35 Burst results for "$12 Billion"
HASHR8
A highlight from Bidens AI Executive Order, Core Scientifics Exiting Chapter 11 and Tethers $600M Loan
"Welcome back to the mining pod. We got a great news roundup. Actually, a lot of stuff happened in Bitcoin mining this week, so we have much to get into. The shows have been getting slightly longer. We apologize for that. I think it's because we really like Bitcoin mining, so we just ended up talking about it a lot. As always, Charlie and Matt are joining me today. We'll get into the news in just a moment, but first a word from our sponsors. Did you know that you can make more money by merge mining other networks? Check out makemoremoneymining .com for information on BIPs 300 and 301, a proposal to bring more revenue to Bitcoin miners through sidechains and merge mining, called drivechains. Increase your mining revenues and learn more about participating in Bitcoin governance by visiting makemoremoneymining .com. Are you a miner who wants to activate Bitcoin improvements? Check out activation .watch. 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Hey, MiningPod. I'm Lee Bratcher, President of the Texas Blockchain Council. The Texas Blockchain Summit is now the North American Blockchain Summit. The same emphasis on policy, energy, and Bitcoin mining, but now expanded by working with our partners across the country. We've got great sponsors lined up like Riot, Marathon, GDA, Cleanspark, BitDeer, Lanceum, Kormit, Compass, HTS, Crypto Power, Priority Power, Sunoda, and many more. Solidify your next deal or JV or just come for the networking on November 15th through 17th in Fort Worth, Texas for the third annual North American Blockchain Summit. We'll see you there. Okay, welcome back to the show. On the docket, four different topics this week. First, we're going to start off with a little sidebar from Michael Saylor talking about Bitcoin miners dumping on the market. We'll get a little video here in a second, some responses to that. Then we're going to go into the meat of today's conversation. Biden administration putting out an executive order around AI and compute, then moving over to Core Scientific and its notice to move out of Chapter 11 in the coming months, and finishing off with Tether and its recent unsecured loan to Northern Data. So I'll first throw this video up on the screen. Let's take a listen now. Michael, Bob Pisani here. Bitcoin is going to be having a halving next year. That's a rare event. Can you sort of educate the viewers on what happens when that occurs and what, if any, effect that'll have on Bitcoin's price? Well, most of the natural sellers of Bitcoin in the market right now are Bitcoin miners, and they have to sell to pay their electricity bill and their capital cost and retire their debt. That's about a billion dollars a month's worth of selling into the market. The protocol forces that to be cut in half as of about next April, late April. So you're going to see $12 billion of natural selling per year converted into $6 billion of natural selling a year, at the same time as things like Spot, Bitcoin, ETFs increase the demand for Bitcoin. So that's why all of us are fairly bullish over the next 12 months. Demand's going to increase, supply is going to contract, and this is fairly unprecedented in the history of Wall Street. All right, I'll start off with this one. Yes, please do. Okay, so his assumption is that every coin that is mined is going to be sold basically immediately by a miner. Where I agree with him is that miners are natural market participants, and they are natural sellers in some degree in the sense that that is how they receive their revenue through mining, earning Bitcoin, and then they do have operational costs that they have to pay. But as we've seen clearly by public miners, right, in a very public fashion, people hold Bitcoin. Miners particularly hold Bitcoin in our long Bitcoin. He also makes it sound like this is a kind of a lot of spot market sell volume, when he said about a billion a month, which that's the upper bound. Where daily spot Bitcoin market volume is like this year, I would say average probably five to seven billion a day, right? And that's probably on a subset of exchanges, not globally. So we're talking about a pretty small market impact with not necessarily right numbers. Not to completely call them out, but I don't know, Charlie, what do you guys think? He can call them out. I'll echo what you said, Matt. I mean, miners are a natural seller of Bitcoin to cover opex. And this has kind of been a part of the conversation. Are miners the primary seller? Are they kind of the primary driver of this selling pressure in the market? If we back test it, if we look at real numbers, it's pretty clear they're not the primary driver. They're not the main seller of Bitcoin that happens kind of for other market reasons and other market participants. So I think it's actually pretty well understood of a phenomenon now or kind of mechanic in the market where I would say sailors kind of wrong characterizing it like this is not entirely wrong talking about the other things such as issuance and supply and demand ramping up. But as far as like sell pressure, I think that's a mischaracterization. Yeah, so I saw this video this morning on my feed, and I got a little annoyed because I do think like there's a lot of misinformation around Bitcoin selling into the market. I think it's just like the easy swing to take at people. And he does have like a lot of broad strokes answers within the CNBC interview. And I understand why he's talking to like a boomer market. They're not necessarily going to get it. They can understand that there's these miners and they sell. So that's why they like make everything so abstract. That being said, a billion dollars a month is not what we're seeing. So I looked at two metrics, just to sort of understand how miners are selling right now. One being this one from CoinMetrics, which takes a look at the one hop addresses, which would probably be Bitcoin miners. That's the best we can kind of guess. And how often they are selling based on what is their supply? Is their supply decreasing over a certain time period? And from August to October, it decreased by about a billion dollars USD over like a 60 to 90 day period you can see here on the screen. But it's actually rebounding right now. So that means miners are probably holding more. The second metric we looked at was the percentage of cells or the amount of Bitcoin sold by public miners. So we have that information from their statements they put out every month, and we have about 20 of these public miners. And they put out how many Bitcoin they sell every single month. And I just went back and looked at the last month that we have numbers for in September. And above 15 public miners took a look at, they sold about 165 million dollars worth of Bitcoin over that time period. And that's possibly like between 20 and 25 percent of network cash rate. So to get to Michael Saylor's number of one billion dollars sold per month, you'd have to assume that all these other Bitcoin miners are also dumping on the market and they're also dumping on like a price point that would push it towards a one billion dollar volume. It just seems like a little nonsensical to me. And then the other thing I wanted to mention was he talks about like this cell pressure is always there when it's not. You can look at this chart right here. You can see like Bitcoin miners are typically accumulating. They're not really selling. A lot of the miners we've tracked over the last year or so have been accumulating. It's only been the last few months that they're selling and they're really only selling their production. They're not selling their treasuries. They typically have very large totals. But we've probably beaten that subject to death unless Matt, you have a follow up? I was just going to say if what Saylor was saying is true, that chart would be a flat line, right? Because it's a cumulative amount held by the addresses. But very different, yes. Well, actually, you should you should relay that it's in dollar terms. You should relay the Bitcoin price over the chart. But you can see on that chart that in May 2020, it was going up, right? So when the previous halving hit, actually the amount held by miners was increasing as coins were being issued at one half the rate. Maybe that'll happen again. I do like starting off an episode with a modest Saylor pushback. So a modest proposal for Saylor. That's okay. He bought more Bitcoin this week. So I guess we'll take it. Well, we'll appreciate what he did. Let's go over to another video clip. The Biden administration this week put out an executive order relating to general compute and AI, essentially stating that if you're over a certain size of compute, then you need to register with the national government so they can keep an eye on you. Very interesting executive order that made a lot of people in the tech industry unhappy. I saw Marc Andreessen tweeting about this. I saw numerous people tweeting about this in the tech industry, saying you can pry this GPU out of my cold, dead hands is basically the tagline. Now for the gist of it, I do want to get into it in a second. It does seem like the regulations are such a high hurdle or threshold at this point that's not really going to affect the industry. It's like a forward -looking regulation. But it is somewhat concerning. Before we go into that, I do want to show this clip from Sam Altman, the CEO of OpenAI. He testified in May to Congress about the need for regulation in AI. And to me, this is sort of where the whole story begins. So I get this video first before we dive into anything else. But it is absolutely true that the number of companies that can train the true frontier models is going to be small just because of the resources required. And so I think there needs to be incredible scrutiny on us and our competitors. I think there is a rich and exciting industry happening of incredibly good research and new startups that are not just using our models, but creating their own. And I think it's important to make sure that whatever regulatory stuff happens, whatever new agencies may or may not happen, we preserve that fire. Charlie, I'll hand it over to you to get your take on it. This pissed off a lot of people in the tech industry, as I think it should. But where do you think you draw the line for regulation? Dude, I'm really not that qualified to talk about regulation on AI. I think this should be a careful scrutinized industry, but I don't know how we should scrutinize it. Sam Altman tends to be a divisive figure and kind of rubs me the wrong way as far as like how much trust him to be the figurehead for this new frontier, as he says, but I really don't have a strong take on this. I'll throw it over to Matt. I will give my consumer's perspective, but I guess like Sam Altman is, and that's the first time I've seen that clip, but he's like in a line of these notorious tech founders, Zuckerberg, Elon, coming to Congress and saying, we are open, please regulate our industry. I can't help but think, of course they want that. It just gives them a bigger moat if there's more regulatory capture, if there's more licenses that need to be done that restricts open competition. My worry is that in the AI industry particularly, if there is a higher barrier to compete, that when we interact with AI, there will be kind of a standard truth among them that spits out a lot of very plausible, believable answers, but if you've interacted with any of the earlier large language models of today, they can be very believable, but they can also be incorrect if you are asking them about things that you yourself are a subject matter expert on. I think open competition is a very good thing in the sense that other perspectives or more truths can be relayed to you from interacting with AI. That was a bit of a rant, but the general sense is that open competition, I think, is pretty important in the AI space, especially with how big people are forecasting it will become. I went to see the Oracle of All Truth, which has read it to better understand this executive order, and the executive order said, quote, any model trained with over 280 million H100 hours, H100 being a model of GPU, or any cluster with 10 to 20 FLOPS, which is 50 ,000 H100s, so it gave this very generalistic metric for understanding what is going to be regulated by the government or must be regulated by the government, and for most people, it's like, I have no idea what that is, but according to Reddit, the idea here is that this is a very, very high threshold. Only a few companies would be able to do this. The Microsofts, meet that threshold at this point, but that does give the government the ability to start incrementally regulating this industry as it gets going and off the ground, very much in the same way that they tried to do this with early compute in the 70s and 80s. They tried to do with cryptography in the 90s. Typically, all these things fail over time, but it does present a large hurdle and or does create monopolies within the new tech sector. I'll say it seems ridiculous to me to define an amount of compute at the legal or at the structural level. This is the fastest moving industry, so by the time this becomes enshrined into law or policy, then we will already have been Moore's law 18 months, doubled the amount of compute or whatever. It seems crazy to me to define it like that. I have not had a lot of faith in our regulators to tech understand at a level well enough to regulate it, so I'm not super optimistic that we'll know what we're doing this time around.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1443: LEAKED: BlackRock Will Launch Bitcoin ETF On This Date!
"In today's show, I'll be breaking down the latest Bitcoin technical analysis as Bitcoin beats S &P 500 in October as 40 ,000 Bitcoin price predictions flow in. Also, the Bitcoin price hits all -time highs across Argentina, Nigeria, and Turkey. Let's freaking go. Also in today's show, Binance founder CZ's fortune gets slashed by $12 billion while SPF is still at zero. Also in today's show, bi -Bitcoin search queries on Google surge a whopping 826%, and the United Kingdom also breaking news. Cynthia Lummis leads the charge, calling for the Department of Justice action against Binance and Tether. Quoting Max Keiser in response to this news, the Wall Street Journal story was quickly debunked. The allegations are riseable. The only explanation is that Cynthia Lummis has been corrupted. Not surprising, she has never fully understood Bitcoin, and now we know she is a gun for hire for the fiat money terrorists and central bankers. The real terrorists, sad, but not surprising. I will pray for her. Shout out to the high priest of Bitcoin. Also in today's show, breaking news, BlackRock takes the apparent next big step in the Bitcoin ETF. That's right. Quoting Eric Balchunes, the ETF expert from Bloomberg, BlackRock stating in their recent spot Bitcoin ETF amendment that they are seeding the ETF in October. Don't want to read that much into it, but it is new info, not in the original filing. So it's noteworthy, especially because is BlackRock. You're damn right. I'm going to be sharing BlackRock's Bitcoin game plan. And did you know that BlackRock CEO Larry Fink exactly six years ago said Bitcoin is an index of money laundering. Now Larry Fink today is racing to launch the Bitcoin ETF and sees crypto as a flight to quality. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again, that's cryptonewsalerts .net. Welcome everyone. This is pod episode number 1443. I'm your host, JV. And today is October 27th, 2023. And naturally we got lots to cover. So let's dive right in and kick off today's show with our market watch as we do each and every day. So you should be able to see on the screen here, coin 360. We got Bitcoin pulling back some just under the cusp of $34 ,000. We still have Ethereum, BNB, Solana, XRP and Cardano in the green thus far for the day. And check it out coinmarketcap .com. The current crypto market cap sits at 1 .26 trillion with roughly 38 billion in volume in the past 24 hours. The Bitcoin dominance has been on the climb currently at 53 % even with the ether dominance at 17 .1%. I'd love to know your thoughts. How high do you think the Bitcoin dominance is likely to climb for this bull market? Now checking out the top 100 crypto gainers of the past 24 hours, NIO is leading the pack up 16%. And I'm not talking about NIO from the matrix. We're talking about the crypto trading at $8 .85, followed by Injective up 13%, trading at $13 .38, followed by Floki up 12%, trading at virtually nothing. Now also checking out here, Crypto Bubbles, we can see the top 100 crypto gainers for the past week. Overall, it's a sea of green, which we love to see. Only a handful in the red. We have the top gainers here being NIO and Injective as well. And checking out one of my favorite indicators is the crypto greed and fear index. We're currently rated a 70 in greed. Yesterday was a 71, last week a 53, which is neutral. And last month, a 44 in fear. So there you have it, fam. How many of you are currently bullish on the King crypto? Let me know and make some noise. Now let's dive into our Bitcoin technical analysis. Check out the charts where the Bitcoin price action is likely to go next. I'll give you a hint. $40 ,000. Send it and let's freaking go. Again, shout out to everyone just joining us in the live chat. As you can see here, Bitcoin surfed $34 ,000 at the October 27th Wall Street open as attention turned to the Bitcoin price performance against macro assets, as we can see here in the Bitcoin one hour candle chart. Now, data from Cointelegraph and TradingView showed Bitcoin holding steady, preserving its early weak gains. Bitcoin avoided significant volatility as the weekly and monthly closes, which is a key moment for the October uptrend. And it's been a hell of an October, wouldn't you say? Quoting Dan Crypto Trades here, I think Bitcoin will hang around this range for some time. He also shared roughly 33, the 35 ,000 is what I'm looking at as a range. Eyes on a sweep of any of these levels for a quick trade. And he shows you the low range, the mid range, as well as the high range. Dan, nonetheless, noted that open interest had recovered near levels last seen during the sudden uptick, which sent Bitcoin to 17 month highs. And as reported, open interest highs had formed a feature of the Bitcoin price squeezes during the prior weeks, quoting Dan Crypto Trades right here. Bitcoin open interest on Bybit has almost recovered to the level before the massive short squeeze this week. During that squeeze, we saw a 21 % decrease in open interest on Bybit, which was worth four hundred and fifty million dollars. Elsewhere, on chain monitoring resource material indicators flagged the downside signal on its proprietary trading instruments. And with two such daily signals currently in place, material indicators said that only a move to thirty eight thousand eight hundred and fifty would invalidate the bearish implication. And he continued, that doesn't mean we can't go there before the monthly candle closes, as he outlines here on this ex post alongside this chart. Now, more optimistic perspectives came from the macroeconomic comparisons. Many analysts projecting forty thousand incoming, including Crypto Calio, noting Bitcoin had outperformed the S &P considerably since September, with the odds of continued Bitcoin price upside still a good result. Quitting him here over the course of the past month, we have finally seen the bullish decoupling from Bitcoin from equities that everyone was waiting for. That's right. Bitcoin is on its own vector, does its own thing, and it don't care about the rest of the market. As he shares here, while Bitcoin is up only thirty six percent versus USD from the September lows, Bitcoin is up forty eight percent versus the SPX, and we're now up roughly one hundred and ten percent for the year. Not too shabby. And in a chart he shared here comparing Bitcoin to the S &P with key recent events of the Bitcoin history marked, Calio argues that there was plenty of fuel left in the tank for a move higher to forty thousand. I agree. Let me know if you agree to disagree with the analysts. Others focus on the significance of the recent resistance levels being within days of flipping to weekly and monthly support. Quoting Matthew Hyland, not sure how anyone can look at this Bitcoin chart objectively and conclude that breaking through thirty thousand or thirty two thousand is no big deal. One hundred percent. He also shared the last line of hope for them is the weekly and monthly closing below. So there we have it. This month is only four days left. And guess what is right around the corner? It's the birthday of Bitcoin. It was launched on Halloween Day, I believe, October thirty first of what was it, two thousand and nine. Crack me if I'm wrong. I'm guessing that's when the Genesis block was. And lo and behold, we're only four days away from Halloween. And we're not too far away from eleven eleven, November eleventh, which is the official Bitcoin day, which I declare maybe I'll share some more about Bitcoin day being a national holiday here a little later on in the show. Welcome to y 'all just joining us. Let me know if you're currently bullish or bearish on the King crypto. And do you think we can continue to soaring in November with this bullish momentum? Let me know your thoughts in the comments right down below. Now let's break down our next story of the day, and that's Bitcoin reaching all time highs in many countries around the world as all fiat currencies will eventually go to zero against BTC. Check this out. The price of Bitcoin was notched to new all time highs against some of the world's most inflationary fiat currencies across 30 hours over October twenty third and the twenty fourth. The cost of buying one Bitcoin reached all time highs using the Argentine peso, the Nigerian naira and the Turkish lira. Now, Lauten Kip and the Egyptian pound. Very interesting. I mean, Bitcoin's breaking out to all time highs everywhere. However, it should be noted that the result is due to the ongoing devaluation of currencies exasperated by Bitcoin's recent 16 percent surge. Now, the naira and the lira fell to their lowest points against the US dollar on the twenty fourth and the twenty fifth, while the peso is only point eight five percent off its all time low against the US dollar. And according to the IMF, the Venezuelan Bolivar currently has the highest annual inflation rate at three hundred and sixty percent. Could you imagine living over there and having hyperinflation occur at a three hundred and sixty percent increase month over month? That's pure insanity. Followed by the Zimbabwe dollar at three hundred and fourteen percent and the Sundanese pound at two hundred and fifty six percent, followed by the Argentine OSI at one hundred and twenty two percent. Now, the Turkish lira and the Nigerian naira came in sixth and fifteenth with the annual inflation rates of fifty one and