed, flowing mane of hair. He was one of the earliest faces of video game world records- a massive hobbyist sport of competing for the fastest times and highest scores in arcade and home video games.

Mitchell rose to fame with his record of the world’s first perfect Pac-Man score in 1999 and further for his world record high score in Donkey Kong. The 2007 documentary The King of Kong: A Fistful of Quarters chronicled his dramatic victory and cemented his public image as a fierce competitor… and a bit of a cinematic villain.  

His personal ties to the company that officiated and validated the scores allowed him to skirt a lot of the scrutiny that other competitors faced. Whereas most world records had to be achieved in a public exhibition on inspected hardware… Mitchell was able to turn in a fuzzy VHS tape of his record Donkey Kong run at home and had it accepted on the spot. The suspicion soon boiled over, and by 2018 multiple detailed technical analyses found that Billy Mitchell… had cheated.

170 years previously, Dr. Semmelweis had catalogued several differences and tested their correlations over many long months. Midwives delivered with women on their sides- he had doctors move women to their sides. No effect. Patients in the doctors’ ward were regularly visited by Priests with loud bell-ringing attendants. He had them ditch the bells. No effect.  

But then, inspiration struck. One of his coworkers died. Wait, that sounds terrible. No wait, it is terrible. But, grim or not, it gave him a lead: a fellow research doctor had accidentally lacerated his own hand while performing an autopsy, and succumbed to rising temperature and death identical to the stages of childbed fever. The link to the autopsy was a bit circumstantial, but Semmelweis noted that nearly all of the Doctors in his ward did routine autopsy research- the midwives never handled cadavers.  

He had a frankly absurd theory. He suspected there were “fine cadaverous particles” (in his words) being transmitted to vulnerable women and causing the illness. Midwives were rarely exposed to corpses and routinely rinsed their hands with hot water and soap, so he adopted a similar process: doctors in his ward would regularly rinse their hands and tools in a chlorinated lime solution- weak bleach, essentially. He guessed- very luckily- that the chlorine solution’s ability to cleanse strong odors meant it might remove his mystery particles. He had discovered germs and then disinfectants- long before either could be fully explained.

The maternal mortality rate in his ward eventually dropped under 2%- and at a few points even went entire months with no deaths. He brought his method to his next hospital posting, where rates dropped from 10% to less than 1%. He soon wrote a paper about his findings and began to distribute it across the region.  

It was widely and aggressively rejected. Semmelweis’s core thesis of “please wash your goddamn hands” went against all of the expert consensus. His insinuation that it was Doctors- academics and experts every one of them- Doctors that were spreading childbed fever was considered insulting, hostile, and an affront to their authority. His hand-washing solution was seen as little more than magical thinking without scientific merit, and the medical establishment shunned him. He eventually died in a mental institution of complications from a hand injury- the exact same fever he had railed against. It wasn’t until decades later that he would be vindicated by Louis Pasteur’s seminal work on germ theory, and the history books have proven kinder to him than… well, kinder than history itself was.

In the 21st century, Billy Mitchell faced the opposite problem. A small but vocal group of analysts and programming experts had found ultra-fine discrepancies in his world record video. At first, coding experts found that Mitchell’s luck was supernaturally high- the random elements of the game were suspiciously generous during the recording. Soon they found that split-second variations in how the ladders and girders of Donkey Kong’s stages loaded onscreen didn’t match the display of real arcade hardware; in fact it perfectly matched the behavior of PC emulator software. Mitchell had essentially pulled off his miracle run on a home computer simulation of the game, with access to limitless modifications and instant do-overs.  

But Billy Mitchell was unbowed. The highly-technical evidence struck many as unconvincing. More than that, Mitchell and his fans touted a bigger point: he wouldn’t need to cheat. Billy Mitchell had numerous public performances of extremely good Donkey Kong runs. He knew all the ins and outs of the game. Billy Mitchell was, indisputably, an expert at the game of Donkey Kong. Why would an expert bother to cheat?

Ignaz Semmelweis was called a fraud because he defied the experts. Billy Mitchell was called the real deal because he was an expert. By most definitions, all these experts are experts. Why did expertise choose the wrong side of history both times?

That’s easy. They’re all people. And being an expert doesn’t cure you of common reasoning errors- in fact, it can teach you all-new ones.

The doctors weren’t just guided by simple egotism, although that was definitely a factor. No, they fell into something that sociologists have begun to call “the expertise paradox.” Specialists in a field- including the very best in their fields- inevitably develop tunnel vision. Hyper-specialization in a field or an industry begins to close them off to outside knowledge. To a man with a hammer, every problem is a nail: to a man with a prestigious medical degree in 1830, microbiology looks like magical bullshit.  

Innovation rarely grows from within a rigid institution, much less its tenured experts: hell, Donkey Kong, a groundbreaking arcade game that revitalized and revolutionized video games, didn’t come from the established pioneers at Atari. It was made by upstart toy company Nintendo, and wasn’t even designed by a professional coder- it was created by Shigeru Miyamoto, an aspiring cartoonist. In all trades, in all workplaces, and at every age, cross-training and cross-disciplinary learning is vital. The best discoveries come from those who are hungry to learn, not those who sit soaking in what they have learned.

Hunger to learn versus hunger to be learned can be seen in every technical field- if you went to college for a specialized subject you’ve seen it. There are the masters who can recite every equation, muscle group, and atomic mass- the rote learners. And then there are the masters who dig into comprehension and mechanisms- the ones that can derive the equations, visualize the function of each muscle group, and see how the atomic weight informs the material properties.  

Expert decision-making can easily degenerate into fast-thinking repetition from muscle memory. The chess master Herbert Simon criticized the glorification of expert intuition when he said: 

QUOTE “The situation has provided a cue; this cue has given the expert access to information stored in memory, and the information provides the answer. Intuition is nothing more and nothing less than recognition.” END QUOTE

Semmelweis wanted more than memorizing and reciting answers: he wanted to understand. He experimented and extrapolated and went wherever it took him. At the end of the day he was a scientist first and a doctor second- and many of his colleagues were barely doctors at all.

So what of Billy Mitchell’s grand defense? Why would an expert cheat?

Because experts are the most effective cheaters. In any competitive arena, the most successful cheats and cons are inevitably done by the ones that best know the craft. Gaming speed-runner and historian Karl Jobst put it best;

QUOTE “You might think that having the talent to achieve a world record would make someone less susceptible to cheating, but it often works against them.”  

“They feel like they deserve the world record, and when the game they play doesn’t give them the luck they need, they become increasingly frustrated. On top of this, having talent and deep knowledge of a game makes you a better cheater. You know what tools to use and how to hide your edits. You understand what does or doesn’t make sense, what is or isn’t possible, and what’s believable. When top players cheat, it’s almost always detected by other top players looking much deeper than a normal spectator might.”

“The fact that better players make better cheaters means that arguments such as ‘he’s such a good player, he has no reason to cheat’ are fundamentally flawed.” END QUOTE

The incentive to prove and protect your expertise can undermine it in an instant. Billy Mitchell was routinely within spitting distance of the world record, so he employed his expertise to just take it. The fact that he could have theoretically done it for real was all the justification he needed. Semmelweis’ peers worked too hard to get where they were to let an upstart with wild ideas make them feel inferior. They were doctors- to think they were making people ill was an insult to their entire identities.  

Experts are hugely important- vital, even, to all of society. But their self-perception and public perception can lead them down dangerous paths: experts are not inherently geniuses, and, like any human being, they are not perfect or infallible. The best experts are constantly looking to expand their understanding, and the worst are constantly trying to prove their worth. Both kinds will make mistakes, but only the former will admit to them and learn from them. Every human being has a range of their own expertise and must govern themselves similarly: respect the limits of your own knowledge, be grateful to those who can fill in the gaps, and don’t put anyone on a pedestal… especially yourself.

Thanks for listening. As usual I’d like to remind you that all of my illustrious job titles come with the prefix “armchair”; if you’re an expert, and you’re hearing me get it wrong, I’d like to hear from you.

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This episode was written, performed and edited by George Frankly with additional production support by Adam B. Levine. Our theme song comes courtesy of Jared Rubens and this episodes album art features a photograph provided by Kelly Sikkema/Unsplash, modified by Speaking of Bitcoin. Have any questions or comments? Send Adam an email at adam@speakingofbitcoin.show


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Aug 14, 2021
BREAKDOWN: Is the US Government at War With Itself Over Crypto Regulatory Authority?
00:13:07

Between the CFTC, the SEC, the Treasury Department and Elizabeth Warren, there are a lot of cooks in the U.S. regulatory kitchen.

This episode is sponsored by NYDIG.

On this week’s “Breakdown Weekly Recap,” NLW looks at some reported emerging tension around which U.S. regulatory body holds authority over crypto. 

The U.S. Treasury has revealed its heavy hand in the infrastructure bill process, and it isn’t the first Treasury Department to have a problem with crypto. SEC Chair Gary Gensler is asking Sen. Elizabeth Warren for more authority for his organization. Meanwhile, the CFTC is publicly saying regulatory authority lies with it, not the SEC. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 14, 2021
BREAKDOWN: These North American Bitcoin Firms Mined 59% More Bitcoin in July
00:11:30

Growth in North American mining is just one of the things driving a return of a bullish mood across the industry.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown:”

  • Bitcoin mining bump
  • Coinbase’s massive Q2 earnings and more institutional news
  • Crypto tax companies popping up


North American bitcoin mining companies saw a significant increase from the previous month. Contributing to this increase is the downward difficulty adjustment, a built-in and automatic Bitcoin feature that incentivizes more miners to join the network. The adjustment came after China’s crackdown on their miners and a subsequent drop in hashrate. Is this mining success bullish for bitcoin?

Coinbase’s Q2 earnings report revealed a successful quarter with a bigger portion of trading volume attributed to institutional over retail. Additionally, ethereum surpassed bitcoin in trading volume for the first time. Will these trends continue?

With regulatory pressure on the horizon, several new crypto tax companies are being formed (and venture capital-backed) to fill the gap. Crypto presents new complexities for reporting and the tax implications of the U.S. infrastructure bill are imminent. Will these companies be able to find a solution when it’s tax time?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: eclipse_images/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 13, 2021
BREAKDOWN: Turning Point – The Crypto Industry's Battle Against the Infrastructure Bill, Feat. Jake Chervinsky
01:08:06

Blockchain Association member and crypto lawyer Jake Chervinsky gives the insider view of a monumental moment in crypto history.

This episode is sponsored by NYDIG.

Jake Chervinsky is the general counsel for Compound Labs and DeFi lead at the Blockchain Association. Over the last few weeks he has been deeply involved in the battle against the onerous crypto provision in the infrastructure bill. 

In this discussion with NLW, Jake provides a blow-by-blow overview and insider's account of the battle, from first learning of the provision to the moment that a senator’s special interest broke the bill. Finally, they discuss what the legacy of this event will be for the crypto industry and why we’re likely to be stronger now than ever. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: uzenzen/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 12, 2021
BREAKDOWN: The Bull Market Is Back on the Menu! (Did It Ever Leave?)
00:13:37

While the explanations may vary from NFT excitement to regulatory FUD diminishing, crypto markets agree that good times are here again.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW covers bull market indicators, including:

  • Investment firms reporting positive market signals
  • Continued NFT boom
  • Markets ignoring outdated FUD


Both NYDIG and Arca released reports detailing their perceptions of positive market signals towards a bull run. Signs included Grayscale GBTC unlocks, institutional interest and risk appetite.

