ROLLUP: Elon Twitter Takeover | Instagram NFTs | Art Gobblers & Goo | JP Morgan Crypto | Bitcoin's Birthday

Elon Musk is finally in charge of Twitter hey bankless Nation it is November 2022 already David Ryan it's the bankless Friday weekly roll-up where we cover the entire Weekly News in crypto which is always an ambitious Endeavor yet we persevere into the frontier of crypto nonetheless with what Ryan a cup of coffee the packing one do you have one yeah it's just something you say you're not taking your own advice David no I had I brewed one

one pour over in my Chemex and I drank the whole thing and that's enough you gotta loot yourself I mean but like a few weeks ago you came in here with three you really yeah I I drank like two or three sips at the third and I had to pour it out because like this is gonna regret this to give me too much yeah yeah diminishing returns on the flavor the flavor it's yeah and it becomes not even about the flavor it becomes about the kind of the caffeine yeah and then you like you know you start to know you have a problem um and then you're just owned by the caffeine and you know on bankless run I'm just not about being owned the

self-sovereign individual yeah right you don't want to be owned by caffeine Freedom Beyond by carbs you don't want to be owned by Banks oh my God what a freedom Maximus get these dopamine hits out of my face yeah well you didn't know you were signing up for an anti-coffee movement but I suppose you are even though David tells you to drink a cup of coffee with the weekly roll up David we got some exciting topics for the week first Elon Twitter takeover and what this means for crypto we're going to dive into that what else uh coming up after that meta and Instagram going full send into nfts

what does that even mean and then of course Ryan we were talking about this before the show you and I both like Rick and Morty uh did you know the Rick and Morty Creator is in the world of nfts in a big way are cobblers it's called Art cobblers gobble gobble gobble that was big I feel like almost nfts are back we're gonna get into all of that guys yeah it's not your typical nft drop that's for sure it's not it's not um this is not your typical airdrop finder either want to tell you about our friends and sponsors at earnify there are some airdrop finders in the market but they surface a

whole lot of spam what's an airdrop finder you plug in your eth address or your binance address or your Cosmos address any evm chain also Cosmos and it will automatically check to see if you are eligible for cool stuff like airdrops like nfts like poapps also provide you some alerting for things like ens this is the way to find your uncleaned airdrops David I've had a lot of success with earnify probably made me ten thousand dollars plus wow in perks

wow what you can do David is you can put your wallets inside of the earnify tool and it will find you all sorts of airdrops that you can collect here's ensere drop than I picked up uh some po apps that I picked up as well oh did we did we miss uh an ens on the bankless multi-sig that's what it says oh did we really uh oh we should have signed up for earnify a little bit earlier oh man that's sad oh we lost 4

500 oh no see what happens when you don't use certain if I've been using unify when you made the multi-sig damn well how should folks get started with earnifies so they don't make the mistakes that bankless has made in the past yeah because as we clearly have uh we've already knew this but also just as a reminder airdrops also expire which is why you need an airdrop notification service to be the Sentry for all of your wallets and all of your airdrops so the link in the show notes earn I dot f I earn I dot f i to get started plug in

your wallets uh sign up so you can get notified so you never miss an expiring airdrop like Ryan and I did on our bankless multi-stick whoops embarrassing that is embarrassing all right bitcoin price what are we looking at this week David Bitcoin start of the week at 20 600 down 1.7 ish percent to twenty thousand three hundred not that much not that much that's nice down a little bit how about eth flat start of the week at 15 50 ending the week at 15 50. 15 50. interesting line number 1550 and then so

what does that mean for the ratio uh ratio is up 1.7 start uh starting the week at .075 ending that we get .076 probably noise I mean ratio is still climbing a little bit but like not much on the week uh does this mean anything to you um I mean we like that 0.75 and above number that's for sure how about uh total crypto market cap we above or below a trillion uh above a trillion 1.052 trillion up about one uh ten ten billion dollars versus last week the highest on that uh trillion is we got to

