The Gwart Show | Blockspace Media

Felix Jauvin, Macro Economist and host of Forward Guidance podcast, joins us to talk about the regime shift from monetary to fiscal dominance, why Bitcoin and risk assets are hitting all-time highs despite high interest rates, the treasury company revolution led by MicroStrategy, and why "hyper gambling your way to wealth" has become a rational strategy in our current economic environment. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • US running 7% GDP deficit during full employment • Bitcoin at ATH despite 5% interest rates • MicroStrategy's 0% coupon convertible bonds • Stablecoins can't pass yield to holders • Treasury companies trading above NAV • Fiscal dominance replacing monetary policy Timestamps: 00:00 Start 00:50 Felix background 01:57 TradFi history 05:51 Current market outlook 11:48 10 yr prediction 16:37 Firing the Fed Chairman 21:29 Stablecoins 26:47 Long degens, short society 29:09 Where's my altcoin summer! 32:08 Elipsis Labs 33:09 Hyperliquid 38:21 Place your bets or eat bugs, you choose 44:40 Remember Etherium... what happened to those guys? 48:34 A black hole for capital = NGU 55:27 MSTR failure state 59:22 management teams 1:01:57 Discount to NAV, harbinger of death 1:04:11 Advice for plebs 👋 Enjoy the clip? Click below to listen on a podcasting app! Apple http://tiny.cc/e7wuwz Spotify https://tinyurl.com/aj3ymv6h RSS http://tiny.cc/wbwuwz YouTube https://tinyurl.com/4kwhu4s7 👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

FILL OUT THE SURVEY BY CLICKING HERE [https://forms.gle/DFpR9MyhWo1NQ8T39] Welcome back to The Gwart Show! Today, Josh Lim from FalconX joins us to talk about the massive boom in corporate crypto treasury vehicles. We talk about how these deals work, from management teams and investment bankers structuring vehicles to raise capital, to the 45-60 day liquidity windows and 2-6x NAV premiums investors are seeing. Josh explains the Michael Saylor playbook, yield strategies, and whether this trend is sustainable or headed for a crash. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Treasury vehicles see 45-60 day liquidity windows • Some trade at 2-6x NAV premiums currently   • $4 billion new Bitcoin vehicle announced recently • Circle IPO traded at $230 per share peak • MicroStrategy model being widely replicated • 3-5 month timeline for SPAC conversions Timestamps: 00:00 Start 00:46 Josh's background & FalconX 03:12 Arbelos Markets 04:03 Market overview 07:03 Digital asset treasury companies 11:07 Starting a treasury vehicle company 12:36 Hostile takeovers? 16:06 Deal structure 21:17 LOL "Management team" 23:09 ROI for investors 26:56 What's a healthy multiple? 28:19 Copy/Paste Strategy 29:32 Yield strategies 32:02 How does this fail? 35:40 Premium longevity 38:10 Out "Sayloring" Saylor, c'mon bro? 41:26 Alt Season go bye bye? 46:06 Trading on-chain, relic of the past? 49:30 24/7 trading 50:57 Prediction markets 53:24 Gwart's take on treasury companies 54:49 Josh's optimistic take 56:19 Circle IPO 57:29 Degen's gonna degen 59:05 Wrap 👋 Enjoy the clip? Click below to listen on a podcasting app! Apple http://tiny.cc/e7wuwz Spotify https://tinyurl.com/aj3ymv6h RSS http://tiny.cc/wbwuwz YouTube https://tinyurl.com/4kwhu4s7 👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

