Listen to the latest financial news, audio updates, rates and market movements for Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, Binance and other crypto and digital coin virtual currencies and exchanges, aired on leading talk radio shows and premium podcasts.
Agricultural Bank of China Reiterates Ban on Crypto
"The agricultural bank of china china's largest posted a message on its website reinforcing. The previous policy of banks not doing business with crypto companies. This was quickly picked up by people like colin. Woohoo tweeted quote china's third largest bank. The agricultural bank of china issued a statement on june twenty-first stating that it prohibits the use of it services for virtual currency transactions such as bitcoin. The statement emphasized that once relevant behaviors are discovered account. Transactions will be immediately suspended. Customer relationships will be terminated and relevant departments will be reported now the agricultural bank quickly deleted that post but as it turns out it was a timing thing not the mystery and intrigue that people thought at first. We found out a few hours later. That the central bank of china had convened a meeting with the major banks in china. Plus ali pay around these issues. So that includes the industrial and commercial bank of china the agricultural bank of china the china construction bank postal savings bank of china and ali pay on the issue of virtual currency transaction hype. Here's a translated section of an article about the central bank statement from a chinese publication quote institutions must comprehensively investigate and identify virtual currency exchanges and over the counter dealers capital counts and cut off the payment link for transaction funds in a timely manner. They must analyze the capital transaction. Characteristics of virtual currency trading hype activities increased technical input improve abnormal transaction monitoring models and effectively improve monitoring and identification capabilities improve internal working mechanisms clarify. The division of labor compact responsibilities and ensure that relevant monitoring and handling measures are in place participating organization stated that they will attach great importance to this work and in accordance with the relevant requirements of the people's bank of china will not carry out participated in virtual currency related business activities further increase the investigation and disposal efforts ended up strict to resolutely cut off virtual currency trading hype activities. Since this all happened early this morning east coast time. The debate on twitter has been raging. About i if in how this is different than previous similar announcements or policies
China Broadens Crackdown on Crypto Mining Industry
"The big story this weekend in tech was the shuttering of crypto currency mining operations in china. The short gist of the story. Is that the chinese province of sichuan told power companies to stop providing juice to crypto mining operations and electric. of course. you can't run computers that then mind bitcoin. So it's bad. China has long been a hub for cryptocurrency mining due in part to excess electricity in some regions likes ron which is known for its hydro. Electric power generation. Some cryptic monitors had hoped that by using lower cost lower carbon power. They might dodge a rising tide of anti government sentiment in the country and the answer to that was no city where we are today. The idea that the chinese government would allow a crypto economy to flourish fields. Naive you know. What were we thinking especially as the chinese communist party cracks down on the country's technology industry more broadly china's government is also working on a digital version of its own currency which could grant the country's autocratic leadership the ability to exert even more control over its economy and of course crypto which is decentralized by nature kind of clashes with the chinese government's goal of more and more control over both this population and their economic activity. Now this is not just to china story. Of course the impacts of china's shuttering huge swath of its crypto activity are being felt around the world as crypto. Prices generally fell since the news broke. Bitcoin is under the thirty three thousand dollar mark. And you can buy either for less than two k and frankly. Every major crypto is off by double digit percentage points in the last week. It's a mess. Coin bass and american crypto unicorn. That recently went. Public is off route three percent in pre-market trading this morning according base acts as a kind of comp for many private trip focus startups so we can infer that the crypto startup market is having a somewhat rough time from a valuation perspective in the last couple of days.
Does a Law From the Civil War Make Stablecoins Illegal?
"The question of stable coins. Decentralized money versus centralised money is one of the key conversations of the next decade. So let's go back in history to see how we've wrestled with that in the past. How the civil war shapes the future of stable coins. The civil war replaced a decentralized monetary system with a centralized one setting precedents for the regulation of stable coins. today in eighteen. Sixty one civil war broke out in the united states over the next four years of conflict the politics. The us remade and so. We're its monetary affairs. A new monetary system was born during the war years that exists with us today and is shaping our stable coin future decentralized currency system before the civil war there was a decentralized currency system with myriad of coins and banknotes all banknotes were privately issued through independent banks. There was us government paper money if a bank wanted to issue currency had to deposit bonds with its state banking authority. Usually a bank could issue anywhere from ninety percent to one hundred percent of the value of the bonds deposited. However in some states you could basically deposit worthless bonds as collateral and some banks. Just ignore the rules. The result was thousands of different banknotes all with different values making matters worse were wildcat banks. A wildcat bank was a fly by night. Operation that appeared in a region and spent its banknotes far and wide. Then it would just pull up stakes and disappear. Leaving worthless banknotes behind during the civil war congress in the abraham lincoln administration overturned the decentralized system establishing a government monopoly on money. It did this in a number of ways but the most relevant to the future of stable coins redefinition of money and the establishment of the national banking system
Aleks Svetski on Bitcoin as Sovereign Money
"Our guys bang bang got ox here with what's going on man. What's up man. How are you No voice left sudden hung into this Were talking shortly after a pretty big news of el salvador about a four day period went from Announcing that they were going to create. Bitcoin is legal tender with nice within el salvador or accepted as legal tender Then they basically put forward a bill. They voted on it. They passed it. It's now legal tender. The president jumps on twitter spaces. He's time all kinds of answering questions. Like super candid Seemed like a pretty open book at some point. Mining comes up. He's like oh well. We've volcano a volcanic energy. That is one hundred percent renewable hundred percent clean zero emission And basically free. Maybe we could use that for mining twenty four hours later. he's literally already drilled. The well in mike seems like he's up to the races. What the hell is going on. Now this is. I mean el salvador. Bitcoin it's like the this space moves so fast it's like two weeks ago. The pope was like we can't use bitcoin two weeks later. We've got a country putting some bitcoin. Like talk me through like from what i understood. It's they're going to so they've made it legal tender people who don't want to hold bitcoin. They can actually sell it back to the government. So the governor's gonna hold bitcoin and give them fiat. Is that right so In all salvador and again this is a over generalization. But there's basically two banks that you're going to hear about your here about the central bank right or or kind of the the state balance sheet the reserves because they technically don't have they don't have their own currency so there's a reserve assets of the government. There's this development bank that is owned by the
Everything We Learned About the Bitcoin Mining Council
"In december elon musk. Michael sailor started tweeting back and forth a bit. Bitcoin were already in the modality of companies. Adding bitcoin to their treasury and sailor had already emerged as one of the top evangelists. Of course this got tongues wagging at the end of january. Ilan changed his profile to read bitcoin and tweeted. In retrospect it was inevitable in february tesla announced that it had purchased one point five billion dollars in bitcoin and that it would start to accept bitcoin for payment for vehicles. Bitcoin cheer and our bags. Rejoice as we're rocketed up the next leg of the bull run but it wouldn't be a good story without a dramatic arc. Now would it almost immediately. We saw the downsides of ilan's involvement to go right along with the upside of price. Those downsides included one the alignment with an unpredictable twitter user. More likely to show those than to do. Anything that bolstered bitcoin and to the scorn and condemnation of the legions out there who dislike elon that second category includes many who profess to care about the environment who basically view tesla or ilan himself as a great green washer. In retrospect it's pretty clear that tesla's involvement did more to ratchet up a focus on bitcoin's footprint than to alleviate concerns about it by the end of april a new concern tesla had sold ten percent of its. Bitcoin alon profess that it was only to demonstrate the liquidity of the asset to stakeholders. But it was still jarring by a month later things had gone really sour alon announced that tesla was pausing sales of bitcoin due to environmental concerns w. f. the collective cry rang out. Do this guy seriously. Just learn about the environmental footprint of bitcoin. of course not what's far more likely and commonly accepted. Is that behind the scenes. There were serious pressures pushing tesla any lana on the bitcoin. Question for example. Es focused etf that list tesla who because of bitcoin
Bitcoin OG Explains How to Keep an Open Mind
"Our guys bang bang. I've got eric here with be doing. The sir makes me on for sure. let's just jump right into. I think was probably one of the most interesting things that you've been spending time on since last time we had you on the podcast which is shaped shift has essentially transformed itself. You've completely ripped out all the centralized infrastructure and you really turned into this new model Where it's an interface to all these decentralized protocols just like what exactly does that entail wide you do it and how's it going so far. Yeah so for. Most of our history shapeshifts was essentially an exchange or we would take one coin from one person in send a different coin from us trade with us and it was non-custodial and that we didn't hold any balance but we were essentially an intermediary to each trade and in twenty eighteen. That's what got us all caught up in all of the financial regulation in which we had to impose. Kyc and I would call highly unethical surveillance on people which we've been fundamentally opposed to So we've been searching for a way out of that you know we can't break laws but i also don't want to spy on people and i don't wanna be a branch of the government surveillance apparatus to how do you have you square that and the way we square. It is by integrating decentralized protocols now so we no longer are an intermediary in any way we do not trade with customers We are no longer a financial institution and that means that we do not need to. Kyc people it means that we do not need to act like a bank and we can let users trade directly against these decentralized protocols in a really really cool way so we've completed that transition now and as of april fifteenth tax day. Ironically we are fully fully out of that mess
Will a US Digital Dollar Protect Privacy?
