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A highlight from The Long Strange Journey of Facebook's Libra Project
"By nigg and produced and distributed by coin desk. What's going on guys? It is Wednesday, December 1st, welcome to what is undeniably the best month of the year. Today we are talking about the long strange journey of Facebook's Libra project. And of course, the context for this is the announcement that David Marcus would be leaving the project. Markets, of course, the most recognizable figure associated with the project. He was the one to be on the hot seat originally in the first hearings before Congress and the Senate, and it's just hard not to see this as something of a closing of a chapter in not only Facebook's history, but in the era of crypto that we've just lived through. Now, I've been following the Libra project since its very inception. I remember the day that it was announced and what a huge deal it was. It was in the midst of a deep bear market in 2019. It was 6 months before this podcast started but still, I was live streaming and doing a watch party of the original congressional hearings. So today, what I want to do is give a little bit of a retrospective on the project as well as talk about what it meant in the context of this industry and what it might mean for Facebook or meta going forward. So let's go back to the announcement. It was June 18th, 2019, and like I said, we were deep in a bear market. This announcement then hit like a bomb. Here was one of the biggest companies in the world announcing its entrance into something akin or at least related to this cryptocurrency space. Now, the first pitch from Facebook about Libra was all about banking the unbanked. They talked extensively about the 1.7 billion unbanked people and the as many again folks who are underbanked or underserved by the current system. Right from the beginning, David Marcus was at the helm. But even from the beginning, they were clearly trying to attempt to break away from their association with Facebook. Remember Libra wasn't a Facebook project, it was a project of the Libra association, an association that had members such as Visa, stripe, PayPal, ricotta pago, eBay, Lyft, Uber, Spotify, and others. Facebook for its part was going to operate the calibra wallet, not run the Libra association. And it was right from the beginning They were proposing a new currency and there were a couple problems that regulators were about to have with that. The first was that its approach was different than other stablecoin projects at the time. It wasn't going to be tied to anyone currency, the Libra was instead going to be backed by a basket of currencies that could free float against one another. That was an incredibly novel design but with pretty big geostrategic implications. The second problem, of course, that regulators had with this was that it was Facebook who was proposing to do it. A company that was already at that time massively untrusted by so many from multiple different political persuasions for multiple different reasons. Almost immediately a hearing was called. But before I get into that hearing, I do want to spend just a moment on this basket of currencies approach. More than one person noted that it was similar to John Maynard Keynes original proposal for a global reserve currencies, something that he called the Bancorp. At the bretton Woods conference, he said that the global reserve currency should not be tied to any one nation. It should instead be a basket of currency that was backed by the currencies of multiple nations, but was able to float on its own. The U.S., of course, on the verge of winning World War II, was having nothing of that and the U.S. dollar became the world's reserve currency. If you go back and listen to conversations after Libra was announced, I'm thinking, for example, of raul Paul on hidden forces with Dmitri kofinis, it was in fact this basket approach that so many thought was the most brilliant part of the whole thing. It had the potential to untether a global reserve currency from a single political power. That would shift the balance of power in the world in some pretty fundamental ways. Because of that, it was of course unlikely to be a thing accepted by the existing power players. And as we'll see was one of the first things to go. I mentioned it though because I don't believe that that idea of a basket of currencies based free floating global settlement currency has fully gone away. Remember, Mark Carney, the former Bank of England governor would go on to propose something similar that he called a synthetic hegemonic currency.
A highlight from Everything You Wanted to Know About Rebasing But Were Afraid to Ask
"Crazy interest rates DeFi on steroids and massive competition. It's all happening in a space known as rebasing. Today we go down the rebase rabbit hole with the lead developer on gyro money. We'll discover what rebasing is and why it's so hot right now. Get ready for some juicy content and a heaping helping of political incorrectness as we invite you to episode number 571. Of the bad crypto podcast. Who's there? Hello to all of you, each and every one of you around the world with this new technology implanted in my brain. I said all of your names at one time did you hear it? It was amazing. I rebased it. Walter AI, you were just able to replace that on each podcast. So every one of you should have heard your own name said. All right, Jimmy. Jimmy heard it. Gemma, I welcome to the bed crypto podcast, Joel comm hair, Travis right there where the blockchain blockheads, the crypto clowns, the DeFi do phi and today, the rebase retards. White. That is politically incorrect right off the bat. I don't care. It means like, oh, you can't say words, especially not funny ones. You know, it's really what's really interesting to me is that the comedians, like the real comedians, we're jokesters where wacky fun stirs, but the people like Chappelle and Bill Burr. They are and like guys like that have always been the prophets of society. They're allowed to say whatever they want to say and offend as many people as they want to offend. They get away with it. And so I'm going to get away with it too. Might as well. I mean, you know what? What are they going to do? Cancel us? Cancel me. Okay. Can't cancel my crypto's bitches. I have my private keys. This is exciting. We've got a great topic for you today. And then we have a new song that we are going to debut for you on this show that we think you're going to like. There's also a music video to go with it. But that's just a tease. You have to wait for that. We want to jump into the content first and a full disclosure that today's project that we're bringing on Travis and I are both vested in this project. There's a reason we're vested in this project and there's a really good reason that we wanted to talk to the guy that's coming on the show today. This gets a little more technical, but stick with it. We're not advisers. We're just, we just got some. Yeah, that's really all it is. We're just people who got all some of the cryptos, right? Yeah. We got some of the cryptos and we are fascinated with this space. And again, go down the rabbit hole with what you hear today and learn for yourself. We think there's some cutting edge stuff going on here in the space, whether or not this project is the right fit for you or not. You'll know when you do your own due diligence, but I say we get to the interview and let's get all rebase
A highlight from Powell and Yellen Talk Stablecoins, Inflation and Debt
"The breakdown is sponsored by nigg and produced and distributed by coin desk. What's going on guys? It is Tuesday, November 30th and men, oh man, I can not believe that November is already over. Today we are talking about Powell and Yellen's testimony what it means for inflation for stable coins and much more. But first I want to come back and revisit the Jack leaving Twitter topic from yesterday. Moments after I finished recording yesterday's episode Jack Dorsey dropped a note about leaving. Now, the biggest thing that's notable about that note is how little is notable in that note. It gives no real clues to what's coming next and doesn't really identify even intimate a reason. He does say, quote, there aren't many founders that choose their company over their own ego. So maybe Jack is finally feeling the constraint of running to public companies, or maybe he's just not caring as much about the battles that Twitter needs to fight as other things he does care to spend more of his time on, which as many bitcoiners have speculated might be Bitcoin itself. Now, notably he did introduce the next leader of Twitter. Parag agrawal is the former CTO of Twitter who started as an engineer and came up through the company. It's a pretty cool story, but it didn't take long for people to absolutely dig in. First, there was a lot of honing in on an October 2010 tweet where the new Twitter CEO said in quotes if they're not going to make a distinction between Muslims and extremists then why should I distinguish between white people and racists? This was a quote as it came out later from a comedian who was on a panel on The Daily Show with Jon Stewart in 2010 when the tweet actually happened. It was discussing NPR's then recent firing of Juan Williams. And long story short, I don't care about this. I think people that are trying to make it a thing, our culture warriors and they're wasting their time. But let's remember what people were legitimately worried about, which is what the state of censorship on Twitter was going to be. I say legitimately worried because it doesn't matter what your position on this question is. It is undeniable that social media platforms have an inordinate amount of power to shape public dialog and the decisions that they make about how open free what people are allowed to say, et cetera are going to have major implications. No matter what side you think they should be on. Well, just today we did see some policy changes, disclosed TV tweeted just in Twitter bans sharing images or videos of private individuals without their consent. And here's the exact quote from the Twitter blog on this change. As part of our ongoing efforts to build tools with privacy and security at the core, we're updating our existing private information policy and expanding its scope to include private media. So basically what they're doing is they're going from a policy where you couldn't dox people. You couldn't share their phone numbers, their addresses, their IDs, to also include media that is about them, but that doesn't have their consent. They say when we are notified by individuals depicted or by an authorized representative that they did not consent to having their private image or video shared, we will remove it. This policy is not acceptable to media featuring public figures or individuals when media and accompanying tweet text are shared in the public interest or add value to public discourse. The issue here is that, of course, this is enormously subjective. People are wondering what this means for protest movements for political dissidents, a kind of standard response that I saw that wasn't either super inflamed or super passive, came from Y Combinator founder Paul Graham, who wrote, this is
A highlight from Nicolas Julia: Sorare Marrying Fantasy Sports and NFTs
"Leaders. I'm so busy and I'm here with my co host, but I get Ernst. Today we're speaking with Niko da Julia, who is cofounder and CEO of solar and I couldn't be more happy to have him on. But before we talk to Nikola and get into so rare and NFTs and the gaming industry, let's first talk about our sponsors this week. Texas are great, but they're vulnerable to problems like MeV field transactions and high gas costs. Cow swap tackles these issues head on and offers a new kind of trading experience. It's built by gnosis and cows off is a meta DeX aggregator. I like to call it a DeX aggregator aggregator, and it fights MeV by matching overlapping orders directly. So if no coincidence of wants is found, that's where the cow comes from. Trades are settled on a variety of onsen MM depending on which pool offers the best price. So give causal try and enjoy some nice perks like nose gas fees paid for Phil's transactions. It has optimized transact transaction management for multitasks and douse as well as some other fun and entertaining surprises. Head over to cow swap dot exchange and start swapping today. And I think for Lake, there's a few things that you want to tell us about regarding cows often some updates. Yeah, so basically the going up and up. So we've had 2.5 billion trading volume since we launched a month ago from 28,000 distinct traders. And we have launched a co affiliate program, so basically if you want to learn more about how to get your Friends into this and benefit both, go to exchange. Great. You can add thanks for joining us today. I'm really excited to be here and thanks so much for having me. Yeah, for our listeners, tell us about your background and how you got to where you are today. Just for context, the Nico and I worked together at stratum and I still remember seeing him come into the office. Wide eyed and you know, wanting to learn about crypto and, you know, and so it's been a really fascinating journey for you since then. So tell us a bit about that. Yeah, yeah, of course. So yeah, I'm the cofounder and CEO of sorrow and I think that I've been very lucky a couple of years ago. I think it was the end of 2015. To meet in Paris, amazing people like you said, rich chocolate was the cofounder and CEO of this company, we were working together with them. And Francois d'orleans and Stefan flocka and so basically you got me into the script also. So I was before working for a company, you know, I've been walking on this blockchain use cases for banks. And so I made you guys. I wanted to be operational to trying to start up and to do something and so I was one of the first employees in Saitama was a B2B use case, so basically trying to help big corporates to be able to trace complex data and processes between them leveraging the bit conduction. So it was one of the first employees. And I spent two years and a half down doing sales and marketing and operations. And then it was the beginning of 2018. I saw the NFTs popping up the atrium production. And I was like, okay. This is interesting technology and I was rigid passionate about cryptocurrencies and I was like, crypto assets and I was like okay, maybe this could be the vehicle to bring crypto assets in general like to hundreds of millions of people. And NFTs are going to change the way we own something digital. So yeah, I started being passionate about it. And I'm a massive sports fan. So I was like, why not bring the image of football players and clubs and funds on top of this technology? So that is not just a unique digital item, but it's something that you can relate to emotionally. That was the second pillar in my thinking. And then the third one was, okay, that could be massive, that's official license NFTs, but I want more. I want people to engage with them every day. I want people to do something. I want to use value, not just collecting and trading. And that's the game design the fantasy is sports angle. And with this free below, the deck, the partnerships, so the IP the image and the usage value, the game design with my cofounder was also a next hotel employee. We started building so on in 2018, so yeah, that's the background. And that's the very early days I would say. So you guys had this idea super early. I mean, we're talking about 2018 when, you know, there are only been really crypto punks and crypto kitties and now now like everybody kind of gets the NFT vision. Now that there's been an NFT summer and if these are everywhere and like Snoop Dogg is doing it in an FTE and everyone's mom is doing an NFT. But you guys saw this super early. Where did this conviction come from that this was going to be huge? So that's two things. So the first one is that at the very beginning of analytic technology, of course we don't have millions of people that know about it, but you have a non community. And from this early community, you can try to measure the level of love, the level of passion that they have for it. And no, I spend time in the crypto kitchen community and there's all this early projects. And I mean, I was just feeling that something something was going on here. And that was not like the normal new take or whatever. This was beyond that. And so that's one thing. I think the other thing is I have been passionate about crypto assets in general and what they can bring to the world. And every time I was explaining Bitcoin and cryptocurrencies to my friends and even my friends, some of them that are smarter than me, I was, I mean, it's hard.