3 trillion last Market cycle wow 22 that was back in November 2021. do you know that was the top yeah I'm a reminder that Meme of Wolverine just like longingly looking at that picture yeah do you know are are you like so I wasn't really excited about that excited at the top no I I just felt like there was still like there was a lot of froth I mean yeah it felt good at the Algos it felt dirty it felt dirty just like the Ico Mania filter they felt mini it felt dirty in like late 2017 and it felt also

dirty in like late 2021 like I was happy about some of the but but there's there's clearly so much that needed to be flushed out and uh so yeah once again this is kind of a healthy process let's talk about the FED it's what they're doing healthy I'm not so sure we'll see stocks tumble after fed signals rate hikes are here to stay so the FED of course announced that they are increasing rate hikes they're increasing interest rate by 75 basis points that was pretty much expected and just to go

through a recap of History the 2022 hike so far March we went up 25 basis points of 0.25 percent in May 50 basis points then we had four straight uh basis point hikes of 0.75 75 basis points and so now the FED fund range is 3.75 to 4.0 percent that's where we are now at first stocks were excited about this and kind of happy David and then prices took a

tumble up especially when particularly when Powell said we have a ways to go this is not quite a direct quote it's it's sort of a a summary he said it's premature to think about pausing rates the possibility of a soft Landing is narrowed because inflation has not come down with the rate hikes that is what we're looking at an analyst said there were no hints of dovishness to indicate that the FED may be poised to pause what do you think about this yeah I mean

I think this is par for the course is more or less what we've been expecting there's nothing really new here I think the market is starting to get like fatigued about like asking the question pivot soon uh and like there's like there's two players in the market there's like ha like crypto prices went from 1300 to 1600 like we're off the floors like the bear Market rally and people are just like all being super naive that like the global macro economy still kind of go into [ __ ] uh and like that is a long process not a short process so we're like punctuated by this

overall bear Market by like short-term blips of like liveliness in in markets but then when we zoom out we're like oh it's still bad still pretty bad well what do you think about our uh episode with macro elf earlier this week was that sort of um is that was that what you expected or was that more bearish than you expected yeah that's kind of where I started thinking about like ah like this there's if you zoom in on the charts things don't look so bad things look like kind of choppy with some ups and some things to be happy about but if he's the more you zoom out the more it looks like damn and we are in a

downtrend and that downtrend has not been broken and macro Alpha and other people are like yeah guys the downtrend uh is going to continue being a downtrend yeah he's like it's part of the cycle and that's what 2023 is going to be is as well it's either flat or down we're not flat it sounds like 2023's flat is like best case scenario yes and then macro elf thinks that there could be a cyclical change you know starting around 2024 but we still have a ways to go is like the meme is like yes the pivot is coming but not yet if the pivot's coming when like Bitcoin is

below ten thousand dollars who cares well you know that might Mark the floor here's a take from Pablo macro okay quickly on the FED no pause coming harder Landing is likely is what was said among many other things but what was unsaid here's what was unsaid Powell was asked about a plus 50 basis point in December and he dodged saying it's about the pace what level we got wait we get to and how long we stay there but he left it open but also he'll have to open 75 basis points and he implicitly left

100 basis points open in all caps here he does not know the road is wide open so the chairman is leaving all possibilities on the table no dovish talk um and he also talked about inflation is where it was a year ago if that is Powell he needs to go to eight percent three percent real inflation he will do it because he has an alphabet soup of programs he can use to pick up the pieces he would rather break stuff and then patch it back together because that is easier than letting it get entrenched

so I think Apollo macro here is saying that the FED will like from everything that Powell is saying he is incredibly hawkish and he wants to break the back of inflation uh and he's not going to change course until he starts to see inflation uh recede and he'd rather get to the point of actually breaking things because it's easier to piece them back together uh than to cause kind of of you know the precipitous than to correct the precipitous problem of of inflation which we're plagued with so there's that