The NFT bubble has not burst. Capital continues to flow into the space and digital art collections like Crypto Punks have shot up in value, exceeding even the previous March highs. 

Crypto seems to be rolling over FUD: Tether’s additional backing clarity and BitMEX’s nine-figure settlement helped to ease uncertainties in markets over regulations. China’s crypto crackdown and the subsequent Great Hashrate Migration caused little impact. Even the Poly Network’s $600 million hack this week made no dent to prices.

Is Bitcoin’s “defiance rally” part of a bigger bull run?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Overearth/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 11, 2021
BREAKDOWN: Compromise Provision Tanked by Near-Retiree, but Crypto Shows DC It's Here to Stay
00:14:14

Crypto is entering a new era of relevance in mainstream political discourse.

This episode is sponsored by NYDIG.

The compromise amendment to the crypto provision in the infrastructure bill was shot down in the Senate yesterday. On this episode of “The Breakdown,” NLW covers what’s happened, what’s next and what it all means, including:


The compromise – proposed by Senators Lummis and Toomey, and backed by Treasury Secretary Janet Yellen – was rejected by a single senator. The amendment would have required unanimous consent but was tanked by Alabama Republican Sen. Richard Shelby over an unrelated dispute on additional military funding. 

The bill now moves to the House where it will be deliberated more, though it is unclear how much room there will be for modifications once it gets there. Emerging crypto-friendly lawmakers continue to push to improve the broker definition within the provision.

The infrastructure bill saga represents the first act in crypto entering the highest echelons of political discussion in the U.S. Instead of pushing quiet legislation through, this crypto provision gave the industry an unprecedented platform and relevance in the eyes of lawmakers. Will crypto be a key issue for lawmakers in the future?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Chip Somodevilla/Getty Images News, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 10, 2021
BREAKDOWN: Bitcoin Rallies Defiantly as Senate Infrastructure Battle Hits a Snag
00:15:57

Crypto proves to be a formidable opponent as debate in the Senate continues.

This episode is sponsored by NYDIG.

Contention over the crypto provision in the infrastructure bill continues. Today on “The Breakdown,” NLW brings the latest, including:

  • Consensus mechanism confusion
  • A weekend stalemate 
  • The emergent power of the crypto industry


The amendment proposed by Sen. Rob Portman included an odd preference for proof-of-work over any other consensus mechanism. After significant pushback from the crypto community on this specific detail, the amendment was changed to cover all consensus mechanisms. But in a head-scratching turn of events, the amendment was updated once more to include proof-of-work and proof-of-stake, but no other mechanisms.

Sunday came with its own set of blockers, including a conflict around prioritization of the crypto provision versus other legislation that needs attention. Though the weekend brought little resolution, the debate continues and there is still time for a positive resolution. Will policymakers come to an agreement on one of the proposed amendments in time?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Overearth/iStock/Getty Images Plus, modified by CoinDesk.



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Aug 09, 2021
BREAKDOWN: What Happens if the Dollar Loses Reserve Currency Status?
00:14:57

A 101-level look at what it means to be the global reserve currency and what it would mean for the U.S. dollar to lose that standing.

This episode is sponsored by NYDIG.

On this week’s “Long Reads Sunday,” NLW reads David Z. Morris’ “The End of Exorbitant Privilege: Inflation, the Global Dollar and What Comes Next,” which covers inflation’s potential impact on the status of the USD.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: blinow61/iStock/Getty Images Plus, modified by CoinDesk.

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Aug 08, 2021
SOB: Stoner Cats Chaos and The Mainstreaming of NFTs
00:27:40

NFTs are emerging as the path from insular crypto community to a breakthrough in mainstream culture. Blockchain technology and pop culture collide to produce new possibilities for the future of art and beyond.

The question is, will NFTs prove to be valuable enough to endure beyond the hype?

“Stoner Cats,” a new animated series featuring top Hollywood talent (and Ethereum inventor Vitalik Buterin) successfully used a non-fungible token (NFT) sale to leapfrog the financial gatekeepers in Hollywood. With a cast list including Mila Kunis, Ashton Kutcher, Chris Rock and Seth MacFarlane, it is no wonder the campaign raised over $9 million in just a few hours.

Join hosts Adam B. Levine, Stephanie Murphy and Jonathan Mohan as they pick apart the ”Stoner Cat” ambitious and novel approach to the production of an independent animated series. This project is one example of many in NFTs proving their worth beyond just the art: They are now status symbols, pop culture phenomena and a viable financial tool.

The “Stoner Cats” NFT launch, though eventually fruitful, began with a set of stumbles. As prospective buyers lined up to the launch, Ethereum gas fees quickly skyrocketed and some paid more than five times the price in fees. While the implementation of this kick-starter style of on-chain fundraiser could be improved, “Stoner Cats” proved it was possible.

This episode features Adam B. Levine, Stephanie Murphy and Jonathan Mohan. This episode was edited by Jonas, features music by Jared Rubens and Gurty Beats with additional production support from Eleanor Pahl.

Image credit: StonerCats.com, modified by Speaking of Bitcoin

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Aug 07, 2021
BREAKDOWN: 'Crypto IS Macro Now' – Raoul Pal on Bitcoin, DeFi and the Transformation of Power
00:48:02

Real Vision CEO Raoul Pal joins NLW for a discussion of a financial environment defined by change.

This episode is sponsored by NYDIG.

On today’s episode, NLW is joined by Raoul Pal. Raoul is the founder and CEO of Global Macro Investor and Real Vision, whose Real Vision Crypto community has raced to more than 100,000 after launching earlier this year. 

They discuss:

  • The U.S. infrastructure bill and the increase in regulatory pressure
  • The current state of inflation and why markets disagree about its impact
  • Why transformation and technological change are the main forces shaping markets and society 
  • Why DeFi is particularly threatening to central banks
  • Why Janet Yellen is the embodiment of the central bank and the federal government coming together 
  • The real future of NFTs 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.

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Aug 07, 2021
BREAKDOWN: White House Unveiled as Puppet Master as New Amendment Threatens Crypto Industry
00:17:44

The administration’s public support of a restrictive amendment calls into question the original motives of the crypto provision.

This episode is sponsored by NYDIG.

The infrastructure bill-related surprise in the U.S. Congress came in the form of a competing amendment with a short list of exemptions from the original language. On this episode of “The Breakdown,” NLW addresses the latest updates on the bill, including:


The White House claimed support of the Portman, Warner and Sinema competing amendment, citing its ability to strengthen tax compliance in the crypto industry. Crypto advocates have been quick to call out the intentional gaps in the amendment’s language as well as the clear lack of technological understanding.

The proposed amendment specifically excludes proof-of-work mining from the reporting requirements, a surprising stance compounded by the fact that the language itself seems to misunderstand the difference between validation and mining. Some Bitcoin maximalists rejoice at their preferential treatment over proof-of-stake networks like Ethereum, but it remains unclear whether this amendment would protect even Bitcoin in the long term.

If the amendment were passed, the bill itself would not go into effect until 2023. Organizations like Fight for the Future are creating resources for crypto allies to contact their senators. If the amendment passes, how will crypto adapt? 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Alex Wong/Getty Images News, modified by CoinDesk.

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Aug 06, 2021
BREAKDOWN: With EIP 1559, Has ETH Become Ultra-Sound Money?
00:17:28

Beyond just the meme, what consequences will the London hard fork have to investor perception of the Ethereum network?

This episode is sponsored by NYDIG.

On today’s episode of “The Breakdown,” host NLW discusses:

  • Proposed amendments to the infrastructure bill
  • Notable EIP 1559 changes
  • “Ultra-sound” money meme explained


Amendment proposals came from a variety of political figures, including Sen. Ted Cruz’s bid to scrap the crypto provision altogether. A more realistic option, however, came from Sens. Wyden, Toomey and Lummis, who chose to insert a definition excluding non-custodial intermediaries.

In the main discussion, the London hard fork to Ethereum took place early this morning. The changes aimed to improve the user experience on the network and included the introduction of a maximum bidding tip, increased block size in times of high demand and the change to burn the base fee.

The base fee burning modification has sparked conversation about a potentially powerful side effect. In new EIP-1559 transactions, the protocol will burn the ETH used for to pay the base fee. If more ETH is burned this way than is issued, it will make ETH deflationary.  If bitcoin’s fixed supply constitutes “sound money,” does ether’s declining supply “ultra-sound?”

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Zoltan Tasi/Unsplash modified by CoinDesk, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 05, 2021
BREAKDOWN: What’s Really Behind SEC Chairman Gary Gensler’s Crypto Speech
00:17:07

Crypto Twitter cannot decide the impact of Gensler’s comments, while others still push to focus on the infrastructure bill.

This episode is sponsored by NYDIG.

SEC Chairman Gary Gensler’s speech at the Aspen Security Conference has Crypto Twitter in a frenzy. On this episode, NLW covers the latest in regulatory action, including:

  • Infrastructure bill update
  • Overall take of Gensler’s speech: hostile or bullish?
  • More concerning crypto opposition


Gary Gensler’s “Remarks Before the Aspen Security Forum

Crypto Twitter has not reached an agreement on the tone of Gensler’s comments. While some claim this is as a catalyst for incoming regulation and the most aggressive stance to date, others saw it as a run-of-the-mill conservative, consumer protection-focused take. 

Aside from securities definitions discussion, Gensler’s comments did point to a Bitcoin bias and an admiration for some of the ideals behind crypto. This outlook contrasts with the negative perception of crypto from Senator Elizabeth Warren, who is attempting to shift to a more negative narrative and from Congressman Don Beyer, who recently dropped a surprise comprehensive crypto bill.

Who will be the biggest adversary to crypto with securities, stablecoins and ‘systemic risk’ on the minds of so many regulators?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Melissa Lyttle/Bloomberg/Getty Images, modified by CoinDesk.



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Aug 04, 2021
BREAKDOWN: The Senate Meets the Cyber-Hornets – The Nascent Crypto Lobby Is Actually Effective
00:15:21

Policymakers are forced to listen as backlash to the infrastructure bill continues.

This episode is sponsored by NYDIG.

The infrastructure bill’s crypto provision had the industry scrambling to lobby for change. On this episode of “The Breakdown,” NLW covers the continuing saga of the bill, including:

  • A recap on the bill’s crypto provision and subsequent backlash
  • Crypto industry’s resistance going mainstream
  • Regulatory battles to come


A last-minute addition to the infrastructure bill met with fierce resistance from figures across the crypto sector, from industry executives to crypto-friendly lawmakers. These statements called out the destructive nature of the bill as it would require non-broker crypto intermediaries to comply with strict IRS reporting standards, a nearly impossible task.

The extensive lobbying has not gone unnoticed. Mainstream media picked up the story as more and more statements called out the potential dangers of the bill. Policymakers are now forced to face the angry cyber-hornets headed their way.

The infrastructure bill battle is the first of many regulatory clashes to come. For example, debate is currently raging on crypto Twitter about the implications of SEC Chairman Gary Gensler’s speech on crypto today. Will the crypto industry tackle future regulatory collisions with a similar ferocity?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: iLexx/iStock/Getty Images, modified by CoinDesk.

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Aug 03, 2021
BREAKDOWN: A Partial Victory in the Infrastructure Bill Battle
00:16:44

Crypto allies rally to soften the more problematic parts of the bill.

