DAOs, NFTs and Crypto Derivatives Win Attention as Billionaire Paulson Calls Crypto ‘Worthless’

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 1 September 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, NLW breaks down a slew of stories that reflect different aspects of the crypto industry: Billionaire John Paulson doesn’t like crypto FTX US acquires LedgerX Syndicate DAO raises $20 million Layer 1 battles with Ethereum and Solana Vintage Bitcoin-based “Rare Pepes” get repurposed and sold on OpenSea Treasury trying to add MORE rules for crypto reporting Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “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.

Transcript

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0:00.0	The fascinating thing to me is that it's just so clear where this battleground is going to be,
0:05.2	and it's going to be Dex's, it's going to be peer-to-peer trading. These battles are going to be
0:09.3	big, and if you think it's quiet now, that's just because these teams are absolutely gearing up for an
0:14.5	insane fall. 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.
0:28.0	The breakdown is sponsored by Nidig and produced and distributed by CoinDest.
0:34.4	What's going on, guys? It is Tuesday, August 31st, and today's news is wildly emblematic of the full breadth of the crypto industry today.
0:44.3	So I thought it'd be good to go through each of these stories and give them some context.
0:48.4	And let's start with one of the most classic tropes in this industry, an old rich guy who doesn't get its story.
0:56.0	One of the interesting things about hedge funds and venture investors is that oftentimes
1:00.3	one really big contrarian bet that pays off can solidify an investor's reputation for a very,
1:07.3	very long time. John Paulson had one of those bets betting against the housing market in advance of the
1:13.8	great financial crisis.
1:15.5	That position ended up netting him and his investors something like $20 billion, which
1:19.7	is very clearly a career-defining bet.
1:22.7	However, it hasn't been quite as good since then.
1:26.1	At peak in 2011, Paulson managed 38 billion. That was down to
1:30.2	$9 billion by 2019 when he shut down his hedge fund and started managing his own money, an estimated
1:35.9	$3.5 billion instead. This is not to scoff at a $3.5 billion fortune, but simply to point out
1:42.3	that Paulson has proven himself to be pretty
1:44.1	firmly in the camp of one really good call, which perhaps takes the sting out of his recent
1:50.3	comments on Bloomberg wealth with David Rubinstein about crypto. The setup to that combo is one many
1:56.0	bitcoiners in particular will resonate with. Basically, he says that an expanded money supply is going to drive
	...

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