take David I guess my only counter maybe to this take is just because Powell wants to break inflation and he wants to be hawkish doesn't mean he actually gets to do that so it's not like Central Banker Jerome Powell has infinite power and the ability to do exactly what he wants there are constraints and one of the chief constraints is political will so what happens if the politicians start to push him back try to rein him in we've seen

reaction to the politics of of the scenario from Powell before and I think that could mean like just because Powell is saying these things just because this is his intent what he would do if he were Emperor God King he is not any of those things and has to respond to the political climate as well which might mean a pivot will come sooner than he would wish what's your thought yeah that was the other thing that stuck out to me about the macro Alf um uh episode that we did and it's just like so aligned with everyone who's in macro like dalio Lynn Alden all these

people that are like long-term cycle focused people like there's this universe acceptance that like once you go above the Federal Reserve it's the people and it's the structures of power and it's like the people that are in power want to stay in power and the only reason that they stay in power is they make like the plebs of the world not upset which makes like Powell a beholden to the emotional like aggregate of the entire economy uh and so like the the riled upness of of the people of the

world actually does matter is like part of like fundamentals it's like how riled up is the people well and that goes to kind of the next chart we wanted to show this is a chart showing the uh personal savings rate that's the blue line here that you see personal savings rate of citizens in the US and then the red line here is the Consumer loans rate so this is credit cards other revolving plans and look at this this is pro the past since um since the early 2000s I'll scroll this all the way to early 2000 uh

and you see the Blue Line personal uh savings rate you know kind of like uh edging in between um five and let's call it ten percent or so and then during covid look what happens stimulus checks uh 2022. a personal savings rate of about like close to 35 percent at its peak and that was in March of of 2020 when Americans had a lot of money in the bank and plus you also they started to pay off their

credit cards another debt you can see like as personal savings jumped up to like basically you know all-time highs since this chart shows it's the one time you actually see Consumer loans actually go down yeah so credit card debt is being paid off a little bit here but what you see from uh March of uh 2020 up to now is this not not so gradual I would say pretty steep decline in personal savings right all the way David to where we are now is uh we have less than five percent low since 2002. 3.1

percent personal savings rate so we meanwhile the Consumer loans line just skyrockets to all-time highs so now we're even in a worse place and to get a benchmark this is kind of like it's not necessarily all-time all-time lows but uh for the past 20 years yeah right we're we're at the chart lows and this is lower David than or about the same as 2008. okay which is pretty crazy to me so at the same personal savings rate right now as 2008 and do you remember what 2008 felt like

I mean I was a naive little kid so it did not feel like Good Times yeah it did not feel like good times and so we're back there again so this is what um Powell I think has to has to balance fed actions and all politicians do is like uh Americans I think people around the world but this chart is um the US in particular there's a lot of pain right now people are out of savings look at this debt David this the Consumer Debt is at all-time highs as well if that that is the most aggressive line up and to the right on this whole chart and like the thing is like we're

at this point now where we're like all time like chart highs on Consumer loans loans chart lows on personal savings rate and if it just like stays here if it stays flat that's like you know the like boiling the Frog like if it stays here it's bad like and it's and it's trending upwards I mean no wonder this is uh from our Ben Hunt episode no wonder everyone's at each other's throats yeah yeah I mean like we're not growing the pie we're dividing the pie we're not growing the pie we're absolutely dividing pie that's what's happening right now anyway that's the

macro situation look at a bit Grim so let's talk about some brighter news on the uh the crypto side of things and what's this number we're looking at yeah this is pseudo Theos tweeting out the real flipping already happened layer twos now regularly execute more transactions than layer one ethereum the day has finally arrived we got more transactions on ethereum's layer twos than its own layer one arbitrum leading the way uh with I think of past a transactions per second 4.5 transactions per second versus ethereum's 11

