On today's episode of Empire, Jason and Mike are joined by Richard Craib, founder of Numerai, to discuss why Richard sold all his ETH. Richard is a prolific investor and has been part of the Ethereum ecosystem since the 2014 ICO. That’s why it was such a big deal when he announced he sold his ETH and that he no longer sees crypto as a good investment. Does crypto have a product outside of speculation? Is crypto’s growth just a result of the Fed? Is crypto more about regulatory arbitrage than the tech? These questions and more are explored in this fascinating conversation (debate!) where Richard holds nothing back. - - Follow Jason: https://twitter.com/JasonYanowitz Follow Mike: https://twitter.com/MikeIppolito_ Follow Empire: https://twitter.com/theempirepod Follow Richard: https://twitter.com/richardcraib Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple Podcasts: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw - - Referenced in the show: Richard's video announcing why he sold his ETH https://twitter.com/richardcraib/status/1523513981347848192?s=20&t=qwlN5rWxe5-KWyJOEr4B6Q -- (00:00) Intro (01:52) Why Richard Sold All of His ETH (09:00) The Fed "Created" UST (12:14) Macro Trouble (15:53) A Market Neutral Strategy (19:38) Is Crypto's Only Product Speculation? (32:58) An Overreaction to a Flawed System (36:26) A Massive Misallocation of Capital (40:25) It's Mostly Just Regulatory Arbitrage (43:00) Why People Join The Crypto Industry (47:33) Is There A Real Use Case? (52:28) What Richard First Liked About Crypto