twenty five percent, respectively, according to the IMF data. Now, crypto observers have long seen digital assets such as Bitcoin and stable coins as a hedge against rocketing inflation, and recent figures could bolster that narrative. Yeah, I would say now Nigeria, Turkey and Argentina boast the second twelfth and fifteenth highest rates of crypto adoption worldwide, according to a September twelfth report by Chainalysis, including the Giga Chad and chairman and founder of MicroStrategy, Michael Saylor, with inflation at ninety nine percent in Argentina. And this was back on February 15th when he made this tweet. It's ninety nine percent in Argentina, likely what the citizens of the beautiful country would benefit from Bitcoin. That's right. So why are all these citizens in these countries where hyperinflation is breaking out, moving to Bitcoin? I think that's why adoption is increasing drastically in places and countries like Nigeria. For example, Nigeria is finally becoming more welcoming to cryptos after its central bank banned local banks from providing services to crypto exchanges in February of twenty twenty one. Progress was made December of twenty twenty two when Nigeria announced its intention to pass a bill recognizing crypto currencies as a capital for investment, citing the need to keep up with global practices as one of the main reasons behind its change in stance. Now, while Turkey is home of some of the most crypto curious people, its central bank banned crypto payments for goods and services in April of twenty twenty one. It has also been working on a central bank digital currency, which we know is a CDC to digitalize the Turkish lira in the recent years. And as we all know, Bitcoin is the antidote to the CDC. So just say no to central bank digital currencies, aka program programmable fiat programmable dollars by the central bankers. Meanwhile, Argentina's inflation crisis could be influenced by the outcome of its presidential election in November, with presidential candidate Javier Malay set to face competitor Sergei Massa in a final runoff vote November 19th. That's just a few weeks out. Fam, hopefully Malay wins the presidency because Argentina has a massive population. This would help usher in massive Bitcoin adoption. Now, Massa, who currently serves as the country's minister of the economy, wants Argentina to launch a CDC as soon as possible to solve the country's long lasting inflation crisis. Now, we all know not going to solve that. Bitcoin is the only way to solve these problems. That's why we need Javier Malay to become president. Now, quoting Peter Schiff, Argentina's president provides a glimpse into America's future, where the central bank raised interest rates, 15 percentage points to 133 percent October 12th. But with inflation running at 138 percent and budget deficits and debt rising, the rate hikes will have no effect on reducing inflation. So there you have it. Now, he also voiced an intention to keep the U .S. dollar away from Argentines, explaining that Argentine should instead be patriots and defend the Argentine peso. I think that's hogwash. That's why we need to vote Malay fam. Malay, on the other hand, wants the U .S. dollar to be adopted in addition to abolishing Argentina's central bank. Hey, anyone who is calling for the abolishment of a central bank is pro bitcoins. That's what's up. We need pro bitcoin presidents like Najib Bukele, not more presidents like corrupted mofos like Sleepy Joe. Just saying, fam. Now let's break down our next breaking story of the day. And that is the richest man in crypto is CZ. It's no secret, but his fortune is getting slashed. And now there is FUD coming from Senator Cynthia Lummis. We're going to touch upon the FUD a little later, which I think is just bat -ish crazy. But nonetheless, here's the latest with the fortune of the richest man in crypto, CZ, the owner of Binance. So here we go. Binance co -founder and CEO CZ has seen his net worth slashed by almost 12 billion dollars amid the following trading volumes of his exchange Binance. October 26, the Bloomberg Billionaires Index cut Binance's revenue estimates by 38 percent amid a slump in the exchange volumes, which knocked CZ down to 95th place on the rich list. I think this is all by design. What are your thoughts? And I find it all interesting while the ongoing trial of SPF is taking place and he's actually testifying. Today is the last day of the court case, FYI. Now, CZ's net worth is now 17 .3 billion, not too shabby, registering an 82 percent drop from his 96 billion dollar peak in January of 2022. That was roughly two months after we hit the top of 69000 in Bitcoin. Naturally, with CZ being one of the larger hodlers of Bitcoin. So this ranked him amongst the 11th most richest people in the world, which leads me to believe the first trillionaire is going to be a Bitcoiner. Don't you think so? I think the first trillionaire will surpass the fortune of Bezos, Elon and all those other fools. Just saying. Bloomberg's index calculated Binance's revenues from spot and derivatives trading data from crypto data aggregators CoinGecko and CoinPop Rica. And as of September, the exchanges spot trading market share had fallen for seven consecutive months to 34 percent. And in January, the Binance spot market share was over 55 percent. Now, Binance U .S., its United States base arm, also saw volumes touch new lows last month. That's due to the SEC going after them clearly. Now, CZ's plummeting net worth and Binance's fading trading volumes follow twin lawsuits from the U .S. SEC and CFTC. Attack, attack. Very clear. The SEC sued CZ, Binance and Binance U .S. in June, claiming the exchanges operated illegally, sold unregistered securities and mishandled customer assets, with CZ named as their controlling person. Now, the CFTC suit in March claimed Binance did not properly register with the regulator. CZ and Binance reject both the regulator's allegations and seek to dismiss both lawsuits. Now, the recent fall pales compared to CZ's rival, Bankman Fried, who saw his 16 billion dollar fortune effectively wiped out November of 2022 after FTX disclosed this liquidity crisis just days before it filed for bankruptcy. And what makes this also very interesting, of course, Bankman Fried was considered one of the richest in the world, also on the Forbes rich list. And then just like that, in a matter of weeks after FTX collapsed, they filed bankruptcy. And now he's worth a big fat zero and most likely going to be facing some prison time and some other harsh punishments for the crimes he committed. We'll see how that all plays out. Hopefully we have some insights by next week on how the court trial has gone, as it's been going ongoing for the past two to three weeks. And with that being shared, fam, now let's break down the next story of the day and discuss by Bitcoin searches are going parabolic, which is a sign of the times that the bull market is here. It's like deja vu all down. Then we'll dive into the latest Cynthia Lemus Fudd and BlackRock ETF news, along with their date of when the ETF is likely to get the approval, followed by some live Q &A. Here we go. Google searches for buy Bitcoin have surged worldwide amid the major crypto rally, with searches in the UK growing by more than 800 percent in the last week. Now, how many of you are tuning in right now from the UK? Let me know. And how does it feel the sentiment of Bitcoin in your country? Yeah, I mean, let me know. According to research from Crypto Gambling TV, the search term by Bitcoin spiked by a staggering 826 percent in the UK over the course of seven days, quitting them here. The remarkable surge in by Bitcoin searches in the UK, combined with the crypto's resurgence, underscores the growing interest and potential impact a traditional financial institutions involvement of the world of digital assets. Now, while users in the UK led the pack, there was also noticeable increases in searches relating to purchasing Bitcoin from Web users all across the globe. According to data from Google Trends, searches from users in the United States for should I buy Bitcoin now increased by more than 250 percent. Let's go. While more niche searches, including can I buy Bitcoin on Fidelity, increased over thirty one hundred percent in the last week. That's because Fidelity is massively bullish on the king crypto. And they're the ones that put forth the billion dollar Bitcoin price prediction, which I covered here in the show. And zooming out further, the search term, is it a good time to buy Bitcoin? So I 100 percent plus gain worldwide over the last week. And in comparison, searches for BlackRock Bitcoin ETF also jumped 250 percent, demonstrating the broader enthusiasm for information relating to BlackRock spot Bitcoin ETF, which is currently pending approval, which all eyes are on the ETF right now. The sudden uptick of interest comes amid a drastic increase in the price of Bitcoin over the past fortnight, with Bitcoin briefly surpassing the value of thirty five thousand on October 24th. In fact, I think the local highs roughly thirty five thousand two hundred. The excitement appears closely linked to the approval of a spot Bitcoin ETF, which many pundits believe will unleash a fresh wave of buying from the institutions. Now, senior ETF analyst Eric Valchunas and James Safart have pinned the probability of an approval at 90 percent by January 10th of 2024, quoting James Safart here on X. I've gotten a lot of questions regarding my current view on spot Bitcoin ETFs over the last couple of weeks. This is the first section of the note I put out yesterday with Eric Valchunas. Now, obviously, he shared there is a 90 percent chance of the approval for ARK's January 10th deadline, which is going to be coming up here soon. And at this time, we have Bitcoin up now more than 27 percent for the past two weeks as October continues in full effect. And guess what? The month is yet to be over. So October for the win. Let's freakin go. Now, let's break down our next breaking news of the day. And I'm a little shocked to hear the FUD that Lummis has turned into a traitor. She has been. What's the word we're looking for here that Max Kaiser loves to use? The word is she has been corrupted. So, yeah, Max Kaiser calling her out. So much respect to the high priests of Bitcoin. I don't respect anyone pushing this Bitcoin FUD and narrative. Obviously, it's not a good look. And it goes to show you that any of the senators can be corrupted, just like Cynthia Lummis. So let's start with the actual tweet, which got this whole thing started. I think I have it saved somewhere here.
Unchained
A highlight from SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life
"Hi everyone, it's Laura here for the Unchained Recap of the SPF trial for Wednesday, October 11th. In Caroline Ellison's second day on the witness stand in the criminal trial against Sam Bankman -Fried, her responses to prosecutors revealed that, in 2022, as the crypto markets crashed and lenders began recalling Alameda's loans, Bankman -Fried continued to make illiquid investments. As the situation grew worse, she, Bankman -Fried, and their alleged co -conspirators Gary Wang and Nishat Singh secretly resorted to ever more desperate Hail Marys, allegedly directed by SPF. In recounting the dramatic week of FTX's downfall, Ellison shed tears, sniffled, and reached for a tissue in front of the jury, composed of eight women and four men, making today the most emotional day in the trial so far. It was also the most dramatic, with references to bribing Chinese government officials, creating accounts using the IDs of Thai prostitutes, and an attempt to raise money by selling FTX shares to a Saudi prince. Plus, she shared insight into SPF's carefully curated public image, and how virtues like not stealing or lying were allegedly a moral gray area for him. Ellison began her testimony about the events in May 2022, and how the collapse of Tara Luna marked the start of an overall downturn in the crypto markets that significantly decreased the value of Alameda's assets. By June 2022, third -party lenders were asking the prop trading shop to pay back their loans. Most of Alameda's loans were open -term, which meant lenders could recall their money back at any moment. The prosecution showed Telegram group chats that included Ellison, Bankman -Fried, other Alameda employees, and lenders about Alameda's multi -billion dollar loans. For example, CryptoLenderGenesis reached out to Ellison in mid -June, asking Alameda to return $400 million of its open -term loans with them. Alameda's inability to pay back its loans in full, according to her calculations, and the size of these loans, put Ellison's mind in a, quote, constant state of dread. Ellison testified that SPF directed her to repay the loans, which meant using Alameda's $65 billion line of credit that drew on FTX customer deposits. Quote, I knew that we would have to take the money from our FTX line of credit, and I knew that that was money that could be called at any time. And every day, I mean, I was worrying about the possibility of customer withdrawals from FTX and the possibility of this getting out and what would happen to people that would be hurt by that, she said. Prosecutors showed more telegram messages between Genesis Head of Lending Matthew Balenzweig and Ellison, where Balenzweig was asking for balance sheet updates that included the value of Alameda's current assets based on current prices. Feeling stressed, Ellison said she wanted to reassure Genesis while not letting the lender know about Alameda's and FTX's internal crisis. Ellison prepared an internal balance argument that she felt exposed how risky Alameda's position was, since it showed that the firm had borrowed $9 .9 billion from FTX customers and given $4 .6 billion in loans to top FTX executives. While this balance sheet had a positive net asset value, Alameda's total assets were greater than all of its liabilities, it was artificially inflated by the inclusion of FTT tokens that would never be able to be sold at the price they were marked as, since selling Alameda's total holding of FTT would cause its price to drop significantly. Moreover, Ellison noted the balance sheet highlighted how much of Alameda's assets were in illiquid investments. Ellison calculated at the time that Alameda had borrowed $13 .25 billion from FTX customers. This number was labeled in the original balance sheet as, quote, FTX borrows, because Ellison wanted to describe what the number actually represented without blatantly calling it, quote, FTX customer money. Quote, SBF always directed us to be careful about what we put in writing and not put things in writing that might get us in legal trouble, she explained. Since she and Banquin Freed agreed this original balance sheet could not be shared with anyone like Genesis, Ellison said she crafted seven different versions of this balance sheet at Banquin Freed's request. Quote, I understood him to be directing me to come up with ways to conceal the things in our balance sheet that we both thought looked bad, she said. The one SBF chose, her seventh alternative, was sent to Genesis. It did not have a line item named FTX borrows. According to Ellison, she hid Alameda's debt to FTX customers to make Alameda look less risky by netting some numbers in order to keep Alameda's net asset value the same while decreasing the size of Alameda's liabilities. Shortly after receiving Alameda's balance sheet, Genesis asked for its money back again. BalanceWide asked Alameda over Telegram to repay $500 million of its loans in mid -June 2022. Ellison admitted in court that she considered her balance sheet manipulations to be dishonest because they falsely stated Alameda's assets and liabilities, making the trading firm look safer than it was. The firm was able to repay some of its lenders in June 2022. Over the next few months, Ellison periodically updated Alameda's balance sheet, and each time she saw FTX borrows increase. In September, they jumped by roughly $4 billion, and by October, FTX borrows stood at nearly $14 billion. Ellison said that Alameda was using the additional FTX customer deposits to continue investing, trading, and repaying loans. Ellison testified that Alameda's internal balance sheet, the one that accurately depicted Alameda's assets and liabilities, showed her that Alameda had incurred a ton of risk and borrowed a large amount of money. In a conversation with Sam, they discussed solutions such as how to reduce risk and how to get more cash. He proposed two ideas that he logged in a Google document. To sell a couple billion dollars worth of Bitcoin if its price were to surpass $20 ,000, and to sell FTX equity to raise capital. Ellison mentioned how Bankman Fried was actively trying to sell shares of FTX to investors, primarily Mohammed bin Salman, Saudi Arabia's crown prince. By selling shares and receiving money, Alameda could theoretically repay the money they borrowed from FTX. The prosecution dove into conversations between Ellison and Bankman Fried that revolved around the ethics of lying and stealing. Ellison testified that Bankman Fried's moral framework was based on utilitarianism, and that he thought, quote, the only moral rule that mattered was doing whatever would maximize utility, so essentially trying to create the greatest good for the greatest number of people or beings. Ellison said Bankman Fried, quote, didn't think rules like don't lie or don't steal fit into that framework. Ellison noted that Bankman Fried's moral compass had made her more willing to steal. Quote, when I started working at Alameda, I don't think I could have believed you if you told me that a few years later I would be sending false balance sheets to our lenders or taking customer money, but over time it was something that I became more comfortable with when I was working there, she said. Ellison also testified that Bankman Fried urged employees to use messaging platform Signal and set the message to auto -delete after seven days. According to Ellison, a large part of Alameda and FTX's culture was a general weariness about putting anything sensitive in writing because of potential legal trouble. The prosecution showed a screenshot of Ellison and Bankman Fried's signal chat, where all the messages had auto -deleted. U .S. prosecutors asked whether Ellison and Bankman Fried used coded language to talk about possible criminal activity. Ellison said yes, bringing up Alameda's role in allegedly bribing Chinese government officials before June 2022. Alameda had trading accounts on two Chinese exchanges, OKEx and Huobi. In 2021, the exchanges froze Alameda's trading accounts because the Chinese government was conducting a money laundering investigation into someone who had previously traded on Alameda. As a result, Alameda couldn't withdraw its funds, which stood at roughly $1 billion. To get their funds off these exchanges, Alameda tried several routes. One effort involved the creation of OKEx trading accounts using the IDs of people she said she had been told were Thai prostitutes. "...we tried to basically have our main account lose money and have those other accounts make money," Ellison said. Alameda would "...do very imbalanced trades between the two accounts so those other accounts would be able to make money and withdraw it. However, this method was unsuccessful." David Ma, a Chinese employee with connections in China, allegedly proposed that Alameda get the accounts unfrozen by sending about $150 million to a few addresses. Alameda followed Ma's plan, but Handy Yang, a former Alameda trader whose father was a Chinese government official, vehemently opposed it. In a chat with Ellison and Bankman -Fried, former FTX Co CEO Sam Tribuco joked about their Chinese bribe, saying, "...did Handy's father immediately turn us in or something?" Additionally, in a document detailing Alameda's state in November 2021, Ellison included a section focused on the large gains and losses Alameda had in the year. The middle of the list said, "...negative $150 million from the thing," which, according to Ellison, referred to Alameda's payments to get their Chinese accounts unlocked. Ellison said she had labeled these payments the thing because, "...I didn't want to put it in writing that we had paid what I believed were bribes to get these accounts unlocked." Ellison also testified that in August 2022, when having a conversation with SPF about Alameda's balance sheet, Bankman -Fried said the trading firm should have hedged earlier and that Ellison was at fault for Alameda's financial footing. Ellison said Wednesday that Bankman -Fried blamed her for being in a situation where Alameda borrowed $10 billion from FTX while not having the assets to repay the debt. Ellison said she began crying and had trouble continuing the conversation. Despite saying she could have done things differently like hedging earlier, Ellison still believed Bankman -Fried was responsible. For Ellison, SPF's decision to borrow billions of dollars in open -term loans and deploy them in illiquid investments was the, quote, "...fundamental reason for Alameda's predicament." Ellison also testified about how SPF tried to cultivate a certain public perception. For instance, she said, quote, "...he said he thought his hair had been very valuable. He said ever since Jane Street, he thought he had gotten higher bonuses because of his hair and that it was an important part of FTX's narrative and image. Also, upon moving to the Bahamas, they were originally assigned luxury cars, but they switched to a Toyota Corolla for him and a Honda Civic for her because, she said, he said he thought it was, quote, "...better for his image." Although she rarely spoke to the press, she did speak to a Bloomberg reporter for an article about which Bankman -Fried was concerned. It raised questions about the closeness between FTX and Alameda. Describing what, quote, "...conflicts of interest could mean in the context of FTX," Ellison said, quote, "...what I mean is that, because Sam owned both FTX and Alameda, he had a reason not to treat all of the traders on FTX equally. I think allowing Alameda to borrow billions of dollars from FTX customers was not in the best interest of FTX or its customers, but it was important to keeping Alameda alive." Around the time Bloomberg published its piece in mid -September 2022, Ellison met with Singh and Wang about potentially shutting down Alameda. Showing notes that Ellison took pre -meeting, the prosecution pointed to a list of problems she had identified. The final one was, "...true up funds? Ellison said it referred to the money Alameda owed to FTX, and that she had chosen that phrasing because, quote, "...I wanted to refer to the concept, but not write down anything very explicit along the lines of, you know, return customer money that Alameda took. Because of my general practice, as directed by Sam, of not writing problematic things down explicitly." In early 2022, Ellison testified, Alameda invested hundreds of millions of dollars in crypto hedge fund Modulo Capital at Bankman -Friede's direction. Then on June 24, 2022, he sent a message