📺 ROLLUP: ENS Airdrop | MetaMask Token? | Discord Teasing Crypto | PayPal Bitcoin | Tim Cook Apple

happy second week of november bankless nation david what time is it it's the friday weekly roll up where we roll up the entire week of crypto it's my favorite part of the week is when we get to talk about all the crypto things all the fun things that happened and there's always one thing that's happening and then we get to talk about it for way too long and that's why these shows go for an hour and a half that's right but you know it's really fun it's like a way to digest everything that's going on it actually puts me at peace because every single week in crypto like i feel like this frenzy of frenetic activity and then after the weekly roll up i'm like ah

i've absorbed it now i know what's going on like and that's why i enjoy this time too other than that it's just it's also fun there's so much going on but like i feel like the box is checked i got through another week of crypto and i absorbed as much material as i could yeah listeners think that we know all these things before we talk about them but no we're just learning as we read them aloud so let's go ahead and get started with that huh guys some hot topics this week including the ens airdrop all right so if you have a dot eth you probably had a right to

claim some ens tokens and those skyrocketing price we're going to talk about that we're going to talk about the potential of other air drops as well metamask question mark question mark question mark discord teasing and ethereum integration they did some teasing too they're ceo nonetheless and then they kind of rug pulled it so let's talk about that uh tim cook is he bullish on crypto david and also bankless is launching a new podcast what yeah we are because we need another

podcast wait are you doing your own podcast oh you'll have to tune into the full roll-up to hear all the details brian's doing a podcast all right yes right sure a few things we've got to mention before we get into it the first is this look at this uh this just dropped um last week this week it's still going on this is the bankless we're gonna make it hoodie dude i got a hoodie i also got a t-shirt you can get both of those this is a bankless dow meta factory collaboration drop and if you recall these things only

last for like a week or so actually this is your last day to get this wow okay i'm just reading that now november 12th is the last day so if you want this hoodie if you want the shirt go ahead and pick it up of course you put in your metamask and there's also some robot for you waiting on the other side uh eventually so people love the shirts that the bankless shirts that i'm wearing out at these crypto conferences and every time i tweet about it hey like where can i get that shirt and i'm like yo like it's too late you missed that's why you always have to get every single

drop because you don't know if you're going to want it in the future or not so you can it's insurance right you got to get every single drop so it is scarce right you only have a specific time window if you don't get it there it never comes back it's gone yeah this is scarce merch yeah so that sale ends tonight at midnight eastern uh 9 p.m pacific time so if you are listening to this on friday morning you don't have too long to get this and if it's saturday you're too late you should listen to these on friday you sorry guys you're not gonna make it to the weekend t-shirt but you are gonna make this i think you have some extra time for this uh this is

dharma go sign up for their smart contract wallet it's a mobile app it's super easy connect your bank account to dharma in like 10 minutes you can go from bank account all the way to d5 so do this and then invite a friend because waiting for you on the other side is 50 in each and that is deposited i think relatively instantly you just have to trade 500 worth of tokens so good place to start with d5 bank to bankless in 10 minutes and make sure you click the bankless link in order to get this code and get the 50

in eth on the other side that's where it's waiting for you great user experience too i mean these wallets are getting extremely impressive guys for if you are new in this space this technology was not available a year ago or like two years ago or like oh my god three years ago this would have been beyond our wildest dreams magic it's pure so yeah yeah it's pure magic we're living the future uh go check this out even if you have other wallets like it's good to have a dharma wallet as well um all right also david we're doing office

hours we're excited for this tell what's going on office hours with ryan and david so this is a premium member perk uh so we get ton of requests uh for people that just want to like ask us simple questions we don't really have time for everyone's questions but if you're a premium member we are setting aside 90 minutes to chat with you and answer all of your questions if you are trying to get into crypto i know it's you want those trusted resources to ask all of your questions that like maybe they're noob questions maybe you don't know but you want to want to ask the people that you're comfortable with asking maybe that's me and ryan and so if you are a

bankless premium member we are doing office hours november 19th from 4 p.m to 5 30 p.m eastern time this is going to be the last friday of every single month this is going to be a reoccurring thing except for this month because of thanksgiving and then also except for next month because of the holidays but after that every last friday of the month we're going to have office hours for blankless premium subscribers going to be in the premium discord so if you want to take part in that q a session sign up for bankless premium so we can answer your questions yeah you sign up for bankless premium you get a link to the discord and then we'll open this

