All-In E94: NFT volume plummets, California's overreach, FBI meddling, climate change & national security
Episode 94 • 9/1/2022
NFT Market Collapse
- OpenSea marketplace volume dropped 99% since May peak of $406M to just $5M by end of August
- Bored Ape floor price down 53%
- The group discussed how NFTs represent another speculative bubble driven by narratives and collective belief, similar to previous market manias
- Chamath argued that people often try to differentiate new investment trends but they fundamentally rhyme with previous bubbles
California Policy Developments
- Three major policy changes discussed:
- Ban on new gas car sales by 2035
- Creation of state board to set fast food worker wages ($22/hr minimum)
- New social media liability law for kids' mental health
- The group criticized California's increasing government intervention in markets
- Discussed potential unintended consequences like automation replacing workers
FBI & Social Media Content Moderation
- Discussion of Zuckerberg's comments on Joe Rogan about FBI warning Facebook about potential Russian disinformation ahead of Hunter Biden laptop story
- Sacks argued this represented inappropriate government intervention in free speech
- Debate over whether FBI actions were justified given concerns about foreign election interference
Climate Change & Energy
- Discussion of extreme weather events and impacts on food/energy supply chains
- Friedberg highlighted specific examples like China's drought affecting manufacturing
- Group agreed on need for practical solutions including nuclear power
- Supported market-based approaches rather than heavy-handed regulation
Gorbachev's Legacy
- Discussed Gorbachev's role in ending Cold War through cooperation with Reagan
- Chamath highlighted how Soviet economic failures drove reforms
- Sacks argued current US policy has squandered the peace dividend by creating new tensions with Russia
- Group debated Putin's role and NATO expansion in current US-Russia relations
The episode provided detailed analysis of major current events while connecting them to broader themes about government intervention, market forces, and international relations.