on Slack to Ellison saying, quote, "...50 million dollars to Modulo Capital LP we should send via Signet," and then gave an address. Ellison specified that the date of this message was, quote, "...a week after Alameda had used billions of dollars of FTX customer funds to repay our loans." The prosecution pulled up a spreadsheet of individual loans that Alameda made and called out a loan on September 20, 2022 by Alameda of $100 million, and that represented another investment into Modulo. The FTX empire's downfall began with the leaking of one of the external versions of Alameda's balance sheet to CoinDesk on November 2, 2022. Ellison revealed that she had decided not to comment for the article because, quote, "...I was hoping at the time the news would just blow over." However, a few days later, as customers began to withdraw assets at a fast rate, she testified that Bankman -Fried told her to liquidate Alameda's positions and send the money to FTX, which she said was their general practice at times of customer withdrawals. Although Ellison had testified earlier in the day about SPF's policies around auto deletion, the government was able to display one signal group conversation between Singh, Bankman -Fried, and Ellison. She testified that around this time, quote, "...everyone else in the company was starting to preserve their messages." Singh wrote, quote, "...lots of withdrawals quickly up, negative $1 .25 billion in the last day, negative $230 million in the last three hours, negative $120 million in the last hour." Ellison responded with a frowny face, and explained, quote, "...I was terrified. This is what I had been worried about for the past several months, and it was finally happening. I thought that, at this point, everything about FTX and Alameda was going to come out." SPF's response to Nishad's text was, oof. In the same chat, Ellison mentioned that Salem had asked her if FTX could meet all withdrawals. She asked the others what to say. Ellison explained that even though she knew FTX could not meet all withdrawals, she asked because, quote, "...that was the fact that we had tried to conceal in the past, and I was wondering whether I should continue trying to conceal it or just start being honest with people about it once it was becoming evident." SPF responded, quote, "...maybe something like, we can meet a ton, though it's already getting large. IDK." Ellison said SPF created yet another group chat on Signal with her and a few others about the fact that public concern over Alameda's balance sheet was growing. Eventually, in the chat, they decided that Ellison should tweet. She said that Bankman Free didn't want to be the one to tweet since he didn't want to be associated with Alameda because of the conflicts of interest concern mentioned in the Bloomberg article. Ellison said that even though she did tweet, she didn't want to do it, quote, "...because I knew that the purpose of such a tweet would be to try to mislead people and give them false assurance." Then the prosecution showed the tweets she sent, which began, quote, "...that specific balance sheet is for a subset of our corporate entities. We have greater than $10 billion of assets that aren't reflected there." However, the prosecution then brought up a Google Doc where she and others had collaborated on what to say in this tweet. The top suggestion was by Bankman Fried, which had all the basic points of Ellison's tweet but was written in a list format, such as a few notes, colon, a, another greater than $10 billion in assets not on that balance sheet, b, obviously we have hedges. For those of you familiar with SPF's tweets, you know what style I'm talking about. Ellison said that the group all agreed that it looked like his writing style, so she said she rewrote it in her style before tweeting. A similar discussion in a different signal chat occurred before she replied to Binance CEO Changpeng Zhao, who had tweeted that he planned to sell Binance's FTT holdings. SPF approved her message, saying, quote, "...I think the point is just to counter the PR slash narrative here." Although the price of FTT went up initially on her tweet, it started to go down, and she said that Alameda needed to buy a lot of FTT to keep the price up. She estimated that Alameda had spent in the tens of millions of dollars, or perhaps a hundred million or more dollars, on buying FTT, but that if they hadn't done that, then the money would have been used to process FTX customer withdrawals. Around this time, SPF started a chat with 11 people who included Ellison, SPF, Singh, Wang, and SPF's father, Joe Bankman, amongst others. On November 7th, SPF texted a message that listed a number of assets that started with 1 $300 million BTC, and listed other assets, and then concluded, "...so that's roughly $1 billion to $2 billion left?" SPF added another table of assets that Alameda and FTX could access on a week's timescale, which totaled $3 .9 billion, but Ellison estimated it would still not have been enough since she Alameda calculated owed FTX $8 .1 billion. Next, the government pulled up a screenshot of a chat between Ellison and Bankman -Fried, and began with her replying to an earlier comment of her own, which said, "...if things got a lot worse, I don't think I am going to handle it well." On Monday, November 7th, she had replied to that text, saying, "...this was such a bad prediction. This is the best mood I've been in in like a year, tbh." SPF responded, "...wow, uh, congrats? Because shit's exciting?" Ellison responded, "...I just think I had an increasing dread of this day that was weighing on me for a long time, and now that it's actually happening, it just feels great to get it over with one way or another." The prosecutor asked Ellison why she had written that she was in the best mood she'd been in for a year. Quote, "...to be clear, that was overall the worst week of my life," said Ellison. "...I had a lot of mood swings during that week and a lot of different feelings, but one of the feelings I had was an overwhelming feeling of relief. Because, as I said, this had been something that I had been dreading for so long, for the past several months," she said, starting to cry. "...it's something that had been in my mind every day, worrying about what would happen when the truth finally came out, and I felt a sense of relief that I didn't have to lie anymore, that I could start taking responsibility and being honest about what I had done, even though I obviously felt indescribably bad about all of the people that were harmed and the people that lost their money, the employees that lost their jobs, people that trusted us that we had betrayed." By the end of her comment, she was audibly sniffling, and later she grabbed a tissue out of the tissue box on the witness stand. The prosecutor brought up later messages in small group chat, in which SPF had linked to a Google Doc that began, quote, "...potential to -dos." Top of the list was, quote, "...reach out to Brigger, Dustin, Silver Lake, Sequoia, and Apollo when they wake up." Ellison identified these all as investors or potential investors in FTX, who she said SPF wanted to try to get cash from by selling some equity. The document also showed that FTX only had one -third of remaining client assets, $4 billion of the $12 billion in customer assets that were supposed to be on the exchange. At this point, the prosecution brought up SPF's infamously deleted tweets sent on that exact day, such as the ones saying, quote, "...FTX has enough to cover all client holdings." It also noted that Bankman -Fried retweeted a tweet by Moon Overlord on Twitter, which said, quote, "...can't wait for my FTX airdrop for not moving any of my funds." Next, Ellison asked if she could process loan repayments since lenders were, quote, "...freaking out and calling their loans in," even though if she did, she would be paying them back with customer funds again. SPF responded, quote, "...can certainly do it for all the smaller ones." As Ellison pointed out, this meant, quote, that there was less money available for FTX customers. Finally, prior to the Alameda All Staff meeting on November 9th, SPF also had a hand in comments Ellison was preparing to make to her staff. After she proposed talking about how Alameda would wind down, and it would be appreciated if any staff members stayed to try to repay lenders, SPF added, quote, "...and maybe about there being a future of some sort for those who are excited." Ellison revealed numerous details about her personal relationship with SPF, such as the fact that they wrote each other Google Docs in order to discuss their thoughts on their relationship and their feelings. Ellison characterized her feelings as, quote, "...being unhappy with our relationship," and said she shared concerns with him about their personal and professional relationships affecting each other, and in particular, how the personal one affected her at work. She said that if Bankman -Fried gave her negative feedback, quote, "...it made me feel like sort of an unequal partner in our relationship." Perhaps aspects of that unequal relationship came up earlier when, shortly after the lunch break, the prosecution asked for a sidebar discussion with her, the defense lawyer, and the judge. In a transcript, prosecutor Danielle Sassoon said, quote, "...the defendant has laughed, visibly shaken his head, and scoffed. It's possible it's having a visible effect on her, especially given the history of this relationship, the prior attempts to intimidate her, the power dynamic, their romantic relationship." We'll see if this dynamic continues Thursday, when SPF's lawyers resume their cross -examination of Ellison. Final quick notes. The judge finally decided that the anthropic investment could not be brought up in court. When he did so, he gave a colorful analogy. Quote, "...the crime charged is that he took the money, and what he did with it afterward doesn't matter. This is like saying that if I break into the Federal Reserve Bank, make off with a million bucks, spend it all on Powerball tickets, and happen to win, it was okay." However, he left the door open for the defense to make an argument about the nature of venture investing. Unchained will be back tomorrow with more updates from the courtroom. I expect it to be another dramatic day since Ellison is the prosecution's star witness and this will be the cross -examination. Thanks for tuning in.
Epicenter
A highlight from Robbie Ferguson: Immutable - The Web3 Gaming one-stop-shop
"Yeah, absolutely. We support everything out of the box. You know, Passport is just the offering that we have. I think the last thing, nice thing with Passport is because it integrates in a vertically integrated manner with our control of say like the ZK technology and the order book and the wallet, we can do things like say, you know, shared sequencing or cross wallet liquidity in really seamless ways. But other platforms can't because they only have one layer of the stack. And so our vision is no matter what asset you're trading on any marketplace, on any game, on any rollout, using any wallet, you can do so atomically and seamlessly with no loss in security or sort of custody with anyone else. And this is this vision of this sort of universal liquidity for digital value. Yeah. Talk a little bit more about, we talked about this before the show, the enforceable royalties. What's that about? Yeah. So this is obviously pretty topical. You have the marketplace wars over the last couple of years. First, as you had the blurs and the X2Y2s of the world basically say, hey, we're not going to respect royalties. And suddenly soak up huge chunk of pro -trading volume. Then you have an oversea card with some solutions and sort of contracts people use to make sure that they can only be traded these collections on royalty respecting marketplaces and smart contracts. I think this is all indicative of the fact that this really has to be sold as a product layer. Just to kind of understand the problem here. The problem is that when you have assets that are tied to royalty, so like I create like some suite of assets, I put those out on say OpenSea. Unless that contract has royalties built into it at the contract level, you're sort of trusting the platform to extract and deliver the royalties. And that's sort of the issue where if you take those assets somewhere else, if you like just send them to someone, those royalties are not being perceived by the creator. Precisely. So basically it's really hard to enforce royalties with traditional NFT smart contracts and NFT marketplaces. There have been various attempts at solving this, but ultimately it appears as though the game theory, particularly on Ethereum layer one, is to converge toward a zero or no royalties world, because that's the world in which you have to be in order to have any meaningful market share as a marketplace. All these pro traders who are doing the vast majority volume today. Our approach has kind of been from day one, make this enforceable at the protocol level, which we can do due to sort of a couple of things we've designed on immutable exits because we have a single sequencer, we can kind of enforce these royalties from day one. With immutable CKDM, it's going to be more of a decentralized solution where we're actually sort of engineering the ways that smart contracts respect royalties and people can opt in. But I think both the principles are, we firmly believe that enforceable royalties have to be available protocol wide in order for marketplaces to be able to fairly compete and gain their market share and game developers to be rewarded. And the thesis is quite simple, which is, you know, if you have Counter Strike Go or Magic the Gathering, Magic the Gathering has an estimated secondary market cap of 10 to $20 billion of cards. But every year they've got to make new, more impressive cards than everything else in existence, making them less value. I guess I sell my old Magic cards. Yeah, like they're tremendously valuable, right? But MTD, the company, has no way of tapping into the value of what they've created. That's why they have to basically dump on everyone else every year by creating this new, more powerful stuff. And so suddenly we can have a business model that doesn't rely on that. That's like, hey, Magic just gets 5 % of every trade. Magic's only incentive would be increased volume, which might mean make new cards that make the game better and grow the player base. It might mean throwing more tournaments, might mean creating an esports league, whatever they can do to increase the value to players of that economy. And so you have complete incentive alignment, even though it can be an incredibly profitable system. So that's why I've been so passionate about it, is it actually enables a much better, more incentive aligned business model that we must protect in order to, you know, essentially have adverse selection or this kind of, you know, tragedy where we do a short -term benefit to players by giving them cheaper trades, and then there's no incentive for game developers to build or to build based on this much better business model. So why is it that this is not enforceable at the smart contract level? I mean, couldn't we just build like a better ERC721 kind of contract or enforce royalties? Is that possible? It is, but it's just very hard to enforce if the collections themselves aren't originally A, sort of written to be, to be opt into those smart contracts. And so a lot of the volumes say in NFTs has been the legacy collections, which weren't incorporated into this. So I think that's partially what has driven this decision with OpenSea. But B, the kind of more simple solution is if it's relying on individual, say marketplaces or individual collections to make this decision, it's just going to be an incredibly fraught debate. The answer just has to be sort of protocol -wide. This is an available standard that can be enforced. Okay. So you guys enforce this by having a sequencer include the sort of the royalty or like extract the royalty when building the block? Precisely. So that's on ImmutableX, on StarkX, an absolutist rollout, but we can do that on ImmutableZKDM. We're going to have a side of an approach. I think we'll be sharing more details soon. Okay, cool. So I want to talk a little bit about the token. So this IMX token, which is actually like, yeah, trading today. And yeah, I checked, there's like $13 million of trading volume somewhere around that. And, you know, actually I found the token price, like, you know, over time has stayed, I guess, like pretty consistent except for, you know, one peak where I guess probably during the bull market, but hasn't lost a lot of its value compared to, I guess like when it was initially launched. So I guess that's a good thing, I guess. How much do you think of that volume as speculators and how much is tied to actual platform activity? I guess maybe a precursor to that question is what's the token use? What's the token's utility is basically Immutable operates very differently to most of the blockchains in terms of our business model. Rather than having say, sort of this L1 chain thesis around value accruing to the token, the chains. And we will obviously, IMX is going to be the core gas currency of ImmutableZKDM. I think we're now, you know, capturing a lot of that narrative, which is really interesting. But our philosophy has always been, we think a much better and much more aligned business model is to make the most liquid value add platform possible for web3 games and take 2 % of every trade. And this way we can build something that has completely aligned incentives for developers when they make money or when users trades when making money. And every single time those assets are traded, 20 % of the fees must be paid for an IMX. And so IMX actually has sort of, you know, clear fundamental utility, which I think is, you know, people can sort of look at that and sort of build their utility models around rather than sort of alternatives in market. So that's our utility. That's been the clear goal since day one is to really have this integral into the protocol and how we add value to every single trade. And then yeah, the volume, you know, how much of the volume you think is, or do you have a sense of, is that something you're tracking somehow? I mean, like how much of that is tied to actual activity on the platform and how much of it is speculative? Well, the vast majority would be people trading based on, you know, what they sort of perceive the utility to be. I wouldn't necessarily call that speculative, but, you know, I can, up to the reader's interpretation, I think the most important thing is this thing has a clear, right, kind of that we've set in stone since day one. And our vision is to construct really just some of the most sensible tokenomics in the world. So the few things that really excite me about the token, obviously Immutable, you know, doesn't generate this. This is run by the Digital Worlds Foundation, but is one, every single person who trades on Immutable can own part of the protocol. And that's because, you know, every single time of trade you're earning IMX tokens. And the vision of this is really cool because you have 3 .1 billion gamers. If this takes off, everyone can own a part of this open ecosystem of what the future of digital property ownership is going to be. And that's probably my favorite thing. And the second thing, you know, you talked about how the price has been quite stable. Obviously, you know, not here to comment on prices, but the circulating supply is much higher than most alternatives. It's sort of used a lot more. And we've been able to maintain that ranking or improve that ranking from 150 to 50 over the last year in circulating supply, even despite everything unlocking. I think that's because of sort of the, you know, the utility and the long -term alignment we have from Haulers today. And then the final thing I'd say is that obviously the vast majority of IMX allocated to ecosystem grants, the vast majority of these grants, all of which are issued by the Foundation, are almost completely underwritten. So, we don't just give them out to games in exchange for grants. The games actually have to deliver volume to the protocol in order to earn those grants. And right now, in order for roughly 180 million of tokens which have been allocated, over $12 billion in protocol volume has to be achieved in order for them to even be given out. So, in terms of ecosystem allocations, we run, you know, the recommendations here are incredibly efficient in terms of how they're structured for grants versus returns. And game developers love it because they know that ultimately, you know, that there's no supply just going out there, no value being brought. Everyone has to contribute to the ecosystem in order to sort of end up owning part of the protocol, which I think is really important. Very cool. Yeah, I mean, maybe to wrap up here, what is the, yeah, what's the roadmap and what should people be looking into when it comes to Immutable? How can people follow the protocol also in the project? And yeah, any final thoughts? Yeah, look, Testnet just went live two weeks ago. We have pretty much every game on the platform signed up to Passport. We've just done our biggest quarter of onboarding games ever in the company's history off the back of this Polygon announcement, basically, you know, increasing our win rate by 75%. We've got over four years of runway way over the long term, whether it takes a year to get to that hit or four, and we're here to change digital ownership for good. And the thing I would say is, look, coming up, we have Mainnet in quarter four, we've got God's Sunshine going mobile end of this year, Build of Guardians, Shardbound, Infinite Victory, all Immutable titles being published this year. And we've got a ton of our biggest games on the platform on the rise. Yeah, Across the Ages, number one in France, strategy game in Australia. You have Alluvium going out of their open beta, Imminently, probably one of the most hyped games in Web3 right now. We're really just excited by the continued raise of the caliber of quality of games right now. And, you know, as I said, you can't wave the magic wand on the timelines, but it's pretty clear that a single hit is going to pull gasoline on everything and catalyze what has already been a very heavily invested in category. So personally, we're actually thrilled with the pace and progress of things. I think it's just continued to build through despair and help people get to these hits faster, more profitably, and more sustainably. Great. Robbie, thanks for coming on and telling us all about Immutable. And also, I mean, I've learned a ton about Web3 Gaming so this has been great. Thank you. Thanks, Deb. Thanks for having me. Pleasure. your inbox as they're released. If you want to interact with us, guests, or other podcast listeners, you can follow us on Twitter. And please leave us a review on iTunes. It helps people find the show and we're always happy to read them. So thanks so much. And we look forward to being back next week.
