ROLLUP: Coinbase vs Apple | Crypto Market Bottom Signals | Genesis Fallout | SBF Scandal | Reddit NFTs

This is one of these tweets where like I just like sit I just sit and pause and be like, who the f who the hell is this Ryan Shawn Adams man? My mind goes to like, all right, he's an AI, so he just like did Google searching and came up with this, so that would that's just normal. Or he's a Taylor Swift fan and like had this one ready to go. Or he's a do he's a dad of a of a teenage daughter.

It could all be all three things at once. We just don't know. And I think you have to be comfortable, David, if we're gonna continue this podcast every week, is living in that ambiguity.

You know, like you just don't really know.

Bangladesh, happy second Friday of the month. David, tell 'em what time it is.

Oh, it's the Friday Bankless Weekly Roll Up where we cover the entire weekly news in this goddamn bear market, which is an especially ambitious endeavor, yet we persevere. Nonetheless, no matter what corner of the globe we're tuning in from, which is a little bit different for me this week, Ryan. It's one of those.

Yeah, you're West Coast. You went

I'm West Coast. Beautiful, beautiful city of San Diego. Yeah.

Yeah.

Much to the demise of my mother that I didn't decide to go back to Seattle.

Yeah, you went a little south of uh of your mom. But you know, she could always meet you in San Diego, right? It could be a rendezvous point.

Yeah, that would be insulting to her.

Okay, so the intro though, you said bear market, but we sounded so like like upbeat and enthusiastic, and I felt some energy there. Like I feel okay. Do you know how I feel coming to this episode, David, is like

uh a weight has been lifted off my shoulders.

Oh yeah?

Oh, I feel light. Uh November was not a great month for crypto.

No, that was that could have been the worst month ever, in fact.

Do you know how you feel like after you say you feel after you fast for a couple days? You got kind of the energy, you got I don't know if you've detoxed.

I call it I call it my manic David. Yeah. In

a good way, in a good way.

Yeah, once in a while, not in a Kanye Kanye West way. But like once in a while, uh you know, you you'll DM me and you'll be like, it's yeah, I've got some ideas. I'm like, okay, it's Manic David. And it I don't say that. I'm like, it's fasted, David. Anyway, that's a little bit how I feel. I feel like we've got detoxed and like I'm just feeling, even though it's a bear market, it's all

Clarity in thought, uh like long-term time horizons, yeah, just like fundamental optimism. Yeah, okay. All right.

excited about 2023. Are you feeling that vibe or is it just

I I want to get to 2023 so bad. Not because time is a construct, but like, I don't know, June, January 1st, 2023. Like, I can we get there, please? Because then everything just goes away and we just reset, right?

all right, yeah, yeah. It goes away. We could forget

Crypto prices are up only. This is what I'm promised.

we pay we get some uh sensible regulation for DeFi past um well. No, he can't, he's Canadian. I don't know, man. A lot of good things maybe in 2023. We'll see. All right, let's talk about the topics of the week though.

This is the state in the bear market where we just make shit up, dude.

No, this is a real thing that happened. Apple versus Coinbase. Apple thinks it can tax crypto, David.

Mm-hmm.

What do you some who's gonna tell them? Who's gonna tell them that they can't tax ETH gas fees? We're gonna talk about that.

No one seems to be able to tell Apple no, which is kind of the crazy thing. Uh and so we're gonna have to talk about that. Uh also we got some data, some some uh fallout, some actual numbers to talk about when when it comes to uh contagion out of Genesis and Gemini Urn. So we'll give you the numbers that we occurred uh that was reported, and then also coming in hot. You'll never guess, Ryan, who SBF hired as a lawyer. Uh I kind of feel like this this whole SBF story is coming to a close. I might have said that before on previous roll ups, but like everyone last week we were confused as to what the hell SBF was doing on his like public tour of talking to everyone. Now I feel like we kind of know what he's up to, and that and we've got some clarity there. So that's what that's what's coming up in the big news of the week.

