Very irritating interview - just observe Raoul's body language here as compared to all other interviews. I wanted to learn about DeFi, but all I get is snake-charming gibberish without any substance of true merit to humanity. Just count the number of times the word "scam" and similar words are used, and you know enough. This space is just about Ethereum and other crypto OG's making up a scam world in order to grab other people's money. The scam of a scam of a scam of a scam is still.... a scam. Right? Yes, there will be DeFi; but no, it won't be built on centralized blockchains with points of failures. Mehhh.

The best video that I have seen on RealVision. I don't want to hear others tell me that my predisposed premise is right or wrong, I want to realise how little I know and for that to force me to want to learn more. This video made me aware of the gulf of knowledge that I have and that really excites me to educate myself.

I get the technology use of etheriun but can someone tell me why that bleeds thru to usefulness for the ether coin itself. It just sounds like a web platform. So call it html+ or web3.0 why does that give value to a coin. Thanks in advance.

In a future state, can gold play more of a role of 'pristine collateral', alongside bitcoin? I'm thinking about real gold (not gold denominated credit or derivatives). This would assume that blockchain/ethereum would make endless collateral re-hypothication impossible...and therefore the gold derivative market irrelevant. If the gold derivative market goes away, the stock-to-flow valuation for gold begins to look much more like bitcoin does today. Thinking about this as it seems most central banks hold gold, not bitcoin, and wondering hold gold fits in the future monetary system.

The current DeFi narrative depends very heavily on the future of Ethereum. It is highly questionable, if it can ever evolve into a network, that has e.g. identity, governance, privacy and scalability issues completely resolved in a manner, that's required from a true financial services network. My bet is on something, where those four things are solved first.

Alex is obviously extremely knowledgeable and kudos to Raoul for drawing him out on so many points. HOWEVER the reason I had a slight frown on my face through most of this is because he's acting as an apologist for a set of half nonsense ideas. Ethereum is owned and controlled by a small group of people. So there is no censorship resistance there (and you really need that for financial instruments that circumvent the current system). I think the bitcoin maxis criticisms of Ethereum are broadly true: bitcoin has succeeded in taking the human out of the equation with regards to governance and policy. Ethereum very much hadn't. So it is NOT a decentralised world computer in the same way bitcoin is. It will fall foul of all the problems most institutions do. And personally I don't want that as the base layer for my financial products... or for legal contracts, or anything of value really... Defi is 99.9% an empty speculative rush right now. I take his broad point that all this financial innovation is an iterative evolutionary process and maybe something with true utility will come out of that. For now almost every participant is in there for quick free gains... it is, at whose expense, and when will it all crumble are the pertinent questions. For whatever reason Alex glossed over most of that.

Very exciting! We're on the ground floor of incredible change that is on the way!

Who the hell disliked the video? This was awesome

Maybe a stupid question, but what could I use a Stablecoin, or a crypto form of money (token, gold, or BTC) for in an everyday financial transaction? Like say $50,000 or more. Could I buy a car? Pay off a debt? Buy an investment? Reason I wonder is being able to transfer money, and earn interest on money, all becomes income to someone? Meaning tax??

I don't understand how projects using the Ethereum protocol equates to higher Ethereum token price, please help!?!

Excellent interview - thank you both. Near the end, you touched on something I have been trying to wrap my head around for some time: does Bitcoin provide a real alternative to US treasury bonds, for China especially? They hold more than $1T in treasuries, but only because they have had no other choice, liquidity-wise. They clearly have been selling these for a while, and apparently stockpiling gold among other assets. Of course they'd need to layer in any BTC slowly over a number of years, given its current market size. How likely is this to play out (seems very likely to me), would we ever have a good way of knowing, and given the large mining pools in China would this phenomenon essentially render the extreme risk of a 51% attack irrelevant?

Raoul - Really appreciate you asking some simplifying questions as this conversation goes along. It helps newcomers to the crypto space (like me) follow along without getting too lost in insider jargon and interviews like this haVe enabled me to move forward into the space with greater confidence.

Great works guys, thaks for getting fellow Aussie on who is a leader in the space. Hearing about the emerging projects, it sounds like a for of hypercapitalism is in play, let it roll

This makes me bullish Ethereum, but can someone please explain to me how Bitcoin is actually scarce? Miners could easily start an infinite number of new Bitcoin blockchains with a new genesis block with exactly the same properties as Bitcoin. This is different than gold where there is only one element with the exact properties of gold.