CoinDesk Podcast Network
A highlight from UNCHAINED: With Execs Leaving and Market Share Declining, Can Binance Survive?
"This is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. Binance US, obviously the first thing on their mind is sort of trying to fight the SEC and figure out a way forward. I mean, there is a world where Binance can exist where it's not quite as big as it was before. Hi, everyone. Welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor at Forbes, I was the first mainstream media reporter to pick up a cryptocurrency full -time. This is the September 15th, 2023 episode of Unchained. Today's episode is brought to you by Overtime Markets, your premier Web3 sportsbook. The innovative protocol is changing the game one match at a time. Powered by fails, explore more at OvertimeMarkets .xyz. Arbitrum's leading Layer 2 scaling solution offers you ultra -cheap and lightning -fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. With the Crypto .com app, you can buy, trade, and spend crypto in one place. Download and get $25 with the code LAURA. Link in the description. Today's guest is Stephen Ehrlich, editor of Forbes Crypto Asset and Blockchain Advisor and director of research at Forbes Crypto. Welcome, Stephen. Thanks, Laura. Thanks for having me. Just a heads up, everyone. I have a sore throat, in case you can't tell. So you might hear a slightly scratchier voice from me today. There have been a number of news events related to Binance over the last several months, to the point where there are now a number of questions swirling around the exchange in its future about potential regulatory and possibly even criminal actions against the exchange and its founders. And then, of course, what all of this could mean for the crypto industry if the exchange that has been the biggest crypto exchange for the last six years either falls or at the very least loses its top spot. So, Stephen, can you start by giving us kind of the main events or highlights of what has been happening with Binance over the last several months, including, you know, another big, you know, event this week that have brought Binance to really what feels like an existential point in its story? Sure. How much time do you have? Because I think this is just a 30 -minute show. But no, I mean, in crypto, we kind of feel like every day is a week, every week is a year, every year is a decade. And for Binance, there's been no shortage of big news. When FTX collapsed in November sort and of left CZ as like the big 800 -pound gorilla that really was kind of lording over all of crypto, there were a lot of thoughts that, hey, maybe this is Binance's moment. It was already the biggest exchange in the world by a large margin, and it just became so much bigger and even more systemically significant. It's been a very difficult year for Binance. I mean, just beginning with the fact that in the 60 days post collapse of FTX, more than $12 billion worth of customer deposits left the exchange. A colleague of mine, our terrific Director of Data and Analytics, Javier Paz, put together a report just talking about these massive investor outflows that Binance has really worked to try to stem ever since. I mean, then the hits kind of kept coming. I believe it was in February that the New York Department of Financial Services forced Paxos, which was the issue of Binance's stablecoin, BUSD, which at one point I believe reached over $20 billion in market cap and was seen as a legitimate competitor to Circle's USDC and the biggest stablecoin of all, Tether, which has a market cap of $83, $84 billion or so. But DFS forced them to with something that came out of the SEC as well. And that was a really big hit for Binance. It might not have been quite as flashy as the suits from the CFTC and SEC that came in later. But if you're just talking about dollar terms and financial impact, it was massive because Binance was really trying to make BUSD the biggest stablecoin in the world. They had incentives to encourage trading with BUSD. And in particular, think about what people do. And obviously, Lara, you know this and many people in your audience do as well. When you have $20 billion or $40 billion or $80 billion in cash, you can invest it in treasuries or money markets that are paying 5 % annual returns. And that's an incredible amount of money that you can make virtually risk -free, especially in a market like today where trading volumes are dwindling, reserves are dwindling. It's a really nice way to sort of supplement assets. So, that's one thing that happened. In March, the CFTC sued Binance for a suite of charges. A lot of it stemmed from the CFTC's allegations that Binance was operating as an FCM, a futures commodity merchant, basically saying that they're offering options and futures contracts at various digital assets without registering with the agency, which is required to do in the United States. And then in particular, and this much like the SEC's suit, which came out in June, they both talked about efforts Binance went to not only let US customers participate on the exchange, but actually help them find ways to get around geo -blocking activities that they put in to make sure that the best customers could still trade on the exchange. So, there's the CFTC lawsuit in March. There is the SEC lawsuit that came in June. There are rumors that the DOJ is investigating Binance and they would bring criminal charges. CFTC and SEC are sort of civil endeavors, which would kind of lead to fines and maybe bars from trading and certain activities. But obviously, DOJ could bring criminal penalties if they bring such charges and are able to get CZ into custody. And then, I mean, there's other aspects too as well. I mean, Binance has been losing payment and the banking partners around the world. Binance US in June had to become a crypto -only exchange because they lost their banking partners in the US, so they couldn't handle US dollars anymore. They lost their auditor in January. And then on top of that too, just a wave of executive departures going from the C -suite to country managers. So, this is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. It's really been just an onslaught of bad news after bad news. I mean, there's been a few glimmers of new product initiatives and things like that. But a few other steps I want to throw in there are that spot volumes, like in terms of its market share, it had about 60 % of all crypto exchange volume market share at the beginning of the year. Now, for the last few months, it's been at 45%. And they laid off a thousand people. And then actually, let's also now mention the executive departure this week that was at Binance US. Tell us about that. Right. So, Binance, as you rightfully said, has been losing market share. They remained the largest crypto exchange in the world, but they are losing market share in this dwindling market. I actually believe the latest numbers that came out from CC Data put Binance's spot market share at least at around 37%, 38%. And if you're just looking at their spot volumes, I mean, they were comfortably still above $20 billion daily, even at the beginning of the year. Now, it's down to about $5 billion. At the peak 2021, it was over $60 billion. So, I mean, just think about exchanges make money by taking small cuts of every exchange. And if your volume goes down 80 % or whatever, I mean, that's money that you're no longer getting. And obviously, that's very consequential. And then with the executive departures, as you said, that's something that I know CZ has tried to gloss over. I know when we've reached out to some of the departed executives and they've either responded to us or to just public Twitter postings, et cetera. I mean, they kind of said things like, we want to take care of our family, the time is right. There was no acrimony involved, so on and so forth. But at some point, all of this takes a toll. And at least with regards to Binance US, which is the US I think franchise is the term that they like to use for that particular exchange, they're in a very tenuous situation right here. I mean, even before, and I'll talk about Brian Schroeder's departure in a second. I believe right now, I just checked the numbers before we recorded this, they're averaging about 20 million, not billion, not 200 million, but $20 million a day in transaction value. 10 million of which is Bitcoin. I believe that I think they charge something like 10 basis points per trade. So if you think about that, like 20 million times 0 .1, I'm not really good at doing math in my head. I use a calculator for that despite the fact that I'm a financial journalist, but you can just think about how little money that actually is coming in. And then obviously since Binance US was created in 2019, there's always been issues and questions about its independence from the larger exchange and would it actually be able to find that sweet spot of separating itself in the eyes of regulators while maintaining the super sauce that is made by Binance, a love brand by many customers. And they've gone through three CEOs at this point, Brian Schroeder just resigned. I was speaking with some sources familiar with Binance US and I was basically told that this was not a planned departure, that the 100 person layoff was, but the removal of CEO Brian Schroeder, the exit of him was not. I've also been told that it's important to kind of keep an eye off some of his key lieutenants now, because remember when he joined, one of the first things that he did was raise a $200 million actually seed round at a $4 .5 billion valuation. That's something Brian Brooks, his predecessor had wanted to, but he wasn't able to finish it. Brian Schroeder did. And then for part of that, that kind of saw Binance US as a growth company, he brought in some key lieutenants, chief legal officers, chief risk officers. And I think that now that Binance US is kind of moving away from obviously growth, like any exchange to sort of conservation, it's important to look at some people he brought in and they may be looking to leave. And actually one of the sources I was speaking with told me that their chief risk officer is Sydney Majala, and I want to look at my notes to make sure I don't get the names wrong, and head of legal, Krishna Jubelty, have actually emails that have been sent to them by some of the other rank and file, have started to bounce back. So I don't know if that necessarily means that they may have already left, but it certainly, I think it's important to, now that Brian has gone, see if some of people that he brought in after he raised this big round with a lot of high expectations, if they are going to follow suit. In a moment, we're going to talk about some of the potential regulatory or potentially even criminal actions against Binance and its executives. But first, a quick word from the sponsors who make this show possible.
Unchained
A highlight from With Execs Leaving and Market Share Declining, Can Binance Survive? - Ep. 544
"This is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. Binance US, obviously the first thing on their mind is trying to fight the SEC and figure out a way forward. There is a world where Binance can exist where it's not quite as big as it was before. Hi everyone, welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full -time. This is the September 15th, 2023 episode of Unchained. Today's episode is brought to you by Overtime Markets, your premier Web3 sportsbook. The innovative protocol is changing the game one match at a time. Powered by fails, explore more at OvertimeMarkets .xyz. Arbitrum's leading Layer 2 scaling solution offers you ultra -cheap and lightning -fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. With the Crypto .com app, you can buy, trade and spend crypto in one place. Download and get $25 with the code LAURA. Link in the description. Today's guest is Stephen Erlich, editor of Forbes Crypto Asset & Blockchain Advisor and director of research at Forbes Crypto. Welcome Stephen. Thanks Laura. Thanks for having me. Just a heads up everyone. I have a sore throat in case you can't tell, so you might hear a slightly scratchier voice from me today. There have been a number of news events related to Binance over the last several months, to the point where there are now a number of questions swirling around the exchange in its future about potential regulatory and possibly even criminal actions against the exchange and its founders. And then of course, what all of this could mean for the crypto industry, if the exchange that has been the biggest crypto exchange for the last six years either falls or at the very least loses its top spot. So Stephen, can you start by giving us the main events or highlights of what has been happening with Binance over the last several months, including another big event this week that have brought Binance to really what feels like an existential point in its story? Sure. How much time do you have? Because it could take, I think this is just a 30 minute show. But no, in crypto, we kind of feel like every day is a week, every week is a year, every year is a decade, and for Binance, there's been no shortage of big news. When FTX collapsed in November and sort of left CZ as the big 800 pound gorilla that really was kind of lording over all of crypto, there were a lot of thoughts that, hey, maybe this is Binance's moment. It was already the biggest exchange in the world by a large margin, and it just became so much bigger and even more systemically significant. It's been a very difficult year for Binance. Just beginning with the fact that in the 60 days post collapse of FTX, more than $12 billion worth of customer deposits left the exchange. A colleague of mine, our terrific Director of Data and Analytics, Javier Paz, put together a report just talking about these massive investor outflows that Binance has really worked to try to stem ever since. Then the hits kind of kept coming. I believe it was in February that the New York Department of Financial Services forced Paxos, which was the issue of Binance's stablecoin, BUSD, which at one point I believe reached over $20 billion in market cap and was seen as a legitimate competitor to Circle's USDC and the biggest stablecoin of all, Tether, which has a market cap of I think $83, $84 billion or so. But DFS forced them to shut it down. I believe that order was also issued concurrently with something that came out of the SEC as well, and that was a really big hit for Binance. It might not have been quite as flashy as the suits from the CFTC and SEC that came in later, but if you're just talking about dollar terms and financial impact, it was massive because Binance was really trying to make BUSD the biggest stablecoin in the world. They had incentives to encourage trading with BUSD, and in particular, think about what people do. Obviously, Laura, you know this and many people in your audience do as well. When you have $20 billion or $40 billion or $80 billion in cash, you can invest it in treasuries or money markets that are paying 5 % annual returns, and that's an incredible amount of money that you can make virtually risk -free, especially in a market like today where trading volumes are dwindling, reserves are dwindling, it's a really nice way to supplement assets. That's one thing that happened. In March, the CFTC sued Binance for a suite of charges. A lot of it stemmed from the CFTC's allegations that Binance was operating as an FCM, a futures commodity merchant, basically saying that they're offering options and futures contracts at various digital assets without registering with the agency, which is required to do in the United States. Then, in particular, and this much like the SEC's suit which came out in June, they both talked about efforts Binance went to not only let US customers participate on the exchange, but actually help them find ways to get around geo -blocking activities that they put in to make sure that the best customers could still trade on the exchange. There's the CFTC lawsuit in March. There is the SEC lawsuit that came in June. There are rumors that DOJ is investigating Binance and they would bring criminal charges. CFTC and SEC are civil endeavors which would lead to fines and maybe bars from trading and certain activities, but obviously DOJ could bring criminal penalties if they bring such charges and are able to get CZ into custody. There's other aspects too as well. I mean, Binance has been losing payment and their banking partners around the world. Binance US in June had to become a crypto only exchange because they lost their banking partners in the US so they couldn't handle US dollars anymore. They lost their auditor in January, and then on top of that too, just a wave of executive departures going from the C -suite to country managers. This is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. It's really been just an onslaught of bad news after bad news. I mean, there's been a few glimmers of new product initiatives and things like that. But a few other stats I want to throw in there are that spot volumes, like in terms of its market share, it had about 60 percent of all crypto exchange volume market share at the beginning of the year. Now, for the last few months, it's been at 45 percent and they laid off a thousand people. And then actually, let's also now mention the executive departure this week that was at Binance US. Tell us about that. Right. So Binance, as you as you rightfully said, has been losing market share. They remain the largest crypto exchange in the world, but they are losing market share in this dwindling market. I actually believe the latest numbers that came out from CC Data put Binance's spot market share at least at around 37, 38 percent. And if you're just looking at the spot volumes, they were comfortably still above 20 billion dollars daily, even at the beginning of the year. Now it's down to about 5 billion. At the peak 2021, it was over 60 billion. So, I mean, just think about exchanges make money by taking small cuts of every exchange. And if your volume goes down 80 percent or whatever. I mean, that's money that you no longer that you're no longer getting. And obviously, that's very consequential. And then with the executive departures, as you said, that's something that I know CZ has tried to gloss over. I know when we've reached out to some of the departed executives and they've either responded to us or to just public Twitter postings, et cetera, I mean, they kind of said things like, we want to take care of the family, the time is right. There was no acrimony involved, so on and so forth. But at some point, all this takes the toll. And at least with regards to Binance US, which is the US I think franchise is the term that they like to use for that particular exchange. They're in a very tenuous situation right here. I mean, even before and I'll talk about Brian Schroeder's departure in a second. I believe right now, I just checked the numbers before we recorded this. They're averaging about $20 million, not $200 million, but $20 million a day in transaction volume, 10 million of which is Bitcoin. I believe that I think they charge something like 10 basis points per trade. So if you think about that, like 20 million times 0 .1, I'm not really good at doing math in my head. I use a calculator for that, despite the fact that I'm a financial journalist. But you can just think about how little money that actually is coming in. And then obviously, since Binance US was created in 2019, there's always been issues and questions about its independence from the larger exchange and would it actually be able to find that sweet spot of separating itself in the eyes of regulators while maintaining the super sauce that is made by Binance, a love brand by many customers. And they've gone through three CEOs at this point. Brian Schroeder just resigned. I was speaking with some sources familiar with Binance US. And I was basically told that this was not a planned departure, that the 100 person layoff was, but the removal of CEO Brian Schroeder, the exit of him was not. I've also been told that it's important to kind of keep an eye off some of his key lieutenants now, because remember, when he joined, one of the first things that he did was raise a $200 million actually seed round at a $4 .5 billion valuation. And there was something Brian Brooks, his predecessor had wanted to, but he wasn't able to finish it, Brian Schroeder did. And then for part of that, that kind of saw Binance US as a growth company, he brought in some key lieutenants, chief legal officers, chief risk officers. And I think that now that Binance US is kind of moving away from obviously growth like any exchange to sort of conservation, it's important to look at some people he brought in and they may be looking to leave. And actually one of the sources I was just speaking with told me that their chief risk officer is Sydney Majala. And I want to look at my notes to make sure I don't get the names wrong. And head of legal, Krishna Jubelty have actually emails that have been sent to them by some of the other rank and file have started to bounce back. So I don't know if that necessarily means that they may have already left, but it's certainly I think it's important to now that Brian is gone, see if some of those people that he brought in after he raised this big round with a lot of high expectations, if they are going to follow suit. In a moment, we're going to talk about some of the potential regulatory or potentially even criminal actions against Binance and its executives. The first quick word from the sponsors who make this show possible.