channel to you and and i should emphasize too like noob questions welcome right if you have just something you think is like you know a dumb question or too stupid to ask or something that's just taking too long to research on google that's where you can ask the question right and uh we are happy to answer and so is the the bankless team the rest of the bank list staff all right david let's get to it man market time there's always stuff happening in the markets what's bitcoin doing to us or for us this week well remember how it was all-time high last week last week ryan oh yeah did that happen all-time high week this week yeah

absolutely so yeah bitcoin painted a new all-time high of sixty eight thousand six hundred and forty dollars almost hitting that magic magic meme number of sixty nine thousand dollars not quite there uh tumbled up i tumbled a little bit off the high currently at sixty five thousand three hundred dollars uh oh no it no excuse me it's 64 700 dropped a little bit since last i checked overall up 3.6 on the week so bitcoin all-time high week for bitcoin congrats do you know what our friend raul paul said when we had him on in what august or so we're

like hey give us some price targets right and i was thinking he'd be very you know like vague and not give a time horizon he's like boom 100k bitcoin end of year 10k eath end of year yep mike drop yup getting close feels very much within striking distance yeah we are within striking distance to raoul paul's numbers and uh you know that that didn't seem as likely a few months ago what's he doing for us same story also all-time high week hitting a new high of four thousand eight hundred and fifty dollars immediately after hitting that high it tumbles

350 dollars down to 4 500 it's crazy to see ether make 350 dollar moves inside of like one hour think how crazy think about that do you remember when eath was below 350 yeah that would have meant dropping to zero sir yeah but after tumbling 350 down to the low low price of 4 500 it has since reclined up to seven hundred and thirty dollars at the time of recording overall up almost four percent on the week so ether new time

all-time high bitcoin all-time high all-time high week uh and also uh a little uh something behind the scenes but like the bankless uh podcast downloads charts looks like the the bitcoin and ether charts right now so we are also banking except it doesn't go down it doesn't go down that is true yeah up only on the bankless lessons yeah do you know what okay so you know two things one 5k continues to elude us right every other day when i when i see kind of like a run-up i'm just like 5k today question mark and i throw it out on twitter and it doesn't happen to me

that's the top signal me i should stop doing that and like doing the anthony susano thing the other thing i'll say is like this drop the sudden 350 um uh dollar drop in the price of youth bitcoin got hit too was this like what were the rumors going around i saw like evergrand or something some sort of weird fud whatever i just pay no attention to these things because they're so temporal and temporary it didn't matter do you think that was just a you know explanation i have no for the price i have no clue right like

it barely drops below where it started in the week and so like it went from like super high to just really high uh like maybe it was evergrand i don't know i just think it's funny at this point just don't try to explain these things right sometimes bots leverage traders games in the short run you'll see moves like this yeah you only see moves like this when you zoom in on the on the one week charts like when you zoom out on the one of your charts it doesn't actually show up let's do it yeah i'm gonna zoom out like you can't actually see it yeah like it's not there anymore it's gone wow look at that up and to the right can you go down to the very bottom

of that up into the right trend right a little bit to like pass sometime between november and september where it just starts linearly going up right there okay so yeah around the early in october we have just been linearly up and to the right like yeah perfectly that's crazy that's crazy yeah this is stair stepping i guess like the future of these stairs are little uh hilltops little mountains we're just stair stepping out that's a really interesting looking chart let's zoom out a little further though look at that this is not logarithmic but you know yeah you can hit that line do you remember hit that like button on the

bottom i'm i'm not i want to see it linear first do you remember 2018 yes this is the high my friend burned into my mind look at it just a tiny little tiny little blip yes a tiny little bit famously like there's a the trader trader memes is when like the top of the previous market cycle just doesn't actually show up anymore on linear view you can still see it but it's getting small it's getting pretty small do you know what's crazy is um i was listening to your uh griff green um later zero which is great by the way i really enjoyed that uh anyway um do you

remember the dow crash yeah it went with it hit 20. right uh-huh you can't even see on the chart so this was like the massive uh like wiffo moment where where f'd it's over when the dow collapsed and eth price totally lost like 50 60 70 80 of its value basically in a very short time span like a month time period of time you can't even see it on this chart all right hit that like button just just see a piece appease me and the viewers yeah look at that that is a sustainable dude that is look how like vertical the

price action was in 2017 right at that blow off top and look how not vertical it is right now like that that's pretty cool that's pretty cool this seems very sustainable are we falling in love with charts right now should we get someone on the bankless podcast to like chart with us perhaps perhaps i'm in conversations right now with ben cohen who i believe last i checked just said that he's down to come chart with us on tuesday so stated charlie chart show on the bankless uh livestream we don't do we don't do charting very often so this is a special treat and like i i do feel

