📺 ROLLUP - Jack Dorsey Exits Twitter | BTC ETH Ratio | Spiderman & Ross Ulbricht NFTs

hey guys happy first week of december david what time is it oh it's a friday weekly roll-up time ryan where we roll up the entire week in crypto which is always an ambitious endeavor yet we do it anyways because we have a ton of fun doing it and i hope you do as well so grab your morning coffee because we are about to roll up the week it is fun look crypto is never boring guys so uh you know this how was your thanksgiving by the way was was that uh was that fun did you get any crypto conversations in oh inevitably just like i said with at the uh the last part of last week's episode

is like everyone talks about crypto uh because that's like one person in the room is the known crypto person and no one knows what crypto is so they always got to ask about crypto so yes that did indeed happened uh guys we are going to get into the main events of the week first of all budweiser beer company buys beer.eth and now they are prominently displaying on their twitter page it's an nft more to come maybe jack dorsey just stepped down from twitter david what does this mean for crypto we're going to dig into that also all eyes on the eth bitcoin ratio

ratio talk give me hot and flustered i know you're excited about that one all right that's why we'll get to it first and also the ethereum roadmap refresh of course there's a ton of other things we're going to cover in the weekly roll up you do not want to miss it try to jam pack this into the next hour or so 90 minutes 90 minutes we'll see if we can do 90 minutes no promises on the hour uh but before we do gotta mention a permissionless conference so you know this conference is coming in may this is happening in florida so if you're in the cold weather climate you want to get down to florida you're thinking of it

this is going to be the crypto conference of the year at least the defy conference of the year we're going to be there our friends at block works are putting this on we let you know now because new tickets just went on sale new tranche every two weeks new tranche goes on sale price gets in uh more every it goes up every week it's up only so if you want a bankless discount on that you can become a premium subscriber and go get your permissionless tickets we will see you there in the new year i think david you got probably like four or five conferences and i mean like yeah

like now in that one but you know that's going to be a a highlight of next year for sure at some point the yearly subscription to bank list is actually going to pay for itself because of the 30 off that it gets you off this ticket so we might be close yeah right uh so uh like ryan said uh you can sign up for bank let's get a 30 off discount uh but the sooner you get that ticket the cheaper it's going to be uh because like no one wants to be paying they have the the you know april of 2022 fomo where the tickets are over a thousand dollars a piece yeah get them now but before we

while they're like 400 something in crypto you never want to delay things right you just uh just ate band guys ape into that conference also we want to mention our friends at metamask they are sponsoring this message i use metamask all the time david i know you are a power user of metamask the most the safest way to use metamask is with a hardware wallet so a ledger wallet is one good option also lattice metamask has recently added support for the lattice wallet which is a hyper secure hardware wallet sits right in

your desk beautiful user interface also another wallet called keystone which provides a qr air gapped qr code based hardware wallet so what metamask is doing right now is really doubling down on its wallet support which is a perfect complement because you want to use metamask but you want to use it in a safe and secure way if you've used ledger and metamask before you know there's some like there's some bumps it hasn't always worked perfectly in in some of the browsers like chrome ledger and metamask are partnering to iron out those issues

and they've just released a whole bunch of releases so the action item here if you don't have metamask you want to portal into web3 go download metamask there's a link in the show notes if you haven't used metamask with a wallet before then try it it is the uh the most secure safe way to experience web 3 to date you can get into d5 you use it all of the time so check that out there is a link in the show notes to metamask and you can find out more about it alright guys the last piece of housekeeping bitcoin round 12 has

officially kicked off uh kicked off on december first uh we all know git coin rounds uh they are the times where we can all donate towards these up-and-coming projects that need that support but the cool thing about git coin is that there is this massive matching pool so when you come and donate to projects and upstarts and different things that need your support client teams different defy apps that are just getting uh up and running uh the the your donations are matched but they are not matched linearly they are matched quadratically uh we've had kevin o'kee on the show before to talk about

