The Scoop

Part one of this two-part special on Nouriel Roubini’s new book, Megathreats, examines how the economy is facing a combination of interconnected phenomena that Roubini believes will result in a severe economic crisis.Roubini discusses some alternative assets that could gain prominence in the event of a global financial meltdown and explains why he prefers gold over bitcoin in such a situation, among other topics in his book Megathreats: Ten Dangerous Trends That Imperil Our Future, And How to Survive Them.According to Roubini, the "weaponization" of the U.S. dollar is making it less attractive as a reserve currency:“We have weaponized the dollar as a tool of national security and foreign policy… If I owe you a billion it is my problem; if I owe you a trillion it is your problem because we could default on those treasuries eventually if there is a conflict…”Similar to USD, Roubini believes other common reserve currencies such as the euro, yen, pound, and Swiss franc can be similarly weaponized, leaving gold as the only widely held reserve currency that remains a viable option:“What's the only other asset that is a liquid asset that can be a reserve currency? … What's the only one that cannot be seized if there are sanctions? It’s gold — as long as you keep it in your own vault.”Although ardent bitcoin proponents claim BTC has similar properties, Roubini is dismissive of the largest cryptocurrency’s potential to be used legitimately in global commerce. “Bitcoin and other cryptocurrencies — we know they are not currencies,” Roubini says, “They are not a unit of account, nobody's pricing anything in Bitcoin, they're not scalable means of payment.” Episode 110 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Roubini Macro Associates Chairman and CEO, Nouriel Roubini.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, Ledn, Athletic GreensAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

Nouriel Roubini, the economist and professor who forecasted the housing collapse of 2008, is back with a new prediction for the global economy.In his new book, Megathreats: Ten Dangerous Trends That Imperil Our Future, And How to Survive Them, Roubini examines a series of interconnected phenomena that he believes could lead to disaster if left unchecked.In the first part of this two-part macro special of The Scoop, Roubini lays out the thesis for his new book and explains why he believes the world is on course for the most adverse macroeconomic conditions of the last century.Key to Roubini’s new theory is the idea that since the threats our society is facing are all interconnected, their combined effects will be far-reaching:“Unfortunately, there are severe ‘megathreats’ that imperil not only our jobs, our income, our savings, our wealth, but they imperil the planet, and even peace and prosperity.”As an example of how these threats are related, Nouriel explains how if the economy were to enter stagflation, it would be combined with an unprecedented amount of debt:“We're going to face not only inflation, not only recession, not only stagflation, but a stagflationary debt crisis — what I call in the book, ‘the mother of all debt crises,’ — because the level of private and public debt as a share of GDP is at an all-time high.”Episode 113 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Roubini Macro Associates Chairman and CEO, Nouriel Roubini.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

In this breaking news episode of The Scoop, we continue our coverage of FTX’s demise with Jim Greco, a general partner at F9 Research, and Douglas Colkitt, founder of Crocodile Labs.According to Greco, many market participants knew about the relationship between Alameda and FTX. Still, few thought former FTX CEO Sam Bankman-Fried would risk jeopardizing the success of his exchange:“Most professionals knew of the Alameda connection, but we all thought that this exchange is so valuable — it's worth $32 billion — why would he do something that would destroy the equity value in this exchange?” said Greco.Not only did Bankman-Fried end up destroying the value of his exchange, but it’s now apparent that he did so in an effort to prop up Alameda’s unsuccessful trading operation, said Greco.Colkitt added that recent events have shattered the perception that Alameda was one of the top performing firms in the space:“Nobody really expected FTX to run out of money because they thought Alameda must be making so much money, but it's really quite the opposite — they just seemed so incompetent that even with all these advantages they were losing money,” said Colkitt.?Episode 112 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, F9 Research General Partner Jim Greco, and Crocodile Labs Founder Douglas Colkitt.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