"What's going on guys. It is tuesday june fifteenth. And today we're talking about a us digital dollar and specifically whether a future digital dollar will preserve privacy center bank digital currencies. Have been one of the key undercurrent of this show for basically as long as i've been doing it as i've said before and i'll say again. Ultimately the breakdown is about shifts in power particularly economic power. The question of central bank digital currencies is absolutely one of power and that question runs on a few dimensions. There is the question of the power balance between states. The best example of this is china whose digital yuan efforts are at least in part an attempt to extend the sphere of influence of their native currency to internationalize the r&b and claim a larger status as a global settlement currency and world reserve asset. Smaller nations are likely to as well looked to digital currencies chess piece and reimagining where they sit importantly this won't always lead them to their own native digital fiat's as we've seen in the case of el salvador there may be compelling reasons to instead look to a non-sovereign non-aligned independent money as well. But there's also a key question of the balance of power within states specifically between state and non-state actors is having the ability to create currencies in the first place. This is a power historically monopolized by the state however private actors sometimes companies more often now. Decentralized networks are taking on that role in an increasingly significant way. It was after all facebook's ill-fated entrance into the cbd's space with its libra announcement that acted like a global starting gun for every government to take seriously the future of their currency as digital and of the global powers. No one took that threat more seriously than china and it wasn't just facebook that they were concerned.
Bitcoin Rises Above $39,000 After Elon Musks Tweet
"Bitcoin jumped to above thirty nine thousand and is currently hovering around thirty nine thousand one hundred and seventy three at the time of this recording. This is from the thirty. Four thousand eight hundred eighty level at the start of sunday trading according to coin base and is still less than its high of of course sixty five thousand april. Some think that the jump in bitcoin is tied to elon. Musk tweeting that tusla would resume transactions in bitcoin. Once at least half of it can be mined using clean energy
Todd Weaver on Purism and the Crypto Principle
"Yes so just get right into it. I wanted to start a bit broad and maybe a little bit of the background not back to they one. But i actually used to here so we're all pure ism users here. Excellent on the show today. A lot about open source hardware coming from you guys do software and there's open source software obviously let most. Bitcoin is worth their salt. Know about the idea of open source software free and open source software but this idea about open source hardware. I feel like. I used to hear that more around the pure brand. I'm not sure if that term is still used. Maybe haven't been paying attention but before we sort of go deep into pure ism and what's going on as of late and and sort of what you're trying to do in general you just give us a quick background for those who don't know what is the idea of open source hardware is sort of a nebulous thing and then maybe how does pure isn't fit into that. Yeah i'm going to say it is kind of a nebulous thing Because there's really There isn't o. S. h. w. open source hardware specification But the term in general I'm gonna say is diminished depending on what you're talking about So there's things where schematics can be released and is considered open source hardware Or is it the after release the actual gerber files to may do. The manufacturing of the pcb pba is then considered open source hardware or. Is it where you're able to three d print a case. So there's a lot of components go into hardware and so what we try to do is define a very specifically the things that we are releasing and the things that we are not releasing or are unable to release. So when you're looking and it depends on the product itself so the most Let's say liberated hardware that we have is the lebron five phone. The least liberated harbor we have is servers. And so then we have everything in between
Bitcoin Rises 5.1 Percent to $37,361
"Mosque and avid supporter of cryptocurrencies Does coin like crap coin often drives the price of bitcoin. Up or down with his tweets however his remarks on sunday did little to change its value. The price of bitcoin rose about five percent to nearly thirty-seven thousand dollars. About half an hour. After musk's tweet in february in february. Sec filing tesla announced that it will start accepting bitcoin for car transactions after it purchased one point five billion dollars of bitcoin in may must said the tesla had suspended so this this happened february and then in may suspended vehicle purchases using bitcoin due to concerns over rapidly increasing use of fuel for bitcoin mining which i explained in the last segment. It's absolutely ridiculous for a you know a well informed businessman like elon. Musk who is a work. He works in both the. It field and the finance field to suddenly. Oh my goodness there. You gotta burn fossil fuels to get the power for the computers. I had no idea. Are people burning coal to run. My tesla's come later. Oh now. I don't know how many how many people this happen and i know that selling cars is an actually tesla's business but i went from wanting tesla to not wanting a tesla in that amount of time
Is Bitcoin a Trojan Horse for Freedom?
"Bitcoin is a trojan horse for freedom. Well bitcoin is powerful number. Go up technology that appeals to self interest. it's also creating fortresses against authority in cyberspace. In book two virgils epic home. The aeneid one of the most iconic plotlines of classical mythology unfold with trickery and subterfuge degree forces having failed to capture the city of troy after a decade long siege attempt and ultimate attack on their enemy not by strength but by guile through. Clever plan hatched by eulogies in the fields. Outside of troy's impregnable walls. The greek army departs but leaves behind a massive wooden horse alone. Remaining soldier leads the trojans to believe that the horses attributed to minerva the goddess of warren strategy and is an apology for the blood that the greek spilled the trojans think. They're rival assailed sailed off surrender. And despite warnings from cassandra lee kuan who gives us the famous saying beware of greeks bearing gifts. They bring the horse into the city as a trophy. Victory blinded by zeal. They think it will make them invincible. Little did they know. The horses packed with armed soldiers who under cover of night slip out and opened the gates for their comrades waiting outside who had hidden or fleet behind an island in the nearby. See the greek sacked. The city and troy falls defeated from the inside by its new treasure. the trojan horse has been popularized in computer science as a militias program disguised as a helpful update but it is also an effective metaphor for how bitcoin stealthily ops. Who do not care about who do not like freedom to promote it anyway. The mimi begins with wealthy individuals corporations and soon governments which see bitcoin is glittering digital gold out of self preservation ingred. they're incentivized to buy mine or one day taxes new prize to accumulate the soundest money and gaining advantage over their rivals. Bitcoin does after all on its exterior. Look very appealing. It is the best performing financial asset in the world over the past twelve years because trillion dollar success is attracting interest from the rich and powerful everywhere from wall street to beijing to silicon valley in the last year. Bitcoin fomo has seeped into the minds of professional investors corporate treasury managers and even sovereign wealth funds. Who do not wanna get left behind
Bitcoin Is Economic Empowerment
"This week. I want to talk about the idea of bitcoin as economic empowerment and what i see as a new narrative emerging could bring in the next set of bitcoin users but to set the stage for that. I actually want go back to tuesday night. The el salvador bitcoin bill had been released in full and the assembly was about to debate it. I was inspired to do a thread on twitter answering a question that i had seen a number of different people ask all of which amounted to. How could this possibly not cause the price to go up a theory about this. That individual events don't actually impact bitcoins price really and a lot of the issues that i get into. I think are salient for this conversation today. So i'm going to read in some places paraphrase that thread on this momentous in bitcoin history. I've seen a number of people ask. How could this possibly not cause the price to go up my theory. Individual events don't impact bitcoins price. At least not really a not alone between markets are driven by big structural narratives that create the raise on debt for new entrance to participate. Obviously we've been in one of those big structural narratives since march twenty twenty. This is the money printer. Gober means inevitable. Inflation means institutions. Get in here. Within the context of those meta narratives individual events that validate and amplify the narrative can impact price but by drawing people in on the strength of the evidence for the narrative as well as by arming bulls and traders who are inclined to go along the end of four of last year and the beginning of q one. This year was all about these types of events culminating i think with tesla's one point five billion dollars. Bitcoin by that really seemed to cement. The idea that this whole bitcoin treasury thing wasn't just for the michael sailors of the world. Then something happened and we started to head sideways and down. Was that the analyst barrage of fudd around tether around china around the environment around lawn around china again. I don't really think so.