quadratic matching basically if you are donating to the same uh grants that many many other individuals are also donating to those individuals have outsized matching from this supply uh a matching pool there's also the brand new pool of crypto advocacy all funding efforts to advocate for crypto on capitol hill uh we just had a two-part panel yesterday on bank list came out on the podcast yesterday it's also on the youtube uh where we had some just big heavy hitters jake schravinski jerry britto brian quintens kristen from

the blockchain association a number of other people uh to to really kick off this brand new advocacy round so if you want to move the needle in capitol hill go to getcoin.co check out the gatecoin rounds 12 matching round check out the crypto advocacy track and donate to some really cool projects on git coin yeah crypto advocacy is where it's at man didn't you guys like didn't get coin isn't in there like eight hundred thousand dollars not over nine hundred thousand now yeah nine hundred thousand just for the crypto advocacy round there's that still advocacy

that's crazy crypto lobbying this is something that we need to do crypto is political whether we like it or not so we have to get involved that way david let's talk about prices though it's market time yeah bitcoin price bitcoin flat on the week a little bit up on the week started starting the week at 54 000. i hit a high 59 000 currently at 57 000 up about three to four percent on the week okay flat week okay how about eth how's heath tracking uh

doing great start of the week at forty four hundred dollars hit a low of four thousand dollars right at the bottom of that uh coveted omicron scare which we're going to talk about um but then hit a high of four thousand seven hundred and eighty dollars and is now clocking in at four thousand five hundred dollars right now and currently is up eight percent on the week okay bitcoin flat but eth going up that has some ripple effects that means all eyes continue to be on the eth bitcoin ratio because that is doing things things we haven't seen in a while tell

us about the ratio story here yeah so the ratio hit a new high for the first time in over three years uh and so hit that full chart view ryan the ratio started the week at point zero seven five and hit a high of point zero eight three point zero eight three and is currently coming in at point zero eight overall up eight percent on the week uh and again we have not seen these levels of the eth btc ratio since 2017 uh or maybe maybe late 2018 uh and so

february it looks like 2018. when the eth btc ratio hits new highs to me this is what i tweeted out uh and i think my tweet is next ryan uh the eat btc ratio is the bull market signal when eth goes up versus bitcoin it's a signal of the bull market is ongoing um not necessarily prescriptive of future returns right like do we can't predict the future but really that when the east goes up versus btc it's a signal of the bull market and making new highs i'm saying that i think this is going to

indicate a stronger continuation of the bull market into the future um a lot of the the youth people myself included are talking about my man if the eth btc ratio can just jump uh from from like point zero eight to point one like the flipping becomes real real close there is very little price discovery in bitcoin terms above these levels right now breaking a three-year all-time high is a really big deal and there's not much more left before ether

actually breaks the complete and full all-time high which is just like in a flash of a pan claimed in 2017 at like point zero one or point one two i think um but uh it's a long time coming there's two things that jump out at me uh from this chart that we're looking at which is the ether bitcoin ratio um you know the first is uh we haven't been at this point in the ratio for very many days either right because when in 2017 it's kind of the ratio spiked above where it is right now that was relatively brief

we're talking days right and then also uh in in the end of 2017 and 2019 uh 2018 when it did as well that was days as well i don't know how many days we've actually been above the ratio uh we are right now but it feels like not very much at all 16 17 18 you know less less than a month in terms of days so the that's pretty remarkable the other remarkable thing about this chart david is look at this look at this trough this trough of disillusionment between the

end of 2018 and i guess the uh the end of uh 2020 where it was like bitcoin season it was like bitcoin coiners were everything is down only versus bitcoin that's what they said and that was the narrative and i i think um the thing about narratives is a lot of people sort of get biased by the most recent narrative and and sort of project that extrapolate that forward and so because that was the most popular narrative everything was bleeding against bitcoin the idea was nothing aside from bitcoin

would would ever appreciate or ever ever retain value so what's interesting is the the the long i guess uh crawl through this trench this trough of disillusionment and then the like the spike up right like we are well above where we were and it this feels like i guess what i'm saying is it's a strong recovery on the bitcoin ratio so this is primed to do something and possibly continue increasing uh i hate that you're making me look at this chart can you click on click on my tweet so we can have like a