And he's got his lawyer. You don't you don't hire a lawyer when things are going well? So uh we'll see who that is in the show. You'll never guess the name. Pretty crazy, actually. Hey, but before we get into it, gotta shout out our friends and sponsors. David, let's talk about markets before we get into building. What is Bitcoin looking at this week? We got the happy music or sad?

Bitcoin, yeah, it's got no music. It is flat. It is super flat on the week. Down zero percent.

Like literally zero percent?

Yeah, it was it came pretty damn close to zero percent. Yeah.

And so what is that? What number are we looking at? About

Uh seventeen oh yeah, the number. Seventeen thousand.

17,000 even. That's pretty crazy.

Mm-hmm.

Uh how about ETH, up or down?

Uh sad, sad so it sounds for ETH. Uh down two and a half percent. Start of the week at twelve ninety, ending the week where it currently is at twelve fifty. Although it is surging as of this morning up to twelve fifty seven.

Alright, well, I can calculate the ratio in my head. I bet it's down two and a half percent. Am I right?

That's about right. That's the correct math.

This is math that I can understand. Yeah, my ratio is down about two and a half percent on the week. We are down to.074.

No real signal right now. We're just uh hanging out in December. This is interesting. A flat week is interesting in these types of markets. Uh so do we feel like this is consistent with what we believe has been the case, where the last domino has kind of fallen or it's you know it's wobbled, and we kind of know the contagion that's already happened, and we're getting into this flat period of time. What do you think?

Um sorry, I just got distracted by TradingView because I have it open on my phone. ETH just pumped to twelve eighty three. So we are uh only down one point five percent on the week, Ryan.

Again, and none of this will matter by the time you listen to it.

Why do we do this?

I don't know, but we're gonna keep doing it. Every week we'll tell you 24 hour out of date numbers, and uh, you know, you can enjoy them or not.

Uh

Is are uh is this emblematic of uh so yeah, you know, bad news, but it's uh it's going on like still like everyone hates crypto, out risk regulation, all that stuff, but price prices are flat. I feel like that's a pretty acceptable sign of like strength. Bad news, but flat prices equals some signal of strength, yeah.

yeah, flat prices is better than down prices. That's the uh kind of analysis you guys tune in for uh every week. All right, we are uh under a trillion too. What's the crypto market cap? Give us those numbers, David.

Can you hit refresh just so we're at 884 billion? If Ryan hits refresh, 889 billion. Look, we just added 5 billion onto the market cap, putting us at flat on the week because last week it was 890 billion.

Flat on the week. There we go. Flat, flat, flat. It's a flat week, uh, which is okay in a bear market to have. It's better than the alternative. David, um, we've got to

talk a little bit about the bottom signals because that's really what folks are listening to. And I think we've talked about it in the section of markets the last couple of roll ups. And uh, we got some more bottom signaly stuff. You decide to go.

Are these bottom signals or not? You don't really know until they're like for sure a bottom, but some hypothesis. The ultimate bottom signal caller is Jim Kramer. If he tells you to sell, you better buy. You better. It's probably a bottom. And uh Jim Krainer Kramer, of course, this is the host of Mad Money, who you know and love, uh, the great stock predictor. He says uh investors should exit crypto. In quotes. It's never too late to sell, is what Jim says. Um, I don't know. I'm super bullish after uh I'm hearing this from Jim Craner. What's your take on this?

So crypto Twitter and just finding Finn FinTwit just makes so much fun of Jim Kramer because he is the herd. He is the herd mentality, he is the middle of the curve. Uh and like he told people to buy coin at 450 when it IPO'd. Like he has all of these terribly wrong takes. And actually, if you think about it, Ryan, his business model for mad money makes sense because it he's trying to get attention.

It's not well.

And so like he doesn't want if you are contrarian,

you don't want to be a contrarian as like uh somebody who's trying to get eyeballs as like a T V show, right? You want to t dish out what everyone wants to hear. If every if you're trying to have maximum reach, maximum broad