WRU 4th Week of September 

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TIMESTAMPS & RESOURCES

0:00 Intro
2:50 MARKETS
9:15 Fed Rate - No change! (5.25-5.5%)
https://www.nytimes.com/live/2023/09/20/business/fed-meeting-interest-rates
12:10 U.S. Americans Own Crypto?
https://www.coinbase.com/blog/a-call-to-action-mobilizing-52-million-crypto-owners-into-an-army-of-1
15:20 Ethereum’s 1st Merge anniversary! 
https://twitter.com/sassal0x/status/1702629393984803041?s=46
16:25  Bye bye ultra-sound money? 
https://ultrasound.money/#gas
17:30 L1 is shrinking, but layer-2 networks are maintaining healthy activity 
https://l2beat.com/scaling/activity

20:39 Are all the chains moving to Ethereum?
Rollup Migration to Ethereum - 3 New Ethereum Rollups coming from non-Ethereum ecosystems
21:00 1.1 - Astar Network 
Sandeep Take 
https://twitter.com/sandeepnailwal/status/1701990949319254345
23:00 1.2 - Canto
https://twitter.com/CantoPublic/status/1703809950290718871
24:00 1.3 - Eclipse 
https://twitter.com/EclipseFND/status/1704178668543824309
27:35 Ryan Take
https://twitter.com/RyanSAdams/status/1703882356468117703
28:40 Mert Take
https://x.com/0xMert_/status/1704229795079365101
30:00 Frankie Take
https://twitter.com/frankieislost/status/1704262750405587248

37:58 SEC is coming after the Stoner Cats - Gary. V. Cats
https://www.sec.gov/news/press-release/2023-178
https://x.com/MikeSeligEsq/status/1701978172487606665
https://twitter.com/loopifyyy/status/1701966597445874124
44:00 Hester Pierce Dissented! - Chief Disenting Officer
https://twitter.com/NFTherder/status/1702057933389836293
46:25 SEC warns more charges coming to exchanges and DeFi 
https://www.coindesk.com/policy/2023/09/19/us-secs-crypto-enforcement-chief-warns-more-charges-coming-to-exchanges-defi/?

49:13 New Airdrop! Optimism also announced OP Airdrop #3
https://twitter.com/optimismFND/status/1703837786703335672
50:10 POL Token is coming! MATIC becoming POL.
Polygon 2.0 implementation kicked off! 
51:00 https://twitter.com/0xPolygonLabs/status/1702280764677578755
1st PIPs: MATIC to POL and launch of Polygon’s new staking layer! 
https://polygon.technology/blog/polygon-2-0-implementation-officially-begins-the-first-set-of-pips-polygon-improvement-proposals-released
51:25 Arbitrum is restarting Odyssey 
https://twitter.com/arbitrum/status/1704173003825615353
52:10 Conduit opening Support for Arbitrum: 
https://x.com/KAndrewHuang/status/1704848429883732256

53:18 Coinbase earned 570 ETH of MEV as a result of Curve hack. Should they return it?
https://www.coindesk.com/tech/2023/09/15/coinbase-inadvertently-earned-1m-due-to-hack-but-hasnt-reimbursed-victims/?

57:10 Is Ethereum finally getting a privacy L2? Maybe soon?
https://twitter.com/aztecnetwork/status/1704433376525242474

58:25 Infura in its progressive decentralization era
https://blog.infura.io/post/progressive-decentralization-of-the-rpc-layer-centralization-to-federation?

59:10 FTX sues SBF’s parents - eating their own aims to claw back some of the $26 million in gifts and property
https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.2642.0.pdf
https://www.cnbc.com/2023/09/19/sbfs-parents-sued-by-ftx-for-millions-of-dollars-in-misappropriated-funds.html

1:00:30 Mark Cuban lost $870,000 in a wallet hack - everyone’s getting hacked
https://twitter.com/WazzCrypto/status/1702820716343624168

1:03:38 New ETH ETFs 
https://twitter.com/JSeyff/status/1701612412456280467
1:03:45 Grayscale ETH Futures ETF
https://cointelegraph.com/news/grayscale-files-for-new-ethereum-futures-etf

1:06:25 Questions From The Nation

1:15:30 Takes
https://x.com/matthuang/status/1704608186723119329
https://www.paradigm.xyz/2023/09/casino-on-mars
Where do you store your wealth? 
https://x.com/TrustlessState/status/1703986421378245024

1:19:50 What Are We Bullish On
https://www.bankless.com/choose-your-bull-market-character-class

1:24:55 Meme of the Week
 
1:26:15 Risks and Disclosures

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Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Layer 2 summer is getting hotter and hotter.

3 new rollup ecosystems have joined Ethereum just this last week.

It's not just another Arbitrum or ZK SYNC.

These are brand new ecosystems coming into the Ethereum layer 2 rollup fold.

Bankless Nation, it is the fourth Friday of September.

Ryan, it's the Bankless Friday Weekly Roll-Up where we cover the entire weekly news in crypto, which is always an ambitious endeavor.

This week, no exception, yet we persevere into the frontier nonetheless.

Back from Permissionless, feeling energized.

It was great to meet the community last week in person Get some proof of

Well handshakes High-fives stuff like that fist bumps.

Anyway, okay, We got some topics of the week, David, the SEC.

