ROLLUP: SBF Pleads Not Guilty | Winklevoss vs Barry Silbert | Predicting 2023 | ETH Staking

SBF pleads not guilty. Bold strategy. We'll see how that plays out.

Bankless Nation, welcome to the first roll-up of 2023. David, you ready for this?

Fifty-two more weekly roll-ups to go in 2023. How is that intimidating, Mind? Do you think we can do it?

Oh, I think we can do it. I've got the stamina. I'm coming into you uh this year fully energized, actually. That break was uh really good for me and some time to reflect, and I was feeling kind of burnt out by the end of the year, but no longer. I'm ready for 2023. I'm excited about it. How are your holidays, Dave? Do you get any uh special Christmas gifts? Anything cool?

We only uh do stocking suffers in my family, and I got dry bags, which I think is just great because dry bags are what you are bags you put stuff into when you put it into your mountaineering like backpack, so you can like go walk through snow and rain and not get your stuff wet. So yeah, your boy's gonna be having a dry sleeping bag while he climbs the mountains this year.

Just d dry bagging it, huh?

Dry bag. Yeah, dry bag. Yeah.

It's like a disease. It doesn't sound too

It doesn't sound like a sexy present, let me tell you.

No, dry bags. But awesome, man. You I know you're doing some mountains this year, so that'll come in handy for sure, right? Yeah. I also noticed, by the way, when you're setting up for this episode, that you've got a little portrait behind you that I don't know if people can see. Okay, so maybe our editors can kind of cut this in, or David's gonna try a zoom in on the portrait. It almost looks like a shrine.

There, yeah.

But at the top of it is I think a memento from twenty twenty two that will be a longtime memento to help us remember that year, which is a uh picture of you uh tearing up during during a roll-up. This was a s uh uh a roll-up where we were talking about how bad everything was and all of the scammers in the space, and I think it like kind of hit you. Yeah. Uh and it became a meme. All right. Like I saw Twitch streamers talking about this, yeah, and somebody turned it into

Streamers, yeah. Mm-hmm.

somebody turned it into an NFT and like an art piece, and it's just fantastic. Like crying crypto, bro, is probably what mainstream might might tag this.

So that's exactly that's exactly why it got caught traction in like the gamer twit twit Twitch sphere. Uh the person that painted this ac really phenomenal like piece of artwork. I'm gonna zoom in on it again, is actually a hexakin. That was a hex community member that I bought I bought that.

Yes, exactly. That's what they that's what they call them hexagons. Yeah. It's a like a really good like watercolor. And I paid them a hundred USDC uh and they shipped it to me. Yeah.

I also think that so far uh that uh is marks the bottom.

That's the bottom? That's the bottom.

I think you think okay, well, so part of the topics for this week, guys, we'll get into the topics, but one of them is our 2023 predictions. Yeah. And you may have already heard a tease. David sounds like he's calling a bottom.

Yeah.

Yeah.

But

I think we call the bottom.

I might check you on that. We'll see. We'll see when we get to the predictions. Also, we've got SBF pleading not guilty. I didn't do it, he says in court. We're gonna talk about that. What else are we covering today?

Uh the Winklevoss have picked a fight with Barry Silbert on Twitter. The Winklevoss, of course, are operating the Gemini Exchange, which the Gemini Earn program has money stuck inside of Genesis, which is part of Barry Silbert's digital currency group Empire.

Both twins might.

Right?

Michael Vice for the two of them. Exactly. Yeah. Uh and so we're gonna pick apart that fight. Uh and also some bad news on the Celsius court proceedings. Ryan, I'm sad to say that you are uh not a customer of Celsius. You actually are just a investor depositor creditor, just like the rest of them.

Sucker.

Just another sucker, yeah.

Okay, cool. I gave my my my key private keys to Alex Mashinsky and he ran off with them.

That's exactly what happened, yes. Uh and yes, that's exactly right. Uh and then, of course, we have to talk about 2023 predictions, ours. We're also gonna rate some of our 2022 predictions uh and also talk about some other very awesome predictions that we've seen throughout the space. Uh Eric Walla in particular, I think we're gonna go through his. Uh, but first, in the market section, we got to talk about all the things going on in the liquid staking derivatives ecosystem, because that's a very hot topic leading into 2023 this week. So all of these topics and more coming throughout the show. Ryan, you said you uh you one of your new year's resolutions is to be more of a DeFi power user. Uh because and and I think uh I want to draw your attention to the suite. If we could actually just derail this conversation. Oh, sure. Yeah.

We have to do that. I stopped being a DeFi like super heavy power user and just have it having like latent positions that I would hold open on like the uh the blue chips like off a maker. And that's because in 2022 a lot of the DeFi stuff you and I didn't really vibe with. And so the tweet that I want to call attention to, if you can pull the pull that up, I just sent it to you in Zoom chat.

Oh yeah.