Bitcoin Beach, El Salvador and the Bitcoin Standard
"I am so excited to bring you a conversation with bitcoin beaches. Michael peterson if you were on nick. Carter's twitter space on tuesday night. Where el salvador's president nyambura. Kelly popped into answer questions for about an hour. You heard mike peterson talk. You see. Bitcoin is a project el salvador. That has been running for a couple of years now and they set out to show that one. Bitcoin could be used day-to-day as well as it could be used as a long term investing saving technology and to that bitcoin wasn't just for rich people in fact the poorest of the poor could often find even more empowerment in it than the rich that normally associated with their website states. We believe that if a local economy is created with the support of bitcoin new opportunities will open up for the community members. The project bitcoin beaches creating a sustainable bitcoin economic ecosystem on the coast of el salvador. Where the majority of people do not have access to bank accounts in the local businesses could never qualify for merchant accounts needed to accept credit cards from the early days. Bitcoin promised to allow us to bank. The un banked and return power from governments and financial institutions to the individual however until recent. This promises remained elusive. Bitcoin beaches a movement to make sure that the true potential of bitcoin is realized and those who have been excluded from the banking system are the primary beneficiaries on that. Call on nick. Carter's twitter spaces president. Kelly went out of his way to say that it was the inspiration of bitcoin beach showing that bitcoin wasn't just for rich people that it could improve the outcomes of individuals and a community as a whole that inspired them to start looking into bitcoin in the first
El Salvador Will Use Volcanic Energy to Mine Bitcoin
"El salvador has moved more quickly than anyone thought possible to make. Bitcoin legal tender with more when president naib kelly jumped on nick. Carter's twitter space on tuesday. Someone asked him about bitcoin mining. I think it was actually alex. Gradstein that prompted president kelly to speculate about the potential for bitcoin mining powered by geothermal energy from volcanoes while by the next morning he had initiated a project around exactly that and the ceo of the largest north american minor was up in his comments asking about getting involved. The net of all of this. Was that the possibility of a new mainstream. Narrative of bitcoins capacity for economic empowerment has captured. The imagination of bitcoin is the world over but of course this wouldn't be bitcoin without some controversy and strive to go with it last night. I jokingly said that today's episode is going to have to be called the empire strikes back and this wasn't in reference specifically to the global powers that be getting up el salvador's craw about bitcoin although there is a meeting with the imf today that could provide some insight into their initial reaction to the move in fact as i was prepping. The show preemptive comments from the m. f. came out jerry rice and imf spokesperson said quote adoption of. Bitcoin is legal. Tender raises a number of macroeconomic financial and legal issues. That require careful analysis. Which i mean isn't surprising. Of course they were going to say this. And i'm not overly concerned yet. Instead the empire strikes back comment was about a string of established powers. Ratcheting up their rhetorical and real attacks on bitcoin and crypto at large. Let's head first to china as this is a story that's already started and that has seen some significant developments this week. There was action by two provinces against mining in xinjiang. The local government issued a notice to shutdown crypto mining activities. The shutdown was immediate. Taking place yesterday. On june ninth and the specific focus was on the economic technology development park. This is a fifteen thousand five hundred square kilometer area that houses a number of different coal powered industries
Bitcoin Mining With North America's Largest Miner
"Our guys bang bang. Got fred here. Thank you so much for doing this. Thank you great to be here absolute. Let's get started with marathon in kind of your background. So marathon is one of the largest. Bitcoin miners in north america. What did you do before you on the board and then became the see you so twenty. Five plus years running technology companies across a variety of sectors. Fintech was a big one. Matter of fact my first programming job was at a bank so grew up really understanding the friction. The financial markets was had the good fortune taking some companies public. Doing a lot of a and then switch to the dark side became a private equity managing partner and did leveraged buyouts tech companies and then started advising really large funds and tech companies. I had known the ceo. Marathon merrick former ceo now executive chairman for many years socially or kids grew up together and i joined the board in two thousand eighteen. Really that help him with kind of the transition to bitcoin. Mining and blockchain always been fascinated by blockchain. I think it's a great leveler. If you look at kind of how the internet developed and brought kind of the democratization of information i think people exposing data on the blockchain is going to change. How businesses operate imagine companies like salesforce. Who effectively hold your crm data hostage. If all that data around the block chain not only could use salesforce taxes and gained benefit from it. But you could use other applications. I think there's just a were so early in this blockchain development. Bitcoin cryptocurrencies. Just one part of it. I'm a big believer in the bitcoin. Blockchain foundation for financial institutions very secure fully decentralized network. You know you can say other things about ethier. Money has some great benefits. But it's still is less decentralized than the bitcoin blockchain and there's just so much you can do so. I was very excited at the opportunity to step into more of an operating a marathon. And i think now's the time where you'll see. The miners become more professional. Companies were real enterprises. If you just look at the build out plans most of us have you know. We'll be billion dollar revenue companies within the next year and a half to two years and those become big companies and they need to be run in a proper way with good
El Salvador Adopts Bitcoin as Legal Tender, Casting Shadow Over IMF Efforts
"Is due to hold talks with the leader of El Salvador Naive broccoli after his country became the first in the world to make Bitcoin legal tender. President Bakili believes this will allow Salvadorans living overseas to send money home more easily. But some analysts have suggested that making Cryptocurrency legal tender could threaten a long planned IMF program. A
El Salvador Made Bitcoin Legal
"What's going on guys. It is wednesday june ninth. And what you just heard open. The show was the sound of kareem. Lukhele the brother of the president of el salvador as well as his campaign manager narrating the passage of the bill by which el salvador became the first nation in the world to recognize bitcoin as legal tender. It was part of a larger hour-long discussion last night with the president himself. That happened holy spontaneously. A nick carter space on twitter. Setup to casualty chat while he cooked himself pork chops for dinner. This conversation happened late at night. And i only caught it by the grace of a fast flickering power outage in our house which caused every appliance to beep in. Wake me up me being a complete degenerate. I did a quick pass on twitter before heading back to sleep in. The first tweet. I saw was from one minute earlier from nick saying president of el salvador in my twitter spaces right now before we get into what he said. Let's go back to what happened over the previous twenty four hours. Beginning of the day was a cascade of politicians from central and south america. Giving themselves laser is we covered that on yesterday's show by the evening. Though the big news was the full text of el salvador's bitcoin legal tender bill had dropped and at the risk of this running a little long. I'm actually going to read the full english translation. It's actually pretty short. And i think is important to give you the full context for our discussion. Considering that in accordance with article one or two of the constitution of the republic the state is under the obligation to promote and protect private enterprise generating the necessary conditions to increase national wealth for the benefit of the greatest number of inhabitants that under legislative degree number two a one published in official gazette number two forty one volume three forty nine dated december. Twenty second two thousand united states dollar was adopted as legal tender said. Approximately seventy percent of the population does not have access to traditional financial services that it is the obligation of the state to facilitate the financial inclusion of its citizens in order to better guarantee their rights that in order to promote the economic growth of the nation it is necessary to authorize the circulation of a digital currency whose value answers exclusively to free-market criteria in order to increase national wealth for the benefit of the greatest number of inhabitants. That according to the previous considerations it is essential to issue the basic rules that will regulate the legal course of bitcoin
Bitcoin in a Down Trend Now
"We're gonna die down again couple of days. I'll do on yes. They are now will policies for that. Tom actually in the prices moving moving house and moving into an office as well. So i'll quite a bit going on at the moment and Yeah it's it's always a pretty good dog moving because the a bit of a being dong ding dong illinois. The show type thing it's You know we've beantown. Maybe wrong like you know we. We do have that four hour now in that in the downturn religious daily the downtrend to that low hyphen level la. The by no means by by no means. Is this a great trend and is a strong trend is just the beginning ovalles. Trying to what we've been saying lightly is that when trends have started. They've ended pretty quickly after that. Now don't get me wrong. There have been a few opportunities here and they With regards to some shorts you had to be johnny on the spot. Because most the time they are the lower timeframes looking at the fifth damien. it The half hour most of the fifteen over the loss of twenty four hours but it stopped paying. Just this has not been as clinton he's been lacking the the momentum has been lacking when we have seen a sell off. Wei saint straight line selloff. We've seen a decent move happened relatively quickly with very few pullbacks so although we do now have ourselves with many of these charts. I from Uptrend with potential for a high high to go. The high level filed to set the high a. Hog which made that's become a level on if that sounds confusing clarify bitcoin on the daily easing a downtrend. There's a low high in the low low does this mean we're gonna capitulate and have a really big full auto Does it mean that. No it doesn't mean that's what's going to happen. Could it possibly happen. It could possibly the could also happen. Bitcoin could rise of higher
El Salvador to Become the First Bitcoin Country
"What's going on guys. It is monday. June seventh and man. This is the type of episode that is like skipping rocks across the pond. There is so much to dig into that. I feel like. I'm barely going to scratch the surface today but i wanna relatively complete starting point for anyone who wants to understand. This news coming out of el salvador. Now before i get into a big caveat is that my knowledge of el salvador stopped started with the civil war in the. Us has role in it until about three days ago. I'm learning in real time. Just like you guys. And i don't wanna present any hint of overconfidence particularly with regard to domestic politics in el salvador. But with that out of the way. Let's talk about this. Bitcoin twenty twenty one in miami was already dominating the twitter spear before saturday multiple hashtags related to the event. Were trending around the us. The crypto twitter tribes were showing off their tribalism in glorious fashion. The people in miami meanwhile seem to be having just an absolute hell of time. But on saturday morning tweets started coming out from the official event account as well as from influencers that one of the biggest announcements in bitcoin. History was coming later that day. That was a pretty big claim. So of course there was some amount of immediate skepticism. Could whatever the news was meat that lofty bar set by the marketing around four thirty. Pm eastern time strikes. Jack mahler's ascended the stage to make an announcement now for background. Mahler's had recently spent time at el salvador's bitcoin beach project alongside others like square cryptos miles suitor and had already contributed to some interesting initiatives there for anyone paying attention that was clearly some ground up momentum around bitcoin and lightning in el salvador mahler's announcement however would catapult the country into a totally new status in the bitcoin. As you heard at the beginning of this show el salvador's president. Naib kelly was submitting a bill to recognize bitcoin as legal tender. They would be the first country to do so with significant implications and while the bill would still have to be reviewed by the country's legislative assembly bouquets waiver party new ideas had recently won a significant majority in the unicameral body so passage was nearly assured
U.S. Retrieves Millions in Ransom Paid to Colonial Pipeline Hackers
"U. s. officials say they've recovered sixty four bitcoin valued now at roughly two point. Three million dollars of a ransom paid to the hackers who hit colonial pipeline last month. The fbi said they seized the cryptocurrency from a virtual wallet that the russia based cybercrime group dark side had used to collect the payment in a press conference this afternoon. Deputy attorney general lisa. Monaco said the seizure was the first operation of the departments. Recently launched ransomware and digital extortion task force. Today we turned the tables on dark side by going after entire ecosystem that fuels ransomware and digital extortion attacks including criminal proceeds in the form of digital currency. We will continue to use all of our tools and all of our resources to increase the cost and the consequences of ransomware attacks and other cyber enabled attacks. The colonial pipeline attack forced the shutdown of the main conduit for gasoline and diesel fuel for the east coast.
