The Ethereum Merge Settles In as Next Crypto Narrative

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 19 July 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis, and FTX US. On today’s episode, NLW covers the crypto industry chatter around the Ethereum Merge. Last week, ETH devs pointed to September as a likely date for the transition from proof-of-work to proof-of-stake, and the price of ether has been going up ever since. But does the Merge also create political risk? - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Ava Labs releases Core, the free, non-custodial browser extension, built for the power of Avalanche. Core is an all-in-one operating system bringing together Avalanche apps, Subnets, bridges and NFTs in one seamless, high-performance experience. Eager to start using Web3 dapps to their fullest potential? Download today at core.app! - 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 Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Tuomas A. Lehtinen /Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexus.com, chain aliasis, and FtX, and produced and distributed by CoinDes.
0:22.9	What's going on, guys? It is Monday, July 18th, and today we are discussing the timeline for the Ethereum merge.
0:31.4	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:35.9	give it a rating, give it a review, or if you want to
0:38.4	dig deeper into the conversation, come join us on the breakers discord. You can find a link in the show
0:43.5	notes or go to bit.ly slash breakdown pod. Also, a disclosure as always. In addition to them being a
0:50.4	sponsor of the show, I also work with FTX. Now, one quick note before we dive into the meat of the show, I am going to be doing some
0:58.3	travel later this week. So from Wednesday through Sunday, I'm actually going to have an interview
1:03.6	series, which will be a number of different people kind of checking in on where things are right
1:08.8	now in markets and geopolitics. I think it's a great little
1:12.2	set of conversations and I'm excited to share them with you. And speaking of setting context,
1:19.0	my general view of things right now is that crypto alongside basically every other asset class
1:25.8	is more or less subject to the overall forces shaping markets
1:30.2	in general, which is, of course, the feds fight against inflation. Now, this doesn't mean that there
1:34.8	won't be counter cyclical moves from time to time, but it means that in general, I don't believe
1:40.4	that crypto is immune to these larger forces, and I don't think that we're going to see a true return to a bull market until the macro side of things kind of bottoms out,
1:48.5	and we stop having the Fed pushing so hard on monetary tightening. That said, one of the very
1:54.2	few narratives that some contend has the power to shift the crypto markets around is the Ethereum
2:00.5	merge and its transition from
2:02.0	proof of work to proof of stake.
	...

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