like it's uh it's kind of like candy it's it's a you know i'll partake in it every once in a while but i know it's not really good for me do you know but like every once in a while i'll indulge myself so that's what's happening hopefully next tuesday we'll have a charting show to the nation uh david another chart eath bitcoin ratio what are we looking like yeah in comparison to where we were at last week we are up just a tiny little smidge we were at point seven uh point zero seven two eight last week we are at point zero seven three so up basically like one

percent on the week overall kind of flat but flat at a very very high level yeah we're kind of i guess we're looking at uh to see if we can beat the the highs of the year uh on the ratio and um looks like we're still getting close right the highs are point zero uh point zero eight yep yep so all right that will be a fun day when that breaks uh total locked value above 100 billion ryan likes to see that 112 billion dollars locked in d5 you know what's interesting about this week on total

luck value d5 ryan uh what's interesting maker doubt number one it has been a long time since maker dao is the number one oh yes hello welcome back to the king's thrones maker that did you see there there was a uh somebody minted uh i can't oh did i put that tweet in there oh yeah i did put that tweet in there i don't know if you pulled it up or not um i don't think i did but yeah so one one single person i know i believe this is uh celsius actually it's celsius the the lending app uh unconfirmed though minted 150

million dollars of dye in one cell did this celsius minted 150 million dollars with a liquidation price of 3150 ether which is a pretty high number uh but yeah celsius minted 150 million dollars and that's why maker dow is number one in the tvl charts today well that's super interesting actually and that's interesting on a number of levels not just maker number one but celsius doing the minting that's kind of d5 mullet thesis celsius being sort of like a block file like a crypto bank if you will and they're doing something to generate

yields now they're using d5 protocols right protocol sync yeah this is actually not new celsius has always been minting uh with maker just for no way i didn't know that yeah this is an old thing but like a hundred million 150 million dollars is that's the new thing like that's a large number it's a lot of money yeah that's news to me too though okay let's talk about the dpi d5 pulse index was it a good week for d5 oh you bet it was started at 370 currently clocking in at 410 up 9 on the week even hit a high of 442 dollars

before that big drop uh so yeah dpi strong performance this week d5 is back baby that's too soon to say david's knocking on it yeah it's too soon to say but you know what tells us the truth is the defy to eat ratio here yo at this point flat is up it was flat this week the deep dpi versus up yeah that's not the most capitulation code sentence i've ever heard the dpi versus heath pair did not go

down this week it held its ground in fact it is up point four percent so congratulations to dpi i wish i had some skis so i could ski down that hill david you'd be going real fast well um let's talk about bed which is the the ultimate split where you get a third a third or third third bitcoin third each and a third dpi what are we looking at on the week yeah very strong performance by the bed index which of course illustrates the market as a whole and the market as a whole was up 6.3 percent

this week started the week at roughly 182 dollars currently clocking in at 195 and if you want to get some bad you can go buy it or mint it at indexcoop.combed sleep comfy in bed if crypto's stressing you out because of the volatility the bed index is meant for you so get comfy in bed i love this start man it's just so much more muted than like bitcoin and eth and dpi yeah because it's just like yeah well yes exactly and it's less like up and the down and it's it's just like it looks like the adult in the room here

good job bed let's talk about this this happened and i barely remember it so apparently last week crypto market cap just topped three trillion dollars three trillion dollars um wow where does this end david where are we gonna end this uh this cycle over do you believe if you believe in cycles over 10 over 10 absolutely over 10 yeah that's easier to call now i feel like but like 3 trillion 12 months ago 18 months ago

i remember i remember uh in december of 2017 we crossed a trillion dollar crypto market cap in in the ico mania and i remember asking my friends like all right like guys like bets on when we crossed 10 trillion dollars and i think i remember like saying may six months later yeah i was wrong i was the top but you know what like um this is how the human brain works right so like uh do you remember let's see 18 months ago again um people

started calling us included started calling for like eth to 10k right right yeah now when i post hey ethan is still on the road to 10k everyone's like that's fud time kitchen 10k is bearish yeah yeah they're like 10k is bearish you know now people are calling for 100k and this is how the market always works right market psychology it's always like now 10 10 trillion dollars because we're at 3 trillion that feels very rational obviously it's going to 10 trillion you can't be wrong with that prediction sir right but like if you were to say a hundred trillion that would be crazy and if you