The Bitboy Crypto Podcast
A highlight from Is Polygon Underrated? (Matic Price Prediction)
"Welcome to BitBoy Crypto, my name is AJ and this is the Price Prediction Department. In crypto, there are two words you will hear a thousand times, mass adoption. That is the goal, that is the dream, that is the rocket fuel in a spaceship made out of hopium. And when mass adoption happens, that's when we go to the moon. So when I think about which altcoin out there has done the most to get crypto that mainstream attention, two more words come to mind. Polygon or Matic, whatever you want to call it, let's get it. In this video, we will be dissecting Polygon, which is Ethereum's number one layer two project that is setting out to revolutionize scalability and security. To start off, Matic has always been a coin that's been on everyone's radar. That's not just because of it being a great scaling solution, but that's because of the impact that it's had of putting crypto into the mainstream in a big way. It has literally paved the road on how to get a crypto project backed by legitimate companies. Because all it takes is to get one or two top upper echelon companies and once you lock that in, the floodgates will open because everyone else knows that you are safe to work with. Polygon has earned its great reputation with its partnerships and its product, and it shows. Regardless if the partnership is for an NFT marketplace or building Web3 applications, it's bullish because it's only going to leave to more exposure for crypto. And a lot of these big companies really like to partner with projects that are carbon neutral. And in my opinion, this is kind of an optics thing, but optics matter. So what kind of partnerships are we talking here? We're talking draft kings, Stripe, Reddit, Disney, Adidas, the NFL, Starbucks, Adobe, Meta, Nike, Coca -Cola, and JP Morgan's first DeFi transaction was on Matic. Just last week, Polygon partnered with SK Telecom to create a Web3 ecosystem. And for those of you that don't know, SK Telecom is a giant in Korean telecommunications. Also, the Reddit NFTs on Polygon have been a big hit, and they just hit 40 million in sales last week. In regards to this, one of Matic's founders, Sandeep Nabal, commented on this and he said, Polygon ecosystem's mainstream products are silently reaching magic inflection points of growth. Be it Reddit avatars, draft king NFTs, or Nike dot swoosh, many others lined up too. Soon, AAA gaming too. Slowly but surely, fam. Him hinting at the AAA games really gets me excited for the future, especially because we've seen how successful all the other partnerships have been. And really, it's only a matter of time until real crypto is integrated inside our favorite video games. There's already rumors circulating about crypto being integrated into GTA 6, and if I can get paid to drive down a busy sidewalk, I'm here for it. And as you can see, that list of partnerships I said a little while ago, those are some of the biggest names, the biggest brands on planet earth. So my question is, how far can that visibility take us? Before we get to the price prediction, I want to thank you for being a member of the BitSquad by liking, subscribing, and commenting on this post down below. And thank you to Stake for sponsoring this video. So Matic describes itself as the value layer of the internet. On their website, polygon .technology, it reads, the fundamental protocol that allows anyone to create and exchange value powered by zero knowledge technology. And that's exactly what they're doing. We all know how expensive Ethereum's gas fees are, and this is exactly why we have layer twos to scale this out and make it cheaper for the user. The layer two projects are so good at scaling that Ethereum is not rolling out sharding the way they originally intended. And that's because the layer two projects like Polygon have it covered. To be clear, there is more to Polygon that meets the eye and with Supernets and Polygon ID and Midan coming in the future, it is going to get wild. And if you're on the fence thinking about jumping in, buying into the Polygon ecosystem, I implore you to do hours of homework and research outside of just this video before making that decision. So it's worth noting that back in March, Polygon rolled out the ZK EVM or the zero knowledge scaling solution that is equivalent to the Ethereum virtual machine. To be clear, the Polygon proof of stake sidechain is compatible with the EVM. It runs parallel to the Ethereum mainnet and the gas fees are paid in Matic. But the ZK EVM is built on top of Ethereum. It utilizes zero knowledge to speed things up, and it still benefits from Ethereum security. But unlike the proof of stake, the ZK EVM, the gas fees are paid in Ethereum, not Matic. Shout out to Finn Miller from the Daily Coin who wrote this article here. This article really helped clear things up for me in regards to the difference between the Polygon scaling solutions, and you should definitely check it out if you have a spare moment. So when Ethereum's founder Vitalik Buterin carried out the first transaction on the ZK EVM, he said this. He said millions of constraints for man, unconstrained scalability for mankind. That is an excellent quote, and the ZK EVM is really breaking the mold on what's possible for a scaling solution, and they already have exceeded 400 ,000 unique wallets. To be fair, you know, they do have some serious competition with Optimism and Arbitrum, but I kind of feel like it will be a gradual run up as we inch closer to the bull run with the activity on the network. And with all that said, let's get down to the price prediction. Remember, the equation for On December 26, 2021, Matic put in its all -time high of $2 .90. Its market cap at the time was $19 .75 billion, with a supply just over $7 billion. Today, Matic is ranked 13th by market cap and is currently priced right around $0 .55. Unfortunately, Matic has lost over $14 billion from its market cap, and it currently sits at $5 .12 billion. On the contrary, Matic's circulating supply has grown over 2 billion coins and sits at $9 .31 billion. And as you can see, Matic's supply has gone up about 31 % since its previous all -time high. For context, if we took Matic's previous all -time high market cap, but put that with its current circulating supply, that once $2 .90 Matic would now only be a $2 .12 Matic. Tokenomics matter. Unlike other coins that have terrible emission schedules and terrible tokenomics, Matic is already 93 % vested since its max supply is 10 billion coins. This is very good news. Originally, Matic was supposed to finish its emission schedule and be fully vested by mid -2025, but now the remainder of its emission schedule is changing since the release of the Polygon 2 .0 The new whitepaper is a very interesting read. It only took me like 30 -40 minutes to read the whole thing. And if you want to read it, we will link it below in the description. I highly suggest that you check it out. It is sort of unclear exactly when Matic will migrate to POL. I read that they're giving people four years to kind of get ready for this thing, but it could happen earlier than that. So with the release of the Polygon 2 .0 whitepaper, that does change the how the last 7 % of coins will come in really won't make that much of a difference. And since things aren't as cut and dry now as they used to be, I'm going to estimate that Matic supply will be around 9 .5 billion by the top of November 2025. And for the record, I'm saying November 2025 as the projected top for the top of the next bull run since it is a year and a half after the Bitcoin halving. And that has been the case the last three times. So now that we have the supply, what about the market cap? A lot of people have really liked that I've been using dominance as a gauge to see what is possible. If you look at this chart here on your screen, you will see that the 0 .87 % level has been a very important support resistance line on the Matic dominance chart. So the idea with the dominance chart based off previous videos is the idea that the total crypto market cap could get between 7 to 10 trillion by next bull run. So if Matic gets to this 0 .87 level by the top of the next bull run and the total market cap is 7 to 10 trillion, what would that make its market cap? So if Matic got back to that important support resistance level at 0 .87 % and the total crypto market cap went to $7 trillion, Matic's market cap would be 60 .9 making its price with the heightened supply $6 .41. Using the same equation, if the total market cap for crypto went to $10 trillion, if Matic got back to that same dominance level, its market cap would be $87 billion. And with the heightened supply that we estimated earlier, Matic's price would be $9 .16. Some of you might know that the price prediction department was actually a segment on the BitBoy Crypto livestream before it became an every Sunday show. Some of you might know that I covered Matic on the livestream about three months ago. And at the time, my price prediction for Matic was $7 to $8. So for Matic, I'm saying $7 to $8. Is that too high or too low? And at the time, I was not using dominance as a gauge like I am now. And reflecting on the price range I got by using the dominance, it actually opens up my range from $7 to $8 to $6 .40 to $9 .20. And I really think $6 .40 to $9 .20 is a larger range since it covers more of a gap in market cap, a gap in price. And honestly, I feel like this time, the dominance gauge is going to be my price prediction. Sometimes I just use it as a gauge and don't make it my price prediction. In those cases, my prediction is normally lower than the gauge. But in this case, I'm going to hang my hat on the dominance prediction. And my Matic price prediction for the top of the next bull run is $6 .40 to $9 .20. Boom, there you go. There is my Matic price prediction. I hope everyone out there got a lot out of this video. And what did you think of my prediction? Was I too bearish? Was I too bullish? Let me know below in the comments. For the next couple of weeks, I do have a couple coins planned that I want to do. But if there is a specific coin that I have not covered yet, also let me know down below. One last thing, there is now an official playlist for the price prediction department that has all the videos I've made for the past couple of months all in one spot. Be sure to check that out if you haven't seen them all. And with that being said, my name is AJ writes crypto and I hope you have a great rest of your weekend. Later. You've been dreaming about the dress. Come find the one at David's bridal. The most glamorous designer wedding gowns are now 15 % off bridesmaid dresses that fit beautifully start around $99. Whether you need a veil, jewelry, shoes, or even lingerie and shapewear. It's all at David's bridal. Take 20 % off outfit making accessories for a limited time. Stop by your local David's bridal store or shop David's bridal .com today, terms and conditions apply. 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Newsradio 600 KOGO
"$12 billion" Discussed on Newsradio 600 KOGO
"COVID-19 vaccine funded by $12 billion in taxpayer money and research is going up. Quadrupling the price is huge and I would hope very much that you will reconsider that decision. It's going to cost the taxpayers of this country billions of dollars. Is that something you can do? The volume we had during the pandemic gave us economics of scale we won't have anymore. That is what is different. The CEO committed to Sanders that Moderna will work very hard to help the uninsured to receive the vaccine at no cost. Kentucky Republican senator Rand Paul, a medical doctor, went after banned cell over whether the vaccine is safe for young people. You have children. Have you vaccinated your children? I have. How many times three or four times? Three or four times. My manual, Fox News. Fox on check. When is the last time you visited a library? Some folks can't get enough of them. Others just don't have the time to get there. Libraries have changed so much, becoming full on community media centers. And now in Boston, they're trying out a new way to bring the library to people using smartphones and tablets and ebooks and other digital reading material. The Boston public library is put QR codes at 20 bus stops around the city. People who scan the code can have instant access to 7000 titles of ebooks, magazines, or newspapers, even audiobooks and materials for kids and teens. And one can virtually check something out to read while riding public transit and the digital loan lasts two weeks afterwards you can get something else to read. It's part of a test program by Boston's library, which will continue through August, no library card is needed, no librarian will shush you with Fox on tech. I'm
The Breakdown
Barney Frank Talks About the Surprise Shuttering of Signature Bank
"Let's start with that additional color around the shutdown of signature bank. Last week, Barney Frank, a board member at signature bank, and one of the sponsors of the famous Dodd Frank act sat down for a tell all interview with Barron's, which delved into the details of the final days for the bank. Frank explained that the Friday before the receivership, he was informed that the bank was quote bleeding deposits with around $12 billion leaving that day. On Saturday morning, bank management was in crisis mode, with Frank working the phones to talk to high ranking Democrat lawmakers and fed officials. Frank told Barron's that he called fed chairman Jay Powell and vice chairman for supervision, Michael Barr, as to whether emergency loans would be made available to the bank under section 13 three of the Federal Reserve act. Frank explained, quote, I told Powell, we're facing a bank run. We don't think we're the only ones. It's a classic case of a liquidity generated by some exogenous reason not related to the operation of the bank. Is that 13 three facility available? I think what Powell told me was, well, I'm not sure we hadn't thought about the facility yet. Certainly we're going to make the discount window fully available. Frank added that Powell told him Michael Barr is going to be taking the lead. Executives had also gone to the federal home loan bank for a loan and were told, quote, while there are so many runs on, we don't have enough money to do it all. By Sunday, signature was able to access the liquidity required via the discount window using agency MBS and treasuries as collateral. Initially, a concern as the bank held little acceptable collateral on its balance sheet. However, that on Sunday, the FDIC informed management that they would be putting the bank into receivership. Frank said that after they got that stabilized in the liquidity, quote, we were then surprised when they called up and said, we're coming over and shedding you down. When asked to comment on why he thought the bank was closed, Frank said, no question because of our prominent identification with crypto. I can't think of any other possibility, and like Sherlock Holmes says when you've eliminated every other possibility, what's left must be the one. The baron's article reiterated this point. If signature was in the regulatory crosshairs, they wrote because of its crypto business, and if there was a criminal probe and it then experienced a bank run, let's just say you can begin to see why regulators might not go out of their way to save it.
