Michael Bentley (Euler) on Euler's Comeback (EP.650)
Episode publishedPodcast: On The Brink with Castle Islan...On The Brink with Castle Island
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Matt Walsh and Nick Carter are partners at Castle Island Ventures. All of these expressed by them or the guests on this podcast are solely their opinions and do not reflect the opinions of Castle Island Ventures. Guests and those may maintain positions in the assets discussed in this podcast. You should not treat any opinion expressed by anyone on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of their personal opinion. This podcast is for informational purposes only. Brought
down by Bad Mortgage Investments, Lehman, which has 25,000 employees, will be liquidated. The federal government loans American International Group, AIG, $85,000,000,000. This is a different kind of market, and the
Fed is
asleep. The
federal government is stepping it to stabilize Fannie Mae and Freddie Mac, the two mortgage giants that have been threatened by the housing crisis. The Bank of England has pumped £75,000,000,000 more into Britain's ailing economy with a new round of quantitative easing. You print a couple trillion dollars, and all of a sudden, people start to worry. So out of this worry, we have something called the Bitcoin. Bitcoin.
The story behind Euler Finance is one of the most gripping in crypto's recent history, and it's the one that we're gonna explore and tell today. Michael Bentley founded Euler in December 2020 alongside Doug Hoyt and Jack Prior with the intent to build a decentralized crypto lending and borrowing platform out of his hometown of Leeds in The UK. Unlike many founders who entered crypto at the time from finance or software, Bentley actually came with seven years of postgraduate research in computational and mathematical biology. That background became foundational to Euler's design, which we'll di
Yeah. Krypto throws up these wild stories, and you may ever ever want to be the main character in one of them. And I think coming into building Euler, I was well aware of the high risk nature of the industry. But what happened was just completely crazy, you know. It was really, really awful experience, obviously, but also just a really crazy the twists and turns. I now saw it just beyond anything I can possibly imagine coming into it, honestly. And there are lots of human elements. There's always the people behind things. And I think if you just look on crypto Twitter, there's, like, a gallows
Part of the reason we're able to even tell this story is that you've deliberately made the decision to be a public facing figure within the crypto industry, which I would say especially early on, many did not. And I'd say it's thoroughly appreciated by people who are users, people who might have had funds lost by people like us who are supporters of the Protocol today. How did you make that decision, and how do you look at that decision versus taking the road of being potentially more conveniently anonymous?
Yeah. I think it's important to build trust. It's not something I'd ever considered. I don't come from a kind of cypherpunk background. I wouldn't say, you know, as an academic before that. No one's so anonymous with academia. Although, they might effectively be academic as far as the population's concerned. But, yeah, the names are on the Internet, but no one need cares about them. So it wasn't part of the culture coming into it, so I wouldn't have considered it necessarily. It was kinda new to me coming into the industry to see that so many people had that, and I completely respect that, esp
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