were to say hey it's going back to 100 billion that would also be crazy right so this is how it always works every single cycle right bullet points are moved bullishness begets bullishness begets [ __ ] people like oh this thing's one dollar well if it can get to two dollars it could probably get to like five dollars and if it could get to five dollars it could probably get to ten dollars and then this just goes and goes and goes like oh i get ten dollars i get 100 and at some point like it just all blows up right like this turns into like this it turns on just like the this very ingrained like speculative fervor

that humans have but again when i said when i look when we looked at the slope of bitcoin and ether very sustainable we're not there yet we're not there yet but maybe we will yeah i agree and uh you know there's different sectors now in crypto where things can bubble where other things are not bubbling um let's talk about this though i saw this chart so i'm gonna put out a fantastic report and this is um a graph of how long it took some major companies and also bitcoin to reach a 500 billion dollar valuation that's a lot so it took apple about 36 years to

do that to hit 500 billion dollars in market cap in total value it took amazon less time 23 years it took tesla 17 years it took google just over 14 facebook did it in 13. you could see the trend here bitcoin did it in 12 years to 500 billion dollars eth just did it in six years right okay eth is the only chart that you see here that did it in less than half the time of the the other examples on the

chart absolutely that's crazy this is i think this is um i mean what are we saying here like somebody could say well the value of the dollar is not what it used to be okay sure that's that's some effect but i think what we're really seeing is the difference between like these computing revolutions here right so you see like an apple which was a massive revolution in compute but it was physical like physical computers like the pc revolution it led that and then the lead mobile and then we get like kind of the

internet with the google and the facebook and the and the amazon right and that's a revolution in it of itself now we have the network revolution the network economy that this has turned into and this is where you see ether and bitcoin and how fast the growth can be in these economies is absolutely astounding this is like blitz scale growth here yeah and there's such a such a strong story to be told here first off the pace of innovation of not just crypto but overall innovation always gets faster and faster and faster and

when we start these shows we always say such a crazy week in crypto well when a network grossed a 500 billion dollar valuation in the most record time 5.8 years like that's because there's always so much stuff happening and this actually reminds me of that line that we said with a josh rosenthal and our crypto renaissance podcast the crypto renaissance the ren the actual renaissance took time because you actually had to build out the printing presses and then it had to actually diffuse out from a central point internet the ethereum is actually built being built on another network so it's a network on top of a network it's being

birthed across the globe uh globally and like also it's not just bitcoin where there's only btc like you can do any assets any nfts whatever on ethereum and so this this malleability this open sourceness this permissionlessness of ethereum allowed it to be the fastest growing network uh in history which is pretty cool totally yeah chris dixon made the point when we had him on that um like the internet something like ethereum is a network of networks right all of these other examples are companies these are companies and so their permission you have to hire employees like with

ethereum people just work for ethereum for free they set up shop there right they don't have to be hired and so it is continuously expanding in all of these directions at once so no wonder we're seeing this level of growth uh david this is uh your take this is from actually coinbase i believe this is their uh quarterly earnings report yeah what happened here yeah so last quarter it was the first quarter that ether volume uh was the number one traded asset on coinbase for the first time ever passing bitcoin uh and this quarter it

happened again so for two quarters in a row ether the number one most traded asset on coinbase what is a definition of monetary premium right and what is money uh one of the definitions that we've talked about since like early in the podcast uh a couple years ago was liquidity depth of the order book is basically a good definition of money and this is always something that bitcoiners have have said for a long time right like what why is bitcoin money it's because it is the most saleable good the

most liquid asset what's interesting when ether starts to surpass uh bitcoin on the exchanges um hard to deny now that ether is money and it meets the same criteria for money that bitcoin did although there was a lot of denial of that in 2018 and 2019. um yeah i feel i feel somewhat vindicated on that whole ethos money thing david how about you yeah 100 and i'd like to see the the numbers for other exchanges because centralized exchanges is where bitcoin

finds its liquidity and ether can also find its liquidity there it's finding its liquidity there it's the most liquid uh asset on coinbase and that's not even counting all of the liquidity in defy and so if you want to add the global liquidity of ether you have to add the centralized exchange liquidity of which at least ether is dominating on coinbase and it's also clearly dominating in d5 because it's all on ethereum ether the most liquid asset of all time yeah it seems to be the case uh all right guys we got a lot more to talk

