Dow, Bloomberg And Blockchain discussed on Unchained



Co slash unchanged pod. Today's guest is Matthew Lacing reporter at Bloomberg and author of out of the ether, the amazing story of him and the fifty five million dollar heist that almost destroyed it. All Welcome, Mat. Laura. Thank you very much. Congrats on the publication of your book out of the ether which comes out the week after this podcast drops tell us what is about Thank you, So it's an early history of Theam starting with Batalik and going on through his life and how he came to invent a theory m hands co-founders at he gathered around him and ups and downs. Of launching the network. It's also a bit of a deep dive into the Dow Hack in two, thousand, sixteen Where I wrote a magazine story about it a couple of years ago in twenty seventeen and I just always in the back of my mind wanted to do a little more reporting I thought a book would be a great format to try to find out as much as I could about who was behind the hack and just I knew that there was a lot of great stuff that I hadn't used in the magazine story so. That was a big. Part of it then it's also just. About how a main street and Wall Street are really coming to therion and how it's starting to sort of. Work its way. Not, just into finance, but into things like read it in all sorts of other. Parts of. The. Economy. As you mentioned one of the main catalyst for you to write the book was that earlier article on the Dow attack how Article Come About Well. I remember that Friday in two thousand, sixteen on the Dow was hacked I was homesick. On my couch when I looked at my phone and The I I was aware of the Dow, had paid a little bit of attention to it, and like everything was blowing up in, it's like being robbed as I was sitting there on my couch. And I. Thought it was fascinating but. It was it wasn't the right time at Bloomberg to really be talking about the Dow or a theory and for that matter. It was still really early in the project. The Dow is kind of like the only thing going really at that point and it didn't have much to do with finance or the Wall Street sort of audience that Bloomberg News. rights too. So I just sort of. Paid attention forgot about it until. Later that year he was the end of the year the editor of the magazine came to me and said. Hey. We're doing a heist issue We do this every year. Do you have any good heist stories and so the Dow just popped into my mind immediately because I watch what had happened in a new, the the fork was there all this crazy stuff and Easter classic and so again, like I said it really it's not something you can really capture I. Think in a news story, you need a longer format, and so I thought a magazine story would be great for that and it turned out to be like the most fun I've ever had I really enjoyed getting to know everybody's at the story is just absolutely bonkers. and. So I was really happy with that in the way it turned out and so able to take that magazine story and use it to to write a proposal and here we are. I highly recommend that readers check out that article I remember when it came out because there were so many cool interactive elements as well where you could learn the technology that were sort of like in these. Like in my in a magazine, we call them sidebars I. I actually didn't look at the physical copy, but on the online, you guys literally almost like sidearm. Pop Up on the side and then you kind of go down like little mini rapid holes. We mentioned a tweet it would show up on the side and you'd see like absence tweet about the Dow's being drained, and then what I like to on the left side, the Dow code was there, and as you scroll down the story, it sort of follows along the code. Because the famous line in there as line six, it's where the bug. was and so. You know Truth is stranger than fiction. So we sort of like a really fun time playing with that stuff. Before writing that article health familiar were you with a theory and Crypto and what in general was your history covering the blockchain space? I got into it. In two thousand, fifteen, the year before of my for people who don't know is like market structure a general term it's how markets work or don't work how they're like being updated manipulation I covered dodd-frank really closely because that was. A real time regulation of the swaps market and so. I had heard about declined that dismissed didn't get it to be honest and I I didn't. I didn't even the ones and Zeros kind of thing of having value that was me in twenty fourteen or so. Once. In two thousand fifteen I got sort of a read something about blockchain and what it could do in terms of like a back end and and how it might. Apply to all these financial markets that I covered so I said to my editor K, I wanNA I. WanNA cover blockchain. He's like great. What's blockchain. So I was one of the first at Bloomberg to sort of start digging into it. We did a story pretty early on when Blake Masters was appointed to be the CEO of digital. Asset Holdings. made it on the cover of the markets magazine and as I've heard in the year sense you know that was sort of a big deal for people on street that you know blockchain was something to take seriously. that wasn't really a theory. Of the I didn't get into that. The next year early in two thousand, sixteen I remember going out to see Joe Leuven at consensus in their Bushwick headquarters. and. He made the light bulb. Go off over my head. You know after repeating the phrase world. Computer Enough Times. I just like it just really kind of. Took it from the sort of abstract thing that I've been writing about and made it a lot more concrete to me? And after that, you know. We still say it's early days in this twenty sixteen and it was really early days like there was very little, very little point to. As turn in terms of like a real project or something to do besides buying and selling ether. So. That's what the Dow happened and that was obviously a huge deal I. think it was swept map. It was wildly. Ambitious and it just. Ended up going down in flames in front of everyone now, the so that that's kind of my arc to to the Dow and. Since two thousand, fifteen I've been writing about Krypton all sorts of ways, but mostly, the sweet spot for me is where. Where the two meet in terms of finance and Know improving efficiency for corporations and supply chains and

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