Bitcoin Bull Market May End, Says MRB Partners
"Boutique. Investment research firm rb partners released a report last week. Titled has the crypto fever. Broken the point to a couple of potential reasons first the fut- they know to main dimensions to this environmental concerns and regulatory risks. These are things we've discussed extensively on this show. Environmental concerns have been particularly acute and in the media. I since tesla made their big bitcoin. By and second since ilan walked it back because of environmental reasons regulatory risks fuel frankly more like a forward projection as we'll get into in a moment but the second reason they gave for a potential downturn is a reduction in monetary stimulus. They wrote quote easy. Money has helped fuel the crypto bubble and a slow unwinding of this trend. Globally will become a headwind for the speculative digital asset. Will clemente in palms newsletter. Adds some technical mv to this as well. He writes zooming out. You get this divergence between short and long-term holders based on historic behavior of these cohorts we are either headed into a full-fledged bear market or in a mini bear market similar to the consolidation between the two double pumps but still in a broader bull market at that time there was a similar phenomenon of long-term holders stepping in and doing the heavy lifting while short term holders panicked sold based on metrics looking at the broader cycle. I tend to side more with the ladder. I could be wrong. Interestingly to me this is not just analysis or speculation that we're seeing as well. There's actually some amount of preparation quintas growth story this week called. Dow's prepare for the next crypto winter with treasury diversification. It's basically about how many decentralized autonomous organizations many of whom are funded by. Governance tokens are selling. Some of those governments tokens now to move into fiat denominated stable coins. That could help them weather downturn. Now i remember twenty eighteen really well and frankly teams that manage treasury. Well were often not only able to survive but put themselves in a hugely powerful position relative to their peers. Those that didn't and just hope that their tokens would return to their previous highs tended to perish so i don't think it's silly for these dow's to be starting think in those terms regardless of where we actually are in the cycle.
Chinese State Media Indicates China Is NOT Banning Crypto Trading
"What's going on guys. It is thursday. June third and today we are talking about why chinese state media is indicating that china has not in fact. Banned crypto. i however let's start with a quick update on ransomware. Since i dropped that episode. Yesterday i've had numerous people. Send me articles and media accounts blaming the ransomware epidemic. On bitcoin or crypto in general. Npr called it the oxygen behind the surge so unfortunately my very easy prediction of ransomware. Being next bitcoin seems coming to pass. But i also wanted to share an interesting take. I saw from a couple of folks that was really well put by andy edstrom author of why bitcoin he tweeted bill gates becomes multi-billionaire by shipping insecure software. Us government pays hackers for zero day exploits and keeps them instead of telling software companies to patch them. Equifax loses one hundred million plus identities in stock all time high. What will solve this other than ransomware. Basically the idea that. I think that indies going for is that ransomware is the natural market byproduct of insecure software by the same token however it creates the financial incentive for that software to be in a world of ransomware. The cost of buying or building insecure software. Go way up. Which presumably give the advantage to less explainable software. Yesterday we also talked about the impact that ensures playing this potentially making companies more willing to pay ransoms because they know they'll be covered however insurance companies seem to be making moves so that might not be the case or at least it won't be that easy.
Jeff Booth on How Inflation Is Stealing Your Wealth
"All right. We got a lot to cover. So let's start with the basics of inflation versus deflation. How do you describe that to people. I take pretty simple outlook. Can i just say inflation is when your money is worth less overtime. Goods and services. Go up in relation to your money and deflation is the opposite. Your money's worth more overtime and goods and services. Go down in value against. You're running the entire world. That we know today exist based on an inflationary system so the money is devalued meaning that good services the price of those go up over time pretty much common knowledge right and also accepted by the majority that that is how the system should work. I think you've got a very different opinion I tend to be sympathetic to your view of the world. But maybe just describe. What are the issues with that. Inflationary system and then why you think that there's actually a different system that could be better. We've always go. You're right we've always grown up an inflationary system and it's worked well for the majority of population. My parents house went up in value They paid back that debt with cheaper money that they earned more throughout their life and so on that path it sounded like a good thing we were taught in school. Inflation is required. And this is what some of the stuff that i explored in the book but then that system is bumping up against technology them so we've always lived in his system. We measure everything from that system that were in and then that system is bumping up technology wanting to bring down prices really fast wanting to do and what does technology do whether it's a ceo that puts technology into the company. Whether it's you using technology technology does more for less right no. Ceo technology in their company to make prices go higher. They do it to give you more for less or to compete an in an open market to to drive more value to you. You use technology for the same reason and so when you add up what's happening with technology bumping into this force of inflation that that is really manmade create created manmade inflation. That you ask. How could those two systems work together.
The Humanitarian and Environmental Case for Bitcoin
"The humanitarian and environmental case for bitcoin. By alex glad stein can bitcoin reduce aid corruption. Help end dependency and bootstrap renewable energy for emerging markets. Bitcoin is typically thought of as an investment and a strictly financial innovation. But what if some of its greatest impact over time ends up being in the humanitarian and environmental spaces. This essay will explore some of the major challenges in the realm of international development and will argue that donors should be looking at bitcoin. Payments and mining as tools to reduce corruption diminish dependency and help renewable energy overcome adoption obstacles worldwide in his searing twenty. Ten s. A quote alms dealers. Philip gurvich tells the history of aid. The industry he wrote was largely born in nineteen sixty eight from western compassion triggered by the televised starvation of children in nigeria's breakaway biafra province. The impulse to help those less fortunate in the world around us has become a vast two hundred billion dollar foreign aid industry. The twenty two wealthiest governments provide approximately sixty percent of that sum with private ngos companies and foundations funding. The rest around a third of government foreign aid is classified as development assistance. A third as humanitarian relief and a third is military or security support in total over the past six decades more than four trillion. Dollars of aid has been sent. from rich countries. To poor countries
QuickNode on Building World Class Blockchain Infrastructure
"All right guys bang bang. I've got my friends from quick. Note here hello. How are both of you. This is the first to person interview that we've done in the new studio. Some guys are Are guinea pays. We're gonna hopefully this works Less i wrote the quick node story right and just kind of starting there and that will lead us into some of the data infrastructures. Actually happening in crypto. Walk me through kind of your guys around to get to actually starting quick now right what you very technical right. Very kind of well-versed. In terms of of a lot of computational power and infrastructure. what did you do before. We get their shirt So Alex co-founded managed hosting company like back in two thousand one. Maybe even earlier. You still not surrounded early. Internet stuff and You know we. We built out a company that was managing thousands of servers in like over ten data centers around the world So like we got awesome experience on how to be like on the provider side and how to build global networks Manage all different stacks of software Then you know there's different projects within that company. You know with regards to like video encoding ad serving. We got to work with a really broad range of customers Twenty two thousand fifteen. We started building our content delivery network Because you know people started the. It's an assault. Be more media rich and you need faster speeds. You couldn't wait for your server. New york know if somebody's living across the atlantic it takes forever to load a video. You know if the video in the united states so we do is clone ad video over to somewhere in europe. So they you know. The download speeds are quicker
Discussing Defi With Brian Kerr of Kava Labs
"As entrepreneurs. We know full. Well that we often start down a certain road and end up somewhere completely different and discovering that the things we learned on that path helped prepare us for where we are right now and i think that's probably the story of many of us as well as our guest brian. Kerr who's the ceo and co founder of cove labs. He got into crypto by way of e sports and now he is kind of a big deal. He's he's the chief cook and bottle washer kava which claims to be the most trusted defy platform by financial institutions. So we're gonna talk defy the entrepreneurial journey and other crypto blocked things brian. Welcome to bed. Crypto man really excited to be here. I'm a huge fan of your show. What what what brought you into How did you get into crypto via e sports. That's what i wanna know my good friend. Alex was a he. He built the largest russian e sports organization called nabi native sincerity and he started a project de market. Along with this other guy vlad Out of natwest the first decentralized marketplace video game items as early a theory my ceo shortly after came lax and smother platforms but the market was the first on the scenes in the space in. They said hey. Brian you're doing gaming stuff you're in the us you're based in silicon valley. We want some help and advice for how we take. This platform market Adviser and i really watched them take that from our point to production in just number of weeks. They raised twenty million dollars. It was just like mind. Boggling to me. I built a company with Unreal products than work. My buns off and million dollars was no easy feat for me on the they did with a powerpoint presentation this drifta industry. So just i that gave me the electric shocks. That told me. I had to look at watching technology and see what's going on here because it was definitely nothing like i had ever seen before.