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all right guys we are back talking about releases today david let's start here the ens airdrop this is the big one big airdrop maybe airdrop of the year i don't know if that's too much but it feels that way certainly because so far yeah yeah because if it's like like how many people actually received this for one but also the market cap of this thing has been absolutely extraordinary we had the ens guys on earlier this week so take a listen to that podcast and and take a look look at that show if you want all of the details but uh what happened here david we this is by the way our alpha alert so anytime a really

cool thing happens like this an airdrop or something else we send it out to bankless premium members so they get notified but what was this airdrop what happened this week yeah so this has been a long time coming and no one really knew that the esteem was going to do an airdrop but if you had been paying attention to ens you would understand that the mission and culture and values of ens was to eventually have this thing managed by the community uh and so i remember talking to brantley milligan forever ago when they were talking when ens was really getting uh bootstrapped

and talking about like oh so ens sells domains in eth but ens does not want to be a company ens wants to be a public utility and the reason why they have to sell domains is because of an anti-sybil mechanism if you don't but if you don't actually have to pay money for these things somebody will just claim all of them so they were selling ens names generating a treasury and now this protocol the name space of ethereum is now this public good and that doesn't that specifically should not be managed by two people or team of people but instead should be managed by the broader

a community of people that are stakeholders and so this is just the perfect marriage between what we've all been talking about with dows and tokens and a public utility on ethereum so if you have an ens name uh that happened before the snapshot and the snapshot wasn't too long ago just a couple weeks ago um you can go claim your ens tokens uh there's a hundred million tokens they're currently trading for about 60 60 dollars uh the average airdrop recipient got between like maybe a hundred to three hundred tokens or so which is a pretty healthy amount uh and

it uh there's a few a few formulas with how your uh your token amount was calculated the longer that you've had your ens name the the more tokens you get the longer you've renewed it for the more tokens you get if you've actually registered your ens name to an actual ethereum address you get even double double that all that information is in the state of the nation that we did with the ens team but this is this is really foundational ryan and i actually think that this is even more foundational than uniswap because ens is something deeper and

closer and more related to ethereum the protocol itself than uniswap is they're both in the app layer but ethereum is really or but ens is really about the namespace of ethereum uh so i think that a lot of people wanted to compare ens to something like godaddy where you can register websites it's even bigger than that it's ens is actually comparison to dns where like the dot coms of the world and that is another uh dns is another global public good that has to be managed by this private company instead ens is now

being managed by the people that are using it and so the ens dow is now being handed over to everyone that has a dot-e-address so we are all now managers of this open public good system yeah so like something like godaddy is just an app on top of of dns right it's not dns itself and and so reminding folks what this dot eth address is it's basically just a human readable name for you're an ether your ethereum address and recall an ethereum address okay one model of that is as a bank

account so we talk about so often it's just like your self-sovereign bank account but more than a wallet more than a bank account more than a vault it's also your self-sovereign identity and it's becoming more like a passport uh every every single day so we talked with brantley and nick about the ability to sign on with ethereum i think these addresses are going to become increasingly important to individual identity in this whole web 3 world right so you're storing your nfts you're storing your tokens inside of your uh

ether address if i want to send um some etu david or some tokens here an nft to you it's very easy i know you have davidhoffman.etha could just do that very easily rather than this like um public public key with all of these like characters um so very cool stuff you know one thing that blew my mind though is the price on this thing yes okay so like i know you know nick and brantley weren't the ones to talk price but let's see you and i talk price here for a second because this really surprised me

all right so like here's the market cap of this thing and this is um not fully diluted marquee cap this is just like i guess market cap that is unlocked up in supply but here we are in coin market cap and we hit 1.3 billion dollars some highs of probably over 7 billion dollars in fully diluted market cap funds i think the peak was eight billion dollars yeah it peaked out at 80 yeah why do you understand like what like so why is this thing valuable to people right so like

if you sign the constitution to get your drop which i did um it's basically like a not it's kind of a non-profit right you have governance rights in this thing you've been given a responsibility why do you think people are valuing it at six seven eight billion dollars i i definitely want to answer that question but i want to answer that question at the very end because it'll be easier to to explain that um and so some of the dynamics just to fill listeners in about what what happened here is like the ens token got air dropped then there was a bunch of shenanigans with the uniswap contract

because everyone who didn't have enos wanted to buy it but there were zero liquidity at the very start and so if you were watching the uniswap like it would go like for a moment ens one ens token was worth a 577.100 thousand dollars and so like for a brief moment in time everyone was like a billionaire just by this weird proximity there being like no liquidity in uniswell eventually liquidity came in the market settled and that's where we started some to see some actual price discovery started around 20 to 30 uh which is again a two to three billion