Matt and Nic return for a festive Christmas eve roundup. In this episode:  Reevaluating our intro song Jack Dorsey’s web3 beef What’s on our Christmas list Is PoW inherently high-fee? We steelman the Jack Dorsey and the pro web3 arguments Is there a paradox in web3? We advance a model of tapered token issuance for web3 The downsides of token issuance to early adopters Is Liz Warren right about corporate greed causing inflation? Radioshake releases a defi token Is Bitcoin ownership too concentrated? Bitcoin is dispersing while equities are concentrating Will there be a revolt among the staffers at the SEC? Content mentioned:  Nic Carter and Lucas Nuzzi in Bitcoin Magazine, Bitcoin's Proof of Work is Well Worth its Fees Paul Vigna in WSJ, Bitcoin’s ‘One Percent’ Controls Lion’s Share of the Cryptocurrency’s Wealth Sponsor notes:  Corporations and institutions can allocate cash into Circle Yield to gain crypto lending exposure and earn superior returns compared to traditional markets. It’s secured, overcollateralized and built on the leading dollar digital currency. Visit circle.com/yield to book a meeting This episode is brought to you by Withum, a top 25 accounting firm with a cutting-edge Digital Currency and Blockchain Technology practice. To learn more, visit  withum.com/crypto