Dark Markets

This is a free preview of a paid episode. To hear more, visit davidzmorris.substack.comIn today's show, we dive into the risks of two major new DeFi products: The restaking protocol Eigenlayer and the yield-producing stablecoin Ethena.We get insights from a top-tier degen: Bloq CSO Zane Huffman. Huffman walks us through the time a restaking protocol blew up on BNB, and its consequences.But Zane also thinks worries about these protocols may be getting amplified because of recency bias - specifically, the memory of the collaps of the TerraUSD stablecoin. But Terra, he argues, has almost nothing in common with the way Ethena, or Eigenlayer, work.Finally, premium Dark Markets subscribers get a bonus section, with Zane discussing his take on crypto trading strategies - and which ones are more reliable than mere gambling.Read Vitalik Buterin's thoughts on Restaking: https://vitalik.eth.limo/general/2023/05/21/dont_overload.htmlZane Huffman can be found on Twitter at @jeffthedunker.His portfolio at Bloq includes Vesper (@vesperfi) and Metronome (@metronomedao).His substack can be found at https://greenjeff.substack.com/Dark Markets is hosted by David Z. Morris, @davidzmorris.Dark Markets is edited by Eleanor Pahl.Music is by Altus Noumena.

Austin Campbell is founder of Zero Knowledge Consulting, and a former risk and asset manager for JPMorgan, Citigroup, and Paxos. We sat down to peel back the curtain on who Gary Gensler really is: an ambitious careerist who, as far back as his time at the CFTC, cared more about immediate results than big-picture consequences.Now, Campbell says Gensler’s freewheeling campaign against crypto is opening a Pandora’s Box that threatens the very underpinnings of the U.S. economy. Under his theory of crypto, securities laws could be used to go after not just Pokemon collectors, but U.S. public sector unions, or pretty much anything that a future President doesn’t like.Subscribe to the Dark Markets newsletter at darkmarkets.xyzZero Knowledge Consulting: zeroknowledge.consultingFollow Austin on Twitter at @CampbellJAustinFollow David Z. Morris on Twitter at @davidzmorris The Dark Markets podcast is edited and with production assistance by Eleanor Pahl - @eleanorpahlMusic is by Altus Noumena. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit davidzmorris.substack.com/subscribe

Show Notes for Dark Markets, January 31, 2024:Read the original essay “Sins of the Mother” at Dark Markets: https://davidzmorris.substack.com/p/sins-of-the-mother-how-the-8b-ftxSins of the Mother, Part 2: The Theory and Practice of Raising a Criminal: https://davidzmorris.substack.com/p/the-theory-and-practice-of-raisingRead Barbara Fried’s 2013 Essay “Beyond Blame” in the Boston Review: https://www.bostonreview.net/forum/barbara-fried-beyond-blame-moral-responsibility-philosophy-law/Read more: “Rationalism vs. Empiricism” from the Stanford Encyclopedia of Philosophy: https://plato.stanford.edu/entries/rationalism-empiricism/Subscribe to the Dark Markets newsletter: Davidzmorris.substack.comFind more Music by Altus Noumena: https://soundcloud.com/altusnoumenaCopyright David Z. Morris and Altus Noumena, 2024 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit davidzmorris.substack.com/subscribe

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit davidzmorris.substack.com/subscribe