A highlight from The Bitcoin Brain with Tomer Strolight
"Toma, how are you? Good to see you, man. You too, man. Long time no see. Yeah, you keep him well? Yeah, absolutely. I've been so busy writing and creating content and meditating on Bitcoin that I may have lost my mind or been enlightened or one or the other things. But something's going on. Actual Bitcoin meditating. I mean, it's hard to think about anything else. So when I'm meditating, usually some integrations come up that have something to do with Bitcoin, especially since I'm spending all my time writing about Bitcoin. And creating content about it, it becomes an escapable. Are you like neo in the matrix? Are you seeing Bitcoin how other people don't? I think I have I'm having I think a lot of people around the world are having interesting insights about Bitcoin that are new and fresh. And I think I'm having some of these insights too. And we all have them in our own unique personal way. And that's why I try to write about some of these things because it may light a path for someone else to have a similar experience. Again, they were on unique one. But it's like leaving breadcrumbs and saying, oh, this was an interesting path down the rabbit hole I took. You might want to just pay a little visit here or there. Did you're in deep man. I know. Listen, tomo, you were known for writing these very nice short, easy to digest Bitcoin snacks. And now you've written a feast. You wrote a thesis, honestly, I think it's your best work. Thank you so much. I haven't really you're talking about this article. How Bitcoin is like a giant cybernetic meta brain? Particularly? Yeah. Honestly, blew my mind. Like you told me about it last time. He said Pete, you're like, I'm working on this idea about Bitcoin being a brand. I was like, I want to make that show. And it's a lot to take in. It's a lot to take. And anyone listening. Yeah, listen, anyone listening now. I'd recommend, go down to the show notes and click on a go and read at first. Or at least at least read read the first few paragraphs to get a feeling of what you're talking about. But this is a proper long form article dude is congratulations. It's so good. Well, thank you. And I will try for listeners to make a whole discussion of it here if we want to try to synthesize it all so that they don't have to try to read the whole paper because it's had it's had a few thousand people attempt to read it. I don't know how many people have gotten all the way through it. And it's actually gotten more applause than I expected because it's one of these medium articles. So that's what you get. And I'm glad that people have found it interesting because it's one of these out there concepts. Right, so our man, where do I even start with this? Okay, look firstly, so you had this thesis the Bitcoin is like a brain. But you obviously had to then go and study brains and figure out how brains work and talk to me about that. Yeah, it was actually a little bit backwards. I had it the other way, I had this before I started writing about Bitcoin. I was working for a company. I was running a company that was teaching brain science and the skill of emotional intelligence to executives and doctors and nurses and engineers. And the way that we motivated the learning in all these science technology engineering mathematics, students, professionals to be interested in studying emotions and emotional intelligence was to teach them some brain science and talk about where the emotions take place in the brain and where thought to take place in the brain. It was very effective, it was very effective product in a very effective course, and in the course of delivering that course and understanding the company's knowledge by learned a lot about the brain and because we were teaching our flagship product was called the science of emotional intelligence. And half of the material was this brain science about how the brain works.
A highlight from What Jack Dorsey Leaving Twitter Means for Bitcoin
"By nigg and produced and distributed by coin desk. What's going on guys? It is Monday, November 29th, and today we are talking about what Jack Dorsey leaving Twitter might mean for Bitcoin. But first, obviously, we are just coming back from the holiday break. I hope you had a great Thanksgiving if you were in the U.S. and celebrating that holiday and a good weekend regardless. If you enjoyed that quick mini series of interviews, I have good news. With the end of the year coming up and obviously the Christmas and new year's holiday lurking right around the corner, I'm probably going to do another end of year interview series like I did last year. It'll be really similar a fast fun 21 minute style interview around the year that was in the year to come. But obviously, as that series was going on, we were having some pretty wild times. My intention today was to do a deep dive on why Bitcoin plumped about 8.5% on Friday only to come roaring back. And I may do a deeper dive later this week because I think there's a lot of interesting things here, but I do want to start with a brief overview of how many macro factors were all converging at the same time. You had, of course, President Biden opening up the strategic petroleum reserve, allowing 50 million barrels from the SPR to move onto the market in order to try to bring down oil prices. That sort of market intervention from the presidential level is not exactly common when it comes to oil. You had another major Chinese real estate company, the property developer fantasia, halting trading after missing loan payments, which brings up everything happening with evergreen and the concerns that Chinese debt issues might be a larger systemic threat. The Turkish lira dropped 12% in a day to an all time low as inflation hovers around 20% in that country. One really interesting one which seems small on the face of it, but may have bigger implications for how the world is trending, Uganda has a $200 million loan against the entebbe airport from China. People have called this debt trap diplomacy, and that seemed to be validated when a story broke that China was seizing that you got an airport for nonpayment of that debt. However, it seems like the real story is about renegotiating the deal, but still that notion that debt failure might look very different than an IMF slap on the wrist in a world of the Chinese belt and road initiative is something that's probably worth keeping an eye on. Then there are, of course, was weak consumer sentiment coming out of the U.S. around Black Friday. Black Friday shopping was down 28% from pre-pandemic levels. We'd seen numbers over the last few months suggesting that consumer sentiment was kind of low. So perhaps that isn't that surprising. Also, a different way to look at this is that Black Friday spending this year was up 50% from last year. So perhaps it's really more of a mixed signal. But ultimately, the big thing that everyone was attributing not just the Bitcoin market crash, but market turbulence in general to was the emergence of the omicron COVID variant out of South Africa. News started to come out around this around Thursday night and that filtered into Friday morning. And the initial stages were effectively a total freak out. There was a chart going around that showed just how viral this thing was, how fast it is out competing other variants. And that, of course, had people hugely concerned. Now, on top of that, there was some fast action from certain nations. Europe and Asia started suspending flights from Southern Africa and Israel shut down all international travel beginning Sunday evening. Now, we've seen this movie before, right? The first phase of the delta variant had a similar market response, although perhaps not as whipsaw quick. The concern ultimately is not just a health concern, but a market concern. A worry that government response would be further lockdowns further border closures further impediments to economic activity. And of course, shutting down flights from entire regions is a pretty good indicator of that. But it's also worth noting that markets weren't really well positioned going into this. First of all, Thanksgiving is going to be a time of low liquidity relative to normal market functioning. People just aren't out there trading in the same way. People are taking vacations, and so inherently any market moves are going to be subject to more volatility. We've seen that over and over and over again. We've seen that in crypto markets as well. What's more, there was a lot of weakness in the technicals going into that low liquidity period. From zero hedge and yes, I'm sorry to be quoting zero hedge, but their piece on this actually had some good information. It says, in retrospect, someone might have had a correct feeling what was coming because headed into the Friday puke, the Goldman Sachs prime book saw the largest net selling in more than three months, driven by short sales into a much lesser extent long sales, as the Goldman prime desk retails single names and macro products were both not sold. On a geographic basis managers reversed recent trends and rotated out of North America, which saw the largest net selling in 7 months while moving into emerging market Asia and Europe. 8 out of 11 sectors were not sold in dollar terms by infotech financials and industrials while Staples materials and real estate were net bought. Powell inverted the Twitter account made it even simpler, saying, what if the sell off had nothing to do with Amy Kron?