FILL OUT THE SURVEY BY CLICKING HERE [https://forms.gle/DFpR9MyhWo1NQ8T39] Welcome back to The Gwart Show! Today, Christopher Goes, early Ethereum contributor and IBC protocol creator, joins us to talk about why Ethereum failed as a world computer, the organizational chaos at Cosmos (including a CEO who declared himself Jesus), privacy solutions like Narmada, intent-based systems, and how crypto shifted from idealistic public goods to pure attention-driven capitalism. Follow our guest on Twitter! @cwgoes Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Cosmos Hub generates zero revenue still • Bitcoin was $1 when Goes started mining • Anoma synthesizes Ethereum, Cosmos, Zcash • Wyvern protocol was OpenSea's backup • IBC connects all Cosmos chains today • Signal adoption shows privacy step functions Timestamps: 00:00 Start 00:57 CW background 04:41 Early days of Ethereum 08:17 Cosmos 09:56 IBC protocol 10:16 Cosmos: God, Bad & Ugly 14:09 App chain thesis 15:17 Anoma 21:19 Intent-centric design 24:08 Ellipsis Labs 25:09 Namada 26:35 Goal of Namada 28:46 Anonymity set 30:44 Open ledgers vs privacy 36:15 Traders want privacy 37:20 Blockchains & the surveillance state 38:51 Evolution of ETH theory 42:48 ETH fails at "global computer" 45:02 Source of failure 47:37 L1 vs L2 scaling 51:30 The state of interoperability 59:02 People following incentives 1:03:34 Innovation fragmentation 👋 Enjoy the clip? Click below to listen on a podcasting app! Apple http://tiny.cc/e7wuwz Spotify https://tinyurl.com/aj3ymv6h RSS http://tiny.cc/wbwuwz YouTube https://tinyurl.com/4kwhu4s7 👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

FILL OUT THE SURVEY BY CLICKING HERE [https://forms.gle/DFpR9MyhWo1NQ8T39] Welcome back to The Gwart Show! Today, Carl Dong, founder of Obscura VPN and former Bitcoin Core developer at Chain Code Labs, joins us to talk about his transition from Bitcoin development to building privacy infrastructure. We discuss his work on reproducible builds, supply chain security, the funding dynamics of Bitcoin development, and why he created the first multi-hop VPN that eliminates single points of trust. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Timestamps: 00:00 Start 01:09 Carl's professional background 02:54 Personal background 07:50 Open source vs product dev 18:14 Chaincode's influence 23:05 Ellipsis Labs 24:06 Funding open source work 30:21 Obscura VPN 36:07 The state of TOR 40:30 VPN user base 45:10 Easy personal privacy steps 47:57 Privacy in Bitcoin 53:21 Simplicity 58:02 Innovations from the "crypto" space 1:00:21 Wrap up 👋 Enjoy the clip? Click below to listen on a podcasting app! Apple http://tiny.cc/e7wuwz Spotify https://tinyurl.com/aj3ymv6h RSS http://tiny.cc/wbwuwz YouTube https://tinyurl.com/4kwhu4s7 Newsletter https://blockspace.media/newsletter/ [https://blockspace.media/newsletter/] 👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

FILL OUT THE SURVEY BY CLICKING HERE [https://forms.gle/DFpR9MyhWo1NQ8T39] Welcome back to The Gwart Show! Today, Robert Chang, crypto trader and prolific Twitter shitposter, joins us to talk about his wild ride through crypto's highs and lows - from being a Luna lunatic to losing everything on Hyperliquid, navigating AI agent metas, getting rugged by VCs stealing his ideas, and why internet capital markets might just be elaborate poker chips with better marketing. Subscribe to the newsletter! https://newsletter.blockspacemedia.com • Luna looping strategy led to total account loss • Hyperliquid refunded liquidation due to oracle issues   • AI agent tokens hit incredible market caps in 2024 • Worm project went from idea to 4M market cap • A16Z agent reached peak before January market top • Most crypto VCs are "incredibly stupid" mercenaries Timestamps: 00:00 Start 00:24 Robert's background 01:20 Working in crypto 05:11 Lately 07:07 Traders vs users 11:07 Hyperliquid early days 13:10 Markets recently 15:05 Bigger names enter market 16:27 Current market 20:50 AI agents 22:48 WORM 26:12 WORM goes to zero 28:47 Elipsis Labs 29:48 VCs sniping ideas 32:43 ICM 36:08 ICM (this time is different) 44:05 AI16z value proposition? 47:15 Base 50:05 The future 54:15 Bullish VC coins? 58:28 Alliance DAO 1:01:28 Bullish on what? 1:04:32 Ryan Park 1:07:28 ETH (don't call it a comeback) 1:08:23 BTC is mid 1:09:16 Wrap up 👋 Enjoy the clip? Click below to listen on a podcasting app! Apple http://tiny.cc/e7wuwz Spotify https://tinyurl.com/aj3ymv6h RSS http://tiny.cc/wbwuwz YouTube https://tinyurl.com/4kwhu4s7 Newsletter https://blockspace.media/newsletter/ [https://blockspace.media/newsletter/] 👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]