📺 ROLLUP: Wonderland $TIME | Crypto Price Bear Market? | Odell Beckham Jr Bitcoin | Twitter NFTs

news time david oh boy are we ready to get into this here we go this is going to be a mess let's do it what do we even talk about what are we gonna call this how do we even start hey guys it's the fourth week of january david what time is it ryan it's the friday weekly roll up where we roll up the entire week in crypto which is always an ambitious endeavor especially this week um some some drama has gone on this week so we're going to cover all of that and more because it's the friday bankless weekly roll up i don't know

where to start with this roll up david but i i think it's got to be somewhere with bear market okay because we've been feeling some bear market vibes after we hit the stop record button after the last podcast something happened in the market we're gonna discuss it it was not good it was down only it felt like it was the biggest oof we've seen thus far yes stacked oofs uh massive raises as well that's still happening so we'll talk about that um arc investments kathy woods firm has been on the podcast she just put out some insane price targets for bitcoin underneath i guess they're not bullish we'll talk about that report

pretty much they are very bullish yes excuse me they are not bearish they are very bullish hayden adams got cancelled by his bank is hayden adams going bankless we'll talk about this banklessness and what about this this last one this is some of the drama you were alluding to so ah man a lot of different names here blasts from the past quadriga was a canadian exchange apparently the co-founder of the shady exchange popped up uh on the radar he's a multi-sig manager for some pretty large d5 projects who knew we got to discuss that

as well uh an ex-convicted felon for identity theft is now discovered as the anon multisig signer for the wonderland project uh and a lot of drama is currently unfolding as ryan and i were prepping this agenda so we're going to do our best to unpack all of that story uh it's some some drama drama this is crypto right it's like bear bull markets um you know changing the world all this amazing thing people making money and then we've got like just entertainment

some people are here for the money some people are here for the tech some people are here for the political change some people are just here for like the popcorn and entertainment because that happens on a weekly basis as well and i feel like it's one of those weeks too yeah so definitely grab your coffee because we have a lot to go through and if it's for some reason in the evening time for you also grab the popcorn because it's gonna be one of those coffee and popcorn bowl all right we gotta start here david because you know the last couple of roll ups we've been talking about uh tax optimization stuff and i got this from odell beckham jr do you know who that is ryan he's one of my favorite athletes uh as you know

he plays he plays sports okay he plays sports well um he started getting his sports paycheck in bitcoin i think this happened last year maybe the year before anyway here is uh here is a tweet from an article on november 12th odell beckham jr signed a deal with the rams worth 750k nice he announced he would take that in bitcoin at that time bitcoin was worth 64 000 today it's worth thirty five thousand dollars today that deal is worth four hundred and twelve

thousand dollars that's where things get interesting so he lost fifty percent because bitcoin went down but you know holders are holders bitcoins are big corners still okay one bitcoin equals one bitcoin but here's the problem okay it's taxes come in david odell will be taxed on the 750 k and the federal in california state tax is about 50 so that means net odell has only made 35 000 k or 35k

excuse me from the rams contract this year so he went he signed a deal for three quarters of a million dollars and his net on that is going to be 35 000 because ryan you know what he didn't do he did not optimize his taxes he did not optimize his taxes david that's why we talk about this uh and you know what i'm just gonna fit this in because uh crypto ira is something that i think people need to have and this wouldn't have worked for adele junior's case but this could work if you're a retail investor because it

is a tax free account taxed deferred until you retire so any trades in and out any income you receive to this account any staking anything like that is tax-free you don't have to pay it uh and i've set this up a couple of years ago it was a lot harder back then but crypto ira alto ira has created an easy button for this so i encourage everyone listening as sort of a tax optimizer reminder don't be like odell beckham okay

figure out your taxes this is one step you can take it's one small step you can take open up a crypto ira start depositing roll over a previous 401k start depositing turn that into crypto and you don't have to worry about this you don't have to pay taxes uh you can find out more at altoira dot com slash bankless and check that out there you go taxes for the day yeah don't don't lose 95 of your paycheck to uh to depreciating crypto and taxes that's such a bummer man sorry odell i'm

sorry that happened sorry guys uh let's talk about markets though david this is the sad music bear territory we are down down down what's bitcoin bitcoin start of the week at 43 000 and has gone down twelve percent uh hit a low of thirty three thousand five hundred dollars so almost down a whole ten thousand dollars and it's currently at the price of thirty six thousand two hundred dollars uh oof oof it gets worse it gets worse it gets worse ether the start of the week at 3