A highlight from Giving Thanks to our Listeners
"We hope you had a great Thanksgiving. And here at the republic of bad cryptopia, we are thankful for you. Our listeners. We have received a lot of phone calls to the bad crypto hotline and today we want to put you front and center. You've got comments, questions, and anecdotes to share. So we'll give a listen and respond to each one. Basically, we'll give feedback to your feedback. And then you can call us again and provide feedback to our feedback of your feedback. It'll be all inception Y and perhaps we'll all feel like it was just a dream. And it's time today to appreciate you our listeners on our episode number 570. Of the bad crypto podcast. Who's that? One of them, Friends, our fans are listed in orders are family and all of your pets. There's a bad crypto Ford guest. I am joint gum. You're talking like doctor evil because you have $1 million. I'm not sure what accent that was. It's very much like doctor evil. Oh, I see. Any day white kitty cat in my lap. More black dog. Black dog. Isn't that Led Zeppelin song? Look at this. Hey, hey, mama said the way you move. It's true. And this is gonna be a good episode because we are manifesting it to be. It's already done then. No Joe on it. Only only 5 people who called in told us to eat a bag of dicks. Yeah. And we've mixed them all into one harmonious speed. Chorus. It's gonna be amazing. You guys are so corny. I listen to real podcasts. Real information. Y'all don't know shit. Yeah, you want the real crypto podcast. This is the bad crypto podcast. The blockchain blockheads. The crypto clowns the defy do fight the nifty nerds. And pretty soon, the rebase reee. Tards. Yeah. Nice. I do love that one. We're going to talk about that next week. But next week, the rebay stuff, yeah. I believe that we've got the developer on gyro, which is one of these rebase projects. This is a rabbit hole. We've started going down and it is magical Internet money on steroids. And hopefully we'll be able to bring you that episode soon. And we're also going to bring you some information from our new sponsor rail gun who will soon be on the show trav. You want to tell our listeners all about them? Yeah. We're going is a, so check this out. It's a privacy smart contract. And it basically makes all these different blockchains private. Your transactions completely private, like all the theory and polygon, finance. Real gun is also expanding to Solana. So we have some real tokens. Go ahead and stake those and make sure your stake by the 30th because we are going to take a snapshot of the stake, and they're going to be dropping some rail soul over there to those who are staking. So there's a note in here, Travis, have you staked your rounds, hugs yet? I don't think Travis has any real talks yet, but I'm gonna have to figure it out. Yeah, figure that out. I mean, think about the implications of this. Right now, anybody can go look at wallet. Anybody can go check out, you know what NFTs are in there. So railgun makes it so that your wallet is hidden, your address is public, but if people can't see what's in your wallet, it becomes a privacy wallet again. And we're glad that they're sponsors of the show we're excited to speak with them, and that will be coming up soon. So we are going to do listener appreciation here in just a moment, but before we do, let's take a quick look at the crypto market cap. Timestamp, November the 24th, 2021 5 40 p.m. AST. Here we are in making an ask of ourselves. Central right now. Yeah, you're in Kansas, Missouri at the moment. Yeah. So by the way, good job chiefs. Four in a row in maybe they can pull it off here this season, huh? You know what? It is what it is. We have no control or bearing on what happens on those things. I like to pay attention to the things that I do have. Now, now that don't tell producer Aaron that because she has a ritual every week where she puts on her chief's shirt, she puts a little chief's outfit on Rufus, the dog.
A highlight from America and the Metaverse
"Is sponsored by nyg and produced and distributed by coin desk. What's going on guys? It is Sunday, November 28th, and that means it's time for long reads Sunday. Now, I have obviously had a few shows in a row, my gratitude for Bitcoin miniseries that have been focused on what's happening in the Bitcoin ecosystem, what the big events this year were, what we have to look forward to. And for this long read Sunday, I wanted to again stay in this kind of zoomed out mode, but shift gears a little bit. Today we're reading excerpts from two threads by punk 6 5 two 9. Punk 6 5 two 9 is perhaps one of the best examples of a big content trend this year, which is that some of the most interesting and thoughtful discourse particularly around NFTs, web three in the metaverse has come from a nons in Twitter threads. I've always loved great Twitter threads, but also always appreciated how ephemeral they are. And so hopefully by capturing some of them in long read Sunday, they will have a longer shelf life. Although I'm not sure, frankly that these ones need the help. So the first thread we're going to read is called on America and crypto. And I thought this somewhat fitting after such a quintessentially American holiday like Thanksgiving. On November 7th punk 6 5 two 9 wrote, there is no more natural home for crypto than the United States of America. There's no more strategic weapon for the United States of America than crypto. The USA has never gone wrong betting on freedom and things are no different this time. First, let's knock out the major alternatives. China, non convertible currency top down social credit system of integrated control. Russia would like to be China. EU blissfully unaware that technology matters. India, biology is fighting hard, but it's a tough battle. Now let's knock out the rest. Switzerland, zag is cool, but ant sized Singapore same to buy UAE same UK theoretically interesting but busy running out of crisps or whatever these days. Nigeria hates it, Brazil, unaware of crypto's existence, the rest come on. The USA is on the other hand, swole. Largest economy strongest military largest tech industry largest financial industry largest media industry deepest capital markets convertible reserve currency unending consumer market. The USA has something else too. It is a fundamental belief in freedom from the state and a healthy distrust of the infallibility of the state. Boston Tea Party, constitution, Bill of rights, decentralized system of governance. Has the USA deviated from these ideals? Sure, many times. It is the worst state in terms of freedom except for all the others. Take two examples, one for each political persuasion, the first and the Second Amendment. There is nothing like this in any major power. The First Amendment is a unique extraordinary devolution of rights to the citizens. There are very few countries where you can say what you want to on practically any topic without fear of arrest. And what countries pay a price like the USA does in service of the Second Amendment. The system of governance is also quite decentralized. The USA is a federation, something not fully understood outside the USA. With a massive number of states rights. And within states, there is further decentralization like local schooling. In other words, the United States has all the ingredients to lead the web three revolution. Financial and technological muscle world class creative industries, a belief that its people shouldn't be micromanaged by a centralized set of government employees in the capital. So what is going wrong? I mean, the USA is the center of global crypto, but it is a grind. The relationship between crypto and Washington D.C. is all tension. The positioning is all defensive. What are the things that can go wrong and how can we control them? I think the first issue is that generally unexamined growth of AML KYC measures. AML KYC is an important topic, but it is just a series of regulations, nothing more. They should be subject to cost benefit analysis and subordinate to constitutional rights. The second issue similar in nature is the securities law isation of literally everything. Mat Levine discusses this in a public market context that all types of things are now indirectly regulated as securities laws violations, even if they may not be directly illegal. The same thing is happening in private markets. The current regime is woefully inadequate for web three business models.
A highlight from Alyse Killeen on Why Bitcoin Was Ready for Nation-State Adoption
"Over 3 million salvadorans are using Bitcoin via lightning network and what that means is that lightning network is banking more people in El Salvador than the local banks are in aggregate. That's incredibly powerful. And if Bitcoin were to only do that, I think it would be enough. But of course we know this is just a starting point for Bitcoin. Welcome back to the breakdown with me and LW. It's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by nyg and produced and distributed by coin desk. What's going on, guys, it is Saturday, November 27th and today we have our third in the gratitude for Bitcoin, mini series, our final chapter. We had Dylan Leclair and Dan held and we are rounding it out with a lease Colleen. Elise is a Bitcoin focused VC and has been in this space for much longer than most people. She focuses entirely on the Bitcoin ecosystem with her firm still mark. Elise is one of the best people to understand what's really happening in the ecosystem around Bitcoin from both a technical and an entrepreneurial perspective. So let's get into the conversation right now. All right, at least welcome back to the breakdown. It's great to have you here. It's so good to see you. It's been too long. How have you been? I have been well and been busy because Bitcoin never sleeps, and this has been quite a busy period. So that's been reflected in our own work. Yeah, I bet. It's been crazy. I mean, I talk to you, I think last on the show at least right as we were leaning into kind of the I don't know if we had breached 20,000. I think we might not have. I think we were lurking around there, but we hadn't quite gotten there yet. So obviously it's been a lot of milestones, a lot of changes and a lot of crazy things this year since we last caught up. That's incredible. Thank you for reminding me of that and I forgot to me, it feels like it's been, you know, at 60 K forever. So at least for the past couple years where board of this number now, but yes, 20 K that's a long time ago. I know, right? And it was such a shining star on a hill for so long too. But I guess let's start for people who aren't familiar with your work. You are a venture capitalist but focused on the Bitcoin ecosystem. And obviously the people are familiar with crypto VCs, but let's talk a little bit about like kind of, you know, what types of things you have been interested in are interested in, you know, what it looks like to be a Bitcoin focus VC. So still mark is just backing the top tier of Bitcoin founders, but coin and lightning founders. And that follows about almost a decade of prior work in venture. And so the reason to focus on Bitcoin is because it's well there's a few reasons. One, it's a way to do well while doing good in the world. And two, I think that the value being created by Bitcoin founders is uniquely sustainable or has opportunity to be uniquely sustainable because the underlying technologies are sort of built for that. And given where bitcoins at now what it means practically to be a Bitcoin VC is that we're doing a lot of investments around the financialization of the space, payments, companies that will integrate payments and want freer, fair, more instant payments. So that can be companies gaming, different earning dynamics, peer to peer payments on social media, stuff like that. And then just some of the bricks and building a new financial system around Bitcoin. That's our world. Super cool. I mean, obviously, people have been spending a lot of this year asking how Bitcoin has changed or maybe marveling at how quickly things have changed. And it feels like we've progressed to a new level. You have an interesting lens on that though because you're actively funding what the right thing is, right? If you had been funding, you know, some of this payments infrastructure for corporates or thinking about the things that you're funded now I imagine look pretty different than what you might have been interested in a couple of years ago. How have you seen that shift in where your priorities are from a funding perspective, kind of manifest over the course of the year? So our priority is to first understand what's happening on the core protocols. So what's happening on Bitcoin core, what's happening on lightning network and also to look ahead. So to have as much foreign knowledge of what's coming on the core protocols as we can and then match that to what will then be possible for companies apps and infrastructure built on top. And so our work is dynamic as a result of that. So whereas payments went into made sense to focus on ahead of Segway, activating and seeing adoption. It does make sense now. And the ramifications of that are that there's companies really ready to go to support, for instance, emerging markets coming online to Bitcoin, that of course you're going to do so through lightning versus through Bitcoin the Bitcoin blockchain directly. And so it's our work to understand what the open-source developers are doing and what the repercussions and opportunities of that are for founders. So I want to ask you, there's a lot of stuff that's very, very recent and pertinent that I wanted to ask you about. But because I haven't had a chance to have you on for a while, I want to zoom back in the year a little bit actually too. And first, I want to get your take on everything that happened with China.