Cosmos contributors recently released a new whitepaper that proposes major upgrades to the Cosmos Hub, the central blockchain of the Cosmos ecosystem.A community vote to determine whether or not the proposed changes are integrated into the Hub concludes on Monday, Nov. 14th.In this episode of The Scoop, Cosmos Co-Founder and Interchain Foundation President Ethan Buchman explains what will change if Atom 2.0 passes, as well as how these changes fit into his overall vision for how Cosmos’s app-chain architecture will continue to evolve.According to Buchman, key to Atom 2.0 is the introduction of a security model which will allow new application-specific blockchains to bootstrap security by utilizing the Cosmos Hub’s existing validator set: “The kind of change that's coming to the Hub specifically will allow new application-specific blockchains to launch that use the same validator set as the Cosmos Hub and use the same stake that already exists on the Cosmos Hub.”Not only will the proposed changes to Cosmos Hub make it easier and more secure for projects to launch their own chains, but Buchman anticipates it will increase the amount of development activity on the Hub itself:“This for the first time, opens the door to a sort of more active development environment and development velocity in and around the Cosmos Hub, whereas in the past, the Cosmos Hub was very slow to evolve.”Episode 111 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Cosmos Co-Founder and CEO of Informal Systems Ethan Buchman.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

In part one of The Scoop’s coverage of the on-going controversy surrounding FTX and Alameda, Framework Venture co-founder Vance Spence suggested that FTX must have a very large hole in their balance sheet to be forced to turn to their biggest competitor for a buyout.We now know that FTX likely has upwards of an $8 billion hole in its balance sheet, which CEO Sam Bankman-Fried is attempting to fill through fundraising efforts.In part two of this breaking news episode of The Scoop, Evgeny Gaevoy, Founder and CEO of crypto market-making firm Wintermute, and Ki Jung Ju, Co-Founder and CEO of crypto data provider CryptoQuant, examine FTX's demise with Framework Ventures Co-founder Vance Spencer. They discuss the relationship between FTX and Alameda, as well as what comes next for the crypto industry when the dust finally settles.According to Ju, whose company CryptoQuant specializes in analyzing on-chain data, there have been many substantial transfers between FTX and Alameda:“Digging into their wallets, FTX and Alameda's wallets, and there are many significant flows between those entities… I think there are many untransparent or shady deals between FTX and Alameda…”While the full extent of the relationship between FTX and Alameda remains unknown for now, Gaevoy also says that the connection between the two companies was improper:“It turned out that there was this massive moral hazard — there were way more connection points than should have been morally possible, and it ended with a spectacular, spectacular blowup.”Episode 110 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, Wintermute Founder and CEO Evgeny Gaevoy, and CryptoQuant Co-founder and CEO Ki Jung Ju.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

In response to the unexpected collapse of FTX, billions of dollars in crypto have been flowing out of exchanges over the past 24 hours as market participants rush to self-custody their funds.In this breaking news edition of The Scoop, Frank Chaparro and Framework Ventures Co-Founder Vance Spencer analyze the factors that contributed to FTX’s rapid downfall, as well as speculate on the comingled relationship between Alameda and FTX.According to Spencer, a Coindesk report on Alameda’s balance sheet published on November 2nd was a critical turning point in the saga.“What I was expecting a giga-brain firm like Alameda to have on their balance sheet was sovereign bonds offset by equity positions offset by other hedges, but it was just kind of like a retail crypto portfolio,” says Spencer.The prices of tokens associated with FTX and Alameda have plummeted, particularly FTX’s native FTT token, which is down over 80% in the last two days.Since FTX is backed by some of the biggest funds in the world including SoftBank and Tiger Global, Spencer suggests the fact that Binance appears to be FTX’s only option points to the likelihood that the reality of FTX’s book must be very severe:“For you to go to your biggest rival who is actively trying to kill you and sell to them implies to me that the other people weren't biting and that [Binance] was kind of the only option… What this makes me think is that the hole is either very large, or there's something else on the balance sheet which caused other people to pass.”Episode 109 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Framework Ventures Co-Founder Vance Spencer.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

Crypto-native venture firm eGirl Capital is a syndicate of pseudonymous individuals who invest in early-stage web3 projects, and provide colorful market commentary on Twitter.In this special segment of The Scoop, Frank Chaparro is joined by The Block’s VP of Research, Larry Cermak, and eGirl Capital’s Co-Founder, Hedgehog, to discuss how this crypto bear market compares to previous cycles, and to explain how investors can spend this drawdown building an edge for the next bull market.According to Hedgehog, who is primarily a directional trader, crypto market conditions are suffering because there is less credit in the system. “Less credit leads to less liquidity and less volume,” says Hedgehog, “It's really a wasteland out there for us at the moment.”As data from The Block shows, daily crypto exchange volume is close to half of what it was at the start of the year–although have ticked up in recent days.During this period of reduced market activity, Cermak says it is important not only to be patient, but also to stay engaged:“A lot of people stay patient, but actually stop paying attention day-to-day. Those people that actually stay engaged… are in the best position for the next cycle, and they're also the ones that will be able to the most accurately predict when activity starts picking up again.”Episode 108 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Larry Cermak and eGirl Capital Co-Founder, Hedgehog.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, Ledn, Athletic GreensAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.ioAbout Athletic GreensBuild a Foundation for Better Health. It’s time to reclaim your health and arm your immune system with convenient, daily nutrition! Fill nutrient gaps, promote gut health, and support whole-body vitality with AG1. One daily serving delivers a potent blend of 9 health products—a multivitamin, minerals, probiotics, adaptogens and more—working together to help you feel like your healthiest self. For more information visit AthleticGreens.com/Scoop

