ROLLUP: BitBoy Lawsuit | Ethereum Merge Updates | Biden Cancels Debt | Tornado Cash Fallout

Some bad things happening, but also some good things happening.

Happy Friday morning to you. It is the fourth Friday of August. And David, the special time. What time is it?

Ryan, it's the Friday Bankless Weekly Roll Up where we cover the entire weekly news in crypto, which is always an ambitious endeavor. Yet we persevere into the frontier every single week, nonetheless, with a cup of coffee, of course.

Yeah, I hope you are enjoying your cup of coffee. By the way, David, did you get a cup of coffee when you went in the mountains? Last week you were in the mountains. Do you like what'd you take with you? Did you enjoy any coffee or any uh

So we we had coffee, uh, but then we ran out of water. So we had to like walk we had to skip the coffee and walk out of there. Yeah. Uh huh.

I guess you need water? Is that is is coffee higher on Maslow's hierarchy of needs or is it lower?

Well it definitely makes you lose water. So you definitely, if you're short on water, you gotta you gotta skip the coffee.

How was the trip though?

Oh dude, it's super good, man. Uh we were five thousand, five and a half thousand feet up, but we're like the zero is we started started at like three thousand, but like we're in Washington, so basically like really close to sea level. You can see the ocean from the top of the mountain. Uh it was great, man. It was great.

You're you also uh had cell service, I heard. Because you're checking in.

Yeah. So I mean we were we were so high on the mountain that like we had sightlines with Victoria, British Columbia. Uh and so we actually were able to get service. And so when I wake up on Sunday, I just like look at my phone to check out the time. And I have like a widget on my front screen that shows me the uh shows me the ether price every single

Checking prices on

Oh no, I know it it's like I can't not check prices. It's on my home screen. Like it's the first thing I look at.

data from your home screen.

No. No you no I can't.

Okay, it's hard coded into the OS.

And so I I wake up on Sunday morning like sweet, we're down like ten percent, like big ass red candle. Excuse my language, sorry.

Yeah, you knew it, huh? It was right uh right after the roll-up too, when we prices were up. So and then we had a crash. But you you also saw some like uh strange activity while you were out there.

Dude? Okay

I don't know. This sounds a little conspiracy theory to me. So can convince me.

This is what this is what we were worried about. Okay, so it is 9 46. It's dark out. We're on the top of the mountain. And you know, we're watching a shooting star here or there. There, there's a shooting star. There's a shooting star. It's nice. Super cute. Um, and then uh we see this very slow line in the sky. I'm like, wow, that is the slowest moving shooting star I've ever seen. And then it just doesn't go away. Like shooting stars go away like a second or less. This thing, we saw it for 90 seconds, maybe a little bit longer, and it was just like this long line. And it had this weird trajectory. It was like first it was coming down across the horizon like a shooting star, but then it changed direction and started moving toward us, and then it went right over us, and it was this line of light. And as it got closer and closer, it turned from a line to like a series of dots. And then it it looks like we were like right below, like you know how those planes like trail um assigns, like you know, Mary, me, Susan, or something. Yeah, it was it was like that, but lights. But who who has ever seen those with lights on them? So like that was hard.

So what are you guys thinking there? Like there there has to be a the group of five of you. I know one of them is

Freaking out, dude.

UFO believer.

I am a I feel like a very sane grounded individual and I'm like I don't know I don't have an explanation for what this is. This is it can't be a plane.

Think it's possible?

I don't I don't know. Like it is by definition an unidentified flying object because we didn't know how to identify it. So we were all like, dude, like the there's no explanation for what this thing possibly is. Like 30 to 40 dots in a row flying at a uniform. There was no sound, no propeller engine, no jet sound, like didn't make any goddamn sense. Uh and so we well, we had service, so we started pulling up Twitter and we typed in like UFO uh Olympic Peninsula, Washington, and like 50 other people's videos and photos of the same exact thing all showed up, and like people freaking out, like, what the hell is this? What the hell is this? And then we saw like people also saw it in like Albany, New York, and like Minnesota, and we're like, what the hell is going on?

That's weird.