A highlight from Buy the Fucking Dip with Willy Woo
"CA essay. This is the happening channel, isn't it? Episode, is it? Well, it was yesterday, yeah, four years, man. I can't believe it. I'm trying to think about it. It's so weird because it feels like longer than four years. It feels like, I don't know, man. I saw a photo from that first interview, and I'm like, I'm not gray. I'm in better shape, but look now I'm like fuck. I've got fat. Big Bitcoin is kill you, man. Oh yeah, it's so fast forward. I was looking at HP if when I first met on me was like really lane and don't know, now he's like, you can see the almost he's age day the amount when the guy's current built an empire in the last two years. So yeah, this is krypto fast forward. Yeah, moves quick, but it feels, I don't know, it feels like I've been doing this a lot longer than four years, but here we are. Four years. And we're going to talk fast, right? Because this is a 30 minute episode since we're happening, right? The episodes. Yeah, I can't wait in a couple years, was it 8 years? I'll be doing like 7 and a half minute episodes. Yeah, yeah. Mainstream, you have to cut it down to the 15 minute YouTube link, otherwise people won't be interested anymore. Well, 50 minute episodes were 6 minutes of ads. I don't know how well that would go down. I gotta pack it in, right? Yeah, pack it in. 60 million downloads, I've done. I think you're probably I wonder if I've done a million with you. I reckon I've done a lot of one 16th. You could be, you could be when we play with the titles. We get the numbers up. It's definitely it would be definitely where at least 7 50. It's awesome. I'm looking forward to sharing one 16th of your fortune with me. Dude, you don't need my fortune. You don't need that at all. I need it. I'm a little lawsuit. They're being funded by the community or something? No, I'm funding it. Wow, okay. Is it going well? No. I can't even talk about it. Let's talk about that all the time. He's his judgments coming in the U.S. probably on Monday and it looked like it looks like he might owe a couple 100 billion. So I don't know. I don't know what the impact of that will be. We'll have to wait and see. Anyway, okay. Let's talk about the good shit. Willie, okay. So I think it's been a weird year. I think it's been a really weird year. I think it started out like, well, when I say yeah, I mean, I'm going back to like march of last year. I think the ball run started how we expected, and then we've had this big dip earlier in the year, like a mini ball market, and now we've kind of like, we got back up, we tag 69 and it doesn't feel like 2017. It probably does if you're trading solano and shit like that, but in Bitcoin terms, it doesn't feel like 2017 at all. Absolutely not, right? And you can even go back to January January 2020, right? 'cause like the first quarter, we had that COVID skier. And this thing worked down like crazy and I think actually the markets are these a bit of a hangover of that, right? Because I mean, I remember seeing on chain accumulation happening all through that COVID and it was a wicked write 10,000 down to eventually below four, I think on good mix. Grease 7 or something crazy over 48 hours and actually a lot of people with screwing up coins is an inflation hitch as it turned out later. And it led us into 2021 of this explosion and it's a different game in town and different players in town near their border very highly with people hedge funds and the Michael sailors of this world of corporate treasuries, some of them beginning of sovereign wealth, mutual funds, like New Zealand and mutual funds and retirement funds came in. So I sort of hit the big leagues. And now we've got this mainstream adoption happening and very sophisticated, you know, markets, their traditional markets are used to. We've got futures very well developed, we've got now got each so all men are different instruments options that now very mature. So that's not 2017. 2017 was very simple. Spot trading. It's like you buy. You know, you buy and crack in, you might start seeing it in the cracking or coinbase and you and then if you were to buy some, like, oh, coins, you would withdraw your bitcoins, and then you'd buy a coin with you a Bitcoin. And even that's changed because now that's all done on Ethereum. And some of these newer protocols, and they're all done by smart contracts.
A highlight from Dan Held on the Mainstreaming of Bitcoin
"When we look at the fundamentals the economy, I mean, that's where people thought the super cycle theory that the idea that this breaks cycles or that this cycle will be different is crazy because human psychology doesn't change. I'm like, yes, you're correct in that regard. But what happens when governments across the world tens of trillions and people lose faith in institutions like Bitcoin's not going to have a normal cycle? Welcome back to the breakdown with me and LW. It's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by nigg and produced and distributed by coin desk. What's going on guys at his Friday, November 26th and we are back of the gratitude for Bitcoin, miniseries. Part one featured Dylan Leclair an awesome on chain analyst and Bitcoin researcher. And today we have mister Dan held. Dan is a serial Bitcoin entrepreneur and is currently the head of growth at kraken. He is also one of the most prolific Bitcoin content creators out there. In this show, we talk about at core, the evolution of Bitcoin into the mainstream. You know a show with Dan is always good, so let's get it going. Dan, welcome back to the breakdown. I feel like, you know, it seems like it hasn't been that long, but it's actually been a very long time in market cycle terms. Well, yeah, we're talking crypto Bitcoin years. You know, it's like it's like dog years. It's like every month that goes by is the equivalent of ten months. It feels like forever. Seriously. It's been absolutely wild. So let's start, I guess, on just the biggest level. Let's talk market cycle market cycle theory. I guess so two parts of the question. One is, as you've watched this bull market play out, how have your thoughts about what kind of the nature of Bitcoin or crypto market cycles are changed if at all? And then second, where do you think we are based on that in whatever you're kind of new sensor or old continuous sense of market cycles, where are we? Yeah, great question. So, you know, this feels very much like the 2013 cycle. You know, where we had an early surge horizontal chop for about 6 months and then maybe some more action at the end of the year. So in terms of market cycles, I think timing wise, we're right on target, right? Like if we look at the duration past to having, if we look at on chain data of toddlers and how many, how much Bitcoin is exchanges versus not on exchanges and other variety of other metrics, it looks like we're right smack in the middle of a bull run. So everything on paper looks good there. I think everything price action wise, if we look at how far we are from the previous bull runs top and how far we are from the bottom. We're very smack in the middle, I think of still of a continuing bull run. And then I would say psychological wise, like what's the same as the fear and the greed, right? Of course, Bitcoin dips down to 30 K, you know, in kind of the middle of this year and people were like, well, I guess that was the bull run in the old, all of us old folks who have been through a couple of these cycles before that's not what a bull run ends with. We didn't have euphoria. We didn't have a lot of the other blow off top symptoms. So I think we're following just the classic pattern of human psychology of fear and greed and kind of elated expectations. And then all of a sudden, super fearful, but for the first, they don't care. The hobblers survive this. The make it all the way through the bolt run. You know? And I think there was a lot of moments where if you weren't didn't have a strong belief in Bitcoin, then you would have sold. And when Bitcoin hit $30,000 this year, that was a prime example. And I think this is a healthy part of the cycle though of like, you know, if this mimics 2013 again, we have a bunch of people who didn't have a very strong belief in Bitcoin, they sell their Bitcoin now, then when prices really start to go up later this year, if they do, I don't know if they will or not. Then we've reduced a lot of that selling pressure because of the people who didn't have that strong belief have left and everyone left who might sell doesn't want to sell. So, you know, I think that we're very much mimicking the 2013 cycle. If you look at the price overlay and time and price, it actually mimics each other quite I mean, look, it's TA so it's a little bit of lines online, so who knows how scientific that is. But I do think there's a lot left in this bull run. I think that things are probably going to get much more exciting over the next few months. But I can't predict the future and I'm not going to put any price targets of what I think is going to happen next week or anything. But I think it'll be exciting. So well, first of all, I love hearing you kind of make those historical comparisons because most folks who are making the line chart to 2013 like we're still in high school in 2013. So that's always good. But I guess one question that sort of relates to this phenomenon of psychological behavior in bull markets. Do you think have you noticed that some of the PTSD or just I mean, you know, called PTSD college experience from previous cycles has put a dampening effect on the euphoria, which has actually been healthy on the downside as well. Like it's felt to me a couple times when it's gotten really hot, especially when it was in kind of March April and we were surging up past 60. There were enough people who didn't fully buy into it that we didn't have that full excess where like people were calling their friends and demanding they get in. But I'm interested in your take on that. Yeah, it's definitely, you know, I think the symptom of a blow off top or the final part of a bull run is where everyone is talking about it everywhere.
A highlight from Bitcoin Rehab: Running Plebnet with American HODL, P & D++
"We have lightning and lightning is Bitcoin and lightning does millions of transactions per second. Instantaneously with finality of settlement there. Irreversible, there's no mining, there's no blockchain. And if this sounds like magic, it absolutely is. So it obliterates the use case of every shitcoin in the world and it actually kind of obliterates the legacy financial rails as well, you know, at the speed of dare I say lightning. Hello there, how are you all doing? Welcome to the what Bitcoin did podcast, which is brought to you by Gemini, the only place I am using for buying Bitcoin. I'm your host Peter McCormack and before we get into today's interview, I do have a quick message from my show sponsors, and this show is brought to you by block fi. And you can now earn a $250 bonus when Bitcoin when you sign up with block buy as they have recently launched their block 5 rewards Visa signature card. Now for people in the U.S.
