In this episode of UpOnly, Ledger goes solo with special co-host Allison Reichel, to talk to Exit Scam host Aaron Lammer, and MyCrypto CEO Taylor Monahan. Discussed are the Quadriga scandal (the topic of Aaron’s show), crypto economics. and more.
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Show Notes
Ledger & Allison Reichel <> Aaron Lammer <> Taylor Monahan
LedgerOnlyTV notes
Exit Scam Podcast Story
⁃ Quadriga (large Canadian exchange) had a decent reputation
⁃ The Quadriga wallets did not lead to any cold storage – it was a ponzi scheme ⚠️
⁃ Founder Gerald Cotten goes to India and dies, holding $280M in users funds locked on his laptop
⁃ Going to have to listen to Exit Scam Podcast to hear the rest
Crypto Market
⁃ It is easy to make it in crypto by not doing anything… so it’s really hard to get people to work when you don’t have to do anything 🗂
MyCrypto
⁃ Using an ETH wallet as a Web3 login was a wow moment
⁃ In 2015 Taylor imagined everyone would use a smart contract wallet
⁃ Smart contracts require a certain confidence level – Taylor thinks the billions of dollars running through them daily might be getting ahead of ourselves 💪💰
Technical Question: CEXs
⁃ When you see “5 ETH in wallet” there’s no wallet with your ether in it lol
⁃ CEXs have a huge mush pot of everyone’s coins 🏟
⁃ Why can’t CEXs actually just give everyone a wallet? ETH wallets are free
⁃ Kraken used to have an audit feature to check
Aaron Background
⁃ 2017 newb —> 2021 farming expert
⁃ “It’s all just plagiarized from my chats”
⁃ “not a videogame person but am bullish the metaverse” 🎮
Allison Background
⁃ Goes to an Austrian economics school (although not an Austrian economist herself) 👩🏫
⁃ Writes a newsletter “Inflated Expectations”
“The only way to guarantee good content is to send them to UpOnlyTV” facts
Is Gerald Cotten Dead?
⁃ Taylor: “idkidkidk….dead”
⁃ Allison: “alive”
⁃ Ledge: “alive but wife is innocent”🤔
EIP-1559 Bear Case
⁃ with DeFi miners can choose which order transactions are in
⁃ “ultrasound money, deflationary, number go up” feels like too much hype
⁃ devs getting over-optimized where users don’t need it 🔀
Inflation/ Deflation
⁃ Narrative is always inflation is so bad
⁃ Hyperinflation is a symptom of bigger problems 🏢
⁃ Crypto is almost cheering for inflation… you gotta understand:
⁃ With revolutions and regime changes comes mass destruction + global financial ruin
⁃ Inflation of ~2% makes people put their money to work and can sometimes be good…fack
Chances of Going to 0?
⁃ Bitcoin: 0.0000% 🚫
⁃ Ethereum: 0.0% 🚫
⁃ All others: non-0 chance 🤷🏼♀️
Notes by @cmsintern
Music by GiovanniPickle