Tom Brady Says He's a 'Big Believer' in Cryptocurrencies
"About paying it forward. And you can add Bucks QB Tom Brady to the list of celebrities getting A digital currency seven times Super Bowl champs says he's a big believer in Cryptocurrency. Grady also confirms he's purchased digital coins but hasn't said which one's he bought ready, made the comments at this week's Coindesk 2021 Consensus forum. He recently changed his Twitter profile to include laser eyes, something many Bitcoin
What's Really Behind China's Bitcoin Mining Ban?
"What's going on guys it is. Wednesday may twenty sixth. And today we're talking about what's really behind china's bitcoin mining band or at least a different way to look at it. There has been so much happening so fast that you can expect a lot of these shows to be checking in on some things that we've discussed just a day or two before and today is definitely an example of that. I'm going. I do an update on the discussion around the bitcoin. Mining council michael sailors spoke at consensus yesterday and thought there were a couple of interesting points that came out of it. I is the extent to which the impetus for this mining meeting was from ilan himself rather than sailor dragging along. Sailor said quote. I think he lawns. I order. Ask was hey. Can we come up with a way to publish boost transparency for bitcoin mining energy usage. I think the first step is. Let's come up with a protocol for us to publish energy information in a way that we can share it with the world and then work together to make sure that we pursue sustainable energy goals. Sailor argued basically that in the absence of there. Being a standard model for energy use. Reporting critics come up with their own models for estimating how much energy mining is using many of which ended up painting a much bleaker picture than the reality if this is the case. It's a solvable information problem. And frankly it's also one which does benefit from some amount of coordination from a critical mass of parties to agree to the type of disclosures. They're going to make in the standards for how they're going to report things to make them comparable the other big point from his talk was the extent to which this energy was the key deliverable with all of the rest of the things that people mentioned the notion of promoting more sustainable practices being much more nascent and still in the discussion phase. This was strongly reinforced threat by amanda fabiano who heads mining galaxy digital. I'm actually just going to quote the whole thread. Because i think it's pretty important quote bitcoins. Energy consumption is transparent making it an easy target for criticism. But what critics can't see is the breakdown of energy sources.
Bitcoin Mining Council to Report Renewable Energy Usage
"Group of bitcoin miners mostly north. America have formed a bitcoin mining council to promote energy usage transparency elon. Musk said the group will publish current and planned renewable usage more data on how bitcoin mining is powered would help research into its effects. Though seventy five percent of mining is thought to come from china and chinese miners appear to be involved in the curb.
A highlight from The De-Chinafication of Bitcoin
"Want to listen to around this stuff right. Certainly the shift in sentiment against leverage seems like a trend. That's picking up steam on the other hand. A whole lot of other self proclaimed cassandras have come and gone while bitcoin just keeps marching on third and finally on. Today's brief the dot plot shock as here. I'll argue later in the show that nothing about china changes what i think is the more fundamental macro factors shaping all markets right now which is confusion around fed policy. All one needs to do is re bloomberg's headline this morning to see what i mean. Quote powell heads to capitol hill is market turns on dot shock. Basically the whole piece is about how the markets were surprised by the fomc meeting last week and are trying to figure out how a concern around inflation is going to jive with the feds stated intention to continue to support labor markets but ryan a senior economist at deutsche bank securities said the reaction to the inflation. Data was what surprised us. This was powell acknowledging that we wanna be a little bit more balanced than our inflation communication instead of just blank dismissing. Everything is transitory. Expect more of this debate to continue and as it does markets to be unwilling to commit much in any one direction or another with l. Let's move to our main discussion joked on twitter this morning. That china has got to win the award for trashing the market the most times with the same piece of news so what actually happened. The agricultural bank of china china's largest posted a message on its website reinforcing. The previous policy of banks not doing business with crypto companies. This was quickly picked up by people like colin. Woohoo tweeted quote china's third largest bank. The agricultural bank of china issued a statement on june twenty-first stating that it prohibits the use of it services for virtual currency transactions such as bitcoin. The statement emphasized that once relevant behaviors are discovered account. Transactions will be immediately suspended. Customer relationships will be terminated and relevant departments will be reported now the agricultural bank quickly deleted that post but as it turns out it was a timing thing not the mystery and intrigue that people thought at first. We found out a few hours later. That the central bank of china had convened a meeting with the major banks in china. Plus ali pay around these issues. So that includes the industrial and commercial bank of china the agricultural bank of china the china construction bank postal savings bank of china and ali pay on the issue of virtual currency transaction hype. Here's a translated section of an article about the central bank statement from a chinese publication quote institutions must comprehensively investigate and identify virtual currency exchanges and over the counter dealers capital counts and cut off the payment link for transaction funds in a timely manner. They must analyze the capital transaction. Characteristics of virtual currency trading hype activities increased technical input improve abnormal transaction monitoring models and effectively improve monitoring and identification capabilities improve internal working mechanisms clarify. The division of labor compact responsibilities and ensure that relevant monitoring and handling measures are in place participating organization stated that they will attach great importance to this work and in accordance with the relevant requirements of the people's bank of china will not carry out participated in virtual currency related business activities further increase the investigation and disposal efforts ended up strict to resolutely cut off virtual currency trading hype activities. Since this all happened early this morning east coast time. The debate on twitter has been raging. About i if in how this is different than previous similar announcements or policies looking for the best way to unlock your cryptos. Liquidity next dot. Io is exactly what you need borrow against your digital assets at just six point nine percents apr burn passive income with yield up to twelve percent and swap between more than one hundred market paris with the instant. Mexico exchanged. Try the next wallet app to get the whole three hundred. Sixty degrees of crypto banking get started at next dot. Io that's n e e x dot to get started today as you can tell from my joke above. There's been a lot of this sort of policy announcement in the past. There was two thousand fourteen guidance twenty seventeen guidance and then guidance a couple months ago which is really just a reiteration of the two thousand seventeen policy then again in those last couple of months. China has clearly taken a more aggressive stance against bitcoin and crypto. In general i'm referring of course to the mining ban since the vice premier spoke about a mining ban mining has been targeted for shutdown in four provinces while three of them are heavily coal powered for mining the most recent sichuan has been primarily mining with their abundant hydro electric power the fact that china's going after hydro mining as well suggest many that the band is on the extensive and serious side. Nick carter tweeted about this over the weekend. Saying some mining farms went down and sean overnight. Quick reactions the mining man appears just as comprehensive as believed even. Hydropower provinces aren't being spared hash rate transition is real and the nature of bitcoin. Cash rate will entirely change in the next six to twelve months. I'm formulating a new hypothesis. Bands more connected to anti-corruption campaigns. I local officials monetize in grid energy on the black market. The china suddenly cares about climate. Hypothesis doesn't appear true and the great integration hypothesis. I've laid out lack support either way. Amazon narratives will likely ignore climate and decentralisation benefit of hash ration- and focus on perceived risk to bitcoin or loss of fundamentals while norring the astonishing reality of bitcoin migrating fifty percent of its industrial base without difficulty. Anyway i think the key point here is that the context for these announcements is what seems like a very real bitcoin mining bam. This is made some interpret these announcements in a different light than they might. Otherwise have colin woo tweets this time. The chinese bank statements are different from the previous ones. One central bank requested to investigated pass behavior. Three repeated the government's anti mining four other banks may follow up. When someone questioned this on twitter he reiterated. This is different from two thousand fourteen in at least three points i. It clearly shows the requirements of central bank second. It requires an investigation of past behavior and third it reports to the chinese. When it is found anyone who understands chinese can see the difference which gets to the second question that's being debated a lot on twitter. Which is how we should feel about. This should be pessimistic. Optimistic or something. In between there are a couple ways to look at it. The first is to say look. This mining band was more severe than many thought. We don't know if