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In this episode, Dylan LeClair joins us to discuss positive feedback loops around bitcoin\u2019s extreme volatility and a collapsing crypto industry. We kick off with Vitalik's questions about the sustainability of yield in the crypto space and whether ethereum and other cryptocurrencies are at risk of fading away. Dylan offers his insights on the VIX spike in early August and what it might mean for the broader market. We then shift to the success of bitcoin ETFs and dive into how companies like Metaplanet and MicroStrategy are using financial engineering to increase their bitcoin holdings per share. Dylan shares his thoughts on the concept of corporate "bitcoin yield" versus holding bitcoin in cold storage, and how volatility can create a highly positive feedback loop. We also touch on the power law and S2F models, rounding off with a personal note as Dylan reflects on his high school teachers congratulating him on his success.

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TIMESTAMPS:

00:00:00 Intro

00:01:50 Vitalik questioning where the yield comes from

00:04:07 Are crypto and ethereum dying?

00:08:03 Vix spike in early August\u2014bottom for risk assets?

00:14:34 Success of bitcoin ETFs

00:17:30 Metaplanet and Microstrategy financial engineering more bitcoin

00:33:42 Bitcoin \u201cyield\u201d or bitcoin per share?

00:36:58 Metaplanet and MSTR vs cold storage bitcoin

00:43:00 Volatility results in a positive feedback loop

00:54:13 Power law and S2F model

00:56:45 Dylan\u2019s high school teachers

00:59:35 What\u2019s something you believe that most bitcoiners would disagree with?

01:04:29 What\u2019s the biggest risk to bitcoin?

01:08:15 Closing thoughts

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\u2192 Joe Burnett\u2019s Twitter: https://twitter.com/IIICapital

\u2192 Dylan LeClair\u2019s Twitter: https://x.com/DylanLeClair_