BREAKDOWN: The Raw, Savage Capitalism of Open-Source Protocols
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 September 2020
⏱️ 12 minutes
🧾️ Download transcript
Summary
Recapping the biggest stories of the week, including Joe Biden’s China plan, a market holding pattern and, of course, the strange competitive saga of SUSHI.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
On this edition of the Breakdown Weekly Recap, NLW looks at:
- The “holding pattern economy” – why stocks, jobs and central bank policy seem stuck in place
- Why Joe Biden’s China plan shows that, no matter who wins the presidential election, U.S. economic policy towards China is likely to get more aggressive
- The surveillance state gets stronger as Amazon appoints a former NSA head to its board of directors
- The SUSHI saga
This week on The Breakdown:
Monday | Sorry, Governments, We’re Entering the Era of Private Money
Tuesday | Why Bitcoin Investors Aren’t Worried About This Price Pullback
Wednesday | ‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible
Thursday | How Monetary Policy Undermined American Resilience
Friday | ‘As Toppy as It Gets’: Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa
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Transcript
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| 0:00.0 | They finally transferred liquidity from Uniswap to Sushi Swap, and overnight, 800 million or so in liquidity vanished from Uniswap. |
| 0:09.7 | This is some insane, vicious, pure free market capitalism at work here in a way that you could never have with closed source protocols. |
| 0:19.3 | The IP is not a barrier. All that matters. All that |
| 0:23.6 | matters is the market. All that matters is incentive alignment and liquidity. |
| 0:29.6 | 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. |
| 0:40.4 | The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDes. |
| 0:48.8 | What's going on, guys? It is Saturday, September 12th, and that means it is time for the weekly recap. |
| 0:57.8 | Today I'm going to be talking about four vibes from this week, four things that were just |
| 1:02.6 | kind of feelings in the air, and hopefully this helps you understand the way that I saw |
| 1:08.0 | things play out. |
| 1:09.6 | So vibe number one was this holding pattern feeling. |
| 1:14.2 | In so many domains, it felt like we are just sort of circling around the drain very slowly, but |
| 1:21.6 | not actually getting anywhere. For example, in stocks. Last week, we completed a three-day drawdown at the beginning of this week that ended up |
| 1:30.9 | being more than 10% of the NASDAQ. |
| 1:34.1 | And there was a slight bump back up, a slightly recovery, but it again feels like kind |
| 1:39.4 | of a holding pattern. |
| 1:40.4 | It didn't break out. |
| 1:41.3 | We didn't continue our massive trajectory up. |
| 1:43.8 | We're just kind of |
| 1:44.5 | in this in-between area. When it comes to central banks, the ECB had their policy day this week, |
| 1:51.8 | and they stayed the course with the same policy they'd been at continuing bond buying through |
| 1:56.6 | their previous $1.35 trillion euro program, as well as keeping rates at negative 0.5%. Over in the |
... |
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