CoinDesk Podcast Network
Bitcoin Briefly Tops $28,000 for the First Time in 9 Months
"Wendy, can you start us off with some Bitcoin talk? Yes, we actually closed above $25,200 support and flipped it into resistance. And I'm excited. And the current crypto cap, including Bitcoin, is currently at about $1.13 trillion. So yay. And of course, open interest in Bitcoin futures hits yearly high of $12 billion, which makes sense because we have some positive price action. So the dollar value locked in the number of open Bitcoin future contracts is on the rise. Coin glass data shows a nominal value of open interest has reached a yearly high of 12 billion. And that's a 7% gain this month, which again makes sense. Positive price action. Increase in open interest means new money is flowing into the market, but doesn't reveal whether traders are positioning for gains or losses. For that, you can actually check there's a liquidation website you can check, forget what the name of it is offhand, but it'll show you who is getting wrecked. But anyway, for Bitcoin, new money seems to be getting in on gains considering the funding rate or the cost of holding bullish long, very short positions is flipped into green after spending most of the early parts of the Asia trading day in the red. And positive funding rates usually indicate a bullish trend as long as positions compensate short positions. I know that is a mouthful, but I'm excited about Bitcoin prices. Everybody else excited is Bitcoin going to a $1 million. What's going on? Will I see you smiling here? I just love the trade action here this morning. And Bitcoin might go to a $1 million one day. We'll talk about that later. There are some interesting notes for this morning, so Bitcoin is at its highest level in the last 9 months. The highest trading volume since FTX collapsed and the highest D.C. eth ratio since July of 2022.
Northwest Newsradio
"$12 billion" Discussed on Northwest Newsradio
"Authorities proposed $12 billion homeless plan, northwest news radio's John lobert has reaction from top leaders. The frustration reached a tipping point during this presentation to a government committee somewhere in that. There has to be some mentioning of strategies in funding mechanisms. Seattle mayor Bruce harrell openly complained it was short on specifics. This 5 year plan focuses on the full investment and for me to approve a plan, I have to sort of know what it looks like because I will say the whole transparency that the current price tag I don't see a route to achieve that. A final vote is set for April, but the plan was repeatedly questioned for what's missing. Homelessness authority CEO Mark domes. One of the things that we have heard the plan needs to have some more concrete tactical what's next? How do you sequence that like that needs to be much clearer? Billions would be spent on housing. Shelter space medical and addiction recovery beds more than 30,000 in all, but county council member Claudia balducci wanted more. We need to say, this is what a fully functioning crisis response system looks like. But I think we also have to acknowledge to ourselves we are unlikely to have anywhere near the kind of funding it would take to build this. And it still isn't clear where those billions are coming from. John lobert, northwest news radio. Kevin or Jay inslee met with reporters today in Olympia, where he talks about legislation that might or might not become law. The governor though aso asked why state workers are still under a COVID-19 vaccine mandate. We're looking at the science on this and we're looking at the disease. This is a disease that remains a dangerous disease because it's reduced in its frequency people have forgotten that it can be very dangerous. The governor added he's encouraged by new gun control legislation and the efforts to create more space to build housing in Washington. Still ahead, an effort to ban China and other entities from buying up Washington farm and ranch land up for a key vote in Olympia tomorrow, I'm Carly Johnson. The first at 6 O four, we do it every ten minutes on the forest, check your traffic. In the high performance homes traffic center here's Kimmy Klein. In Seattle, we have a new crash on southbound 5 approaching Mercer street. This is blocking your left lane so not helping all the crack and traffic headed to climate pledge arena for the game tonight, which has sell 5 slow anyway, south of Ravenna. This is gonna affect our backup on westbound 5 20 as well, which stretches from 84th in Bellevue all the way onto I 5. Northbound 5 is staying slow for Michigan street off the Mercer street exit, but the biggest problem is still on the valley freeway south of Al go in a where all lanes of south on one 6 7 remain block just south of Ellington road by a rolled over flatbed semi that tipped over towards the center barrios. Traffic is squeezing by just on the right shoulder if you're headed south on, but there's a 5 to 6 mile solid back up south of emerald downs, even eastbound 18 is backed up onto north 500 mils in all the way down the hill onto auburn way. Your travel time on the east side for a Velveeta south center is about 31 minutes Velveeta effort is down to 39 and it sounds like the hood can not bridge just reopened a car so we should start moving again on highway one O four and highway three. Your next northwest traffic at 6 14. Weather and Shannon O'Donnell is the chief meteorologist at como four. Hi, everybody. Here comes a little bit of light rain as we slide into our
Mark Levin
As Inflation Peaks, So Will This Biden Tax Hike
"The letter to Congress from the American gas association warned that the methane tax would amount to a 17% increase on an average family's natural gas bill Democrats have included a tax in the bill despite retail prices for energy surpassing multiyear highs in the United States What else is in there for you $12 billion crude oil tax which will increase household costs Democrats are imposing a 16.4% excuse me 16.4 cent per barrel tax on crude oil and imported petroleum products That will be passed on to consumers in the form of higher gas prices Imagine the tax hike violates Biden's tax pledge to any American making less than $400,000 If that wasn't bad enough Democrats have pegged their oil tax increase to inflation As inflation increases so will the level of the tax And the nonpartisan joint committee on taxation estimates the provision will raise $12 billion in taxes You ready for that one folks
Bloomberg Radio New York
"$12 billion" Discussed on Bloomberg Radio New York
"And bank properties hit a record $12 billion according to data firm costar group That's up 43% from 2019 and double the sales seen in 2012 Doug Watson is president and CEO of the Howard company We provide almost everything that goes in the drive-through for a restaurant In other words we do the drive through menu boards itself We do the headset He says the pandemic prompted some eateries to add drive-through lanes and others to upgrade what they already had When drive-throughs first started out many times drive-through was put in the back by the dumpster wherever they could put it But now buildings and restaurants are being built with the drive-through in mind He says the pandemic has permanently changed the way restaurants serve customers They're adding curbside They're adding catering they're adding third party delivery systems all to be able to take orders wherever and whenever their customers want to order I'm Ed Corey Bloomberg radio What is dedication The thing that drives me every day is a dad is very honest We call them day to day for short Every day he's hungry for something whether it's attention affection knowledge And there's this huge responsibility and making sure that when he's no longer under my wing that he's a good person I think the advice I would give is you don't need to know all the answers The craziest thing was believing that your dad knew everything So as a dad you felt like you had to know everything You had to get everything right It's okay to make mistakes As long as it's coming from love then you know it kind of starts to work itself out I want him to be able to sit back one day and go We work together We did a good job That's dedication Find out more at fatherhood dot gov Brought to you by the U.S. Department of Health and Human Services and the ad council From the state courts The state didn't defend the governor's order To the Supreme Court The justices unanimously reversed rulings by the 9th and tenth circuit June grosso delivers your legal intelligence So why did the.
NewsRadio KFBK
"$12 billion" Discussed on NewsRadio KFBK
"They make a TurboTax and QuickBooks. They're buying mail. Chimp for $12 billion. This is the largest ever acquisition of a company mail chimp. That received no outside funding they grew would just internal financing as they become a $12 billion company, which in and of itself is unbelievable. Uh, first trial of varsity blues kicking off yesterday. It's hard to believe. How many How far are we ended this now? And Rick Singer is still a free man. That's the hard part to believe. Course he's the man who Who was caught orchestrating all this and then kind of turned state's evidence and is cooperating and helping put a lot of other folks behind bars. But He has yet to be sentenced. And we'll talk a little bit more about a really interesting article in the journal this morning about Facebook, knowing That Instagram is toxic for teen girls. But doing very little to address it. We'll talk a little bit more about that as well. Here are the numbers this morning. As we're about to get off and trade, not to mention taxes, uh and and the Democrats tax proposal as put forward yesterday, the Dow is up to 62 yesterday, closing at 34,000 and 69. It will be up another 100 points off the opening bell today. NASDAQ was lower yesterday but will open slightly higher this morning. Gold up five. Oil up one half of 1% nearing $71 a barrel 10 Year bond yield 1.31 All right. Thanks so much. Kelly will talk to you soon. Another comment now from Republican Governor Rhonda Santa's of Florida We now have 25 Republican governors have spoken out against President Biden's mandates. They say they will fight them, and this is what the Santos had to say yesterday. We are fighting back against the Biden mandate as well, and we're working through different things that they were going to be doing in the state of Florida, But But suffice it to say, um Nobody should lose their job over this issue. We have to protect people's jobs. We understand what's on the line. We understand people are raising families. We understand they have bills to pay. And the last thing you should want to do is plunged people into destitution, potentially Who have been faithfully serving and working in a variety of capacities throughout this whole time, So so this these mandates are overreaches and they will be very destructive for a lot of really, really good people. And so we're on board to fight back both in terms of any of the government with our law being applied in the fines, but then anything involving the private we're going to be working to provide protections for people because people should not face a choice of losing their job. There are people who have already walked off the job. They just send done. I'm not you You are going to make me take this vaccine. No, I'm out. In some states. They already have mandatory vaccinations in place. And like, you know, we're hearing about hospital maternity wards that are shutting down because health care workers are walking off and you know, sometimes some of these reports that are coming out about crowded. I see you units or whatever you wonder is that because they don't Maybe they maybe have the bets, but they don't have the people because the people are leaving coming up at 7 15. It's interesting. You bring that up. We're going to play some clips coming up in less than an hour now. From the hospital in North Carolina. Where they were doing a conference call a video conference call right as their marketing executives. I believe right, and they were talking about how they could inflate artificially inflate their covid numbers. They needed to scare people. That's what they said. That's what they said. We said. We've got the clips. It's, uh it's making all the rounds and we're going to roll them out for you coming up in less than an hour from here from now, By the way, Dr Fauci is now acknowledged to CNN that Natural immunity may provide advanced covid protection. Oh, because they were saying it wasn't as good. Yeah. Now he said, Yeah, maybe. Maybe. Is this guy I know. Yeah. I mean, you couldn't draw them up. No, no. Well, I mean, he's oh, America's doctor with the new point of view every hour. Yeah, All right. We'll bring them all to you. Okay, we'll right back. What's the difference in a reality show on TV and the reality of news with news?.
KTAR 92.3FM
"$12 billion" Discussed on KTAR 92.3FM
"Breaking News and Traffic Katya Our news on 92 3 FM. It is 5 30. Good morning. Thanks for listening to Arizona's Morning news. I'm Jamie West, and I'm Jim Sharp. Good morning. Hundreds of companies hundreds From around the world are looking at possibly moving or expanding to the valley really has never been more interest than greater Phoenix is seeing right now from firms across the globe. Expanded coverage is coming up. We'll also get to look at traffic, then up to a foot of rain is possible locally up to 18 to 20 inches is even possible. Nicholas pounding the Texas coast right now to becoming a hurricane overnight. But first K to our eyes on the economy. The Phoenix area continues to be a magnet for companies across the globe. Looking for a new home. Ktrs Jim Cross is live with more Jamie more than 270 companies around the planet looking to expand operations relocate into the Phoenix area, Taiwan Semiconductor Building a $12 billion facility in Phoenix that's expected to open in 2024 Josh Reed. Is with a Greater Phoenix economic Council within the semiconductor space alone. There are 45 companies that are currently evaluating greater Phoenix for investment for a number of different business operations to support TSMC directly, but are larger semiconductor ecosystem as a whole and the state strong economic recovery continues. Greater Phoenix area lost almost a quarter of a million jobs. Last year during the pandemic has recovered about 80% of those live the new center Jump cross K to our news. We're seeing a surge in inflation. With items like food and car prices on the rise. Could we be on the verge of a recession? Valley economist Jim Rounds tells Arizona's Morning news. He doesn't think so. For at least another year or two economies. It's doing well. The Arizona economy's doing really well. Right now there's a lot of jobs that are available for people. And so we can be optimistic for a little while. But do expect to pay a little bit more when you go shopping rounds wants to see Congress pulled back on the stimulus packages because we can't keep spending like we have been Coming up on 5 32, and it's time for traffic. Once again, we do it every six minutes on Arizona's Morning news. Here's Danny Sullivan from the Valley Chevy Dealers Traffic center. Well, we've got a new freeway wreck. It's on I 10 East bound to Sarah Ball on ramp, and that's going to be in good year. So watch out for emergency crews. They are just arriving on the scene there. Also, you've got a collision out on German at Gilbert Road. You can always use Lindsey or Pecos as alternates. This report it is going to be brought to you by the Lund mortgage team in Priest. Property values mean you might be able to finally drop your mortgage.
Bloomberg Radio New York
"$12 billion" Discussed on Bloomberg Radio New York
"Pull back like this, or even when that's bigger is a good thing. He thinks that the S and P 500 right now is really about 10% too high in terms of prices, and he expects it to come down significantly And that would be an opportunity to buy Caroline. If we could all have a senator or a dollar for every time we hear someone say a healthy correction and will start to be adding up a little bit. Meanwhile, in terms of a healthy correction, maybe it's an unhealthy set of numbers that you're seeing for the likes of Madonna today. We, of course, had all those headlines regarding whether or not you need a booster shot or not, that was impacting some of these pharmaceutical companies and therefore, in the sector level for already audience. I'm looking at the pharmaceutical Pharmaceuticals, one of the underperformance of by 1.3%. Can see what durables with okay underperformer by 1.3%, But food and staples also falling Retailing index on the downside. We haven't talked about that. Well, massive bit of fake news that came in at the start of trading this morning regarding Walmart. Whether or won't be getting into Cryptocurrencies negated That story I might add, will dig into the light coin fandango a little bit later. Meanwhile, energy, though, is your key outperformer in terms of industries up 2.8%. That's his oil right time we see the commodity index go higher Banks. Also on the upside, even though yields were dipping a little bit today, and all those remain. You're telling us how GM was getting a bit of a bid and the likes those unionized makers seem to be getting a little bit of positive news today. Yes, Well, Caroline. I want to hit those gainers because you mentioned energy in particular. This is going to be really crucial because one the top ones is marathon oil. This is, of course, coming in anticipation of yet another hurricane, A tropical storm Nicholas on its way to Texas right now really kind of very close to the path of Hurricane Ida. Of course, you are seeing some of those refineries under pressure and therefore the crude market. And, of course, those energy stocks really anticipating that move? That's one of those Gaynor's. I also want to bring up a T and T because last week we heard about a deal doubt Jones reporting that fall. Box is nearing a potential deal to buy TMZ from AT and T. And looks like this is a stock that is still Getting some heavy trading volume. Of course, a couple of days later, interesting to keep in mind. You're also seeing semiconductor stocks up as on a day when you have a lot of big tech, really under pressure that drastic Golden Dragon Index, for example, down 1.1% at the close and yet semiconductor stocks up to him. Well, you got the gainers. I got the decliners. Let's start with Nike shares, finishing the day lower by 2.5% btg downgraded it to neutral from buy over supply chain concerns, essentially saying, Hey, demand is there, but the supply is the issue. We see those ongoing factory closures in Vietnam, and that could hurt the chances of people actually being able to get their hands. On the Nike gear that they want. Caroline, you mentioned Moderna shares falling by 6.6%. Today. A group of scientists in the Lancet argued that vaccines work so well that most people don't yet need a booster. That would mean we are buying less, uh, from Moderna and from Visor Advisory committee said to discuss this week. Pfizer and Biontech application of for their booster also keep an eye on Spc. Virgin Galactic. Finished the day down by close to 3.6%. The company delayed its first commercial space mission, this one with the Italian air Force. This is different than the issue that the F the FAA has raised. The FAA investigation related to that July flight. Still true is saying that it's not impactful to the long term thesis on the stock, but still finishing the day down. Close to three. God say sex this week. Sorry we got SpaceX to do. Yeah, it's set to launch from Vandenberg Air Force Base him arrested for space expert Meanwhile, let's look at what's on the higher side. When you're looking across asset across asset at the moment, I'm looking the currency vertical when you're looking at global macro movers on the high side, commodity related currencies within the Canadian dollar off three up 3/10 percent against the US dollar missing. No, we didn't Norwegian crown doing well as well by 3/10 of a percent. Why? Because this is a story of commodities. Really ramping higher. You just saw the headline coming across the Bloomberg Terminal of the Commodity Index and a fresh tenure. How you got alum in Ium. I'm going to say it that way up at the 13 year high natural gas at a 7.5 year high in that gas up almost 5% is where we saw at five. Spot. 182 wt could also getting a bid at 1.3% were at $70 spot. 65 wt crude why this is all about the ongoing wars of storms about the implication that has for production and, of course, some of the supply side wranglings When you're looking at alum in Ium, so clearly a money to be made in commodities. A mixed picture When you look at sovereign bonds, I'm seeing money move into the Japanese to year, for example, 2.5 basis points lower. Money moving into the U. S. That is will remain. You have more on that. Yes, absolutely. I mean, look, I mean, it was kind of a mixed day for Treasuries. We did see some beds coming here that pushed yields down here on the day here. Of course, A lot of this is really the setup for what's going to happen in about 16.5 hours time. When we get that U. S CPI data here, it will be interesting to see how not only how the long and the curve Reacts, but that belly of the curve that we used to talk about a lot and whether or not that sort of one print here and you add it up with the previous two prints that we have, which, of course, we're a little bit of a shocker. Whether that's enough to sort of drive the perception here that maybe this is a little bit more than transitory, Tim Yeah, I'm keeping on Oracle because shares just crossing the Bloomberg right now. First quarter adjusted revenue coming in below expectations. 9.73 billion versus estimates of 9.77 billion shares lower by about 2.7% right now, Justin MPs coming in a dollar in three of beating estimates, the remains of 97 cents Yes. Just sorry. While you were speaking to you. I was looking at a crossing the wire into it doing a big deal here. This is for a male champ. Of course. Anyone who listened to a podcast can't get away from those darn ads. But apparently those ads are worth $12 billion billion is higher than 10 billion. That was earlier reported. Yeah, This was a big deal here for into it, Of course. And really, I mean, obviously a big deal for our mail chimp with a $12 million valuation. But what I think is interesting about this guys is really the idea that into it gives that opportunity here to kind of diversify its business a little bit, and this could have some huge implications for the company. Should this be pulled off and we should point out this is yeah, They did put out a statement. So that's coming in 12 million bucks. I mean, it's interesting that amid this narrative, we will be wondering what the direction of big tech and small tech is going to be in this inflationary outlook. If we do get a C P trend. Print that runs hot tomorrow. If we do then foresee interest rates to be on the rise. What does that mean? For your growth story? Your key growth names for these slightly smaller tech names such as into it. Does that still remain the by and what's interesting. Also, as you see these companies really switching it up on investors and investing in the future via MNH via technology, and, regardless of interest rates, you do generally see investors rewarding..