A highlight from The Internet of All the Things with IoTeX
"There's no shortage of things in our world. Big things, little things, fancy things, dull things cool things, lame things. But the tech visionaries of the planet have decided that with the help of the Internet, we can connect all the things. And with the help of blockchain, we can make connecting all those things more efficient. Today we welcome doctor Rowland chai of IO text to the show to discuss the connectivity of all the things. And like us, you might find yourselves looking at things differently. So let's commence thing for episode number 569 of the bad crypto podcast. Who's that? Stop looking at my face. I have no interest in your things. It dries off my things. My eyes are coming here. Well, Travis writes things are in the house, and so are my things, along with the things that come along with our things, and that would be us, welcome to the show. My thanks. All right. This is good. This is good. You guys are gonna like this one, folks. This is the one you might not have heard of. In fact, this is one that really kind of slipped our radar and the guy who founded this thing did a bunch of awesome stuff over at Uber. You're gonna love that. But before we get into that, we got a show sponsor here, don't we? Super dude. Super dope. Is mooning. And so you and I are both in the top 100 of sup dog holders. We're working with the team and we got air dropped a really cool super do rookie NFT. Did you see yours? I did. Yeah, I got number 17 overalls. That must be that I'm the 17 highest highest holder of it. You're the highest holder. You're probably harder. Yeah, so I don't know if you guys got any. But if you are one of the holders, send us
A highlight from Dylan LeClair on Bitcoin Data Where Macro Meets Micro
"No idea digging into that is kind of its own rabbit hole and self. Welcome back to the breakdown with me and LW. It's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by nyg and produced and distributed by coin desk. What's going on guys? It is Wednesday, November 24th, and today we are starting something a little bit different. For the next few days, I'm going to be doing something I'm calling a gratitude for Bitcoin, miniseries. It is of course a Thanksgiving themed show and it will take place on Wednesday Friday and Saturday. That means that on Thursday, which is, of course, Thanksgiving in the U.S., there will not be a show. Now, it's been more than 500 days since last. There wasn't a show. But it was time to break the streak and Thanksgiving a day for quiet and gratitude and contemplation seemed like an okay day. I'll be back on Friday like I said and then Saturday and Sunday and then on and on forever and ever amen. The idea of this gratitude for Bitcoin miniseries is to explore things that are shaping the Bitcoin ecosystem right now with some of the folks who are most involved in both shaping that ecosystem as well as chronicling it. The first up is Dylan Leclair. And if you listen regularly, you've heard me, quote, Dylan. He works at Bitcoin magazine and UTXO management and has quickly become one of the most listened to Bitcoin analysts out there. So without any further ado, let's welcome Dylan to the show. I am here with the man the myth the legend himself Dylan le car. Dude, I was just saying this to you before, but I feel like I have to quote your analysis or tweet of yours like probably every other every third show at this point. You've come out of relative nowhere really fast to be one of the most valuable and consistent Bitcoin analysts. So thank you for your work. A and B let's start by just tell everyone what kind of what your story is, how you got into this space, what attracted you to it and what you spend your time on. Yeah, so I mean, I really appreciate you having me on and always shouting me out. It means a lot and it's pretty cool to see. I guess a little of my background. You know, a lot of people may have heard before. But I'm 20 years old, kind of joined Bitcoin magazine earlier in 2021. Before that I was attending university and business school, always loved numbers, like a finance economics kind of like niche, I guess. I didn't really know what I wanted, but was just always kind of fascinated with problem solving. We got sent home from COVID early in 2020. And that was at the same time. I had dabbled in Bitcoin. And just kind of learning passively about it for the last, I don't know, 18 months, 24 months since like late years of high school I was just like, I was aware of the ICO bubble didn't really have any skin in the game. I was like a 16 year old, but you know, and then from there, I guess I dropped out of school because the COVID kind of woke me up to, wow, what's the value prop of this zoom university that I'm paying for when I'm literally tune into your podcast every day and learn real time what's happening? Not what theory like theory says about a textbook 30 years ago. And so it just wasn't worth it and worked manual labor honestly for months on end. While that was just listening to podcast, but I really just knew that one, I got recently orange pills and I was like, I need to accumulate Bitcoin. So the opportunity goes for college for me was satoshi. It's not just the data paid, but the productivity that I couldn't the work I couldn't do. And so just kind of stumbled into I guess through Twitter. You know, better to be lucky than good, but maybe we create our own luck. Into a job of Bitcoin job, we're really like, I feel at home and I can just like, my job is essentially to hang out on Twitter and interact with people and look at the markets every day now. I produce a thing called the deep dive every day. I helped put that on with Sam rule who's another awesome analyst. And we just basically cover on chain stuff, derivative stuff, market structure, macroeconomics, and we try to tie it all together with this long-term
A highlight from Emin Gn Sirer: Avalanche
"The weapon center, the podcast where we interview crypto phone as well as some fault leaders about the future of crypto. So I'm Brian crane and I'm here with my hair. My hair who's doing a comeback from his break from cancer. So so amazing to have you back? Thank you. And we're going to speak with goon. Having guns here about avalanche, she's actually been on this podcast three times before and maybe we can start off by briefly mentioning all the episodes we did because it was like interesting sort of through the journey of crypto. But before we get started, just very briefly about two sponsors. So first of all, proof of stake is transforming crypto and you can be a part of it. And you can start participating in networks, contribute to network security unknown rewards by staying of course one. So we are taking part with billions in assets, lots of customers on many different networks. So if you're interested in running your own Brandon nodes, you can also do that. You can go the course of one to learn about it. And then also Paris Roubaix, so if periscope, you can beat the market price as fast highly liquid and they just launched a V 5, which has a new contract new APIs. It's a modular infrastructure, more gas friendly and supports free foods using Ethereum permit. And they also recently added support for other networks like avalanche. And yeah, hold your own and PSC. So you can go to pairs of IO and you can get started there. And now with that, let's go to our episode screen. It's so great to have you. Thanks so much for coming back. It's so great to be here. It's so great to see you both and may have so wonderful to be talking to you again. This is fantastic. Thank you. I was I was looking through preparing for this. I was looking through the old episodes we did. And it's pretty interesting. So we did one in 2015, which was around selfish mining together with itai. So that was kind of one of the papers looking at some maybe game theoretic weaknesses around proof of work and Bitcoin. And then we did another episode of the same year, which was about, again, with Italy, which is about Bitcoin in G, BigQuery was basically this idea for how to scale transactions throughput on Bitcoin, like by a lot, while basically keeping the consensus algorithm fundamentally unchanged. So I remember that and I was like, this is so elegant and really cool and like should implement that in Bitcoin and so maybe during this episode, if you dare and of course, that was a lot about this whole block size debate and there was people like my current Greece and the new trying to get new ideas into Bitcoin. So you know, you were very involved back then and I think this were like super interesting discussions. And then you add another episode, which was the year after 2016 with flat sound together. And it was right. And this thing had launched on Ethereum called the Dao. And it has accumulated something like 10% of all the ether in there. You guys wrote this blog post about like, oh, you're all like design flaws, weaknesses of this thing. And actually mehr had also been writing online about like, oh, this other thing that's also flawed and I was like reading through this, I said, then we give you this episode. And then of course, right after it's the biggest hack that happened. In Ethereum's history, certainly in terms of the percentage of the number of ether involved, and that then display of everything classic. And what was also interesting at the later point, you know, the SEC wrote this paper about the doll being a security, which was the first kind of the first time the SEC made a statement about how did you tokens and token sales. So that was like the year after and one of the evidence that they quoted in this thing that this was a security was what the way flat time to describe the curators in our episode. So it's very cool that we had like a forecast sided there. So yeah, such great episodes, we have you in great discussions. And then there's been a far too long gap given all the things I have is and all the things that you've done because it's been like, yeah, you've done a huge amount following that as well. It's been a great ride. It's been a great ride. We lived through I don't know how many market turns and downturns together. And but I remember the very first episode we went together. It was by far the most informed by far the most challenging conversation I had at that point. And it was fantastic. I was like, wow, look at this. These guys are asking all of the right questions. It was such a blast. But yeah, it's been 5 years, I think, since the last episode or something. 5 years since 2016. And there has been much that has happened. Layer twos have come. And some gone. Nothing ever goes away. Layers have come and kind of floundered. New layer ones are here. There's another batch of competing competing projects. Lots and lots of excitement. The entire space has grown tremendously, is poised to grow even more. And, you know, back when we last talked, it was just people like us. It was just geeky geeky people. And now it's just I talked to fund managers. I talked to endowments. People are in charge of endowments and so forth. So it's a very different ecosystem out there. And the dap system is thriving. We've come such a long way. It's so fascinating. And it's so great to come back to good old friends and chat about
A highlight from What Jerome Powells Second Term Means for Bitcoin
"Fixed supplies or predictable inflation schedules stand in contrast to Central Bank Fiat money. And as many people as there are that dismiss that take, the people who believe it, which is a growing number, set a price floor that increases over time. Fed policy could have very different and potentially countervailing impacts given that some are seeing Bitcoin and crypto as a safe haven and for some, it remains just a risk asset alongside any other risky bet. Welcome back to the breakdown with me, and I'll W. It's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by nyg and produced and distributed by coin desk. What's going on guys? It is Tuesday, November 23rd, and yesterday after tons of waiting, we finally got the decision that the markets have been waiting for about who will be the next Federal Reserve chair. Now, the two candidates going into this were, of course, Jerome Powell. The man who'd been at the helm of the fed for the last four years. The pros for Powell was that it would show a steady hand at the wheel. There would be continuity from this crazy COVID era. We just lived through. It would show that it wasn't a partisan thing for the Biden administration. From a political perspective, it would likely be an easy confirmation. And markets were almost sure to like the option that they already knew. Now, the other candidate that was in consideration was lael Braden, who's already on the Federal Reserve board, and who represented new blood. She's liked by the progressive wing for the perception of being harder on corporate regulation. Now, there had been an absolute ton of speculation over the last months really, but certainly the last few weeks on who Biden would ultimately choose. And when push came to shove it was Jerome Powell. Yes, Jerome Powell is getting a second term as fed chair, and Braden is being promoted to vice chair. This is one of the biggest decisions in all of macroeconomics. If you listen to this show regularly, you know how much the market hangs on every decision the fed makes. Indeed, if you listen to some market commentators like Jeff Snyder, the chief power of the fed is in fact not monetary policy, but their ability to use media and to use public statements and to use guidance to get the market to do what they would want monetary policy to do in sort of a self fulfilling prophecy kind of way. Certainly for anything regarding risk assets of which Bitcoin and crypto certainly apply at least to most traditional market participants, how relatively hawkish or dovish the next fed chair will be will impact on what's likely to happen for their assets. To understand the considerations here and try to wrap our heads around what it might mean for markets and for crypto specifically, let's look at the primary source documents that we got around it. Starting with Biden's announcement speech. First, the speech is a strong affirmation of one of the things that the fed has been very consistent on. That's the idea that there is growing importance that the fed places on its mandate around full employment. I've said numerous times this year that there's a weird game of chicken happening where the fed says we're going to hold interest rates low for a longer period of time, even though inflation is rising, and the markets say we don't believe you. We don't believe you're going to be able to do that. The fed's counter has basically been look guys, our mission isn't just market stability. It's also full employment, and we think there's still a long way to go for full recovery. What's more, it's not just full employment. It's now full employment that's meted out equitably. These are definitely themes that lead right off in Biden's announcement speech. Second, there's a strong theme of affirming the independence of the fed. In fact, there's a fair number of references to Powell standing up to partisan interference. And in many ways, this is one of the central pillars of testimony to the credibility of the office, which is something that's kind of sorely needed right now given that there are numerous insider trading scandals that have been swirling around it. There are mentions of the Central Bank's role in ensuring the financial system can withstand the impact of climate change, which by the way is a little bit different of the tone that we've seen a little bit creeping into the rhetoric of it somehow being the Central Bank's job to fix climate change, but still no less it's there. And finally, there are, of course, mentions of crypto. Biden discusses regulations needing to stay ahead of emerging risks of, quote, innovation and cryptocurrency, or the practice of less regulated non bank financial institutions. But still, it's clear that there is one
