DeFi Didn't Break with Dan Morehead & Joey Krug
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 27 July 2022
⏱️ 60 minutes
🧾️ Download transcript
Summary
Many things have broken in the last few months during crypto's bear market. However, DeFi didn't break. Dan Morehead and Joey Krug explain why.
Dan founded Pantera in 2003, then pivoted into cryptocurrency in 2013 and went all in on crypto, and is the firm's CEO. Joey joined Pantera in 2017 as co-CIO and is a seasoned builder/investor in the crypto space.
Both repeat Bankless guests and both know more than a thing or two about crypto and investing.
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Timestamps:
0:00 Intro
6:15 The Past Few Months
10:28 Crypto's 2008 Moment
12:40 The Mainstream Media Story
16:45 CeFi vs. DeFi Confusion
21:45 Media Incentives
24:00 DeFi vs. Wall Street
30:45 DeFi is Too Referential Critique
33:38 DeFi Worked Great
37:05 Transparency Thoughts
43:15 2008 Prevented with DeFi?
49:35 Educating Retail
53:39 Was This Surprising?
55:00 Quick Macro Takes
58:20 Closing & Disclaimers
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Resources:
Dan Morehead
https://twitter.com/dan_pantera
Joey Krug
https://twitter.com/joeykrug
DeFi Worked Great
https://panteracapital.com/blockchain-letter/defi-worked-great/
Pantera
https://panteracapital.com/
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures
Transcript
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| 0:00.0 | Hey bankless nation welcome to another episode of state of the nation get a deep dive into |
| 0:08.0 | a topic today and that topic is a topic we've been talking about over the past couple |
| 0:13.1 | of months. |
| 0:14.1 | That is a whole bunch of CFI lenders that is centralized finance lenders the celciuses |
| 0:19.6 | of the world they broke but it seems like mainstream is blaming DFI like why DFI worked |
| 0:26.9 | great. |
| 0:28.9 | David who do we have odd to talk about this? |
| 0:30.9 | We've on Joey Krueg and Dan from Pantera who wrote this in fantastic investor memo on |
| 0:37.1 | this exact subject and this actually really hits home for me Ryan because my favorite |
| 0:41.6 | podcast other than bankless the daily ran this show called the collapse of a crypto company |
| 0:47.5 | and it was all about how the visions of crypto have been completely invalidated by all these |
| 0:51.8 | collapsing crypto companies and I'm like no no no no that's not the vision of crypto |
| 0:56.8 | so we are here to set the record straight about what exactly broke in the last six months |
| 1:01.6 | and what worked fantastically and we're going to talk to Dan and Joey from Pantera to unpack |
| 1:06.9 | all of this story and hopefully this story breaks out into mainstream so they can perhaps |
| 1:11.7 | correct the record. |
| 1:12.7 | Yeah I love you know Dan and Joey they're close to institutions they know they're |
| 1:17.3 | around CFI lending and they're also close to DFI so I think they're going to be able |
| 1:21.2 | to shine some light here they also wrote a fantastic newsletter article recently called |
| 1:26.7 | the DFI work to great we're going to talk about that as well before we get into it |
| 1:30.8 | want to tell our listeners about rhino so these guys used to be called diversify and |
| 1:36.0 | I knew them back when they were a decentralized exchange fantastic platform built on layer |
... |
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