Full-service crypto platform Abra announced plans in September to establish the first fully regulated bank for digital assets in the U.S.Abra Bank is expected to go live in early 2023 and it will enable U.S. citizens to deposit their digital assets in a U.S.-regulated manner similar to traditional banking.In this episode of The Scoop, Abra Co-Founder and CEO Bill Barhydt explains the advantage crypto banks have over traditional banks and how Abra Bank will enable fully regulated, interest-bearing accounts in the U.S.Whereas traditional banking services are available only during specific hours, Abra Bank will allow customers to interact with their assets at any point in time.“We fundamentally believe in this mantra of ‘not your keys, not your crypto.’ The irony of that in running a bank is not lost on me, but the point is that we are 100% committed to saying, ‘Okay, if it's your stuff and you want to move it to a Trezor or Ledger on Sunday at 2 a.m., please do it right now’” said Barhydt.In addition to giving customers full control over their assets at any point in time, the fact that Abra Bank will be a U.S. state-charted institution means that it will be able to provide interest-bearing accounts. According to Barhydt,“Abra Boost, which is going to be our new offering for paying interest going forward, will be for accredited users, and then the goal is to make it available to retail once the bank fully launches.”Episode 107 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Abra Co-Founder & CEO, Bill Barhydt.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsors Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

Earlier this year, Binance.US became the first U.S.-based exchange to cut bitcoin trading fees to zero.Since the announcement, Binance.US has consistently ranked in the top three of North America-based exchanges by volume, according to data from The Block.In this episode of The Scoop, Binance.US CEO Brian Shroder examines how Binance.US is attempting to distinguish itself from the competition, including the impact cutting bitcoin trading fees had on bringing in new business.According to Shroder, the decision to cut bitcoin trading fees revolved around wanting to make the bitcoin purchasing experience as consumer friendly as possible:“Our goal was to be able to say very concretely that if you buy bitcoin on any other exchange, you are paying substantially more — without question.”In addition to appealing to retail investors, cutting bitcoin trading fees also brought in a record amount of new institutional business. As Shroder explains,“Being able to go to institutions and almost literally have a pitch which is: ‘You have a fiduciary responsibility to your investor-base to use Binance.US because it is free … ’ After the announcement, we had our best month ever in terms of institutional signups.”Episode 106 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Binance.US President & CEO Brian Shroder.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com.This episode is brought to you by our sponsor Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

A project called ‘HomeCoin’ is tapping into the trillion dollar real estate industry with a mortgage-backed stablecoin called $HOME.In this episode of The Scoop, HomeCoin Founder Karl Jacob unpacks the mechanics behind HomeCoin’s mortgage-backed stablecoin, and shares why he believes the best way to move the real estate industry on-chain is incrementally over time.According to Jacobs, $HOME is over-collateralized by mortgages and yield is paid to holders of $HOME from payments made on those mortgages:”Unlike other stablecoins, where the return is fueled by marketing dollars and a whole bunch of other things and things going to the moon, these are actually real payments from real people on houses that exist in the real world.”While Jacob sees room for HomeCoin to expand to other types of loans such as car loans or loans against commercial equipment, he doesn’t think tokenizing actual real estate is an effective strategy: “The reality is we've got a $13 trillion industry that isn't on-chain, and how can we move to a world where part of it is on-chain and slowly eat that world, versus trying to swallow it whole — which is basically what those guys are trying to do.”Episode 105 of Season 4 of The Scoop was recorded at SALT NY 2022 with The Block's Frank Chaparro, HomeCoin Co-Founder Karl Jacob.Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.This episode is brought to you by our sponsor Tron, LednAbout TronTRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |About LednLedn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io