Exit Scams & Crypto Economics with Taylor Monahan, Aaron Lammer, & Allison Reichel

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.

Audio Version


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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 🗂

⁃ 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