WTOP
"$12 billion" Discussed on WTOP
"All right, but the bipartisan glow faded fast. The 9 11 Commission later praised for its even handed investigation wasn't agreed to for more than a year after the terror attacks, there was major opposition. 10. Two on 9 11 Commission. House Speaker Nancy Pelosi, who was a member of the Intelligence Committee, President George W. Bush and fellow Republicans were initially wary. The administration could face heightened scrutiny and blame for what happened. Ultimately, a bipartisan commission was appointed and issued a comprehensive report in 2000 and four It's work is considered the gold standard for such an independent investigation of a major historic event. On Capitol Hill, Mitchell Miller w T. O P News You can see More of our coverage of w t o p dot com Search September 11th. Now 20 years later, people are still reporting illnesses that could be due to the toxic dust that billowed over New York after the attacks. So far, the nation spent nearly $12 billion on care and compensation over 40,000 people got payments from the government at 111,000 enrolled in a federal program that gives medical care free medical care to people with health problems linked to the dust up ahead on W T. O P will get you caught up on football as we approach the Washington football teams opener. It's 3 43 U S. A. A life insurance was made for busy families who have big plans, but very Little time. Who's to do lists never stop growing. Like most of us, they think I should probably sit down and look into life insurance one of these days, But, ironically, life gets in the way there's football practice in ballet and vacations to plan and, hey, the grass isn't gonna mow itself and on and on. The good news is getting a quote from us A life insurance company is fast, so it's a decision that doesn't take a lot of time or peace and quiet to make..
WTOP
"$12 billion" Discussed on WTOP
"That's what Dell Technologies Advisors to. They have detect advice. You need to get past whatever is in front of you and get to where you want to go. Call an advisor today at 877 asked Dell and do more with modern devices and Windows 10 Pro money news time. Here's Jeff. For the sixth clay bar. Yes, my computer just did something very interesting that he has. Here's Jeff Fidel finished the day up. Just 31 points, the S and P 500 index closed at a record again. So did the NASDAQ. A new record high for media new home prices. The medium price of what went under contract last month was up 18% from a year ago, the number of contracts signed to buy a home. Also rose for the first time in five months. A lot of us are still spending money, upgrading electronics for working at home or streaming all those movies. Best buy sales last quarter. We're up 20% from a year ago. Best buy had $12 billion in sales last quarter 750 million of that profits. The seas and pizza. Has grown to more than 40 locations since the first one open in 2012 more are coming. Washington business journalists and pizza has six new locations coming this year, including its first in Loudon County. And first east of the Anacostia and at least five more planned on top of that. Jeff Cable w T O P News following a couple of developing stories for you in this late afternoon, President Biden saying the U. S aims to meet the August 31st deadline in Afghanistan and legendary drummer Rolling Charlie Watts of the Rolling Stones has died. It's 5 56 star Washington Hospital Center has been recognized among the nation's top cardiac centers in the U..
San Diego's Morning News with Ted and LaDona
Oakland Approves Own Terms for New Ballpark, A's Aren’t Happy
"News in the East Bay. It's now up to the athletics to decide if they want to stay in Oakland, the Oakland City Council approved their term sheet for the AIDS proposed $12 billion Waterfront stadium project at Howard Terminal, meaning the city still open to negotiating with the team Council president Nikki for Donato Baths. This marks a very important point for Oakland, the A's and this project and it is the beginning of I believe the eighth inning, but Sacramento business leaders are watching. Mostly hoping to lure in a major league baseball franchise to the city is president Dave Koval said the terms approved today are the exact terms the team wouldn't accept. Team officials say they plan to visit the Las Vegas area on Wednesday. Nika
106.1 FM WTKK
"$12 billion" Discussed on 106.1 FM WTKK
"8 53 your Bloomberg update being brought to you by containers for less. That's containers the number four less dot com Joan Doniger joining us this morning. What's going on? Prime day. How many people are already up and shopping this morning because of Amazon's prime day, But you know, it's not the only retailer offering deals a lot of big, big box competitors Wal Mart target They're using Prime day to to their own advantage, offering similar discounts as well as undercutting Amazon's prices, which Maybe something that's easier to do this year. While I'm well, Anil analysts figure Amazon sales could hit a record $12 billion. There is a word to the wise merchants say the deals might not be as good One expert calls it deal fatigue After cancelling about 300 flights over the weekend, American Airlines is canceling another 100 more today, the airline blaming bad weather in its hubs, labor shortages as well as increased bookings. All the demand is causing the airline to cancel flights further out to about 1% of its planned flights in the first half of July. The Daily Mail says there was a sick out this weekend. That's that London newspaper and the airline is talking about firing 3000 workers, an effort to give some low wage workers more protection against firing is spreading New York City fast food workers will get the benefit next month. It's something Philadelphia parking attendants have in Seattle, Illinois and New Jersey. You're looking at requiring employers Have just cause to fire workers. Things like their performance or a criminal act, a solid reason beyond Hey, you complained, or hey, you're not smiling. And this comes as employers are already scrambling to find low wage workers to fill jobs, so they're offering bonuses. Bigger raises competing offers so much so that pay for those who only have high school diplomas now. Is rising faster than for college grads. And with everything reopening.
BBC World Service
G7 Nations Strike Deal to Tax Big Companies and Squeeze Havens
"Of the G seven rich gang of countries coming together for what they call a landmark deal to try to end offshore tax havens. Basically the idea being that Companies. Large companies such as Amazon, Facebook, and so on, should pay more in the countries where they do business, so they can't just say that, actually, even though they might sell in your country, they belong somewhere else because they happen to have set up shop, little brass plate in an off shore tax haven. Is it actually going to work or not? It's Going to be a subject, which has been kind of going to be argued over the claims of the rich countries. Alex Cobham is chief executive of the Tax Justice Network. He knows this stuff in depth Tax Justice Network is an advocacy group. Campaigns for tax avoidance. Can you first, just just describing a sort of a capsule form? How this plan is going to work? I'm trying to explain it in the introduction, but you're the expert making companies pay more in the countries where they do business. Is that gonna work? Yes And no. So there's two. There's two pieces here. One is the bit. That's that's kind of had more profile, I think, which is taking a small bit of the profit of more or less the 100 of the very biggest and most profitable multinationals. And saying, Okay, A bit of that above the 10% profit margins are above a very high margin is going to be taxed in the place where you make your sales regardless of whether you managed to get your profit somewhere else, But that's going to bring in the TV thinks between five and $12 billion a year of additional revenue. So it's not nothing, but it's not really very much. The other part is actually a big deal. And this is a global minimum tax rate. That's the idea that all of the biggest multinationals, perhaps eight, or 10,000, Will have to pay in every country at least 15%, and that's potentially dramatic that could bring in between about 275 and $460 billion in additional revenues each
KPRC 950 AM
"$12 billion" Discussed on KPRC 950 AM
"Didn't you leave Chicago nine years ago, almost to the day on this day in history, Get out of the horrible weather up there. Technically, I arrived yesterday. So it's on this day in history, Kenny Started working for the are only won't let Johnson show. Yeah, I'm proud to be here, actually. Although, technically I started working for you guys when I was still in Chicago. Do you remember when I went to them, But we weren't paying you for that. No, I wasn't getting paid. No, it's not official. Remember when I went to that anarchist riot in Chicago. Oh, God. And you guys played the audio before I moved down here. You know, we should have learned racked in it was me interviewing anarchist. Well, we didn't realize what that wasn't the time Now. Everybody knows this word by an August No antifa that was into that was Antifa. Yeah. Years ago, you was the birth of antifa. Well, I think Antifa existed before that. But most people just didn't know what itwas They were mad about the G seven summit because as I'm sure, you know that really pisses people. Yeah. Still aggravates me today. 18 38 Darwin presented his theory of evolution to the Linnean Society in London to go over pretty good. I think people pretty much thought it was the truth. No, I think it was very controversial. It seemed like it might have been on this day in history. 1997, British above As you know, That's the widow of Naka Max. Oh, yeah. Woz, uh, burned and killed. That's how they'll treat you burn her up and killed her. They killed her. Well. Finish the rest of the story. Yeah, who killed her? Well, the fire was set by her own 12 year old grandson, but it sound better if you just leave a lead part out and she died. Yeah, she did, Like three weeks later, she underwent 65 skin replacement operations. Uh, yeah. I don't recommend getting burned to death. That's probably not a good way to go right there. Of all the ways to die. I gotta think burned. It have to be pretty low on the list of things I want to have happen to me to tell you. I don't think drowning would be much fun either. But you black out at some point, I hope you know, I'm sure you do when you burn up to probably Oh oh, this day in history is a big and I know you guys remember this 12 years ago, it was 2009. General Motors filed for bankruptcy and got a $12 billion bailout from the government. And they paid any of that back now that they seem to be on their feet again. I don't think so. But I do know they moved a lot of jobs down to Mexico. And I do know they ask a lot of money for them them big old pickup trucks. Boy, They sure do absolutely be given some of that 12 billion back by now. Today in 1963, the USPS introduced zip codes. Oh, and with it came sea What year 1963 and with it came Zip Code n V. Are you familiar with us? Coded? Yeah, like 9021 Go like, Oh, the nice one. Yeah, we live in a fancy zip code. You That's a word. I never I never heard the phrase before. Yeah, There's some people get loose. It goes like double Oh, seven at the end. That is pretty cool. Double Oh, seven. Yeah, that's cool. Today in 18 98. American troops took San Juan Hill and El Caney in Cuba from the Spaniards. Good for them. I think they got to keep it, though. No, they took it for a little while then gave it back. Hills are not a keeper in war. There's all kinds of stories about well hills being taken in war. Hamburger Hill pork Chop Hill San Juan Hill, but they don't do anything with him. Once they take him. They got a pork chop hill. I think so, Yeah. Bouncing radio network. You're really overwhelmed when I walk into the human or if there's just too many cigars.
Newsradio 600 KOGO
"$12 billion" Discussed on Newsradio 600 KOGO
"I'm well. Donna Harvey Governor Newsome visited permanent Supportive housing operated by Father Jos. Villages in Curry may sit Tuesday as he announced his $12 billion investment to address homelessness in California. Deacon Jim Vargas is president and CEO it Father Jos Villages. Good morning. Good morning that Donna is good to be with you. It's always good to have you. So now this is AH lot of money. But it's a problem that's had a lot of money thrown at it. It just seems kind of piecemeal over the last couple of years. How is this plan? Different? Well, and you mentioned this is a lot of money. You're right. And this is a big problem that we have here in the state of California. You have 25%. Of the entire nation's homeless population of almost 600,000. Right, so it's it is a big problem here was in San Diego. We have the fifth largest homeless population in the United States, so there's a lot to be done and in order to be able to truly and effectively and homelessness. We need housing at the end of the day. I mean, that's that's what breaks the cycle of formal system. We know that And so maybe this this money is exactly what we need in order to be able to build housing and not only the housing itself, but the resource is of services and support that are needed in order to help people to retain that housing, And we know that very well. Father chose villages. So what do you say to someone who would say Look, the homeless can't be helped because of drug and alcohol issues. When it comes down to it. What portion of the homeless population are homeless Neighbors are drug or alcohol addicted. And what are we doing to try Tonto? Help them through that. This is that the challenging aspect of homelessness stuff that everyone who's homeless has the drug on alcohol or or mental abuse, mental mental health issues, But but a lot do about 40% to and then and it's very challenging. But when you asked me what do I tell individuals who tell me they can't be helped? My response is that can't be helped. We know that firsthand a positive visibility so we should be. We see it, and we do it each and every single day that that it isn't challenging Madonna because it truly is, But these are individuals, then we need to. You need to reach out to them. That's what we father, George Villages. We just don't do well work within the confines of our campus, but we have to go out and work with these individuals on the streets. We instituted Street helped a couple of years ago because we know that a lot of people won't access medicine in the traditional way and brick and mortar, so ill health professionals go out to them in order to take care of their health. Eat right there on the curves actually was whether it's finding wounds of prescribing blood pressure medications. An example. This year we will be instituting psychiatric here. Actually, we're taking out onto the streets. Then what? We have found this through building relationships on the street. We bring individuals who are mired in substance of use disorder and have mental health issues were beginning to bring them in house so they can get the assistance that they need. And also and that invited by assistance. I don't mean just the health assistance. Density housing assistance that they need as well. Deacon Jim Vargas. It's always a pleasure to talk to you, sir, and you know again. I think a lot of people who live in San Diego were excited about this $12 billion investment because we see it is a growing issue of San Diego. It's it's affecting those who are homeless. It's affecting those who are not homeless, and they're looking forward to seeing some solutions. Absolutely absolutely way. Instituted what we call the training the key initiative. But, Donna, you know I have spoken about this before. But we realized that really at the end of the in order to break the cycle of homelessness, we need housing. And so we decided to introduce 2000 affordable housing needed into the market, and we started doing that. I mean, just last year, a year ago this past January Group we broke Rana. 40 story 407 unit building right, and that we're well on the way to cutting that rivet in February of next year that's going to take over 500 people off the street. That's a big deal, and it's change maker in this town and 270 of those units will be law permits. Quarter 1000 years from people who who room you're referring the those who are level of disability. Was mental disabilities, Physical disability and they require additional resource is in order to retain their housing. May we find if you if you apply those resource is not just the housing pretty, but the services and the support that they need that 96% of those who replace in permanent housing retain that houses the long term. That's what it's all about. You know, we heard of hotel milk conversions that are happening in the city training Mason you referred to currently Mesa on, do we? We operate one of those for the city. I mean, we also we followed the abilities. Acquired a motel last year down in the South Bay area, and we referred wish that hotel Put out 82 spanking new permanent housing units for permanent supportive housing. For those who have the top disability I just described and it's working marvelously. There were nine months into him, people off the streets. They were helping them with them and to help issues with infection. She's disorder issues. It's not a shelter. These are these. This is their residents. It's this is what they call home now and so you bring up a grand, excellent point. It's a difficult situation. It's not in the easy fix. And sometimes, you know, we look for easy fixes, and we find that that's not what I expected. But it which will we prove it truly apply the resources that are needed then we can truly is a community break the cycle of Communist sensation but we like to say one person at a time, so I'm encouraged by Government. Lucien's decision in his his actually suggestion that the Legislature vote on this $12 billion package and I'm hopeful that it will be passed. And that we here in San Diego will benefit from it. That's Deacon Jim Vargas from Father Jos. Villages on news radio. 600 Kogo. I'm la Donna Harvey. Good news. You can sit inside your favorite restaurant again. Bad news. You're working off that Kobe 15 Fatty who likes beer and golf for the good and bad news. Stay tuned to news radio 600 Kogo kogo. Coco Real time traffic sponsored by musty Nissan. Ah, small vegetation..
WTOP
"$12 billion" Discussed on WTOP
"E l dot com w t O P at 6 55 Money news 25 55 Let's go to Jeff claim off by the closing bell. But that was up 361 points He s and P 500 index up 1.5%, the NASDAQ. Up two and a third percent. Yes, and people have hundreds still lost about 1.5% for the week. Bank of America will pay a $75 million fine to settle a lawsuit that accused the bank of charging customers. Multiple overdraft fees for a single overdraft. U. S Banks collected $12 billion in overdraft fees in 2019. Anyone planning to spend their stimulus check apparently has spent it After nearly 11% jump in retail sales in March, retail sales last month were unchanged. New York Rock and Wall Climbing Fitness center is opening a DC outpost. Washington Business Journal says Brooklyn Boulders will be a 31,000 square foot climbing gym and eh, Kington Brooklyn Boulders open its first location in New York 10 years ago. It has other locations now in Chicago and Boston. Jeff Global Wtlv News. Thank you, Jeff, Virginia and Maryland changing the mask rules that's coming up next 6 56, looking to hire indeed will help you speed up the process. They have 135 skill tests to help you find the right candidates. Faster visit indeed dot com slash credit Dave Preston here. One of the things I love about betting on basketball is, um, always finding new player props or game props that I like. And what's cool about Fanjul sports book is you can combine these props with other bets from the same game. In to score and even bigger payout. You know, there's a certain guard who wears number four in D. C on bullish about. It's called same game far away bed and you can on Lee find them on Fanduel. Same game.
