Podcast
The Gwart Show | Blockspace Media
Hosted by Blockspace Media · EN
Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests.
Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.
16episodes
Episodes
Newest firstAll episodes
The Legislative Framework Crypto Needs w/ Alex Thorn
2w ago01:06:01Tap to summarizeAlex Thorn, Head of Research at Galaxy Digital describes the current state of crypto legislation. He explains the Clarity Act, the role of stablecoins in the global economy, and the impact of the Trump administration on digital asset rules. Alex provides an institutional perspective on Bitcoin's recent all-time high, the reality of market deleveraging events, and why permissionless finance remains the ultimate goal.Subscribe to the newsletter! https://newsletter.blockspacemedia.comNotes: • 70 Democrats voted for bill • Prediction odds at ~40% • SEC has 3 GOP commissioners • Deleverage on October 10th Timestamps:00:00 Start00:54 Alex's Galaxy role02:43 Recent topic focus05:06 regulation07:08 CLARITY act14:00 Politics and token creation19:51 Trump remorse?22:39 Current market vibes35:49 "Crypto" lagging Bitcoin43:28 "Just use AAVE"52:04 Are you ENTERTAINED! The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →The Case For Q-Day 2032 w/ Justin Drake
3w ago01:17:05Tap to summarizeJustin Drake joins us to talk about the reality of cryptographically relevant quantum computers (CROC). We dive into his recent work with Google scientists on Shor’s algorithm optimizations and why neutral atoms have become the "dark horse" in the race to break Bitcoin’s 256-bit encryption. Justin shares his updated timeline for "Q-Day," the role of US government censorship in quantum research, and why the crypto industry must act now to remain secure. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • 10,000 qubits needed to run Shor's algorithm. • $5B invested in quantum industry last year. • Drake says 10% chance of a "CROC" by 2032. • Neutral atoms run 1,000x slower than superconducting Timestamps: 00:00 Start 00:31 Google paper 03:40 "In flight" key cracking 04:38 Superconducting qbits 05:21 Neutral atom quantum computing 08:42 Broad Quantum overview 10:53 Neutral atoms require far less infrastructure 12:41 Is Google pivoting to Neutral Atoms? 14:12 What does winner mean? 14:41 Q-day 2032? 15:55 Why the fast emergence thesis? 22:52 Theory vs engineering breakthroughs 27:03 Timelines 35:55 What is real vs hype? 37:05 Quantum error correction 41:32 Bitcoin reality check 47:25 Justin Drake is a Bitcoiner, umm kind of... 53:03 Standards 53:43 Signature aggregation 57:19 Are NIST the baddies? 1:00:31 BTC security budget worries 1:05:14 Energy bottleneck 1:06:23 ETH security The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →Why Threadguy Trades Oil Now
4w ago01:25:45Tap to summarizeThreadguy joins us to talk about his evolution from dropping out of college to write NFT threads to leading the new generation of crypto media. We explore the "Believe" fiasco, the reflexivity of meme coin cycles, and his transition into high-conviction macro trading like his recent oil plays. Threadguy shares insights on the societal trend of taking risks online and whether the explosive manias of the past can ever truly be replicated in a maturing market. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Believe app peaked at a $400M market cap. • 60%+ of stock options are now zero-expiry. • The US SPR can only release 2M barrels daily. • Threadguy started his Twitter in August 2021. • He traded an Afterburn NFT for a Mutant Ape. • Believe went from zero to peak in three weeks. Timestamps: 00:00 Start 00:36 Where does "Threadguy" come from? 02:26 Favorite NFTs? 06:02 Solana meme memories 11:09 Are there any more crypto markets to try? 14:22 Believe 20:42 Did Believe founders make money? 21:55 Equities on Solana 32:32 Trading Oil 39:18 All markets will trade like crypto 42:47 Best accounts to follow 45:03 Survivorship bias? 48:31 Events leading up to Libra coin 1:02:48 Why launch a token at all? 1:13:10 What are you bullish on? The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →We Need To Stop Geofencing DeFi Like Hyperliquid w/ Jake Chervinsky
