How We Rebuild with Jesse Powell of Kraken Exchange
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 17 November 2022
⏱️ 47 minutes
🧾️ Download transcript
Summary
In order to rebuild we must first learn or relearn (for some of us) the painful lessons of crypto’s past. It’s going to take more than beating the, “not your keys, not your crypto” drum.
Jesse Powell, Co-Founder of Kraken Exchange joins us to demonstrate how we can come together as a community to rebuild the open and inspiring crypto industry of our dreams.
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Topics Covered
0:00 Intro
4:38 Jesse’s Crypto Background
7:34 Relearning Painful Lessons
11:48 How Did We Get Here?
20:09 Things We Have Control Over
31:21 Striking the Right Balance
36:35 Proof of Reserves
43:55 Rebuilding
48:39 Zooming Out
50:35 Closing & Disclaimers
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Resources:
Jesse Powell
https://twitter.com/jespow
Proof of Reserves
https://www.kraken.com/proof-of-reserves
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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.
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Transcript
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| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.2 | This is how to get started, how to get better, how to frontrun the opportunity. |
| 0:14.5 | This is Ryan Sean Adams. |
| 0:15.5 | I'm here with David Hoffman, and we're here to help you become more bankless. |
| 0:21.0 | Bankless is on the mind today, certainly in the events of FTX, the total collapse of FTX. |
| 0:27.4 | We wanted to get the thoughts of an exchange operator, Kraken, Jesse Powell, is on the |
| 0:32.0 | podcast today. |
| 0:33.2 | He's been a long time crypto OG in exchange operator co-founded Kraken back in 2013, 2014, |
| 0:41.5 | sometime in that time frame, and he gives his raw, unfiltered thoughts on what happened |
| 0:46.7 | with FTX, why it happened, the red flags we should look for in the future, and some wisdom |
| 0:52.5 | insight. |
| 0:53.5 | He gives some advice in terms of how we can move forward, really refreshing David for |
| 0:58.0 | me to hear from Jesse at this point in time. |
| 1:00.8 | He's seen it all, including the Matt Gawks days, and he reflects on what this means for |
| 1:05.5 | the future of crypto. |
| 1:06.8 | He also gives a pretty good lesson about proof of reserves, and Kraken is, of course, the |
| 1:11.6 | exchange that I think implemented proof of reserves first, and importantly, voluntarily, |
| 1:16.9 | not after FTX imploded, but before. |
| 1:20.2 | I think Jesse and Kraken deserve a pause for that fact, and I kind of consider them |
| 1:25.9 | leaders before we actually needed them. |
| 1:29.1 | If you were curious about proof of reserves and how it actually looks like on the Kraken |
| 1:32.6 | side of things and the limitations and abilities that proof of reserves give to centralized |
... |
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