This is one year ago to the day when we got into a fight with Daniel Sesta. By the way, so this is just a one year anniversary of our first of many fights throughout 2023, starting with Daniel Sesta, when he came in super hot in my DMs after I said Maker is the most unsustainably valued, uh most sustained, unfairly valued asset this industry has ever produced. And then Daniel Sesta, who I didn't know who he was at the time, I knew what Wonderland was. I knew what like time and spell and all that stuff was. I just didn't know Daniel Sesta's name. Uh and so

He was a DeFi developer doing some DGEN. He's like a DeFi Wonder Kid kind of person, right?

Exactly. Yeah, right. And like a big populist leader with big populist tweets. Uh, and this was like the after the time token and all of these like a Danny tokens were like at their all time highs. So he follows up and says, This is why I'm not surprised you've never invited us to your DeFi show, Fair to Protect Your Bags, end quotes. Yeah, and your suit friends. I had never ever been uh charged with having suit friends before, so that was a first. Really? I was like, who the hell is this guy? Yeah. Uh huh.

Bitboy did that same thing to me. He called me a suit. Like two.

Right. So it's the same people like going for after populist tactics, right? Yeah.

I just thought this it's January 4th, 2022. So one year anniversary is

I I'm feeling so much better than I was at that point in time. Like I was just getting sick of it. And this like where where's uh where is Danny Sessa now? Being kind of washed out, the projects were destroyed, um, turned into kind of like just a short term pump and dumper.

Uh that's what it was and it was revealed only like what six six weeks later? That's

just the case. Six weeks later, yeah. And then we got in a fight with Do Quan. And about six weeks later after that, that fell down. And then and then we did it again. And then we did that was the story of twenty twenty two, is us getting in fights with people and then blowing them them blowing up. Well that's another thing.

so I want to be a m more of a DeFi user, I have time for that rather than kinda chasing all this you know sp speculation there, all the craziness going on, right? I have more time for that too. Another thing is um I don't intend to pick any fights like right now.

They're all gone. Yeah. I mean, I don't want to say it's only the good people left. I mean, like, we could go uh fight Richard Hart right now if we wanted to, but I don't have as much energy as that guy. He's gonna stick with it. But like

yeah, so uh anyway, that's it's it's a refreshing way to start the year. And speaking of which, let's talk about markets, David. All right, because we've got to get to the where we're starting uh in the market section. Let's talk about Bitcoin, and uh we should get get Kraken on that right now. Thanks to Kraken for showing us these prices. Uh, what is Bitcoin looking at like on the week?

Uh Bitcoin started the week at 16,600. It is up about 1.2% to $16,834 where we currently are. By the way, Ryan, since we're level setting because it's 2023, we are about a little bit more than one year away from the next Bitcoin halvening. Early 2024 is when the next Bitcoin halvening is scheduled.

I feel like no one's talking about it, David.

Well, the halvening's not priced in. It's still a year away. It's still more than a year away.

I still, I mean, I remember like previous happenings, the 2020 happening. I mean, there's such fervor. Like even 18 months from the happening, 18 months out from the having Bitcoin communities talking about it, but it's it's actually becoming less and less impactful over time.

Yeah. I mean, and that checks out, right? Because every halfing has like 50% less magnitude um than the happening prior. It's like an asymptote, right? Uh but also just like Bitcoin isn't as a center point of this industry as it was four years ago.

Let's look at the year for Bitcoin. Uh down on the year, huh? Big down on the year.

Big of yeah, big down on the year, down sixty percent on the year.

40,000 all the way down. Um how about ETH? What's that looking like?

ETH, ETH up three point nine percent on the week, uh going up from twelve hundred dollars up to twelve hundred and fifty dollars and seven days. This little pump here, yeah.

This is like on January 3rd. There's a pump. We had uh you know three to four percent rise in one day.

Yeah, yeah, exactly. And people are pointing at the ETH BTC ratio for there were just a bunch of TA about uh convergence on the ETH BTC ratio that was either going to break up or break down. Uh people were placing their bets, and turns out uh it broke up. It broke to the upside, which leads us to the ETH BTC ratio, which is up 2.8% on the week, 0.072 up to 0.074 where we are today. Uh and so yeah, that's that's the state of the markets with uh Ether and Bitcoin in the ratio.

Well, uh let's talk about some other metrics and we'll do a yearly recap here. So uh how about the total crypto market cap? Where are we under a billion?

Oh yeah, under a billion, eight hundred and fifty billion on the total crypto market cap.

How does this compare on a year over year? So when we look at the performance of 2022, some numbers coming in. So the S P 500, David, was down. So this is stocks down about 18% last year. NASDAQ, so this is like tech stocks, remember, growth stocks, which boomed like crazy in 2020, 2021, down 33%. So stocks down bad ish, but not compared to crypto. Let's take a look at some of those numbers. Total crypto market cap, David, down 65% for 2022.