A highlight from El Salvadors Bitcoin Bond with Lyn Alden
"BLO CK FI dot com slash PET ER. How are you? Pretty good. How are you? I'm very good. Thank you. Very excited to be traveling again soon. Let me go to Miami next Sunday. So I'm very excited about that. Okay, as ever, there's loads to talk about. I've got so many notes this week. Lots of talk to you about. I want to talk to you about volcano bonds at some point because I've got so many questions that you probably have better answers for me. But can we start on currencies? Because I've been tracking regularly over the last year and what's been happening with the Turkish lira. And also my brother raised to me that Hungary is having issues with its currency this morning. So are we potentially going to be seeing more currencies collapsing? How much are you tracking the various currencies around the world right now? So I track about 30 of them probably. Not every single one, for example, I don't track hungry very closely. Turkeys want to have been tracking. And the issue that you see generally in a lot of these emerging markets that have currency issues is that they have not enough foreign exchange reserves compared to their dollar denominated debts. And the difference between Turkey and Argentina is that Argentina most of that debt is on the sovereign level. The private sector is actually relatively unlevered. Whereas Turkey, it's the opposite. So the sovereign is actually pretty unlevered, but it's a big corporate debt problem. And so they have a lot of U.S. dollar financing and a lot of it's connected to European banks. And also because they don't really have independent central banking. So the leader keeps firing the head of the Central Bank. And so they're basically not having kind of independent experts try to quell that inflation. It's unclear if that would even help. It's not always helpful. But basically there's multiple problems there. been on my list of like bottom ranked currencies for a while. And a couple of times it looked like they might have stabilized it and turned around, but then they go ahead and break again. Turkey, Turkey is at risk of ongoing inflationary problem. And currency devaluation problem. And the thing is, you know, they have good underlying fundamentals. I mean they've there are strong manufacturing base. They obviously have great geography. They have a good demographic trends compared to say Europe. For example, so they have a lot going for them, but they have clearly some dysfunction there that's really hurting their currency. And this generally goes its cycle. So every time the dollar has a strong cycle, so it had a strong cycle in 1980s. It had another strong cycle in the late 90s and it's been in this third cycle for the past 5 years or so. And every time it's in one of those cycles, it usually breaks certain emerging markets. So in the 80s, it was Latin American countries in the late 90s. It was the Asian financial crisis in Russia. And then this latest one is more spread out. So it's Argentina again. It's Turkey. It's Lebanon. It's a bunch of these countries with no specific geographical kind of scripture. Right, but why specifically is that happening to these specific countries? So I don't really understand. So again, it depends on the specific one, but generally they are ones that did not invest very well. And so they did not build up sufficient foreign exchange reserves that they built up. They built up too much dollar denominated debt. And then usually have some sort of political dysfunction. So Argentina and Turkey, very different political environments, but neither of them could be considered a particularly well oiled machine at the moment. Whereas right now, for example, Southeast Asia is not really having major currency issues at the moment. So they have their own political issues, but they didn't really run into the specific problem right now of having too much dollar dominated debt compared to their reserves and other types of issues like that. Right, okay. So this is tied to the dollar itself. Partially partially the dollars of catalyst, and so basically, when you take on dollar dummy debt, if that dollar weakens, that's good because you just it's like a fight took out a mortgage and pesos. And then the peso goes down. That's good for me. But if I take out a mortgage and pay those in the peso doubles compared to the dollar, what my income is still the same in dollars. I have a problem. And so that's what corporations the governments do in emerging markets and so if the dollar strengthens, that's generally kind of like quantitative tightening into a recession. So instead of instead of them having easy monetary policy, they're central banks trying to tighten to stabilize their currency, and they have liability that they can't print away. And so they kind of fall into a spiral. But this is Turkey also printing money like other governors of printing money, which is driving their own inflation. Yes, they are very, very strong money supply growth at the current time. That's been a big contributor. And they don't really have their budget deficit under control. But again, they don't have a lot of stay stored up government debt. It's really that their issues more in the corporate sector overall, you have rapid money supply growth, and then rapid money and then rapid price increases. And then you don't really have positive rates either. So there's less incentive for people to want to save or for foreigners to want to come and backstop the currency. So what amazed me with Turkey is that they were targeting now. Is it the targeted 5% inflation? So their target is actually still what we would consider very high here. Yeah, I mean, right now they've well onto the double digit inflation.
How to Make an Extra $1k This Weekend with Sam Parr
"All right let's start. Let's start with bitcoin. I what are your current thoughts on bitcoin. Crypto-currencies what are you doing. So i told you my my ross albright Story right you did. He went a party and ross. Was there yeah. So i've met ross years and years ago and he was my neighbor he lived near me And when he got arrested. I told my friend and my friend is was billy draper Billy's dad tim draper and bill was like yeah like bitcoin. It seems really cool. My dad like says it's gonna be great. And i was like oh well if your debts is going to be great. He's smart guy. So i bought some back that and so that was my my only bitcoin. Purchase back then. And then i own A for me. A fairly large stake in a theory. I'm and i don't do anything or just let it set yes. Bitcoin an ether and pretty much. That's it that's it okay. And then i don't even log it. And then i know this song giving you a softball but how do you think about investing in crypto versus investing in other assets. Yeah so. I consider it to be highly volatile. So i put a relatively single. Digit percentage networth in there. And then most everything else. I put into an etf. Am i. don't look at it. And i don't touch it and i don't do anything. I'm always such a boring investors So i allocate some high risk money to it to crypto in the rest. I put the most boring index funds. Ever which crypto nerds. They like laugh at me. And i'm like i don't know man i i don't i don't stress. It makes me good money. I'm happy
China Intensifies Hunt for Cryptocurrency Miners in Hiding
"When the history books are written the actual factual mining ban in china will be a key. Part of the crypto story of twenty twenty one. Remember the first rumblings we got about. China targeting crypto in may we sort of brushed off as more bluster and reconfirmation of old policies. At first it was just the banks reinforcing that they weren't allowed to interact with crypto. And so on and so forth but that ultimately changed and when it changed was when the vice premier made a statement saying that they were going to look into a bitcoin mining ban that signaled to all of the local provinces that this was serious and it also signaled that to the local mining operations that we can we saw one of our biggest drawdowns coming off of the rally between december and april and part of that was that minors were actually liquidating their bitcoin and the theorem to try to give themselves mobility to make decisions quickly. Subsequently of course we've seen one of the most significant if not the most significant hash rate migration in bitcoins history. Much of that has been to the benefit of north america. So far but that as we'll see in a minute could change in either case. The blocks will fees. How has a new report out about how provincial governments in china are dealing with the ban in inner mongolia the development and reform commission has hired a contractor to help it monitor for illegal mining operations. This is interesting because there are reports that some chinese bitcoin and the theory of mining operations have quietly even secretly resumed their operations. This partnership with the contractor suggest that the government is going to stay on the case now one interesting nugget from the bidding process is the government's ten bullet list of the areas that it wants to know about which includes the production and development process of crypto mining domestic and international policy stances and regulatory environment over crypto mining. The initial purpose and policy perks that inner mongolia gave to big data and cloud computing enterprises the cost revenue energy consumption and taxation breakdown of crypto mining operations locally the physical distribution breakdown of krypton mining operations locally techniques for differentiating crypto mining operations from other big data and cloud computing projects analysis of mainstream mining hardware and their energy consumption breakdown relevant legal basis for clearing out crypto mining operations the impact of shutting down mining operations on achieving the carbon neutrality goals and long-term regulatory responding mechanisms over crypto mining operations
Deflation Is the Key to an Abundant Future
"How are you good. Cpap absolutely great to see you as well Before we get started. Maybe let's just remind folks you have a great framework of looking at legacy inflation deflation kind of intersecting what technology forces. So maybe remind everyone kind of how you view the macro structure of the market structure of inflation and deflation Sure we're going through a phase transition in markets and things won't look the same on the other side of that search and it's driven by technology technology is Exponentially trying to reduce costs as moving faster and faster into everything around us. We vote our time with things get cheaper and more effective so we vote for things that give us more value yet. The market is designed the exact Away market is designed to make prices rise forever and so that credit based system that we live in that we measure everything by housing. Everything else is is is up against a new reality that central bankers don't understand and so if they understand that there's nothing they can do about because technology wants to essentially give us more for less of and that's the opposite way of our the way our financial systems are designed when you think about a great example of technology trying to give us more for less. Is there one or two examples. You're like okay. This is a great way for people to wrap around that idea. We'll look at your phone You and look at everything on your phone right the year. Look at your camera on your phone. Look we don't pay for photographs anymore. We get abundance billions of photos. Trillions of photos that are free. We used to pay for a distribution network photography. Take a couple of photos inside and develop a month later others iran today we get that abundance for free mean. It's not just phones. Music is not just Photos it's music. It's every everything on your phone so look at every app on your phone and it's a perfect example
FTX Teams up With Steph Curry & Tom Brady
"Tom brady and his wife giselle whose last name i can't pronounce ages caught a bag. I got twenty million dollars or doing like a minute and a half commercial for. Which is you know. Major crypto exchange. But besides that steph curry was involved. And i think this was wednesday is when it was announced that he was going be partnering up with fda as well so to the biggest names in american sports right now. Hoppy on the crypto. Y'all crypto hype train and doing it with fda access has been making waves all year. Long as steve. If you remember. But the my hand miami heat's at arena. I guess arena stadium. Basketball arena will now be the fda arena A major east boards organization at tsn. They actually sold away their naming rights so their official name is actually. Tsm teac now. Now this is all within the last six months. This is the happening so wild times are fda and big moves as well.
