Crypto Talk Radio: Basic Cryptonomics
Leicester On The #BlockDAG “Super Application” (OOC)
12 Apr 2026
Chapter 1: What is the main topic discussed in this episode?
those who ignore the lessons of the past are doomed to repeat them crypto talk.fm my name is leister i'm your host i was asked i wish i wasn't but i was asked to provide thoughts
Chapter 2: What is the 'Super Application' in the context of BlockDAG?
on something known or named as the quote super application that is increasingly being communicated from the project known as block deck. Now I was the reason I wish I didn't get the question is because it then occurred to me. Most of the people listening, I could talk to out of him, maybe knew they weren't in during that time. And it means I got to take you on a magic carpet ride,
Chapter 3: How did the cryptocurrency landscape change in 2021?
In a time machine, because we got to go back in time and I got to hit you with a history lesson. And there are people who won't listen. That's what bothers me is the fact people won't listen. Those who do listen, I appreciate you. If you listen to CryptoTalks.fm, you listen, I appreciate you. But the vast majority don't listen. So let's assume, let's take it on face that some of this is new.
Chapter 4: What challenges did the host face during the cryptocurrency boom?
Time machine must be engaged. I don't know if you saw this, but the Clinton News Network, CNN, sent out a bullshit article implying that Michael J. Fox had passed and that he had to respond on threads and say, no, I'm still alive. But he is alive as of this recording. Great dude. Awesome. One of my heroes, frankly, for everything that he's done and went through and come out on top.
But we got to go in a time machine. The year is 2021. That's our destination. And I'm going to hit you with some history. Some of this is in our archive too, but I never went this deep on some of these projects I'm going to be talking about.
But in order for me to answer your question, and I know you're not, some of you are not going to like my answer because I'm going to tell you what you already know to be the truth. But if you're new, you might have missed this era. I know you heard about it, but you might have missed it. You weren't living it like I lived it. I watched it.
Chapter 5: How do reflections and burns work in cryptocurrency projects?
Watched it go down, crash and burn in fiery flames. the year is 2021.
2021 was arguably the wall wall west the cryptocurrency because you had a lot of projects primarily on the binance smart chain spin up and do all a bunch of garbage and then that was also right around the time that ethereum switched away from proof of work to proof of stake killing the business on mining profits there was a time i I was having hard, hard, this is COVID, right?
I was having a hard, rough time. My only source of money at this time, right around this was mining profits. I w with my gaming PC, I was making roughly about three, maybe $3 and 50 cents a day. And that's all I was living on. Just to put in perspective, there's more to that story, but suffice to say,
In terms of me being fed in terms of me getting something to eat every day, mining profits is all I had to bank on. There was a point I was excessively dehydrated. The urine came out brown.
Chapter 6: What lessons can be learned from the SafeMoon and Saitama projects?
That's excessively dehydrated. That's how bad it was. Crypto mining was the only thing that got me out of that rut to buy me some time until I was able to get back stable, which took some time all the way to 2023, frankly. But the thing is,
a lot of crypto projects were spinning up and you had things like unmindable and unmindable lets you quote mine different cryptocurrencies, even if they're not directly mindable. And all they're really doing is mining some other cryptocurrency that is proof of work selling for proceeds. And then you can get these other coins.
And so then a lot of these one, these one offs were spiking because of the price spikes of Bitcoin. when Bitcoin's running up, Ethereum runs up, all the other chains run up. Ethereum, I think got as high as 4,800 bucks at that time. This is still proof of work. Now, mind you, there were a number of projects that were created, Some are Ethereum, but the vast majority of Binance Smart Chain.
But some of them are Ethereum. For example, SafeMoon, you may or may not have heard of.
Chapter 7: What are the implications of liquidity for cryptocurrency applications?