basically 12. but that's because arboretum's not even congested I think the numbers for arbitrum is arbitrum has scale for up to seven ethereums 11 ethereums although uh the technical teams will say that that met that metaphor doesn't make any sense but it's still useful and so coming up after arbitrum's four and a half transactions per second we have immutables four transactions per second optimism three and a half dydx is 2.6 when you add all these things together ethereum's layer 2 ecosystem has been doing more

transactions than the ethereum layer one cool and that's been the case uh since yeah wow that's been the case for a while yeah oh the reason why we know this is because layer 2B this website that we go to all the time layer 2b.com ship this new thing called activity in this new tab called activity so we actually get to like consume this data a lot easier so thank you layer 2B for shipping such a great feature yeah the red line is Layer Two transaction activity and the blue is ethereum and it's been higher than ethereum since um October since almost a month now click

on arbitrum see if we can see the transaction activity address of arbitrum uh activity no activity oh yeah activity all right oh that is great oh these are some great charts uh so arbitrum activity looking like it's kind of coming to its bait yeah it's all-time highs hit Mac hit that Max just make sure Max number oh yeah oh that's a great looking chart nice job arbitrum look at that look at that activity that's awesome Harper trim is like uh 62 I think of all um all ethereum transactions right now

um that's pretty impressive when you add it all together average transactions per second on layer twos are about 16 versus ethereum that's 11 so this is how ethereum is scaling right now it's it's really exciting to see layer two's uh catch on like this um also taking a look at total locked value did you know speaking of arbitrum arbitrum just surpassed Solana in terms of total locked value David do you see this chart what's interesting to you about this one uh let's see the interesting thing is that binance smart train and Tron are such a goddamn large

person uh buying a smart chains okay Tron uh but Arbitron yeah coming in bigger than Solana there's a lot of uh old OG bankless Theses finally coming into fruition here yep so it's fall but I guess Layer Two summer is finally here question mark David um what do we got coming up next coming up next we got the Elon Twitter takeover and all the drama associated with that is Elon rumored Ryan or Elon is rumored to be be laying off 50 of the staff tomorrow our tomorrow listeners today uh

so we'll see if you follow through with that uh Instagram and meta full sending into nfts we'll talk about all the features and capabilities that they have unlocked and art gobblers you gotta feed the art gobblers there all right we're talking about what the hell that means all this and more but first we're going to talk about some of these fantastic sponsors to help you go bankless nexo is your financial hub for all your crypto needs nexo lets you buy crypto instantly with your credit or debit card or via bank transfer and they also have an awesome Advanced trading platform nexo Pro where

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be a bunch of drama over the next five days so we've decided to wait uh so uh Elon Musk coming in hot into Twitter firing people left and right pew pew pew he's fired agrawal the former CEO he's fired the previous Chief Financial officers he's fired the head of legal he's fired the general counsel he's fired so many more other people I saw my Twitter account right well he says he says he he was did say he's going to fire 75 he's paired that back

to just 50 percent he's gonna fight of all Twitter staff he's gonna fire on Friday tomorrow our tomorrow listeners today uh so that's what he said did you see all of these memes about people like fake memes of people getting fired like leaving the building yeah so like apparently people like put up like they like um some people like showed up outside of Twitter headquarters with like boxes and they put like the office equipment but they actually weren't employees it is supposed and they got like mainstream media reports okay uh and then okay but

in addition to that Elon Musk says uh has reportedly brought in over 50 Tesla Engineers really into Twitter to bring Tesla's Talent into Twitter talent and I think that what he's thinking is that like you know Elon Musk is just like if you work at Tesla like you perform like that is the that is the expectation same thing with SpaceX and that so I think the vibe is that like Elon thinks all the Twitter Engineers are just like lazy and they've just been like lazing around for the past like years and years and years so he wants to bring his like you

know super military engine here's people he's like you're super this is what private Equity always does right they'll acquire and then they'll like fire all of management and bring in their people to run things he's kind of doing a private Equity play here right yeah it kind of sounds like that uh like I've heard that there's like certain features that he's put deadlines on and whoever doesn't like ship and get that deadline done is like fired so like yeah coming in coming in hot into Twitter he's also ending all remote work which is an interesting thing for a tech company to do requiring remaining employees to show

