Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Sunday, July 3rd, and that means it's time for Long Reads Sunday.

And, oh boy, are we getting spicy today? Before we get into that, however, if you are enjoying the

breakdown, please go subscribe to it, give it a rating, give it a review, or if you

want to dig deeper into the conversation, come join us on the Breakers Discord. It's a place where

people actually discuss things without everything devolving into stupid personal invective,

which as you'll see, is kind of hard to come by. So come on over to bit.ly slash breakdown pod

and have fun with us.

Lastly, a disclosure as always. In addition to them being a sponsor of the show, I also work with

FTX. In case it's not abundantly clear, bare markets are big, big on psychodrama.

This week, unbelievably, the big drama was around Nick Carter and his credentials

as a bitcoiner. It started when he announced his venture firm's investment in Dynamic, which is a

wallet-based sign-on company. Almost immediately, a horde of folks started calling him a shi-coiner,

saying that they couldn't believe that Nick Carter,

defender of proof of work, eloquent explainer of Bitcoin himself, was a shi-coiner.

Now, if you've ever heard Nick talk, you will know that he is not a wilting violet,

and when the fight was brought to him, he had no problem fighting back.

One of the results of this was a medium

post called Setting the Record Straight or a eulogy for Bitcoin maximalism. I actually think that

Twitter fights aside, it's a really important topic. And because apparently I'm a glutton for

...