Mila Kunis, Ashton Kutcher, Gary Gensler does not like what they did with their NFT project.

Coming up after that, Ethereum collects 3 new roll-ups this week.

2 of them previous layer ones, now layer twos on Ethereum.

We're gonna cover that and then Ryan was after that

We got coinbase apparently they have a 570 eth work of alchemist's money How in the world did that happen and should they give it back?

legal question moral questions big questions.

It's a quandary It's a real quandary we got on today's episode and then speaking of quandaries Mark Cuban He lost almost a million dollars in a wallet hack not good news We'll tell you a bit more about that David before we get in we got a message from our friends and sponsors over at Bridging Protocol Platform Layer 0.

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It's a simple modular framework for applications to use the Layer 0 smart contracts that exist on 15 different chains.

And then Google Cloud as the default oracle between these different smart contracts are the service provider for passing messages so that apps on different chains can start to be woven together.

So Google Cloud is the latest option of Oracles for Layer 0, it'll serve as the default.

But of course, Layer 0, If you want to pick your own oracle, that is something that you can apparently do.

So visit layer0.network for more information.

If you are working in the world of cross-chain interoperability.

Cross-chain, we're moving from this world of cross-chain to a multi-chain, which is different.

You deploy once and you gotta cross many different chains so very cool stuff there David.

Let's get to the markets though speaking of cool stuff How we looking on Bitcoin price is that cool?

You're not cool not cool stuff yeah a Bitcoin lost a hundred dollars in the week, which isn't that crazy?

Definitely not cool down 3% started the week at 1640 currently at 1590.

I think I saw a low of 1575 Not not cool.

Thanks to Kraken for these charts though.

And if I press reload does the price go up at all?

Just like you know, if you don't like the price you just reload

only works in the bull market where you legitimately reload and all of a sudden you're like, you know A few bits, but David

there are those days Distant in the past those

We haven't had a stupid large green candle in a long time.

Where you just like, you'd look at the charts and it'd be up like 10%.

You look at it again, it'd be up like 15%.

You look at it again, it's down to like back to 12%.

You go into work and I'm like, what am I doing here?

I remember that, I remember my first cycle.

It's bad for your mental health, but it's temporarily good.

Oh, wow, Yeah, I wouldn't know anything about that David But maybe me that's for a different show Here's your tweet.

It's being Eat that spent almost 500 days between

and 2200 that's 2x bottom and top compared to 2017 eat spent 700 days between

Okay, it's getting dangerous because David is charting.

I mean, it's just a comparison of time, right?

It makes sense that in 2017 to 2020, that bear market, that it was a 4X bottom to top range.

Now 700 days, that is the thing I'm comparing here, the thing I'm trying to get apples to apples.

Today we are passing 500 days of this current bear market between 1,100 and 2,200.

I think the left's curve, bell curve take is we got 200 more days to go Also, I will say like we're at the top of the closer to the top of the range So like we're ethers falling down to like 1575 right now like 1575 and 100 and 1100 These are there's a gap there.

So in that 200 days, like not necessarily clear skies.

But what if this cycle's a little bit longer than the last cycle isn't there some?

Truth to the idea that every cycle takes a little bit longer lengthening cycles about that theory

correct Yes, that length cycles have tended to lengthen out a little bit.

There's also the conversation of like, well, was it even crypto's 4 year cycle or was it the liquidity in the macro 4 year cycle?

I think just like this stupid brain take is like, yo, 500 days, last time it was 700 days.

You can start to see the light at the end of the tunnel.

You don't have to think too hard about it.

Maybe 400, maybe just 200, maybe 150, right?

Let me ask you, because I feel like at this point in the market We are our most sober ever I know you're talking about earlier But the truth is you and I are very very sober.

Have you seen how much fighting there's going on on Twitter right

It's because we've got no Serotonin in our system.

Well, I'm gonna ask you in this very sober moment that you're in call the top next cycle top Okay, 300 days away or whatever ETH price.

Yeah, so you think we're going 10 to 15 X

Wow, I mean it's a pretty sober come down from like the last call it last cycles range Which we called for 10k and we got well not anywhere close.

Yeah, I guess last cycle's range, it was really hanging, this zone was like.

Anthony Cezanne was calling for $10,000 when Ether was $100, which is like, I think he was the first big like person to like put a very confident Flag in the ground saying like

I mean we didn't get to $10,000 We got to $5,000 but like in a log Logarithmic term Anthony was right.

I think might so my take on that is 10 to 15 K.

This is pretty close, but above 10 K Because the theory is it's a lengthening cycle maybe but it's also like a Dampened like we're not always gonna get like yeah, and what was last cycle?

No, you know, here's the secret about my co-host David.

He's addicted to the podcast, you know, almost as much as I am.

Anyway, okay Wait, do you have a top call for Bitcoin?

It's close though David you want to talk about the Fed a little bit.

They were scheduled to maybe think about changing that right now and they Decided not to change it.

This is the chart over time David all the way from the 1970s Fed fund target rates 19 go to 1970s.

It was between like 8 9 percent and then by the early 80s You remember Paul Volcker?

I did not exist when he was in his leadership position

well way before your time David he Increased yeah, no I did, but he increased Prices to sorry Market Fed fund rates to

are adding the King down ain't like this is the story of the 90s It was just down and then the story of like post 2008 it was like 0

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Ethereum is Eating the Other Blockchains