up at their offices people are gonna hate that yeah people are not gonna like that anyways uh he tweets out uh the bird is freed and he's just been tweeting on Twitter which is now his company uh all about like oh freedom of speech we can talk about carbs now that's an inside joke if you saw that tweet but just like how like there's not going to be there's gonna be like less like content moderation but uh anyways there's a lot of chaos going on people don't really know exactly what the the net effect of all this is we're still kind of waiting and seeing it's still pretty early I mean first of all

like I would say it's like Twitter is kind of like crypto's governance engine yes and it was so important this is where we have the public discussion but there are certain questions about what does this have to do with with uh with crypto and can crypto help solve some of the problems that uh that Twitter is facing right now maybe web3 identities uh maybe other things um but this was interesting this from binance what are we looking at here David yeah binance Twitter account says GM Twitter and then it's a picture of CZ buttoning up his suit uh and then a picture of Elon poking through a little Twitter Tweeter

Twitter logo window the reason why this tweet exists is because binance put in 500 million dollars towards Elon Musk acquisition of Twitter so through Elon Twitter binance owns 500 million dollars of Twitter Equity wow that's a loss I heard this was um you know I guess Twitter the Twitter Elon and the Twitter deal took cz's money but didn't take spf's money that at least is is the rumor so SBS spf's money yeah but he took cz's money I wonder if there are

strings attached to that but here's a headline from Bloomberg crypto exchange binance is creating a team that aims to help Twitter with things like bots so binance maybe CZ sending his army to go help Elon as well what do you think about that that makes sense um I don't know what to think about that Bots are definitely a problem it Bots are a huge problem does is that why binance is involved though because binance has like bought expertise I'm not not I'm not sure I don't know anything I say is speculation yeah for

sure we'll have to see how it plays out but how about this tweet David I want to get your thoughts on this this is Elon Musk Twitter's current Lords and peasant system for who has or who doesn't have a blue check mark is [ __ ] power to the people blue for eight dollars a month blue check mark So for people who aren't into Twitter David what is the significance of a blue check mark what is kind of like the status quo of how you get a blue check mark and uh what is this eight dollars per month thing that Elon is talking about the blue check mark is a verified account and it's

really been reserved for high profile accounts that we need to have this mechanism to easily verify that that is the authentic real account so that has been the purpose of a blue check mark uh I I think the main the main point is to like if you are a high profile account somebody will make like a replica accounts and like uh like impersonate that high profile account to do whatever influence scam fish like Ryan and I each have like hundreds of fake accounts that

are impersonating us uh and so the idea of the blue check mark is just to make it easy to verify who is actually the real one and who's not the problem with that is that it doesn't really work like that because of how corrupted it is if you want a blue check mark you can buy one in like back alley Twitter Channels with Twitter employees for twenty five thousand dollars ish you know I don't know what market rate is uh but like oh God yeah you got some you got some bad ones bad impersonators um and so like the Twitter blue check mark thing has kind of turned into just

like a celebrity like Chad thing but then you can buy your way into it's not really it's no longer working as more like a social signal it's a social signal yeah and also it's just like completely falling apart in the past like two months it's actually impossible to get I've tried like five times and I think like you and I many people in crypto have a valid case and that like there's going to be we have the most valid case we have the most impersonators there there are many impersonators and like these impersonators are causing harm to people or like fake Ryan Adams I don't know how many times I I a day literally I get to yesterday I probably I'm telling me hey

there's a there's a fake Ryan out there and like he just dm'd me is this you and he's like ask them something about your trading your financial history trading strategy it's you know super lame like you know I I don't I wouldn't talk like that but also no that's not me uh but it's impossible to go through the process and get a blue check mark uh been denied like five times don't know why just goes into a black hole so what is the eight dollars a month where does that come in yeah we don't really know that's that this caused a bunch of consternation a bunch of confusion because the point of the check mark is that you can't get it you have to be