An interesting chat that really could have used more structure. I learned a lot, but it jumped all over the place!

Why would I send stablecoin to someone when I can just Venmo someone and not have to pay the transaction fee to buy the stable coin and then the fee to transfer it??

I kept thinking .... that's a taxable event ... and that ... and that. I would guess 99.9pct are not reserving their tax liabilities. Maybe there is a blockchain solution to that as well or will be programmed in the next few weeks.

Im not sure if I should post my question here or in the exchange, please let me know. Question: If I do not have a banking account in my region, how is having a low cost and borderless transfer going to help me in my work in my community? No matter BTC or ETH, it is not 100% adopted. So even if I can get transferred, it remains in my wallet which I cannot utilise unless it is back to the crypto ecosystem. Am I the only one asking this or is this an irrelevant question? Looking forward to comments. Thank you.

Excellent interview! Raoul, you asked exactly my concerns in using cryptos to transfer big amounts and the fear of keeping a balance with a third party. Now, I want to understand the insights Mr. Saunders has on this area. Thanks Raoul

OH DEAR Raoul! You expect to get interest on your loans. How very old school! Soon you will be paying interest to lend money.

ALEX said - "Will Apple just print more shares?" Apple are not a bank. They don't simultaneously create a bank deposit (liability) when they issue equity (asset). The shares are paid for by existing deposits (bank liabilities) from the monetary base. If Apple make an acquisition using scrip it's still an asset swap. When a business issues new shares they make a return on that issuance in excess of their WACC. It's a net positive return. Alex you seem like a smart guy but you are conflating monetary system concepts with corporate finance concepts. Did you say this because you honestly dont understand the error in what you said or did you say it because it sounds good and helps your cause? I can't tell. Raoul - Errors like this seem to be more common from guests in conversations you are having lately and I notice you don't say anything. I know you know its happening so why are you silent? Its a clear degradation of standards. Please lift your game.

Very informative. Great chat.

I love the questions that have been asked and the simplicity of the answers. This interview has something in it for the experienced, the amateurs and the beginners.

Great Discussion. Thanks

The DeFi name is a misleading marketing gimmick because all of the projects using it are centralized. UnFi or unregulated finance would be a much more accurate term.

I admire RVs desire to cover the entire 'crypto space' but unfortunately many will be led down the wrong rabbithole only to emerge with a worthless bag of things they never really understood in the first place. Stick to bitcoin.

Where does Algorand come into the picture?

Alex is very well articulated and I like the fact that he said "99% of all tokens will go to zero". But this piece came out hugely bullish on Ethereum without mentioning anything about the fundamental technical issues it's facing. I mean, the Ethereum blockchain have grown like 120GB in two weeks(!). How is that *not* going to lead to a hugely centralized system? Only operators of huge datacenters will be able to run this thing in the end.

Great!

Can we also please have an Interview Between Raol and Alex Mashinsky of Celsius Network.

thnx Alex

Wish I could “thumbs up” twice! Great discussion, very eye opening! Well done gents!

Alex and Raoul ! Two of the best crypto / macro investment /financial Info Gurus out there .... Jawboning about the future of cryptos ! Best 67min you can possibly spend ! THANK YOU

This video made me realise that the technology and ideology of the crypto space is inherently good. However there is not a lot of specialised experience in the space. As a result, the solutions conjured up are shiny trinkets that have little to no chance being utilised at a massive scale. A poor mirroring of an already functioning system — no matter how slow, cumbersome, or filled with barriers to entry. The value proposition of ETH is its ability to run smart contracts and, to a lesser extent, creating dApps/ERC tokens. However, DeFi without individuals with reputable backings is just speculators chasing yield or mini-bubbles. I am not entirely sure if Real Vision chooses to interview these crypto devs/investors who have close ties to BTC or ETH solely based on the price of the assets or because the assets have “first mover advantages”. I propose that interviewing individuals building VeChain, Hedera Hashgraph, and Ripple. Or any projects that have connections/contracts with governments/organisations to solve legacy problems with new technology. Do your own research (DYOR)

Raoul it's funny that you mention not caring about the protocol underlying the video call you are on with Alex (VoIP), as the guy who created VoIP is now heading up Celsius Network which is a centralised crypto borrowing/lending platform! Celsius has grown to over 130,000 users since launching in 2017 and Alex Mashinsky the CEO does a weekly AMA every friday. They've built a very strong community and vowed to always give back 80% profits to the users, Alex M is a really passionate guy and I really recommend you check out what he's doing and consider interviewing him for RV Crypto.