This episode is sponsored by NYDIG.

First, the Brief:

  • Bank of America’s research highlights the pros of El Salvador's bitcoin law
  • Federal Reserve Governor Lael Brainard discusses the need for a U.S. CBDC
  • Bank of China intends to continue significant pressure on crypto
  • No sign of a slowdown in U.S. bitcoin mining industry
  • Kentucky as the fifth state to stop BlockFi
  • Lastly, a record week for NFTs and the emergence of a new institutional narrative


Our main discussion centers on the ongoing battle surrounding a crypto provision within the highly debated infrastructure bill. The original language of the draft targeted crypto intermediaries, from hardware wallet manufacturers to miners, mandating that they report transactions made through their services. Doing so would be virtually impossible and hinder the U.S. crypto industry. 

In response, the community rallied for an updated bill with more forgiving standards. Crypto allies, from industry heavy hitters like Coin Center’s Jerry Brito to Sen. Ron Wyden of Oregon, expressed their discontent with the original language of the draft. With an amendment process underway, will these statements be enough to make a significant change?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

-

The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Samuel Corum/Getty Images, modified by CoinDesk.

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Aug 02, 2021
BREAKDOWN: Gaming as a Tool of Economic Empowerment
00:11:04

A new essay argues player-driven digital economies create new economic opportunities.

This episode is sponsored by NYDIG.

The broader crypto sector encompasses more than just policies and price action: Decentralized technology has given rise to immersive play-to-earn digital economies where players can maximize their gaming experience.

In this “Long Reads Sunday,” NLW takes a step back from the recent regulatory focus to take a look at the world of gaming. He reads the piece ”A Play-to-Earn Account Beats a Bank Account“ from Beryl Li, co-founder of Yield Guild Games.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: sasha85ru/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Aug 01, 2021
SOB: Digging Into El Salvador's Bitcoin Bill
00:49:32

El Salvador’s decision to make bitcoin legal tender shocked the world. Soon, the dust will settle and catchy headlines will become real, lived experiences for Salvadorans.

Join hosts Adam B. Levine, Andreas M. Antonopoulos and Stephanie Murphy for a read-through and thoughtful conversation of El Salvador’s bitcoin legislation in full. The hosts discuss the highs and lows of the bill and potential risks to the country, its citizens and bitcoin globally.

Though many had predicted governmental adoption of bitcoin would come, none had predicted it would happen so soon. The rest of the world has watched attentively as El Salvador embarks on a nation-scale trial run of bitcoin as legal tender. This unprecedented circumstance brings an abundance of technical and social challenges. 

What will the great successes be with this experiment? Where can it go wrong? And how will the Lightning Network factor in? Most worryingly, will El Salvadore’s trust fund be the world’s biggest honeypot?

The bitcoin bill is set to go in effect very soon. Will El Salvador be able to address these concerns in time?

Links from the episode:

Today's show featured Andreas M. Antonopoulos, Stephanie Murphy and Adam B. Levine. This episode was edited by Jonas, with music by Jared Rubens and Gurty Beats.

Image credit: Wilson Edilberto Santana Suarez/Unsplash, modified by Speaking of Bitcoin

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Jul 31, 2021
BREAKDOWN: Crypto Allies Rally and Race to Fix the Infrastructure Bill
00:14:47

With the infrastructure bill moving closer to passage, can crypto companies and their allies in government roll back the most dangerous provisions?

This episode is sponsored by NYDIG.

On this episode of “The Breakdown’s Weekly Recap,” NLW covers the past week’s biggest financial, regulatory and markets news, including:

  • The three simultaneous crypto hearings across Congress
  • Binance‘s moves to position itself favorably for oncoming regulation
  • Proposed legislation with sweeping implications to crypto

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Philip Rozenski/iStock/Getty Images, modified by CoinDesk.

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Jul 31, 2021
BREAKDOWN: BlockFi’s Lead Investor Bows Out Amid Regulatory Uncertainty
00:12:23

Investors are becoming wary as Vermont becomes the fourth state to scrutinize BlockFi.

This episode is sponsored by NYDIG.

Today on the Brief:

  • Robinhood's underperforming IPO and settlement battles 
  • MicroStrategy’s continued faith in bitcoin 
  • Proposed sweeping crypto legislation 


Robinhood’s underperforming initial public offering came amid settlement after settlement, with the latest coming with the Financial Industry Regulatory Authority (FINRA). Next on the Brief, MicroStrategy’s second-quarter earnings report lays out the company’s intention to buy more bitcoin. Alongside these crypto ups and downs, the regulatory narrative continues: proposed legislation on digital assets covers everything from the Securities and Exchange Commission’s authority over digital securities to U.S. Treasury authority over stablecoins.

In the main discussion, NLW covers BlockFi’s tumultuous run-ins with regulatory bodies in New Jersey, Alabama and Texas, and most recently, Vermont. BlockFi has been making simultaneous appeals to regulators to address their concerns and to their existing customer base to affirm their accounts will not be affected. 

An unconfirmed report last night, first shared by Eric Newcomer and not able to be confirmed by CoinDesk, claims that a major Wall Street investor has pulled their funding in the midst of the regulatory onslaught. Will BlockFi be the first victim of shifting regulatory winds?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: screenshot of BlockFi website.

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Jul 30, 2021
BREAKDOWN: The Senate Shoves a Dangerous, Last-Minute $28B Crypto Provision Into the Infrastructure Bill
00:12:02

The bipartisan bill contains potential impacts to crypto intermediaries.

This episode is sponsored by NYDIG.

First, on the Brief:

  • U.S. growth last quarter performing under economists’ expectations
  • Robinhood's subdued IPO debut
  • "Wild amounts" of capital going into crypto


In the main discussion, NLW addresses the specifics, reactions and potential impacts of a crypto provision within the Biden administration’s big infrastructure bill. A draft copy of the provision aims to raise $28 billion via a crypto tax, imposing new reporting requirements for a broad swath of crypto intermediaries.

Potentially, intermediaries from wallet developers to miners will be impacted by the provision. If this draft of the bill makes it to a vote, how will a tax scheme impact crypto development and adoption? Is this provision just a messy step in a positive U.S. government acceptance of crypto or a dangerous damping factor on progress?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: rarrarorro/iStock/Getty Images, modified by CoinDesk.

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Jul 29, 2021
BREAKDOWN: How Decentralized Is DeFi?
00:14:34

Uniswap’s removal of a set of assets from its interface has the community asking just how decentralized is the platform.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW addresses the recent wave of increased regulatory scrutiny, one that has prompted the crypto industry to prepare itself for the possibility of legislation. The discussion includes:

  • A distinction of regulatory categories
  • Exchanges altering leveraged trading rules
  • Uniswap’s token removal decision


The increased regulatory scrutiny is a culmination of a number of factors, including the most recent bull run and institutional adoption. As policymakers discuss crypto more frequently it becomes helpful to separate such discussions into categories: implemented legislation, regulatory narrative battles and crypto self-regulation.

Leveraged bets, an inherently risky venture, only become riskier with the addition of crypto’s volatility. Last weekend, exchanges FTX and Binance announced a cap on leverage at 20 times. Was this voluntary action an attempt by the exchanges to get ahead of possible incoming legislation?

Uniswap labs announced an upcoming removal of over 100 tokens from its interface, including tokenized stocks, mirror stocks, options and derivatives. This decision seems to hail from a SEC statement that tokenized versions of securities are still securities. The specifics of the decision aside, the community finds itself asking: Does Uniswap’s ability to make a decision of this nature violate the principles of decentralization?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: http://www.fotogestoeber.de/iStock/Getty Images, modified by CoinDesk.

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Jul 28, 2021
BREAKDOWN: US Senate Banking Committee Asks ‘What Are Cryptocurrencies Good For?’
00:14:35

Sherrod Brown and Elizabeth Warren paint bitcoin’s populism as phony marketing.

This episode is sponsored by NYDIG.

Today on the Brief:


In today’s main discussion, NLW addresses not one, not two but three crypto hearings today spread across the Senate and House. One with a focus on ransomware, another on central bank digital currencies and the last a wide-ranging outlook at the value of cryptocurrencies versus their perceived risks. 

One of the notable themes from the Senate Banking Committee hearing was disbelief in cryptos as populist, democratizing, decentralizing tools for remaking finance. Instead, political opponents argued that they were just the play places for shadowy cabals of miners and “super coders” (yes, that’s a term they really used).

More concerning is the argument that cryptos are increasingly a threat to the larger financial system. Where does crypto stand in the eyes of regulators following the hearings?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Sarah Silbiger/Stringer/Getty Images, modified by CoinDesk.

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Jul 27, 2021
BREAKDOWN: Are Amazon Rumors Behind Bitcoin’s Biggest Surge in Months?
00:13:21

This weekend’s upward market movements could have come from a variety of driving forces.

This episode is sponsored by NYDIG.

Crypto’s green weekend was the biggest surge in recent months. On this episode of “The Breakdown,” NLW analyzes the various forces behind the success, including:

  • An Amazon job posting and token rumor
  • Viral tweets from a teenager and an astrologist
  • Market structure explanations


The first piece of news from Amazon was in the form of a “Digital Currency and Blockchain Lead” job posting. Next, a self-proclaimed Amazon insider told London-based newspaper City A.M. the job requisition was part of a larger Amazon-crypto strategy, even hinting at the possibility of a token. How legitimate is this “insider”? 

Two viral tweets, one from TikTok influencer Teen Executive and another from astrology and bitcoin enthusiast Maren Altman, seemed to point to this weekend as the time for upward volatility. Could these two tweets have sparked market movement?

Though prices are undeniably impacted by narratives, market structure is often the underlying and logical explanation. In this weekend’s case, a short squeeze could be the simplest answer. Were unwinding short positions the driving factor behind price?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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”The Breakdown” is written, produced by and features NLW, with editing by Adam B. Levine/Adrian Blust and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Alex Wong/Getty Images News, modified by CoinDesk.

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Jul 26, 2021
BREAKDOWN: Using History as a Weapon - The Latest Political Attack on Stablecoins
00:12:48

The U.S. faces a choice between integrating proven stablecoins or outlawing them in favor of a monopolized CBDC.

This episode is sponsored by NYDIG.

On this week’s “Long Reads Sunday,” NLW reads Nic Carter’s recent essay “Why Central Bankers Invoke Free Banking to Attack Stablecoins.” 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: tntemerson/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 25, 2021
SOB: Emergent Complexity and Building Systems We Don’t Understand
00:38:17

If you landed in medieval times, could you build a phone? Or something even simpler, a pencil?

Join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy & Jonathan Mohan for a deep dive into the wildly empowering, complex and terrifyingly automated world we live in. This wide ranging, philosophical discussion touches on such topics as the Suez Canal, Douglas Adams, combat drones, the Fourth Industrial Revolution and more.

The world’s complexity exponentially increases by the decade. A gradual systemization has led to the automation of specialized tasks, affording people free time to perform other, even more complex tasks. For example, consider navigation apps reducing the decision-making process from driving, or the rise of autonomous cars that will eventually remove human interaction altogether.

As the world depends more on an unimaginable web of logistics, what happens when something breaks? The evolution of automation from simple, rules-based systems to incredibly complex machine learning algorithms has diminished the ability to understand or predict these structures.

As much as we love decentralization and technological advancement, where do these aims fail us? Are we creating more problems than solving them?