FCA Warns Over Crypto Assets Pushed by Kim Kardashian
"Can't believe everything, Kardashian says now warning now from Great Britain's financial conduct conduct authority, which is kind of like our Securities and Exchange Commission, and it might be difficult to hear the chairman of the FDA is warning investors that they shouldn't take Cryptocurrency advice from Are you ready? Kim Kardashian. I know that's shocking. Apparently, it's best to avoid all crypto advice from social media influencers. Thanks, Captain. Obvious that's right Pick about any of these social media influencers, many of whom are paid to promote different types of crypto Kim Kardashian was paid to promote Ethereum Max community asking her instagram followers to speculate on crypto by joining in the fun. By the way, she has 250 million followers. Now the problem goes beyond that. That's just bad advice regarding real crypto is that you also have scammers paying influencers to promote these sketchy crypto tokens as part of advertising scams. So the key takeaway here is that crypto. It's risky. You need to do your business. Your research rather before you do business, rather Ed, and if you are looking for the definitive guide Cryptocurrency one. Oh, one. I wrote it. Just search for commando on Amazon or on your kindle, and we're going to walk you through everything from a to Z about Cryptocurrency
Investing $750 Million in Crypto With Dan Tapiero
"Dad what's up man. I'm great tap. Eero as i said. That's how you say it directly many times before. So i don't know what god said. His aim wrong what zoom he started roasting me for saying. I know you have problems with names ending an all but you know this is an easy one here you hear. How are you good good. I mean i've been busy as can be you know we've sort of had even limited interactions. It's just been a whirlwind. The last four five months in been off twitter. I mean on but not as much as before and you know not as deeply ingrained in sort of the the markets as we build up the ten t it talked to us about ten t and what the original idea was and then walk us through this seven hundred fifty million dollars fundraiser across the various vehicles. Yeah you know. the idea. Originally was to build a broad sort of macro sector exposure to the digit to the growth in the digital acidy. Go system so. I'm pretty hardcore big pointer when i also think there is a world where there are lots of things growing up in the overall ecosystem lots of great businesses that have grown up. And i'm not. My background is not as a venture capitalist. So i don't have specialty in. You know trying to figure out which code is better. Which chain is going to work for whatever it is and so i said to myself look. There's there's a lot going on. And this in the private equity world in the digital ecosystem. There are a lot of companies that are a lot larger than people understand. And you know. I'd like to get that kind of exposure for my own personal portfolio ended de tap capital and so went about the idea of constructing this portfolio of ten to fifteen businesses operating in the
El Salvador Embrases Bitcoin
"Firming topic today. We're doing a global tour of bitcoin who's embracing this disruptive digital gold this proto money system. Let's start by doing a quick revisit to el salvador on tuesday's show. We discussed some of the controversy leading into el salvador's bitcoin day. The formal enactment of their bitcoin legal tender law on surprisingly and continuing the themes that i was just exploring the gladiatorial battle on twitter continued throughout the day professor. Steve hanky who has really really tried to use. This crypto cycle to jump to the very top of the bitcoin antagonist list. Just would not shut up about it. I mean we are talking about ten twelve separate tweets many which said the same thing over and over. Here's a good example contrary to president. Bu kelly's unfounded claims el salvadorians do not want. Bitcoin is legal tender. The only ones who applaud are criminals. They know that the bitcoin law paves the way for rampant money laundering and corruption. This is one of those arguments. Where as soon as you even dine to make it. I look around at myself. Everyone that i know. Who's working in this industry. All the people that i know who are connected to this industry all the people who are in places like asante who have proven over the last few years how. Bitcoin has relevance for community like el salvador. And i mostly just stopped listening to what you have to say. Because you're clearly not in it for an actual conversation. And yet he continues. He tweeted at least three times about bitcoins. Volatility bitcoin nineteen percent to a twenty four hour. Low of forty two thousand nine hundred and twenty one per bitcoin today to queens volatility is an obvious reminder that it can never be a reliable unit of account and thus can never be used as a currency. Btc is nothing more than a highly speculative asset. Naib kelly's bitcoin law will do el salvador. Never mind his careful use of hash tagging on. Bitcoin and btc gotta make sure. Everyone sees his angry tweets. Professor hanky also hated it when president. Bu pele bought the tip and made fun of the imf all in one tweet saying buying the dip one hundred and fifty new coins added. It appears the discount is ending. Thanks for the dip. Imf we saved a million and printed paper el salvador. now hold five hundred fifty bitcoin.
Bitcoin Is Now 'Legal Tender' in El Salvador
"El salvador has adopted bitcoin as legal tender. And you in el salvador. You'll walk into wherever. Mcdonald's you walk into mcdonald's you buy a cup of coffee and you pay in bitcoin and you know you can see i've seen little pictures of cash registers and things where they're you know you can see. It says the amount of bitcoin on the cash register now. This is a little odd to me because el salvador currencies pegged to the us dollar so. You have the same issue that i have with. Bitcoin is as any kind of a form of payment in that it's really ultimately just dollars. It's a payment system not a currency however it's an amazing step forward for an entire country clunky as it may be for them to do this because as i said you know. It's basically dollars twice removed. In this case of and clunky as it may seem. It's still a huge step forward
Bitcoin Prices Fall After Plunging During El Salvador Rollout
"Bitcoin prices. That was wild yesterday at one point. Ten thousand after breaking through fifty two thousand late. Monday got his lows about forty two thousand el salvador adopted. Bitcoin is legal. Currency tumbled as much as sixteen percent. Right now i saw it this morning around. Forty six thousand. The country temporarily disabled chievo. That's the government run bitcoin. Wallet to increase the capacity of servers and crypto adjacent stocks also fell that's term including big drops from micro strategy and coin base and ether also fell sharply yesterday continues to slide this morning. There were protests in el salvador. A lot of young people that they were more protesting against not having a say in work and how it was adopted. When you decide you're going to do something and then demand closes down the wallet. I don't know whether it was just that they weren't ready but they seem to say that there was so many people trying to do it that they couldn't that they couldn't do
Bitcoin Is Now Legal Tender in El Salvador
"Salvador began accepting bitcoin as a legal tender. Yeah there we go. It's one of the many crypto experiments. that's happening across the globe. That's the way we're seeing knackers. You heard on this podcast. I in june just a few months ago. Remember well jacka. El salvador announced that bitcoin would be legal tender. I think we recorded that together. In new york person remember that. Oh yeah this week. During the different sweet green orders and menu. You went on the menu now. El salvador doesn't have their own currency they just use the us dollar but now they will also accept bitcoin interesting. Although el salvador also has fewer people than new york city where we recorded this guy and they announced this with like literally only three details at the time. All right rule number one. They announced in june. Every business in the country must accept bitcoin for the business that they do a single pusa. You can pay for that with a fraction of a bitcoin. Roll number two. The government will accept bitcoin to pay your taxes. And then jack rule number three kind of a little bonus cherry on top situation here. Citizens will not have to pay any capital gains taxes if they own. Bitcoin and bitcoin goes to the moon well yesterday. Bit salvador went live and we got a whole bunch more details. How the pulling this thing off. I i the central bank wanted to make a pr splash and lead by example. So they bought twenty one million bitcoin. The central bank. I mean el salvador. It's a tuesday tree yourself. There you go and then they set up a bunch of bitcoin. Atm's all across the country to get the populace excite and then to really get things going with bitcoin and in el salvador. They launched a brand new walla tap for forbid it's called chievo which is slang in spanish down in el salvador for cool very nice and with this app. Typical el salvadorians can conduct business and bitcoin yet. Every single salvadorian got thirty dollars worth of bitcoin. We've got like an oprah situation here in the app right right there waiting for you
Bitcoin Falls 17% as El Salvador's Crypto Rollout Falters
"Price of bitcoin fell as much as seventeen percent today from its five. Pm eastern value on monday that coincided with the move by el salvador to become the first nation in the world to adopt bitcoin as its national currency. Here's our markets reporter caitlyn mccabe. It's possible that some traders may have sold their positions anticipating that the launch of bitcoin there had pushed prices to a peak going into today. There was a lot of investor enthusiasm and the price of one. Bitcoin had surpassed fifty thousand dollars. Which is considered a key level for bitcoin so some traders and analysts have said that we were likely seeing some profit taking at that level and that was also likely exacerbated by a large volume of cryptocurrency bets being liquidated in the last twenty four hours so those are likely to of the main factors driving the sell off tuesday. In addition to the fact that crypto in general tends to be very volatile and
Power, Money, and Ego With Teddy Schleifer
"Are a part of a team that is releasing a new media. Publication called the puck. Website puck dot news. And i couldn't help start the conversation. And when i went to the website it's simply says a new media company covering power money and ego and those three words i think Elicit all kinds of emotional responses from people power money and ego But you've been writing about a lot of the stuff for a while. Where does the personal fascination or interests come from in covering some of these topics so in some ways. The role is very big and in some ways. It's very small What what. I mean by that is there. Are you know. Three hundred and fifty million people in the united states But a very small number of people have enormous amount of influence in american society. People who like you know. I think lots of listeners might not even know their names if you look at the floors four hundred list from time to time. I'm always Humor that like how many people even as someone who covers billionaires. I have never heard of you know people who have thirty forty billion dollars who made their money in some got awful boring industry Who have enormous amount of assets and can convert that into political influence rob against wince Influence in just kind of in public life more so pucks. Kind of central conceit is that the world is actually driven by a small number of people And that there is a big world that is governed by people in hollywood people in washington people on wall street people in silicon valley And that ultimately that that world needs to be a unspoiled for the rest of us to understand and these rather also. I feel like often very are treated as isolated power sectors right people in hollywood who cover hollywood really wealthy people on wall street. Who covered the or system really. Well you know. I've covered silicon valley This is actually really one world right. The people on wall street have influenced in washington. People washington or regular people in silicon valley and silicon valley is attacking hollywood and creeping on kind of traditional studios. So one of the other ideas of pop is that. Let's let's kind of narrow the synapse here and try to really uncover this as one world
