ROLLUP: Huge Binance Exploit | David Sues the Treasury | Devcon Bogota | PayPal Censoring

The BNB chain was halted, halted, after a billion dollar hack.

Bankless Nation, happy second Friday of October. It is roll-up time. It's also a special DEV CON roll-up. David, you're hanging out in Bogota, Colombia at DevCon this week. How's it going, man?

Really good, man. Uh Bookata is a ton of fun. Uh, and DEF CON is just going absolutely fantastically. There's there's so much energy here at DEF CON, and it does kind of feel like the last like bonfire of energy in this bear market in the crypto space. But everyone is just really excited to be at DEF CON. The talks and content is just very, very rich. Uh, just people are stoked, man. People are really stoked to be here.

D

David, DevCon is an Ethereum specific conference, or is it wider than that? And then, like, this is the first time it's been in person in a while because of, you know, COVID and everything else, right? So this is the first time the entire Ethereum community is is there. So give us a sense of the vibe and to what DEF CON actually is.

Yeah, yeah, DEF CON is, I would say, like the foundation of much of the rest of global Ethereum conferences. It is the uh well, it's not only actually anymore, but it is the conference thrown by the Ethereum Foundation. So yes, it is Ethereum specific. In years previous, however, there has been many other uh exposures to other chains. Um EOS and and Ethereum Classic famously were had a significant presence and Algorand had significant presence at um uh when was it? Uh Osaka, uh, which was the last DEV CON that happened in 2019. There has not been a DEF CON.

Right. There's not been a DEF CON in three years. And that's it's actually made uh this Dev CON many, many people's first DevCon, including myself, which many people are surprised. Like, oh David, you like you've been in crypto forever. This is your first DevCon. Yeah. Uh and many other people are have also like not been able to go to the Dev Cons uh prior. I remember DEV CON 2018 in Prague. I had just gotten into crypto and I like I was just like, you know, couldn't couldn't convince my company to send this like person that they just hired all the way to Prague to go to DEF CON. Uh and then 2019 was Osaka. And like kind of kind of the same deal. Like if Osaka was gonna be a four or five thousand dollar trip and Ether was like a hundred dollars, I was like, I really want to go, but like that.

I'd have to sell some E.

I'd have to not buy some ETH. And so this is my my and and many others first DevCon. Uh and it's it's I mean Ethereum as an ecosystem is just completely different from last DevCon. Last DEF CON was 2019 at like one to $200 Ether, and there was no D F very little DeFi, absolutely no layer NFTs, no layer twos. Uh plasma was our scaling solution at the time. Yeah, right. And so like the it's just a fundamentally different DevCon. Uh and they made this really cool video. I'm gonna see if I can get the video from the EF uh and just do something with it. But they made this really cool intro video, and man, I got goosebumps, dude, of just like the road to DevCon and like what it took to get here going through like all like you know, ETH DevConnect, the merge, EIP. It was like a speedrun of the last like three years of Ethereum history in like this really cool animated like promotion video. It was really, really cool.

And I I know this is uh Ethereum community, Ethereum ecosystem, and it's it's heavily like a dev, the dev and devcon stands for developers. So it's it's a heavily uh developer centric kind of uh conference. Like how many people are there? We're in the thousands, right?

Oh, in the many, many thousands. Uh I I don't know numbers, so I'm gonna spitball here. I think something like

eight to ten thousand people. Well maybe less than that.

Five to ten thousand. How fun

Definitely 5,000. 5,000 feels very safe. Yeah. I'm gonna go with like 8,000-ish. Um, but you're and you're totally right. And like the it is, I was talking to people about this at at Defcon. It's not even like application layer stuff. There's not many like DeFi apps or NFTs conversations at all. The conversations are it's the Ethereum protocol, EIP 4844, uh, account abstraction, uh, post merge stuff, uh, layer twos, uh, like staking infrastructure. Uh it is some we are

the protocol

deep in the protocol stack. Like, we are not this is the focus of this conference is like below the application layer. So, like, not even DeFi apps have exposure here.

uh are you seeing any suits? Any suits and ties? Come on.