this is the full extent of the crackdown. Or if there is more to come. Blocks will fees out notes that while previous notices had said that if accounts dealing with otc cryptos were discovered. The banks might shut down those accounts this time. The shutdown is more mandated quote. Although various chinese banks have sent out similar notices before since two thousand thirteen. The exact wordings in the monday statement are different in a nuanced way. In all previous notices chinese banks said if a customer was found with using their banks to make crypto transactions the banks would retain the rights to closed down their accounts implying. They not necessarily do so on the other side. Are those who said that. This actually isn't a severe as it seems. A former people's bank of china official wrote this announcement is much milder than expected. Just closing the account. Which is consistent with the previous three associations caliber. It also shows the upcoming new deal will not be much stricter than in two thousand thirteen and should be interpreted as profitable. There is finally the other point that maybe this is finally just china fully ripping off this band aid cure in murray tweets quote after today. It's very difficult to see any news out of china. That could be damaging for crypto. They've gone as far as they can. Short of an outright ban which means in practice. There's basically an outright ban t. dr. It's been an eight year. Long band aid rip. But it's almost off. Pomp puts it more crisply. Historians will write that. China had a majority of hash rate within their geographic borders. Yet they made decisions that pushed that hash rate into more democratic and capitalistic societies. Just as north korea chose to embrace the internet only for the elites. China is making a similar mistake here as if that weren't bad enough china's plan for a national state digital currency is similar to north korea's internal internet as we've discussed over and over again open systems beat closed systems the chinese approach of banning and open monetary network in pursuit of a tightly controlled. Monetary system is unlikely to be seen as advantageous strategic move for their citizens but just like north korea. This decision will be helpful in continuing to consolidate power and ensure the longevity of the dictatorship scaramucci actually summed up. What i saw a lot of people on twitter saying which was quote china's. Bitcoin is short term. Negative long-term positive. One thing that i think we can firmly say is that peter teal's theory from april that bitcoin was basically a chinese weapon. At this point was totally incorrect. Nearish agarwal from coin center wrote quote. I have some bad news for the people who spent the last few years going around. Dc telling policymakers that china controls bitcoin as for me. Nothing about this changes my perception of any of the fundamentals about where we are in an in-between period with a significant lack of clarity set by the macro reality of being post covid. Or at least vaccine. Eric ovid and pre monetary policy tapering in that in between there has been and is a barrage of foot of which this is part. There's also a resetting and retesting of the institutional. Bitcoin narrative a new testing of the sovereign bitcoin adoption and economic empowerment narrative. And within all of that and important sub theme the d. China vacation of coin when el salvador made its bitcoin. Bet i call it an interesting piece of evidence around the type of leader. Naib mckelway ultimately wants to decide to be. Bitcoin is of course not controllable by authoritarians and viewed him access. It's no wonder that china has finally decided to fully rid itself of connection to bitcoin. This is especially true as it begins to implement. It's perfect surveillance. Money to me. The two real questions. To watch our one how much harsher the gets people interacting with bitcoin or crypto at all and to how ultimately the wider market views. This d china vacation in the short term. There is a trade. The fudd thing happening because of structural weakness in the markets but when that resolves to a new china free normal for bitcoin will bitcoin be viewed as worse off or better off. We don't know the answer yet. But when you see things like eunice yoon from cnbc reporting that sixty. Six hundred pounds of bitcoin miners were being airlifted from china to maryland. It's hard to see how it ends up a lot worse anyways guys as that happens. All of course be watching. I appreciate you hanging out alongside until tomorrow be safe and take care of each other piece.
A highlight from What Are the Prospects for a Bitcoin Standard in Africa?
"So clearly. The crypto was just criminals. Meam is back on the menu. What about china. Over the last few weeks we've seen mining shutdowns and a couple of provinces but mostly those reminders that used coal. One question has been whether areas where the mining happens with hydropower. Would face the same action. Well we learned that the answer is yes to schwann a major hydro hub is targeting twenty-six mining farms for shutdown. So based on this. It's looking more and more like its mining. In general that china is going after rather than just coal powered mining. What we don't know yet is the extent to which will impact bitcoin negatively hash rate decreases. Sure but the network is insanely secure. So that's not really an issue. What about narrative questions on the one hand it could be negative because it seems to be confirmation of government taking umbrage with bitcoin particularly because the stated reason is environmental concerns and to the extent that there was geopolitical game theory that bitcoin was something. China was focused on and so so too. Should the us that. Although i'm not sure how big a thing that was on the flipside decentralisation of power is absolutely positive for bitcoin also there was meaningful fudd at times around china's potential to try to control bitcoin and that will no longer make any sense at all so it sort of feels in the long run to be a bit of a wash although the environmental piece of certainly something to keep an eye on looking for the best way to unlock your cryptos liquidity. Next daio is exactly what you need borrow against your digital assets at just six point nine percent. Apr burn passive income with yields of up to twelve percent in swap between more than one hundred market pairs with the instant neck. So exchange try the next Wallet app to get the whole three hundred. Sixty degrees of crypto banking get started at Dot io that's an x dot io to get started today secure regulated and reliable bit. Stamp is the crypto currency exchange of choice for more than four million investors and traders worldwide. Since two thousand eleven. Fifty of has been a trailblazer in security head of the class and personal customer service and dedicated to making buying crypto fast. And easy whether you're investing on our desktop platform and mobile app or trading on our speed. Api's gives you all the tools you need to reach your goals visit bit stamp dot net to learn more bit stamp for all the ways. We crypto speaking of countries and bitcoin. Let's check in on el salvador. i in twitter land. There continues to be big debate around the compulsory nature of the law that merchants have to accept bitcoin on one side or folks who say basically like yeah. That's what legal tender means and by the way they're making provision for those who don't have the technology to accept it and also by the way they've got a one hundred million dollar fund to instantly convert anyone who doesn't want to take on. The risk of bitcoin to traditional money on the other side are those that don't think that bitcoin should ever be imposed coin. Center for example is coming down hard on that side. Jerry brito the executive director of coin center said quote while. I haven't been shy with my views on the el salvador bitcoin law. I feel a really haven't said my piece. So i'm going to get it off my chest. Now perhaps one has a duty to speak out or else be complicit. In sorry outcomes el salvador's bitcoin law is a disgrace as written in statute at forces citizens to accept bitcoin whether they want to or not. This is intuitively wrong to any liberal. I'm surprised that so many smart and principle people have nevertheless applauded in defended this law. They're confusing the ends of liberty with the means of bitcoin. And i hope they're doing so merely an error. It's especially disappointing that in response to criticism defenders of this law have resorted to what about 'isms and moral equivalents and. I'm astonished how much trust in different so many are willing to give to a politician. This will not end well. I hope it's defenders. We'll take a second look at what this law does reflect on our share principles and reevaluate accordingly. I tend to think that the devil is in the details of implementation right now. We're having a philosophical debate around the nature of state power which is fine but ultimately really matter relative to the lived experience of salvadorans for that. We're just going to need more time. However that wasn't the only conversation this week around el salvador as discussed on the show a couple of days ago. The world bank turned down a request from el salvador to help them implement the bitcoin plan. They cited concerns about the environment as well as transparency issues. The transparency issue is particularly laughable given the nature of public blockchain's overall. It's disappointing but telling it how institutions the us economic world order are going to respond to bitcoin ascending. What about countries. That seem poised to follow el salvador's lead. Paraguay is certainly getting some buzz in the hours. Following the bill passing paraguayan congressman carlos ayala announced his intention to attract crypto businesses to paraguay. This week paraguay's largest entertainment company. Grupo cinco said that it will start. Accepting crypto payments at its twenty four businesses which include nightclubs restaurants and more these businesses serve combined fifty thousand customers per month eighty percent of those customers between eighteen and twenty five which they say makes this a natural fit. I've also been keeping an eye on africa. According to data from useful tulips dot org sub saharan africa leads the world in peer to peer bitcoin exchange this year sub saharan