BREAKDOWN: The Importance of an Open Metaverse
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 19 June 2022
⏱️ 15 minutes
🧾️ Download transcript
Summary
Why the fight against centralization is more important than ever.
This episode is sponsored by Nexo.io, NEAR and FTX US.
On this “Long Reads Sunday,” NLW reads a thread from Punk6529, “On Why The Metaverse Needs Crypto.”
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Weiquan Lin/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Sunday, June 19th, and that means it's time for Long |
| 0:27.9 | Reads Sunday. Before we get into that, however, if you are enjoying the breakdown, please |
| 0:32.4 | go subscribe to it, give it a rating, give it a review, or if you want to dig deeper into |
| 0:36.5 | the conversation, |
| 0:43.3 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, |
| 0:48.6 | I also work with FTX. It has been a very long week. It has been a long week in markets, with the expectation of |
| 0:58.3 | recession reaching a new high. It has certainly been a long week in crypto. First, the implosion |
| 1:05.7 | and seeming insolvency of Celsius, and then of, the drama surrounding Three Arrows Capital. |
| 1:12.0 | If you are an everyday listener, you will probably have noted that I have not exactly been |
| 1:16.8 | keeping up with the story of 3AC. I will say that it does not look good. When I'm recording |
| 1:23.4 | this late Thursday, we are seeing more and more of 3AC's creditors come out and acknowledge that |
| 1:29.9 | they had dealings with 3AC and were in the midst of resolving some issues. |
| 1:34.7 | We've heard from BlockFi, we've heard from Deribit, and of course there was that long |
| 1:39.3 | thread from a market maker who accused 3AC of spending a million dollars of theirs held in trust with 3AC to try to pay back loans. |
| 1:48.1 | Aside from a quick tweet from Sue saying that they were in touch with all their counterparties, we have not yet heard from 3AC. |
| 1:55.2 | There are copious numbers of threads out there talking about the insolvency of three arrows and the downfall and |
| 2:02.0 | what they did wrong and the mistakes that they made. And I have no interest in being an |
| 2:06.5 | apologist for any of that. I'm waiting to give the full accounting because I believe that every |
| 2:12.4 | day that goes on we're going to get more and better information. Candidly, I fear that over the next few days, |
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