Apr 501:06:04Tap to summarizeJake Chervinsky, CEO of the Hyperliquid Policy Center, joins us to talk about the critical mission of advocating for American access to decentralized markets. We dive deep into the limitations of the Commodity Exchange Act, the challenges of KYC in a permissionless world, and the evolving relationship between the SEC and CFTC. Jake explains why the current regulatory framework fails DeFi and how a new approach to licensing or exemptions could finally allow US traders to access products like Hyperliquid perps legally. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • HPC launched in mid-February 2024. • CEA assumes centralized intermediaries in trades. • DCM licenses require total operator control. • Dodd-Frank changes targeted 2008-style leverage. Timestamps: 00:00 Start 00:15 What is the Hyperliquid Policy Center? 01:21 Day in the life of Jake 03:36 What regulations need to change? 06:47 What does a rule change look like? 10:57 Bank secrecy & KYC 14:19 Possible regulation comprimises 17:48 Lobbying for regulation as moat 20:52 ellipsis labs ad 21:39 CES & CFTC now BFF <3 26:17 Devs are NOT money transmitters 31:04 What is "decentralized"? 35:40 CLARITY update 41:10 What's Coinbase doin? 47:11 Canton 54:37 Bitcoin defies regulation 59:38 Spot vs perps 1:03:45 Tokenized securities The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →Why Miners Are Trading BTC For AI Compute w/ Rory Murray & Chris Bae
Mar 2901:14:17Tap to summarizeChris Bae Founder of Enhanced Digital Group, and Rory Murray, Director of Digital Asset Management at CleanSpark, join us to talk about the professionalization of the Bitcoin mining industry. From managing $40 billion at UBS to overseeing 13,300 BTC at CleanSpark, Rory & Chris break down the three regimes of mining evolution: Wildcat, Market Share, and the current Margin era. We explore why the "Texas Hedge" is failing, how miners use options to manage risk, and why the next frontier for hashrate is AI data centers. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * CleanSpark holds ~13,300 BTC * Chris Ray formerly managed $40B at UBS. * BTC -20% drawdown recovery averages 18 days. * Texas hedge: Doubling down on BTC exposure. * Shift toward AI and HPC in mining data centers. Timestamps: 00:00 Start 00:45 Chris' background 05:08 How Rory knows Chris 07:16 Miners hedging risk, or not... 11:55 Reflecting on mining history 20:31 Ellipsis labs 21:18 It's "expansion" not a "pivot" sir 26:22 Bitcoin is the hurdle rate for compute 30:15 Private credit 41:32 What's big money doing right now? 45:06 What's the deal with 10/10/25? 1:00:57 Everything is fake 1:10:24 The age of GRIFT The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →Why Crypto Options Are Still In The Early Days w/ Nick Forster
Mar 2200:54:43Tap to summarizeNick Forster, CEO of Derive joins us to talk about his journey from trading equity options at SIG to building the leading decentralized options platform. Nick talks the shift from AMMs to app chains and why institutional liquidity is moving on-chain. Nick explains Derive's strategy of 'exporting' complex derivatives to 7+ chains and why on-chain transparency is the only fix for centralized OTC risks. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Captured 90% of on-chain options market share. * Traditional AMMs yielded 5-10% annually initially. * RFQ for institutional liquidity. Timestamps: 00:00 Start 00:19 Nick's background 01:20 History of Options 04:15 The journey toward an L2 App-chain 07:11 The "aggregation of liquidity" thesis 09:40 OTC desks & competitors 13:47 Roadblocks to institutional involvement 16:11 Hyperliquid integration 17:09 HLP 22:09 Perps 27:17 Tap trading vs dice rolls 30:52 Value capture 34:38 EFT options 36:05 Why have perps on Derive? 38:36 Current decentralized trading tech vs tradfi 43:14 Regulations 46:16 RWAs 48:30 Bridging to other chains 50:41 Derive token 52:24 Token holders The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →Investable Crypto Is Shrinking w/ Noah Goldberg
Mar 801:16:55Tap to summarizeNoah Goldberg, Partner at Theia Research, talks about the shifting dynamics of the crypto market in 2025. We chat about why crypto funds are facing attrition, the "Spac-like" collapse of recent projects, and the pivot toward fintech rails. Noah breaks down the fundamentals of Hyperliquid, the reality of token overhang, and the challenges for venture capital in an environment of compressed returns. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: → Funds should be up 50% annualized in 2023-24 → Binance TGE tokens down 80-90% after 90 days → Robinhood margin rates: Sofr plus 700 Timestamps: 00:00 Start 00:35 Market overview 03:50 Liquid vs equity funds 06:43 What edge does a crypto fund have now? 12:37 Venture fund revenue prospects 18:15 Thoughts on HYPE 22:42 Quality of earnings 28:46 Taking on Wall Street 39:23 ellipsis labs 40:11 Morpho 52:07 Figure 55:51 Collaterized lending is growing 59:32 Early stage financing 1:03:34 Avici 1:06:00 MetaDAO & futarcy 1:10:25 Prediction markets The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →A Return To Fundamentals w/ Dean Eigenmann