real chart to look at there we go so look at that look at that so for the listeners if you grow and just zoom all the way out from 2016 to 2022 where we are now it is a solid upwards trend it went up really real fast from 2016 to 20 uh 17 and 18 because that's when like ether had this very early ico mania that was completely unsustainable and then that that just flash just like you know leveled off for the next like two years but after that in 2020 like it started to climb again and overall has been

painting this very up into this right trend versus bitcoin its entire lifespan and this is why people were talking about the flipping before ethereum actually had its first block mind some people like read the ethereum white paper and they were like oh yeah this is going to flip in bitcoin no one will say tell you when because no one actually knows the ethbtc trading pair is extremely hard to trade and predict um but but damn does this chart just look good um ryan i did some ta actually i'm not really much of a ta person but if you want to go on to the tweet that i followed this up at uh you can just exit

out of this picture and then scroll down uh i did some ta there it is yeah it's a it's a solid green arrow to the right this is fantastic this is the kind of quality ta that bankless subscribers sign up for here that's exactly right so i actually counted the number of weeks that um ether has been higher in bitcoin terms 12 weeks only 12 weeks of price history out of ethereum's like six years of existence has the ratio ever been higher has the ratio between bitcoin and ether okay so it wasn't days it was weeks it was probably you know three three months or so but how big would this be

if like this has never happened in history just like why we're talking about this so much is bitcoin has never been flippant in the history of bitcoin it is the og coin and so if this does happen you can expect not just people like us not just crypto media and people on you know crypto twitter and in these circles we'll be talking about it the entire world will be talking about it the entire world knows bitcoin as crypto but when something else takes the number one spot that will people will reconsider what it means to

be crypto absolutely so that will ripple out and i think that's uh that's definitely something to watch david we are preparing some of our uh predictions for 2022 as well i know on bank list we're going to publish this toward the end of the month i'm wondering if one of your predictions is going to be a flipping in 2022. are you gonna call that oh uh i think it's a greater than 50 chance yeah so do i yeah so do i it's really hard to have conviction about the eth btc ratio because like i

said it really like if you people that trade the ef btc ratio generally just get absolutely worked it's one of the hardest things to trade in crypto uh yeah and and predicting the flipping is also really really hard but man are we real we're just predicting when it's going to happen right is the hard part right yes it's like okay well if you if you predict it i will say i'm not so sure and i won't predict it and that way one of us is right and that would think this is always right that's how we mean well let's talk about the dpi uh total locked sorry let's talk about d5 pulse

and total locked value in d5 that's at 108 billion so we're still above 100 billion that's feeling pretty good that's feeling healthy too uh how about the d5 pulse index here's a seven day view it didn't have the week that ether did no no it's it's uh down down a little bit versus the dollar started at 360 ended at 330. still not defy season i i'm curious about your predictions for for ipvi abstaining any dpi related well just tell me about

this let's get that sharp the dpi to eat index okay so this is another ratio that we track on bankless rollups cracking it dpi to eth man we have to look you can't be mad about this i know you're an eighth bull you can't be mad about this why does this why does this ratio uh bring you so much pain david first what is it yeah this is make you say it this is the ratio between the aggregate of defy tokens and ether not all defy tokens kind of the the the og defy tokens okay makers and

unit swap sushi swap um and just defy has just not been catching a bid versus ether ether is ultrasound money and d5 tokens are not and people are really just believing in that difference i guess we are clocking in at 0.074 i believe it was .08 last week i guess we did our ultrasound money job too well david yeah that's why this is happening but here's here's a sure way to win is you bet on all three a little bit of bitcoin a little bit of eath a little bit of dpi a third a third a third and that forms the bed index so