250 hit a low of 2 200 and uh 220 down a full thousand dollars on the week uh we are currently clocking in at two thousand four hundred and fifty dollars down a massive twenty percent on the week rut bro row we'll take a look at that from all-time highs in just a minute here too so uh bad going down people feeling bearish um i think a lot of people have started capitulating and saying that this is a bear market maybe we should define that

in a little bit but before we do let's talk about a few more numbers here each bitcoin ratio is going down as well what happened this week yeah when markets go down the east btc ratio goes down we started the week at 0.075 we are currently at .067 so down a pretty significant chunk on the seven day bear market indicator as well and the bed index that's got to be a story of down as well yeah start of the week at 123 dollars currently clocking in at 98 oh wow it's up from when i report uh wrote down these notes but still down uh

13.6 on the week not as down bad as eth is but uh still down on the week so uh let's talk about this i i put out this like you know twitter survey are we in a bear market now 60 of those answered said yes 40 said no what do you think david are we in a bear market i don't actually think people are allowed to according to markets right markets determine whether we're in bear markets not not twitter polls but sometimes it doesn't really matter just sentiment is like when people are feeling bearish

bearish just kind of begets bearishness right so like now that we've been talking about being bearish on this podcast for like the last five minutes everyone else is probably feeling really down embarrassed right like these are how like market psychologies kind of work uh so bear market is it's a vibe it's a feeling um do you feel like we're in a bear market i actually don't you don't feel like we're in a bear market we're up on the year we're up on 365 days by a lot by like two okay not not up since january but uh

yes yes would definitely it depends on your your your holding horizon doesn't it i mean uh do you do you remember back in the days of 80 eth yes wasn't that long ago still less than two years ago that that was going on really yeah oh yeah eighty dollars in march twenty twenty twenty twenty yeah do you remember all right less than two years also march 2019 also march 2018 80 like three times but so i think like you know we've said before under 3k eth we're not feeling great in general so

this is you know not feeling great the question is how long does this last and how low do we go right that to me is kind of the definition of the bear it's like sentiment on twitter just changes on a dime but the question is is this another crypto winter or are we gonna come out of this uh arthur hayes uh founder ceo of bitmex actually wrote a great post and uh you know he's a trader but like has i think some insight into this sort of thing that that we can glean you could read the entire post it's a link in the show notes but he he talks about resistant level resistance levels of 28

500 bitcoin price for eth and 1700 uh sorry 28 500 for bitcoin and 1700 for eth and he says i don't believe in the bottom until these levels are retested if the levels hold amazing this prong has been met if it doesn't then i believe a mega liquidation candle will happen in the 20k to uh 28k range for bitcoin and the 1300 to 1700 range for ether uh and then he goes on to say

if we breach the previous all-time highs which were 20k for bitcoin and 1400 for ether respectively he doesn't even want to think about it so that's like a worst case scenario then it's like down down down but he feels like we're gonna test resistance at these levels 1700 for eth 2800 for bitcoin before all is said and done what's your take on this oh i also don't want to think about it can we move on well what do you think do you think this

happens how long how long is this going to last there's there's a sentiment that i've had where like bear markets are when like you you see the market coming to a decision point and it just always goes down and we've kind of seen that happen like three times over the last like three four weeks so it's like oh and it goes down and it goes down um but like we're also just following macro like the difference between this bear market bear market is downtrend versus uh the last one is like the last one ether went from like six dollars up to 1

400 on this fake ico phenomenon meanwhile what's happening right now is that the federal reserve which is completely an exogenous to crypto is raising interest rates and doing quantitative tightening uh and so like it's less not not to say that crypto prices didn't get out over their ski tips uh they were pretty high four thousand eight hundred each dollar ether pretty high like sixty nine thousand dollar bitcoin nice but also pretty high um but like it's not like it's much more that kind of felt much more real crypto feels much

more real this time and now this this uh market pullback is simply just because the federal reserve is making the price of money higher and so it's really a function of we are tied to macro and as soon as the s p stops going down crypto will stop going down probably knock on wood different flavor different different flavor of why down 2018. yeah i i'm going to take on that later we'll say that to the end but uh a few other things to do the carnage this week the top 10 coins down by percentage from all-time high i always think these numbers are interesting doge is down 83 from its