africa. All so has a legacy that one might think would lead to favourable conditions for a non global power lined monetary option and indeed. There are the beginnings of rumblings luke kuhn wrote an open letter to the president of nigeria. Here's how he closed it. The nigerian government along with every government in the world has a once in a generation opportunity to claim global prominence by rising to the occasion. Many other politicians in latin america have signalled their intention to pursue similar moves as el salvador in leading the next global financial shift nigeria can create prosperity for its citizens in a manner that requires no bloodshed. No election and no resistance. Such proposition may seem too good to be true. And these ambitions certainly require thorough investigation scrutiny and debate conversely delay in pursuing a national plan for bitcoin adoption will risk a scenario where nigeria is left behind and citizens excluded from the possibility of significant wealth creation and preservation as world leaders. Become more aware of the chance to make history pursuit of bitcoin. We'll be widespread. We offer our full support. A willingness to voluntarily consult and commitment to activate every resource available to us in order to see nigeria pursue. A bitcoin standard other bitcoin that i saw on twitter. We're discussing the cfa currency countries in the economic community of west african states. Here's a thread. From jesse hoddle in sub saharan africa. A currency union exists between mali. Benin burkina faso ivory coast guinea-bissau senegal. And togo the currency. These countries share is the franck or the x. Oh f is currently pegged at six fifty five x oh f to one euro bretton woods. The currency was introduced for the first time while in nineteen forty five one. Cfo franck was equal in value. To one point seven french francs it was merely equal to zero point zero one french francs in two thousand and two 'cause devaluation of the french franck by the french government the x. o. F seventeen thousand percent of its value in fifty two years over the last ten years. These countries have seen a steep increase in migration to western nations political instability wars corruption and the potential for a better life elsewhere causes for this in two thousand nine hundred eighty five point four billion. Usd were sent in remittances from outside these countries estimates for twenty twenty show a decrease due to the pandemic five point four billion usd. Make up about three point. Six percent of collective gdp which is approximately one hundred and fifty billion while this number certainly is not as high as el salvador which has twenty percent of gdp as remittance inflows. The absolute numbers are staggering. Average woman's fees charged by common service providers are eight percent four hundred and fifty three million dollars per year paid and fees to send remittance payments. The bitcoin network fixes this internet. Access and smartphones are widely spread. Bitcoin enlightening with change. The lives of around one hundred and thirty million people enormous. This needs to happen. It will happen. These countries among many others will leapfrog entire decades of financial development. Currently there is no exchange offers a btc sos volumes to low people access. Bitcoin via local bitcoins packs full. I have professional ties to molly a network of young highly educated colleagues who caught the bitcoin bug sending permission. 'less instant free payments globally. As magic to us all that is needed is an exchange as well as lightning wallet able to hold digital x. Oh f how do we get there. Finally there's a group out of ethiopia that is trying to put bitcoin on the agenda as well for the last six months or so. We've been trying to push the ethiopian government to consider mining and storing bitcoin to combat the rising inequalities and global inflation. We have now mobilise like-minded ethiopian project. Mono project mono has many phases and plans. It has multiple suggestions that could assist the national bank to escape the foreign exchange shortage crisis. It's in the project is open source so anyone can add to it. We welcome all in our research. Through the mining initiative ethiopia could easily multiply its export earnings without third party involvement billions more in short term with minimal investment. The project aims to publish more detailed plans. Both the government and interested private parties. And how they could change too volatile culture and establish a colorful future for ethiopia. We are confident. The project will succeed. These are all nason ideas small startup projects but at the same time. It's hard for me not to think that these are going to be some of the most exciting initiatives around the world to watch in the coming months. I appreciate you hanging out and watching along with me so until tomorrow guys be safe and take care of each other piece.
A highlight from The Shorter Cycle Theory With Larry Cermak
"What's going on guys. It is friday. June eighteenth and today i am super excited to share a conversation with larry cirmac larry's the director of research at the block and is just one of the most thoughtful observers of the space out there. One of the things that has been on everyone's mind is is this bull market actually done and part of why it's been on people's minds is that they had some idea that we were in a super cycle now. I've talked about the super cycle before. And what i think is a misperception or mischaracterization of it as meaning up. Only today's show talks about what i actually think. The super cycle theory is which is really about shorter The idea is that there has been a break from the long multi year bear market followed by a bull market prompted by the having sort of cycle that we've observed the last couple of times instead we may be moving into something where there are multiple different types of catalysts where bear and bull markets rotate on a matter of months. Rather that a matter of years. Larry and i get into why that might be an in general where he thinks the market is right now and what makes it different than the last cycle. It's really fun. Little conversation for your friday so i hope you enjoy it. Larry welcome to the breakdown. Super excited to have you here. I'm really excited to be here as well. Hopefully it's going to be fun now. It's gonna be fun for sure so okay so were here today. To talk about is cycle. Theories super cycles shorter cycles. I don't know whatever type of cycles we want to name a catchy name too but Let's start. I guess with just you know you've been tweeting a little bit about people asking you where we are in the markets and you basically throwing up your hands and saying i don't really know but here's invasion so let's start there. I mean where are we in the market cycle. What have you observed kind of wet. What is your mental model of. What's happening right now. Yes so you kind of nailed it. I really have no idea. And i think this is like a first time in a really long time wherein i have. I really admit i have no idea. Sometimes i think i know i'm totally wrong but now i actually think i don't know what you think is like a somewhat unusual but basically the way i see markets right now is that there is a lot of uncertainty a lot of things to have been figured out And because of that. I can see marquette's going both ways In or or just staying the same same kind of thing that they've been what they've been doing for the last couple of and the reason is you know basically d- to some sort of weakness right like the entire run last year started on the studio narrative you'd micro strategy start. Allocate some money Initially people didn't think that was such a big deal now Then that evolves into square as well une tesla and when tesla finally allocated the market's just exploded and ended. It made sense you know. It was a significant company. didn't really dabbling in crypto on bitcoin. Before and ever since then we've been kind of like waiting on the sidelines and we've been talking to claim bates night dick the largest alligators and they've been telling us companies undecided lights. They're gonna come It's a lot of them. It just takes a long time and everyone has kind of been waiting for the last six months and nothing has really come out of it and so that narrative has gone. You know slightly weaker Undocumented top of that basically all the retail indicators that we've been watching Ever since tesla news every every retail indicated in the world has gone up and it has continued to go up until about three or four weeks ago. And then now it's it's hard to go down again and it's it's decreasing and just showing that people are obviously leaving The regular retail people. And so now we're in this weird market were. There's a lot of uncertainty about more companies allocating retail. People are leaving and just because there's less less demand to buy. It seems like the market is kind of going up and down. And then on top of that. You add uncertainty from china and you add this like mystery of what will happen with el salvador and it's just a market where you can tweet something Go go up by five percent and then a country in central america can do something similar to el salvador and we go up fifteen percent then. China can announce that they're completely cracking down a mining which is kind of been doing and they're cracking down a leverage trading. And we can go down again. So i think can be a lot of things that can happen and you know. I think everyone who's right now like using the leverage. I'm betting on either side. It's kind of silly. Because i really really believe that. No one really notes. If the sort of inaugural thing is that there we have a total momentum stall out and no one is willing to step into the void with feick. an even even if it's just Some sort of attempted a narrative. Who's saying this is the reason that new people are going to come in right now. I mean el salvador sort of creates the beginnings of a possible narrative. But there isn't there isn't a companies like ninety to like to your previous reference like coin base. They're not out there screaming. Just wait another three weeks. We've got more crazy. Things happen right it kind of just like. There's a reason for people to jump in right now and so everyone is kind of in. Wait and see mode exactly. I think that's still a right.
