Follow Lightspeed on YouTube: https://bit.ly/43o3Syk Follow Lightspeed on Apple: https://apple.co/3OhiXgV Follow Lightspeed on Spotify: https://spoti.fi/3OkF7PD -- This is a special episode of Lightspeed, Blockworks' newest podcast, where we interview Balaji Srinivasan and Akshay BD to discuss crypto networks, sovereignty and the practicality of decentralization. If you only tune in to one episode of Lightspeed, this is it. We discuss if crypto is a bet on tech or financial collapse, blockchain infrastructure ideologies, Balaji's Network State, how to build effective communities, the future of open source, combatting tribalism and more! We're dropping this episode here as we think you'll want to add Lightspeed to your podcast lineup! -- Follow Balaji: https://twitter.com/balajis Follow Akshay: https://twitter.com/akshaybd Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Use code LIGHTSPEED30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 -- Timestamps: 00:00 Introduction 03:01 Is Crypto a Bet on Tech or Financial Collapse? 08:04 Appchains vs Monolithic vs Modular Ideology 13:07 Why Akshay Joined the Solana Community 15:54 Permissionless Promo 16:54 The Network State 31:21 Market Depth and the Overton Window 37:25 How to Build Effective Communities 43:43 Three Ways to Align People 50:11 How to Combat Tribalism 01:03:54 Crypto has PMF, Regulation is Holding it Back 01:14:57 Will Centralized Companies Embrace Open Source? 01:17:28 Advice for Startup Founders -- Resources The Network State https://thenetworkstate.com/ The Network State (Balaji, Estonia 2015) https://teleport.org/blog/2015/07/the-network-state/ Software is Reorganizing the World (Balaji, 2011) https://www.wired.com/2013/11/software-is-reorganizing-the-world-and-cloud-formations-could-lead-to-physical-nations/ The Secret Document That Transformed China https://www.npr.org/sections/money/2012/01/20/145360447/the-secret-document-that-transformed-china SuperTeam https://superteam.fun/ https://twitter.com/SuperteamDAO - - Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed. ... https://www.youtube.com/watch?v=aZdkbH0oxXo

Zed Francis, chief investment officer at Convexitas, joins Jack to talk about interest rate risk, what really happened to the British pension system, and tail risk as a portfolio diversifier. Francis argues that December 2022 will see a wave of mandatory liquidations by the U.S. retirees forced to take mandatory distributions on their retirement accounts. These forced sales will be larger as a percentage of the typical 60/40 portfolio than they normally are, due to the drawdown in stocks and bonds that have already occurred this year. Filmed on November 8, 2022. Follow Jack Farley on Twitter https://rb.gy/uesguv Follow Forward Guidance on Twitter https://rb.gy/cy0dki Follow Blockworks on Twitter https://rb.gy/igyzsj About Convexitas: https://www.convexitas.com/ Convexitas’ piece on Liability-Driven Investment (LDI): https://www.convexitas.com/insights/liability-driven-investment-de-risking-if/ Convexitas’ piece on duration risk: https://www.convexitas.com/insights/rates-free-risk-duration-duration-everywhere/ __ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can’t-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos Find out more about the Blockworks video editor role here: https://blockworks.co/careers/ __ Timestamps: 00:00 Intro 00:33 The Financialization Of Everything 10:27 Private Markets 17:01 Duration (Interest Rate Risk) Explained 19:35 The Losses From Rising Rates Are Immense 26:26 The U.K. Pensions Crisis - Explained In Great Detail 38:41 Stocks and Volatility 41:53 "Ignore The VIX" 45:19 Tail Risk 50:47 Are Active Investment Managers Underweight Stocks? 01:00:07 The Different Phases of A Bear Market 01:07:46 The Credit Markets Are Frozen 01:10:21 A "Waterfall of Liquidations" Is Coming From Forced Selling From Retirement Accounts 01:19:45 The Value Of Portfolio Overlays 01:26:00 Basis Risk __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets. ... https://www.youtube.com/watch?v=cp2jkrl1rsg