In this episode, Dylan LeClair joins us to discuss positive feedback loops around bitcoin’s extreme volatility and a collapsing crypto industry. We kick off with Vitalik's questions about the sustainability of yield in the crypto space and whether ethereum and other cryptocurrencies are at risk of fading away. Dylan offers his insights on the VIX spike in early August and what it might mean for the broader market. We then shift to the success of bitcoin ETFs and dive into how companies like Metaplanet and MicroStrategy are using financial engineering to increase their bitcoin holdings per share. Dylan shares his thoughts on the concept of corporate "bitcoin yield" versus holding bitcoin in cold storage, and how volatility can create a highly positive feedback loop. We also touch on the power law and S2F models, rounding off with a personal note as Dylan reflects on his high school teachers congratulating him on his success. SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show with your friends and family → Send us an email [email protected] TIMESTAMPS: 00:00:00 Intro 00:01:50 Vitalik questioning where the yield comes from 00:04:07 Are crypto and ethereum dying? 00:08:03 Vix spike in early August—bottom for risk assets? 00:14:34 Success of bitcoin ETFs 00:17:30 Metaplanet and Microstrategy financial engineering more bitcoin 00:33:42 Bitcoin “yield” or bitcoin per share? 00:36:58 Metaplanet and MSTR vs cold storage bitcoin 00:43:00 Volatility results in a positive feedback loop 00:54:13 Power law and S2F model 00:56:45 Dylan’s high school teachers 00:59:35 What’s something you believe that most bitcoiners would disagree with? 01:04:29 What’s the biggest risk to bitcoin? 01:08:15 Closing thoughts WHERE TO FOLLOW US: → Unchained Twitter: https://twitter.com/unchainedcom → Unchained LinkedIn: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter  → Joe Burnett’s Twitter: https://twitter.com/IIICapital → Dylan LeClair’s Twitter: https://x.com/DylanLeClair_