all-time high these are sorted in order ship token another dog token down 77 percent uh cardano down 67 percent solana 65 percent avax that's avalanche 61 eth in the middle of the pack 52 down from all-time high bitcoin 50 finance 49 matic 47 luna 41 so it's quite a spread yet um you know the coins you'd expect like ether and bitcoin they're kind of in the in the

middle of the pack you'd expect them to be leased down from all-time high and actually matic and luna and binance are the least down from all-time high so i think that's interesting to track as we get into the bear market only 50 down you know only 50 percent oh there's a silver lining david 50 we've seen that before in previous dips the typical average crypto dip is somewhere between 20 and 40 percent and this dip is significantly higher than that but also like we've seen 50 pullbacks before

for bitcoin david for bitcoin yeah four times in the last four years yeah so it's like it's an annual tradition like we all know crypto's volatile like this there's i think there's plenty of like rationale to say that like this is just the one big pullback um granted like bankless is known for being perpetually bullish and so maybe like i have infinite amounts of conviction for for crypto and sometimes that blinds me to short-term price movements and uh lack of willingness to accept just hold through them though who cares like there

is there is actually a silver lining and i think we were talking about this a little bit which is like uh 50 pull back you get to see who the tourists are and who the settlers are right and the tourists start to get scared they start to leave okay the settlers that know why they bought with conviction they're the ones who stay and it gets a lot less noisy yeah i think you've got some lessons at the end we'll share in the takes section uh but let's look at our friends in the equities world stonks what are we doing here man uh that's pretty volatile nasdaq investor

sentiment is worse now than it was in march of 2020 during the big liquidation candle back then and historically when everyone is like oh it's a bear market it turns around uh and so you can see that red line down in the bottom corner uh the just the market sentiment is so in the gutter uh and typically like look look at look at how low it was the last time it was this low it was literally the bottom of uh the the march uh dip that where there was a coveted crash it covered and then it was up only from then on out right so you know it's kind of weird

that all of this uh much ado given you know because of jerome powell because of the fed intervention you know raising rates uh and just even whispering the raise of rates this is a stat on the s p it had a really bouncy day i think this was january 24th so a few days ago what happened that day yeah so we had the the this is the day where uh bitcoin and ether bottomed and then also researched just a little bit and the tweet this tweet says the s p 500 has recovered from an intraday loss of more than four

percent only three times um january and so in october of 20 of 2008 and again in october of 2008 again i guess the housing crisis the the s p went down negative four point five percent and negative two point uh four point two percent respectively and then also respectively closed up four point two percent so an intraday move of eight percent and then one point two percent the next time uh and so uh the uh in january 24th uh like three days ago the s p 500 went down

more than four percent and then recovered positively we had a great day which is crazy uh so and and then yeah only like crazy crazy volatile moves markets don't know what to do at this point uh even stocks up and down don't know where they're going uh we'll uh we'll see how that continues in the future but let's talk about some happier news which is a d phi metric still knocking out of the park unistop flop just crossed a milestone they they now have greater eth and stable coin volume than coinbase and binance love it okay

so it's happening decentralized exchanges are taking on the centralized exchanges i think that's great news from a big picture perspective some other things going on fandom is becoming the third largest d5 protocol by value locked i consider that sort of a i mean it's its own layer one it's sort of a side chain very small um set pool of validators uh but they are on boarding more people to crypto as well and uh some projects surged 52 last week uh you know to to bring the

total value locked to all-time highs on phantom any thoughts on that david um no thoughts congrats to phantom overtaking binance smart chain no easy task uh coinbase is listing solana ecosystem tokens as well and i think this is part of their attempt to just list everything and just be like credibly neutral and uh be listing maximalists and not maximalists to any particular chain any thoughts on that david yeah the hard part about this is that um solano tokens aren't erc 20 tokens it's its own standard and and

it's easy for coinbase to just add another erc20 token because they already have all the implementations it's just like add a new contract address which is similar to anything on the evm like avalanche for example here c20 um solano tokens are a different different beast because of how they just are a completely different standard than the evm uh so that's why uh solano tokens haven't really been able to get on the coinbase exchange up until now and coinbase is now signaling that hey we're working on getting the solana tokens on a coinbase so really important step for growth for this alana ecosystem arc invest has taken a hit uh from from