And so the

This is in the middle of the night.

middle is the 9.46 p.m. 9.46 p.m. Uh, because I have the video like tagged. Uh and then and then because we're we're eventually figuring it out, it's like apparently it's Starlink launched like 58 new Starlink satellites. And when they launched them, apparently they launched them like ducks in a row. And they they start very close together, but over time they spread out. Uh, but like it took us forever to get there. And also, that's what they say allegedly, like it's a very, very like coincidental cover-up story. And then the next thing that happens is that we see again exactly 24 hours and two minutes later, when we go back to the cabin, and we're sitting out on the beach under the by the campfire, and we see it again. We see it again. It it was one of the most like

It's just Elon Musk messing around.

Messing around with game

Not aliens.

ri rich people playing rich people games, I guess.

Yeah, I guess so. But you know what? This is um this is not gonna become a UFO truther podcast, I hope, David, unless you are

Like what's the probability now you think this was a UFO versus Elon?

Uh I mean I would expect so when we we were up there, we were like, okay, we're gonna get back to like civilization tomorrow and like either aliens are gonna be here or we're gonna have like a rational explanation for this. And aliens are not here and no one has else has said it's not Starlink, so like I'm going with Starlink.

All right. Well, bankless listener, if you've if you've heard this story, you have other information for David to feed his uh alternative ideas, then please uh send it over to us. But we're gonna get to crypto right now. First thing on the menu. Yeah, you remember crypto, the other big conspiracy theory out there. Uh the tornado chill, tornado cash. Just got a little bit colder, some bad things happening, but also some good things happening. Maybe a page has turned, some people are fighting back. We're gonna talk about that. David, what else are we covering?

TribeDAO is shutting down. There's a proposal from the TribeDAO team to shut down and call it a day, much to the consternation of the tribe community. So we're gonna cover that and like how the proposal actually looks like to wind the thing down. And then BitBoy, the you know, do you know BitBoy is crypto's biggest YouTuber account? Uh filed a lawsuit on a n against another YouTuber who made a video of him talking about him being a scammy pump and dumper. Uh and then BitBoy files a lawsuit of like citing like defamation and like destroying BitBoy's business. Um and then all of Crypto Twitter, Ryan, shows up to defend this other uh YouTuber who's not a crypto YouTuber who made this video about BitBoy. Uh so we're gonna cover all of that drama. Uh and this uh and Kobe who just yeeted a hundred thousand dollars to help defend this uh innocent crypto YouTuber. Um high drama. High drama in crypto Twitter this week.

Awesome. I think we also have some merge updates, of course. Some coming out from the Ethereum Foundation, too. So a uh a date is definitely being proposed. All right, David, let's get to the markets today. Bitcoin. I'm seeing some red candles. I'm seeing some red candles candles.

Some damn. Yeah. Right after we recorded the weekly roll up last week. So like when bankless listeners opened up the weekly rollup Friday morning, like all of our numbers were all bad. It was all bad. Yeah. It happened like Friday. Yeah. Um, and so uh let's see. Uh Bitcoin started the week at twenty three thousand and a half, twenty three and a half thousand dollars, ending the week at twenty one point six thousand dollars, down eight point two percent on the week. Oof, oof.

That doesn't feel good. Down almost double digits. And Ether, I think, is down double digits.

Just down double jizzits. Yeah, start of the week at 1920, ending the week at 1700 where we are now, uh down eleven point four percent on the week.

David, what happened to my merge trade, man?

Did it

last week?

No, it's fine. It's fine. We're we're back fourteen days. We're back fourteen days.

Just back in time, 14 days. Not a big deal. That's what happens when you're too uh zoomed uh too closely to this. But how about the ETH Bitcoin ratio? Because that's a that's a tell for whether we're in merge season or not.

All right.

Yeah, where it started that last week at point zero seven nine five down to point zero eight seven six. Uh so down one percent. But if you look at the chart, like you zoom in, it was basically 0.08, went all the way down to 0.073, and then recovered to where it is now at 0.0787. So like like went down a lot and then recovered a lot. Uh and so to me that like pressure, that buy pressure to keep uh the ETH BTC ratio at its like local highs, I think is the merge trade. That's

It's kind of strange. Like what

that's merge strength. Merge strength.

what happened here? Like, why did this happen on Friday? Last Friday? This big candle

I don't know. I don't know. Markets gonna market

happens. Markets are

crypto does go down. Did you know?

Sometimes on a daily, hourly, minute by minute basis, even it goes up and down is what they tell me.

Sometimes it goes down for an entire year.

I'm back to David. Why do we even do numbers, huh? Every week. Uh how about the total crypto market cap? While we're doing numbers, what is that looking like?