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Today's show featured Andreas M. Antonopoulos, Stephanie Murphy, Jonathan Mohan and Adam B. Levine. This episode was edited by Jonas, with music by Jared Rubens and Gurty Beats.

Image credit: Luca Carrà/Unsplash, modified by Speaking of Bitcoin

Have any questions or comments? Send us an email at adam@speakingofbitcoin.show

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Jul 24, 2021
BREAKDOWN: Is U.S. Crypto Regulatory Bluster About to Become Action?
00:09:43

If regulation is unavoidable, now may be a better time to deal with it than later.

This episode is sponsored by NYDIG.

On this edition of the “Weekly Recap,” NLW covers:

  • Institutional interest revamping
  • The B Word conference, Elon’s reveal of SpaceX BTC holdings
  • NFT platform OpenSea’s funding round success
  • Regulatory bodies pursuing BlockFi

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Michele Musso and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Velishchuk/iStock/Getty Images, modified by CoinDesk.

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Jul 24, 2021
BREAKDOWN: Bitcoin’s Big Institutional Week - JPMorgan Brings Crypto to All Wealth Management Clients & More
00:11:55

A stream of institutional news revives the previously stagnant narrative.

This episode is sponsored by NYDIG.

This week, institutional involvement was revived after the past few months’ inactivity. NLW covers new evidence for institutional interest, including:

  • A billionaire you can’t ignore
  • JPMorgan offering crypto exposure
  • Galaxy Digital’s big bank backers

Elon Musk’s revelation that SpaceX, the space exploration company that he founded, held bitcoin was joined by billionaire Thomas Peterffy’s admission that he holds some crypto, even hinting he sees “a small chance this will be a dominant currency.” On the wealth management end, JPMorgan has opened crypto exposure to all of its clients, a typically conservative set who tend to be passive in their investments. Lastly, London-based digital trading asset venue Galaxy Digital’s big bank backers continues to grow. The latest addition was BNY Mellon.

All this together points to the fact that institutions, no matter how reluctantly, see crypto as an inevitable investment that can’t be ignored.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Adam B. Levine and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Tiffany Hagler-Geard/Bloomberg/Getty Images, modified by CoinDesk.



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Jul 23, 2021
BREAKDOWN: Everything You Need to Know About Elon, Jack and Cathie’s Bitcoin Chat
00:18:46

Three crypto personalities provide varying perspectives on bitcoin and the future of the space.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” host NLW dissects a highly-anticipated discussion between Cathie Wood, Jack Dorsey and Elon Musk at yesterday’s “The B Word” conference, including:

  • Wood’s predictions of deflation rather than inflation
  • Dorsey’s unwavering belief in bitcoin as the internet’s native money
  • Musk reveals he, Tesla, and SpaceX all hold bitcoin


Wood, one of the earliest Wall Street investors to get into crypto, has been through enough market cycles to have a nuanced understanding of the space. She revived one of her long-standing themes of Bitcoin’s rules-based monetary policy, especially relevant now as central banks operate on unbounded monetary policy. She also touched on recent inflationary concerns, specifically ARK’s belief that deflationary concerns are likely to emerge in the long-term.

Twitter and Square CEO Dorsey has been a consistent ally to Bitcoin. Dorsey highlighted a few of his projects dedicated to a more decentralized future, including Square’s upcoming self-custody hardware wallet and Bluesky, a project to develop an open and decentralized social media platform. 

The controversial Musk's contributions to the discussion garnered mixed reactions from the community. Most notably was his admission that outside of Tesla and SpaceX shares, bitcoin is his biggest investment. Additionally, his now-famous statement “I pump but I don’t dump” was backed by his revelation that SpaceX, in addition to Tesla, held BTC. He affirmed the three have never sold their BTC holdings.

While Wood recruits institutional investors and Dorsey builds tools to improve the space, what is Musk’s role in helping or hindering Bitcoin?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Screenshot from The B Word, modified by CoinDesk.

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Jul 22, 2021
BREAKDOWN: Bitcoin Reclaims $30K as the Macro Discussion Shifts From Inflation to COVID-19 to Growth
00:12:47

Bitcoin’s rebound following a gloomy week may be an expression of a shifting macro narrative.

This episode is sponsored by NYDIG.

Bitcoin is up just over 7% in the last 24 hours, following its first close below $30,000 since New Year’s Day. On this episode of “The Breakdown,” NLW proposes possible explanations for this reversal, including:

  • Competing concerns of Inflation and slow post-COVID recovery
  • Institutional interest in crypto


A few weeks ago, headlines were centered around markets being nervous about inflation. Emergence of the Delta variant and its induced lockdowns, coupled with reports of unexpectedly slow growth in Q2 in China, casts doubt on the inflation concerns. Which concern will prevail and drive the next macro narrative?

Many speculated non-fungible tokens would be a fleeting phenomenon, in fashion for a short period of time and then fading away. However, an investment round for NFT platform OpenSea raised $100 million. Is OpenSea’s success an indicator of renewed long-term investor confidence in crypto?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 21, 2021
BREAKDOWN: So THIS Is ‘And Then They Fight You’
00:16:23

Crypto finds itself in an inevitable set of regulatory battles.

This episode is sponsored by NYDIG.

“First they ignore you, then they laugh at you, then they fight you and then you win.” 

In this episode of “The Breakdown,” NLW examines crypto’s current “and then they fight you” phase, citing recent regulatory battles:


A New Jersey Bureau of Securities order calls for BlockFi to stop accepting new clients residing in the state. CEO Zac Prince remains optimistic, believing the company’s products are lawful and that further discourse with regulators would clear up concerns, the most important of which seems to be surrounding yield delivery. Is a new macro narrative emerging as competition ramps up with high yield enticing new crypto users?

In a meeting with the President’s Working Group on Financial Markets, attendees discussed the rapid growth of stablecoins and their risks and benefits for the future. Of the eight political and regulatory figures in attendance, who are likely to provide pro-stablecoin input?

This morning, an incendiary headline dropped – “EU Aims to Ban Anonymous Crypto Asset Wallets” – following a European Commission release. Is the severity of the commission’s reform as fierce as the headline suggests?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Greg Nash/Bloomberg/Getty Images, modified by CoinDesk.

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Jul 20, 2021
BREAKDOWN: Will DAOs Transform Power in Venture Capital Fundraising?
00:17:01

VCs may lose their position as gatekeepers to startup success.

This episode is sponsored by NYDIG.

In addition to the deep dive into distributed autonomous organizations, or DAOs, and their future in venture capital, today’s “The Brief” covers:


SushiSwap, the decentralized exchange based on Uniswap, is proposing to sell a portion of its treasury to venture firms as part of a broader diversification plan. The community finds itself torn in half over the announcement, with some advocating for the benefits of seasoned expertise and others vehemently denying the need for institutional investors. 

SushiSwap’s “VC-versus-community” debate provides a case study on the growing world and strength of DAOs. VCs have previously held the essentially sole power over the fate of startups, but in the case of SushiSwap, they are now forced to be in open negotiation with the community. 

This power shift presents a window into the vitality of DAOs, stemming from their democratic and global nature, dynamism and anonymity. Will DAOs succeed as the internet native form of organization?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom.

Image credit: BrianAJackson/iStock/Getty Images, modified by CoinDesk.

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Jul 19, 2021
BREAKDOWN: Why Governments Should Invest in Bitcoin Infrastructure
00:13:29

An argument that the Bitcoin network is a public good and governments should invest in public goods.

This episode is sponsored by NYDIG.

This week’s “Long Reads Sunday” is a reading of “Bitcoin: An Orange New Deal” by Andrew Bailey and Bradley Rettler.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: hamzaturkkol/iStock/Getty Images Plus, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 18, 2021
SOB: How and Why Governments Lie About Inflation
00:56:53

An in-depth, historical look at how and why government statistics have changed over time.

Starting this week the Speaking of Bitcoin show joins the CoinDesk Podcast Network

This time on Speaking of Bitcoin, the hosts are joined by John Williams, rogue economist and long-time Editor of ShadowStats.com, a data source that tracks everything from inflation to GDP, money supply to unemployment using the original government defined methodologies. Over time, the government has changed how they measure all of these things and Johns work reveals that these changes all result in better looking statistics from the same, often terrifying numbers.

In this wide ranging conversation we talk about how and why this happened, plus what we can do about it. If this is a new topic to you, expect to come away with a different perspective in this epic episode.

Today's show featured John Williams, Stephanie Murphy, Jonathan Mohan and Adam B. Levine. This episode was edited by Jonas, with music by Jared Rubens and Gurty Beats.

Our album art is a composite work by Adam B. Levine using the current inflation chart from ShadowStats.com along with an excellent imposter-dog image from Brayden Anderson on Unsplash.

Have any questions or comments? Send me an email at adam@speakingof.bitcoinshow

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Jul 17, 2021
BREAKDOWN: Paraguay's Leaked Crypto Law – A Depressing Dud or Too Early to Tell?
00:10:23

Those expecting another El Salvador are sure to be disappointed. 

This episode is sponsored by NYDIG.

On this edition of the “Weekly Recap,” NLW covers:

  • The latest in Binance’s global regulatory troubles 
  • Leaked crypto legislation from Paraguay 
  • Capital Group’s big bet on MicroStrategy
  • The U.K.’s Financial Conduct Authority slated to spend £11M on an anti-crypto campaign for young people 


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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: naruedom/iStock/Getty Images Plus, modified by CoinDesk.

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Jul 17, 2021
BREAKDOWN: Square Sets Out to Bring DeFi to Bitcoin
00:13:52

A new initiative from Jack Dorsey will be a full business unit inside the company.

This episode is sponsored by NYDIG.

Today on the Brief:

  • The mixed state of the U.S. government on crypto
  • China’s e-CNY will have native smart contracts
  • Saquon Barkley to take endorsement money in BTC


Our main discussion:

Square has announced a new initiative, titled “TBD,” that CEO Jack Dorsey describes as “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless and decentralized financial services.” Dorsey intends the platform to be developed completely transparently: “open road map, open development and open source.”

In this episode, NLW puts the new initiative in the context of Square’s long-term relationship with Bitcoin, explains why it’s different from the company’s Square Crypto efforts and analyzes how different parts of the community are reacting to the news.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Eva Marie Uzcategui/Bloomberg/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 16, 2021
BREAKDOWN: BlackRock CEO Seeing No Demand for Crypto
00:14:29

Cryptocurrencies were once a hedge play that could no longer be ignored, but now Larry Fink sees “very little investor demand” for crypto.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW addresses recent shifts in institutional and regulatory discussions on crypto, including:

  • How BlackRock CEO Larry Fink sees the state of crypto 
  • ShapeShift’s final structural shift
  • Fed Chairman Jay Powell’s stance against stablecoins
  • A dissenting letter from two SEC commissioners


BlackRock made headlines when it entered the crypto market because it viewed bitcoin as a hedge play that could no longer be ignored. Now, this investment management company finds itself in a changed landscape as bitcoin prices have fallen from all-time highs. How has CEO Larry Fink’s view of crypto changed with this new price point?

ShapeShift, a global digital asset trading platform, was created with a vision of minimizing user-collected data. That vision was tarnished in 2018 when the platform began requiring basic information, resulting in a 95% loss of its user base. ShapeShift’s tumultuous history has added another chapter today with the announcement that it is converting to a decentralized autonomous organization, or DAO, owned by the users. Is this one step in a greater trend of fundamentally shedding corporate organizational power structures?

