The Chopping Block: A Rough Week 3 for SBF, DCG Troubles, Fees at Uniswap - Ep. 559

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 21 October 2023

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the four discuss – and disagree about – Uniswap’s new fees, SBF trial week 3, and DCG potentially being taken out by the NY Attorney General. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights: What happened recently on the criminal trial against Sam Bankman-Fried, including testimonies from Caroline Ellison, Nishad Singh why Robert doesn't like the cartoonist and how Tarun is friends with a stenographer how Nishad Singh confirmed what everyone suspected about the cross-collateral risk engine at FTX why Haseeb believes that the NYAG's lawsuit against DCG, Genesis, and Gemini is "brutal" how DCG resembles the Roman Empire, according to Haseeb what Robert thinks about the introduction of the Uniswap Labs new fees, considering he was in a similar situation with Compound Labs' how can companies that build open-source protocols monetize their efforts whether the implementation of the fees will reduce the total volume for Uniswap Hosts Haseeb Qureshi, managing partner at Dragonfly Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Tarun Chitra, managing partner at Robot Ventures Disclosures Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Uniswap: Unchained: Uniswap Labs to Charge 0.15% Fee on Certain Tokens NYAG lawsuit: Unchained: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud Reddit: Unchained: Reddit to Discontinue Community Points Citing Scalability and Regulatory Issues, Sparking Community Backlash Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I think we have a couple take. My favorite take this week was the fact that Nishad finally admitted
0:06.7	to the thing that I think everyone kind of thought was true but wasn't totally a hundred percent true
0:11.4	which is, you know, one of their main selling points in 2020 was that FTX has this great
0:17.0	cross collateral risk model and you could like give them any shit coin you want and you could post
0:22.3	as margin to take 100X leverage on eat and somehow they would liquidate it correctly and like
0:27.9	reallocate the collateral. Not as dividend. It's a tale of two pawns. Now your losses are on
0:33.5	someone else's balance. Generally speaking, air drops are kind of pointless anyways.
0:37.2	I manage trading firms who are very involved. I like to eat the meal. DeFi protocols are the antidote
0:44.2	to this problem. Hello everybody, welcome to the chopping block. Every couple weeks, the four of us
0:48.9	get together and give the industry insider's perspective on the crypto topics of the day.
0:52.4	So quick intro is first you got Tom, the DeFi Maven and Master of Memes. Next we've got Robert,
0:56.8	the crypto connoisseur and ZAR of Superstate. Then we've got Turun, the Gigabrain and Grand Puba
1:01.2	at Connet. And finally, I'm a seed that had hype man at Dragonfly. We are early stage investors
1:06.0	in crypto but I want to caveat that nothing we say here is investment advice, legal advice,
1:10.1	or even life advice. Please see chopping block that XYZ for more disclosures.
1:14.0	All right, so we're on to week three now of the SPF trial and I'm honestly losing steam.
1:21.2	Like it's gotten, I think like the bombshells are mostly over. I've heard so many people
1:25.6	described as the star witness for the prosecution. I guess they've had like five star witnesses so far.
1:30.8	Basically anybody who works at FTX is a star witness. So just to give you the quick rundown,
1:34.9	I don't think we're going to talk about it as much on the show because Tom was very exhausted by
1:39.9	all the SPF talk, but we're just going to run through it real quick for those you've been asleep at
1:42.8	the wheel. Caroline Ellison, the scorned lover and the CEO of Alameda Research, was on the stand.
	...

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