a stock price but they put out this fantastic report and it was their big insights report i believe for you know 2022 what's going to happen in the future they are of course we talked to kathy wood a few months ago just um bullish exponential growth curves bullish technology in general and the largest section of their report was actually on crypto what were a few highlights from that david that we should talk about uh the price targets ryan i think that's the whole they have a fantastic report that covers so many

different things but of course since we're in the market section we want to talk about the price targets of what they predicted bitcoin and ether to to do so they say they won one bitcoin could exceed one million dollars by 2030. that is eight years so according to arc how what's bitcoin at right now thirty three thousand dollars that thirty three thousand dollars could turn into one million dollars by the end of twenty thirty if you hold it if you have that that's that's the hopi and bankless listeners sign up for arc is also saying that ethereum's

market cap could exceed 20 trillion dollars in the next 10 years uh and so for those that want to do that math that's a 180 000 ether 180 000 per ether and that these two predictions put bitcoin and ether roughly at comparable market caps uh she uh kathy wood and ark says that uh bitcoin will have a 21 million uh trillion dollar market cap by 2030 and then they also say that ethereum will have a 20 trillion market cap in the next 10 years so just two years longer

than that so comparable market prices are they more bullish than us david what happened here is that the trail flipping couldn't be 20 trillion is a big number my price target for ether is infinity ryan there you go all right guys we will be back with the releases of the week the hot news items everything else you come to expect from a roll up but before we do we want to thank the sponsors that made this episode possible polygon is ethereum's largest and most vibrant scaling solution to date with millions of monthly users and all of the biggest defy apps the polygon ecosystem has

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getting slammed if this is the bear market mine we're not in the midst of the bear market i guess this comes ahead at the beginning of it uh twitter just released a pfp profile feature to link your nft to your twitter profile instead of the the classic twitter circle for profile it would be displayed as a hexagon so they released this fantastic commercial that we're looking at right here and the feature simultaneously uh how big of a deal is this it's just lovely to see web 2 platforms

adopt web3 stuff uh this isn't in my mind i'm a little bit underwhelmed by by this but i'm also just it's not going to just be a negative nancy and just say hey twitter nice job for doing nft verification um there are some kinks that need to be worked around in the sense that like i can just like take a take a screenshot of a jpeg mint that as an nft and then boom i have a hexagon with my fake fake nft and it's kind of like it's kind of like a workaround but like then you can like talk about verification via openc apis stuff like that it's a great fantastic first step

people are loving it people having a fantastic time uh not everyone though there's been some pushback like some yeah there's been a little bit like if i see a hexagon you know i just automatically unfollow have you no i'm not not from not from the crypto people though not at all oh well [ __ ] them from the ant from the from the like we hate nft type community sorry uh there's been that sentiment but like okay so um did you do it have you actually tried it well no because my my uh profile picture is my crypto punk but with some photoshop stuff going on so

like i have i have my cool cat hanging out on the hat of my crypto punk uh and so like that's not an nft that's two of my nfts so i've decided to not not do that so i did it and there's some other downsides too you have to have twitter blue which is like this premium service i've never looked into it until now i just wanted that to try it one of the hexagon because it's a new crypto feature so um i do think that twitter can't always charge for nfts like i think this is going to be table stakes every social media platform will have to include this uh for free just to be

competitive um the other thing i would say is the other reason i do think this is a big deal david and even this is just a very small step is because look twitter has 400 million monthly active users okay and like we talked about memetic desire uh you know like when i see someone with a hexagon profile uh photo like i want that too i want to do that too and so i do think that there's this again this is another example of web 3 using web 2 to propagate itself and that

is also bullish i'm also seeing like we saw meta last week facebook instagram say they were going to add nft features um just this week we'll get to it youtube adding nft features in the future so this is also going to have all the other social media platforms bandwagon on to this feature set and add nft and crypto features so i think that is good too uh okay so that goes this was a fun little twitter spaces where uh this was the the something about the lemons nft project

uh i can't remember the full name of the lemons uh but so there was a twitter spaces and two people showed up with the same nft as their profile picture wait where where is it on the on the right side yeah um the lemon with a little head and what is a circle one's a circle and one's a hexagon so you know who's got the real one there's an imposter among us oh that's that's great that's very cool and it is great that it that it uh validates uh directly on chain little lemons

look reddit as well here's the tablespace you were talking about yeah yeah the table sticks i was talking about so reddit is apparently working on nft profile pics as well everyone's going to do it um very cool to see that happening uh david this was another cool feature rollout from the makers of etherscan yeah i saw you having fun with this i was having a great time with this this is called a block scan chat and uh what's cool about this is you can basically just send a message from your etherdress to some other etherdress so you're like davidhoffman.eth right david yep so i