KPRC 950 AM
"$12 billion" Discussed on KPRC 950 AM
"News app. The voices America trusts downloaded. No The Senate Rules Committee held a hearing about before the People Act, which could change how elections run around the country. A showdown in the Senate over Democrats sweeping election bill which Republicans air calling a blatant power grab. Rules Committee chair Amy Klobuchar, a Minnesota Democrat, let off a hearing are growing support for the legislation. We need to take these threats to our democracy, head on with immediate action to restore American's confidence in our political system, and that's exactly what the for the people act US. These are proposals that a majority of Americans agree with Republicans were fired up to fight the bill, arguing it tramples on state control of elections mandated by the Constitution. In Washington. Mike Emanuel Fox NEWS, California Governor, Gavin Newsom is proposing spending $12 billion to get more homeless people into housing and and family homelessness within five years. It's estimated that California has about 161,000 homeless, more than any other state. Celebrities are voicing their support for NBC's decision to not air the Golden Globe Awards next year over what critics say is the Hollywood Foreign Press Association's lack of diversity, and he took to Twitter to support the cancelations by the network as well as Netflix in Amazon's recent decisions to cut ties with the group. Filmmaker and activist. Even Duvernay on Twitter wrote. Everything matters. Even this. The ripple effects echo through our industry, especially for black artists and artists of color. She also supported Tom Cruise is move overturning history. Golden Globes, Scarlett Johansson called the organization sexist and said it was legitimized by the likes of Harvey Weinstein. Michelle Pelino, Fox knew US employers posted a record number of available jobs in March. At Total job gains increased only modestly, according to a Labor Department report issued to Day. I'm Lisa. Let Sarah and this is Fox News. Finding great candidates, the higher Converium like well, trying to find a needle in a haystack. Sure you can post your job to some job board..
WJR 760
"$12 billion" Discussed on WJR 760
"Voices America trusts downloaded now. The Senate Rules Committee held a hearing about the Fourth of People Act, which could change how elections run around the country showdown in the Senate over Democrats sweeping election bill, which Republicans air calling a blatant power grab. Rules Committee chair Amy Klobuchar, a Minnesota Democrat, let off a hearing are growing support for the legislation. We need to take these threats to our democracy, head on with immediate action to restore American's confidence in our political system, and that's exactly what the for the people act US. These are proposals that a majority of Americans agree with Republicans are fired up to fight the bill are giving it tramples on state control of elections mandated by the Constitution in Washington. Mike Emanuel Fox News, California governor, Gavin Newsom is proposing spending $12 billion to get more homeless people into housing and and family homelessness within five years. It's estimated that California is about 161,000 homeless, more than any other state. Celebrities are voicing their support for NBC's decision to not air the Golden Globe Awards next year over what critics say is the Hollywood Foreign Press Association is lack of diversity, and he took to Twitter to support the cancelations by the network as well as Netflix. In Amazon's recent decisions to cut ties with the group, filmmaker and activist Ava Duvernay on Twitter wrote. Everything matters even this the ripple effects. Echo through our industry, especially for black artists and artists of color. She also supported Tom Cruise is move overturning history. Golden GLOBES Scarlett Johansson called the organization sexist and said it was legitimized by the likes of Harvey Weinstein. Michelle Pelino. Fox News US Employers posted a record number of available jobs in March at total job gains increased only modestly, according to a Labor Department report issued today. Least Scylla. Sarah, and this is Fox News. A strong work ethic takes pride in a job Well done. This is you, but to get.
790 KABC
"$12 billion" Discussed on 790 KABC
"This is an residents seeking to force the city and county to step up the response to the rising number of homeless and can't minutes Governor Gavin Newsom announced a $12 billion package today aimed at homelessness. He claims the state is flush with cash from unanticipated tax revenue and now has a $75 billion budget surplus. L. A County Sheriff Alex Being a wave as ordered two deputies to delete photos on their cell phones of the Kobe Bryant helicopter crash scene last year may have gotten them arrested. That's according to a now former lost tail station captain's testimony in court papers, according to the L A Times. He's the one that halted the order to delete the photos and even called his supervisor, expressing concern that the sheriff's order might constitute an instruction to destroy evidence. The captain told his boss and I'm quoting the last time our deputies got instructions from our executives of a similar nature. They were arrested and tried for crimes. Vanessa Bryant is suing Los Angeles County over deputies and firefighters who allegedly shared photos of the crash scene, saying it was a violation of privacy. Sharing reared in K ABC News in Washington, Senate Democrats and Republicans are butting heads over the federal government's role in U. S elections and voting rights in America. Senate Minority Leader Mitch McConnell criticizes Democrats for trying to federal eyes U. S elections the Democratic Party on its own, wants to rewrite the ground rules of American politics. For their benefit. We all know that's what this is about. Senate Majority Leader Chuck Schumer weighed in on recently passed state voting laws and GOP states. So what are my Republican colleagues in the Senate going to do these laws carry the stench of oppression? Smell of bigotry. Are you going to stamp it out on Wall Street? All the major indexes closed in the red Randy's does a coin is up to 51 cents, Okay, ABC News has sponsored by Southern California Edison, Southern California Edison. When Wildfire risk is high as C E may call a public safety power shut off to help keep our community safe. Safety is their top priority. Learn more and s ee dot com slash wildfire. Okay. ABC weather tonight mostly clear Early, then low clouds and fog lows in the fifties to around 60 tomorrow, Sonny after morning. Low clouds and fog hides from the mid sixties to around 70 at the beaches to the mid seventies to around 80 inland. Right now, in downtown L A. It's 73 degrees. Huntington Beach has 69. This is the home of Dan Bongino. Ben Shapiro and John Philip Southern California's first talk radio. 7 90 KBC. Now, here's KBC Sports. Afraid why Thinking is to Kevin trip. Let's see. We pass and 51 yet. Come on. Oh, no, it's just under 50 again. 51 COLUMN Does your corn angels beat the Astros five for Game two in Houston and five Dodgers Mariners and seven Lakers Knicks of seven Clippers Raptor 4 30 Kings lost the Blues to one and over time Kings ABS Tomorrow at six. Galaxy AUSTIN Saturday at 12 30 Elliott see Seattle Sunday at 6 30. Now let's talk about them words. No, you don't get it, Gavin Newsom.
KDWN 720AM
"$12 billion" Discussed on KDWN 720AM
"Today we're announcing $12 billion tax rebate to the people of the state of California earning up to $75,000 Let me put that in perspective that tax rebate Will impact just drive 80% of all tax filers will get a direct stimulus check will get a direct relief payment because of this announcement, two thirds of all Californians Will benefit from this stimulus thistles all on the basis of the recovery that California's already experienced it. It's on the basis of the revenue that's coming in and historic Terms in the state of California, and that's because we are defeating, and we Are successfully applying strategies to address this pandemic her as recently as a year ago, California's top elected officials were staring into a budgetary abyss that made the great recession look like a pothole. Newsome's office projected a budget deficit of up to 54 billion, about a quarter of the entire State budget, So Monday's budget victory lap comes is he faces a recall because of his handling of the current virus pandemic. Caitlin general, one of several prominent Republicans challenging Newsom in the likely election, which hasn't been officially called our schedule because of the bureaucratic process to get The recall election on the ballot. So why is a general the relatively unknown when it comes to the political world? Why is general running? What kind of training? Do you have to be? Governor of California? I have been in the entrepreneurial world. You know, people think of you been in show business. Think if you have a reality star. Certainly I've done that. But entertainment is a business. And you have to run that business. But I've also done other things. You know, we sold Billion dollars worth of exercise equipment on television Been aviation Cos. I've just always been involved being an entrepreneur on Detroit to inspire my Children to do the same thing, and they've done very well in that department. And, um all of those life experiences about and probably the most important thing is being a leader. This state..
X96
"$12 billion" Discussed on X96
"You don't care about anyone but yourself. Come on. I take My birthday off from helping people and suddenly I don't care about anyone. Your birthday's not for three months. You lie about your birthday best take you about your birthday. Please don't drive me in the leg, babe. Why don't we just tell them it was my birthday? It actually is my birthday because I wanted them to sing to me. Follow bill already on Twitter at our FH bill, This is radio from hell on X 96. Okay, 7 21 Right now it is time for round one of your boner voting. Here we go. Three news stories. These are examples of bad, stupid or funny human behavior and you will decide with your votes of these three candidates, which one is the worst, which one deserves to go forward to Boehner fighting, possibly Become boner of the day Round two comes up at 8 20 this morning. We do this again with three more three different candidates. We get another winner there and we have two winners. We put them against each other at 9 20 this morning. That's when you'll decide Boner of the day for Real Z's. That's when Boehner fight happens right now pick one of these three to send forward to Boehner Dome. Two candidates now a third after the news. Once you've heard all three, then you will vote one of you lucky random boner voters will receive They can't buy. Gotta win it. Yes, you can pick it up radio from Hell Boner T shirt. We have office hours now from nine to noon at 50 West Broadway on the second floor. Boner candidate number one Well, Ted Cruz is now just openly corrupt. Senator Cruz made a threat. To woke CEO Zoe's on and he has his threat has been slammed as the most openly corrupt message ever received from the Senate. That's according to Walter Shrub. Former head of the government Office of Ethics in the Wall Street Journal column Last week, Cruise warned That CEOs opposing Republican threats to voting rights. Will be excluded from the Republican Party's pay to play legislative operation because they're no longer conservative enough. For the GOP, for example. Republicans will stop accepting donations in exchange for looking the other way when corporations and their big wigs, dodge taxes. Wow. On cruise wrote this any stunningly honest admission of his party. This isn't this good, E No, I thought it was to his way won't look here's what he said. Here's what he wrote. This time we won't look. The other way on Coca Cola is $12 billion in back taxes owed this time when Major League baseball lobbies to preserve its multi billion dollar antitrust exception will say no, thank you. This time when Boeing ask for billions of dollars in corporate welfare will simply let the Export import Bank expire. Now, Mr Shaab. Who served under both Barack Obama and Donald Trump, called Ted Cruz is threat. Ah, blatant admission that Republicans are selling corporate donors access the government. In a clear swipe, it cruises clueless self exposure. Shab noted that the most lawmakers have too much sense to say these things openly and Wow, Don't Ted Cruz is an idiot. He also tweeted this this week. That's the Republicans are not the party of Of, you know, common man way, he said. We are the party of the Common man. The blue collar worker were not the party of resort hotel people. Your boss is living in a resort hotel, then is like two days later pictures of him and his daughter at the Kentucky Derby in a suite. Yes, we're having a wonderful time in the Kentucky Derby. Boner candidate number one. Ted Cruz is openly corrupt on and perhaps we should add the word cluelessly corrupt Boner candidate number two You know, mannequins have already achieved herd immunity in half how in Halifax, Nova Scotia Police were called to a restaurant on report of a covert 19 lockdown violation discovered and they discovered that the alleged illegal customer seated at a table Was actually a mannequin. Mike Cormier, the owner of Ardmore Tea Room, and Halifax, said police visited his restaurant Thursday morning. After somebody called to report somebody was dining indoors at the facility of the shutdown in violation of shut down orders. The officer got out. Looking in the window and saw Well, a man Incan, Hey, said he went out and spoke to the office with the owner of the restaurant and spoke, spoke to the officer who admitted that the caller had mistaken the manic and seated at the table for a human customer. Halifax regional spokesman John Macleod confirmed officers were called to the restaurant on report of individuals not following help directives. It was a mannequin and you know, manikins have already achieved herd immunity. So it's okay. Boner. Candidate number two coming up in a moment. Boner candidate number three Need the crotch will teacher Owner candidate number three for this round one..
Morning News with Manda Factor and Gregg Hersholt
Boeing giving employee bonuses despite losing $12B last year
"Good. Despite a year where the aerospace giant lost a staggering $12 billion, most Boeing employees will still get bonuses. The Seattle Times is reporting in a message to employees last week. CEO Day, Calhoun said. While many of Bowie's customers could not offer the same incentive, the company's board of directors wants to recognize strides The team has made through some very tough issues. The Times reports. The bonuses will be distributed in cash next month and will vary based on how each business unit
Wintrust Business Lunch with Steve Bertrand
Boeing CEO says travel rebound will take longer because of slow vaccine rollout
"Here, Steve Alexander Lauren. So many of us have been hoping that we can travel again Sunday. But Boeing's CEO David Calhoun, said today the recovery is going to take longer than expected. He's had the slow rollout of code 19 vaccine shots. Which you have been talked about a lot today, and John Williams show will delay the return of near normal travel until mid to late summer. Shares of Boeing are down about 3% after announcing it lost about $12 billion last year. Overall, the markets are
WTOP 24 Hour News
A $12 billion loss for 2020, Delta is cautious in early 2021
"Delta Airlines posted a record $1.4 billion loss last year. But it does say spring and summer bookings.
Weekend Edition Saturday
The Case Against Google
"We're going to zoom in now on a detail in the lawsuit the Justice Department filed against Google this week. It alleges that Google paid Apple As much as $12 billion to be the default search engine for iPhones. Prosecutors say this proves that Google abused monopoly power to try to keep rivals down. We should mention Apple and Google are both financial supporters of NPR. NPR's Bobby Allen covers tech and joins us now, Bobby. Thanks so much for being with us, you gotta Scott. And what does the government contend the that this payment is evidence Google abuse power. To the heart of the government's case against Google is that it's grown so large it functions like a monopoly like an oil baron, or like a steel magnet. But instead of being an industrialist's, it has huge power over the Internet, which on its face is not illegal, but When a company gains this much power and throws its weight around to make sure nobody else can compete. That's when there are real legal questions, and the Justice Department says That's how Google behaves. One really vivid example of this, at least allegedly, is this $12 billion payment. Google paid that Apple to make sure Google would be the predetermined search engine on every single Apple device. Practical effect. A cz you notice every time somebody buys an iPhone or an iPad and they search for something on the Internet. It's a Google search. Some people might consider that good. Why is it a problem in short? Because if you're a search competitors say, being or duck duck, go or you pick one. You don't get any attention. I mean, how often Scott, are you googling things on your phone, right? I mean, we say right, exactly. So their dominance is baked into the verb. So and the Justice Department points this out and Inside Google Becoming the default search engine was a huge priority. The Justice Department says. Google insiders called the prospect of not getting the deal code red. Google CEO Sundar Finch. I met one on one with Apple's Tim Cook to hammer out the terms of the deal behind closed doors and, according to the court papers, and unidentified senior employees from Google wrote to an Apple counterpart. Quote Our vision is to work as if we are one company. And so I called up former Justice Department antitrust lawyer John Newman and asked Is this collusion? Don't say it's somewhere in the middle. It's not classic collusion, so it's not like to oil companies conspiring to raise the price of oil, for instance, it looks more like One monopolists, agreeing with another company to split the monopoly rent. So we have Google, Annapolis or technically, competitors working together to make each other stronger. What did the company say about it? Cos say, there's nothing stranger illegal about it that companies make deals all the time to get the best distribution for their products on DH. Apple just decided that Google simply was the best partner to work with. On Google says Look, people like Google, right. Its dominance and strength is the result of just how great it ISS On DH, former Justice Department lawyer Newman says. Yeah, you could be the best. But that is not an argument to not give others a fair shot. If it is true that Google will win out on a competitive playing field, and it may be Even in a competitive market. A lot of people would like to use Google. But even if that's true, that's not a reason to leave the competitive Plainfield uneven.
WTOP 24 Hour News
World Bank approves $12B to finance virus vaccines, care
"Bank has approved $12 billion in financing to help developing countries by and distribute Corona virus tests and treatments and vaccines. The bank says the aim is to support the vaccination of up to a billion people. And to signal the researchers and pharmaceutical companies that people living in poor countries need access to safe and effective covert 19 vaccines. The bank says it's pandemic response program's reach about 111 countries.
Lewis and Logan
South Dakota Governor Dismisses Sturgis Motorcycle Rally COVID-19 Outbreak As 'Fiction'
"South Dakota on a report that the Sturgis motorcycle rally caused a surge in covered 19 cases and $12 billion in public healthcare costs. That's actually actually not factual whatsoever. Governor Christie know him on Fox and friends we have in South Dakota 124. Cases that were tied to the Sturgis motorcycle bike rally out of a half a million people that came no one disputes. A study by researchers at San Diego State University stocks are up on Wall