Federal Reserve Chairman Jay Powell countered Vice Chairman Randal Quarles’ pro-stablecoin stance in a recent testimony before Congress. While Quarles asserted successful stablecoins would make a U.S. central bank digital currency (CBDC) redundant, Powell offered the opposite opinion: “You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.” Whose stance will win in the growing stablecoin versus CBDC debate?

Two members of the U.S. Securities and Exchange Commission released a letter of dissent following a SEC enforcement action against U.K. company Coinschedule for anti-touting provisions. The letter expressed the members’ disappointment at the lack of regulatory clarification following the Coinschedule opportunity and an overarching distaste at a lack of transparency surrounding crypto guidance. Will more members follow in their footsteps and push for a clearer SEC stance?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Stefan Wermuth/Bloomberg/Getty Images, modified by CoinDesk.

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Jul 15, 2021
BREAKDOWN: Federal Reserve Vice Chair – ‘We Do Not Need to Fear Stablecoins’
00:19:34

While the European Central Bank accelerates its digital euro project, one Fed official throws cold water on U.S. CBDC plans.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW analyzes a stablecoin-focused speech from Randal Quarles, vice chair of the Federal Reserve, starting with a primer on developing trends related to the topic, including:

  • CBDC discussion, investigation and development across global powers
  • The ability of stablecoins to make a U.S. CBDC redundant 


The conversation around central bank digital currencies (CBDCs) is growing louder. In China, the digital yuan continues to roll out through lottery tests and, more recently, for use in the Beijing subway. Today, the European Central Bank announced a new two-year “investigation” period during which the ECB will prepare for a larger digital euro design phase with user consultation, regulatory discussions and market analysis. 

Still, NLW argues that we can’t view the rise of public CBDC discussions in the absence of the growing adoption of private stablecoins. While these private, fiat-pegged stablecoins seem increasingly in the regulatory crosshairs, Federal Reserve Vice Chair Randal Quarles recently argued the U.S. central bank and policy makers shouldn’t fear them – and that, indeed, when regulated properly, stablecoins might make the need for a CBDC redundant. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Andrew Harrer/Bloomberg/Getty Images, modified by CoinDesk.

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Jul 14, 2021
BREAKDOWN: While Others Warn of Market Bubble, Bitcoin Bull Bill Miller Doesn't Think So
00:17:19

One early bitcoin investor with a traditional background is less concerned about any upcoming bubble.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW analyzes value investor turned bitcoin bull Bill Miller’s contrarian take on a possible upcoming market bubble. Miller’s background lies in traditional markets, with a massive portion of his portfolio grounded in strategically held Amazon shares. That, in addition to his relatively early bitcoin investments, provides him with an insider perspective from an external base understanding of markets. While other top investors predict an “epic” market crash, Miller remains unconcerned. 

Today on the brief, NLW covers the most recent crypto market news, including:

  • New CPI releases fanning the inflation debate fire
  • Crypto volatility spillover risks to traditional markets
  • Square’s forthcoming hardware wallet


Newly released Consumer Price Index (CPI) numbers fuel an ongoing, contentious debate around inflation. While the Federal Reserve sticks to its “transitory” assessment, others are not so sure. How will the numbers change as base effects no longer become a valid explanation?

As institutional investors fill the crypto space, a “spillover” system risk concern becomes increasingly relevant. Is spillover just another piece of FUD, or is it an inevitable reality as traditional and crypto markets become more entwined?

Square’s teasing of a hardware wallet project is materializing. CEO Jack Dorsey tweeted no less than 12 guiding principles for the project, and the project lead more recently announced the company’s dedication to make “bitcoin custody more mainstream.” Although no exact timeline for release exists, Square’s project is an exciting step towards easier entry to bitcoin mobile and self-custody use.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Abscent84/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 13, 2021
BREAKDOWN: Bitcoin Leads to Hyperinflation? Meet the Strangest FUD Yet
00:12:36

 Some argue bitcoin wealth is exhausting the world’s productive potential.

This episode is sponsored by NYDIG.

In this episode, NLW focuses on:

  • Inflation measures, impacts and who’s to blame
  • News out of Paraguay concerning pro-bitcoin legislation


A recent “Wall Street Journal” survey of economists revealed they expect higher inflation rates to persist for years to come. “Money Week” ran an op-ed playing on the increased attention on inflation where they pin bitcoin as an unused hoard of productive wealth and a reason for inflation. Is bitcoin really to blame for expectations of continuing inflation?

El Salvador’s influence continues to permeate other nations hoping to make similar advances in crypto. On Wednesday, July 14, a Paraguayan “Bitcoin Bill” is expected to be introduced. Though the exact contents of the bill are not yet known, Paraguay would be the next country setting a positive stance towards crypto. 

Lastly, NLW covers more in bitcoin and crypto news. What does Grayscale’s move to make its Large Cap Fund a Securities and Exchange Commission reporting company mean? Also, can China’s post-COVID economic recovery be an indicator for what will happen in the rest of the world?

Grayscale is owned by Digital Currency Group, which is CoinDesk’s parent company. 

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is "Countdown" by Neon Beach. The music you heard today behind our sponsor is "Razor Red" by Sam Barsh. Image credit: Devrimb/iStock/Getty Images, modified by CoinDesk.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jul 12, 2021
BREAKDOWN: The Progressive Case for Bitcoin
00:12:41

A reading of an excerpt of U.S. Sen. Elizabeth Warren’s recent letter to SEC Chair Gary Gensler and a responding essay.

This episode is sponsored by NYDIG.

On this edition of “Long Reads Sunday,” NLW reads an excerpt from Sen. Elizabeth Warren’s questions to SEC Chairman Gensler about crypto and crypto exchanges. NLW then reads an essay responding to Warren’s recent discussions of the topic from Murtaza Hussain called “Elizabeth Warren’s Bitcoin Blind Spot.”

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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Image credit: Patrick T. Fallon/Bloomberg/Getty Images, modified by CoinDesk

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Jul 11, 2021
BREAKDOWN: Can a New Wave of Crypto IPOs Rekindle Wall Street Excitement?
00:14:02

Circle and Robinhood are both coming to public markets, but will they re-excite those markets when it comes to crypto?

This episode is sponsored by NYDIG.

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at how Wall Street momentum in crypto rose last year only to fade this year. With Circle coming to markets via a SPAC merger and Robinhood going public, is there a chance those events will bring some renewed excitement?

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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Image credit: Leonid Sukala/iStock/Getty Images Plus, modified by CoinDesk

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Jul 10, 2021
BREAKDOWN: As Biden Targets Big Tech, a Reminder That Decentralized Technologies Are Anti-Monopolist
00:18:32

President Biden’s decisive action to promote competition in the U.S. reflects a decreasing public approval of Big Tech.

This episode is sponsored by NYDIG.

On this episode of “The Breakdown,” NLW analyzes President Joe Biden’s “Factsheet: Executive Order on Promoting Competition in the American Economy,” including:

  • The shift in public sentiment against Big Tech
  • The order’s implications to the tech and finance sectors
  • Crypto’s decentralized nature as intrinsically anti-monopolist


For a period of time, tech companies enjoyed the highest public opinion among large corporations. However, the rise of ad-focused platforms and the advent of social media (with all its demons) encouraged increased scrutiny. Privacy concerns only add to the distaste toward companies including Amazon, Google, and Facebook.

With public opinion souring, governments are similarly implementing various regulation schemes as they become wary of the threat of monopolization. Take Europe, for example, which created the General Data Protection Regulation system, and China’s more aggressive actions against social media. The U.S. has dabbled in tightening its reins on big tech with an assortment of antitrust lawsuits, but President Biden’s recent executive order takes the mentality to a new level.

The public mindset and regulatory shift places crypto as the potential solution to concerns of monopolization. Crypto’s decentralization – its lack of CEOs and corporate power structures – make it an attractive path away from monopolies in the American economy.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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Image credit: Tom Brenner/Bloomberg/Getty Images, modified by CoinDesk

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Jul 09, 2021
BREAKDOWN: Are GBTC Unwinds Bullish or Bearish for Bitcoin?
00:22:09

With so many strong opinions about the mechanisms behind GBTC and BTC plays, the answer is elusive.

This episode is sponsored by NYDIG.

NLW explores the debate surrounding the GBTC unlock’s bearish or bullish nature on this episode of “The Breakdown,” including: 

  • Historical impacts of market structure on prices
  • GBTC’s influence on markets as its premium attracted investors
  • Analysis of the GBTC unlock bearish vs. bullish debate


Grayscale Bitcoin Trust (GBTC) is an investment vehicle that allows institutional and public market investors to invest in bitcoin without purchasing the cryptocurrency directly. 

While many GBTC investors were simply looking for public market exposure to bitcoin, many firms also took a more strategic approach to capture the neutral arbitrage trade of GBTC shares trading at a premium to the native asset value (NAV) of bitcoin. The demand for public market vehicles coupled with a lack of other alternatives placed GBTC at a desirable premium. 

The GBTC NAV trade was a significant source of buying pressure through the back half of 2020 and the beginning of 2021, but when the premium turned to a discount (thanks to a variety of factors, including competition from other bitcoin proxies in the public markets), that source of buying pressure dried up.

When an investor buys into GBTC, their shares are locked up for six months. More than 100,000 bitcoin worth of shares are expected to be released throughout July. The looming flood of shares into secondary markets has sparked a debate on whether the unlock will be bearish or bullish for the spot price of bitcoin. 

Featuring commentary from Lyn Alden, Loomdart, Willy Woo and more.

Grayscale is owned by Digital Currency Group, which is CoinDesk's parent company.

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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Image credit: Francis Specker/Bloomberg/Getty Images, modified by CoinDesk

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Jul 08, 2021
BREAKDOWN: De-Globalization vs. De-Nationification: Which Trend Wins?
00:13:15

The context for news about states fighting crypto is a larger set of historical and geopolitical forces.

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW explores what he calls “the shifting tectonic plates of the global social order.” On one side, he argues, are the forces of de-globalization, with nations turning inward and focusing on economic sovereignty. Part of that is states exerting more control over corporations and Big Tech. On the other is a process of de-nationification, where powers previously reserved for states – such as printing money – are increasingly in the hands of new internet-based networks and corporations. This shapes the larger context of crypto disruption and puts a lens on understanding the growing regulatory debate. 

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Jul 07, 2021
BREAKDOWN: Will Bitcoin or Russia Be Blamed for the Latest Ransomware Attacks?
00:11:51

REvil, the ransomware group behind the Colonial Pipeline attack, strikes again.

This episode is sponsored by NYDIG.

On this extended-brief style episode of “The Breakdown,” NLW discusses recent news, FUD and policy in the world of crypto, including:

  • The ransomware group behind the Colonial Pipeline attack strikes again
  • An increasing list of regulatory actions against Binance
  • The China crackdown on crypto trading


The attack against Colonial Pipeline pushed ransomware fears to a new level. REvil, the same group behind the Colonial attack, stuck once again. Kaseya, a company providing network-management services, was the most recent victim. With one million machines infected, the media and regulators look for an easy target to blame for the increase in ransomware attacks. Who will take the fall: Russia or Bitcoin?

Binance continues to fall under increased regulatory scrutiny. Barclays Bank, one of the U.K.’s biggest, has stopped card payments to Binance. At the same time, Thailand filed a criminal complaint against the company, and the Cayman Islands said Binance would not be allowed to do business there. Though Binance is the current target, do these actions suggest a shift in sentiment from banks and regulators on crypto?