sent you a message did you ever respond oh it that goes to my argent wallet i need to get my emails sorry that's why okay so i just had fun because like it's just you you know log in with an etherdress if you have meta mask or something and i have one that's called bank.ethe is my ens address and i just started like dming some people i know so i just like dm dc i uh dm'd anthony cesano i dm'd you somewhere in here i think like this is dc a little back and forth dc uh i didn't know it was him at first

like i had to actually label his e and uh this is what he replies he's like hey i'm launching a new one eve giveaway please send me your seat phrase to enter yeah no i was like okay it's my first spam it's my first spam message and i'm going to block this account so i blocked him and then like i tweeted out that i blocked it and he was like hey why'd you block me um so anyway it was just fun going back and forth with people actually uh vitalik i sent one to vitalik.eth is honey i asked him

and he replied i think it's bunny personally that's pretty funny that's pretty funny classic vitality go back to dc's uh chat with him cause uh you say uh wait what'd you say um did we talk i hope we didn't talk bad about you david i don't know no i'm about to talk i'm about to make fun of dc uh you say we're living in the future dc and dc goes ha ha strong 1992 feels i was born in 1992. there you go dc investor oh man that's great yeah you know dc always talks about like uh when you did

that layers zero with him he was talking about like the birth of the internet being very much like the birth of crypto and i was just thinking like does david actually understand this how much of this is he picking up i had i had a name i had a name account there you go you have an eighth account this is aim this is ethereum instant messenger uh so super cool experiment that just rolled out you guys can try it um this is another one david what's uh this sos sos market dot io a new prediction market on the scene so in addition to poly market we now have sos market which has prediction

markets for stuff uh so check them out if you want to go bet on stuff a lot of ways to bet on stuff in crypto that's for sure uh i'm bullish on this so opera just launched a dedicated crypto browser okay opera as a browser has like one two three percent of market share so it's not widely used uh but they are going all in on crypto features so imagine if metamask was also a web browser how much more usable how much more you know extensible would it be rather than an extension and that's what opera is doing here a brave is doing

some stuff and i think you know chrome and firefox they're going to be late if they don't join on the bandwagon as well so it's good to see opera innovating here right now this is in beta i've used it it's okay it's kind of clunky i can do some of my d5 stuff but not all of it but i'm sure it'll get better in the future anything to add on that david moore wallace is always better google should just buy metamask google should buy metamask yeah i don't want that david they'll kill it i don't want them to buy metamask well they got to do something

and they have infinite money so that's true now consensus does too we'll be getting to that shortly but let's talk about this robin hood is doing something what are they adding robin hood deploys beta crypto wallets allowing select customers to transfer off platform which is a very needed feature so that you can about damn time yeah you can actually withdraw the crypto assets that you buy through robinhood rather than just buying exposure you can actually buy crypto assets uh imagine that this is them trying to catch up to like the rest of the crypto ecosystem um but a really

important feature to you know unlock because they're they're printing money with their when they with dogecoin they just printed a bunch of money and so they know that there's money there uh so they need to just lean into more crypto stuff and so that's what they're doing here yeah that's great i don't know 30 million users 40 million users like a lot of retail users using robinhood so another good onboarding also zora v3 this is an nft marketplace i feel like it's a bit more crypto native david and v3 is rolling out so what is coming on zora v3 yeah zora v3 i think is the most like bankless aligned uh marketplace nft

marketplace that it exists it's very much aligned with the protocol sync thesis and if uh the word the phrase protocol sync thesis doesn't land with you go please go listen to the podcast and or read the article on bankless about it it's a fundamental bankless thesis uh and what um the protocol thing sees this is in a nutshell is it's a very it's a very deep protocol they're very zero trust assumptions very little trust assumptions uh things can be built on top of zora nft marketplaces can be built on top of zora v3 it's like a meta

protocol uh and so not only is zora a marketplace in of itself but it's there's the zora marketplace and then there's the zora protocol and the zora marketplace is built by the zora team and so is the zoro protocol so they built their own marketplace on top of their own protocol but many many many marketplaces can be built on top of the zora protocol so it's kind of like 0x and matcha right like matcha is an application built by the xerox team that uses the 0x protocol but anybody can use the xerox protocol and so this is the same kind of uh idea