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Episodes from The Breakdown
Dimon & Democrats Ready for War Over CLARITY
A centrist Democratic group is spending six figures to brand the CLARITY Act as "Trump's crypto grifto." Jamie Dimon is on the same side. David walks through what's actually happening and why crypto might need a Plan B. Plus: the SpaceX pre-IPO perp that flash crashed 45% on Hyperliquid, and Cardano canceling its annual conference. Enjoy! TIMESTAMPS: (00:00) Intro (01:10) Anti-CLARITY FUD (13:43) SpaceX Perps (16:58) Cardano FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The...
When Bitcoin’s Bear Market Might End
David maps the current Bitcoin bear market against every prior one — where we are, how much longer it could run, and where the bottom could land. FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational...
A Google Engineer Made $1.2M Insider Trading on Polymarket
A Google engineer allegedly profited $1.2 million on Polymarket betting that d4vd would be Google's most-searched person of 2025 — using Google's own internal data. Plus: Blockworks' new Token Transparency Alliance, and an OpenZeppelin co-founder telling friends and family to exit DeFi. TIMESTAMPS: (00:00) Intro (01:03) Polymarket Insider Trading (10:39) Transparency Alliance (21:56) DeFi Unsafe? FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter - https://blockworks.com/newsletter/the-breakdown Get to...
Is This $250M AI Company Fake?
Polsia (AI Slop spelled backwards) just announced a $30M raise at a $250M valuation with one human employee. David thinks it's less a company, more performance art. Plus: Uber, Microsoft and NVIDIA all admit AI compute is too expensive, and Tether is launching what looks like a CBDC with the government of Georgia. Enjoy! TIMESTAMPS: (00:00) Intro (01:28) Polsia (06:22) Nexo Ad (06:57) Polsia (Cont.) (16:10) Nexo Ad (17:04) Polsia (Cont.) (18:29) AI Compute Costs (27:15) Tether FOLLOW...
Hyperliquid Hits ATH, XRP ETF Flows, and a $1B Pitch to Save Ethereum | The Breakdown
It's Bitcoin Pizza Day, and David runs through three Friday stories: Hyperliquid breaking all-time high (and why the buyback isn't really the driver), the XRP wallet and ETF flow narrative vs. what the data actually says, and Dankrad Feist's $1B proposal to "save Ethereum." Enjoy! TIMESTAMPS: (00:00) Intro (01:35) HYPE All-Time High (06:48) Nexo Ad (07:22) HYPE All-Time High (Cont.) (12:25) XRP ETF Flows (15:20) Nexo Ad (16:25) XRP ETF Flows (Cont.) (23:29) ETH Troubles FOLLOW THE SHOW › David — http...
OpenAI Digs A Moat, Ethereum Foundation Loses Talent, And Polymarket’s UMA Problem | The Breakdown
David unpacks the Ethereum Foundation exits, the Polymarket / UMA Oracle dispute mess revealed by the WSJ, and OpenAI's push to sell guaranteed compute on 1–3 year commits. Enjoy! TIMESTAMPS: (00:00) Intro (01:23) ETH Foundation Departures (17:00) Polymarket Dispute Judges (27:11) OpenAI Guaranteed Compute FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily News...
The Messy State of Crypto Governance with Jito Foundation's Nick Almond | The Breakdown
Nick Almond of the Jito Foundation joins David to walk through why DAO governance is a mess, what “pragmatic decentralization” looks like in practice, and how the CLARITY Act will reshape governance going forward. Enjoy! TIMESTAMPS: (00:00) Intro (01:22) Why Governance Matters (03:43) Token Voting (05:12) Delegates and Multisigs (08:56) Nexo Ad (09:30) Sub-DAOs and Specialization (11:33) Governance Tokens Origins (15:47) Pragmatic Decentralization (18:22) Cosmetic Votes and Value (20:37) Nexo Ad (21:35) Arbitrum Governance (25:59) Regulation and CLARITY (29:11) Bitcoin Governance Less...
The $70B AI IPO, Claude Cracks a Lost Wallet, and CLARITY Advances | The Breakdown
Hyperliquid enabled early exposure to the biggest AI IPO of the year. Claude helped recover a Bitcoin wallet locked for 11 years. And CLARITY made it through markup. David runs through all three. Enjoy! TIMESTAMPS: 00:00 Intro 01:05 Cerebras 12:42 Claude Rescues Wallet 19:17 CLARITY Markup Update FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https...
Bhutan Times the Top, CLARITY Hits Markup, and the Onchain Pokemon Card Boom | The Breakdown
Bhutan timed the Bitcoin top almost perfectly. The CLARITY Act may only let 10–20 chains qualify as “decentralized.” And onchain Pokémon cards are popping off. David runs through all three. TIMESTAMPS: (00:00) Intro (01:31) Bhutan Sells (06:37) Nexo Ad (07:12) Bhutan Sells (Cont.) (14:39) CLARITY Markup (15:40) Nexo Ad (16:31) CLARITY Markup (Cont.) (25:30) Onchain Pokemon Card Boom FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS <p...
Bored Apes Rally, Canton Raises at $2B and Saylor Raps the Bears | The Breakdown
David covers three Monday stories: the NFT mini-revival (Bored Apes doubled in a month), Canton raising $300M at a $2B valuation, and Saylor's AI rap video defending Strategy from “Ponzi” accusations. Enjoy! TIMESTAMPS: (00:00) Intro (01:15) Are NFTs Back? (07:24) Nexo Ad (07:59) Are NFTs Back? (Cont.) (12:06) Canton (16:52) Nexo Ad (17:46) Canton (Cont.) (23:27) Strategy Rap FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW S...
Coinbase Down Again, HIP-4 vs Polymarket, and Dueling Big Tech Crypto Partnerships | The Breakdown
David covers three Friday stories: Coinbase's hours-long outage on the back of an AWS cooling failure, the data on whether prediction markets are actually beating memecoins, and the dueling Solana + Google Cloud / AWS + Coinbase + Stripe agentic commerce announcements. TIMESTAMPS: (00:00) Intro (01:23) Coinbase AWS Outage (07:20) Nexo Ad (07:55) Prediction Markets, Memecoins, and HIP-4 (15:58) Nexo Ad (16:51) Prediction Markets, Memecoins, and HIP-4 (Cont.) (19:15) Agentic Commerce Meta FOLLOW THE SHOW › David — https://x.com...
Coinbase's AI Layoffs, a16z's $2.2B Fund, and Strategy's $12.5B Loss | The Breakdown
David covers three Wednesday stories: Coinbase laying off 14% of staff, a16z Crypto raising $2.2 billion, and Strategy losing $12.5 billion as CEO Phong Le floats selling bitcoin. We also unpack the AI-first layoff narrative, the potential return of the infra supercycle ($6B+ raised across crypto VCs in 2026), and why a Cambrian explosion of DATs and ETFs might absorb whatever Saylor has to offload. Enjoy! -- TIMESTAMPS: (00:00) Intro (01:17) Coinbase Layoffs (07:15) Nexo Ad (07:50) Coinbase Layoffs (Cont.) (10:30) a16z Crypto Fund 5 (15:17) Nexo...