On the mic
Summary
0:05:14McLaren Joins Hedera Council
Dave noted McLaren racing joining the Hedera Council as part of a two year cycle, with several seats opening. Kantorcodes said McLaren is building on the network and has issued McLaren racing NFTs given out for free, with limited editions per race. The group discussed whether Hyperliquid counts as an altcoin, with Kantorcodes, Bread and Dave viewing it more as a category leader or bridge token like Chainlink rather than a typical alt.
0:06:13ARK buys Circle shares
0:11:11Crypto Cards Treasury Yields and Korean Retail
Dave asked about the PenguCard rewards on the new Pudgy Penguins Visa card. Dave highlighted the US five year Treasury yield hitting 4 percent as a nine month high.
0:14:52Kkoma
0:18:34Web3 Work Sweat Equity and NFT Watchlist
Dave held open auditions for ATC panel spots. Widow collab manager shared her NFT watchlist including Goblins on base, Pepe, Gas, Remyko and Little Guys World on ETH. The group discussed getting paid in web3, with Dave, Widow collab manager and Bread all stressing the need for sweat equity early, then always getting half upfront in cash to avoid rugs, after Bread lost payment on a built product.
0:26:13Unpaid trials and half up front
0:42:40ICP Malware and Crypto Mortgages Launch
Agent Naeem described malware using ICP canisters as command and control for hacking Iranian machines, with Bread noting it resembled a 51 percent attack more than a smart contract exploit.
0:44:51Coinbase/Better crypto-backed mortgages, Fannie and Freddie
0:52:20Taxes LTV and Bitcoin Backed Loans
Landy shared his own Bitcoin backed paper loan at 35 percent LTV, paying interest only. The group walked through a 40 percent LTV example with liquidation if Bitcoin drops about 50 percent including interest and discussed second liens, 80 10 10 structures and tying the mortgage to the crypto loan.
0:52:20Borrowing against BTC is generally not a sale
1:12:55Collateral Haircuts BTC vs Stablecoin and Fine Print
Ryan and Landy warned about collateral haircuts where Bitcoin value may be discounted for LTV calculations and stressed being conservative. Landy and Ryan urged reading the fine print on the two intertwined contracts to avoid pitfalls and suggested inviting experts like Joseph Rapina for more details.
1:23:22Borrow near a bear-market low
Key quotes
“Right? I mean, like, I've gotten equity in lieu of payment from, like, eight startups, and, like, six of them are worth zero. You know what I mean? And so, like, yeah, always get cash too. Right? Well, a 100%, 50% upfront or some sort of... Like, that's baseline. Absolute baseline is 50 upfront. Maybe it can be 40 if…”
Bread0:31:45Share on X
“Like, crypto backed mortgages finally? Like, this is what I've literally been waiting for, like, my entire crypto career. I'm not even kidding. Like, get you... It's like... And it came from Coinbase of of all the places. I saw it on Coinbase. Crypto backed mortgages are here, increasing access to homeownership for ...”
Dave0:44:51Share on X
“Yeah. But I think that's the benefit of, of actually doing this. So here. Hold on. I'm reading it now. Borrowing against your Bitcoin is generally not a taxable event by itself. The IRS taxes sales and other dispositions of property, and the IRS treats digital assets as property. So if you pledge BTC as collateral…”
Dave0:52:20Share on X
“Oh, so, yeah, Linda, I got I got the LTV ratio. So here's what Better is saying. Right? Better is framing... And Better is the is the company for everybody that that that is doing this with Coinbase. They're saying that how it works, like, LTV plays in, 40%. They're not gonna go anything higher than 40%.”
Dave0:59:30Share on X
“Yeah. It says what happens is, like, the structure gives you a conforming Fannie Mae mortgage on the home and a separate loan for the down payment that's secured by your pledge crypto and a second lien on the home. That's interesting. So, like, I don't know much about second lien on the home.”
Dave1:00:02Share on X