China’s crackdown on crypto continues, this time with an emphasis on trading. The business administration department of the People's Bank of China and the Beijing Financial Supervision and Administration bureau issued yet another warning about crypto trading. This warning was joined by an enforcement action against Beijing Qudao Cultural Development Limited, as well as Didi, a popular ride hailing app. Is China banning itself from crypto?

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Jul 06, 2021
BREAKDOWN: The State of Institutional Adoption of DeFi, Feat. Circle’s Jeremy Allaire
00:43:55

A conversation with the Circle CEO about the prospects for traditional finance to move into DeFi.

This episode is sponsored by NYDIG.

This conversation was originally released as a sponsored content webinar from Circle and CoinDesk. NLW decided to release it on his podcast of his own volition and was not paid to do so. The conversation covers why institutions are becoming interested in DeFi, which institutions are starting to participate and what barriers remain. 

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Jul 05, 2021
BREAKDOWN: Declaring Independence and Freedom From Bitcoin FUD
00:11:28

A reading of Jeff Dorman’s recent FUD-busting newsletter.

This episode is sponsored by NYDIG.

On this holiday edition of “Long Reads Sunday,” NLW reads Jeff Dorman’s “Debunking 10 Digital Asset Bear Market Theses.”

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NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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Jul 04, 2021
BREAKDOWN: Are We on the Verge of a New Regulatory Era in Crypto?
00:08:48

Recapping this week’s congressional hearing and more on “The Weekly Recap.”

This episode is sponsored by NYDIG.

On this edition of “The Breakdown’s Weekly Recap," NLW looks at:

  • Why this week’s congressional hearing suggests elected officials are taking crypto more seriously 
  • A slate of CBDC news from around the world
  • The beginning of a new macro narrative for Ethereum and DeFi

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Jul 03, 2021
BREAKDOWN: Network to Undergo Biggest Difficulty Adjustment Ever; BMC Says 67.6% of North American Bitcoin Mining Is Sustainable
00:11:09

But how much do people trust the Council’s methodology? 

This episode is sponsored by NYDIG.

Today on “The Breakdown,” NLW looks at the latest in the highly dynamic, fast-evolving world of bitcoin mining, including:

  • China’s mining ban and the “Great Western Hashrate Migration”
  • Bitcoin’s built-in hashrate fluctuation mitigation, the “difficulty adjustment”
  • The Bitcoin Mining Council’s newest sustainable mining figures


China’s expansive mining ban, including regions with hydroelectric power, forced China-based miners to liquidate some of their crypto in preparation for a move elsewhere. Where will hashrate move next? Will miners join U.S. crypto-friendly jurisdictions like Texas and Kentucky, or will they stay close to home in bordering countries like Kazakhstan and Russia?

The ban induced a massive reduction of hash power on the network. Luckily, Satoshi prepared for such a circumstance and built in a concept of “difficulty adjustment” into Bitcoin’s protocols, which allows for fluctuation in the composition of miners. The adjustment expected to be made tonight will be the highest adjustment ever made on the network.

Lastly, NLW addresses a report released by the Bitcoin Mining Council on sustainable energy disclosures. This report’s feature number, 56% of mining electricity mix is sustainable in Q2 2021, has some groups excited while others remain skeptical of the validity of the report. As NLW argues, “Some data is better than no data.”

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Jul 02, 2021
BREAKDOWN: George Soros and Steve Cohen Go In on Bitcoin; Here’s Why That Might Not Be a Good Thing
00:12:31

A fresh wave of institutional investors poses new risks to crypto. 

This episode is sponsored by NYDIG.

In this episode of “The Breakdown,” NLW discusses a fresh wave of investors and their potential disruptions to markets, including:

  • Two new major hedge funds, Point72 and Soros Fund
  • Inevitable short-term investors as part of market maturation
  • Troublesome possibility of regulation forming around institutional trading habits


In early 2020, institutional investors flowed into the crypto space nonstop, including hedge funds, corporate treasuries and insurance companies. This new type of investor changed the space, with surging and plunging prices following news of investors coming and going. Then the flood stopped as the always-controversial Elon Musk’s Tesla balked at bitcoin’s energy consumption and walked back accepting the top cryptocurrency in exchange for the company’s trendy vehicles. 

In the last quarter, institutional investors have been stepping back into crypto. Point72, Steve Cohen’s company, stated it would be “remiss to ignore a now $2 trillion cryptocurrency market” and is looking to hire a “Head of Cryptocurrencies.” Besides Point72, internal management at George Soros’ Soros Fund has given the “greenlight to actively trade bitcoin.”

Are these two hedge funds just the tip of the iceberg for a resurgence in institutional investment? How will this new mass of money impact markets and regulation?

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Jul 01, 2021
BREAKDOWN: A "Crypto Frenzy"? Today's Congressional Hearing Puts Bitcoin and DeFi in the Hot Seat
00:19:46

U.S. hearing on crypto indicates policymakers’ increasing intention to regulate the crypto market.

This episode is sponsored by Nexo.io.

An interview with a congressman followed by a congressional hearing on crypto signal policymakers are moving to the next phase of talks about regulating crypto.

  • Troubling comments in Congressman Bill Foster’s interview with Axios
  • Upcoming committee hearing titled ominously “America on ‘FIRE:’ Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?”


Foster has historically been a champion of the crypto market: He is a co-chairman of the Congressional Blockchain Caucus and was previously supportive of the future of crypto. However, in his recent Axios interview, his tone flipped, as he went as far as to suggest the need for a “cryptographic backdoor” to allow the court the ability to view or even reverse transactions. Is Foster’s new viewpoint indicative of a greater shift in policymakers’ attitude toward crypto regulation?

Today’s House Committee on Financial Services hearing with a particularly colorful title is yet another signal for an upcoming regulatory push in crypto. The hearing’s agenda includes a discussion of bad actors on decentralized currency exchanges, or DEX, including a reference to Mark Cuban’s recent loss of money in a DeFi “rug pull.” With an expert witness lineup, including Jim Cramer of “Mad Money,” Alexis Goldstein of the Open Markets Institute and Peter Van Valkenburgh of CoinCenter, there is quite a mixed set of viewpoints on the current state and future of crypto.

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Jun 30, 2021
BREAKDOWN: How the Macro Landscape Is Shaping Bitcoin Markets
00:10:51

A rapidly changing landscape is leading to insecurity on a broad scale.

This episode is sponsored by Nexo.io.

Highlights from today’s Breakdown:

  • The latest legal challenges around the Bitcoin white paper 
  • A barrage of institutional bitcoin news 
  • What the S&P 500 hitting all-time highs has to do with the crypto markets


For those worried there was a loss of momentum around institutions entering bitcoin, fear not. Cathie Wood’s ARK is joining forces with 21 Shares to become the latest to apply to the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin ETF. Morgan Stanley has bought more than 28,000 shares of the Grayscale Bitcoin Trust. 

More broadly, markets have been buoyant over the last few weeks, closing at new all-time highs on Monday. This is finding its way into crypto markets, which reflects how increasingly intermingled traditional investors are becoming with crypto investors. 

Could a new COVID-19 variant negatively impact the economy’s overall momentum? If it did, what would the likely impact on bitcoin and other cryptos be?

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Jun 29, 2021
BREAKDOWN: The Real Story of the UK Binance Ban
00:12:02

What recent intrigue around Binance tells us about the state of global regulation.

This episode is sponsored by Nexo.io and Circle.

Today on the Brief

  • Indian investment in crypto soars
  • The first Mexican bank to accept bitcoin? 
  • Tether FUD from the FED? 


In our main discussion, NLW looks at recent regulatory action from the U.K., Canada and Japan. He argues that we’re entering a new phase of global regulation, where we’re likely to see a particular focus on leverage and derivatives.

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Jun 28, 2021
BREAKDOWN: The Great Western Hashrate Migration Is Real
00:10:50

A recent essay dives into China’s motivations for its recent bitcoin mining ban.

This episode is sponsored by Nexo.io and Circle.

On this week’s “Long Reads Sunday,” NLW reads Nic Carter’s latest essay for CoinDesk “Go West, Bitcoin! Unpacking the Great Hashrate Migration.”

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Jun 27, 2021
BREAKDOWN: Even in an Off Week, Bitcoin Had Quietly Massive Institutional Adoption News
00:07:54

18 million more Americans will soon be able to buy, sell and hold bitcoin directly from their bank accounts. 

This episode is sponsored by Nexo.io and Circle.

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:

  • Two more massive fundraises 
  • A set of positive regulatory news 
  • A new partnership that will bring bitcoin directly to bank accounts and credit unions around America 

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Jun 26, 2021
BREAKDOWN: Elon S**tposting While El Salvador's President Addressed the Nation About Bitcoin Is Peak 2021
00:11:17

President Nayib Bukele launches what some are calling the most important airdrop in history. 

This episode is sponsored by Nexo.io and Circle.

Last night was one for the history books. As Elon Musk was making weird, stupid jokes about bitcoiners, the president of El Salvador was live on YouTube discussing what amounts to a $117 million BTC airdrop to citizens as a part of the recently passed law making bitcoin legal tender in the Central American nation.

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Jun 25, 2021
BREAKDOWN: John McAfee and the End of Crypto’s Gonzo Era
00:15:22

An unignorable icon’s passing marks the end of an important early age in crypto.

This episode is sponsored by Nexo.io and Circle.

The passing of an icon in crypto necessitates reflection. John McAfee was at times reviled, and at the same time, deadly serious and a prophet, sometimes a clown. The many facets to his personality mirror the roller-coaster history of crypto, a Wild West of finance in its earliest days.

Join NLW in this episode of “The Breakdown” for a journey first through the winding history of McAfee, followed by a narrative tour of the many flashpoints in the “gonzo” era of early crypto.

This episode contains explicit language. Sensitive listeners, please be advised.

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Jun 24, 2021
BREAKDOWN: Bear Market? Not According to These Monster Financing Rounds
00:14:18

$100 million for NFTs from Fox. $230 million for a new DeFi funding DAO. $380 million for Ledger. If this is a bear market, it’s going to be well funded. 

This episode is sponsored by Nexo.io and Circle.

Today on "The Breakdown," NLW looks at the contrast between growing bear market sentiment versus a sustained set of high-profile eight and nine figure financing rounds across multiple dimensions of the crypto market. Specifically, he looks at funding deals in NFTs, DeFi and institutional bitcoin, arguing that even if we do head into a bear market, that capital is likely to mean a return to bull more quickly. 

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Jun 23, 2021
BREAKDOWN: Lyn Alden on Bitcoin, Inflation and the Potential Coming Energy Shock
00:55:47

One of the top minds in macro explores the key debates shaping the economic landscape.

This episode is sponsored by Nexo.io and Circle.

Lyn Alden, investment researcher and strategist with a keen eye on both crypto and traditional markets, joins NLW on today’s “The Breakdown.” Listen for a conversation about the state of the market and projections for the future including:

  • Inflation: base effects and transitory in nature or here to stay?
  • Foreign debt markets tapering off
  • The Lightning Network and predictions for the success of El Salvador


Inflation at a high number, 5%, leaves investors and market observers jumpy. On top of that, many have a hard time believing the U.S. Federal Reserve’s narrative for inflation as outlined in the recent FOMC meeting. How is this inflation different from previous spikes?

