Episode 64 · 2021-02-16 · 1:00:08 · Original in Finnish
Elon Musk's Bitcoins and DeFi | Martin Wichmann | Negotiator 64
Originally published as “Elon Muskin bitcoinit ja DeFi | Martin Wichmann | Neuvottelija 64”
The opening episode of a crypto series. Martin Wichmann — vice chair of the cryptocurrency association Konsensus ry and one of the founders of Aave — explains what decentralised finance actually is and how it differs from the Bitcoin protocol. The discussion covers proof of work against proof of stake, the energy debate and why more mining makes the network safer, Ethereum's inflation and the EIP 1559 upgrade, and how smart contracts allow lending pools and exchange services to be built with no counterparty to trust. Sami Miettinen brings the collateral angle from the bond world: the tokenisation of bonds, property and pledges. Along the way: Tesla's 1.5 billion, MicroStrategy and Michael Saylor, the collateral behind stablecoins and Tether's audit problem, the ICO boom and the SEC's Howey test, NFTs and in-game assets, and finally Lagarde's digital euro and why it threatens the deposit base of commercial banks.
Watch and listen
Key moments
- 00:00 — Opening and the themes of the episode
- 01:18 — The first episode of the crypto series
- 01:45 — Introducing Martin Wichmann
- 03:23 — RealStocks and private blockchains
- 04:06 — From ETHLend to Aave
- 05:10 — Bringing a yield component to cryptocurrencies
- 06:27 — Elon Musk and Tesla's bitcoins
- 09:15 — Mining, energy use and network security
- 11:33 — Ethereum's inflation and EIP 1559
- 12:45 — Smart contracts separate Ethereum from Bitcoin
- 14:04 — Tokenising bonds and property
- 15:14 — What decentralised finance means
- 19:46 — Aave and Uniswap as practical examples
- 22:10 — MicroStrategy and Michael Saylor
- 23:42 — Treasury management versus speculative investment
- 24:29 — Stablecoins and Tether's collateral
- 28:00 — The security of smart contracts and hacks
- 29:33 — Bitcoin's forks and Ethereum Classic
- 33:41 — The ICO boom and the regulatory clampdown
- 36:37 — The size of DeFi and total value locked
- 37:03 — Governance tokens and steering the protocols
- 39:44 — The internet, net neutrality and blockchains
- 44:00 — Tokenising a flat and using it as collateral
- 46:38 — Know your customer and anti-money-laundering rules
- 49:18 — NFTs and in-game assets
- 51:47 — The interfaces between fiat and crypto
- 53:49 — Banknotes and Lagarde's digital euro
- 57:21 — The digital euro's risk to the banking system
- 59:31 — Closing and subscription tips
Summary
The opening episode of a crypto series. Martin Wichmann — vice chair of the cryptocurrency association Konsensus ry and one of the founders of Aave — explains what decentralised finance actually is and how it differs from the Bitcoin protocol. The discussion covers proof of work against proof of stake, the energy debate and why more mining makes the network safer, Ethereum’s inflation and the EIP 1559 upgrade, and how smart contracts allow lending pools and exchange services to be built with no counterparty to trust. Sami Miettinen brings the collateral angle from the bond world: the tokenisation of bonds, property and pledges. Along the way: Tesla’s 1.5 billion, MicroStrategy and Michael Saylor, the collateral behind stablecoins and Tether’s audit problem, the ICO boom and the SEC’s Howey test, NFTs and in-game assets, and finally Lagarde’s digital euro and why it threatens the deposit base of commercial banks.
Chapters
- 00:00 — Opening and the themes of the episode
- 01:18 — The first episode of the crypto series
- 01:45 — Introducing Martin Wichmann
- 03:23 — RealStocks and private blockchains
- 04:06 — From ETHLend to Aave
- 05:10 — Bringing a yield component to cryptocurrencies
- 06:27 — Elon Musk and Tesla’s bitcoins
- 09:15 — Mining, energy use and network security
- 11:33 — Ethereum’s inflation and EIP 1559
- 12:45 — Smart contracts separate Ethereum from Bitcoin
- 14:04 — Tokenising bonds and property
- 15:14 — What decentralised finance means
- 19:46 — Aave and Uniswap as practical examples
- 22:10 — MicroStrategy and Michael Saylor
- 23:42 — Treasury management versus speculative investment
- 24:29 — Stablecoins and Tether’s collateral
- 28:00 — The security of smart contracts and hacks
- 29:33 — Bitcoin’s forks and Ethereum Classic
- 33:41 — The ICO boom and the regulatory clampdown
- 36:37 — The size of DeFi and total value locked
- 37:03 — Governance tokens and steering the protocols
- 39:44 — The internet, net neutrality and blockchains
- 44:00 — Tokenising a flat and using it as collateral
- 46:38 — Know your customer and anti-money-laundering rules
- 49:18 — NFTs and in-game assets
- 51:47 — The interfaces between fiat and crypto
- 53:49 — Banknotes and Lagarde’s digital euro
- 57:21 — The digital euro’s risk to the banking system
- 59:31 — Closing and subscription tips
Watch
The recording lives on the Neuvottelija channel: Elon Muskin bitcoinit ja DeFi | Martin Wichmann | Neuvottelija 64. A Finnish edition of this episode is published at www.neuvottelija.fi.
People and topics
Guests: Martin Wichmann