what are we looking at on bed on the uh on the week here yeah started last week at 177 dollars ended this week at roughly 165 dollars so a little bit down on the week a little bit down on bed that is a secure way to uh to get exposure into the crypto monies and also defy each have their seasons right sometimes as bitcoin season sometimes just heath season sometimes it's a d5 season and the bankless bed index allows you to get exposure to all three of those things uh let's talk a little bit more

about uh about thanksgiving though right so this is a chart from blockworks uh actually i think they they um maybecrypto.com is is the source of this and they said show this chart to your crypto skeptical family members this is a chart of 1990s internet adoption david so it's internet versus crypto and there's a green line and a blue line the green line is internet users over time tracking from like 1990 to the year 2000

and the blue line is total crypto users these are both measured in millions and what's interesting is the blue line is tracking the green line right on top of it it's right on top of it so what this is saying is like something that we've said a lot is crypto is the internet of money and it is tracking the adoption of the internet in the way the internet spread in the 1990s i think this is a useful way to help your family understand

crypto to be honest because everyone lived through the 90s right at you know maybe not everyone but like lots of people remember the internet transformation and what that looked like and so if you're looking for an analogy you just say look crypto is the internet of money and it is getting adopted like the internet was remember how fast that happened remember how much transformation occurred as a result of that well crypto is going to do that except for scarce things property things

money in a different way i think it's a useful analogy to help people understand it and it's interesting that the numbers are tracking but when we were talking about this agenda david you were also a little bit disappointed at this graph right right yeah like i want crypto to be adopted faster than the internet because crypto is on top of the internet and the internet's already been adopted so when i see crypto being adopted at the same rate of the internet i'm like god like why are we so slow like let's pick up the page what's the stake what is taking so long what's why do you think it's taking so i so first of all

this makes me hyper bullish i don't like i you know to get to this point in crypto is frankly amazing right it's like we lived through the internet to have a second revolution that was uh on the same order of magnitude as the internet is just incredible like this is beyond my wildest dreams and super excited about this very bullish about this but to your point you know crypto had the internet to propagate itself so why is it not propagating faster what do you think is holding crypto back when you look at this not not only did it have the

internet but also had the financial incentive to adopt it like crypto pays you to adopt it so like where is the juice like where's the steroids i thought i kind of always thought the crypto would be the internet just on steroids granted we are not like you know disrupting the internet we're disrupting legacy financial institutions and people seem to be a lot more skeptical about crypto than they were the internet uh and maybe that's because the nature of crypto has the the nature of money in inside of it people generally are skeptical with value um they're like oh buy bitcoin

like oh you're just trying to take my money um but do you know what one take here though is like i don't think the um look the internet the institutions adopted the internet almost immediately right it's like the us policy was pro internet you know corporate policy was like we have to get go on the internet we have to do dot coms all of these things i think crypto has been interestingly enough more a bottom up movement in some ways than the internet what i mean is like established institutions haven't seen the value proposition right the banking industry

adopted the internet but the banking industry has been super slow to adopt crypto why because they're being disrupted by crypto right even like extrapolate that to governments and central banks maybe they're also worried that they're going to be adopted by crypto so we haven't had the institutional support that a legacy institutional support that the internet has had uh what's your take on that and what what else do you think's holding us back yeah yeah that makes sense uh the fact that it's a bottom-up system i think also lends itself to why it could

have been adopted faster because like bottom-up systems are just like organic and nature's really really good at spreading um granted this is in log so this is a log scale and so like deviations are actually really really compressed in this chart but like damn are those lines right on top of each other um at some point i don't really know we'll just have to wait for it to figure to figure itself out the story is not over but basically what i'm saying is like i'm bullish i just wanted to be hyper bullish and i can only be bullish like i wish i was

more bullish wow you uh yeah that that's um spoken like someone who's gotten used to a lot of bullishness lately you're spoiled sir you are spoiled uh let's talk about this uh omnicron what is this this is a story of uh okay omicron yeah so this is uh this is a covid variant maybe you should explain that and it did kind of tank the markets a little bit like you know both stock markets and crypto okay so let's talk