The foreign sector has historically been a large buyer of Treasurys in structural trade deficits. In 2013, China stepped away from this practice and started investing in its own infrastructure and in other regions across the world. Even if other countries continue to invest in U.S. assets, it is increasingly in hard assets like stocks or real estate. Will the dollar weaken as the Fed is forced to be the primary buyer of U.S. Treasurys?

El Salvador’s commitment to bitcoin as legal tender is one thing, but what will the reality of this new currency look like? Bitcoin’s Lightning Network provides easy access and transaction speeds, so long as enough of the general population has access to smartphones.

Lastly, with the public’s attention captured by the current inflationary moment, what market features are getting underreported? Tune in to hear Alden’s perspective on what will have an unexpected impact in the upcoming cycles, including the potential for a significant energy shock in the years to come. 

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Jun 22, 2021
BREAKDOWN: The De-Chinafication of Bitcoin
00:13:57

People’s Bank of China pushes banks to cut ties to virtual currency traders in latest crypto crackdown.

This episode is sponsored by Nexo.io.

On this episode of “The Breakdown,” NLW takes a brief look at the most recent crypto news before taking a deeper dive into the latest step in the de-Chinafication of bitcoin.

  • MicroStrategy going “all-in” on bitcoin
  • Michael Burry’s warnings on Twitter of the “Mother of All Crashes”
  • The “dot plot shock” and post-FOMC meeting confusion
  • Accelerating China mining ban


While in this in-between state, post-COVID and pre-monetary policy tapering, institutional investors find themselves on diverging and opposing paths. Michael Saylor’s MicroStrategy has gone “all in,” while at the same time investor Michael Burry took to Twitter with warnings of an upcoming “Mother of All Crashes.” Confusion following the Federal Reserve’s FOMC meeting only adds to the contention between investors with contrasting visions for the near future of crypto.

The Central Bank of China has convened a meeting with the major banks to reiterate and tighten previous policies on the prevention of virtual currency transactions in bank accounts. Is this restriction on crypto transactions yet another indication that China is taking a more aggressive stance against bitcoin?

More to this point, Sichuan became the most recent province to crack down on crypto mining. Sichuan, primarily mining with hydropower, seems to diminish previous ban reasoning citing environmental concerns. How far will China go to remove itself from bitcoin, and what does that mean for its citizens and the crypto space as a whole?

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Jun 21, 2021
BREAKDOWN: Does a Law From the Civil War Make Stablecoins Illegal?
00:12:50

A reading from a financial history expert.

This episode is sponsored by Nexo.io and Bitstamp.

On this week’s Long Reads Sunday, NLW reads “How the Civil War Shapes the Future of Stablecoins” by Franklin Noll, and discusses the recent debates around stablecoins and CBDCs.

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Jun 20, 2021
BREAKDOWN: What Are the Prospects for a Bitcoin Standard in Africa?
00:13:26

Plus more bitcoin institutional news and a FUD recap on this edition of the "Weekly Recap."

This episode is sponsored by Nexo.io and Bitstamp.

This week on "The Breakdown’s Weekly Recap" NLW covers:

  • More institutional bitcoin news, including a new Morgan Stanley fund from NYDIG and FS Investments and a Goldman Sachs trading partnership with Galaxy Digital 
  • A resurgence of “crypto is for criminals” FUD plus new China miner shutdowns in Sichuan 
  • The latest debates around El Salvador’s bitcoin law 
  • Rumblings of bitcoin in Nigeria, CFA countries and Ethiopia


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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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Jun 19, 2021
BREAKDOWN: The Shorter Cycle Theory With Larry Cermak
00:35:11

"It's either shorter-term bear markets, or it's just going to zero. And I really don't believe it's going to go to zero."

This episode is sponsored by Nexo.io and Bitstamp.

The idea of a multiyear supercycle is fading as shorter cycles take their place. In this episode, NLW and guest Larry Cermak, director of research at The Block, discuss the transformation of the supercycle timeline as the crypto space evolves. The discussion includes:

  • An analysis of the macro-narrative and the current “wait-and-see” mode
  • Shorter cycles taking hold as the crypto space matures


The larger institutional narrative promised a bevy of substantial allocators to contribute to the market. That narrative, however, has weakened over time as the promise falls short. Add on the uncertainty from China’s partial ban on mining and Tesla’s environmental concerns, and the narrative continues to lose momentum. What narrative will take over next? When will this “wait-and-see” mode end?

Historically, crypto was perceived to fall into semi-stable cycles. For a couple of years, prices would rise, and for the next two or three years after, prices crash. However, with longer-term investors and a broader focus on usability over speculation, is there now a foundation for a more stable market with shorter cycles?

-

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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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Jun 18, 2021
BREAKDOWN: From a $1T Asset to a $100T Network – Everything We Learned About the Bitcoin Mining Council From Michael Saylor's Twitter Spaces
00:17:11

With more than 7,000 listeners, Michael Saylor and many North American miners added color to the initiative. 

This episode is sponsored by Nexo.io and Bitstamp.

On today’s episode of “The Breakdown,” NLW first follows up on yesterday’s episode about the FOMC meeting and a potential future shift in Fed policy. As many expected, the Fed kept its short-term policy the same, but revised forward its estimates for when it will begin rate hikes to 2023. 

The main discussion focuses on the latest from the Bitcoin Mining Council. Yesterday, MicroStrategy CEO Michael Saylor hosted a 90-minute discussion via Twitter spaces that featured many pointed questions. NLW argues that what’s clear from the session is Saylor is focused on scaling bitcoin from a $1 trillion asset to a $100 trillion network and fighting anything that stands in the way. 

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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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Jun 17, 2021
BREAKDOWN: Will the Fed Shift Policy Due to Increasing Inflation?
00:14:47

More sense of the changes coming ahead of today’s FOMC briefing. 

This episode is sponsored by Nexo.io and Bitstamp.

On today’s episode, NLW looks at the Federal Open Markets Committee briefing coming up this afternoon and discusses what it might signal in terms of future monetary policy. The discussion includes:

  • How the Great Financial Crisis inspired “the largest monetary policy experiment in history”
  • 2013’s “Taper Tantrum” 
  • The return to GFC era policies during COVID-19
  • The insurgency of meme traders 
  • Why inflation is a self-fulfilling prophecy 


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Jun 16, 2021
BREAKDOWN: Will a US Digital Dollar Protect Privacy?
00:18:27

A digital dollar hearing today in Congress could provide insight into the future of USD.

This episode is sponsored by Nexo.io and Bitstamp.

The question of digital currencies is a question of power. On today’s episode, NLW explores that power in multiple dimensions: between states, between states and companies and within states with regard to their citizens.

NLW looks at recent regulatory announcements, including:

  • The SEC leaving crypto off its regulatory priorities list 
  • A House hearing on the digital dollar


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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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Jun 15, 2021
BREAKDOWN: 'Bat-S**t Crazy’ Paul Tudor Jones on the Fed, Inflation and Why He Recommends 5% in Bitcoin
00:12:08

The originator of the “Great Monetary Inflation” thesis that helped jumpstart this bull run weighs in on bitcoin and macro.

This episode is sponsored by Nexo.io and Bitstamp.

Just when it seemed like the “Economic Empowerment” narrative coming out of El Salvador was poised to overtake the inflation/digital gold narrative, one of that viewpoint’s strongest advocates was back on CNBC today. Hedge fund legend Paul Tudor Jones discussed why he doesn’t think inflation is transitory, why he recommends 5% in bitcoin and why the outcomes in the market will be based largely on what the Fed does next. 

Also on this episode:

  • Elon Musk says Tesla will accept BTC as payment again once renewable mining hits 50%
  • Michael Saylor and MicroStrategy sell $500 million in bonds to buy more BTC
  • More shockwaves from El Salvador’s landmark bitcoin law 


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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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Jun 14, 2021
BREAKDOWN: Is Bitcoin a Trojan Horse for Freedom?
00:16:56

A reading of Alex Gladstein’s recent essay.

This episode is sponsored by Nexo.io.

This week’s “Long Reads Sunday” presents a reading of Human Rights Foundation CSO Alex Gladstein’s piece “Bitcoin Is a Trojan Horse for Freedom.”  NLW contextualizes the piece with this week’s landmark legislation out of El Salvador and the concerns some international observers have about that country’s president.

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Jun 13, 2021
BREAKDOWN: Bitcoin Is Economic Empowerment
00:17:15

Driven by El Salvador, a new narrative for global bitcoin adoption is emerging.

This episode is sponsored by Nexo.io.

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at:

  • Why the El Salvador news didn’t (immediately) impact bitcoin’s price
  • How narratives set the tone for new entrants to the bitcoin market
  • How the digital gold/inflation narrative relates to the economic empowerment narrative
  • The bitcoin game theory for small nations to invest in bitcoin 
  • How this could impact ESG critiques 


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Jun 12, 2021
BREAKDOWN: An Interview With Bitcoin Beach, the Community That Inspired El Salvador to Adopt the Bitcoin Standard
00:43:58

Featuring Bitcoin Beach’s Mike Peterson. 

This episode is sponsored by Nexo.io.

On today’s episode, NLW is joined by Mike Peterson, director of Bitcoin Beach. Bitcoin Beach is a community project in El Salvador that has spent the last two years helping individuals and companies integrate bitcoin into their daily lives and long-term habits. President Nayib Bukele cited Bitcoin Beach in inspiring El Salvador’s bitcoin legal tender law. 


In this interview, NLW and Mike discuss:

  • How he came to reside in El Salvador
  • How the bitcoin community project started
  • What drove community adoption at the beginning
  • How remittances and COVID-19 solidified the value of BTC to the community 
  • How bitcoin has changed how people think about investing 
  • How international bitcoiners such as Miles Suter and Jack Mallers got to know the project 
  • Where the project stands today (complete with 22 different community initiatives) 
  • How bitcoiners can get involved


Find our guest online:

Twitter: @Bitcoinbeach

Web: www.bitcoinbeach.com

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Jun 11, 2021
BREAKDOWN: The Empire Strikes Back – Inflation Hits 5% While Elizabeth Warren Goes After Bitcoin
00:13:41

China shuts down mining and starts censoring crypto exchange terms while U.S. senators and CFTC commissioners attack crypto.

This episode is sponsored by Nexo.io.

In a week so filled with the optimism coming out of El Salvador, of course there had to be another side of the story. 

On today’s episode, NLW looks at three examples of the existing power structure fighting back against the rise of crypto:

  • China shutting down mining in two provinces and apparent censorship of exchange-related terms on Baidu and Weibo
  • A CFTC commissioner’s extremely negative comments on decentralized finance 
  • Sen. Elizabeth Warren’s full-throated assault on bitcoin from yesterday’s Senate Banking Committee hearing


Is bitcoin devolving to just another partisan issue?

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Jun 10, 2021
BREAKDOWN: El Salvador Officially Made Bitcoin Legal Tender as President Bukele Casually Chatted on Twitter Spaces
00:19:02

Recapping a historic evening. 

This episode is sponsored by Nexo.io.

Last night, El Salvador voted to pass the bill making Bitcoin legal tender. As representatives debated the bill, the President of El Salvador Nayib Bukele and his brother and campaign manager Karim Bukele surprise-joined a Twitter Space hosted by Nic Carter, where the president would spend about an hour answering questions. 