No suits. No suits.

As it should be.

Sorry, all you suit wearing dapper uh you know jet gentlemen and and gentle ladies, that's just you know, it's nice to just kind of chill and be with the developers and kind of wearing whatever's comfortable.

What?

I don't think you know this. No I mucha gente que sepa eso, pero uh espanhol. See, so it's hablando español aquí in Colombia. So it's been a little bit of fun. I've been practicing my Spanish.

Oh, well done. How how's it holding up? How's your Spanish holding up? But the name

So uh I've been like shaking off some rust, but it's been good.

That sounds impressive, actually. Bankless Nation, rate David Spanish, right? In the comments. Tell him, tell him how he did. Um, but you gotta appreciate the effort, right? That was great, David. Yeah. Uh well, anyway, we got a lot of topics to cover this week. The first is, of course, DevCon. What's going on? There have been a slew of announcements coming out of DevCon that we gotta talk about. Also

Announcements, big announcements

people are super surprised by. Yeah, so we're gonna cover that.

Also, we have the BNB chain that was halted, halted after a billion dollar hack. David, are chains supposed to halt?

Not the Ethereum chain, but we'll talk about whether it's appropriate for other chains.

And finally, we've got uh the ultimate showdown, I think, David Hoffman versus Janet Yellen. Yes, David Hoffman from the Bankless Podcast. We're gonna talk about that, all right? David has been named as a co-plaintiff in a case against Treasury, but it's not a bad thing. It sounds like a bad thing, actually, but it's actually a really good thing. We'll get into that. And of course, as always, make sure you like, subscribe, and review wherever you're watching this, wherever you are listening to it,

get a morning coffee.

Here's my

espresso with zero sugar or milk. Yeah.

Oh, that's amazing. I bet the coffee in Columbia is pretty tasty.

It's pretty decent. Yeah.

David, let's get to markets. Uh, Bitcoin this week. How are we doing?

Uh it's down, it's down a solid nine percent. Uh so start of the week at twenty thousand two hundred, ending the week at eighteen thousand four hundred. Oof, oof, oof.

Uh down week. Sad music. Okay, how about ETH down as well?

Yeah, down a little bit more, down ten and a half percent, start of the week at 1370, ending the week where we are now at twelve forty, twelve twenty-ish, give or take.

David, do you think we're gonna dip on ETH below a thousand again?

I mean triple PTE. It's uh certainly on in the cards. It's certainly in the cards for sure.

It's certainly in the cards. Not gonna say no, not gonna say yes. Um I'm veering towards yes on that.

Do an awesome

I mean, if we if we roll back at the last bear market, we hit $80 and then we hit like $92, and then we hit like $95 across like 18 months of time. What

That's our low right now on ETH.

uh I think it I think it's like $870. Yeah.

That was a quick and your boy bought 897. So that is the best bottom tick I have ever done.

Alright, so uh d David timed the market really well that time, but maybe we'll be below that. For now. For now. I can't wait to um beat David and buy uh 800 and what'd you buy?

Shush, get out of here.

What'd you buy? 800. So I'll I'll do 890.

Limit orders for 896? Yeah.

Yes.

I'm gonna set my limit orders for 895.

And on we go. And this is how we end up with no cash and all

You get price discovery.

I guess we're laughing about this, but um it is a pretty steep bear market. I mean, like we are we are like at this these prices, we are um below the all time high of the last cycle, which was like 1440, something like that. So um we'll talk about why this might be the case. It's all screaming macro to me. Um how about the ETH to Bitcoin ratio? Are we down on that too?

Yeah, down a little bit, 2.5% down to 0.663.

And how's the crypto market cap holding up overall?

No longer being measured in the trillions. We are now at 934 billion dollars. So well below 1 trillion dollar market cap.

We lost our T status. We back to the B's. Um