about that and then also we're seeing like meme tokens right uh number go up as a result which i don't understand what's uh what's the story here yeah so the omicron variant was discovered in south america it's apparently a new variant and south africa right uh yeah south africa uh and you know apparently more transmissible apparently more contagious we don't really know there's not a lot of data out there but the markets just read the headlines new uh coveted variant and just got super super spooked and i was just so dumbfounded by this market reaction because it happened

in the legacy markets it also happened in crypto and i'm like guys we've we've seen this story before first off like we're way more prepared like we already know what cove it is we already have vaccines we already have testing centers we already have like have global mask adoption by some people um and so like why are people more scared about another like covered variant like the way the cove is going to get work is just we're going to it's going to just morph into the common cold and we're gonna get a bunch of booster shots over and over and over again like this is how this works so like new variants are totally to be expected and like and then the markets dumped as if like it was gonna be

pandemic 2.0 all over again forgetting about the last time that mark is dumped we just printed a bunch of money like the whole market reaction was totally nonsensical to me and some so many people got really really bearish like i just did not get it uh so i was not bearish so i i was not bearish in the slightest you know i tweeted out like if you if you sold the omicron variant news slap yourself we're going to 10k uh and then people followed up it's like david no we're going to 20k i'm like oh yeah you're right um and meanwhile this completely unrelated but also interesting part of the story is there's this random token that i had

no idea existed called omicron and it pumps like 200 percent because of the omicron variant is this a token that existed pre-omicron variant it was just like yes through happenstance correct there was just a coincidence of the names and the like and this just started pumping and i think like this is kind of just a small little like microcosm of just the world's the state of the world at large people just like to invest in memes like oh oh the word omicron is in the news let me go to time to coin gecko type in

omicron and buy the first token that comes up like fundamentals just don't matter for a like a decent portion of the population anymore and so like welcome welcome to the meme economy like the words that are in the news are going to be turned into tokens that are going to pump like we saw this with doge like this is it's the meme economy welcome to the meme economy so the do you think this is going to happen with other news items and other kind of memes that propagate they're all going to have tokens that will like temporarily pump just like because traders are going to be like oh the word omicron's in the news a bunch

i'm going to go buy the omicron token because other people are thinking of the word omicron what is omicron i don't know like what was it it doesn't even matter originally yeah well um good job sorry to the omicron omicron yeah omicron users like you know you just got your your payday there it was a you know lucky event um let's talk about this too cro token has been on an absolute tear this is crypto.com chronos chain token uh it's just locked up 1 billion total locked value token has jumped 350

percent crypto.com has recently i believe got naming rights for a major sports arena too that might be part of yeah yeah part of this but uh this chain seems to be very much like a kind of a it's a it's a proof of proof-of-stake finance type chain from a crypto bank right um kind of eat killer or side chain whatever your perspective is on that and it's very much uh you know sidechain season i guess eath killer season so we're seeing a pump here anything else that uh proof of

extraordinary consensus mechanism even of course it's not even they must not be doing any sort of decentralization theater unlike the other ones they're like oh yeah no this is like a consortium blockchain we own this thing i gotta be honest like so i understand cro token as sort of a a loyalty token if you're a crypto.com user right and that does have some value but like the its value as it relates to this side chain i don't really understand it's uh it's just to be in the club in my mind like oh people are building chains and

issuing tokens like oh we have the crypto.com url like we can do the same thing in the url the value of the url can sustain the whole entire ecosystem that's what's my in my mind what's happening yeah absolutely in my mind that the entire business is just centered around the url right right well i mean they like they are doing a lot in the space like they have partnerships with visa um i've actually used the crypto.com card like it works it's cool but it's it's kind of an example of sort of a a crypto bank play on this and like

it's in my mind it's co-opting crypto yeah it's it's definitely yeah i hear that too um let's talk about eth a little bit so this is a tweet from chris clay says so eth has surpassed every global bank's market cap and you're still not sure if this whole blockchain crypto thing is here to stay this is a chart of eth versus jp morgan versus bank of america versus icbc and wells fargo and cm bank and all the banks that you love to hate ethereum is on top with 550 billion the next closest

