Uneasy Money: Illia Polosukhin on Why Onchain Commerce Needs Confidentiality

Bitcoin Stalls, Stocks Soar: The Disconnect That Defines This Cycle

Steve Sosnick on the ratchet effect in equities, the AI bandwidth parallel, Kevin Warsh’s impossible first week, and why crypto is the unsexy trade right now. --- Thank you to our sponsor! Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained. Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠⁠⁠⁠ [https://podcasts.apple.com/us/podcast/bits-bips/id1827931786], ⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠ [https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ], ⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠ [https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0], ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ [https://x.com/bitsandbips], ⁠⁠⁠⁠⁠⁠⁠Unchained⁠⁠⁠⁠⁠⁠⁠ [https://unchainedcrypto.com/bitsandbips/] and wherever you get your podcasts. ---- Equities are near all-time highs, the Fed’s preferred inflation gauge just hit a multi-year peak, Iran ceasefire talks are producing a familiar ratchet effect in markets, and Bitcoin is quietly underperforming tech stocks on a nine-month volatility low. Steve Sosnick, chief strategist at Interactive Brokers, joins Steve Ehrlich to map what’s actually driving these unique market dynamics. They cover the two vulnerabilities that could change things, the uncomfortable parallel between today’s AI capex and the 1999 bandwidth buildout, what $120 billion in money market inflows says about where retail cash is actually sitting, the challenge Kevin Warsh faces walking into an already-skeptical FOMC, and why crypto is currently losing the competition for momentum-chasing money to AI stocks, upcoming IPOs, and even a memory chip ETF. Host: * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/ramahluwalia]Steve Ehrlich, Head of Research at SharpLink and Host of Bits + Bips: The Interview - https://x.com/Steven_Ehrlich Guest: * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/ramahluwalia]Steve Sosnick — Chief Strategist at Interactive Brokers Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Is 'All of DeFi Unsafe'? What You Need to Know About Holding Assets Onchain

A co-founder of OpenZeppelin said he’s urging friends to exit blue chip DeFi. Isaac Patka and Mike Silagadze explain what he got right, what he got wrong, and what needs to change. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠⁠ [http://coinbase.com/unchained]: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠⁠ [http://coinbase.com/unchained]. ======================================================== A co-founder of OpenZeppelin set off a firestorm on Crypto Twitter this week by declaring that he now considers all of DeFi unsafe, citing superhuman AI coding agents and the asymmetry between attackers and defenders.  Isaac Patka, certifications lead at Security Alliance, and Mike Silagadze, CEO of Ether.Fi, join Laura Shin to push back on that framing — and to make the case that the real problem isn’t AI finding sophisticated zero-days, it’s that 90% of hacks are still embarrassing opsec failures.  They cover the full threat taxonomy: opsec and parameter mistakes, contagion from bridge failures, AI-enabled social engineering, and the decentralization theater that leaves protocols unable to protect their own users.  Mike makes a pointed argument for why every serious DeFi protocol needs a hard pause button and a blacklist mechanism, while Isaac explains the three-multisig architecture that should be the minimum standard. Plus, both lay out the practical question every user should ask before putting money into any protocol. Host: * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/laurashin], Host / Unchained Guests: * ⁠⁠⁠ [https://x.com/WaltFIA]⁠ [https://x.com/diogenes]Isaac Patka (@isaacpatka) — Certifications Lead at Security Alliance & Co-founder of Shield3 * ⁠⁠⁠ [https://x.com/WaltFIA]⁠ [https://x.com/diogenes]Mike Silagadze (@MikeSilagadze) — CEO of Ether.Fi Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Uneasy Money: Illia Polosukhin on Why Onchain Commerce Needs Confidentiality

Illia Polosukhin, founder of NEAR and co-author of 'Attention Is All You Need,' on why confidentiality will let crypto become daily commerce — plus, some Near lore. ======================================================== Thank you to our sponsors! ⁠⁠Multichain Advisors⁠⁠ [http://multichainadv.com/]: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at ⁠⁠multichainadv.com⁠⁠ [http://multichainadv.com/]. ⁠⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠⁠ [http://coinbase.com/unchained]: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠⁠ [http://coinbase.com/unchained]. ======================================================== Before co-founding NEAR Protocol, Illia Polosukhin was on the eight-person Google Brain team that wrote the transformer paper — the architecture behind every large language model running today. He never mentioned it. When Kain Warwick found out two weeks ago, via a crypto AI chatbot, his reaction was: you have to be kidding me. That backstory sets the tone for a conversation that moves from how transformers actually came together, to why confidentiality is what unlocks on-chain commerce for real businesses, and what NEAR is doing to keep criminals off its network without becoming a surveillance layer. The hosts also get into the Ethereum Foundation's identity crisis, why Illia thinks decentralization is a tool and not a goal, and what the economy looks like when AI handles execution and blockchain handles coordination. Host: * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/laurashin]⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/kaiynne], Founder of Infinex and Synthetix * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/tayvano_], Security Expert * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/tayvano_]⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠⁠⁠⁠ [http://x.com/LucaNetz], CEO of Pudgy Penguins Guest: * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/laurashin]⁠ [https://x.com/kaiynne]Illia Polosukhin — Co-Founder, NEAR Protocol - https://x.com/ilblackdragon [https://x.com/ilblackdragon] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Is the Ethereum Foundation Too Out of Touch to Save ETH?