like given a check mark by people that verified you and so like blue for eight dollars a month first there's this thing called Twitter blue which is the thing you pay for which I pay for which gives you some extra perks you can get your nft profile picture there you can like edit your tweets uh stuff like that um what Elon it seems to be implying is that for eight dollars a month you can get a blue check mark but then that kind of defeats the point of the blue check mark there's a lot of details that we need to figure out why do you think it defeats the point of the blue check mark I mean my take on it was

um it costs money to do identity checks right for individuals right now it's just a black hole you try to go through a process you try to submit you never hear back you don't know why you've not been submitted and so for eight dollars a month you can go through the process and it can be funded to do the identity check and so it's just like they're creating a funding model for it and it's easier to go through that process now you know Skeptics would say well now rather than having a bunch of fake David

Hoffman's you're gonna have a fake bunch of fake blue check mark David Hoffman's so what have you accomplished but I guess like one minor counter to that would be to say well are all of these Bots going to pay eight dollars a month for this so there is some like proof of stake uh skin in the game of like at least eight dollars a month and then Plus in order to get a blue check mark I assume you still have to go through some sort of like human slash algo verification check and presumably those other fake David Hoffman wouldn't be able to to meet that Mark that's at

least how I interpreted this if yes if that is how it is then that is great I think there's a lot of like speculations as to what this will be if that's what if that is the net effect of that then I'm 100 it's better at least right it's not perfect but maybe it's better yeah well let's read out vitalik's take on this about the eight dollars yeah vitalik says how well this works depends on exactly how much due diligence is done to make sure blue checks are who they say they are yeah pay dollars eight eight dollars a month and call yourself whatever would damage the blue checks

anti-scam roll but if there's more actual verification then the result is very different yeah that's what we were saying yeah pre-measured uh maybe I stole from Metallica right now so so this caused like a bunch of controversy everyone everyone's having has an opinion about it right uh and so Elon Musk says to all complainers please continue complaining but it will cost eight dollars so Elon just turns into like complete troll mode which she's fantastic at uh well what's interesting it's like why are people complaining do you think is it because they is it

people who have a blue check mark are complaining because they don't want to pay and they just think it should be sort of a public good you know for like journalists and for um high profile people who need it are they mad that it's like previously been a social status thing and now that's getting rescinded and it's becoming more more common or do they just hate Elon Musk just they hate the guy I think there's a lot of that going around it's kind of like narcissistic billionaire trying to like promote free speech in quotes take over

social media and it's kind of like a political left first right thing what's your take on that uh the answer is definitely yes yes people just want to complain that's what Twitter is it's the platform for complaining anyways here's Eric Voorhees take he goes remember that Elon Musk charging eight dollars for a premium Twitter experience means Twitter becomes the product again instead of you and if it eight dollars is too much you remain as the product which I think is a good take yes if we have to access Twitter with eight for eight dollars a month

that makes us the the people that are important rather than the advertisers however a large part of Twitter is like let's make sure everyone has a voice here so like there's a there's an interesting line that needs to be locked between not being the product and creating a free and open platform well I mean that is the point how much how much are you paying monthly for your attention when you are the product like how much does Twitter Harvest for me in the same way meta does and other social media sites and that's Eric's Point here is there's less of an incentive to do that yeah this is uh David sacks from

the all in podcast uh who's also pushing back on The Pusher backers and says the entitled Elite is not mad that they have to pay eight dollars a month they're mad that anyone can pay eight dollars a month uh yeah yeah look how many likes these things are getting like everyone well it's about Twitter right so like literally everyone on the platform is it's relevant towards AOC comes in uh to give her take and goes lemao at the billionaire earnestly trying to sell people on the idea that free speech is actually an eight dollars a month subscription plan to which Elon Musk