is jp morgan with 480 billion at this point i feel like calling it two right like guys wake up to ethereum crypto is bigger than all of them you feel like calling it ryan i'm just like no i think you know i felt like this for a while i suppose david but like yeah this is now it's self-evident now it's like maybe maybe i'm at the point of a zen where i don't even feel like i have to explain this exasperation by people who don't get it yeah yeah i'm just like okay well like explain this

chart then how about how about rather than me explain crypto how about you explain why ethereum market cap is larger than all the banks start from there explain that right and then we'll have a discussion about it i feel like a bit more like that maybe it's maybe it's vindication that i'm feeling i won't be satisfied until ethereum market cap is bigger than all the banks combined and then we can say that ether is undervalued just not misunderstood like oh people now understand ethereum

it's now now it's in the realm of some sort of fair evaluation it's still low but at least people understand it that's that's where i'm at it's just a fad david just a fad let's talk about this uh another cool fad i suppose is ether on exchanges hitting a three-year low so as the the ratio the ether bitcoin ratio hits the three-year high we're seeing a low on the amount of eth on exchanges and that's bullish why is that bullish david because if any institution

or any like newcomer wants to buy ether they got to do it on exchanges and so the lower of each supply on exchanges the more dollar in a dollar has on the impact of eth price when it is bought on exchanges um and so this is just going into any sort of just new inflows have has outsized impact upon ethe price uh bullish bullish i'm really bullish also also bullish on going bankless as well it's like more of this more more of this eth becomes non-custodial the

better for the bankless journey guys we will be right back with the release of the week we're going to talk about the hot news items and of course get to the takes and the memes but before we do we want to thank the sponsors that made this episode possible bankless is proud to be supported by uniswap uniswap is a new paradigm in asset exchange infrastructure instead of a cumbersome order book system where trades are matched with other humans uniswap is an autonomous piece of software on ethereum which is what ryan and i call a money robot no human counterparties or

centralized intermediaries just autonomous code on ethereum input the token you want to sell and receive the token you want to buy something brand new in the uni-swap ecosystem is the uniswap grants program is now accepting applications for grants we have been saying this for a while and we'll say it again dows have money and they are in need of labor if you think that you have something to contribute to the uni-swapped out apply for a grant to uni-swap just look at the size of the uniswap treasury it's almost three billion dollars this mountain of capital

is looking for labor do you have something of value to contribute to the uniswap dal no matter how big or small your idea is you can apply for a uni grant at unigrants.org and help steer unit swap in the direction that you think it should go that's exactly what we did to get uniswop to be a sponsor for bankless and you can do the same for your project thank you uniswap for sponsoring bankless the era of proof of stake is upon us proof of stake systems like ethereum terra and solana allow the industry to move away from the hot loud

and wasteful proof of work systems and return back to a cottage industry of individual stakers and individual validators and that is what we need to make this industry stay decentralized individuals must play their part in crypto network validation and that is what lido is here to do lido makes sticking accessible to everyone at the click of a button by delegating your stake to lido's network of nodes you can access the yield offered by proof of sake systems and claim your share of the network transaction rewards do you have 32 eth and want to stake it to ethereum

but running a node sounds intimidating or maybe you have less than 32 eth and you need to pool your eath with others so you can access baking yields lido offers a solution for both simply go to lido.fi choose which assets you want to stake and deposit them to the lido validating network lido is working to make sure proof of stake stays as decentralized as possible and is committed to decentralizing its own validating network to eventually become a completely permissionless protocol so if you want to stake your eth terra or soul and get liquidity on your stake go to

lydo.fi to get started all right guys we are back with the releases of the week the first is this starkware david we're just talking to starkware last week about starknet and now here it is it's launched what is in stark net give us the tldr yeah so think uh optimism just like they they have their optimistic roll up and arbitrarium they have their optimistic optimistic roll up as well uh starknet is a zk roll up and we've seen zk roll-ups before but this one is different in that it is the public permissionless censorship resistant version of what starkware has to offer