A highlight from 'Bat-Shit Crazy Paul Tudor Jones on the Fed, Inflation and Why He Recommends 5% in Bitcoin
"This is a strong reminder that the thing that got those institutions interested in the first place the extreme variability and just the extremes of monetary policy is every bit as true. Today as it was a year ago you have to think that the night eggs of the world are working double time to reinforce this perspective with the institutions who were hovering on the edge of effect. Welcome back to the breakdown with me. And i'll w daily podcast on macro bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by next dot. Io and bit stamp and produced and distributed by coin test. What's going on guys. It is monday june fourteenth. And today i'm going to cover a few topics. But if i had to sum up the vibe here at the beginning of the week it's the bulls trying to mount a comeback. As you've seen over the past few weeks the mood had turned pretty significantly. Bearish people were starting to ask whether we were settling in for a new crypto winter. At the beginning of the week. Last week i talked about the inflation and digital gold narrative that it's set the overarching framework for the previous year. This is the force that drove new market participants in fueling the bull market that pushed bitcoin from ten k all the way to sixty k. Plus then again. Bitcoin hasn't been at sixty k. Since early april since then the bull market has felt the wind. Leave it sales. Speculated last week that the digital gold institutional momentum had largely stopped thanks to a combination of two things first a macro environment which was largely waiting to see what happens next with rising inflation and expectations that the fed would feel pressure to unwind monetary support and low interest rates and to a nearly endless barrage of particularly around the environment and china because of that. I wondered if bitcoin needed a new macro driving narrative to bring excitement back to the space that seemed to happen with the bill and el salvador to make bitcoin legal tender. And if you need a sense of that new narrative that started to emerge go. Checkout saturday's episode on bitcoin as economic empowerment. However just when i was ready to count out the institutional fed has gone crazy. Maybe this bitcoin thing isn't so crazy digital gold narrative here comes. Paul tudor jones himself. The great monetary inflation thesis writers storming back to re up the message. Here's a clip. From his conversation with andrew. Ross sorkin on cnbc this morning. Listen i liked bitcoin. Bitcoin is math and math has been around for thousands of years. Two plus two is gonna equal for and it will for the next two thousand years. So i like the idea of investing in something this reliable consistent honest and one hundred percent certain so bitcoin has appealed to me. Because it's a way for me to invest and certainly where again. I'll look at the difference between the fed of two thousand thirteen. Two thousand twenty one allocated difference between trump and biden. Do i wanna have say. And that same reliability consistency of human nature and linear nature of human nature which we knows anything but you like bitcoin. If these prices why. Bitcoin and the only thing that i know for certain is i want to have five percent and gold five percent and bitcoin. Five percent in cash five percents in commodities at this point in time. I don't know what i want to do with the other eighty percent. I want to wait and see what the feds are going gonna do. Because what they do will have a big impact a few things to pull out of this first. Bitcoin is math and math has been around. Thousands of years is a great rejoinder for people like the gold folks who say that. Bitcoin has no history as a store of value. It's also a good simple line of description for those who are into fundamentals you know supply and demand who might get hooked on the supply side of bitcoin story second this is a strong reminder that the thing that got those institutions interested in the first place the extreme variability and just the extremes of monetary policy is every bit as true. Today as it was a year ago you have to think that the night eggs of the world are working double time to reinforce this perspective with the institutions who are hovering on the edge of bet. There's also something to be said for imitation allocations if you cruise around bitcoin twitter you'll find a fair number of people saying only five percent clearly. You're not orangeville all the way. God bless but think of from the standpoint of some big institutional alligator. What's more influential. What's more copy -able sailor taking on another half billion in debt to buy more bitcoin. More than one hundred percent of their reserves or paul tudor jones saying five percent looking for the best way to unlock your cryptos liquidity next dot. Io is exactly what you need borrow against your digital assets at just six point nine percents apr burn passive income with yields of up to twelve percent and swap between more than one hundred market pairs with the instant next to exchange. Try next wallet app to get the whole three hundred. Sixty degrees crypto banking get started at next dot. Io that's n e x dot io to get started today secure regulated and reliable bit. Stamp is the crypto currency exchange of choice for more than four million investors and traders worldwide since two thousand eleven. Fifty of has been a trailblazer insecurity head
A highlight from Read_536 - Bitcoin Information Theory B.I.T [Aaron Segal]
"A deflationary monetary system of absolute hard money acts as a mirror for value creation. It is a compass to guide us toward a better economic path. Value is created through human ingenuity environmental necessity and the compounding productivity driven by our accumulation of collective knowledge. These forces are often labeled generically as technology or innovation and they always create value decreasing informational. Intro said differently. All productivity is driven by technology and all technological innovation is deflationary at a fundamental level. That is as long as money. Remains a constant in the equation. The best in bitcoin made audible. I am guy swan and this. Is bitcoin audible. What is up. Welcome back guys this. Is bitcoin audible. Veep place where he will learn everything. There is to learn about bitcoin. Economics philosophy the history behind it and on and on. I am your professor today guys swan and your decentralized textbook at what are we five hundred thirty six reads now are the authors the top authors in the bitcoin space. I am guys while. I'm the guy who has read more about bitcoin than anybody else you know and before we get into today's read i want you guys to bear with me a little bit for the next couple of weeks. I'm making some really big shifts behind the scenes. That i i really hope will make things easier going forward. And i am hoping this will be seamless. But i'm not about to bet any of my sats on it. I'm officially moving away from anchor for my hosting which is kind of sad. Anchors been awesome platform for a very long for me But so far that movement that move has not been very fun even just getting the episodes moved over and the redirect seemed like it should be a simple task. But out of six hundred seventy five episodes there were five hundred and eighty nine errors which means boatloads of annoying and tedious conversion uploading an indexing and blah blah work for me so if some episodes go off line if some ads accidentally get doubled up on in the short term. If shows have some missing pieces please let me know. So i can correct them and i will try to stay as on. Top of this is possible but please forgive me if there are some the stakes in the transition. Huge thanks though. To
A highlight from BREAKDOWN: The De-Chinafication of Bitcoin
"I think there needs to be a new word for all in to describe. Just how all in micro shaggy is on this bet. In the meantime it's going to be the sort of thing where sailor either looks like a genius or a madman depending on where we are in the cycle speaking of geniuses or madman michael berry who became famous in the big short for his bet against the us. Subprime market has been on an anti crypto. Tirade he changed his twitter handle to casandra a reference to the trojan priestess of apollo who is cursed to give true prophecies that weren't believed and wrote quote all hyped. Speculation is doing is drawing in retail before the mother of all crashes when crypto falls from trillions or memes stocks fall from tens of billions main street. Losses will approach. The size of country's history ain't changed burri argues that the problem with crypto is the same as the problem with every financial crisis that is to say leverage quote. If you don't know how much leverage is in crypto. You don't know anything about crypto. No matter how much else you think you know on the one hand this is theoretically type of guy one would want to listen to around this stuff right. Certainly the shift in sentiment against leverage seems like a trend. That's picking up steam on the other hand. A whole lot of other self proclaimed cassandras have come and gone while bitcoin just keeps marching on third and finally on today's brief the dot plot shock as here. I'll argue later in the show that nothing about china changes what i think is the more fundamental macro factors shaping all markets right now which is confusion around fed policy. All one needs to do is re bloomberg's headline this morning to see what i mean. Quote powell heads to capitol hill is market turns on dot shock. Basically the whole piece is about how the markets were surprised by the fomc meeting last week and are trying to figure out how concern around inflation is going to jive with the feds stated intention to continue to support labor markets but ryan a senior economist at deutsche bank securities said the reaction to the inflation data. Was what surprised us. This was powell acknowledging that we want to be a little bit more bounce than our inflation communication instead of just blankly dismissing everything is transitory. Expect more of this debate to continue and as it does markets to be unwilling to commit much any one direction or another with l. Let's move to our main discussion joked on twitter this morning. That china has got to win the award for trashing the market the most times with the same piece of news so what actually happened. The agricultural bank of china china's third largest posted a message on its website reinforcing the previous policy of not doing business with crypto companies. This was quickly picked up by people like colin. Woo hoo tweeted quote. China's third largest bank. The agricultural bank of china issued a statement on june twenty-first stating that it prohibits the use of it services for virtual currency transactions such as bitcoin. The statement emphasized that once relevant behaviors are discovered account. Transactions will be immediately suspended. Customer relationships will be terminated and relevant departments will be reported now the agricultural bank quickly deleted that post but as it turns out it was a timing thing not the mystery and intrigue that people thought at first. We found out a few hours later. That the central bank of china had convened a meeting with the major banks in china. Plus ali pay around these so that includes the industrial and commercial bank of china. The agricultural bank of china the china construction bank the postal savings bank of china and allie pay on the issue of virtual currency transaction hype. Here's a translated section of an article about the central bank statement from a chinese publication quote institutions must comprehensively investigate and identify virtual currency exchanges and over the counter dealers capital counts and cut off the payment link for transaction funds in a timely manner. They must analyze the capital transaction. Characteristics of virtual currency trading hype activities increased technical input improve abnormal transaction monitoring models and effectively improve monitoring and identification capabilities improve internal working mechanisms clarify. The division of labor compact responsibilities and ensure that relevant monitoring and handling measures are in place participating organization stated that they will attach great importance to this work and in accordance with the relevant requirements of the people's bank of china will not carry out participated in virtual currency related business activities further increase the investigation and disposal efforts ended up strict measures to resolutely off virtual currency trading hype activities. Since this all happened early this morning east coast time. The debate on twitter has been raging. About i if in how this is different than previous similar announcements