Mar 100:48:27Tap to summarizeDean Eigenmann, Co-Founder of Market Start Inc, joins us to talk about the massive shift in crypto market dynamics. Dean explains his transition from the "closeted" world of MEV trading to launching a liquid-focused fund. We discuss why venture capital overhang has left the market without marginal buyers and why "crypto mullets" are the future of critical infrastructure. Dean also breaks down the math behind token buybacks, comparing the success of Hyperliquid to the struggles of Helium and Jupiter. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: → Tokens should be equity → Hyperliquid 11 employees → Jane Street conspiracy Timestamps: 00:00 Start 00:28 Pivoting away from trading 01:11 The acquisition & current MEV landscape 02:11 Markets Inc 04:09 Token framework 05:24 Regulations & other barriers 07:41 Buy backs 09:37 Hyperliquid buy back program 11:33 HYPE 12:49 Inflection point 13:51 Markets Inc scale & project development phases 16:25 ellipsis labs 17:13 What does "helping" projects mean? 20:58 Real time trade finance 23:48 Stablecoins & efficiency gains 25:25 Tokens vs equity 26:01 Investing in stablecoin infrastructure 28:25 Other sectors 29:39 What's NOT investable now? 30:17 But but DePIN... right? 33:41 Projects with sustainable demand? 35:24 AAVE drama 37:13 AAVE DAO & project structure 39:39 Morpho 40:53 Prediction markets 44:11 What's insider trading & Jane Street 45:59 Jane Street conspiracy 47:56 Wrap up The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →Why The Banking Lobby Is Fighting Stablecoin Yield
Feb 2400:57:06Tap to summarizeZack Shapiro, Head of Policy at the Bitcoin Policy Institute and Founder of Rains, joins us to talk about the shifting landscape of crypto regulation under the Trump administration. We discuss why the CLARITY Act is in limbo, the "Defi mullet" and the legal challenges facing AI agents. Zack gives a behind-the-scenes look at the banking lobby's war on stablecoin yields and evaluates the progress of the Strategic Bitcoin Reserve. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Banks lobbied for 1:1 yield ban. * Coinbase takes their pound of flesh * AI ends billable hour standard. Timestamps: 00:00 Start 00:24 Who is Zack? 01:25 Bitcoin Policy Institute 04:23 Current policy outlook 10:49 CLARITY Act 17:34 Will CLARITY pass? 19:32 Commodities vs Securities 21:02 Safe harbor 21:19 Howey & Utility tokens 22:37 Developer protections 24:25 How good are protections in CLARITY? 28:56 Crypto crashout & AI agents 33:43 Front ends & KYC 36:13 OFAC 39:43 Ideals in crypto 42:21 BASE 43:30 Crypto in-fighting 46:55 LLMs & the law 52:17 Prediction markets The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
Transcribe →The Stablecoin Liquidity Trap
Feb 1500:50:50Tap to summarizeKevin and Mitchell, Co-Founders of Sierra, talk about how their backgrounds in central banking and liquid funds led them to build a next-generation stablecoin protocol. We chat about the mechanics of yield, the regulatory landscape for platforms like Polymarket, and why the current shift in crypto is moving toward lean, efficient fintech models. Notes: * 95% to 100% of capital earns yield * Money market yields currently 2-3% * Industry shift to fintech and robotics Timestamps: 00:00 Start 00:44 Mitchell's background 02:11 Kevin's background 03:41 What is Sierra? 05:07 Yield strategies 05:31 Why is Sierra different? 09:01 Abstracting complexity away 10:50 Assessing risk 14:40 Yield percentages 15:48 DeFi Summer yields 18:05 Why use Sierra? 24:00 RWAs & T-bills 27:34 RWA "quality" 32:20 What is "on-chain"? 37:14 Composability 42:04 Current state of funds 46:38 Future of venture funding 49:24 Winners & losers The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs.xyz/careers. Learn more about your ad choices. Visit megaphone.fm/adchoices
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