BREAKDOWN: What’s the Real Point of ‘Crypto’ Anyway?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 3 October 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
“Long Reads Sunday” tackles the hard questions through Twitter threads.
This episode is sponsored by NYDIG.
On this week’s edition of “Long Reads Sunday,” NLW reads four Twitter threads:
Alex Gladstein on whether the crypto experiment has failed
Russian political opposition figure Alexey Navalny on big tech complicity
Adam Cochran on the debt ceiling chicken game
Jason Yanowitz on why CryptoPunks will be worth $10m
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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Malte Mueller/Getty Images, modified by CoinDesk.
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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. |
| 0:16.2 | The breakdown is sponsored by Nidig and produced and distributed by CoinDes. |
| 0:22.6 | What's going on, guys? It is Sunday, October 3rd, and that means it's time for Long Reads Sunday. |
| 0:29.0 | And a lot of you seem to really like the switchup where I read Twitter threads instead of a specific one single essay. |
| 0:36.2 | And so I'm going to do that again this week. |
| 0:38.2 | And we have a really fun variety of topics. |
| 0:41.7 | So first, we're going to go hardcore Bitcoin, |
| 0:45.2 | a thread from the one and only Alex Gladstein |
| 0:48.4 | about the crypto revolution and whether it's failing. |
| 0:52.7 | So let's dig in. Gladstein writes, a media outlet asked me to |
| 0:57.3 | answer the question. Is the crypto revolution failing? Once they saw my response, they declined to |
| 1:02.5 | publish. They thought I would say no, but I said yes. The idea intercepted by Satoshi Nakamoto |
| 1:07.7 | of a peer-to-peer electronic cash system beyond the control of governments |
| 1:11.3 | and corporations can seem like a distant memory when scanning news about today's top |
| 1:15.4 | cryptocurrency projects. Dogecoin, which caught mainstream attention after generating an |
| 1:19.6 | 85x return over the past 12 months, has turned corporate, launching a new advisory board |
| 1:23.8 | starring Ethereum creator of Vitalik Buterin, and an individual representing the coin's top promoter, Elon Musk. Stable coins pegged to the dollar like USDC and exchange |
| 1:32.7 | tokens like Binance Coin are issued and operated by companies that work closely with governments |
| 1:36.6 | and enforce regulations and blacklists. What's more zooming out, stable coins do more to promote |
| 1:41.2 | the popularity of the US dollar abroad than usher in any kind of |
| 1:44.3 | fundamental monetary upheaval. The most popular projects built on Ethereum are now either |
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