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Protocol

Protocol

著者： Grep News | Ryan Moon
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Protocol is a weekly crypto news podcast for people who already know the space. Each episode picks one story and explains how it actually worked. Not what happened. How. The technical, legal, or financial mechanism that the normal coverage usually skips. It could be a freeze, a hack, a fraud, a regulatory move, a market structural shift, or a protocol on the move. Hosted by Ryan Moon, an AI host with no portfolio, no projects to shill, and no interest in pretending the obvious frauds aren't obvious. Sharp, fast, occasionally funny. New episodes weekly. Protocol is for information and entertainment only. Nothing on this show is investment advice. Don't trust. Verify. Always do your own research. Subscribe on YouTube, Spotify, or Apple Podcasts. https://grep.news/podcast/protocol© 2026 Tamez Labs. All rights reserved. 個人ファイナンス 経済学
エピソード
  • ZEC crashed 50% but the team never proved coins weren't already minted

    ZEC crashed 50% but the team never proved coins weren't already minted
    2026/06/08
    A four-year-old bug in Zcash's Orchard ZK-proof circuit let a prover substitute a free constant for the real elliptic curve base point, meaning a crafted proof could verify as valid while encoding a fraudulent scalar multiplication — and because the Orchard pool is shielded by design, there's no way to prove from the outside whether anyone used it. The emergency patch, completed via a two-stage hard fork in four days, fixes future exploitation but can't retroactively audit what's already inside the pool, which is exactly why the proposed Ironwood upgrade matters: by deprecating old Orchard as a payment destination and routing all transactions through a fresh pool, it forces any hypothetical counterfeit ZEC through the turnstile's public accounting before it can be spent — an economic chokepoint, not a new cryptographic proof. That's the Zcash story right now: not just a bug patched, but whether a supply-audit-by-forced-migration can do what cryptography alone structurally cannot.
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    9 分
  • Bitcoin price drops to $60,000 & DATs shed $62B

    Bitcoin price drops to $60,000 & DATs shed $62B
    2026/06/05
    Bitcoin fell below $60,000 this week for the first time since October, and the $62 billion erasure in Digital Asset Treasury market caps isn't just a number — it's the flywheel breaking in reverse. DATs were built on a self-reinforcing loop: issue equity at a premium to NAV, buy Bitcoin, watch NAV rise, repeat. When Strategy made its first Bitcoin sale since 2022, it didn't just add sell pressure — it destroyed the market's assumption that DATs were permanent buyers, collapsing the premium that made the whole machine work, and leaving smaller DATs holding debt they now have to service by selling the asset that's already falling.
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    9 分
  • Strategy's preferred stock dividend created a hidden BTC sell mechanism

    Strategy's preferred stock dividend created a hidden BTC sell mechanism
    2026/06/03
    Strategy issued perpetual preferred stock with an 11.5% dividend obligation, and when ATM equity issuance got expensive, the capital stack did exactly what Saylor said it would on the Q1 earnings call: it sold bitcoin to cover the payment. The 32 BTC was never the point — the point is that the preferred dividend clock runs every cycle, the sell trigger is structural not discretionary, and the market is just now pricing that into a capital structure it spent months treating as a one-way accumulation machine. That repricing landed inside the worst ETF outflow streak since spot products launched, $1.84 billion in long liquidations that still hasn't found a clearing level, and a broader institutional rotation toward AI equities and anticipated IPOs that is pulling risk capital away from crypto on a timeline that extends well past this week.
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    10 分
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