Loved this interview. more, please

I have heard Alex explain these concepts in much more details before. I think he is struggling to keep the conversation simple by not going too much into technical knowledge. You're forte is technology and how it works Alex embrace embrace

Most people don't have the choice to move so easily, either politically or economically. Raoul takes that for granted a bit, and we should be standing up for the privacy and rights of the powerless in society, including further control by government digital currency.

Can someone answer: 1) What is the chance that when you loan out your Bitcoin to collect a yield, what is the chance of getting it hacked and you lose your BTC, and 2) If you want to sell your BTC which you loaned out, do you have to wait for a promised period?

Awesome videos guys, love Nuggets News!

Great exploration. Questions/Comment: - I have no idea of the loss rate of any crypto (Ex 1% of Bitcoin is lost from any means - lost password, wallet,.. means half of Bitcoin left in 50 yrs?) This implies crypto base is not stable - both numerator and denominator changes for valuation influencing nominal value. This is not unlike any unit of account application. - Blockchain is a fascinating and boon to economic exchange. Ethereum certain looks a leader in this space. - No mention of the degree of criminal activity in Bitcoin (and other crypto). Some have said bulk of volume is related to criminal activity. Given Bitcoin's advantages that seem plausible. Should and how can this be minimized? - There seems to be an unassailable assumption the 'Internet' is here forever, at least in its free-for-all framework. Is that a reasonable assumption? What might be the implications of controlled access? As an example, who would of thought that large enterprises would be regulating freedom of speech as is happening today? - China bans cryptos at the point of imprisonment or death. Surely there are serious authoritarian risks. - Criminals have no rules. Home invasions happen even with policing. "Give me all your money/crypto." That's of course if they don't find electronic means to steal it. Lots of other concerns . What my concerns mean to me is that crypto is on a long evolutionary path to address the established monetary infrastructure and support structures. It's great to see rapid advancement but setbacks will continue for some time. Looking forward to more interviews and discussion. Thanks

This is a triple viewing interview. So much ground covered.

I feel like a lot of people can do with some help from this podcast from Swan Signal just released featuring Raoul Pal and Vijay Boyapati. Raoul frames his Ethereum Thesis against Vijay's Thesis that Eth doesn't scale. https://t.co/KNUpj8ZYKz?amp=1

I have one comment for Raoul: I hope I will catch his attention. I was in a trading conference and I heard an interesting idea which is spread trading with the price of most famous game weapons (such as fortnite; Minecraft). Have you heard about it? Many thanks 🙏 many 😊 for your brief response, if you have the opportunity to respond.

I expect ethereum to lose still 75% of the value first however.

And one thing more I invest based on leaders and the person in charge of ethereum looks to me intuitively pretty smart, but I know this is a very subjective approach.

So, pardon my ignorance.. still trying to understand. But what would be the best way to invest in the Eth Network/rail system. I was looking at buying the token, but I didn’t see how that translated into investing in the technology. I see many companies working in this space but they seem to be private ventures. Is most investing in the network coming through ICOs?

Bitcoin might be scarce but ethereum value is unlimited- if ethereum will be the main technology and the token part of the smart contracts and automatization? Why should not be scarcity in the future in ethereum? I think this is something to keep an eye on.

To me the ethereum is not silver or comparable to silver. As the Interviewee is saying ethereum can be the next internet 2.0, smartcontracts... ethereum is the automatization of so many Industries... for anyone working in logistics for example ethereum is a way to insure themselves from the upcoming automatization.

Interesting interview. So you're worried about usd printing? No problem, use our fleshly minted, shadily backed $1.00 tokens instead. Much quicker but if you put in the wrong address , sucks to be you. Still worried about USD printing out of thin air? We got you covered. Buy our freshly created digital coins that were created out of you guessed it, THIN AIR, then sit on them and wait for someone to buy your newly minted computer code tokens for more than you paid for them. They're an asset, a hedge, all be it one that shits itself faster than pretty much everything else when liquidity dries up. Good luck to all speculators.

