ROLLUP: Genesis Bankruptcy | SEC Crypto Crackdown | Kevin Rose NFTs Hacked | Aptos Token | BAYC Sewer Pass

Kevin Rose has gotten his multi-million dollar NFT collection uh swiped, drained. Uh so that's uh that's unfortunate. We'll talk about that and we'll also talk about how you can protect your NFTs from getting fished. Uh because if Kevin Rose can get fished, you can too.

Bankless Nation, it is the fourth Friday of January. David, what time is it?

Uh it's the Friday Bankless weekly roll up Ryan, where we cover the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier with coffee. I've already had two cups. How many are you at?

Uh four or five. You know the answer to this. It's always the same. Uh I'm pretty regular, you know, like uh regular coffee drinking old chap is what I am.

How's your ember mug?

It's pretty good. It's it's retaining the heat.

Yeah.

Use it all the time.

This is not a uh this is not an ad.

It's um actually it's not an ad, no. Actually, um so what happened is my office is like right down the hall from my kitchen.

Uh-huh.

And I would go from my office to my kitchen like many times a day to heat up my coffee. I mean

Most frequent time you would leave your office is to go do that.

Well, but think about it, right? So like three times uh three three three uh different coffee heatings per you know cup of coffee times five, it's fifteen per day. Anyway,

my microwave button broke off, like completely like disintegrated under the pressure of all of the all the clicks. So um I had to order a three D printer part. I'm just getting it.

Image of this robot not learnt knowing how to like control its own strength and just like snapping off its microwave paddle as it tries to open the door.

No, I was going easy on it. But yeah, it's uh just wasn't built for that kind of uh that kind of pressure. Anyway, we're not talking microwaster coffee today. What are we talking about? Topics of the week, David. What are we covering?

Topics of the week. Genesis officially filing for chapter eleven. That saga is coming to a close, so we discussed the fallout, of course. Uh sadly, in other news, Kevin Rose has gotten his multi million dollar NFT collection uh swiped. Ryan, what else are we gonna talk about?

We're gonna talk about the SEC. They came in with a big old banhammer this week. Caroline Ellison, Gary Wang, Nexo, a whole bunch of action by the SEC. And we're also gonna be talking about a a fire speech from SEC Commissioner Hester Peirce. Stay tuned for that. And Doodles migrating to flow, Pudgy Penguins migrating to Arbitrum, Uniswap migrating to BSC. Is everybody moving from Ethereum, David? We gotta talk about that too. And of course, we got to remind you to like and subscribe if you enjoy this episode. If you're on YouTube, hit that like button, subscribe to the channel. If you're listening on the podcast player, then hit subscribe as well. All right, let's get to markets then Bitcoin, uh, as measured by dollars. We still measure Bitcoin in dollars, we don't measure it in Bitcoin.

Um let's see, where are we at on the week? Up or down?

U 9.2% to where we are now at $23,000. How are we doing this? This is like things keep on going up, man.

Ah, I mean I'm gonna start having to say bear market with a question mark at the end of it. Bear market?

Like what

Let's not get ahead of ourselves. It's like four days.

We'll talk about that. Uh well I mean it's been three weeks in a row.

Double digit. You're right, you're right.

Uh let's talk ETH price too. Is that

15030 was where we were last week. We are at sixteen hundred dollars, a hair above, oh, a hair below sixteen hundred dollars. We were at six above sixteen hundred dollars a second ago, up four point five percent on the week. So only up half as much as Bitcoin this week.

does that mean Bitcoin gained some ground on

That means ratio? Yeah, that means we are down below. You mad about that, David? I mean,

it's this just noise, brother. Just noise.

Do you still have any

that's outstanding on this ratio? I I didn't

ETH BTC ratio is like that is a multi year long long position I'm holding.

how are you doing that trade? Is it like uh

Compound. Uh no, excuse me. Yeah.

okay, well cool.

Uh yeah, so um you you're betting that ratio and holding for the long run, right? What's your time horizon on that? Multi year you say?

Until the lappening, yeah.

Not the flipping, okay? The lapping, right, which is what double

2x Bitcoin in market cap.

So ETH

Maybe maybe even the third lappening, who knows?

Okay, so what does that mean? ETH would have to appreciate by what? Is that five X and

So if we if big ether doubles versus Bitcoin, that's the flipping. From and then it doubles again versus Bitcoin, which is the Lappening. So that is f up four X from current Bitcoin prices, is when I will perhaps consider to unwind this trade.

perhaps. But then you'll feel like it's you know only gonna go up from there.

Yeah, exactly. Like I said, like b Ether doesn't stop at the flipping, it starts lapping Bitcoin. That's that's how it goes.

Can you imagine the in this industry on the day that that happens, the flipping happens? Can you imagine?

It would be the most healthy

and progressive thing to ever

I don't think it's gonna sound very healthy on like your Twitter feed or my Twitter feed

when that day happens. But um I'll be feeling okay about it. All right, global cryptocurrency market cap, we above a trillion?

above a trillion, one point zero eight uh trillion dollars. Yes, that's right.

That's a lot.

That's a that's a big number. Yeah.

And it's pretty big for it. Like, are you hearing anybody saying crypto is dead this cycle?

Yeah, Jamie Diamond said this last week. Yeah.

Oh, okay. Well Jamie Dimond's been consistently wrong in crypto from the beginning of time.

Right.

There's less of that than there was last time around, I think. I mean, there's fewer people saying crypto is dead.