El Salvador Leads World in Adopting Bitcoin as Official Currency
"Salvador is one of the poorest countries in the western hemisphere and relies heavily on remittances payments setback from workers in the united states since two thousand and one el salvador has used the us dollar after ditched its local currency the cologne. The country is not known for leading the world in financial innovation. But on tuesday it's set to become the first nation in the world to accept bitcoin as a national currency. The move has been celebrated by bitcoin fans across the globe but on the ground. The reaction has been different with protests and popping up in the capital. San salvador are deputy editor for latin america. Santiago perez recently visited the country to find out how the government plans to make this transition work. And why it's taken this bold move and he joins us now to discuss high santiago. Hello how are you today. I'm doing well This seems like a pretty big deal. El salvador is a country of more than six million people. Starting today. it's going to be the first in the world to accept bitcoin as legal currency. How is that going to work well to start this giant step for the evolution of bitcoin. So it is quite remarkable that such a tiny country embarking such experiment so as of september seventh of others. We'll have the option to either pay for services with us dollars which that became the national currency almost two decades ago or they can use bitcoin for
Official Bitcoin and Crypto Fall Preview
"What is the dominant macro-contexts. That's going to shape the fall for the bitcoin industry in particular to understand that. I think we have to i ask what was the story of the summer and i think the summer story in macro was in fact a transition. At the beginning of the summer inflation numbers were heating up consumer demand consumer spending were surging. The delta variant wasn't yet a huge problem and the general belief the operating framework for many in the market was that the fed's hand was going to be forced around tapering dovish monetary policy support for the markets. That would mean an earlier than expected reduction of bond purchases and eventually earlier than expected increase in interest rates. The way the market started to price this in was by selling off on tack in the high risk things that had been some of the biggest beneficiaries of that low interest rate environment that spilled over into bitcoin and crypto as well which are obviously even farther out on the risk spectrum than things like archetypes however over the course of the summer the biggest thing that changed was the rise of the delta variant it is created new questions about the return of economic strength limited lockdowns more mask mandates just general disruptions to the way that people lived and so it started as a recovery summer then turned into a. Maybe we're going to have to deal with this forever sort of environment when it comes the monetary policy discussion. This was really summed. Up by powell jackson hole. The annual jackson hole symposium put on by the kansas city fed is where the fed likes to signal big shifts or changes and up until a few weeks before this year's august event markets were expecting powell. To confirm that it was time to start tapering. Or at least time to start thinking about tapering as it caught closer. Though as the kansas city fed had to move the event from in person to virtual that shifted and instead what we got was a confirmation that dovish nece is going to remain intact for some time. What that means going towards the fall is that we're likely to see this low interest rate party and all of the attendant consequences for risk assets. Continue at least through the end of the year. If that changes it could have a pretty dramatic impact though on bitcoin. In the crypto. Seen as a whole
How Crypto Will Fix South Americas Money Problems
"Simon's here. how are you good. Man figure permanent. Of course Let's start with value. Do you guys building what. What is the goal here. So in simple terms we are a business. I crypto payments solutions for letting america and we are focusing venezuela which is going to hyper inflation and because of that people are looking for stable currencies right for for new solutions and the interesting thing is that typically benders are the ones who said the medium and the currency that they wanna accept right so being a business for solution is actually an interesting way to tackle this problem because we're focusing on giving businesses away to charge in stable points their costumers and in a way we're creating this marketplace say namic within consumers and businesses and the final objective say is to create crypto economies in latin america.
A $1.5T Asset Manager Is Getting Into Bitcoin
"Block works. This morning tweeted a job application from franklin templeton who are hiring a traitor dash crypto space currency. Yes that is how they described. Crypto currency crypto space currency. Franklin templeton is a company that was founded in nineteen forty seven it went public in nineteen seventy one and is basically just kept growing. The firm has more than four hundred fifty different mutual funds. The story here of course is just the continued integration of bitcoin into large institutional offerings and the current system along that front bitcoin magazine reported on a similar story. Customers at vast bank can now buy and sell bitcoin directly from their. Fdic insured checking accounts. Vast ceo. brad. Scrivener has made the argument in the past that he thinks that banks should be the best place to buy bitcoin quote or familiar with regulation. We're going to do the right things. We're going to do things to make sure the financial system is kept safe and sound. There's lots of different customers out there. That may want to control everything and have their own wallet. They're on passcodes. And then there are those who are crypto curious and may prefer to work with the bank or an intermediary just because they don't quite understand. Now that's the same argument driving a lot of the partnerships that breakdown sponsor ninety has been doing to get bitcoin buying selling in holding straight into customers bank accounts. So it's clear is. The mainstream is just plotting right along coming to bitcoin at its own pace in the meantime btc. The acid is back up over fifty k. But still many are wondering where. Bitcoin is from a market perspective for that. I'm going to do a mini long. Read sunday right in today's episode by reading this excellent thread from my friend and frequent breakdown. Guest travis cling he writes. Bitcoin is an interesting spot at the moment. A couple thoughts forty four days ago. The bitcoin chart was in big trouble. It had broken all sorts of support levels and had many people seriously doubting whether thirty thousand could hold again in the subsequent forty four days. Bitcoin covered a tremendous amount of ground. It did that thing it does. Sometimes we're just runs away from people. Oh you thought you were going to buy thirty or even lower. How about forty eight. A massive amount of damage has been repaired to the chart. We punched major fibs and points of control retested and held. Sr flips battled with the two hundred day and then firmly reclaimed. It impressive stuff.
Jack Dorsey Is Building a Decentralized Exchange for Bitcoin
"In july jack dorsey and square doubled down on their commitment to bitcoin. First they announced they would be open sourcing the development of bitcoin hardware wallet then they went even further with the announcement of tb. Not just a special project. Td is an actual new business. Division of square that sits alongside its seller cash app entitled divisions. Here's how jack. I described it squares. Creating a new business joining seller cash title focused on building an open developer platform with the sole goal of making it easy to create non-custodial permission list and decentralized financial services. Our primary focus is bitcoin. Its name is like our new bitcoin hardware wallet. We're going to do this completely. In the open open road map open development and open source mike. Brock is leading and building this team. And we have some ideas around the initial platform primitives. We want to build. How is this different. From square crypto square doesn't give direction to square crypto only funding. They choose to work on l. d. k. And are doing an incredible job. Td we'll be focused on creating a platform. Business will open source our work along the way so when you read that. A lot of people noted that they sort of sounded like they wanted to build defy on top of bitcoin and mike brooks tweets around the announcement seemed to point in that direction. As well quote. I also believe that technology has always been a story of decentralisation from the printing press to the internet to bitcoin technology has the power to distribute power to the masses and unleash human potential for good. And i'm convinced. This is the next step. As jack said we're going to be biasing towards being open and transparent so we'll be sharing a lot more about our plans in the coming days and weeks we're also going to be thinking of ways to include the community in our planet so stay tuned well at the very end of last week. We got confirmation that they were indeed looking in that decentralized finance direction. Here's mike brooks threat about it from friday. There's been a lot of speculation about what. Td is an isn't over. The last few weeks or team has been determining what needs to be determined. We wanted to finally share direction. And we have some questions we believe. Bitcoin will be the native currency of the internet while there are many projects to help make the internet more. Decentralized our focuses solely on a sound global monetary system for all
Understanding Bitcoin and Blockchains With Nic Carter
"Bitcoin right. Now is very interesting. Place you i was telling my brothers. Were like the voice of reason throughout all of the es g mining china ban of mining premium. Anytime that somebody in the mainstream media said something stupid it was like i gotta go right another rebuttal and you're just cranking them out. How do you evaluate where we are right. Now with mining specifically honestly. I think we're in an extremely good place okay. As far as money is concerned a lot of people were upset with. Musk myself included for what he had to say about. Bitcoin mining but for better for worse his comments catalyzed reaction among the mining community specifically in bitcoin. And we've seen this enormous reaction to create nonprofits associations just groups of individuals that are engaging in disclosure regarding what kind of energy they're using. We've also seen the shock. Which was the chinese hash rate migration. We couldn't plan for that. But that just so happen to have enormously positive effects for the mining space and i think the in the space of year bitcoin mining industry has gone from this completely opaque sort of unaccountable largely chinese industry mind with significant amounts of coal to almost a you know a strongly north american american industry. I mean not not exclusively but by the end of the. I wouldn't be surprised to see fifty percent hash rate in the us or canada. That wouldn't shock me at all right now. It's probably forty percent and hash. Rate is much more transparent about its operations not only that these miners increasingly publicly traded. We're seeing new listings all the time. We're seeing spikes. Ipo's all the time for these miners. The has made it clear they consider yes g. to be an important part of us capital markets again for better for worse the miners responding to that. And they're seeking out these renewable sources of