Levie explained to us how he manages to walk the fine line of being a crypto critic without landing in the bulls’ bad books. Our guest, Aaron Levie, built a successful SaaS business in Box, and now he’s on a mission to beef - respectfully - with web3 stans all over Twitter. Block’s Jack Dorsey announced this week that he’s ready to cancel web3 and move on to his vision of the internet, which he’s calling “web5.” Elon Musk weighed in with a particularly creative proposal too, which we discussed in this week’s episode. The tech billionaire bros are still alright, though, for better or for worse. From BlockFi to Binance.US, some of the biggest names in crypto are facing lawsuits and/or fines for their practices.
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Regulators are seizing this moment in the downturn, while web3 is already looking pretty shady and investors are pissed about losing money, to crack down on certain firms in the space. We talked through what went wrong on the Celsius network and how it’s surprisingly intertwined with the rest of crypto. Crypto lending protocol Celsius isn’t fire burning, but it did freeze all customer withdrawals this past weekend, citing concerns about its own liquidity amid “extreme market conditions.” Since then, the firm, which claimed to have 1.7 million users before the pause, has seen its own token plummet (and then recover and plummet again), and sent the already-struggling crypto markets into a tailspin. Without the promise of riches or with reduced interest in blockchain-based exclusivity, where will consumer demand go? Will governance communities grow more self-motivated and more concerned about short-term goals when their groups have gone from being filled with millionaires to seeing their profits disappear into thin air? How much worse will things get? For DAOs and protocols with treasuries sitting in ETH, many have seen their budgets for community efforts and stretch projects decimated, threatening their survival. Few companies have to deal with the stressed of both crypto and public markets like Coinbase which laid off more than 1,100 people this week, but plenty of startups raised mega-rounds in 2021 to theoretically future-proof their companies.
If things do fail harder and faster than before, the question is how quickly young startups and crypto communities can adjust to shifting fortunes. Despite the decentralization ethos of crypto, the potential for cascading failures seems every bit as possible for the crypto world as it does for traditional finance markets. This week, we saw the interconnectedness of major institutions as crypto lending protocol Celsius stuttered and brought down Ethereum prices with it as investors feared a price collapse brought on by reportedly over-leveraged players like 3 Arrows Capital. This means rough things for tokens, but also more brutal realities for the entire ecosystem. Bitcoin looks like Chamath took it public via a SPAC
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