Vitalik finally said ETH the asset matters. Zak Cole’s reaction: ‘Should have said that five years ago.’ What broken cryptoeconomics mean for Ethereum’s future. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠⁠ [http://coinbase.com/unchained]: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠⁠ [http://coinbase.com/unchained]. ======================================================== The Ethereum Foundation has lost a wave of senior people in the span of a few months. A new co-executive director nobody has ever met is cutting budgets and releasing documents with a certain aesthetic. Vitalik published a post saying ETH the asset is the most high-value product of the blockchain. And David Hoffman sold his last ETH. Zak Cole, president of the Ethereum Community Foundation, and Greg Markou, co-founder of Sprinter and ChainSafe, join Laura Shin to sort through what’s a bear market tantrum, what’s a structural failure, and what would actually need to change for Ethereum to stop ceding ground to its competitors. The conversation covers the CROPS mandate, the rumored loyalty pledge, broken cryptoeconomics, and what Zak says the EF still refuses to admit. Host: * ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/laurashin], Host / Unchained Guests: * ⁠⁠⁠ [https://x.com/WaltFIA]⁠ [https://x.com/diogenes]Zak Cole [https://x.com/0xzak] - Managing Partner, Number Group; President, Ethereum Community Foundation * ⁠⁠⁠ [https://x.com/WaltFIA]⁠ [https://x.com/diogenes]Greg Markou [https://x.com/gregthegreek] - Co-founder and CEO, Sprinter; Co-founder, ChainSafe Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

The Chopping Block: Ethereum's Identity Crisis, Apostates Speak Out, and Is ETH the Microsoft of Crypto?

Ethereum's midlife crisis hits the podcast as ex-Bankless and ConsenSys insiders unpack ETH's talent exodus, identity spiral, "Microsoft" future, EF shake-ups, and the Solana contender play-all with spicy takes on airdrops, real dev stats, and blockchain adoption drama. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, it's an Ethereum apostasy spectacular: we're joined by David Hoffman and Max Resnick, who hit the confessional booth to explain why they've left the church of Ethereum.  We kick off with David's viral "ETH is money" post-mortem: why he finally sold, and whether ETH can escape its spot on the yield farm for good. Max jumps in with an OG technologist's view on EF's internal struggles, talent flight, and the move-slow, break-nothing philosophy now gripping Ethereum's core. Is the EF just ossifying—or is it devolving into the "Microsoft of crypto"? From there, the hosts dissect the "second foundation" meme, why Twitter doomers might not matter for the ETH price, and whether Solana has stolen the next generation of devs. Max throws down on Solana's quantum future while the group takes barstool shots at metrics, narratives, and the never-ending "Ethereum is for boomers" debate. Whether you're a ride-or-die Etherean or just here for the schadenfreude, let's get into it. Listen to the episode on Apple Podcasts [https://podcasts.apple.com/us/podcast/unchained/id1123922160], Spotify [https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf], Pods [https://pods.media/unchained], Fountain [https://fountain.fm/show/XCVXRPNvY3wLrlMHwAMs], Podcast Addict [https://podcastaddict.com/podcast/4129535], Pocket Casts [https://pca.st/podcast/bb16e6b0-1469-0134-a447-13e6b3913b15], Amazon Music [https://music.amazon.com/podcasts/f5ec630d-4dfa-4e73-baca-3f5062927c55/unchained?refMarker=null], or on your favorite podcast platform. Show highlights 🔹David Hoffman reveals why he sold all his ETH and stepped down from the "ETH is money" pulpit 🔹Max Resnick on Ethereum's talent drain, EF's slow tech culture, and missing the Wall Street on-chain boat 🔹Why the Ethereum Foundation's leadership shuffle triggered so much existential dread 🔹The "Ethereum is Microsoft" thesis: ossification, enterprise comfort, and is that a bad thing? 🔹Are airdrops, stablecoin and NFT on-chain metrics just smoke and mirrors? 🔹Developer mindshare —did Solana peak? Has ETH truly lost the next-gen builders? 🔹Will a new "Number Go Up Foundation" for Ethereum change anything? 🔹Solana's post-quantum roadmap: why Max thinks ETH is over-complicating the problem 🔹What happens if Ethereum stops shipping upgrades —can it just coast Lindy-style? 🔹Is the future of crypto "strong" vs. "weak" crypto, and is ETH now firmly a boomer chain? Hosts ⭐️Haseeb Qureshi [https://twitter.com/hosseeb], Managing Partner at Dragonfly ⭐️Tarun Chitra [https://twitter.com/tarunchitra], Managing Partner at Robot Ventures ⭐️Tom Schmidt [https://twitter.com/tomhschmidt], General Partner at Dragonfly  Guest ⭐️ David Hoffman [https://x.com/TrustlessState], Co-Founder at Bankless ⭐️ Max Resnick [https://x.com/MaxResnick], Lead Economist at Anza “Why I Sold My ETH” by David Hoffman https://x.com/TrustlessState/status/2059371247163613489 [https://x.com/TrustlessState/status/2059371247163613489] Timestamps 00:00 Intro 03:12 Why David Sold ETH 05:26 ETH Momentum and Value Capture 07:38 Ethereum Foundation Shakeups 10:18 Max on Tech and Identity Crisis 15:57 Talent Drain and New Blood 19:29 Strong vs Weak Crypto Debate 25:28 Ethereum as Microsoft 30:02 Second Foundation Idea 35:43 Microsoft Era Ethereum 38:20 EF Money Runs Out 42:02 Utility Asset Narrative 46:07 Etherealize Enterprise Push 48:04 Bitcoin Has Saylor 53:32 Ethereum Narrative Whiplash 55:51 Solana As The Yang 58:15 Post Quantum Solana Roadmap Disclosures [http://choppingblock.xyz] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]