Fantastic and sUper helpful conversation amidst exponentially exciting times. It's all developing so rapidly...essential clarification needed regularly. Such brilliant expression of thought possibility in action, is the crypto space. Raoul never ceases to provide value.

Wow, that was an amazing video.

Brilliant guy, loved it!

Any fellow Degens here?

wait til you boomers find out about the token design of zenon and the apy lol

Hey guys, Is there a course on this stablecoins projects? Because it is SO MUCH stuff...I got overwelmed....

What is really impressive about Alex is his understanding of the Macro world, evident in his conversations with Raoul and Bret Johnson. Nuggets News is about the best way to keep in touch with Crypto as far as I can see.

DeFi is a waste of time. Need more focus on real money, the true store of value. Bitcoin/BTC.

Visa has a debit card you can use crypto with and also does wirex. That’s a pretty smooth way of transacting crypto

De-Fi -- "Lets re-create the failures of the legacy system using inflationary tokens and hope that the people involved don't do a runner with our locked up tokens." Good show, guys. I laughed pretty hard. Glossing over the YAM and Sushiswap incidents (among others) tells me what bent RV has on this space. They are not exceptions, they are part of the swap-loops that hucksters are trying to get value out of. I guess this will become more obvious when ETH's migration fails. In any event, staking coins getting "yield" that is essentially payout from an inflationary coin base is playing russian roulette hoping the FED-esque central control mavens don't inflate your "yield" away. Hilarious.

Alex is a legend!

Another talk on monopoly money 😐

Absolutely loved the interview. I watch Nugget news regularly and still could've listened to this for another hour. Thanks Raoul and Alex!

Hey Raoul, When are you going to airdrop RV governance tokens to RV users? :)

Two words: great interview

thanks for this. i have been wanting to get a good explanation about Defi

Now that is what I am talking about. Leading edge of finance right here. So glad to see Real Vision looking at defi. The next big game changer in finance.

You can see Raoul's super focused attention through all the conversation... love it! :D @Raoul, another suggestion: Get Mariano Conti (@nanexcool) he was head of smart contracts for Maker DAO and he is now working with YFI. He is from Argentina and has been living 100% in crypto (because of Argentinian inflation) for 5+ years.

Very informative. The most interesting aspect is moving from a static hold (i.e. gold or Bitcoin long hold) to digital lending your Crypto, globally at yields not achievable in conventional markets. Or perhaps rather, given an example of large sums like Micro Strategies, they become a digital bank, lending to gain interest on their $$ Bitcoin holding.

The collab we've all been waiting for!

Really good and a lot to think about. Future ramifications will be huge and actual financial system and asset class will soon be « not as important as it is now ». A new ecosystem is born and it’s growing fast!

Love your work. I am trying to think through how defi can replace banks. There are several aspects to banks. One that you have often rightly criticized is the plumbing, the payment system, particularly international payments. Digital assets/ crypto/digital processes can revolutionize that within the current banking system. I use payid with my current bank for instant transfers. These are much faster than the other options. Payid is not universally available in the banks in my country. Technology can fix the plumbing. Banks also lend. The key skill in issuing loans is assessing credit risk, the risk of the borrower failing, and not repaying the loan. Enough loan losses and the bank is broke. Its a fact of life that things fail all the time. Relationships, marriages, businesses. One of my questions regarding defi is how can it assess and mitigate lending/credit risk when lending to real-world businesses. How will it manage, and when required realize the real world collateral (cars, real estate, equipment) when loans go bad due to business failure/ job losses? Regarding net interest margins, how can defi lending offer such high returns compared to fiat lending? High returns usually mean high risk?

This interview was going great and the last 20mins was like a nuclear bomb! In the words of boy wonder, Holy Swift destroying etherum wrapping crypto Batman!

Fascinating and educational. Cant wait for whats to come. Thanks to both of you. For me its still hard to grasp in which way central banks will allow to use their digital currency to buy BTC for example. Or how this will play out, because i would think they dont have an interest that people opt out of their system and maybe try to enforce its use by limiting on and off ramps for Crypto.

Brilliant, Alex is one of the best in the space!!! He should be a regular on the crypto channel!

Thanks for getting Alex on!