Satama, you may or may not have heard of. Tatano, Libero, Seifu. A number of these projects, Para Inu, Keanu Inu, SHIB even. SHIB was originated a little bit earlier than that, but that was its peak.
all these projects had a different message and different approaches to the message shiv's message was really we can be basically a payment we don't have reflections we don't have burn we could just be payment we could take over the world and it had its pumps and spikes largely because it was a meme coin era shib then inspires others Doge coin inspires others.
We had certain ones that are kind of like at that top of the pyramid and they inspire others to be created. Shib and Doge are competing. Leash gets created the so-called Doge killer. Which, of course, is a scam. But the point is, at the time, that was kind of that predominant messaging.
Well, then someone had the idea, and I don't know who specifically, if it was SafeMoon, John Caroni, if it was him or somebody else at the time that originated this thought. I'm pretty sure that it had to be SafeMoon that started it, but I don't know 100%. but the idea of reflections and burns and taxes.
So in the reflection, what happens is as volume occurs on chain, so you have buys and sells, a small percentage gets redistributed to everybody else who's still holding the token. With the thought being we are incentivizing you for holding. So then that's where HODL, H O D L, the concept comes into play. We're giving people some sort of incentive to hold instead of sell.
And we do that by these main mechanics reflections, which is your bag's just going to grow based on you holding, you hold and the amount that you hold grants you a percentage. And that's just going to come to your free money, right?
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Chapter 8: How do decentralized exchanges differ from traditional exchanges?
Well, in order to sustain that, you had to have an obscene amount of tokens. That's where you started seeing the trillions and quadrillions of tokens start spinning up. That's where with SHIB, the story was, I believe it was a hundred quadrillion of tokens at the time. I believe that's true. And then half gets sent to the idiot Vitalik who then burns them.
And that act is what started spinning up the concept of burns. So you would spin up a token with an obscene supply, and then they would burn half of it. And that's the sales pitch. So they're following what idiots like Vitalik were doing as some sort of message of what to do, even though it was BS. Then you had this, tax slash fee structure.
The idea that when you sell, there's a tax certain percentage against it. And then that tax was either put into liquidity or redistributed to the reflection pools, or there might even be a tax on buys. And you might think, well, why would you tax buys in their mind? They're trying to defray for the damage for other people, because put it this way. If you had a buy order,
That's a large by order that by order is taking away from available supply. And so we were trying to put back liquidity. So they would create kind of this liquidity circular pool concept. And the only way to do that is you have to put the tax against buys and sells because both transactions contribute to liquidity. That was the brainchild of why they did it, even though it was stupid.
A lot of it also is copying regular commerce, right? You go to the store, you buy something, there is a tax. If you sell something, you might be taxed on capital gains. So there's kind of that also, but the main was for liquidity stabilization. Incomes like the Libero, Totano, Seifu, Ascent, and some of these other ones, Drip,
where they flipped it around and they took all of what I just described to the M concepts of banks, concept of treasuries, concept of mining baked beans project was doing mining. Everything is a gimmick, a gimmick on a gimmick, on a gimmick, on a gimmick, on a gimmick, the ultimate, or I say penultimate, look it up. Gimmick is a wallet.
shib initially talked about wallet concept and eventually spun to say let's just do shibarium just kind of go full scope with it but safemoon was the first to actually talk about implement deploy a wallet concept the wallet mindset was we should be a better wallet than the meta masks and the trust wallets and the other ones of the world but we also have our own lock-in thought process to it then i spin over to satama
who wanted to create what's called Cytomask. Cytomask was their wallet. That's what triggered billions of dollars to flow into it because they started showing concept designs of it. So Thomas thought was trying to solve what was a problem at the time. In the proof of work era, during excessive volume for Ethereum, you would see gas prices go to the moon.
Sometimes you would do a trade and it wants $100 worth of gas to do the trade. That was real in the proof of work era. That was one of the compelling reasons to go proof of stake was to help offset some of that gas expense. I won't bore you with the deets behind it, but suffice to say that the gas,
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