In today’s episode, NLW breaks down:

  • The substance of the bill 
  • Specific elements of the plan from the Spaces chat - including Volcano mining and the Bitcoin cost of foreign residency 
  • The historical significance of the moment for Bitcoin, media, El Salvador and more 


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Jun 09, 2021
BREAKDOWN: Biden’s Top Antitrust Adviser Is a Bitcoin Millionaire
00:11:41

Why being anti-Big Tech monopoly and pro-bitcoin are clearly compatible ideologies. 

This episode is sponsored by Nexo.io.

On today’s episode, NLW looks at a grab bag of recent news:

  • El Salvador’s bitcoin announcement makes waves as politicians from six more Central and South American countries change their profiles to laser eyes
  • Donald Trump resurfaces to rip bitcoin again 
  • No, the FBI didn’t break bitcoin 
  • Why Tim Wu’s bitcoin holdings are intellectually consistent with his antitrust stance 


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Jun 08, 2021
BREAKDOWN: El Salvador Poised to Become the First Bitcoin Country: Just How Big a Deal Is This?
00:25:25

A discussion of the implication of El Salvador’s announcement for Salvadorans, bitcoin and the world at large. 

This episode is sponsored by Nexo.io.

On Saturday, the Bitcoin 2021 organizers teased that one of the biggest announcements in bitcoin’s history was coming.

That announcement ended up being from El Salvador President Nayib Bukele, who shared that he was advancing a bill to make bitcoin legal tender in the country. 

Since then there has been a huge amount of debate and discussion about the implications and the significance of the move. In this episode, NLW breaks down the story from multiple angles.

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Jun 07, 2021
BREAKDOWN: What a New Era of Big Government Could Mean for Bitcoin
00:12:23

Does the Biden budget signal a new era of deeper government involvement in American’s lives? 

This episode is sponsored by Nexo.io.

A reading of David Z. Morris’ piece for CoinDesk “Has COVID-19 Made Biden’s Big Spending the New Normal?”.

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Jun 06, 2021
BREAKDOWN: Is the Bitcoin Bull Market Over?
00:09:18

After the third-worst month in bitcoin price history, it’s worth asking.

This episode is sponsored by Nexo.io.

Today on “The Breakdown’s Weekly Recap” NLW looks at a growing number of predictions of a new “crypto winter” as well as some reviews of how companies and DAOs are preparing for that possibility. He shares poll results from whether Bitcoin Twitter thinks this bull market is over and discusses how the macro landscape may be playing into it.

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Jun 05, 2021
BREAKDOWN: Who Matters More to Bitcoin – Whales or Plebs?
00:14:25

Who is buying? Who is selling? And who is driving the future of the space? 

This episode is sponsored by Nexo.io.

Today on the Brief:

  • May’s middling jobs report
  • A ransomware update
  • Square building a bitcoin hardware wallet


Our main discussion looks at the various constituencies within bitcoin and asks who has what type of power to shape the network. Specifically, NLW homes in on recent price action and the divergent actions of large holders and small holders over the month of May.

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Jun 04, 2021
BREAKDOWN: Chinese State Media Indicates China Is NOT Banning Crypto Trading
00:10:28

A series of new reports from state-owned media aren’t kind to crypto trading, but they reinforce that it is still allowed.

This episode is sponsored by Nexo.io.

Today’s episode looks at crypto in geopolitical context, focusing on:

  • A follow-up on the ransomware surge, with experts suggesting that it’s not about crypto payments but about the “ransomware-as-a-service” distribution model
  • A look at why a Russian opposition leader is moving his supporters to crypto fundraising exclusively 
  • A review of a series of reports from Chinese state-owned media that, while trying to convince citizens to stay away, nevertheless reinforce they still have agency to own and trade crypto


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Jun 03, 2021
BREAKDOWN: Ransomware Is the Next Big Bitcoin FUD
00:14:22

With a rise in ransomware attacks, many are jumping to blame bitcoin and crypto. Are they right?

This episode is sponsored by Nexo.io.

Today on the Brief:

  • China’s next digital yuan trial
  • More Bitcoin ETF delays
  • Standard Chartered to open crypto prime brokerage


Our main discussion focuses on the rise of ransomware. NLW examines:

  • The real reasons ransomware is on the rise 
  • The factors beyond crypto payments that contribute to ransomware 
  • Why some are using ransomware as justification for crypto bans
  • Why crypto bans would be painfully ineffective at stopping ransomware
  • Why the Biden Administration’s response to ransomware should give the crypto industry cause for optimism

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Jun 02, 2021
BREAKDOWN: More Crypto Regulation Is Likely Coming, but Bans Are Not
00:14:47

An exploration of the shifting tones of U.S. regulators around crypto.

This episode is sponsored by Nexo.io.

Today’s episode includes a quick update on Marathon’s bitcoin mining about-face. Our main discussion focuses on the changing shape of crypto regulatory discussion in the U.S. While more regulation appears to be on the horizon, that regulation likely reduces the chance of more extreme actions.

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Jun 01, 2021
BREAKDOWN: Revisiting Paul Tudor Jones’ ‘Great Monetary Inflation’ Thesis
00:27:11

A replay of NLW’s original episode on the topic from May 2020.

This episode is sponsored by Nexo.io.

A year ago this month, legendary hedge fund manager Paul Tudor Jones released a paper about the “Great Monetary Inflation.” It set the entire narrative backdrop for the institutional move into bitcoin, and also revealed PTJ as a bitcoiner. This is a replay of NLW’s original episode breaking down why the paper mattered.

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May 31, 2021
HARD PROBLEMS: Ransomware, Sandboxes and Security
01:07:29

American Hacker Jeffrey "Sneak" Paul joins Bram for a deep-dive into the hard problems behind the growing rash of ransomware attacks, what it means and what we can do about it.

This episode is sponsored by Nexo.io and Bitstamp.

On this episode we’re digging into, not a new problem, but an old problem that seems to be getting worse as a growing proportion of our lives are spent connected, to each other, to the internet and inadvertently to criminals who use technology to extort money, often in the form of cryptocurrencies. It’s called ransomware, and to help us understand and sort through today’s topic, Hard Problems host and Chia CEO Bram Cohen is joined by special guest Jeffrey Paul, better known as Sneak.

On May 7th, an employee of Colonial Pipeline Company found a ransom note on one of their computers. The pipeline provides nearly half of the fuel for the east coast and they were locked out. Days later, they’d admit to paying 4.4 million dollars in bitcoin to the group who did it. It’s the most recent high profile example, but it’s certainly not the only one. Going back through CoinDesk’s archive, I found nearly a hundred articles written over the years. We’ve seen hospital systems and industrial players extorted along with lots of normal people. And those are the ones that we hear about, it’s assumed that many victims of extortion simply pay the ransom and keep it to themselves.

This episode was recorded live over the audio only social network known as Clubhouse. If you'd like to join our live audience, our next recording session is Wednesday June 2nd, 2021 at Noon Pacific/3pm Eastern time where we'll be discussing modern music, it's eccentricities and how it's changing as technology plays an ever-larger role with grammy nominated composer and musical pioneer BT. If you're not already on Clubhouse, you can use this link to get around the invitation requirement, set up your account and RSVP for the event.

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May 30, 2021
BREAKDOWN: Networks vs. Governments – Could Crypto-Powered Digital Communities Challenge the Power of Cities and States?
00:16:17

A reading of Balaji Srinivasan’s essay “The Network Union.”

This episode is sponsored by Nexo.io and Bitstamp.

What exists between a Facebook group and a formal organization? Right now, not much. But in the future, Balaji Srinivasan argues, blockchain-powered communities will be able to exert the power to help them develop the polities of the future. On this “Long Reads Sunday,” NLW reads Balaji’s “The Network Union.”

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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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May 30, 2021
BREAKDOWN: Is the ‘Bitcoin Supercycle’ Theory Dead?
00:11:31

Given the past few weeks’ price actions, has the popular theory been disproven? 

This episode is sponsored by Nexo.io and Bitstamp.

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at what this cycle has taught us in terms of:

  • Who is investing and how it’s influencing markets
  • How market structure and narrative interact to shape price action
  • Why stablecoins could be a dark horse for reducing the duration of future market downturns 


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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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May 29, 2021
BREAKDOWN: Cathie Wood on Where Bitcoin Fits in a World With Deflation Rather than Inflation
00:36:16

A discussion with the ARK founder on bitcoin, ESG and, of course, Elon Musk. 

This episode is sponsored by Nexo.io and Bitstamp.

Today’s special edition of “The Breakdown'' is a replay of NLW’s fireside chat with ARK’s Cathie Wood that premiered yesterday as a closing keynote at Consensus 2021. In this conversation, they discuss:

  • How macro going risk-off has impacted bitcoin 
  • What was driving Elon’s about-face 
  • China and “green” mining 
  • Investing in technology innovation
  • Why ARK is investing in Ethereum 
  • What role bitcoin plays in a world characterized by deflation rather than inflation


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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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May 28, 2021
BREAKDOWN: ‘Crypto Is Here to Stay’ – Activist Investor Carl Icahn Eyes a Crypto Position in the Billions
00:15:12

A look at the macro discussion on inflation and why it’s pushing people like Icahn to crypto.

This episode is sponsored by Nexo.io and Bitstamp.

Today on the Brief:

  • PayPal to allow crypto withdrawals
  • Regulatory rumblings from the SEC and FinCEN
  • Bitcoin moving off exchanges again


In our main discussion, NLW looks at the macro conversation around inflation, including:

  • How concerns around inflation and the Federal Reserve withdrawing support have caused markets to go risk-off
  • Where bitcoin fits in a risk-on/risk-off context
  • Why billionaire Carl Icahn is eyeing a $1B-$1.5B crypto bet


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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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May 27, 2021
BREAKDOWN: What's Really Behind China's Bitcoin Mining Ban?
00:13:42

An update on the Bitcoin Mining Council and the China Mining Ban.

This episode is sponsored by Nexo.io and Bitstamp.

Today on The Breakdown, NLW covers:

  • More information about the Bitcoin Mining Council, and why its members say they’re strictly focused on energy transparency 
  • A new, temporary crypto mining ban in Iran
  • The latest on the China mining ban, including new proposed rules from Inner Mongolia, more on-chain data about miner activity, and a very different interpretation of the CCP’s motivations for the current action 

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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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May 26, 2021
BREAKDOWN: Bitcoin Mining Council – A "Green" Advance for BTC or a Trojan Horse for Centralization?
00:20:23

The community had extremely mixed reactions to Michael Saylor and Elon Musk’s new initiative. 

This episode is sponsored by Nexo.io and Bitstamp.

Yesterday, Michael Saylor and Elon Musk surprised the Bitcoin community when they announced a new "green" mining initiative that would see many of North America’s leading mining operators come together to develop common energy reporting standards as well as advocate for greener mining worldwide. 

In this episode, NLW breaks down the community’s response, which ranged from enthusiastic to downright aghast. He discusses why there are such big differences in how people are interpreting the initiative and what their reasons for supporting or questioning it say about Bitcoin as a network.

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Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record and dedication to personal customer service with a human touch, Bitstamp’s fast, secure and reliable crypto investing platform is trusted by over four million people worldwide. To learn more, visit www.bitstamp.net.

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May 25, 2021
BREAKDOWN: Hedge Fund Billionaire Ray Dalio Has Officially Bought Bitcoin
00:16:00

A big shift from one of finance’s biggest names, plus a recap on the latest China-Bitcoin intrigue.

This episode is sponsored by Nexo.io and Bitstamp.

Today’s episode of “The B